Evening Star Newspaper, January 21, 1929, Page 12

2 CURB SPECIALTIES | CONTINUE ADVANCE Utilities Are Prominent as| Pools Push Favorites to New Heights. FINA BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star NEW YORK, January 21.—~The ele- ment favoring continued price appreci- ation had things pretty much its own way in today's curb market operations. | But the upward movement was by no | means uniform and was confined for | the most part to issues which had the support of powerful pools. | Public_utllities were again favored. | Plans for the formation of new hnldim{} companics, morger prospects gnd the | outlook ~for _continued " expansion of | operations were thought to warrant a higher price level for these issues in the current market. American Super Power issues moved upward sharply to new high prices, Electric Bond and Share Securities es- | tablished a new top and United I.ighr’ and Power class “A” was turncd over | in enormeus volume at its be: | International Petroleum. which took | away leadership of+¢he oil group late last” week from Standard of Indiana, | advanced almost five points to another | new top. The market for Standard of | Indiana quieted down. Vacuum Oil. | with the incentive of another special | stock distribution, was bid up several points. Mining issues were influenced by pro- nounced strength in this class on the | Stock Exchange. Kennecott Copper | new, Noranda Mines and the low-priced | Ohio Copper assumed leadership. Ex- | pectations of an early upward revision of copper price schedules as a result | of the heavy increase in European de- mand was a prime factor in the specu-~ lative calculations. Aireraft issues lost some of the buoy- ancy which characterized the market for these stocks during the past few weeks, but Douglas Aircraft ‘managed to reach a new high and Niles-Bemen- Pond gained several points at 201. Other specialty favorites included Nichols & Shepard, Charis Corporation and General Bronze, all of which made their best prices for the year. Marconi, International Rubber Machinery and Bohn Aluminum also were in demand. Baltimore Markets Special Dispatch to The Siar. BALTIMORE, Md., January 21.— Potatoes, white, 100 pounds, 1.00a1.35. Sweet potatoes, barrel, 1.50a4.25. Yams, barrel, 2.00a3.50; bushel, - 1.00a1.75. Beets, 100, 4.0026.00. Beans, bushel, 4.0027.00. Brussels sprouts, quart, 15a 25. Cabbage, hamper, 2.00a2.50. Car- rots, 100, 4.0026.00. Celery, crate, 1.50a3.00. Caulifiower, crate, 1.50a2.00. Eggplants, crate, 5.00a 8.00. Kale, barrel, 1.40a1.65. Lettuce, hamper, 1.00a1.75. Onions, 100 pounds, 1.50a5.00. Opysterplants, 100, 6.00210.00. Parsnips, basket, 60a70. Peas, crate, 5.75a6.00. Peppers, crate, 4.00a6.00. Spinach, bushel, 60a1.00. Tomatoes, crate, 75a2.75. Turnips, basket, 40a50. Savoy cabbage, bushel, 1.00a1.25. Avples, bushel, 75a2.00. Cranberries, half barrel, 9.00a10.00. Grapefruit, box, 2.00a4.00. Tangerines, per half strap, 1.50a3.00. Oranges, box, 2.50a 00. Strawberries, quart, 6214a70. Dairy Market. Poultry, alive—Young turkeys, pound, 35a40; old, 25a30; Spring chickens, 32a38; small and poor, 20; old hens, 20a30; Leghorns, 20a28; capons, 33a48; old roosters, 17a18; ducks, 20a30; geese, 18a26; guinea fowls, each, 40a80; pigeons, pair, 30. Poultry, dressed—Turkeys, young, pound, 32a38; old, 25a30; chickens, young, 30a35: old and mixed, 25a30; capons, 34a42; old roosters, 18a20; ducks, 25a30; geese, 20a26. Eggs, receipts, 2,717 cases; native and nearby %:t:s, free cases, 36; current receipts, Butter—Good to fancy creamery, d]und,uflals‘fl‘é: prints, 43‘/'2!503: es, 34a38; store packed, 2 rocess butter, 41a42. o P Live Stock Market. Cattle—Receipts, 650 head; fair supply, market dull and lower. Steers, choice, 12.50a13.00; good, 11.25a12, medium, 10.25a11.00: common, 8. 9.50; feeders and stockers, 8.50a10.50. Heifers, choice, 10.50a11.00; good, 9.75a 10.25; medium, 9.0029.50; common, 7.75 88.75; feeders and stockers, 7.25a8.75. Bulls, good to choice, 9.75a10.25; fair to good, 8.2529.25; common to medium, gggflr'lsk t(;(zw:z, mdfiw choice, 8.50a .00; fa good, 6.75a7.75; commo: to medium, 4.00a5.75. e Sheep and lambs—Receipts, 1,400 head; moderate supply, market higher. Sheep, 3.0029.00. Lambs, 9.00a17.75, Hogs—Receipts, 3,400 head; fair supply, market lower; lights, 9.70; heavies, 9.6529.85; medium, 9.95; roughs, 6.50a8.50; light pigs, 8.00a8.25: pigs, . Western hogs, 10 to 20 higher than quotations. Calves—Receipts, 400 head; light sup- ply, market steady; calves, 5.00a18.00; no extras. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, 8pot, 1.33%; January delivery, 1.33, 1 Dc'lnglNo.zz efi(porl. January delivery, 073 0. 2 yellow spot, 1.10; cob corn, 5.0025.25. 5 Oats—No. 2 white, domestic, spot, 61a 6112; No. 2 white, domestic, spot, 59a60. Rye—Nearby, 1.10a1.20. Hay—Receipts, none. While hay is arriving here in limited quantities only, it is more than ample for the demand, which is being supplied, mostly by truck, from nearby points, few carloads being received. There is not enough business passing to establish prices on the vari- ous kinds on merit at a range of 16.00a 18.50 per ton of timothy or clover hay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. Farm Buying Power Epecial Dispatch to The Star. NEW HAVEN, Conn., January 21— A change of front in the course of farm prices and purchasing power took place last week when the former climbed more than a point and the latter al- most two points to 97.2 and 99.7, re- spectively. These figures better their December averages by about half a point. Dairy products, grains and hogs | and lamb quotations participated, flndj Chicago beef steer prices constituted | the only important receding item. Eggs | and corn in particular showed sub- stantial gains. Conversely, non-agri- cultural prices were down somewhat, showing a loss of seven-tenths of a point from the previous weck’s level and equaling the December average. Index number of farm purchasing power and of agricultural and non- agricultural prices for various periods are given in the following table in rg:]ncn the average for 1926 represents Farm purehy Po Agricul- Non-Ag- | s tural mcultural | EE et it b Pt=hatatirp Pt dttatviatub et Ao (Copyrisht, 1929, by Lrving Fher.) Sales in NCGIAD., THE EVENING NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Special Dispatch to The Star. NEW YORK, January 21.—Following is a Iist of stocks and bonds traded in on the New York Curb Market today: INDUSTRIALS. hundreds. High. Low. Noon, 1 Acefol Prod A p el ol 11 Acoustic Prod 17 5Akfa Ansco 2 Agfa Ansco pfd. .. 13 Allied " Pack ... 2 Aliison _Dr % 4 Alpha Port Cem 7Alm_Co Amer.. v Hawaiian 8 7 L & Tra p pid States S A States § B Tts Tts 9 Angle 30 Asso Gas & EI AL 17; Asso Gas & El war. | 1 Asso Ravon rets pfd 1At Fruit & Sug. 14 Auto Reg Mch.. .. 11Auto Ree Mch € wi 1 Atlas Port Cem 1 Auburn Auto Co 2 Aviation Co of Am. .. ma_Corn an Marconi W.. Caterpil Tract pterpil Tract its. n Cor Am . 10 Cons Auto Mer pfd 1Consol Dairy P. 33 Consol Film 2 Consol G 3 7 Cons Re! Slores; a4 Crocker Wheeler 2 Crosse & Black pfd 37 Curtis Flying S i Daniel ~Reeves. .. 10 Davenport _ Ho: 1, Deere & Co. 17De For R C 10 Doehler Die G C. 42 Douslas Alrcraft. vest Inc. 1 Elec_Shovel C 9 Em Pow Cor. 103 Fox Theaters 1Freed Eisem R C 3 Wire Wheel Corp. 5 Woodworth Inc . Sales MINING STOCKS. in hundreds. 30 Am Con M & M Ltd .08 90 Ariz Globe C.... 24 9 Com T Ifs 99 sm i oyt 3 Sales in INDEPENDENT OIL STOCKS. hurdreds 3Am Con Oilfids, 21 Am NMaracaivo 1Ci 2 Colon Oil. . 31 Columbia Sy 1Cons Royalty 1 Creole Pete 2Derby O & Ref 7Gulf ol Pa 1 Houston Gulf Gas 19 Infercont Pet ... 1 Leonard Oil .. .. 2 Magdal Synd 11010 Mo Kansas Pipe Line ‘2 Mount Gulf ... 4 Mount Prod ., 3Nat Fuel Gas 9 Woodley Pet . 12Y" Oil n.. Sales in STANDARD OIL ISSUES AND FOR- units. ~ MER SUBSIDIARIES—STOCKS. 100 Anglo Am Ol 16%2 43 2600 Imp_Of 12200 Inter 9008 O Ky n.. 400 Vacuum Ofl ' Sales in B . thousands. 2 Abitibl P&P 55 A '5: 1Ala Pow 4145 '67. 16 Am Alc 63 A 43 129% 8Am Gas & El 5s 2028, 97 Int Corp 5l4s '49 114 Pow & Lt 65 2016 1057 '36.... 971 s ting 4s 133 882 F dlos A '49 117% a1 pas 6z 42 106 Oil 6s '38. . 5Bell T Can 5s B'57, 23Can Nat Ry 4 2Caro P & L 5 1Cent Stat El bs '48.. 90 1Chi Pn Tool 5's '42 100V 10 Cit Serv Gas 5'2s '42 91 P 2 n Bron: Flec Ltd reg. Fireprfe Laund M n_Sach: 123% € Gotham Knithac 'Mch 1312 11 Gramoph Co Ltd rcts 8% 2 Granite City Stl..... 391, 2 Hartman _Tob. 7 Haygart Corp. 1 Hazeltine Corp. 15 Hiram Walk G 10Horn A C 10 Huylers Sirs of Del: § Hyerade Food Prod mp Tob Can, 4 Indust_Finance cic 1% Indus Finance pfd xd linstr Co N A 8 Marc Wire Lond B. 2 Marion Steam Shov 2. 2 Mesabi _Iron. . 1Metro Chain’ 8t 1Met 5 & 50c St 2Neve Drug A iNewton Steel . 1N Y Hamburg . 81 81 2075 207% gt am B 2m3 ami 1 Pick ‘Bar & Co pfa.. 3 Bifenl Go" 1igls? 14 Radio Con 4 Rainb i Real 11 Republi 5 Repub_ Brass 30 Roch C 1Ross Gear & Tool. 1Ross Stores 18afe C H & Bros 75 Seiected Industries ' 1 Seniry Safety Contro] 1 i 6Seton Leather Xd. 1 Sikorsky Aviation . 18ilica Gel ety 1Southe P & L war.. 3 2 Southw Dairy Prod. § Southw Strs ... 2 9 Spanish & Gen 2 Sparks Withing 1 Spencer Kellogg Thomps Pro imken Det Axle ip 0 T O 253088 fxd 735 goge. L e L et F2RI2S28RE: PRETS 7 & s B~ 99% 10073 AT 10 K 130 Pu v’ Neisner Realty NYCSLdias L 4izs Sta P'M 6las o Pow_élus D s ‘51 65 748108 1 "33103 36 93 Ca) uth’ Cal G aley Mig 6s '42, and Invest S5 Pow 55 106 5128 A '57113% 1 Wheel 8tl 41as B '53. 887 Salesin ~ FOREIGN BONDS. thousands. Agri’ Mor Ba Ts '46 2 Antwerp City 5s 2 russia 65 30, o 5, 1Cauca Valley Ts '48.. 10 Com & Pr Bk 5ias '37 88 2 Cuban Tel Thas ‘A '41. 1 1El Pow Ger 8ls '53. : M EI M 6las '53 2 Finl Res Mtg 6s_'61. 3 Frankfort 6%s'53. Free St Prus 6s ’s: 89 1 Freg St Prus 8i3s "51. 10 Gelsen Min 65 34,0 89 Rio Grande 7s '67... Russ G 628 '19 cfs 1 7s *'58. 5 wa Wi 1Swiss Govt 51zs '29 5 Uni Elec Serv 7s A xd—Ex dividend, wi—-When issued. * 50T 1B0ia 100 6 12045 1201 12045 n—New. WwW—With warrants. CHICAGO LIVE STOCK MARKET CHICAGO, January 21 (#) (United States Department of Agriculture) — Hogs—Receipts, 90,000 head; market active, 10c and 20c lower; largely an 8.90a9.05 market for desirable 150-300 pounds; top, 9.10 paid for 150-220- pound butchers; medium to choice, 250- 300 pounds, 8.7529.05; 200-2.50 pounds, 8.8029.10; 160-200 pounds, 8.80a9.10; 130-160 pounds, 8.2529.10; packing sows, 8.10a8.60; pigs, medium to choice, 90- 130 pounds, 7.00a8.40. Cattle—Receipts, 20,000 head. Calves ~—-Receipts, 3,000 head; all Kkilling classes, 15c and 25c lower; very little done: killing quality plain: she stocks almost at a standstill; most short fed steers of value to sell at 13.50 downward with a liberal supply under 12.00. Slaughter classes, steers, good and choice, 1,300-1,500 pounds, 13.00a15.25: 1,100-1,300 pounds, 13.00a16.00; 950- 1,100 pounds, 12.75a16.00; common and medium, 850 pounds up, 9.50a12.75. Fed yearlings, good and choice, 750-950 pounds, 13.00a16.50. Heifers, good and choice, 850 pounds down, 11.25a13.00; common and medium, 8.50a11.25. Cows, good and choice, 8.00a11.00; common and medium, 6.75a8.00; low cutter and cutter, 5.75a6.75. Bulls, good and choice (beef), 9.75a11.75; cutter to medium, 7.75a10.00. Vealers (milk-fed), good and chotlce, 14.50a17.50; medium, 13 00a 14.50; cull and common, 8.00213.00. Stocker and feeder steers, good and choice (all weights), 11.00a12.25; com- mon and medium, 8.75a11.00. Sheep—Receipts, 25,000 head; market opening steady to 25c¢ lower; bulk, fat lambs, 16.25a17.00; sheep, stead: ewes, 10.50; feeding lambs slow; good and choice, 92 pounds down, 16.25 al17.35; medium, 14.50216.25; cull and common, 10.50a14.50; ewes, medium to choice, 150 pounds down, 8.00a10.65: cull and common, 37588.: feed lambs, good and choic14.25a15.75. ) extent of a 1 per cent movement from 3 top lambs, | Xih, TAR., WASHINGTON, STOCK PREE NOEX CAINSDURINGVES Industrials Show Slight Down- ward Tendency—Util- ities Show Rise. Special Dispatch to The Star. NEW HAVEN, Conn, January 21.— New York Stock Exchange common in- dustrials showed a very slight down- ward inclination last week. The weel average condition index was 179.8 as compared with 180.0 for the previous week and 179.0 for two weeks ago. De- clines in oils, stores, coppers, motors and foods overcame rises in auto ac- cessorids, steels and public utilities. Oils fell to 118.7 from 121.0 through | recessions in Houston, Mid Continent | and Standard of California. Stores | dropped to 2185 from 220.7, mainly through National Tea and Woolworth declines, while coppers eased to 2516 | from 2526 via Kennecott ahd Anacon- da recessions. Motors and foods sho ed insignificant._declines. ! Auto. accessories went to 178.0 from 1725 via Stromberg, Stewart-Warner and United States Rubber strength and steels advanced -to 150.4 from 146.6 by gains in United States Steel, Inland and American Steel Foundry. Slight gain in the miscellaneous industrials and public utilities index was noted, with Commonwealth Power very st The week's 50 most activel stocks took an upward course to the last week’s level. Owing to the conewrence of in- creased brokers’ loans, a steady redis- count rate and the end-of-the-week call money ease the market rallied to- ward the close, completing the general feeling of future uncertainty. The compact survey of New York Stock Exchange movements of common industrial shares is given below in price indexes (1926=100) for all shares out- standing and for the week’s 50 most ac- tive stocks. The last column of the table gives the rate of return on the week’s 50 leaders at current prices. Fifty Shares market outst's. leaders. | 4 Rate of return. 2.6% - Week ended-— Junuary 18 January 11 January 5. ear ago December verage. November average. October average September averas August average. July avérage June average. May average April averas March ave 53 ERR AR i it 5223223 28! e 1927 average 1926 average. . High ('26-'29) Low ('26-'20) (Jan, 822 8 2.4 (Apr.'26) (Apr.’26) (Jan. Seasoned Stocks Steady. ‘The movements of graded industrials last week were uneven. Index of first- grade stocks remained stationary at 183.0, second or semi-investment issues declined to 164.8 from 165.4 and specu- lative issues dropped to 179.1 from 180.8. First-grade or investment issues pre- sented rises in Allied Chemical and Otis, counterbalancing falls in National Tea and Woolworth. Trading activity in Al- lied Chemical was particularly marked. The recession of six-tenths of a point in second grade or semi-investment is- sues was brought about mainly by week- ly average declines accompanied by relatively intense trading, in Anaconda, Chrysler and Union Carbon. Speculative stocks, showing a 1.7- point drop, assumed the weakest posi- tion in last week's market. Declines in Radio, Skelly, National Surety and Murr:g'd Corporation were the most pro- nounced. Last week’s market, perhaps the rcst hesitant in months, again showsd in- clinations to favor seasoned stocks and react against the speculative issues, Below are shown index numbers for prices of three groups of stocks traded on the New York Stock Exchange, graded in accordance with their season- ing dividend history, credit strengta and size, 20) 1st 2nd 3rd grade grade grade (invest- (inter- (specu- ment) mediate) lative) 17! (1926--100) Week ended— Jan. 18 . s 2 = HESEREEESEGEE SR e i {pristeteterei ettty BEEERESRERSS2252 Pt daed RSB e et 33 35! SEEEINRENREEEEETET i Sl ol sttt 3 > S S5 > Tttty High (‘26-'39) .. Low ('26-'29) .. 2938 S (Jan'36) (Apr'i6) (May'26) Trading Activity Sags. Common industrial stock trading fell off about 15 per cent last week. The average daily turnover of $248,300,000 showed a 50-million-dollar slump from the previous week’s level of $298,000,000. Lessened activity, notably in coppers, motors, stores, ofls, foods and smiscel- laneous stocks, more than outweighed | gains in steels and auto accessories. All stocks activity fell to $293,100,000 from | $347,000,000 per day. | Coppers turnovers sagged to $29,700,000 | from $34,500,000 per day owing to wan- ing interest in Anaconda, Kennecott and Greene Cananea Copper, while motors fell off to $36,300,000 from $50,300,000 through fewer exchanges of General Motors and Chrysler shares. Stores ac- tivity declined to $10,300,000 a day from | $15,600,000 via relative inactivity of Montgomery Ward and Woolworth. Daily average turnovers of oils receded to $15,300,000 from $20,800,000, while foods declined to $14,400,000 from $15,- 900,000. Steels activity increased to $28,800,000 | daily from $16,100,000, due mainly to more U. S. Steel, U.-S. Smelting and American Steel Foundry shares changing | hands. The daily average of $18,800,000 for auto accessories, rising from $17,000,000, was brought about by U. S. Rubber and Electric Auto Lite turnovers. | Public utilities also gained in activity, | while rails and preferred stocks slack- ened. ‘The continued drop in market activity last week was undoubtedly brought on by the weariness of traders induced by uncertain money conditions. (Copyright, 1929, by Irving Fisher.) Baltimore Grain Exports. BALTIMORE, Jangary 21 (Special). —Grain exports last Week, according to the maritime exchange, were 678,988 bushels, represented by 268,572 bushels of corn, 249,858 of barley and 160,558 of wheat, Flour exported totaled 5,251 barrels. TREASURY CERTIFICATES. (Keported by J & W. Seligman & Co.) Rate—Muturity, Bid offer. Mar. 15, 1929, FOREIGN EXCHANGE. (Quotati hed by W. B. Hibbs & C0) ot ons T 31 Woid Selin checis Valle (Or pat). . today. $4.8665 $4.847 1193 .gnflw. London, pound. Paris, franc, Brussels, bel Berlin, mark Rome.’ lira. Zurich, " fran draching . peseta. schilling Budapest, eder ' SO D. C, MONDAY, WHEAT PRICES RISE IN EARLY TRADING Upturn in Liverpool Quotations Cause of Gains at Chicago. By the Associated Press. | CHICAGO, January 21.—Unexpected upturns in Liverpool wheat quotations | helped to make the Chicago Wheat Market average higher early today. The | Liverpool advance was ascribed to scarcity of sellers and to improved gen- | ral demand Opening unchanged to 4 up, Chicago wheat later scored ad- vances all around, but then reacted samewhat Corn started !3 to % higher | end afterward held near to initial| figures. d | Oats were also firmer. Provisions in- | clined downward. Accompanying unlooked for advances | in Liverpool wheat values today were | authoritative advices that there h“i been extraordinary disappearance of | bread grain this season aided by rela- | tive low ruling prices. Reports also | were circulated that speculators every- where are anticipating reduced supplies | in producing countries toward the end of the season. Likelihood of curtailed yields of wheat next season were likewise a subject of comment today on account of reports of subnormal snowfall in Canada and | smaller acreage of Winter wheat in the United States, with prospects of sub- | stantial _abandonment this Spring. | Meanwhile, stocks of wheat on farms in Great Britain were reported.as 6.000,- 000 bushels less than last Spring, and predictions here were for a severe cold wave Northwest and-West. | CHICAGO DAIRY MARKET. CHICAGO, January 21 (#) Higher; receipts, 10,861 tubs cxtras, 46Y4; standards, 45%: extra | firsts, 452451 Eggs, higher; receipts, | 8,139 cases; extra firsts, 36a37; firsts, | 2. Teamery | | fowls, 27% turkeys, 2! Power & Light Income, NEW YORK, January 21 (#).-—The |ations in the Mahoning Valley this week | common to good common, 6.00a15.00; New York Power & Light Corpomlion; reports 1928 net income of 55.331.37G.i against $4,434,578 for 1927. i Az all of this Stock has been subscribed for prior to this offering, this advertisement -pp‘ui JANTUARY a1, /11929 FINANCIAL. INVESTMENT STOCKS APPEAL IS SHOWN IN RECENT BUYING Special Dispatch to The Star. NEW YORK., January 21.—The ad- vance in United States Steel common to the highest price in the history of the corporation is well timed, whether the rise was due to activities of a pool | or was the result of unstimulated buy- ing or a combination of the two. It fits in with the appetite the public is now displaying for investment stocks. In the present mood of Wall Street —using Wall Street as including all | interested in the market—a stock like United States Steel or General Electric is worth any price it may sell for. The speculative imagination is stirred not by the dry statistics of earnings or book value, but by the profits possi- ble to those who hold solid equities such as that represented by Steel over a period of years. It is this attitude, which has made possible the distribution by | | | investment bankers, who until recestly | | handled only bonds, of the capital stocks |of such railroads as Pennsylvania, Bal- | timore & Ohio and the Southern Rail- way. Nor is it likely that this situa- tion will change for some time to come. Meanwhile speculative cliques are tak- ing advantage of their opportunities to the utmost. Of course United States Steel could declare a stock dividend. It could raise the dividend on the common. It could do several other things which would benefit shareholders. Whether there is anything of this kind in prospect no {one outside of the confiedence of the directors can say. Current estimates of the year's earn- |ings are running high. In the nine | months ending September 30 last net | was equivalent to $8.18 per share. This | | Sompares with $8.81 for the entire year | 27, Commodity Notes Packing House Prices. CHICAGO, January 21.—The packing industry ~continues moderately good, with smoked meats leading the demand at firm prices. The call for beef is still down by high prices. Live Stock. FORT WORTH —Cattle receipts at this market in the last year totaled 885,902, as against 956,135 for the pre- vlous year. Calf receipts fell off in about the same proportion. A large volume of the animals were brought to | market in motor trucks. Electrical Supplies. DETROIT.—Increased demand for farm electrical cquipment is shown by the leading manufacturer of individual clectrical plants, which report 25,318 units sold. Lighting battery sales to- tsleg 33,000 and water system sales 10,002. Steel. YOUNGSTOWN.—Steel mill oper- are_approaching the high record mark of last October, with 48 open hearths and 123 eet mills in action. There are only four idle sheet units, which are being rebuilt. 0il. PCRTLAND, Oreg—The battle to| control the gasoline business of the Pa- :ific Coast is on in earnest, with prices being slashed to a point where gas is being sold at 15 to 211, cents a gallon. The larger companies in some cases are disposing of their retail stations owing to losses. | MARYLAND TOBACCO SALES. | BALTIMORE, January 21 (Special). -Receipts, mostly of old tobacco, last week total 184 hogsheads, while sales declined to only 10 hogsheads. A fairly |g00d demand prevails for medium to fine grades of ground leaves at cents a pound, but common grades are neglected at 3 to 6 cents a pound. Only 196 hogsheads of the 1928 crop of ground leaves have been reccived to date, and the stocks of leal tobacco on hand in State tobacco warehouses totals 12,637 | hogsheads. Quotations today for Mary- land leaf tobacco per 100 pounds: In- ferior, 6.00a7.00; frosted, 3.00a4.00; sound common and greenish, 8.00a 15.00; good common, 16.00a25.00; me- dium, 26.00a40.00; good to fine red, 41.00a50.00; fan 50.00251.00; seconds, medium, 16.00a23.00; seconds, good to| | fine, 24.00a35.00; upper country, Burley, COTTON IS LOWER ON INITIAL SALES Southern Selling and Liquidation Cause Price Drop at Opening. By the Associated Press. NEW YORK, January 21.—Prices in the Cotton Market opened at a decline of 7 to 9 points under Southern selling and liquidation or local selling pro- moted by relatively easy Liverpool cables. March eased off to 20.09 and July to 19.74 during the first few min. utes, or about 12 to 14 points net lower, but this decline seemed to bring in some trade buying as well as covering and prices steadied up later on rumors of bullish private ginning figures. March advanced to 20.18 and July to 2082, with the market steady, although prices still showed net declines of 4 to 6 points at the end of the first half hour. Private cables reported London and Manchester liquidation in a dull mar- ket at Liverpool. but said Manchester was optimistic, with a fair demand for cloth and yarns. ARG, AUTO AND BUILDING INDUSTRIES ARE BASIC | Special Dispatch to The St: NEW YORK, January 21.—The back« bone of American business activities, with its resultant prosperity in certain directions over the last few years, hs been basically the automobile indusiry and the building industry. In no year since 1923 has automobile production fallen below 3,500,000 cars, while in 1928 the total number of cars produced was 4.607,000. This year looks like a 5,000,00-car year. Building contracts in the 37 States east of the Rocky Mountains have in- creased every year from 1923, when the total amounted to $3,891,000,000, to 1928 when the total amounted to $6,628.000,00. Another active business over the last few years has been the electric light and power industry, which has in- creased its number of consumers from 18,472,000 in 1925 to 23,400,000 in 1928, and increased the kilowat hour output nominal; ground leaves, 3.00a25.00. from 61,000,000.000 in 1925 to 83,00 000,000 in 1928. matter of record only. - Tri-Continental Corporation $25;000,000 6% Cumulative Preferred Stock with warrants to purchase one share of Common Stock for each share of Preferred Stock at $27 per share 6% Cumulative Preferred Stock, $100 par value Common Stock, without par value and 1,000,000 Shares Common Stock without par value CAPITALIZATION Authorized $25,000,000 3,000,000 shares® et 00 1,000,000 Tobe presently outstanding shares #825,000 shares of Comman Stock will be reserved for issue against the exercise of stock purchase warrants described below, Theremaining 1,175,000 shares of authorized and unissued Common Stock will be avalable for future corporate purposes. Stockholders will have no pre-emptive right to subscribe for additional steck or securities, Organization and Management: Tri-Continental Corporation has been organized under the laws of the State of Maryland with broad powers, including among others the powers to buy, hold, sell and underwrite securities of any kind, and to participate in underwritings and in syndicates generally. It is contemplated that after the completion of this financing the Board of Directors of the Corpora- tion will consist of not less than eleven members, of whom five will be partners of the firm of J. & W. Seligman & Co. The Corporation plans to do business with J. & W. Seligman & Co. Preferred Stock: The Preferred Stock will be entitled to cumulative preferred dividends at the rate of 6% per annum, accruing from January 1, 1929, payable quarterly on the first days of April, July, October and January, and in the event of liquidation will be entitled to $100 per share plus accrued dividends before any payment is made upon the Common Stock, but no more.The Corporation may re- deem the Preferred Stock in whole or in part at any time at $110 per share and accrued dividends on thirty days’ prior notice. The Preferred Stock will be entitled to vote share for share with the Common Stock. The Certificate of Incorporation contains certain restrictions upon the creation and issue of preferred stock ranking prior to or on an equality with this Preferred Stock, and upon the creation of funded debt. Proceeds of Financing: After all expenses of organization and of the issue and sale of the Preferred and Common Stock of the Corporation presently to be issued have been provided for, the Corporation will commence business with at least $50,000,000 in cash, an amount equivalent to $200 per share of Preferred Stock. Stock Purchase Warrants: The Preferred Stock will carry warrants, exercisable at any time after December 31, 1929 (or earlier at the option of the Corporation), and not later than December 31, 1943, entitling holders to purchase 250,000 shares in the aggregate of Common Stock at the rate of one share of Common Stock for each share' of Preferred Stock. These warrants will be non-detachable except when exercised or in the event of any redemption or retirement of the Preferred Stock to which they are attached. J. & W. Seligman & Co. and associates, including Directors of the Corporation and others connected with its management, will receive warrants, exercisable at any time after December 31, 1930, and not later thah December 31, 1943, to purchase 575,000 shares in the aggregate of Com- mon Stock. All warrants will be exercisable at $27 per share of Common Stock, at which price an offering of 1,000,000 shares of Common Stock is being made. Suitable provisions have been made in the Certificate of Incorporation for protection against dilution of the stock purchase privilege. Transfer Agents and Registrars: The Transfer Agents for the Preferred Stock will be The National City Bank of. New York and The National Shawmut Bank of Boston. The Transfer Agents for the Com- mon Stock will be Central Union Trust Company of New York and The National Shawmut Bank of " Boston. Registrars for the Preferred Stock will be The Chase National Bank of the City of New York and Old Colony Trust Company, Boston. Registrars for the Common Stock will be Guaranty Trust Com- pany of New York and Old Colony Trust Company, Boston. We offer this stock when, as and if issued and accepted by us, subyect to approval of counsel. It is expectad that delivery of temporary York, stock certificates will be made on ar about January 28, 1929 at the office of J. & W. Seligman & Co., 5¢ Wall Str | against payment therefor in New York funds. " ‘ork. N. Y.y Preferred Stock: Price $104 Per Share, plus accrued dividend Common Stock: Price $27 Per Share J.& W. SELIGMAN & CO.