Evening Star Newspaper, November 10, 1928, Page 26

&b & EUGENE THOMPSON HEADS EXCHANGES Local Financier Urges Great: er Efforts in Guarding New Army of Investors. FINANGIAL. Abitibl Pow (4). Adams Exp(6). Adv Rumley.... Adv Rumley pf. Air Redetn (13). Ajax Rubber. Aiaska Junea... Allied Chem Allied Cm pf(7). Amal Leather Amal Leather pf Amerada(2).... Am Agricul Chm Am AzriCh pf.. Am Bk Note (2). Am Bk N pf(3). BY EDWARD C. STONE. At the closing sassion of the Asso- ciated Stock Exchanges in Cleveland sterday, Eugene E. Thompson of ti city was re-elected president. M. Thompson was one of the found- ers of the associ- ation and has been one of the hardest workers in its advancement. His annual ad- dress was one of the high lights of the annual meet- ing. H> covered the events of the past year in de- tail, reviewed the present securities situation and tdok a few glances at the future. Among other (hmgidML ‘Thompson sai m Locomot(8). Never have we assembled under such | 4 Locomot(8). securities market conditions as have |y, nerals(3) prevailed this year. The volume of 'l o pe . transactions on the exchanges Wwill | am pg 1, (1), probably be_double that of any other | \mpogL pf(6). vear in our history. The rapid advance | ym Radinior ;. in the values of stocks and stock ex- change memberships has been beyond the expectation of any one. We ask ourselves if we shall return to the old order, and who dares to say that we | shall? Predictions mean little, if any- thing. but I doubt if we shall ever see the old times again. I do not refer to prices of securities, but to volume. “The increase in the number of shareholders of our corporations has | been phenomenal. A prominent New |Am Tobacco(s). York financial newspaper recently es- | Am Tobac B(8). timated that there were 15,000,000 0Wn- | Am Tob pf(6). .. ers of corporate securities., Estimates | Am Typeko(8). . have been made by competeht authori- | Amw W& ties placing the number of individual | Am Woolen. . investors close to 5,000,000 the differ- { Am Woolen pf.. ence between 15,000,000 and 5,000,000 | Am Writ P’a ctfs being accounted for by meny holders | Am Zinc. being owners of stocks in more than one corporation. Huge Sums in Common Stocks. “It is many years, certainly beyond the experience of any of us, since there has been so prolonged and sustained a period of high money rates. These abnermal rates have baffled the aver- age investor, and in their effect on securities prices have upset all calcu- lations of prognosticators. Apparently business has not been thecked or even slowed down, and there is no indication of any recession in the volume of se- curities transactions. “It is true that prime investment bonds have been adversely affected by high money. On the other hand, both the investor and the speculator have not hesitated to pour their funds into common stocks in the belief that the common stockholder will have a large share in the growing prosperity of our country. “Much has been said and written of the high prices of common stocks. Some stocks have risen to heights which, it is said, discount their poien- tial earning power for many years. Com- ‘mon sense and ordinary caution admonish us that there is some point at which sane and sensible buyers will stop. It may be that some of us are pioneers in a new field and our blinders prevent our seeing the guide posts, if, there be any, on this new road to the great prosperity that lies before us. My belief in this prosperity is un- bounded. Urges Greater Standardization. “Standardization appears essential if we ar2 to make progress in safeguard- ing o'r listings. The fundamental need is for concerted action in restricting listings to those corporations that are ready and willing to give to the ex- changes such information as we deem essential in the in.crest of the buying public. “The mails continue to be the most active agency in the promotion of the work of the fraudulent promoter. It is a growing practice to which we should lend our support in stamping out. Fake devices and tipster sheets are daily flooding the mails, and this method of fraud is growing to enor- mous proportions. The ingenuity of the promoter is such that he is ready to g 2 new method as soon as the | old meth‘?d hv.eara off. We must keep ' By-Prod(i2 pace with the fraudulent practices, as the ‘growin of the sale of frauduieyt | Caiiyian 7ine, and misrepresented securities. is in ac- tive competition with legitimate busi- ness. Rights of Banks and Public. “The advantages of local exchanges are becoming more and more apparent. Co-operation between bankers, invest- ment dealers and brokers will tend to broaden the markets for local securi- ties. The first step comes when we ask the banks to loan on what we have listed. The bank has a right to as- | sume that the security is a proper one, properly issued and properly disiributed, all functions which the exchanges had thoroughly looked into before listing. “The exchanges have also a responsi- bility to the public in connection with the issuance of new securities through the giving of rights to present stock- | ' holders. If the proposed security is | Chi Great West. & new one, is it not just as important (NI Gt Westpr... that it pass the scrutiny of a listing | 1 Mil & St p, committee as if it were an underwrit- | G Atil & StP vt ten or syndicated offering? I think so, [ ! & Nwncd). . “Let us regulate and conduct our |CniI'ne Tocl(s). business so_ that the public will repose | {1l KI&Pac6).. in the exchanges that confidence and | Pickasha(3). trust with which we trust each other | Childs(2.40) in our trading and upon which the |CRile Copper(3). whole structure of our trust is laid— | CRF¥ler(3). confidence.” City St B 5% stk Cluett-Pea pf(7) Heard in Financial District. Coca-Cola(§) Dr. Hugh P. Baker, manager of the | ot i trade association department of the ol Fuel& Iron United States Chamber of Commerce, | (o} Soy 15t(4) . . YAl address the National Coal Associe- | coi Gas & K1(5) tion at its annual convention in Cleve- | (o (s hensty land next week. Columb Carb rts J. & W. Seligman & Co. have 50ld | :om Cred(1). privately 5.000 ‘shares of Great Atiantic | com cristpt 6% & Pacific Tea Co. stock, no new finan- ! -om cr pf B(2) cing being involved. CominvTri3.60) The New York Stock Exchange has'com inv (wary admitted to trading General Motors' | Com in Tr pt 615 pew common stock, $10 par, on & When- | Com Solvents(8) The American Railway Express Co. | Congoioum vl has declared the regular quarterly divi- | - dend of $1.50, payable December 31 to | Cons Cers (16). stock of record December 15. { Consul Cgra(7 The protective committee of the Dis- | Con Film pi(2). trict Bankers' Associations, Howard 'ousolGas(s) Moran, chairman, held a meeting yes- onsol terday afternoon. oy he local institute chapter is trying | {ionso to keep this year's expenditures within A (ontainer A 1.20 $24.087. the amount required last vear, | Container B 6oc. The officers are doing some very close | (ont Baking A.. figuring. ! Cont Baking B.. { Am Brown Bov. . fAm Can2), AmCy nr&,‘d\!fi) Am Chicle(3). | Am Drug(soe). . | Am EncauTil(3) ! Am Express(6). | Am & For Pow | Am&For I 24 Am&For Am ide & Le; | Am Home Pr( 1 Am lee(i2 Eugene E. Thompson. Am ]"rr\uh]\c Am Saf Raz(t5). Am Seating(3). Am Shipblde (8). Am Smelting(8) AmS & Rpf(7). Am Sruff(12). Andes Copr 75c. . Archer-Dan(3).. Armour Del pf 7. Armour III(A).. Armour HI(B).. Armour 111 pf(7) Arnold Con & Co Art Metal(1%). AssoDryG(21). Atchison pf(3).. Atl Coast L(10) Atl Gulf & WI.. Atl Gulf pf(3).. Atlantic Ref(n). Austin-Nichols, Aus Cred(4.49) ., Auto Sale: Auto Sales p| Balto & O(6).... Bang & Ar(3%). BankofCom (18). Barnet Leather. Barnsdall A (2), Barnsdall B (2). Beacon Oil. . Belding-Hemwy . Belg N R pf(16). Best & Co(3).... Be:hlehem Steel. Beth Steel pf(7) Blumenthal pf.. Bon Ami A(4). Booth Fisherie Booth Fish 1st Borden Milk(6) . Botany Mills (4} Briggs MfgFCo, British Empire. . BklynUnGas(3) . Brockwy Mot (4) Brockway pf(7). Bklyn-Man(4). . BKlyn-Man pf(6) BrownShoe(21; ) Brunswick B(3) runswick Ter.. Bruns Term rt; Bucyrus(1)..... Bucyrus cv(23) Buff R&P pf(6). Buff & Susq..... Bush Term(g2). Bush Ter de(7).. Butte Cop & Zine Butte & Sup(2). Butterick Co. Byer & Co. Calu & llecla“) Can Dry (t4%). Can Pacific(10). L‘z-nt Auoy' 2)... Century Rib M. . Cerro de Pas(5) . (.‘eruln»’l‘eedu) Chandler-Clev. ’( “handler-Cl pf, }f‘hei& thlHI) C& O Corpu(s).. Chi & Alton. . hi & Alion pf. . 1 Chi & Kast 1l | Chi & East 11 pf Genera] Bronze Earnmgs NEW YORK, November 10 (P).— Earnings of the General Bronze Cor- poration of Long Island City, N. Y., in the third quarter totaled $242,555, equal 1o $1.35 a common share, zgainst $166,- 400 or 94 cents a share, in the precsding | Caba Cane quarter and $94.291, or 53!, cents, a | Cuba Compa share in the first quarter. (& nAmS), udahiy Pkg(4). urtiss Aeror1). Cuashmann pf(8) Cuyamel Fruit. . Coty Inc (8) CrownWPIstpi7 rucible St1(s). New Building Record. NEW YORK, November 10 (). — building and engineering work tracted in 37 Stales east of the Rocky | Deere&Co pf Mountains during the pas: month was | hel & Hud(9) .. the highest October conirzct total mH De) L& WiiT). record, F. W. Dodge Corporaiion re-|nen RRG Wn pf.. ports. Last month's total of $597, 103- Detroit Ed(8) 500 was 3 per cent ahead of September | Detroit Ed (rts) and € per cent above Cciober, 1927. Devoe A (73.20 ‘The Central West was the only district showing a decrease. ow | | con- | Davison Chem. . Dome Mines(1). 4 (2 Ahumada Lead.. ' Open. High. Low. Close. 9 39 39 Aoitibi Po pf(8). 614 B 82% 8y Bia SN, Allis-Chalm(7). 1 1394 61 51 45y 9012 1015 17314 126 700 28 188%, 4 5 61 22 52 14 457 9974 96 398 105 92!% 1% 8% 84 405 300 17 70 680 29% 52% 50 21% t5‘/: 101 59 67% 107 9% 10% 42% 158% 98% . 1218 46% 9% 220 47% ). 100 400 425 Cen Ry NJ(112). 333 21 1044 32 19% 26 195 W 1 135% 50 53% 637 127% 103% 130% 97!- l.‘{'/y 221 B8% 25 74 9315 26Y% 82hy . 100 T6% 11 39 T 91 £y 30314 99y 81 5 16% Devoe&R 15t(7). 6% 6l 3 3w 82% R2% 8% 84 10 234 11% | Blec P&LL pf(7) o 19% 68 140% 139% 61 61 173% 1721, Bl 501 451 45 907 90°; 1013 1013 1 9% 188% 187 172 1718 14 46 100 14 441y 997y 96% 95% 394 39 106' 105 921y 924 17% 1T% B 84 41 u 30% a 56‘5 195% 104 104 168 169 48% 487 61% 61% 56% 55T 6l 61 13 36 117% 49 195% 1943 104 170 48% 617n 117% 116% 1 70 680 680 20% 20% 52% 51% 51 50 21% 21% 43% l6‘a 101 101 50 59 68 67 107 107 9% 9% 10% 105 42% 42% 15815 152% 98% 97 5% 5% 3% 31 121% 1204 468, 45%, T T 236 230 4T 4Ty 100 100 402% 400 42% 106 B2% 194 26 26% 200 1% 1% 136 135 50 48% 6% 53% 64 635 128% 127 104 103% 131% 129% 97s 97 97% 96'& 26% 26% 1334 133% 222 88% 264 221% 88 820 100 175 B8O, B06% 302 991, 99 81 80 5 5 161 164 23t 23 167 17 68 67% 1381y | M 115 S‘k Bh THE EVENING STAR, 'WASHINGTON, D. C.. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to.The Siar Office. Drug Ine(4).. Dunhill Int(4) Dupont(713.50) . ‘l'q Du Pont deb(6). 119 Eastman(18). Eaton Axle(2) Eisenlohr&Bro. . Eitingon(213)... Eitingn pf(615). 111% Elec Auto L(4).. 109% Electric Boat. 11 ElecPow&Lt(1). 39% 107% Elec Stor Bat(5) Flh Horn Erie 1st pf Fureka V(fl2).. Fairbanks Co pf. Fairbanks(3). FairbankMpf (7) Federal M & Sm. Fed Light pf(8). Fed MotT(f80¢c). ats(11g). Risk Rubber Fisk Rub 1st ! Fleischmann (). | Florsheim (4) { Foundution Co “ Film A(4) | Preeport (1612 jE N Ee) = Gabriel Snub A, Gardner Motor. Gen Am Tnk (4 Gen Asphalt. Gen Bakg pf( Gen Cable....... Gen Cable A(4). Gen Cigars(4). Gen Elec(15 Gen Motors 1915 Gen Mot (New). Gen Mot pf(7).. Gen Outdr Ad(4) Gen Ry 8ig(3). (ien Refrac * | G!mbel Bros. Gillette § R(cs). Glidden Co. . Goodyer (rtx).. Gotham(3215).. Gotham n v 1234 Graham-Paige Granby-Min(4). . | Grand Stores(1) 13 | Grand pe(61s). Grant W T (1 Grasselii (2.6 Grt Nor O(1%). Grt Wn Sug 2.80. Grt Wn Su pf(7) Greene Capa(4). | Guantanamo Su. Gulf Mo & Nor. . Gulf Stat Stl(4). Hacknsk W (1%) Hanna 1st pf Harb & Wal . Hartman A(2). Hartmn B(1.20). Hershey pf(4).. HockingVal(10) . Holind Furnace. Hollander & Son . Homestake (7). Hopuston Oil. .. Hbwe Sound(4). Hud Man(2%).. Hudson Mot(5). Hupp Mot (12).. Ind Ol (1%).... Indian Mot(13%) Indian Refining. Indian Refg ctfs Ind Ref pf(7) Indust Rayon. Ingersoll #(15). Inland S(k76%). Inspiration Cop. InterboroRapTr. InterconRubber, Internat Agri... Int Ag Ch pf(7). Int Bus Ma(5)., Int Cement(4). Int Com Eng(2), Int Harv(j6).. Int Harv pf(7) Int Mer Mar pf Int Nickel (3)... Int Paper(2.40). Int Paper pf(6). IntPap cfs(2.40) In Pap pf cfs(7). % | Int Preg Ink 2%, Int Ry Cent Am. Int Ry CA pf(5). Intl Salt(5) Int Te! & Tel Intertype(11). Jewel Tea (15).. Johns-Manv(3) . Johns-Man pf( Jordan Motor Kan City South.. Kayser J(5). Keith-Albee. lly-Spring Kelly Tire 6%pf. y Tire 8% pt. vinator Corp. Kinney (G R). Kinney pf(s) Kolster Radio., Kraft(g1g). lu esge(i1.60 sge Dept §.. }ueuxu & Toll.. Kroger Gro(el). Lago Oil. ... Lambert (16%; Lehigh PC pf LehighVal(3%). Lehn & Fink(3). Life Sav(1.60).. Lig Myers¢t5) Lig & Myrs B 15, Lima Locomtve . Liq Carb (143). Loew's(13) Lott. Long-Bell(A). Loose-W (1.60) Loose-W 18t(7 Lorillard Co. Loritlard pf(7). Louisiana Oil. Louis GasA 1.7 Louis & Nash(7) | Ludlum St1(2).. McAndrews 2.60. McCall Corp(3)., McCrory A(2)... 1 ory B(2). McKeespt Tin Pl Mack Truck(6).. Macy Co (2). Mad Sq Gar(2).. Magma Cop(3) Mallison & Co. Manati Sugar Manati Sugar pf u|n|) tin-Parry, Mathieson (6) . ; Mayatg (1%). Melviile Shoe (i) Mengel Co. Middle Stat Mid States ot Miller Rubbe: . Minn & St Louis. Minu SIP&SSM . M SUP&SSM pf. Mo Kan & Tex. Tex pfi7) Pacific souri Pac pf. fohwk Car 2 Montgmry W Moon Motor. ... { Mother Lo(30c). I Motor Meter A. . 8% Motor Whi(f23: 180% 108% 100 Ill'a 438 119 185 58 20% 126% 34 129% 1084 99% 59 8% 119 Munsingwr (3). . Murray Corp. t Dept Stores. Nat Distillers. .. Nat Knamel &S. Nat Lead(5).... Nat Pow&Lt(1). t Radiator. . Nat Ry Mex 2d Nat Supply (16 Nat Surety(10). vada C(1%) Y Air Br(3). N Y Central(8) NYC&StL(§ N Y CStL pf(6). N Y & Harlm(5) NYNH&H (2). N Y Ont&Westn, Norf & Wn(10) NorAm b10% stk North Pac(5)... Nor I'ac efs(5) Nunnally Co. . « | Ol \v-nsupnly. Oil Well 8 pf. Omnibus. OppmCollins(f4) Orpheum pf (8).. Otis Blev(17)... r'.u- Coast 2d pf. Packrd M 15 Pacific Mills. Pac Tel & Tel(7) Pan-Am Petrolm Pan-Amer Pet B. Pan-Am Wn B.. Panhandle. Panhandle pf. .. Paramount-Fam Park & Til(13).. Park Utah (80c) . Pathe Ex.... Pathe Ex(A) Patino M(2.92).. Penick & Ford. . Penn Dixie Penn RR(315).. People’s Gas(8). Pere Marq(i8). Pere M prior(s). Phila Co pf(3).. Phila & RC &1, Phil Morris(1).. PhillipsPet(11%) Phoenix Hosiery Plerce-Arrow. .. Pierce-Ariow pf. Pierce Oil Pierce Oil pf. Pierce Petrolm Pillsbury (2.10) Pitts Term Coal. Pitts&WVa(6).. PortoRicoTobA . PortoRicoTobB. Postal T&C pf 7. Postum(3)...... Pressed Stl Car. Pr Stl Gar pf(7). Produ & Refinrs. Prophylac(i33) Pub Serv NJ(2). Pub Serv pf(6).. Pure Oil (1). Pure Oil pf(8).. Purity Bak(3).. Radio Corp. ..... RS Cefs(4). ReadingRy (4). . Real Silk Hos Reis 18t pf(7) Remingtn-Raud. Reo Mot (11%).. Rep L& S(4).... Reyndlds Spngs. ReynldsTobB RhineWstphalia Richfield O11(2). Rossia Ins(5). .. Royal D(a3.222). Rutland pf...... St Jos Leaa(13). StL & SanF(18) . StL&SunF pr(6) StL&Southwest. Savage Arms(2) Schulte (31%).. Soab Air Line. Seagrave(el.20). Sears-Roe(121%) Seneca Copper-. .. Shattuck FG(2). Shell Un(1.40).. ‘| Shubert The(5). Simmons Co(3). Simms Pete. . Sinclair Oil. Skelly Oi1(2 98% | Sloss-Shef (6)... 1 Snider Packg Co. Snider Pkg pf. .. 8o Po Sug(f2%) South Calif Ed. . South Dairies A. South Dairies B. South Pac(6)... South Ry (8). South Ry pf(5). SouRyM&O cfs 4 Spang Chalfnt. . Spicer Mfg..... Spiegel Co (3).. Std Com To(f1), SG&E (33%). W1Std G & E pf(4). Std Milling(5). . Std Oil Cal(2%). StdOIINJI(t1%), StdO!{INY (1.60). Std Plate Glass Stantey Co. % | Stewart-War(6) 2% 921 18%2 a8t | Strom Car(2)... Studebaker(5). . Submarine Boat, Superior Oil. ... Superior Steel. .. Telautogh (80c). Tenn Copper(1). Texas Corpn(3). B xasGulfSul(4) Texas & Fac(5). Tex Pac C & Oil, Tex Ld Tr(new). “Thatcher Mfg. .. The Fair(2.40). . Thomp J R(3.60) Tidewater AsOil TidewatrO (80c) Tide W Oil pf(5) Timken(t5). ... Tobac Prod (8).. Tobac Prod A(7) Transcont Ofl. ., Trico Prod (2% ) . | Truscon Steel. Undwd-El F m. Union Carb(8).. 0il Cal2) Union Pac(10). Un Pacific pf(4). U'td Biscult 1.60. Utd Clgar 8t(1). Utd Elec Coal. .. Utd Fruit(t5%). ‘U 8 Cast Ir Pipe US CIP 18t 1.20. U S Distributing 'S Distrib pf(7) U S Hoffman(4) U 8 Alcohol(5) USIndAleo pr(7 18 Alchohol 1ts U'S Leatlier U S Realty(4). Rubber U S Rub 1st pf.. U Smelt(33%).. ULS Steel (7). U S Steel pt Uni Leaf Tob' Uni Pic 15t pf(8) Univ Pipe & Rad U'tah Copper (8) Util P&L A(e2). Vanadium (4).. Van Raalte. ..., o | Vick Chem(4). .. Victor Talkg(4). Vietar pr pf(7) “aro Chem. . Det pf(7) Wabash. . Waldorf (115 Walworth (1.20 ard Baking B. Warner Bros Pic Warner Pic A... Warner-Qu(2).. Warren Bros(4). Open. High. 86% 85T 52% 54 111 117T% 53% 18 15% 157% 65 42% 150 Low. Close. 130% 4Ty 397 80 SATURDAY. OVFVIBER 10, 1998, By the Assoclated Press. LONDON, November 10.—A hotel | waiter was the medium used by William C. Durant, prominent American stock operator, in putting over a $6,600,000 deal in General Motors during his re- cent visit here. Durant was in almost daily telephone communication with his New York brokers throughout his European trip a telephone extension in his bedroom at a hotel. One day this telephone extension broke down. He was resting in bed and, not wishing to get up, rang for a waiter. He instrucied the waiter to telephone the Regent street stock office, which deals in American stocks after | the London Stock Exchange has closed, and to instruct the office, in Duran name, to buy 5,000 shares of General and did much of his stock business over | DURANT ASSISTED BY WAITER IN MAKING $6,000.,000 STOCK DEAL | Motors stock. The waiter carried out | these instructions, and when the pur- chase was confirmed, returned and told | Durant that his orders had been car- ried out. “Fine,” said Durant, “tell them to buy 10,000 more.” Again the waiter telephoned. “Fine,” said Mr. Durant, 15,000 more.” Altogether the waiter purchased 30,000 shares for Mr. Durant. which at a value of around $220 each brought the deal to $6.600,000. “order York Stock Market every fifteen min- hours each day that the New York market was open. Quotations on 50 to 60 stocks were received and decoded by a clerk who travels with Durant for | this special purpose. STOCK PRICES SOAR INWAVE OF BUYING Operations for Rise Carry Favorites to High Levels. Radio Feature. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 10.—Unre- strained and unrestrainable speculation for the rise went on at a furious rate during today’s two-hour session on the Stock Exchange. When one trading | medium faltered another would be taken up and the excitement was never allowed to die down. All the ordinary warnings were disregarded. Probably the market's salvation was its breadth. A break in one part of the list did not necessarily mean reaction in other parts of the list. The ticker was swamped again in a fruitless effort to keep up with trading on the floor. Naturally interest at the start centered on Radio, because of its sen- sational gyrations in the closing quarter of an hour yesterday. The stock left off at 250°and opened today at 256, thence rushing up 10 points or so before reacting. Temporarily at. least, Radio seemed to have exhausted its possibilities in the way of a sensa- tion. Rail Stocks Active. Montgomery-Ward was not so handi- capped. The demand for this’ stock acknowledged no limit in the matter of price. At the close yesterday it was 41 points up on the week. Before today's session was half over it had sold just under 398 for an additional gain of fully 14 points, ‘The railroad stocks furnished their share of the features. Canadian Pacific jumped over 10 points to the highest since 1913. Union Pacific, crossing 219, was higher than ever before in the his- tory of the company, surpassing the previous record established in 1909. There was nothing new about either of th2se companies that had not been known all along. General Motors was moderately high- er. Dealings were begun in the new stock on a when-issued basis. The first transaction was 20,000 shares at 89 to 89'>. Packard was the leader of the indépendent motors, selling well above $100 a share and at a new record high. United States Steel opened unchanged and did little during the early morn- ing. Vanadium monopolized attention in the steel list. Responding to buying of the same sort that had been coming into the stock for the past two days, it crossed 100.in volume. Other new high records at one time or another during the day included Westinghouse Electric, Electric Storage Battery, Liquid Carbonic and, among the oils, Barns- dall “A,” Standard Oil of California and Transcontinental. Virginia Carolina Chemical common and preferred both bettered their previous tops. Tape Again Late. ‘The tape was 45 minutes late at 10 minutes before the close, and although there were moderate recessions here and there the important changes were still on the side of advance. Montgom- ery Ward touched $400 a share in the final dealings and General Electric reached 185, the highest price on rec- ord for the present shares. Wall Street Briefs Sufficient common shares of the Puget Sound Power & Light Co. of Seattle have been deposited or pledged and sufficient preferred #tock proxies filed to effect consummation of the plan for Engineers’ Public Service Co., Inc, to acquire control of the com- pany, it was announced today by Charles W. Mellon, president of the Engineers’ Public Service. The new National Metal Exchange will begin trading December 3. Trad- ing will at first be limited to tin fu- A {tures, but may be extended to other nonferrous metals later. It is the first exchange of its kind in America, and has as its only rival the London Metal Exchange. Price fluctuations in tin will be limited to 5 cents per pound in either direction on any one day. Financing through real estate bonds, debentures, collateral trust obligations and land trust certificates totaled $68,- 007,900 in October, a loss of 4 per cent from the same month a year ago and 2 per cent from September, S. W. | Straus & Co. announced. For the 10 months’ period the par value of issues offered was $723,762,587, compared with $66,364,600 in the corresponding months of 1927. The number of is- sues decreased from 902 to 790 for the period. The Canadian National Railway has | ordered 10 buffet parlor cars, 300 flat cars and 500 ballast cars. Canadian Pacific Railway has ordered 2,500 box cars, 50 express refrigerator cars and 200 automobile cars. . High. Low. Close. 32 32u 99% 99 1083 109 444 Warren F&Pipe. W Penn El pf(6) W Penn El pf(7) West P Po(6). .. West Maryland. West Pacific. ... West Pacific pf. West Union(s Westhse A B( Westinghse(4). Westhse 1st(4). 115 Weston Electric, 2 26% White Eagle(2). 4 White Mot (1) 108% 109 44% 31% 57 196% 45% 120 <Ol & G\ Willys Ov(1.20). Wilson Co pf A.. Woolworth(3). . Worthn Pump Worth Pump(A Worth Pump(B) Wright Aero(2). Wrigley(13%).. Yale&Twne(i5). k 9574 Dividend rates as given In the above table are the annual cash Dayments hased on e latest auarterly or half-vearly declarations. * Unit of trading less than 100 Plus 4% in stock. ck.' ¥ Plus 1/25 in stock. rewulnr rate. b Pay- s, Ops 0, stock. vable in cash or 1 "tock. ly stock. 17120 an x Plus Plus [ d Pay- | Dresdner BETTER OYSTER CROP REPORTED IN MARYLAND Special Dispatch to The Star. BALTIMORE, Noyember 10.—Oys- ters arriving here so far this year are | bigger and better than in the past several years, according to Jere L. Boyd, harbor master at the oyster dock. They are fat and free of mussels, he said. More than 60 vessels have brought oysters in the shell to Baltimore so far this season, principally from near- by Holland Point, the harbor master stated. As colder weather sets in they will come from more distant points as_well, he added. The bivalves are bringing a good price, $1.35 and $1.40 being paid for a bushel. Most of the boats that have arrived so far have brought from 300 to 500 bushels each, but with colder weather the larger craft, bringing about 1,800 bushels, will arrive. The weather Maryland has experi- | enced held back the trade for its dura- | tion, Mr. Boyd declared. He said one dealer had to throw away 300 gallons due to an unscasonably warm spell. CHICAGO LIVE STOCK MARKET CHICAGO, November 10 (United States Department of Agriculture).— Hogs—Receipts, 60,000 head; mostly steady, with Friday’s average; top, 9.45, paid for a few loads of choice 220 to 260 pounds; shippers took 8.00; esti- mated holdover, 2,000 head. Butchers— Medium to choice 250 to 300 pounds, 9.00a9.45; 200 to 250 pounds, 9.0029.45; 160 to 200 pounds, 8.75a9.45; 130 to 160 pounds, 8.40a9.25. Packing sows, 8.15a8.70. Pigs—Medium to choice, 90 to 130 pounds, 8.25a9.00. Cattle—Receipts, 500 head; compared with a week ago, weighty fed steers 1.00a1.50 lower; choice yearlings steady to strong; Western grass steers and grassy natives along with stockers and feeders, 50a75 higher; vealers 50a75 higher; all heavy steers grading com- mon to strictly good at new low prices | for the season; top vearlings and light steers above 17.00, only specialty; bulk steer run short-fed heavies. Extreme | top prime yearlings, 18.10, several loads 17.85a18.00; best heavies, early, 17.60, a few above 16.00; bulk, 13.50. Exces- sive supply of steers scaling over 1,200 pounds, along with sluggish dress mar- ket on heavy chucks and hinds, upset the steer trade. run mostly direct); for the week, 17 doubles, from feeding stations 8,000 direct; fat lambs closing 1.00a1.50 higher; practically all grades sharing in the advance; fat sheep around 25 higher; feeding lambs strong; late top native fat lambs, 14.40; fed Westerns, 14.25; fat yearlings, 11.50; fat ewes, 6.75; feeding lambs, 13.35. Bulk prices for week: Fat native lambs, 13.00a14.00; fed Westerns, 13.00a13.75; native throwouts, 10.00a11.00; clipped lambs, 11.85212.00; yearlings, 10.85a11.00; fat ewes, 5.00a6.50; feeding lambs, 11.50a 12.75. POTATO MARKET STEADY CHICAGO, November 10 (United States Department of Agriculture) — Potatces, receipts, 79 cars; on tracks, 406 cars; total United States shipments, 721 cars; trading rather slow; market about steady; Wisconsin sacked round whites, 80a90; fancy shade higher; Min- nesota and North Dakota sacked round whites, 75a80; sacked river Ohios, 95; Idaho sacked Russets, 1.60a1.75; occa- sional fancy higher. Seat Sale Equals Record. NEW YORK, November 10 (#).—A | New York Stock Exchange seat was sold today for $480,000, cquaiing the record price 2nd $5,000 above the previous sale. This is the fifth seat o b2 sold since the first of the month. The lowest price paid this month was Slbll 000. U. S STEEI. REPOBT NEW_YORK, November 10 (Spe- cial) —The unfilled tonnage statement of the United States Steel Corporation as of October 31 given out after the close showed an increase of 52,662 tons. The toial was 3,751,030 tons, compared with 3,693,386 tons on September 30. SILVER QUOTATIONS. NEW YORK, November 10 (#).—Bar silver, 58; Mexican dollars, 4775. U.S. TREASURY RECEIPTS. Treasury receipts, November 8, $4,476,- 721 cxpendiiures, $7,563,904.50; bal- ance, $171,683,379.71. . ; DIVIDENDS. Regular, - Hldrs. of Compai Rate Am Taundry Macli.: Associated Gas & e I, L5 cn\ Ied's Fuei(Cley) T pi 6213 Crossu r“ E'ntk\\rll 7 Jan 2 Nov 30 Nov 30 Nov 10 Dec 1 Nov It Essex Gen Moto Do Do §5.50 pf....3 Homestake Mining. Inter Sec of Am A % Mmer u\ Do Pmnnuq P‘lo 6 stina ‘Gas Mms Plxiec” vt 1 23 o DODDDDDDDDSDDDBDDOgflDDofl g7 Essex g g Cu‘m ) £ 4 | Gen Motors. .- Dec 15 oie G Novis Decreased. New Market Mfs.. snu Q Nov 15 Nov 8 GERMAN BONDS AND STOCKS. ecial Dispateh to The Star. NEW YORK, November 10.— Bid. 55.00 Asked. wh 60.00 fed Loan Wil ¥tts e 11000 &M 40,00 "mumm in“Goliars er milio, marke Ger Govt Red Loan with draw cufs att per 100 R 5 rupp | Dusseldorf 45 pr Frankfort ) Pl”flf 3 Farben Reriines Sandots Bank Deutsche Bank EG ~<‘.m Elec) arstadt Austrian Rudolbh When Durant sailed from England he | arranged for quotations of the New ! utes by wireless during the entire five | Sheep—Receipts, 5,000 head (today's | FINANCIAL. RADIO MEN SEEKING END TO MERGER BAN By the Associated Press. NEW YORK, November 10.—Wall Street is looking—if not cheering—for congressional action during the coming session along lines which will serve ‘o lower the barriers raised by the White act against merger of wire and wireless communication services. Not only have recent conversations between official of the Radio Corvora- tion of America and the Western Union Telegraph Co. on the subject of a merger indicated the possibility of early action to modify the law, but merger of British cable and wireless companies earlier in the year created a situation which American communications ex- perts have declared make competition difficult under existing legislative re- strictions. In effect, the existing working agree- ment between American wire and wire- less services, whereby each supple- ments the other in sections and lanes of communication not open to both, provides virtually every benefit of a merger, with the possible exception of unified control and distribution of profits. Both the Western Union and Postal Telegraph companies accept at their various offices messages to be sent over Radio Corporation wireless chan- nels, while' radiograms from foreign countries are picked up at the coasts for delivery inland on the wires. We Will Buy or Sell Guaranteed First Mortgage Real Estate Bonds Realty Investment & Securities Corp. 807 15th St, PHONE MAIN $61—MAIN 863 | COMPLETE FINANCING 1st & 2nd TRUST MONEY On homes, apartment buildings and business properties. No apprai- sal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 CLARK,CHILDS & COMPANY 120 Broadway New York, N. Y. WISH TO ANNOUNCE THE OPENING OF THEIR WASHINGTON OFFICE AT 1508 H STREET NORTHWEST MEMBERS NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK EXCHANGE CHICAGO BOARD OF TRADE CHICAGO STOCK EXCHANGE Telephone Metropolitan S0o0 JAMES SLOAN, Jr, Manager APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the Disitict of Columbia and adjacent suburbs in Montgomery and Prince Georges Counties, Md. 5% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA 1001 15th St. N.W. Main 8100 Che STORY OF THE METALS Aluminum LTHOUGH aluminum in combina- tion is the third most plentiful element in the earth’s crust, me- tallic aluminum never existed alone until Wohler reduced it with metallic potassium a hundred and one years ago. Even half a century back its price was prohibitive—two hundred and fifty dol- lars and more a pound. But improved methods have produced aluminum at a few cents a pound. To- day it is used in kitchen utensils, cam- eras and opera glasses. Its rare combination of lightness and strength make it ideal for airplane framework, and, indced, the success of long-dis- tance flying is due in great measure to the production of low-cost aluminum. Its compounds go to form china and porcelain, bricks, tiling and cement, baking powder, medicines and dyes. In this, the last advertisement of its series on the Story of the Metals, Swartzell, Rheem & Hensey Co. makes no attempt to feature the arguments in favor of its 67 First Mortgage Notes. But we invite you to write to us, telling your opinion about this series of advertisements, just as you write to your radio station. And if, in addition, you desire information con- cerning our investments we will be glad to send it to yo SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W./ WASHINGTON D.C.