Evening Star Newspaper, February 7, 1929, Page 13

SHARP PR DRI HTS CIRBMARYE Long List of Stocks Reacts to Federal Reserve Statement. BY WILLIAM F. HEFFERNAN. Bpecial Dispateh to The Star. NEW YORK, February 7. broke violently on the Cutb E: today as a result of the adverse de- velopments In the credit situation. The 1 per cent rise in the Bank of Eng- land discount rate and the Federal Ri- serve’'s warning to speculators served to knock the props from under a long al losses ranged from 1 to 15 High-priced industrials were thrown over ipdiscriminately for what- ever they would bring. Crocker-Wheeler, after hav bid up spectacularly recently, opened against the previous final of 250. ewm Mining broke from 2007 to 195': overnight. Hiram Walk- er lost over 5 points at 87. Forced liquidation by accounts which had been seriously impaired played a prominent part in the later proccedings. Feeble rallies were attempted in certain issues in which pools were known to be op- erating, but they accomplished little. The utilities were turned over in heavy volume, with Electric Bond & Share Securities breaking from 235%; to eround 225 before support was encoun- been mdard of Indiana opened on a of 7.000 shares at 94'c. as com- pared with the previous final of 95%, and lost additional ground later. Other oils moved sympathetically. Some of the coppers resisted the sell- ing. possibly because of the upward trend of the market for the metal. Central Atlantic States Service was a specialty that was well supported, in- fluenced by reports of plans for the acquisition of another plant in its New Jersey territory. The movement of Goldmann-Sachs ‘Trading was sensational. Plans for the affiliation of these interests with the Financial and Industrial Securities, which will bring together two organi- pations wit® resources of approximately $200,000,000, appealed to the speculators. ‘There was every indication of a tech- nical corner existing in a market for the stock. The price left off Wednesday at 1877%. It opened on a block of 13,000 shares today at 195 and soared to 22215 before any let-up in the demand occurred. | For a timé during the session practi- cally every other sale that appeared on the tape was “GSC.” Even at the high price for the day there was little dis- position to take down the enormo: paper profits which had accumulate from the issue of price $104 per share little more than a month ago when the public offering was made. Baltimore Markets BALTIMORE, Md., February 7. tatoes, white, 100 pounds, 1.00al.3 sweet potatoes, barrel, 1.50a3.25; yams, barrel, 1.5023.50; bushel, 75a1.85; beans, bushel, 2.0024.50; cabbage, hamper: 1.00a1.50; carrots, bushel, 1.50al.75; celery, crate, 2.50a3.50; cauiifiower, crate, 1.00a1.50; eggplants, crate, .4.00 26.00; kale, barrel, 3.00; lettuce, ham- per, 75a1.25; onions, 100 pounds, 3.00a 5.50; oyster plants, 100, 6.00a10.0 parsnips, basket, 65a75; peas, bush .25a2.50; peppers, crate, 3.0025.00; spis ach, bushel, 60a75; tomatoes, crate, 1.00 a2.50; turnips, basket, 50a60; apples, bushel, 75a2.00; cranberries, half bar- vel, 9.00210.00; grapefruit, box, 2.50a 75; tangerines, per helf strap, 1508 2.25; oranges, box, 2.5024.00; strawber- Ties, quart, 30a40. Dairy Market. Poultry, alive—Young turkeys, pound, 85a40; old, 25a32; young chickens, 33a 38; small and poor, 20: old hens, 20a30; Leghorns, 20a27; capens, 32238; old roosters, 17a18; ducks, 20a30; geese, 18 226; guinea fowls, each, 40a80; pigeons, pair, 30. Poultry, dressed—Turkeys, young, pound, 30a40; old, 25a32; chickens, young, 30a35; old and mixed, 25a30; capons, 33a42; .old roosters, 18a20; ducks, 25230; geese, 20226. Eggs—Receipts, 602 cases; native and nearby firsts, free cases, 37a37%; cur- rent receipts, 32a36. Butter: to fancy creamery, und, 47a52; prints, 52a54; blocks, 51a 3; ladles, 34a38; store packed, 25; rolls, 25a28; i process butter, 41a42. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.37%; February delivery, 1.37%. Corn—No. 2 export, February delivery, 1.07; No. 2 yellow, domestic, spot, 1.12; cob corn, 5.25a5.50. Oats — No. 2 white, domestic, spot, No. 3 white, domestic, spot, R 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. Pension Fund Report. PITTSBURGH, February 7 (#).—The United States Steel and Carnegle Pen- sion Fund distributed $3,488,487.90 as penslons among retired employes of the United States Steel Corporation and its subsidiary companies curing the year 1928, according to the eighteenth an- nual report of the fund. During the year 1,195 employes were added to the rolls and 583 were re- moved. As of December 31 there were 7,000 on the rolls. The average age of those retired in 1928 was 63 years and the average monthly pension was $53.55. The beneficiaries under the fund do not contribute toward it during their employmen:, it having been created Jjointly by the late Andrew Carnegie and the United States Steel Corporation. Sees New Sales Record. BALTIMORE, February 7 (Special).— ‘W. H. Alford, vice president of the Nash Motors Co. of Maryland, in Baltimore yesterday to preside at the annual meet- ine of stockholders of that corporation, 15 highly optimistic over the outlook for the industry. “Our schedule for 1929 provides for the largest number of cars in our his- tory,” Mr. Alford said. ‘Advance orders indicate that capac- ity operations will be necessary to bhandie the business despite the fact that plant capacity has been largely in- creased and further expansion is now under way,” he added. All the present officers and directors ‘were re-elected. *W., B. & A. Elects Wagner. BALTIMORE, February 7 (Special).— Herbert A. Wagner was elected presi- dent of the Washington, Baltimore & Annapolis Electric Railway at a special meeting called yesterday to fill the va- cancy caused by the death of J. J. Doyle. nelly were elected vice presidents. Mr. Wagner is president of the Con- solidated Gas, Electric Light & Power Co. Mr. Cohn is vice president of that corporation. Mr. Connelly heretofore has been general manager of the electric railroad and will retain that position. He will direct the operations of the carrier. . The Consolidated Power Co. owns & ‘guajority of the Charles M. Cohn and H. T. Con- | §8}e3 10! ' THE EVENING Received by Private Wire Special Dispatch to The Star. NEW YORK, February 7.—Following is a list of stocks and bonds traded in on the New York Curb Market today: Sales in INDUSTRIALS. - hundreds. High. Low. Close. 22 Acoustic L1238 12% 123 1 Allison ¥ 1Alum Co Amer 1Alum Goods Mg 53 Am & For Pow war 7 Amer Beverag: . 3 Amer Br Bov El F Am Brt & Prod . Dr B.. 3% 2 Amer t Myers 3 Brit-Celanese 10 Bklyn City R §Buf Niag & E 1Buf Niag E P 8§ Bulard Co 36 Burma Corp 3 Butler Bros ... 24 Marcont W D00 o. Pl td m Commonyw Cons Auto Mer vic Cons Auto Mer pfd n : Bronze. Elec Ltd Tez Firepriz n Laund M: Ser 3 Grigsby Grurow 5 Guardian _Fire 6 Hart Parr ... 13 Hart Parr pfd A 15 Havgart Corp 44 Hiram Walk G 2 Hires Ch A - 1 Househ Finance pfd 10 Hygrade Food Prod.. 1Imp Chemical ..... . 2 Indust_PFinance ctf. 7 N A 1 Prod .. 3Intern Util A 43 Intern Util B ie 1Intern Util pfd ..... 125 ¢ Naumburg.. 08 Vic .. 42 1Jonas & Naumby pid 55 € Keystone Aircraft 5 48% 8 Kimberly Clark 51t 3L 33% 33% 03 oty 337 35 Am_ Ut 1st pfd. Eastern Pow. enn A 4 Penn Ohio Ed. 2 Penn Oil Ed optl 1Penn P&L 7% pf 295 4 lld:" 4% 6 &ls 3 Schulte Un 28ecc Gen Am 3Sec Gen Am r iry 15, pald A G & Bro n.. 1 Sparks Withing 16 18tand Inv ... 5 Stand Motor ...l 1Stern Bros A 46 1Stewart Warner n wi 7 Stinnes Hugo . = 3 Syra 17 Tageert_Corp 5 Tampa EI . 8 Thermoid_ Co 3 Thomps Prod A. gagde S <<cddc SESS 9 9% el 22 al algreen 60’ varner Bros Pict ris. vestvaco Chlor...... 72 il-Low_Cafeter T 6 Winter B J...... 53 Wire Wheel *Corp 3 Zenith Radio 5412 MINING STOCKS. 2 ooy oo sEBoosnndlE R0 %w! 2% il 18% ] 5 Nipissing Slock of the Talizoads . 20 Noranda NEW YORK CURB MARKET Direct to The Star Ofiice 86 Ohio Cop ... 1Pond Creek .. 13 Roan_Antelope '€op 50 8an_To, 3 tah “Apex 15 Wendon Cop . Sales INDEPENDENT OIL STOCKS. in hundreds. ‘on_ Oilfids 61 Co (3 15 Am .. 64 D6 1 Columbia 1€ons Roy: 13 Darb: 1¢ 1T v _Pete it oil Py SUES AND, 1E5—STUCKS, 515 1187 8 Appal 1ATK P AT&SE dlas A 49 8 Atlas Plyw 5las '43.. 96 3 Boston & Me 6: 1Can Nat R)L o Git Serv 55 'G6.. 126 2 Col R_Li 104 Com TInvest 5 7Cont'l G&E 55 A 37 1 Fairbanks Mg 42 95 3 Fabrics Fin 6s '39 A. 101 b Firest Cot Mil 5s ‘46 94 2 Firestone T&R 55 '42. 95 3kisk_'lire b &L 211nd Oil & Gas 6s '39 7Ind O & G 9 5154 2Indian P&L 55 A '8 11Intl Sec Am ow 5s '3 5Inves Co Am 5s A 31 Kendall 5% 48 3 & Coke 2 Pac Inves 5s A ' 8 Pac Wn Oil 628 $Un Lt Rail 5 92 n Lt A 128 ¥ & Ra 6s A ’52. 101 4 Western P 81os 5 5 Wheel Stl 412s B '53. Salesin FOREIGN BONDS. thousands g 9 Buenos Aires 7'2s '47 104 5 Cauca Valley 7s '48. 93 € Eur M I17s C '67 91 17 Finland R Mtg 6s '61 5 Frankfort, 628 '53 .. 4 Free St Prus 6s '52. 1Free 8t Prus 8'2s '51 6s '34.. 91 2 Mor Bk Bogot s 7Mor Bk _Chile 65 2 Stlesia_Ts '58. 18tinn Hugo s xd—Ex-dividend, wi—When issued, New. ww—With warrants. BIG PUBLIC UTILITY MERGER ANNOUNCED By the Associated Press. NEW YORK, February 7.—Associat- ed Gas & Electric Co, a holding com- pany, has contracted to acquire con- trol of General Gas & Electric Corpora- tion, also a holding company, control- ling public utilities in Pennsylvania, New Jersey, New York, South Carolina, Maryland and Florida, it was announc- ed today. Associated Gas is to acquire the hold- ings of W. S. Barstow & Co., Inc., New York, which owns a substantial major- ity of the class B common voting stock of General Gas. York, which owns a substantial major- ity holders of General Gas class B and class A common to exchange their stock for Associated Gas shares. Completion of the transaction would result in a combined utilities system with annual gross earnings of more than $70,000,000. © Companies now in the Associated Gas system serve 1,000 communities in New York, Pennsyl- vania, Maryland, Massachusetts, New Hampshire, Maine, Ohio, Connecticut, Vermont, Indiana, Kentucky, Tennes- see, South Dakota, Illinois, Canada and Manila, P. I Operating companies include the Penn Public System. New Bond Issues » | Special Dispatch to The Star. NEW YORK, February 7.—A new is- sue of $5,300,000 Tidewater Power Co. first mortgage 5 per cent gold bonds, serles “A,” due f. 0. b. February 1, 1979, 1 being marketed today by a banking group composed of E. H. Rollins & Sons, Howe, Snow & Co., Old Colony Cor- poration, Hill, Joiner & Co., Inc.; Hal- sel, Stuart && &Co., Hemphill, Noyes & Co., Coffin & Burr, Otis & &Co., Stroud & Co., Inc.; Emery, Peck & Rockwood Co,, and Eastman, Dillon & Co. The bonds are priced at 94.50, to yield about 5.35 per cent. Offering is being made today of $2,500,000 Thermoid Co. five-year 6 per cent sinking fund gold notes with stock purchase warrants maturing Feb- ruary 1, 1934, by Eastman, Dillon & Co., Schuletter & &Co. and Oliver J. Anderson Co., at 100. PARIS BOURSE PRICES. PARIS, February 7 (#).—Price changes were irregular on the Bourse today. ‘Three per cent rentes, 72 francs; 5 per cent loan, 97 francs 70 centimes. Exchange on London, 124 francs 20 centimes. ‘The dollar 25 SR Taiopd J; o BY KENNETH S. VAN STRUM. NEW_YORK, February 7.—National Bellas Hess is a national mail order house specializing in wearing apparel. Its business is more highly specialized and is only about one-sixth that of Sears and one-fourth that of Ward. It has more than 4,000,000 regular cus- tomers and is the third largest mail order concern in the country. Dealing principally in clothes; it has been subjected to all the® trials which the clothing trade has undergone in recent years. People have been disin- clined to spend money on clothes, and the rapid style changes and falling price levels characteristic of that in- dustry lately are factors which par- ticularly affect a mail order house de- pending upon customers ordering from a catalogue. During the worst of the slump in the clothing industry, however, Na- tional Bellas Hess maintained a fairly steady volume of business, although the margin of profit—which even in normal times is slightly below that of a straight mail order concern—fluctuat- ed from .86 per cent to 5.28 per cent. Per share earnings ranged between a loss and a profit of $11.51 a share, and the price of the stock often doubled |i200 | NATIONAL BELLAS HESS |=l'||||[ i lI MONT WARD 1" sears ROEBUCK | during the course of a year, and then the following year would drop back close to its old low and repeat the process again. Enters Chain Store Field. In 1927 a new management took control of the company. After some of the unprofitable lines had been dis- continued, the company undertook an extensive expansion program. The Charles Wilson Stores, Inc., were pur- chased for cash out of assets, an acquisition which should increase sales about one-third. More recently the company has proposed a split-up of its own stock on a,3-for-1 basis and a merger with Kinnear Stores, operating a chain of 23 general merchandise stores in the Middle West. These changes will mean that a company well established as a mail order garment house will step into the general merchandising field. Last year's profits totaled $10.67 a share and bet- ter is expected for 1929 with the en- larged company. The erratic fluctuation of stock prices and earnings in the past, however, has led many to believe that present price of the stock had gone far toward dis- counting prospects for the immediate future. On the other hand, the entire garment industry has been so complete- ly deflated during the last few years that further deflation seems unlikely. Sears-Roebuck. Sears-Roebuck, the country’s leading mail order house, has expanded rapidly during recent years. Instead of one mail order house, Sears-Roebuck now has 10 operating in strategic points throughout the country and has so solved mail distribution that it now pays parcel post charges for its .customers. Its mail order business has shown steady expansion for years. But. the greatest forward step has been in the chain store field. Today Sears has 37 large department stores selling a wide variety of articles and operating in the larger cities of the country. In addition it has 150 small retail stores selling lines of merchan- dise which vary according to size of the store. Some stores carry a very complete line of merchandise, others only auto accessories and radio. This expansion into the chain store field has placed Sears’ stock on a basis where it sells at prices comparable with other chain store stocks which are financing expansion of earnings. During the last seven years Sears’ earnings have averaged $4.30 a share, ond today it is paying $2.50 in dividends and small quarterly stock dividends. While net earnings have not increased in the last two years at as fast a pace as gross business, this is due to the fact that a large part of earnings are used for expansion and the “cost” of open- ing doors” of new retail stores have been absorbed in current expenses. It i3 stated that larger earnings are in oregpect in the future. It is extremely difficult to tell whether or not the rise of the stock from 50 to 170 during the last two years has discounted the pros- pects for the immediate future. Montgomery Ward. Montgomery Ward, the oldest and second largest mail order house in the country, also decided about 1927 that the saturation point for mail ortler sales had been reached. The motor car had made it possible for farmers to travel easily for considerable dis- tances to shopping centers. Whereas Sears-Roebuck started its retail stores in the city fleld, Ward conceived the idea of a chain of gen- eral merchandise stores to serve its established clientele in the country. Ward had nine separate mall order houses in different sections of the country, and recently to au;:glement these has established during the past two years 150 stores in the smaller cities. By 1931 the company expects to haye 1,500 of these stores. Recently, too, Ward has established stores in larger cities and now has 21 retail department stores in the larger cities. In the past seven years Ward’s earn- ings have shown a steady expansion, averaging about $2.92 on_the Dasis of the present stock, which last year earned $4.77 a share. The spectacular rise of the stock makes one more .critical of the future prospects. If the company sticks to its progressive pro- gram and is able to maintain its pres- ent margin of profit in the new in- dustry, the company’s earnings in years hence should run between $6 and $11 a share. With the stock selling at present prices, some feel that much of the future expansion has already been discounted. Looking over the three mail order houses which have entered the chain store fleld, it does appear that on the basis of known .facts the future has been rather well discounted. It should be remembered, however, that the prices of chain stores stocks have a strange way of rising steadily while expansion of stores in the chain on, but of slowing up appreciably once the expansion has been completed. (Copyright, 1920.) o Copper Demand Increases. NEW YORK, February 7 (#).— Active demand for cogper at higher prices featured operations the past week in the non-ferrous metals market, says Engineering and Mining Journal. Advances also occurred in lead and tin, while zinc ruled firm on a fair volume of business. Fabricators ‘f; parently are anticlpating s pinch STAR, WASHINGTON, D. C., [ RAIL MERGER PLANS PRESS FOR ACTION I. C. C. Faces Serious Problem in Fight of Carriers for Territory. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, February 7.—The Inter- state Commerce Commission seems to be in for a strenuous time during the next few months, with any decision it may make in regard to railroad con- solidations likely to be bitterly opposed and with the possibility that Congress may take a hand. The Taplin interests have already asked the commission for permission to acquire for the Pittsburgh & Lake Erie the control of the Western Maryland. This combination, strong in Cleveland, is working toward a line from Tidewater in Virginia to Lake Erie ports, using the Pittsburgh & West Virginia as & link. The Baltimore & Ohio will ask in a short time permission to buy the Read- ing and the Central Railroad of New Jersey. The Van Sweringen interests are sure to come in with their new plan for the merger which will weld the Nickel Plate, the Erie, the Chesapeake & Ohio and the Pere Marquette with other minor roads into a homogeneous ‘whole. The New York Central has already been given Bgrmlssion to gather into its paternal bosom a couple of its sub- sidiaries which it has held under abso- lute control and lease for years. This is hardly to be placed in the same cate- gory as the othér questions. Over all these plans looms the menacing shadow of the Pennsylvania lines. The stormy petrels are flying briskly about the Eastern trunk line territory, but they are not lighting anywhere. ‘They may take wing for other localities at any time. For the situation is not beyond a settlement through round- table discussion. It must be remembered that the whole idea of the consolidation of the main railroads of the country is a child of the Interstate Commerce Commis- sion itself. It laid out a tentative schedule for such amalgamation, but since then has firmly objected to the plans of the various carriers to consoli- date. It has never said what sort of plan it favored, but has contented itself THURSDAY, FEBRUARY 7, 1929.° opposing the plans submitted. n the case of the Taplin application, proval of the plan is asked before ac- quiring stock control of the Western Maryland. If the Interstate Commerce Commission gives its approval, it has to face responsibility for the effect its an- nouncement may have on the stock market. It is, of course, doubtful if the Taplin interests would attempt to buy control in the open market. Such a deal would have to be through private negotiation in all likelihood. $300,000 ASSESSMENT OMITTED BY KNIGHTS Special Dispatch to The Star. NEW HAVEN, Conn., February 7.— On advice of the consulting actuaries the April death benefit assessment of the Knights of Columbus, amounting to approximately $327,600, is to be omitted. This procedure is resorted to in or- der to keep the assets and liabilities in balance, the proper ratio being 131 to 100. Last year three of the regular twelve assessments were omitted, the consequent saving, or dividend, to the membership amounting to more than $900,000. Since 1909 there have been 27 assessments omitted. At the present time the total insur- ance in force amounts to approximately |$273,124,402. The net increase for 1928 was approximately $9,185,647. Benefits paid to beneficiaries last year totaled $1,966,353, and since the "beginning of the order total $27,906,211. with Ii POTATO MARKET STEADY. CHICAGO, February 7 () (United States Department of Agriculture).— Potatoes—Receipts, 101 cars; on track, 224 cars; total United States shipments, 753 cars; trading only fair, market steady; Wisconsin sacked round whites, 80a1.00; Minnesota and North Dakota sacked round whites, 80a80; fancy shade higher; Idaho sacked Russets, 1.50a1.70; few shade higher. Will Acquire Business. NEW YORK, February 7 (#).—The Haven, Conn., will take over the busi- Co. of Connecticut, Wall street hears. NEW YORK BANK CLEARINGS. NEW YORK, February 7 (Special).— New York bank clearings, $1,723,000,- 000; New York bank balances, $155,- 000,000; New York Federal Reserve credit balances, $121,000,000. v Winchester Repeating Arms Co., New | ness of the Winchester Repeating Arms | COTTON IS STEADY IN OPENING SALES Early Selling Movement Is Offset by Trade Buying on Decline. By the Associated Press. NEW YORK, February ton market opened steady at of 8 to 9 points, with the old crop months selling 11 to 13 points net lower right after the call. Liquidation was promoted by relatively weak Liverpool cables and nervousness over the possible reactions of the stock market to the Federal Reserve statement. Houses with Wall Street and Western connec- tions were amorig the early sellers and there was considerable local or commis- sion house selling, but the trade was credited with buying on the decline. After selling off to 19.66 for May, prices steadied a few points on covering. Private cables reported local, Londnn‘ and Manchester liquidation influenced | by the higher bank rate, but said the | home demand for cotton cloths was im- | proving. ~The cot- a decline | Surplus Treight Car Report. Class 1 railroads on January 23 had 323,125 surplus freight cars in good re- | Ynir and immediately available for sérv- ce, the car service division of the American Railway Association an- nounced today. This was a decrease of 52,855 cars, compared with January 15, at which time there were 375,980 cars. Surplus coal cars on January 23 to- taled 112,392, a decrease of 27,694 cars within approximately a week, while sur- plus box cars totaled 162,012, a decreas2 of 24,793 cars for the same period. Reports -also showed 24,107 surplus stack cars, a decrease of 69 under the number reported on January 15, while | surplus refrigerator cars totaled 11,948, an increase of 209 for the same period. P Copper Prices Again Raised. NEW YORK, February 7 (#).—The price of export copper was advanced today one-quarter of a cent for the second time in as many days to 18 cents a pound. Domastic copper was increased yesterday to 17% from 17%. 13 WHEAT VALUES SAG IN EARLY TRADING Market Influenced by Reaction in Stocks—Corn Prices Are Up. By the Assocated Press. CHICAGO, February 7.—Influenced by sharp breaks in the stock market | and by relative weakness of wheat quo- tations at Liverpool, wheat values here averaged lower early today. On the other hand, corn developed strength, helped by advanced bids from export- ers, opening % to 7:al down. Chicago wheat sagged a little more and then rallied somewhat. Corn started un- changed to % off and afterward de- clined slightly, but later scored mate~ rial gains. Oats were firmer. Provi- sions held about steady. Although wheat prices here showed sympathy at times today with stock market downturns, there was a notice- able absence of wheat selling from im- portant sources. It quickly bccame evident also that some of the early sellers of wheat turned buyers on account of corn strength which de- veloped as a result of indications of continued cxport demand. Leading commission houses were aggressive buyers of corn much of the time today. One of the reasons given was news that the Province of Kenya, South Africa, a big corn-producing sec- tion, haswprohibited corn exports owing to drought and to fears of famine. There were also advices that higher prices for corn and competition of barley had not affected European demand for corn as much as had been looked for. And that laree European imports of corn from the United States appeared inevitable. SILVER QUOTATIONS. W _YORK, February 7 (#).—Bar , 56%. Mexican dollars New Stock Offer. NEW YORK, February 7 (#).—Radio= [ Keith-Orpheum Corporation is offerin, stockholders of record February - 1 rights to subscribe to new class A com-= mon stock at $30 a share at the rate of 114 new shares for every 10 shares held. About 290,000 shares of new stock be issued, providing $8,700,000 in new Foreign sales have been good. working capital. at the Zero Hour “Standard” Gasoline is superior in any kind of weather. It is particularly effective on cold winter mornings. Quick on the start. Quick on the pick- up. Full of instant power. Built to meet all demands of modern motoring. A tested fuel. Used and recommended by millions. Be sure to get the genuine. On sale everywhere at the big red ¢“Standaird” pumps with the “Standard” globes. Made right and sold right. Al- ways right on the job. 1 Easy Sta 2 Quick A sary in —for cannot engine. runs. 4 Mileage Efficiency over and over b; in every type of car. S Safety to Motor—a fuel that THE 8 REASONS WHY rting—even in cold- est weather. cceleration — neces- traffic. 3 Power, Steady and Reliable hill cfi ing and long — proved road tests possibly injuré your 6 Complete Combustion—burns completely, leaving practi- cally no carbon, no “loose ends” to dilute the crank Ih Wl 8 Aoaila case oil. 7 Uni{orm:y‘ —every gallon is e every other gallon r you buy it. bility—the red “Standard” pumps are cone veniently located thra he out the length and breadth of this state. “STANDARD” THE QUICK STARTING—ALL °ROUNI| . GASOLINE WL oo S