davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
INCREASE IN STOCK TRADING
LOOKED FOR BY COL. AYRES

pidity in 1923. Earnings made good
recovery, dividends were again increased
and prices mounted very much higher.
During the four years since 1924 earn
ings increased 70 per cent, dividends
were advanced 100 per cent and prices
were marked up $50 per cent. II the
relationship established in 1924, 1925
and 1925 may be considered normal. 1t
would appear that prices for these
stocks have discounted dividends about
four years ahead and earnings about
eight years ahead"
Trend Analysed.
In the study of the trend of earnings,
dividends and prices 90 issues rail
stocks and the rest industrialS and util-
ities-were chosen las being those that
have furnished the greatest volume OF
trading during the last five years"
Regarding the volume Of stock Specu-
lation, the bulletin says:
Three differences seem justified. The
first is that the relative volume OF
stock market speculation appears to
have moved in long. irregular waves
during the last half century. The 80s
seem to have been time of large but
declining stock speculation and the COS
a period of relatively low speculation
rapidly increasing toward the eno OF the
decade. The next decade, UP to 1910
seems to have been time of very great
speculation, followed by some Is years
of relatively low speculation.
1.-THE second inference that seems
warranted is that the volume Of Specu-
lation during the last year has beer
relatively very large, when compared
with the standards to which we have
become accustomed since 1910, but moi
relatively large when compared with the
speculation of the first 10 years of the
century, or with that of the 80s. The
third conclusion is that we appear tc
be entering another period of relatively
high volume of stock speculation rather
than merely experiencing purely tenn
porary flare-up of public interest anc
participation in market operations. II
seems unlikely that the phenomena
records of 1923 will constitute durable
landmarks in stock market progress"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
CHICAGO LIVE STOCK MARKET

CHICAGO, January IS (P) Omitted
States Department of Agriculture) -
Hog-Receipts, 4700O head; mostly
steady, to 10 lower, largely, 89oa905;
market on desirable, 160-290 pounds;
top, go paid for 10000 pounds.
Butchers-medium to choice, 250-300
pounds, 8.65a9.0O; 200-250 pounds, 875a
30; 10000 pounds, 8.75a91O; 130-
100 pounds, 8,S5a9.00. Packing sows-
7.85a8.50. Pigs-medium to choice,
90-130 pounds, 7.85a8.50.
Cattle-Receipts, $500 head; calves,
2.500; dull weak trade on fed steers;
only reliable outlet being for desirable
light yeariings and few loads of we'll
finished. weighty steers; choice weight5
bullocks up to 1890; bulls, higher
Slaughter classes, steers, good and choice,
1901 500 pounds, 12.75a16.00: 1,100-
1900 pounds, 13.25a1625: 950-1 100
pounds, 13.25a16.50: common and medi-
UNI, $50 pounds up, 9.50a1350; fed year.
lings, good and choice, 750-950 pounds.
I325a16.50; heifers, good and choice,
$50 pounds down, 11.50a13.75: common
and medium, 8.25a11.75. Cows, good
and choice, 825a11.25; common and
medium, 6.50a8.25; low cutter and cut
ter, 5.50a6.50. Bulls, good and choice
(beeD, 9.75a11.75; cutter to medium,
S00a10.15. Vealers (milkfed), good and
choice, 1500a17.50; medium, 12.50a
1900; Gull and common, 8.00al2.50
Stocker and feeder steers, good and
choice (all weights), 11.00a12.25; COM
mon and medium, 8.75a11.00.
Sheep-Receipts, 1000 head; limited
early trade 25a4O above Mondays aver
age: moderately. sorted lambs, 1625a
1850; closely sorted to outsides, 100;
sheep steady; top ewes, 1900. feeding
lambs scarce; lambs, good and choice
90 pounds down, 15.85a17.00; medium
14.15al5.85: Gull and common, 10000
14.l5; ewes, medium to choice, 15C
pounds down, 7.75a10.25; Gull and com.
mon, 3.50a8.25: feeder lambs, good anc
choice, 13.75a15.25..
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 15.-For the
first time since 1921 the merchandise
balance of trade of the United States
last year crossed the $1,000, 100000
mark The actual difference between
the value of exports and that of i'm
ports was o4OO00,00o. compared with
$500, 100000 in the u months of 1927
During 1928 exports increased 1884,
100000. Of this amount nearly 10 per
cent represented the growth of foreign
sales of American manufactured prod
ucts, which aggregated $2,258,000,000
out of the total exports OF all kinds of
$5.129,000, 900. The remainder was
chiefly to shipments of farm products,
as we'll as of metals and oil, at consider
ably higher prices than had to be paid
by foreign consumers curing 1927.
One significant trend in the year.
trade was the decline in the value of
imports. This amounts to sos, 600, 900, as
against the increase In exports noted
of 1854, 100000. Some light on this sit
uation was given in the statement that,
due to the higher rates for call money
in this country American firms that
purchase commodities abroad have been
delaying such purchases as long as pos
sible in order to use their capital on
Tie advantageous bc1HlS pIOf4ACO Ny
Wall Street. 1t suggests another way
in which the vast sum of brokers' loans
credited to corporations may be drawn
on when money rates eventually drop
down to rate at which it will be
more profitable to put~capital into busi-
ness than into stocks.
In addition to the commercial trade
balance of over $1,000, 100000 was the
excess of $392, 100000 of gold exports
over gold imports ana of $19,000,00 Of
exports of silver over imports of this
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
WATER CASE VERDICT
MAY AID COMMERCE
Supreme Court Decision Is Held
Possible Factor in Lakes
Freight Situation.
BY J. C. ROYLE.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 15.-Vistas of
wider expansion of profitable commerce
were opened today, even for Chicago,
the point most seriously affected, as
result of the decision of the Supreme
Court OF the United States in the Great
Lakes water diversion case, according
to transportation men.
At first glance the decision holding
that the increase in diversion of the
waters of Lake Michigan above $500
cubic feet a second in order to dispose
of the sewage of Chicago was improper
and must be reduced so as to restore
the navigable capacity of Lake Michigan
to its proper level, would seem to fall
heavily on the Illinois city, since it
must find other means of sewage dis
posal. But the increase in traffic to and
from the great Midwest manufacturing
and distributing center is likely to more
than compensate therefor.
1t is notable the diversion of water
for navigation of the proposed lakes
to-the-gulf deeper waterway may be
increased. Chicago is now completing
another septic sewage disposal plant,
but the task of caring for future re-
quirementS in this line will be a costly
one. 1t will. however, mean employment
to thousands and account for conSump-
ton of huge amount of raw and man
ufactured materials.
Operations of the Federal barge line
on the Mississippi River are now show
ing profit. The increase of that profit,
according to the Army Engineers, Is
merely a matter of increasing equip
ment. Congress is now being asked for
$10.000.000 to enable the Inland Water
ways Corporation (the Federal barge
line) to develop channels in the Missis-
sippi, Missouri and Illinois Rivers. This
would be spent largely for terminal ia
cilities at st. Louis, additional towboats
for the upper Mississippi and four tow
boats each for the Missouri and the
Illinois.
The Missouri channel will have a g.
foot draft, and that of the Illinois 8
feet. 1t is estimated the freight carried
by the Federal Barge Line in 1929 will
be SO per cent heavier than in 1928.
With the opening of the Illinois River
channel, the lake States will have water
transport for their products as far West
as Kansas City, as far South as New
Orleans, with improved position to fight
for the trade of the Pacific Coast
through the Panama Canal; as far
North as Minneapolis. and as far East
as Montreal and Pittsburgh. The i'm
provements on the Ohio River have
reached a stage where their final COM
pletion is now matter OF months
rather than years.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15

With the corporations leaning on the
stock market and the stock market
leaning on the corporations. and both
leaning heavily on the banks, the most
important question about business in
1929 is whether one of these three
partners in prosperity will withdraw
support, according to Col. Leonard p.
Ayres, vice president of the Cleveland
Trust Co., in the banks current bull
letin.
Interest rates on time loans secured
by collateral have been higher during
the past six months" the bulletin
states, than they have been during any
other six months period in our history,
except in 1920. This unusual condition
has caused nearly all the year-end COM
mentators to view the credit situation
with alarm in their reviews of business
and finance during 1928 and in their
estimates of the prospects for 1929.
Reaction Possible.
"Their anxiety is well founded, for
we have never had a period with in
terest rates even comparably as high
as those now prevailing that has not
been followed by sharp downturn in
security prices and by serious recess
sion in general business"
Public enthusiasm in the stock mar
ket has been aroused, according to Col.
Ayres, by the phenomenal growth of a
few of the country'S Dig corporations.
Spectators, he finds. are buying on ex-
pectation and almost without regard to
present earnings, dividends or asset
values.
Earnings Discounted.
"In the last two years." writes Col.
Ayres, "stock prices have been advanced
far more rapidly than have dividends,
and dividends have increased much
faster than earnings. This process is
known as discounting the future"
Earnings declined in 1927, reports the
bulletin, but, nevertheless, dividends
were increased and prices advanced
sharply. The bull market had
begun to discount the future. This
process continued with increasing ra-
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
Baltimore Markets
Special Dispatch to The Star.

Special Dispatch to The Star.
BALTIMORE, Md, January IS
Potatoes, white. 100 pounds, I.l0a1 40
sweet potatoes, barrel 1.50a3.25: bushel,
75a1.75; vans, barrel. 1.50a325; beans,
bushel, 4.00a8.00; beets, 100 pounds,
4.00a6.00; brussels sprouts, quart,
20a25; cabbage, hamper, 225a2.5O; 100,
4.00a60O.
casery, crate, 1.50a3.5o: cucumbers.
bushel, 4.0Oa8.00; egg plants, crate,
5.00a8.00; kale, bushel, 50a65; lettuce,
hamper, 1.50a2.25; onions, 100 pounds,
1.25a4.00; oyster plants, 100, 6.00a10. 90;
squash. crate, 4.Ooa15.0O; savoy cab
bage, bushel.. 75a1 co.. spinach, bushel,
60a1.00; tomatoes, crate, 1.00a3. 90;
turnips, basket. 60a65..s apples, bushel,
75a2.00; cranberries. half barrel, 750a
1000; grapefruit box. zoo: oranges,
box. 250a4.50; tangerines, half strap,
2.0oa325; strawberries, quart, 65a75.
Hay and Grain Prices.
Wheat-No. 2 red Winter, garlicky,
spot, 1895; January delivery, 1885.
Corn-No. 2 export. January delivery
1914; No. 2 yellow, LOG; cob corn,
500.
Oats-No. 2 white, domestic, spot,
58a581s; No. white, domestic, spot
56ha57is.
Rye-Nearby. 1.10a1 20.
Hay-Receipts, 10 tons. 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 bust
ness passing to establish prices on the
various kinds on merit at range OF
16.00a18.50 per ton Of timothy or clover
hay.
Straw-No. / wheat, 11O0a1200 per
ton; No. / oat, 12.00a13.00 per ton.
Dairy Market.
Live poultry Turkeys, pound, 32a35;
old, 25a30; Spring chickens, 32a38;
poor and thin, 20: old hens, 26a31; leg
horns, 25a27; small and poor, 20; OLD
roosters, 18; capons, 34a40; ducks
20a30; small, 20: geese. 20a26; guinea
fowls, each, 85: pigeons, pair, 80
Dressed poultry-Turkeys, pound, 30a35;
old, 25a30; young chickens. 30a35; ole
and mixed, 25a30; old ROSTERS, 18a20;
capons. 34a43; ducks, 25a30; geese
20a26.
Eggs-Receipts, 724 cases; native and
nearby flrsts. free cases, dozen, 36a36l2;
current receipts, 30a35.
Butter-Good to fancy creamery
pound, 45a491a; prints, 491aa5la;
blocks, 481aa501a: ladies, 38a40; store
packed, 30; process butter, 42a43.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
FORD MOTOR STOCK
is CURB FEATURE
Standard Oil of Indiana Also
Registers Spectacular Ad-
vance in Trading.
BY WILLIAM F. HEFFERNAN.

Special Dispatch to The Star.
NEW YORK, January 1.-two spec
tacular developments occurred on the
curb exchange today, and in each in
stance the demand for the issues in
volved was influenced by reported de-
velopments in the respective companies
Ford Motor Of Canada and Standard
Oil of Indiana.
Ford Motor of Canada left off at 100
yesterday. 1t opened at 825 today. re-
acted to ISL, then shot forward to its
highest in history, at $50, before the
session was half over. Speculative Wall
Street has heard rumorS recently of a
fight for control of the company in the
open market, and the unprecedented
demand today for such a high-priced
issue appeared to give foundation to
these reports. 1t has been rumored
that the Ford family is DESTROYS of in
creasing its holdings with view to ex-
panding the company's operations in
the Dominion.
Officials of the company we're quoted
as denying the report that a recapital-
ization plan was under contemplation
whereby the present shares of S1O0 par
value (of which there are only 10000
outstanding would be changed to stock
of SIS par and 100 shares of the new
issued in exchange for each of the
present.
Standard of Indiana on an enormous
turnover scared from the previous final
of 81 "a to new high around the 100
level. There was no doubt that the
buying l.preSented competitive bidding
by the two factions involved in the
Rockefeller Stewart controversy, in order
to obtain sufficient proxies to accom-
plfsh their respective purposes at the
coming annual meeting. Because of
the impending fight 1t is expected that
Leading commission houses will leave
the voting of the proxies up to margin
holders instead of signing and return
ing them, as has been the method in
previous years.
New high records were marked I'D in
other instances. Vacuum Oil managed
to make new top, but felt the effect
or profit taking later American Super
Power issues continued active and
higher.
Others which reached new tops in
GUIDED TranS-LuX, Thompson Products.
class "A" up some 5 points; r. C. Will
liams, up almost points, and Dubilier
Radio, some 2 points higher.
aircraft issues were featured by a
heavy demand for both E. w. Bliss and
Universal Aviation Corporation. the lat
ter stock responding to buying said to
be for the account of recently formed
investment trust.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
Public Utilities

Special Dispatch to The Star.
NEW YORK, January 15.-Middle
West Utilities Co. in its statement Tor
the IL months ended october 81 shows
a profit of $11,819,445 after expenses
but before Federal taxes. Total in
come amounted to $13,810,506, and bal
ance after preferred and prior lien
dividends but before Federal taxes was
$5,062,592 These figures are exclusive
of undistributed earnings Of subsidiaries
applicable to common stock owned by
the Middle West Utilities.
Commonwealth Power Corporation
system reports sale for the month of
December amounting to 157,060,561
kilowatt hours of electricity and $685.
10000 cubic feet of gas, compared
with 137,882,192 kilowatt hours and
574,239, 100 cubic feet in December,
1927. representing increases of 1891
per cent and 16 per cent, respectively.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
COTTON Is STEADY
IN OPENING SALES
Realizing Causes Declines in Early
Trading-Cables Are
Unsatisfactory.

BY the Associated Press.
NEW YORK, January 15.-Prices on
the cotton market opened steady at
unchanged prices to a decline OF
points under realizing combined with
some Southern and local selling. The
latter was believed to be prompted by
the rather Indifferent showing of the
later Liverpool cables. After easing
off to 20.32 for March and 1898 for
July, prices steadied on a renewal OF
trade and commission house demand.
March sold up to 20.41 and July TO
2O.07, making net advances of about
4 to 8 points. The volume OF busi-
ness tapered off and the market was
quiet at the end of the first hour.
Private cables reported continental
Japanese and Chinese buying in Liver
pool, supplied by realizing, and said
there was more activity in cotton cloth
for Egypt and the Near East.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
FOREIGN CAPITAL INVESTED
HEAVILY IN AMERICAN STOCKS

metal. In 1927 gold exports and imports
nearly balanced, while the difference
between the one item and the other
was about the same as in 1928.
In the past six months Europe has
borrowed comparatively little in dollars
from this country. On the other hand,
the European participation in the
American stock market has been heavy
and has greatly overbalanced the pur-
chases by American investment trusts
and private investors Of currency secu-
rites of continental Europe, which were
extremely popular throughout 1927 and
the early part of 1928. All Of these
counter-movements have been on such
gigantic scale recently, where Ameri-
can credit balances are concerned,
though showing a shrinkage in some OF
the important debit items, that the final
figures of what must eventually be paid
this country as a result Of trade and
financial operations for the past IL
months will be more interesting than
ever
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
GRAIN EXPORTS GROW.

BALTIMORE, January Is Especially
For the first time in year the mari
time exchange reports exports of grain
from this port as exceeding 100000
bushels in week. Last week 1,118,456
bushels were sent out. of which three
were full cargoes. Grain exported was
made up of 515,414 bushels of wheat
447,246 of corn, 29,919 of oats and
125,077 of barley. The full cargoes, all
of mixed grain, were for continental
Europe. There were 1889 barrels OF
flour exported.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
Stock Offer Made.

NEW YORK, January Is R.-
Borg-Warner Corporation of Chicago
stockholders of record January "a will
be offered rights to buy one additional
share at 500 for every 10 shares held.
Proceeds will be used to complete pur-
chase Of Long Manufacturing Co. Of
Detroit.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
PARIS BOURsE PRICES.

PARIS, January IS [P.-Price
changes were mixed on the Bourse
today.
Three per cent rentes. SO francs 10
centimes. Five per cent loan, 81 francs
751a centimes.
Exchange on London. 124 francs Is
confines. The dollar was quoted at Is
francs 591a centimes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
New Construction Contracts.

NEW YORK, January Is P).-New
construction contracts awarded in 81
States east of the Rocky Mountains the
week ended January IL totaled $685.
200. the F. w. Dodge Corporation re-
ports. Total since the first of the year
age of $13.442, 500 compared with daily
$I6,296,000 for January of last year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
Pipe Line Deliveries.

NEW YORK, January IS [P).-De-
cember deliveries by IL pipe lines of
Standard Oil group totaled 1876, 284
barrels, compared to 15,528,310 barrels
in November. Deliveries in 1928 totaled
1877, 707, 957 barrels, an increase Of 5,488,-
98l barrels over 1927,
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15

such as we have witnessed during 1923
exerts a restraining influence IN STOCKS,
but rising call money rates exert little
influence in the stock market as long
as business continues to expand.
Stocks and Business Inseparable.
While business men and bankers are
now, as the new year is begun, almost
unanimously of the opinion that money
rates will be on higher level this year
than last, they also say that there Will
be plenty of money to finance all rea-
sonable needs of business, which they
expect will maintain its present hlgn
rate of activity. But they froWn upon
the possibility that the stock market
also will continue to absorb credit. They
believe it advisable that the stock mar
ket stand still or even decline moderate
", while industry continues to turn IN
accord profits. Such an event Woulo
mean that for the first time in history
the stock market would cease TO Tore
cast business profits.
The Banking Problem.
Probably whatever happens to the
credit situation of 1929 will affect the
stock market and business alike. Bank
ers continually point out that 1t Is prac-
tically impossible to extend credit TOT
business purposes without some OF the
credit finding its way into the STOCK
market. The Reserve Bank authorities
realize this we'll enough, and it is the
chief influence which keeps them from
applying more drastic methods to force
stock market liquidation.
AS long as business continues TO ex-
pand at rapid pace no major decline
In stock prices can be expected. In the
past stocks have anticipated business
conditions, and If past experience can
still be depended upon, stock prices Will
commence to fall only at the first sign
of a halt in business expansion. Be
cause of this iflseparable relationship
between stocks and business conditions.
the forecasts of continued good business
recently published can only be accom-
panied by forecast Of continued high
stock prices. for only when one Is salts
fed that the present phase of business
expansion has been carried to the limit
Is a forecast Of generally lower stock
prices warranted.
Copyright, 1920
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
BY KENNETH S. VAN STRUM.


NEW YORK, January 15-The lower
money rates which had been generally
anticipated In January are now fact.
The average renewal rate for call loans
dropped from 1912 per cent during the
first week in January to 6.25 per cent
last week. But in spite of easier money
the stock market has not shown the
vitality which a few weeks ago was so
widely predicted for it.
The market lately seems to rise when
money is tight and fall when it is easy,
contrary to common idea that the
market automatically responds sympa-
thetically to call money rates. The
recent sharp changes in call rates, how
ever, have been largely seasonal N
character.
Seasonal Fluctuations Misleading.
The trader who uses the cratic fluc-
tuations of call money rates as a guide
in trading would be miSled about half
of the time. Statistical studies have
been made which prove this point. Ad-
ditional proof can be had merely by
observing that call money has distinct
seasonal fluctuations; phenomena i'm
possible in the stock market, since trad
ers would anticipate them and, by try
ing to take advantage of such trends,
would promptly remove them altogether.
Because of seasonal demands for
credit, call money rates normally fall
through January and February, rise
slightly through March and April, and
fall again until Midsummer, when a
gradual rise sets in, continuing up to
the seasonal peak of the year in De-
cember. When rates do not follow this
path fundamental changes are taking
place in the call money market.
A Minor Influence.
Merely because the demand for funds
is greater at certain periods of the year
than at Others thus causing seasonal
fluctuations in call money, it does not
follow that the stock market will re-
spond. 1t is only the more fundamental
influences that have any important eff
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
Plans Plant improvement.

NEW YORK, January is (P).-United
States Steel Corporation is reported
planning complete modernization Of its
McKeesport and Duquesne works and
Edgar Thompson works at Braddock,
Pc
Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-15
NEW YORK CURB MARKET
Received by Private Wire Direct to The Star Office

NEW YORK, January 15.-Following
is list of stocks and bonds traded in
on the New York Curb Market today,
with the volume Of sales and prices up
to noon.