Evening Star Newspaper, August 16, 1929, Page 13

UTILIEES FEATURE | [NEW YORK CURB MARKET TRADING ON CURB Investment Group Issues Are Also Prominent in Strong Market. Special Dispatch to The Star. NEW YORK, August 16.—Heavy buying of Electric Bond & Share fea- tured trading on the curb market to- day. Both the stock and subscription privileges were taken in large blocks and at rising prices. The stock opened 2!'4 points higher 145 and had a steady climb to around 147, when some profit-taking developed. This stock has been under steady accumulation, and the buying is stated to be principally for the account of the power interests. Active Issues. Transamerica stood out among the Investment trust issues in active trad- ing and appeared to have little trouble in advancing. Goldman was another strong issue, ‘The Goldman Sachs Trading Co.’s offer to exchange nine shares for seven of the American Trust Co. has expired, with the acceptance stated to be better than 85 per cent. This transaction is expected to give Goldman voting control of the Crocker First National Bank, American Trust Co. and also C. F. Childs Co. and other American company interests. Haygart Corporation was also active. Some of the motors moved higher on short covering, in sympathy with kindred shares on the big board. Penroad was slightly higher. July railway earnings will soon be out and the rails stocks, it is believed, have not fully discounted the expected increase in income. Coppers were neglected, but some of the aviation shares were active at times. Crocker Wheeler was again a strong, feature of the specialty list, rising to &' new record high level at 499': on talk of large earnings and the possibility of a split-up. In some quarters the view prevails that the stock will appear at 100, which on a 6-for-1 split would mean 600 for the present stock. De Forest Radio sold around 19 on re- ported new contracts for the installation of sound movie equipment. Buying of Oils. Absorption of the oils continued on a rather broad scale in the face of a reduction in Pennsylvania crude prices of 25 cents a barrel, but offsetting this development was the resumption of dividends by the Prairie Oil & Gas Co. after a lapse of two years and the new high price established by Standard of New Jersey in active trading on the big board.” The resumption of Prairie dividends was taken to mean that oil executives viewed the future with more confidence. Gulf Ofl was well taken at slightly higher quotations and the demand for Humble continued at prices above the close yesterday. Standard Oil of Ohio ‘was another favorite, rising above 72 at one time. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., August 16.—FPo- tatoes, white, barrel, 1.25a4.50; 100 pounds, 2.25a2/50; sweet potatoes, bushel, 1.50a2.25; beets, 100, 3.0024.00; beans, bushel, 1.00a1.60; cabbage, hamper, 1.00a1.25;_carrots, 100, 3.00a4.00; celery. crate, 150a3.00; corn, dozen, 12a2! cucumbers, bushel, 75a1.25; eggplants, hamper, 75a1.00; lettuce, crate, 3.00a 4.50; Lima beans, hamper, 40a90; onions, ‘hamper, 90a1.15; peppers, hamper, 25a 40; peas, hamper, 1.50a2.25; squash, hamper, 15a35; tomatoes, hamper, 40a 75; apples, bushel, 1.00a2.25; canta- loupes, 25a90; blackberries, quart, 10a 20; huckleberries, quart, 15a20; peaches, hamper, 25a60; pears, hamper, 75a1.25. Dairy Market. Poultry, slive—Spring chickens, a pound, 25a33; Leghorns, 22a26; poor and thin, 18a20; old hens, 23a31; Leg- horns, 23a25; old roosters, 18a20; ducks, 20a24; guinea fowls, each, 50a 85; pigeons, pair, 25. Eggs—Receipts, 2,918 cases; native and nearby firsts, 35a36; current re- ceipts, 32a34; hennery whites, 36a40. Butter—Good to fancy creamery, pound, 4la45; ladles, 33a35; store- packed, 30a31; roils, 31a32; process but- ter, 40a4l. Hay and Grain Prices. Wheat—No. 2 red Winter, spot, 1.397g; No. 2 red Winter, garlicky, spot, 1.34; August delivery, 1.34; September delivery, 1.35; No. 3 red Winter, gar- licky, spot, 1.30. Bags lots of nearby, 125 Cargoes on grade—No, 2 red Win- ter, garlicky, 1.34; No., 3 red Winter, garlicky, 13i: o. 4 red WinterN, gar- licky, 1.28; No. 5 red Winter, garlicky, 1.25. Corn—No. 2 export, August delivery, no_quotations; No. 2 domestic yellow, 1.18a1.19; cob corn, 5.7526.00 per barrel. Oats—No. 2 white domestic, spot, 59; No. 3 white domestic, spot, 57a58. Rye—Nearby, 1.00a1.10. Hay—Rgceipts, none, Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish _quotations by grades. Where in good order, new hay sells at from 13.00 to 15.00 per ton, acqordlng to its quality and condition, receipts by truck taking care of most requirements. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.00a10.00. Live Stock Market. Cattle—Receipts, 1,500 head; heavy supply, market lower. Steers—Choice, 13.00a14.00; good, 12.00212.55; medium, 11.00a11.75; common, 9.00210.55. Heif- ers—Choice, 11.00a11.55; ' good, 10.55a 10.75; medium, 8.75a9.75; common, 6.75a7.75. Bulls—Good to choice, 9.00 a9.75; fair to good, 7.75a8.75; common to medium, 6.75a7.50. Cows—Good to cholce, 8.50a9.00; fair to good, 7.50a8.25; common to medium, 4.50a7.00. Sheep and lambs—Receipts, 1,000 head; moderate supply, market lower. Sheep, 2.00a6.50; lambs, 7.50a13.50. Hogs—Receipts, 200 head; light sup- ply, market steady; lights, 12.85; heavies, 11.50a12.25; medium, 12.85; roughs, 17.75a10.15; light pigs, 11.7 pigs, 12.60; trucked hogs, 15 to 30 lower. Calves—Receipts, 150 head; fair sup- ply, market steady. Calves, 6.00816.50. GRAIN MARKET. CHICAGO, August 16 (#).—Buying on a big scale here, together with radi- cally adverse threshing returns in Canada, sent wheat prices soaring early today. Estimates were also out that 1929 world wheat production might total 515,000,000 less than last year. Opening 33 to 2% higher, wheat later showed further decided gains. Corn, oats and provisions went upward also, with corn starting 3 to 1'% rise, and continuing strong. At noon wheat was 415 to 41, cents et higher, and corn, 135 to 1% cents up. Going hand-in-hand with rapid up- turns in wheat values today and with a general rush here to the buying side of the market were Winnipeg advices that harvest returns from Central Saskatche- wan were in the nature of a_calamity both as to quality and yield. From an- other’ source came word that for more than 200 miles between Moosejaw and ‘Wakaw, no poorer crop ever has been seen in 24 years, not even in the rust year of 1916, and the bad dry years of 1918 and 1919. ISR Will Buy Day-Fan Co. NEW YORK, August 16 (#).—General Motors is to acquire Day-Fan Electric Co. of Dayton, Ohio, radio manufac- turer, through an exchange of shares. Hhe plan is subject to approval of the Day-. stockhalders. Sales in hundrede. 7 Acetol Prod A . 8 Acoustic Prod 5t Wi m & mer Br Amer Cities B Amer Citles PAL ¥ & Wireless A 26 Cables & Wireless B, 24 Cables & Wireless pid 78 Can Marconi W. 4 Capital Ad 1Carman & 5Cap Adm ris 2 Carnation Miik. 2 Caterpil Tract... 1Celan C Am 1si pid. 4Cent & Southw Ut. 21 Cent Pub S A ri 2 Cent St EI conv pf B 1 5 Chain Store Stock. k Cab Gas & Util 2De Havilland A oid 12 Detroit Air ... 1 Dinkler Hot ‘A" 'ww 11; Dixon (J)Crucible. 1 Donner Steel . 1 Douglas Aircraft r Ml A 1Duz Co A. 1Duz Co A ¥ic.. 5Dixie Gas & Util ris 1East Roll Milis. 11 East States P stern Util Inv_A 32 Eastman Kodak rts.. 2 Eisler Elec 1063 EI Bond 5 ehold” . 27Elec Sharenold pid;: 4 Elec Shovel C pt pi 1EL P&L 2nd Bfe i Lead 8 Fokker Airp Am 19 Foltis_Fisher . 2Ford M Co Cari ‘AR Real & Ui 3 Gen Real & Ut Cor 103 Gen Theat Equip v 1Gilbert A C. 5Int Eaq 16 Int Equit etf: 11Int Equit ctfs wi 4Ttal Supe 2 Ital Supero Ley Fred 4 Long Isl Lt 34 Louisiana Land & Ex 13 Loriliard rts wi 3 Medor o 12 McLellan Stor 44 Memphis Natl Gas. § Merch Mie Sec 33 43 19 34! £ 107 34 22: % " mer o 1, Bov El F.. 20 30 7 . Y 9 o i " THE EVENING STAR, WASHINGTON, D. C, FRIDAY, AUGUST 16, 1929. 4 rts. . 18 Mot Acier § Nat Aviation Nat Bi V. YV H na o o b 00 2222222222 P o Amer Aviatiori.. 1 jorth Am_ Utility Sec ‘astern Pow dep 1Prudential Inv § 2 Prudential Inv s Ins ptd Bec . 14 1227 8712 & Stl. 22% 50 c 3 1% Trk cif 4 Reynolds Metal A 15 gevnolds Metal B .- 4 2Rockland L & P n 3 Rolls Rot 10 Roosevely, Fleld . 9 Root Rg'Cv pr pid n 6 Segal kv&COPl rdw 12 ::geflfec: {adusiries icr 8. ject, Tn e 1 Select da 1ne 1t pid 10005 3 Sentry Safety Control 197 2 S Leather. u o B Sllver I & Bros. 7 Simmons ' B 12 South Corp_ . 2 Southlarnd Royal 4 Sauare Co B.. 17 Spanish, & Genrets 23 Stand” Brands Stand G & E pi 2 Try 205 Trl Cont Corp.... r o 1Tung Sol Lamp 13 Ulen w1 3. 13 Union Amer Tnvésting 11 gnion N'G can. 4 5 56 66, T8 2312 ) 1Winter B J . 1 Winton Engine 1Yellow Taxi 2 Zonite o Can 4 Newmont Mining Zin = T FaES 1980 S SR FE S Bt BRau-Bulelbue & L FEESES & SR ooBonbiEeBuetie I3 & Lai ransc_Oll 3 Venezuelan o Received by Private Wire Direst to The Star Office Salesin ‘BONDS. O Abbott Datries, 6s *42. 98% s Pow 41 93% B55>555: 50 G 50 Tel Ut T Prppasizs 252! By 1Bost & Me Gs M '3; 2 Bost Cons Gas 68 4Can Nat Ry T3 E 99 83 nt St P&L 5%as '53 83% g 8t R H 5%s '49 A 87%2 Serv 5s ' & s coonks BB ssotuel: PEoce0000a Gatineau Pow 6s "4l 99 1 Gen Ind Alco 6as '44 102 32 Gen Theaters 63 '44. 101 13 Gen Vend 6s '3 49 ul 85 '47.: Vu%e 21 Guir States U 5s A '56 94 od Rup_ 5%s '36.. 87 ygrade Food 65 '37100% 16 Houston G G 65 A '43 17 61l Pow & Lt b%as '54 98% 48 Ind Oll & G 63 789, .. 114 9 2 Intersta Pow 55 Corp Am 55 57, 87% ’47 121 78Y% 3 A '51 9 s Gas 5Ya3 "4l 100 7 Memphis Nat G 6s '43 96 © 95 251 Miss Riv F Cor 68 '44 119% 2 Morris & Co 735 /30100 1 Mun 88 Line 6135 *37 120 8 Narrag 85 ‘57 Nat P & L 65 A 2026 103'% 11 Nat Pub Ber 55 '78.. 6% 11 New Eng GLE 53 - New Eng G&E 55 '48 90 NY P &L 4las 67.. 90%. Niag Falls P 65 ‘50, 104 §Nor Ind P 8 55 C /66 97 1Nor 8 P M 6%s C '33102 7 Ohlo Pow 4135 D '86.. 90 13Phila E P 5las '13. 3 Pitts Coal 65 '49. 3 Pitts Steel 65 '48 10 Poor & Co 65 '39. 15 Potomac Ed 55 E, 13Pow Corp N ¥ 55 '47 91 40 Rel Menage 55 ‘54 A 10615 7 Roch Cen Po 55 A '53 8614 18LL G '32.° 88 A 2025 103 51 99 8 Ed 55 '5: 12 Southw G&E 55 A 93 7 Southw P&L 6s A 2022 104 7 Southw D Pr 6l2s '38 92 3 Staley Mfg 6s '42 26 Stand Invest 515 8 Stand P & L 65 '57 % ' & ) c & P bs A Wisc™ Cent 55 '30. Bales in FOREIGN BONDS. thousands. 6 Free St Prus 6s ' 20 Gelsen Min 65’34 Ger Cons Mun 7s " 2 Ger Cons Mun 1 Hanover Cred 5In M B Fin Jan 6'is '59 Bk Chile ‘65 s 5, n—New. WW—With warrants. GRAIN MARKET. CHICAGO, August 16 (#).—Enormous purchasing of future deliveries of wheat carried the wheat market skyward to- day, prices here reaching 5% cents a bushel higher than yesterday’s finish. Canadian threshing reports were worse than had been looked for, and primary receipts of wheat in the United States to- day were decidedly smaller than eithera week or a year ago. Under such cir- cumstances, wheat here, instead of practically begging for an outlet, either foreign or domestic, as was the case only a short time ago, was today in brisk demand for domestic use, and the trade at large had apparently concluded to let foreigners come in when they get ready. ‘Wheat closed unsettled at 4% to 5 gain; corn closed 1 to 2% up; oats at 1% to advance, and provisions showing a rise of 2 to 45. WHEAT— September ember ch COR| September December . March OAT September . December May_ . RYE- September December LARD. September October . Scptember . October . e s NEW YORK COTTON. NEW YORK, August 16 (#).—Con- tinued reports of deterloration in the condition of the crop, together with the encouraging Manchester mill news and relatively steady Liverpool cables, seemed responsible for advances in the cotton market today. After selling about 14 to 19 points net higher the market met considerable realizing and there were partial reactions. Trading was quiet around 2 o'clock, with active months ruling about 5 to 12 points net higher. Futures closed steady, 4 to 11 points higher; October, 17.96a17.99; December, 18.28218.29; January, 18.31al 18.50218.51 middlin TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rste—lLiaturity. B 4%s Sept. 15, 4Y45 Sept. 1 FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) NomInal gold checks value (or 2 REDISCOUNT RAISE HELD U. . BENEFIT Banker Says Foreign Capital Will Be Attracted by Higher Interest. BY JOHN F. SINCLAIR. Spectal Dispatch to The Star. NEW YORK, August 16—I was talk- ing with a leading Detroit banker this week about the Federal Reserve policy and its effect on future business. “Nothing in the last year has done more to discriminate against Europe and make one bullish on America than the action of the Federal Reserve Bank of New York in increasing the redis- count rate on its paper from 5 per cent to 6 per cent,” said this bank leader. “Yes, the bank rates in Europe— that is, in the central banks—are con- siderably lower than they are in the United States. Some people draw the conclusion that this kind 6f a condition is bad on American business. High rates are not good for a country try- ing to get on its feet. But the United States can stand high rates far better than can any other nation. When a Nation like the United States increases its rediscount rate to 6 per cent the idle money of all other nations flows in the direction of the highest rate. That money is international. In the narrow sense it is not patriotic—it goes where it can get the highest rate consistent with safety. So European money by the millions will gradually seek invest- ment in the United States, where it can receive much more for its rent than it can receive at home. “That’s why I am bearish on Euro- pean securities and very bullish on — Full_elb. 0d—with iize—nicke| cord anc American, I believe that America will be the center of att for money for another 25 years. “But let he say in passing, that the high rediscount, r{u will have a rather bad effect on Europe. We may want to feel that European affairs are really no business of ours, but in the long run that's a weak, narrow policy. Europe should be conside to be revised, For as New York goes today so goes the world. We do have an international as well as a national business policy to reckon with, “Too often in recent years, it has been ignored.” ‘What about the Negro in industry? ‘Twenty years ago, he was considered a drag on’ progress. He had little con- fidence in himself, and less confidence in his ability to organize effectively for daily work. At that time, mobs used to lynch an average of three Negroes a week, ‘Then, foreign immigration was heavy and these new laborers forced Negroes out of jobs that were considered theirs. Few Negroes went to college and few- er still entered the professions. There was no Negro literature worthy of the name, ‘What of the situation today? Immi- gration has stopped, the cry for good laborers has gone up in ail parts of the country. The Negro is learning his own power. In 1928, lynching had @windled to 11 for the whole year. In litical life his representatives sit &7 the councils and are members of several State Legislatures. Chicago has furnished one Congressman. Ten thousand Negroes are graduated every year from colleges and universities. Negro novelists, essayists and pocts are now_making definite contributions to the literature of America. But what about the business side? Negroes own 700,000 homes already and $1,500,000,000 of wealth. They have 60 life insurance companies, 28 of which do an annual business of $242,000,000. ‘Thousands of them have settled in Chicago, New York, Detroit and other Northern cities. The Negro workers are becoming or- ganized. The Brotherhood of Sleeping Car Porters is now a member of the PFINANCIAL, American Federation of Labor, -~ * ‘The Negro is coming into his own. Detroit employers of labor no longer give out employment figures.. Formerly it was customary to show tabulated statistics from this great manufactur- ing city each month. As the automo- bile business developed into that of the major industry of the Nation these figures were watched very carefully by the business world as a sort of barom- eter on future business conditions. But they are no more. ‘The reason given is that when it was announced that the number of laborers had increased a few thousand during the month the city found itself flooded with more labor during the next few weeks than it could possibly handle. Ford’s high wages had become known nationally and other Detroit corpora- tions had followed suit. This change in policy marks a new epoch in industrial thinking. In the old days employers of labor thought it desirable to have a few hundred or a few thousand idle workers at their gates. It acted as a healthy antidote | against unreasonable demands of labor, thought the manufacturer. The old policy of having more labor than jobs held wages down to the minimum. ‘This, too, was considered an ideal con- | dition. | Now, employers of labor have com- pletely changed front. They believe in giving work to as many men as pos- sible and in paying the highest wages consistent with good business. High wages, in turn, means more purchasing power for the masses and more gen- eral prosperity. ‘The railroads are not keeping up in the passenger procession. The Inter- state Commerce Commission reports | that railway freight traffic is increas- ing at a fairly consistent rate over long periods, but that railway passenger traffic 1s moving in the other direction. It is rapidly declining. In fact, the number of passengers carried in 1928 was the same as in 1906, 22 years before. Railroad executives recognize the problem and are now attempting to *% 13 the Pennsylvania and the Great Northe ern have gone into the bus business. For it is the busses and the privately owned motor .cars that have cut ‘t_‘:fl‘y into the railroad passenger c. But the recent $30,000,000 merger of the bus subsidiary of the Southern Pa=~ cific with the Greyhound-Pickwick lines operating from New York to Los Angeles through Chicago marks an im- portant step in this deal. Both the Pennsylvania and the Great Northern have stock in the Greyhound. More expansion in this field will be ar- nounced shortly. Freight traffic, on the other hand, ; measured in terms_of additional mile~ | age, is growing. From 1900 to 1928 the products of the mines just about kept even, or showed an infinitesimal increase; manufacturers increased cone siderably, but the products of agricul- ture, forests, live stock, a1l suffered a slight shrinkage, as measured in terms of their proportion of the total. ‘While the automotor truck and the bus have cut into the railroad pas- senger and freight revenue, the autoe mobile has not been an unmixed curse, for the riew freight created by the aue tomabile Gustry in 1928 totaled in G freight revenue $516,000,000 for the railroads. (Copyright. 1920, by the North American spaper Alliance.) STOCK OFFER APPROVED, NEW YORK, August 16 (#).—Stock- holders of American Solvents & Chem- ical Corporation have approved a re- adjustment in the capitalization. Pref- erence shareholders will receive one share of new $3 convertible preference and one-fifth share of common plus one-tenth shares of additional prefer- ence in payment of dividend arrears, Common stockholders will receive new stock on a share-for-share basis, Crude Oil Price Cut. NEW YORK, August 16 (#).—All grades of Pennsylvania crude oil have been reduced 25 cents a barrel with the exception of oil in Buckeye pipe lines, meet it. Already the Southern Pacific, which has been cut 30 cents. \—the chain that VALUE built! The sensational growth of any concern from one store to over sixty in just five years can’t be entirely due to luck! eople might tell you, TAUBMAN’S have If, as some gotten some “lucky break: Where else could tiev find such VALUE? Automobile Ice Box $3.95 Extra \arge stze Strong. ateel box with galvanized | tnside Noing ana speetal iee compartments. Fits, an; running board. If vou're plannin: '—s0_have our customers. Cigar Lighter 79c¢ Attaches to say dash- Cliogs by magnetic at- | board—requires mo wire traction to metal part | —simply detash it and Special low |itgtt your cigar o cigar e SLiP COVERS = 2 to buy vour family a new radio set—here is an opportunity you overlook. can't afford This fine ALL ELEC TRIC model—by one of the coun iry's ploneer radio in' s handsome metal case. manufacturers is It sells fegularly for $63—only at TAUB- MAN'S is this sensationally low price possible. Lord Calvert Motor Oil Refined espacially for TAUBMAN'S by large oil company. of best Is ~ made grade paraffine oil base. Balloon Type Screw Jack $1.99 Powerfully made with long bandle. Lifte practicaliy any wedght with little car effort. 98c 30x31.... 31x4 6-ply 32x4 6-ply ... 32x4, with the distinctive tone. A smash- ko e ot thia low price. Eaally instatled. Atlas Rim Tool $1-39 dpens and closes il soitt fims.easlly ana Guickly Strong snd well made. & Gallon Tourist Jug 95¢c i ror picates. outiogs, tourtng o, otc. Keeps lllflmdj Bbot or eold for 24 bours. Garden Hose 8c 1t Double braid—molded hose ieavily corrugated. =Fully cuaranteed. Complete wit! couplings. Revol Lawn Sprinkler. ... 69c Reel $1.29 to0ds of Shakespeare Casting Reel $ 2 69 Famous te fsherman as the: Cappers Regularly < ‘l." Lord Baltimore MaltSyrup.... Tian 3 t or dark. 24D eve: -y ver best. Reduced for short time caly. P . Clean Up Specials Top Dressing, pint. . Chamois, up from.. Sponges, up from.. H.L.F. Body Polish, 1 qt Spoke Brush...... Fender Brush...... Nevalost Luggage Carrier $2.95 for rear of car HARDWARE Shears, polished steel........ any_a tterns. . Fita veat ok enshions witbout wrinkling. 16,000 Miles Why buy unknown brands when for less moey you can have Kelly-Springfield Buckeye Cords 29x4.40 $8.85 | 29x4.75 $9.50| 30x5.25 $13.351 33x6.00 . $4.95 Other Sizes at Similarly Low Prices! RADIO 45 Voit B Batterles Bit Braces, 10-inch. Stanley 7-inch.. G Hand Saw; 26-| high quality......cco.... Steel Brume Rake..... Steel Folding Porch Gates; 3 feet. Lawn Mowers; $ reduced......... Steel Fishing Tackle Bo; Pitching Quoits, 4 te a set; in r‘td and hlack... All Stores Are Open Saturday Until 11.30 P. M.--Daily Until9P. M. AUBMANS Converts your charger into a dry unit. e L O T LRI tEd a3 ITUIDHTT LTI n e 8 e e e, Se—— 95¢ uarant:ed FRESH 'OOK. Kach battery tasted for full strength. P KUPROX Replacement Unit 3 49 trickle TN 1724 14th St. N. W. AL Stores Except 9th St. Store Open Sunday 9 a.m. fo 2 p.m. 1005 H St. N. (At Columbia Rond) Open Eatar 430-432 NINTH STREET N. W. 8009 14th St. N. W. E. 3245 M 8t. N. W. iys Until 11:30 pam.