Evening Star Newspaper, October 1, 1929, Page 12

SELLING RETARDS - ADVANCE ON CURB= Market Shows Tendency to Rally Despite Heavy Of- ferings of Stock. BY JOHN A. CRONE. Bpecial Dispatch to The Star, NEW YORK, October 1.—Continuing the rally in evidence after the first half hour, prices on the curb today were somewhat improved over yesterday, but frequent selling waves kept advances to & minimum. Public utilities and some of the more popular industrials and oils were called upon to absorb considerable profit tak- ing. Aviation, motor, investment trust and mining shares remained soft. Selling on Bulges. Electric Bond & Share at times was more than 2 points below fits initial quotations, despite its ability during brief intervals to climb nearly 3 points above its opening price. Middle West Utilities, new, also backed and filled, while others were American Superpower and Commonwealth & Southern. United Gas Improvement, after losing 217 points Monday, opened 8 points lower than its previous close. A block of 50,000 United Gas Improvement rights appeared on the tape at 314, or 1-16 be- Jow their preceding final price. Pacific Public Service, which A. E. Fitkin has sold to an unnamed oil company, pre- sumably Standard Oil of California, for $26,801,327, pointed toward higher levels. Memphis Natural Gas came within a fraction of its peak, but other natural gas shares, such as United Gas, Natoinal Fuel Gas and Arkansas Natural Gas, were held back as each bulge invited a wave of selling. Tampa Electric, which was strong recently on reports that it was to be acquired by Insull interests, continued its decline. Prospects of a decrease in crude ofl production for the last week seemed to offset the price cut in Pennslyvania crude, for many of the Standard and miscellaneous petroleum shares were relatively firm and active. Big blocks of Cities Service, tossed into the market each time the stock tried to move up- ward, checked its advance. Motor and Aviation List. Stutz Motor registered a new low, while Ford of France equalled its pre- vious minimum mark. Prospects of Durant _shareholders receiving some money from the $1,000,000 which will result from the liquidation of Durant Acceptance Corporation did not stimu- late much interest in Durant shares. North American Aviation was the first of the air series to hit a new low Tecord price, Some of the other com- panies, despite reports of new orders, were lower. The reduction in mail rates set for next year and the mixup of mail contracts in South America proved bearish market factors for some air transportation securities, Baltimore Markets Bpecial Dispatch to The Star. BALTIMORE, Md., October 1.—Pota- toes, 100 pounds, 2.50a3.00; barrel, 1.50 24.25; sweet potatoes, barrel, 1.00a3.50; yams, barrel, 2.25a2.50; cabbage, ham- per, 60a90: carrots. 100, 4.00a5.00; cel- ery, crate, 1.25a2.25; lettuce, crate, 75a1.75; lima beans, hamper, 1.00a1.50; onions, 100 pounds, 1.75a2.00; peppers, hamper, 25a35; peas, bushel, 4.5025.00; squash, hamper, 15a35; spinach, ham- per, 40a50; tomatoes, hamper, 40a75; canners’ stock, bushel, 40a65: turnips, hamper, 50a75; apples, bushel, 1.00a 2.25; cantaloupes. hamper, 35a1.00; grapes, basket, 55a65; peaches, bush: 1.00a2.75; pears. bushel, 2.50a4.25 quinces, bushel, 2.25a2.50. Dairy Market. Poultry—Alive, Spring chicken! 30; Leghorns, 25a28: old hens, 25a32; Leghorns, 20a22; old roosters, 18a20; ducks, 20a24; guinea fowls, each, 40a65; pigeons, pair, 25. Eggs—Recelpts, 1403 cases; native and nearby firsts, 42a44; current re- ceipts, 35a36; hennery, whites, 48a50. Butter—Good to fancy creamery, pound, 42a48; ladles, 35a36; store packed, 2352][; rolls, 31232; process butter, 241, 25a Live Stock Market. Cattle—Receipts, 50 head; light sup- ply. market steady; steers, choice to prime, none; good to choice, none; me- dium to good, 11.25 to 12.25; fair to medium, 10.00 to 11.00; plain to fair, 9.00 to 10.00; common to plain, 7.50 to 9.00; bulls, choice to prime, none; good to choice, none; medium to good, 8.50 to 9.50; fair to medium, 7.50 to 8.50; plain to fair, 6.50 to 7.50; com- mon to plain, 6.00 to 6.50; cows, choice to prime, none; good to choice, none; medium to good, 8.00 to 9.00: fair to medium, 7.00 to 8.00; plain to fair, 6.00 to 7.00; common to plain, 4.50 to 6.00; heifers, choice to prime, none; good to choice, none; medium to good, 9.50 to0 10.50; fair to medium, 8.50 to 9.50; plain to fair, 7.50 to 8.50; common to plain, 6.50 to 7.50; fresh cows and springers, 60.00 to 150.00. Sheep and lambs—Receipts, 200 head; light - pply; market steady; sheep, 2.00 to 6.0v; iambs, 6.50 to 13.00. Hogs—Receipts, 150 head; light sup- ly; market lower; lights, 10.90 to 11.15; eavies, 10.90 to 11.20; medium, 11.00 to 11.30; roughs, 7.75 to 9.40; light pigs, 10.00 to 10.25; pigs, 10.60 to 11.80. Calves—Receipts, 75 head; light sup- ly; market steady; calves, 7.00 to 17.00. Hay and Grain Prices. Wheat—No. 2, red Winter, spot, 1.293% ; No. 2, red Winter. garlicky, spot, | 124150 October delivery, 1.24!z; No- vember, 1.26%. Bag lots of nearby, none. Cargoes on grade, none. Corn—No. 2, export, September de- livery, no quotations; No. 2, domestic, yellow, 1.15a1.16; cob corn, 5.7526.00. Oats—No. 2, white, domestic, spot, B7; No. 3, white, domestic, spot, 56. Rye—Nearby, 1.00a1.10. Hay—Receipts, 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, according 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, 9.00a10.000. BOAT CHANGES ROUTE. P, & 0. Line Puts Vessel in Service Between Havana and Miami. MIAMI, Fla., October 1 (#)—Inaugu- rating an_emergency service between Miami and Havana, the steamship Cuba of the Peninsular & Occidental Line THE EVENING STAR, WASHINGTON, D. C. NEW YORK CURB MARKE m & For Pow war. Brit_ & Cont Cor} GLP &L B Xd 22222355 5555:05 5 >>>>>5>: 3 imin act tl Sta nt Pub 8 A. . ent States Ei 35 300 Boa o S B o B G oy mpi Firepr vie!! Indust Alconol.. 3 Print Re Ink. . 2 Glen "Alde; 49 Goldman_Sachs o 108 Knitbac Mach 64 hman CoIp .. 3 Lily Tulip Cup ws_war Missouri Kans Pipel 2Mtg Bk of Colombia 3Nat Am 4 10 Nat Aviation 1Natl Select Ind I 3 Sentry Satet INDUSTRIALS. igh 12, wi S8%s 58 42% 43 kt Ber ' vic 5 en Real & Util Cor ] & Ut Cor pf vic 1 3gGen Theater Equip.. 63 n 5 zessSine. aer caqdaad tan " Reaic a) Vicks Fin . 1 Wal SEREEsy ) 1 Western Al Exp . 1 Wieboldt 'Stores 1 Winter B J 2Zonite .. Sales in MINING STOCKS. hundreds. Cop Mines xd.. wmms e Jecpwsaw.y 8o8828. 5 Cons 1 Cresson Con Gold, 1Eng Gold M 7 Falcon_ Le 33 Gold_Con 2 1Golden Center M . 2 Goldfleld Cons 4 Hecla Min_ ... ud Bay Min & 8i 3 Newmont ~Mining 1 Noranda 13 Sales in _STANDARD OIL ISSUES_AND units. FORMER SUBSIDIARIES—STOCKS. 008 O Kentucky n. 20008 O Ohio pfd 200 Swan & F pfd. Sales in thousands. 9 Alum Co Amer. 55 '52. 100% 10 Am Gas & EI 55 208 9113 441 11514 12113 4 Garlock Pack s 31 Gen Theaters 65 "4 10 Georgia Pow 55 '57 1 Ground Grip S 6s ' G G 6'as phis N G 65 '43. 1001a 30 Miss River F 65 '44. 1117 MLH&P s A5 99 1 Morris & Co 7'as '30 100 Wall Street Briefs By the Associated Press. Sales of pig iron in the New York district last week, it was reported today, held up well, but were only moderately high, amounting to approximately 7,000 tons. It was understood that orders for between 6,000 and 7,000 tons are under negotiation at present. The Remington Arms Co. of Bridge- port, Conn., has entered the automatic stock quotation board manufacturing fleld, it was learned today, when an- nouncement was made of the organiza- tion under Delaware laws of the Rem- ington Automatic Quotation Board Corporation. The new company will sell the elector-mechanically operation boards, which will be manufactured by the Remington Arms Co. For the fourth month in history the total volume of shares on the New York Stock Exchange exceeded the 100,000, 000 mark in September. ‘The Interstate Fuel & Light Co., which controls the Michigan Fuel & Light Co., distributor through sub- | sidiaries of manufactured gas to 14 |t communities in Michigan and Wis- consin, has passed into the control of the American Commonwealths Power Corporation. The purchase puts the American Commonwealths-organization in control of the Wisconsin Fuel & | Light Co. and the Northern Indiana | Fuel & Light Co. . Received by Private Wire Direct to The Star Office 2 Oswego Riv Po 3 Parmelee Trans 1Westn Newspa €5 '4é 99 Sales FOREIGN BONDS, in thousands, 58 Chilean_Cons 7s A '60 94': 1Finl Res Mtg 65 '61. 79 n 65 3 Ital Superp 6s '63 A Mor Bk, _Chile 6s '62 a 78 ‘58 Xd—Ex: wi—_When issued. n—New. ww—With warrants. AIRPLANE TERMINAL PLANNING IS PUSHED Special Dispatch to The Star. NEW YORK, October 1.—Contracts totaling $300,000,000 have been let to the infant industry devoting its ener- gies to airport construction. These contracts today call for completion of the projects involved within the next 15 months. In addition there will be provided a tremendous amount of work for the airport constructors in bringing present airplane terminals up to date. So far over 1,000 airports, which have cost approximately $300.000.000, have been constructed in the United States within the last two years. ‘The new industry will not be swamped this volume of work, but at least it will be kept increasingly busy. It is calling for the development of a new type of technical englneerln% Two years ago few people, even in the avia- tion field, knew how an up-to-date airport should be laid out and con- structed. Glaring faults in the work already done are showing up constantly. Up to five years ago real airports, as they are now understood, were prac- ticaly unknown. There were only a few hundred private planes in exist- ence, and most of the private owners used vacant sections of their own es- tates or cow pastures for landing fields. When the planes in both commercial and private operations became more numerous, these flelds expanded in size until the huge passenger carriers made larger airports, safely designed and well located, an absolute necessity. That marked the beginning of the airport building industry. The industry is even now seeking sedulously for new ideas in construc- tion. One cement company has just inaugurated a competition with $10,000 in prizes for the 14 best airport designs. This concern hopes that this may result in the submission of some startling and practical ideas in airport planning. COTTON MARKET. NEW YORK, October 1 (#).—The cotton market opened steady today at an advance of 14 to 20 points on cov- ering and rather an active demand from the trade and commission houses which was evidently stimulated by the tropical storm_situation. Loss of open cotton was feared in the Eastern belt storm area and the buying here was stimulated by firmness in Liverpool, while there was also bullish comment on private crop advices claim- ing that indications pointed to a re- duction in total crop prospects as com- pared with previous estimates. The advance met a good deal of realizing and considerable Southern selling, but it was absorbed on slight setbacks and active months were about 19 to 24 points net higher at the ending of the first half hour, with De- cember selling at 18.93 and March at 19.2 3. Liverpool cables reported continental and Bombay buying and covering in at market on the rains in the South. POTATO MARKET. CHICAGO, October 1 (United States Department of Agriculture) —Potatoes —Receipts, 120 cars; total United States shipments, cars; trading just fair; Wall Street today heard reports of | 530 {5 250; few fancy, shade higher: merger negotiations between Pullman, Minnesota and North Dakota sacked Inc, and General American Tank Car | young whites, best, 220 to 2.35; poor Corporation. Elias Mayer, president of | the latter, would make no comment on | the rumor. The stocks of the two com- panies recently have been strong. An additional issue of 100,000 shares of Bankers’ Securities Corporation of America common stock will be offered for public subscription. ‘The Associated Telephone Utilities Co. announced today that it had acquired the Investors Telephone Co., operating in 8,251 stations in Ohio and 5.502 stations in Michiga stock, lower; sacked Red River Ohios, 2.10 to 2.20; Idaho sacked russets, best, 2.65 to 2.75. MERGER PLAN APPROVED. NEW YORK, October 1 common stock depositors’ committee of Willlam Filene Sons Co., Boston department store, has approved the plan of reorganization under which the company is to be affiliated with Abra- gnm & Straus of Brooklyn and other rms. on track, 368; | 1,034 | market barely | steady; Wisconsin sacked round whites, | (#).—The | TOBACCO AUCTIONS OPENED IN VIRGINIA Growers Hope for Big Returns. Crop Declared of Good Quality. Special Dispatch to The Star. DANVILLE, Va., October 1.—Tobacco planters throughout the Old Belt were watching today the opening of another selling season. ‘While optimistic of the range of fi)flces on account of the gen- eral excellence of the crop, they were conscious of the bitter disappointment in Eastern Carolina, where prices proved to be about 3 cents per pound under the cost of production. The crop there, however, was less favorable than that in this belt. The chief cause of price failure is held by crop experts to be overproduction, the Virginia and Carolina growers failing to heed the increased tobacco productivity of Georgla, which is turning gradually from cotton to tobacco because of the damage done by the boll weevil. Statisticians profess to see an in- stance of evolution which may finally upset the traditional economic situation of the old established belts. Georgia, it has been found, has soil which pro- duces a type of tobacco similar to that in Virginia and North Oarolina. It ripens early, is_suitable for cigarettes and hence the large buyers no longer have the keen appetite for the domestic tobacco by the time the marketing sea- son opens here. lBlnpwfllle will have half a million square feet of auction floor space in eight warehouses and a daily capacity to absorb a million pounds of raw leaf. The success of this season is said to depend on the foreign demand, accord- ing to dealers with large overseas af- filations. The stocks of Virginia-Caro- lina tobacco in Europe, and particularly in England, are lower than they have been for years, and this has led to a high hope of unusually good prices. Col. A. B. Carrington, president of the Tobacco Association of the United States, told The Star correspondent to- day that he foresees a good season for the Virginia planters, although he stresses the importance of keeping the law of supply and demand in view, since it is this which fundamentally controls prices. GRAIN MARKET. CHICAGO, October 1 (A).—With Liverpool wheat quotations showing a little less strength than had been looked for, wheat prices here averaged some- what lower early today. Many traders, however, showed particular interest in the fact that sterling today was at the highest level since July, 1928, a circumstance construed as favoring en- larged export demand for wheat from North America. Opening unchanged to 3} of a cent lower, Chicago wheat later held near the initial range. Corn and oats were relatively firm, with cora starting unchanged to % of a cent off. but afterward showing gains. Pro- visions tended to sag. Breaks in stock market values, to- gether with more or less disappoint- ment over failtire of the Liverpool wheat market to score sharper upturns, acted as a weight on wheat prices today. There was persistent buying, though, on the part of strong commission houses, and rallies were frequent, a notable ad- vance in sterling exchange receiving special attention. Considerable notice was also taken of a rail officlal an- nouncement implying Canadian_ship- pers would hold their wheat for higher prices. Reports indicated the moisture situa- tion in the main wheat-growing region of Canada was deplorable, with precipi- tation since April 1 even less than last year. It was pointed out that acute deficiency at this period in 1928 largely caused the severe shortage of Canadian wheat production for 1929. According to Chicago crop authorities, only co- fwplous rains prior to Canada’s rapidly approaching freeze-up could now afford a remedy, as Winter contributed but little to moisture reserve. COAL PRODUCTION. 7§ By the Assoclated Press. Practically no change was recorded in the trend of bituminous coal produc- tion of the United States during the week ended September 21. as corapared with the preceding week. A daily av- erage of tons mined during the week was 1,811,000. The comparative figures on the coal mined are: Week ending September 21, 10,867,000 net tons; preceding week, 10,863,000 net tons; same week year ago, 10,021,000 net tons. PARIS BOURSE PRICES. PARIS, October 1 () —Prices were weak on the Bourse today. Three per cent rentes, 80 francs; 5 per cent loan, 105 francs 50 centimes. Exchange on London, 123 francs, 83 centimes. The dollar was quoted at 25 francs 47% centimes. — According to a recent report of the insular auditor, the total resources of the Philippine’ government are $124,- 500,000. Reg. U. S. Pat. Of. The all-weather coat by Fruhauf MART, sturdy, Scotch cheviot Topcoats for Fall that are shower- proof as well as good looking. And, like many other things in our men’s clothing department, the DRYTON is an exclusive Topcoat! %65 OTHERS, $50 TO $85 TUESDAY, OCTOBER 1, 19%9. By the Associated Press. NEW YORK, October 1.—New securi~ ties offered today include: United States Electric Light & Power Shares, Inc., 1,000,000 shares trust certificates, series A, priced at $58 a share. Offered by Calvin Bullock. Goddard Securities Corporation, 1,- 000,000 shares no par common stocl priced at $11 a share, Offered by God- dard & Co. U. 8. GRAIN EXPORTS. By the Assoclated Press, Grain exports from the United States last week were 2,238,000 bushels, com- pared with 4,440,000 for the previous week and 7,057,000 for the correspond- ing week last year. Department of Commerce figures show the amount of wheat exported last week was 1,377,000 bushels, com- pared with 3,087,000 for the previous week; oats, 419,000, against 187,000; barley, 326,000, against 933,000; corn, 97,000, against 207,000, and rye, 19,000, against 26,000. Canadian grain cleared from United States Atlantic ports last week totaled 438,000 bushels, compared with 493,000 for the previous week, while exports of North American wheat flour were 288,- 000 barrels, against 281,000. NEW FINANCING. NEW YORK, October 1 (#)—New financing for the Metropolitan Chain Properties, Ltd., which will be in the form of an offering of first mortgage 6 per cent convertible sinking fund gold bonds, is now being arranged by a bank- ing syndicate. The company is & wholly owned subsidiary of Metropolitan Stores, Ltd., of Canada, which in turn is owned by Metropolitan Chain Stores, Inc, an American organization. FOREIGN EXCHANGE. (Quotations furnished by W. B. Tiibbs & Co.) o0 minal gold Selling checks | toda value (or par). $4.8665 Br 3 Berlin, Rome.” i Zurich, ~franc. Athens. Madrid. sach he Foening Htar ADVERTISENENTS fi RECEIVED HERE Bhaves ot Duncan’s Pharmacy—1st & K Sts. N.W. Is a Star Branch Office Instead of worrying about how to supply some want which you may have at home or in your business, insert a properly worded Classified Advertisement in The Star and see how easy it will be to get what you want. Copy for The Star Classified Section may be left at any of t.l:a ?mch Offices — of which there’s one in practically every neighborhood in and around Washington. There are no fees for Branch Office service; only ABOVE SIGN regular rates are charged. 18 DISPLAYED BY AUTHORIZED STAR BRANCH OFFICES The Star prints such an over- whelmingly greater volume of Classified Advertising every day than any other Washing= ton paper that there can be no question as to which will give you the best results. “Around the Corner” is a Star Branch Office Transform your home with gay, modern Duco eas) to use o OU can make every room in < yourhousemorecolorful,more cheerful, with smart Duco colors. You will find it a joy to work with this new-type finish. Just spread the color on —over any surface, finished or unfinished. Duco leaves no brush marks—does not DUCO .+ + dries QUICKLY! “pull” or “print” and it dries quickly. It is not affected by body heat. It “stands up” under long wear and tear. 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COLUMBIA HDWE. CO., Arlington. CRAIG & WRIGHT, Vienna. B. E. KNIGHT & SON, King 8t. ‘Alexandria, - - MANASSAS HDWE. CO., Manassas. MARSHALL HDWE. CO.. Marshall. SAM MENDELSON, 1100 K . Alexandria. it giunscaSive,, cpys: FEFEEE SO GROCE'S HARDWARE, 11th & E Sts. 8. KANN SONS CO., Sth & Pa. Ave. 1. 8. TAMORRIA, 209 Pa. Ave. &= e ,.: J. FRANK KELLEY, 2101 Ga. Ave. ‘WM. R. WALLS, 739 8th St. PLY CO.. Warren KENTUCKY HARDWARE C 3243 M St. 5 W. WELSH & CO., Middleburs. BEN KRUGER, 2010 18th St. Southwest Section D DWARE CO. 03 Renneds. | DAVID WEINBERG. 528 4% &t. In Nearby Maryland GEO. M. YEATMAN, 426 th St. G. P. BICKFORD. B . LOVELESS HARDWARE CO.. 22 Fla. Ave. 9 ¢ Northeast Section RMANTOWN TRADING CO) FRED M. HAAS & SON, 2016 R. L. Ave. HANNON & McGETTIGAN CO., 3524 12th 2001 P 3 Germantown. RUND. North Beach. 1ER HDWE. CO., 3616 34th 8 MODERN AUTO SUPPLY CO.. 917 H St. MOORE & CAIN, 4th & R. I 0. PEOPLES HDWE, CO. NO. 1, 1434 Fia. Ave. ATRIN b SFFS, arrived here today from Key West with more than a hundred passengers Who had been temporarily stranded on ourrj:y northward by railroad and hiay washouts in the Florida Keys. he Cuba, which is operated regu- Jarly on the Havana-Key West-Tampa line, will continue to make the run between Miami and Havana until road ? and highway traffic is resumed, officials 28 Tri Cont Corl of the steamship company said. It had f] Utilities not been determined today whether the mgl “1 Key West would be made on trip. ,._.. g S—E;:i:!! 2 = & X a0 @3 suges £33 & o et 255 ¥. R WECTOR. 54 SPRVICF WIWE. STORE NO 1, 4110 11th SERVICE HDWE. STORE NO. %, 3559 Ga. v A Walking Wedding. FORGE, N. Y., October 1 - P wore hiker's khaki when bod emr.y I. éllver of Seneca Falls and Lil- . Battenfield of Amsterdam were 1 2 3 the top of Bald Mountain. i Lt & P A bt hike in the Adirondacks & N Rainier. 'LES HI . 3 . L. E. WEDDING, 28 15th Bg. M. WILI H. WOLF, 1000 No. Capitol St. YOU! Sowd & PR 14th-& G Streets N. Wo Eveene C. Gorr, President BT. L. LR B8 FF Bed 537 116" % 1% FESS N FF