Evening Star Newspaper, December 13, 1928, Page 14

ANCIAL ;PfllE URGES MORE | . BANK PROTECTION!,.oo—re 55 = AbIUDI Pow (4). 45 45 43% 44 . Abrahm&Straus 104 104 104 104 i AdamsMillis... 31 8lu Sha 31k H i Adv Rumley.. 38 3% 36% 363 i Centroller Agamst JHCTEABBE NInter S e . . Ahumada Lead.. 3! 3% 3l 3% i in Taxation—Local Banks |airRedctn'(t3). st sin s1 s, ! Ajax Rubher 9 9% 9 | Declare Dividends. e Py Allied Chem. Allis-Chalm( Ama! Leather, BY EDWARD C. STONE. In his annual report to Congress N M STAR, WASHI FINANCIAL.” OFFICES For Lease In the Edmonds Building 917 15th St. Located in the center of the Fi- nancial and Realty Districts. Sev- eral desirable suites now available. Very low rentals [SHANNON:& LUCHY] 1435 K St. Main 2345 THURSDAY. DECEMBER 13, 1928 TICKER ERROR IN-PACKARD SALE/ ROUSES SKEPTICISM OF TRADERS By the Associated Press. NEW YORK, December 13.—Commis- sion houses had considerable explaining to do to some of their customers today over the gy~ations of the common stock of Packard Motor Co., in the last hour of trading on the Stock ‘Exchange yester- day, which were intensified by a snarl in the trading machinery. The stock had sunk during the day to $148.87'> from the previous close of $155, \\hon pool operators started to boost it. In the midst of the advance the ticker erroneous printed a purcha lof 5.000 shares ot §158 2 Tk started spirited hu\mz b ‘n"r‘"xt and a I to be toliowed by the error was discovered a f‘ W mn\ulr» | later and the ticker printed a correc- tion. DG UNCERTAIN STOCK TREND CONTINUES Market Reacts at Start, Ral- lies and Then Turns Dull. THE 'EVENING NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Sales. High. Low. Close. | Open. the floor specialist in the issue a such volume that he was unable to execute them. Although bids for the stock went as high as $1€5, a committee of Stock Exchange governors appointed to | straighten out the tangle eed the high price at $163 and canceled all trndn1 above that figure. In the late rush to | Sell, the stock fell to around $150, and | closed at $151. Some commission houses had to deal with irate customers who insisted that some one must have “put on2 over” throuan the ticker error. The cnly explanation to be offered was that all considered the ticker 15 a mar- vel of uceuracy, but that absolu: infa ibility in reporting the millions of trans- actions from day to day is not humanly possible. It was pointed out that trad- |ing on the exchange is done entirely by word of mouth. High. Low. Close } 82 82 82 167 167% 16% 16% 6312 631y 63% 63 130% 133% 129 133 56l 56'% 56l 56l 56% 57 B5% 5T Taw. Oloss. 2% 241 103 274 49% 105 61% 122 5% Mid States ctfs. . Midland pf(t12) Milwaukee El(6) Minn & St Louls. Mo Kan & Tex. . Mo K&Tex pf(7) Missouri Pacific Mo Pacific pf(5) * Open. Cuba R R(4.30). 82 Cuban Am S(1). Cudahy Pkg(4). Curtiss Aerci1). Cuyamel Fruit.. Davison Chem. . Debenhms(2.91) 874 374 374 Del & Hud(9) ... 1814 1851 180 Mohwk Car 2%, Del L & W(17).. 127 127% 127 “| Montemry W 15 Den RG Wn pf.. 55 5 | Mont Ward(rts) Detroit Ed(8)... 212 Moon Motor Detroit Ed ( 181 184 Mother L (40 Devoe A (13. 54% 54 Motion Pic Corp. Devoe&t 15t(7). 1121 112t 112! | Motor Meter A.. Diamond M(19). 159 159 159 159 g0 b 0t Dome Mines(1). 9 9 9% Notor Whi(121, Drug Ince4). ... 114 112% 112% | yyingpeg - o Dupont (118%). 470 471 470 | ningpr(n) 7 425 | Eastman(18)... 179% 179% 178% 178% | Murray Corp. ... Eaton Axle(2).. 57% 57% 56% 56% | Murray Corp rts EBisenlohr&Bro.. T5% 78% 7% 1% 120% 211 212 6 BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 13.—With call money at 6 per cent, lowest in four weeks, the stock market had the dullest day since election. There was an out-‘ burst of selling in the first hour, but | 6 113 Money Available for FIRST DEED OF TRUST LOANS Amerada(2). H today Controller of the Currency John | Am Bank N(13). 12 f a law to prohibit the paying in of > A $ o P! paying | Am Br sh(i160) On Completed Properties and | Am A;:ricnl(‘hm ¢ W. Pole recommended the enactment|Am Beet Sugar. capital for pro- Am Brown Bov. {Am Azri Ch pf.. ’ Am Bosch national Am Brown Bo pf 3l riculture, I ter conditions in the oil industry by . trade to care for surpluses, and expects . While the chain stores are advancing . for the posed banks until after | ,. the application for | £ 3 | the organization + had been approved by the controller. % "He also asked % that it be made a criminal offense to make, circulate or publish a false re- £ port concerning « 2ny bank or mem- * ‘ber of the Federal 5 résarve system ¢ which mi tend s to cause general % withdrawal of # funds or otherwise injure its business. + The controller reported the na 3 banks enjoying the greatest % on record, but urged Con: * the laws designed L J. Roberts. fonal % Jation to be % Citing a S.banking act had just declared it was obvious that banks in many cases “still feel that the national | bank system does not offer all the ad- vantages that they can obtain under | State charters.” He, however, added that he had no recommendations at the i Present time to remedy the situation. Miller Stresses Personal Contacts. Introductory to an address on “The | Responsibility of Credit” before Wash- Il ington Chapter, American Institute of Banking, last evening at the Raleigh, Stephen 1. Miller, executive manager of the National Association of Credit Men, stressed the value of personal contacts. . Making friends among leaders in busi- ness and professional life will be of |\ inestimable value to every young o banker, he declared. He urged the| i1 Junior bankers to make one new worth- . while contact every week. Following an intensely interesting ad- i dress on the question of credit, Mr. Miller predicted marked prosperity in 1929. He sees greater stability in ag- believes the coal industry must turn the corner, looks for bet- more reasonable curtailment of pro- duction, foresees an increase in foreign a satisfactory distribution of goods. so rapidly there is still a good place independent merchant with +_up-to-date methods, he believes. = 1. J. Roberts, chairman of the insti- “tute's forum committee, presided at the mesting, which drew about 100 junior ers. James A. Soper, chapter pres- .Ment spoke briefly, while H. H. McKee, ' chairman of the Washington Clearing ! House Association, brought greetings. + He hopes that some day the institute ,will add a postgraduate course on the “Philosophy of Banking.” He ex- tended congratulations on the work now | being accomplished. Metropolitan Declares Extra. ‘The directors of the National Metro- politan Bank late yesterday declared an extra dividend of 2 per cent, or double the amount voted ¢ this time last year. President George W\ White announces. " ' 1 ) \ Am Can (t4) AmCar&Fdy (6 Am Chicle (2).. Am Drug (60c). Am EncauTil(3) 833 Am Express(6). 280 Am & For Pow.. Am&For P2 |Am Hide & Lea. Am Hide & L pf. | Am Home Pr(3) | am lcect2ie) 421 Am Internati(2 | Am LaFr&Foam {am Locomot(8). { A Machine (t5% 167 Am Metals(3). Am Nat Gaspf7 98 Am Piano | Am Fia < Am P& L (§1).. | Am l'fl\\- pf(sta) 5 32% 78 114 ki) a7 51 14 40 81 1no pf. Am Srufr( . Am Snuff pf(6). | Am SU Fdys(3). Am Sugar. Am Sumatra 3) 107'9 62 811 55 Am Tobacco(8). | Am Tobac B(5). Am Tob pf(6) Am TypeFo(8). Amw Am Woolen. Am Woolen pf Am Writ Pa ctfs Am WrPa pf cfs Am Zinc. Am Zine Anaconda ( Anchor Anchor Cap pf Andes Copr Tae. . Archer-Dan(3).. Arch-Dan pf(7). 114 Armour Del pf 7 Armour 111(A) Armour 111(B) Armour 1i pf(7) 8% Arnoid Con & Co 40% Artloom(3). Artloom pf(7) Art Metal(1%). AssoDryG(2%). Archison(10)... Atch T&S Fe rts Atchison pt(5).. Atl Coast L(110) 163'5 164% At Gulf & WI... Atl Gulf pf(3).. Atlantic Ref(1). Atlan Ref pf(7). 117 AtlasPowder(4). 101% 103% Auto Sales Auto Sales pf(3) Autostrap A (3). Bald Loco pf(7). 116% Balto & O(6). Bang & Ar D((7) 109 BankofCom(18). 765 765 Barker Bros(2). Barker pf(6%). Barnet Leather. Barnsda'l A (2). Bayuk Cgrs (2 &El(cl). 16% 50 . 109% 47% 99% 92 15% 8y 68 195% 2% 104 43% 564% 55% 23% 39% 441, L 11T 96 uz 3 22 . B2 99% 215 45% 11% 8374 280 70 9514 874 a2, 8 119 8 97 167 541 98 1414 442 807x 21 107% 64% 8213 109’"1 48% 100% 114 92 15% 814 814 6914 195% 2% -104 43% 56 55 117% 24% 40 44% 116% 118 109 96 112% 23 - 84 98Y 92'% 441 11% 83% 280 97 14 0% 14% 208 210 1075 107% *| Gardner Motor | Gen Cigars(4).. 4| GenElec sp(6! 105 504 Y 109% 109% 46 467 987 100, 114 114 W 29% 674 671 193 194k 2% 21 104 104 162% 1624 420 42y 56t 564 544 55 17 17% 101% 1031 23 24 39% 40 44 44y 116% 116% 17 174 109 109 765 765 32W 32% 32% 324 96 96 25%, 26, . 25% 26 39% . 401: 38y 40% 112 112% 2% 221 21 84 Al 79 | Eisenlohr pf(7). 92y 92 92 92 Eitingon (2% ) 36 36l 36% B36% Eitingn pf(6%). 107 107 107 107 Elec Auto-Lt4% 111 114% ll()‘«i 114% Electric Boat... 13 3 13% ElecPow&Lt(1). 40% 40% EP&LDL 40% (7) 120% 120% 120% 120% Elec P&LE pf(7) 1054 105% 105% 105% Etec Stor Bat(5) 81% 81% 81% 81% nd-John(5).... 764 T6% 76k T76% ng Pub Ser(1). 46% 463 46 16% ng Pu S pf(a) 91% 91% 91k 9l 317 31x 31% 314 3 62% 654 59 59t 461 47% 43% 43% 62% 64% 181 18% 97 Erie 1st pf Eureka V( Fairbanks(3)... FedLight(h1.40) | Fed MotT (f80c). First NatS(114). i sk Rubber Fisk Rub 1st Iisk R 1st ]vICV. eischmann(2). £(6) 100 >x Film A(4).. Freeport (t614). Fuller pr pf(6) . Gabriel Snub A. . 49t 5% 1040 108% 104% 104% 20% 20% 204 20% 1% 15% 14% 143 82 82 8l Bl Gen ATC pf(7).. 1100 110 110 11 Gen Asphalt. 720 Gen Asph pf(5). ln Gen Cable. 33 Gen Cable A(4).. Gen Am Tnk(4). 113 33 76 631 Gen Elec(t5) 114 Gen Ice Crm(3). 101% 101% 101% 100% Gen Mills (3)... 81% 8i% 80 80 Gen Mills pf (6) 100% 100% 100% 100% Gen Motors 193 187 1885 185% 186% Gen Mot (New). 76% 76% 753% 75% Gen Mot pf(7).. 1247 124% 124% 124% GenOutdrAd(2). 32% 32% 32% 32% Gen Ry Sig(5).. 94% 94% 93 93 Gen Refrac(s).. Tl% 7Tl 71 K3 Gillecte S R(e5). 114 114 112% 113'% G'mbel Bros. . 48, 48% 48 484 Glidden (11%) 32 82% 31% 3B1% Gobel (Adolph). 46% 46 46 46 Gold Dust (5)... 127% 129% 126'% 128 Goodrich(4). 84 84% B3% B4Y Goodyear Tire.. 102 106% 100% 103 Goodyr 1st pf(7) 101 101% 101 101% Gothamnv $23% 75% 76 Y% 76 Gould Coupler A ™ % Tw W Graham-Paige.. 45% 46% 45 45% Grhm-Paigecfs. 40% 40% 40% 40% Granby-Min(4). 81% 84% 80% 83 Grand F&W (1). 77% 178 6% T8 Grand Unon.... 30 30 20% 30 Grand Unpf(3). b54% b64% 53% 53% Grand Un (rts), b % B L) Grt North pf(5). 107% 107% 106% 1064 Gt Nor pf cfs(5) 104% 104% 104% 104% Gt NoOrefs2%. 27 27% 26% ' 26% Grt WnSug2.80. 35% 35% 35% 85% Greene Cana(6) 156% 165% 153 163 GuantanamoSu. 5% 5% 3% 54 Gulf Mo & Nor.. 49% b52% 49% 504 Gulf Stat St1(4). 66% 66 66% 66% Hacknsk W(1%) 26 26 26 26 Hanna 1st pf. . 92 92 92 Hartman A(2). 25% 25% 25% 25% Hartmn B(1.20). 25% 26 25% 254 Havana EIRy... 8% 9% 84 9y Helme G W.pf(7; 122% 122% 122% 122% Hershey Corp. 68% 687 6TW 67% Hershey pf(4).. 83% B4W 83% 844 Hershey prpf(6) 104 104 104. 104 Hollnd Fur 12% 44 44 44 Nash Motrs(16). Nat Acme(sta). . Nat Bellas Hess. NatBHess pf(7). Natl Riscuit(17) Nat Cash R A(3) Nat Dairy (13). Nat Dept Stores. Nat Distillers. .. Nat Distillers pf Nat Enamlg (1). Nat Lead(5). t Lead pfa (7) Nat Pow&Lt(1). Nat Radiator pf. Nat Ry Mex 2d.. Nat Supply (18). Nat Tea(4) Nevada Cop 12). N Y Air Br(3)... N Y Central(8) NYCStLpf(6). Y &I Stm prA (7). Norfolk South. . Norf & Wn(110) NorAm b10% stk NordAm Ed pf(7) No Germn Lloyd North Pac(5)... Nor Pacefs(5).. 01l Well Supply. Omnibus. Orpheum Circuit Otis Elev pf(6). Otis Steel Owens Bot(cfd). Pacific Gas(2).. Pac Lightg (3).. Pac Oil Stubs. .. Pac Tel & Tel pf. Packard M 15%. Pan-Amer Pet B. Pan-Am Wn B. . Panhandle. . Paramount-F-L Park & Til($3) Park Utah(80c). Pathe Ex.. Pathe Ex(A) Patino M(2.92) Peerless Motor. . Penick & Ford. . Penick&F pf(7). Penn Dixie Cmt. Penn RR(3%).. a 121% 140 102% 287 People's Gas(8). 205 Pere Marq(t8) Pere M priort Pet Milk. Phila RT pf 8% Phila @ RC&1. Phillips Pet (2). Pierce-Arrow... Plerce-Arrow pf Pierce Oil. . Pierce Oil pf. Plerce Petrolm Pillsbury(12.10) Pillsbry pf(6%) Pitts Coal . Pitt FW&Co(7). Pitts&WVa(6).. Por RicoToA(7). PortoRicoTobB. Postum(3)...... Pressed Stl Car. Pr Stl Car pf(7). Produ & Refinrs. Prophylactic t4. Pub Serv NJ(2). Pub Serv pf(6) Pub S NJ pf(7) Puillman Co(4).. fil’b 5% 50 125 63 138% 79% 101% 28% 8% when that subsided, after having car- | ried prices off sharply, the market ral- lied and activity dropped to a minimum. International Nickel starred with an advance to a new high record for all time; public utilities were in good de- mand, and one or two specialties strong, among them Burroughs Adding Ma- chine. On the other hand, Houston Oil | broke over 12 points to a new low for the year, and this on top of large de- clines in the two preceding sessions. Money renewed at 8 per cent, went to 715 per cent at noon, to 7 per cent in 1the fourth hour and finally to 6 per cen The early selling was in large volume and carried the quotations down easily, In some instances the lows of last | (line with Warner Buying and selling orders eame upon | for Construction Use THEATER DEAL PLANNED. NEW YORK, December 13 (#).—Ne- gotiations for outright purchase by Warner Bros. Pictures, Inc, of 60 theaters m 25 cities of Penmylmma. Ohio and Maryland are under way and will probably be completed in a week or 10 days, Albert Warner, vice presi- dent and treasurer of the corporation, Mr. Warner declined to name the cities involved in the deal and the pur- chase price was not mentioned. The transaction, Mr. Warner said, Bros." policy pansion throughout the country. week’s reaction were broken through General Motors, below 186, under | anything seen in_the big break Friday and Satur U. S. Steel approached its former low movement. General Electric was down 3 points at one | { time and Johns-Manville lost ground. | For the most part the declines were the result of concern over the action | | of the market at the close yesterday.| They seemed to have little connection | with the, news, although increasing competition in the automobile trade might have accounted for the liquida- tion in General Motors. More impor- *|tant was the nervousness of traders over a possible secondary reaction. The selling dried up after an hour | or 0 and activity fell to a minimum. At times the ticket came to a dead halt, | Leading industrials recovered most of | their early loss, but did not show much disposition to push ahead. Wall Street Briefs Zinc output of leading producing countries ot the world in October was 126,644 short tons, compared with 121,- 248 tons in September and 125,037 tons in August, according to American Bu- reau of Metal Statistics. Steel production is exceeding expecta- tions as the year end approaches, and the business outlook for the early part of 1929 is promising, Iron Age states. ‘Tapering specifications for some prod- ucts, such as bars, shapes, sheets and strips, are offset, in part, by release of | rail and tin plate tonnage. Iron Age composite price for finished steel has advanced from 2.362 cents to 2.391 ceuts a pound, the highest figure in 22 months. The pig iron composite remains at $18.50 a ton. National Coal Association estimates production of bituminous coal for the week ended December 8 as 11,200,000 net tons. Production for the week ended December 1 was reported by the Bureau of Mines at 9,930,000 net tons. Crude rubber consumption in United States in November totaled 37,461 tons againt 26,792 tons in November, 1927, and 49,857 tons in October, 1928. Co sumption in past 11 months totaled 410, 166 tons against 345,496 in correspond- ing 1927 period. Imports in November were 34,720 tons against 40,561 tons in November, 1927, and 42,515 in Octo- ber, 1928. which now offer ed on the to fea- it by of Warne the picture offering plan, which ture and support stz NEW YORK PRODUCE MARKET NEW YORK, December 13 (Special). —Up-State New Yo celery sold at 2.00a3.00 per two-thirds crate, here to- day. California stock in large crates was 5.50a6.75. Fine yellow onions from the Middle ‘Western States were 4.50 per 100- pound sack; Holland onions 3.75a3.85: white Danish type cabbage sold at 43.00a48.00 per ton, and red, 55.00a60.00 U. s. sold at 0a6.00 per barrel: McIntosh ranged from 10.00a12.50; Rhode Island greenings, 525a5.75, and various other apples at 4.00a8.50, Carrots in 100-pound sacks were 2.70a2.75. Green Mountain potatoes in bulk sold at 2.60a2.90 per 180 pounds, while up- State New York round whnes were 2.00. ery extras, i firsts, 48a481; 43244 Eggs—Unchangcd 2,615 cases. Poultry—Alive, steady; receipts, 3 cars; fowls, 24a24';: Springs, 26%; roosters, 20; turkeys, 25a32; ducks, 17a 24; geese, 21a”2 Terms of Auto Merger. flrsts 4515247; seconda receipts, for the acquisition by the Hupp Motor Car Corporation of the Chandler-Cleve- land Motors Corporation, announced to- day, provide for the exchange of two shares of Chandler preference stock for one share of Hupp common and three mon for each share of Hupp common. will be received until January 10. Ladenburg, Thalman & Co. and A. G. | Becker & Co., who have been flcsigna!/‘d plan will follow the deposit of at least 95 per cent of the preferred stock and at least 95 per cent of the common stock of the Chnndler Corpcraclon sold at | | ade No. 1 215-inch Baldwins and one-half shares of Chandler com-, Deposits of Chandler-Cleveland swck‘ as managers "of the proposed undertak- ing, state that consummation of the Reasonable Interest and Commission Rates JAMES F. SHEA 643 Lo Money to Loan Secured by first deed of trust on real estate Prevailing interest and commission. Joseph 1. Weller 5 238 % § W' Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing Mutual Benefit Life Ins. Co 1520 K Street Main 475 | LOANS On improved Property in Maryland and District of Columbia | 6% Investment Trusts Insuranshares Corporation American Alliance Investing Cerporatien COLSTON, HEALD & TRAIL Thomas Hopkins, Jr, Mgr. Washington Office 912 Woodward Building Metropolitan 5234 1 Interest No Commission Charges EAVER BROS REALTORS 809 15th Street N.W. Main 9486 Mortgane Loan Correspondent Metropolitan Lije Insurance Company Keyser Bldg. Baltimore 100 Broadway Newi York | Regular Invest- J ment Diet NEW YORK, December 13 (#).—Terms | If you want to build up your | strength take moderate amounts of food at regular intervals. Resist the temptations of the over-generous meal. The same advice applies if you want to build up your fortune. Resist the temptation of over- PARIS BOUBSE PBICES PARIS, December 13 (#).—Prices were firm on the Bourse today. Three Punta Aleg Sug. Pure Oil (1).... Pure Oil pf(8).. Purity Bak(3).. + The bank is now paying two semi-an- ;. 5 per cent dividends and two 2 per | cent ex-tras so that it is on a 14 per ’ cent yearly basis. The latest extra is .18k 13 841 841, | 88 891, 79% 8l Hollander & Son 19% 19% 18% 18% Houston Oil.... 103 106% 90 921 Howe Sound(4). 65 66 64% 66 Hud Man(2%).. 52% b3% 52n 53% Canada yesterday sent $2,000,000 more gold to the United States, bringing the total inflow on the current movement to i -,'3‘.;— generous profits at uncertain in- 8”‘ Best & Co(3).... tervals. Invest your savings in Be‘hlehem Steel W Mr. white reports a most ‘satisfactory | year. ) ! 5 per cent of their yearly salaries. The , dividends of $1.50 on common and $1 i on_preferred. 1 The dividends are both‘payable March 1 1 to stock of record January 12. , net income of $202,982 after.deprecia- | tion and Federal income taxes and + after provisions for minority interests ! in subsidiary sremmssssrwsvescens | payable January 1 on stock of record | December Regular, Extra, Bonus Voted. i\ 'The directors of the Security Savings . & Commercial Bank met yesterday and ' declared the regular semi-annual divi- dend of 5 per cent and then declared an ‘ additional dividend of 4 per cent. Both I dividends are payable on December 31 ; to shareholders of record December 24. President Julius I. Peyser reported an excellent year. ‘The directors also voted a special Christmas bonus for the employes of bonus has already been distributed. B. & O. Dividends Also Declared. ‘The Baltimore & Ohio Railroad direc- | tors have declared the regular quarterly Stanley Co. Reports. The Stanley Co. of America reports companies, for the 13 weeks ended sepwmber 29, Net for the 39 weeks ended September 29 amounted Yo $695,640. Local Securities Steady Today. Capital Traction sold at 108 on the ‘Washington Stock Exchange on a small turnover. Lanston moved at 119, up % from yesterday. Mergenthaler came out 2t 10475, 26 shares of Peoples Drug pre- ferred sold at 127, Railway & Electric preferred moved at 99, and Washing- ton Gas Light was up 15 point, closing at 102%;. Potomac Electric 53 per cent pgy.l:grred opened at 108 and closed at 7. 5 5 The bank stock sales opened with 'a} single share of Riggs National changing hands at 555. Twenty-five shares of Merchants Bank & Trust Co. zq!d at 158, and one share of Washington Loan & Trust at 515. Bonds maintained re- cent levels in quite active trading. Riggs Bank Club Elects Officers. ‘The Riggs Bank Club held such an exciting election yesterddy that Miss | Esther Lau and George Dagenais were tlfi for the presidency, 55 votes each. Wwas necessary to draw lots to end the "blt!er' fight and Dagenai§ wén: > John Keener was elected first vice president, Stephen Ramsburgh second vice president, Constance Fogle secre- | | tary and George Irelan treasurer. The executive committee includes W. H. ‘Taylor, Frank Holmes, Harriet Barrett, Donald McCormack, Harry Morris, and from the branches, B. J. Mensh, Wil- liam Hoeke, B. I. Boudren, Joseph Keens and H. W. Burnside. Other Financial Notes. « Secretary Mellon reports’ thdt the’ new Treasury $500,000.000 issue has been heavily oversubscribed. ‘ The District Bankers' Association’s | new auditors’ section will be organized + tomorrow afternoon at headquarters. William Childs has resigned as presi- | dent and general manager of Childs Restaurant Co. and has been elected | | chairman. S. Willard Smith, former + senior vice president; has been elected president and general manager to suc- ceed Mr. Childs. 4 Buy Norfolk Bonds. ! BALTIMORE, December 13 (Spe- | cial).—Stein Bros. & Boyce headed a + syndicate, which included themselves, . Lehman Bros., Ames, Emerich & Co. , and Kountze Bros, New York, which was awarded on competitive bidding $1,133,000 City of Norfolk public im- | provement 41, per cent bonds and | $96,000 5 per cent water bonds. « The. successful bidders topped the + next group !, point. The bonds are ! being offered to public on a 4.40 per ~cent basis, Chi Mil & StP., Chi Mil &'StP'pt Chi & Nwn4).. Chi&Nwn'pf(?) : Chi Pne Tocl(6). 155 Chi RI&Pac(6). . CRI&P pf(6). Chickasha(3)..: Childs(2.40) Beth Steel pf(7) 121 Bioomingdale. .. Bon Ami A(4). Booth Fisheries, Borden Milk(6). Boston & Maine. Botany Milis (A} Briggs MfgFCo. British Emp 2d. . Brockwy Mot (4) Bklyn-Man(4).. BklynUnGas(5). 1773 BrownShoe(2%) Brunswick B(3) Brunswick Ter.. Bucyrus(1). Bucyrus ev( ) Buff R&P pf(6). 100% Buff&Sus pf(4). Burns Bros(B). BurnsBros pf(7) 103% Burroughs(t4).. Bush Term(g2). Bush Ter pf(7). Butte Cop & Zino Butte & Sup(2). 163 88 13% 46 5% 6612 681 44 49% 351 35% 45% 55% 33 210 3 116% 9y By-Prod (1 % )- | cant packs). Calu & Ariz(fi) . 112% Calu & Hecla(4) Can Dry (t4%). Can Pacific(10). 228y 2: Canon Mjlls 2.80. Cir CI&O Sta(5). 100% Case Threshg(6) 425 Cent Alloy(2) Cent Alloy pf( Century Rib M., Cerro de Fas(5). 102% Certain-teed Pro Certo (14)...... Chandler-Clev. . Chandler-Ci pt. . Ches & Ohio(10) l%u C& O Corpn(3).. 4in 741 44% 39% 109% 19% 28% 7% 20 35 334 5214 84% 135 128% 99% 46% 60 City St B 6% stk 105% Cluett-Peab(5). Cluett-Pea pf7) 116 Coca-Cola(6)... 162% Collins & Aikmn Col Fuel & Iron, Col Gas & EI(5). 125% Col G&E pfA(6) Columbia Graph Col Carbon(4) Com Cred(1). Com Cr1stpf 6 Com Cr pf B(2). Qom Inv Tr(14). Com In Tr pf(7). Comm 8olv (§8). 21315 2 Com Power(13). 100 Conde Nast(2).. Congoleum-Nair Cong Cgrs (5). . Consol Cgrs (7). Con Cers pf17).. 100 ConCigprpt(6%) 96 Coh Film pf(2). Consol Gas(5) .. CohsolGaspe(5). ConRRCuba pt § Consol Textile. Container A 1. Container B 60c. Cont Baking A.. Cont Baking B.. Cont Bak pf(8) Contl Can (n). Cont Insur(6)... Contl Mot(80¢c). Corn Pro(t3%). Corn Prod pf(7). Coty, Inc (12%) Crown Zelrbck 1 23% 23% 23% Cruc:ble Stl(5). CubaCaneSugar. Cuba Cane Su pt wWCuba Compagy.. 23% .23% .23% 63 % 65 1067 8 26% 81 954 26% 100 9% 70 5 22 10% 43% 8 91 56% 14‘%’ 82 5% 16% 4 126 121 121 41% 4% 81 8% 8% | 111 Cen 1ss 1i(4) .. 8% 162% 162% 88 90 13% 13% 45% 46 5% 5% 66% T0% 68% 69 177 184 44 441 49 494 35 367 35% * 35% 45 45% 100% 100% 5b% b5% 83 33 103% 103% 210 224 TI% 2% 116% 116% | 8% 8% 10% 10% 39 43% 160 165% un 167% 18% 19% 325 521, 841 185 155 126 99% 100% 46% 463 58 68% 63% 64 116% 119 105 105 63% 65 116 116 162t 16215 49 52 65 66% § 1245 126% 103% 79% 26% 81% 95% 100 96 2674 101% 9% 0% 5l 2244 10% 84% 1% 8815 143 72 82 5% 16% 1067 61 B 109% 110% 49 51y 1004, 25% 26% | 17 17 104 104 2124 214% 99 102 78 19% 25% 25% 80% 81 94 95 100 100 96 96 26l 26% % 143 691% 82 5% 16% 5% 16% 23% Pl Hudson Mot(5). 824 84l H1% 83% Hupp Mot(£2)... 73% 75 2% 14 Tilinois Cen(7).. 139% 140 139% 140 T9% T9% T9% T 3% 31% 81 31% O H 3214 36% 3215 'h‘/n 27% 28% 27% 27w 26% 26'a 25% 25% 119% 124% 118 124% T4% T4 T4 4 42% 42% 41% 42 4% 45 431 434 10% 11% 10% 11% Internat Agri... 15% 15% 13% 15% Int AgCh pf(7). 824 82 82W 82% Intl Bus Ma (c5) 149% 155 148% 155 Int Cement(4).. 81 81 81 81 Int Com Eng(2). 63% 65% 63% 6414 Int Harv(j6).... 335 335 3334 333% Int Harvstr (n). 83% 83% 83 83 Int Harvpf(7).. 142% 142'% 142% 142% Int Mtch pf 3.2 93% 93% 90% 924 Int Mer Marine.. 5% 5% 5% 54 Int Mer Mar pf.. 35% 35% 35% 35 Int Nickel (3)... 214% 235 212 23214 Int Nicklefs(3) 215 235 212 232 Int Paper (A)... 25 26% 25 Inter Paper B... 15% 16 15% Inter Paper C. 11% 11% 1% Int Paper pf(n). 90% 91 90% Intl Salt(5)..... 56 56 56 Int Tel & Tel(6). 191% 191% 189% Island Creek(4). 54 55% 54 Jewel Tea (15).. 159 159% Johns-Manv(3). 171 176% Jordan Motor... 11% 12% Jordan Mot(rts) % % Kan City South.. 87 88% Kan CSopf(4).. 69% 69% Kaufmn DS 1%. 32 32 Kayser J(5). 81% 82 Keith-Albee. 38ls 38Y% Kelly-Spring.... 21 21 Kels Hayes(2).. 41 41% Kelvinator Corp. 16% 17 Kennecott (8) 3% 69 1% Ind O & Gas (2). Ind Oil&Gas rts. Indian Mot (). . Indian Refining. Indian Refg ctfs Indust Rayon. Inland S(k16% Inspiration((3). InterboroRapTr. InterconRubber. 159 169 11% [ 159% 171% 12% 85% 69% 30% 8l 36 20% 40% 16% 132 66'% 33% 1% 8% 88 Kraft' (rights) Kresge(11.60) Kresge Dept S.. Kreuger & Toll.. Kroger Gro(el). Kroger (rights). 1% 1% Lago Oi! 31% 81% Lambert (163). 120 120% Lee Tire & Rub. 19% 20 Leh Por Cmt 2% 52% 52% Lehigh PC pf(7) 108% 108% LehighVal(3%). 921, 93% Lehn & Fink(3).. 56% 57% Lig Myers(5).. 8% 4 Lig&Myrs Bt 864 874 Liq Carb (+43%). 105 107 Loew's Inc (13). 621 63% Loew's pf(63%).. 101% 101% Loft. 813 8% Loose- 634 . Loriilard Co. 26% Louisiana Oil... 15% La Oil pf(6%).. 89% Louis GasA 1.75. 37 Louis & Nash(7) 141% 141», Ludlum Stl(2).. 79 McAndrews 2.60. McCall Corp(3). McCrory A(2). .. McKeespt Tin P McKsn. pf A 3%. Mack Truck(6).. Macy Co (2).. Mad Sq Gar(2).. Magma Cop(3).. Mandel(2%).... Man Elec Suply. Man EI Sup rt: Man El m2g(d5) Man Shirt(2). Maracaibo Oil Market Street, Market St prior. 33% 34 113% 114% 49 74 98 74 57% 100% 101 1 3 Y% 50 32% 1% 3% 38% Purity Bak(rts) Radlo Corp..... Radjo-Keith(A). ReadingRy(4).. Real Silk Hos. .. Real Silk pf(7) Reis(R)& Co.... Remingtn-Rand. Reo Mot (T1%).. Repl&S(4).... Reynolds Spngs. ReynldsTobB(5) RhineWE(1.92). Richfield 011(2) Rossia Ins(5). Royal Dutch rts. St Jos Leaa(13). StL & SanF(18). StL&SanF pf(6) StL&Southwest. Savage Arms(2) Schulte (J3%). Seagrave(el.20). Sears-Roe(32%) Seneca Copper. . Shattuck FG(2). Shell T&Ta2.425. Shell Un(1.40). Shell Un (rts)... Shubert The(5). Simmons Co(3). Snider Packg Co SoPoRicS t2% South Por pf(8). South Calif Ed.. South Dairfes A, South Dairies B. " South Pac(6) South Ry(8). South Ry pf( Spang Chalfnt.. Spicer Mfg..... Spiegel Co (3).. Std Com To(f1). SAG&E (3%). StdG & Epf4). Std Milling(5). . Std O of Cal(t3) StdOiINJ (11%) . StdO:INY (1.60). 5td Plate Glass. Std P Glass pf. . StdSanPro(1.68) Staniey Co. Stewart-War(6) Strom Car(2)... Stndetaker(5) Studebak pf(7).. Submarine Boat. Sun Oil pf(6) Superior Oil. Superior Steel. Symington. . Tenn Copper(1). ‘Texas Corpn(3). Texas Corpn rts TexasGulfSul(4) Tex Pac C & Oll. Tex Ld Tr(new) The Fair(2.40).. The Fair pf(7) Third Avenue. Thomp J R(3. Tidewater AsOil TIIWASOIIpf(6) TidewatrO(80c) Tide W Ofl pf(5) Timken R B(6). Tobac Prod (8). Tobac Prod A(7) Transcont Oil. .. Trico Prod(2%). Twin City RaTr. Undwd-E1 F (4). Un Bag & Paper. Union Carb(6).. Un O11 Cali2)... Marlan Ofl. ... Marlin-R(13%). Marmon Motor. . Martin-Parry... Mathieson(6). .. May Dept S(4).. Maytag (12) 42% kit 83 % 16% 173 93 25% 46 29% 54 28 35% 3% Miami Cop(1), .. Mid-Continent. . Middle States.ee e 1S Y% E I Union Pac(10). . Un Pacific pf(4). Utd Biscuit 1.60. td Cigar St(1). Jtd Cgr St pf(6) Utd Elec Coal. ... Utd El Coal(rts) Utd Fruit(t5%). Utd Paperboard. US CIP 1st 1.20. US CIP 2d 1.20.. U S Distributing JUS. 1 pe(T, (] 78 . Ui $9,000,000. American Exchange Irving Trust received $1,000,000. This same bank received $2,000,000 yesterday. New York Trust Co., which received $1,000,- 000 yesterday, took the other $1,000,000. Manufacturing operations in the United States in November established a new peak for the year, consumption of electrical energy indicates, according to Electrical World. Productive activity for the month was 2.2 per cent greater than that of October and 172 per cent above November, 1927. November oper- ations were about 0.4 per cent greater than September, the previous record | month. Open. U S Hoffman(4). 44% U 8 Alcohol(5).. 127 U'S Leather. . 4% U SLeathr A(4). 61% U S Realty(4).. 79% U S Rubber..... U S Rub 1st pf.. SSmelt(33%).. USSmpf(3%). U S Steel(7).... U S Steel pf. Uni Leaf Toh(3 Univ Pipe & Rad Uni Pipe pf(7).. 4 126% 341 60% 8% 39% Util P&L Ace2). Vanadium (14).. Vick Chem (4) Vicksbg S&P(5). Victor Talkg(4). Va-Caro Chem. . Vir-CarCh pf(6) Va Ir C&C pf(5). Vivaudou Co Vulcan Detin. ... Vulcan Detin(A) Wabash........ Waldorf(1%) Walworth(1.20). Ward Cl A(8)... Ward Baking B.. Ward Bak pf(7). Warner Bros Pic Warner-Qu(2).. Warrn Bros (15) Warren F&Pipe. Web & Heil..... Wesson Ofl v W Penn El A(7). W Penn El pf(6) W Penn EI pf(7) West P Po(6). .. West P Po pf(7) West DairyA (4) West Dairy B. .. West Maryland. West Md 2d pf.. West Pacific pf, West Union(8 Westhse A B(2) Westinghse(4). Westhse 1st(4). Weston Electric. White Eagle(2). White Mot(1).. White Sew Mach | White SM pf(4). 54% | Wilcox Oil & G.. 18% 194 19 Willys Ov(1.20) . "9 Willys Ov (rts). Wilson & Co. ... Wilson Co pf A Wilson & Co pf. Woolworth(5). . Worthn Pump. . Worth Pump(A) Worth Pump(B) Wright Aero(2). Wrigley (13%).. Yellow Truck 36 '58 & 35%° 857% Young Spring... 48 438 48 Youngstn Sh(5). 100% 100% 99% 101 Hourly Sales on N. Y. Market. 0am.. 513300 12m...1 0 p.m. 2,102,300 2:15 ‘Dividend rates as given in the above table the annual cash payments based on the est quarterly or half-vearly declarations. * Unit of trading less than 1 Partly extra. $ Plus 4% in stock. J in preferred stock. % Plus 1/25 in Mael Plld this vear—no runl:r rate. b P in stock. ¢ P bl! 'hefl earned. rt\“ktoek‘ Plg‘P stock. {Plis, 20 mek k Plus llfill share tock. m Payable 1/10 s Slear Srates 120% 17 21% 11»4 41% 81 68 207 214 4% 76 208 4% per cent rentes, 65 francs 45 centimes: 5 per cent loan, 92 francs 90 centimes: exchange on London, 124 francs 15: centimes. The dollar was quoted at 2 francs 59 centimes. COMPLETE FINANCING 1st & 2nd TRUST MONEY On homes, apartment buildings and business properties. No apprai- sal fee. Prompt service. Real Estate Mortgage ‘l & Guaranty Corp. 24 Jackson Place Main 1403 | Swartzell, Rheem & Hensey Com- pany’s First Mortgage Notes which hold a record of fifty-nine years without loss to an investor. The regular rzturn of 6% per annuim which these notes yield insures a steady and natural growth to your investment which no speculative profits can ever give you. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N. W, WASHINGTON D.C, mentals of bond INVESTMENT BONDS 7 929 FIF Foresighted Investors THE old proverb about the ounce of prevention and the pound of cure holds particularly true in the field of invest- ments. Thorough analysis and careful selection are the funda- Foresighted investors lay out a definite in- vestment program, beginning with the care- ful choice of competent investment counsel. They diversify their purchases of securities. They seek safety first and income yield last. To such investors, S. W. STRAUS & CO. offer long experience and expert services. OQur current selections include railroad bonds, municipals, industrials, public [utilities, foreign bonds, and first mortgage real estate bonds of our own origination, yielding from 4% to about 7%. Write for information, specify- ing what type of bonds you prefer. Ask for S.W.STRAUS & CO. ESTABLISHED IN 1882 e S T S e S | buying. BOOKLET 583-G TEENTH ST. NNW., WASHINGTON Telephone Main 5847