Evening Star Newspaper, March 11, 1929, Page 12

SPECULATIVE CURB | ‘ Trading Takes on Nervous Character Due to Un- certain Credit. . BY HARRY H. BECKER. Special Dispatch to The Star. NEW YORK, March 11.—Uncertain meney prospects for this week, despite the fact that rates today were relatively easier, made for considerable nervous- . mess on Curb Exchange. The market, while presenting a number of outstand- Ing strong issues, appeared rather soft. Some of the utilities broke rather sharply and suggested a weak technical position. Aviation securities resumed their upward tendency, one or two mak- ing new highs. ‘Wide publicity attached to recent de- velopments in the field of airplane financing undoubtedly was the control- ling factor in their fresh buoyancy. Fokker rose to the best level so far quoted and rather impressive improve- ment was registered in Aviation Corpo- ration, recently organized as an invest- ment organization, which went to the highest since it was publicly offered. After brief hesitancy, other stocks of plane and accessory manufacturing concerns joined the rise. Encouraged by the successful opera- tions in Radio shares on the big board, traders bid urgently for kindred shares, more especially of foreign companies mentioned in recent consolidation rumors. An optimistic statement by the head of the Marconi International Marine Co. was followed by heavy operations in the stock at much higher prices. He said the company began the year with a large number of orders on hand, and with prospects of many more. Canadian Marconi maintained its activity, but was less buoyant. . Other strong stocks included Libby- Owens, Ford of Canada, Bohn Alum- inum, F. & R. Lazarus, at a new high record price, and Newmont Mining. ; Newmont rose spectacularly for a gain ' at one stage of almost 25 points. Among the weak sisters were Checker Cab, Grigsby Grunow, Goldman Sachs Trad- ing, Wright Aero new, Phelps Dodge, er-Wheeler, Firestone Tire and J. C. Penny, all in the high-priced class. Oils failed to follow up the livelier market which developed in them toward the close of last week. A 12,000 block of Pandem Oil changed hands on one sale, but otherwise both the Standard and independent shares were quiet and slightly easier in tone. Automobile and accessory stocks were steady. Interest in Fandango was re- vived by an official statement of a new sales policy under which the company , will offer its entire output to the whole- sale trade for distribution. | Bpecial Dispatch to The Star. BALTIMORE, Md., March 11.—Po- ! tatoes, white, 100 pounds, 75a1.25; new hel, beets, crate, 2.50a2.75; cabbage, fer, 75a1.50; carrots, bushel, 1.25a caulifi ; celery, 1.50a2.25; cucumbers, bushel, 3.00 a5.00; eggplant, crate, 2.0024.00; kale, , barrel, 75a1.25; lettuce, bushel, 2.25; onions, 100 pounds, 3.50a5.! pers, crate, 1.50a3.50; parsnips, ; es, strawberries, quart, 25a40. Dairy Market. Live poultry—Turkeys, pound, 35a43; ! old, 25a38; young chickens, 38a45; old thens, 33a34; Leghorns, 30; capons, + 35a43; roosters, 18a20; ducks, 20a32; m fowl, eachi, 50a1.00; pigeons, pair, Dressed poultry—Turkeys, pound, 35a 45; old, -25a40; young chickens, 35a40; ' old and mixed, 30a35; old roosters, 20; ducks, 25a30. Eggs—Receipts, 1,403 cases; native and nearby, firsts, free cases, dozen, 37a38; current receipts, 32a36; duck eggs, dozen, 38a45. Butter—Good to fancy creamery, pound, 47a52; prints, 52a54; blocks, 51a53; rolis, 30a32; dairy prints, 30a32; ladles, 34a38; store packed, 29a30; process butter, 41a42. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.33%2; March delivery, 1.33%. Corn—No. 2 export, March delivery, no quotations; No. 2 yellow, domestic, spot, 1.10; cob corn, 5.25a5.50. - Oats—No. 2 white domestic, spot, 59; No. 3 white, domestic, spot, 57a57%2. Rye—Nearby, 1.10a1.20. Hay—Receipts, none. While hay is arriving here in limited quantities only, it is more than ample for the demand, which is being supplied mostly by truck from nearby points, a few carloads be- ing received. There is not enough busi- ness passing to establish prices on the various kinds on merit at a range of i:.oous.so per ton of timothy or clover y. Straw—No. 1 wheat, 11.00a12.00 per ton; No. 1 oat, 12.00a13.00 per ton. Live Stock Market. Cattle—Receipts, 500 head; light sup- ply, market active; steers, choice, 12.75a 13.25; good, 11.50a12.25; medium, 10.50 8.50a9.75; _helfers, good, 9.75a10.25; medium, 9.00a9.50; common, 7.75a8.75; bulis,, good to choice, 9.75210.25; fair to good, 8.5029.50; common to medium, 7.00a8.00; cows, good to choice, 8.50a 9.00; fair to good, 6.75a7.75; common to medium, 4.00a5.75. Sheep and lamb—Receipts, 1,000 head; moderate supply, market higher; sheep, 3.00a8.50; lambs, 9.00a18.00. Hogs—Receipts, 3,700 head; fair sup- ply, market higher; lights, 12.20; heavies, 12.10212.35; medium, 12, roughs, 7.50a10.50; light pigs, 10.25; pigs, 11.60; Western hogs, 10a20 higher than quotations. Calves—Receipts, 400 head; light sup- ply, market higher; calves, 5.00a17.00; extras, 18.00. POTATO MARKET STEADY. CHICAGO, March 11 (U. S. Depart- ment of Agriculture) —Potatoes—Re- ceipts, 174 cars; on track, 247 cars; total United States shipments Satur- day, 959 cars; Sunday, 19 cars; trad- ing very slow on Wiscons fairly good on russets; market steady; Wis- consin sacked, round whites, 802a1.00; Minnesota and North Dakota sacked Red River Ohios, 1.00al.10; Idaho sacked russets, 1.50a1.75. BirdyI"ilms Help Aviators. Flights of birds are expected to aid aviators who study the pictures being made by Baron C. Shiba, the young Japanese who has been filming the methods used by the feathered air trav- elers. Shiba's camera works so fast that it requires 20 minutes to show on the screen all the pictures photographed in one second, so that every movement of the birds can be studied. Shiba claims that his pictures also enable an aviator to see like a bird. Dairy Profits Boosted. BEAUMONT, Tex. (A).—V. A. Smart, dairyman, says a Winter oats_ pasture has increased the income from his herd of 48 dairy cows by $1 a day. One hour A day on this pasture, he explains, adds z;:. gallons to the day’s production of sal in NG - STAR, WASHINGTON, MONDAY, MARCH 11, 1929. « NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office traded in on the New York Curb Market lay: gfa Ansco . 13 Alexander Ind 2 Allied Pk 2 Asso Laund Amer A. 1 Asso Rayon.. . 1Asso Rayon 2 Atl Fruit & Su 5 Aut m. 110 443 Can..l 748 715 . 7 Gen Bak 22 Gen Elec 2 Gen 4Gen £id vei Laund Ma. INDUSTRIALS. Following 1s a list of stocks and bonds SSUES FLUETUAT High. Low. Noon. 9% obc 3612 36'2 36% P TR T ] 47% 47% 47% 168'2 1682 168'2 83 " 84 B4 43% 43% Py 217 13: Lion Ol... 3 Magdal Synd. | 7N Y _Pete Roy. 37 Pac Western Oil. 659 Pandem Oil .. Sales STANDARD OIL ISSUES AND FOR- inunits. ~ MER SUBSIDIARIES—STOCKS. 100 Anglo Am Oil. 0 South Penn 200 Southern P L. 008 O Ind 8 O Kansa: 1005 O Ky n €00 Vacuum O Sales in BONDS. thousands. 3'Abitibl P&P 55 A '53. 80 10 Ala Pow 4'as '67..... 931 4 Alum Co Amer 55 '53 1011y 2Am Con Alc 65 A '43127% 16 Am G&EI 5s 2028.... 95V 6Am P&Lt 65 2016, 4Am Rad 4125 47 6Am Sol : 6 W Eyity '56. 967a 6.,.. 9502 i3 7 14125743 143 Assoc Gas&FEl 5125 17 120 El 818 48 w117 G&! Can Nat Ry Capital Adm 55 '53.. 100 Cig St R H 5%as '49 A it Serv 55 '66 . it Ser Pow 5as 3 5435 543 391 23012 239 0812 10813 10813 W 43, . A3 4 113144 131% 131% ity % Gr A&P T C Grissby 2 Groun, 1Hall La a1 Bottlin ‘Bottiin: Chap & e 48% 487 48 & 28 8 Nati Far Stes. pi atl Fam 3 Nat Food Prod B. 13 Nat PAL 1% of Nat Pub Ser B. 26 Raybestos . 2 Republic Bi -5 Repub Brass A. ot Trk 2 Sikorsky Aviaticr 76 Silica_ Gel “ctfs. 7 Silver 1 & Bros P 8 Trans Am 12 Trans Lux 1 Air Gas Co .. Imp C ni Lt & P 8 Freight of S Gypsum .. niversal Aviation s et Soe 2z<qacac an C PAE ... vestyaco CHIOF Low Ca. § Winter B3 inter, 5 8 Wire Wheel Corp 16 Wright _Aviation 7 Zenith Radio les hundreds. 36 Anaconda ... 10 Ariz_Globe C. 1 Bunker Hill... & Chief Cons Min 2 Cons Cop Mine op Range... 3 Cresson Con Gold.. 3 Dolores Esper.. 30 Falcon_ Lea 6 First Natl Copper. £ Gold_Coin Mine. 20 Goldfid _Cons. . 15 Hud Bay Min & 3 Iron Cap Copper. son Val Y. 12 Shattuck Denn. 7 Wendon Cop. Sales in hundreds. 5 Am Maracatbo Co. 33 Cities Berv 1., e o fig Wl 20 677 2T 2% 4 30% 30% 38% 41 i 23 0% 110% 5 122 % 20 20 28 2734 5 ane i i 3% 36 36 2% 12 197 119 119 047 102% 1034 2asn2aEs.E gg 31% 135 18 15% 16 15% 8 MINING STOCKS. 30% 20% 30 : .95 INDEPENDENT OIL STOCKS. 5 B% 5% 6 121% 120% 12i% 09900 Sudahy 5'%s '37 1. 3 , 101 101 3 Tehigh Pow 6s A 2036 103%, 9 Libby McN & L 55 '42 92 9 10 Lone Star Gas 55 '42. 98 it Pow 5las A '51 99% 5143 10314 1 4 | but they weakened persistently at the 712 | advanced about 2 per cent in mean price ac Inves 55 A '48... 95 10 Pac Wn Oil 61s '43. 96 Pa O Ed 6s A '50 ww 06'4 D '53.. 10004 § Snider Pack 6s ‘32 98 1] Southe P&L 65 A 2035 103 78ou Cal Ed 85 ’31.. 101 0 n e 2 Sales FOREIGN BONDS. in thousands. 10 Antwerp City 5s '58 91% 91% O ARNCIBChn 65 130 Siih Beis 7 Buenos Mreu."h '572 100% g ns a7 47 ¥ RE 05 A '3 R lnid £ 300 5 El 75’52, 90 —New. Ww_With warrants. Commodity Notes oil. CHICAGO, March 11.—Stocks of gas- oline held by mid-continent refiners have jumped to 4,300,000 barrels from 3,550,000 during the past month, an unusually large increase, _Gasoline prices, however, are holding firm, with Tefiners optimistic over the outlook. Vegetables. SAN FRANCISCO.—Acreage planted in California of spinach for canning is about 75 per cent increase in two years, although the 17,500 acres planted this year is not expected to produce a larger crop than 12,340 acres produced last year, owing to severe weather, Tobacco. ‘YORK, Pa.—Curing tobacco for over- seas markets is in full swing here. A fleet of 12 trucks is hauling the uncured tobacco from Lancaster, handling about 160,000 pounds daily. Agricultural Products. ATLANTA.—The floods in Georgia, it is estimated by the State agricultural commissioner, have reduced the crops of the State by 10 per cent. CHICAGO LIVE STOCK MARKET CHICAGO, March 11 (#)—(U. Department of Agriculture) —Hogs— Receipts, 35,000 head; mostly 25a40 higher; top, 11.75 paid for 190-pound weights; bulk desirable, 160-290 pounds, 11.40a11.65; big weight chers, down to 11.25; butchers, medium to choice, 250-300 pounds, 11.15a11.60; 200-250 pounds, 11.25a11.75; 160-200 pounds, 11.00a11.75; 130-160 pounds, 10.00a11.65; packing sows, 10.25a10.75; pigs, me- ;i‘l’u”rg to choice, 90-130 pounds, 8.75a Cattle—Receipts, 17,000 head; calves, receipts, 3,000 head; active; firm trade on all grades of yearlings and light steers; slow weak to uncvenly lower on heavies; largey a steer run; top, 14.50; other classes, mostly steady; slaughter classes, steer, good and choice, 1,300~ 1,500 pounds, 12.75a14.50; 1,100-1,300 pounds, 13.00a14.50; 950-1,150 pounds, 13.00a14.75; common and medium, 850 pounds, up to 9.00a13.25; fed yearlings, good and choice, 750-950 pounds, 13.25a 15.00; heifers, good and choice, 250 pounds down, 12.00a13.75; common and medium, 8.50212.00; cows, good and choice, 9.00211.00; common and me- dium, 7.0029.00; low cutter and cutter, 5.75a7.00; bulls, good and choice (beef), 9.40210.50: cutter to medium, 8.00a9.40; vealers (milk fed), good and cholce, 15.00a17.75; medium, 13.25a15.00; cull and common, 9.00a13.25; stocker and feeder steers, good and choice (all weights), 11.25a12.25; common and me- dium, 8.75a11.00. Sheep—Recelpts, 26,000 head; market (opening 15a25 lower to outsiders; big packers not operating early; few fat lambs, 17.00a17.25; best held higher; sheep and feeding lambs steady; lambs, good and choice, 92 pounds down, 16.35 al17.50; medium, 15.00a16.25; cull and common, 11:25a15.00; ewes, medium to choice, 150 pounds down, 8.25a10.00; cull and common, 3.75a8.40; feeder lambs, good and choice, 14.50216.00. Steel Production. NEW YORK, March 11 (#).—Iron and steel producers in the Youngstown dis- trict are reported to be operating at nearly 90 per cent of capacity. Steel pipe schedules are averaging only 55 per cenly 6575, 158 ;| SHOWS WEAKNESS 4 New York stock market. Although the | bulls would have S. | greg STOCK PRIE INDEX Level Is Higher Than in Pre- vious Week, but List Less Firm. Special Dispatch to The Star. NEW HAVEN, Conn., March 11.— Little encouragement for traders and dabblers was to be got from last week’s price level for the week is higher than for the week be- fore, the close of the week showed considerable weak- ness, and perhaps even more nervous- ness. If the whole mar- ket had followed the coppers, the had lots of clover. ‘This group regis- tered an advance of 81 per cent, with Utah the prize [3 ~kyrocket of the display. Seven groups of stocks maintained a mean price level for the week, which was higher than that of the week before, only foods, steels, stores and oils showing a lower level, and all of these declines were less than an index point. . A less encouraging aspect appears upon day-to-day analysis, however. Cop- pers, the big performers, had their best day last Monday and sagged moder- ately, but rather consistently as the week advanced. Motors and steels, very important groups in the prosperity pic- ture, sagged similarly. Utilitles, rails miscellaneous indus- trials, stores, preferred stocks and bonds all had their low point earlier and strengthened somewhat toward the week’s close. L. Industrials Sag. ‘The highest-grade common industrials showed the poorest results in last week’s New York Stock Market. Their price level for the week was up a fraction of a per cent.over the preceding week, Irving Fisher. latter end of last week. Second and third grade industrials level for the week. The third grade stocks alone showed an upward turn to- ward the latter end of the week. The gradings follow Moody's ratings. Below are shown index numbers for prices of three groups of stocks traded on the New York Stock Exchange, graded in accordance with their season- fll‘l,i dividend history, credit strength and size, First Second Third grade grade _grade (Invest- (Inter- (Specu- ment). mediate). lative). 1981 186:8 (1926=100) Week ended— March 8 - EshEss SSZIARSE, Sam ot ety Seaimawasy High (26: Low ('26-'29)..... 1903 _ 170.6 1 (Feb.'29) (Peb.’29) (Feb.’29) {Apr.'26) (Apr.'26) (May'26) Stock Trading More Active. A moderate rise occurred last week in the value of shares traded on the New York Stock Exchange, apparently indi- cating that the Federal Reserve Board has not frightened many people away from the market. All stocks, preferred and common combined, showed an increase of about 5 per cent in average daily value of transactions which rose to nearly $400,- 000,000 from about $330,000,000 daily average for the week before. Common industrials changed hands at the rate of over $335,000,000 worth per day. Eight groups showed increased turn- over, with coppers jumping to an av- erage of over $100,000,000 per day, of which nearly four-fifths was Anaconda and Kennecott. (Copyright, 1929, by Irving Fisher.) . WHEAT IS LOWER ¢ IN EARLY TRADING Reports of Bad Weather in the West Depress Values * atStart. By the Associated Press. CHICAGO, March 11.—With world shipments of wheat heavy, increasing the amount on ocean passage, wheat values here averaged lower early to- day. Reports of windy weather in Kansas and Oklahoma, however, and drought in Canada acted as something ' of an offset. Opening 3 to 5% off, Chicago wheat afterward underwent a slight further setback, but then rallied. Corn and oats were easler, corn starting 1 to 5% down, and subsequently recovering a little. Provisions had an upward slant, Big Argentine shipments of wheat to Europe had a continued bearish effect today, pulling down Liverpool wheat quotations and thus exercising at times an evident depressing effect on the| wheat market here. In this connec-| larged to 73,575,000 bushels, against 70,~ 032,000 bushels last week and 68,760,000 bushels a year ago. Considerable buy- ing here, though, with consequent price rallies, resulted from advices that more or less crop damage in the Southwest was resulting from high winds blowing | the soil, which was reported loose at, present, According to some dispatches today from Kansas points, wheat was shorli | of root growth, thin on the ground and porly stooled, making it unusually sus- ceptible to blowing. Messages were also | at hand today from Canada telling of | deficiency of rainfall in the last Iouri months. It was pointed out that never- theless the shortage in the last two months taken together was less than in the corresponding months of the two preceding years. . CHICAGO DAIRY MARKET CHICAGO, March 11 (#).—Butter lower; receipts, 11,899 tubs; creamery extras, 49,; standards, 4815; extra firsts, 48a48'4; firsts, 47a47)%; sec- onds, 45246 Eggs lower; receipts, 18459 cases; extra firsts, 31a32; firsts, 30):; ordinary firsts, 29a30. Poultry, alive, firmer; receipts, one car; fowls, 2815232 springs, 34; roosters, 23; turkeys, 30; ducks, 24a30; geese, 21. AR S AR S N, Women to Command Vote. ‘When the new flapper voting list be-,| comes operative in Northampton, Eng- land, May 1 the men will be in the minority by about 5,000, according to estimaes based on the present regis- tration. The new list has 10 additional women to every additional mar. There were 49,000 voters on the old list. This number is increased by 12,200 by the new registration. Of that number 11,100 are women, mostly between the ages of 21 and 30. Berlin Builders Use Lumber. BERLIN (#).—Wooden houses gradu- BY KENNETH S. VAN STRUM. NEW YORK, March 11.—During the first week of President Hoover’s admin- istration the stock rharket broke sharp- ly, became very quiet and recovered much of the ground lost toward the end of the week. The stock averages do not tell the complete story, however, for while cer- tain speculative leaders, like Radio, Vic- tor, Anaconda and Kennecott, closed the week considerably higher, a much larger proportion of the leaders regis- tered a net decline for the week. The action of stocks on the curb and on local exchanges followed the ma- jortity of leaders on the New York Ex- change in their general downward trend. Thus while certain_speculative groups seem to be fighting high money rates successfully the general run of stocks declined. News from the commodity markets did not lift the prices of special groups as the copper and rubber stocks had been affected the previous week. Cur- rent reports showed, however, that busi- ness was at a high level. Steel ingot production reached the highest peak in history during February, due largely to the record production of automobiles. Pig iron production increased substan- tially last month. also, although no new records have been made. Furthermore, it appears now that the peak of pig iron production has not yet been reached, but that it will probably be realized this Spring. The Loan Increase. The weekly statement of brokers’ loans for last week proved instructive. Few were expecting any great increase in brokers' loans, because, although the general level of the market had risen sharply, it had lost practically all of the gains before another bank statement was issued. Yet brokers’ loans rose con- siderably. In other words, while the 200 general level of stocks was about the same from oge week to another, brokers’ loans increased 140 million. Part of this was undoubtedly due to new financing operations, which had increased somewhat over the previous week. At the same time the big brokerage wire houses tell us quite frankly that small traders who had been out of the market for the past few weeks came back into the market in hordes, attracted by the rapld rise. The volume of trading mounted to more than 6,000,000 shares one day, and it is not difficult to believe that many large investors and investment trusts were inclined to sell part of their holdings, until the credit outlook becomes a little more favorable. ‘The brokers' loan figures seemed to say that many large investors who sold their holdings were being attracted away from low-yield stocks by 10 and 12 per cent call money rates, for of the 140 million increase in brokers’ loans 99 million was supplied by “others.” Evidently while 7 or 8 per cent rates failed to attract “others” to place addi- tional funds at the disposal of the stock market a few weeks ago, the 10 and 12 per cent did attract the funds, Banks Help. We also find that the New York banks added 27 million and out-of-town banks 14 million to the brokers' loan total. While this might lead to the conclusion that the banks had aban- dohed their intention of reducing the size of brokers’ loans, it seems more likely that the banks lent large sums on Wednesday, when the call rate went from 8 to 12 per cent and the market broke sharply, in order to prevent the rate from going still higher and pre- cipitating a bad market break. From the 10 per cent renewal rate the next day, which later rose to 12 per cent, it would appear that the banks are attempting again to withdraw this money palnlessly from the stock market, The lack of heavy liquidation in the market on the decline was the feature of the week, and it took a continued stiff interest rate to make the market budge at all. Whether the public or a few large operators are putting up the resistance to high rates, it would appear that they are fighting a losing battle unless they are willing to pay extortion- ate interest rates for their credit. A Banking Viewpoint, On Thursday Paul M. Warburg, chair- man of International Acceptance Bank and one of the original members of the Federal Reserve Board, came out flat- footedly against further expansion of brokers’ loans. He sald: “When the extravagant use of funds for speculative purposes ab- sorbs so much of the Nation's credit supply that it threatens to cripple the country’s regular business, then there does not seem to be any doubt as to the direction in which the Federal Reserve system ought to exercise its influence CURE DETROIT PITTSBURGH CLEVELAND PHILADELPHIA «BALTIMORE 1BOSTON ST. LOUIS "CHICAGO <10~ CINCINNATI quickly and forcefully.” He believes that the speculators now control the money situation and the banks should raise the rediscount rate immediately to regain leadership over the money mar- et. There is little doubt in banking cir- cles that this is the next logical step for the banks to take, but the story is go- ing the rounds here that while the New York Bank is in favor of such a step, the Treasury Department has prevented such action until the Treasury financing, due on the 15th, is accomplished. So this week with stocks at high levels we face the prospect of the long- predicted money squeeze and also the Treasury financing on the 15th. If the market continues to absorb large sums of credit, and if the resistance by the Treasury to a higher discount rate is finally removed, there is a possibility that the banks will at last raise the rediscount rate if they are to prevent gm use of Reserve funds for specula- ion. Up until now, liquidation has dried up rapidly, on the declines, due un- doubtedly to the increased margins re- quired by brokers, since stocl can swing over a wider range without im- pairing margins, When a serlous break actually arrives, however, we may be sure it will progress downward with heavier volumes as the point is reached where margin accounts are affected. There seems to be a real element of [ally are replacing brick and stone in the residential districts of Berlin. Eco- aomie aecessity has forced the change. danger in carrying speculative stocks on margin nr{fie present time, i COMMODITY PRICES SHOW FLUCTUATION Special Dispatch to The Star. NEW YORK, March 11.—After a period of comparative stability, com= modity prices are showing signs of fluctuations which may have a broad general bearing on the business and speculative situations. Cotton, with trading exceedingly ac- tive, shows signs of becoming a major factor in the situation. Shipments of cotton goods have been exceeding pro- duction for some weeks. That means a lessening of stocks, the piling up of backlog and a larger demand for raw cotton. ‘What the supply of raw cotton will amount to depends to no small extent on the weather. Early work in the fields has been delayed, and the brighter pros- pect for the staple may have an effect of increasing acreage and the produc- (¥ tion. A spread of the optimistic trend to other commodity markets might have far-reaching results. Copper at the moment seems to need no extraordinary support to maintain its position. The strength shown, however, is due less to fajlure in copper ore production than to an insufficiency of refining capacity. T}'\lls is being remedied, but only gradu- ally. Lead is commencing to follow the trend of copper upward, and demand seems based on sound foundations. It is in this metal that the Mexican situ- ation will be felt especially. Stocks are small at best. Zinc production and consumption are fairly well equalized. Oil prices are far from stabilized. Coal is gradually being brought into a better position through consolidations which are closing inefficient mines and by installation of improved equipment. Spring activity, according to some of the iron and steel statisticlans, is likely to bring about a stiffening of the prices for some iron and steel prod- e~ Eur {to strengthen, ucts. It is as yet somewhat too early for the Northern grain price ranges to have a definite effect on the specula- tive situation in other markets. EARNINGS REPORTED. NEW YORK, March 11 (P).—Ameri- can Woolen Co., rated as the leading cloth manufacturer, with mills chiefly in New England, and its subsidiaries today reported a net ioss of $1,262,263 for 1928, contrasted with a net profit of $600,113 in 1927, An increase cf more than $1,500,000 in profits last year was shown in the report of the Murray Corporation of Amerfea, automobile body builder. Net profit was $1,821,426, equivalent to $3.33 a share, against $279,756, or 97 cents a share on few shares, in 1927. Union Tank Car Co. and subsidiaries earned net income of $2.731,957, com- pared with $2,822.409 in 1927. Farnings ;lere equal to $8.78 a share, against 9.15. Net income of American Stores Co. decreased to $5,570,668 from $7,442,22 in 1927, Associated Gas & Electric Co. and subsidiary in a preliminary 1928 earn- ings statement disclosed net income of $6.495,592. This compares with $6.258,- 653 in the preceding year. Gross earnings of the system reached a new high record of $42,165.550, a gain of $6,866,809, or 19 per cent. Chain Store Expands. NEW_ YORK, March 11 (#).—The Schiff Co., Columbus, Ohio, chain store operator, has acquired the 17 stores of the Brasley-Krieger Shoe Co. in Penn- sylvania, Ohio and West Virginia, it was learned today. With these, the Schiff chain will consist of 108 uni Ao Trzoone o Tecsoes Covenr +« 158th Dividend - Tae regular quarterly ul }J dividend of Two Dollars R and Twenty-Five Cents ($2.25) share will be paid on April 15,1929, to stockholders of record at the close of business on March 14, 1929. [ H. BLAIR-SMITH, Treasurer. Secured by First Mortgages Safe—Conservative 42 Years’ Experience in financing he ind in the of these se- curities. Make your savings and surplus funds work for you at the highest-inter- est rate consistent with absolute safety. Wm. H. Saunders Co, Inc. REALTORS Main 1016 o 1433 K Oldest National Bank in District of Columbi Every New Administration —brings its influx of resi- dents-to-be, and it is to these individuals that the facilities of The Metro- politan are especially ex- tended. {This bank has been serving the Capital con- tinuously for over a cen- tury, and is always glad to welcome new deposi- tors. Don Suvings National Metropolitan 18514 Bank 102 Money and Prices Special Dispatch to The Btar. NEW HAVEN, Conn., March 11.— Again last week wholesale commodity prices showed little change, seemingly being in balance at about the average level of 1928, which, as it happens, is the exact point registered by last week’s by prices showed d opean 8| & tendency particularly those of France, Fluctuations in the general wholesale price level and in the purchasing power of the dollar are given below for the United States for various periods, based mainly on Dun’s quotations. The nve;sge for the year 1926 is the base used. Whole- Purchasing sale power: cts. price departure index. from 18 1 3. 2 +2 3 2. 6. 0. 4. 3 6 1 8 18 2 0 9 11 11 Foreign Commodity Prices. Cable reports from abroad indicate the rzgllowing European wholesale move- ments: (1926-100) England France. Italy. (Copyright, 1929, by Irving Fisher.) Farm Buying Power Speclal Dispatch to The Star. NEW HAVEN, Conn., March 11.—The purchasing power of the farmer's dollar went up last week by more than a full index number point. Although com- modity prices were generally weak, agri- cultural products scored a slight ad- vance, the declines being mainly among the non-agricultural commodities. Thus farm purchasing power, which is the quotient of the indexes of agricultural and non-agricultural prices, registers higher than the week before. Index numbers of farm purchasing power and of agricultural and non- agricultural prices for various periods are g¥en in the following table in wohich_the average for 1926 represents Farm purchasing _tural prices. Agricul- Non-agri- cultural M: Year ag February average.. January average.. December average. November average. 1928 o Pt 1926 100.0 (Copyright, 1929, by Irving Fisher.) S g e SILVER QUOTATIONS. Capital, Surplus & Undivided Profits, Over $2,000,000.00 15th St. Opposite Treasury NEW YORK, March 11 (#).—Bar sil- ver, 56%. Mexican dollars, 42%,. COTTON IS STEADY ON OPENING SALES Lower Liverpool Cables Result in Declines of 8 to 14 Points. By the Assoclated Press. NEW YORK, March 11.—Cotton opened steady today at a decline of 8 to 14 points in response to lower Liver« pool cables and sold about 10 to 15 points below Saturday's closing quotas tions during the early trading under realizing or liquidation. There was also some Southern selling. May eased off to 21.31 and the new October contract to 20.50. This decline 1926. | seemed to bring in renewed support, particularly in May. Prices steadied up several points from the lowest. At the end of the first half hour May was selling around 21.38. The general list showed net declines of 6 to 10 points, Buying on the early decline was en- couraged by reports of a continue . ac+ tive demand for cotton goods. Private cables from Liverpool reported London, Continental and Bombay realiz* ing, but said there was an improved d :-;mmit for cotton cloth from the cone ncnt. wlinsidise oy Baltimore Grain Exports. BALTIMORE, March 11 (Special).— ‘The Maritime Exchange reports grain exports last week at 813,606 bushels, of which 663,606 bushels were wheat and 150,000 barley. The Italian steamer Cas- titas took out 252,106 bushels for Franca and the Greek steamer Capo Vabo 227,« 500 for Greece. We Will Lend You Money In Any Amount At B51:% toterest For Periods of 3,5 or 10 Years in Nearby Maryland, Virghvle and the District of Colimbia Apartments, Resi orp Business P“rmfihm BOSSEMELRS 1417 K St. Main 9300 Loan Correspondent John Hancock Mutual Life Insurance Co. Savings Bank'and Insurance Funds have been invested in an issue of First Mortgage Public Utility Bonds Yielding 4.90%, which we are now offering. Issued by one of the largest producers of hydro-electric power in the world. 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