Evening Star Newspaper, April 9, 1929, Page 13

'IN SPOTTY MARKET Ford of Canada New B Stock .ty Furnishes Sensation i of Day. wE H b BY HARRY H. BECKER. @peclal Dispatch to The Star. . NEW YORK, April 9.—Spectacular gyrations in Ford of Canada new “B” stock provided the big feature on the Curb Exchange today. In the most excited movement wit- nessed since trading in the issue com- menced at 58 last Friday, the price of Canadian Ford soared sensationally al- most 70 points above the precedin, closing and making & total gain of nearly 115 points from the introductory price. Then it came down as fast. While this startling demonstration was in progress, Ford old stock rose quietly ‘without attracting much attention. Urgency of the buying of Ford new found no explanation in the news and seemed to be chiefly at the expense of the remnants of a short interest which took a position against the issue before the misunderstanding as to the voting rivileges vested in the split-up capital ad been cleared up. Heavy Canadian purchases of the stock were reported by people who failed to share in the allot- ment under the offerings recently heavily oversubscribed. ‘The rest of the market continued #potty, with stiffer resistance to selling developing in the ofls, several special- ties and the metal st . At the same time, the trading element continued to uncover vulnerable spots in the indus- trial division and in the utilities, sev- eral of which broke rather acutely. . Grigsby Grunow, Gramaphone, Libby Owens, Dixon Crucible, Crocker-Wheel- er, St. Regis Paper and U. S. Freight, all relatively high priced, displayed the Fmost unsettlement, Power and light shares continued to !'be liberally offered with American Superpower “A” getting below $100 and the “B” declining in sympathy. Electric Bond & Share, Southeastern Power, American Gas & Electric and Common- ‘wealth Edison also lost further. Inter- nnluot:ll Telephone new reacted several points. Metal shares, after some display of | Tesistance, gave up what they gained earlier and there was hasty unloading in nearly all sections, resulting in a general recession. One or two issues stood out rather however. Consolidated influenced by the favor- able action of stockholders in approving the stock purchase contract on 25,000 shares at approximately $18.50 a share between the corporation and the new management, and the re-election of di- rectors. Oliver Farm equipment was ! steadied by announcement of plans to acquire the assets of the American Seeding Machine Co., while Irving Air Chute was well bought on the news that the company has just received an order from the Russian government. - I Baltimore Markets I Special Dispatch to The Star. BALTIMORE, Md., April 9.—Pota- toes, white, 100 pounds, 75a1.15; new potatoes, bushel, 1.25a2.00; yams, bar- rel, 2.00a3.25; sweet potatoes, barrel, 2.00a3.50; asparagus, dozen, 2.00a6.00; beets, crate, 2.50a2.75; beans, bushel, 1.75a3.50; cabbage, hamper, 3 bushel, 1.5081.75; celery, .75, eggplant, crate, 2. H bushel, 30a50; lettuce, basket, 75a 1.50; Lima beans, bushel, 4.00a4.75; onions, 100 pounds, 1.50a4.00; parsnips, basket, 25a35; peas, bushel, 2.50a3.50; peppers, crate, 2.00a3.50; radishes, bushel, 1.25a1.50; squash, crate, 1.50a 3.50; spinach, bushel, 40a50; tomatoes, crate, 1.00a4.50; turnips, basket, 25a35; apples, bushel, 75a2.00; grapefruit, box, 2.00a3.25; oranges, box, 2.25a4.25; straw- berries, quart, 15a40. Dairy Market. Butter—Good to fancy creamery, pound, 45a45'2; pints, 48a50; blocks, 47 a49; ladles, 35a39; store packed, 32a33; rolls, 33a35; dairy prints, 33a34; process butter, 42a43. Poultry, alive—Spring chickens, pound, 52255; young chickens, 42a48; thin and poor, 26a28; old hens, 37a38; Leghorns, 35a36; ducks, 20a30; guinea fowls, each, 5021.10; pigeons, pair, 35a40. Eggs—Receipts, 1,017 cases; native and nearby firsts, free cases, dozen, 25',a25%; current receipts, 20a22; duck o188, 27, Hay and Grain Prices. ‘Wheat—No. 2 red Winter, garlicky, spot, 1.271; April delivery, 1.27%. Corn—No. 2 export, April delivery, no quotations; No. 2 yellow, domestic, spot, 1.0821.09; cob corn, 5.2525.50. Oats—No. 2 white, domestic, spot, 50260; No. 3 white, domestic, spot, §7a58. Rye—Nearby, 1.15a1.20. Hay—Receipts, none. While hay is arriving here in limited quantities only, it is more than ample for the demand, which is belng 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 ;5.00;16.00 per ton of timothy or clover ay. Straw—No. 1 wheat, 12.00a12.50 per ton; No. 1 oat, 12.50a13.00 per ton, PARIS BOURSE PRICES. PARIS, April 9 () —Prices were eas vo nthe Bourse tod: Three per cent rentes, 73 francs: five per cent loan, 99 francs 30 centimes. Exchange on London, 124 francs 2315 centimes. The dollar was quoted &t 25 francs 59 centimes. Gambling on the Wind. ‘The management of one of the hotels at a well known seaside place which figures as a Winter resort has devoted a huge wall space in the lobby to an il- luminated weather vane that flashes the exact range of the veering flaw, as it blows now north, now south. Daily, crowds cluster about this weather clock and watch the little lights flicker the slightest turn of the vane as it ticks off the slightest wind whimsy. The more ingenious guests (on rainy days) have invenied a mild form of roulette and gamble on which light will show next, or how many times “north” is apt to flash on as against “north- west”; “south,” as against “southwest,” etc. Broken-hearted boys who have played a losing game against the ele- ments have been known to rush out in the rain, after especially heavy losses, and drown their sorrows. e S A Butter Without Water. A representative of the Australian dairy an;iy has been making a tour of the world in the interests of the Australian business men. He is now in this country moving through the West and on his way to Canada. While in land he took the opportunity to confer with English business men about | the feasibility of shipping butter to that country minus its watef content. ‘This plan, if adopted, will mean that 1 save more than $1,- 000,000 in freight costs a ‘The price of the butter could be ered and the market would be increased. With the water extracted the butter would be even less apt to acquire bac- teria of a harmful nature, he said. Australia ships 40,000 tons of butter to land and consumes 80,000 tons herself. Butter manufacturing is one of the large industries of the country, —_— At Cam! the mbjee:s:'f ':he es5- say for the Yorke prize, “The Influence of the Writ on the Develop- ment of the Law.” a year. low- NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office 11 > 3 Suriesnmsauas ERERE oone oSl ! oting M 4 Auto Vtg Ma ev Corp. 34% Saan, AR cit: 1 n S 1 carhation Mik 39% 1 Celan r Am lg Cent Sta El conv pid. E: 18 Gheca Osb Mg 9, 4 1 Consol Dairy. P. 8 Consol Flim e 5 Cont'l Diamond P! 6 Cooper_Bessemer pfd. 50 3 Curtiss Aero Exp. 5 Curtiss Flying Ser 2 Curt Reld Alr pfd wi. 1Deere & Co. 70 2De For R C.. % Dixon (J) Cri 4 Dubilier 0 & Durant Mo, on 1El Bond pi¢ 2El Invest Tn 1Fm Pow C arus § fcou Real pfd ib Owens Sh Gl or Amer o) 4 North Eastern Pow. 2 Northwest Engrg 20hio Brass B....l... 2 Oliver Farm Fauip wi 1Peop Lt & P Coi 1 Perfect _ Circle.. 6 Pitney Bowes P. 112 Proct & Gamble.. an Bro 9 Selected Indust inc. 18elect Ind Inc pi( 1Belfr Prov Stores. 2 Sentry Safety 2 Sony v D 00 oner SOSN8t LA Tt s el arnmen s D SRR2BSS 582! e R nans s 5 13 3 SEB0Se aeSali- 5! SRS 0una3eEEELE e 5 Saoudie 2588 > & B R ENE eS8, %5 * i ¥ F 328 S ea Be BRSS! 25 IR ENN2BES (i SUYSEL. E5EESH G 2 15 s FESE NEEEE BRR asui,, 1 Walker 3 Wendon Gop. glll; lefld INDEPENDENT OIL STOCKS. reds. e A gon ona 10 Am Maracaibo 46 Citles Serv S -.-—B‘Znum;-i% o o 185 5% 1Ryan Con . 73 Al Afiglo Am OIl . ;‘32 i 3 Sig Y 188 180, 8 7% % | wheat crops in Euro) WHEAT PRICES GAIN IN EARLY TRADING Expectation of Farm Relief Legis- lation Causes Initial Upturn. By the Assoclated Press. CHICAGO, April 9.—In the face of much selling to realize profits, wheat prices here scored fresh upturns early today. Buying was largely on continued attention being given to farm relief plans, and hecause of Liverpool quota- tions higher than expected. Opening Y to Y up, whegt afterward showed additional gains, and then reacted somewhat. Corn and oats also were firmer, with corn starting % to 7 up, but subsequently easing off a little. Provisions inclined downward. A feature of wheat trading today was the fact that commission house interest appearéd to be centering on July and September deliveries. Both months % | showed increased volume of dealing. whereas there was less doing in the May delivery. Meantime advices at hand indicated that aside from the farm relief legislation in this country, gave promise of only & moderate yleld and that trans- atlantic import requirements for all grain the remainder of the season were e ted to be large. ars in the wheat market made much today of a Washington report that the proposed farm relief measure would not provide Government finances to buy, sell or store commodities. A member of the agricultural committee of the House of Representatives was quoted as authority for this statement. The name of the member was not given. 73 | Selling on account of this report car- 8 _'5 atin !;"' ‘c'cvbfi % ’:‘m 8 Gen A In 55 A ww '52 85 :s 85 Mi 7100 100 10635 10634 Tt s Oll & Gas indiap P&L 53 m 65 1 Interstate Pw 20 Kop Gas&Coki 1100 1 Lehi 4y 103% N 35 91l n 9 90 4 B.. 98 93 657'39 100% 100% 4,51 881 o8 cuooEEungn £ 335% S o Bamay @0m am: i Westy Ch] 28 10: 18 West Pow 5%2s A '57. 113% Salesin FOREIGN BONDS. 18anta Fe ¢ 18ilesia 7a ‘38, 8 Stinnes H 7s 36 1 El1 n—New. Ww—With warrants. — o 0IL MERGER RUMORED. NEW YORK, April 9 (P).— Wall Street hears that a merger of the Mar- land Oil Co., the Continental Oil Co. and the Union Oil Co. of California has been discussed, although the negotia- tions have not gone beyond the prelim- inary stage. Bt Natives Take to Science. Native farmers of Africa are invoking sclentific methods. In nda the blacks are mnn{ly in favor of new methods because last year the average farmer fed his family and saved $37.50, which is a record there. This year he will double his savings. Not only are crops being rotated scientifically, but tractors and other modern agricultural instruments are being used. In Uganda peasant farms of five acres plus a cow and a plow are being worked by na- tives under government supervision. All village school teachers must go & course in agriculture before receiving their teacher’s certificate, and_ schools havé “study plots” of ground under supervision of teachers, Portrait Aids Miners. Sargent’s well known portrait, “Mrs. mt Batten,” has been sold by Miss yffe Hall to the Hamilton Bequest for the Art Gallerles of the City of Glasgow foy $5,000, which was given to the lord mayor for the relief of unem- ployed s and their families, © As the government gives an amount equal to each subscription, the picture added $10,000 to the fund. The portrait is one of Sargent’s best known works. Mrs, Batten, the subject, was a prominent amateur er, and Sargent, having heard her admired her art so much that he insisted on painting her t as she was s He after- ward gave it to Mrs. Batten, who left 1t to her old friend, Miss Hall. Electricity May Aid Ireland. ' 9%:2 | here. has brought go ried the market at times to well below yesterday's finish. COTTON IS STEADY AT OPENING PRICES Covering and Commission House Buying Offsets Early Real- . izing Sales. By the Associated Press. NEW YORK, April 9.—Cotton n?_n- ed steady today at an advance of 3 to 8 points on a less favorable view of the weather news and steadier Liverpool cables, There was considerable realiz- ing, but covering was quite active, and 3 | there seemed to be local or commission house buying on prospects for rains or showers in the central belt. July sold up to 20.08 and December to 20.05, making net advance of about 12 to 17 points. The market was within 2 or 3 points of the best at the end of the first half hour. Private reports from Houston said rains in the Southwest had been bene- ficial. Some _traders thought that showers in the Ena:f,l;n belt. woul:! 3?‘;}: harm, but the weather news as seemed to h.:m rnt&hu & bullish impres~ sion on sentiment. Private cables reported continental and Bombay buying in Liverpool. . HIGH MONEY RATES - AFFECT GOLD IMPORT Bpeclal Dispatch to The St NEW YORK, April 9.—The pull on the money mukeuln( };l.;u‘;lope.]rlecer:g xtremel C caused by e fli i, w':h':' foreground of the domestic cred! - uonn to the embarrassment of the Fed- % | eral Reserve Board. 1t has been announced that the Bank {of France and the Bank of Belglum have placed gold in the amount of $11,- 000,000, and held for their account in % | New York, at the disposal of the Bank of Germany. This is, in effect, an ex- t % | port of gold by Germany to the United States, which has been expected for some days, as German exchange has hovered around the gold point. Foreign markets are as much con- cerned’ over the possibility of sending gold here as is the Federal Reserve Board, for if the shipments reach any size it will mean that the discount ratos of several of the central banks in Europe will have to be raised. This would be harmful to European industry, while the effect of such shipments in this country is to increase the supplies of credit and stimulate a speculation which the banking authorities are try- ing to check. A few months ago imports of gold began to be heavy and at that time Germany was among the exporters of the yellow metal, Measures were taken to correct the situation before it became serious, It is understood that recently some of the large foreign banks that have been lending out money on call in the New York market have shifted thein funds into 30-day time loans, on which the rate is 9 per cent. There is still, however, a heavy volume of foreign funds represented in the total of $2,- 889,000,000 of brokers' loans for the account of “others,” and over which the Federal Reserve can exercise no authority. DECLARES MITCHELL PREVENTED PANIC BY IRVING FISHER. Special Dispatch to The Star, NEW HAVEN, Conn., April 9.— We seem to have a battle royal growing out of the recent near-panic in Wall Street. Senator Glass has attacked President Mitchell of the lonal City Bank. Sides have been taken, acrimonious dis- cussion follows and congressional in- vestigation is advocated. While I be- lieve that there is something to be said on both sides, so far as I can under- stand the situation, tor Glass was unjustified in his attack. ‘The fact that Mr, Mitchell is a di- rector of the Federal Reserve Bank of New York is not necessarily a bar to his taking independent action as president of his institution. He did not seek to lower the rate of interest on call money, but in such a panicky condition the only way to avoid a real-panic is to make it certain that all the money that is actually necessary can bz at a price, In my own opinion, the present sit- uation is entirely unlike that of 1920, not only as to banking reserves, but in every other way. The inflation, if there be any, is confined to the stock market, and I think it is very much smaller than seems to be fihnbu“ul:t by Senator Glass and those who ve with him. Senator Glass’ attitude seems tion of the old prejudice Electricity may help to stop the exodus | In to those who from Ireland, act have visioned the de Seibation of ight and power throughous 0! and power out AL T L Ve cause xlme electricity is now almost unknown. The power company plans to the farmers and their wives in the use of labor-saying devices to take' the place of manual labor, which is now so preva- lent. innovation will be of special e ks e 1 “%om onous ve many of easier work and mm 3 % R e A iy 1t is ignorant stock does the harm, combine al unscrupulous manipulation by pro- fessionals producing corners in market. ———— Germans Like Foreign Securitis .| BROADWAY, CANADA GRAIN FIELDS ON SHORTER RAIL ROUTE By the Assoclated Press. WINNIPEG, April 9—~The Hudson Bay Railway, now being constructed by the Canadian government, will shorten effectively the distance between the grain flelds of Western Canada and the markets of Europe. From Saskatoon to Liverpool via the Great Lakes and St. Lawrence the dis- tance is 4,878 miles, but by the new railroad to Churchill it is only 3,783 miles. It is 5,224 miles from Edmonton to Liverpool by way of the St. Law- rence and only 4,182 miles by rail to Churchill. ‘The horter haul, and col uently lower costs and quicker delivery, is ex- pected to give Canadian wheat farmers an advantage in the world market. PETREiEUM PRODUCTION. ‘TULSA, Okla., April 9 (#).—Daily average groduct.lon of petroleum in the United States during the- week ended April 6 increased 36,361 barrels over the previous week, the Ofl and Gas Journal estimated today. ‘The one-day lifting of the curb on production of the greater Seminole Field March 31 to determine proportion percentages for the following 30 days caused a total increase in Oklahoma of 20,255 barrels. All Midcontinent pools sl'uowefit’l msht inc;eml.uy California production decreased slightly. Total dally average production for the Nation in the week ended April 6 was placed at 2,660,818, Raussia Buys Tractors. NEW YORK, April 9 (#).—Saul G. Bron, chairman of the board of dire tors of the Amtorg Trading Corpors tion, leading firm in Soviet American trade, says that 35,000 farm tractors have been introduced into Russia dur- ing the past five years. Eighty per cent, states Mr. Bron, were made in the United States. RAILROAD INCOME GAINS IN FEBRUARY Monthly Report on Cless 1 Carriers Shows Increase Over Last Year. The net railway operating income of the class I raflroads in February amoutned to $84,770,143, which, for that month, was at the annual rate of re- :um of 54:.0 per cent onwthelr wepgun.y' investment, according Teports filed by the carriers with the Bureau of Rallway Economics and made public to- day, In February, 1928, their net rail- way operating inocme was $69,823,186, | Stan perty in- or 4.62 per cent on their proj T e, complistion a8 15 sarmings 1 comp as February is based on reports from 182 class I railroads reflremmng & total mileage of 240,804 3 Gross month of 112,179, compared with $456,844,227 in February, 1928, or an increase of 4 per cent. Operat nses_in Februa: STUDEBAKER R. McREYNOLDS 3 & SON 1423-25-27 L St. NW. Decatur 686 revenues for the ting bruary amounted to $475.- |/ Campe cv pt (31 ) Q $1.02% May 1 &y ¢ Sarep Q $1.62% May May 15 Apr. 30 May 1 Mey 1 My 1 May 1 7 10 | RUSSIA PUTS CLAMPS ON_CERTAIN EXPORYS BY the Associated Press. Russia has undertaken to check flow of art arid heirlooms to the Uni /] States with methods that call to has been given to the offi- trading bureau. The Mst includes: Handwoven oriental rugs, rugs made prior to 1800, coples of antique rugs, icons, gravures, art editions, porcelains, crockery, glass, tapestry, furniture, sil- 6 | ver, gold and bronze objects and works halt of art of the eighteenth and first of the nineteenth centuries. i up in sapphire skies. Camp the South’s most beautiful and splen- :fidl eq;:,ipped camp, salvages the waste e make up deficiencies, review important subjects, earn new happy, health.building summers high up in azure skies on the noted Ashe. ‘Hendersonville Plateau. Georgia Military Academy’s Total expense im:lfld‘:l: l;;rg;v.nu, laundry, Col. J. C. Woodward, College Park, Ga. | foet | Highland Lake | ng summer and helps boys credits, and spend Summer Session. Trade-ins? 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