Evening Star Newspaper, January 17, 1929, Page 13

FINANCIAL.™ NEW COTTON GRUP RETRN FORECAST Exchange Experts Expect Present Yield to Net About $1,380,000,000. BY J. C. ROYLE. 8pecial Dispatch to The Star. NEW YORK, January 17.—The ques- tion of how much of the cotton crop re- maining unsold will be carried over into the next season and the amount of acreage in the 1029 crop are the domi- nant factors today in the price of the great staple product. ield from the 1928 So far the mone; erop has an) g but satisfactory in many-:eotton-growing districts, In- CANADIAN COMPANY OFFICIALS DENY STOCK TRADING RUMORS Spectal Dispatchi to The Star. NEW YORK, January 17.—Juc from stetements that have been issue from time to time by the managements of Canadian corporations whose stocks have caught the speculative public's fancy, there is a closer co- ition be- tween Canadian industrial managers and Canadian bankers than obtains be- tween similar groups in the United States. Canadian banks have for months taken the attitude that they could not afford to permit credit supplies to be diverted into stocks to the extent that such divergence would injure either the industrial or the agricul- tural development of the dominion. Repeatedly they have shut down hard on those who were inclined to borrow too_heavily for stock market operations, and there has been a disposition among the heads of Canadian corporations to reply frankly to stock jobbing rumors as they were issued. This has led to unfortunate resuits for that part of the public which is gullible and takes its dications are that the 1928 crop -will | Fumors minus the precautionary “grain bring 000,000 less than that of 1927, accord- its producers $50,000,000 to $75, | of salt.” One of the first to refute a report ing to one of the outstanding experts of | that was being made use of in order the industry today. to help along a market movement was The 1927 crop of 12,783,000 bales | the president of the Canadian Pacifc brought in $1,440,514,000, according to | Railroad, who died some months ago, Becretary Hester of the New Orleans Cotton ExchunYe. The 1928 crop, about 1,400,000 bales figure unless the prices for the unsold portion advance materially. decreasing supply and a shrinking sur- glus is accompanied by rising prices, ut for the last crop there has been a who denied some months ago that his road ‘intended to segregate its invest- rger, cannot equal that| ment holdings and declare a stock div- idend. Then came the brutal but frank Usually a|statement from the head of the Ca- nadian Marconi Co. that earnings on its stock did not entitle it to a valua- tion over $3 a share, although at the decrea.e in supply and at the same time |moment it was selling eight times & decline in Only those deeply versed in the cot- | ton trade can estimate what part psy- chology and sentiment have played in oversetting the normal reaction. The 1928 crop yielded 14,173,000 bales. and surplus is estimated at only 4,000,000 bales, which is 1,000,000 less than a year ago and 3,000,000 less than two years ago. The average price has been 1.67 cents a pound less than for the 1927 crop. Consumers anticipated a huge crop, owing to the increase in plantings of from 40,138,000 to 46,043,000 acres. The prioe. higher. The International Nickel people have been careful to squelch statements as to what they propose to do, and es- pecially as to the earnings from some of their recently acquired companies. These have not, however, had much effect in checking the rise in their stock. Now comes the very unusual and detalled statement from the vice presi- dent of the Ford Co. of Canada, which has nipped' in the bud another of the typical professional cam; in a stock whose name has been sufficlent to buyers could not get it through their | gell it all over this country and in heads that there would be a small crop, which should produce high prices, and | the very weight of that sentiment held | prices down. Now, however, the influence of that sentiment is over and the market will become subject to sentiment as to the amount of cotton which will be carcied over into the next season and the|$ amount of acreage planted in the next TREASURY CERTIFICATES. eported by J & W. Seligman & Co.) i : ’ usa';“-" 9 oggf:'; fi#fi lé 29.32 Spring. There is every reason, experts | 3'as Dec say, to believe that exvorts will be very heavy this year. The Manchester. Eng- land, trade is staging a comeback, de- spite the moans emanating from that section regarding poor business. Man- chester, domestic cotton men say, is a | Lo: good deal like the foot ball coach who always weeps over his prospects before a game, no matter how certain he is of | Ro: winning. BUSINESS SLUMP SEEN FOREIGN EXCHANGE. . W_B. Hibbs & Co.) Qastations bl sold, selling checks Valie (or Pan. ™ today. Rl £0300% ‘1388 IN WAKE OF MONEY RATE | Sctturtc By the Associated Press. NEW YORK, January 17.—Alvan T. Simonds of Fitchburg, Mass., predicted | | a slump in business throughout the Na- tion, beginning the end of this year and to continue throughout 1930. Mr. Simonds, who is president of the Simonds Saw & Steel Co,, told the twenty-fifth here of the National Boot & Shoe Manufacturers’ - tion that high money rates would cause the slump. It s probable the shoe business will be affected, he added, and const boot and shoe manufac- turers should beware of expansion at the present time. ‘The manufacturers were urged by John E. Edgerton, president of the as- sociation, to join with the National As- sociation of Manufacturers to combat hostile legislation, Ninety per cent of the legisiation before legislative bodies affects manufacturers in some way. he asserted. and much of it is aimed di- rectly at them and is hostile to their interests. S T SR Box Car Inquiry. NEW YORK. January 17 (#).—Pere Marquette Railway is inquiring for 1,000 box cars and 400 . —— o SHORT-TERM SECURITIES. 'm -Chi lm: t Lflk"- ||';:m';;:%. ‘?flomg'f Allis. A s . 5!. 1883 !lfll‘; 19 9 8% i, 2s0ES Pal " Real Estate Loans e ted *ang. [a pleoins pew L serviee. .THOS. E. JARRELL CO. | 721 10th street NeW: Consult Us First If you need money for your Real Estate financing let us have your application today. £ P Prompt Service No Appraisal Fee The Commercial National Secured by first deed of trust en real estate THE EVENING STAR, WASHINGTON, D. (. THURSDAY. JANUARY 17, 1920% pany’s expanding business, particularly in connection with its systems for con- trolling trafic signals and grade-cross- ings protection. " 1t seems paradoxical that the Miller induction train-control device, which is being used successfully to automatically stop a railway train in case the engine- man_ disregards a danger signal, is held yesterday at the home office of the equally emg\em in" providing means_to company. A reorganization of the cor-, the motorist, withiout any action on his porate structure was effected by reduc- pll‘lrti 'a t;:lcmtml tl'nmcn ds“nn‘el:e “:.!:; ing the number of outstanding shares ;e;:yl;. i u:e ;mgy ntsh: u‘::‘nl o in the ratio of 1 share of the new 188Ue | changes of the ordinary signal light. for 10 shares of the old, and changing | Willlam du Pont of Wilmington, Del., the $5.00 par value to no par value the executive and financial head of the stock, making a much more attractive | Miller company, took an active part in security, The stockholders also pro- the reorganization plans. For several years the company's stock vided for additional treasury stock in order to meet the demands for the com- MILLER TRAIN CONTROL FIRM IS REORGANIZED Special Dispatch to The Star. STAUNTON, Va, January 17.—A Chliing. Hetimentiy ity unils. ipevera) special stockholders' meeting of the Mndred pol:m above the actual mar. | Miller. Train Control Corporation was ket price of the operating company. Yesterday Ford of Canada was 220 points under the price at which it was selling 24 hours earlier. ‘There is naturally much - hesitation on the part of officials of corporations to speak publicly about the value of their securities because of the fear that this may implicate them In being either on the long side or the short side of the market. Canadians have set an example which it might be well for Americans, on occasion. to Tollow. has been very widely held in Washing- ton and vicinity. STEEL PLANT ANNOUNCES EXPANSION PROGRAM By the Associated Press. WEIRTON, W. Va, January 17— An expansion program which, it is said, will place the Weirton Steel Co. among the largest independent steel-produc- ing concerns in the world, was an- nounced at the corapany offices here. ‘The program calls for the erection of a new blast furnace and a battery of by-product ovens, to cost approxi- mately $10,000,000. The new units will adjoin the present plant of the steel company and will give the Weirton plant a monthly production of about 70,000 tons of pig iron and 70,000 tons of coke. The company has just finished an extension program at its local plant FTNANCIAT, which cost $15,000. The concern now employs 7,300 men, and this will be increased to 8,300 when the new units have been completed. The Weirton Co. also operates plants at Steubenville, Ohio, and at Clarks- burg, W. Va., and upon completion of the new blast furnace and coke ovens will be able to furnish pig iron and coke sufficlent to operate all of fits plants, officials said. At present a part of the coke and pig iron used at the three plants is purchased outside. Metal Consumption. NEW YORK, January 17 (#).—The major non-ferrous metal markets were quiet last week, with prices generally holding firm, Engineering and Mining Journal reports. Consumption of metals continues good. » PARIS BOURSE PRICES. PARIS, January 17 (#).—Prices moved irregularly on the Bourse today. Three per cent rentes, 69 francs. Five per cent loan, 97 francs 30 centimes. Exchange on London, 124 francs 4% centimes. The dollar was quoted at 25 francs 5812 centimes. —_———— CHICAGO DAIRY MARKET. CHICAGO, January 17 (#).—Butter— Unchanged; receipts, 7,731 tubs. Eggs— Lower; receipts, 4,320 cases; extra firsts, 35a36; firsts, 33a34; ordinary firsts, 30a32. Poultry—Alive, cars; fowls, 29; S| steady: rings, 30; roosters, 20; 24a28; geese, 20. receipts, 4 HERE should be no vagueness, no need for hedging, when a truck-maker (through his sales representative) says to a truck-buyer: “Here, sir, is a truck that will handle your work with efficiency and economy.”” Information should be definite, accurate. Only then can the investment be wisely considered, or the co-operation between maker and buyer of real benefit to either. L) Hereafter all General Motors Trucks will be de- scribed, and sold, on the exact basis of STRAIGHT RATINGS—instead of the customary “‘capacity’’ mh.*fi'uru whick have become inesact and mis- ng. For every model the total allowable weight, in- cluding load, will be given and unqualifiedly guar- unqu. That total allowable gross weight will be the tonnage under which the truck will give its best and most economical performance, year in, .yearout. Chassis weight will be known. Exact weights of all body types will be known. Advance knowledge as to maximum pay-load capacity of any model equipped with any given body will be mathemat- ically accurate. Actual irements of work to be done by a truck will thus really govern its selection. The buyer using a comparatively light weight type of body not have to buy and maintain more “capacity’’ than he needs. The buyer requiring a body of heavier type will not have to risk cancella- tion of his guarantee, high maintenance, or short- ened life of his truck, through overloading. For the first time it-becomes possible to provide This step forward is made necessary because of penalties hidden in the old terms: ‘“one ton”, “two ton”, etc. On the market today are ‘“‘one ton’’ trucks with differences in chassis weights as high as 1,500 pounds. In the larger ‘“‘capacities’® still greater variances exist. Between various types of bodies wei%ht-dm‘erenm of half-a-ton are not uncommon. These discrepancies make it difficult tomatcha truck toits job with any efficiency at all. e Every General Motors Truck in the complete line is modern in the strictest sense; designed, engi- neered and built to meet modern conditiéns with something more than past standards of economy. Their list prices contain no “water’’ to permit un- sound trade-in allowances. They provide extra value instead of ‘‘excess allowances”’. A real Work Test is offered, backing every state- ment made about any General Motors Truck. That is why it will pay you, now more than ever, toinvestigate what General Motors has before you buy. Even the man who is not yet considering new equipment will find great value in applying these new standards of truck measurements, notw. Make This Real Work Test— We furnish the truck (any available model, body, or chassis that most closely meets your individual require- ments), the gasoline, and a man to accompany your driver. Put them at your regular work; keep them at it for an adequate, practical test. This offer backs every statement made about in Action, Now: 1 A complete line of lruly’mod- ern trucks. Extravaluesinsteadof* Excess allowances’—no padded list 8. . 3- STRAIGHT RATINGS that clarify, t!bln‘ meaning and efficiency to *“‘capacity” fig- ures. 4 A real Work Test backing every statement made about every General Motors Truck THIS COMPLETE AND MODERN LINE includes medium-duty and heavier-duty trucks new BUICK- powered, and the BIG BRUTE for heaviest duty tire-equipment exactly suited to the work—and every GeneralMotors Truck. Acceptit. therefore possible to effect a new degree of tire economy in operation. See this Great Series of Light Duty Equipment powered by - 1929 PONNTEAC engines 10% to 30% increase in power-performance, by advancements in this famous engine. .. Harmonic balancer and counter-weighted | ‘crankshaft...Four wheel brakes. .. Longer, huskier chassis... . Added strength in axles, transmissions, propeller shafts. .. More generous proportions throughout . . . Modern beauty in design and finish. MODEL T-11 Type 1001—3800 Ibs. STRAIGHT RATING capacity!. MODEL T-19 Type 2001—8000 1bs. STRAIGHT RATING capacity Type 2002—8000 lbs. STRAIGHT RATING capacity $975 Type 2003—60001bs. STRAIGHT RATING capacityi...... $395 (STRAIGHT RATING means the maximum allowable total gross weights—for chassis, body, equipment and load.) Prices, chassis only, F. O. B, Pontiac, Mich. 10215 DIVIDENDS. Corp. BC* dite g S Tl Am_Sum 'rgn :1,. $175 Q Mar. 1 Feb. 15| your copy of flli‘ 16- SR8 page booklet, which sug- gests sound investments for your. funds, will be sent on request without any obligation. Beech Nut Pack Conti _Canadisn.. Com Pwr & Li..... EEFIERS P | pooDODE 00 CoRRe $625 788! @) I Kent'y Ul pr pf Kinney. G R ."Do. speci No. I, Call or write for BOOKLET WS-22 G/LLeT & CO. BANKERS INVESTMENT BUILDING WASHINGTON, D, C. Telephone Main 2460 $1015 oL...o Loew's Bos Mpls Honeyw Do. . 335338 HaZoo| 0op! 00| 0050000000 IO ) EEEEEEEE SRR RSG5 S| S. 0. S. Call—Franklin 505 A COMPLETE INVESTMENT SERVIOE ent to $1.336 on each guilders. rk share. NSPORTATION .mAENGI NEERS o CONTROLLED BY YELLOW TRUCK AND COACH MFG. CO..A SUBSIDIARY OF GENERAL MOTORS 30-38 M St. N.E. ’ CHARLOTTESVILLE, Va.—Carpenter Motor Co. WINCHESTER, Va.—Eugene M. Garrett, Inc. NEWPORT NEWS, Va.—Sheffield Motor Truck Co. LYNCHBURG, Va.—J. W. Fretwell. HOPEWELL, Va.—Hudsex Motor Co. Specializing in Commercial Transportation G. M.-P. MURPHY & CO. WASHINGTON Richmond New York praicn” MAINTENANCE New York Stock Exchange \Vashington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Market Norfolk Branch 1611-13 Granby St. ROANOKE, Va.—Martin Bros. GLOUCESTER, Va.—T. W. Turner. SUFFOLK, Vi hway Motors, Inc. 3 FREDERICKSB! » Va.—~GMC Sales & Service, AS ), Va.—, Hudson-Essex Co. Richmond Branch 107 West Canal St. BROADWAY, Va.~Miller-Hoover Metor Co. DANVILLE, Va.—~Motor Service Co. MADISON, Va.—J. B. Carpenter. COVINGTON, Va~Wright Motor PHOEBUS, Va.—H. M. Tessler. Copy of our “Fortnightly Review” on Request 1508 H Stree’ Connecticut at K Main 9600. ALWAYS INVESTIGATE WHAT GENERAL. MOTORS HAS BEFORE YO Private Wire and Telephone to New York