Evening Star Newspaper, February 11, 1929, Page 12

'FINANCIATLS,. RRATIC TENDENCY - PREVAILS ON CUR High-Priced Specialties Are | "'Bid Up Sharply—Util- | ities Active. | BY WILLIAM F. HEFFERNAN, $pecial Dispatch to The Star. ! NEW YORK, February 11.—An erratic Price movement in the main body of stocks and sharp upbidding of high- x;md specialties characterized Curb arket trading today. Phelps-Dodge was the most spectac- Ular performer. Having left off last week at a net gain of 37 points at 305, the price opened today at 375, a new high record, and later receded to 360. ¢ It was announced that the company thas called a special meeting of stock- holders for February 25 to vote on an increased capital stock to 2,000.000 shares of $25 par value from $500,000 of $100 par value. Rumors have been current ffor some time that the company will Ewum prominently in a merger of outhwestern properties, and the opin- jon was expressed that part of the ad- ditional stock might be used to con- Bummate the plan of consolidation. + Goldman Sachs Trading reached a new high record, but the rise was not ronounced. The new stock to be issued s a result of the 100 per cent stock dividend went along sympathetically. Borden & Co., new; Haygart Common. Gold Seal Electric, Van Camp Packing ssues and Curtiss Aero exports also Imade new tops. . The utilities were turned over in eavy volume, with Associated Gas & tric warrants soaring from the -«w« THE EVENING STAR, WASHINGTON, D. €, MONDAY, FEBRUARY 11, NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office Special Dispatch to The Star. NEW YORK, February 11.—Following is a list of stocks and bonds traded in on the New York Curb Market today: Sales in hundreds. 5 Acoustic Prod 2 Allied Pack ico Vi 8Am Com Alco vic Mi 9 86 Amer Roll Mill ¥is wi Amer Sol & Che) 3 1Asso Rayon 3 Asso Ravon pid 2 Atlas Plywood 2 Auburn_Auto 1 Auto Reg Mach & Auto Re Ma cvt b7 'D 2 m.. 5 2Boeing A & T 2Bobn Al & Br 2 Borden Co n 5 Brist Myers 2 Brit-Celanese Lt 2Bklvn City R R, 9Can Marconi W 3 Carnation” Milk ? xd . evious closing of 170 to 1933, a new 8 Electric Bond & Share Securi- ics, one of the largest holding organi- ations in the utility field, advanced Izom 245 to 259. | The ability of these high-priced favor- t>s to advance sharply indicated the gcorcity of the floating supply more than it did the covering in of short contracts. Baltimore Markets BALTIMORE, Md., February 11— fPotatoes, white, 100 pounds, 1.00al. Eweet potatoes, barrel, 1.5023.5 5a1.85; yams, barrel, 2.00a4.00; beans, jushel, 2.00a4.50; cabbage, hamper, 1.0021.75; carrots, bushel, 1.50al.75; lery, crate, 2.00a3.00; cucumbers, el, 5.0028.00; eggplants, crate, 4.00a kale, barrel, 3.0025.50; lettuce, imper, 1.00a1.75. ; Onions, 100 pounds; 3.00a5.50; oyster nt, crate, 6.00210.00; peas, bushel, 275; squash, crate, 3.0024.00; parsnips, et, 65a75; spinach, bushel, 50a75; atoes, crate, 1.25a3.50; turnips, basket, 40a50. { Apples, bushel, 75a2.00; cranberries, f barrel, 9.00a10:50; grapefruit, box, .5023.50; oranges, box, 2.0024.00; tang- prines, half strap, 1.25a2.25; strawber- ties, quart, 35a45. Dairy Market. Live poultry—Turkeys, pound, 35a43; bld, 25a32; young chickens, 34a40; poor and thin, , 20; old hens, 20a31; Leg- Lx:ms. 20a28; old roosters, 17a18; ppons, 32a40; ducks, 20a232; guinea fowis, each, 40a80; pigeons, pair, 30a35. Dressed poultry—Turkeys, pound, 35a ; old, 25a32; young chickens, 30a35; d and mixed, 25a30; old roosters, 18a ; capons, 33242; ducks, 25a30. 'Eggs—Receipts, 467 cases; native and arby firsts, free cases, dozen, 38; cur- it receipts, 33a36. - Butter—Good to fancy creamery, 47a57; prints, 52a53; blocks, 51a store packed, 25; dairy g:l::u. 25a £s; rolls, 25a28; processed butter, 41a42. LIVE STOCK MARKET. Cattle—Receipts, 800 head; fair sup- 1y, market steady. Steers, choice, 12.25 12.75; good, 11.00a11.75; medium, 10.00 : 8.0029.00. Heifers, gogd, 9.2529.55; me-~ 8.5029.00; common, 7.75a8.25. good to choice, 9.50210.00; fair to 8.5029.25; common to medium, .0028.00. Cows, good to choice, 8.50a .00; fair to good, 6.75a8.00; common to medium, 4.00a6.00. Sheep and lambs—Receipts, 1,100 ead; light supply, market steady. heep, 3.00a8.50; lambs, 9.00a17.00. | Hogs—Recelpts, 3,800 head; moderate ipply, market spotty; lights, 10.80; eavies, 10.25210.85; medium, 11.00; Toughs, 7.00a9.10; light pigs, 9.00; pigs, 10.10; Western hogs, 10a20 higher than quotations. Calves—Receipts, 350 head; light sup- ly, market weaker. Calves, 5.00a16.50; tras, 17.00. Hay and Grain Prices. . Wheat—No. 2 red Winter, garlicky, ,pot. 1.38; February delivery, 1.38. Corn—No. 2 export, February delivery, %.04; No. 2 yellow, domestic, spot, 1.12; eob corn, 5.2525.50. Oats—No. 2 white, domestic, spot, 62a6212; No. 3 white, domestic, spot, 6026015, Rye—Nearby, 1.10a1.20. Hay—Receipts, none. While hay is @rriving here in limited quantities only, it is more than ample for the demand, avhich is being supplied mostly by truck nearby points, few carloads being Teceived. ‘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 fon; No. 1 oat, 12.00a13.00 per ton. A Family of Mermaids. ‘Travelers making a world tour and stopping at Aden are told sometimes that the only things to sce in Aden are the famous water tanks constructed in the time of the Queen of Sheba and ‘the mermaids. There are four speci- mmens of the latter, which are said to comprise a family, father, mother and #wo young sons. They are in the pos- ‘sessfon of a hotel proprietor in Aden and he regards the collection of great value. The owner says: “There home was in the Red Sea. When I went to Aden 15 years ago I heard stories of fish with human faces, which had some- ‘times been glimpsed by fishermen, and Wwas accordingly interested to hear that 2 native tailor actually had some stuffed “mermalds’ stowed away at his shop. These were the only ones then captured, and they had been cast up on the shore seven years before. “When I saw the tailor'’s specimens I was struck by the human appearance of these strange creatures. I am afraid, though, that no one is likely to fall in love with these ‘charmers’ of the sea, like the prince in the fairy tale, for although they have mouths, eyes, noses and tongues just like human beings, they are by no means beautiful. They bave a thick, brownish skin, the men have small tusks and whiskers, and both sexs are from 9 to 10 feet in length, including about 3 feet of fish’s tail.” A Tideless Harbor. Shipping in the vicinity of Vancouver, B. C., is considerably handicapped by the strong tidal currents which prevail there and in order to overcome this conditlon it is proposed to give the city a tideless, fresh water harbor. The project calls for the construction of a dam across Second Narrows, including a reversing spillway 100 feet wide, a causeway and two locks; one for deep- sea vessels and the other for light har- bor traflic. Bascule bridges across the entrances to the locks would permit vehicular traffic over the causeway, which would replace the present bridge. It is estimated thet the work could be |fnished in the course of three years at 2 cost of $5,000,000. 2in wi'l export this year twice as iive oil as in 1027, fd n 9 Venezuclan Pet s e PR BT & £ n. s A STANDAI iSSUES Al MER SUBSIDIARIES ST 08 . . 461 = . S5 Sales in thousands, 3 Abitibi P&P 1Am Aggre Cor 65 3Am Con Alc 65 A El 55 2 G&EL 4 s Sim Hard 6 T&S p 035> 19 Can Nat Ry 4155 '68; 3 Cit Serv Gns Sias, '43 6 43, 103 Com Invest 50 Con Gias Balt 53 1259 247% 257% 110 108°" 110 995 "99% 991 38 36 3T Gen 11 Gen T 38! Real & Util pid. 100 2 Glen 130, Alden_ C an Sachs. 223% 2 156 Goldman Sachs n 'wi. 114% 10 Gotham Knitbac Ma 14! 2 Ground Grip Shoe. 1 Ground Grip Shoe 5 Hart Parr... 47 Haygart _Corp. 2 Helena Ruben: 1 Hercules Fowd. 18 Hiram Walk G & W. 130 86': 85 25% onas Naumber| 18 as Naumb pfd wi 53 ystone ~ Aire 43 mberly Clark r C. R Shnet ¥ S 3 oo wwsaan £ el §2 388 ..g:“ . & g - :ng._ g 7 inne H Reg inicipal e, S 2R 055 S0t 222 9 Hoen 538! 3 Noma Elec . 83 Nor Amer Aviation. 7 North Eastes 2 Nor Sta 5 Oll Stocks 2 Param Cab Mfg 5 Parke Austin pfe *J. C. Penney & Co. 1 Peop Lt & P Co A. 6 Pet Corp 1st pd "3 Proct & Gamble 27 Radio Co £t 5 Fs N FRE s Biona Etg & <, BRARY! 28 EaBstvatuuszonliss 28% 28 28 1023, 101% 101% 1613 16% 164 9% 59 ot 40 39% 3915 26% 8% 8 39% s 4 25" 323% 322% 42% 42% 42% 43 42V, 42Y 3% 3% 3% u% ni 1343 1343, 0% vte. Pac E. 7 Stkorsky Aviation 6 Silicia Gel ctf: 80 Spald A G Spencer Kellogg Stand Inv ... Standard Moto: Pow 3Gdy T&R C 5% 13 Guit Ol Pen 5s 16 Gulf Oil Pen 5s 2 Guif Sta Ut 55, s " 7. 1000 A 88 9618 4 Kop ol 7 Laclede Gas 5128 '35. 997 1 Lehigh Pow 85 A 2026 1042 asl.olll;' ' & Lt 55 /57 951a 05 FOREIGN BONDS. '46 9740 971 355 SR 4 Eur Mtz & 1 75 61 h Wks 75’57 U 5!"62. 300D ganigssssaaengas 961 20% 9 821 7Parana 78 '58....... "L 95 3 Rio Grande, 75 "67.... 0 STOCK PRICE INDEX SHOWS SMALL GAIN Coppers Make Largest Ad- vance and Motors Suf- fer Greatest Loss. Spesial Dispatch to The Star. NEW HAVEN, Conn., February 11.— The stock market buckled and skidded a good deal last week, developing seri- ous weakness at the end, but finally squeezed through with a small net price gain, taking the market by and 1 e, The coppers showed the largest gain and the motors the largest loss for the weck. There was no change in the average price of preferred shares, but! the other groups were well divided— rails, utilitie: miscellancous, foo coppers and steel groups making a vances, the bonds, store motors, ac- cessories and oils groups declining. The market leaders advanced almost exactly the same relatively amount on | the market as a whole. The compact survey of New York 3 ange hares is given below in price 100) for all shares out- veek's 50 most active stocks. The last column’ of the table gives the rate of return on the 50 leaders at current prices: 50 Shares Market Rate of Week ending — outst's. leaders, return, February 58.4 2.8 February Year ago Joanuary .. 882 (Apr.'26) (A Speculative Shares Strongest. The speculative issues mdde the best showing in last week's market. This was largely of the strength of the cop- pers. Some of the higher grade mar- ket favorites had risen to levels which they could not maintain when the sell- ing pressure appeared. The highest grade investment group did a little bet, ter, however, than the intermediate stocks. ‘Below are shown index numbers for prices of three groups of stocks traded on the New York Stock Exchange, graded in accordance with their sea- soning dividend history, credit strength and size. 1st 2nd 3rd Grade Grade Grade (Invest- (Inter- (Specu= ment) mediate) lative) 170. 28523252 High ('26-29) Low ('26-'20) soEsEEeEEseG PRI SES3: 26) (APr'26) (May'26) Stock Trading Mounts. Stock market activity increased last weck over the high level of the pre- ceding week. The total market price of all securities ‘changing hands last week on ‘the New York Stock Exchange averaged $375.600,000 per day, of which common _industrials accounted for $305,200,000. Activity in the miscellaneous group, which includes Du Pont and Radio, in- creased heavily, averaging over $140,- 000,000 per day in value. Trading in coppers nearly doubled over the volume of the week before and rails increased in activity more than 50 per cent. Pre- ferred stocks were likewise more active. ‘Trading in utilities fell to only half the value of the turnover during the preceding week. (Copyright, 1929, by Irving Fisher.) 58, =D 5012 90%a 8 8 100 100 8 8 xd—Ex-dividend. FioWhen' issued n—_New. Sw—With warrants - England’s Coronation Stone. ‘The coronation chair of England in the Westminster Abbey, on which the Kings and Queens of England have been crowned for many hundreds of years, is a high-backed, curious chair, broken and chipped in parts, deep brown and black in color and giving all the signs of extreme old age. There is nothing attractive about the piece of furniture and you would not give it & second glance if you were not ac- quainted with its story. And if you did give it a momeni's examination you would probably wonder what the stone under the chair was there for. This stone was for many centuries in the possession of Scotland and all the Scottish Kings were crowned while seated upon it. Tradition has it that Jacob used it as a pillow when he had his vision of the angels descending on the ladder. However that may be, it was _known as “Jacob’s Pillow,” and was held in reverence by the Scots dur- ing hundreds of years. King Edward I of land removed the stone from Scotland about 1296 and carried it with him to London. He had it placed in the coronation chair and there it rests. Chewing Gum From Tree. In its raw state chewing gum is the juice of a tree known as the sapote, which grows in various parts of Central America. The sapote is a graceful tree, with a straight trunk some 40 feet high. It is tapped very much after the manner of a rubber tree, spiral cuts % | being made in the bark, through which ans -an: 37 Trans_Lux Trip_Safe Glass Tri Cont Corp. 3Uni Bise 3Uni Elec 8 & For Sec 81 8 Freight of Del.. 107 fversal Aviation.. 3% 3 Sgo 3 22222 3 3 80 2 2 » inter B J. ire Wheel Zenith Radio . Zonite . the juice runs down the trunk to jars placed at the foot. The sap, or “chicle,” as it is called, looks like milk when it first enters the jar, but on exposure the color changes to a dull yellow and thickens until it is almost like sirup. Further treatment by heating and kneading removes more moisture and in this shape is is shipped to the factory which is in all probabil- ity in the United States, where most of the chewing gum is prepared for the market. e Meadows to Be Improved. Owing to the great number of sec- ond-class towns in the upper part of New Jersey and the consequent con- gestion of the highways, the latter are very unattractive to the automobile 2% | drivers who are on pleasure bent and in Sales in INDEPENDENT OIL STOCKS. hundreds. 4 Am’ Con Oilfids. 1Y 1 ) : 14%32 454 Y2 ! Amerit order to afford some relief a self-ap- pointed commission has undertaken to do some systematic park and highway planning. = This committee of public- spirited citizens proposes to make a de- tailed and exhaustive engineering and landscape-architectural plan for the |first 20 to 25 miles across the Hacken- sack Meadows, and through the ‘con- gested districts as far as the Passaic River and then make suggestive plans covering a complete system throughout the State for future development. When this plan has been completed it will be sent to the Legisuature in the form of a bill which will contemplate a sys- tematic plan of improvement covering many years. . Archery Study Required, TOKIO (#).—A compulsory course in archery has been added to the cur- riculum of a Tokio high school for girls. “Archery,” said the principal, “is an introduction to etiquette.” PSS i SR 40,334 Americans Visit Berlin. BERLIN (#).—Every sixth foreigner who came to Berlin during 1928 was an ican. The German capital was visited in 1928 by 40,334 Americans, an increase of 13.5 per cent over 1927, S o I D Commodity Notes 0Oil. MONROE, La., February 11.—Five natural gas companies have joined hands to build a plant at Alto, in the Richland gas fields, to extract the gas- oline from the natural gas they sell. The plant will cost $300,000 and will fimndle 100,000,000 cubic feet of gas a ay. Paper. OTTAWA.—Construction work has, been started on a newspaper mill at Buckingham Junction to be completed in 1930, which will cost $6,000,000. Automobiles. CLEVELAND—In the last month automobile plants here took on an ad- ditional 200 workers, bringing the total almost to 20,000. Live Stock. CHICAGO.—The continued high price for beef finally has resulted in enough curfailment of demand to cause a reduction in live cattle prices, which are now more than $2 a hundred- weight under recent levels. Packers re- port their business continuing on about the same basis with business fairly good and prices steady. Steel. YOUNGSTOWN, Ohio. — Prepara-~ tions for Spring construction have re- sulted in a quickening in the steel fabricating industry in the Mahoning Valley. Youngstown Boiler & Tank is operating at full capacity, while Gen- eral Fireproofing is at 90 per cent, and Truscon Steel Co. at 70 per cent. CHICAGO LIVE STOCK MARKET CHICAGO, February 11 (#).—(U. S. Department of Agriculture) — Hogs— Receipts, 60,000; mostly 10a15 higher; shipping demand broad; top, 10.25, paid for a load of 190-pound weights; large- ly 10.00210.15; market for desirable 160-300-pound averages; butchers, me- dium to choice 250-300 pounds, 9.70a 10.10; 200-250 pounds, 9.75a10.25; 160~ 200 pounds, 9.75a10.25; 130-160 pounds, 9.00a10.20; pagking sows, 9.0029.50; pigs, medium choice 90-130 pounds, 8.00a9.50. Cattle—Receipts, 19,000; calves, re- ceipts, 3,500; catt.c again in excessive supply; largely a steer run; nothing done; tailing 25250 lower: basle factors such as a semi-demoralized beef trade and lower hide and skin prices; very bearish influence in the live market cautioning smaller loading; slaughter classes, steers, good and choice 1,300- 1,500 pounds, 12.25a15.00; 1,100-1,300 pounds, 12.25a215.00; 950-1,100 pounds, 12.25a15.00; common and medium, 850 pounds up, 9.00a12.25; fed yearlings, rood and choice 790-950 pounds, 12.25a 15.00; heifers, good and choice, 850 pounds down, 11.00a13.50; common and medium, 8.00a1l cows, good and choice, 8.50a10.50; common and medium, 7.0028.50; low cutter and cut- ter, 6.00a7.00; bulls, good and choice (beef), 9.75a11.25; cutter to medium, 8.0029.75; vealers (milk-fed), good and choice, 12.50a15.00; medium, 12.00a 1250; cull and common, 9.00212.00; stocker and feeder steers, good and choice (all weights), 10.50a11.75; com- mon and medium, 8.00210.50. Sheep—Receipts, 12,000 head; market opening around steady; bulk lambs, 16.50a17.00; a few decks, 17.25a17.35; sheep, steady; fat ewes, 8.50a9.50; feed- ing lambs, steady. Lambs—-Good and choice, 92 pounds down, 16.15a17.50; medium, 14.85216.15: cull and common, .00a14.85; ewes, medium to choice, 0 pounds, 7.75a 985; cull and common, 4.00a8.25. Feeaget lambs, good and choice, 14.50a Flashlights are just coming into gen- erél use'in China, WHEAT IS HIGHER IN EARLY TRADING Smallness of Visible Supply Re- sults in Advances—Corn Easier, By the Associated Press. CHICAGO, February 11.—Owing chiefly to reports of unfavorable weather in Europe and to fears of crop damage there, wheat prices here scored early advances today. Notice was taken that despite huge world shipments, stocks of wheat afloat were still smaller than a year ago. Starting 5 to 34 higher, Chi- cago wheat afterward rose further, but | then reacted somewhat. Corn, oats and provisions were easier, with corn open- ing unchanged to % off and subsequent- 1y undergoing a general setback. Word of temperatures 15 below zero at Berlin today was accompanied by ad- vices that wheat in Eastern Germany and in Poland was without sufficient snow covering. Furthermore, apprehen- sion about likelihood of damage to do- mestic Winter wheat continued to be expressed, St. Louis messages in par- ticular telling of misgivings that late sown wheat was dead as was the case last year. Meanwhile tremendous world exports for the week, 23,312,000 bush- els, left the amount of wheat on ocean passage nevertheless about 1,000,000 short of last year's total. Decline in corn values today were ascribed to indications of a heavier movement of corn from rural sources. Seasonable weather prevailed over the corn belt, and arrivals of corn in Chi- cago today were of liberal volume, 621 cars compared with 520 cars one week back. May Compel Loan Withdrawals, NEW YORK, February 11 (#).—Three Federal Reserve banks, those at Minne- apolis, Dallas and Kansas City, are re- ported to have taken steps to compel member banks in those districts to withdraw loans made on call in the New York market if they wish to use their rediscount privileges. Other banks are expected to take similar action in an attempt to carry out the Federal Reserve policy against speculative loans. New Rail Equipment. NEW YORK, February 11 (#).—The Northern Pacific Railway's 1929 pro- gram calls for expenditures of $46,500,~ 000, tmcludxng $6,000,000 for new equip- ment. Crude 0il Production. NEW YORK, February 11 (#).—Daily average California crude oil production increased 13500 barrels last week to 792,000 barrels. 1929." BY KENNETH S. VAN STRUM. NEW YORK, February 11.—Last week began with the general stock market close to record high levels and most stocks were finding the going rather difficult. No real progress had been made by the general market since late November in spite of strenuous efforts to advance the list into new high ground. With the danger that the mar- ket might actually go on to still higher levels and absorb still more credit, the reserve board felt called upon to estab- lish a definite position in relation to brokers’ loans. Reserve Board's Ultimatum. The Federal Reserve edict issued on Wednesday was prompted by the fact that “others” were not supplying the necessary loans for stock market ex- !_\NEW YORK CURB DETROIT PITTSBURGH CLEVELAND PHILADELPHIA homeno/ [~ BALTIMORE hroond ™| NBOSTON s G ST. LOUIS mCHICAGO CINCINNATI SAN FRANCISCO pansion and that the banks were being used for this purpose. This ~as borne out by the weekly bank statement, which showed that out of the 110-mil- lion-dollar ‘increase in brokers’ loans only 5 million was supplied by “others” and the other 105 millions came from the banks, Since the banks are already heavily indebted to the reserve system, the reserve board could not stand calmly aside and watch reserve credit flow into the security markets. On Wednesday morning, having been warned of the io:thcoming Federal Re- serve Board announcement, yet not knowing what { might contain, the FINANCIAL? market began to fall. Some sources are complaining that advance information of the contents of the announcement “leaked” out and was employed to ad- vantage in the stock market, but per- sons more conversant with conditions could scarcely have imagined that the statemen* "7as to be optimistic. At any rate, in order to prevent an open break, the banks suoplied sufficient credit to lower the call rate from 7 per cent to 6 per cent on Wedaesday. This low rate was also maintained on Thursday, the day after the announcement, in or- der to prevent demoralization of the market, but at ‘he first sign of an at- tempt_to force stocks back to their old high levels on Friday call money ad- vanced to 9 per cent. There can be little doubt that the reserve banks are trying to accomplish their ends as pain- lessly as possible. Broad Liquidation. ‘That last week was one of general liquidation in the market is shown by the fact that a large majority of stocks suffered declines. There were few ex- ceptions. Those which did stand up fairly well in the face of the selling were the coppers and few truck and railroad equipment stocks. Many of the coppers even advanced, under the stimulus of a new high price for the metal at 18 cents. The airplane issues enjoyed a sharp rise during the first of the week, but ran off sharply toward the close, ending the week with rela- tively small net changes. ‘The decline was most noticeable in the chemicals, steels, oils, motors, radio, amusements and a number of special- ties. The utilities and the rails, the features of the two previous weeks, lost most of their gains once the trend of the market turned. ‘This provides further proof that stocks in most com- panies involved in public service are not speculative, and sharp advances in the main body of such issues generally give a warning that speculation has passed the bounds of safety. Local Markets Decline. Three of the local exchanges, Boston, San Francisco and Cleveland, last week seemed to sense the changed trend of COTTON IS STEADY IN OPENING SALES Covering Operations Result in Gains—Selling Absorbed on Reactions. By the Associated Press. NEW YORK, February 11.—The cot- ton market opened steady at & 4 to 12 point advance, with active months soon showing net gains of 8 to 14 points on covering, together with trade and com- mission house buying, which was ac- companied by talk of bullish private figures on domestic econsumption for January and promoted by higher Liver- pool cables. The advance met a good deal of realizing and some Southern selling around 20.10 for May and 19.57 for the new October contracts. Selling, however, was absorbed on reactions of 4 or 5 pomts, with the market fairly active and steady at the end of the first half hour. Private cables reported covering and trade calling combined with continental buying in the Liverpool market. CHICAGO DAIRY MARKET. CHICAGO, February 11 ().—Butter unchanged; receipts, 10,625 tubs; creamery extras, 495, standards, 49; extra firsts, 48a481¢; firsts, 46%,a472; seconds, 44a45',. Eggs lower; receipts, 8,682 cases; extra firsts, 39ad0; firsts, 38; ordinary firsts, 33a36. Poultry—Alive, firm; receipts, 1 car; fowls, 28'5a29; springs, 33; roosters, 22; turkeys, 25; ducks, 30. SILVER QUOTATIONS, NEW YORK, Feb silver, 56%5; Mexica 38, security prices more quickly than New York. Beginning with Monday, prices in these cities began to decline and con- tinued without hesitation while New ‘York was still puzzling over the reserve board’s edict. Prices on the other local exchanges moved more closely with New York stocks and without exception the gen- eral level of prices closed the week at lower levels than the previous week. Friday's closing prices in New York were close to the lows reached on two occasions in January, and considerable resistance to the decline could easily develop at this point. The immediate future .of the market, however, is any one’s guess, but the conservative in- vestor will be willing to let the market prove itself before buying stocks on a large scale. It will take some time to real importance of re- cent banking developments. (Copyright, 1920.) 100,000,000 in D:vidends paid to owners of Cities Service Common Stock HE BEST TEST of any company’s ability to pay dividends in 1929 and in coming years is its own record in previous years. In 1928 owners of £ **as Service Common stock were paid over $10,000,000 in cash and stock dividez. ‘ince this security was first issued in 1910, such dividends have amounted to mote wan $100,000,000. This unusual dividend record was made possible by steadily increasing earnings. Since the beginning of Cities Service Company in 1910, the Company’s net earnings have been more than $270,000,000. In the last year alone— the 12 months ended November 3oth, 1928—net earnings were $33,115,000, the largest for any year in the history of the company. You, too, can profitably become one of 100,000 investors who will participate in dividends declared on Cities Service Common stockin1929 - The steadily growing carnings of the Cities Service organization come from more than 100 public utility and petroleum propertics. These subsidiary companies supply 4000 cities and com- munities in the United States and Canada with every day necessities of modern life. Millions of people, thousands of factories and an army of motorists in 33 states depend upon the Cities Ser- vice organization for essential scrvice and prod- ucts in three great industries — electric light and power; natural and manufactured gas, and petroleum. Interest and dividends on sccurities of the Cities Service organization are paid to more than 375,000 investors, including ;- “* companies, banks, insur- ance companics and ing®y-dwals in every state and in 37 foreign countries. You become a profit-sharing partner in the $800,000,000 Cities Service organization on par- ticularly advantageous terms when you put your investment dollars to work in Ci ies Service Com- mon stock which, at its present price, yields you a net income of over 7%4%. Clip and mail the coupon for full information about an investment in Cities Service Common stock. From a small beginning in 1910, the Cities Service organization bas grown uhtil today it ranks amang the dozen largest industrial concerns in the country and has the second largest list of secarity holders. Among its more than 6o public utili~ ties are some of the soundest and most progressive properties in America: Obio Public Service Co., Toledo Edison Co.; Public Service Company of Colorado, Kansas City Gas Co. Its chicf pesrolenm subsidiary is the Empire Gas & Fuel Co. HENRY L. DOHERTY & COMPANY Southern Building Branches in principal cities CLIP AND MAIL THE COUPON HENRY L. DOHERTY & CO. Southern Bldg., Wash., D.C. Please send me full informa- tion about the nation-wide Cities Service organization and its 18-year-old Common Washington, D. C.