Evening Star Newspaper, December 22, 1928, Page 20

20 ¥ THIRD NEW BANK SECTION FORMED Safe Deposit Body Headed by C. E. Howe—Food Prices Slightly Higher. BY EDWARD C. STONE. ‘The third new section added to the activities of the District Bankers' Asso- ciation this year was organized yester- day afternoon at headquarters, Charles E. Howe, treas- urer of the Amer- jean Security & Trust Co., being elected _chairman of the safe deposit group. Frederick H. Cox, cashier of the Commercial National was chosen vice chair- man, and_Joseph D. Yerkes, Federal- American National, secretary. =~ These officers are t0 Serve on an executive council of five, the other members be- jng Willlam H. ‘Washing- Charles E. Howe. and S. R. ?alul- ir, Security Savings & Commercial. 2 Represen{anves from 23 local banks were present at the organization megz; ing. The aim of the new section will be to study all problems which face the safe deposit departments of the banks and make their reports to the complete association. President Robert V. Fleming believes that the safe d'e- posit, trust and auditors’ sections will prove of’ great benefit to the District Bankers' Association and is naturally greatly pleased with the interest man- ifested in getting them away to a good rt. Slal..nnler P. McLachlen, second vice president of the association, acted as temporary chairman at the organization meeting. Earle M. Amick, John D. Leonard and J. William Roberts were FINANCIAL,” NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. Open. High. Low. Close. 394 39% 39 39 8413 398 324 424 42% 39% Abitibl Power. Aoitibt Po pf( Adams Exp(6).. Adams Millis(2) Adv Rumley.... Adv Rumley pf. Ahumada Lead. . Air Redctn (13). Ajax Rubber. ... Aiaska Junea... Albany Papr(2). 231 23% 240 242% 240 2424 1218 121% 121% 162% 1623 162 38% 38 38% 204 204 204 68l 6712 6 125% 125% 12! 42% 4l 41k 43% 43 434 13% 18% 18% 103% 103% 103% 955 94% 9. Allis-Chalm(7). Amerada(2).... Am Agricul Chm 20% Am AgriChpf.. 68% Am Bank N(13). 125% Am Bosch...... 42% Am Br Sh(J1.60) 43% Am Brown Bov,. 13 Am Can (t4).... AmCar&Fdy(6). Am Chicle (2) Am Drug (60c). Am EncauTil(3) Am Express(§). Am & For Pow. . Am Hide & L pf. Am Ice(t244)... Am Home Pr(3) Am Internatl(2) 139 Am LaFr&Foam 8 Am Locomot(8). 104 Am Loco pf(7).. 111% Am Metals(3).. 57% Am Nat Gaspf7 97 Am Piano...... 14% AmP&L (11).. 79% Am Radiator(5) 190 Am Ry Ex(6)... 1334 Am Republics... 60 Am Saf Raz.12) Am Seating(3).. Am Ship & Com, 4 Am Shipbldg(8). 91% Am Smelting(§) 270 AmS&Rpf(7). 138 Am Snuff (114).. 203 Am Su Fy pf(7) 110% Am Sugar...... 83l Am Tel & Tel(9) 189 Am Tobacco(8). 174% Am Tobac B(8). 176% Am Tob pf(6)... 1204 AmWWE&EIlcel), 69t AmWWist pf(6) 99 Am Woolen..... 25 Am Woolen pf. 57% Am Zine. 40% Am Zinc pf. 106 106 104k 1043 Anaconda(4) 114% 116% 114% 1lale 50 47% 10% 10% 10% 8213 82 8213 283 288 288 0% 70 70 38 31% 38 41% 41% 76 76 76 141% 138 140% 8 % T 104% 103% 103% 111% 111% 111% 57 574 97 97 14% 14% 8% 79 19214 190 190% 1334 133% 133% 60 59% 59% 68 674 68 34t 343 841 4 4 821y 288 T0% 37% 67% 3419 % 91 91% 270'% 269 270% 138 138 138 203 203 203 110% 110% 110% 841 83 83 189% 189 189% 176% 174% 176% 1761 176 176 120% 1204 120% 691 694 691y 99 99 99 28% 25 28% 60% 5T% 60% 42 40% 41% among those serving on the nominating committee. Dividend Voted; Surplus Raised. he directors of the Woodridge- h’ggdon Savings & Commercial Bank have declared the regular semi-annual dividend of 3 per cent payable on Janu- ary 15, to stockholders of record on cember 31. D%‘rhey also voted to transfer $2,500 from the undivided profits account to surplus, bringing the total of the bank’s surplus to $50,000, thus placing lhlfi bank among those on the “honor roll having a surplus equal to capital. In addition a Christmas bonus of a half month’s salary was voted to each employe. *Food Prices Show Increase. Retail food price index issued by De- artment of Labor for the month ended Rlovember 15 showed an increase of about one-third of 1 per cent. This was an increase of a little more than one-half of 1 per cent since November 15, 1927. Thirteen articles increased during the month and 18 decreased. Twelve showed no change. Increases recorded v:ere ;)s to}’lo;; Fresh eggs, 9 per cent; onions, cent; leg of lamb and bananas, 2 per cent; fresh milk, evaporated milk, but- ter, baked beans, canned tomatoes and prunes, 1 per cent, and hens, storage eggs and coffee, less than one-half of 1 per cent. 3 The following decreases were shown: Oranges, 12 per cent; pork chops, 5 per cent; ‘round steak and raisins, 3 per cent; sirloin steak, chuck roast, bacon, hem, lard and flour, 2 per cent; rib roast, canned red salmon, cheese, rice and sugar, 1 per cent, and vegetable lard substitute, wheat cereal and tea, less than one-half of 1 per cent. Insurance Sales Reported. “The monthly survey of sales of ordi- nacy life insurance issued by the Life Insurance Sales Research Bureau, re- ports a November sales total of $722,~ 492,000. which is a 9% increase over the volume sold in November, 1927. This increase is shared by 59% of the con- tributing companies and is distributed fairly generally throughout the country. For the 11 months of the year sales show a 5% increase over the same months in 1927. The production for the 12-month period just ended repre- sents a gain of 4% over the produc- tion in the preceding 12 months. November production of life insur- ance in the South Atlantic States shows 4 4% loss over the volume sold in No- vember, 1927. Delaware leads this sec- tion with 2 monthly gain of 7%. For both the 11-month and 12-month pe- riods just ended the section records a loss of 1%. * Washington Chapter Membership. Washington Chapter, American In- stitute of Banking, now has 637 mem- bers with dues paid in full, according to-Frank M. Perley, chairman of the membership committee. These include 470 active members and 167 sustaining members. This represents an increase over the same time last year. “Washington Chapter ~wants 1,000 members,” says the membership chair- man in the December issue of Dollars & Bense. “But we only want that number if we are able to secure mem- bers who will work with the chapter.” Road Defers Interest Payment. Chairman Nutt of the Seaboard Air Line Railway issued the following state- ment Thursday: “Board of directors of Seaboard Air Line Railway Co. voted to defer the payment of the February 1, 1929, installment of interest, which is cumulative, on the adjustment (in- come) bonds, which was not earned during the six months from May 1, 1928, to October, 31, 1928, inclusive, the interest period under consideration.” Other Financial Notes, National Thrift week is to be observed from January 17 to 23. The various days 1o be devoted to special thrift problems will soon be announced. The newly organized auditors’ section of the District Bankers’ Association held its first meeting yesterday and adopted by-laws. Courses to be resumed at the in-| stitute during the second semester in-| clude business forecasting, under Walter H. Dunlap, and analysis of financial statements in charge of William Gordon Buchanan. President Lanier P. McLachlen of MeLachlen Banking Corporation, vice president of the District of Columbia | Bankers’ Association, is now occupying his new home, at 4842 Indian Lane northwest, Spring Valley. C. McD. Davis has been elected vice president in charge of traffic of Atlan- tic Coast Line Railroad to succeed R. A. Brand, who has resigned, having reached the age of 70 and completed over 53 years of service. As of December 1, employes of Penn- sylvania Railroad Co. held 104,355 shares of Pennsylvania Railroad stock pur- chased through two employe organiza- tions, which compared with 103,717 on August 1, 1928, increase 638 shares. The total also compares with 100,545 on December 31, 1927, showing increase of 3,810 shares in 11 months, Petition in Bankruptey. BALTIMORE, December 22 (Special). —Chevy Chase Laundry, Inc, of Be- thesda, Md., has filed a petition in the United States District Court asking to be adjudicated a bankrupt. Orders were signed adjudicating it a bankrupt and referring the case to Arthur D. Wil- lard, referee. ; Judge Morris A. Soper signed an order appointing James E. Tippett Te- ceiver, under bond of $10,000, to take 84 Beth Steel pf(7) 123% 124 Bloomingdale. .. Blmingdle pf(7) 109 110 Callahan Zinc. .. Calu&Hec (2%). Canon Mjlls 2.8 6% Cen Ry NJ(t12). 325 325 325 Anchor Cap..... 49% 49% 49% 49% Andes Copr 75¢.. 50 51 50 50% Archer-Dan(3).. 100% 101% 100% 1017 Armour IIl(A) 15% 15% 15% 15% Armour II(B).. 7% 8 % 8 Armour 111 pf(7) 80% 80% 80% 80% Arnold Con&Co 40 40% 40 40 Artloom(3)..... 30 30 30 30 AssoDryG(2%). 64 - 64% 63 63% Atchison(10)... 196 196 196 196 Atch T&SFerts 2% 2% 2% 25 AtUGulr& Wi.. 40 40 3912 394 AtIGulf pf(3).. b6% b56% 56% 56% Atlantic Ref(1). 56% 561 55% b6% Atlan Ref pf(7). 116% 116% 116% 116% AtlasPowder(4). 100% 102 100% 101% Austin-Nichols. 6 6 Ausun-Nich pt. :us Csredu.w) uto Sales. .. 24% 24% 24% 2. Autostrap A(3). 45 45 45% I;h Balto & O(6).... 119 119% 118% 118% Balto & O pf(4). 79% 79% 79% 79 Bang& Ar(3%). 66 66 66 éfi" 6 3 325, 321 3215 324 62 62 62 62 Low. Close. 6314 6344 62% 64% 7% TTH 59% 59% 94% 95% 47% 48 20% 21% 15% 15% 85 854 3% 7% 36 364 80% 807 64% 643w | Fusie rub 18t pe. Fisk R 1st pf ev. Fleischman 13% Folansbee (2). Fox Film A(4).. Freeport (16%). Gabriel SnubA.. Gardner Motor Gen Am Tnk(4 Gen Asphalt. Gen Cable. Gen Cable A(4). Gen Cigars(4).. 64% Gen Eelectric 16. 1937 194% 192% 194% GenElec sp(60c) 11% 11% 11% 11% Gen Ice Crm(f4) 101% 102 Gen Mills (3)... 82% Gen Motors t9% 194% Gen Mot (New). 78% Gen Mot pf(7) GenOutdrAd(2). 2 Gen Ry Sig(5).. 97% Gen Refrac(3).. 6% Gillette S R(c5)., 116 G'mbel Bros. ... 48% 4T 4TH Glidden (11%). 354 341 34% Glidden pr pf(7) 103% 102% 103% Gobel (Adolph). Gold Dust (5). Goodrich(4). Goodrich pf(7). Goodyear Tire. . Goodyr 1st pf(7) Gotham ($23%). . Gotham n v 123 Gould Coupler A Graham-Paige. . Grhm-Paigze cfs. Granby (6)..... Grand F&W (1). Grand Unon. ... Grand Un pf(3). Grant W T (1).. Grt North pf(5). Gt NoOr cfs 2%, Grt Wn Sug 2.80. Greene Cana(6) Guantanamo Su, Gulf Mo & Nor.. Hartmn B(1.20). Hoe& Co A..... Hollnd Fur t2% Hollander & Son Houston Oil.... Howe Sound(4). Hud Man(24%).. Hudson Mot(5). Hupp Mot (f2).. Ind O & Gas (2). Indian Mot (1).. Indian Refining. Indian Refg ctfs Ingersoll-R(16) Inland S(k16% ). Inspiration((3). InterboroRapTr. InterconRubber. 11 Int Ag Ch pf(7). 834 IntI Bus Ma (¢5) 150% Int Cement(4).. 89 Int Com Eng2). 67% Int Harvstr 110. 335 Int Harv t21%. Int Mteh pf 3.20. Int Mer Marine. Int Mer Mar pf.. Int Nickel (3).. Int Nickl efs(3) 26215 Int Nickl of Can. 4315 Int Paper(2.40). 58% IntPapr&PoA. 28 Int Papr&PoB. 17% IntPapr& PoC. 1l% Int Pa&Po pf(7) 90% Int Prig Ink 23, 53 Int Ry Cent Am. 49% 3% 36% 81% 8 19415 194 8% 3314 96% 5 115% 115% 111% 111% 111% 121 110% 120 101% 101% 101% 82 80 81 % Ti% 7 481y 43% 87% 84% 6% 7 48% 45 88% 841 34% Arsw 5 50 264 1% 5 5 50%% 50 26% 26% 1% 17% 42% 424 26% 1% 42% 19% 854 85l T6% 5% 32% 32 344 421 46% 150% 150 94l 59 67% 66% 335 335 86 85 94 94 5% 5 37 36 37 264% 262! 262% 263 259 259 42% 42% 58 58 26% 26% 1% 13% 15% 12% 1% 12 90% 90'% 90% 53'a 53% 53% 49% 49% 497 Barker Bros(2). 31% 31% 31V Barnsda'l A (2). 41% ufi 4‘1 5 i}: Beacon Oil. .. 22 22% 22 224 Beecn-Nut (3).. 93 9% 93 95 Belding-Hemwy 12% 12% 124 Best & Co(3). 88 88 88 88 Be’hlehem Stee! 84% 82% 82%4 123% 124 44% 44% 48% 4% 109% 110 Borden Milk(6). 178 178% 172y 173 Briggs MfgFCo. 52 524 51% b1% Brockwy Mot(4) 68% 68% 68 68 Bkiyn-Man(4).. 71% 71% 71% 7i% BklynUnGas(5). 185 185% 184% 185 BrownShoe(21:) 45% 4% 454 454 Brunswick B(3) 49 49% 481 481 Brunswick Ter.. 361 36 36 Bucyrus(1)..... 37% 37% 37 Bucyrus ev(23%) 4T 45% Bush Term(g2). 8% T84 ButteCop&2Zine 8% 8% 8% 8% Butte & Sup(2). 9% 95 9ip Butterick Co. 40% 40% 40% 40% Byer &Co...... 187 187% 183 183 Calit Pack(4) TR T4 T4 Tan 34 3 3 3 Calu & Ariz(17). 120% 121% 119% 119%; 4% 424 4I% 42 Can Dry (t14%). 78% 78% 78 78 Can Pacific(10). 2351s 235% 233% 233% 44 125 46'% 47 " 8% 8% Case Thr pf(7) Cent Alloy(2).. 46% 46 Century RibM.. 19 19% 19 Y Cerrode Pas(5). 106 108% 106 107 Certain-teed Pro 27% 27% 274 27% Certo (f4)....00 79% 79% 179% 79% Chandler-Clev. 20% 20% 20% 20% Chandler-Cl pf.. 36% 387 36% 36% Ches & Ohio(10) 204% 205 204 205 C & O Corpn(3).. % 5% T4k T4% Chi & Alton. . 12 Chi & Alton pf. 19 19 19 Chi Great West.. 21 19 19% Chi Gt West pt.. 46% 45% 4b% ChiMil &St P.., 82% 82U 32u Chi Mil & StP pt 544 53% b53% | Chi RI&Pac(6).. 128+ 128% 128% 1281 CRI&PPI(7). 105% 105% 105% 105% Chickasha(3) 45% 45% 45% 454% Childs(2.40). 583 B84 57% 57% Chile Copper(3). 69 69% 68% 69% Chrysler(3).... 121% 122% 121% 121% City St B5% stk 107% 107% 106 106 Cluett-Peab(5). 65% 66% 656% 66% Cluett-Pea pf(7) 111% 115 111% 1156 Coca-Cola(6)... 163 164% 163 164% I Collins & Afkmn. 48% 48% 48 48 Col Fuel &Iron. 70% 170% 68% 68% Col Gas & EI(5). 128 130% 128 129% Col G&E pfA(6). 107 107 107 107 - Columbia Graph 69% 75 69% 7T4% Col Carbon(4).. 116 117% 116 116% Com Cred(1).... 53 54 52% 54 Com Cristpf 6% 100 100% 100 100 Com Inv Tr(34). 1256% 125% 125 125 Comm Solv (§8). 221 221 220 220 Com Power(13). 101% 102% 101% 101% Conde Nast(2).. 82 82 1 82 Congoleum-Nair 27% 27% 26% 27 Consol Cgrs (7). 94 95% 94 95% Con Film pf(2), 26 26 26 26 Consol Gas(5).. 104'%: 106% 104% 106 ConsolGaspf(5). 99% 99% 99% 99% ConRRCuba pf 6 70% 0% 70% Consol Textile.. 4% 4% 5% Container B 60c. 104 10% 10% 49% 48% 484 9% 8% 8% 90 89% B89% 57% b7% 57% Contl Mot(80¢c). 17% 1% 17% Corn Pro(t3%). 90% % 89 89 Corn Prod pf(7). 143 143 143 143 Coty, Inc (12%) 73% 173% T72% 72% Cruetble Sti(5). 83% 83% 83% CubaCaneSugar. 5% 5% 5% Cuba Cane Su pf 16% 16% Cuba Company.. 22% 22% Cuba R R(4.80). 80 80 Cuban Am 8(1). 16% 16 Cuban Dom Sug. 6% 6% Cudahy Pkg(4). 63 3 624 62% Curtiss Aerot1). 143 143% 142% 143 Cuyamel Fruit.. 56% 59 56% 59 58% 58% Davison Chem.. 68% &9 Debenhms(2.91) 37% 37% 37% 387% Deere&Co pf(7). 124% 124 124'% 124% Del & Hud(9)... 192 192 190 190 Del L & W(17).. 125% 126 1254 125% Detroit Ed(8)... 221 221 221 221 Diamond M (p8) 154 155 154 155 vome Mines(l). 9% 9% 9% 9% Drug (nce4).... 114'% 116% 114% 115 Dunhill Int ($4). 87% 88% 87l 88 Dupong (118%). 478 478 478 478 Dugq Lt 18t(5)... 100% 100% 100% 100% Bastman(18)... 1811 182% 181% 182% Eaton Axle(2).. 58% 59% 58% 59% Sisenlohr&Bro.. 90% 90% 88% 89 Eitingon(2%).. 38 38% 38 384 Elec Auto-Lt4% 123% 123% 122% 123 Electric Boat 2% 12% 12% BiecPow&Lt(1), 445 SlecStoBat(£5) . 821 12 12 Cont Bak pf(8). Contl Can (n)... 83% 5% 16% 22% 80 16% 6% 63 814 80w 81% 52% 52 5214 189 187% 188% 5 4y 4% 28 2T% 2Th% 56% 56 56 153% 150 153% 17% 16 1T% 187% 184% 186 121% 120 121% 13% 12% 12% n % % 87% 87% 87% 69 69 69 82% 81% 81% 4 39 39 123% 123% 123% 2245 21% 22 93 93 93 89 87 89 42% 42% 42% 17 16 16'% 147% 145% 147% 931 93% 93% T1% 68% 70% 844 34 34 Int Ry CA pf(5). 80% Intl Salt(5) . 62 Int Te! & Tel(6) Int Tel & Tel rts Intertype(t1l). Island Creek(4). Jewel Tea (15). Jewel Tea (rts.. Johns-Manv(3). 186% Jones & Lau(7). 120% Jordan Motor... 134 Jordan Mot(rts) n Kan City South. 87% Kan C So pf(4). 56% 150 16 Kelly-Spring... Kelly Tire 6%pt. Kelly Tire 8% pf Kels Hayes(2).. Kelvinator Corp. Kennecott (8)... 145% Kinney pf(8)... 93% 011 Well Supply. Omnibus....... OppmCollins(f4) Otis Elevatr 18. Oftis Steel Outlet Co Pacific Coast... Pac Coast 2d pf. Pacific Gas(2).. Pac Oi} Stubs, Pacific Mills. Pac Tel & Tel(7) Packard M 15%. Pan-Am Petrolm Pan-Amer Pet B Panhandle. ..... Paramount-F-L Park & Til(13).. Park Utah(80c). Pathe Ex....... Pathe Ex(A)... Patino M(2.92) Peerless Motor. Penick & Ford. Penn Dixie Cmt. Penn R R(31) Pere M prior( Pere Marq(18). Pet Milk (13).. Phila & RC&I. Phil Morris(1).. Phillips Pet (2). Phoenix pf(7).. Pierce-Arrow. .. Plerce-Arrow pf Plerce Oil...... Pierce Petrolm. ., Pillsbury (2.10) Pillsbry pf (6% ) Pitts Coal 4 Por RicoToA (7). PortoRicoTobB. Postum(3). Prairie Oil&Gas. Pressed Stl Car. Pub SerNJ 12.40 Pub Serv pf(6).. Pullman Co(4).. Punta Aleg Sug. 1 Purity Bak(3) Purity Bak(rts) Radio Corp..... RadioCo pf(3%) Radjo-Keith (A) ReadigRy (4).. Real Silk Hos Reis(R)& Co. 1st pf(7) Remingtn-Rand. Rem-Rd 1st(7).. Reo Mot (11.70). Repl&S(4).... Rep Ir & St(rts) Reyrolds Spngs. Rey Tob B 161 . RhineWE(1.92). Richfield O11(2) ., . 236 238 53% 53% Royal Dtch(rts) 7 7 St Jos Leaa(13). StL & SanF(18). StL&SanF pf(6) StL&Southwest. Savage Arms(2) Schulte (J3%).. 53 53% 15 Schulte pf(8)... Seab Air L pf... Seagrave(el.20). Sears-Roe($2% ) Seneca Copper. . Shattuck FG(2). Shell Un(1.40). Shell Un (rts). Shubert The(5) . Simmons Co(3). SimmsPet(1.60) Sinclair Oil. ... Skelly O1H(N . 8o Po Ric S South Calif Ed.. South Dairies A, South Dairies B. South Pac(6)... South Ry(8). Spang Chalfn! Spear & Co. Spicer Mfg. ... Spiegel Co (3).. Std Com To(f1). StdG&E (3%). Std Milling (6).. Std Millg pf(6). Std O of Cal(13) StdOIINI (11%) . | StdO:iINY (1.60). Std Plate Glass. StdSanPro(1.68) Staniey Co Stewart-Wi Studebaker (5). . Submarine Boat. 1% 1% 87 86 23 22% 22% 115 114% 114% 35% 34% 36% 115% 114% 114% Kresge(11.60).. Kresge Dept S.. 3 Kreoss SH(h1%) 114% Krouger & Toll.. 34% Kroger Grofcl). 115% Kroger (rights). 1% 1% 1% 1% Laclede G pf(5). 100 100 100 100 Lambert Co (7). 127% 128 126% 127 Lee Tire & Rub. 21 _ 21 21 21 Leh Por Cmit 2% 52W b54% 52% 54% Lehigh PC pf(7) 106% 106% 106% 106% LehighVal(3%). 93 93 93 93 Lehn & Fink(3). 62% 63 61% 63 Life Sav(1.60).. 38% 38% 38% 384 Lig Myers(15).. 93 93 93 Lig & Myrs B 16 90 90 90 Lima Locomtve, 48 49 48 49 Liq Carb( t4%). 99% 102% 99% 102% Loew's Inc (13). 63% 63% 62% 62% Loft....... 8 % 8 Long-Bell(A) 29 29 29 29 Loose-W(1.60).. 64% 6415 64'% 6414 Lorillard Co..., 27% 2% 26% 27% Louisiana Oil 15% 15% 14% 14% Louis GasA 1. 38% 38% 38 38 Ludlum Stl(2).. 77% 7% 77 7 McAndrews 2.60. 46% 46% 461 46% McCrory A(2)... 103% 104 103 104 McCrory B(2)... 106 106 106 106 McKeespt Tin Pl 72% 72% 72% 2% McKsn pf A3%. 58 58 58 58 Mack Truck(6). 104% 105 103% 105 Macy Co (2).... 174% 174% 174% 174% Mad SqGar 1%. 20 20% 20 204 Magma Cop (4). 66 66% 654 66 Mallison & Co... 34% 34% 34'2 34y Man Elec Suply. 30% 30% 804 30% Man Shirt(2)... 33% 33% 33% 33% Marlan Oil. 42% 42% 42 42 Marlin-Roc t3%. 75 774 Marmon Mot(4). 78 May Dept S(4) 96% Mexican Seab. . Miami Cop(1). Mid-Continent. s Mid-Cont pf(7). Middle Staty 4% Mid Statesctfs.. 3% 3% Midland pf(t12) 248 243 “ Miller Rubber... 23% 24% 23k 24y Minn & St Louts. 3% 3% 3 MoKan&Tex.. b2 52% b51% bl% Missour! Pacific. 62% 62% 62 6274 Mo Pacific pf(5) 119 119% 119 119% Mohwk Cur 2%. 65% 66% 65% 65% Montgom Ward. 145 145% 142 143 Mont Ward(rts) 250 250 250 250 Moon Motor.... 6 6 6 6 Mother L (40c).. 3% 3% 3% 3% Motion Pic Corp. 13% 13% 13% 13y Motor Meter A.. 23 23 22ly 2214 Motor Prod(2).. 163 163 163 163 Motor Whi(t2% 39 39% 39 391 Mullins Mfg. 9% T9% TN T9% Mullins pf (7).. 100% 100% 100 100 Munsingwr(3).. 51 51 51 51 Murray Corp 2% % T2 2% Nash Motrs(16). 102% 102% 100% 101% Nat Acme(sta).. % 281 29 Nat Bellas Hess. 19 197 205 Natl Riscult(t7) 183% 183% 181% 181%% 926 O2%% 91% 924 b s 1 1% 1w 1% Nat Dairy (33). 122 124% 122 122% Nat Distillers... 35 85 34% 34k Nat Distillers pf 60% 60% 60% 60 Nat Enamlg (1). 53% 64 v 54 Nat Lead(6).... 123 123 123 123 Nat Lead pfA(7) 140 140 140 140 Nat Pow&Lt(1). 41% 4l% 41% 41% Nat Radiator... 16% 16% 16% 16% NatRyMex2d.. 8 8 8 8 Nat Supply(t8). 131 181% 131 Nevada Cop (2). 85% 86% 354 187 137 4 43% 38 3 17 17 a5 24T% 24 3 131 354 N Y Central(8).. 188% 189% 188 John(6).... 76 Eng Pu Ser(m1) Erie RR..ocees Erie 1st pf... Erie 2d pf.. Fairbanks Co pf. FedLight(h1.40) Fed Min pf(7).. Fed MotT(f80c). Fidelity-Phoenx 6 4% 67% 61% 58% 19 68% 99 charge of the assets of the bankrupt. 'The-order was signed upon a petition filed by the American Ol Co, Fifth Ave(64e). First NatS(1%). Fisk Rubberss.. 124% 623x 8% N Y C&StL(6). 131 NYNH&Hart(4) 76% NY NH&H pf(7) 114 NY Ont&Westn. 29% NYStmpf(6).. 102 1 N Y Stm pfA(7). 112 Nort & Wn(t10) 192 NorAm b10%stk 92 No Germn Lloyd 65 131 131 6% T6% 904 90% 65 65 Sun Ofl (81)..es Superior Oil.... Symington. Symington Cl1 A, Telautogh(80c). Tenn Copper(1). Texas Corpn(3). Texas Corpn rts TexasGulfSul(4) Texas & Pac(5). Tex Pac C & Oil. Tex Ld Tr(new) Thatcher Mfg. The Fair(2.40). . Tidewater AsOll TidWAsOIIpf(6) TidewatrO(80c) Tide W Ofl pf(5) Timken R B(6). Tobac Prod (8). Transcont Oil. .. Trico Prod (2% ) Twin CityRT (4) Un Bag & Paper. Union Carb(6).. Un Oil Cal(2)... Union Pac(10).. Un Pacific pt(4) Utd Biscuit 1.60. Utd Cigar St(1). Utd Elec Coa! Utd El Coal(r Utd Fruit(t5% ) US Cast Ir P(2). U S Distributing U'S Hoffman(4). U S Alcohol (5) .. U S Leather.... U S Leathr A(4) U S Realty(4).. 34 U 65% 4 3% T4% 169% 169% 1812 184 21% 21% 25% 25% 46% Rubber. .... Itub 1st pf. . Rubber (rts) U S Smelt(3%). U S Sm pf(3%). US Sm&Ref rts. U S Steel(7).... U S Steel pf(7). Univ Pipe & Rad Utah Copper(12) Utll P&L Ace2). Vanadium (14).. Vick Chem(4) Victor Talkg(4). Vietor pr pf(7).. “aro Chem. . Vir-CarCh pt(6) Vivaudou Co.... Vulcan Detin. .. Vulcan Detin(A) , Wabash........ Waldorzf(1%) Walworth(1.20). Ward CIA(S)... | Ward Baking B. Ward Bak pf(17). Warner Bros Pic Warner Bros pt. Warner-Qu(2) Warrn Bros (15 Warren 1st pf(3) Warren F&Pipe. Web&Heil pf(7) Wesson Ofl (4).. West Dairy B. West Maryland. West Md 2d pf.. West Paclfic pf. West Union(8) Westhse A B(2 Westinghse(4) White Eagle(2). White Mot(1)... WhitRek efs(2). White Sew Mach White SM pf(4). Wilcox Oil & G. . Willys Ov ¢1.20. Willys-Ovd pt 7. Willys Ov (rts). Wilson & Co. ... Wilson Copf A. Wilson & Co pf. Woolworth(5). . Worthn Pump. . Worth Pump(A) Wright Aero(2). Yale&Twne(15). Yellow Truck... Young Spring. . s s s 62 39%% 39% 50 50 39 50 North Pae(5)... 107 Nor Pac cfs(5).. 104 Northwn Tel(3), 49% Norwalk Tir ! 107 106'% 106% 1041 104% 104% 49 49% . 49% % o%~ o4 Dividend rat e the annual given In the ents based on Daym 1 aquarterly or half-vearly declarations. éfll of trading less than 100 shar Pure Oll (1).... 2 2 12: 105% 84% 91, 6% 214 3 372% Youngstn Sh(5). 102% 103% 102% 103% bove table the ros. | where, STOCKS IRREGULAR INACTIVE MARKET Bidding Up Process and Profit-Taking Produce Cross Currents. BY GEORGE T. HUGHES. Spacial Dispatch to The Star. NEW YORK, December 22.—Further bidding up of the rubber-and copper stocks and of certain industrial spe- clalties coincided with heavy profit- taking of a pre-holiday character in today’s stock market. The conflict of aim produced a session of activity. and irregular price movement. The feature on the side advance was the copper issues. Speculation about the dividend action of the Anaconda directors on Monday was heard every- Expectation was for a $6 an- nual rate/and an extra of $1 or pos- sibly more, but there was nothing offi- cial to this. The stock itself was very strong, making a new high record, frac- tionally under 117. Coppers Show Gains. With Anaconda went some of the other coppers, notably Andes and Ken- necott. Cerro de Pasco was up over two points and Chile almost as much. All these stocks were subject to waves of realizing, which they absorbed with- out much difficulty. Greene Cananea lagged behind the rest of the group. In the general list National Bellas Hess crossed the $200 mark for the first time since it was listed and Ameri- can International above 140 was at the highest in the history of that stock. Co= lumbia Graphophone rose rapidly for a gain of almost 7 points. Radio, on the other hand, reacted after its run up of Friday and Victor Talking Machine did little one way or the other, nothwith- standing the official statement that the merger negotiations were progressing satisfactorily. / Supply and demand were about bal- anced for U. S. Steel, General Motors and General Electric. There was no weakness, but the selling was in suf- ficient volume to check the advance. The rails did little, either, although New York Central held well. The oils were not much changed. The utilities made a bgtter showing, especially Consoli- dated Gas, which was taken in large blocks a point or so up. The buying here was evidently coming from power- ful interests. Weak Spots. Among the weak spots was Schulte Retail Stores, which dropped to a new low for the year under steady and per- sistent liquidation. For time the ticker fell behind the market, but it caught up afterward and was able to print volume as well as price. Markets at a Glance NEW YORK, December 22 (#).— Stocks—Irregular; Anaconda ‘at new high. Bonds—Irregular; week end profit-taking reduces rail gains. For- eign exchanges—Mixed; Japanese yen down 13 points. Cotton—Higher; steady cables and week end covering. Sugar— Steady; improved spot situation. Cof- fee—Lower; commission house selling. PRODUCE TRADING ACTIVE AT FIRST SHORT SESSION Special Dispatch to The Star. NEW YORK, December 22.—The first Saturday session in the securities department of the produce market wit- nessed a rather active market, with the movement of prices irregular. Andes Petroleum, one of the most active of the low-priced issues, was unchanged at 2!;, while the higher- grade issues were featured by a rise of 15 points in Interstate Trust tq 460. Financial & Industrial Securities, at 138, gained 1!, points, National Avia- tion, at 527, lost a half point at the ?G:rt but more than regained the loss ater. CHICAGO LIVE STOCK MARKET CHICAGO, December 22 (#) (United States Department of Agrculture) — Hogs—Receipts, 10,000 head; market active; mostly 10 to 15 higher; top, 8.65; largely an 8.50a8.60 market for hogs scaling over 180 pounds; smgpen, 4,000; estimated hold over, 1,000; buch- ers, medium to choice, 250 to 300 pounds, 8.40a8.65; 200 to 250 pounds, 8.40a8.65; 160 to 200 pounds, 8.25a8.60; 130 to 160 pounds, 7.60a8.45; packing sows, 7.65a8.10; pigs, medium to choice, 90 to 130 _pounds, 7.00a8.15. Cattle—Receipts, 200 hea 300 head; compared to a week ago, fed steers and long yearlings after losing early 50a1.00 advance, closed steady with week earlier; supply figures sharp- ly reduced, but slight excess due to loading on early price advance depressed market after Monday; light mixed and heifer yearlings, 50a1.00 lower; butcher heifers, 25a50 off, beef cows about 25 lower; cutters sharing downturn; gen- eral she stock trade very dull; bulls steady and vealers 1.00a1.50 higher; ex- treme top long yearlings, 17.50; Spring- lings, 16.75a17.65; best heavy steers, 16.25; bulk, 11.50a14.00; stockers and feeders also lost early upturn and closed dull; bulk turning at 9.25a10.75; fleshy yearlings selling up to 12.35. Sheep—Receipts, 2,000 head; today's market strong to 25 higher, choice lambs, mostly 14.85; one deck at 16.00; for the week 10,000 direct, a liberal pre- holiday supply, readily absorbed by broad shipping demand; the week top lambs, highest since September, nid- week weakness, erased at the close; closing lambs, prices 35250 above a week ago; fat ewes steady; whethers 50 higher: the week's top prices, fat lambs, 15.00; fat ewes 8.00; feeding lambs, early, 14.65; bulk prices for week: fat lambs, 14,25a14.50; yearlings, 11.00a 11.75; aged wethers, 9.00a9.50; fat ewes, 6.75a8.00; feeding lambs, 13.00a14.00. NEW YORK BANK CLEARINGS. NEW YORK, December 22 (Special). —New York bank clearings, $1,512,000,- 000; New York bank balances, $131,- 000,000; New York Federal Reserve bal- ances, $125,000,000. SILVER QUOTATIONS. NEW YORK, December 22 (#)—Bar silver, 57%; Mexican dollars, 43%. POTATO MARKET STEADY. CHICAGO, December 22 (#)—Pota- toes—Receipts, 72 cars, on track, 190; total U. 8. shipments, 387 cars; trading low, market steady; Wisconsin sacked round whites, 80a1.00; Minnesota and North Dakota sacked round whites, 80a 90; sacked Red River Ohios, 1.00; Idaho sacked russets, 1.40al.65. Firm to Build New Plant. NEW YORK, December 22 (#).— Libbey Owens Sheet Glass Co. of Toledo is to build a $4,000,000 plate | glass and grinding unit to double ca- pacity of the Toledo factory. New Gasoline Offered. NEW YORK, December 22 (#).— Richfield Oil Co. of California is placing upon the market a new colol anti- knock gasoline to sell 2 cents above standard market price for white gaso- line on the Pacific Coast. Partly extra. t Plus 4% in stock. 33 tock. ¥ Plus 1/ —no lar rate. fock. - Pliia 5% 1 stock llrnlgl e Payable in m{‘zr us_10% in stock, g Plus 6o I Partiy stock. 1 Plus 200 i ouarterly in f Pavabie 1710 phare ‘dharierty iB a PR A R SMALL GAIN SHOWN IN RATIO OF LOANS TO STOCK VALUES Billions of Dollars W Stock Valves Sty RATIO OF LOANS TO STOCK VALUES Percent BY CORRINGTON GILL. ‘The ratio of brokers' loans to the value of all listed stocks on the New York Stock Exchange increased but 0.04 of 1 per cent during November, according to the figures released yes- terday by the Stock Exchange. This increase is surprisingly small compared with the increase of 0.49 of 1 per cent in September and 0.33 of 1 per cent during October. As the value of all stocks was computed as of the close November 30, the highest day for stock prices we have ever seen, many BN D e b 8 HEH.E!AE‘.I-- FINANCTIALE. Billions of Dollars 1928 Pt 1928 . ein estimated the ratio would be well over 10 per cent as in early 1926. December 1, the market value of all listed stocks totaled $66,113,255317, compared with $61,075,813,465 Novem- ber 1, an increase of $5,037,441,852 for the month. During the same period, brokers’ loans increased $511,923,202 to $6,391,644,264. The average market value of shares increased $5.22 during November from $8391 on the first of the month to $89.13 December 1. There are now 741,680,869 shares listed on the Stock Exchange, representing 1,161 different issues, compared with 1,142 issues and | 727,792,206 shares November, 1. BY KENNETH S. VAN STRUM. NEW YORK, December 22.—Many statements have appeared recently to the effect that the advance in the stock market has been overdone and that a period of readjustment would set in during which stocks would fall, while bonds—regaining some of their old favor—would advance. The facts, how- ever, do not seem to fit such a theory. for stock and bond prices tend to move together and one cannot expect one to rise while the other declines. Shifting From Stocks to Bonds. Some of the older theries ding investments do not remmr:gx!ul that stocks and bonds move together. It has long been pointed out by some investment advisers th?ntm investors should put their money common stocks during a period of depression, carry the stocks until business showed signs of overexpansion and then shift their funds into long-term bonds. Ac- cording to this idea of investment he should hold the bonds until a business depression again brings low stock prices. This system is not without merit, al- though one ought not to buy bonds if he believes that the stock market will decline. For stock and bond prices move together very closely and not in opposite directions, and the advantage or owning bonds during a decline is merely that-high-grade bonds will not decline as much as stocks. If an in- vestor wants to take the precaution to shift his l:;mtm:;u hheuwould pr;:nb::lz do ter by putting money savi‘n"ts account or short-term notes. In recent years this theory that stocks and bonds move in opposite directions during certain periods has fallen into disuse because the prices of both t of securities have advanced steadily with only temporary reactions. Some who believe they see a period of greater uncertainty for the sceurity markets ahead have recalled this - theory, but there are no statistics to back their arguments. Stocks and Bonds Move Together. ‘The chart shows the trend of the stock and bond markets since 1905. When the trends were in agreement the P RE e o 5 g R I S two markets a “l;:r;mnud by a black line, but when s moved in the op- te direction from bonds there is a in the two lines. Incidental vari- ations are omitted and only those b 10 per cent of the time, did bonds move in the opposite direction from stocks, while du 90 per cent of the time they mo in the same direction. Furthermore, when they did disagree it was usually at the top of a broad in both types of securities where bonds turned down a few months in advance , and stocks invariably fol- lowed. Or it was during such a period | as the war, or early this year when upset credit conditions brought about | by the credit-tightening policy of the | Reserve banks caused bonds to decline sharply. During the past three months bond | prices have been rising with brief in- terruptions and it is widely belleved that after the first of the year lower interest rates as well as increased in-| vestment demand will cause bond prices | to rise still further. If a person takes this viewpoint it is entirely illogical OFFICES For Lease In the Edmonds Building 917 15th St. Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Applications Invited at 5%% Glover & Flather 1508 H St. NW. ~ Ist& 2nd TRUST MONEY On homes, apartment buildings and business properties. No apprai- sal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. - 24 Jackson P Main 1403 Lionéy for First Mortgages Prompt consideration is promised to your t?- plication for loans with which to build or re- finance. When the loan is granted the money will bel immediately avail- able. Low Rate of Tnterest and Cominission. B. F. SAUL CO. 925 15th St.—M. 2100 to expect a bear market in stocks. (Covyright. 1 APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent suburbs in Montgo: and Prince Georges Counties, Md. - 5%% ANTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA 1001 15th St. N.W. Main 8100 More Precious than Jewels Those who want their Christ- mas gifts to be lasting evidences of their kindly thoughts are wont to give diamonds, pearls and other precious gems. But we may suggest a gift as lasting, which, at the same time will bring memo: twice a year. clients give one First Mortgage ries of the giver Many of our or more of our Notes to those whom they hold dear, for this gift is lasting, stable, and twice a year brings an emissary, in the form of an to renew the Christmas. interest check, greetings of And the fact that these notes can be purchased in denomina: tions of $100, $500 and $1,000 makes them available for any purse. awaiting you. They are here, now, SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N. W, WASHINGTON D.C. /