Evening star., 1928-11-08
Wall Street Briefs

Wall Street divided its attention yes
terCay between the boiling Stock ana
Curb Markets and belated election re-.
turns. Sudden increase in activity and
rising prices featured the beginning of
what the Street already calls the
Hoover market" which succeeds the
lengthy Coolidge market" Of generally
upward price trends.
D. c. Borden, assistant vice president
of the National City Bank OF New
York. has been elected controller to
succeed G.. Edwin Gregory, who has
resigned to become member Of Camp
bell, Starring & Co., after nearly 38
years with the bank. Resignation OF
Horace s. Wilkinson as director also
was accepted by the directors.
Canadian National Railways has
placed orders with Canadian Car &
Foundry Co. of Montreal for 1000 box
cars, 80 tank cars and 80 sleeping cars;
National Steel Car Corporation of
Hamilton, Ontario, for 25 first-class
coaches and 750 box cars and with
Eastern Car Co. of Halifax for 500 re-
frigerator cars.
Chain stores are reporting october
sales considerably above those OF Oc-
tober, 1927 Among them are Metro
politan Chain Stores, Inc, $1,231, ,762,
gain of go per cent; Davega, Inc,
$46O. .148 an So per cent increase, and
G.. r. Kinney Co., $1,701 500, an in
crease Of 6.73 per cent.
S. G. Bron, chairman of the Amtorg
Trading Corporation, American COM
mercial representatives of Soviet Russia,
stated that the Russian crops this year
would show slightly greater harvest
than last. While some 12,500,000 acres
Winter wheat were lost, he explained.
that acreage was extensively replanted
to oats, barley, corn and other crops,
and the total acreage harvested will
be greater than last year. He said his
statement was issued in reply to con-
flicting and inaccurate reports regard
ing alleged failure of the crops and
impending famine.
Piggy WiggIy Corporation has signed
a contract with A. c. Jones, former
president of the Piggy Wiggly Western
States Co. of Los Angeles, for exclusive
store rights in New York City and vicin-
ity, with 1000 stores to be opened as
soon as suitable locations can be OBJ
tanned.
The pig iron market has a vitality
suggestive of boom conditions and the
finished steel market also Is strong,
Iron Age reports, with an advance of
So to So per ton on sheets an early
probability. Mill backlogs continue to
taper, after exceptionally heavy Sep
tember shipments, but untitled tonnage
has been reduced so little that produc-
ton Is not materially affected and
fresh demands of promising size have
come from railroad and other sources.
Iron Age composite price for pig iron
has reached $18.34 gross ton, making
the eighth advance in IL weeks. The
price In August was $l704 and last
week was $1825. The finished steel
composite remains at 2,269 cents for the
second week.
E. T. Tomlinson, jr., has been elected
president of DoremuS & Co., financial
advertising house. to succeed the late
G. w. Barron, who organized the COM
pany IS years ago. William H. Long,
jr.. succeeds Mr.. Tomlinson as vice
president.
It was reported in Wall street that
a meeting Of stockholders of the Rio
Grande Oil Co. of Los Angeles and FL
Paso will be called within a few weeks
to consider splitting up the present
stock on five-for-one basis. The COM
parry has large acreage In the newly
discovered Elwood Terrace field near
Santa Barbara.