The Evening Sun from Baltimore, Maryland • 42

1 A -m, X-N IT THE EVENING SUN Air 'AGES I AfN(Jl BALTIMORE, FRIDAY, NOVEMBER 1, 1968 PAGE C14 Market Drops Be First In Your Block To Own A Tractor How Stock Market Reactions Varied Over 18 Presidential Years To '68 Baltimore's Business -By JOHN T. WARD Farm Product Profits FallAs Costs Rise W.Maryland Rwy. Profits Down Washington, WV-The squeeze on farm profits grow tighter the past month as average prices of Western Mary land Railway for October were for products farmers sell de estimated at $166,096, the road's clincd and their costs rose, the financial statement showed This was sharply down Agriculture Department from the $559,257 profit for the Lower prices for hogs and cember difference was very small, and the market spent most of the second half in higher territory. Only in 1920 and 1948 were June prices significantly lower than December's. Why It Happened There are, of course, Mr.

Tabell says, numerous possible rationalizations for election year tendency for a weak first half and a strong second half. One would be gradual removal of uncertainty, as the election becomes closer and the outlook for the next four years becomes clearer. The Dow Jones industrial average closed yesterday at 952,39, somewhat under the 1968 high of 967.90 recorded earlier in October and compares with the December 1967 close of 905.11. The Dow high was 995.15 scored late in 1966. The following is the Presidential year comparison: of the seventeen noted here showed little market change through June.

The present year, 1968, has had the same tinge, getting as 1 low as 8 percentage points under last December in March and reaching the high point in October just closed, with the election coming up next week. The Bear Years In only three Presidential years which later turned out to be full-fledged bear markets was action in the first half predominantly on the downside. In fourteen of the seventeen years, the average price for December was higher than the average price for June. Even in two of the bear, years (1932 and 1940), the market rallied in the second half from the June lows. In one of the three exceptions (1912) he finds the June-De In one of his weekly market letters, Anthony W.

Tabell, of Walston Company, has traced how Stock Exchange issues have moved during Presidential years. He says normal market patterns tend to be slightly altered in such years. Beginning in 1900, the year McKinley was elected, nine of the seventeen have been considered bull markets; three (1920, 1932 and 1940) had distinct bear trends. In five of the years, Mr. Tabell says the trend was flat, measured by the fact that the December average of the Dow industrials moved but 5 per cent either way from the previous December close.

Percentage Changes Of even more interest, he says, is the general tendency towards a flat trend or moderate weakness during the first half of such years. Nine same month in 1967. For the ten months ended yes eggs contributed most to the drop in the department's price index, which was 262 per cent of niawi 11 -j- terday, October 31. the railway had! an estimated net income of $3,653,255 against $4,167,798 a the 1910-1914 base period, com pared with 267 per cent in mid September. yeargo.

W. Arthur Grotz, president, 6aid-the road had a temporary The report, for the month reduction in coal shipments to the largest consumer on its ended October IS, also showed farmers had to pay a record 358 per cent of the base period for goods and services used in their New York M-Do you re lines," the Virginia Electric Pow man owning Vt acre or more But some also are two-home member how dazzled the neigh er Company's plant at Mount bors were when you rolled up to Storm in West Virginia, owing production, compared with the the house in your new chrome owners, perhaps with a vaca tion home in the country. 'Can't Stop Homeowneri' to a shut-down for repairs. This shiny automobile, its 400 horses cut the plant generating capacity in half. Nov.

Dee. restrained but ready, its in Year President Jan. Feb. Another marketing man, from gept. Ort.

97 100 previous high of 355 per cent set a month Fourth Highest The department's report followed by only a few hours an terior as sumptuous as an old- 1900 Deere claims his outfit The Western Maryland also was affected by a. coal mine 1904 fashioned parlor? brought out its biggest lawn tractor at 14 h.p. as something 1908 Want to rlive that thrill? strike for the first half of Octo Today you do it with a trac for motels and institutions. "But ber reducing both freight and Sharply After Early Rise N.Y.S.E. Index 11.08 A Sl.tl I.M 11.00 Noon 58.03 Ofrf.lt New York (A A vigorous early rally on news of the Viet-nam bombing halt turned Into a full retreat In the Stock Market late this afternoon as Wall Street showed skepticism about the chances for real progress towards a Vietnam 1 Trading slowed below yesterday's pace as losses outnumbered gains by more than 180 issues on the New Yorw Stock Exchange after the promising start in which gains had a 7-to2 advantage over losses.

The Dow Jones industrial av erage was down sharply after it enjoyed a rise of 3.48 in the first half hour. Grain Markets Baltimore FLOUR nor. WHJlAT Keceinii, none. Shipment, none. Stock.

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apot, domettte. fl.K'i. exttina prict: it Closir.i prict: ll.U'. CORN none. BhlomtnU.

none. Slocks. 1,219 bujhela. OA 13 Bona. fhlnmenta.

none. Storka, none. BARLEY Recnuu. Bona. IhlDmenU, none Slockj.

none. RYE Recelnu, none. Don a. Slocks. bushel.

soybeans Receipt, nona. Shipment, none. Stock. 55.4H3 buahela. MILf EED Receiota.

port. Chicago UP) Openlai Board of Trirfi Ooen Pre. Tear Wheat Toda? Clos A to December 1.29 1.1 1.49 Marcfc 1 341, 1.34', 153', Mir 1.31 j.5' July 1 3 1.11 1S7' Seotembv 1.41V i.401, l.0 Corn December 1 11 f.in 1 I4' March I.IJS J. IV. 1.11.

Ma Ill's I i.U- Jul 1 20-" I 201, 24'a September 1.20' 1.24't Oat December 7V Mvt March i.Tl'a Mar 67 71' July 4' ()' September n.6iH Rve December 1.17 1.17i 1 l'a March 1.1 I 1' 23', Mav 1 20'i l.jt-'a Jul t.a 1.21', ai.ii September 1.22 1.211 Soybeana November 1.W STa January 5.37V, IV, S7'. March SI1, I.MMi 17l'a Ma M' 1M J.Wa July 6i'a 1M 73', Annul jl 1731 September 1.47V, i.47 aAsked. nNomtnal. Grain Rangt YeotenJaT'a tiotatloni Chlfaio trv-Oraln ram at nrlnclpai maxketa: Prt. Rlth Low Ooa Cloat December Wh'at Chiearo 1 N'a 1 5J" 1 Mmneaonlla.

15H', 1 i't 5I i 5 Kanaa Cur, 1.31 137 .1.37 l.U'a March Wheal- 1912 191(1 1920 1924 announcement by Agriculture Secretary Orville D. Freeman that net farm income this year we can't stop homeowners from per diem tor, perhaps one of the 14-horsepower jobs with attached McKinley Roosevelt Taft Wilson Wilson Harding Coolidge Hoover Roosevelt Roosevelt Roosevelt Roosevelt Truman 101 102 105 100 99 99 103 99 103 102 99 102 97 Traffic has improved since buying them, he said. Not that any manufacturer lawn mower and snow thrower, 192S is expected to be more than July 98 103 123 106 98 89 109 108 63 116 80 112 108 105 107 93 111 104 Aug. 99 107 126 109 99 86 113 112 89 118 .82 110 104 106 106 94 lit 99 114 126 138 103 ll3 119 132 82 128 83 113 99 109 102 97 112 June 98 99 117 105 99 89 101 108 59 108 76 109 110 102 102 96 108 104 May 100 99 117 103 98 91 99 113 66 104 85 105 106 100 103 92 109 101 108 125 134 108 107 85 115 131 87 130 88 110 100 105 100 93 113 Apr. 105 101 111 108 96 96 100 110 76 112 98 101 101 100 105 93 107 99 Mar.

104 99 105 102 97 97 102 103 102 112 97 103 94 100 104 92 105 92 $15,000,000,000, fourth highest in would try to stop them. They inj 9a 100 99 98 91 104 98 101 108 98 101 92 100 98 98 103 94 electric starting, four speeds, solid state radio, chrome hub 118 126 109 103 89 lit 123 88 126 87 111 106 104 102 91 113 105 112 123 109 102 89 112 120 102 120 86 108 103 104 103 92 111 103 1932 1938 1940 couldn t. Demand goes up each history. Department officials see no caps. year, and something like 300,000 1944 In suburbia, two cars fail to might be sold in 1968.

Lawns 194S someday might be the most conflict in rising net income and the tighter price situation since increased production on virtual day to have the impact sf just one big new car a few years 1952 1936 1960 mechanized real estate in Am Eisenhower 102 Eisenhower 97 Kennedy 99 Johnson 102 98 ago. in 1961 17 per cent of erica, aside from Federal high 1964 ways. American families owned two cars; now its 32 per cent, too 1968 One manufacturer estimates ly all fronts have contributed heavily to total sales. Also, officials assert, strong livestock prices through most of this year, along with increased output, high tor snobbery. that nearly 3,000,000 riding mow ers and yard tractors now Envy Of Neighbors The tractor instead is the cruise suburban lawns.

Make have been a boost. that figure 25,000,000 if you thing to rouse the envy of your The report showed that aver Theory Of The Leisure Class At Yuletime neighbors, to use up that lei count the old machines, the low prestige types, the power mow age hog prices dropped about $1.60 a hundredweight during Four-Day Markets In Nov. sure time constructively and, incidentally, to get the work ers you must walk behind. Another Horsepower the month, while beef cattle were off 50 cents. Prices farm done.

By Thorstein Veblen, Jr. "We call it the man toy," said And just as on the highway, ers received for eggs dropped 12 per cent from mid-September different side, the catalogue a spokesman for International Now, if you do not have that Harvester, one of the biggest of lists, for $5, what looks like a extra something to give at New York (DJ)-Four-day there's a real horsepower battle out on the lawn. For a while the industry seemed to stall at a top range of 14 p. Then this the nearly 50 companies that jar of fine green peas, but ac weeks for the nations stock Christmas to the person "who has everything," Neiman-Mar- make lawn tractors of one tually are mint candy from size or another. "Many buyers markets will continue through November, the New York Stock Italy.

cus, of Dallas, as it has in past to 37.6 cents a dozen. Allied Chemical Cuts Dividend New York (DJ) Allied Chem month one manufacturer announced a 15 h.p. job, don need them; they could get Yet another series of items on seasons, has come up with the Exchange announced. Will others now be content by with something smaller." then. The outlook for the remainder of 1968 is favorable.

i GasCompanyNet Shows Good Rise Net earnings of Baltimore Gas and Electric Company for the three months ended September 30 were $10,003,000 which, after $1,213,000 allocation for preferred1 dividends, amounted to 58 cents on the common stock. This compared with $7,996,000 and" 49 cents for the similar period of 1967 after allowance of $722,000 for preferred, the utility's financial report showed today. Three-month revenues were $65,682,000 against $59,212,000, and operating expenses were $52,863,000, compared with For the nine months ended September 30, revenues were up from Expenses were against $157,521,000. Profit was $29,604,000 compared with $26,921,000 a year ago. Allowance for preferred dividends was $2,662,000 compared with $1,586,000.

Net income applicable to common sham stock was $26,942,000, at the rate of $1.80 per share, compared with $25,335,000 and $1.70 in 1967. Balto. Air coil's Earnings Recede Sales of Baltimore Aircoil Company, Inc, for the nine months ended September 30 rose to $9,270,000 from $8,820,000 the very high side necklaces, item you need. The markets will be closed Studying the warranty tags with their 14 horses? Likely not, Monday, November 11 the Vet that come back to the factory, for each year, marketing stud In the His and Her listings for 1968 there are aquaria items of bracelets, clips, a watch, pins, rings and earclips. Arriving "just like clockwork" month by ical Corporation declared a 30- erans Day holiday and the I.

H. man finds the average ies show, people trade up to cent quarterly dividend pay purchaser is a Wednesday November 20. bigger models. able December 10 to holders of month for those who cannot re Also the markets will be the none-such variety. Since such customers already have the sun, moon and stars, why closed on two traditional holi sist them and could foot the bill, record November 13.

Prevously the corporation paid 47Vi cents New Hawaii Air Fare Is Approved days, Election. Day next Tues these items could run up as not the asks the big de- partment store, then suggesting quarterly. day and Thanksgiving Thursday high as $273,950. Chicago (DJ)-United Air The company said the cut November 28. Exchange Seat Lines, Inc.

said it received Civil will be available only if at least $100 in ground tour arrangements are also purchased, Unit that He make a gift of a tank of salt water with lion and a clown fish; while Her gift will be a Olcaio J.35'4 im, J4'i 1 reflects management deterrru-nation to create 'a more realis And just to keep things very D.C. Bank Merger Aeronautics Beard approval to financial, why not buy the lady tic' balance between dividends Washington (A3) A plan to fresh water tank with, a pair of introduce on November 2 the lowest individual air fares ever ed said. Minneapolis. 1.37, l.S 1.57' i.j7J Kar.M CUT 1 41' 1.40H 1.40i l.tl'a May Wheat Kannu Ci'y. HI'.

1 41 1.41 1.42'. December Corn l.U IWt i.W't l.UH March Corn merge Public National Bank of; a "seat on the stock exchange." A telequote desk set which can offered between ten mainland and particularly in light of the company's desire to provide additional funds with Washington into District of Co angel fish. The twin aquaria with exotic fish with white sand floors cost only $900. Fares under the plan between Boston-New York area cities give instant prices just like the lumbia National Bank was an nounced. United States cities and Hawaii.

The round trip jet coach rates Chicaao li'4 LIS 1.15V, December Oau Chicaao 74 a'. .17 will be $366. which to accelerate growth. broker houses, earnings and Pearls For Sand But the real ultimate gesture in this line comes when He dividends of favorite stocks can be rented for $225 per month plus nominal exchange fees. Just so milady can be at her substitutes pearls for sand in Her gift and the fish tank becomes a splendiferous present, from $25,000 up, depending upon the size of the precious jewels.

ease in this market business. the Neiman catalogs lists an Italian gown in gray with cardi Still another item matches nal harlequined cottoned velvet this high dollar figure in con' een for plus a chain belt of sliver-tone filigree metal for eople who give ft year ago, but profits moved spicuous giving. The Texans who do nothing by halves also would attract a customer who $20. Real Estate Merger Jower. Earnings were $400,000 at the rate" of 75 cents a share, com just must have a maharajah's chessmen.

Each piece was han dcrafted in India of 20 karat Chas. H. Steffey, a Baltimore real estate firm, has acquired John Q. Andrews gold, enamel and rose-cut dia pared with $565,000 and $1.07 for the first nine months of 1967. 'John Engalitcheff, told stockholders in his a real estate firm in the monds, all for $25,000.

Yet this price does not include the north part of the city. Mr. An board! drews will become an assistaant On the very modest, but veryvice president of Steffey. Old Fitzgerald don't know any better. Nor do people who receive it financial report that abnormal expenses were encountered in producing the old line and the new line of cooling towers simultaneously.

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