Evening Star Newspaper, March 22, 1929, Page 13

CURB SPECALTES RECISTER ADVANCE Trans-America and Goldman | Sachs Are Favorites in Buying. BY HARRY H. BECKER. FINANCIAL. NEW YORK CURB MARKET ! Special Dispatch to The Star. ! _ NEW YORK, March 22—The in-! crease in brokers' loans to a new high | record total appeared to exert more | weight in speculative calculations on ' the Curb Exchange today -than the! news that no change had been made in the local bank rate. | Price movements were characterized by successive rallies and declines, with | neither of sufficient extent or duration to_influence outside participation. Despite the uneven fluctuations, a few | atocks stood out -in bold contrast to the | general list. Trans-America performed | impressively, with special buying sup- posed to be discounting some sort of distribution from the proceeds of its Bank of America holdings, which are expected to be transferred as a result of the Blair merger with that institution. Goldman Sachs also distinguished it- self. Othr shares which responded to individual developments include Ameri- can Brown Boveri Founders, Consoli- dated Laundries and Lazarus, all mak- ing mew tops for the year. Reactionary tendencies appeared again in the metal group, as well as in the aviation and utility stocks. Newmont, New Jersey Zinc and Anglo-Chilean Ni- trate were under heavy pressure. Ana- conda Copper rights were transferred to the big board. Such former leaders as Aviation Corporation of America, Elec- tric Bond & Share, Northeastern Power and International Telephone & Tele- graph also yielded more ground. Ford of Canada had another of its character- istic declines, while Auburn lost most of its recent advance under profit-taking. Firestone continued an exception, with another sharp spurt. Steadiness featured the oil section. Standard of Indiana sold ex the 50 per cent stock dividend and opened at 62, then going higher. The initial quota- tion equaled the closing quotation of Thursday before the dividend came off. Vacuum and Humble were quieter, but held nearly all the late gain, while Guif Oll of Pennsylvania rose several points. Cities Service issues were also well sup- ported. Other features included a sudden run- up in Sidney Blumenthal, and in Cel- anesp, but the movements failed to at- tract a following. Zenith Radio and Grigsby-Grunow did poorly. The for- mer at one time was nearly 6 points lower on the day. Fajardo Sugar was another sore.spot. Declines were less severe in Bghn Aluminum,. St. Regis Paper, Trans-Lux, Lehigh Coal and Navigation, Safe-T-Stat and 'Checker Cab. Roosevelt Pleld, 4 new listing, was u"um around its introductory price of 18. x Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., March 22.—Po- tatoes, white, 100 pounds, 75a1.25; yams, | m‘r‘%mwz sweet ‘;D:ouw?.n :-'rz%l. 1.50a2.50; asparagus, dozen, 3.00a9.00; crate, 2.50a2.75;", beans, buchel, 2.0024.00; eggplant, craté, 2.00a4.00; kale, barrel, 90a1.25; lettuce, hamper, 75a1.75; lima beans, bushel, 4.00a5.00; onions, 100 pounds, 3.50a5.00; 8.00210.00; Ips, peas, bunhsff;fg:na: 1.5023.50; radishies, bushel, squash, crate, 1.5083.50; spinach, bus! 75290; tor crate, 1:00a5.00; tur-\ nips, basket, 50a65; apples, bushel, 75a 2.00; cranberries, half barrel, 7.0023.00; grepefruit, box, 2.0023.25; tangerines, half box, 1.2523.00; oranges, box, 2.25a 4.00; strawberries, quart, 25a50. Dairy Markets. Poultry, alive—Young turkeys, 35a43; old, 25a38; young chickens, 38a46; thin and poor, 25a38; old hens, 31a33; leg- horns, 30a32; ducks. fowls, each, 5081.00; pair, . Dressed turkeys—Young, pound, 35a45; old, 25240; chickens, young,35a40; old and mixed, 30a35; capons, 35a45; old roosters, 20; ducks, 25a30. Receipts, 1,888 cases; native and nearby firsts, free cases, dozen, 28 2281%; current receipts, 25a26. Butter—Good - to fancy . creamery. pound, 45a50: prints, 51a52; blocks, a51; ladles, 34a38; store packed, 30a31; rolls, 30a32; dairy prints, 30a32; proc- ess butter, 41a42. Hay and Grain Prices. Wheat—No. 2 red Winter, garlicky; spot, 1.31; March délivery, 1.31. Corn—No. 2 export, March delivery, no quotation; No. 2 yellow, domestic, spot, 1.09a1.10; cob corn, 5.25a5.50. Oa 2 white, domestic, spot, ts—N 58a58!5; No. 3 white, domestic, spot, 561225 Rye—Nearby, 1.10a1.20. ye- Hay—Recelpts, 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, & few carl be- ing received. There is not enough busi- ness passing to establish prices on the various kinds on merit at a range of 15.00a16.00 per ton of timothy or clover hay. 4 Straw—No. 1 wheat, 12.00a12.50 per ton; No. 1 oat, 12.50a13.00 per ton. Public Utilities Special Dispateh to The Star. NEW YORK, March 22.—Gross earn- ings of Commonwealth Power Corpor- ation and subsidiaries for February to- taled 85,482,479, compared with $4,954,- 458 in February, 1928. Net earnings for February were $2,748,169 contrast- ed with $2.462,876 in February, 1928. For the 12 months ended February 28, gross earnings amounted to $59,554,897, against $54,020,022 for the preceding 12 months. Earnings applicable to divi- dends after provision for retirement re- serve emounted to $12,756,135, equiva- lent to $25.51 per share on the 500,000 shares of 6 preferred stock and $5.93 per share. on the 1,645,054 shares of common stock outstanding February 28, 1929, compared with $18.88 and $4.15 per share respectively for the same period, based on the same number of shares in the year before. American Light & Traction Co. and subsidiaries report for year ending De- cember 31, 1928, net income of $9.225,~ 158, after depreciation, taxes, interest and reserve for contingencies compared with $7,242,182 in 1927. This is equiva- lent after deduction of preferred divi- dends to $12.17 a share on 691,690 common shares compared with $12.22 a share on 522,638 common shares in 1927. Earnings for 1928 do not in- clude $8,099,387 profit on sale of se- curities, Will Expand Plant. NEW YORK, March 22 (#).—Muske- gon Piston Rings Co., Muskegon, Mich,, is planning to increase its plant and roductive capacity about 50 per cent fi, order to meet demands. Its cus- tomers include the Ford Motor Co. and Chevrolet Motot Car- Co. Savings Interest Increased. BALTIMORE, March 22 (Special) — Savings banks of Baltimore are raising | Sal interest rates on deposits. Several al- ready have announced that the rate for 1920 will be 4 per cent regular and 'z m‘unt extra. Others are expected to similar action in the near future. Received by Private Wire NEW YORK, March 22 —Following Is a list of stocks and bonds traded in on the New York Crub Market today: INDUSTRIALS. Sales indrec High, Low. Noen 8y 8ia 8% m m Comm Am Cyanami 9 Amer Dept S 8 Amer Stores .. 14 Amer Superp A 3 Amer Superp B! rit-Am Tob ‘re rit-Celanese Ltd 9De For RC..... 4 Douglas~ Aircratt. C & R | Proa 10 Fed Metals ctf. 17 Pederal Water A 315 Pirestone Ti 13 | in units. 0 Alde: 3 Gold Seal 253 Goldman _Sachs 3 Granite City Steel % Gr ALP T C ol oL art_Corp ris 4 Househld_Financs pid 48" § Huylers Stra of Del.. 28 ' 2 le_Food Pron SSRERSR.L.2E22, r 1 Novadel Agn hio Brass B. LS e ) ttsb & Lake Erle. . 1453 ittsb Plate Glass n. 70° ittsh cr & Balt n. 26 nee Co_pfe ERETEY : ynold ter Den! ; sevt PFleld Inc tat Ht wi B oty 3 5-2‘; .. 2 93 £22 53 I=f 5 g 5 Un_pfe 30 Selected Indus In 8 Select Ind Inc pfd 5 elfr Prov Stores. 41 8erv El vte 11 Siliea Gel et 10 Sonatron T.. 10 Southeast P & Southe P & L p P& Lw Southland Roy. parks Withing pies M Stern cum » nd Inv.... PEYIITT] 1 Transeon T, 17 Trans Lux D L P 3y Tubi Art 8 B. 1 4 2 Union ing Tung 8ol 8] (= » S5 250 <aagaad e 25 J W stvaco Chior. . ite 8 M deb i, jtenight Inc... ia C & Ce 52 Fere £E; llow nith e S8 nite., Direct to The Star Office 4 Gold Coin Min . Golden, ‘Center FESSNEE Ynl, Verde Ext P y Go g'fi Apex 'Slker Mines endon Cop . INDEPENDENT reds. m’ Con Oilfields 1 Lone S tar’ G 9 Magdal Synd Sales STANDARD OIL ISSUES AND FOR- MER SUBSIDIARIFS—STOCKS. 200 Anglo Am Oil 1812 167 100 Atl Lobos . Ve 2V 7400 Contl Oil . Humble o s in thousands. 11 Abitibi P&P 55 A 83t 1Ala Pow &las 235552 zestegotSes S Sol_6 | EL Bw oa, 86 56 P 65 il P S bt SO 28235852835228223! e 222228 5283228882! * ° [5S —uh—wwuuu.mo-u—u—g—-§§‘—nn-—u- 5555000 SERRET) 5 £ 0 H em) at Nat Gas 6s ‘43 trauss Inc 65 738 1 i 'ub_Sery 58 8] eisner Realty 6: .,_.. N YZZEZAZ 2 eg:‘,'.‘ffi . 3 3 233, 008 S 0t e 00! 200 £a3 5 e 2 anS58ualle Sals int FOREIGN BONDS. housands. 2 Ant Bi ntwerp City s '58. 3 Benos “Alres ’1;‘% 100 uenos ; 7 Buenos Alres 7i:s '41103% 3 Danzig Port 6'as . 5 M EL Mt 6 tinnes H Tt 15 Stinnes H. 75 "4 xd—Ex-dividend. wi—When issued. n—New ww—With warrants. Commodity Notes Live Stock. FORT WORTH, March 22.—Cham- plon live stock of the 1920 Southwestern Exposition and Fat Stock Show here brought the highest prices ever paid in the South. The grand champlon steer, a shorthorn, was sold to a railroad for $3.15 per pound. Last year the grand champlon brought 60 cents. Spirited bidding, participated in by dining car services, hotels and clubs, featured the sale of the various champlons. Steel. YOUNGSTOWN.—The pipemaking branch seems to be the one weak de- rtment in the Mahoning Valley steel ndustry, resulting from the slackening up of the new drillings, due to over- roduction of crude oil. Only 12 of the gni pipe mills in the valley are oper- ating. Textiles. ATLANTA.—The Lonsdale Co., oper- ting six mills in New England and the Carolinas, with a total of 337,772 spindles, has purchased an 889-acre site on the Chattahoochee River —near Gainesville, Ga., on which it will erect at once a 50,000-spindle unit of a big textile development. Tobacco.. WESTON, Mo.—Recent rains have permitted the g cking in cases of the remainder of Bl atte County's tobacco crop, about 100,000 pounds. It will be shipped to Kentucky markets. W. B. & A. REPORT. BALTIMORE, March 22 (Special).— Loss in passenger traffic, due to increas- ing use of both busses and privately owned automobiles, between Baltimore and Washingtor, is responsible for the decline in earnings of the Washington, Baltimore & Annapolis Electric Rail- road, according to the annual report of Herbert A. Wagner, president of the company. Like other interurban railways, it was }wlnmd out, this company is sufferin rom the inroads of the privately own automobile, in conjunction with the great improvement of State highway systems. Economies in operating, al- though considerable in amount, have so far been insufficient to offset all losses in revenue, it was ass Surplus at the beginning of the year was $689,275.44. After deducting the deficit for the year and a further net deduction of $39,359.59, the company's surplus on December 31, 1928, stood at $592,586.74. The consolidated condensed inhundreds. balance sheet shows current assets of S0 Atz Globe O --o- - 32 ;18 ;38 |$627,283, compared with current liabill- 2Com Tun & Drain 1% 1 1's | ties of $492,660. Passengers carried in g Gone Cop e 190 3% ;g‘nnxou totaled 3.647.505, en-apued with 8 et N 1% 3,780,888 in 1927 and 3,871,600 in" 1926. r‘fnummus speculative }buym to collect profits. % | the highest average so far. This 18314 | popularly suj THE EVENING STAR. WASHINGTON. D. C. WHEAT VALUES DROP | IN EARLY TRADING Belief in Better Crop Prospects Causes Genera] Selling Move. | { By the Associated Press. CHICAGO, March 22.—General sell- ing carried wheat prices sharply down- | {ward early todsy, but on the declines | .raders turned In some quarters, it was contended present crop | prospects for domestic Winter wheat were better than average, taken as a whole. Opening % to 1 cent lowe: wheat ~ afterward rallled somewha Corn, oats and provisions were eas with corn starting !4 cent off to a shade up, and later keeping neai initial figures. In addition to bearish aspects of vari- ous domestic crop reports today, con: siderable talk was current that friends of higher prices for wheat had already discounted the advantage looked for from farm relief legislation. Meanwhile, Liverpool wheat quotations were prov- ing responsive to price setbacks here, and absence of milling demand abroad was noted, with Argentine -shipments this week increased almost 2,500,000 bushels over last week. Moisture indicated for the greater part of domestic wheat territory tonight and tomorrow, with temperatures con- tinuing favorable, tended to give a further advantage to the selling side of the market, but at times it required only moderate buying to bring about rallies. In this connection some Chi- cago crop. experts touring in Kansas sent word today that over a large part of the State wheat growth was small, that a number. of flelds were badly blown and that in places the farmers were plowing ridges to obstruct soil drifting. . DISCOUNT RATES LOWER THAN ACCEPTANCES FEE Special Dispatch to The Star. NEW YORK, March 22.—Familiarity with the prolonged discussion of Federal reserve rediscount rates has produced a certain amount of Wall Street contempt for the subject. While it was not as actively talked about yesterday as before other meetings of the Federal reserve directors in New York, the action of the money market suggested more prospect of a change than in previous weeks. For one thing, rates on bank- ers’ acceptances were advanced !¢ per cent all around after remaining sta- tionary for nearly a month. This move was made in order to attract more buy- ers into the market for bills, which is in strong competition with that for call money. . ‘The effect of the advance, however, is«to place bankers' acceptances % to 34 above the discount rate, which is re- garded as an anomolous situation and one that seems likely to bring out a strong argument for a 6 per cent Fed- eral reserve rate. ‘The last change in this rate was made on July 12, 1928. Since then time money rates have gone from 53, per cent to 8 per cent and bankers’ accept- ances from 4% per cent to 55 per cent. The call money market meantime has ranged between 4!5 per cent and 12 per cent, with the lowest rate so far this year 6 per cent. In the first three weeks of March the average renewal rate_has been nearly 8}4 per eerll:. or re- garded as a truer indication of the scarcity of money than is suggested in the Federal reserve rate. In the past week there has been less objection voiced by bankers to an ad- vance in the Federal reserve rate than was heard earlier in the month. It is that the recom- mendation of the New York directors to raise their rate to 6 cent last month was op by ury offi- cials, who realized that such a rate would make their March 15 financing difficult. This has now been accom- rllshed. ‘With it there is a growing be- ief that an official rate of 6 per cent will not be harmful to business, which has been forced to pay anywhere from 5 to 1 per cent over the rediscount rate | for its borrowings for many months. . COPPER PRICES RAISED AGAIN NEW YORK, March 22 (#).—Refined copper prices reached a new post-war peak today when the metal sold for 24 cents a pound, domestic, an advance of 1 cent a pound, after consumers had bought practically all of the metal of- fered at 23 cents. The previous post- war record for domestic copper was 23!2 cents, attained in 1919, Copper for export was quoted at 2335 cents a pound, but it was expected to climb in line with the domestic quo- tations. Heavy foreign buying has been one of the chief factors in the recent upward price movement. 0il Qutput Cnnnh;-ent. NEW YORK, March 22 (#).— Sir Henri_Deterding, managing director of the Royal Dutch-Shell group of oil companies, has accepted an invitation of the American Petroleum Institute to participate in conferences on oil pro- duction curtajlment, to be held in New York next week. Rent at Wicker Porch a Professiona SPRAYIT $1.00 Per Day —and Paint Up Your Car or Paints and Lacquers FRIES, BEALL & SHARP 734 10th St. N.W. 1964 RECORD INDUSTRIAL GROWTH INDICATED Production Reports of Fir*st~ Quarter Expected to Re- veal Great'Gains. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, March 22.—With Winter | behind and the end of the third month | of the year just approaching, there is every indication that the first quarter will see all records broken for industrial activity. The steel mills have never operated at a brisker pace, even in war time, for then plants had not attained anything like their present-day efficlency, and neither had the men manning them. Activity is now apparent in nearly every | line of steel products, with the possible exception of ofl, country goods and a few others. Construction is doing its share to keep up the work, as is shown by the heavy demand for reinforcing bars. The auto- mobile trade is taking huge tonnage of sheets and other steel products. The ag- ricultural implement manufacturers are a8 busy as they can be, with a remark- able year apparently ahead of them. The railroads have bought more this | last month than was anticipated in some | quarters. Fence and wire demand is likely to be strong in the agricultural districts all year. Automobile Output. ‘The automobile factories are working at a splendid rate. Naturally, the larg- est sales are in the lowest price ranges. Not all manufacturers are profiting equally. Some are forced to use every effort to keep sales up so that profit from volume production should not drop, but in general the absorption of new cars is remarkable. Competition is tight- ening, however, both in the domestic and foreign flelds. The large consumption of copper in the automoblle and allied industries un- doubtedly has something to do with the extraordinary strength of that metal. But the demand is strong in all the other lines which consume copper likewise. Lead is doing finely also, with a steady strength which is most en- couraging to producers and refiners. Zinc production, as 5o often has been the case, has gotten a little out of hand, and output is creeping ahead of consumptive demand. This is expected to bring some curtailment among the zinc operators, especially those in the tri-state lead and zinc field. Tin is stodgy, despite prospects of a big de- m:gd for containers by the canning trade. ‘The textile mills not only are selling ir volume of goods, but some prices have advanced and this has given a better margin of profits to many of the cotton cloth ers and distributors. Silk ‘is still handicapped by the excess capacity of the mills, but reports here are that Japan is stabilizing raw silk production with American demand, and this is calculated to keep prices for the {l"] material from excessive fluctua- on. Clothing Sales. Sale of sporting goods and equipment has seldom been so extensive in any Spring as it is today. Clothing sales are reported of fair early Spring proportions, but shoe de- mand has not developed with the spon- taniety which makers and dealers an- ticipated. Coal sales are expected to take a spurt in a few days, when the cut in prices to induce Summer stocking goes into effect in the anthracite terri- tory. Ofll is still in the doldrums of overproduction. The raiiroad equip- ment concerns which have complained of & dearth of orders for many months are now getting some excellent business. Paint sales are rising, but this is & nor- mal sign of the approach of Spring weather. U. S. AUTOMOBILE OUTPUT IN REBRUARY IS RECORD By the Associated Press. Automobile monthly production rec- ords were shattered by American mak- ers in February. - The Commerce Department reported that the total output of automobiles for the month was 466,08¢. The previous high record, set in August, 1928, was 461,298 machines. Last year's output in Pebruary was 323798 cars and trucks, while January output this year was 400.719. \ ‘The Canadian production of automo- biles is likewise running high, being 31,287 in February, against 12,504 in February last year, but the total of Feb- ruary output in Canada was exceeded | in that country last May, with 33,942 cars and trucks. - Motor Company Expands. NEW YORK, March 22 (#).—The Hupp Motor Car Corporation has ac- quired the Atlas Manufacturing Co. m:nt at_Fostoria, Ohio, and plans to tall $500,000 of new equipment for making crankshafts there. FRIDAY. MARCH 22, AMERICAN FOREIGN 1929. - INVESTMENTS GRO The phenomenal growth:of American foreign investments, which exceeded $2,000,000,000 during 1928 and reached the new high level of $15,601,000,000 on January 1 last, should in itself give no cause for alarm, in the opinion of Dr. Max Winkler, whose annual compilation of American overseas financing is pub- lished by the Foreign Policy Association today. “There are many who remind us of the dangers of continuing to pile up in- vestfnents in forelgn countries,’ Dr. ‘Winkler states. “We must not lose sight of the fact, however, that prior to the World War Great Britain's foreign in- vestments aggregated about $20,000,000.- 000; that those of France totaled about $10,000,000,000, and that those of Ger many amounted to more than $5,000. 000,000. Taking into account dollar in the last decade and a half, our foreign lending is not so alarmingly large as some people are inclined to be- leve. “Qur annual lendings abroad,” Dr.| ‘Winkler continues, amount to less than $17 per capita, as compared to an esti- mated per capita wealth of $3,200, an estimated annual income of $750 per capita and an estimated annual sav- ings of $167 P capita.” American loans, which are used for the | changes in the purchasing power of the | FINANCIALDL.? | productive purposes abroad, benefit both | | borrower and lender, according to Dr. | Winkler. “It is more than a eoinci | dence,” he states, that American invest | ments abroad, both political and com- | | mercial, made between 1914 and 1928, | correspond almost exactly to the aggre- | gate excess of our exports over our im- | ports for the same period. | | “America’s total foreign investments | have reached & new high figure, ! amounting at the end of 1928 to $15,- 601,000,000, as compared with $14,500.- | 000,000 at the end of 1927, and with | $2,625,000.000 prior to the war. The present total, high though it may ap- pear, is still about $4,000,000.000 below | Great Britain's foreign investments in 1913. Our foreign investments are dis- tributed as follows™: (In thousands of dollars.) Region. 1913 Europe $4.798.000 £350.000 Canada 4120000 750,000 South America 25513000 100,000 Central America ' (in- cluding Cuba. Mexico and West Indler) .. 2854000 100,000 135.000 0 Heads 0il Company. NEW YORK, March 22 (#.—C. M Fuller, formerly vice president and gen- eral manager of the Richfield Oil Co | of California, has been elected president of that company,.to succeed James A.| | Talbot, who becomes chairman of the | board. The shift in_titles means no | change in operations, Mr. Talbot said | half ‘hour, 13 |COTTON PRICES FIRM IN OPENING SALES Covering lnd‘Conminion House Buying Follow Reports of Rains. By the Ascociated Press. NEW YORK, March 22.—Cotton opend steady today at unchanged prices to an advance of 14 points on covering and commission house buying, mulated by reports of rains in the South and relatively firm Liverpool ca- b Active months sold 13 to 16 points net higher right after the opening, but the advance brought in a good deal of realizing. There was also considerable near-month liquidation and prices soon turned easier. By the end of the first March had sold off from 12125 to 21.09, or back to yesterday's closing quotation. Later months ha reacted some 10 or 12 points from the early advance. Private cables said Liverpool had ad- vanced on covering and general buying on the Southern rain news. SILVER QUOTATIONS. NEW YORK. March 22 (#).—Bar sil- ver, 5655: Mexican dollars, 427, At the bottom of the Earth! ss.with the World’s Greatest Exploration Party urniture. Get Job at Home N EVER since man first ventured forth in quest of the unknown, has an exploration party been so completely equipped and so thoroughly prepared as the Byrd Antarctic Expedition. Even now...after the Byrd story has been told and retold ... the public is not aware of the amas- ing perfection of detail which characterized the outfitting of this expedition. Months before actual items were selected, a most exhaustive series of tests and experiments had been completed. For example ... the selection of food and bew erages ... very sinews of the giant Expedition... was accomplished with a thoroughness unique in the annals of exploration. Coffee...the fragrant, steaming drink upon which Byrd’s men depend to help ward off the chill of Antarctic temperature...was tested with particu. lar care. Many coffees were given most searching tests before the final selection was made. And... BYRD took BOKAR COFFEE! Took 2% tons of it! Took it because of Bokar’s rare vor...richness...smoothness...stren, because of its inimitable blending of the finest coffees of a whole continent. . .because the best was none 100 good for men working in smch terrific cold. Try Bokar tonight! Drink the same coffee Byrd’s men are now enjoying on the desolate Antarctic ice barrier. The first sip will tell you why Bokar was the choice of the Byrd Expedition.