Evening Star Newspaper, December 18, 1928, Page 13

FORD MOTOR STOCK FEATURED ON GURB Heavy Turnover Occurs as Issue Is Admitted to Trading Today. Y WILLIAM F. HEF Special Dispatch to The Star. NEW YORK, December 18.—Ameri- can depositary receipts for stock of Ford Motor Co,, Ltd., admitted to tradigg to- day featured an otherwise dull market on the curb exchange. So much had been heard about the heavy over sub- scription to the issue and the fact that American allotments were to be mate- cut down that it was natural for ue to be in urgent demand in the open market While no official statement was made by the London bankers for the com- pany, it was intimated that applicants for 100 shares or less received 30 per cent. Up to 200 shares 25 per cent was allotted, to 1.000 shares 10 per cent and to 2,000 shares 5 per cent. Appli- cants for 5,000 sharek are expected to receive 100 st indicating that the een favored in FERN/ the allotments. The stock quickly sold up to 10 on a n urgent demand sts was reported Exchange. The olved a block of As many as 16 age houses were soliciting in- quiries on the issue by advertisement before the opening today. It was evi- dent. that many who, because of the small allotments, had marketed the is- sue were compelled to come into the market to obtain the stock. Airplane. issues, which had been bid up spectacularly Monday following an- nouncement of the huge combine in the industry, felt the effect of profit-taking today. Niles-Bement-Pond around the 200 level lost some 8 points. Boeing Air & Transport receded several points, and others of the. group were reluctant to resume their upward trend. Cities Service common went forward to another new high following an- nouncement that stockholders of record January 8 next are to be offered ad- ditional common stock in the ratio of one share at $65 for every 10 shares held. Procéeds from this additional financing are expected to be used for expansion purposes. In-the junior rails St. Paul adjust- ments had a gain of a point. Seaboard Air Line adjustments were also a point higher on the better earnings reported for November, although the Florida division first mortgage 6s broke below 70 to approximately the lowest of the year. from Ame n the London Stocl w Bond Issues Bpecial Dispatch to The Star. NEW YORK, December 18.—Drexel & Co., Brown Brothers & Co., Guaranty Co. of New York and Union Trust Co. of Pittsburgh offer today an issue of $8,000,000 City of Philadelphia 20-50- year 415 per cent bonds, maturing De- cember 17, 1978. The bonds are priced at 101, to yield about 4.176 per cent to the first optional redemption date (1948) and 4% per cent thereafter. A new issue of $8.000,000 Delaware Eiectric Power Co. gold debentures, 52 per cent series, due January 1. 1959, is being marketed at 962, to yield about 5.75 per cent, by Drexel & Co. Bon- bright & Co. and A. C. Allyn & Co. MOVEMENT OF SAVINGS THE EVENING 'STA‘R'. WASHINGTON, D. C., NEW YORK CURB MARKET Received by Private Wire Direct to The Star Office Following is a list of stocks and bonds | Sales in STANDARD OIL ISSUES AND FOR- traded in on the New York Curb Market today: - Sales INDUSTRIALS. in hundreds. High. lf Acou;uc Prod 19 Low. Noon. 8% 18's 1 1le L 1% 5 49% 46, 843 50t Dr B.. 5 Alpha Port Cem 5 A Foy 18 Am Cyanamid B. 4 AmerDept_Stores. 1Adt N J con pfd 1 Amer Rayon Prod... 16 3 Amer Smelt & Ref 1. 88% 1Amer S&G p pfd... 48 2 Amer States Sec A 1 Amer States A 1ts Wi Amer States B Tis W o s 9412 941z e 734 1 57Bohn Al & Br........106% 1037 106% 4Braz Tr L&P 11075 T4 75 3Brill Corp A.. 3Brill_Corp B.. 7 Brit-Celanese L 4 Cela m 4 Celluloid Co n.. 4Cent Aguirre Ass 7Cent Pip Cor.... 4Cent States El. 4 Cent States El W 8 Check Cab Mfg P pil o Frank H H M 5 Freshmah Chas 33 117 11% 77 107 107 30 30 z§g;/. 200% 204% 3i2 Ga3n 9 s 41% 41 INTO STOCK PURCHASES Bpecial Dispatch to The su;.e S NEW YORK, December 18.—The movement of savings into the stock market during the recent prolonged period ‘of rising prices was reflected in an announcement made yesterday by the Savings Banks Association of New ~York State that deposits in 142 report- ing zavings banks in the State had de- creased $1,689,175 in November, as against an increase of $11,353,356 in Novemper of last year by the same banks. An official of : the association said, however, that since the end of November a renewed movement of money into ‘savings banks had been d that, judging by present in- ould be shown for s the recent wide break in the stock market there has been apparently a tendency to resume bank savings. Indorsements on the checks drawn on savings - accounts in November showed, according to savings banks of- ficlals, that the withdrawals were due to these three main causes: The purchase of stocks. The purchase of real estate mort- gage bonds. The purchase of homes. It was said by officials of the asso- clation that the .purchase of homes was apparently'going on in undimin- ished volume. Furnace Work Resumed. NEW YORK, December 18 (®)—- Btruthers Iron & Steel Co.’s furnace at Youngstown has made its first cast after a year of idlencss and has enough merchant iron booked to operate six months. TREASURY CERTIFICATES. (Reported by J. & W. Scligman & Co.) Rate—Maturity 3%s Mar. 15, FOREIGN EXCHANGE. (Quotations furrished by W. B. Hibbs & Co.) ZLondon, pound Faris. franc, pen! , cros Oslo. crown’........ Stockholm, crown.. .. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Bid. Offer. Allis-Chalmers Co. 93 Aluminum Co. ¢ Amer. Tel ‘Anaconda Balto, & O 5 Batavian Pet. Corp. 4 Bell Tel. of Canad California Pet. Canadian Nat Canadian Nor. Ry Chesa. & Ohio Rwy Chicago Rock I Colorado & bia_G: 55 1937. . 55 Mot 1 Gulf 0! Humble Oil 5 Pure Shell Unlor: 102 102% 100 9: 1946 103 1033 1948 101 Parker Pen.. %, Penney_(J C) 2 Penn O Ed B 6 Penn Ohio E 1 Beop Lt & 2 Philip_Morris. . pid. war. 180 179% 180 65 6ila 24t 24% T 262 2 Gen reg 18Span & r Kellogg n 1 Spencer. K pent el 18tand Inv 20 Trans Am T¥ ¢ 1 Transcon Air Trsp.. Plet...... 1 williams & C.. 12 Wire Wheel Corp. Sales . MINING STOCKS. Tundreds n B3Iz Globe C. 1 Carnegie Metals g com Tun & Drain 6 Cons Cop Mines.. 2 Gresson_Gold, 20 Falcon Lead M 10 First Nat Copper 3 Golden Center 10 Goldfid Cons. . 1 Hollinger 6 Hud Bay ) 1 Mason Val.. 4 New Cornelia. .. 14 Newmont Mining. 1Nm|ssg\l old M. . lope Cor n 177 Uni 4 Wendon COP.... 1% Sales in INDEPENDENT OIL STOCKS. 3 reds. TS con ollfds 65 6% 9 Am Maracatbo Ce. 90 i units, MER SUBSIDIARIES—STOCKS. O &R 800 Imp Oil Can. 100 Ohio R 800 Prairle O & G. 100 Prairje P L...... 300 Prairie Pipe ‘kine 50 Solar Refin pp: 10Ark P & new 45 Asso_Gas & El 5128 2Can Nat Ry ' 4 Cent Sta P&L 5'zs.. 54 Cit Ser . " 2 Cit Serv S 15 Cit Serv Pow 5'u: 1 Commonw Egdfl{'x# 3 Contl G&E al BCOHHhOKg 5%4s. 1 3 Det Intl Ts.. 2 Empire O_& R 5ias. 35 Fet wat Serv 5128 5 Firest Cot Mil 55 4Fla P & L 5 2 Gatineau Pow 15 Gatineau Pow ©s.. 1Hood Rub 1 Houston Gulf 5 G ésA 92 41Ind Oll & Gas 6s... 10675 991 2 21 Kendall 5/ % 2 Kop Gas & Coke 5 13 Lehigh Pow 6 A § Manitoba_POW A 99% Cord Rad 6 2 5 Morris & Co 1 Nathan Straus: 1Nat D Prod 6 2 128, . P bl 90y S 55 5555 13 SED Gemwwhwonwaom - s S Rub 8138 *40 an Camp P 8s cod- Westv_ Chlor 51as '37. 102% Western Pow 5128 A.. 107%2 I Sal FOREIGN BONDS. in thousands. Baden s 51 Bolivia Ts 6 Buenos Al 3 Cauca Valley 7s. 1Danish Cons 512 5 Elec Pow_ Yas. 28 Finland Res ML& 6s.. 91 1 First Bohem Wks 7s 85'% 7 Prankfort _6%s...... 93% Free St Prus 6s. 1 i Elec Ser : ld—-!nl-dlvldtnfl. ‘wi—when issued. W WwoWith warrants, COTTON IS STEADY IN EARLY DEALINGS Market Apparently Influenced by Expectations of Light Gin- ning Figures. By the Associated Press. NEW YORK, December 18—The cot- ton market opened steady at a decline of 3 points to an advance of 4 points, after showing net losses of 3 or 4 points on the more active months. Prices firm- ed up on some covering, combined with trade and commission house buying. The latter may have been promoted | by expectations of comparatively light ginning figures to December 13, while there was some buying on reports of rather a better demand for cotton goods. January sold up from 2020 to 20.28 and May from 20.18 to 20.26, with the active months showing net advances of 4 to 9 points at the end of the first half hour. Notices estimated at a little over 4,000 bales were issued against Decem- ber contracts, causing some near month liquidation, which was absorbed with- out much change in differences between months. Private cables reported continental buying of late months and local liquida- tion of near months at Liverpool, and said there were encouraging cloth sales for China and South America. WHEAT IS LOWER - ON INITIAL SALES Increase in Canadian Visible Sup- ply Causes Drop in Prices. By the Assoclated Press. CHICAGO, December 18.—With the Canadian wheat visible supply today showing further increase of 15,313,000 bushels, wheat prices here averaged a little lower in the early dealings. Bear- ish estimates of Argentine wheat pro- ductfon were also at hand. Opening unchanged to % lower, Chicago wheat afterward held near to the initial figures. Corn and oats were also easier, with corn starting % off to 14 up, and subsequently undergoing a moderate general sag. Provisions tilted upward. ‘Reports that Europe is well supplied with cheap Argentine and Canadian wheat gave special point today to an- nouncement of another big increase of the Canadian wheat visible supply, which was announced as totaling now 141,000,000 bushels compared with 94, 289,000 bushels a year ago. Meanwhile advices were received that estimates of the Argentine exportable wheat surplus ? | canged from 190,000,000 bushels to 220,- 7 Pac Western.. 14 Bantepec Ol 7 Plymouth Oil 2 Reiter-Foster Oil. A restaurant in London is specializ- ing in dishes that supply full nourish- ament without increasing one’s weight. 000,000 bushels. It was explained that except in a small area around Bahai Blanca, all sections of Argentina show very good wheat yields. Extensive deliveries here on Decem ber corn contracts, as well as much sell- ing of corn into store and better weath- er for movement of the corn crop in most parts of ‘the corn belt, tended to ease the corn market today. Receipts, however, were lighter, 171 cars in Chi- cago today. Shipping demand here was rather active, and unsettled weather was again tening Northwest, CHRISTMAS TREES IN EVIDENGE HERE Large Displays on View at Market—Turkey Sup- plies Good. Northern pines, holly trees from near- by Maryland and Virginia, and wreaths of holly and running pine, in addition to bunches of berries from swamps of nearby States, proved an attractive feature of the wholesale market dis- trict this morning. Very few pines and cedars from Maryland and Vir- ginia_have reached the local market, but heavy receipts are expected the next two or three days. It is also expected that some North Carolina trees will reach here before the end of the week. Some of them were offered in the local market last year and are said to have been par- ticularly attractive. They also are said to hold up better than trees that have been cut two or three weeks before being offered for sale. Turkey Receipts. Chief interest in today’s market cen- tered about turkeys, and dealers were well pleased with improved conditions. The change in the weather meant new life to dealers, and continued cold wea- ther the remainder of the week will enable the dressing and bandling of turkeys without -fear of losses. While there were many turkeys in market this morning, mostly alive, re- ceipts were not heavy, This does not suggest a _possible shortage for the Christmas holiday market, however, ac- cording to dealers, for it is known that many turkeys, both live and dressed, are headed here from distant places. ‘Then, too, it is said by dealers, there are many turkeys in storage, represent- ing the surplus stock at Thanksgiving, that will be offered for the approaching holiday market trade. Dealers say they see nothing but a comparatively cheap market. It is said there probably will be much thin stock and culls to offer the trade, many turkey raisers shipping stock that is not fat enough to offer the best trade. Such stock probably will sell from 5 to 10 cents lower htan the stock in good condition. Dealers predict a wholesale market of about 43 to 45 cents, which, they say, should make a retail market of from 50 to 60 cents. Receints of chickens were fairly heavy this morning, and dealers had addi- tional shipments of rabbits to offer at cheap prices. A draggy condition of the meat market was reported, dealers saying they do not anticipate much im- provement in market conditions until after the Christmas holiday season. Wholesalers had their usual attractive offerings of fruits and vegetables, some from nearby and seme from distant places. Most of the attractive fruits came from California and Florida, growers in the two States also supply- ing top quality vegetables. No changes were reported in butter and egg prices today, and most com- modities were offered at prices sub- stantially the same as those quoted yes- terday. Today's wholesale prices. Jobbers' prices slightly higher: Butter—One-pound prints, 51a5214; tub, 5015a5112; store packed, 30a35. Eggs—Hennery, 48a50; fresh seleci- ed, 43a44; current receipts, 38a40; storage, 32a33. Poultry, alive—Turkeys, 37a38; chickens, 28; Leghorns, 25; fowls, 26; roosters, 19a20; keats, young, 60a80; old, 30. Dressed—Turkeys, 40a42; Spring chickens, 30a32; Leghorns, 28 a30; fowls, 28a30; capons, large, 45a48; small, 38ad! ducks, 30a32; keats, young, 80a1.00. Meats, fresh killed—Beef, top, 25; medium, 2175a23; common, 17a18; veal, 25a27; lamb, 28: pork loins, 19a21; fresh hams, 20a22; fresh shoulders, 16 al7; smoked shoulders, 17a18; smoked hams, 25a26; bacon, 22; lard, in tins, Spring 12%%; in packages, 14a15. IEL:? stock—Calves, 16al7; lambs, al4. Game—Rabbits, No. 1 grade, 25; No. 2 grade, 15a20. Fruit and Vegetable Review. The daily market report on fruits and vegetables compiled by the Market News Service Bureau Of Agricultural Eco- nomics says: Apples—Supplies moderate; demand light, market steady; boxes, Washing- ton, medium to large size, extra fancy Delicious, 3.25; Romes, 2.50; Staymans, 2.50a2.75; Jonathans, 2.00a2.25; bushel baskets, Virginia and Pennsylvania, U. S. No. 1, 214 inches up, Grimes, best, 1.50; poorer, 1.35; Staymans, 1.50; U. 8. No. 1, 2% inches up, mostly around 1.75. Cabbage—Supplies _light; demand light, market steady; New York, Danish type, 90-pound sacks, 2.25a2.50; 100- pound sacks, 2.50a2.65. Celery—Supplies liberal; demand light, market steady; California, crates, 6.0026.50; few fancy high as 7.00; some ripe, fair condition, 5.00a5.50; York, 2-3 crates, wide range prices, 2.50 a3.25, . Lettuce—Supplies of Western stock liberal; demand light, market steady; California, crates, iceberg type, 4-5 dozen fair quality and condition, 3.50 a4.00; few, 4 dozen, good quality and condition, 4.75; Arizona, crates, iceberg type, 4-5 dozen, soft, poorly headed, 3.00a3.25; Southern stock, light, demand light, market dull; Flor- ida, 1Y;-bushel hampers, big Boston type, fair to ordinary quality, 76a1.25; few, 1.50. Onions—Supplies light; demand light, market steady; Michigan and Ohio, 100-pound sacks yellows, U. 8. No. 1 gnedium to large size, 5.0025.10; mostly .00. Potatoes—Supplies _liberal; moderate, market steady; Michigan, 150-pound sacks Russet Rurals, U. S. No. 1, 2.00a2.15; few 2.25; Idaho, 100- pound sacks, Russet Burbanks, U. S. No. 1, 2.40; Pennsylvania and New York, 150-pound sacks round whites, U. S. No. 1, mostly around 2.00. demand Spinach—sSupplies light; demand light, = market about steady; Norfolk section, Va., veneer barrels, Savoy type, hold- overs, 1.00a1.25. Sweet . potatoes—Supplies light; de- mand light, market steady; North Caro- lina, cloth top barrels yellows, No. 1, few sales, 3.50; considerably decayed, 1.00a 2.00; nearby Maryland, bushel baskets, Naney Halls, No. 1, 1.50, String beans—Supplies limited; de- mand light, market steady; Florida, 7y-bushel hampers, best, 5.00a5.50; fair quality and condition, 4.0024.50; Black Valentines and Refugees, some fair qual- ity and condition, 3.00a3.50. Egeplant—No supplies on market. Peppers—sSupplies light; ‘demand moderate, market about steady; Florida, pepper crates, fancy, 10.00a11.00; choice, 9.00. Squash—Supplies light; demand mod- erate, market steady: Florida, pepper crates, white, wrapped, fancy, 6.00a 6.50; fair quality and condition, 5.00. Cucumbers—Supplies very light; de: mand good for good stock, market firm; Florida, 73-bushel hampers, fancy, 6.00a 6.50; ordinary quality and condition, no sales reported. Peas—Supplies light; demand light, market steady: California, 40-pound crates, 6.00a6.50. Tomatoes—sSupplies light; demand light, market steady; California, lugs, green, wrapped, ripes and turning, wr%pped, medium to large size, 2.00a 250; Florida, sixes, ripes, wrapped, fancy count, 4.5025.00; choice count, 3.50a4.00; repacked in Baltimore, un- known origin, sixes, fancy count, 6.50; choice count, 5.50; repacked in New York City, unknown origin, threes, ripes, wrapped, fancy count, 2.7 choice count, 2.25; Ohio, hothouse, 10- pound baskets, small size, 1.75. Strawberries—Supplies _very light; demand light, market about steady; Florida, pony refrigerator, Missionarys, 1.00a1.25 per quart; pints, 55a60. Cauliflower—Supplies modera! de- mand light, market steady; California, pony crates, 1.50a2.00. Beets—Supplies light; demand light, PRODUGE TIGKERS START TOMORROW New Service in Securities Has Aroused Much Interest Among Traders. BY LEMUEL F. PARTON. Special Dispatch to The Star. NEW YORK, December 18.—The New York Produce Exchange, “feeling its oats,” so to speak, awith all these big goings on down in Ticker Lane, will pen a general securities department to- morrow, and possibly, but not certain- ly, start some scrambling and bicker- ing among curb and over-the-counter dealers about what goes on the new list. For several days there have been prophesies _of a spirited row, to be stirred up by dealer organizations and others now living happily in the margin be- tween bid and asked prices. Executives of the Produce Exchange strongly discount any possibilities of discord and, any- way, they have listed 133 industrial and miscellaneous stocks, 48 bani stocks, 33 insurance stocks and 36 cou- pon bonds. Interest in Innovation. The new department will be hooked up to the Western Union ticker service, with regular notations of bids and of- fers. It will be the first such innova- tion by any produce exchange in the country, and the Street is intensely in- terested and curious. This happens_just at a time ~when the Cotton Exchange is appointing a committee to launch a plan by which the exchange will deal in textile mill stocks, starting January 1. All the spe- cial exchanges have been vitalized by the strong upward movement in stocks. Two or three years ago, New York Produce Exchange seats were selling for $3,000. Recent sales have reached $33,- 500, an even greater proportion of in- crease than that registered by the bull market in the Stock Exchange. There has been no sale of seats since the an- nouncement of the new department, but if the securities branch gets away to a fast start it is predicted that the price of membership will go even higher. 'grhe inclusion of 48 bank stocks among kind of securities caused some suprise and inquiry in the financial district, in view of previous banker opposition to the listing of their stocks. Among the others are Chase National Bank and National City Bank, both of which previously were withdrawn from the Stock Ex- change. Mitchell's Statement. In connection with this withdrawal, Charles E. Mitchell, president of the National City Bank, made a public statement, in which he said: “T think it is unwise for the seeuri- ties of credit institutions to be traded in markets that are speculative and which feel the influence of speculative trends. My attitude has not changed since T went on record as being op- posed_to_the listing of the‘Nflflgnal City Bank on the Stock Exchange.’ One of the officials of the Produce Exchange, asked about President Mitch- ell's statement and the subsequent list- ing of National City on the Produce Ex- change, said today: “We have made up our list to meet the requests of dealers who want cer- tain stocks to be dealt in. It stands to reason that we are not going to inyite the opposition of the National City Bank, or any other such institution. There was no legitimate reason why we should not list any,stock we pleased, but of course we will work with the financial community. “aTt is possible that investment trusts and others who have developed ex- tensive dealer organizations will see something to oppose in our listing of certain stocks, but this is all subject to later adjustment. 250 Securities Listed. “The Produce Exchange is a corpora- tion, the only one of its kind in the country, I believe. The certificate of membership is subject to changing price values, like a Stock Exchange seat, and the price has been steadily upward. We will deal in a great many out-of- town securities, including many Can- adian lines.” The exchange has listed 250 securi- ties so far and the machinery is all geared up for a fast opening. . Claude Neon Lights Stock. NEW YORK, December 18 (Special). —Directors of Claude Neon Lights, Inc., have voted to recommend to the share- holders an increase in the common stock from 100,000 shares to 3,000,000 shares, giving present shareholders 10 shares of no par for each share now held, and leaving 2,000,000 of the new shares in the treasury. It was also decided to retire all of the preferred stock at $110 a share. : DIVIDENDS. Regular. Pe- Pay- Hidrs. of Rate ed. al YA record. 3 Company, Atk P & L $6 of. Do. Bkiyn & Min “Tran Bklyn Mtge G & Byllesby (HM)&Co Do. B P ble. s1. Jan. 2 31 an. 2 . 5 et P 3 % i 0. OO OLOOODODOLLOOOOODD] SEERLGE! ] Do._pf. Can Dry ‘Ginger "Alé.. Cavanagh-Dobbs pf.13 Chic Ry Equip pf.$1. City Financial A. Continentai ' Sec ) Elec Vacuum Cleaner, of Am A u« EEEREREE et huuuhu s 52535 e BEEs, 557 BE ot s 55 D Gen ‘Pub_Ut . Gorham Mfe st pf.S1 Gra Paige M 7% pf.§1.7: Guenther Publishing. 335 .. k W pt A-433c e & 5 = s o e Tt T TR ORI =~ Hudson & Man pf Industrl ~Acceptance 0% [ W2 EE N, - & pf..3la%s-adan. Extra. Byllesby (HM)&Co A.75c ex Dec. Do. B White Eagle Oil Wis Val EL 7% 75¢ ex Dec. 13%¢ ex Dec. 2 . _§¥sc ex Dec. Elec Vacuum Cleaner. ... ex . % ex Ja “$4 ex Jan. Increase. Unit Verde Ex Min..75c Q Feb. Stock. Byllesby (HM)&Co A.1-5¢ Niles-Beme! Union " Trust. Hershey Co pf A. .. Jan. 2 Do. £ . Dt B... 3715c @ Jan. 2 Dec. 20 *Payable in U d Aircraft & Transport common_stock ck. 1Covering period from October 10, 1028 market steady; Texas, crates, 5.00. Carrots—Supplies moderate; demand light, market steady; California, West- ern lettuce, crates, bunched, 3.50. Oranges—sSupplies liberal; demand moderate, market steady; Florida, boxes, various varieties; No. 1, medium to large size, 3.50a4.00; small size, 2.50 a3.00. (Correction—Yesterday's report omitted first price, 3.00, included in error.) Grapefruit—Supplies liberal; demand light, market steady; Florida, boxes, No. 1, medium size, 3.50a4.00; No. 2, medium size, 2.50a3.00. (Correction— Yesterday’s ‘report should have read Florida, boxes, No. 1, medium size, 3.50 a4.00; instead of 2.50a3.00) some of the most conservative of this | TUESDAY, DECEMBER 18, 1998, NEW SOUTH AMERICAN BONDS ARE AFFECTED BY WAR SCARE Special Dispatch to The Star. NEW YORK, December 18.—Interna- tional bankers are concerned over the effect on future negotiations with for- cign governments of the dispute between Bolivia and Paraguay, which has re- sulted in a serious break in Bolivian bonds. Arrangements had been made for a considerable number of new South American and Central American issues to be brought out during 1929. In spite of the fact that the greatest proportion of new foreign financing in the last three months has been for those coun- tries to the south of us, it was felt that there was still more opportunity for expansion there than in Europe, par- ticularly since the German market has not been popular and is expected to be quiet until more definite knowledge is available of the reparations payment terms. The political unrest in Southeastern Europe has also led to the temporary ‘abandonment of loans under negotiation throughout the Summer. Loans from this quarter already listed have recently been heavy in sympathy with those in the South and Central American group. The tour of South America by Mr. Hoover had stimulated considerable new interest in the dollar issues of the states and provinces in that part of the world, and with the establishment of new trade relations American bankers looked to sec_an eniargement of the borrowings of South and Central America, althcugh these have reached substantial propor- tions in the past two years. In fact, the output of new loans by some of the smaller states and provinces has been felt to be in excess of their borrowing capacity. Aside from the political conditions abroad that have restricted the output of new foreign bonds, there, is the com- petition at present between the yield on these bonds and that on call money. Many of the regular purchasers of for- eign issues, who are interested primarily in the interest yield on them, have been loaning their money out on call since last July and obtaining a higher aver- age return on this money, with prac- tically no risk, than they have previously been able to realize on even the most speculative of the foreign bonds. They are not likely to come back into this market until call money drops down to 6 per cent and stays at that level long enough to indicate a permanent relaxa- tion in the market for surplus funds.. CONTINUED PROSPERITY IS ENJOYED BY BANKS Special Dispatch to The Star. NEW YORK, December 18.—While not all banks have been prosperous dur- ing the last four years—more than 5,000 of them in agricultural sections have closed their doors in the last seven, years—the New York banks continue to prosper. ‘The average net earnings on the aver- age capital invested by the 22 national banks in New York City equals 31.1 per f;gg for the year ending October 3, To repeat, this was the average. Some earn far more profits. The First National Bank earned 179.8 per cent, while 2 of the newer banks of the 22 had no earnings. ‘The National City Bank of New York earned $22424,000. Its book value is now about $182.78, but the market price value is around $900 a share. The Chase National Bank earned $11,983,000, paid out $9,000,000 in dividends, and now has a book value of $231.34, while its market value is about $600 a share. ‘The National Bank of Commerce earned $8,231,000—about 32.9 per cent on its capital—paid out $5,000,000 in divi- dends, and now a book value of about $675 a share. And the prevailing high money rates are not hurting bank profits in the immediate future. Crude Petroleum Higher. NEW YORK, December 18 (P).— Crude petroleum prices were higher in the week ended December 15. Prices at the wells in 10 principal producing fields averaged $1.717 a barrel against $1.692 the previous and $1.451 in the corresponding week last year, according to Oil, Paint & Drug Reporter. Gaso- line prices averaged 19.97 cents a gal- lon in 10 principal marketing cities against 20.27 cents the preceding week and 19.05 cents in the corresponding week in. 1927. 13 REPUBLICS’ TRADE WITH U. S. IS GIVEN Paraguay's Total Less Than $2,- 000,000—Bolivia's About $6,000,000. BY JOHN F. SINCLAIR. Spectal Dispatch to The Star. NEW YORK, December 18—The trouble between Bolivia and Paraguay gives rise to questions concerning the extent of trade between the United States and_those countries. The total trade with Paraguay is less than $2,000,- 000. The trade between the United States and Bolivia is about three times as much. . Bolivia, with an area slightly exceed- ing that of Illinois, Indiana, Iowa, Ken- tucky, Michigan, Wisconsin, Minnesota, New_York, New Jersey, Pennsylvania and Maryland combined, and a popula- tion of a little more than 2,000,000, is the only country in South America without a seaport. And Bolivia wants one. Bolivia was under Spanish rule for 200 years, from 1540, and her rich mines produced gold during that time to the value of $2.000,000,000. Today little gold is produced there—about $500.000 annually. But Bolivia is rich in tin. Half the world’s supply comes from there every year. The National Lead Co. of the United States is the largest factor in Bolivia's tin production. Paraguay, an agricultural country, with an outlet to the sea, is about one: third as large as Bolivia, and with 1 one-half Bolivia’s population. Paraguay’s history since 1811, when it declared its independence from Spain, has been one of wars, revolutions and dictatorships. 1Its capital, Asuncion, is a little city of 100,000 on the Paraguay River, 800 miles from the sea. Para- guay’s foreign obligations were in de- fault many years before 1924, but then an agreement was made with her credi- tors, and since that time her financial obligations have been met promptly. (Copyright, 1928. by North American News- paper Alliance.) TREASURY RECEIPTS. ‘Treasury receipts December 15 were $25,567,627.71; expenditures, $9,482,- 553.60; balance, $39,242,933.2! —or both—for him Selected here you'll ‘have the advantage of the fullest assortment of exclusive effects—of imported and domestic makes. Practical garments in design, cut, fit, etc. Robes and Lounge Suits Featuring selections from Welsh, Marget- son, London and the leading domestic makes —in Silk, Rayon, Flannel etc. $10.75 to $150 Special- ' Brocaded Robes, patterns; with girdles. . Brocaded Robes, £ R or R R ORI s Imported Flannel smart stripes. French Lounge and trousers. in many $10.75 $15.00 $19.75 $10.75 Suits, silk—coat §5() with silk Robes, House Coats That Are Comfy Coats Tailored with Mode care for details of fit. Exclusive styles of our dictation. $6.75 to $35 Velvet Jackets In rich satin facings. $30 ) Smart Jackets —with collar,” cuffs and pockets trimmed with silk. $10.75 Double-Faced Cloths —with collar and cuffs in contrasting colors. Why Not a Tuxedo? You'll get him just the right thing in the Mode at $38; or the Fashion Park at $68. The Mode—F at Eleventh