Evening Star Newspaper, January 16, 1929, Page 12

FORDMOTOR STOCK | ~ [SACTIVE ON GUR Standard 0il of Indiana and American Super-Power in Demand. . BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, January ' 16.—Ford Motor of Canada, Standard of Indiana end American Super-Power issues held speculative interest on the Curb Ex- change today. ' The market generally was irregular but with the majority of price changes occurring on the side of ad- vance. Developments {n the market for Ford Motor of Canada were almost as spectac- ular as on Tuesday, when the-price moved over a range of 180 points. Rumors of recapitalization of the financial struc- ture, special distributions to stockhold- ers and a fight for control in the open | market had preceded the recent buying. ‘When all these were emphatically de- nied by an official of the company, the stock turned abruptly about and the selling continued in volume today. The price left off Tuesday at 735. It opened today at 701, declined steadily to 671, then recovered to cross 680. The controversy between the Rocke- feller-Stewart factions, to bz threshed out at the coming meeting, is said to have been the basis for the heavy de- mand for Standard of Indiana, each party seeking sufficient proxies to assure a majority vote. Standard of Indiana opened on a block of 10,000 shares at | 993, then swept upward to a new high record around 103, where it compared with the previous final of 97. Other oils continued active, notably | Vacuum Oil, around 123, still influenced by the prospect of a special distribution to be voted at the next meeting. Un- official reports that Columbia Gas & Electric had acquired pipe lines of the National Transit in New Jersey and New York brought in a heavy demand for National Transit shares, which were carried to their best for the year. New York Transit was also influenced. American Super-Power class “A” and “B" rose sharply to mew high prices. Because of the prominent place this company is to command in the pro- posed new utility combine these issues Were attractive at the current prices. Kinnecott Copper new stock was turned over in heavy volume. It left off Tuesday at 76%. Opening sales were unchanged, but thereafter the price rose several points. BY KENNETH S. VAN STRUM. NEW YORK, January 16.—The future on the stock market depends upon business conditions during 1929, and business conditions depend upon the amount of business done and the price at which products are sold. Commodity prices are very important. The disastrous price deflation of 1920- 1921 taught business the danger of widely fluctuating commodity prices and |, as a result the general been kept relatively stable ever since. Any sharp rise in commodity prices ‘would result in immediate action by the Reserve banks to offset it. - Business Stability. The stability of prices since 1921 has been the most important single ce toward stabilizing business t a high level. Taking busi- ness as a whole when the general price Jevel rises, there is an inclination for production to increase in order to take advantage of higher prices; when it falls, production declines, since the chances of making a profit for most industries grow less. But when the NG STAR. WASHINGTON, NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds t;:lded in on the New York Curb-Market ay: For Pow war. Rt o ¢ 19Am Cyanamid B 3Am Cyanamid B rts. er Dept Stores Gas & EI N 1 Anglo Chil_ Nit 24 AT Nagl Gas T 7 A 12 Brit-Celanese ‘Ltd 6Budd_ Mfg . 2Buf Niag & E P 6Buf Niag & E P A 4 Bullard Mot N wi 69 Burma Corp 3 Butler Bros 15 Can Marcont 1Caterpil Tract 4 Caterpil Tract' rts 6 Cent Pip Cor 4City Tce & Fuel. 4 Commonwlth Ed ... 5Cons Auto, Mer vtc 4 Cons Anto Mer pfd 11 Consol Dairy P, 27 Consol Film . las Afrcraft ibiller C & R 12Du Pont de N n 5 Duplan Silk 10 Durant Mot 1. Fagtern '8 S 23F1 Invest Inc . 3 Flec Shovel C p 11Fm Pow Cor. 4 Eng Pub Ser opt. war 1Fvans Anto Lead 17 Evans Wall Lead. 5 Fairchild_Avietn Al Fmd ot Bl 4 Hartman _Tob en Ches ¢ Hiram Wark G & W. A 2 Horn 2 - 4 Huylers Strs J2Imp Chem Inc 7" 7 78 10735 10214 1021 €% 6% 6% lonroe Chem & Montecat deb ris 2 Municinal Serv 3 Nat, Bellas Hess it m 164 Nor Am- Aviation 10 Nor ‘Am Utility_Se 14 Nortn Eastern Pow. Sta P rts.... 4 Nor.Am Warren bt wi 2Pac G & E 1 2 PIYIYPII as & E pld.. wailan § 8 237 1790 Humble O & R 10MPL . 600 Imp O Cani 100Ind P L. 2200 Inter Pet TLtd 1400 Nat Transit 50N Y T 118% 120% Sales in BONDS. thetsands. 27 Abitibi P & L 55 A '53 87% '67..... 9514 5Ala Pow 4135 w 5 s '56. 99 25 "48 11015 5As GE 415 '48 1 7 d 109 147 Assoe G & E 5145 77 103% 70 As_ G&E 4155 "48 ww 1027, we 7d102 5% 907y 991} 1Gen Vend 6s ‘27 nn P & L 58 D 53, 102 5 Phila Suburh 415 '57. 2 Pitts Steel 65 '48... 9 South Daivies 6s '30. 3 Southw P&L fis A 203: S Rub 6155 40 100 100 S Sm & R 555 '35 10314 est Pow 5165 A ‘57111 Wheel Stl 45 B '53. 887 s FOREIGN BONDS. thousands. 3 Andi Nat C 6s_'40 ww 10115 11 Antwerp City 5s '58.. 84 o 101 315 106Y wo St M 8014 or Bk Chile 6s '31.. 97 ini Medel 75 E 51 v a 75 58 . 9% 9% MY s Orende 1867 3¢ 98 08 r Gas 6%s A " 100 100 antiago 7s Slesia 175 58, 844 34 1Stin Hugo 75 '36 Wa 891, 891 89! 12 Stin Huzo 7s '46 wa 89 89 6Uni St! W 6las A "47 88% 88ty xd—Ex dividend. wi—When issued. n—New Www--With warrants. GERMANY’S CREDIT HELD PIBIZE SOUND MOVIES AID THEATER RECEIPTS Attendance Figures Show Increase Since New Screen In- vention, BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 16.—Attend- ance at the moving picture theaters is on the increase, according to box office figures available today. Many amuse- ment experts attribute this to the in- terest displayed in films with sound ac- companiment and synchronization. This, jthey say, has brought crowds into the theater in recent months. Since the equipment necessary for the production of this type of amusement has been installed in only a few more than 1,000 houses and is now proceed- ing at the rate of 30 to 40 theaters a week, they dnticipate that this kind of entertainment wiil hold up motion pic- ture theater receipts at an increased Irate for months to come, They believe jthat it will continue until most adults have seen at least one sound movie. Profits of the film concerns have grown despite the fact that foreign sales of films by American producers, which are responsible for 25 to 30 per cent of their revenues, have dropped off. Moreover, the industry has been put on a sounder financial basis and is now more economically operated. It is doubtful if the movies have hurt the receipts of the speaking stage. Considerable difference of opinion exists as to whether this is turning out a profitable or disastrous season for the legitimate theaters-and producers. At- tendance seems to have been fairly well stabilized, so far as total number of patrons is concerned. Some producers have piled up big profits. Others are complaining bitterly and urging the se- lection of some outstanding business figure to drag the theatrical industry out of its rut of depression. One fact stands out, however. That is that more new producers have shown themselves anxious to take a hand in the game than ever before,\ Costs of production have risen, and so has elab- orateness of presentations. Prices of tickets have risen alarmingly. This has been aggravated by difficulty in getting tickets at box offices and the extra charges imposed by ticket agencies. One of the most experienced and best known managers said today that in his opinion there was nothing wrong with the theatrical business except ill-judged and poor plays and productions. He in- sisted that people would pay even the high prices now demanded if given a show which they felt was worth the nrice asked. He declared that the pub- lic undoubtedly was more discriminat- ing because of the cost and that only the traditional first-nighters wanted to take a chance until they were sure they would see a “success.” URGES FOUR.-DAY WEEK. BALTIMORE, January 16 (Special). —The four-day week as a means of re- ducing unemployment was urged by Dr. Florence Bamberger of the Johns Hop- kins University in an address yesterday before the Federation of Women'’s Clubs. Henry Ford, she said, was not merely altruistic in urging a short working week, but was facing the situation cre- ated by the fact machines are so effi- cient a full-time week would produce too much for consumers to absorb. In discussing modern systems of edu- cation Dr. Bamberger denied the “three R's” are being neglected. She declared elementary subjects are being taught more, effectively than ever before, in conjunction with the other subjects re- quired to meet needs of a modern world. CHICAGO DAIRY MARKET. CHICAGO, January 16 (#).—Butter, Jower; receipts, 6,687 tubs: creamery extras, 457,; standards, 45l; extra firsts, 44% ; firsts, 44a44';; seconds, 43243',. Eggs, low receipts, 17,183 cases; extra firsts, 35a36; firsts, 33a3413; ordinary firsts, 30a32. Poultry—Alive, steady; no cars re- ceived; fowls, 30; Springs, 29; roosters, 20; turkeys, 25; ducks, 24a28; geese, 20. | uted to covering and a moderate trade CORN PRICES DROP IN EARLY TRADING Reports of Beneficial Rains in Argentina Affect Initial Dealings. By the Associated Press. CHICAGO, January 16.—Word of rains in three provinces of Argentina benefitting the corn crop there led early today to downturns in corn prices here. On the other hand Chicago wheat values displayed relative firmness as a result of Liverpool wheat quotations higher than due. Opening unchanged to 1 off corn later showed Setbacks all around. Wheat started unchanged to down, but sub- sequently scored gains. Oats were easy. Provisions also tended to sag. Argentine reports of widespread rains in the drought district, where the corn crop has been suffering, received em- phasis today from a sharp drop in corn quotations at Buenos Aires. Some dis- patches to Chicago houses asserted, though, that the rains were light, and that dryness continued in Buenos Aires | Province, usually the heaviest producer | of Argentine corn. Meanwhile export ! interests here were credited with buy- ing corn on declines. i Strength which ‘developed at times in Chicago wheat prices today, was asso- clated more or less with current reports | that domestic Winter wheat still was not in good shape. Particularly east of the Mississippi & good deal of the acre- age continues under a covering of ice, and is subject to damage from smother- ing. In this respect 30 per cent of crop reports were said to be unfavorable, COTTON IS STEADY AT OPENING PRICES | Covering and Moderate Trade De- mand Influence Early Mar- ket Values, By the Assoclated Press. NEW YORK, January 16.—The cotton market opened steady today at an ad- vance of 4 points to a decline of 6 points, with the active months selling about 2 to 6 points net lower right after the opening under liquidation and some local selling. The offerings were light, however, and the market soon steadied, with March selling up from 20.18 to 20.38 by the end of the first half hour, when the active months were about 5 to 10 points above yesterday's clos- ing quotations. The buying was attrib- demand, but trade was not active and the fluctuations were attributed largely to_the technical position. Private cables said that London and continental liquidation had been ab- sorbed by trade calling and Bombay | buying in Liverpool and that there was a good demand for cotton cloths in China with fair business in yarns, CALL MONEY SITUATION. NEW YORK, Janvary 16 (®).—| Bankers state that only moderate with- drawals of funds from the call money ! market are reflected by sharp rises in | the call loan rate, owing to the diffi- | culty of finding replacement funds. The | high total of brokers loans and the pos- sibility of an increase in the New York | Federal Reserve Bank’s rediscount rate | have made lenders chary of tying up . more funds in the call loan market. NEW YORK BANK CLEARINGS. NEW YORK, January 16 (Special) — | New York bank clearings, $1,831,-/ 000,000; New York bank balances, $178,000,000; New York Federal bal-| ances, $151,000,000. Purchase Plan Rumored. NEW YORK., January 16 (#).—Fed- eral Scerew Works of Detroit is reported | to be negotiating for acquisition of’ the Michigan Screw Co. of Lansing, Mich. D. C. WEDNESDAY, JANUARY 16, 1929 BANKS AND TRUST COMPANIES BUY STOCKS FOR INVESTMENT Special Dispatch to The Star. NEW YORK, January 16.—One of the largest of the New York trust companies, which previously has made no publc issues of stocks, is reported to have fallen into line with its competi- tors in the investment world and is pre- paring to underwrite and distribute common shares of promising American corporations. 2 A few weeks ago one the oldest and most active investment houses in Wall street, which for nearly half a century has had reason to be proud of its ability to distribute bonds and which was among the pioneers in recom- mending public utilities when most of its rivals were still limiting their field to railroad mortgages, went out for stock business. It had found its bond departments siowly drying up. Several of the international banking houses, which had never done a stock business except to execute orders that came from customers, have recently established departments for the in- vestigation and distribution of Ameri- can “equities.” There has been a general readjustment in the trading corps of houses that have always spe- cialized in bonds. Bond traders have been dropped out or else have been put to work studying the markets in stocks. It is expected that other important banks that have affiliated security cor- porations will follow the lead of the Natlonal City Bank of New York in making careful analysis of stock situ- ations, then taking -a “position” in them and distributing them among their customers. This has been done successfully in the case of several prominent railroad stocks, of ‘which large blocks have been taken out of the market quietly in anticipation of increased earnings and a possible ad- vance in dividend rates. This’ practice is common among Ger- man banks, although from the nature of corporation conditions in Germany it has been confined mainly to in- dustrial securities in which there are broader markets than in public utili- ties or the railroads. The revolution in the investment business has come suddenly and follows a period of several years during which more bonds were created than ever and higher prices were -paid for them than since before the war. This period cul- minated last June. The ‘following six months saw a steady shrinkage in new bond issues and declining prices, with a growing preference for stocks over bonds. These facts have compelled the changes now taking place in the field of security issues. Employment Survey. BALTIMORE, January 16 (Special). —Employment in manufacturing indus- tries of the State, based on a survey of 314 selected establishments, declined 0.3 per cent in December as compared to the preceding month, while the ag- gregate amount of weekly pay rolls in- creased 1.6 per cent, according to a report just issued by J. Knox Insley, State commissioner of labor and statis- tics. The report was prepared in co-op- eration with the Federal Bureau of La- bor Statistics. The survey of a group of retail de- partment stores showed an increase of 17.8 per cent in employment over the November record, with an increase of 153 in combined pay rolls. A group of wholesale establishments indicated a loss of 0.2 in employment and a drop of 5.7 per cent in amount of pay rolls. AT, Coal Output Report. NEW YORK, January 16 (P).— Total output of bituminous coal in_the United States for the week ended Jan- uary 12, the National Coal Association reports, was 11,625,000 net ton: U. S. SHIPBUILDING DROPS. NEW YORK, January 16 (#).— Lioyd’s register of shipping reported yesterday that in the quarter ended January 1 there was an increase of nearly 100,000 gross ton$ in the volume of world construction of merchant ves- sels over the previous quarter, but the United States showed a decrease url 16,623 gross tons. Great Britain and Ireland showed an | increase of 153,000 gross tons, and smaller gains were reported for France, Japan and Denmark. All other ship- building countries showed a decrease. World figures for shipbuilding were given as 2,618,001 gross tons for the quarter just ended and 2,521,342 for the preceding quarter. TUnited Fruit Holdings. NEW YORK, January 16 . (#).— Cash holdings of the United Fruit Co. have reached a new high total of $33,- 000,000 in addition to $1,630,000 in Government securities. The total $34,- 630,000, exceeds by $4,000.000 the value placed on steamships owned by the compan: POTATO MARKET STEADY. CHICAGO, January 16 (United States Department of Agriculture) . —Potatoes— Receipts, 51 cars; on track, 163 cars; total United States shipments, 605 cars; supplies light, demand and trading moderate, market stes ‘Wisconsin sacked round whites, U. S. No. 1, 1.00a 1.15; few, higher; Idaho sacked Rus- sets, U. 8. No. 1, 1.50a1.80. SILVER QUOTATIONS. NEW YORK, January 16 (#).—Bar | silver, 5715. Mexican dollars, 43. Home-Made, but Ends Bad Cough - In a Hurry To end a stubborn cough quickly, it is important to soothe and heal the inflamed membranes, \\ get rid of the germs and also to aid the system inwardly to help throw off the trouble. \ For these purposes, here is a home-made medicine, far better than anything you could buy at 3 times the cost. From any druggist, get 215 ounces of Pinex. Put this into a int bottle, and add plain granu- lated sugar syrup or strained honey to fill up the pint. This takes but a moment, and makes a_remedy so effective that you will never do without, once you have used Keeps perfectly, and children like it. This simple remedy does three necessary things. It loosens the germ.laden phlegm and soothes away the inflammation. At the same time it is absorbed into the blood, where it acts directly on the bron- tubes, This explains why it such quick relief, even in chial coughs and “fin” coughs. ex is a highly concentrated compound of genuine Norway Pine, containing the active agent of er sote, in a refined, palatable form, and known as one of the gréat- est healing agents for severe coughs, chest colds and bron- chial troubles. - Do not accept a substitute = for Pinex. Itisguaranteed ."E to give prompt relief or money refunded. of cooling system is a feature of the new Ford | GOOD BY OTHER NATIONS 10314 10814 4" 4" By the Assoctated Press. PARIS, January 16.—Inquiries at the Bank of France respecting the capacity of international money markets to ab- sorb-bonds for the commercializing of German reparations are understood to show that France alone might be able to take the equivalent of three or four hundred million dollars. Other Euro- pean money markets, including the German, Swiss, Dutch and English, could take as much more. German credit is regarded by French financiers as very good. Sums equal to several hundred million gold marks in French money are now extended to Germany on short-term loans. French subscriptions to the repara- tions loan would naturally be dependent upon the French government using its immense influence with the French public to push the securities, very much as it formerly did respecting Russian obligations. All projects respecting commercial- ization of reparations provide for service on the bonds out of the annuities them- selves, so that there would be no ad- ditional charge on German revenue, 2 7 price level is relatively stable, while o roduction moves over a corresponding- 4 ly narrow range, it is governed by the 2 growth of population and normal de- 4 mand, rather than being falsely ac- centuated by rising commodity prices, which sooner or later spell disestrous price deflation. The stability of both prices and pro- duction during recent yvears is illus- A COMPLETE water plant is a part of every automobile as it is a part of every modern city. ' The purpose of this water plant is to keep the engine cooled to a temperature that will make it efficient in operation. If it were not for this, the cylinder walls would overheat and the pistons would refuse to operate. The cooling system of the new Ford is particularly interest- ing because it is so simple and reliable. 3 at 1000 revolutions per minute of the motor. The hot water around the cylin- der head is drawn to the radiator to be cooled by a centrifugal wa- ter pump of new design. The entire cooling system of the new Ford is so simple in de- sign and so carefully made that it requires very little attention. The radiator should be kept full of water, of course, and drained once each month so that sediment will not collect and re- UNUSUAL SAVINGS Afforded by West’s Semi-Annual CLEARANCE 5% 131 3814 1912 PIG IRON PRODUCTION, PIG IRON PRICES trated in the chart which stows pig iron production and prices since 1924. Pig iron figures, except during the war Silk Producers to Dine. period, are considered indicative of gen- eral business conditions. When prices changed sharply, business activity varied widely; when prices were stable, busi- NEW YORK, January 16 (P)— Trad2 representatives of the major silk producing and manufacturing countries of the world will be guests of the Silk When the radiator is full of tard the free passage of water. In cold weather a reliable anti-freeze REDUCTIONS On Remaining Stock of SUITS OVERCOATS Topcoats—Included—Sport Suits Were NOW $40. .$30.00 45. . 3375 50. . 3730 55. . 4125 90.. 60. .. 45.00 | 100.. 65. 3o dBTS5: L 125 .. Formal Wear Excepted Also New Low Prices on SHIRTS, UNDERWEAR, HOSIERY, HAND- water, the engine of the new Ford will not overheat under the hard- est driving. Yet the action of the water is so regulated that it will not impair engine operation by running too cold in winter. The cooling surface of the Ford radiator is large and there are four rows of tubes, set in staggered position so that each receives the full benefit of the in- coming air. The fan is of the airplane- propeller type and draws air through the radiator at the rapid rate of 850 cubic feet per minute . Association of America, Inc., at its fifty-seventh annual dinner, in New York, tomorrow night. James Wilson, jr.. president of the Chamber of Com- merce of Paterson, N. J., also is an in- vited guest. PARIS BOURSE PRICES. PARIS, January 16 (#).—Prices were firm on the Bourse today. Three per- cent rentes, 69 francs 25 centimes. Five per cent loan, 97 francs 55 cen- times. Exchange on London, 124 francs 111, centimes. The dollar was quoted at 25 francs 59 centimes. solution should be added. As owner and manager of this impottant water plant, you should also see that the water pump and fan shaft are properly lubricated and the packing around the pump ~ shaft kept in adjustment. The hose connections may also need replacement after long, con- tinuous service. For those little adjustments, it pays to call on the Ford dealer. He works under close factory supervision and he has been spe- cially trained and equipped to do a competent job at a fair price. ness progressed steadily, with only small fluctuations above and below a line of normal growth, Stimalus of Rising Prices. In estimating business for 1929, it is mnecessary to consider the trend of com- modity prices. Already activity has reached such levels that recent ex- perience would say production is ample to meet current needs. It is the opinion of many leaders, therefore, that busi- ness will continue active for a few months longer because of the mo- mentum gained by recent increases in production. Unless commodity prices begin to rise sharply, however, produc- tion cannot be expected to expand in- definitely at its present pace. “Selective” Markets. The stability of the general price Jevel has thrown greater emphasis on the prices changes of individual com- modities. These movements have been %ul'/e diverse and are an important in- uence in making the present stock market a “selective” one. Undoubtedly i Natl Copper they will continue to cause wide dif-| 37 Golden Center M ferences in the fortunes of stocks in 4 Hecla, various industries in the future. At the present time, for. instance, rising cop- per and non-ferrous metal prices are causing great prosperity for companies in these industries, while the low sugar prices are causing depression in the sugars. Rising prices do not always mean prosperity and falling prices the op- posite, however. As can be seen in the case of the prosperous food products groups today, falling prices of agricul- tural products have permitted lower production costs for trade-marked artl- cles, which often are sold at fixed NOwW .$52.50 . 5625 60.00 67.50 75.00 93.75 Were $70. 75. 80. 5 Cop. 10 Red Warrior ... 0 3 Roan_Antelope Gop. . 30 Tonopah Ext 10 Uni Verde Ext. 61 Wendon Corp . Sales in INDEPENDENT hundreds. 37 Am’Con Oilfields. . FORD MOTOR COMPANY prices and for which the demand in- creases steadily. Commodity prices af- fect each industry and each company wWithin an industry differently, and they are of tremendous importance in deter- mining the trend of most securities. (Copyright, 1929.) . World Copper Production. NEW YORK, January 16 (#).—World copper production for 1928, as com- piled by the American Bureau of Metal Statistics, was 1,880,471 tons, against 1,- 658,346 tons for 1927. The 1928 total is exclusive of 36,000 estimate tonnage of non-reporting countries. Domestic production for the year was 1,060,094 tons. on_OIl 8 Cotumbia P 1Lo 2 Magdal Synd_. 1Mo Kansas P 2 Woodley Pet . Lift Off —No Pain! Hard corns, soft corns, corns between the toes and callouses lift right off! You'll laugh—it is so easy and doesn't hurt' a bit!" Just drop “Freezone” any tender, touchy corn. Instantly it stops aching; then shortly you just lift that old bothersome ‘¢orn right off with your fingers, It works like a charm, every time, Seems magic! A tiny bottle of “Free- zone” costs only a few cents at any drug ROBES, PAJAMAS, KERCHIEFS, SWEATERS, GLOVES, BATH. $\\\\\W//€ MEN'S WEAR Sidney West 14th and G Streets N. W. NECKWEAR, ETC. (INCORPORATED) Authorized Ford Dealers Bartram Motors Co. 633 Mass. Ave. N.W. Donohoe Motor Co. 215 Pa. Ave. S.E. Steuart Motor Co. Handley Motor Co. 3730 Georgia Ave. N.W. Hill & Tibbitts 301 Fourteenth Street N.W. Northeast Motor Co. 920 Bladensburg Rd. N.E. Parkway Motor Co. 1065 Wisc. Ave. N.W. Triangle Motor Co. - sates STANDARD OIL ISSUES AND yoR- | store. Try itl inunits. MER SUBSIDIARIES—STOCKS. n El Paso, Tex., there are more than | "yzop Anglo Am Oil . 18'% 157 16! 80 Mexican priests and 250 muns. -4 2009 Cont Oil .. o 19% 19 19% 141 12th St, N.E. N. Y. Ave. & N. Cap. St.