Evening Star Newspaper, December 19, 1928, Page 13

'THE EVENING STAR, WASHINGTON, D. €., WEDNESDAY, DECEMBER 19, 1928.° 13 NEW YORK_cuRs WARKET | |JASTEPRODICTS [PANKS, AND TRUST GOMPANIES Joen s e, A ATIONINDUSTRY NEW YORK, December 19.—Mem- Utilities, Motors, Oils and Other Issues Play Part in Advance. BY WILLIAM F. HEFFERNAN. Bpecial Dispatch to The Star. NEW YORK, December 19.—General recovery characterized trading on the Curb Exchange today. Utilities, motors, mining issus, olls and industrial spe- clalties all shared in the advance. Interest naturally centered .in the trading in the new Ford Motor, Ltd., shares, and the volume in this issue ‘was again enormous. The stock opened on a block of 15,000 shares up 1% to 97% and subsequently pushed.through 10 to a new high. There was no doubt that much of the demand was coming from “interests who had sold" previously on the idea that they were to obtain their full allotments to subscriptions. ‘The best information was that the largest individual subscriptions would not ex- ceed 210 shares and that total allot- ments to American investors would be limited to approximately 5 per cent of the amount subscribed for. PFranklin Manufacturing shotforward several points and there wis & ‘better demand _generally for motor stocks. Public utilities were featured by a re- newed demand for the prominent hold- ing company issues, notably Southeast- ern Power and Electric Bond & Share securities. The sudden and heavy de- |’ mand for Hiram Walker, apparently represented short covering ' operations. Bohn Aluminum, after mal 8 new high, above 111, lost “more n _tl early improyement. Alpha Portland Cement moved upward several points toi}. its best and a new high also was es- tablished in International Nickel new. Niles Bement Pond opened down over 10 points, indicating that the stock had previously gone ahead too fast in dis- counting expected benefits of gigantic merger of airplane companies in which one of its subsidiaries is involved. Other alrplane issues, however, continued in fair demand. Following is a list of stocks and bonds MARKET CONTINES -2 traded in'on the New York Curb Market m Sts Sec A rts sharp advance had'created a technical ‘weakness in the market for these stocks. Superior Shell Union. Indian Refg. Tex. & Pac. C. & O. Stnelar. Liquid” Carbonie. Stand. Plate Glass. Adolph Gobel. RUBBER. Brunswick. Intercont. Ajax. Some Groups Hold Gains.} In comparing this list of ‘stocks with the ones which had previousi most, it is interesting to note, motors, utilities, retail trade and food products groups had risen sharply the «declines were very moderate. =~ While there were seven retail trade ~stocks which had risen over 50 per cent since June, only two declined more than 18 per cent in the break. None of the six motors which had risen sharply de- «clined as much as 18 per cent, although } there were two different motor stocks which did decline this amount. The most striking fact was that while there had been six food product stocks lead- ers in the rise, none of them appeared fn the above list. Oils Suffer Most. ‘The other groups did not fare so Wwell. Most of them had about the same mumber of leaders on the decline as they had had on the rise. The coppers, for ipstance, had 10 stocks which ad- wanced over 50 per cent since June, and mow there are 9 which declined over 18 cent. The-oil industry suffered viest in the decline. While only four oils advanced more than 50 per cent there were 12 stocks which gained » place on this list of leaders on the line. . This study shows that in the recent Preak the oils suffered most, while the coppers, motor accessories, metals, smusements and radio, airplane, steels declined about as much as one might On the 1Newton Steel n. 1Niagara Shares 2o 'and. provisions were relatively easy, with les INDEPENDENT OIL % | dozen were unfavorable as to the Winter 0% 108% 55 N El 963 3ias 9815 El 4%s. 981 4 eorgia_Pow 55 T rand Trunk 638 ulf Ol Pen HO0Q00K ulf Ofl Pen 5 ulf States Ut 55 | Pow & L 528 BEING ELIMINATED Science Finds Ways to Utilize Lumber Discarded by Paper Makers. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, December 19.—Within an extremely short time, it is expected that developments in the industry wiil s |be made which will permit the use of all lumber waste in the manufacture of paper. ‘This will obviate the demolition of the pulp wood tracts of both the United States and Canada. It also will change materially the operation of lumber mills in the Pacific Northwest and the South and in the country along the Canadian border. This announcement was made by an internationally known fuel engineer today. Waste, slabs, butts, sawdust and other products from the transforming of logs into iumber now are used to a large }: | degree for fuel to furnish power for 1081 10314 A 92% 3 Sun Maid Rais 1 Swift & Co 55 00 6Texas P & L 55 9934 9! 5 Truax Traer_Cl 6125 100 5Un Am Iny Stg 55 A103%2 1Uni Lt & Rail 5325, 93 2Uni Lt & Rail 6: 1 Prod 8s ub 6168 17 Wheel St1 4128 B, 10 White Sew Mach Sales FOREIGN BONDS. in thousands. 1Ami Mor Ba Ts 45 98 n 78 5 @ Bolivia s 92% Gauca, Yanles, 43 Jons_512s. te & In v 3 Hamburg E 75, .. tta Fraschiril ‘7s.. : 48" Frasch W 2] ftal 3 Mend 1 Montevideo 65 A, 2 Mor Bk Bogota 7§ 4 Mor Bk Chile 6s 1Parana 15 ... 1Potrero Sug '75. 5 Ruhr Gas 618 A, 1 Russ Gov 628 arsaw 7s xd—Ex-dividend. wi—When issued. n—New. Ww—With warrants. — e it COTTON PRICES SAG ~ IN EARLY DEALINGS flnrkst})pem at Decline of 3 to ™ 740 Points on Southern By the Assoclated Press. 4 NEW YORK, December 19~~Prices opened in the cotton market at a.de- cline of 3 to .10 - points under e Southiern uulx‘lgmlri; 'uqu:f,dgtl L4 mo relatively easy * Liverpoo) cables. There was ‘some trade buying and covering at the decline, but the market sagged Off ‘to 2014 for Janiary and 20.13 for May before thé end of the first hour, or,about 10 to 12 ‘points below yesterday’s- closing quotationa. Trading was only moderately active. There was some further near-month Tliquidation incident to the' circulation of ‘0 notices, but the near month was relatively steady during the early trad- ing. | ety ported Continental qm seling in leerpoolm:\h- by strade calling and covering. clath buying for China was re- anchester and a fair turn- AT PRICES GAIN ON INITIAL SALES the lumber mills, Soon this material will be too valuable for this use. Some astute manufacturers of Jumber already are making preparations ‘to ipstall coal- " |burning plants, using pulverized coal to a large extent. On the Pacific coust this will mean much to the coal producers of Utah. In the South, the Alabama and Ken- tucky mines will profit. Millions of # | cords of pulp wood will be saved. There is small doubt of this, since there has just been formed a combination on the Pacific coast which includes lumber concerns, with over a billion dollars in assets. Think what an amouni of waste the production of millions of feet of lumber entails and the additional profits when it is turned into a valu- able by-product. ‘This particular development will mean much to the South also, although the waste in many of the long-leaf pine mills now ‘is belng used to produce rosin and turpentine under a distil- Iation process. Only a few days ago the first real trlal of news print paper made from cornstalks was made. This process has been known for a long time. The prob- lem has been to make the process com- 2 |mercially feasible. Few ~doubt that this can be accomplished. ‘The same applles to paper made of the saw gms‘s growing some sections of the South. The trouble with these new processes and chemical developments seems to be that most of the recent ones have been made in industries where there already is an excess of production under ex- isting conditions, so that the new proc- esses offer no material aid. to «the industries in question... The - capacity of the pulp wood paper: mills now is far above consumption. demands, and prices are low. ' The same applies to bituminous coal. Coal can be turned into liquid fuel, but there is such a volume of erude petroleum on the market as to discour- age any attempt to compete with it by synthetic products. Coal can be turned into synthetfc rubber, but the volume of rubber production is such that the price is too low to attract large in- vestments in plants for synthetic pro- duction. There has been an extensive study of new methods of prpducing sugar. Sugar is being produced in quantities from corn and this product is.in active competition With cane and beet sugars. CHICAGO LIVE STOCK MARKET CHICAGO, December 19 (#) (United States Department of ' Agriculture) — Hogs—Recelpts, 30,000 head; market opened; steady to 10 lower; later trade, 10 to, 15 lower; top, 8.50; bulk, 185-270 pounds, 8.75a8.85; butchers, medium to choice, 250-300 pounds, 8.60a8.90; 200- 250 pounds, 8.6028.90; 160-200 pounds, 8.4028.85; 130-160 1.7588.70; klnf sows, 7.7588.35; pigs, medium choice, 90-130 pounds, 7.25a8.25. Cattle—Receipts, 11,000 head; calves, 2,500 head; fed steers and yearlings weak to 25 cents lower; slow; compara- tively little done; bidding 25a50 off; killing quality plain; bulk selling at 14.00 downward; shipper demand nar- row; best light steers, early, 15.26; she stock fairly steady; other classes strong to 25 cents higher; slaughter classes, steers, good and choice, 1,300-1,500 pounds, 13.00216.00;. 1,100-1,300 pounds, 13.00a16.50; 950-1,100 pounds, 12.758 17.00; common and medium, 850 pounds up, 8.75812.75; fed yearlings, good and choice, 7502950 pounds, 12.25a16.50; heifers, good and choice, 850 pounds down, 10.25a14.00;, common and me- dium, 7.50a10.75; cows, good and choice, 8.00210.50; common and medium, 6.75a 8.00; low cutter and cutter, 5.6086:75; bulls, good and choice (beef), 9.25a 11.25; cutter to medium, - 74 vealers (milk fed), 1 and common, 7.50a11.00; stocker and feeder steers, good ‘and choice (alk weights), - 10.75a12.00; © common and medium, 8.50a10.75. Sheep—Receipts, 12,000; market very slow; limited early trade weak to 25 lower; lightly sorted fed lambs, 14.2! : Further Deliveries on December Contracts Cause Reces- sions Later. By the Associated Press. + CHICAGO, December 19—On ac- count of the bullish aspect of the United 4 |’ States Government crop report, wheat prices scored early gains today, but the effect failed to last well. Further de- 1iveries of wheat on December contracts here operated as something of a counterbalance. Opening unchanged to 3 - higher, wheat afterward receded to below yesterday’s finish. Corn, oats corn starting unchanged ta !5 off, and subsequently undergoing a aflght gen- eral sag. Deliveries of good-sized amounts of wheat on Chicago December contracts led to liquidating sales on the part of holders, and did much to offset the bullish influence of reductions in of- ficial estimates of domestic Winter wheat acreage and condition. Besides, comprehensive advices were at hand, based on later information than the Government’ summary and saying that out of hundreds of reports less than a crop outlook, and these exceptions were from widely , scattered parts, of the wheat belt. Colder weather, likely to facilitate the movement of the corn crop, tended at times to ease the corn market. On the other hand, receipts of corn in Chicago today werg small, 122 cars, and country offerings to arrive were light, as well as being mostly at prices well above the current level. Furthermore, a leading European authority reported that Argentine corn shipments are expected to fall off im- mediately, as exports already have about equeled the year's estimated surplus. best held above 14.50; sheep and feed- ing lambs scarce; steady; lambs, good and choice, 92 pounds down, 13.75a 14.75; medium, 12.50a13.75; cull’ and common, 8.75a12.50; ewes, medium to choice, 150 pounds down, 5.5028.00; cull and tommon, 2.25a6.00; feeder lambs, good and choice, 13.25a14.65. $12,300,000 for Advertising. NEW YORK, December 19 (Special). —One of the largest appropriations for advertising for 1929 is that of the American ~ Tobacco Co., which an- nounces that for advertising one brand of its cigarettes it will spend $12,300,000 this year—more than $1,000,000 a month, How s this to be divided? Daily newspapers, $6,500,000; Magazines, $1,200,000; billboards, $8,000,000; Store helps, $1,000,000; radio, $600,000. ‘Why this ‘division? George W. Hill, president, says: “Our experience has demonstrated that newspaper offer the most effective medium of appeal —more than one-half going to them.” WINTER WHEAT REPORT. ‘The Department of Agriculture to- day announced the area sown to Winter wheat and the condition of the crop in the principal producing States as follows: Pennsylvania, 1,187,000 acres and 90 per cent normal; Ohio, 1,872,000 and 84; Indiana, 1,695,000 and 88; Ilinois, 2,588,000 and 92; Michigan, 892,000 and 91; Missouri, = 2,015,000 and 91; Nebraska, 3,686,000 and 89; Kansas, 12,173,000 and 82; Oklahoma, 4,508,000 and 73; Texas, 2,576,000 and 87; Mon- | tana, 543,000 and 80; Idaho, 518,000 and 86; Colorado, 1,307,000 and 82; Washington, 1,318,000 and 70; Oregon, 880,000 " and " '85; Callfomia, 857,000 ant . Steel Scrap Report. Spectal Dispatch to The Star. NEW YORK, December 19.—Within the next few weeks three groups of corporations that have been identified this year with money market and stock market movements will make their pre- liminary reports and declare higher dividends. They are National and State banks and trust companies, fire in- surance = companies and investment trusts. The banks and trust companies throughout _the country generally have had a profitable 12 months. In spite |t of the fact that: many have been com- pelled to red: their earning assets in the form of deposits and securities, the top rates for call money and for time loans have over-balanced losses from these sources. Some of them have made substantial earnings either directly from securities or in the income received from holding compantes which they control and which specialize in stocks and bonds. There has never been a year when banking institutions which are not re- stricted as to their’ investments have taken such a generous,participation in the speculative markets. The fire insurance companies have also profited greatly from the rise dur- ing 1928 in high grade common stocks. Some of these companies reduced their holdings of sueh stocks {o; 8 minimum early in the year, ‘When .the market became topheavy. Others have held them in part and while their port- folios will not-be as satisfactory as they were a few weeks ago, they will show substantial gains over the end of 1927. Not a few of the insurance companies have made larger earnings from securities than from underwrit- {:g%h 'l‘herte“lni1 instances where losses e matter have been overbalan by profits in the former.. i The investment trusts, as a class, have profited during 1928 more by the appreciation in their securities than in he income return on these se- curities. Statements for the first half of the year and those to be published for the. second half will show that quite a few of the young trusts hdve taker profits -on . their: securities in exces. of the amount of their ‘regular income from . dividends 'and . interest. Part of this represents the appreciation on securities purchased . some time ago and part is due to what are known as “trading profits,” the. latter being the in-and-out market’ operations of the trusts whose managements have geen successful in “buying on the breaks and selling on the rallies.” Dividends. to stockholders in -these three’.major groups of what may be termed investment frusts are expected to be increased and higher equities for stockholders. established as one of the results of the 1928 bull movement in securities. Baltimore Markets Spectal Dispatch to The Stat. BALTIMORE, Md., December 19— Potatoes, white, 100 pounds, “90a1.25. Sweet, potatoes, barrel, 2.25a2.50¢ bushel, 50a1.50. Yams, barrel, 1.00a2.75. Beans, bushel, 2.50a4.50. Beets, 100, 4.00a5.00. Broccoli, bushel, 65a85. Brussels sprouts, quart, 10325, 35.00a38.00.- ~ Garrets, 100, 4. X Celery, crate, .” Cauliflower, crate, 1.25a2.50. Kale, bushel, 50a60. Lettuce, hampers, 75a1.50. Onions, 100 pounds, 1.25a4.50. Opyster plants, 100, 6.0028.00. Parsnips, basket, 50a60. Peppeys, crate, 6.00a10.00. Spinach, bushel, 50a75. Tomatoes, crate, 1,25a 3.50. Turnips, basket, 25a35. Savoy cabbage, bushel, 40a90. 'Apples, bushel, 75a2.00. Cranberries, b'?x, 4.2585.50. Grapefruit, box, 2.00a3.75. ' Oral , box, 2.50a4.50.. Tangerines, .per half strap, 1.7583.25. .\ Dalry Market. Poultry, alive—Young turkeys, pound, 37a38; old, 32a36; crooked breasts, 25; Spring chickens, 20a27;.Leghorns, 20a 25; old hens, 20a27; Leghorns, 20; small and poor, 18; old roosters, 17a18; ducks, 22a25; small and poor, 18a20; geese, 20a25; guinea fowls, each, 40a80; pigeans, pair, 30. “ Dressed poultry—Turkeys, choice to fancy, pound, 38a40; fair.to good, 358 37; oé;l ';%m h?c’k’a" poor " crooked’ reasts, 25; chickens, young, ; ol and. mixed, 24627; o1d T ;178185 ducks, 25a28; geese, 22a28. - = g&;mmfl 11,06}’111 ussmn:ee native| and ne; sel whites, cases, done“:‘n, 42.&: firsts, 40; current receipts, 8. Butter—Good and faney 'creamery, pound, 48a53; prints, 53a55; blocks, 51 a53; ladles, 38a40; store packed, 34;| 335 . process butter, 43a44, g . Hay and Grain-Prices. . vaged 4t the plant ¢ ery, 973; No. 2 yellow, 98a99; cob corn, 4.80a4.85. Oats—No. 2 white, domestic, spot, gg:gg‘/z; No. 3 white, domestic, spot, Rye—Nearby, 1.10a1.20. Hay—Recelpts, 13 tons. While hay is arriving here in limited quantities only, it is more than ample for the demand, which is being supplied mostly by truck from mearby points, few -carloads being received. There is not enough business }n.ssing to establish prices on the var- ous kinds on. merit at a range of 16.00a }llB,fio per ton of timothy and clover ay. Straw—No. 1 wheat, 11.00212.00 per ton; No. 1 cat, 12.00a13.00 per ton. .. Buys Milling Properties. NEW YORK, December 19 (P .— President James F. Bell of General Mills, Inc., of Minneapolis, announced today &urchm from Frank Kell and associates of all Kell milling properties at Amarillo, Vernon, Wichita Falls and Waco, Tex, and Oklahoma City and Perry, . 'These propertes. have total capacity of 9,500 barrels of flour a day and grain storage capacity of 3,500,000 bushels. O BUYS WAR-TIME ‘SHIPS. BALTIMORE, December 19 (Special). ~~The Union Ship Building Co. of Bal- timore has bought 45 wartime ships ‘Shipping: Boar« ifl tbem%nlted States. lor_$438,000. REEy The -ships, now scattered ' TREASURY CERTIFICATES. (Reported by J. & W. Sellgman & Co.) Rate—Maturity, 15”102 ‘Wheat—No. 2 red Winter, garlicky, |'4}4s Dec. spot, 1.3012; December delivery, 1.30%5. Corn—No. 2 export, December deliv- good and cholce, 12.50a14.75; medium, 11.00a12.50; cull 3% Sept. 15, 1t 3%s Dec.’ 15, bers of the New York Produce Ex- change, accustomed to deal in grains and oils, had learned their parts today in the business fox which Wall Street is famous, trading in stocks and bonds, in preparation for the opening of their Exchange's securities department. ‘With the opening of this department, the Produce Exchang steps up along- side the New York Stock Exchange and the New York Curb Market in the business of making a market for se- curities. The Produce Exchange will begin trading in 250 securities, not now listed on - either the Stock Exchange or ‘the Curb Market. While the -Produce Exchange has taken up securities in order to make a market for stocks and bonds not now, listed. on_either of the older ex- changes, the . Unlisted Securities Deal- ers’- -Association: has announced that it will continue to.function. While the Produce Exchange plans to expand its list- as rapjrly as its new business can be develoved, the Unlisted Association ints out that its members handle ousands of . securities, most of which ‘are not traded in sufficient volume to warrant their being listed on an active . market. The opepfng. of the new,securities market ‘was awaited with keen interest in Wall Street, as there has been con- siderable division of opinion as to the need of a third exchange. AKRON SLAYING CLUE PROVES WITHOUT VALUE Story Mrs. Heldman Was Seen on Night Fearn Was Killed Doubt- ed by Investigator. By the Associated Press. CANTON, Ohio, December 19.—Au- thoritles investigating the deaths of Vernard E. Fearn, 35 Canton coal dealer, and Mrs. ret Heldman, 21, today continued their search for details of the past life of Wilbur Heldman, hus- band of the dead woman. Heldman, who is being held as a material witness, said his wife killed herself after confessing that she had shot Fearn to death. A clue that led to the questioning of an Akron woman last night was found valueless by Ora Slater, Cinein- a fil drfire;:m} 'éé';’ 1‘:’1” tigati m‘: ull cl of vest on. . David Beem, who runs a roo house at Akron, said a woman she believed to be Mrs. Heldman was at her home the night Fearn was slain, but Slater placed little credence in her identification. Psychology Congress to Meet. NEW HAVEN, 'Conn., December 19 (#).—Prof. Raymond Dodge of the Yale University department of psychology announced today that the ninth Inter- national Congress of Psychology will be d | held at Yale September.1 to 7, 1929. . ‘FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs &00.) P Nomioal gcid Selling cheoks val (fil ). Qslo, Stockholm, ‘| Alrcraft (I Ne HAS FOUR LEADERS i11A Firms Stand Out in Tra_dév,‘as Struggle for Control Begins. BY OWEN L. SCOTT: Special Dispatch to The Star. CHICAGO, December 19.— mergers are reported today to have left four great units dominating the rapidly expanding aviation industry—just the first alignment of forces as high finance and “big business” maneuver for lead- ership in the rapidly approaching com- petitive phase of airplane development. ‘The prospect of profit during the next year, growing in the years to come, is the impelling motive for the consolida~ tions. There are plums to be plucked almost immediately, contracts to catry at least 5,000,000 pounds of air mail next year, $100,000,000 of airplanes to be manufactured during the coming 12 months, a rapidly growing express busi- ness and an unknown and untapped passenger traffic to be developed. This may prove the richest harvest of all To reach these fields the units now shaping up take in just about all branches of flying—air mail, passenger transport, manufcturing, field equip- ment and schools. There is recognition that a heavy competitive period looming, in which the strongest organ- izations will survive. It is this which impels leaders in the industry to cau- tion investors against blind speculation in aviation securities. As the situation shapes up at the moment the four following groups are outstanding: The United Aircraft & Transport. This grouping has just been complet- ed with $150,000,000 of capital to be floated. It will own stock of the Boeing Airplane Co., one of the largest pro- ducers of aircraft; the Boeing Air Transport Co., an operating company; Pratt & Whitney Aircraft Co. and the Chance Vought Corporation. Into this merger, which has the financial support of the Natlonal City Co. and the Pa- :‘.fl;‘in Nat;%:;l mfi u:isepi\.tm.lsbnzulhb e luetion, ne construc- tion and air transport. The Trans-continental Air Transport. This group, which soon will inaugu- rate rail-plane service between New York and the Pacific coast, includes in worl harmony the TO- plane & Motor Co., Curtiss Flying:Serv. ice and various other Curtiss units. It has the co-operative support of the Pennsylvania. and Santa Fe Raflroad systems. Universal Air Lines System, Inc. ‘This grouping. includes the Fokker Corporation, the Robertson Air- craft Corporation : of St. Louis, the orthern Air Linés and the Universal The Pan-American Airways, Inc. “This grouping “includes the Wright Aeroplané & Engine interests and the Keystone Loeing companies, large man- ufacturers of planes. ‘The American Air Transport Assocla- tlon,” representing commercial com- points out that’the development so rapid the past year that- the big concerns in the industry look forward ‘to boom conditions in the near future... guard in buying gasoline and motor - oil is the name -and reputation of i 3 ' 'STANDARD OIL COMPANY OF NEW JERSEY 'zeet after the sharp 5 other hand the motors, retail stores and 200d ucts held their gains very well, for their declines were moderate 0 o to the previous rise. Auto Lite Co. Expands. NEW YORK, Décember 19 () —Iron TOLEDO, Obio, Decexgberwésy@}.‘fi and steet scra in the Plhttsburgh dis- Announcement was made ) rict is owi streng es) lack o : 2 el I AN DA O e EaoukB. | the Electric Auto Lite Co. of Toledo has | mill buying, S scording 1o the Daly Coal Production. e ,.,,; acquired control of the $1,500,000 plant | Metal Trade. Conditions approachin; T8 * Refiners of “STAND.ARD” , GASOLINE e —Na- zag.m Tobos 23 | and business of the Columbus Auto|a scarcity of old material are rej ! ‘YORK, December 19 (#).—Na. % 1% %g'. Parts Co., Columbus, Ohio. Heavy m{lc\ns steel is at $17.50 to $18, o Agsdctytion Crka kLt -::% B 8| Jne geal ‘was hatdied by Semphil | with dealers asking 81 & ton Bigher. United. States | 1300 Nat | Trpnsic ] oy s e . ) i cate alsa made. public an offering of RIS ShothilL 250000 e, tonis.| 1o prajeie i 8878 5794 | 50,000 shares of convertible cumulative | NEW YORK BANK CLEARINGS. in pre g week. 1 preference stock of the company, pay- | NEW YORK, December 19 (Special). & ‘o 3 ing $2 annual dividends, guaranteed by | _New York bank clearings, $1,553,000,- 14 C gat. 86% ' 86% the Electric Aufo Lite Co. for a five- | 000; New York bank balances, $83,000,- ‘World Copper Outpuf 130 330 12y, | Your term, « 000; New York Federal Reserve credit NEW YORK, December 10 (P.—No- ki ki1 ] —_— balances, $155,000,000. - ember world output of copper is esti-] 84 94 94 T. 8. TREASURY RECEIPTS. i Teses e e 87 51k tone “? 8% $%u Treasury secelpts for December 17 SILVER' QUOTATIONS, September, by American Bureau of 19078 180y, 107 Were $1,036017749.43; expenditures,! NEW YORK, December 19 (#)—Bar Statistics. ; ; 0175 193% 101% §655,034,614,40; Gelahoe, $419,326,008.93. stiver, 5%, Mexloan dollars, 4334 “STANDARD" 'Moror O1L &8 HESa! o