Evening Star Newspaper, December 10, 1928, Page 14

£ S FINANCIAL. THE EVENING STAR,. WASHINGTON, D. C., MONDAY. DECEMBER 10, 1928. Buck & Company BROKERS “Established 1916 Stocks Bonds Grain Cotton Write or call for weekly market letter. No obligattons BUCK AND COMPANY Evans Bldg. 1420 New York Ave, Franklin 7300 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Real Estate Loans Prevailing interest rates and com- missions. Prompt replies to all ap- plications. We can’ assist you in refinancing Thos. E. Jarrell Co. Reaitors 721 10th St. Main 766 Mortgages Investments JAMES Y. PENNEBAKER Main 5328 1520 K St. N.W. isher & Company, Inc. Securcd by First Mortgages Safe-—Conservative Make your savings 41 Years' and surplus funds work for you at ]l‘_-p(\“icnce the highest inter- est rate consistent " with absolute safety. Wm.H Saunders Co., Inc. REALTORS Main 1016 1433 K in financing homes and i the sale of these se- curities. We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company * 900 F Street 620 17th Street Fairbanks(3)... FedLight(h1.40) Fed MotT(f80c). Fidelity-Phoenx First NatSc1%g) Fisk Rubber. ... Fisk Rub 1st pf. | [ ' Received by Private Wire Direct to The Star Office. Oven. High. Low. Close. { High. Low. Close. '“gkm( TinPl 70% | Abitibt Pow (4). 457 4% 45" | contl Can (m)... 537 54% | McKes&Ro 1.60. Abrahm&Straus 102% 102 102% ; Contl Mot (80c) 16% | Mack Truck(6). R Abr&Strasi %pf. 111 111 111 |CornProct3t). 8 87 | Macy Co (2).... 1 Coty, Inc (123 ) % 67 |Mad SqGar(2 : S “ Adv Rumley pf. 1% 50 CubaCaneSugar. Mallison & Co Section—Business Brisk |ahumada Lead.. 4 3% 3% Cuba Cane Su pf Mandel(2%) f : Ajax Rubber. 5% Cuban Am S(1). Man EI Sup rts in Washington Area. Ska 8% Tu | Cuban Dom Sug. Man Shirt(2) 229% 222 Curtiss Aerot1). Market St prio Allis-Chalm 151 148% Cutir-Ham(3%) Market St pf. Member banks decreased their redis- | Amerada(z 3 37% 35% Davison Chem.. 53% 55% Marlin-R(73% counts at the Federal Reserve Bank of | A A% 21 19% Debenhms(2.91) 38 38 SRR Richmond from $50,666,000 on October | Am Bank N(13). 118% 117% Del L & W(17) May Dept Sc4) 15 to $42,436,000 on November 15, re- |Am Bk N pf(3).. 60 fgn, 60% Pen RG Wn pf.. 55 Maytag (12) f indebtedness as a result of crop market- | AM Bosch...... 87 ~ 38% 364 Detrolt B4 (scs) 18" 18" o ing. According to the Reserve Bank’s | Am Er Sh(j1.60) 424 42% Devoe A (13.20). 54 54l Am Brown Bo pf 50 49% . Mexican Seab. .. crease in rediscounts was among coun- . X > Dodge Bros pf 7. 106% 106% try banks chiefly, the city bank bor-| AMm Can (14).... 98% 965 Dome Mines(1). 8% AR Am C& F pf(7). 121 121 o Middle States. ., creased somewhat during the month Dunhill Intcd 8216 86% i 5, under review. A greater demand for | Am Chicle (2) 451 44% Dupont (118%). 460 463 O A 60c) . 1% 11% Minn & St Louis keting and the opening of Fall retail | Am Drug (60c) % Oaton eI, ek sh 68 Mo Ran & Tex. . trade raised the circulation of Federal | At KucauTilis) KB Einenlohr&Bro,. 75 154 T0% u 3 x i Am & For Pow.. 621 Missouri Pacific e seier s | AMEPeBo LE(e) 101 o Hitingn pf(8%). 107 107 107 Mo Pacific pf(5) otal earning assets of the Richmon y Elec Auto-Lf4% 113% 113% 110 M he :For P2d 7. 7 51 ontgmry 1 from $70,224.000 at the middle of Oc, R R D ErecPow&Lt(1). 393 30 Moon Motor. ... r to $71,700,000 at the middle of . 294 Elec P&LL pf(7) 106% Mother L (4 4 otion Pic Corp bankers' cceptances purchased in the | 41 fi‘:'('"'zl;:,m Elk Horn....... Motor Meter A.. open market exceeding the reduction in o Em Brantgm(A) M Prodiz). Al Fr&. lotor (12% P e s Al s ol Eug Pub Ser(1). Mullins Mfg. ... rom $67,799,000 on October 15 to $68,- Eng £u S pf(5). M % A Machine (5% 163 1624 2 urray Corp. . . Cof|AmM P& L (1., % % Nat Acme(sta). . Y e ot lAmpéaLeprd. asis 7o ol Nat Bellas Hess. Am low pf(sta) 8215 82% Nat Bise pf(7).. Incranacin. Federel feseize. hote Gich. | Am Radiator(s) 15 1w Nat Cash R A3 Am Ry Ex(6)... 4 135 131% Nat Dept Stores. fi:’?'fs.&i“i.&'??fi? e T s | Am Republita... 60 564 Nat Distiliers. .. NEW YORK STOCK EXCHANGE Avitibt Po pf(6) 86 86 Cont Insur6) 80% 84% | McKsn pf A 3% Bankers to Form Auditors’| At imers.:: %o *5 “i “3iu | Grosivie serins. 81% | Magma Gopts) Air Redctn (13) 85 0 Cuba Company. Man Ilee Sup) 24% 231 Cudahy Pkg (4). Maracaibo Ol . BY EDWARD C. STONE. Ama! Leather 0% 10 Cuyamel Fruit.. 56% B56% Marlan Oil. Am Agri 56% 67 64% Del & Hud(¥). .. Mathieson(6) . flecting Fall liquidation of customers’; 4m Beet Sugar. 16 Detroit Ed(8). . Maytag pfas). .. Monthly Review just published, the de- | A™ BrownBov. 131 13% 13% Diamond M(19). 166 166 Astroc R C 80) rowing at the reserve bank having in- | AMCar&kdy(6). 91 925 91% Drug tneit). s 215" 118 g Santinentae Currency i1 Gopneetion with trop mar | Am Chicprpf(h) 11l 11" 111 i ot e M'ller Rubber. .. reserve motes from $69,896,000 on Oc- | AM Express(6). 26 268 A R T Mo K&Tex pf(7) Reserve Bank increased slightly, rising | Am&ForP pii7) 107% 107% Bt e Mohwk Car 23 . November, an increase in holdings of | Am Hide & L pf. Elec Stor Bat(5) il rediscounts, Am Internatl(2) Bademn Motor Prodi2). . 206,000 on November 15, a daily fluctu- | A% Loco pr(?).. 112% 112% EQuIc BIAR(S) Munsingwr (3) of less importance, raised the cash re- | Am Nat Gas pf7 9T 97 Nash Motrs(16) . dle of October to $83,610000 at the | AMPo&Lt pt(6)) 102ts 102 Natl Riscuit(+7) lation lowered the ratio of cash reserves | Am Rad pf(7). .. 14215 142% Nat Dairy (13). Nat Distillers pf At the midddle of November, 1927, the Am Seating(3).. | to 55.69 per cent on November 15, 1923, | Am Saf Raz\13) 66% 67 ~ 66% 36% 354 4 3 Fisk R 1st pf ev. Fieischmann(3). Nat Enamlg (1). Nat Lead(b). ... | Faber, John E. Benton; Anacostia Bank, —— REAL ESTATE NOTES Secured by First Trusts Conservative Appraisals Chosen Locations 6% Interest | WWEAVER BRO REALTORS 809 15th Street N.W. Oldest National Bank in District of Columbia You'll Give with Real Foresight —if you open a “Metro- politan” Savings Ac- count for that son or daughter, this Yuletide. {ISuch a gift spurs a boy or girl to greater en- deavor—teaches the es- sential lesson of thrift— brings them in contact with a bank, which will prove a helpful ally in the years to come. {One Dollar or more will open a savings ac- count here. 3% on Savings National Metropolitan 1814 Bank 1928 15th St., Opp. Treasury' & Com. 4 Federal Reserve Bank of Richmond held | 4™ Ship rediscounts for member banks amount- | 4™ SHiPblds(8). o ing to only $20,535,000, compared with | 4™ Smelting !t o 187 187 42,436,000 held' on the corresponding | AT S & R p(D). 205 208 date this year. Federal reserve notes |4 SEVItiZ). . 207 5% 57% in circulation & year ago_tofaled §76.- | AM SU Fdva(3). nie 500,000, compared with $79,566,000 on | {7 SILEY P¢ Bl 1o November 15, 1928. Total earning as- i i p(7). 105% 105% sets of the Richmond bank, which|4™ sug“(p ‘3)' 53% 63 amounted to $80,522,000 on November {1 FUmaira (S) 8% 17% 15, 1927, and $71,700000 on Novem- | T, ¢ /el gy 1870 186 ber 15, 1928, were higher last year than | {7 1€} & Teld8 178% 170% this, due to’larger holdings of bankers' | {7 SACCH 53 173% 170 acceptances and Government securiies | A7) 1045 (8- 115 118 in November, . 3 Member bank rserve deposits declined 213\'5{:5'2?:21 4 l‘;’l o the year from $75,065,000 0y woolen. Florsheim (A).. Folansbee (2).. Foundation Co.. Fox Film A(4).. Freeport (163). Gabriel Snub A.. Gardner Motor. . Gen Am Tnk(4) . e Gen Asphalt.... 71% 3% 7L N CEL Iy g:n ssph pLs). 2 2 N ¥ Dock. ien Cable...... 8 2 3 3 N o N Y & Harimi(5) Gen Cable A(4). NYN. Gen Cigars(4).. o62% 63% li‘{"::ffl:’:‘:“l’l) Gen Blec(15)... 181 182 J v Ly GenEfec sp(60e) 11% 11% e T 6313 Gen GasA(ol%) 69% 70 ) during North Am pf(3). $68,206,000. The changes in the state- Gen fce Crm(3). 981 98 NorAm Ed pf(1) ment during the year raised the cash S Gen Mills (3)... 179% 80 No Germn Lioyd Teserves of the Federal Reserve Bank 4 g GenMotors toth 192 198 Nortn Pac(5). of Richmond from $74,024,000 on No- | AT TP Pfefs Gen Mot (New). 78% 78% 5% | Nor Pac ofs(5) vember 15, 1927, to $83,610,000 on No- [ AT Z40C- - ...« Gen Mot pf(§).. 109 109 Norwalk Tir vember 15, 1928, and also raised the|ynGeltcr Ha e A% 45 Gen Mot pfi1).. 124% 124% Nunnally Co ratio of cash rserves to note and de- pE Shcs A 42k GenOutdrAd(2). 33 33 posit Liabilities combined from’ 47.52 per | Archer-Dand). 981 95% Gen Qutdr Ad (4) Ot Well Supply. ent to 55.69 per cent between the mid- | 3mour Del pf 7 92 92 Gen Ry Sig(5).. Omnibus. ...... e = s -l Armour I11(A).. 15% 15 Gen Refrac(s).. 12 13 OppmCollins(£4) dle of Not T last year : Armour I1I(B).. 8w ™ Gillette S R(c5). 112% 113% O ona L e Auditors’ Section to Be Formed. Armour 111 pf(7) 823 8244 G'mbel Bros..., 46 49 Otis Steel...... This District Bankers’ Association will | 477014 Con & Co 41% 39% Glidden (11%).. 30% 31% Otis Stl pr pt(7) enlarge its scope still further next Fri-, ATt Metal(1i4). 30% 30 Gobel (Adolph). 45 474 Outlet Co(4).... day afterncon by organizing a new|ASSODIYG(2%). W 2% 68U Gold Dust (5)... 127% 129% Owens Bot(ct4). auditors’ section. Thirty-nine local | 4550 D G 1st(6) 101% 101% Goodrich(4). 81 83 Pac Coast 2d pf. banks have named the following 76 dzle- fif": e SR Goodyear Ti 93% 98% 92w Pacific Gas(2). . gates as their representatives. Ehison(18). .. Pac Oli Stubs. ... Goodyr 1st pf(7) 101 101% 1004 Atch T&S Fe ris Gotham($2%).. 74 15 American Becurity & Trust, J. Dann | .| 00 70e0s). . 4 i Eandn Pecas Gothamn v $2% Atl Coast L(110) Pan-Amer Pet B AT Graham-Paige. . bert V. Pohl: Bank of Brightwood, Ray- [ a) Guit Pr3).. el il 5:2;3;'3.‘3" B " Granby-Min(4). mond L. Schreiner, Charles J. Sincell; | Atjantje Ref(1 @ Bank of Commerce & Savings, Frank | xtlan Ref pf(7 Grana e Ekmouit Rl Owings, E. Kenneth Rouse; Grand Un (rts). Park & Til(13).. Chase Savings Bank, J. Ezra Troth, | Ailas Tack 11 10% Grand Un pf(3). Park Utah(80c). Samuel Peacock; Columbia National, | Austin-Nicl 5% 5% Grant W T (1).. 112% 112 Pathe Ex.. Robert. H. Lacey; Commercial National, | Aus Cred(4.49).. 59% 591 Grt Noxgh pf(5). 109 110 Pathe Ex(A) Continental Trust, | Auto S: 28% 224 Gt Nor pfcfsi5) 107 107 Patino M(2.92) Nathan B. Scott, 2d; Dszpartmental | Autostrap A(3). 45 44% 44%|GtNoOrefs2%. 25 27 Peerless Motor. Bank, Donald W. Allen; District Na- Grt WnSug 280 341 35% Penick & Ford. Penn C&Coke. .. 5 Bald Loco pf(7). 118 116% 116% | Groane Cana(s) 196% 142 5 e Savings, Charles A. - 5 Pena Dixie Cmt. Balto & U(6) ol et o iy <o American National, Arthur J. Linn, g'"z"rofl’('m B 1uB% 108 108 |GuIfMo&Nor.. 49 Pa Dix Ct pf(7). Franklin National, Semuel M. Thrift, | pober b(P 64 | Guif Stat Sti(4), Pere Marq(18).. Joseph G. Stephenson; W. B. Hibbs & | pank & Ar(dia). Pt RO Penn RR(3%). . Co., James C. Elgin, J. Cerl Perry; In- | poyenrog oy’ . Hartmn B(1.20) . Phila Co pf(3).. ternational Exchange, F. Cuniberti, F. | garter Prosis). Ty arTnab 3, Phila& RC& I. J. Kaufmann, jr.; Liberty National, | gyrnsgaln A (2). Phil Morris(1).. Charles C. Cranford: Lincoln National, | geacon 0il. .. ... Phillips Pet (2). Wililam M. Harris, Howard E. Wilsol Beecn-Nut (3). . Hershey pr pf(6) Phoenix Hosiery McLachlen Banking Corvoration. Archi- | Belding-Hemwy HockingVal(10) Rleate; Actiw.. - bald Mnthlel"l{ Eergmts‘ Banrl.c] & | Belg N R pf(16) ‘ X Hoe& CoA..... ::::::b‘n:mw [#d Trust, Eugene R. Marks; Morfis Plan, | gast & Co(3). .. 5t | Hollnd Fur 12% J Bertram Chesterman; Mount Vernon | pe miren Steel 80% 74% 79% | Hollander & Son !:::"5: g”‘" : Savings, Leo E. Madigan; Munscy Trust, | Beth Steel pf(7) 121% 1215 Homestake(17). BilleEGry (116 C. H. Pope. A. J. Bitterly, A. J. Byrne. | Bioomingdale. .. 41 41 Household:14) .. Pitts Cou National Bank of Washington, Fverett | Bon Ami A (4) a0 Howe Sound(4). Pitts Coal M. Parsley; National Capital, H. H. Mc- | Booth Fisheries. 9 9 8% 8% | Hud Man(24).. Pitts Term Coal Kee: _National Metropolitan, Frank | Borden Milk(6). 161 159 Hudson Mot(5). Pitts& WVa(6) Cook, “W. G. Winsted, Miss Blanche | Boston & Maine. 86 86 86 Hupp Mot(f2).. 171% Por RicoToA(7). ; C. F. Janobsen; National Sav- | Botany Mills (A 3 - I i o PortoRicoTobB. ings & Trust, Audley A. P. Savage; | Briggs MfgFCo. 43% 45% 43% = Postal T&C pf 1. North Cevitol Savings, P. Henry Coates; | British Empire. 4 -4 = as (2). POSEUMIE) s+ 0 .« Northeast Savings. Liovd H. Johnson: | British Emp 2d. 5% 5% Ind Of1&Gas rts. * % | pressed Stl Car. Park Savings. B, MeNeil: Pofomac Sav- | Brockwy Mot(4) 63% 617 Indian Mot (1), 5714 | Pr Stl Car pf(7). ings. C. W. Shoemaker. E. T. Burdette. | Brockway pf(7). 125% 125 Indian R=""'"§- g 27% | brodu & Refinrs, Riggs Natonal Bank, Raymond G.|Bklyn-Man(4).. 67% 65% }“g';“,“’,fl‘f,f‘ .. lfg!& Pub Serv NJ(2). Marx. R. E. Hayeock; Second National, | BKlyn-Man pf (6 88Y% 884 e 5 12_’,*|p...,s,rv oo Ingersoll-R(16) 106 } PUbSE&G pr(f) Pow&Lt(1). Nat Radiator. .. Nat Ry Mex 2d. Nat Supply (18). tTeald)..... 3 Nevada Cop (2). N Y Air Br(3).. N Y Central(8).. Maurice Otterback, W. L. Koontz, Al- 116% 116% Chevy | AtlasPowder(4). 99% 100 97% Vietor B. Deyber. Jacob sc}‘t"LSMinn BklynUnGas(5). 172 lzl:% oh, J. Karl Sevboth: Security Savings | BrownShoe(2%) 4 al o i‘,sé‘»n{mmm Bank. F. G. Addison. jr., | Brunswick R(3) 4T% 46 Inland S(kt6% ) 0% g::‘lfl':lec:(s'u)‘. T, Hunter Leith; Seventh Street S2v- | B 35% 32 Xnspiration((3). Pure 01l (1). .. jngs, John D. Howard and John 35% 35 InterboroRavTr Purity Bak(3). . M. DeMarco; Union Trust. G. El-|Bucyruscv( W 45% 4% faterconpubRer.: Purity Bak(rts) mer Flather, Walter M. McCurdv: |'Buff & Susq. 55 55 Internat Agrl. .. Tinited States Savings. John P. Cook; { Burns Bros( 20% 80% o Jaien 3 b B Washington Loen & Trust, Raloh Fn- | Burroughs(f4). 198 196 lmC us lfl.c Radjo-Keith(A) dieott, Roger 8. @uirn; W-chinz*~n| Bush Term(g2). 75% 1% lmc'mg ¢ ‘7,,-,' Rs:l.c(sRm‘. . Merhapiss Savings. A. 8. Offvtt, T, W. | Bush Ter de(7). 107% 107% l“:cnmb fl{fl(_’-) . ;{leld;ng 2542)). Davis. Jossph M. MeCarthv: Washing- | Bush Ter pf(7). 116% 116% l“ ‘om DG) . 324% 330 ea ngk (2). ton Savings, Robert A. Sieson. Butte Cop & Zine ]g;: lz‘u. x:: :l{:::'g““- 4 33 Real Silk Hos. Butte up(2). Y% g Business Reported Brisk. i iy o A Int Mtch pf 3,207 0" 02 Business is remorted brisk in this | Byer & Co. 169 152 }:: Bl:er Jariny, e territorv, aceording tn information from | By-Prod (131%). 92% 90% er Mar pf. 3 Int Nickel (3).. 200 206 Reo Mot (11% Foderal Reserve Ro “hmond, : oty setail Ter. *Tn Virginia | Calif Pack4) BN frenic ch(®) L i 00, 205% | Rep 1& S(4) i Callahan Zine. .. 3% 3 3 |Int Paper(2.40). 2 7 Y ::,‘gwj;he S::‘;‘;n‘;m:was}el:n.:‘:n“c::? C:h:& Ariz(17 112% 107% Int Paper (A) 4 24% 24% % 10 TiaE. shows no abatement end fha | Calu & Heela (4) 40% 38w Inter Paper B 15% 15% | ReynldsTobB(5) 153 foures are well in excess of lact veor. | Can l?ryl;‘";/xul)- 2;3:; 2;&“: This is partly due to the erection of | Can Pacifie(}0)- S new industrial plan‘s in the southern | Canon Mi !h i o ade rart of the fifth district. Peanuts, the | Case ’,l:‘;ll;es'zg) e Iast big erop of the vear in Virginia and | Cent F{ib . o e | North Carolina, are being harvested, | Century . Cerro de Pas(5). 2 100% 11‘,;1';’; Ks;\’\’el:l are reported, with prices Gectitn tosd'Bro Certo (f4)...... Bank Practically Completed. Chandler-Clev he officers and directors of the Co- | Cliandler-Ci pr.. lu;fybin National Bank have sent out | Ches & Ohio(10) invitations to the opening of their new [C & O Corpn(3). home at 911 P street northwest next | Chi& Almn..f 5 Monday, December 17, from 9 am. to C.hl-&Alm:!vu e 6 pm. The invitations mean that the | ChiGreat est o bank building. which has been greatly | Cni Gt West of en'arged and improved in every way, is | Chi & Fast IILp practically done. The changes will give | Chi Mi - Chi Mil & StP pf gl;mfig;umbln most excellent banking S /oW A BE B Chi&Nwn pf(7). 135 135 135 Bank Clearings Increase. 1421 142 i Reis(R)& Co 90 92 | Rels 1st pf(7)... Remingtn-Rand. Int Paper pf(7). 89% | Richtield O11(2). Int Paper pf(n). 90 | Rossia Ins(5). .. Int Prig Ink 2% Royal D(a3.222). Int Ry Cent Am. Royal Dutch rts Int Silver....... Int Te: & Tel(8) A aaun: Interstate.D 8.. StL&SanF pf(6) Intertype(t1%). StL&Southwest. Island Creek(4). SEtREe ALa(3) Jewel Tea (15).. Schulte (J3%).. Johns-Manv(3). Seab Air Line. .. Jordan Mator Sears-Roe($2%) Jordan Mot (rts) gfflfl:ll CODD‘CI:. . Kan City South. hatiuck FG(2). Shell 40). Kan C So pf(4).. Shell Unt1,40) Shell Un (ri Kaufmn DS 1% . Shubert The(5 Kayser J(a).... et Simnions Co(3 Keith-Al pf(7). Sihemir Ot | Kelly-Spring. .. Sinclair pf( Chi Fne Tocl(6) Si {gg:& : yz_‘::: :z:g Skelly O11(2) Chi R1&Pac(6) . 26 ' . Snider Packg i) in Washmton ool S lwmnron. 100% 100% Keis Hayes(2).. So Po Ric § 1215 $54,546,000, b arison with the | Chickasha(d). .. e Kennosort (83 188 South Calif Ed.. $34,546,000, ot $25.850,000 for the pre. | Childs(2.40). . 56% 53% Kennsectt chys. . AN South Dairies A lower figure of $23,; B gdp Chile Copper(3). 63% 615 Kinney (G R) South Dairies vious week. The clearings smv:. AN | o rysler3).... 120 112 Kinney pf(8)... South Pac(6) increase of 11.6 per cent over the same City St B 5% stk 103 100 Kolster 'Rndlm .. South Ry (8) week a year ago. So far as canceled | <, i peab(5). 6% 66% 65 Kraft-Phoe (n). Spang Chalfs checks serve as a barcmeter, preholiday | oea-Cola(6). 6 162 160 Kresgett1.60). . Spicer Mfg. trade appears to be ahcad of 1ast Year. { cojiins & Aikmn 50 4% Krasge Dept S. . Spiegel Co Local Secarities Remain Steady. | Col & Alk pI(T). g 20 Kress b e R ‘;rom;. y | Col Fuel & Iron % 62% 6 < . & E 3% on the el exenange toaay,” chading | Col & Southn(3) 1124 1121, 112 Kroger Grocqr) St G & B et at 99%. Riggs Bank warrants changed | C0l Gas & EI(5). 124% 123% Kroger (rights). Std Milling(5) . hands for cash at 290. Mergenthaler | Columbia Graph bt Lago 011 . Aol 5 g Col Carbon (4) 106% 103 Lambert (16%). led the market in volume, 75 shares StdOiINJ (T1%). 4, | Com Cred(1). 49% 46 Lee Tire & Rub. StdO:INY(1.60). changing hands and closing at 105%. | (70 <70 e 63 101% 100 Lob Bor Gort 4% Std Plate Glass. Chestnut Farms Dairy preferred opened | «om ny Tr(14). LehighVal(3%) StdSanPro(1.68) at 106% and closed at 106%. Lanston | comt 7o (F00) Lenna pikis). Staniey Co. . ... closed at 118%,;. Bonds were neglected. | (,m 1n Tr P 6% LifeSav(1.60).. 2 Slewnr(t:-\VarIG) Other Financial Notes. Comm Solv (J8). Lig Myers(t5)... Strom Car(2). .. President Wade H. Cooper of the | Com Power(td). Lig & Myrs B 16 Centinental Trust Co. has returned | Comonnom i from New York, where he gave an ad- Loew's Inc (13) dress before the Pan-American Com- | Cons Cgrs (5).. Loew's pr(6% ) ¥ mercial Congress at the Biltmore Sat- | Conley Tinfoil . el e il urday evening on “The Papers of the | Consol Csrs (7). Presidents of the United States.” (Lenidmple) At least one local boardrocm has be- { (onsol Gas(3).. come so crowded with customers that it | CONSORFASPT(E) has become necessary to take out the [ COMRI p Consol Textile. . seats to conserve space. Container A 1.20 S Container B 60c. More than $13,000,000 worth of furs|Cont Baking A.. wera brought into this country in the Cont Baking B.. i past year A Cont Rak pf(8, Studetuker(5).. Subniarine Boat. Sun Ofl (g1).... Superior O1l Superior Steel. . Sweets of Amer. Symington. ..., Symington Cl A, Telautogh (80c) Tenn Copper(1). Texas Corpn(3) Texas Corpn rts TexasGulfSul(4) 70 Texas & Pace5). 160% Tex PacC&Ofl. 1 Tox LA Trinew) 21% «ima Locomtve. Liq Carb (t4%). Louls GasA 1.75. Ludlum Sth2).. McAndrews 2.60 MeCall Corp(3). McCrory A(2).. MeCrory B(2).. Melntyre P(1).. STOCKS REGULAR AFTER EARLY CAN Advances Outnumber De- clines After Hectic Ses- sion on Exchange. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 10.—With periods of strength alternating with intervals of weakness, today’s stock market moved irregularly, but with the advances outnumbering the declines. High-priced industrials had a sharp| sinking speel around midday, from which they recovered only partially, | but the general list showed good fe'fsmgntly that the optimism regarding sistance to seliing and individual stocks scored gains. Sentiment was helped by the reduc- tion in call money from a renewal rate of 9 per cent first to 8 per cent and then to 7. Among the stocks which made the best showing were the cop- pers, particularly Anaconda and Ken- necott; the steels, notably Bethlehem, and some of the independent motors, among them Packard and Chrysler. High-priced specialties under pres- sure included Montgomery Ward, Radio and Wright Aeronautical. Radio moved through a wide range, up at one time 14 points and down at another more than 20 points. Markets at a Glance NEW YORK, December 10 (#).— Stocks irregular; Radio see-saws over a 40-point range. Bonds irregulas PINANCI AL. BY KENNETH S. VAN STRUM. NEW YORK, December 10.—No- where is mob psychology more in evi- dence than when a public which has ! been intensely bullish suddenly finds that a speculative market must move mn two directions. When the stock market turns down and the first real break in months comes, traders rush | to salvage part of their profits. The faster prices decline the larger the number of people who want to sell. Few seem willing to proft by some simple psychological facts. . The importance of psychology in stock market reactions cannot be overempha- sized. During the weeks before a re- action prices have usually risen rapidly, with only temporary breathing spells.! During this time reactions are so slight and stocks go on to new highs so con- the future is never shaken. A Smoke Screen. Stocks finally reach the point where real resistance is encountered, and stocks which have formed the backbone of the previous advance encounter suffi- cient selling to cause the prices of stocks to react. One after another s!pcl':'s lv\};}‘c]h l:avewlend fihe t;d;lunce react slightly, try regain their old highs, but fail. 1 The failure of these old-line Ielders‘ to make new highs is covered up by the fact that certain speculative stocks are whirled upward at a terrific pace | and public attention is centered on Andes Copper 7s advance 11 points. Foreign exchanges steady; Japanese yen slump 18 points. Cotton easy; South- ern selling. Sugar steady; better spot demand. Coffee firm; Europzan buying. CHICAGO, December 10 (#).—Wheat | easy, larger receipts. Corn easy; in-| creased visible supply. Cattle steady to lower. Hogs lower. Public Utilities Special Dispatch to The Star. NEW YORK, December 10.—Gross earnings of Southern Counties Gas Co. for the 12 months ended October 31 amounted to $7,051,679, compared with $6,925,281 in the preceding 12 months, and net earnings for the same period were $2,653,753 against $2,520,147. FEDERAL LAND BANK BONDS Spectal Dispatch to The Star. NEW YORK, December 10.— Bid. Asked, Land Bank 4s May 1958-38..... 95 98 Land Bank 4s Nov. 1957- Land Bank 4%s Jan. 195 Bank 4%s Nov. d Bank 4%s May 1957-37 Bank 4%s July 1956-36 Bank 4as May 19420p3 19430p3: 9530p3: . A brokerage house has been organ- ized to trade in stocks and bonds on the New York Produce Exchange. Thatcher Mfg... 24 24% The Fair(2.40).. 46 Third Avenue... 32 Thomp J R(3.60) 61% Tidewater AsOil 20 TIdWASOilpf(6) 90 TidewatrO(80c) 34 Timken R B(6). Inter Paper C 11% | RhineWE(1.92). 56 56% Tobac Prod (8). Tobac Prod A(7) 112% Transcont Oil... 10% Transue & W(1) % 48% Trico Prod(2%) Truscon Steel. .. Twin City RaTr. Undwd-El F (4) Un Bag & Paper Union Carb(§).. Un Ol Cal(2)... Union Pac(10).. Un Pacific pf(4) Union Tank(5). . Utd Biscuit 1.60. Utd Cigar St(1). Utd Elee Coal. . Utd El Coal(rts) . Utd Fruit(t53) U S Cast Ir Pipe US CIP 1st 1.20, US CIP 2d 1.20.. U S Distributing U S Distrib p£(7) S Hoffman(4). S Alcohol(5).. S Leather. . S Leather A.. S Realty (4) S Rubber..... 8 Rub 1st pf.. S Smelt(3%). SSmpf(3%). S Steel(7).... U S Steel pf(7). U S Tobacco(3). Uni Leaf Tob(3) Uni Pic 1st pf(8) Univ Pipe & Rad Uni Pipe pf(7).. Util P&L Ace2). Vanadium (14). Van Raalte. Vick Chem(4). .. Victor Talkg(4). Vietor pr pf(7). 6 107% Va-Caro Chem. . % 15% Vir-CarCh pf(6) 5: % 53 Va-Car Ch pf(7) 5% 95 Vivaudou Co.... 15 6 14% Vulcan Detin. .. 5 5 43 Wabash........ Waldorf(1%)... Walworth(1.20). Ward Baking B, Ward Bak pf(7). Warner Bros Pic Warner-Qu(2). . Warrn Bros (15) Warren F&Pipe. Web & Hell. . Wesson Ofl (4). West DairyA(4) West Dairy B. .. West Maryland. West Md 2d pf.. West Pacific. ... West Pacific pf. West Union(3).. Westhse A B(2). Westinghse(4). Westhse 1st(4). Weston Electric. White Eagle(2). White Mot(1)... WhitRek efs(2). White Sew Mach White SM pf(4). Wileox Ol & G.. Willys Ov(1.20) Willys-Ovd pf 7. Willys Ov (rts). Wilson & Co.. .. Wilson Co pf A. Wilson & Co pf. Woolworth(s)., Worthn Pump, . Worth Pump(A) Worth Pump(B) Wright Aero(2). 217 218 Wrigley (13%). 173 kil Yale&Twne(t5). 62% 62 Yellow Truck... 35%" 36 Young Spring.. 46% 46% 45 Youngstn Sh(5). 97% 97% 9T% 98 Hourly Sales on N. Y. Market. 10:30 a.m.. 866,100 12m. 1:30 pm. 3,616,600 2: Dividend rates as given in are the annu {aest Qurterly OF half-veatls o * Unit of tradi u u u u u u u u u u 1541 141% -vearly declarations. less. lus 8oz o . in fock. m Payable 1710 darierly in Ualtea Clear Stores o Plus ,mas savings funds has just been re-| | leased, which represents an increase of | | sponsorship of Hathaway & Co. of New & ‘ them. All during this period more and | more of the leaders meet with resistance until finally most of the list is sliding off gradually. Even at the last moment a few speculative favorites are given a final whirl, and when the smoke screen finally clears the reaction is well under way. Reactions Are Sharp. At first stocks decline gradually for sentiment is usually still bullish and many are unable to believe that a re- action can come. At this point some unfavorable factor is paraded before the public eye. The decline gains momentum and is soon on in earnest. Many rallies occur during the course of a reaction caused by the temporary cessation of liquidating pressure or by new buying power sufficient to cause a sharp rally. On each of these ral- lies stocks advance sharply at first, but the point is reached where the market becomes very quiet. When it becomes evident that buyng is not aggressive enough to push prices higher, stocks | again decline. Only after the decline is well under way again does public selling take place on a large scale. Stocks Rally During Reactions. The sharp dips, with the equally sharp rallies which grow dull and are| followed by further declines, are char- acteristic of stock market reactions.; Usually stocks rally several times dur- ing the course of a reaction, even though but a few days is required for the entire affair. As a rule these ral- lies do not attract any great amount of selling because when prices rise most people are always waiting for the | top which is not recognized. Stock market reactions are short lived. While real bear markets can contigue for periods of months, a technical reaction which lasts more than three weeks is unusual. If one has made up one’s mind to buy stocks during a reaction most experienced traders believe that the best time Is| when the market appears completely demoralized—after it has declined for | | some time and when it seems as though | prices never will reach bottom. | (Covyright. 1928.) ' WHITING SEES GAIN | IN RETAIL TRADE, Commerce Secretary Discounts Ef{ fect of Recent Declines in Stocks. | By the Assoclated Press. Stock market declines noted in New York during recent days are unlikely to | have any detrimental effect on general business, Secretary of Commerce Whit- |ing said today, particularly in view of the fact that Christmas trade now | Ppromises to be of the largest volume on | record. - “While I am not very familiar with the Stock Exchange situations,” Secr: tary Whiting said today, “if is my un- | derstanding that the recent market breaks do not arise from any fears of a | general business decline, and are en- | tirely due to considerations arising from | speculative operations. I‘ “All visible indications point Yo a larger Christmas trade at this season than in any previous year. A reservoir of $550,000,000 in the form of Christ- { i | | 10 per cent over the total of such money & year ago and is five times as | great as the Christmas funds of 1920. In addition, the volume of dividends and | interest payments for December of this year aggregate $560,000,000, which is 15 per cent more than similar paymen's in December last year. It is likely that 50 per cent of this total will be spent in retail trade " Commodity Notes ‘Wool. BOSTON, December 10.—Demand for scoured wool is strong and prices are | firm. Fine pulled wools are selling around 1.12 a pound. The results of the London, New Zealand and Aus- tralian sales has been to strengthen local prices. 9 Potteries. EAST LIVERPOOL, Ohio.—The merging of 16 pottery firms under York and the Lewis Porter Co. of Chi- cago is expected here to enable the industry to make a more efficacious bid for tariff regulation and bring into gen- | eral use the electric kiln, I Airplanes. ! DETROIT.—Development of a solid | square mile of acreage into a $5,000,000 airport and aircraft manufacturing cen- ter at Wayne, a few miles south of will supplement the new municipally owned airport now under construction. | Steel. PITTSBURGH.—The steel specifica- tions of the agricultural mplemml‘ trade were reported to be larger in t.heml‘nt mont| s period on 5 only slowing down in the demand from this source expected is during inventory taking period in January. birth ' of g:l;t. Cook, who made New | Zealand itish, were closed with a 40-mile chain pf bonfires across the ! Cleveland hills'of England. . Detroit, now is under way by Detroit | and Wayne business men. The airport 0 The bi-centenary celebrations of th | ° Money to Loan Secured by first deed of trust on real estate. Prevailing Interest and commission. Joseph L. 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