Evening Star Newspaper, March 6, 1929, Page 16

CURB STOCKS GAIN IN NARROW LIMITS Trading Falls Off on Rallies. Operators Show Caution in Dealings. BY HARRY H. BECKER. @pecial Dispatch to The Star. NEW YORK, March 6.—Realizing was on a smaller scale on the Cufb Ex- | change today, but, although the list dis- | played rally tendencies, advances were | less pronounced than during recent | periods of strength. | A significant feature of the trading | was the contraction in volume on the| recovery, indicating that the speculative element was still eoncerned over the high money rate. However, gains out- numbered losses in the active features. | The market started off irrcgular, but | became steadier and strengthel the stock market. The r most impressive in the aviation shares. The factor most responsible for the buy- ing was organization of a $200,000.000 investment company to acquire substan- tial stock holdings of many concerns now actively operating i Aviation Corporation of America scored a good recovery. although it still | moved nervously because of yesterday’ bad break. Bliss and Fokker were also stronger. - i Only a few utilities participated in | the rally, the most pronounced gains | taking place in Electric Bond & Share | old and new, American Foreign Power | warrants and American Gas & Electric. These were largely offset by a renewal of profit taking in the American Super- power shares, Northeastern Power and Commonwealth Edison. United Gas Im- provement was much less active. Trans-America featured the bank in- westment trust section at a mew high. Other strong issues in the specialty | class included Trans-Lux American De- partment Stores, American Cyanamid, | Checker Cab, Zenith Radio, Haygart | and Firestone Tire. Gold Seal Electric broke sharply and down tendencies were | displayed by Auburn_Automobile, Do- minion Stores and Bohn Aluminum, targely due to realizing. Oils failed to emerge from their neg- legted condition, although Crystal Re- Aning became active and strong. United Gas firmed on announcement that Duval Texas Sulphur, a subsidiary, had com- pleted plans for doubling its present capacity. WHEAT IS LOWER IN EARLY TRADING Reports of Cheaper Canadian Of- ferings Cause Drop at Chicago. By the Associated Press. CHICAGO, March 6.—Wheat prices displayed an early downward trend to- day, influenced more or less by Euro- pean reports of cheaper Canadian offer- ings and of selling pressure from Ar- gentina. Winnipeg wheat receipts today totaled 1,138 cai;'& anhlnst :2198 cars a year ago. Opening unchanged to !5 off, Chicago wheat later underwent a sag all around. Corn and oats were also easy, with corn starting unchanged to 3% down and afterward holding near to figures. Provisions advanced. Downturns today in wheat values here were associated not only with re- ports of price cutting abroad because of competition between Canada and Argentina, but were also affected by figures showing about 110,000,000 bush- els more wheat in this country than at this time last year. Meanwhile, any t foreign demand for United States wheat continued lacking, except that a good export business in durum wheat to Italy was going on, 500,000 Dushels heing taken. Helping at times today, however, to the wheat market were Washing- messages indicating that the time when the extra session of Congress would be called was to be mot later than April 15, and that the adminis- tration farm relief bill will be ready April 10. Telk also was current in gome quarters that a resumption of the Fastern buying which recently domi- mnated the market would again be wit- ‘messed and would turn prices upward. . CITY BANK VOTES EXTRA. ‘The National City Bank of New York has declared an interim dividend of '!fic%nm a share on the $20 .par value GERMAN BO“S AND STOCKS. @pecial Dispatch to The Star. NEW YORK, March 6.— Bid. Ger Govt Red Loan with draw ctfe_att per 100 R M....... 55.00 60.00| Ger Govt Red Loan without draw ctfs per 1.000 R M 0 40.00 (Quoted in doliars per million marks.) Hamburg 4125 1919... ... 2000 38.00 (Quoted in dollars per’ thousand marks.) Gei Elec 4125 pre-war... 2200 25.00 225 3.00 Asked 2 T Hamburg American Line 4lss. North German Liovd" 4! s Munich 4s pre-war, . .......... (Quoted in_doliars per r Ge Elec). .. an| Darmstaedter Bank Heyden Chem ........ Mercur Bank Vienna! North German Lioyd Austrian A E G Rudolph Karstadt. . DIVIDENDS. Corp. te. Pavable Am Pub Ut pr 175 Do. part pf Associated O Co am Express Co. C-Dobbs_ 8 Copper Range Cort'l GRE C Co o. 7% DI I Ceir N d'E de P Credito Italiano Grigsby-Grun Co drarl Brakc Co ¥rving Trust Co Insull Util Invest $5.50 pr pf... .. | 00000 | 0O . NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Sales in hundreds. 12 Acoustic Prod . 1Agfa An INDUSTRIALS. Amer’ Chain 3Am Con Alco vic Am Commonw P A Am Cyanamid B Dept Stores as & El n.. Gowma o s 2 Amer Suerp B 5 Angle Chil Nitra 10 Arcturus Redio wi 53 Atk Natil Gas > Armstrons Cork 30 Asto Dve & Prinill 10 Asso Gas & Fl A 82ss0 G & E deb it 2RSS0 Ravon pid ... 4 Atl Fruit & Sur 2 Auburn_ Auto Co FAuCR M cvi pr part V] Am.. 4013 270 s 85 e R b e et T EE> e 0.1 6 Burma _Coip 14 Can Marconi W 2 Carnation Milk .2 Capital Adm c 7a Casein Co 2 Caterpil Tract | Gent Pip Cor . 1Cent States EI 2 Cent Sta El conv ‘pid 12 b Mf Pow il 1, Commonvwealth Ed .. 249 Commonw P pid rowley. urtis Py Al 9 Dourlas _Aircraft. 13 Durant_ Mot 3 t States Pow B. Bond & Sh Sec C Bond & Sh n Invest Inc.... 4 Fabrics Finish. .. 30 Fairehild Aviath A: 114 Firestone Tire 83 Fokker Airp Am 1y Ford Mot Co Can 18 Ford Mot Ltd 1 Foundation For A 58 Fox Theaters A.... 4 Freshman Chas Co.. 12 Gotham_Knitbac Ma 2 Gramoph_Co Ltd rcts 11 Granite City Stl. 2 Guardian Fire 2 Hall Lamp . 2 Happin C St A gart Corp 1 Hazeltine Corj 13 Hiram Walk 2Insur Co N A 3 Insur_Secur 21Intl Prod 1Intl Project 2Intl Saf Raz B. 5Intern Util B 3Jonas & Naumb D 3 Keystone Aircraft 7 Kimberly Clark . 4 Lazarus Wi ... 4 Lily Tuly W hep. 28 Nor Amer Aviation_ .. 1 4 North_Am _Utility H A or_Sta 3 Northwest _ Eni 2 Novadel Agn Stock T F 3 Oliver F Oliver F 23 E com is Penn O Str A.. 1Sec Gen Am Inv.... 5 Selected Ind Inc 2 Select_Ind Inc pft 9Serv El vtc ... 7 Sikorsky Aviation 114 Silica Gel ctfs : 2Southe P & L War.. 1 Soutn Asbestos .- 1Sou Col Pow Al 1 Southern,_Ice & U B 2 Southw_Dairy Prod ouw Dairy Prod pfd & Bro n.. { Sorp “.i,i i Cont_ Corp_p X Gl Ltd 27% B 40 pr pf.. Kop G&C Co pt. Lane Bryant. Inc Mack Trucks Inc oopOg 00O 00000PPOF DOOOPOE 0. P s Por Ric L&P pf. Btand Com Tob Salt Creek C Oil Bwin G&E 77 Dt Schulte-U_(5c-51 Btores) pfd. .. tah P&L 36 D1 7pL . 17 W_Coz: ipt 150 Do. xtra 3.00 called "“Dividend is not payable on stoc \dends for redemwtion on which accrued will be included in redemption FOREIGN EXCHANGE. KQuotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value (or par). _today. London, pound.........54 8665 8485 Paris, 'franc Sioiie 193 0390 35% 35 ° 33 18350 18134 1813 110778 1061: 11087, 1 9! 5% 15 Sec 18% vee 155 153¥ High. Low. Noon. 91 | » | Sates 28% 2R% 2812 1575 136% 157% 10974 301 3%, | présidential inaugurations. it is quite obvious that a new incoming | D 2 Roan Anteiope Cop. . 12 Shattuck De 2 4Utah Apex . 3Utah Metals INDEPENDENT OIL STOCKS. in hundreds. Am Con Oilfids . 62 Cities Serv n pid. of | ef Gas 4 2 New Mex Ariz Land. . 9N Y Pete Roy ... 12 Pac Western Ol Pandem Ol 1 Pantepec _OIl 2 Reiter-Foster 10 Roval Can O 2Rvan Con ... 1Salt Ck Cons 14 Salt Ck Prod ... 9 Teson Oil & Land n! Sales in_STANDARD OIL ISSUES AND units. FORMER SUBSIDIARIES-—STOCKS. 200 Anglo_Am Oil . 100A A O non v 200 Atl Lobos . 32400 Contl Oil 100 Humb o1 {2 &R 200 Tra 400 South_Poenn 'O . 13008 O Ind & 1000 S O Kansas 1008 O 200 Sales in thousands. 51 Abitibi P & A 5 Alum Co Am TAlum Ltd 55 ‘480 5 Am Agere Cor 65 43! $Am Con Al 65 A 2 Gatinean Pow TGen A I 55 A ww 1Gen Laun M 6'as '37 3 Georgia_Pow 55 '67. 7% LGrand Trunk 64 '36 1063 14 Hood Rub 5 20Ind Oil & Gas 65 39: 1 7 Memphis NatGas 3 1Met Ed Co PadisD'68 97'a 6Nat Rub M _6s '4: 1Nat Trade J 6s '33 . 9312 1 Nebr Power 6s A 2023 110 &E 55 48 94 57,5 A '48 91 & 3 w3 9 5 590+ "y gg, EERZrasE 0808 anwwaSuswSa 2222 FOREIGN BONDS. 99 Sales in thousands. | | 1901 Mckinley sh Cons 5las 38 RN BN 6'51.6'33 M 95 &1 C 91 r M & 2Sta Mararh B 8 88 7s '46 wa 87'2 5 Stinnes Hu 7 46 a 87 . 85% BY KENNETH S. VAN STRUM. NEW YORK, March 6.—Since last November it has again been proven that the stock market discounts a presi- dential election well in advance and that the trend of the market does not change because of election results. This has held true, at least, since the Mc- Kinley election in 1900. Today it is important to determine the probable effect on the stock mar- ket of the inauguration of a new Presi- dent. In considering this question it is necessary to distinguish between the broad trend, which lasts for several years, and the intermediate trend, which changes every few weeks. The following table shows these trends before and after the past seven In the past administration has had no effect upon the broad trend of stocks, although in | three case out of seven the interme- | ddmw trend changed after inauguration ay. Intermediate Broad Trend. ‘Trend. Before, Atier. Before. After. .up up down up up up up down up | 1905 Roosevelt 1909 Tafy 1917 Wilson Harding down down up up 1935 Coolidse S G down 1929 Hoover S T3 ! Even though the broad trend has never changed radically immediately after a new administration has taken office, it also is true that never before have stocks mounted so steadily as they 31, | have just prior to this inauguration. 357, 367 36% 36% 55 5 144 Un 1107 1 S Asbestos...... S Freight of Del S Gypsum niversal Awiation. il P & L cif B. Sales MINING STOCKS. 1 hundreds. 20 Ariz Globe C. Ca 19 14069 1749 li93 268 ‘268 <268 54 14% % ficult préblem to be col doubt? . Stocks have been in a prolonged up- ward trend for several years. The ex- i act time, from two to eight years, de- pends upon the point which one chooses to consider the beginning of the pres- ent bull market. During the past two weeks the in- termediate trend of stock prices has also been upward. The same was true at the time of Coolidge's inauguration in 1925, after which the trend imme- diately turned downward. In two other cases the effect was the opposite. ‘The only conclusion which 'it seems safe to make is that the inauguration is forecast well in advance by the mar- ket, and)that it; takes more fundamen- tal factors to inflyence the trend. "Business and Credit. There are few today who would wish to go on record as predicting a drastic bear market. Business conditions are fundamentally sound, the general level of commodity prices shows no sign of inflation, and goods are passing quick- Jy from raw material producer to the final consumer. As a result there has been no accumulation of high-priced inventories. Thus, while it s hardly anticipated that the present rapid rate of expansion will continue indefinitely, it is believed that any business re- cession that may come will prove tem- porary. The credit situation is the most dif- nsidered. While thet our TC- there is no ITRADE ENDANGERED ;[N MEXICAN REVOLT United States Has Large In- vestments South of the Rio Grande. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 6.—Revolution in Mexico today bids fair to cost Amer- ican business almost as high as it will cost Mexican commerce and trade. ‘The United States has hundreds of millions of dollars invested in the ter- ritory south of the Rio Grande. Much of the property holdings of American investors are in the states where revo- lution is most active. These holdings include railroads, cattle and sheep ! ranches and herds; copper, lead and | silver mines, smelters and mills, public utilities, oil- wells, pipe lines and re- fineries, sugar, coffee and maguay plantations, timber lands, fruit planta- tions, steamship lines and telegraph companies, as well as some retail stores and banks. Trade Is Considerable. Moreover, the producers and export- ers of the United States have built up a fine and flourishing commerce in Americain goods. Mexico is one of the best customers of this country, follow- ing Canada and Cuba. It is this trade which will suffer most, since the first effect of the Mexican revolution is to cut, off lines of communication. Already the railroads and ports are partially blocked. The capture of Monterey has shut off one route from Mexico City to the border. The route from Vera Cruz, the main Atlantic seaport, to the capital is blocked by Gen. Jesus Aguirre. The line from Mexico City to El Paso is not open and its tracks may be ripped up at any moment. Gen. Pancho Manzo | in Sonora is likely to close the ports of Guayamas and Mazatlan at any time. It is not likely that, outside of the railroads and the ranches, either side will sanction widespread damage to the property of Americans. Mexico is on better terms with this country than at any time since 1910, when Madero over- threw Diaz. Neither side is anxious to disrupt_this valuable business relation- ship. But activities on the properties is almost sure to be curtailed. This will likely yrevent producers of copper and lead from taking full advantage of the present advantageous prices quoted for these metals. Cattle Growers. The mines may not be damaged, further than by seizing of dynamite with which to blow up trains and for other military uses, but working forces are sure to be disorganized when troops are in the vicinity and recruiting pressure is brought to bear on laborers. This is true also of other lines of in- dustry. ‘The cattle growers are likely to suf- fer, for no soldier, Mexican or other- wise, has been known to pay too much attention to ownership of a steer when he is hungry. The herds of North Mexico, depopulated by years of revolu- tion, are just getting built up again, and built to a better grade than Mexican cattle have ever reached before. CHICAGO HVE_S‘IOCK MARKET CHICAGO, March 6 (#) (United States Department of Agruculture).— Hogs—Receipts, 22,000 head; market opened active at 25a40 advance; later trade, slow; top, 12.00 paid freely for choice hogs scaling from 160 to 325 pounds. Butchers, medium to choice, 250-300 pounds, 11.60a12.00; 200-250 pounds, 11.60a12,00; 160-200 pounds, 11.356a12.00; 130-160 pounds, 10.50a12.00. Packing sows, 10.50a11.15. Pigs, medium to choice, 90-130 pounds, 9.00a11.25. Cattle—Receipts, 8,000 head; calves, receipts, 2,000 head; light yearlings, active and firm at recent advance; medium weights and weighty steers, weak to 25c lower; shipper demand, narrow killing quality plain; best year- lings, 14.00. Slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.25a14.25; 1,100-1,300 pounds, 12.50a14.75; 950- 1,100 pounds, 13.00a14.75; common an medium, 850 pounds up, 9.00a13.25. Fed yearlings, good and choice, 750-950 | pounds, 13.00a15.00. Heifers, good and choice, 850 pounds down, 11.50a13.75; common and me- dium, 8.50a12.00. Cows, good and choice, 8.75a10.75; common and me- dium, 6.90a8.75; low cutter and cutter, 5.50a6.90. Bulls, good and choice (beef), "9.40a10.50; cutter to medium, 8.0029.40. Vealers (milk-fed), good and choice, 14.50a17.00; medium, 13.00a 1450; cull and common, 9.00a13.00. Stocker and feed steers, good and choice (all weights), 11.00a12,00; common and medium, 8.75a10.75. Sheep—Receipts, 8,000 head; market steady to 25 higher; bulk fat lambs, 16.75217.00; several loads of choice, 17.25a17.50; fat ewes, 9.00a10.00; feed- ing lambs steady. Lambs, good and choice, 92 pounds down, 16.15a17.60; medium, 15.00a16.25; cull and common, 11.00215.00. ' Ewes, medium to choice, | 150 pounds down, 8.25a10.00: cull and | common, 3.75a8.40. Feeder'lambs, good |and cholce, 14.50a16,00. sources are not being used to the limit, our banking laws, did not contemplate that they ever should be. The Reserve banks have gone on record as opposing further expansion of bank credit for speculative purposes and it will not pay | to ignore this warning. Stalemate. Since the Reserve Board's initial warning severdl Weeks ago the market has had a maderate veaction and has | rallied back sharply to the old high levels. About 3!, months ago the mar- ket first reached these levels and since | then the general level of stocks has | made no progress. Business has been t improving, while interest rates have been rising. Larger and larger sums of credit have been absorbed by the security markets. | A good part of this credit has been | used In new financing, but a large part (has also been used to finance specula- Ition. In addition, much of the new | financing of recent months was used for investment trust flotations. A large part of these funds will not find their way into industry for some time to come, Margin Trading. It seems only conservative to consider the present as a period of uncertainty, as far as the security markets are con- cerned. The market meets very heavy selling pressure whenever it attempts to rise to new high levels. Since the banks cannot be expected to finance a fur- ther broad rise in the general level of stocks, one of three things might happen. Perhaps “others”—corporations, for- eign banks, investment trusts and pri- vate individuals, who are lending in the call money market—will suddenly un- cover new credit resources which they have not’ yet been tempted to show in the past.few weeks, even though call rates are at very attractive levels. If these “others’ «do-supply the credit, the general market can go on to higher Jevels. © * . Failing this, one must expect a period in which prices are very irregular and where some groups are rushed: forward while others drift downward, but the general level will be able to make little or no progress. And always there will be the danger of a sharp decline in the general level of stock prices. In any case, it seems hazardous to carry on margin stocks which have re- cently been rushed forward sharply. Many conservative advisers are recom- mending the sale of speculative issues whep they are strong, and are pointing out that it is the margin traders that the Reserve Board is gunning for, """ (Copyrights 10204~ NP STOCK PRICES SENT UPWARD BY GAINS IN BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 6—Strength in the stock market yesterday showed the effectiveness of two elements of the ‘Wall Street situation. One of these is the present volume of business and the rofits produced therefrom. The other s the new fashion in financing, which involves the issue of common stocks and the retirement of bonds, such as was re- cently exemplified by the action of the United States Steel Corporation. Both these factors were instrumental in producing the sharp upward demon- stration in Anaconda Copper, which was one of the outstanding features of trad- ing. The strength of the red metal at present high price levels provided a broad foundation for the buying in evi- dence, while the report that Anaconda would finance the retirement of $117,- 000,000 in bonds by issue of additional stock gave impetus to the move. Ana- conda has unissued $117,182,000 par value stock, which can be put out with- out increasing authorized capitalization. Earnings Increase. Earnings of Anaconda, like those of many other copper companies, are run- ning well ahead of those of last year. ‘This is true of business in general and is to be held accountable to no small degree for the strength exhibited. Vol- ume of industrial production in January and February exceeded that for any two corresponding months in history. Com- modity prices are fairly well stabilized and the trend of corporation profits still is upward. These profits are expected to exceed those of any previous first quar- ter. Production now is estimated to be nearly 7 per cent above normal. Few corporations or business men are able to say honestly that they have not been able to obtain money for business needs, despite the volume of funds which has gone into the call money market for trading purposes. There is ample money in sight for business pur- poses at current rates. Those rates so far have not reached excessive heights. Few regular customers of the commer- cial banks are paying more than 6 per cent. The call money rate of 8 per cent which obtained yesterday certainly im- posed no restriction on speculative activities. It still is uncertain what action the Federal Reserve Board can or will take, but it seems likely that the volume of funds available for call loans will be a more potent factor than U. S. INDUSTRIES the rate at which money may be bor- rowed. i Despite the general high volume of production, distribution and profits, the situation is not without its danger spots. The advance in the price of copper metal has buttressed the mar- ket, but many are watching the trend of consumption closely, feeling that a sharp cut in the copper metal quo- tations might deal stock prices in gen- eral a rough buffet. The huge pro- duction of crude oil is another dark spot on the horizon which '(s not lightening appreciably. Still a third is the uncertainty of the progress of railroad consolidation plans. The rapid fluctuations of aviation stocks on the curb illustrated the uncertainties which newcomers in that field are likely to encounter. FOX COMPANY ACQUIRES 103 THEATERS FOR CHAIN| By the Associated Press. NEW YORK, March 6.—Acquisition of 103 theaters in New York and Ohio was announced by the Fox Theaters Corporation. The new additions to the Fox chain includes the 15 movie houses owned by Walter Reade, operated mainly in New Jersey, and the 98 theaters in the Schine group in New York and Ohio. In connection with Fox's recent pur- chase of 200 independent theaters, chiefly in the metropolitan New York district, an issue of $20,000,000 in debentures will be publicly offered in the near future. This acquisition is expected to add $5.000,000 annually to the Fox Theaters profits. Steel Laboratory Planned. NEW_YORK, March 6 (#).—Re- public Iron & Steel Co., Youngstown, Ohio, is planning to establish a labora torv in_connection with its steel and | tubes plant to develop its patents on steel tubes and the electrical welding | method of tube manufacture. NEW YORK, March 6 (#).—F. W. Woolworth Co. reports February sales totaling $19.374.310, compared with $18,992,215 in February, 1928, an in-| crease of 2.01 per cent. For January and February total sales increased 2.58 per cent to $37,032.429. LARGE TELEPHONE EXTENSION IS DUE C. & P. Will Spend Sum of $16,500,000 in District . and Nearby States. ‘The 1929 construction program of the Chesapeake & Potomac Telephone Co. and associated companies, operating in the District of Columbia, Maryland, Virginia and West Virginia, will involve estimated gross expenditures of $16,- 500,000, President A. E. Berry an- nounces. The facilities to be provided in these three States and the District of Columbia will include new buildings, building additions, switchboards and as- sociated central office apparatus, equip- ment on the subscribers’ premises, pole lines, wire, aerial and underground ca- ble and conduit. In providing these facilities, 27,000 poles, 38,000 cross-arms, 9,400 miles of aerial wire for exchange and toll lines, 12,300 miles of insulated wire for drops, 192,000 miles of wire in cable and 256 miles of conduit will be used. During 1929 telephone company officials esti- mate that 23,500 telephones will be add- ed to the 584,260 in service in this ter-l ritory on December 31'last. In the District of Columbia additions and improvements to the telephone sys- tem provided for in this program will involve estimated gross expenditures of $5,157,000. The net additions for the year are estimated to be $3.759,000. Among the major projects is dial sys- tem equipment to serve the downtown business section of Washington. The building which will house this equip- ment is now being erected. The entire project will involve gross expenditures of $2,813,000 and will be ready for service in the Spring of 1930. Outside plant facilities, including underground conduit and cable, will cost $853,000; telephone station equipment and private branch exchange switchboards, $1,290.- 000. The total dial system project will represent, gross expenditures of about $4,000,000, but officials of the telephone company state that only about $2,800,- 000 of this amount will be expended | during 1929. In Maryland the construction pro- gram of the Chesapeake & Potomac Te‘}:?hana Co. of Baltimore City will involve est ted gross expenditures of $5.435,000. Central office equipment for the Curtis, Hamilton, Riverside, Annapolis, Crisfield, Cumberland, Fred- erick, Havre de Grace and Hyattsville local central offices and the toll cen- tral office. Baltimore, is estimated to cost $621.000. Expenditures for outside plant in Baltimore will amount to $246,000: Frederick, $13,000; Hagerstown, $19.000; HyattSville, $19,000, and Salisbury, $28,000. Pole replacements on ex- change and toll pole lines in every sec- tions of Maryland will involve further expenditures of $141,000. Facilities to _be provided by the Chesapeake & Potomac Telephone Co. of Virginia during the year will volve estimated gross expenditures of $3,753,000. Expenditures for improve- ments in the Clarendon, Danville, Newport - News, Norfolk, Norton and Roanoke central offices are estimated to cost $225,000. Eacilitles to be added to the system of the Chesapeake & Po- tomac Telephone Co. of West Virginia will involve estimated gross expendi- tures of $2,650,000. COTTON IS STEADY ON OPENING SALES Southern Selling and Realizing Cause Slight Early Re- cessions. | By the Associated Press. NEW YORK, March 6.—Cotton opened steady today at an advance of 2 points to a decline of 5 points. Most months were lower under realizing and some Southern and local selling promoted by disappointing Liverpool cables and prospects for improving weather in the Eastern belt. Offerings were absorbed by continua- tion of the recent buying movement however, and the market became firmer after the early realizing had been ab- sorbed. May sold up to 21.20 and th new October contracts to 20.39. T carried active months 6 to 14 points net “higher by the end of the first half hour. Private cables reported local and con- tinental buying in Liverpool, but said | Bombay _selling had checked the ar- vance. They also reported disturbancr in Calcutta were checking business | cotton cloths. | SILVER QUOTATIONS. | NEW YORK. March 6 (®).—Bar sil- er, 563:: Mexican dollars, 42%. NEW CLOTHING EXCELLENCE FOR MEN WHO TREASURE FINENESS! Saks. THERE is @ man with a keen sense of style and an intolera we for any but fine quality. 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