Evening Star Newspaper, February 5, 1929, Page 13

OIL STOCK HOLDS INTEREST ON GUR Standard of Indiana Center of Trading—Goldmann Sachs Prominent. BY WILLIAM F. HEFFERNA @pecial Dispatch to The Star. NEW YORK, February 5.—Two spec- tacular developments overshadowed everything else that transpired on the Curb Market today. One was the in- ability of specialists to open the mar- ket for Stand: Oil of Indiana until after midday; the other was the action of Goldmann Sachs trading shares fol- Jowing yesterday's sensational r So enormous were the orders on both | sides of the market for Standard of Indiana that it required five specialists to arrange the books. Practically every | brokerage hous® in the country wa N. s | said to have orders in the market for the stock, with “odd lots” making up @& tremendous amount of the initiai transactions | Inasmuch as the books of the com- | pany close tomorrow for voting pur- Poses at the stockholders' day was the last day that stock could e obtained to use in voting. Declara- tion of a 50 per cent stock dividend, coming in th2 midst of the Rockefeller- Stewart controver was another fac- tor which the market for the stock had o appraise. While cfforts wers being made to open the market harw, Standard of In- dian was selling 6u Ve Chicago Ex- change at , comptred with yester- day's New York close of 96. ‘Wall Street read with interest the plan for a fusion of interests repre- senting Goldmann-Sachs Trading and Pinancial and Industrial Corporation. ‘The plans were not taken to indicate an actual merger, but the affiliation of two gigantic corporations involving a capital of some $200,000,000 fired the speculative imagination. Goldmann Sachs Trading opened on a block of 17,000 shares at 178, thereby retaining its 41';-point gain of Monday. Fnan- cial and Industrial Securities shares on the Produce Exchange at 1561, com- pared with the previous final of 1465. Public Utilities continued prominent but with profit-taking heavy in recent favorites. Grigsby-Grunow, shot forward from 1687 to 1755, indicating th> scarcity of the floating supply. United States Freight resumed its upward movement, reaching a new peak above 103, on re- rts of substantially increased earn- gs. Central Atlantic States Service made a new top around 16, following announcement of the acquisition of an- other ice plant of Hammonton, N. J., ?filn& the sixth in its chain in that . / RETAILERS DISCUSS BUSINESS PROBLEMS Training. of .Sales Forces and Im- proved Management Are ) Planned. _ BY J. C. ROYLE. @pecial Dispstch to The Star. NEW YORK, February 5.—More in- tensive training of sales forces, a higher type of worker behind the retail coun- ters and a marked improvement in management are expected to result from the meeting of the National Retail Dry- f‘oodx Association now in progress. The indreds of merchants gathered here are studying consumer demand, nizing it is the one sure and accura guide to profitable operation. ‘The up-to-date merchant is fed up with the attempt to sell the consumer what he ought to have. They have found that the only thing the con- sumer can be counted on to buy is Wwhat he wants and discovery of that knowledge and supplying the demand are the only things which can put the THE EVENING STAR, WASHINGTON, D. €. TUESDAY, FEBRUARY 5. 1926, A — e —— NEW YORK CURB MARKET today: Sales INDUSTRIALS. in hundreds. 38 Acoustic Prod 3 Allied Superp A X ris Superp B X ris 111 T prd ... 1 Amer Super | pfd . 19'Amer Super rts 5 Atk Nat Gas . 14 Atk Pow & Li pid A Metal Works...... SEPAL 6 E P pfd ein_Co 9 Celan_Cor _'Am. .. 5Cent Pub S A.! 3Cent States El 3 Check Cnb MIa 2 10 Chain_Stores Stock. . 2City § P & L 65 pid 1 Columbus E| Pow xd 23 Gons Auto Mer vte.. 2 Cons Auto Mer pfd. 7 Consol Dairy . rapt Moo . st States Pow B Bd & iy Ford Mot 41 Ford Mot Ltd 67 Fox Theaters A 9 Preshman Chas Ct 13 Gen Bak Pub en Real ld Seal Elec Ser 87 18; Th pia '} o e . 4 9 4 Cot 21; Libb Owens Sh Gl 2 2 Loows deb rts. G 16 Long Isl Lt. 1 Marconi Intl 6 Marc wire Long § Mavis Bottling. 4 McGraw Hill Pub Mig . at 35 Natl Fam ‘Sirs 6 Natl Fam Strs pi ‘heater Si retail establishment on a safe and profitable footing. Merchants today are getting the in- formation which will enable them to determine just what their main product will be. Some sell quality, some sell service and some depend on price appeal. No matter what is on the shelves, those are the things sold. They are sold by means of salesmen, and personnel is being stressed more ;lhan ever by the merchants gathered ere, The retailers are not pessimistic #bout the general outlook. They realize the business is here and that all have @ chanee to share in it if they go-about it in the right way. The sales of in- dependent department stores in the last month have been higher than for the corresponding period of 1928 and so have profits, but the gain has been at & much more moderate rate, than in the case of the chain stores and mail order houses. Some experts attribute the big growth of the mail order busi- ness to the fact that the annoying con- tact with salesmen of a certain type is eliminated. Others deny this is the cause, pointing to the growth of the retail branches of the mail order cor- porations. However, all are out to bet- ter the relationship between sales peo- ple and customers. The adjustment policies of the stores have a broad bearing on profits and it is expected home methods may be ‘worked out to decrease the necessity for adjustmnts, to cut down costs of alterations, and limit the volume of goods sent back which won't “stay sold.” New problems of traffic and delivery have ariscn in the last year. Congestion is growing not only around the retail establishment, but in the streets and highways over which goods must be delivered. Wide differences of opinion exists in regard to police regulation of parking and traffic and the merchants now are trying to work out a policy which will let as many ~ustomers as possible into the stores and at the same ime permit the receipt and loading of goods. The trend toward consolidations was {reely discussed by the delegates today. ‘They are far from agreement in regard to the advantages of mergers. Some admit the cutting down of over head and more satisfactory buying for the stores, but feel that the larger institu- tions tend to lose the personal touch between customer and merchant. NEW YORK BANK CLiARINGS. NEW YORK, February 5 (Speeial) — New York bank clearings, $2,074,000,000; New York bank balances, $170,000,000; New York Federal Reserve credit bal- ances, $136,000,000. Copper l;rirces“A&va“x;;ed. NEW YORK, February 5 (#).—Cop- per prices were advanced another quarter of a cent today to 17!, cents a pound for domestic shipment, the third increase in recent weeks. Foreign and domestic demand has been heavy. Foreign sales yesterday exceeded 11,000,000 pounds and this morning were more than 7,000,000 pounds The export price is expected to be increased tomorrow to 1734 cents c.1.1. Hamburg, Havre and London, cor- responding with the domestic rise. Gasoline Price Reduced. NEW YORK, February 5 (4).—Stand- ard Ofl Co. of Ohio has reduced the vervice station price of gasoline 1 cent a gallon to 18 cents for ordinary and «1 cents for ex-hyl&l:.:‘,“.;»,.. m_Inv 18ec Gen Am Inv pfd. 118 58 Selected Indus Inc... 287 t_Ind Inc pfd.. 102 i vie . 8% rra 26 Sikors| th uthe P & uth Ashestos .. 48 v Dairy Prod.. 17V G & Bro.... 342 8 Trans Am 3 10 Transcon Air Tisi 2875 15Trans Lux DL P S A 12% 5 Travel Air Co ...... 80ls 4 Trivl Safe Glass' Lid 20% ol i 70 o .li.. €3 43 0ut Elec bond 1is'10 S 32U Gas....... 15 Uni G Tmp A Rich A........ 487 5 Williams (R.C.) & Co. 40'2 1 Zonite xd.. . 367 Sales in MINING STOCKS. 5. 143 Noranda 83 0hio Cop. . .. 13Roan Antelope 20 Wendon Cop Bales in hundreds. 1City Serv new s 7d. 42 Gities Serv n. 1Cit Serv pfd 152 Cities 3 Columbig Synd 12 Crevle Pete. i Crown Cent 24 Intercont, Pet 32 Mo Kans Pipe Nat Pu 0 Ce Sale Ck Prod:. 3 Texon Oll & Land T Woodley Pet 3y".oll n. Sales in units. 1900 Anglo Am Oil. 1000 A A O mon vtc 600A A O cod 15,200 Contl Of1 50 Cumberland 200 Imp O Can 100Ind P L.. 800 L Following is a list of stocks and bonds traded in on the New York Curb Market 21y 39 6% 1038 2602 (3 i oi i 19458 18 Aefee or ¥ 150 INDEPENDENT OIL STOCKS. 15% 15 15 23 72 i 733 2 ! I 36% 0 &l 87 | z:g: i 20 Received by Private Wire Direct to The Star Office 1500 Net on Transit . o Oil . 0 T 4008 O Ky n_ .. i 800 Vacuum Ofi 11010110 12 | Sales | in thousands. 6 11 Am Sol 6'» 13 Appal_El Pow 02 Ass0 G & E 4 110% 10475 omac Ed 5% '36,. L G & Coke 6s ‘41 90 s 43 ha W & P 41> r Pack 65 the P&L 6 outh Cal Ed 5 outhw_Dai P 6! xas P L n Am In L &R =5 s52<cacdcaons 14 Free Si Prus 6 6 Ger Cons Mun % 3 Ger Cons Mun 3 Muni Medellin 7sE 5 Nippon Elec 613s "5 d-Ex dividend, WA‘NW en issued. & FARM UNION RULES BELGIAN AGRICULTURE 4 * | Powerful Organization ' Provides Relief Through Strong Buying Power and Political Role. BRUSSELS (#).—By co-operative or- ganization for buying seed, -fertilizers and implements, and for marketing farm products, Belgian farmers have provided their own “farm relief,” and at the same time built up an organiza- tion powerful in politics and finance. The farmers’ organization, called the “Boerenbond,” has reserves estimated at $200,000,000. Its importance 'in the fixing of prices of agricultural com- modities is such that the cost of living throughout the country is affeeted. ‘The Boerenbond generally'is credited with the striking development and great prosperity of farming in Belgium since the World War. In former years Bel- gium imported three-fourths of its food, but since tite farmers organized their efforts the country is almost self-sup- porting,and is able to sell abroad large quantities of eggs, milk, seeds, potatoes and vegetables. - "The organization not only provides its members seeds, fertilizers and all farm implements, but markets farm products of its members and is able to fix prices at a.fair level to insure the producer a profit. So far, the Boerenbond has mainly been concerned with the organi- zation of Flemish farmers, but other Belgian provinces recently have come within its scope. ELABORATE HUNTING CRAFT CONSTRUCTED Boat Being Built for H. C. Phipps Is Regal in Appoint- ments. PALM BEACH, Fla. (#)—A floating hunting lodge, probably the most elab- orate craft of its nature in the waters of the United States, is nearing com- pletion near here. The boat is being’ built for Henry Carnegic Phipps and members of his family, who are Winter residents of fialm Beach and the Gulf Stream sec- on. The lodge, built on a 60-foot barge, will be elaborate in its appointments, It is designed to take its owners and guests into shallow streams and lakes which are plentiful in this region, and to afford de luxe living quarters during extended hunting and fishing ecursions. Equipped with electric light and gas plants, the lodge, as yet unnamed, is sald by its builders to be the last word in comfort and convenience. It is to be towed into Lake Worth shortly after the formal opening of the Palm Beach WEAVER SPENDS NIGHTS AT WORK ON HAND LOOM Veteran Tries Other Recreations, but Gives Up All for Trade. LUDLOW, Vt. (#)—The mail carrier who goes for a hike on his day off and the saflor who spends his short leave pulling at a pair of oars in the park have a strong competitor in Joseph Burns, veteran woolen weaver. After 10 hours at the looms in a mill here every day he finds his best recrea- tion in toying with a handloom in his attic in the interval between supper and bedtime. “I've tried a variety of recreations, even the composition of music, but have yet to find in anything else the fun of designing an intricate pattern and weaving it as perfectly as possible, Flaws that would escape the sharpest eye in a power machine can be correct- ed readily on a hand loom.” From less than half a dozen varieties of cotton yarn he has produced more than 300 different styles of rugs. Doumergue Il1 With Flu. PARIS, February 4 (4#)—President Doumergue is the latest to feel the in- fluenza epimedic. He was forced to 81 Eey STANDARD OIL ISSUES AND FOR- MER SUBSIDIARIES.—STOCKS. 163 169 # i 8 ¢ BT cancel most of his day's appointments, but his physiclans said that his case was a mild one and his condition was not considered serious. RS E Cuhtomers Remember Name. NORTH WEYMOUTH, Mass. (#).— A clam distributor here finds no trou- ble in getting customers to remember his name. His business sign reads, » | material advance all around. CORN PRICES GAIN IN INITIAL SALES Buying Becomes Pronounced on Reports of Another Cold Wave. By the Associated Press. CHICAGO, February 5.—Corn prices developed independent strength early buying side of the market. current that corn export business was in progress, and there were indications of another cold wave. Opening % off to 4 up, corn subsequently scored a ‘Wheat and oats likewise showed firmness, with wheat starting at '; decline to an equal gain, and then rising after a slight gen- eral sag. Provisions were ea: Speculators today quickly absorbed at times all surplus offerings of corn fu- ture deliveries and brought about lively upturns in prices, Forecasts of low temperatures spreading Southward and Eastward tended to emphasize reports of continued heavy feeding on farms and of unlikelihood of any increased movement of corn during February. S}:eclal notice was also taken of word of export purchases of corn at St. Louis and of firmness of corn prices at Buenos aires, despite news of rains in Argen- na. Wheat sympathized with corn strength and was affected also by Euro- pean advices that large stocks of wheat in North America would not be suffi- cient to depress values if prospects of next season’s crops are unfavorable. Continued heavy purchases of wheat for the Orient were also referred to as a Meanwhile, strengthening influence. PONTIAC enginesr+-10% actual performance 7 7 Longer, huskier chassis fittings, for instance) » cut guarantees. under which it From this you COVINGTON, ALWAYS today, with spectators taking to the | Talk was | You learn exactly the maximum allowable total gross weight for which any given model is guaranteed, and highest efficiency year-in, year-out. of chassis, and of any type of body Richmond Branch 107 West Canal St. BROADWAY, Va.—Miller-Hoover Motor Co. DANVILLE, Va.—Motor Service Co. MADISON, Va.—J. B. Carpenter. PHOEBUS, Va.—H. M. Tessl INVESTIG ~\'l‘li COTTON IS STEADY IN OPENING SALES Slight Declines Noted in Early Dealings Due to Liquida- tion. By the Assoclated Press. NEW YORK, February 5—The cot- ton market opened steady today at a decline of 3 to 7 points. Active months sold about 6 to 7 points net lower in the early trading under further March liquidation combined with liquidation and some local selling in later de- liveries. This apparently was promoted by relativel” easy Liverpool cables and talk of possible curtailment of produc- tion in the Lancashire mills spinning Egyptian cotton. May sold off to 19.58 and new Oc- tober contract to 18.97. There was more trade demand below 19.60 for Spring menths and prices rallied 3 or 4 points from the lowest by the end of the first half hour. Trading was moderately active at the start, but orders seemed to be fairly well divided. Private cables said trade calling and scale down b ing by the continent had absorbed liqui- dation at the decline in Liverpool. Machine Tools Demand. NEW YORK, Febr y 5 (#)—With industrial centers maintaining a high level of activity, demand for machine tools in many instances has exceeded that of the closing month of 1928, says American_Machinist. Nebraska reports today told of a cold wave coming, lack of snow covering and so0il badly blown. | | | BY KENNETH S. VAN STRUM. NEW YORK, February 5.—The sharp rise in railroad stocks towargd the end of last week again aroused much discus- sion of mergers and the possibility of a broad bull market in the rails. Many issues reached new high levels, but such a sharp rise in the rails has too often proved disappointing in the past to at- tract a wide professional following at this stage of the market. During the past few years whenever the rails had an advance as they did last week, they lost all ground geined the next few weeks. It is most interesting, also, to note that the arp rises in the rails usually came shortiy before a reaction occurred in the general stock market. For some reason when, following a slow upward trend, the rails rise sharp- ly, it has generally signified the end of the current phase of the advance for both the rails and industrials. Perhaps the explanation is that the rails are used as a blind under which heavy dis- tribution is accomplished. At any rate, let us review this particular aspect of stock market history. Rail Advance Gives Warning, ‘The most recent instance occurred | last month. After the break in December the industrials re- d almost immediately, but the railroads advanced very slowly at first. Then "suddenly during the last three days of 1928 and the first four of 1929, the rails rose 5 points on the average. A minor reaction in both rails and - | dustrials followed immediately. To go back a little further, virtually the same situation began to develop last June, although it required a longer period of time. A low for the entire stock market was registered in June, after which a sharp advance took place in the industrials, while the rails ad- vanced moderately most of the time. On several occasions, however, the rails pushed forward a little more energeti- cally, notably during last August and | mid-October. At these times the prog- ress of the industrials was halted tem- porarily. When the rails finally took a very sharp rise in November, gaining 10 points within a very short period of time, the sharp reaction of December followed. Instances of similar situations can be found at regular intervals back through the last few years. In April and May, a wide range, then rose suddenly; the same thing happened in August and October, 1927; in September, 1926, and December, 1925. Invarfably these sharp advances by the rails were followed by reactions in which the rails usually lost most of the ground gained. and ;hr: !Indllstrlals also suffered rather eavily, Recent Advance of Rails. ently true that when conditions are fa- vorabie, the industrials will advance’ as long as the rails rise slowly. But as soon as speculation in the rails begins on a scale similar to industrial specula- tion, it has immediately preceded a vio- |lent reaction. Perhaps the meaning of this is that wide movements in the rails may be taken to mean that speculative |enthusiasm has passed reasonable bounds, or that perhaps the rails are forced upward to cover up liquidation in the industrials. At any rate, swiftly rising rail prices such as were experi- enced last week, when the rail average rose over seven points, from past ex- perience might be regarded as a danger signal that speculation has been carried beyond the bounds of safety. And fur- , tmlay' present with u)a() PONTIAC engines 1928, the rails began to fluctuate over | Thus in the past it has been consist- | ther, if the experience of the last few yeaxg g worth anything, there seems to! be a good chance that the rails will not | be able to hold their gains. Gossip, Tips, Rumors. Seldom have we witnessed a time when tips and rumors were more widely circulated. In reviewing current gos- sip. one suddenly realizes that the av- erage trader does not base his decisions {upon present earnings of a stock. or even-on probable earnings in the near future. The rumors which attract the majority seem to be those of combina- | tions, mergers and developments that will not work out for years. One is forced to conclude that much of the current prosperity is pretty well discounted. Of course, there are many stocks selling too low, but more import- ant at this point is the fact that there are others whose rapid advances have paved the way for sharp technical re- actions once the market hesitates. The conservative trader or investor watches the position of each industry in which he holds securities. If an indus- try appears to be at the peak of pros- perity for the present, he will consider cutting down his holdings, especially if these securities have advanced spectac- {ularly during the past few weeks. He | will not judge advances according to the | number of points of rise, but on & pe centage basis. He takes the price of his stocks, figures the percentage rise and |if it has risen much faster than the | general market without definite indica- tions that the improvement will con- tinue at a still faster pace, he will con- sider the advisability of accepting his profit. He realizes that, while the mar- ket may continue to advance spectacu- larly for a while, he cannot hope to | make and retain speculative profits in a market fluctuating as widely as this one does. He is willing to sit on the side- lines and let others assume the major r;sks until the future becomes more clear. (Copyright. 1929.) 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