Evening Star Newspaper, January 28, 1929, Page 12

12 ADVANGE ON CURB | HEADED BY UTILITY FINANCIAL THE EVENING STAR, WASHINGTON, D. C. MONDAY, JANUARY 28, 1929.’ EARLY RAIL MERGER ACTION NEW YORK CURB + Received by Private Wire Special Dispatch to The Star. is on the New York Cury Market today: INDUSTRIALS. Electric Bond and Share Pro- vides Sensational Fea- ture at Opening. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star NEW YORK, January 28—The Curb Market provided the outstanding sensa- tion of all speculative markets today. It came in the form of an unprecedented demand for the shares of Electric Bond & Share Securities Corporation, one of the largest and most prominent of the public utilities holding organizations. Even before opening the speclalists #n the issue had buying orders in odd | Jots alone aggregating 2,500 shares with no stock offered for sale. After a con- ference with the governing committee it was decided to open the market at 2743, and a block of 20,000 shares was involved in the initial transaction. It was necessary for commission brokers to request customers to place limits on their market orders. RETAIL TRADE GAIN IN 1929 FORECAST Demand for New Colors Plays Part in Household Equipment Sales. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, January 29.—Producers of household utensils, furniture, carpets, rugs, labor-saving machines and heat- ing apparatus anticipate big sales in 1829, and women make at least 95 per ocent of these purchases. Color is having much to do with this trend toward expansion far beyond the normal early year demand. Types of furniture are changing and not only are furniture sales heavy but they are inducing purchase of rugs, carpets, lin- oleum and other floor coverings, and curtain shades and wall paper to ac- company the chairs, beds, davenports and tables. Manufacture of rugs and carpets on domestic Jooms has been stepped up and business already booked will provide for heavy operations for some time. ‘The breaking out of vivid colorings in the kitchens and bathrooms has in- creased the sales of kitchen and cooking utensils and towels. There are more refrigerators in use today than ever be- fore and constant additions are being made. This applies to the boxes cooled by natural or artificial ice as well as the electric and gas refrigeration units. Con- sumption of ice now totals 60,000,000 fons a year, or 1,054 poundsper capita, which compares with 204 pounds per person in 1904. There are still 40 per cent of the homes in this country with- out refrigeration, so the market is far from saturation. Only 5 per cent of the wired homes have el refrigerators, but many of the makers are finding it necessary to work their plants at or near capacity. |- More sewing machines are in use than ever before, but the makers assert, there is no sign of saturation, as the electric machine is being sold in huge numbers 'omt.hue who already own foot power unt Economic necessity in the form of an extreme shortage of domestic servants has forced the housewife into the mar- ket for all kinds of labor-saving house- hold machinery. Sales of vacuum clean- ers, electric washing machines, ironing machines, floor waxers and electric irons promise to be larger than in any previous year. Wages paid h'? domestic ery finds possible for one maid to keep in order a wm}unnvely large house which for- merly required two or three servants. FARM BUYING POWER Special Dispatch to The Star. NEW HAVEN, Conn., January 28.— While potatoes and eggs quotations fell off slightly, most other components of our farm price index went forward, with beef steers, hogs, lambs, wool and corn in good demand and higher and strong undertone in wheat . The farm price index rose 3}, points to 99.7. ‘This is the highest since the first week of last November and a greater change than on any week last year. The index of the farmer’s purchas- ing power increased concurrently to 121,1, a tj&pflo} 3 potl;:s higher than at any uring past quarter. Non-agricultural prices were lower, dropping from 97.6 to 97.1 last week on moderating demand for many non- m;mam"mx;e b ndex numbers of farm purchasing power and of agricultural and non- agricultural prices for various periods are given in the following table in ;l“l:)kh the average for 1926 represents Farm Agricul- Non-Ag- purchasing tural ricultural Power. prices. prices. . 102.7 Ssss! s82ag: g 85585EE58ERESR tetaat S Aot gesRPuseessces 2252282322931 2 Saohseuananssuanbe B 9, by Irving Pisher, Commodity Not Tee. DETROIT, January 28.—Leading ice manufacturers of Michigan are urging the Legislature to put their business un- der control of the Public Utilities Com- mission. oil. SAN FRANCISCO.—Gasoline is still rtalling in the bay district here at 17 cents a gallon, or 3 cents at least below the price prevailing before the price ‘war. Garages say they will undersell filling stations until a satisfactory price maintenance agreement, agreed on by all retailers, is worked out. Textiles. JACKSON, Miss.—The textile mills of Mississippi are operating on practically a full-time basis. Labor supply and de- mand is well balanced. Live Stock. AMARILLO, Tex.—There are now about 80,000 sheep on feed in Texas, as compared with 73,000 at this time a year ago and 25,000 two years ago. Agricultural Implements. KANSAS CITY.—Implement dealers of this district report they are gaining an excellent start on their 1929 distribu. tion of farming machinery. Sales for Spring delivery so far show an increase of 25 per cent, as compared with this time last year. Paper. MOBILE, Ala.—The International Paper Co. has purchased 30,000 acres of cut-over lands in Baldwin County, which will be replanted with pine trees to secure a future supply. The company is building a new $5,000,000 paper mill -+ thic nince, Salez in huj Sll!& in PUROTRM Con_ Otinds 7 e e 10Am, Merpenlen O 80 8 (812 Direct to 11 Carib Synd Ot 8% " g Sales in_ STANDARD OIL ISSUES AND 1 3| dedsnana, 1B 4Bkiyn City R B " Xiag & E P 8 Buf Nij 19 Bullard Co . 21 Burma_Corp 18Can Marconi ‘W. 9 Cen! 2 Cent States EI war ent Sta Kl conv p 45 Curtis Flying 10 For E 2 Dominion 8t Ltd Douglas Aircraf! er C & R. rham 3, Gorham M 7 Gotham G ci 1 Hor, 53 Huvlers Strs of Del 5Imp Chem Ins. 9 8% 8% 1 Mer Chy uenf.t A8t 150 x’nfi‘; 1 of 1 Metr ‘Chain_ Stores. 1% 7% T 1Mid-Cont Ldry A 1 & Bros 56 Nor Amer A 42 Nor Eastern Pow. i 8 0 Bea 0 o Syt 25 rswiume! 4 3 Spanish 7 Sparks Withing. 7 §tand Mot €Stinnes Hus 3 Stroock Co 2 geese, 20a26. Am o Aif Try Tri -ILA‘I‘x %OLPB 61 avel Alr Co.... lex Safe Gia Lid 277 Sont ' Corp 3130 35 Dol oo P T T U u U a Universial Aviation Bros Plc rts . 58% 5 © 3% MINING STOCKS. dreds. 50 Am Con M&M Ltd.. 100 Ariz Globe C ... 585 U 13 Cons Cop Mines. . 100 Cons Ney Utah. . 35 Cresson _Con Gold 540 Divide Extens .. 19 Dolores Esper . 210 Faicon Lead Min 28 Pirst Natl Copper 8 Golden Center M e _iom B 1bisd 62 2% o 8% 3y, 2 K] 5 Unity Gold it 1%:5' 28 Wendon ol 4 1 % 2 INDEPENDENT OIL STOCKS. FORMER SUBSIDIARTES—STOCKS. 16 13 18% 96 units. 300 Anglo Am Ol 200 A 421 173, 1167 Onio, 122% 8008 O B 500 Vacuum Oil BONDS. SADilibl PLP 5¢ A 'S3. 8T% 1Allled Pk 8s '39 COD 48 o Amer, 5s 752 101% 8% 1012 114% Yo 1083 110 105% 114 A Gorp. “In :Afi Pow & Lt 2016 1057 1 Am Roll Mill 55 '48 96% b Am Sol 6ias '36.,.. 119" Bfipll‘!lly l“l Pu'! 5 '56 g_lf/x Arnold Pr ks 6a i {1} 143 Asso G, & El 4155 ;_4’3 {éfi A 1 512 BAGE &0 W 105% i 8 36! 149 1174, 5 98% *42 108% 108! 115 1 8 9615 Blz6 749 1107 18 38 4 Fla X 34 Gatineau Pow 5s '58 3 Gatinewu Pow 65 41100 WHEAT PRICES SAG . IN EARLY TRADING Forecasts of Cold Wave in West Depress Values—Corn Firm. By the Associated Press. CHICAGO, January 28.—Influenced by weakness of Liverpool quotations and by foreign selling here, Chicago wheat averaged ‘lower early today, but also showed power to rally. Forecasts of a new cold wave in domestic Winter wheat territory West attracted attention. Open- ing at % off to ' up, Chicago wheat underwent a general setback and then turned upgrade. Corn, oats and provi- sions. were firm, with corn starting un- changed to %a', higher, and subse- quently holding near to the initial fig- ures. In connection with future delivery wheat selling here today ascribed to European sources were advices of large increases of the amount of wheat on ocean passage both as compared with a week and a year ago. There were also predictions of liberal exports of wheat, from Argentina for some time to come. On the other hand, word of sleet storms and zero weather in Nebraska, together with widespread lack of snow there and in other wheat- producing States acted at. times as a decided offset. BY KENNETH S. VAN STRUM. NEW YORK, January 28.-—Although the market last week fluctuated on a somewhat higher plane than the two previous weeks, it has yet given no indi- cation that it is bound for higher levels. In fact, as prices rise the volume’ of trading increases and stocks become highly irregular with only a few issues rising spectacularly as the general list meets with heavy selling pressure, Utilities Feature. huite R Est 65 9 3 BEribps, B W 8% 3. 5 Shaw W&P 415 A 67 04 Buenos Aires 4Ct Bk Ger Sta 6 B iv Bk 5)28 s E n1'd 78 44 101 63 81 47 d—Ex-dividend. Fi_When issued. n—New. ww—With warrants. Baltimore Markets v: Special Dispatch to The miar. BALTIMORE, Md., January 28—Po- tatoes, white, 100 pounds, 1.00a1.25; sweet, potatoes, barrel, 1.50a3.25: bushel, 1.00a1.75; yams, barrel, 2.00a3.25; beans, bushel, 3.25a5.50; beets, 100, 4.00& 6.00; Brussels sprouts, quart, 15a25; cabbage, hamper, 1.50a2.25; carrots, 100, 4.0026.00; celery, crate, 1.50a3.25; cu- cumbers, bushel, 5.00a8.00; eggplant, crate, 4.50a7.50; kale, barrel, 1.50a1.75: lettuce, hamper, 1.00a1.50; onions, 100 pounds, 1.50a4.50; oyster plant, 100, 6.0027.00; squash, crate, 3.00a5.00; rsnips, basket, 50a65; Savoy cabbage, ushel, 75a1.00; spinach, bushel, 60a 1.00; tomatoes, crate, 75a2.50; turnips, basket, 35a50; apples, bushel, 7582.00; cranberries, half barrel, 9.00a10.00; grapefruit, box, 2.50a3.75; oranges, box, 2.50a4.50; tangerines, half strap, 1.25a 2.50; strawberries, quart, 40850. Dairy Markets. Live poultry—Turkeys, pound, 35a40; old, 25a30; young chickens, 32a38; poor and thin, 20; old hens, 20a28; Leg- horns, .20a26; old roosters, 17al18; ca- pons, 33a38; ducks, 20a30; geese, 18a 26; guinea fowls, each, 40a80; pigeons, pair, 30. Dressed poultry—Turkeys, pound, 30 240; old, 25a30; young .chickens, 25a 35; old and mixed, 25a30; old roosters, 18a20; capons, 34a42; ducks, 25a30; Eggs—Receipts, 329 cases; native and nearby firsts, free cases, dozen, 36%;a 37; current receipts, 30a35. Butter- to fancy creamery, pound, 46a50; prints, 50a52; blocks, 49 ab51; store-packed, 28; dairy prints, 28a 32; rolls, 28a32; process butter, 41a42. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlioky, spot, 1:36 ; January delivery, 1.36%. Corn—No. 2 export, January delivery, 1.087%: No. 2 yellow, domestic, spot, 1.12; cob_corn, 5.50. . Oats—No. 2 white, domestic, spot, 611,a62; No. 2 white, domestic, spot, 59260. Rye—Nearby, 1.10a1.20. V 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 various kinds on merit at a range of 17.00a19.00 per ton of timothy or clover hay. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. Live Stock Market. Cattle—Receipts, 700 head; fair sup- ply, market active and steady; steers, choice, 12.50a13.00; good, 11.25a12.00; medium, 10.25a11.00; common, 8.25: 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 aB.75; feeders and stockers, 7.25a8.75; bulls, good to choice, 10.00a10.50; fair t« good, 8.50a9.50; common to medium, 6.00a8.00; cows, good to choice, 8.50a 9.00:. fair to good, 6.75a7.75; common to medium, 4.0025.75. Sheep and lambs—Receipts, 1,800 head; fair supply, market steady; sheep, 3.0028.00; hn;\:& Défl_t,)gol'lfizsl.d siath Hogs—Receipts, 3, ; modera supply, market higher; hts, 10.60; heavies, 10.30a10.55; medium, 10.80; roughs, 6.7529.00; light pigs, 8.00a8.75; pigs, 9.75; Western , 10a20 higher than quotations. Calves—Receipts, 350 head; light sup- ply, market steady; calves, 5.00218.00; no extras. p .. Austria is establishing rest homes for young workers. & s ; a ‘The utilities were by far the outstand- ing group of the week. Impetus to the sharp rise in this group was furnished by further definite indications that the Morgan-Bonbright-Drexel interests are going ahead with their plans to bring the utilities of the Eastern seaboard un- der one dominating influence. Many utilities which have not been announced in the plans advanced sharply merely on rumors that negotiations were being made for purchase of their properties or stock. While the complexity of the situ- ation makes it difficult to estimate the possibilities of the various properties, rapid developments are expected in the near future. The sugar stocks have recently given Indications that their long pull prospects may be improving. The Cuban govern- ment has recently decided that less gov- ernmental interference with the law of supply and demand for sugar would be beneficial to the industry, and a moder- ate rise in price of both the commodity and its securities resulted. Motors Irregular. ‘The motors began to show in no un- certain. terms what may be expected of them as competition for business be- comes keener. As a group the motors made no progress, and, in the face of weakness in many issues, General Mo- tors, Nash, Studebaker, Pierce-Arrow, Graham-Paige and Hudson advanced. It is to be expected that the trends of the motors will be divergent during 1929 and the trend of each stock will depend upon its competitive position in the in- dustry. . Last week the oil stocks continued their gradual decline, and news devel- opments were not encouraging. Crude oil production reached a new record high, and throughout the week news came in from all sections of the coun- try that crude oil and line prices were being reduced. The problem of overproduction is staring the industry in the face and not much improvement can be expected until production is cut down. Favorable News. Several groups of stocks which have been recent favorites declined in spite of favorable news developments. For instance, although the price of copper went to 17 cents, copper stocks de- clined; although steel prices were strong and the industry active, the steels made no further progress, and, in spite of a further rise in the price of crude rub- ber, rubber stocks as a group were re- actionary. Such failures to respond to basic developments while widely tipped speculative favorites were whirled up- ward leaves one in doubt as to the'type of buying that is taking place at. these levels. Boston Active. Although prices on the New York Curb were ull¥htly higher than the previous week, little progress was made above the high levels established in early January. Likewise most of the local markets made no progress or de- ST. LOUIS SAN FRANCISCO PHILADELPHIA ‘BOSTON CLEVELAND DETROIT o CHICAGO BALTIMORE CINCINNATI PITTSBURGH clined. Two of them, Pittsburgh and Detroit, whose steel stocks recently re- sponded enthusiastically to the general rise in steels, reacted in sympathy with that group in New York. After a long period of dullness prices in Baltimore came to life, and util- ities, steel and machinery and finance company stocks listed there rose sharply. Perhaps the most interesting devel- opment, however, was in Boston.. When Boston’s old favorite, Calumet and Hecla, rose in a few hours from 48 to 60, speculative enthusiams spread to other stocks and all sections of the local list advanced. The bullish senti- ment was even felt in New York by ad- vances in Boston favorites like Gillette, General Electric and American Tele- phone. (Copyright, 1920.) 0 Italy are to be elec- rails of lnny_wnyl HOPED FOR IN WALL STREET Special Dispatch to The Star. NEW YORK, January 28.—The ex- asperation that railroad managers and railroad bankers have felt and have freely expressed, over the ineptitude of the Interstate Commerce Commission in its rate reviews and in its program of railroad . consolidation has apparently been communicated to ibe Government. ‘Wall Street was pleased to learn that President Coolidge has intimated that more action from the commission would be_welcome. It is understood to be his wishe that before his administration closes a defi- nite policy of railroad consolidations be presented and carried to a point where legislative support may be given to it in the next Congress. Recognizing the demand that something be done, the commission a few weeks ago decided to give Commissioner Porter the job of preparing a new plan of consolidation. ‘This will take months to frame. The bill of Senator Fess of Ohio, which is believed to have the support not only of President Coolidge but of Mr. Hoover, will be submitted shortly to the Senate interstate commerce committee. This bill permits railroads to acquire control of other lines by stock purchases. ‘Within a week or two, the plan of the Baltimore & Ohio and that of the Van Sweringen interests for merging various @he Foening Htar ADVERTISENENTS f RecEIVED HERE Rivcs o] lines in their tegritory is expected to be submitted to the commission. This will probably force the New York Central and the Pennsylvania systems to indi- cate their intentions toward consolida- tion, It is also learned that the Taplins, who control the Pittsburgh and West Virginia and have a large interest in the Wheeling and Lake Erie Railroad, will shortly make application to the commission for permission to buy con- trol of the Western Maryland, now held by the Baltimore & Ohio. = Heavy Trading Forecast. NEW YORK, January 28 ®.— Numerous stock split-ups and new list- ings on the New York.Stock Exchange presage, many brokers believe, six to seven and even eight million share days in the next five months. A big Janu- ary, some point out, always indicates great activity in the remaining months of the first half of the year. A large increase in brokers’ loans, they contend, would be the only check. s Rail Order Is Given. NEW YORK, January 28 (#).—The Southern Pacific Co. has ordered 7,323 tons of rails from the Colorado Fuel & Iron Co. Garren’s Music Store—907 H St. N.E. Is a Star Branch Office If you have some want that is pressing, just leave the copy for a Classified Ad at the Star Branch Office in your neighbor- hood and it will appear prompt- ly in the first available issue. No matter where you live, in town or the nearby suburbs there’s a Branch Office handy. No fees are charged for Branch Office service, only regular rates. ABOVE SIGN 1s DISPLAYED BY AUTHORIZED STAR The Star prints such an over- whelmingly greater volume of Classified Advertising every day than any .other Washing- ton paper that there.can be no FINANCIAL. COTTON IS STEADY ON OPENING SALES Slight Declines Are Caused by Selling, but List Turns Firm. By the Assoclated Press. NEW YORK, January 20.—The cot- ton market opened steady today at a decline of 3 to 6 points under some South- ern and selling and liquidation pro- moted by the rather indifferent show- ing of Liverpool. March eased off to 19.81. The deline brought in a little trade bying or covering and the market steadied up, with march advancing to 19.92 and with the general list show- ing net gains of about 3 to 6 points at the end of the first half hour. Private cables said that continental and Bombay buying had absorbed Lon- don liquidation in the Liverpool market but cloths were queiter, with. year sales below production. They also reported a stoppage of Lancashire mills was threatened for Febrauary 2 as a result of the dispute between mills and op- eratives over oiling and cleaning ma- chinery. EARNINGS REPORTED. NEW YORK, January 28 (#).— Earnings for 1928 reported today by railroads, public utilities and other corporations as a whole showed im- provement over 1927. W. Woolworth Co., chain store operator, reported net income of $35,385,606 last year, against $35,350,473 in 1927, equivalent to $9.07 a share, compared with $9.06 a share in 1927, Profit and loss surplus on December 31 was $49,039,878, against $33,154,272 at the end of 1927. The Baltimore & Ohio Rallroad, al- though its gross revenue decreased neardly $10,000,000, showed an increase In net operating income to $49,387,716 from $44,817,227 in 1927. An increase in net operating income to $29,119,053 from $14,072.934 was re- ported by the Chicago, Milwaukee, St. Paul & Pacific Railroad. Although its gross revenue decreased more than $2,000,000, the New York, New Haven & Hartford Railroad balance sheet showed net operating in- come of $29,238,404, against $25,235,284 in 1927, and surplus of* $12,570,521, compared with $8,636,269 at the end of 1927. The earnings were equivalent to $8 a share, against $5.49 in 1927. SAY HANDS MAY SPREAD FLU Health Authorities Urge Public to Avoid Needless Risks Advise Removal of Germs From Hands as Simple Protective Measure In an attempt to helfip the public rotect themselves from flu, which has n 8 g so fast that a million and a quarter new cases of it appeared in one week, health authorities are advising that everybody fight this malady by taking all precautions against it. One important point stressed in combating flu is that hands may it, just as they carry and spread germs of other serious diseases. In its list of protective measures cautioning people to avoid crowds, to get plenty of rest, exercise, fresh air and nourishing food, the Life Exten- sion szutimlerlla'xggzs that ;:and- be kept germ-free. special importance of this simple health habit is readily apparent when we consider that hands are constantly exposed to contact with germs. Germs a constant menace We handle money, shake hands, turn doorknobs—regardless of whose germ-laden hands touched these BRANCH OFFICES question as to which will give you the best results, ‘Around the Corner” is a Star 1929 Six-61 is just a few weeks old. It has already won thousands of new friends for Peerless. More orders have been received for this one car than the Peerless factory has ever produced in any entire year. Branch Office - This was just what we expected. Over a million dollars were spent in developing this car to sell at $1195. Almost a full year was given to its development — its design and the selection of materials. Today the Six-61 is everything that you expect in a motor car. Look it over. Take a spin hehind the wheel. You’ll find it the greatest car you’ve seen within several hundred dollars of its price. BRUCE MOTORS CORP. 14th and P Streets N.W. R. Bruce BALTIMORE—WASHINGTON—RICHMOND—NORFOLK DEALERS: J. .M. Fasanko, Baltimore Blvd, Md. Tom’s Auto Service, 635-37 N St. N.W. 9th & O Sts. N.W. Decatur 3400 Livie, President ; objegts before us or how germs may in this wag be tran: to our own hands. Since germs on hands may- easily reach the mouth and become implanted in the system, it is wise for everyone to follow the advice of authorities—that is, wash the hands many times a day and be sure to get rid of these unseen germs. Millions already know that the easiest way to accomplish this is with Lifebuoy, the famous health soap which has an antiseptic, germ-remov- ing lather. Mothers in countless homes all over the country—teachers in over 63,000 schools where the Lifebuoy habit has been taught—have found that wash- ing with Lifebuoy fru‘:emly ‘during the day, after work or play and always before eating, provides a i everyday safeguard ggainst disease. Doctors always make a habit of removing germs from their hands to protect themselves and patients. Since the outbreak of the flu—more and more new thousands are turnin to Lifebuoy. Mothers are all urgt! to do likewise and adopt Lifebuoy as the regular family toilet soap. Lifebuoy is obtainable wherever soap is sold. Itscost is no greater other toilet soaps, so you secure extra protection free. use LIFEBUOY HEALTH SOAP Its antiseptic lather removes germs It's aKNOCKOUT ! the big new Fourpoint pump Air Cleaner and Oil e SPECIFICATIONS Engine—Six-Cylinder,3% "x4" ng Crankshaft rubbersuspension Foree feed to all bearings Gasoline Pump and Filter with Filter Clutch—Single Plate, dry disk Steering gear—Roes cam and lever with hi (Hydraulie) Seats—Full section. Bumpers integral Alemite Lubrica —Ale: bricating system Shock Absorbers — Levejoy fitting Bumpers —Special Peerless Design Parking Lights —mounted on Fenders Chromium finish thruout Colors —Rich blue, soft tan, black midnight Tire Rack—Special Peerless Design Roanoke Bat. & Elect. Co. Roanoke, Va.