Evening Star Newspaper, February 4, 1929, Page 13

CURB STOCKS DROP AFTER EARLY GAING Reaction Follows Advance in Morning Session—Mining Issues Active. BY WILLIAM F. HEFFERNAN. Special Dispatch to The Star. NEW YORK, February 4—The curb market list generally moved up dur- ing the morning session today. In the afternoon some reaction from the best prices was experienced. Speculative sentiment seemed reas- sured over statements from high banking quarters that an immediate upward re- vision of the local rediscount rate was not warranted. Public utilities were prominent in the operations. Northesatern Power, cross- ing 61, estaplished a new top. Electric Bond and Share Securities lost a small amount of the 19-pount advante of last week. Mining stock played a prominent part in the day's proceedings. New Cornelia Copper reached a new high for the year at 45, Newmont Mining went, through 200 again, but was still well under the year's best. Radio issues were featured by a new top for Grigsby-Grunow, makers of the Majestic Radio. Zenith Radio also re- sponded to favorable sales reports. Crocker-Wheeler, which had ad- vanced 65 points last week, gained al- most 10 points further on rumors that negotiations were in progress for a merger with another prominent electric manufacturer. The oils were featured by a heavy demand at improved prices for Stand- ard of Indiana and Continental Oil. Oils generally were inclined to give a better account of themselves. Checker Cab Manufacturing and Hiram Walker maintained their places ©of prominence. GAINS IN JEWELRY SALES ARE REPORTED Intrinsic Values of Gems Have Increased Greatly in Mod- ern Times. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, February 4.—Manu- facturing jewelers claim that more pre- cious stones and jewelry have been bought by Americans in the last 12 months than in any similar period previously. Fashion, however, has played strange tricks in the jewelry trade. The gems are the same as in the days of Solomon and the Queen of Sheba, but they are cut differently and set differently. Their intrinsic value, however, especially in the case of dia- monds, emeralds, rubies and sapphires, has grown by leaps and bounds. Tiaras have gone out of style, except for the most formal occasions of the European courts. Queen Marie of Ru- mania is thg only known member of royalty who carries her crown with her. ‘The old style stomacher also has been abandoned. Many women who have extraordinary lewels do not wear them. They are itant to do so in these days of gun- ‘men and gigolos. Many have duplicates in synthetic stones. Others wear syn- thetic stones from preference, changing the jewels with each change of costume. ‘The imitation gems are not inexpen- sive. They may be set in platinum and surrounded with real gems of smaller sige. 1t°1s not unusual for a fashionable ‘woman to pay $1,000 to $2,000 for a NEW YORK CURB MARKET Received by Private Wire Direct. to The Star Office Special Dispatch to The Star. NEW YORK, February 4.—Following | tho; is a list of stocks and bonds traded in on the New York Curb Market today: m s Mfg. a1 m & For POW War.. mer Beverage 1 16 Art Met Wks.. 79 Asso Gas & EI A.. 300 Asso Gas & El wa b4 Asso_Gas & El pf 11 Atl Pruit & Sug 4 Auto Reg Mac 13 Auto R M cvt pr part 310 Aviation Co of Am 5 Bahia .Corp 12 Blaunefs 3 Brist Myers.... 20 Brit-Celanese Ltd.. 15 Bklyn City R R.. Can M Check Cab MIg.. ... Cons Auto Mer Vic.. 3 Cons Auto Mer, pid.. 3 Censol Dairy P Film. 14 Curtiss Aero Exp.. 25 Curtiss Flying Serv 4 Davenport Hos 38 Dubilier C & 3 Durant Mot._... 13El Bd & Sh Sec El Inyest Inc.. Cor 71 Not o0 163 o 3 P Sta P Nor layaliere, the central stone of which ob- viously is false. Styles have revolutionized the watch- making industry. The vogue of the wrist watch has practically eliminated the old hunting-case timepiece. Jew. elers say the present open-faced pocket watch is likely to follow the same trail to_oblivion. Reliabllity is no less desirable now than 60 years ago and the makers of wrist watches have had to develop mevements essentially different from any previously known. The makers have had to provide timepieces of the small- est size, which nevertheless are sturdy enough to withstand any rough treat- anent which may be accorded them. Since reduction in size meant an in- crease in cost, the makers had to de- velop a way to lessen the total volume without diminishing the size of impor- tant parts. Ferror nickel alloys have helped to provide compensation for tem- pérature changes. EARNINGS REPORTED. NEW YORK, February 4 (#).—Kroger Grocery & Baking Co., Cincinnati, chain store operator, reported today net 1928 g:’e{istzyf $5,323,585, against $4,377,104 The balance sheet of Mohawk Carpet Mills, Inc., Amsterdam, N. Y., sho;’ped net income for 1928 of $1,863,205, equal 10 $3.10 a share on 600,000 no par shares, against $2,619,819, or $4.36 a share, the previous year. The decrease, sald George McNeir, Chairman, was the result of expense in- cident to the organizing of a new selling department when the company can- celled its contract with agents last No- vember and closing out of old patterns. Net profit of Transue & Willlams Steel Forging Corporation, Alliance, Ohio, increased to $226,142 last year from $13,864 in 1927, equivalent to $2.26 a share ‘on 100,000 shares of capital stock, against 13 cents a share in 1927, CHICAGO iIVE STOCK MARKET. CHICAGO, February 4 (United States Department of Agriculture) —Hogs— Receipts, 55,000 head; market most 10a 15 higher; big packers inactive; top, 10.15, paid for 170-210 pounds; butchers, medium to choice, 250-300 pounds, 9.60 210.00; 200-250 pounds, 9.65a10.15; 160~ 200 pounds, 9.65a10.15; 130-160 pounds, Biggalr%a: p‘;l‘ski;\lgi sows, 8.75a9.25; , medium to choice, 90-13f R 5ags. L Cattle—Receipts, 18,000 head; calves, Teceipts, 3,000; steer and yearling trade unevenly lower; shipper demand nar- Tow; too much beef in the run; early top choice weighty steers, 14.50; slaugh- , 1,300-1,500 poun: X 1,100-1.300 pounds, 12.25a15.00; 950- 1,100 pounds, 12.50a15.25; common and medium, 850 pounds up, 9.00a12.75; fed yearlings, good and choice, 750-950 pounds, 12.50a15.50; heifers, good and choice, 850 pounds down, 11.25a13.50; common and medium, 8.00a11.25; cows; good and choice, 850a10.50; common and medium, 7.25a8.50; low cutter and cutter, 6.00a7.25: bulls, good and choice (beef), 6.75a11.25; cutter to medium, 8.00a 10.00; vealers (milk fed), good and choice, 13.50a16.5¢ medium, 13.00a 13.50; cull and common, 9.00a13.00; stocker and feeder steers, good and cholce, all weights, 10.50a11.75; com- mon and medium, 8.00a10.50. Sheep—Receipts, 17,000 head; early sales and bids, steady to 25 lower; moderately sorted lambs, 16.50a17.00; choice to outsiders, 17.15a17.50; fat ewes, 10.00 down; feeding lambs steady; lambs, good and choice, 92 pounds down, 16.15a17.50; medium, 14.90a16.15; cull and common, 11.00a14.90; ewes, medium to choice, 150 pounds, 7.50a 10.00; cull and common, 4.00a8..25; feeder lambs, good and choice, 14.50a 15.85. Recent estimates show that capital o Transcon AlF Tsp, rransc 123 Trans Lox D L P8 A Triplex Safe Glas Lt 1 Gont. Corp....... 3 5 Wilcox Ric] 13 Wilcox Rich A 5 Wil-Low Cafeter! 21 William (R.C.) & Co 8 Winter B J Wheel it inareas " 30 tci_mb:um Ltd 4 Utah Metal 26 Wendon Cop. Sales in hundreds. 10 Am 73 oy 91% Maracaibo Co... Berv s7d 24 Magdal Syn 60 ans Pipe oIl 1 Pantepec Oi 3 Reiter-Foster Ol 4Salt Ck Prod. 14Tid Os O non-vi Sales in_STANDARD OIL ISSUES A units. 600 Anglo Am Ofl. A O no Line. 19 . 23 o 13% fnvestments of Americans in the Tient- sin district ‘of China total nearly $25,000,000. 3 i 1y 101 19 i3 A 143 a” % s 2 9% 80 83% Yo ] e E e S oA & INDEPENDENT OIL STOCKS. Sales in BONDS. W Rbicibt P 55 A ‘5. 87 Al Pow 4%s '67..... 9% sg5zagBeles & SESSEE F5F As Gas & El 578 A G &E atis 48 wa (] 1072 3. al s eacon Oil 6 '36 oston Cons G 5 hilds 55 '33. > > > G e 130 K3 1 19 <3 31 014 20836380 et At i 5 Q90! Cit Serv Pow 513s '52 9614 Common E 4%s D '57 98% Gon Gas Balt 8s F 'G5 10374 sl 2 c G&E 4lzs E 137 97 a0 Wn Oil -6ips '43 98 G5 A 80 ww 101% .. 107 107 Uni Lt&Rail 6s 3 Webster Mil 87t s Lo 7 Wheel St 425 B '53. 8 FOREIGN BONDS. 94 88 i 8 2 3 Sales in thousands. twerp City 5s.'58,. 1 850 pr Bk 8o 31 Ger glas '33 10 15 Uni 1Uni S Wi xd—Ex-dividend. When issued. n—New. Www—With warrants. Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md,, February 4—FPo- tatoes, white, 100 pounds, 1.0021.35; sweet potatoes, barrel, 1.50a3.00; yams, barrel, 1.50a3.25; bushel, one hundred, l.ooul,’]lg; ben?s, hw.#:xel.2 o 2?012.53: Brussels sprouts, quart, a25; cab- bage, hamper, 1.00a1.50; carrots, bushel, 1:50a1.75; elery, crate, 2.50a3.50; cauli- flower, crate, 1.25a2.25; eggplants, crate, 4.50a7.50; kale, barrel, 2.00a2.25; lettuce, ‘hamper, 76a1.25; onions, 100 pounds, 3.00a5.50; oyster plants, 100, 6.00210.00. Parsnips, basket, 65a75; peas, bushel, 2.26a2,50; = peppers, crate, 3.00a5.00; spinach, bushel, 65a85; tomatoes, crate, 75a2.50; turnips, basket, 50a60; apples, bushel, 75a2.00; cranberries, half bar- 9.00210.00; grapefruit, box, 2.50a 3.75; tangerines, per half strap, 1.00a 2.50; oranges, box, 2.25a5.25; strawber- ries, quart, 25a35. Live Stock Market. Cattle—Receipts, 900 head; fair sup- ply, market slow; prices steady; steers, choice, 12.00a12.50; good, 10.55a11.50; medium, 9.55210.50; common, 8.00a9.00. Heifers, choice, 10.00a10.50; good, 9.25a 9.75; medium, 8.50a9.00; common, 7.25 a8.25. Bulls, good to choice, 10.00a10.50; fair to good, 8.50a9.50; common to me- dium, 6.0028.00. Cows, good to choice, 8.5029.00; fair to good, 6.75a8.00; com- mon to medium, 4.00a6.00. Sheep and lamp—Receipts, 1,000 head; moderate supply, market higher on sheep, lower on lambs. Sheep, 8.00a 8.50; lambs, 9.00a17.25. ‘Hogs—Receipts, 3,400 head; fair sup- ply, market higher; lights, 10.70; heavies, 10.50a10.80; medium, 10.85; roughs, 6.75 a9.10; light pigs, 6.0029.00; pigs, 10.00; western hogs, 10a20 higher than quota- tions; truck hogs, 15a30 lower than quotations. Calves—Receipts, 350 head; light sup- ply, market steady; calves, 5.00a17.50; no extras. Dairy Market. Poultry, alive—Young turkeys, pound, 33a40; old, 25a30; young chickens, 33a 38; small and poor, 20; old hens, 20a 29; Leghorns, 20a27; capons, 32a38; old roosters, 17a18; ducks, 20a30; geese, 18a26; guinea fowls, each, 40a80; pigeons, pair, 30. Poultry, dressed—Turkeys, oung, pound, 30a40; old, 25a30; chickens, young, 30a35; old and mixed, 25a30; capons, 33a42; old roosters, 18a20; ducks, 25a30; geese, 20426. Eggs—receipts, 902 cases; native and nearby, firsts, free cases, 38a381%; cur- rent receipts, 32a36%2. Butter—Good to fancy creamery, pound, 47a52; prints, 52a54; blocks, 51 a53; ladles, 34a38; store packed, 25; rolls, 25a28; dairy prints, 25a28; pro- cess butter, 41a42. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.3734; January delivery, 1.37%. Corn—No. 2 export, January delivery, 1.07; No. 2 yellow, domestic, spot, 1.12; cob corn, 5.25a5.50. Oats—No. 2 white, domestic, spot, 62a62Y,; No. 2 white, domestic, spot, 60a60%%. 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 17.00a 19.00 per ton of timothy or clover hay. Straw—No. 1 wheat, 11.00a12.00 per & | ton; No. 1 oat, 12.00a13.00 per ton. ND FORMER SUBSIDIARIES-STOCKS. 15% o $n 60%% 40% 9412 96 44 o SILVER QUOTATIONS. NEW YORK, February 4 (#).—Bar silver, 56%. Mexican dollars, 42%. MARYLAND TOBACCO SALES. BALTIMORE, February 4 (Special). —Both receipts and sales of Maryland leaf tobacco declined last week, the former totaling only 39 hogsheads, mostly of old crop, and the latter amounting to 36 hogsheads, leaving a sotck in State tobacco warchouses of 8,729 hogsheads. Market holds steady with little change in prices at the following quota- tions, per 100 poun Inferior, 6.00a to fine red, 41.00a50.00; 50.00a51.00; seconds, common to common, 6.00a15.00; pnedium, 16.008 23.00; seconds, good to fine,'24.00a35.00; leaves, c%%'fii.o'b‘:fl'" W S 'WHEAT PRICES SAG IN EARLY TRADING Milder Temperatures Cause Drop in Price—Liverpool Market Firm. By the Assoclated Press. CHICAGO, February 4—Wheat aver- aged lower here today, largely on ac- count of milder temperatures and snow falls over domestic Winter wheat ter- ritory. On the other hand Liverpool wheat quotations were .relatively b and abnormal cold weather was re d ed from Eastern and Southern ‘ope and India. Opening unchanged to % down, Chicago wheat underwent a gen- eral sag, but then rallied. Corn, oats and provisions were also easier, corn starting 4a’; to % off and subsequent- ly continuing to point downward. Rallies in wheat values here today were associated with word of export buying at Winnipeg and with lowest temperatures for 50 years in Southwest- ern Europe, especially Rumania. Italy also reported almost unprecedented low merks and news from Bombay told of a record cold wave and of damage to growing crops. In this connection, the fact was pointed out that the wheat erop of India was now in the filling stage. Friends of higher prices for wheat made much today of the fact that in spite of recent heavy world shipments, the floating supply to Europe neverthe- less was smaller than a year ago. Stress also was put on evidence of continued record shipments of wheat to the Ori- ent. Assertions were current that from all data available, world import needs gmlis season were above any previous to- s. CHICAGO POULTRY PRICES. CHICAGO, February 4 (#).—Poultry— Alive, firm; receipts, two cars; fowls, 29; Springs, 32; roosters, 22; turkeys, 25; ducks, 30; geese, 23. BY KENNETH 8. VAN STRUM. NEW YORK February 4.—Last week prices on the Stock Exchange were likely irregular. At times certain ups_of stoc! would be strong while other groups would appear very week, but in a few hours the position of the groug: would be completely reversed. Stocl swung over a wide range, making trad- ing extremely difficult, and for most of the fluctuations there secemed to be little rhyme or reason. Utilities and Coppers. The utilities continued to gain ground rapidly on top of their spectacular ad- vances of the previous week, and now highs were recorded in many issues. Enthusiasm for this group led to further advance in General Electric and Westinghouse. The advance in the utilities was helped by some good earn- ing reports for 1928. ‘Toward the end of the week a sharp advance in the coppers took place as the price of the metal rose to 17 cents, There are few industries quite 80 dependent upon the price of one commodity as the coppers, and it seems as though one only needs to know what the price of copper will be in the fu- ture to make a reasonably accurate forecast of the price of wfiper stocks. Sharp advances also took place in the 4, 1929.% . chemicals under the leadership of du Pont and Allled Chemical, in & few railroad equipment stocks, and in a i of itfes. Later in the week one of features of the market was the sharp advance in Radio, Victor and Columbia. The Rails. By far the outstanding event of the wcek was the abrupt rise in the rails. The rails had been quiet for the first three days of the week, but on Thursda; and Friday almost every railroad stocl on the list advanced sharply. Such a sudden jump leaves some doubt as to the permanency of the move, for in the past the rails have advanced in this manner only to fall back just as abruptly. At the present time the rails have ad- vanced moderately into new high ground, while the main body of indus- trials have failed to advance to new highs above the November and early January peaks. Margin Trading Increases. Many explanations were given in an effort to explain a large increase in brokers’ loans. One explanation was that an unusually heavy volume of new financing during January has absorbed larger supplies of credit. Such an ex- planation, however, hardly seems to square with the fact that last October and November there was also a large volume of new financing. At that time brokers loans totaled $5,394,590,000 at the peak, while today it requires over 200 million dollars rore margin to carry securities at approximately the same prices. For the past five weeks while the general level of the market has changed little from one back statement to another, the total of brokers’ loans has increased almost 230 million dollars. The figures would seem to indicate that more stocks are passing into the hands of those who carry them on margin. Future Loan Expansion. The bank statemeént showed that the New York banuks and others supplied the additional demands for brokers’ loans. But the question now arises as to who will furnish future funds for expansion. It is a normal procedure for New York banks to expand their loans toward the end of January to make up the deficlency caused by month-end withdrawals. But after this period I8 over in the past there has ST. LOUY o7 SAN FRANCISCO PHILADELPHIA BOSTON Y # CLEVELAND > DETROIT o~ CHICAGO BALTIMORE CINCINNATY PITTSBURGH been a marked tendency for New York banks to contract their loans. Accord- ing to past experiences also, within the next few weeks out-of-town banks will begin to withdarw funds from the se- curities markets, for use in th: Spring expansion of business. The question is whether or not the “others”—corpora- tions, investment trusts and private in- dividuals—can continue to furnish credit in sufficlent quantities. Utlllll:.s Feature Local Markets. Prices on the New York Curb and on the local stock exchanges were high- ly irregular last week, and where ad- vances are indicated on the chart, they were caused ordinarily by sharp rises in utility stocks. The enthusiasm for utilities during the past two weeks has Just as Saunders System was the pioneer in the Drive It Yourself business, so they are always first to give the public the advantages of LOWER RATES. . Tc per mile plus 30c per hour MODEL A FORD. CHRYSLER (Four) .... . 8c per mile plus 35¢c per hour CHRYSLER 62 (SiX) weveivuserssesneen.. 9c per mile plus 35¢ per hour CHRYSLER 65 ......cc000euvvvenss...10c per mile plus 35¢ per hour CHRYSLER 72 ...........ccccvnee ... . 11c per mile plus 40c per hour Insurance, 50c per trip. No minimum mileage required. Gas and oil included in above rates. If it is necessary for customer to buy gas and oil, refund will be made on pre- senting receipted bills, No hour charge from 2 am. to 8 am. SPECIAL DAILY, WEEKLY and MONTHLY RATES Ford and Chrysler (Four), above mileage rates plus $4.00 per day, or $20.00 per week, or $70.00. per month. Chrysler 62 and 65 (Six), above mileage rates plus $5.00 per day, or $25.00 per week, or $80.00 per month. Chrysler 72, 11c per mile plus $6.00 per day, or $30.00 per week, or $90.00 per month. NO MINIMUM MILEAGE REQUIRED SAMPLE LONG lS i MODEL “A” FORD 100-mile trip at 7c_pes Time charge, one day. Insurance .. r mile. This is 114¢c per mile. For & party of five, 150 miles on » we (1% da; mile per $17.00., T gos 2lic rson—cheaper than rallway. COTTON IS STEADY IN EARLY DEALINGS Selling Movement Forces Slight Declines Shortly After Mar- ket Opening. By the Assoctated Press. NEW YORK, February 4—The Cot- ton Market opened steady today at a decline of 6 to 12 points. Active months sold 8 to 14 points net lower in the early trading, under liquidation and some local and southern selling pro- moted by relatively easy Liverpool cables. There was considerable liquidation of March. That delivery sold off to 19.70, while July declined to 19.38, and the new October contract to 19.12. At these quotations the market apparently met more trade buying and covering. The tone was rather steadlied, althoug prices remained within 2 to 3 ts of the lowest at the end of the first half héur. Private cables said there had been continental and Bombay liquidation in the Liverpool market and that quota- tlons for Egyptian cotton were lower under selling by Alexandria. Better prospects were reported for settlement of the dispute over cleaning machinery hours in Lancashire. POTATO MARKET WEAK. CHICAGO, February 4 (U. 8. Depart- ment of Agriculture) —Potates—Re- ceipts, 124 cars; on t , 263 cars; total U. S. shipment Saturday, 984 cars, Sunday, 67 cars; trading rather slow, market weak; Wisconsin sacked round whites, 90a1.05; Minnesota and North Dakota~ sacked round whites, 85a98; Idaho sacked russets, 1.50 o 1.70. swept over the country and caused sharp advances in most local utility stocks. (Copyright, 1929.) SAMPLE SHORT TRIPS MODEL “A” FORD 30 miles in one hour... ...... Loaeee 3290 Less than 9c per mile. 50 miles in two hours.. Slightly over 90 30 miles in $4.60 four h Slightly over 12¢ per mile. 60 miles In four hours............ Less than 10¢ per mile.. SAUNDERS SYSTEM WASHINGTON COMPANY 628 Pennsylvania Ave. S.E. Phone Lincoln 4771 ° E. J. WEIDMAN, 1320 New York Ave. N.W. Phone 4