Evening Star Newspaper, February 8, 1929, Page 13

FINANCIATL? ‘SELLING ON GURB - CONTINUES HEAVY 'Many Traders Dispose of Speculative Issues Despite Partial Recovery. BY WILLIAM F. HEFFERNAN. Bpecial Dispatch to The Star. NEW YORK, February 8.—The Curb Market today followed closely the gen- eral trend of the big board. The sudden decision to close both markets tomorrow was a factor serving to bring about ad- ditional liquidation by those who were skeptical about carrying speculative holdings over the week end. The list as a whole gave a good ac- oount of itself at the outset, rallying tendencies carrying prices up 1 to 5 points. Electric Bond & Share Securi- ties extended its previous 5-point gain 11 points at 239. The utilities as a ‘whole displayed better rallying tenden- cies than most other groups, American Super Power issues, American & Foreign Power and American Gas & Electric Tecovering sharply. Niles-Bemeni-Pond and E. W. Bliss showed their ability to come back read- ily, but their improvement failed to rally other aircraft issues. Both Stand- ard of Kentucky and Vacuum Oil were pressed for sale, while Standard of In- duh-;: above 93 gained more than a point. Among Ities Stroock common responded in a moderate way to the an- nouncement of the plan to reduce the capital of $1,000,000 and to distribute this amount to share owners in the form of a $10 cash dividend for each share held. Haygart was another specialty that stood out strongly, advanci almost 5 points to & new high around 58. The special operation kept on in Gold Seal Electric, carrying the price to its best above 41, Following the spectacular ndv:nce of 33! points in Goldman-Sachs Tradi: shares yesterday the market settl dwn at and just above the 221 level ‘The comparatively narrow which the price moved thmlm the first half session ently was due to the disposition of ulative ele- ment to await the beginning of trading in the new shares, w] ‘were at 12:30 o'clock. The 1,125,000 addi- tional shares represented the new stock to be issued as a result of the 100 per cent stock dividend. The’ first sale, on & when-issued basis, occurred at 112%, ‘with only 500 shares involved. SUPPLIES OF MONEY DECLARED AMPLE Banks Are Held Able to Finance All Business Require- ments. BY J. C. ROYLE. Special Dispatch to The Star. , NEW YORK, February 8.—There is ‘ample money available for legitimate commercial and industrial needs. That 18 the mainspring that keeps the time clock of business ticking away at a pace today. The warning of the Federal Reserve System against stock market specula- tion stated specifically that the warn- ing was st the danger which might threaten the future rather than the dn.nm which impends in the immediate nt. banks, there is every reason to be\hve. have &l:d up sums of money d legal requirements. ?-e..,""‘“'“m e ndusiie s — Sy s are now back into expansions and bet- ‘terments. .'me yolume of financing made, but losses in the field cannot be frecouped. ' 8o far, however, the outlook mainly is favorable. Automobile producers are more opti- tic than ever. Men are being added to the pay rolls and the absorption of hew cars is extraordinary. This is being helped by the remarkable gain in export business, reflecting better business con- ditions abroad. Further price cuts a in the due to competitive pres: lsure. Cuts llreldy have come in tires. ‘This is attributed to the gain in sales by mail order houses listing casings at levels under those of regular retallers. Rubber is fairly strong and, while the tlhu‘nr.lon of the tiremakers is still faf y admit it has possibilities of dan Ofl production again is outdis demand and a weakness is resulting. ¥his is reflected in cessation of drilling eperations, which has narrowed orders m' oil country goods with the steel e lucers. This drop has been counter- iced, however, by structural steel demand and shipping directions from sutomoblle makers and producers of sgricultural implements. FORGE FIRES REVIVED. Yemand by Horseshoe Tossers Re- stores Trade. ATLANTA, Ga. (#)—For want of a nail, a shoe was lost; for want of a shoe # horse was lost; for want of a horse a kingdom was lost, and the trade of blacksmithing started to wane. ‘Want of the horse, however, not deterring J. M. Jackson, propiretor of the nlty: only smithy, from prej for a rush of business. He is turning out many orders for horseshoe _sets. Equlpmen for horseshoe pitching has n installed in five city plrkl ‘Two mum have been laid out in accordance with regualtions of the National Horse- shoe Pitching Association in each L. L. Wallis, general manager of the park dencmnenl expects that the game will take an immediate hold. He &Inm & number of inter-park tournamen ASPIRES TO COUNCIL. Northwestern Student Is Candidate for Alderman. EVANSTON, Il (#)—The home of Northwestern University this year hu % student candidate for alderman, the “irst in Lhe school’s hlswry. Willilam H. Fetridge, a wants to represent the oif ward, got his first touch of politics ng the university's Hoover for President Club. He also was cl of a mock party convention. Fellow students who aided him in lhl presidential campaign will manage his aidermanic campaign. . ‘The invention of the phosphorus match, the stethoscope, the invention of \rhnrograph\ smokeless powdm clectric steel are all credited to amen., THE EVENING STAR, WASHINGTON, D. ¢, FRIDAY, FEBRUARY 8§, 1929.' NEW YORK CURB MARKET Received by Private Wire Direct to The Star Ofice YORK, February 8—Follow- In( is a list of stocks and bondl traded 1 on the New York Curb Market today: Sales hundr tes Sec s 7 Amer_Roil MiL" 9! 169 Amer mait il m wl 1 Amer Sol & CI 3 2 Angle Chil Nitra. 1Ark Natl Gas<.... 0 % Ark Pow & Lt bid €8t Anthony Gold ;; Uni Verde Ext ‘endor 13 Yukon Gold - Sales in INDEPENDENT OIL STOCKS. hundreds. $Am’ Con_ Oilflelds. Salesin STANDARD OIL ISSUES AND units, FORMER sunsmmnms—nocx! 15% 2 008 .0, Kentucky h. 1700 Vacudm” O 30 . 10C G HDI’IHK & Bump . 42 Check Oab M, Douglas Aircraft . 2 Durant Motor . 114 El Bond&Sh Sec 25 ivest Inc. 4 El P&L optl war.. Em Pow Cor. - g B e 5000 o2 100 ‘..,.....s-:;:.....mfi- TR ananeeg HEwERE gazymggesEiie & . - 3 Susssee s * FEAE 550 2085! i uperpow tal Sipern deb Jonas Naumburg. 1 jonas Naumbure o wi 54 B SRR _.......n...':s—-.—w-—-..aq»fi-n-.._ R FEIEERY PSS EF P EE L P P LSS RS 52802 Ba 88 S0 bR § FRESSREE e ettt PPt BoERS33 s _Grriaa s TR Brarara S5 ta! TR 7 ,,_ ook EEE £ onsoiions 2 ublic Brass’ molds Metal h_Cent AECTAY Egfi S = % . N B2, Ston il Hoo 1 ::err- Pac B - Eosron B -3-Tcared car! ermold_Co Bid. omps Prod en ans Jimken, Det ‘adle’ Transeon Alr’ Dy Lix D | x?*p‘“s A1 qge EEEE :2:—.--.‘.‘.3- T & = 5 2 annann Zi’é"'"" Er agut, o 028! 5 S sqgadddad ;:E i 'v S 200 a3 nan S ITLBBSVSIBT! i Sensse anbirottes: 82 (et Broa Plel T4 #3tvaco ChIOF. ldar g2g4s 2 55 9| 3 Wire Wheel 1Zenith Radio . Sales in hundreds. m i thousands 10 "fim"ap &P 53 l'l‘m ::sE:E:E:; i 3 13004 &Pm 352028 ul% [ 56 96! & El 4 Gaw @onSe: 22328 BEGS & = 888322283228332853! § 7222 2 £33 1 Bagne 65 163 3:-:‘ T 6 tect 6 o48.... 102 2 23E5ass8s85e55es = PO T Pty - IO IO RS Sales '35, 100t 8 190 . 88 ni xd—Ex dividend. oW i ssued. w_With warrants. Baltimore Markets BALTIMORE, ' Md.,, February Potatoes, ‘while, 10 pouds, 1.00a1.35; sweet potatoes, barrel, 1.50a3.25; yams, barrel, 1.50a3.50; bushel, 75a1.85; beans, bushe], 2.00a4.50; cabbage, hampers, 1.00a1.50; carrots, bushel, 1.50a1.75; 250a3.50; caulifiower, h‘l‘eu' crate, 4.00a 7581.25;_onions, 1 unds, oyster ph.m.s 100, uomow pnnnlps, basket, 65!»’15 peas, bushel, 25a2.50; gep awuoo- spinach, el, eo-w " tomatoes, crate, 1.008 basket, 50a60; paples, b\mhel 'lmm. cranberries, half h-rrel' 9.00a10.00; mpetmlc, WX. 2.50a3.7. unlerlnes. per half p. 1.5082.2 oranges, box, z.aouoo strawberries, quart, 35a45. Dairy Market. Poultry, alive—Young turkeys, pound, 35a40; old, 25a32; young chickens, 33a 38; small and poor, 20; old hens, 20: Io; Leghorns, 20a27; capons, 32a38; old roosters, 17a18; ducks, 20a30; geese, 18a26; guinea fowls, each, 40a30; palr, 30. Poultry, dressed—Turkeys, young, pound, 30a40; old, 25a32; chickens, young, 30235; old and mixed, 25a30; # |sapons ,3342; old Toosters, 18020; ducks, 25a30; geese, 20a26. Receipts, 1,141 cases; native and nearby firsts, free cases, 81-:1%. current receipts, 32a36. Butter—Good to fan Cy _creamery, i pound, 47a53; prints, 52a54; blocks, sia 53; ladles, 34a38; store packed, 25; rolls, 25a28; dairy prints, 25a28; process butter, 41a42. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, t, 1.37%; February delivery, 1. l'm ngom—-No. 2 export, February delive; % | 1.06%,; No. 2 yeéluw, <domestic, spot, 1.1 cob corn, 5.25a! Oats—No. 2 white, domestic, spot, 62a62'2; No. 3 white, domestic, spot, 602602, Rye—-Nenrhy, 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 ‘s not enough lmnl.neu 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. CREEK MAY BE BURIED. Battle Field Stream May Become Sewer. KANSAS CITY (#)—Town Fork, which figured in, the history of the battle of Westport in the Clvfl ‘War, has become a flood menace to hundreds of new homes along its course, and may be buried as a sewer. ‘‘The little stream between the fields of the battle of the Big Blue and the battle of Westport saw much of the bloodshed, October 22 and 23, 1864, which ended the efforts of the Con- %flenu army to gain a foothold in the est. Now city officials plan to make u 8 sewer for most of its length from the southwest corner of Kansas City to the Blue River. ‘Woman Doctor in Coal Mine. Descen: far under the ground into Moore’s mine near Newton, Scot- land, recently, a worhan doctor groped half a mile through the worl and for three hours tried to revive can Connor, & miner. She was Dr. Anne Mitchell, and her efforts were in vain, for Connor had been too severely shocked during an accident to the elec- trical equlpmenz Two pther men were rostrated, but Tecovered, All Dr, nd | sesses two-thirds of FORMER “TIN CITY" NOW RAIL GENTER Nairobi Noted as Starting Point of Many African Big Game Hunts. A new railroad between two obscure towns in Uganda Protectorate, Africa, | Ye&T will afford easier access to the great The new railway is linked with the Kenya Colony line which helps make Nairobi a miniature St. Louis of East Africa. Nalrobl and Mombasa are the two chief citles on the main Kenya- Uganda Railway, to which the new line bocomes a feeder. “Nairobi is well known to African big game hunters as the starting point of many safaris,” says a bulletin from the National Geographic Soclety. “The largest shops there cater to the sports- man, and natives in the vicinity earn a livellhood as ‘safari boys.”’ Speclally equipped Fords now follow the jungle trails, and one may purchase a differ- ent cfln of gun to hunt each variety of anim No Longer “Tin Town.” “In its early days Nairobi was known as ‘the tin town of East Africa’ because nf its houses and shops constructed of tin and corrugated iron. Handsome stone structures have generally replaced these earlier buildings. Wide, paved streets have supplanted dirt roads. Automobiles ml.mx!e with bicycles and nnrmuhu drawn by nmves. Nairobi is the capital of British East Africa, and its attractive vemment buildings and 'large hotels give the city a cosmo- politan touch. 'l'he govemment of the city is vested in an elected council. ‘Women have a municipal vote. "The climate of Nairobi resembles a rpetual Indian Summer. Therefore pllnt life ‘flourishes. Native English flora transplanted to Nairobi grows hardily. Gardens of hollyhocks and pinks and masses of roses make the a}x:urhu resemble an English country- side. Three Races Found in City. Eoglish. e pative popiiation consiss native pop n mainly of the Kikuyu, & mild-mannered, agreeable Peopl;, and the Masal, once the most famous warrior tribe of mc Africa. The bulk of the trade is in the hands of the East Indians, of whom there are several thousand in the city. “The most fascinating and also the most primitive part of the town is the Fast Indian bazaar. There fakirs per- form rope tricks and snake charmers and other ‘vaudeville’ attractions oper- ate. Tiny shops sell articles of carved ivory and wood or gayly colored saris, the head scarf-garment of the Hindu wom- Indian silversmiths and copper- smiths E ly their trade. The latter are in special demand by the native Afri- cans. ‘They fashion the copper rings with which the native women com] le- ment their brief costumes. The sellers of beads also do a handsome business with these customers.” WHEAT IS HIGHER ON INITIAL SALES Reports of European Buying Give Upward Swing to Market. en. By the Associated Press. CHICAGO, February 8—Scarcity of off here, together with Liverpool quota hl;her than due, helped give an early ugmu swing to the Chicago wheat market today. Cables said Euro- pean continental countries were buying wheat freely, and that a better dctnnd Spening 0 sesmi:u‘x':er Cricago wheat g Ya ) c""' aftzrward scored material gains, ocats and pmvulm wm likewise flmer, with corn starting at ¥ to 3% advance, and sglmqu:mly eontfnuln: to point upward. References to active preparations for definite farm relief enactments were of | considerable effect today at times as an additional stimulus to wheat buying here that resulted from unexpected upturns in wheat quotations at Liverpool. Be- sides, much uncertainty continued to-be expressed and abnormal low tempera- mres notwithstanding that the belt as a whole was well covered with snow. Continued indications of export de- mand for corn tended to lift corn values. In this connection the fact was pointed out that aside from the increasing shortage of corn in the importing coun- tries floating stocks were 5,500,000 bushels less than at this time last year, and that curtailed shipments from Argentina and:South Africa the next two and a half months will put a heavier load on the United States. Meanwhile, country offerings of corn to Chicago today were practically nil —_—— LABOR IN CORN-UROWING TO BE 4 HOURS AN ACRE Use of Machinery Is Expected to Lower Present 10-Hour Ratio. AMES, ITowa (®).—If the Midwest farmer uses modern machinery and works efficiently, there is a poulbuuy that he may raise eorn !mh a minimum labor of four hours ‘That is is the opl.nmn of Prof. E. M. Mervlna ot Iowfilm se':u (:ollefin ‘who says that experiments on a 160-acre farm lndluu the labor-per-acre ratio {&r corn easily may be cut far below 10 urs. Students making the test averaged 10 hours to the acre, but much of the time was spent in adapting machinery —which would all be worl out for the farmer in advance, Mervine says. Tractors were used in every operatio Other implements were & combine ha vester, four-row cultivators, a two-row corn snapper and a harrow cultivating 13 acres a day. GENERATOR IS POWERFUL. Edison Co. Machine Could Outpull 200,000 Horses. NEW YORK (#).—The New York Edison Co. announces that a m' generator which it is installing develop energy that in 1906 wuuld have been sufficlent to supply United States with the elaetflc !i.hnn. current then used. Its power is compared with a team of 200,000 horses, which the generator could outpull. — “SELEC-TO-METER.” New Slide Rule Device Is Run by Electricity., COLUMBIA, Mo. (#).—A “gselec-to- meter,” coml by Henry J. Burt, assistant 1 oF sucal soslology In' the. Dniversity o long. A frame moving across the sur. face is operated by a small motor, counting device gets its current dry cells. ‘The United Btates, with only a six- teenth of the world’s u‘l?' pos- in use, CHICAGO LIVE STOCK MARKET OHICAGO, February 8 (#).—(United States Department of Agriculture).— Hogs—Receipts, 36,000 head; mostly 20 a35 hkhn‘, top, 1040, paid for 160- 210 pounds; largely 10.00810.25 market for dulnbu 160-300-pound averages. Butcl um to eholn:e, 250-300 pounds, 9.75a10.25; - 200-250 pounds, 9:85a10.40; 160-200 pounds, 9.85a10.40; 130-! 160 pmlnds 9.25a10.40. Packin, sows, 9.0029.50. 90-130 pmmd:, 8.2509.75. Cattle—Receipts, 3,000 head; calves, receipts, 1,000 head; steers and year- lln'ge scarce, steady to'strong; scarcity r than broad demand stimulating factor; general undertone of all classes weak; strength only coming because of buying for’ numbers: most steers and yearlings, 11.25a12.75; best, 13.50‘ Slaughter classes—Steers, choice, 1,300-1,500 pounds, 1250!1550 1,100-1,300 pounds, 12.50a15.00; 950~ 1,100 pounds, 12.50a15.25; common and medium, 850 pounds up, 9.00a12.50. Fed yearlings, good and_choice, 750-950 pounds, 12.25a15.: 25. Heifers, good and choice, 850 pounds down, 11.00a13.50; common and medium, 8.00811.00. COows, |to good and choice, 8.50a10.50; common and medium, 8.50a10.50; lcw cutter and Pigs, medium to choice, 1 cutter to M.hm. (milk fed), l\”fl choice, 12.50a14.40; medium, 12.00a 12.50; cull and common, noomoo. Stocker and feeder steers, good and choice (all weights), 10.50a11.75; com- mon and medium, lwl 0.50. Sheep—mw% 000 head; market mostly steady; urly active to big packers; bulk, fat lambs, 16.50a16.85; early top, 17.15; lhee'p and feeding lambs lwldx lown, (beet), 9.75a11.75; 8.00a9. ealers ( bs, good and choice, M 15817.35; medium, 14.85a16.15; cull and common, 11. 008 14.85; ewes, medium to choice, 150 pounds down, 7.75a9.85; cull and com- mon, 4.0088.25; feeder lambs, good and choice, 14. 85. o Fisherman Catches Line. BELFAST, Me. (#).—A fisherman re- pomd here that when he hauled in a and | nice catch one afternoon he not only t the fish, but a rod and line he had lost in the morning. Fire Lures City Fathers. Y tha ags where & i fols never age where a fire bl tem. - The deliberations of the s:mth Jacksonville city council were in- terrupted while the commissioners ran cutter, 7.25a8.50. Bulls, good and choice to a small garage blaze. Airport |Nwpremacy HINGTON. V.C. Nations Capital - ISTH ST, WASHINGTON, D. C,, un- surpassed in every respect save in airport facilities, is tablishing supremacy there also. Hoover Field, owned and op- erated by the INTERNA. TIONAL AIRWAYS, INC, is located just across the beauti- ful Potomac River, only ten minutes from the White House. The beautiful proposed Mount Vernon Boulevard will border on Hoover Field. This airport is built tract of land regarded as the largest single piece of unob- structed property in or the Nation’s Capital, which is FINANCIAD." Heavy Construction Contracts. NEW YORK, February 8 (#).—Con- tracts for heavy construction and engi- neering operations in January increased | hmmolmamntryeommd with January, 1928, News- Record reports. The total was $396,- 833,000, nnl.notuperoentnmbe- cember and 60 per cent over January last year. Construction costs this year have increased slightly. Scrap Steel Price Cut. NEW YORK, February 8 (#).—Heavy melunl scrap steel has been reduced $1 to $1.50 & ton in the Youngstown district to $19 a ton for lmmedhu lhlp- ment and $18.50 for March shipment. U. 8. TREASURY RECEIPTS. Treasury receipts for February 6 were $5,919,623. a'r expenditures, $10,454,- 237.60; bohnee. $121,851,479.68. P Ahteists Give a Plane. MOSCOW (#).—The Soviet lerhl fleet soon is to be presented a glme. the Godless. The plme wul be uilt from funds contributed by Moscow atheists. Hoover Field Is 10 Minutes’ Drive From the White House suitable for now es- te!s, theaters minutes. ever needed. 13 COTTON PRICES FIRM IN EARLY TRADING Market Opens at Advance of One to Decline of Six Points. By the Associated Press. NEW YORK, February 8.—The cotton market opened steady today at an ad- vance of 1 point to a decline of 6 points. The more active months were relatively easy under some further liquidation and a little selling on the indifferent show- ing of Liverpool. Early offerings were absorbed by trade buying and covering, however, and prices stiffened up a few points. Active months were about net unchanged to 3 ts higher at the end of the first cf MP\;;. EE—— there had ;:e.nmlll:llldl&k;: and hedging in L and reported only & small verpool, turnover in cloths and yarns. an airport and within ten minutes.of the busi. ness section of the City. Owners and fliers can land their planes in Washington and be in any of the downtown ho- or banks in ten Meanwhile their planes will be housed in well- equipped hangars, cared for by expert mechanics and will be ready for the return trip whene Hoover Field during the past upon a around 18 months carried approximate- ly 52,000 passengers, and enjoys the dnstmctlon of conducting one of the most complete flying schools in the East. International Airways, Inc., Solves Washington’s Airport Problem We would be pleased to advise in detail regarding thoc aplan ay:: progress of this vital enterprise. INTERNATIONAL AIRWAYS, Inc. Executive Offices: 1716 H St, N. W. Financed by C. E. Moran & Geo.