davidaulloa/AmericanStories huggingface dataset:
Evening star., 1928-12-26
BY KENNETH S. VAN sTRUM.


NEW YORK, December 26-One of
the favorite warning signals which
traS use to judge a turning point in
the market Is the number Of shares
sold. Since more stocks are traded In
when stock prices are high than when
they are low, large volumes are always
associated with distribution and low VOL
umes with accumulation. Large volumes
would tell the trader to sell, low VOL
umes to buy.
But today many estimates of volumes
have had to go by the board, for after
all volumes are a relative matter and
the increased listing of stocks on the
exchange have made larger volumes a
normal condition without necessarily
meaning that stocks are being distrib-
uted. The statistics of total sales do
not give volumes in relation to the
number of shares listed, and this has
made it more difficult to tell when the
danger point is reached. A few years
ago record day was 1000, ,000-share
day, while recently 5000, 900 and 6,000,-
600 share days have been common. And
in spite of these tremendous volumes the
market has continued upward.
When Volumes Mean Distribution.
It is necessary to consider the trend
of stock prices along with volumes, for
experience over long period of time
has shown that large volumes are not
particularly helpful as long as stock
prices advance. The danger point is
reached only after the market has had
a substantial and continuous advance
and then refuses to go further, prices
remaining steady or even declining,
while the volume of trading remains
large. Under such circumstances large
volumes are taken to mean distribu-
ton.
Sometimes it is possible to observe
tl-is situation over period of weeks or
even months. and the longer the period
the more serious the break is apt to be
Evening star., 1928-12-26

when it comes. Very often technical
reactions are indicated by the daily vol
umes. The most recent example oc-
CURED in the recent break. In Novem-
ber stocks had risen sharply, with VOL
umes making new records daily. Finally.
about November 20, prices began to
hesitate, although volumes grew still
lc-ge
One day a new record for trading was
set up, when 6,942,500 shares were
traded in, but during this day stocks
declined. Prices came back again a
few days later, but made little progress,
while the tremendous volumes contin-
ued. Finally prices began to drop slow
ly and in a few days the break came.
Low Volumes Favorable.
The other side of the picture is shown
when volumes grow smaller but stocks
refuse to go lower. This is usually
taken as q bullish point. In recent
years We have not had a chance to OBJ
serve the low volumes at the bottom of
how stocks eventually rise after they
have repeatedly refused to go lower as
the volume of trading declines.
This theory also holds true on tech
nical reaction, as Is demonstrated in
the recent reaction. On decline the
first time stocks meet with real resist
ance volumes are apt to be tremendous.
This happened recently, bat each time
stocks approached the f1rst low VOL
umes fell off noticeably. In fact, on
the third dip trading was 6uller than
it had been since July. Prices refused
to go down and the present rise was the
result. In such market as that the
old trading rule, Never sell dull mar
ket," originated.
When considering volumes IN estimat-
ing the future of the market It Is also
necessary to consider the trend of
prices. Large volumes with prices
making no progress recommends eau
ton; low volumes, with prices remain
ing steady are favorable to rising prices.
The chart also shows bond prices in
relation to volumes. In the case Of
bonds, volumes are not so closely re-
lated to prices, although there is a
tendency for large volumes to accom-
pany rising prices; low volumes, low
prices. Bond volumes, however, do not
tend to increase or decrease proper
tionately with prices as stock vol
umes do.
Copyright, 1929
Evening star., 1928-12-26
FOREIGN BONDS.
Baltimore Markets
Special Dispatch to The Star.

Special Dispatch to The Star.
BALTIMORE, Md, December 90
Potatoes, white, 100 pounds, LOCAL 70;
sweet potatoes, barrel, 1.50a2.50; bushel,
75a1 so: vans, barrel, 1.75a2.75; beans,
bushel, 3.OOa350; beets, hundred, 4.O0a
600: broccoli, bushel, 65a85; brussels
sprouts. quart, 10a20; cabbage, ton,
80 .0Oa4O. 90; carrots, hundred, 4.0Oa6.OO;
celery crate, 1.5Oa3 90; cucumbers, BUSH
ell. 4.O0a6 90; eggplants, crate, 5.OOa
400: lettuce, bushel, 75a1.50; onions,
100 pounds, 1.50a4.50; peppers, crate,
4.0Oa8. 90; squash, crate, 4.00a5.00; Sa-
vow cabbage bushel, 75a1.00; spinach.
bushel, 5Oa75; tomatoes, crate, 2.OOa
400; turnips, basket, 25a35.
Apples, bushel, 1.00a2.O0: cranperrleS,
u box, 8.00a10.O0; box, 2.00a4. 90;
oranges, box, 2.50a4.50; tangerines, 12
strap, 2.0Oa3.50.
Hay and Grain Prices.
wheat-No. 2 red Winter, garlicky
snot. 40: December delivery, 1.30.
Corn-No. 2 export, December de-
livery, 98K,; No. yellow, 99al.00; cob
corn, 4.75a4s5. j.
Oats-No. Q white, domestic, spot
58a5Sla; No. 5, white, domestic, spot
56a57.
Rye-Nearby, 1.15a1.25.
Hay-ReceiptS, 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 carloads being
received. There is not enough business
passing to establish prices on the va
rious kinds on merit at range OF
16.O0a1S.5o per ton of timothy and
clover hay.
Straw-No. l wheat, 11.0oa12, 90 per
ton; No. / oat, 120oa13.00 per ton.
Dairy Market.
Live poultry-Turkeys. pound, 40a45;
Spring chickens, 35a40; old hens, 22a
so; Leghorns, 22a24; small and poor,
20; old roosters, 17a20; ducks, 25a30;
small, 20; geese, 25a30; guinea fowls,
each, 40a80; pigeons, pair, 80.
Dressed poultry-Turkeys, pound, AZ
a45; old, 35a40; young chickens, 30aS5; ;
old and mixed, 25a30; old roosters, 20;
ducks, 25a30; geese. 24a30.
Eggs-Receipts, 1885 cases; native
and nearby, free cases, dozen, firsts. AZ;
current receipts, 40; butter. good to
fancy creamery, pound, 48a53; prints,
53a55; blocks, 51a53; ladies, S8a4o;
store packed, SO; process butter, 4Sa44'
Evening star., 1928-12-26
FORD MOTOR ISSUE
is CURB FEATURE
Numerous 0dd-Lot Orders
for Stock Are Received.
FneStone Tire Active.
BY WILLIAM F. HEFFERNAN.

Special Dispatch to The Star.
NEW YORK, December 26.-Spec-
tacular advances in Ford Motor issues
marked trading on the Curb Exchange
today. The demand for the new Ford
Motor. Ltd, was again pronounced.
The fact that much of the buying
was of the odd-lot variety indicated
that 1t was coming from small specu-
latorS desirous of participating In the
profits expected on the long side.
Nevertheless, 1t came primarily from a
short interest which evidently had
sold into bag" and was anxious to
take In its commitments at any cost.
Ford Motor, Ltd, left off Monday at
1914. 1t opened today on a block Of
10000 shares at 213s, new high since
trading started. and reached "a before
the demand subsidized. Current prices
reported an appreciation in market
value Of the issue amounting to more
than 325 per cent from the subscription
figure. How far the rise would carry
before the technical position of the
market for the stock could be corrected
was a matter of speculation.
There was reason to believe that the
sharp upturn in Ford Motor of Canada
shares was merely sympathetic with
what was happening in the market for
the related issue. The floating supply
OF the former issue is known to be
limited and when the demand got
under way today the price scared to
above $40, where it was up more than
70 points on the day.
FireStone Tire was another feature
among high priced shares, making a
new peak around $50, gain of more
than 6 points. The upturn accom-
panied announcement of plans for the
erection of a new building to provide
more adequate sales and distribution
facilities.
Reports that application had been
made to list the new Royal Baking
Powder shares on the Stock Exchange
were followed by increased activity in
the stock at advancing prices. Recent
declaration of quarterly 25-cent divi-
dend had been taken as Disappointing.
The best opinion, however, was that
this action was taken merely to round
out the equivalent of So on the old. the
rate which had been paid previous to
the recapitalization.
st. Regis Paper was prominent among
spec1altieS, opening up more than nine
points at 1851. The rise was due for
the most part, to the markets techni-
cal position. When 1t was found that
offerings were lacking, shorts were
forced to bid the price UP In order to
cover in commitments.
Public utilities were inclined toward
higher levels, the oils were little chang
ed and the mining issues appeared to be
resting for the time being.
Evening star., 1928-12-26
Copper Advance Expected.

NEW YORK, December 26 (Spe-
ciaD.-The advance of copper to 16
cents a pound makes the rise for the
metal about 3 cents in one year and
explains the better earnings and divi-
dend increases of the leading copper
companies. Some producers are asking
1914 cents pound and there is under
stood to be possibility that the price,
both in the United States and abroad,
may be advanced to 1914 cents gener-
ally. Sales of copper continue in large
volume and producers are working at
top speed as one of the most prosper
Gus years in the copper industry draws
TO a close. Indications are that the
same fast pace will be maintained by
the industry in the coming year, due
to the heavy demand, "a - -e~
Evening star., 1928-12-26
CHICAGO LIVE STOCK MARKET

CHICAGO, December 26 LP (U. S.
Department of Agriculture) Hogs
Receipts. $1,000 head; mostly 15a25
higher; shipping demand broad; top,
9:15; mostly 9.00a9.10; market for TO-
300-pound butchers, medium to choice
250-300 pounds, 8.85a9.15; 200-250
pounds, 8.75a915; 10000 pounds, 8.75
a915; 130-160 pounds, 8.25a9.00 pack
ing sows, 8.00a8.5O; pigs, medium to
choice. 90-130 pounds, 760a8.75.
Cattle-Receipts, $4,000 head; calves
5000 head; steer run excessive; mostly
25a50 lower, although many early bids
suggest more decline; killing classes
strong to higher; best heavies, 1890;
slaughter classes, steers, good and
choice, 1,30O-1 500 pounds, 1325a1625;
1,1O0-1 800 pounds, 13.25a16.50; $50
1,10O pounds, 13.0Oa1700: common and
medium, $50 pounds up, 9.00a13.25:
fed yearlings, good and choice, 750-
$50 pounds, 1250a16.25; heifers, good
and choice, $50 pounds down, 11.00a
1875; common and medium, 7.75a11 90;
cows, good and choice, 8.50a1l 90; COM
mon and medium, 6.75a8.50; low cut
ter and cutter, 575a6.75; bulls, good
and choice (beef), 9.25a11.50: cutter
to medium, 7.25a925; vealers (n1ill;
fed), good and choice, 13.50al5.75;
medium, 13.00a1350; Gull and COM
mon, 7.50a120O; stocker and feeder
steers, good and choice (all weights),
lO.50a12.00; common and medium,
8.25a10.50.
Sheep-Receipts, II, 900 head; market
opening steady to strong; early bulk
light and moderately sorted lambs,
14.75a1500; best held above 1925;
sheep and feeding lambs scarce, steady;
lambs, good and choice, 80 pounds
down, 14.l5a15.35; medium, 12.50a14.15;
Gull and common, 9.00a12.50; ewes,
medium to choice, $50 pounds down,
5.50a8 90: Gull and common, 2.25a6. 90;
feeder lambs, good and choice, 13.00a
14.25.
Evening star., 1928-12-26
Warning on Production.

NEW YORK, December 26 (SpeciaD /.
I'm the December summary of the
current crop situation, the Department
of Agriculture voices a warning to
farmers that agricultural expansion
must be tempered by the recollection
thatpopulation is not increasing at as
great rate as formerly. Inevitably
some of the important crops were larger
than the average and some smaller.
The livestock industries have been a
large factor in sustaining the general
price level or farm products this Fall.
The action of Congress in regard to
farm relief. whatever method may
eventually be worked out, is anxiously
awaited.
Evening star., 1928-12-26
QUEEN MARY THANKS
PREMIER FOR MESSAGE
Expresses Appreciation for Greet
ing of Canadian to British
Monarch.
Rx the Associated Press.

LONDON, December 26. - Queen
Mary, replying to Christmas greeting
sent by Premier Mackenzie King OF
Canada to King George, expressed deep
appreciation in message dated at
Buckingham Palace Christmas day"
It reads:
please be assured that the messages
of greetings which you so kindly sent
in behalf of the Kings government OF
Canada and the people of the Dominion
will be highly appreciated and valued
by the King when his progress to re-
covery has sufficiently advanced for him
to receive it personally.
"The expressions of love and devotion
of the Canadian people; the knowledge
of their prayers and sympathetic solicl-
tude during the past anxious weeks and
the messages note of joy and thank
fulness to God for the hopeful condl-
ton Of the King touched me profoundly
and on this Christmas morning my
children and / thank you from our
hearts. look forward to the day when
the King will be cheered and strength
ened by this testimony that the heart
of Canada is with him in veal and in
woe" (SignedD MARY r"
Evening star., 1928-12-26
!. S. BOND ISSUES
REACH LOW LEVEL
High Money Rates Depress
List-Some Securities
Make Record Drops.
BY CHARLES r. SPEARE.

Special Dispatch to The star.
NEW YORK, December 26.-The most
striking effect today of high year-end
money rates was on the list Of United
States Government issues. A number
OF them sold at the lowest of the year.
To some extent this represented a
moderate amount of institutional SELL
ing. 1t was also an adjustment to the
maximum rates for money for 1928 now
being quoted. U. S. Liberty fourth 4As
dropped to within slight distance of
par compared with their high for the
year of 104.
The Treasury 32s per cent certificates
OF l947 were at a new low and points
under the best of the year, while the
32ss of 1943 duplicated their previous
low. The recent issues of 414 per cent
short notes were q under the Subscrip-
ton price, the 4las issued in September
were at a slight discount and the 434s
issued in October we're back to par.
Moving in sympathy with Govern
mentS were the tnunicipals, which have
also been disturbed by this months
high money rates, and as group are
approximately at the low of the year.
Next to these two lists of partially
tax exempt and fully tax exempt bonds,
in point of quality and sensitiveneSs to
the money situation are the legal rails
HublAC uILlIlCo, WIllCll S1ll1 HJdIlQ
above the low level of last August,
though not very much better of than
at that time. Trading In them the past
week has dwindled to nominal proper
tlonS.
There were few movements of impor-
tance in the remainder of the list. The
convertibles were relatively quiet and
fluctuations moderate. Anaconda Cop
per Is opened points lower, rallied and
then dropped off again.
Public Service of New Jersey 412S
had substantial gain. The oil issues
were off from y to points. Cuba
Cane Sugar IS lost about points. A
new low price for the year was made
on Consolidation Coal SIS below 73, COM
pared with a price of about "a some
months ago. The strength in the rub
ber and tire stocks was communicated
to some of the bonds of this group,
notably Goodyear Refunding SIS.
The foreign department was quiet,
with prices irregular. South Americans
we're steady. japanese issues were
heavy, the Toxic Electric IS breaking
80 for the first time. Fiat convertible
rs declined points, but rallied, with
other Italian issues showing an I'M
proved tone. No new issues of bonds or
stocks were offered today.
Evening star., 1928-12-26
GIFTS OF INSURANCE.

BALTIMORE, December 26 (SpeciaD
Employees of many of the financial and
industrial firms received Christmas
presents in their pay envelopes in the
form of life insurance policies, to go
into effect with the new year.
An agent for one insurance company
which wrote many of these policies es-
timated 500 Baltimore firms, with an
average Of 100 on each pay roll, have
taken out such group policies.
In most cases employees are paying a
share of the premium, the balance be-
ing the Christmas gift from the firms.
Evening star., 1928-12-26
RETIRED EDUCATOR DIES.
Albert H. Tolman, Shakespearean
Authority, Succumbs In Chicago.

CHICAGO, December IS LP.-Albert
Harris Tolman, 72, Shakespearean au-
thority and formerly professor of Eng
lish at the University of Chicago, died
suddenly yesterday, presumably of heart
disease.
Prof. Tolman was associated with the
University of Chicago since it foun-
dation, in 1893, until two years ago.
when he was retired. He was born in
Lanesboro, Mass. in 1856, and studied
at Williams College, Johns Hopkins
University and the University of Strass-
burg. He held the degree of doctor of
philosophy.
Prof. Tolman was member of the
Modern Language ASSOCIATION of Amer
lea. the American Folk Lore Society
and the Deutsche Shakespeare Gelell-
Schaft.
Evening star., 1928-12-26
Public Utilities

Special Dispatch to The Star.
NEW YORK, December 26.-Kansas
City Power & Light reports November
gross OF $l,248, 100 compared with ST.
10000 in November. 1928, and net
after taxes and charges but before
depreciation, of $534,425 against $465,-
554. Gross for the IL months ended
November 80 amounted to S13,675, ,776,
contrasted with $12,305,4 ,413 In 1927.
The vice president of the Bell Tele-
phone Co. of Pennsylvania states that
the company will spend some $35, $780,
600 throughout the State during 1929.
OF this amount more than $4,000, 900
will be spent in Philadelphia for addi-
tions to the telephone plant.
Evening star., 1928-12-26
COTTON IS HIGHER
ON INITIAL SALES
Trade Buying Follows Reports Of
Stiffening in Spot .
Market.
BY the Associated Press.

BY the Associated Press.
NEW YORK, December 26.-The COT
ton market opened to S points higher
on covering, combined with some local.
and trade buying, accompanied by talk
of a probable gradual stiffening up of
Southern spot markets now that Christ
mas is passed. There were no cables
to influence sentiment either way, as
Liverpool does not reopen for business
until tomorrow. The chief feature was
the issuance of January notices, esti-
mated at about 1920 bales. January
liquidation seemed to be very readily
absorbed by trade buying or covering.
While trading was quiet, prices held.
steady, with January selling up to 20.28
and May to 20.33 by the end Of the first
hour. or about z to IL points net
higher.
Evening star., 1928-12-26
PLAN TRADE MEETING.

BALTIMORE, December 26 Especially t.
Oscar K. Davis and his assistant, G.
l.. Harding, Of the National Foreign
Trade Council, will come to Baltimore
tomorrow from the New York head
quarters to confer with officials of the
Association Of Commerce and others in
tereSted in the National Foreign Trade
Convention to be held in Baltimore on
April II, 18 and 10 OF next year.
Many organizations oS the city are
planning to cooperate with the COM
merce body to assure the success of the
convention. including the Export Man
ayers Club, it was stated.
Evening star., 1928-12-26
DR.. CHARLES L. MINOR
DIES IN NORTH CAROLINA
Famous Tuberculosis Expert Sur
vived by Widow, Son and
Two Daughters.
BY the Associated Press.

ASHEVILLE, N. c., December 90
DR.. Charles L. Minor, So, one OF the
Nations most distinguished physicians,
died at his home, in Biltmore Forest, at
8 o'clock this morning.. Mr.. Minor spe-
cialized in the treatment of tubercu-
losis. His studies on the disease are
regarded as classics in medical lore.
DR.. Minors death was attributed to
heart disease. A week ago he returned
to Asheville to spend the Christmas hol-
idays, after visiting his children In New
York and Washington.
DR.. Minor is survived by his widow,
the former Miss Mary Mcdowell Ven-
able of Virginia, and three children
DR.. John Minor, Washington, D. C.;
Mrs. Fauntleroy Ball of Columbia.
S. c., and Mrs Paul Barringer of Locust
Valley, Long Island.
Funeral services will be held at Trim
ity Episcopal Church here, at $3.50
o'clock tomorrow afternoon. The body
will be sent to New York for burial in
oreenwapd Cemetery.
Evening star., 1928-12-26
Gift for Employees.

NEW YORK, December 26 Cp).-
Gulf Refining Co. of Houston, SUBJ
sidiary of Gulf Oil Corporation, has
sold its employees $18,000,000 in Gulf
Oil stock at $50 share, the company
paying one-third Of the price as q
Christmas gift. The stock is now SELL
ing on the New York Curb Market
around $143.
Evening star., 1928-12-26
Washington Stock Exchange
SALES.

Chesapeake & Potomac Telephone SIS of
Virginia-$1, 900 at 103.
105%.
Washington Market Cold Storage SIS
$4,000 at 90.
Chestnut Farms Dairy pfd.-5 at 1861
Potomac Electric 512s pfd.-13 at 1081s.
Washington Rwy. & Elec. pfd.-5 at
99H.
Riggs National Bank at 546, 20 at
547.@
Federal-American Co. pfd.-10 at 101 y
AFTER CALL.
Potomac Elec. IS pfd.-5 at 112.
National NJ. g. Inv. pfd.-100 at 515.
Evening star., 1928-12-26
PARIS BOURSE PRICES.

PARIS, December 26 (P.-Prices
were firm on the Bourse today: 3
per cent rentes, 81 francs; S per
cent loan. 95 francs 85 centimes.
Exchange on London, 1913 francs. 90
centimes. The dollar was quoted at
25 francs, 54l2 centimes.
Evening star., 1928-12-26
HE WASN'T FOOLING.
Man Shot by Police After Sniping
at Taxi Drivers.

DETROIT, December 26 GP.-When
Willard Remsen halls q taxicab, he be-
lieves it should stop. AS result of that
theory he yesterday was in hospital
with bullet wound in his leg. Remsen
was shot by patrolman who answered
report that Remsen was sniping pro-
miscuously at passing taxis. Remsen
told police he fired when the cabs failed
to heed his hail.
Evening star., 1928-12-26
NEW YORK BANK CLEARINGS

NEW YORK. December 26 Especially.
600, 900: New York. bank balances,
SIS, ,000,0 600; New York Federal Re-
serve credit balances. $1AS.00o,Q0o. -
Evening star., 1928-12-26
NEW YORK CURB MARKET
Received by Private Wire Direct to The Star Office
CuRR STOCK MARKET,

BY Special Dispatch to The Star.
Following is a list Of stocks and bonds
traded in on the New York Curb Market
today:
Evening star., 1928-12-26

In present-day Germany there are
30000,000 males and 32,500,000 fe.
males. T.
Evening star., 1928-12-26
FOREIGN EXCHANGE.
Quotations furnished by W. B. Hibbs & Coz

Failure Of dog racing at Durham,
South Africa, has resulted in q re-
ceiYership for the track.
Evening star., 1928-12-26
TITLE INSI1R ANcr

Columbia Title. le. ia
Real Estate Title .......... ."22I
Title Il Invest. Co. of Md. com As
Wash. Cons. Title pfd,.., so
Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1928-11-16
IS Z
STORM SWEPT
Two Die IN Gum Battle
LATE BULLETINS

STEWART TRIAL ADJOURNED MONDAY SANS VERDICT
Bailey today adjourn
W. Stewart chairman OF the
o the
motion that he drecta n of guilty
VESSEL ! CRASH SINKS CAPTAIN, OTHER SAFE
frcighter Nagas Maru
sghaien yesterday after collision with
and officers Of the Nagaski Maru
reported saved
OKLAHOMA CELEBRATES eST BIRTHDAY TO-DAY
16-P-Oklahoma today celebrated
birthday But the celebration mild In comparison with
sehng Whistles bells
Oklahoma
this President Roosevelt signed
Indian Territory statehood
"ROUND WORLD TRIP"
X. Vanderbilt, millionaire
Of his life
He
search unknown Of
including Mrs
today
REPORT MUTINY
guard headquarters today
Delaware
had
tresse b. Hough, which had lost its anchor.
Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1928-11-16
Walker Demands
More Facts In
Gambler Death

NEW YOfK. Nov. 16.-tFl-May-
or Walker fas given police until
Monday to- produce some further
facts on tye killing of Arnold Roth
stein. Broadway gambler, or he will
take actif.
CallingIPolice Commissioner War
ren. DiJrict Attorney Banton, In
spector bhn d. Coughlin. Deputy In
spector Arthur Carey, fourteen de-
tcctivcg and two patrolmen TO his
Offices yesterday. the mayor ques-
tionedthem as to what progress had
been made.
Atlits conclusion he issued the
folluving statement:
"Ihave INSISTED that either the de-
tectve bureau produce further facts
in .his case by Monday or else ad-
M that they can't. Then shall de-
cEe what action 7 shall take. They
rust be given a full opportunity and
10 more.