Democrat and Chronicle from Rochester, New York • Page 23

KOLiiill.K DlvUOCKAT AM) li KMCLK. DIX'IOMBHU 17. 192S Prospect of Higher Money Rates Creates-a Feeling of Uncertainty Wall Street "Sky-Line" of Market Transactions Will Inaugurate Trading Wednesday TICKER TALK OF INTEREST RULING EASIER FAIRLY STEADY tksoio rKT ntfsoT oou men PUBLK I Oia-MenoN NNtHHT u.um v-l-T! i RAILS fill tU-FTRREDf UAH 3 1 I UT11 mFS -UlAkf .1 E5 i 5- tfv-t oils" "T7l jurvr.it, storfvI coppFkH ty J7, lIJ1MMiJ mnm 1 amua a I uMs I sTFTTn Mrmwf-i aitTaST uj i Ji 'm wmmm jiin nnn ttt.wt.nno niKi $,., mm ono $to no one, 7110 noo 129,300,000 21,800,000 19.700,000 3.1,000,000 Il.9li0.0o0 AvfMZf daily value ef tradings; is 1 $9 ii'm 57 noa $19 Ton, nun fcK entii-d 14...., K.l'His'O IW.SlKUK'O imdeil Lyc. 7 Investors price tnoyx UWI loui in; I) ins 134 1152 werlt ended 1km-. 14 hti li(S9 lju.S 1M.J W'k ended law.

7 1ST 17.1 3 Waste is Being Expelled and By-Products Expanding Nw Discoveries and Inventions Prevent Population from Encroaching Upon Means of Subsistence -Scientific Alertness is Price of all Progress Utilization of By-Products and Wastes from Forests, Fields and Mines Makes for Social Welfare ins 3 i 7-1 11A 1 127 Commodities Sell Lower Repeating Its previous week's aciton the wholesale price index of ommoillties, as previous weeks turn the wholesale price Index of immodities, as computed from Dun's ouolations. fell awnv ftcsin. this week going three-tenths of a point lower, to 9tf S. the lowest since the third week in February last. In conlormity with this lathng-otT, the dollar's purchasing power was up three-tenths of a point, reaching 103 3.

Englsih commodity prices, meanwhile, were sagging in the same way, but on a lower plane in relation to the 19211 base, going from 93.0 dow to 82 a. Fluctuations In the general wholesale price level and in the purchasing power of the dollar are given below for various periods. The average for the year 1926 is the base used. Whole- Purchasing sale Price Index I leparlure from 1926 Week ended Dec. 14 80 I ec.

7 K7 1 Year ago 95 0 Nov, av 97 5 I ct. av fs Sept. av 99.7 Aug av 99 8 July av 6 June av 9.x Mav av 99 1 Apr. av 1 Mar. av 97 0 Feb.

av vn 1 Jan. av. D5.5 1927 mi 1920 nm.u 1925 ins 1924 it 1923 lul -1-3 3 0 0 -1-1 2 1-0 3 2 -U 4 -K 0 --0 -OK -2 -3 4 -4 1 0 4 9 Foreign I'rires Cables from Kurope report foreign wholesale commodity prices as fol lows: 1 1920s 100) Week ended Dec. 14 Pec. 7 Year ago Nov, av.

Od. av Sept. av, Aug. v. Julv av.

1927 av. 1926 England Francs Italy 92 a 93 0 91 5 70 0 93 9 Mi 4 73 8 92 4 91 1 75 8 92.2 90 9 75.2 92 1 90 2 74 0 93 5 90 0 74 3 94 3 913 74 5 95 3 93 MO 5 100.0 loo 0 100 0 By IRVING FISHER Trofensor of Economic, Vale Vnlverttlty Copyright, lO'IS Ihc of M(7ni Me, itii il comfjrts and coiiiriuanes, depend upon research. it mwher of the tivins, Science and Invention, and Imiiishy if ficir ja'hcr. Hit (a ins sn bij that they are now the chief bread-u'uiners 111 our ndiiflrial family. Already in, -re than three hundred subshinces indispensable In pur life In-day are produced as by-products of the distillation of coal.

1 ha: found hundreds of uses for the former uasies of the farm, iio'i used tn be so hard la dispose of. In future, factories mav usdl be located tit rural districts near the sources of the raw materials which have heretofore been uaslcd. Stock Trading Down Last week's trading on the New1 York Stin Exchange again reflected less activity, the average uaily trad- ing value in common ot 000. lino representing a one 1 per cent, lad from for tne previous weeli -ce" 1 i Kails and miscellaneous stocks over i weighed renewed vigor in Motors, Steels, Coppers and Stores. Daily trading in Oils fell to 700,000 from for the previous week, mainly because ot relative inactivity in Standard Oil of New Jersey and Atlantic Refining.

Auto accessories turnovers dropped to $10,400 000 per day from $11,900,000 via slumps in Murray Corporation, Electric Auto Lite, and Keller SpnngheUl, while Food turnovers slumped to $12,200,000 daily from via lewer Kroger Grocery, National Pairv Products and Stand- ard Muling shares changing hands. Increased motors trading of trom per day was accountable to interest in Packard and General Motors, and Steels rose to from via Bethlehem, United States Steel and Yotingstown activity, Coppers pegged up to $41,400,000 per day from $33, 01HI, i.n)0; trailing in Anaconda and Greene Coppers showed an increase. Trading of all stocks. Including Public Utilities, Kails and preferred, showed, on the whole, an per cent, decline from the level for the previous week. Stock Prices Slump Frires of all industrial common stocks listed in the 'New York Exchange underwent a 7 per cent, drop last week.

The index of lfi 5.5 fell from 17H 4 for the previous week. All groups suffered declines. The stores Index fell to 207 1 from 22S through recessions mainly in Sears Roebuck, National Bellas Hess, and National Tea, and Motors dropped to 272 7 fro 295.8 bv losses in General Motors, Yellow Truck and Chrvslcr. Coppers slumped to 209.1 from 221.2 via Cerro de Basco. American Smelting and Federal Mining and Smelting price declines, while the Oils, auto accessories and miscellaneous stocks including Houston.

Sun Oil. Ban American B. Timken Roller Bearing. Stromberg Carburetor. Radio, Dupont and International Harvester fell in varying degrees throughout the week.

On the average first grade industrials suffered the smallest set 1 backs Last week Index of lW represents a 7 per cent, fall from Isfl for the previous week. Second I grade industrials ic per cent, to 152 from 107.1 and third grade i issues slipped 9 per cent, to 100.3 from 177 H. The price index of the fifty common Industrials most actively' traded last week fell off 9 per cent, from the previous week's level. A compact survey of stock exchange movements is given below by indexes and per cent, of return: Stocks Stocks Rate of Traded Held Return oek ended Ponlonicri Qfnptc Tf JJILU1JU iJlULftJ, 11 Id) Claimed New York. Dec.

19 (Special! raw sugar market has been fairly active and steady during the past week, sales to refiners approximating tons Cubas, Porto Rico and Philippines, prompt positions, at 2V to 3 3-16c cost and fivighf. bssh, lo .1 ic ilutv-paldi. There was also a sale of 0 OoO tons Philippines. February-March-April positions, at 3 Cuban interests were not pressing lor sale, because unsold stocks In Cuba now approximate 200 000 long tons, and thev wee that all of these sup plies will be required by rellners before New Crop sugars become available around Jan. 15, 1929 Receipts at Atlantic ports were 30 753, meltings.

50,000, and retlners' stocks are reduced to 50.903 long Ions. Importers' stocks are now 120 079 long tons. F.xperts from Cuba wi-i.) 08 318 and stocks in the United States and Cuba are ling tons less than last year. It is apparent that refiners must soon replenish their stocks as fnev the now onlv sufficient to cosr melting requirements for a week. The market anpears to he in a strong position for an advance.

Rellned is quoted at 5 25c, less 2 per by all refiners for both prompt and thirty-day contracts. New business has been confined to second-hands at prices ranging from 5.13c lo 5.20c. Withdrawals are satisfactory for this season of the year. The trails have sufficient supplies on contracts to last until the end of the year. San ti.ihcisco rellners nnote S.

95c both tn th.t Missouri river and be. vond in Cuban cane competitive territory, prices guarantee to date of delivery. Report withdrawals heavy in fore art of week, due tn expiration of contracts, but light during halanee of week. Western beets quote 5 03c for ter. rttnrv west of Chicago, price guaranteed to date of delivery, pastern heets quote 5 15c, sales confined to favorable territory.

Copper Continues in Moderate Demand New York. Dec. 10 (API-While there has been a gradual falling off in steel mill production, a normal situation for this time of the year, reports Indicated that the Industry as a whole Is exceeding expectations. A decrease In specifications for such materials as bars, shapes, strips and sheets was offset in part bv con-sumers releasing contracts for rails and tin plate tonnage. There was a decrease reported In unfilled tonnage for November by the Pnlted States Steel Corporation and bookings during the month were the smallest since July, pig iron was less active but the tone was steady.

Copper consumers in thin country have contracted for a large percent, age of their esrlv 1929 requirements and have shown little further inter, est In the market so far this month. The same condition. In a lesser degree, applies to foreign consumers, and the copper market has remained quiet. Electrolytic continues at 10c delivered in the Connecticut Valley. November statistics showing highest production rate on record, accounted for Increased stocks.

While shipments to home consumers were heavy, foreign takings fell off. Tin rallied sharply esrlv In the 1 week, and as a result of the firmer i tone at Ixndnn. Later, with the ab- sence of important demand prices I subsided somewhat. Consumers were 1 understood to have bought recently fair quantities for prompt and llrat quarter shipment. Lead remained very steady.

Out. side of a moderate consuming Inter- 1 psi jor iiecemner-January there was no special buying activity. Stocks decreased during November. There were some fair inquiries In the sine market for prompt and first quart-? shipment. Prices gen-erllv were unchanged.

Stocks in I smelters' hands increased slightly i during November. Antimony was steadier toward the i close of the week and ronsumers were showing fair Interest for prompt shipment. China was said to be of- I fering for prompt shipment at a slightly easier level. 1 Chain Store Stocks Furnished toy Allan K. torn, pan.

Inc. General Index Up Last week more commodity groups showed price increases than declines, five going higher, and three lower, while one remained steady. Weakness In both farm products and foodstuffs brought down the general index, however, to 90 8, a decrease of three-tenths of a point. The continued strength In metal piooucis anu ouiKiing materials, as wen as in hides, chemicals, and fuel, is significant of better business in industrial centers than in the agricultural districts. HiKh nickel and copper quotations influenced the metal commodities group to a rise of one and seven-tenths points.

Below are indexes showing level and movement of wholesale prices for various groups of commodities: week Knded New York, Dec. 1-(AP)Th New York Exchange, which, inaugurates trading in securities on Wednesday next, has made public its original trading list of 250 securities. This includes 133 Industrial and miscellaneous stocks, 48 bank stocks, 3S Insurance stocks and 30 coupon bond, most of which are now dealt In over the counter Six trading posts have been established on the floor of the Exchange and tickers provided to carry th quotations to member firms. Approximately 5i0 members have qualified to engage In the securities business of the Lxchunge. The list of industrial and miscellaneous securities admitted fo trading includes a number of investment trusts, among them American Capital Corporation.

American Founders Cni poration, American A General Securities Corporation, Financial Industrial Securities, Industrial Finance Corporation, International Securities, Corporation, Reynolds Investment Company and V. S. A Rritish International Company. Industrial stocks Include Canadian Canners, Canadian fleneral Electric, Claude Neon Lights. Crown Cork A Heal, Great Atlantic Pacific Tea Company nonvoting common.

Lane Drug Stores, Roxv Theaters, Rumtdor Corporation. K. R. Squibb lr Sons and Splitdort Bethlehem Electrical Company. Shares of practically all the larir New York banks, not now traded In on the other organised eecuritv markets, are on the bank slocks list.

National City Bank common, which recently was dropped from the New York Stock Exchange list at the bank's request, Is Included. Stocks of seveial large Insurance companies, including Travelers Franklin Fire, Spnnglicld Fire tt Marine, National Liberty Hanover and Home also s.r, on the list. Public Utility Issues comprise the bulk of the bond list. rOSTOFFICE TO ADD 25 Batavia, Dec. 10 Postmaster Henry W.

Ware, lining up for th Christmas rush, plans to use a supply force of about 20 In the post-office, including about 10 collega hoys, home for a lucrative vacation. Some of the extra force will start work tomorrow morning. Rochester Central Power Corporation 54 Chares St, New Tork City, Ntw Tsst TREFERRED STOCK DIVIDEND December 1J, l2f The Board of Directors of RorRtsm Cintsal Powra CoaposArtox has declared a dividend of one and one-half per cent (l1) on the issued and oat. standing Cumulative Preferred Stock of the Corporation, payable January 1, 1029 to stockholders of record at the close of business on Drcrraber 24, 1921. R.

F. Vak Donas, 7uarr. Conservative Investing There is a great deal tt satisfaction in knowing that your funds are invested in sound securities, Wt offer you the benefit of our experience of forty-six years in selecting sounsl securities for investment and suggest that you ask for our December Investment Circular which contain 1 carefully prepared list of securities wt recossv mend. Ask for Circular L-ll Harris, Forbes Co NEW YORK ROCHESTER OFFICE 31 Exchango Straat Telephone Main 3627 Security Trust G)mpQtiy OF ROCHESTER Main and Water Streets INTEREST PAID ON DEPOSITS 1 0 Capital. $300,000 Surplus and Undivided Profits $2,450,000 Demand Is Less Urgent and Prices Are But Little Changed Washington, Dee.

16 (Special) The feed market during the week ending Dee. 11th was somewhat weaker and prices of the principal feeds averaged unchanged to lower, according to the weekly teed market review of the States lture.au uf Agricultural Economics. Wheat-feeds were weak, as liberal oflerings met a poorer demand and concentrates weie barclv steady, Corn hv-prouuet feeds ami aitalta meal continued tirm at unchanged prices. The pro-motion of wheatfeeds. as indicated bv lour production, was of larger volume.

Flour production at. the principal milling centers for the week ending Pec. sth totaled about 1.53S 000 barrels, compared with 000 barrels for the preceding week. This output was larger than that of the corresponding week a vear ago. and about equal to that of the past tour years.

Wheat null teed market was easier, due to the liberal offering, meeting a slower demand. I'rices were generally lower. In the Northwest the markets were easy, as the result of a light demand for liberal offerings and considerable selling pressure by the smaller mills. This situation was also reflected in the weaker market at Huftalo. Local mill production continued heavy, but still nulls were about three weeks behind on shipments.

Local offerings were thus not heavy, hut selling pressure from Western markets and the lack of demand brought about, an easier situation. Although the Kansas City wheatfeed market was dull during the early part of the week, it developed a shghtlv stronger tone at mid-week. Mill offerings of hran declined and the demand was sufficient to absorb the supply. Offerings for deferred shipments at substantial premiums met a slow demand. Shorts showed more strength than bran as demand for heavier offal feeds was brisk.

The. 112 cotton crop was forecast as of Pec. 1st at 11 373 bales, an increase of 240.000 hales, or nearly 2 per cent, over the forecast of a month ago. This crop, if realized, indicates that about 625,000 tons more cottonseed are potentially available than was last season. On the basis of cottonseed cake and meal mill outturn in the past, this additional seed supply would indicate about 230, 000 tons more cottonseed cake and meal are available for this season than last.

But with unusually small stocks on hand at the beginning of the season, the total supply mav only he about 190.000 tons more than last vear. However, production since the beginning of the season has been less than for the past year, but seed holdings are larger. According to the Bureau of the Census, about 1 011.000 tons of cottonseed were re-ceived at the mills during November. From stocks at the beginning of the month, and these receipts, about STOIKIO tons were crushed, leaving on hand Pec. 1st about 1.323.001) tons of cottonseed compared to 1,114 000 tons at that date a vear ago ami 1 392.

OoO tons Dec. 1. 192i. The larger mill inventory of cottonseed, principally Western seed, indicates seed is of good keeping quality. The production of cottonseed cake and meal during November, which totaled slightly over 3S7.0on tons, was considerably above that of the corresponding month last vear.

hut less than for Novel iber, 192ii. This production wi'h the seasonally small stocks at the beginning of November made a total supply of about 511 000 tons, of which about 350.000 tons were shipped out into the consuming channels and the remainder, lfil.OUO tons, were on hand at mills Pec. 1st, This month's carryover was smaller than for the past two yea rs. The prices of cottonseed cake, and meal were barely steady for the week. In the Southeast offerings were fairly liberal, hut demand was slightly weaker.

Due to higher prices, oftcrings of seed at Atlan'a were more liberal and were bringing $50i $52 per ton, prime basis. Receipts from North Georgia were of excellent quality. Georgia mills were reported disposing their stocks of cake and meal to the local trade, hut Carolina mills were shipping their output to New England feed mixers. Cottonseed hulls were strong at $13 due to a good demand stimulated bv the colder weather and to the small stocks. The Memphis market was somewhat dull, as the trade was reluctant to buv at present prices and mills were refusing to make concessions.

Cotton picking was nearing completion near that market and late beginnings were showim- the effect of the weather. 'However, seed prices were high. In the Southwest mills were paving $13 i per ton lor cottonseed. Reports itt-I dicate thev are of itnod quality and I Plentiful. Hulls were quoted at $10 1 per ton nt Fort Worth.

Kiiropean demand for either immediate or future delivery was reported dull 1 largely on account of the high prices. I Linseed cake and meal prices were about unchanged from a week sco. The Minneapolis market was hold-I ing fairly steady, due primarily to the lack of selling pressure as the demand was dull. Mills were not offering meal as shipping directions on previous orders were absorbing imaioritv of their output. The sit.

nation at Buffalo was easier, due i To lack of demand and the more 1 liberal offerings bv mills and resell. ers. A better demand for the oil "a 1 stimulated mill activity, and mil's jwere filling old orders and were anxious for new business. Gluten feed market was frm. due to an active demand for the small stocks and offerings The situation i is very strong at Buffalo, with an 1 urgent demand for feed for nearby shipment.

As mills were sold up for the montn, ortenngs were unusually light. Resellers were demanding premium for nuick or prompt shipment, w-hile mills were offering liberal amounts for January shipment. Production was re- ported light due to slow demand for i th" mam prooueis. Hommv feed continued firm, with aeive demand for the unusually heht offerings. At Buffalo the pulls were i reported sold up and out of the 1 market for the remainder of the vear Some mjlls wer offering feed for January shipment but met with a 'poor demand.

M0! production was light Omaha mill were also reposed soM up. I The alfalfa meal situation was 1 ho-it on, hanged from a wek ago. Hemand was somewhat improved at 'Pshs Citv, but the hich price of alfalfa hav was restricting trsdtnr. pnlv No. 2 anil lower grades of aifa'fa meal were offered at that market.

Stock's Ex-dividend Sat. Cir9 Film Ind'it-i pfrt 50 Jvnals Purvfc S4rvc. ft. 1V I Ca-e Threshing Machine com. $1 50 An rrn $1 7V Cslv Corr.

pM $2. CVetv Jnc i rnh'VrT A Co 7Y tVnd Pf-'if-stmns torn, 50c. t'ontmeTiHl pfd. II tf. CfTv Mv ari pM Jrwy Fewer 7 pfd.

1 na Alkali com. fl 50 and SI Urrwt On $1 75 araan UNrt pm. 11.75. Newbury cvtv 3oc Nnrth-ft Ttu $1 50, rraff.n w. rn.

25. hsir'-o rm. $1 Warren 1st pM. 75c pfl pfd. JVn Kiettie 1175.

Co IN. 1. T-ifo r'm. aM p'd 7 V-rt A 2 nfa. 1 aWM Coquet T'fta A 7i.s.

HnM pfl 7. 1 rtui-i pMSip a 4e. rt-n rm f'l Cpreo, Burim -trwjr 55. 1 advent Mffenit 3-. Pairv Pflt prior p'd SI 2'sj NaTKal FtiMie emc A X4.

Electric Equipment Demand Appears Very Good in All Sections New York. Dec. 16 IT Demand for lectrk'al equipment is holding at a good lead In moat section of the country. Klertricu! World report. The business outlook 13 good.

Tex-! tile plants were good buvers lusl veek in the New F.nfjland market. Trade was lens ac tive in the Pacific Const. The Mild! West reported rood sales rising out of extensive. building program. Hankers by Airplane) Stock Curtiss-Reid Aircraft Corporation, Ltd recentlv formed to acquire fleui Aircraft Company, of Canada, has sold preferred to stock purchase, warrants, tn a banking house tor public offering.

Curtis Aeroplane A Motor Company will acquire more than 50 per cent, of the concern's common stock. Much Interest in Metal Market Sales on the National Metal Ex-chance last week totaled tons, compared to 2. WO tons the preceding week, when the market opened for business. There was a net advance In prices of 33 to 55 points, or 'jC to a pound. Kulthor Consumption Good F.

H. Henderson, president of the New York Rubber Exchange, reports consumption of rubber continuing at a high rate with no abatement even in tire production, which normally shows a decline this Chain Grocery to Offer Stock Daniel, Reeves, operator of fio2 grocery stores in New York and viclnitv, is to market $1,500, KM In preferred stock and 30,000 shares of common stock. Earnings and Dividends The board of directors of Consolidated Kilm Industries, has declared dividend of 50c per share on the preferred stork of the corporation. The dividend is payable Jan. 21 to stockholders of record Pec.

17th. Directors of the Auburn Automobile Company have declared a slock dividend of '2 per amounting to one-liftieth of a share, tn addition to the regular quarterly dividend of ft per share, payable Jan. 2d to stockholders of record I-ec. 21st. Directors of Pro-phy-tac-tic Brush Company have declared an extra dividend of Jt per share! on the common stock, payable Jan.

5th to stock of record Deo'. 22d. This compares with an extra dividend of 50c a share paid three months ago. The regular quarterly dividend of 50e a share was also declared, payable Jan. 15th to stock of record Dec.

Slat. The directors of Southern Asbestos Company declared an initial semiannual dividend of $1 25 per share and an extra dividend of per share on the common stock, payable Jan. 15th, ostockhoklers of record Pec, 31st. California Water Service subsidiary of Federal Water Service Corporation, reports gross revenues of J2 lor the vear ended Oct. 31st, as compared with $1.

Mill. 920 for the preceding twelve months. Operating expenses, maintenance Rod taxes, other than Federal income tax totaled $1,014,937, as against Jl.0W.6tif. Gross income amounted to 5905 7.19 which compares with JO.253 for the ear ended Oct. 31, 11)27.

Sale of American Department Stores Corporation tor the eleven months ended Nov. 30th were as compared with Vs.53T.3H2 for the corresponding period last year, an increase of $3,993,750, or over 37 per cent. gain. Investors Equity Company, announces the declaration "of the regular semi-annual dividend of $3 per share on the $ti dividend preferred stock series A and $2 75 per share en the J5.50 dividend preferred stock. Series both payable Jan, 1st, to stockholders of record on Pee.

15th. In connection with the dividend announcement, the company an investment trust which began" business in June. 1D17. announced that as of Nov. 30.

it had total assets of $1 hU'l SSI and that as of that date the market value of the securities held bv it was tn excess of cost, NVf earnings for the six months ending Nov. 30 last amounted to $540,155. An increase of more than 37 per cent, in net earnings within less than two years is revealed in the. statement of West Virginia Corporation and subsidiaries for he year ended Ot 31. last, showing gross revenues of SMO 271 ami net available for Interest, depreciation, depletion and Federal taxes of Vg 32C.

The latter figure compares with M29 for the calendar vear 19Jti and is equivalent to over Ihree times maximum annual interest charges on the company's tirst mortgage bonds outstanding in the amount of $2 oifO as of Oct. 31. last. H. M.

Pvllcsby Company announces that consolidated earnings of Standard Gas Electric Company and subsidiary and affiliated companies for the vear ended Sent, 30th showed a balance of $9 02 277 available for the common stock, after all prior charges including preferred dividends. This is equal to a share on the outstanding common stock and compares with a balance of 275 031. or $.1 S3 a share, for the twelve months ended Pec 31 1927. After payment dividends amounting to 4 S40 5t5 for the vear ended Sept. 30th.

there remained a balance of M.lSstM as compared with balance of $3 s.sS.471 after payment of common dividends amounting to 4 lIMi.JOO for the year ended Dec. 31. 127. Texas Cities Gas Company reports increase of over 20 per rent in the net earnings available for bond Interest, depreciation and Kedenl ln-ome taxes for the year ended Oct 31st. as comnared with the corresponding period of W27 Such net earnines of for the ear ended Oct.

31 were equivalent to over 2 3 times the maximum annual first mortgage imerej-t requirements of 270l. Directors of American, London ft Empire Corporation of New York have decided the regular quarterly dividend of l-, per cent, on the 0 per cent, preferred stock of the corporation, payable Jan. 2d, to atocK of record 21st. Canada, Ftports Much Nickel Sunbury. law.

10 1 Special I Exports of nickel from CanaJa have reached the highest point in history Official details now available are such as to show greater demand for niekel in these times of -eace than was ever experienced in times of war. It is apparent that for the Jull vesr 191'ij tbe exoors of mrku from Canada will 90f'0il hs This will show an increase of abou: 57 per cent, above the 1927 record. When George Pearson resigned as pro of the Oakwood club of Lynchburg. Va two successors. Roland Hancock and hu father.

Tom Eancock. were signed. Father and son had been at Wilmington. N. C.

Pec Pec. Yr. 14 7 ago l'U 102 2 104 4 99 5 1U0 4 100 7 113 4 113 0 lis 9 97 3 97.5 97,2 85 4 5 3 X2 5 104 4 102 7 98 4 91 0 95 4 90 4 83 3 9.10 97 2 7S 7S 8 k9 0 90 8 97 1 95.6 207 1 22S.0 1S4 1 Jn 1 221 2 demand for farm products grows. Put this, which was the logic of Kicardo, Malt hue, and their followers, implies that practices and appliances remain unchanged. The classic economists reckoned without the host of scientific researches and inventors who have revolutionized agriculture a half dozen times since the.

lsth century, until today Ecien-tilic tarming has been transformed almost, into a manufacturing industry. Subsoil plowing, better fertilizers, better breeds of farm animals, new and improved crops, utilization of waste products and, last and most important of all. improved means of transportation have increased perhaps a thousand fold the area and the productivity of economic land since Ricardo down his famous law of rent, based upon the "permanent and indestructible" qualities of the soil." Tappr from Corn Stalks Agricultural chemists long ago taught the farmers the value of soil analysis for showing what lands are suited to particular crops and what kinds of fertilizer to use. These chemists have found hundreds of new uses lor the former wastes of the farm, which used to be so hard to dispose of. Cotton seed, which formerly was a nuisance, is now a crop second onlv in value to the cotton tther itself The cellulose of straw Is now worked up into straw board and building materials.

I to the present, our corn fields have produced onlv a single crop, corn, to repay the farmer for his toil and capital outlay. But corn staiks. heretofore largely waste, are now being made into writing paper and other papers of excellent quality, while from the corn cobs comes furfural, which mav supplement or supersede gasoline in our autos and gas engines. Bagasse, the waste of sugar cane, makes a standard wall board. Packing Industry It is said of the packing Industry that it utilizes "all of the pig but the squeal." The price of beef, pork, and lamb to the consumer Is today much less than It would be had not the packing industries organized on a lare scale and utilized every part of the slaughtered animals to Increase their income and to pav the costs of production.

These costs were form-erly paid for bv the meat, the hides, and. to a limited extent, bv the fat. bones, and hums. Now every part of the animal contributes its quota to the total revenue. The effect of utilizing these waste products is to increase the income received by the farmer for his crops, while lowering the price of the staple crops to the manufacturer and consumer.

In future, factories may well be located in rural districts near the sources of the raw materials which have heretofore been wasted. Costs of farm products will be distributed over a large numex'r ot new products which now bring In nothing, and jw men now nnng in notning, and often entail costs upon the farmer to; get rid of them. Farming will be- come more and more an industry for manutacturing the raw materials. sunshine, ram, phosphates, ammonia. What hsd been said of farmfnc Is HIH HI -I Ktflll I Ts will make traa.prtattoa real distillation bv "ther UWfwi.

development of anper-pawer electric Hjui.r. also true of other basic Industrie. The of our frt uliJ become- lh aoutcea of fooilstufts, of i.unutog tnu vhemn sis of great value. 11 resear-n ani invention anousa cease, the Mithuian law of popula- tion might bein to operate rtrorxuly and poverty grow apace. Rut we are only )ust beginning to the surfar of the earic for the material treasures and tbe sources of power whit can be made to minister to our nceo's and comforts Our continued well being is absolutely dependent upon the ability ol th chemuta.

144 i 1 I i I Dec. 14 597 1 lS 2 9 Dec. 7 054 0 17S A 2 Yr. ago 240 9 rs 7 4 Nov. av.

61W.3 172.1 2 7 lk-t av 527 4 0 2 Sept. av. 470 4 1 4 3 0 Aug. av 399 4 145 1 3 2'V July av 0 1406 3 3-' June av 35s 1.19 7 3.21, Mav av 309 1 149 7 3 1 Anr. av 339 3 147 8 10 Mar.

av 295 119 5 3 2'i Feb. av 2.l 0 132 3 3 fi- i Jan. av 200 0 134 7 3 1927 av 175 4 119 0 4 3'i 1920 av Km 0 MOO 5 0 High 650 2 17S 0 0 1 Nov "2SHNov'2SMJiir2rt 75 0 (W 2 2 4 I Apr'2m I Anr 'itii 1 Nov 2x1 Producers Goods Gain Prices of raw materials again re- ceiled last week, dropping from an index of 97 0 to 97 0. At the same time finished good also fell off eight tenths of a point from 9tj 4 tn 95 Semi-manufactured roods however showed strength in nine-tenth of point rise to 97 2. Much of this irain is attributed to higher building ma.

terial prices, especially barbed wire. wire nails, and sheet steel Naval I stores reacted, however. Raw ma-I terials declined from weak hog. beef, land corn auotattons, though lambs, i wool and vegetables were generally higher. Only apples, among the con- i sumers grono.

went forward I lour 1 was noticeably weaker. I I New Haven. Dec. 10 The International Bituminous Coal Conference, recently held In Pittsburgh, showed the interdependence of industry and scientific re-sea h. Old King Coal can retain his kingship only with the help of the chemists and en- i for Prince Petroleum and other pretenders are seeking tn usurp the throne of Irving Fisher The continuance of modern life, with its comforts and conveniences, depends upon scientific research.

The chief topic of discussion today wherever employers, workers, en. cators gather together is scivntit.t research Dr Robert A. Millikan, one of the world's foremost physicists, at the iinnual meeting of the New Yora State Chamber of Commerce suid that Modem Industry is the child of science." Science can hardly be the parent of industry, since industry is older than science. Necessity is the twins, science and invention, and industry is their father. But the twins have grown so big that they are now the chief breadwinners in our industrial family.

Without their contribution progress would cease, and national and personal incomes would decline, to the detriment ot all society. Pr Millikan quoted the words of Pasteur: "In our centurv science is the soul of the prosperity of nations and the living source of all progress. Undoubtedly the tiring discussions of politics seem to be our guide-empty appearances. What realty leads us forward is a few scientific discoveries and their application." Coal-Heat to He Crime At the coal conference It was emphasized that coal is not merely something to he put under a boiler and burned. Coal under a boiler, it is true, created the age of steam.

Hut we now know that coal is the richest storehouse of enertrv and of priceless chemical substances in our possession, One chemist declared at conference that in future years tn burning of coal for the mere production of heat will be regarded crime. Already more than three hundred substances Indispensable to our lite today are produced as by-nroduefa of the distillation of coal. These byproducts in iude gas for fuel light, and power: coke for fuel: fertilizers for our farms: hith explosives tor mining and construction in peace time and destruction in war time.) beautiful colors for the fabrics we wear; many drugs and delicate perfumes, and deadly pases. 1 most raw materials utilized bv man. MMUd III1L The growing un.du.t Industries raw roll Dnrrur.

I nmnlrle I greater a. rapid I ..7... ...1 Agricultural ixevo.ution Kconomists classify agriculture as an extractive inuusirv. suojwi me 1 tvrannv of the law' of decreasing rvfur-rs. At a given stane of the science and the art of agriculture s-1 litional bushels of whet or anv 1 other crop couid be wrested from the.

sod onlv with a disproportionately i increased expenditure of labor and If there were no change the methods of agriculture, food stuffs ad other raw prt'durts of the 'farm must continuously advance in Tic as population increases and the am 1000 trU Of Cfi (arm mcctssj rtrf ef uarri trtr moccm 1 t. ktm WITI ttjmi XAv cwsrn en. CARBOC0AL 725 1 1 Comparisons of these price indexes Rut coal is only one source of ma- i into the forms most needed to i are eiven below for various periods teria's and enerev. Agriculture is feed, clothe, house, warm, and trans-, in hich the average for 1926 repre- the source of nearly all food and of port us. Rid Asked Am.

Dept. St. 1st pfd. imi PM Retail pld U2 Fanny fcarmet nt ja SU 'eileral Bake Shop. c.

1o orn ww ah ii Keltman C. Sh. 1st 6 lireen Stores, loH HO 1211 ('rent A ft P. Tea 310 320 do pfd u.v4 hki, Kinnear Stores com 25 2H do. pld li Knox Hat 2 .15 2SS do prim nfd Iii III part pld Kg i Lord a I iuo I do 1st pfd viu do 2d pfd no Mercantile Stores, pfd.

lm j-jq Met. Chain new pfd. 114 118 Miller Stores, 39 41 do pfd tH Murphy, G. C. pfd lo4 do.

common 7a sn National Tea pfd inj in Neisner common 123 IK) do pfd 1V l5 J. Newherry us do pfd Ntt lii Rogers Peet (101 i.lo 145 i Silver i Isaac i 63 07 oulb iiro. Corp. A Sou' hern stores mora s5 Spalding A ft 2S5, JdO V. Stores A do 3 14 do.

7i pfd 62 64 senis 10U. Ttaw s. Mfd. Fin. Materials GckkIs Goods Week eded Pec.

34 ,97 0 97 2 95 9 Farm Products Foodstuffs Hides, lea Textiles Fuel, light Metal Rrod'a Ruilding mat. Chemicals Miscellaneous All Products Business Weather By Karl C. Karsten In certain important districts where winter wheat Is grown, temperature rather warmer than normal prevailed but in several other localities, however, extreme coal weather carried through the week. In general the progress of the crop was slowed up, although the I'acilic Northwest area enjoved a slackening of its long cold period with showers. Most of the wheat-giowing country hsd no snow, and the mountain districts' crop, being well-protected, suffered little.

The Northwest plains have been overlaid with snow, and the wheat grown east of the Mississippi made small progress, due to unusual- emperatures. lntr "'ft Average Total letupeiaiur, itainiatl llerees loeh (Above or below normal Pec. Above 3 3 Below 0 05 Eelow 2 0 Below 09 Dec. 14, 192 Above 1 Below 1 3K lec. 1927 Above 6 7 Below 1 37 Business Background And Market Summary N.

Y. STOCK Rate of Return I Value of Tradings PCRCHASINC, I-OWER of the Dollar of the Farmer COMMODITY f'RK'ES RAW MATERIALS New York Slock Kxrhanue Down Vp Down IVwn IViwn and the value of storks turned over, both showed noticeable declines last week, and the rate of return was higher. Marked weakness in manv mnrket leaders as compared with sonie strength in others caused the trading to assume a generally spottv complexion. With the prices of commodities and especially raw materials lower, the farmer's purchasing power dec'med and the value of the dollar in terms of general purchasing power appreciaied. 1 if tails appear elsewhere on this page.

Bonds Still Falling "onds traded on the New York s- Kxrhaniee moved on downward by n1ereoiii a six-tenths point drop The u.dex fell to 102 0 from lo2 Trading activity was steadv In 'he face of prue declines maintaining sn average daily turnover of $9 57m -oon as compared with the same amount for the previous week. Though evidencing a slight tendency to recover during the middle of the week, prices steadily receded a net decline which the largest In ma ia.l lew weeas. infis is v'ry Indication that bonds have been influenced bv stocks In the fii.wnw-itrfS mtvmnt nt th market hlIe no was observed of tn the recent past. and eneineers to ettract furthee utilities fr-m the earth iaster i than the ever-growing pepuiatton can consume them. i President -elect Hoover is right tn stressing the necessity for actentlne research and the need to Insure is: eontinuanre bv inducing industries to provide liberal endowments r-vr re- search in our Technical and niversities.

97 0 90 3 90 4 99 2 97 0 95 3 9S 3 90 4 90 99 0 9 0 9V 0 12 2 97 0 99 7 101 1 9 5 l'7 Ml 9 99 1 9s 1 101 0 9s 0 9 0 102 7 97 3 95 I 102 0 97 3 94 0 99 0 97 5 93 4 99 3 97 5 S3 4 PHI 2 97 7 93 9 90 5 9 94 5 ion 0 100 0 l'HIO sv a. mm ot co auj 100 Ai4 mm ul 4lc2. BRIQUETTES Jf tons Pec 7 Year ago Nov. sv (Vt. av i Sept.

av. I Aug. av. July av. June av.

May av. Apr av. Mar. av, Feb. av.

Jan. av. I 1927 av i 1920 av Farm Prices Decline Rpvpftne thfir uptinn of tbi prv-nux wpfk. (arm ami thr'fnrp pu rr hnamif power, 1 off no-tirpablv last wpt'k, th frrrer of point to fi thp Utrr nnt and three-tenths point to two Meanw hile the non-atfrirultnrai prices showed an advance of fnir-tenthfl of a punt tt 97 l.ivettH quotation showed beef steers and on the decline and lambs htch-er. Of the textiles cotton ai lower, and vioo! two cents more pound Corn contributed to the Eenera! decrease in price, as did enM.

although apples heat. oat, and potatoes brought hiKher pnres. Index numtvra ot frm purvfcaln power, and of agricultural and non-arricultural prices for vinous periods are pnen In th fnllow'ne tahle in whtrh the average for J9W represents 100: Farm Arnnii- Nv-ar1' Purrn.ning (oral eu'iursi Power Priew Pnctm Power week ended Dec wn 7ec. 7 l'3 9 7 4 U4 1 2 0 rt 110 3 loh 0 3 lit 2 5 4 ia loo I'm 0 UNO 97 I ft-. 3 4 I 1 2 Wi 1 Ci 81 4 9 1 04 6 Year ago 111 0 I ov.

av. Itxt. s. I av. 1 Aug av.

Julv av. I June av. I May av. Apr. a v.

1 Msr. a v. I Feb. av. v.

127 l'Ts Ill 114 111 9 I' Its. 1 2 hi no 1 16 a 1VW luue For uifety ef rMcipal tni stabilization of inccm Diversify Yocr Investments by urthojirtj jounj Bond: ef these c'auibcations FOREICS. COVZKXHZXJ PUBLIC rnuTT REAL fSTATS MUNICIPAL KVLROAD list ef Invert amt Sug -rfionf wf rrqucit Robient, Majnard Co. lit Brarway New YaHi T4pk KeW 23U A.