Evening Star Newspaper, January 27, 1929, Page 69

FINANCIAL, IMPRESSIVE STOCK GAIN S RECORDED Bull Party Cuts Down Short Interest During Week’s Campaign. 102 14 103 30 100 102 103 2 116 9% 101% 97% 48% 96 106 101% 114% 111 110% 1073% 108'% 104 109'2 104 BY CHARLES F. SPEARE. % 1021 100% 8pecial Dispatch to The St NEW YORK, January ~Under a ! barrage of its heaviest stock artillery 7 Tegiments of Wall Street bulls of this'jjg* week have advanced furthur than ever | jo55, 103+ before the into territory of the enemy— The short interest—and by good strategy have occupied positions that | scem to be impregnable. The “Big Bertha” of the demonstra- tion has been United States Steel com- mon, whose impact on the market has heen sudden and demoralizing to those who have attempted to stand up against it. Since January 15 the value or this stock has risen over $200.000,000, or more than all the gain of the iron and steel group of shares in the months of September, October and November. Once more speculation has appeared o be running out of bounds, as it did Jast Morch and April and again in No- vember and December, but in this in- stance the buying has been more dis- criminating than in the carlier periods. It has been -the high priced shares and those of the strongest American corporations that have led the advance and in which millions of doJars have been represented frequently itt the unit of trading. One operation o* this sort known to have taken plack involved 800,000 shares of a popular mdustrial and at an outlay of about $2£,00,000. To this character of buying I8 due the fapid rise in the average of prices, now | 108 10 points higher than at the end of | 103l 100% December, and well above the level at|106 1044 which the market stood when it had its [ 100 98% unexpected collapse in December. 107 101 95 83 Brokers Display Caution. 105% 108% The market this week has been one | 116% 106% in which carlier restraints have been | 93% 88l shaken off and where fresk adventures| 96 ~ 86% in speculation may be recognized. For | 1033 1004 some time there has been a rather |106% 96% ominous feeling in Wall Street that se- {107 1021 curities were facing another severe | 102% 98%x break. Both bankers and brokers have | 10512 101 been putting their houses in order by i 96% 9% means of higher margins, which now |~ B average nearly 50 per cent of the cost 76 price of stocks purchased. Credit conditions have _impressed bankers as more serious than ever and because of the rise in acceptance rates well above the Federal Reserve rate of rediscount, it has been taken for gran ed that this rate would be advanced, as it was just a year ago. Several large institutions have withdrawn from the bond market from fear of this. The steady expansion in broker's loans, now about $50,000,000 higher than on De- | T— — -~ cember 5, also gives cause for alarm | 10T 954 in some quarters despite the fact that }09*; T since January 2 there has been a re- [108% 39t duction in the bills discounted by the [ 106 ~103% members of the Federal Reserve system ‘185“ ‘32 by_nearly one-third. DAL, . In other words, while the accommo- | 102 = 9Ti% dations of the banks to Wall Street (107% 103 operators have been contracted—those | 117% 114% of the New York banks alone being 20 | 1925 S8 per cent less than a year ago—loans to | 143 1O0% Wall Strest by corporations, institu- | 109, 103 tions, individuals and others, have risen 106% 101 in 12 months, 150 per cent. There is no | ;/G% wz" sign that the limit of this new army 98% 9% of lenders has yet been reached. Because of this apparently inex- SEs haustible supply, professional operators in stocks are little concerned over the money situation, and as the banks have greatly improved their status with the Federal Reserve this month, there does not appear to be a strong argument in favor of changing the rediscount rate. Two Influences on Stocks. The two major influences operating to exploit ‘stocks and inflate their prices are cohsolidations and lhle ‘ex'fnulw urchases by what are popularly known B vestment trusts,” but which act- | 101% 101 ually are finance or trading corpora- | ggi 923 tions. There is every indication now| gp 93s that 1929 will rival 1900 in the num-| g9 ggi ber ‘of mergers of industrial companies | 1001 97 and that there will be many.consolida- | 105% 100% tions among public utilities. 9815 92% Consolidation is in the air. . It is, |107% 101% first of all, an efficient means of pro- [101% 5% tectmg the profits of industry during 101 99% a period of intense competition. Sec- 83% ondly, it is being promoted by indi- ns% 91% viduals, or groups of individuals, in|100% 95 control of one or more enterprises which | 101% 99% they have built up to a strong operat- {103%s 97% ing and financial basis, and who are|103 974 eager to sell out while the public is|110 105% as strongly stock-minded as at present.| 94% 80% This duplicates the situation in the iron 14' 69% and steel trade in 1900, when Pittsburgh | e was full of newly made millionaires after the formation of the United States | 114 Steel Corporation. 89 Trading Corporations Classified. % y The trading corporations which have m;.: been so much of a factor in the market | |53, 1164 are of two kinds, one operating on a| g3y 85w large scale in and out of stocks and |105% 1027 with a temporary market position, | j03% 102% rather than a permanent one, and the | 110% 108 other, as exemplified in two that were|100% 96% ammounced this week, formed primarily | 98y 94% to distribute to the public blocks of | —— stock that have been accumulated by |106% 103 individuals who expect to lighten their | 94 loads by passing them over to the public | 8974 through an intermediary security. 971 ‘The “investment trust” fad is running 4 away with Wall Street. Instead of be- ing a source of support in a declining market the overloaded trading com- pany may really be one of the most serious elements in a situation where one break in stocks succeeds another and what were profits at one level of price become losses lower down. There are strong elements in the business situation sustaining the op- timism expressed by leaders of the stock market movement. Both the Fed- eral Reserve Board and the Secretary of Commerce have just emphasized the prosperity with which the country is blessed. This seems likely to continue during the first half of 1929. There is perhaps too much of this prosperity de- fi ndent on the automobile industry, as 1l as on other lines of trade repre- Phlmg the consumption of luxuries rather than of necessities, all of which would flatten out quickly under a period of unemployment. However, both in the field of transportation and in that of the generation had distribution of power, conditions and profits are stead- ily increasing. Stockholders Reap Benefits. The disposition is to give stockholders an increasing share in the earnings of corporations. One reason for this is that the stockholdings of the manage- ments are larger than ever and the re- wards of management are demanded when available. The other is that financing with stocks rather than with bonds is more desirable and that in order to do this there must be an at- traction in the way of fair dividends. One of the criticisms of the present stock price level is that it has advanced about three times more on the average than earnings during the past four years and that there has also been a much larger increase in the percentage of dividends paid than in earnings. While this may be true of industrial companies, it does not hold good with the railroads which have gone to the other extreme. The contrast between the policy of the industrial corpora- tions and that of the railroads in their dividend policy and also that of the public toward the shares of these op- posite groups is illustrated in the prices this week of Johns-Manville common paying $3 a share, earning less than $5 & saare i the nine months to Septem- her 50 and quoted at $235 a share, and Union Pacific Railroad common pay $10 a share, earning about $18 a s and selling around $220, 116% 105 1034 105 96 102 98% 94 8 L08% 105'% 102% 98% 97 8T 9% 9% 104% 98Y% 101 93% 1084 104 116 111 126% 106% 106% 102% 94 B9 107 104% 105 97w 102% 97 106 103% 106% 102% 9% 94% 107% 103's 97 924 105 974 109% 107% 96 821 108 - 102% 104 9% 108% 104% 108 99% 96 102% 97% 101 9% 104% 101% 9G% 88 106% 103 109% 106% 102% 97% 114 111% 1027 974 111',4 109% 106% 116% 114% 101% 94 114 108 115% 113% 108 109% 105% 101 4% 111 103% 116% 111 100 8% 949 106 104 99 97 93% BdY 98 6% B8% 99% 100% 96% 98% 103 10743 103% 88 6% 101 604 644 , Of the 16 countries that lead the world in road mileage, 12 also lead in e number of automobile registrations, 28 2103 13 100 8 BOND SUMMARY FOR THE WEEK ' High. Low. U. . BONDS. Liberty 3%s 1933 Liberty Lst 438 1932 Liherty 4th 418 193338 4 Hvxh Low 10126 989 103 lS 100 108 1009 99 20 98 US33%s 19 10310 987 US3%s1043-47 1186 109 30 US4%s1947-52.. ow: FOREIGN. 1003, 49 Argentine. June 5s 1959, 101% 99 Argentina 6s A-1957.. 99 944 Australia 5819 104% 102 Austria /s 1943.. 99% 95% Bank of Chile 613s 1957, 1017% 987 Heiglum 6s 1966. 116 114% 111% 109 101% 99 9% 93 113% 10. 10813 10 102% 997 40 2 23 w01 94 112 108 106% 103% 105% 103 10549 102% 110 105% 1197% 112 1077 104% 974 94% 100% 96 105% 100 95% 8% 109 104% 1023% 984 1004 96 94 £8 1047 100 101% 95% 108 103 x 1157 108% 113% 102 1104 105 96 89% 108% 104 106% 103% 101's 94% 104% 101% 105% 101 100% 98 106% 103 109 9 120 115 Copenhagen 5s 1952. Czechosiovakia 8s 1951 Denmark s 1942. Dutch East Indie Dutch Kast Indles French Governm French Govt 1% German 7s 1949 Irish Free State 55 2 Netherlands 8s 1973. Norway 6%s...... Peru 6s 1960 Peruls... Poland 8s 1950, Queensland Queensi Rhinelbe 7 Rlo de Janelro 8s 1948, 2. Sao Paulo State of, 8s 19: Seine Dept of, 7s. Serbs, Crnltd. monnn 8s 19 Sweden 63 1939. Utd Kingdom 5%s 1937 Yokohama 6s 61 INDUSTRIAL Abraham & 106% 104 Axrl Chetiical 1025 96% A Smelt & Ref 1st 58 1947, 106 102% Amer Sugur Retining 6s 1937 100 9815 Amer Tel & Tel ol ir 109 103% American Tel & Tel s € b 93% 83 Amer Writing Paper 6s (1947 106% 104 Anaconda Copper 8s LY68. 199 1101 Anaconda Copper ov deb 7s 1938 94t L0% Armour & Co 4%s 19! 94 »7% Armour of Del %8 43. 103% 99% Atlantie Refining deb & 156% 99l Barnsdall Corpor 1095 104 Bell Tel (Pa) ref 58 1948 103 99 Lethiehem Steel p m bs 1938.. 1052 1024 Herhiehem Steel = f &8 Loy, Chile C 4 Colon Oil 65 1938. » Jons Coal «Ma) Ill l"l 38 1960 97 681 Cuba Cane Sug cv ded m 1930, 110 106's Detroit Edison ret 6s 1940. 1091 86% Dodge fs 1940, 105% 79 Iastern Cuban Sug 7%s 19 104' 101% General Motors 6s 1937 103% 106 tioodrich (B ) 6%s 19, 103% 100% Humble Oll & R tohll"!. 106' 1025 Indiana St . 100% 96% International \lntch s; 1947. 10515 99% Inter Mer Marine 68 1941, 1025 93% Inter Paver hs A 1947 . 113 168% Int Tel & Teleg 45’39 w. 148 1054 Kayser Julius5bs 1947, 110% 106% Keily-Springteld 8s 1931 105% 99 Lackawanna Steel 53 195 106 10:5% Laclede 5% 1065% 9395 Lt 109% 91 102% 8% Midvale Steel 111% 105 New England Tel 58 1953..0000.s 119 1137 N Ygr:dlnn 18t 8148 1941 109 104 1004 Northern States Power 5. 104% 100'a Pactfic Gas & Elec 63 1943, 108 102 Pactfic Tel & Tel bs 1952 103 102'% Pan-American 6s 34. 101% 97 Philadelphia Company Y74 93 Postal Teleg & Cable 5s (1933) 180 116 Public Service 4355 1948, 190% 97% Sinclair Oil 6s 1930, 104% 100 Sinclair Oll 79 1937 99% 66% Sinclair Crude Oil 5%s 1938 104 102 Srandard Oil N J 6s. 107% 99% Transcontinental 0116%!‘3!‘ 1004 95 United Drug 5s 1953... 96% 85 U S Rubber Ist & ref 68 1 105% 100% U S Rubber 74%s 1930, 109% 106 U S Steel 91 Azcmnnltsh:nu 998 98% 9lis Atlantic Coast Line Lst ¢s 1963, 1 B&OPittsLK& W Va ds llll.. 107% 101% B & O Southivestern Div il Ofl 60 100° 964 Brooklyn M atsrés Al 96% Canadian National 4% 85% Canadian Pacific ded 110% 104's Chi B & Quincy 1st ref 68 1¥71...,. 93 #3% Chi & Bastern 11! zen 68 1961, 724 66 Chi Great Western 4s 1 98% 92% ChiMStP&P5s'75.. 79% 61% Chi M St P & P adj 55 2000, 114% 107% Chi & Northwestern 6 %s | 78% Chlcago Rallwa 97% Chi Union Station 4448 | Chi Union Station 6%4s 1963 CCC &St L ref 63 A 192! 954 Colorado & Southern 4%s 1936, ,.. 100% ©6% Cuba R R 68 1952.. 984 93% Cuba Northern 5%s 1942 wm. 103% Delaware & Hudson 6 4 83 Den & Rio Grande con 87 Den& RG West 95 Detroit United 4 83Y% Erte 774 krie gen llen 48 100 110 Grand Trunk 7s 1940 101% 96% Great Northern 4%s 197 118% 105% Great Northern gen b4 115% 111% Great Northern gen 7s 1936. .. 8% 10 9oh 83 . 1034 Y6 Hudson & Manhattan ref be 1967. 98 [llinols Central 4 %. 74% Inter Rapld Transit 85 Inter & Great Nor ad) 6s 1962 91 Int Rwys of Cent Am 645 1947.., 73 Kansas City Southern s 1950, 91'; Kansas City Southern 6s 1950 9¢ " Lake Shore 4s 1931 93% Louis & N 99'5 Mil Klec Ry & Lt 1st ref 68 99% MStP&SSM6%s 1931, 81% Mo Kan & Tex Ist 48 199 E3% 764 Missouri Paoifio gen 4s 1976 102% 98 Missour! Pacific 68 F Y9% Y47 New York Cent deb 48 1984..... 110% 104'z New York Cent ref tmp 68 3013... 109% 100% New York Central deb s 1985 107% 105 N Y Chi & StLref s 64 Northern Pacific 3s 2047 89 Northern Pacifio 48 1997 109% 103% Northern Pacific 5s D 2047 116% 111 Northern Pacitic rer imp 6s 2047, 100 93 Ore Short Line ref 4s 1929, - 942 56'a Ore-Wash 18t ref 4s 1961. 1047 &7% Pennsylvania gen 4} | 114% 104% Pennsylvania gen 68 19 113% 1087 Peunsyivania Gls 193 104% 98 Reading ¢%s 1991...... 90% ¥3% Rio Orande Western alt Ui RLATK & L 440 193 SILIM&ESR&G 81933, 87% St Louis San Fr 4% '78 9l StP K CS Line 4158 194 57% Seaboard Alr Line ref 1959, 37% Seaboard Alr Line ad) 58 1949 73 Seaboard Alr Liine con 6s 1945 98% Southern Pacific ov 48 1929, 87% Southers Pacific ool 91 Southern Pacific ref 3 85% Southern Ry 117% 108 South Ry Lst 127 117% Souther: 72% 55% Chird A 99 93% Unlon Pacific 18t 48 1947, 1097 100's Virginian Ry 1st 6s 1962, 106% 1014 Wabash 18t 631939...... 107% 99 Wabash 5%s 1976.. 874 78'4 Western Maryland 4s lfill. 101% 97 W, 93 B4 . IH) 17 IIOE THE SUNDAY *STAR, WASHINGTON, D. "€, JANUARY 27 Low. Last.sYield. 110 17 Low. Last. 100 100% 100% 964 1024 98'e 100t 114% Stock and dividend. Standard Oil of Cal (13) 50%wStandard OLINJ(11%). 4!‘: Standard Ofl N Y(1.60). 2 Standard Plate Gla Standard Pila Stand San Mfg (1.68)... Stanley Co of America ¢ Stewart-Warner (6).. Stromberg Carbu (3). Studebaker Co (5). . Studebaker Co pf (7). Submarine Boat. Sun Ol (g1). Sun O1l pf (6). Superior O1l., Superior Steel Sweets Co of A Symington. ...... Symington Class &. Telautograph (1)... Tennessee Copper (1). + Texas Corp (3) Texas Texa Texas & Pacific (5). lex&Pac Coal&O (b2 xas Land Trust Thatcher Mfg. . Thatcher Mfg pf (3. 50). The Falr (2.40) The Fair pf (7) 'l‘hlrd Avenue. Thompson (J R) (3.60). Tidewater Asso Oll. 2 TidewaterAssoOil pf : Tidewater Oll (80c). Tidewater Ol pf (5).... Timken Roller Bearing. . Tobacco Products (8)... Tobacco Prod Cl A(7) i Tobacco Prod otfs A Tobacco Prod ctfs B.... Tobacco Prod div ctfs C. ‘Transcontinental Oll. ... Trunsue & Williams ( Trico Products (215). s+ Truax Traer Coal (1.60). Truscon Steel (1.20)..... Twin City Rap Tr (4). Twin City Rapid T Underwd-Eliott F (4) Underwd-Eil-Fish pf( Se. High. 1004 108% 109% 103's 106 Uk 106 1064% 944 102% 103 98% 103l 9% 116 5% 100's 108 99% lOl‘4 Union Pacifie (10) Union Pacitic pf (4) Union Tank Car (5). : United Biscuit (1.60)... United Biscult pf(7). United Cigar Stores (1). United Cig Stores pf(6). United Dyewood. United Dyewood p: . United Elec. Coal (3)... United Fruit (15%) United Paperboard. U S Cast Iron Pipe (2).. USClIrPistpf (1.20). USCIr P 2dpf (1.20).. U S Distributing. .. U 8 Distributing pf ('l). E: U S Tobacco pf (7). Universal Leaf Tob (l)- Univ Leaf Tob pf (8)... Univ Pictures 1st pf (8). Universal Pipe & Rad... Utah Copptr (12). CUtl Pow & Light A Vadasco Sales Corpn. Vadasco Sales pf (7). 131 80% (Continued From Tenth Page.) Net Chie. 670 — Low. Close. 67'% 50% 42 4215 — 6% 7. ~ Stock -Car » Virginl Va Iron Vulean Vulcan Vuican W Wi Waldor Walgres Warner Warren West P Wester| Westin, Wheeli White I Wilcox Willy Willys Wiisa Wilson Wilson wortni Worthi| Worthl Yae & T Y Allis-Cl Atch, T Byers Cities Comm Mid-Co! Shell T b% 4 Westin Dividend rates a: in stock. §Plus a Paid last year—no in_stock. d ble £ Plus 10% in stoek. in stock. 'k Plus D't 'a. Vanadium Steel (14).... Van Raalt Victor Talking Ma (4).. Victor Tlk Mch pr pf(7) Virginia-Caro Chem. ... Va-Caro Chem 6% pf. Va Elec & Power pf(6).. bash...... Walworth Co (1.20). \Ward Baking A (8) Ward Baking pt (7). Warner Bros Pjc pf Warner Quin Warren Bros st pf (3) Warren Fdy&Pipe Corp. Weber & Hetlbroner(4). Wesson'Oil & Sn (4). Wesson Ofl pf (7). WestPennllectricA(7). \Wast Penn Klec pf(6)... 101 West Penn Power pf(6). West Penn Power pf(7. Western Dairy A (4) Western Dairy B Western Maryland. . wonn Maryland 2d pf. White Eagle(2). s White Motors (1), White Sewing Machine White Sewing Ma pf(4). Woolworth FF W (6) . Wright Aero (2).. Wrigley W Jr (13%).. Youngston Sheet & Cudahy Pkg, Feb 9 « Dunhill Int, Feb 11 Internatl Paper, Jan 31. Lambert Marmon Motor, Jan 2 ‘ments based on the latest quarterly or RIS of trading Jess than 100 shar 1/25 of a share in stock. 1920—-PART 4 NEW YORK STOCK EXCHANGE . and_dividen “ i 146% 149': 12 112 21% 23 615 96’ 113 24% 65',1 Chem pf (7) : a El &P of (7)., Coal & Coke pf.. Detiuning, Detin pf (7). Tetinning (&) ll)‘:‘“ 47 54'% f System (1%) en pf (612). Bros Pictures. Brothers, (5 108 110% 108's 115% 108!4x109%3 108! 108'2 114% 114% 557 270y i enn.Klee pt (7). . (REEEE AR P! nUi fonTeleg(8). 2004 ghouseAirBr(2). 47 147 . 145 ng&LakeErie pf. 80 3 Rock M W'(3) 56% 4 31% 10075 131y LI+ 0Oil & Gas. Overland (¢1.20). verland pf (7). &Co. &Co (A). &Copf .. jetr [ prl ngton Pump. ngton Pump (A). ngton Pump (B). lowne (4)... [ «6) 1143 RIGHTS—EXPIRE. halmers, Feb 20, 0 & S e, Feb A M), March 1. ores B, Mar 1. ‘redit, t Co, Feb 11. nt Pet, Jan 30 rading, Feb 11. shse L s slven in the above table are the annual cash half-yearly declarations. 33 in p Togular rat i 6% I stock. rtly stock. § Plus 2% 7 in stocl e In scoce n Plus 3% 1t stock. m Plus Baltimore Markets Epecial Dispatch to The Star. BALTIMORE, Md., January 26.— With the exception of old hens, which are in liberal receipt, the general live poultry market rules steady to firm under a fairly good demand for large smooth, fat stock of all lines. Demand for old hens, however, has eased off and the market rules easy and values a shade lower. Young hen turkeys, nine pounds and over move !lh-ly well at 38 to 40 cents a pound and yo gob- blers at 35 and 36, but old hem as well as old toms not so desirable at 30, whfie poor and crooked breasts are eglected at 25. Large, smooth, fat younx ‘chickens two-and-a-half pounds are scarce and wanted at 37 and 38, but while small broilers one-and-a-half to two pounds are scarce and wanted at 37 and 38, poor thin fowl will not | bring over 20. Old hens in liberal re- ceipt and more than ample for the de- mand, which is easily satisfied at 25 and 28 for fowel weighing three-and-a- half pounds and over, but Leghorns will not bring over 25 and 26 while poor thin light fowl of all kinds is neglected at 20. Capons in moderate receipt and in good demand at 33 to 38. But old roosters plentiful at 17 and 18. Market for ducks holds steady at 23 to 30 for fowl weighing four poundsand over, but easy on geese at 23 to while all smail and poor stock is gei erally slow sale at 18 to 20, Market lor guinea fowl and pigeons holds steady at 40 to 80 each for the former and 30 a pair for both young and old of the latter. With more seasonable weather prevailing the past week, demand for dressed poultry has shown an improve- ment and the market holds steady on small to medium sized turkeys and straight lots of desirable young chickens, which find fair sale. Prices, however, show no advance over last week and with the exception of capons and choice to fancy chickens dressed Fnunry wilt not bring any more than live. Egg Prices. ‘The market for native and nearby eggs has been firmer the past week under only moderate receipts, with the demand keeping pace with offerings of fresh gathered stock and values show an advance of a cent a dozen over opening prices Monday. Offerings on the exchange have been light the past| week, ihe trade being supplied mostly through sales on the street, with a fairly good demand prevailing for the best grades of new laid stock. Prompt shipments and careful grad- ing advisable, as quality counts most with the trade in this season of the year, and Western refrigerator eggs are pre- ferred in many instances to offerings of so-called nearby fresh. The market closed today at 37 cents a dozen for firsts in free cases and 30 to 35 for current receipts. ‘The market for white potatoes rules easy under liberal receipts from all sections and demand easily satisfled. Demand fairly good, however, for well graded No. 1 round stock, but most arrivals are ungraded and mixed stock, for which there i little demand and prices have to be shaded. No. 1 round stock is bringing 1.15 to 1.25 per 100 pounds, but McCormicks and reds will not bring over 1.00 to 1.10, while culls and No. 2's are not wanted at any price. While receipts of sweet potatoes and yams are only moderate, they are ample for the de- mand. The market rules easy at 2.75 to 3.25 a barrel for the former and 3.00 to 3.25 a barrel for the latter, but it takes clean, well graded stock to bring these prices, as all dark, dirty, as well as overlarge stock, is generally slow sale at 150 to 2.00 a barrel, while bushel hampers sell mostly 1.00 to 1.75 as to the quality and size. Vegetable Prices. Demand for native and nearby garden truck continues good and all stock showing quality meets with ready sale at_the following quotations: Beets and carrots, 4.00 to 6.00 100; cabbage, 1.50 to 2.25 hamper; kale, 1.50 to 1.75 barrel; onions, 150 to 5.50 per 100 pounds; oyster plants, 7.00 to 10.00 100; parsnips, 50 to 65 basket; savoy cabbage, 75 to 1.00 bushel; spinach, 81'31 1.50 to 2.00 barrel and 60 to 1.00 bushel, 97%! and turnips, 35 to 50 basket. 87 The live cattle market rules generally 87 875 [2) “. steady to firm under iight receipts on the wharves and only fair at the stock | yards. Most of the arrivals on the wharves, however, are of common to ordinary stock, which are slow sale at inside prices. Demand fairly good on most lines, but centered on first quality stock. Quotations today at Light Street ‘Wharf: Beef cattle, first quality, pound, 12 to 1273; common to medium, 8 to 11; bulls, as to quality, 7 to 10; cows, choice to fancy, 8 to 10; common to fair, 5 to 7; oxen, as to quality, 6 to 9; calves, choice, — to 17; large fat, 15 to ; large, rough, 13 to 14; thin, 10 to 12; rough and common, 10 to 12; sheep, choice, 6 to 7; old bucks, 4 to 5; iambs, choice, 15 to 16; fair to good, 12 to 14; common, thin, '8 to 10; hogs, straight, 812 to 9'2; sows, 7 to 8; live pigs, 10 to 11; shoats, 8 to 9. Closing grun quotations: Wheat—No. 2 red Winter, garlicky, spot, 1.36%;; January delivery, 1.36%; corn No. 2 export, January delivery, 1.08'5; No. 2 yellow domestic, spot, 1.12; cob corn, 5.50 per barrel: olh No. 2 white do- mestic spot, 61!2a62!2; No. 3 white dcmlwzsuc spot, 59a60; rye, nearby, 1.10 to 1.20. B FAMILIES PREFERRED. BRUSSELS (#)—Family life and the home seem to hold a stronger appeal for Belgian women than the hurly- burly of political life. Unlike American and British women, Belgian women n't yet obtained full political emancipation. They can- not vote for the National Senate and Chamber of Representatives, but if a ‘woman is elected she can sit in either c‘ amber, and-there is one woman Sen- ator. Belgian women are. however, active in some phases of local government, and there are nine woman burgomasters. Five women are provincial counselors, 154 are country counselors, 9 are ;ld:r\\'omen and 34 are county tax col- lectors. COTTON CLOSES HIGHER NEW YORK, January 26 (#).—Early declines in the cotton market today were checked by covering and trade buying as prices approached the 193;- cent level for Spi months. 'x‘here were rallies later with the close steady at net advances of 1 to 4 points. May contracts after selling off to 19.76, ral- lied to 19,87 and closed at 19.86, com- pared with 19.82 at the close of Friday. Futures closed steady, 1 to 4 points higher; March, 19.85-86; May, IOI 1‘ July, 19.48-40; October, 19. ber, 19.19. Spot steady; mmdllng. 20,10, Seek Control of Company. NEW YORK, January 26 (P).—A fight to wrest control of Loft, Inc., candy store and restaurant chain, from the present management was announced today by a group of stockholders who are mailing proxies to other share- holders. They propose to elect an entire new directorate. The present management is made up almost entirely by the New York men, while the insurgent stockholders are led by a Chicago group. George W. Loft, the president, recently sold his holdings to a syndicate. No dividends have been paid since 1922, when the present management took control. The committee proposes to elect a board of candy and chain store executives, charging the prosent directors and executives have practi- cally no financial interest in the com- pany. The committee also proposes to widen the ‘chain. Stores are now operated in the Metropolitan area, Hartford and New Haven, Conn., Balti- more, Md., Philadelphia and Boston. Crude 0Oil Prices Cut. NEW YORK, January 26 (#).—Pro- ducers' in the Salt Creek, Wyo., district have followed the action of Carter Oil Co. and other mid-continent ofl com- panies in cutting the price of crude oil, the Salt Creek reductions ranging from 5 to 18 cents a barrel, according to gravity. The oil company also has re- duced Illinois, Indiana and Western Kentucky crude olls 10 cents a barrel. STOCKS FLUCTUATE INPROFIT-TAKING {Advances Earlier in Week| Are Reduced in Some In- WHEAT PRICES LOWER. ' CHICAGO, January 26 The belt. to 13, 3, higher. Oats closed 1: May, 533aa54; wheat market finished weak today after ‘early steadiness influenced by Northwest and Southwest buying, based on icy conditions over the Winter wheat Heavy profit taking accounted fo~ the late slump. Closing prices were '. lower and for the week, 3% March, 1.25a1.25'g Mly. .28%: July, 1.301.11.3034 » 101 .ll 013., July, 1.03 s lower and for t week, 1'4a.03, 135 higher; March, 53%: July, FINANCIAT. Money to Loan Secured by first deed of Prevailing interest Joseph 1. Weller §if 2 (Special) — WE WILL .urx G. L. MILLER COMPANY STOCKS & CERTIFICATES MEHLMAN & COMPANY 901 Woodward Bldg. Main 8847 Main 317 lower and for 61. Provisions 5%% 917 15th 8t. N.W. 903 enced ‘Agency Ory nses. I WILL Un Discount ller Ti tifieates. Bid. THOMA 1412 G St. offers this territory. compact, E’w service. xperienced Radio, Automob tunity. weekly programs major broadcast vertising. The di stances—Gains Noted. By the Associated Press. NEW YORK, January 26.—The stack market encountered considerable week end profit-taking . today, after yester- day’s. sharp advances. Bullish opera- tions were carried forward in several sections of the list, however, particu- larly the utilities, motors and coppers, and about a dozen issues reached new high ground. The pace of trading fell off sharply from the previous session. There was little in the day’s news to influence the market. The weekly trade and business reviews reported that the seasonal expansion of operations to be expected at this time was going forward in a thoroughly reassuring manner, and that firming tendencies in steel prices were evident. A sensational call money rate over the week end, in the fact of the coming month end requirements, was pleasing to Wall Street. While somewhat tighter money is looked for next week, the banks are in a position to come to the aid of the market and are expected to prevent any sharp increase. ‘The bull favorifes of recent sessions felt the brunt of the week end selling. National Cash Register, which rose as high as 143% yesterday, was depressed '3 points from yesterday's close to 129!. Johns-Manville lost 5 points and General Electric more than 3. Mont- gomery Ward, which has not partici- pated in the recent advances, was an outstanding soft spot, losing 4 points. International Nickel ylelded nearly 2 points. American Telephone was brought for- ward as a leader, mounting 13 points to a record price of 220. Peoples Gas and Federal Light and Traction also reached new high ground. Brooklyn Union Gas and Internatio) Telephone gained 2 points or more. Pederal Mining jumped 10 points to a record price at 270 and American Smelting 2! to a new top. Coty, Air Reduction, ‘xdlnm Steel, Goodyear and General Motors (old) moved up 2 to 4 ints, the first two to record prices. S. Steel gained 2 points. but reacted in the last half hour as selling pressure against the general list became more pronounced. ‘The rails were practically neglected, save for renewed buying of Chicago Great Western preferred. which mount- ed 3 points to 56!3, the highest price in many years. The closing was irregular. SCORNS PROMOTION. Toledo Mayorial Guard Likes to Meet Notables and Does. ‘TOLEDO, Ohio (#).—Harry T. Frisch, who has shaken hands with cabinet members and kings, likes his job so well that he spurns promotions. For 26 years Frisch, a police sergeant, has been bodyguard to Toledo's mayors. Democrat or Republican, each mayor retains the sergeant as his aide, Twice Prlsch turned down chances to become lice captain., ing Albert of the Belgians was in- troduced to Frisch by Brand Whitlock, Toledo’s mayor before he became Am- bassador to Belgium. The sergeant also has met scores of other notables. Official Resigns, NEW YORK, January 26 (#)—E. R. Fenimore Johnson, executive vice presi- dent of the Victor Talking Machine Co., recently merged with Radio Corporation of America, has resigned,.but will re- In Nearby Virginia Prudential lnwrnnce Co. Commonwealth Investment Co. WE WILL BUY F. H. SMITH COMPANY STOCKS & BONDS MEHLMAN & COMPANY Woodward Bldg. 75%, on $10,000 Apartment House, North- west—100%, Rented Address Box 268-X, Star Office Opportunity for Right Man ance Companies. the e services 761 $15.000 Southern Conld. Granite 6% 5,000 Jefferson Apt. 1st 6% 1939. Bi 250 \\'ll"hJ:!flol Auditorium 6% 194 E!nQ‘llt Mortgage Wardman 65. @ ¢ B. M f" einia Fiate G Virginia Plate G $'L. HUME $30,000.00 Opportunity The Corvzone Co. of Cleveland exclusive distributorship to some individual or firm in Corozone sensational air correction device, portable, priced, entirely electrical, requir- distributors tion or comparable. specialties will find this an unusual eppor. You will be g stations. Also local mewspaper and national ad- ble $5,000.00 to $10, 000.00 to finance his busin and be able to produce a suc- cessful sales record. Phone H. O. Traver, Willard Hotel, for Appointment ;| were_lower_under liguidation. ____ First Mortgage and b i Construction Luan | Eosas Applications Invited at 5%% Glover & Flather 1508 H St. N.W. Main 1753 Main 2623 Main 8847 Main 317 SEIBERLIN ALLTREADS LEHMAN’S TIRE SHOP 12th & K NW. {iain {gh Agency of ene of Main 1470 SELL Salaried People “Character Plus Earning Ability Bid. Our Basis of Credit” BEASONABLE RATES YMENTS WASHII\GTON WIMSETT COMPANY 903 N. ¥. Ave., 2nd Floor. & Mortgage & Armoar B9? Willys-Overland 312 Pare 0il 262 Purk Uteh Cop. 13? CabaCane 5? Belding Hemin. 137 Sabmarine 37 Intercont. Rub. i3? AMERICAN SECURITIES SERVICE 266 Norton-Lilly Bldg., New York the Money To Loan On 2nd and 3rd Trust and for Home Improvements Quick Action No Red Tape D. C. Property Only Apply Penn Improvement Co. Inc. 911 7th Street NW. Main 512 moderately of Refrigera- isted by from several N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N N CLARK,CHILDS & COMPANY Telephone Metropoli 120 Broadway New York, N. Y. 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