Evening Star Newspaper, January 18, 1929, Page 15

F CONVERTIBLE BOND ISSUES IN DEMAND Shift in Call Money Situation Causes Increase in Trading. BY CHARLES F. SPEARE. BSpeeial Dispateh to The Star. NEW cided shift in the call money situation today, with renewals being made at 6 r cent, after an 8 per cent period, d some effect on speculative bonds, while others were restrained by the rise in bank acceptances and the continued high levels for time money. ding was quieter in nearly all of the prominent groups. Up to 11:30 o'clock there were no transactions in the United States Liberties or Treasury certificates. Later small sales showed some rally in the former. ‘There were three issues of new bonds toa:& aggregating $10,000,000, of which $4,000,000 were represented by munici- | pals and the remainder by a corpora-! tion formed to hold public utility securi- ties under ome management. The heaviest volume of trading was in the convertibles and in some of the gpecialties in the industrial and railroad departments. Among the first there was considerable irregulatity, In- ternational Telephone 4158 were quite active around prices that have recently prevailed. Public Service of New Jere sey 4los exhibited considerable strength, as did Anglo-Chilean 7s. Anaconda T7s were off from yesterday's high level, as were J. Keyser 5':s, International Ce- ment s and Barnsdall 65. The Itallan convertibles gained 1 to 2 points. New buying has entered the market for Dodge 6s mbove 104 Among the industrial specialties were Namm Sons 6s, which rose 3 points; Certainteed Products 5ips and Cuba Cane Sugar 8s. The Iowa Central and Minneapolis & St. Louis issues ap- peared to be under accumulation, sug- gesting developments in connection with INANC | ON NEW YORK YORK, January 18.—The de- | TAL. UNITED (Gains arw Lib3%s... % 60 1 411 Argentine A, Argentin Acgentine ot b9 Argentine Austialia 4%s Australia 5s 1955 Bank of Chile A% Bank of Chile 638 Belgium 68, Belgium ¢ Belgium 18 1055, Belgium 78 1956. Bolivia 7s. Hollvia 8s. Bordeaux 6s. . Brazil 6158 1928, Brazil 6%s 1927, Brazil Is.. Brazl 8s Bremen State Canada 58 1981 Canada 58 1962 Canada 5%s 1929 Chile 65 '60. Chile 6561, Chile 75 1943, . Chinese Gov Ry Christiania 6s..... Colombia 6s Jan'61. Con Pow Japan 7s. . Copenhagen 4148 53 Copennagen bs et Czecho 85 195 Czecho 8s 1962 Danish Munie 88 A, Denmark 44 Denmark 6s. DE15%s Ml Dutch East 1 8 ! Dutch East 18 El Salvador 8 '48.. Fiat 7s war '46 Fiat 7s x war the reorganization. After the sharp advance that took | & place yesterday in German government 7s, placing them 22 points above the call price, there was a reaction in them today. The liquidation in Tokio Elec- trie 88, on which they dropped recenlly' a point below the issue price, has been | completed, with the bonds today a point above their recent level. Baltimore Markets @pecial Dispatch to The Star. BALTIMORE, Md. Januaty 18.— Potatoes—White, 100 pounds, 1.1081.40; sweet potatoes, barrel, 1.50a3.25; bushel, 1.0081.%5; yams, barrel, 2,00a3.50; beans, bushsl, 1.00a1.50; beets, 100, 4.0088.00; Brussels sprouts, quart, 20a25; cabbage, h;)onper, .00a2.50; catrots, 100, 4. 6.00. Celery—Crate, 1.50a3.60; cucumbets, bushel, 4.00a8.00; egr ants, crate, ; ,_bushel, . 75; lettuce, hamper, 1 .00; onions, 100 pounds, 1.80a4.50; oyster plant, 1 00210.00; squash, crate, 8.60a4.50; parsnips, basket, 65a75; savoy cabbage, bushel, 75a80; spinach, bushel, 60a90; tomatoes, crate, 1.00a3.00; turnips, basket, 40a60; " | Mexico 4s'10 asn Kinland s £ 68 °45 inland 7s. Framerican 7% French 7s. eh 1% German EI P 6%s.. German 78.... Ger Am Bank 7 (er Gen Blec 7 Greek 7 Haiti 6s, Hungary 7% Italy Te... eee ltalian Pub 8 7s. Japane Japanese Lyon 6 Marseille 68, Milan 6158.4. . Montevideo 18... Netherlands 8s New 80 Wales b New Bo Wales bbs. . Nord §145 Norway 68 Orient Dev deb Paris-Ly-Med 8s. Par.s-Ly-Med 7 apples, bushel, 75a2.00; cranberries, half 24.00; oranges, .5084.50; tanger- ines, half strap, x.fin.zu; rawberries, quart, 65a7. Hay and Grain Prices. Wheat—No. 2 red Winter, garlicky, spot, 1.323;; January delivery, 1.32%. Coftti—No. 2 export, January delivery. | Queensiand 6s, 1.08%; No. 2 yellow, 1.10;-cob corn, 5.00 | Rhine’ n‘qu ' a3.10, Oaté—No. 2 white, domestic, 50a80; No. 3 white, domestic, spot, 5712 as8lp. Rye—Nearby, 1.101.20. —Receipts, 13 tons. here in limited quantities only: it i§ fmore than ample for the demand, which is being supplied.mostly by teuck from hearby points, few carloads being received. There is not enough busis ness passing to establish prices on the variois kinds on merit at a range o 16.00a18.50 per ton ‘of timothy or elover h ton; No. 1 oat, 12.00213.00 per ton. Dairy Market. Live poultry—Turkeys, pound, 35a40; 25a30; Spring chickens,. 32a38 poor and thin, 20; old hens, 20a30 Leghotns, 20a26; old roosters, 17a18 capons, 34ad0; ducks, 20a30; geese, 18a26; guinea fowls, each, 40a80; i Ay ?&, Turk and, 328 poultry—Turkeys, pound, 3¢, 6ld, 28a30; young chickens, 30a35; oid and mixed, 25a30; old roosters, i capons, 34a43; ducks, 25a30: geese, 20a26. -Receipts, 517 cases; native and nea; firsts, free cases, dozen, 35%¢a 36; eurrent receipts, 30a34ls. Butter—Good to fancy creamery, pound, 45a49; prints, 49a51;. blocks, 4850; ladles, 34a38; store packed, 29; process butter, 41a42, WOMEN EXTEND WORK IN HANDLING OF FUNDS Women of the United States spend or invest about $52,000,000,000 annually, accotding to Mrs. John F. Sippel, presi- dent of the General Federation of Women's Clubs, who was guest speaker | of the Halsey, Stuart & Co. radio pres gram last night. Estimating that wom- en do almost nine-tenths of all buying, Mrs. 8ippel said: “Obviously, a large part of our coun- try's wealth is handled by us, and :ipon the handling of that wealth depends not only individual wealth, health and effectiveness, but the very life of our Nation. “For some mysterious reason, the bes 1ief has widely prevailed in the past— and still persisis to some extent to- day—that women aré fundamentally Jess competent to handle money matters than men. Women themselves have been rather too ready to accept this opinion. Today over a million women make separate income tax returns to the United States Treasury. Almost 4,000,000 make foint returns with hus- bands. Approximately one-half the stoek of various leading American cor- porations is owned by women. It is stated that onc-third or more of the| stock in some of out leading metropoli- | tan banks is held by women. While there is no very reliable way to deter- mine the percentage of woman bond- | holders, there is every reason to believe that this more conservative type of in- vestment is even more extensively held by women. It is a matter of common knowledge that a very large percentage of all insurance policies name women as the beneficiaries. “Regardless of whether a woman is | the home-maker for a small-income family or a large-income family, it is essential that she understand the prin- clipies of money investment so that she may place a true valuation when plan- ning her family budget on putting some income aside to earn money for her family. “Alert. investment bankers today fully rédlize the ;mwln'g importance of wom- en as investors. The services they pro- vide are a great safeguard to women as well as men in the accumulation and conservation of money.” . Heavy Construction Contracts. NEW YORK, January 18 (P).—Awards on heavy construction projects in the United States registered a sharp gain While hay is i ay. Btraw—No. 1 wheat, 11.00a12.00 per | g, Paris Orleans 5% Peru 68 67 w1 242 146 3 Sales. High. 35 14 103 STATES 10_$1.000 1 . Migh. Low. 94 100 100 0713 978 028 1024 1110 1119 97 FOREIGN. les. Migh. Low. 22 100' 1004 # 100% 100 21 914 96% 3 100% 100% 18 100% 100'% 23 884 8T 14 97 96k 29 961 96 27 102% 1024 6 93 93 10 99% 99 48 100% 100% 1 1084 1084 2 108 108 4 1084 105% 2 115 115 1 109% 1095 3 9l 94 9 104 103% « 36 09Y% 99W 994 22 95W 95k 13 96% 954 19 100 100 3 1084 108% 10 102% 102 8 1014 100% T8 104 108% 17 100% 100 20 94 98% 10 94 93 11 101% 101% 4 37 81 1101 101 8 00% B 3 99 90 10 K8 88 18 96t 98k 6111 111 4011 1104 3110 110 57 894 #9 2 104% 104% 1 102% 102% 1 103% 108% 57 103% 103% 1110 110 1166 166 + 20 100% 1004 100% 96 2 96 98 156 100% 100 14 1065 106 22 107% 107% 98 112% 112% 5 934 93 . 23 107% 108% 107 1 0T 91k 4 101% 101% 1 97% 9Th 8 100% 100 11014 101% 59 974 967 5 95 9% Loe2n 924 32 101% 101 15 09l 99U 22 905 994 18 -90 89w T e 2 103% 102% 2 100% 100% 4 vy 9y 1 5 10 5 97w 4 101% 101% 101% 7 1084 102% 1034 1028 103 1% 101% 101w W 97 97 Olose. 1004 81, 10 100% 100% 1004 | P 1004 96 1007 100% 88 | 96k 96 1021 98 99% 100% 106% 108 1057 1150 109% 94 104 95' 9514 100 108% 102 1014 108% 100 934 934 10i% 87 101 90'% 934 88 961y 111 1L 110 89 104% 102 1035 103% 110 166 100 1084 107% 112% 03 974 101% 97l 100 101% 967 95 92% 101 L) LY 90 21 103% 1004 THE EVENING BONDS o et Received by Private Wire Direct to The Star Ofice High, Low. Close 105% 105 105 104% 104% 1043 1044 10415 104% eop Phila Co 58 67 w Phila&ReadCaI Philips Petro b3 Por Rie Am Tob | Tel & C 8 ce Punta Alegre 7 Rem Rnd 5148 war. Sinclair Ol 6s. . 8inclair Oil 6% 8 Sinclair 01178 864 884 9% 044 94N 9 99% 99% 99% 10112 1014 1014 T 9T 94% 93 2 1044 101 104 10415 104 104 103 10215 108 97 981 97 9 106 108 108 106% 10815 1084 21 102 1024 96'5 96% 924 92 92M 1017% 1017 1014 107% 107% 107% 10014 99% 1004 94 034 04 964 964 90% 84 834 834 1025 102% 102% 110 100% 109% 104% 1047 104% 103% 108% 102% Skelly Ofl 5%s South Bell Tel 58., Southwest Bell bs. Stand O N J s SugarEstOriente’ Tenn Copper 6: { TennEleclow Transeont| Oil United Drug i U8 Rub Ist rf 6 U8 Rub 1348 U 8 Steal s t Utah Pow & Lt Utilities Powr § ver 8 W Willys-Uv 6 Wilson & Co 101 Yagstn B&T 58 wi. 2 100% 100% 100% RAILROAD. 1 9015 I 0% Atehison ad) Atehison gen 4 Atl & Dan ist 4 Atlantic C L 1st 45 Atlantic C L 43364 B&0Gold 4s. 2 B&Ocv4lss B & O ref 5 2 8 T 101% 101 & 1017 10i' 101% 8 1034 1031 108 2 109% 109% 109% 3 93h 984 93 4102 10i% 1014 6 B3y 884 K3l 5 2 08 973 08 Brdway&7th Avbs, 24 Th4 15 T6% Brooklyn Elec 6%8. 15 04% 04 94 Brookiyn Elev 6148 2 93 9214 924 Bkiyn Manhat s .. 39 0K~ 97% 68 Bklyn Un El 68 sta. 0% 90% 90% Buff k& Pitt 43,8 flia 91t 910 2 1084 10814 108% 99l Y9 Bl 95k 95 5 95 95% 95t 98% 116% 1154 1154 112 192 a2 85 bd% BA% 981y 9814 98% 101% 101% 101% 2 107% 107% 1074 100 100 100 10274 1025 102% 99t 99% 991y 99% 99t 99% 985 981 98N 691 B0 69% 9213 Can Nat 4138 5 Can Nat 4%s 57. Can Nor 41{s 193 Canad North 6% Canad North Canaa Pac deb Can Pac 4148 48, Car Clinch & O Cent Pac st 55 0., Chesa Corp 8s w Ches & Oov 448, Ches & O gh 4348, 1ton 8s....0 en 48 63, 17 B.. 1 2 108% 1034 1084 5 98 9Ty 7 09% 99y 3 104 12 5% 9% 89% L1 0% 103% 108% b5% 25 B9% B9k BOW 22 9o o 4 102% 102% 1024 144 83 2% 144l 40, (rets)..e 34 884 87% BBW 1 Toho l.l Pow 78 Uld Kingm 6 Utd Kingm 51 Utd SteamCopeén Vienna 8s Yokoham; Abram&Btraus 8148 [ Anaconda 18t §s.., Anaconda cv db 78, Armour&Cod %s 39 Armour Del § Associated O11 88, .. Barhsdall 88 19 Barnsdl §s w o war Bklyn Edison 68, Bush Term B! Certain-Tdi i1 6838 Col Gas&E| deb Cuba Cane cv 7i Cuba Cane 8s. Dery (D G) 75. DetroitEdison5s40. Dodge 68...... Duquesne 4358 67 East Cuba Sug 7%s Gen Cable 514847, Uen Mot Ae Cor §i Goodrich 6% Goodyear bs re Humble O11 8s... Humble O & R 5%48. Illinols Bell 18t 58, . 1linois Steel 4 4. Inland St1 448 intl Cement b8 Intl Mateh bs 4 Int Mer Marine 6; Int Paper b8 47 inter Paper 6s. .... int Tel&Teleg 445, | icayser J & Co bua. Kan City P & L 5 Kan G & E 6s b2, Lackawanna 8tl 58, Laclede O 5%882. . Ligkett & Myers 7s Loéw's Inc 6s. .. Loéw's 63 W 0 war. | Lotitiard 8 LouisvG & E ManatiSug 8! Moht Pow 58 43. Mont Power deb Mor's&Co 15t 448, | Nat.Dairy 538, YOGELH&P 1ast week, Engineering News-Record re- ' » orts. Total value of contracts let N ¥ Tel 6841, otaled $161.682.000, against $73,639,000 in the previous week and 846,011,000 for the same week last year. Awards since January 1 are placed at $279.555.000, compared with $170,633,000 in the same 1827 period, N Y Tel 6349, No Am Ed 6 Nor Ohio Tr & L Nor Btates Pow Nor States Pow Pacific Gas & El bs.. 10 114 1 Con Coal Md 1st bs. e, . 2 it 12 10 7 99 98% 4 98 9y 102 954 4107 1 10 114 2108 108 DEY 118 1034 MO8W 1034 [ 114 106 5 108'4 1084 106% 2 99% 99 L1 0 8L #0%4 94 9 6 104% 10 1102 102 1 108% 103% 8 110% 110 12 984 98% T T 15 1184 1184 19 104% 104 1707 BTH 6 B7Tm 87 9 96 0d% MISCELLANEOUS. 5116 118 104% 104% 107 107 PB% OB 81 84 1054 108 1974 1944 92 Y 92U Bt 102:4 10214 781 %% 1364 136% 99% 99% 1054 1051 10774 10714 1014 101 103 1021 1054 104% 103% 103 104% 104 81% B0 85 B4y 115% 115 0% 99% 2 5 106 106% 103% 108% M 174 8% 18 70 10 102% 102% 104% 104 100% 100% 9% 934 98% 984 10564 103% W% 1074 8% 92% 100% 100 101% 101% 104% 108 ELITETITY 928 92% 12111 98y 97 101 100% 98 5% 10 3 a1 ” 41 14 5 92 54 20 9% 94 111881 183 1 105% 105% 8102 102 8 1041 104% 2120 119% 9% 38 88 13 13 103% 108% 14 99y 1 87 21 3 100% 100% LTI 08 9% 2 106% 108% 3 100% 100 107 108y 110 110 10114 101 1024 102% R 1014 1014 108% 105 101% 1017 1 % 1 102 9% 06 1064 108 [ 9114 8 04% 0. 1034 110 8% 18% 104 7% 7% 5% lll.:r 104% 107 98% 84 106 1944 92 9% 1024% 7814 136% 90% 105% 107% 1014 102% 105% 10514 104 8014 9434 l;g‘% % 12 105% 103% 4% 18 70 102% 104 100% 0414 RLEY 1034 107% 93 100 101 o8 0219 111% P5% 1008, 95! A | NY NH&H cv db s 95 95 93 94 9444 944 931, 934 98% 79 8% T78% 01t Ok Blly 96% 984 96% 4 1081 1054% 105} QAcCCaaq! T 2 104% 104% 104% 2 1028 1024 102% 100% 100 100 105 104% 1044 2 95% 954 96l 2 1024 102 102% 921 92 92% 105 105 105 904 0% 90% 9413 91% 9444 93h 934 Yiu W2 920 Vi Y 8y - o 97 <97 .97 86y B3l BBY Kt 5% 0% 105% 105% 1064 1124 1124 112% 109 108% 108% 112w 112 112 20 204 204 9 99 99 8214 82 N24 Suba R R T4 Cuba Nor bigs ets.. Del & Hud 5138 Den & Rio U ¢ Den&RioG 1148 Det United 4% Erie 1st cons 48, Erie Gen 4s. Erlecvt 6867 wi Brie conv ext 18.... & Fla Bast C68 74,0 15 Gr Trunk stdb 68, trand Trunk (s, Great North 8., 15 Great Nor gen 7s.., 26 Green B& WdebB. 1 Hecking Hud & Man ref HiCent 485 66 111 Cent Chi 4%s. Int Rapld Tran bs.. 2 Int Rap Tr 68 stpd. 14 Int Rapld Tran T Int Rap Trans Int & G Nor 1st 6s. Init&(tNor adj 6s 63 InLRys C A 68 72.. Int Ry C A 88 ret, 16 lowa Cent rf 4s 6 lowa Cent 18t bt Kan City Ft 8 4s 80y B0 BO% pT 98 97 15 15 15 5l 48 49% % 9% 91% 8. 98 s 9B RN Ban B9%, BYh BOY YT VTh 97 Biy Bl 87 102 102 1025 61 864 67 97U BTR 9T% 103 102% 1024 101 100% 100% 2y 2% 28 888 98y UBY 98Y 100% 100% 100% 8 85 8 3 885 B3 B85 2 104% 104 3 1014 101% 101% 28, 5% Kan City Term Lake Shore 48 31 Lehigh Val cn a8 Louts & Nash 7 Man Ry 15t 48 90 Market St 7s 40 MK & T prin 5 Mo Pacific gen Mo Fac 58 I 71 1 Mo Pacific 5s G '18. Mony Trm ref 5s 41, Nash Chat&BtL 4s. 98 00 9% B9 80 89% 80 00 b3 Bp 104% 1034 10315 B0 BOW B0 %D k8 K9 9T BTH BTy 100 100 100 107 106% 107 107 107 107 106% 106'% 106% 106% 106% 106% 1024 102 1024 83 83 83 83 B2% 83 1% M 7% 91 0% 91 119 119 110% 5 13 Y Centrf 58 Y Cent deb 6s. 20 New Haven 4s86... 3 NYNH&H4s56. 15 NY NH&H db 48 b7, & NYNH&HI%S.. 1; NY NH&Helt8s... 4 9414 Int Tel&Tel 4%48 wil785112 111% 112% 133 o 11 10415 104% 104% 108% 102 104% 120 .23 119% 1188 119 1 | Pennsy con 4 1 198! 14 105 101% StLIM&S 4830.... 12 994 99% 99% 01k " 1 1 10415 NYOntWlistds., 22 % NYRYsO886.... 0 N ¥ State Ry 448, 22 NYBtateRy 6%s62 2 NY Bus&Wn gen 55 2 NYW&BWa... 17 Nortolk & W cn 4s, 29 Nor Pac 38 2047. 4 Nortnern Pacific 12 Northern Pac5sD. 5 104 104 104 Northern Pac r 168, 10 118 113% 113w Ore Short Lrtads. 14 09 OreShort L5s gtd. 1 108% 105% 105% Oré Wash 1st 4 88y 88 100% Pefinsyl gen § Pennk R R 4% Pennsyl gen b8 107% 10I% 1074 Pennsy| 88 84, 103% 1081 1034 11013 110% 110% 103 102% 108% 96le 98 981 104 104 104 39 48 39 108 107% 108 1034 102 103% 1074 lg'l\l 1074 0% 00 0D 5% 93m 95y n Pa Ohio & Det 4148 Pere Marg 15t b8, .. Philippine RR 4s. . PCC&StL 53 B 7. . Portland EI P L 6s. Port RLAP 7448 48, Reading gon 4148 A RIArk& L4l%s 102% 1024 1024} 07 S | feller-Stewart controversy, those most 10414 | Rep “| @8 All Fla 65 38 B.. ' | 8ou Pacific ref 4 987 987 | Bou R STAR, WASHINGTON. CURB ISSUES SCORE NEW HIGH RECORDS Vacuum Oil and Standard of Indiana Make Substan- tial Gains. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, January 18.—New high records In the issues selected for leadership gave the main body of curb stocks an appearance of pronounced strength today. Practically every group had at least one outstanding representative 1 the upward movement. Vacuum Oil took leacdership awal from Standard of Indiana in the oil group. On an enormous turnover the stock rushed up from the previous final of 132% to & new high of 128 before the demand was supplied. In its case expectation of special con= sideration of stockholders at the coms ing meet| was a factor in the speculative calculations, An added incentive for the buyin| was the announced agreement reach with Sinclair Consolidated Oil, whereby the latter will exchange its holdings in foreign enterprises for shares of Vacuum Oll. ~ These holdings are thought to represent for the most part the come ?An{'l interest in Compagnie Indus- rielle des Petroles. Standard of Indiana continued active and moved within a range of 2 points | of yesterday's final. As fo the Rocke- | femiliar with affairs of the company | place little credence in widespread res ports that both factions had carried the fight into the market for the stock in an endeavor to obtain sufficient proxies to accomplish their purpose at the coms | m& meeting. They were inclined to ate | tribute the recent heavy speculation to nothing more than a professional stock market maneuver. Electric Investors featured the public utilities, advancing some four points to a few 1020 high. Announcement was made of the additional public offerin| of 35,000 shares of 8 per cent preferres at 99 and accrued dividends from Feb- ruary 1, 1929, Electrie Bond and Share Becurities also ran up several points. American Commercial Alcohol reach- ed a new high at 86. Offering of 43,800 shares of the stock was announced to- day, but this did not constitute new financing. New high records also were marked up in Zenith Radio, National Rubber Machinery, Checker Cab Manufactur- g, Rainbow Luminous and Goldmann, Sachs Trading. CORN PRICES GAIN IN EARLY TRADING Reports of Drought Damage in Argentina Cause Ad- vances. By the Associated Press. CHICAGO, Januaty 18 —Reports of inereasing drought damage to the corn erop in Argentina pushed all corn prices to new record heights today. Some de- 1ve: of wheat and of oats went also to above any level reached this season, ning 15 to 1% higher, corn subsequently held near to the in- itial range. Wheat started at 14 to s advance, and afterward rose a little . Oats followed other grain. Pro- visions were easy. Persistent absence of moisture needed in the ntine corn belt was shown by dispatches today to leading Chicagn houses, and resuited in continued large- scale buylng of corn here. According to advices at hand, Argentine rainfall in the last week is only onesfourth of nor- mal, and there has now been five suc- cessive weeks of markedly deficlent molsture combined with excessive heat, a combination especially disastrous during the start and development of taseeling. Drought reports came also today from the other chief corn-producing countty in the Southern Hemisphere, South Africa. Meanwhile, detailed re- ports showed that by far the greater part of ntine corn acreage was in- volved setiously in the unfavorable erop situation which has developed, and which follows a heavy shortage of corn production this season in Europe. " DIVIDENDS. Pe. Col lod. Rate. gt b Do 26.5( Q 1 .50 B 8212 Balto Am Ins Co. SA .30 h{!. lt::g it B imp ‘AP W " § L igmm‘"& fa 88 ot tn sby Rato Do B . 23353 g‘lnl;i Co Tr anston Shiovs M Bot ..o ing ) i Py, Railroad Equipment. NEW YORK, January 18 (Special). —The rallroads of the United States and Canada are expécted to spend abou $800,000,000 this year on new nul&- ment, Additions and improvements. About $50,000,000 more than last {m. Class 1 railroads of the United States have spent from 1920 to 1928, inclusive, for the improvement of theit pm&!m the huge total of $6.628,000,000. all- foad properties are in the best condi- tion in their history as regards mainte- | nance and equipment, says Elmer T.! 0 High. Low. 8e. 100 100 867 BBl 10018 ¢ 8915 BBl 43% 0 StL TM&S gn 58 StL&SFpl & StL&SFrA%s SeabAL ad) b8 Seab A Leon 6s.... BBAIFlafsds A, 8ou Pac és 20, Sou Pac elt 48, Sou Pac 4}s rots.. Bou Ry gen 4s...... Py P = o e Y e 8ou Ry Sesen Sou Ry Mo & O 48. Tex & Pac bsB 1077 ‘Third Ave adj bs. .. Union Pae 1t 48 Union Pae ist rf Union Pacific 4s Union P 4165 67. Vitkinia Rty 18t A, Va Bouthwn con bs. Wabash 181 58 w B is & list of stocks and D. O. FRIDAY, JANUARY 18, 1929. NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office NEW YORK, January 18.—Following ds traded in on the New York Curb Market today with the volume of sales and prices up to and including noon: 8 h ales undred: SRBB e rn e ST N a ' o e T o Grama Qrigab: in Industrialy, s. m Amer Bev . .. .. Am Com Aleo vic Am Commonw P A s, ol olumbus El b 4 ontol O Bali . 'onsol Laund . Cons Ret 8trs Crocker Wheeler tiR \|;J xd 4 n Dr‘lln;: n i 381 tin Shoe p 88 oA i ki i3 MINING 8TOCKS. “Con Ma Glol oranda .. hio Coppet: remier Gold ‘M | diun, .16a B 10 TSR, , ¥ 70 Wendon _Cop 1Wright Hargres Sales in INDEPENDENT OIL STOCKS. hundreds. iA Con ."0 Tk m * Oilfids, m l(:r “lLo Co tnsd_dedb war . arv n 1 it Be {omaol 18" otbreont St lon Ol .o feiiil By 15 Mo Kansas Pipe Line 2 Mount Gulf ......... jestgrn’ OIf andem Ui ennok_Oil Corp . 1 51, Lion 2 New Bradford O 1 Reiter-Foster Ol 3 aSas..i! i i it olon Ol _.© } m{nb Synd re}; et O 1 one 1 b 10 New Mex Aria Land. et Roy .. Tex O 228580 s 328 Haaoteleaalstess -t 300uas S S T S R S5 T @ {3 5 £ 22552222222 o 3EEses 5 FRORONORR P on Alg Gs A a8 & B 5s 202 w & 068 Y abils 0342248 1580 %nm- 6s '36.. 9 al 333533 7 aizs 18 11815 1 5 Bign’’ 8 85 s 27 80% S TS & 830 fg 5 o Eie S g:"f‘!o ow 68 '5¢ Libby McN & L Manitobs P 5'25 d Rad 6 rrag Co Is A '87.. rod 6'as '25: 101 © 101 6s A 2026 1 823 Pow Blas est Po heel Btl 4'as B ilesta . 14 Stinnes Hugo 18 1UN Ind 6ss 41 -dividend en issued. CHICAGO LIVE STOCX MARKET CHICAQO, January 18 (#) United States Department of Agriculture— Hogs—Receipts, 44,000 head; market opened strong; later trade steady with utsday's average top, $0.40, ?lld for edium to 180-210=pound buteht chofce Rlfl-lwa?o\md. 00a9.30; N 250-pound, 9.00a9. 160-200-pound, 9.00a0.40; 136-160- 8.50a9.28; packing sows, 8.15a8.75; pigs, medium to_choice, 90-130-pound, 7.25a8.50. Cattle—Receipts, 3,500 head. Calves —Receipts, 1,000 head; market dull; steady to weak trade on meager supply of lower grade of fed steers; few loads at 12.50 down to 11.00 and below; weak with recent decline; other classes most- 1y steady, better grade fat cows in nars row demand; slaughter classes, steers, '\mfl and cholce, 1,300 to 1,600 pounds, 3.00a18.50; 1,100 to 1,300 pounds, 13.00 a16.00; 950 to 1,100 pounds. 13.00a } common and medium, 850 pounds up, 9.80813.00; fed vearlings, good an cholce, 150 to 950 pounds, 13.26a16.80; heifers, good and choice, 850 pounds down, 11.50a13.50; common and mme= dium, 8. and cholce, 8.26811.25; common and medium, 7.008 8.25; low cutter and cutter, 8.75a7.00; bulls, good and choice (beef), 9.7 11.75; cutter to medium, 8.00a10.18; vealers (milk fed), good and_cholce, 16.80a18.00; medium, 18.00a15.50; eull and common, 8.00a13.00; stocker and feeder steers, good and choice (all 212.28; common and me- .00 Q‘i‘ineep—neee ipts, 12,000 head; market active, stéady to a shade higher; bulk fat lambs, 16.50a17.00; strictly choice kitids held above 17.28; sheep, steady) fat ewes, 9.00a10.25; feeding lambs held strong to 25 cents higher, 15.75 down. Lambs, good and choice, 92 pount down, 16:25a17.35; medium, 14.50a16.25; cull and’ common, xg.omh.sa. Ewes, medium to choice, 160 pounds, down, 8.00a10.08; cull and common, 3.7548.80, Fei%er lambs, good and choice, 5.50. @lidden Company Expands. NEW YORK, January 18 (#).—The Glidden Co. of Cleveland has acquired the Dunham ‘Maaufacturing Co. of New York, a food products con N prstadianiiies . Relatively Firm Cables + | and d % m by China, but & disappointing de- y new year. 2 | have recently been firm in spite of the 3 | week and 2,593,000 barrels during the « | ers at the annual meeting April 11, FINANCIATL, COTTON IS STEADY IN OPENING SALES Cause Initial Advance—Selling Offsets Gam. By the Associated Press NEW YORK, January 18.—The cot- | ton market opened steady at an ad- vance of 4 points on near months, which were influenced by relatively on the later deliveries, which were de- pressed by overnight ”"oh&' orders. The general list eased right after the call under liquidation attributed to disappointed holders, with March de- clining to 20.10 and July to 19.73, or about 7 to 9 points net lower, but there was some trade and buying, and the market steadied up a few points from the lowest by the end of the first half hour. A moderate volume of business was reported at the start, but trading became ve: ulet later. Private cables said that trade calling local buying had absorbed hedging | some Bombay liquidation in Liver- that there was further cloth buy- mand from India. BY KENNETH 8. VAN STRUM. NEW YORK, January 18.—The re- cent advance in U. 8. Rubber and Fisk, while Qoodrich and Goodyear made | [ lttle further J;muresn. was largely due to the belated recognition of the fact that the actual dollar profits of rubber companies in 1928 did not vary as wide- Iy as their balance sheets might indi- cate. Bookkeeping Differences. After the sharp drop in crude rubber early last year U. 8. and Fisk followed the extremely cf rvative policy of writing down not only crude rubber, but also goods In process and finished articles to the low market prices of rub- ber then prevailing. Goodrich and Qoodyear only deemed it necessary to take losses on crude rubber, As a Te- sult the bookkeeping methods of U. 8. and Pisk showed staggering which were greater than Goodrich. n_ paj QGoodrich have fared much better than the other two companies, although the drastic writing off policy now puts U. 8. and Pisk in a splendid position for the Rubber Prices Favorable. Leaders in the rubber industry do not e)gncl further serious declines in the price of crude rubber, since present prices are close to cost of production and the consumption of rul is in- creasing rapidly, last year's consumption being 19 per cent above 1927. Prices fact that Ilr? shipments of crude rub- ber released by repeal of the Stevenson restriction act are expected in New York during the next three months. The stocks of rubber in London and New York, hcwever, are low, and this large " r Goodyear and | ;| steady cables, to a decline of 9 points | supply of new rubber will enter the in- dustry at a time when the market is particularly well able to absorb it be- cause of larger demand for tires created by large automobile production. Rubber companies see a change for the better, and large demand for both original equipment and replacement business this year, coupled with steady and possibly even rising prices, should make for large profits. Important mergers and changes of ownerships within the lnd\mr{ add further to the speculative possibilities of tubber securities. Recent Developments. Recently an increase in the price of Pennsylvania crude ofl occurred cons currently with a drop in the price of crude oil at the well and midcontinent flelds and a new high record for crude E‘md\ltblom Oll men point out that the crease in the price of Pennsylvania crude means little so far as the industry a whole is concerned, since Pennsyl- vania production accounts for only a little over 1 per cent of the country’s total. They say the immediate future of the industry depends upon prices and production in the midcontinent field and in California. During the past six years the de mand for gasoline has duobled. and since gasoline represents about 40 per cent of the industry’s product the rapid growth of these markets is the brightest spot in the industry. Improved gaso- lel:ehex“t:lctmn methods have ?lno hfl:- creasing percentage of gasoline obtained from crude oil. the other hand, fuel oil is in a weak position and the increasing importation of low-grade oil from Veneeuela has further in- creased the diffculties of the crude market, Productfon Crisis. The fortunes of oil companies vary widely, depending upon whether they 1 producers, refiners or retailers and also upon. the fields in which they operate. r this reason it is impossible to discuss the possibilities of oil securi- ties as one group. The nearest approach is to watch the crude petroleum pro- duction, which in 1027 averaged 2,450,- 000 batrrels daily, in 1028 about 2.446. 000 bartels and which has started off the !ur 1920 with a record production of ,501,000 barrels dailly during the first second week. If average daily produc- tion could be kept down to 2,500,000 barrels during 1029 the position of the industry would improve rapidly, but if m‘m!uctlnn averages above 2,600,000 the dustry will suffer from generally lower oll prices. Only those companies causin, the increased production would benefi! by such overproduction. (Copyright, 1020.) . Stock Split-Up. NEW YORK, January 18 (#).<-Direc- tots of the Brooklyn Fire Insurance Co. have voted for a S5-forl spliteup of etock, subject to approval of lhclh«lt}; increase is to capital stock to 200,000 shares of 88 value from 40,000 shares of $25 num FOREIGN EXCHANGE. ‘Quotations turnished by W B, Mibbs & Oo.) N TS T S The cotton gin was invented by EN o Whitaey Stockhol in 1793, Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Lite Ins. Co. Main 478 : Money vaable or FIRST DEED OF TRUST LOANS On Completed Properties and for Construction Use Reasonable Interest and Commission Rates JAMES F. SHEA 643 Louisiana Ave. N.W. Let us have your applications “LOANS ON REAL ESTATE Immediate Action Courteous Treatment Our record of 35 years speaks for itself. Percy H. Russell Co. | 1731 K St. N.W. Mortgages Investments JAMES Y. PENNEBAKER Main5328 1520K St. N.W. 6% NOTES Secured by First Mortgages Safe—Conservative Make your savings and surplus funds work for you at the highest inter- In financine est rate consistent homes and in the with absolute sale of these se- satety. curities. Wm. H.Saunders Co Inc. REALTORS Main 1016 41 Years’ Experience On improved Property in Maryland and Districe of Columbia 6% Interest )/ 1 | | No Commission Charges WEAVER BROQ REALTORS 809 15th Street N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company _Money or \l_".mt Mortgages Make application for a construction loan—or for refinancing—to any consistent amoun t— and just as quickly as it can be considered— and approved the money is available. Always Low Rate of Interest and Cor B. F. SAUL CO. 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