Evening Star Newspaper, March 8, 1929, Page 13

‘TRADING NERVOUS - ONCURB EXCHANGE Price Movements Mixed as Operators Assume Cautious + Attitude Toward Market. BY HARRY H. BECKER. | Bpecial Dispatch to The Star. | NEW YORK, March 8--Speculation | proceeded cautiously on the Curb Ex-; change today, with price movements highly mixed, although less nervousness | existed over the money situation, not- | withstanding the big expansion in| brokers’ loans. ‘The list was at first disposed to ex- tend yesterday's closing rally, but the improvement did not make much head- | w and was followed by successive short-lived reactions and periods of re- covery. In spite of the general uncertainty, Standard Oil of Indiana stood out con- spicuously, moving up sharply. Ap- parently the Street felt that with the fight in the management definitely set- tled by the Rockefeller victory the stock was in a better position to respond fully to the excellent report for last year. { Another strong stock in the oil group w Continental, which started off gher on 25,000 shares and developed pronounced strength in the subsequent trading. Many other oils did better than of late. Efforts to carry the decline further met with success in some of the avia- tion issues, the utilities, metals and chain store sections. Aviation Corpora- tion, however, snapped back after break- ing 5 points and equally vigorous re- coveries were staged in Gold Seal Elec- tric, Casein Corporation of America, Bohp Aluminum, American Cyanamid, B ” International Projector, Central tlantic States and many less active specialties. Anaconda Copper rights were turned over in huge blocks again and displayed strength, but there was a renewal of profit-taking in some of the higher- priced copper shares. Newmont broke sharply at one stage. Selling pressure was also exerted against stocks like Checker Cab, United States Freight, the | Marconis and others in which a larger speculative following has been built up this year. Among the utilities Electric Bond & Share new and the old company stock displayed a heavier tone, with the Amer- lcan Super Power issues, United Gas Im- provement, American Light & Traction, American Foreign Power warrants and Northeastern Power also weak. Stock of the newly formed Aviation Corporation, an investment company, was listed and immediately became ac- tive above the public offering price. WHEAT IS HIGHER ON OPENING SALES Buying Movement Sets In on Reports of Possible Crop Damage. By the Associated Press. CHICAGO, March 8—With farm reserve official figures today as to wheat expected to prove bearish, wheat price advances met with increased sell- ing early today. Buying on account of damage possibilities regarding domestic ‘Winter wheat, however, was of sufficient volume to make values average higher. ning unchanged to %, up, wheat rward reacted somewhat. Corn, oats and provisions were easy, with corn starting at J4 decline to 13 advance, and subsequently holding near the in- Atial range.™ Complaints about indications of in- Jury to comestic Winter wheat were re- ported today as becoming more numer- ous, and this circumstance gave at times more or less advantage to the buying side of the wheat market here. Kansas February weather was reported &s the coldest on record for 1895, 1899 and 1905. According to advices from the Southwest, the plant does not ap- pear to be well rooted and is susceptible %o blowing of the sofl. Lighter arrivals iof wheat at domestic terminals were »f some effect, too, as a price strength- iening influence. ‘On ghe other hand, increased esti- mates jof the Argentine wheat export- able surplus were current today, making the total 261,000,000 bushels, aganst pre- vious indications of only 220,000,000 ‘bushels. Continued large shipments #rom Australia were likewise reported, #nd some selling of wheat into store at Chicago was in evidence. Baltimore Markets !BALTIMORE, Md.. March 8—Po- tatoes, ‘Wwhite, 100 pounds, 1.0021.25; new potatoes, bushel, 1.50a2.75; sweet potatoes, barrel, 1.50a3.50; bushel, 75a ; yams, barrel, 2.00a3.50; beets, .50a2.75; beans, bushel, 1.75a bage, hamper, 1.00a1.50; car- yots, bushel, 1.50a1.75; celery, crate, 126a2.25; caulifiower, crate, 2.00a2.25; weggplant. crate, 2.50a5.00; kale, barrel, 1.25a1.50; lettuce, hamper, 1.50a3.00. Onions, 100 pounds, 3.50a5.50; oyster plants, 100, 8.00a10.00; parsnips, basket, 60a75; peas, bushel, 2.25a2.75; peppers, crate, 1.50a4.00; squash, crate, 2.50a 4.00; spinach, bushel, 75a90; tomatoes, crate, 1.0023.25; turnips, basket, 50a60; epples, bushel, 75a2.00; cranberries, half berrel, 7.0028.00; grapefruit, box, 1.75a 3.25; tangerines, per half strap, 1.50a aranges, box, 2.00a3.25; Straw- berries, quart, 20a35. Dairy Market. Poultry, alive — Young turkeys, pound, 32a42; old, 25a35; young chick- ens, 34242 small and poor, 20; old hens, 20a30; Leghorns, 20a29; capons, 33a42; old roosters, 17a20; ducks, 20a | 32: guinea fowl, each, 50a90; pigeons, ! pair, 30a35. Dressed— Turkeys, young, pound, 35 242; old, 25a35; chickens, young, 35a 38; old and mixed, 28a32; capons, 34a 44 old roosters, 20; ducks, 25a30. Eggs—Receip! 1,907 cases; native anc nearby firsts, 3612a37; current Te- ceipts, 30835 Butter—Good to fancy, creamery, pound, 48a53; prints, 53855; blocks, ladles. 34a38; store packed, 29; rolls, 30a32; dairy prints, 30a32; process but- ter, 41a42. Xay and Grain Prices. ‘ Wheat—No. 2 red Winter, garlicky, | t. 1.32; March delvery, 132. | Corn—No. 2 export, March delivery, | no quotations; No. 2 yellow, domestic, spot, 1.08a1.10; cob corn, 5.2585.50. No. 2 white, domestic, spot, No. 3 white, domestic, spot, Hay—Receipts, none. auriving here in limited quantities only, jt is more than ample for the demand, | which is being supplied mostly by truck | from nearby points, a few carloads b: ing received. There is not enough bus ness passing to establish prices on the|gyesin various kinds on merit at a range of 15.00216.50 per ton of timothy or clover hay Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. CHICAGO DAIRY MARKET. CHICAGO, March 8 (#).—Butter, Jower; receipts, 10,357 tubs; creamery extras, 49; standards, 48%4; extra firsts, 48a487; firsts, 461,a47%5; seconds, 45a 46. Eggs, higher; receipts, 12,095 cases; 34a35; firsts, 33; ordinary « NEW YORK CURB MARKET, Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds | Sales in traded in on the New York Curb Market today: Sales in hundreds 33 Acoustic Prod ... 1 Agfa Ansco 1 Aftiea "Pi Br ;Alllm Co Ami 2 Amer Arch Co ... 43 Con’ Cor 1Amer Brit & pid. 1l 19 Amer Br Bov EI F i3 Amer Meter’ 12 Amer Roll Mili ° 7 Amer Sol & Asso Gas 11 Asso_Gas&El 11 Atl Fruit & Chem deb iy Sug. . 2 Atlas_Plywood 8 Aut R Ma cvt 3 Aviation Co YO IO OISR -} g 5 hia_Corp w o o H rden_Co n Ivn City R f Niag & f Nia ut N & B 2 Bullard Co 4 Burma Corp 3 Butler Bros 2 Buzza_ C] t W, 1Cent Pip Cor.... E g & E P t part of Amer 2 Aviation Credit Aviation Corp wi Axton Fisher A prd IT Ve ohn Al & Br W R 3 PA pid lark . vie 3Cent Pub S A, 2 Cent States Ei war.. 1Cent Sta El pfd ww 1City Mach 2 Colg Palmol P. 13 Commonwith 1 Commonw P 31 Cons Auto Mer vic Ed pid prd... Exp: El P & L optl Serv wi.o.o e “pfd.l L war... 7 Gramoph Co Ltd rct St A 3 Happin C 1Hart Parr... t_Corp. by gar 12 Hiram Walk G 3 Hires Ch _A. 4 Hygrade Food Prod.. 8 Insur_Secur xd. 31Intl Project. Intern 17 Intern Util B. Bryant o Mt oSt e ak Eonons winuaunaBaausunsonw . 3 g ?-g 00! o) 50 Pet: P ub_ B! 3 Rey, 13 Safe-T-Stat w8 o . 5y INDUSTRIALS. High. Low. 45 17 10! 4370 30%s 84 37% oo 350% S0 1 11% "% 212 207 i 47" 93 41 i 57 D2 301 Nogn, 31} 2493, 249% 01 " 101 11 22% 20% 20% 4y 4l 147 STANDARD OIL ISSUES AND units, FORMER SUBSIDIARIES—STOCKS. 00A A O non vc. 18% 100 Atl Lobos ... 2 71600 Contl Oil 28% 50 Eureka P L.. 841l 40 Gal 8 O pid-n COD. 8 300 Humble O & R.... . g'll_ 82" 5315 24 65 32 4214 1435 8910 3915 397 11215 112% 1217 121% 200 Southern P 28008 O Indiana 2008 O Kentucky n 508 O Ohio...... 100 Vacuum Oil Sales BONDS. in thousands. 8 ADitibi P&P 55 A '53 9 Ala Pow 4128 '67 5 Alu 31 Alu 4Am 85% 83% m & Lt 6 Roll Mill 5s '48.. 1Am Seating 65 '36.. m Sol 6V:s '36 1El Pas Nt 43 995y 10 EI Pas Nt Gs 0125 '38 102 4 Empire O&R 528 0 5 Fabrics Fin 6s ‘30 9914 89 ha B i6 6514 7., 972 1 68 '37 2 Georgia&Fla 65 A 9 Georgla Pow 55 6 1] 2 Morris & Co'7 1Mu 8 S Line 6% 5 Narrag Co 53 A 'ST 8 Nathan Str Inc 6 '36 1 I E&L $iaster. o swego 0,65 & E 48 B 5T 9 s 130 9915 s 031 98% ) 18% 187 262 287 15% 15% 56 36 21 2% 30% 30% 8" 209% is 280 Yo 25 £102% 101% 102 35t Regls Paper. 3 Schulte Real Est. 45 - 43 113% 114 7 105" 1084 4 Sexn & Hardw 11° 13 Select Industries Inc 25% 9 Select ind Inc pfd % 18 Berv EI 133 i ca. 38ilver I & 1 Binger Mfg L 5 Southeast P 18 Tri Cont Cory 5Tri Cont Corp Tung Sol Lami (oo 9IS s ORI RS RS o g For Freight cgaagac: P &L Eg < We: 3 Whitenight 5 Winter B J. 4 Wire Wheel vie.. . orsky Avistion Gel ctfs. Bros td. & D. L 3 pid .. 105} 24% of ‘Del. . 102 niversal Aviation. .. 243, ctf B xd 413 fd 3330 Williams (RC) Wil Low_Ca! Corp. ... 1Zenith Radio. . Sales in hundreds. 85 Anaconda Col 10°Ariz Globe C 2 Carnegie Met: 2 Com Tun & 5 89 Goldfid Cons 11 Hecla_Min 5 Hud p rts. als Drain .. Bay Min & Sm 4 Iron Cap Copper .... 4 Min Co Can 33 New Cornelia . 23 Newmont Min 7 Noranda ... 17 Ohlo Cop . 2 Roan_Antelope Cop Toy . . er 10 Uni Zing 1Utah Apex . 11 Walker Min c Smelt .. e e 3 Wendon Cop . hundreds. 55 Am_ Con by Ri 4Gulf Oll Pa.. 19 Intercont Pei 23 Leonard Ol 13 Magdal synd 2 Marland _ Mex. 3 Panden: Alive, steady; receipts, 1 car;? grices unchanged, 3 Pantepec 20 Royal Can O 20 Texon Ol & O & it Land u. MINING STOCKS 57 15 kN 140 140% 17 Westn Pw 5las '57 i 10 Wheel St 4125 B '33.. 88% 88% 88% Sales FOREIGN BONDS. in thousends. VAniwerp City 55 138 81 81 81 Nlres Tias 47 103% 10874 103% 11 Gom g'finx’s" 7 8634 86%2 86%2 4 c Pw s xd—Ex_dividend. Wi—When issued. —New. FwoWith warrants. COTTON PRICES FIRM IN EARLY TRADING Covering, Trade Buying and Re- ‘buying at Liverpool Affect Chicago Pit. By the Associated Press. NEW _YORK, March 8. -—Cotton opened firm today at an advance of 7 to 12 points. Active months sold about 10 to 12 points net higher right after the opening on renewal of the recent Liverpool cables and reports of small fertilizer sales for February. The advance into new high ground attracted profit taking. There semed to be a little more Southern selling, how- ever, and prices eased off 5 or 6 points from the best at the end of the first half hour. Private cables reported covering, trade calling and some rebuying in Liverpool. ‘They also said there were encouraging sales of cotton cloths to China, with home trade improving. CANADIAN BAN ON U. S. FARM PRODUCTS URGED By the Assoclated Press. OTTAWA, March 8—Closing of the Canadian market to farm products irom the United States in retaliation for increased tariffs on Canadian prod- ucts entering the States has been urged by Hugh Gutherie, acting Conservative leader, in a speech before Parliament. He said farm products were import- ed into Canada from all parts of the world each year to the value of $60,- 000,000, while Canada exports to the United States agricultural products slightly in excess of that amount. “If the United States closes its doors % {on Canadian products, Canada can close INDEPENDENT OIL STOCKS. olifids hers on the agricultural products of the rest of the world. The Dominion is in a position to supply her own needs,” he said. Earnings Reported. The Washington office of the Dicta- phone Corporation reports that the year ending December 31, 1928, showed net profits of $611,475 after all charges against the year's operations and ade- quate provision for depreciation and taxes. This is equivalent, after pre- ferred dividends, to $4.87 per share on the 103,750 shares of no par value com- mon stock. Net profits for 1927 were $512,101. The Virginia Electric & Power Co., including subsidiaries, reports Januarfi gross earnings amounting to $1,476,13 against $1,423,404 in January, 1928, and $1,354,369 in 1927. Twelve months’ gross showed an advance over last year and the balance after taxes and other charges, but before depreciation was an- nounced as $5,208,039 against $4,773,438 in 1928, and $2,118,128 in 1927. ‘The number of stockholders of the Pennsylvania Railroad Co. on February 1 was 153,507. This was 501 fewer than the 154,008 reported on January 1. The total on February 1 a year ago was 143,- 010. The record number was shown on December 1, 1928, at 155,067. VBankers to Meet. The District Bankers’ Association committee on trade activities, F. P. H. Siddons, chairman, will meet this after- noon at headquarters. Reports are scheduled from James H. Baden on real estate and building; Charles D. Boyer, automotive trade; B. L. Colton, finance and mortgage companies, and Victor B. Deyber, merchants and manu- facturing. ‘Washington Chapter, A. I. B, will send a delegation to the annual dinner of Philadelphia chapter, tomorrow night, consisting of James A. Soper, Lois A. White, Miss Mabel Royce, Miss Rose Royce, T. Hunton Leith, I J. Roberts and Miss Catherine Krieg. Henry W. Offutt, president of the Potomac Savings Bank, in Georgetown, is back at his desk after six weeks’ visit at Miami, Fla. I’OTA_TO MARKET bULL. CHICAGO, March 8 (#) (United States Department of Agriculture) Potatoes—Receipts, 111 cars; on track, 227 cars; total United States ship- ments, 738 cars; trading rather slow, market dull; Wisconsin sacked round whites, 80a1.00; mostly 85; Idaho sacked Russets, 1.40a1.60; fancy, 1.65a 1.70: Minnesota and North Dakota sacked early Ohio's, 1.00a1.10, el EMPLOYMENT GAIN IN'U. S. INDICATED New Production Records Are Forecast as Industries Expand. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 8 —Employment is at a high rate in nearly all sections of the United States. This is true despite the fact that bad weather has had a retarding effect on agricultural operations. In the industrial plants there are more_workers on the pay rolls than in any March in 10 years. In some in- dustrial centers, where automobile ma- chinery, steel and airplane plants are Jocated, the employment rate is over 15 per cent higher than at this time in 1928. ‘The hiring rate for unskilled labor in many of the Middle Western centers is around 44.5 to 45 cents an hour. The mine ray rolls are heavy. and wages in some camps have been raised recently. More goods have been produced in January and February than in any simi- lar months in history. It is likely that the output for the first quarter will establish new and astounding records. Commodity prices are seemingly well stabilized. Inventories are not high in most lines. The average increase in earnings for the more important in- dustrial corporations in 1928 was 17 per cent as compared with 1927. This rate of gain is not only being main- tained but increased at present. ‘There is not the slightest indication of a check in the activity of the steel mills. Many are at 100 per cent of capacity operation and the average for the industry is only a comparatively few points down from the very top. The automobile plants are still adding men and turning out machines with the utmost speed. It is noticeable, however, that from time to time slight price cuts are being put into effect with the object of keeping motor car volume up. There has been some slight check to jhome and apartment house building. This is attributed by some to the ad- vance in money rates. Others feel that the inclement weather in some sections has been a contributing cause. How- ever, the volume of public building is sure to be bolstered by the volume of construction authorized and appro- priated for by the Congress just ad- Journed. Rubber and tire plants are extremely busy and some plants are taking on more men in anticipation of the Spring rush. Shoe factorles are well engaged and tanners and shoe manufacturers have benefited somewhat from the lower hide prices. Apparel demand has begun to pick up in anticipation of Easter business, which comes early this year. The knit goods lines are espe- clally active. Millinery sales have been fair. The cotton mills are still in an unfavorable position, although produc- tion and consumption are high. Raw wool prices are not as gratifying as they were a year ago. GAINS SUPPORTERS Speclal Dispatch to The Star. NEW YORK, March 8-—The Stable Money Association announces the addi- tion of two prominent business men to its executive committee—J. V. Farwell, C!&cuo, and George Eastman, Roch- ester. The assocfation stands for a stable price level. It was organized several years ago to promote stabilization of the Euchsslng power of money by spread- g the understanding of the serious evils which attend the general fluctu- ation in the price level. It also studies the problems involved in the prevent- ability of such fluctuation, and the various methods proposed for stabili- zation. It opposes those twin brothers in crime, monetary inflation and monetary deflation. Monetary inflation causes profiteering. 'The high cost of living burdens school teachers, judges, pen- sloners, salaried workers and wage earn- ers—every one receiving a fixed income, Endowed institutions like colleges, churches and hospitals suffer through increasing expenses by inflation, while incomes remain fixed. Others hurt by inflation are savings bank depositors, and the holders of mortgages, bonds and life insurance policies. . Deflation, on the other hand, causes business depression. Prices fall so that merchants buy from hand to mouth. Unemployment grows, factories shut down, farmers find it difficult to pay mortgages, bankruptcy increases, eco- nomic progress is halted. Both inflation and deflation are bad, says the Stable Money Association, :xz‘:g:—.t.b:gev“flsm }sfi.guumg money to e evl wns;tionm Which arise from these “We advocate a policy, not a mef or a plan,” the assocln{ion says. e Some of the best known business men and economists are members of this organization, Among them are John W. Davis, Dr. Arthur T. Hadley, Dr. Nicholas Murray Butler, Charles Evans Hughes, Otto H. Kahn, William H. Crocker, Henry M. Robinson, James Speyer, Irving Fisher, Edward A, Filene, David Starr Jordan, Frank 3.00 Yaa;wggnA vnvglunm C. Proctor, John , F. A, ano, John E. Rovi and James H. Rand, jr. e 36 MINES TO BE MERGED IN $65,000,000 COMPANY. By the Associated Press. JOHNSON CITY, Tenn., March 8— Plans for taking over 36 mines operat- ing in Virginia and Kentucky by the Amalgamated Coal Corporation, capital- ized at $65,000,000, were completed to- g:ry. according to officials of the con- n. S. R. Jennins, president and chair- man of the board of the new corpora- ton, announced that the mines will be acquired singly. This phase of the consolidation is expected to be com- pleted in 60 days, he sald. Total valu- ation of the mining property involved was placed at more than $100,000,000. The new concern was chartered in Delaware, February 28. A partial an- nouncement in New York recently stat- ed_the capitalization was $50,000,000. President Jennings announced that headquarters will be in Johnson City and that the personnel is to be inereas- ed. Branch offices will be located in Pittsburgh, New York and Cincinnati. OPPOSES TARIFF CHANGE. Serious embarrassment to cane sugar and corn growers of this country would result from the enactment of proposed legislation raising the tariff on im- ports of cane sugar by-products used in the manufacture of commercial alcohol, it is asserted editorially in Industrial and Engineering Chemistry, of which ng.tflarrlson E. Howe of Washington is editor, SILVER QUOTATIONS. NEW YORK, March 8 (#)—Bar silver, 56%. Mexican dollars, 425, Exchange Head May Retire. NEW YORK, March 8 (#).—E. H. H. Simmons, president of the New York Stock Exchange since 1924, is reported in Wall Street to have expressed a desire to retire at the end of his term. The election is scheduled for May 13. Mr. Simmons is now on his way back from Europe, 2 . " Sicty-one Years (?enmqllmu'a Ja Avenue at Gray Is Great—And Tan’s A Triumph—In These Spring 2-Trouser Suits! And What a Treat for the Value-Wise! Spring Hats You'd Gladly Pay $7 For! $5.00 AS for style, you won't find more of it at any price; and as for quality of felt, workman- ship and trimmings, you won't find the equal of this out- standing hat value at this price. Come in and see the mnew shades and shapes. Saks—First Floor. Karlton Jr. Four-Piece Vest Suits for Spring! $14.95 And we include at this price, Herringbone- weave Blue Cheviots, such as- usually sell in our own stock at $17.95. EVER was Saks better prepared for the boy. The great Karlton Jr. value is better than ever. With Confirmation and Easter right at hand, bring the boy in now. YOU may prefer one of the unusual Herring- bone weave Blue Cheviots —or one of hundreds of new patterns in the want. ed Tan and Gray shades. You will like the new models—many of them with the popular tatter- sall vest. Everything is new. Sizes 7 to 18, Saks—Second Floor. B GRAY and Tan—Gray and Tan— those are the highlights in the Spring style picture for men! And in our great mew showings of 2-Trouser Suits, you will find these leading shades in a ‘“hundred and one” variations. There are smart blendings with kindred shades—striking Herringbone weaves —unusual Stripe effects—the new Wale effects. UT of course, those wonderful new *¥ fancy-weave Blues are here, too, in abundance — as well as conservative patterns. AND the new models (many with the smart tattersall vest) have the square-shoulder athletic note that every man likes. . Saks—Third Floor. 2-Long-Trouser Suits for the Lad 13 to 18! $99.50 The Prepster knows that Saks understands his clothing preferences—and here are great new values for Spring. WHAT a style story these splendid new Spring models and fabries telll Grays and Tans in smart, handsome tones share the cen- ter of the stage with fancy- weave Blue Cheviots—never have fabrics been smarter, HE new models include those with peak lapel coats — tattersall vests and pleated trousers. The value is immense. Saks—Second Floor, Unusual Grade of Boys’ Shoes — at $2.95 I S surprising to find so much shoe quality at such a price. It's a very special Saks value. High and Low models in Black and Tan—with al the new toe effects. Sizes 5 to 8, 814 to 11, 11%; to 2, B,C and D Widths. AUl Sizes. Saks—First Floor. £ S-S