Evening Star Newspaper, October 14, 1929, Page 12

* beans, bushel, y the bulk of trading, but the oils and -prime, none; good to choice, 12.50 to FINANCIAL. THE EVENING STAR, WASHINGTON. D. C. MONi.\Y. OChirhinid 1929 GURB STOCKS GAIN | [NEW YORK CURB MARKET AFTER EARLY DROP IMarket Steadies, With Utili- ties Furnishing Features of Advance. BY JOHN A. CRO! Epecial Dispateh to The Star. NEW YORK, October 14—Stocks on the curb moved higher today after an irregular opening. Utilities furnished industrials proved to be the best gainers in the early part of the session. Aviation };hsrl‘! inclined to heaviness after a moderately firm opening. Pros- pects of an advance in prices aided the tire shares. Mining stocks were firm, but dull. New York Central rights and Pennroad Corporation were in demand. Stutz, early equalled its previous low record, while Ford Motor of Canada A was up a point in the first two hours. Community Water Service was one of the first utilities to reach a record high price. Some of the higher priced shares zuch es Middle West old, American Light & Traction and American Gas & Electric showed relatively small changes. "’lmrnl gas shares speeded their ac- r gome of these securities in | !h" ‘over-the-counter markst _soared. Private dispatches from San Fran- cisco and Los Angeles reaching the fin- | ancial district indicated the natural gas tangle virtually was solved. These ad- vices were responsible for the heavy buying in petroleum issues. Cities Serv- ice common early reached a new maxi- mum price, as did also the rights. Cosden Ofl performed a similar feat. The advance in Cities Service Com- mon was stmultaneous with the rocket- ing of Indian Territory Illuminating, a subsidiary, in the over-the-counter market. Standard Oil of Indiana was a leader of the Standard group Standard Oil of Kansas encountered some profit- taking. which also was true of Stand- ard Oil of Kentucky and Humble. Electric Bond & Share met profit- taking on every bulge, but was able to absorb most of this selling. Colgate- Palmolive was active and higher in the first two hours on further reports about & merger with several leading concerns. Wheeling Steel, by its gain of 3 points, reached a record high mark. while Duval Texas Sulphur also reached its_best price. Fox Theaters A was one of the most rought industrials following the an- nouncement by Willlam Fox of the company’s plans to enter the educa- tional picture field and on California advices telling of the acquisition of a big chain of coast theaters. Investment trusts and holding shares generally maintained their quotations better than in recent sessions. Baltimore Markets Special Dispatch to the Star. BALTIMORE, Md., October 14.— Poultry, alive—Spring chickens, pound, 24a28; Leghorns, 22324; old hens, 22a 30; Leghorns, 16a20; old roosters, 13a ;. 20; ducks, 20a25; guinea fowls, each, 40a75: pigeons, pair, 25. Eggs—Receipts, 1,717 cases: native and nearby firsts, 46a48; current re- ceipts, 39a40; hennery whites, 52a53. Butter—Good to fancy creamery, pound, 42a48; ladles, 35a36; rolls, 3la 32; process butter, 40a41; store packed, 30a31. Vegetable Prices. Potatoes, white, barrel, 1.5024.00; 100 pounds, 2.50a2.90; sweet potatoes, barrel, 75a3.00; 100, 3.00a4.f 50a1.60; cabbage, ham. oer, 60a90; carrots, 100, 4.00a5.00; caulifiower, crate, 1.25a1.75; celery, crate, 1.25a2.25; corn, dozen, 10a25; eggplant, hamper, ~20a40; lettuce, lmlhel 75a1.25; lima beans, hamper, 1.00a1.50; onions, 100 pounds, 1.75a2.00; peppers, hamper, 20a30: peas, bushel 4.25a4.50; spinach, hamper, 35a40; squash, hamper, 15a35: tomatoes, ham- per, 30a60; canners’ stock, bushel, 25a 50: = bushel, 25n250 cantaloupes, 75a1.50; grapes, basket, 40a50; peaches, bushel, 1.25a3.25; pears, bushel, 2.75a 4.00; quinces, bushel, 1.00a2.00. LIVE STOCK MARKET. Cattle—Receipts, 700 head; fair sup- ply, market steady. Steers, choice to 13.00; medium 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, 1.50 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; plai nto fair, 6.00 to 7.5 mon to plain, 6.00 to 6.50. Co to prime, none; good to choice, 8.00 to $.00; medium to good, 7.50 to 8.00; fair to medium, 6.50 to 7.50; plain to fair, 5.50 to_6.50; common to plain, 4.50 to 5.50. Helifers, choice to prime, none; good to choice, 9.75 to 10.25; medium to good, 9.00 to 7.50; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. Fresh cows and Springers, 60.00 to 150.00. Sheep and lambs—Receipts, 2,200 head; moderate supply, market lower. Sheep, 2.00 to 6.00; lambs, 6.50 to 13.50. Hogs—Receipts, 3,500 head; moderate | supply, market higher. Lights, 10.75 to 11.00; heavies, 10.50 to 10.90; mediury, | 10.80 to 11.05; roughs, 7.50 to 9.25; hghc Digs. 10.00 to 10.50; pigs, 10.60 0t vn—mcupu 575 head; moderate !i%nor‘v)ly. market steady. Calves, 7.00 to | Hay and Grain Prices. Wheat—No. 2 red Winter, spot, 1.30: No. 2 red Winter, garlicky, spot, 1.27; October delivery, 1.27; November, 1.28Y, Bag lots of nearby, none. Cargoes on grade, none. Corn—No. 2 export, September deliv- ery, no quotation; No. 2 domestic, yel- low, 1.14; cob corn, 5.7526.00. Oats—No. 2 white, domestic, lpot 57%3; No. 3, white, domestic, spot, 567, Rye—Nearby, 100a1.10. Hay—Receipts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to estabiish 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- any xlnu Invest ‘wi v prd wi umi i 41 Commerciai_Solv n. 1 Commonwiih Ed . & Commonwiin ka ri; } Eng Pub 2 Ferro E 2 Fina raymur rorig o H Plrelmne Tire or P & Lt 1% ‘i 4 - 8 zd pld A m | of life insurance policies. | forts to their second objective, and, ac- 18 Texon O & 1 Woodley Pet. ANDARD OIL 188! ohits. FORMEN SUBSIDIARIES—5TOOKS. 100A A O _vie cod 700 Vacuum Ol Bales in thousands. 4 Ala_Pow 8s ° 31 Alum Co Amer B 3 Ass E 5 23 Atso Tel'U 5'.5 u cig 3 Atlas Plyw 8125 '43 18- T can 5 31Chi & Nor R 4% 1 Ein 8. Ry S A 5: 9 2552299! g3ge8 2 & 2 Washington Ticker By the Associaled Press, The American life insurance busi- ness is preparing to assail the foreign market as a major objective in tne selling of their second $100,000,000,000 Having achieved the notable goal of the first 100 billions of dollars last Summer, the American life insurance companies now are directing their ef- cording to officials of the Asscciation of Life Insurance Presidents, the for- eign market will be an important out- let for the American business. While the American companies ex- pect to transact the predominant amount of their business in this coun- try, their officials have conferred with Commerce Dcpartment officials on the requirements, legal and governmental, in the leading foreign nations for their concerns to enter that fleld. American fire insurance companies at present are fairly well established in many foreign nations, but the amount of life insurance written abroad by United 2312 lonly 10 American companies at present 4 Grocery Siore Pr'vie 16y 18 1Guardian _Fire, ntl Superpower 2% Intenmn Eq y Tulip Cup. uisiana 2222 HERT Land ‘& Ex 4 Rofls Rosce “Lta 68t Regis Py 2 Southw Dairy Prod. . 26 Southw Strs nsmmmx & Gen H R 3 Stromb Carls Tel 18un Inv omps Starrett pid n Del Ax brd108% 5., 375 |or “nationalization” of the business in 627 154 41 | ded that “there are strong indications States concerns is comparatively small, engaging in foreign business. A comprehensive study of the re- quirements for the entrance of Ameri- can insurance concerns into the foreign market was completed today by the commercial laws division of the Com- merce Department to guide companics in lhelr ventures into that field. A. Sherman Christenson of the di- vision in discussing the the survey said that “many factors—economic, social, political and legal in nature—will com- bine in determining foreign markets for American life insurance.” He ad- that an increasingly large number of do- mestic organizations will establish :nnnchu and agencies in foreign coun- In most important nations, insurance companies are under direct govern- mental supervision, Mr. Christenson said, being required to maintain ade- guate reserves and make periodical financial reports to the authorities, but he added this was an advantage rather !hln a hipndrance to the well established. Amel concerns. However, a num- ber of foreign nations, he continued, endeavor to restrict the entrance of- insurance companies from other coun- tries through state insurance monopolies their own boundaries. But only few nations have created state insurance ‘monopolies, the notable examples being Uruguay, which denies foreign com- panies entry permission; Turkey with a state monopoly on reinsurance; Spain which has under consideration legisla- tion practically barring foreign com- panies and France which has stringent regulations allowing only a few concerns to enter the fleld officially. “Despite these monopolistic and na- finnllhuc tendencies,” Mr. Christen- son said, “the majority of governments | are willing to allow foreign insurance | companies to operate within their juris- | diction provided they are ‘;ell organized | Received by Private Wire Direct to The Star Office 4910008 14 Sotthe P&T. 85 A :nzn 02 8 Sou Cal Ed 5: 16 Sou Cal ) 5 1 Wia 6%is A 47 xd—Ex dividend. Vi When issued. Ww—With warrants. Business Notes By the Associated Press. NEW YORK, October 14.—Stocks of crude rubber in London on October 12 totaled 44,339 tons, an increase of 861 tons over the preceding week. Fear that the United States may place & duty on raw hides has been responsi- ble for the weakness in the hide mar- ket, according to M. R. Katzenberg, president o fthe New York Hide Ex- change. ‘The Murray Corporation of America, manufacturers of automobile bodies, il be operating o capacity by Decem r bodies a day and 800 sets of stamping and woodwork in order to fulfill busi- ness now on books, Arthur P. Dowell, vice president, said today. Sales of electrical eq! equipment and ap- paratus continues in good volume in ‘World reported today. Except from the Pacific Coast, where business in elec- trical trade thus far this year dropped 5 per cent below last year's levels, sec- tional reports indicate an upward trend in_inquiries for all types of equipment. rders received by the General Elec- trical Co. for the three months ending September 30, amounted to $116,! nss- 014, compared with $90,328,666 for the | corresponding quarter of 1928, an in- crease of 29 per cen BEWARE THE Coughs from colds may lead to se- rious trouble. You can stop them now with Creomulsion, an emulsified creosote that is pleasant to take. Creomulsion is a medical discovery ‘with two-fold action; it soothes and he inflamed membranes gnd in- and have adequate c’f “The principal foreign business of | the United States life insurance com- panies is, at present, in Canada and several Latin American countries,” he asserted. “There appear to be no in- surmountable difficulties to the exten- sion of such business, particularly in Latin America.” He pointed out tl in Argentina there are no -American concerns “although the possibilities of that ket appear promising” lnd the legal requirements are not by any means prohibitive. In the !.‘uropeln market he cited Germany as “particu- larly interesting” to American concerns decause of that nation’s recovery from World War deflation. The filing of an_application by the Mississippi Valley Barge Line Co. for a certificate of public convenienge and necessity with the Interstate Commerce Commission was interpreted ln govern- mental circles as the first step toward taking over the Government-owned water carriers of the Inland Waterway Corporation by private concerns. The Mississippi Valley Barge concern, with a capital of $3,000,000, is the first major private company to_make such an_ application since the Denison in- land waterways act went into effect in 1928. The application calls for joint rail-water rates with 36 major railways and the company, the stock of which is held mostly by officials of the Inter- national Shoe Co. of St. Louls, pro- poses to operate semi-weekly service from Cincinnati to the Gulf of Mexico, through the Ohio and Mississippi Rivers. While officials of the In;ynd Water- ways Corporations did not comment on the filing of the application, they pointed out that the business of their barge lines during the present year { promises to transcend last year's op- germ growth. g agencies uglu from colds and bronchial Creomulsion contains, in nddmcn 10 creosote, other healing CREOMULSION FOR THE COUGH FROM COLDS THAT HANG ON CAU YOU would not on the street? may be at stake. and will be turning out 1,500 | all sections of the country, Electrical | COLDS THAT HANG ON a tramp who came to your door. ‘Then why use any old taxicab you see Your life and property erations. In 1928 the corporation had U. S. FIRMS EXTEND INVESTMENT ABROAD | American Capital Freely Used to Promote Trade in Foreign Fields. Special Dispatch to the Star. NEW YORK, October 14.—The vast increase in the investment of American capital in industrial under- takings in other countries has become an outstanding feature of the inter- national movement of capital in the last two years. This movement has been causing alarm in the United States and abroa for several months ago a British electrical concern created an inter- national investment controversy by an attempt to limit its ownership and control to British stockholders. This failed, but it was indicative of a fear by European industrials of American control. ‘The American Federation of Labor has been disturbed by attempts of American manufacturers to establish factories in other countries, for fear the g may be imported back to the Uniter States in competition with American products. It is true American capital has obtained control of & considerable number of foreign enterprises, but it is likewise true that foreign capital for years has had control of many American enterprises, and usually such control ha< been to the advantage of all concerned. The prime consideration in the establishment of American factories abrcad is to win and hold a trade which cannot bé procured and held, at least to advantage, in any other way. All American manufacturers would prefer to do their manufacturing in the United States, where plants and organizations are already established, and where control of management can best be exercised. For as soon as American manufacturers enter a foreign field they are faced with difficulty. First there is a foreign tariff to be overcome, ‘There are also ocean freight and foreign credit, and national prejudice in favor of domestic prod- ucts which must be conquered. Second consideration in the establish- ment of American products abroad lies in the dependence of some Amer- ican industries upon foreign raw | materials required by American manu- facturers, who find it advantageous to establish ir own factories abroad to insure a supply of products at low prices. All such. products would be manufactured abroad in any event— the only question is whether their ownership 1s to be American or foreign. A third class of American Invest- ment abroad represents direct in- | vestment for profit without regard to | cage American ownership is purely incidental. The establishment of American factories abroad usually results in an immediate increase in wages in the countries interested, improvement in the standard of living and general stimulus to domestic prosperity, all with the result that the buying power of the people in such countries is in- ' creased, to the manifest advantage of American exports in other lines. This merely illustrates the fact that | the manufacturing industries of - the world are more closely interdependent than may at first be realized, and manufacturing for international trade | cannot long be developed upon an uneconomic or artificial besis. Sooner or later manufacturing in any line will be carried on where and when the | economic advantages dictate. There is less actual competition among countries in international trade than at first appears. Sooner or later trade in any line goes to the country which can produce that line to the best advantage. (Copyright, 1929. by North American News- paper Alllance.) CHAIN STORE SALES. NEW YORK, October 14 (#).—Forty- | nine of the country’s leading chain store systems report aggregate sales for September amounting to $240.979,139, compared with $203,661,292 for Septem- ber, 1928, an Increase of 18.32 per cen COUGH FROM elements which soothe and heal the inflamed membranes and stop the ir- ritation, while the creosote goes on to the stomach, is absorbed into the blood, attacks the seat of the trouble and checks the growth of the germs. Creomulsion is guaranteed satisfac- tory in the treatment of coughs from colds, bronchitis and minor forms of bronchial irritations, and is excellent for building up the system after colds or flu. Money refunded if not re- lieved after taking according to direc ns. Ask your druggist. TION buy diamonds from | the skin and scalp. 35c, 60c and $1.00. GRAIN MARKET. CHICAGO, October 14 ().—Rain re- | ports from Australia, ‘where momure shortage has been prevalent, led to downturns in Chicago wheat prices to- ¥ much more than offsetting early Enlarged estimates of wheat yleldn in Australia 't!ril current, and higher quotations a Ve ‘were ignored. Opening 1 to e’I-thlnur, Chicago wheat afterward showed a de- | cided loss all around. Corn and oats | turned downgrade also, corn starting unchanged to ' higher. but subse- qurnfltly Teceding. Provisions held about | steady. Despite unexpected upturns today in | wheat quotations both at Liverpool and | Buenos Aires, and notwithstanding talk | of prospective beeter export demand for | wheat from North America, the wheat | market here proved sensitive to Aus- tralian advices of moderate to heavy rains affording relief from drought. One correspondent lifted the estimate nf: Australian wheat production 28,000,000 | bushels above earlier figures. On the other hand, Liverpool reported sellers scarce, and the amount of wheat on ocean passage noticeably smaller than a week ago. Lower prices here for wheat much of the time today were in the face of official reports, indicating that 1929 wheat production in 30 countries total ed 2,869,000,000, compared with 3,245, 000,000 bushels in 1928. In 30 coun- tries referred to have more than 80 per cent of the estimated world production exclusive of Russia and China. NEW YORK COTTON. NEW YORK, October 14 (#).—Cotton opened steady today at decline of 1 to 7 points under Southern selling which accumulated over- the wuk end and some commission house liquidation. Offerings Were nc pmlcullrly heavy and were absorbed by trade buying and covering on the recline which carried prices into new low ind for the movement. is demand was suf- ficlent to steady the market around 18.35 for December and 18.74 for March or about 3 to 6 points above the revious close, but prices were at the lowest at the end of the first half hour. Liverpool cables reported continental and Bombay buyings in the market there and said there was fair cloth sales to the continent and South America with home trade improving. —_ Because of the small number of pris- oners, Plymouth and Exeter, England, combine use_onl; Service Always Reliable. Packing, Moving, Shipping. Separate Rooms for Pianos, Antiques and Works of Art Open Storage. | | | Prices Always Right. Phone National 6900 for Estimates. | Merchants Transfer and Storage Co. 920-922 E Street N.W.. MOVING—PACKING—SHIPPING Dandruff Goes : —Itching Ends when Zemo touches the scalp Douse cooling, healing, cleansing ZEMO on the scalp and rub vigor- ously. If you're like thousands of others the way dandruff vanishes and itching stops will be a surprise | and delight. Use this remarkable, clean, family antiseptic liquid freely. It's the sensible way to get rid of Dandruff and Itching Scalp. Keep ZEMO handy. Safe and dependable for all forms of itching irritations of FOR SKIN IRRITATIONS % NEW SPARTON EQUASONNE Acknowledged as the standard a net operating income of more than | $370,000 and is on a completely self~ sustaining basis, they said, making the Insist on using “BLACK & WHITE” and “YELLOW?” taxicabs. FINANCIAL WORKMEN OF WELDIT CO. WELDING THE TAIL ON BUFFALO, AT QST BRIDGE. —0OR-A-BEAR. == WHEN IT COMES TO WELD- ING.WE ARE THERE. If you own a Chevrolet car and the engine has cracked, don’t worry, the WELDIT CO. 516 1st St. N.W. Met. 2416 will give you in exchange a good one for $4.50. If the engine is frozen we will weld it in the car for $5.50 to $8.50. Other things may be welded also. & People who desire to reach California quickly, ride the Chief as a matter of course, because it is the only extra fast, extra fine, extra fare train to Southern California. It has no rival Leaves Chieago, 11:15 a.m. daily There is no extra fare on the California Limited and Grand Canyon Limited, or on the Navajo,Scout and Missionary. Fred Harvey dining service isanother distinctive feature of this distinc- tive railway. May we serve gou? G. C. Dillard. Dist. Pass.-Agent, Santa Fe Ry, 601-602_Finance Ridg.. Philadelphia, Pa. Phones: Rittenhouse 1464-5 959,000 families in this district know SPARTON is . . . . a3 Radio’s Richest Voice” Abraham Lineoln was right. People do know what they want. It didn’t take long for Sparton Radio to jump into instant leadership in our district, once its astounding performance, its amazing face-to-face realism and fidelity became known to those of the great “radio audience.” Hearing is believing! There are definite, technical reasons for Sparton’s sen- sational rise to popularity. We’ll gladly explain them to all interested — but we're sure your ears will tell you more than words. Come in and actually hear the new Sparton Equasonne. We challenge comparison with any radio experience you have had. We know, you too will be equally startled with the new experience that awaits ceipts generally ample. Wheat straw, No. 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.00a10. SHORT-TERM SECURITIES. (Reported by J. & W. Seligmag & Co Allis-Chalmers Co 55 1937 P you in Sparton. Although Sparton is the acknowledged standard of perfee- tion in radio, nevertheless, it is not expensive. There’s a model to fit your pocketbook and terms to suit your convenience. GPARTON el Radio’s Richest Voice i HEARING IS BELIEVING” Represented in Washington, D. C., by Ross C. Barrcu Phone—Cleveland 0104 wnmnam- nnl.lu opportunity—now that the Government has firmly established the business—for private barge concerns to assimilate the | Government-owned services. The first eight months of 1920 re- sulted in a record volume of freight traffic handled by American class one railroads. _Reports of the Bureau of Rallway Economics, an organization maintained by the carriers, said that the movement of freight was the great- est on record for any corresponding period. freight trafMe for the eight ’ Organized Responsibilty months of this year totaled 325,388,114, 000 net ton miles, a 3.5 per cent in- YELLOW CABS METROPOLITAN 1212 #1s8179.5010 $795. Terms to suit your BECAUSE The “Black and White” and “Yellow” Taxicabs are operated by a financially responsible Washington Batavian Petrol Corp 4iss 1942 2, 2 Bell' Tel of Canada 8, 1967 organization. Calif Petroleum Cor 5%as IES! Gan Natl Rwys Co 4123 1930... Cun Nor Rwy Co 4'3s 1935 n Ohio Rwy Co 4'3# 1930 Chicago Rn('l Island 4s 1943... Chile Cogpor Co 55 1047 . Cudahy Packing Co B‘:* l!l7 Dela & Hudson Rwys Co 7s Edison Zlet Tlum Boi 1‘:! 1930 Gen Motors Accep Ce Gen Petroleum }sonrn il lfi Goodyear T & 1957 of Otnada 8'i538 ifi:fin‘é‘» crease, or 11,030,634,000 net ton miles, over the previous high record for this corresponding period, established in the eight months of 1927. It aiso repre- 833 | sented a gain of 19,871,320,000 net ton miles, or 6.5 per cent, above the eight months of 1028. The railroads of the Eastern district Tecorded the major increase, 84 per cent; the Southern district, 1.3 per cent, and the Western district, 5.8 per cent. The prosperity of Canada is reflected in the statement of the Dominion's chartered banks, a report to the Com: 1 merce Department shows. In 1928 their combined assets amounted to $3,470, 000,000, against $3,232,000,000 in 1927, and for the first seven months of this yeas an aggre e Grand_Trunk Guif Oil of Penn s i3y BLACK and WHITE CABS NATIONAL 0051 13 Hud Bay Min i uv. u- un Gold. "% % Prillive Petroleum o qelyes 1630 u a9 1 Minson"y g iy Pury 5is 60V ‘?,"' Owned and Operated by Brown Bros. §mith's, 1803 Columbia, n . ‘e., 213 144l e Star Radle Co.. 400 }a Unien O1il Co of O‘I“ 58 1935, United Drug Cn 55 1955 . Western Electric Co 55 1944 ‘Wheeling Steel Corp 5's 1 : m'o T . Ry A H "4 Epec. Cos 1T Connesticat ave. 103% 07% 103 8% 8% 8 "’3 ?‘é&w .wr. u re be- mmlve mkuni operations a 523 11th of. mow. .u. Prussia in quest