Evening Star Newspaper, February 6, 1929, Page 12

SPECULATIVE CURB Buying Reaches High Figure, With Market Trend Uncertain. BY WILLIAM F. HEFFERNAN. @pecial Dispatch to The Star. NEW YORK, February 6.—It was another day of excited speculation on the Curb Market, with no uniformity to the movement of the main body of stocks. Interest centered in high-priced speculative favorites which fluctuated in sensational fashion. The confusion which accompanied the opening of the market for Stand- ard Oil of Indiana shares yesterday was not in evidence today. With the time for purchasing stock to be represented by proxies at the annual meeting hav- ing expired, little difficulty was experi- enced in establishing an opening price. The first sale involved a block of 7,000 shares at 987. This compared with the previous closing of 99%. ‘Thereafter trading continued heavy, profit-taking carrying the price down several points rther. ‘uThe closely held Crocker-Wheeler shares, commonly placed in the “mys- tery” category, again performed spec- tacularly. At the close yesterday of 265 the price reached a new high record, up 17 points net on the day and com- pared with the year's low of 12712. The opening sale today was 274 and an ad- ditional 10 points was added to the gain ter. quosslp was to the effect that one of the most prominent manufacturers of electrical equipment was seeking to ac- quire control. Others had it that plans are under consideration for splitting the present, share capitalization into the ra- tio of five new for each share outstand- ing, after which the stock would be list- ed for trading on the stock exchange. Goldmann-Sachs Trading, which shot forward 41%; points Monday and added to the gain yesterday, was turned over in enormous volume from 180% to 192%, the latter price representing the highest since listed. Of course the in- centive here was the plan reported earlier in the week for a fusion of in- terests witn the Financial and Indus- trial Securities Corporation, a combi- nation in which would be involved & capital of some $200,000,000. Associated Gas & Electric warrants held speculative interest in the utilities. Having closed yesterday at 150, the price shot forward on running sales today to a new high of 174, only to rebound sharply to around the 160 level. Phelps-Dodge _was _another high- priced issue in which the floating sup- ply has become depleted. Opening at 290, it was up 10 points. Later it sold at & new high record of 310. United States Freight, Gold Seal Electric, Re- public Brass, Wire ‘Wheel and Long Island Lighting also made new high records. New tops in the mining group were made by Kennecott new, New Cornelia Copper and Evans Wallower Lead. The reactionary tendencies on the Stock Exchange had a sympathetic effect and carried prices off from their best. Sikorsky and Universal Aviation reached new highs. . CHICAGO LIVE STOCK MARKET CHICAGO, February 6 (). (United States Department of Agriculture). — NEW YORK CURB MARKET Received by Private Wire Direct to The Star Ofice FAVORITES WAVER|--ozrs e W YORK CURB MARKET. is a list of stocks and bonds traded in on the New York Curb Market today: Sales in INDUSTRIALS. hundreds, High. Low. Noon. 2 Acetol Prod A.. 2, Y 2o b @i BBkl wowa 3 Auto R M _cvt 14 Aviation Co'of A 1Cons Cigar war, 4 Consol Dairy P 36 Consol 2 Consol n: 12 Crocker Wheeler . . 10 Curtiss Aero EXp. 23 Curtiss Fiying Ser: 1 Davega Inc .. 3 Davenport Hos . Ys Deere C 4 Freshman Chas 1 Gamewell Co Gen' Alloys 20 Red Warrior .. 7 Roan Antelope Col 11 Wendon Cop Salesin INDEPENDENT OIL STOCKS. Sales in STANDARD OIL ISSUES AND les ™ FORMER SUBSIDIARIES—STOCKS. 9500 Contl Oil....... 2% 100 Cumberland P’ L 1 4 800 Humble O & R.. 9242 Imp O Can 91 81 900 y n 1008 O Ohio 500 Vacuum Oil. Sales in BONDS. thousands. 5 2 Abitibi P&P 65 A '53 5Ala Pow 4las 1 Allied Pk s 5AG & E 4125 '8 1Asso G E 5125 |77 s4d 108, 10 Allied Pk 8 3 m Co Amer 2 Alum Ltd 55 48 ... 7Am Asgre Cor 65 '43 114 15'Am Con Alco 6s A '43 126 46 Am Gas & EI 55 2028 96% 5Am Pow & Lt 6s 3016 105% 1l 55 '48.. 96%2 Hogs—Receipts, 35,000 head; market fairly active mostly steady with Tues- day’s average; mostly 9.6029.80 market for desirable 160-300-pound weights; top, 9.85, paid for 160-240-pound aver- ‘Butchers, medium to choice 250-300 pounds, 9.40a9.75; 200-250 pounds, 9.50 £9.85; 160-200 pounds, 9.5029.85; 130- 160 pounds, 8.85a0.85. Packing sows, 8.6029.10. Pigs, medium to choice 80- 130 pounds, 7.75a9.25. Cal ts, 9,000 head. Calves ~—Receipts, 2.900 head; slightly higher, but largely forced mar- ket; supply at moment rather bullish, but most other factors bearish. Better grade steers, largely 10.75a12.25; best around 14.00; fat cows dull; veal- ers 25a50 lower. Slaughter classes, steers—Good and choice 1,300-1,500 pounds, 12.25a15.00; 1,100-1,300 pounds, 12.50a15.00; 950~ 1,100 pounds, 12.50a15.25; common and medium, 850 pounds up, 9.00212.50; fed yearlings, good and choice, 750-950 pounds, 12.25a15.25; heifers, good and choice, 850 pounds down, 11.00a13.50; common and medium, 8.00a11.00; cows, good and choice, 8.50a10.50; common and medium, 7.25a8.50; low cutter and - cutter, 6.00a7.25;" bulls, good and choice (beef), 9.75a11.25; cutter to medium, 8.0029.75; vealers (milk-fed), good and choice, 13.00215.50; medium, 12.50a 13.00; cull and common, 9.00a12.50; stocker and feeder steers, good and choice (all weights), 10.50a11.75; com- mon and medium, 8.00a10.50. Sheep—Receipts, 12,000 head; early sales and bids weak to 25 lower; bulk fat lambs, 16.25a16.50; early top, 17.00 to outsiders; sheep steady; ewes, 9.50 down; feeding lambs steady. Lambs—Good and choice, 92 pounds down, 16.00a17.15; medium, 14.75a16.00; cull and common, 11.00a14.75; ewes, medium to choice, 150 pounds down, 1.7529.85; cull and common, 4.00a8.25; feeder lambs, good and choice, 14.50 215.85. —_— Hardware Prices Firm, NEW YORK, February 6 (Special).— Reports from leading hardware centers are less optimistic this past week than they have been since January 1. This is not considered alarming, Hardware Age will say tomorrow in its weekly hardware market summary, as this is the season of State retail hardware as- sociation conventions, which often take buyers from their stores. Also there is a tendency on the part of many buy- ers to hold off on certain volume or- ders until they visit the exhibits in con- nection with the conventions. Future bookings appear to run slightly behind in most sections, but this condition will likely change early in February. This &micnlar period might be termed an -between stretch as inventories are completed and replacement stock orders have been handled, and it is too early for much Spring interest. Prices generally are very firm, with upward tendencies rumored on certain builders’ hardware specialties and on copper products. ———— Plan Cut in 0il Output. TULSA, Okla, February 6 (#).—Oil operators yesterday decided to reduce petroleum production in Oklahoma im- mediately to 650,000 barrels a day and to maintain the output at that figure until May 1. The States daily produc- tion now is approximately 728,000 bar- rels. Seminole district operators at a con- ference here voted unanimously to adopt a percenugemproruuon plan, car- rying with it a slowing up of drilling as well as curtalling the daily output. The proration program was_adopted after operators in the Mission Pool had agreed that all wells in that area should be allowed to produce, but that the out- put must be held to 200 barrels each per day. New driliing in the Mission area would be prohibited until after $iarch 15. Fertilizer Prices. BALTIMORE, February 6 (Special). —Fertilizer manufacturers report that since the season opened on January 7 prices of all grades of commercial fertilizers have been strong. They say further there is no sign of weakness anywhere, for price cutting, which has been the bane of the business for years, is over. Manufacturers declare that while the selling season will not get into full swing until the middle of this month, the ton- nage placed .50 far s satisfactory. 107% @ 7 34 34 g:,/’. 11867 188% 186% 241 23% 23% 611 86 667 . 2% 14?’ 24Y, 197 197 19% 2, 8% 8% P i i a 2% 9% 862 86 86 D2 2% 2T% . 50 50 50 g, a3 48% 43 43 43% 43% 43% 17% 17% 17% 58% 58 58Ys 186, 154% 158 8y, 8% 8% e fu fy r a o 311 38% 36% 1231 188, 133 5314 15315 1837 11834 1167 11614 7 8% 8% 78 7Tate 7% 63 6 62% 531, 53% 532 38 38 38 “’T 1413 14% 457) 4515 45%a 200 ° 200 200 26 25% 26 5 St Regis Paper. s o 157 Solected Indust inc.. 313 30% 30% nd Inc pfd. 1053 103V2 105 EH e R S M T 1t 1] Bévubiie Brass 5 Reynolds - Metal.. 1Caro P & L 55 3Cent States El 5 Ids 5s ‘33 1 Contl G&E 5s A ’58.. 1Contl Oil 5%s '37... O 5s '46....110 1 787 38 101 a2 90v. 90 '39 1014 ool 4 ow 55 98l 5 Goody T&R C 548 '3i 90% Grand Trunk 6125 '36 1073 i) 2Servel Co 55 '48. 7% 5 Shaw W&P 4las A 87 9313 g 32, 108% 6 : 100 stern P 5138 7115% 115% Stl 4%s B '53 89 88% Sales FOREIGN BONDS. thousands. 1Agri Mor Ba 7s '46. 5 Bank Prussia 6s ‘30 SeszzessSaneties W 553 6s B'51 9Com & Pr Bk }as '37 88 1Danish Cons 5%s '55 100t 17 Ercole MEIM{g6la53 0814 5 Eur Mtg&Iny T%sA’50 9 3Eur Mtg&Iny 7 C /6 1Finld Res Mtg 65 Free St Prus_6s sszonsSnassias FEE FEF S n—New. Ww—With warrants. Copper Mine Wage Increase. BISBEE, Ariz.,, February 6 (#).—A 5 per cent increase in wages for all em- ployes paid by the day, effective from February 1, is announced by the three leading copper mining companies here. An upward adjustment in salaries will be made, the announcement adds. The increase is the second since the price of copper began to advance. The first was 10 per cent, made last October. The organizations announcing the in crease are the Phelps-Dodge Corpora- tion, Copper Queen branch; the Calu- met & Arizona Mining Co. and the Shattuck-Denn Mining Co. $2,000,000 Plant Started. DETROIT, February 6 (#).—A. P. Dowell, vice president of the Murray s | Corporation of America, announced last iSou C E A i 3Sou C E B pfd 18 € E C prd 3 Southern_Ice & U 1 Bouthw Strs..... % Spald A G & Bros. 8 Spanish & Gen rcts. | 2 Spieg M Stn cum pfd 3Stand Inv .. 4 3 Stinnes Hugo .. 7 Stromb Carls Tel . 7 Thom 8515 55% 12 Timk A s 3% 317 8 Trans Am 133%2 1333 70 Transcon Afr Trsp. . 26Y; 26% 8Trans Lux DL P § 127 124 2 Travel Alr Co....... 59% 5934 51 Triplex Sfe Glass Ltd 33 31 3 95 Tri-Contl Corp . 33 11 Tri-Contl _pfd 12 Trunz Pork Sto; 19 Uni Afrcraft & Trans 29 Uni Elec bond rts. inter % 158 Wire Wheei Co: 9 Zenith Radio 81% 1Zonite 367 Sales in MINING STOCKS, hundreds. 61Com Tun & Drain, 5 First Na 6 Golden Center 10 Golden Center M rts .: 10 Goldfield” Cons Hud Bay Min & 228 Kennecott Cop n. 5 Mason_Valley n. FEXE 153 bug. B2, guniho b night that construction of a $2,000,000 body plant has been started in Mem- 7% | phis, Tenn. The plant will have a ca~ pacity of 2,500 bodies daily. LEAD PRICES ADTANOED. NEW YORK, February 6 (#).—The American Smelting & Refining Co. to- day advanced the price of lead from 6.65 to 6.75 cents a pound. COTTON IS STEADY ON INITIAL SALES +| Market Opens at Slight Advance: Realizing-Sales Cause Decline. By the Associated Press. NEW YORK, Feb: ton market opened steady today advance of 3 points to 5 points. Near months were relatively steady on overnight buying orders. Late months were easy in sympathy with relatively easy cables. Near months eased back to about initial buying orders had been first half hour, ruling about net unchanged to 4 points lower. A little trade buying and cover- ing was reported, but was supplied by further liquidation and some local or commission house_ selling. Liverpool said that calling and con- tinental buying of distant months in that market had been supplied by Bom- bay liquidation. WHEAT PRICES GAIN IN EARLY TRADING Firmness in Liverpool Quotations Is Cause of Upturn at Chicago. By the Associated Press. CHICAGO, February 6.—Unexpected firmness of Liverpool wheat quotations in the face of yesterday's downturns here led to an early advance on the Chicago wheat market today. Besides, official reports today indicated uncer- tainty over the condition of domestic ‘Winter wheat throughout large sections. Opening % to 1 higher, Chicago wheat afterward held near to initial figures. Corn and oats were also stronger, with corn starting at % to }2 advance, and subsequently continuing to point up- ward. Provisions sagged. In addition to Government and State advices today telling of much ice above wheat in various parts of domestic Win- ter crop territory and of bare flelds elsewhere in places, a comprehensive private summary said an in number of unofficial reports from cor- respondents throughout the Winter wheat belt pointed to possibility of serious damage from soil heaving and from smothering by blankets of ice. On the other hand, the summary pointed out that a factor to be taken into consideration is that there may be unusually heavy planting of Spring wheat because of the Winter crbp scare. Considerable buying today of wheat future deliveries here was credited to foreign account. This circumstance was interpreted in some quarters as es- pecially significant in view of un- looked-for firmness today of the Liver- pool wheat market. Meanwhile the do- mestic grain belt weather forecast in- dicated cold waves extending eastward 'fimlgm, as well as southward into ans: NEW WESTERN MARYLAND RAILWAY DEAL RUMORED Special Dispatch to The Star. BALTIMORE, February 6—Belief in financial circles here is that the Bal- timore & Ohio Railroad has an un- derstanding with the New York Central, under which the first-mentioned com- pany will turn over its holdings of Western Maryland Rallway stock to the Central in exchange for its interest in the Reading & Central Railway of New Jersey. This would give the Baltimore & Ohio Railroad an entrance into New York, which it has lacked since the sylvania Railroad of using the Penn- sylvania Station was terminated. In the event of the New York Cen- tral obtaining control of the Western Maryland it is held to be almost cer- tain that the Washington, Baltimore & Annapolis Electric Railroad also would figure in the deal, thus giving the New York Central an entrance into ‘Washington. ’ — PARIS BOURSE PRICES. PARIS, February 6 (#).—Prices were firm on the Bourse today. Three per cent rentes, 72 francs. Five per cent loan, 97 francs 45 centimes. Exchange on London, 124 francs 13 centimes. The dollar was quoted at 25 francs 59% centimes. LT Firm to Be Reorganized. Keyatone: Inveiting Gorporation, New eystone vest , New York, recently formed to acquire out- standing capital stock of the Keystone Bond & Mortgage Co. will be reor- smlaed into an investment tru:tm g eal in bank, insurance and stocks. Commodity Notes Non-Ferrous Metals. PIERRE, 8. Dak., February 6.—As & result of the demand for lactite and other metals used in radio set manu- facture, mining is more active in the Bad Lands section of South Dakota than for years. than of the flush field. Packing House Products. CHICAGO.—Fresh k is 1 active, although the t.rplg: is not, p“:lr! ticularly lag.wmr{.”owwtm heavy recel mol meat trad g:'iy ll!r.p i Steel. YOUNGSTOWN, Ohio.—With ley again begin: The heavy production of caused a falling off in new drilling. Acid Stomach Excess acid is the common cause of indigestion. It results in pain and sourness about two hours after eating. The quick corrective is an alkali which neu- tralizes acid. The best corrective is Phillips’ Milk of Magnesia. It has remained standard with physi- cians in the 50 years since its 1n8enuuaooon. ful of Philli k of ne nful o ps’ of Magnes! neutralizes tly many times its volume in acid. It is harmless and tasteless and its action is quick. You will never rel yon crude methods, never con- ;linne nl)c k'l“flgxr' when ycltll lea:-‘n‘ ow quickly, how pleasantly premier method acts. Please let it show you—now. Be sure to get the genuine Phil- lips’ Milk of Magnesia prescribed by physicians for 50 years in cor- recting excess &fi?’n 25¢ and 50¢c ore. “Milk of Magnesia” been the U. 8. Registered Trade Mark of The Charles H. Phillips Cheme ical Company and its predecessor Charles H, Phillips since 1875. CAPT. FRANK-M. HAWKS in a Lockheed Vega Monoplane hatters the AST to COA RECORD " Non-Stop Flight from Los Angeles to New York in18 hours, 22minutes sing TEXACO AVIATION GASOLINE and TEXACO AIRPLANE OIL THE TEXAS COMPANY Manufacturers of a complete line of petroleum products in- cluding the new and better Texaco Gasoline, Texaco Golden Motor Oil and.a Texaco lubricant for every purpose.