Evening Star Newspaper, March 5, 1929, Page 13

A CHANGES IN CURB PRICES ARE SLIGHT Ma{rket Lacks Definite Trend Pending Adjustment in Credit Situation. BY HARRY H. BECKER. Epecial Dispatch to The Star, NEW YORK, March 5 today. Speculative buying operations were held back by uncertainty over the immediate course of prices, in view of the recent heavy realizing. The fact that the return of March 1 money settlements failed to break the | credit stringency also made for consid- | erable caution, Some stocks rallied vigorously, while & number of others continued under pressure. One or two indicated an over extended bull market, especially Avia- tion Corporation of America. After i almost perpendicular rise of approxi- mately 35 points since last Fridav, the price today crashed 15 points from 3 ng and then fluctuated on the other hand, siderably and was the of the group. :, at a new low Automobile, Gold | Seal Electrical, American Cyanamid B. and Lehigh Coal and Navigation con- | tinued under heavy profit taking. Gains in other equally prominent industrials about balanced losses elsewhere. Good support came into all the chain-store ssues, with G. C. Murphy and Ameri- can Department Stores well taken. The buying movement in Trans Lux gained force on a report that February orders amounting to 104 reproducing ticker chines were the highest for any h and brought the total now, in operation to 1.6t units. ! Libby Owens Glass was another strong feature, rising sharply on recent fa- vorable developments in its earnings and bright future prospects. .—The Curb |- Market was without a definite trend | THE EVENING STAR,” WASHINGTON, D. C.” TUESDAY, MARCH 5, 1929. Special Dispatch to The Star. a list of stocks and bonds traded in on the New York Curb Market today. INDUSTRIALS. High. Low. Noon. 9% | Sales in hundreds. 3 Acoustic Prod ... 2 Aero Underiwriters 14 Alexander Cord 1Allied Pack 2 Amer Chamn ... 1Am Colortype | 3Amer Gas & E { 1jAmer Lt & Trac Amer ‘Nat' G 1Amer Roll Mill 5 Amer_Sol & Ch 47 Atk D 3 Atk Natl Gas cum pfd 2Asso Dve & Print.. 10 Asso Gas & F 3 Asso Gas & El deb 118 1Asso Laund Amer A. Aviation Co of Am Sads Fandango, which also supplies ac- eessories to automobile manufacturers, was helped by official announcement that rights to subscribe to new stock would shortly be offered stockholders and that negotiations were in progress for supplying several low-priced car makers with their entire needs of car upholstery trimmings. Oil stocks did little, while mining shares came in for their usual degree v. The only movement of note in Newmont in sympathy with other coppers. Its large holdings in Kennecoit, Greene Cananea, Ana- conda and International Nickel, all of which have enjoyed material advances during the past year, gave it the distinc- tion of an investment company. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, March 5—Po- tatoes, white, 100 pounds, 1.00a1.35; new potatoes, bushel, 2.00a3.25; sweet potatoes, barrel, 1.50a3.50; bushel, 75a 1.60; yams, barrel, 2.00a3.50; beets, crate, 2.25a2.50; beans, bushel, 2.00a 3.50: cabbage, hamper, 75a1.25; carrots, bushel, 1.50a1.75; celery, crate, 1.25a 2.25; cauliflower, crate, 1.50a2.00; egg- plant, crate, 4.00a6.00; kale, barrel, 1.7522.25; lettuce, hamper, 1.50a3.00. Onions, 100 pounds, 3.50a5.50; oyster plants, 100 pounds, 8.00a10.00; parsnips, basket, 60a75; peas, bushel, 2.25a2.75; peppers, crate, 1.50a4.00; squash, crate, 2.5024.00: spinach, bushel, 7521.00; to- matoes, crate, 1.00a3.50; turnips, basket, 50a60; apples, bushel, 75a2.00; cran- berries, half barrel, 7.00a8.00; grape- fruit, box, 1.75a3.25: tangerines, per half strap, 1.50a2.25; oranges, box, 2.25a3.25; strawberries, quart, 15a30. Dairy Market. Poultry, alive—Young turkeys, pound, 32a42; old, 25a35: young chickens, 34a 42; small and poor, 20; old hens, 20a 30; Leghorns, 20a29; capons, 33a42; old roosters, 17a20; ducks, 20a32; guinea fowl, each, 50a90; pigeons, pair, 30a35. Dressed—Turkeys, young, pound, 35a 42: old, 25a35; chickens, young, 35a38; old and mixed, 28a32; capons, 34a4; ©ld roosters, 20; ducks, 25a30. Eggs—Receipts, 1291 cases; native and nearby firsts, 38'2a39; current re- ceipts, 32a35. Butter—Good to fancy, creamery, pound, 47a51'%: prints, 52a53;: blocks, 50a52; ladles, 34a38: store packed, 25; rolls, 25a28; dairy prints, 25a28; process | butter, 41a42. | Live Stock Market. Cattle—Receipts, 550 head; light sup- ply, market steady; steers, choice, 13.00 good, 12.00212.75; medium, 11.0¢ @all.75; common, 9.00a10.50; heifers, choice, 10.75a11.25; good, 10.00a10.50; medium, 9.00a9.75: common, 7.50a9.00; bulls, good to choice, 9.75a10.25; fair to good, 8.50a9.00; common to medium, 7.00a8.00; cows, good to choice, 8.75a 9.50; fair o good, 7.00a8.25; common to medium, 4.00a6.50. Sheep and lambs—Receipts, 800 head: light supply, market steady; sheep, 3.00 28.00: lambs, 9.00a17.50. Hogs—Receipts, 4.200 head: fair sup- v, market spotty: lights, 11.60; heavies, 11.50a11.80; medium, 12.05; roughs, 7.50a10.25; light pigs, 9.00a10.00; pigs, 10.90; Western hogs. 10a20 higher than guotations; truck hogs, 15230 cents lower than quotations. Calves—Receipts, 400 hea supply; market steady; calves, 17.00; extras, 17.50 Hay and Grain Prices. Wheat—No. 2 red Winter. garlicky, £pot, 1.34; March delivery, 1.34. Corn—No. 2 export, March delivery, no quotations; No. 2 yellow, domestic, spot, 1.10: cob corn, 5.2525.50. C No. 2 white, domestic, 60: No. 3 white, domestic, spot, 58. Rye--Nearby, 1.1021.20, v—Receipts, none, While hay is e in limited quantities only, it is more than ample for the demand, which is being supplied mostly by truck from nearby points, a few carloads be- ing received. There is not enough busi- ness passing to establish prices on the varfous kinds on merit at a range of ;7.0031900 per ton of timothy or clover hay Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 cat, 12.00a13.00 per ton. 5.00a spot. CRUDE OIL PRODUCTION. kla., March —Despite ater Semi- ahoma, the estimated ction of crude oil in s set a new high rec- ord in the weck ended March 2, said the Oil and Gas Journal today Total production was estimated at 2704319 barrels, 18,822 barrels more than the previous week Fer the first time in a number of months the Santa Fe Springs field of | Califorma and that State’s total pro- duction showed a decline, approximate- s, in both heavy and light all other fields showed increases during the week. POTATO MARKET DULL. CHICAGO, March 5 (United States Department _of Agriculture). Receipts, 94 : on track, 2 total United States shipments, T trading <low; market dull: Wisconsin gacked, round whitos, 80a1.00. Minne- &nd North Dakota, sacked, Red 3 Ohios, 100al.10: Michigan facked, round whites, 85a95; Idaho, sacked, ruscels, 145a1.60; few fancy shade higher. River light | IELP 11 Evans Wall Lea PEEEI SaagaacEauensuus: 7 23 4 Hercul Powd pfd ... 118 2 Hiram Walk G & W.® 811 2 Household Finance pfd 43% 8 Huvlers Strs of Del.. 28 Naumb . Naumb_pfe Aircraft . £ttt et} Land Exp. Int] Mar xd. Lond B & 2 Nelson H..... 33 Newberry " J°'J 2 Newton Bteel. .. aN Pepperell Mf, Petrol Corp h 54 S phil b & bow 85¢ " Cor phd. ow Sec Cor b 14 Proct & Gi Inv 30% 3Sec Gen Am Tnv pfd 112 24 Selected _Industr Inc 26% 6 Select_Ind -Inc pfd 6Sery El vic 5 12 Sikorsky Avaifion 44 Silica Gen ctfs 1Singer Mfg Ltd 2 Skinner | - 1003, 15% | 4 2Thomps Prod A 5 | 1Thomps Starrett pid Axle.... i 56 T 16 Tri 17T 5t 1 Zenith Radio 3 BZonIte ..oiviesaarase 0K Ealesin MINING STOCKS. hundreds 50 Ariz_ Globe C......... 5 Cons Cop Mines. ... Range g 4 Dolores 29 16 31 Esper M Lid Tn Charged at Rangoon, India, with mur- dering Oscar P} ele. 1one hunt, Robert Rae has been found guilty, but insane. 5 Eng Gold 3 Falcon Lend Min, t Natl Cop. . olden Center B.... NEW YORK, March 5—Following 13’ . NEW YORK CURB MARKET Recelved by Private Wire Direct to The Star Office 23 Iron Cap_Cobper. 11 Min Co Can ... 10 New Curnelin... Sales in hundreds. 12 AmCon Oilfids INDEPENDENT OIL STOZKS, . .60 .57 £ 8 2 Pantepec Ol 2 Pennok Oil Corp . 2 Sait Ck Prod ... 2Texon Oil & Land STANDARD OIL 1SSUES AND FORMER ‘s)“nsnnu}u:s -TOCK: et s Sales in U 3 008 O Ohio 200 Vacuum Ot Sales in thousands. n Alc 6 A Gas & FI &< 2028 Pow & Lt 65 2016 Roll Mill 55 "48 6l '35 ww 9 A 9812 7d 98 H 5 GSRH 5las " s, Serv 5 Parmers N Mtg Ts ‘65 6 Firest Cot Mil 5s 46 16 Firestone T&R 53 '42 10Fla P & L 58 'S 13 Gatineau Pow 5s 1Gen A In 55 A ww '52 4Gen Laun M 6! 7 In 6Int Pow Sec 75 E 7 Lehigh Pow 65 A 2026 10415 1 Libby MN & L 53 ‘43 807 9 Lone Star Gas 5s '42 97'4 3 Long Isl Lt 65 '45.... 105 = 105 15 Memphis Nat G 6s '43 103 3 Morris & Co 17'25 '30 1001a 5 Narrag Co 55 A o9 Y & F In5'as 41 Niag_Palls P 6s '50. . Pac Wn Oll 628 *43. Penn P & L 58 D53, L'& Pow 5 AN P&] Cal Ea 5 3L s & Ra 5'a8 & Ra 65 A 2 Uni Lt 8Uni Lt 5U S Rub 6los U S Rub 6'as *40. Va El & Pow 88 A Westy Chlor 5iss n Pow 5128, FOREIGN '58 Sales in thousands 3 Antwerp City 55 3 Baden 78 51.. xd—Ex diyidend wi—When issued. n—New. Ww—With warrants. COTTON IS HIGHER ON INITIAL SALES Market Displays Firm Tonme on Covering and Trade Buying. By the Associated Press. NEW YORK, March 5.—Cotton open- ed firm today at an advance of 14 to 17 points, May sold up to 20.85 and the new October contract to 20.00 on cov- ering, trade and commission house buy- ing, promoted by relatively steady cables, reports of further rains in the South and a private report estimating world consumption of ~American lint cotton for the first half of this season at 7,616,000 bales & The advance met Southern selling and realizing, but the offerings were ab- sorbed on reactions of 4 or 5 points The market was steady at the end of the first half hour. | “Houses with Wall Street connections were among early buyers, and some I'buying was reported by Liverpool and the continent. Private cables reported London and foreign buying of near months in the | Liverpool market. &" WHEAT PRICES DROP IN EARLY TRADING 3 " | Reports of Large Reserve Holdings 5 on Farms Depress Values. By the Associated Press. CHICAGO, March 5. -Fresh down- turns in wheat values took place early today, the market continuing to be af- fected by official estimates indicating large reserve domestic holdings on farms. Generally favorable weather throughout the United States Winter wheat territory was an additional bear- h influence. Opening “x to 11, lower, wheat afterward inclined to sag. Corn and oats were also easier, with corn starting unchanged to ', off, but sub- sequently rallying somewhat. Provisions had an upward trend. One leading authority was quoted to- day as asserting that even without the United States surplus the world supply of wheat is about equal to requirements, as well as allowing for a fair increase of farm reserves and carry-over at the end of the season. Meanwhile, large quantities of Argentine wheat were re- lmrhfi1 today A wriving n Europe and awaiting _orders, with many harbor: ebroad still ice-bound, Y R ! staged in the steel, rubber, copper and | when further advancement by the in- {are to experience another sharp rise, | one which occurred a few weeks ago. BY KENNETH S. VAN STRUM. NEW YORK, Merch 5.—After two wecks of steady climbing the stock market is again near the high levels of | early February. The volume of trad- ing has increased from 3,000,000 shares during the early part of the advance to 6,000,000 shares last Friday. At this point, the old highs were approached and the market became more irregular as it met resistance to the advance. The more spectacular advances were amusement groups, although many others also showed strength. The rise in the steels centered about the strength in Steel common, and the amusement | and radio gronp continued to respond to the favorable reports from those in- dustries. The trend of the coppers and rubbers was closely associated with the | wide fluctuations in the price of those commodities. The Ralls. Toward the end of the week, when | the resistance to the advance in_the industrials began to be more evident, a few rails began to move forward. Again the question arises as to whether the rails will be whirled upward again just dustrials seems difficult. ~Perhaps we with subsequent reaction similar to the Steel Corporation. The plan of the United States Steel Corporation to replace its bonds with common ck excited much comment, for it shows that at least one group is taking advantage of the present high rate of operations in the steel indus- try and the unprecedented demand for common stocks to cut down their fund- ed indebtedness. The plan aims to retire some $271,- 000,000 worth of 5 per cent bonds by giving stockholders the right to subscribe to additional stock. The soundness of the plan is obvious. Steel common is selling to vield around 3.6 per cent and { DETROITA PITTSBURGH' CLEVELAND & o/ PHILADELPHIA BALTIMORE.~ BOSTON ( ST Lours > CHICAGO o~ CINCINNATI SAN FRANCISCO it is possible for the corporation to ob- tain additional money from the sale of common stock on a lower yield basis than from the sale of bonds. Also, it will put the corporation in a much stronger financiel position when the steel business reaches less properous days. With steel leading the current ad- vance from the start, the present mar- ket might better be called a “Morgan” than a “Hoover” market. "The Steel NON-BANK LOANS ALARMING TO WALL STREET LENDER oUT OF TOWN BANKS By the Assoclated Press growing volume of funds loaned in the | securities markets by private mrpnm-[ tions and foreign banks, not subject to the control of Federal Reserve author- ities, has become one of the most vexing problems in Wall Stree These loans, classified in the weekly Federal Reserve statement as “for the account of others, increased from $1,110,000,000 op February 8, 1928, $2,621,000.000 on February 6, 1 n the same period, loans for the account | of out-of-town banks increased from | $1,554,000,000 to $1,931,000.000, wm‘l much of this increase also attributed to loans made by these institutions for the Fe | e th Corporation’s proposals are being used as bull arguments, but since it will take some months to carry the plans through it is not reasonable to regard these ac- tivities as a whole-hearted indorsement by these interests of a further sharp % | stock market advance. Call Money. Average call money renewal rates last week were 7.7, per cent the highest average rate this year except during the week covering the January first pay- ments. These weeks in February and early March are normally weeks of seasonal ease, but throughout this period the call rate has advanced steadily from the 6 per cent level of four weeks “%he weekly bank statement, showing an increase of $30,000,000 in brokers® loans, did not include the loans made to finance the higher stock prices pre- vailing during the last four days of the week, since it records only the figures as of the close on Tuesday. Only the current rate for call money oen tell how “others” are meeting the cuyrent credit needs of the stock market. The bank statement showed that the out-of-town banks were following their instructions to cut down their brokers’ loans, for they withdrew $93,000,000 from the market during the week. Since total brokers’ loans increased $30.- 000,000, $123,000,000 was needed to fill the gap. “Others supplied $56,000,000, and New York banks $67,000,000. While it is a hormal situation for New York banks to supply funds tem- porarily needed in the call money mar- ket to tide over the month end, the belief was current that-after the Re- serve Board’s warning, the New York banks would be inclined to let the brok- ers' loan market shift for itself. These latest figures, however, show that they still consider the call money market their pet and are still inclined to help it over the rough spots. Looking at the situation over a longer period of time, however, it still appears that during the past few weeks with that “others” must finance the stock market rise. And it is most significant call money rates mounting higher and higher the funds of “others” have not been attracted in large quantities. The stock market is paying dearly for its credit. But evidently the market still considers business prospects _bright énough to pay the high interest charges, How long this situation will continue it is difficult to say. Meets Resistence. In previous stock market advances the point has always been reached where the stock market considered that future business prospects did not war- rant the payment of increasingly op- pressive ifiterest charges. We seem to be approaching the point where high interest rates will finally have an ef- fect, for in many reliable quarters the peak for the current business expan- sion is expected during the Spring months, It is also significant that as the gen- eral market last week approached the high which it has been unable to break tor four months now, the volume of trading rose sharply. Because of the large volume of stocks offered at these prices it wasn't able to break through to higher levels when money was easier, and now, although business is admitted- )y better than on previous occasions, we are closer to the period where declin- ing business may be experienced. (Copyright, 1929.) i At twilight Officer Hartfield of a life~ saving station at Eastbourne, England, recently climbed 400 feet down the cliff to an unknown woman's body, lowered it 200 feet to the beach, and climbed back to the top, / g # That Tells You What’s Meant by the term «Complete Line” LOANS BY 'OTHERS WORRY BANKERS accoun NEW YORK, March 5.—The rapidly | take advantage of the high call money | rates loans of New York member banks for their own account dropped from §1,171,~ 000,000 to $1,116,000,000. account of othe 29.3 to | dropped from 40.4 to 34.1 per cent, and | banks have shrunk from 30.4 to 19.7 per cent. non- BILLIONS. 0F DotLARS 3 i | of depositors who desired to| prevailing in New York. Th In percentage, the loans made for the | have increased from | to 46.2 per cent of the total volume loans outstanding, the loans for the count of out-of-fown banks have e loans for the account of member This striking gain_in_the volume of | ank funds by lenders, which the | ederal reserve bank points out “have ANY use theterm. This gives it exact definition. You find no pictures of trucks you do find a picture painted of facts and figures. in this ad, but It is not just a complete line. Every model in the li st is modern— which means: able to meet modern haulage conditions with something more than old-time efficienciesand economies. Every GENERAL MOTORS TRUCK ances”’’ on trade-ins. statements. —before investing in rates.) 107 West Canal St. DANVILLE, Va.—Motor Service Co, MADISON, Va.—J. B. Carpenter. COVINGTON, Va.—Wright Motor Co. PHOEBUS, Va.—H. M. Tessler. (Time payments financed through Y. M.A. C. plan, at lowest arailable TRANSPORTATION ENGINEERS TRUCK SALES BROADWAY, Va.—Miller-Hoover Motor Co, is sold and guaranteed on the clear, modern basis of STRAIGHT RATING. Every one gives EXTRA VALUE built in, instead of ‘“‘excess Allow- A real work test offer backs our In these ways we try to share fairly, with buyers, the advantages of unusual facilities, wisely used. That is why it will pay you to in- vestigate what General Motors has any truck. F. 0. HEAVIEST DUTY BIG BRUTE-powered (STRAIGHT RATING capac- ities: 28,000 lbs.) Type 6001 Type 6002 Above prices, 13 no general responsibllity toward the| Bankers declare that they cannot be money market,” concern to New York bankers, who re- | roatively small, because they know fro: gard it as a dangerous threat to the!experience that in any emergency tl ‘wlll be called upon for help. continuance of business prosperit They claim it has lessened the supp of funds available for regular business purposes, and is making it more diffi- | cult for banks to continue a policy of is a source of deep |indifferent to the call money market, |even 'if their own commitments arg_ In 3 cember when these outside institution withdrew $170.000.000 from the New York money market, presumably for year-end readjustments, the New York affording an ample supply at rates|banks were called upon to make up the which to some extent are.independent | deficiency In order to avoid a tempo- of rates ruling for brokers’ loans. It is|rarily sensational rise in rates which asserted further that this huge volume | might have a éisturbing effect on busi- of outs speculative operations tends to nullify all safeguards which experience and legislation have provided for the bank- ing business in the past. de credit made it available for | negs, Hungary plans an extensive road- building program. 6% Notes Secured by First Mortgage Safe—Conservative Make your savings and surplus funds work for you at the highest interest rate consistent with abso- lute safety. 42 Years' Experience —in financing homes and in the sale of these securities, Wm. H. Saunders Co., Inc. Realtors Main 1016 LIGHT DUTY 1929 PONTIAC-powered (STRAIGHT RATING capac- ities: 3800 to 8000 lbs.) Type 1001 Type 2002 $ 625 1015 MEDIUM AND HEAVIER- DUTY New BUICK-powered (STRAIGHT RATING capac- ities: 8000 to 18,000 lbs). 1433 K St. @ Basic Types 'GENERAL MOTORS TRUCKS ETTER 1) | BETTER py, "o ./.:,"""I’,I ] iy Aececept This Offer of a real Work Test We supply the truck (any available model, body, or chassis that most closely meetsyourrequirements). We provide gasoline, and a man to accompany your driver. You put them at vour regular work—your regular loads and routes. Keep them at it for a reasonable and adequate test. The result will be facts you can’t get in any other way! This invest- ment safe-guard is yours for the asking. A contri- bution to the cause of Better Delivery—better truck transportation—we “chi B. Pontiac, Mich. S. O. S. Call—Franklin 505 gT7 PE TRUCK LEASES 30-38 M ORANGE, V: CHARLOTTESVILLE, Va.—Carpenter Motor Co. WINCHESTER, Va.—Eugene M. Garrett, Inc, NEWPORT NEWS, Va.—Sheffield Motor Truck Co. FREDERICKSBURG, LYNCHBURG, Va.—J. W. Fretwell. .—~Smith-Hood Elcar Co. INO E St. N.E. SPECIALIZING IN COMMERCIAL TRANSPORTATION A TRUCK FOR EVERY PURSE AND find it sound business to make. pyi== ~TRUCK MAINTENANCE CONTROLLED BY YELLOW TRUCK AND COACH MFG. CO.A SUBSIDIARY OF GENERAL MOTORS Richmond Branch Norfolk Branch 1611-13 Granby St. ROANOKE, Va.—Martin Bros. GLOUCESTER, Va.—T. W. Turner. SUFFOLK, Va.—Highway Motors, Ine, Va.—GMC Sales and Service. ASHLAND, Va.—Ashland Hudson-Essex Co. PURPOSE