Evening Star Newspaper, January 5, 1929, Page 12

12 EVANS URGES MORE LARE ININVESTING Banker Offers Protective Ad- vice—Reserve Bank Earn- ings Increase. BY EDWARD C. STONE. Joshua Evans jr., chairman of the Better Business Bureau and executive vice president of the District National Bank, warns Washington investors to be more careful than ever in their in- vestments during the coming year. Mr. Evans says that th> banks and the bureau are ready to give advice o every person who is con- sidering invest- ments and again urges that such advice be sought before instead of after the money is paid out. In stressing his plea the banker calls attention to the fact that more than $1,700,000,000 is estimated to D have been lost in 1928 through bad in- Vestments or through speculation. Mr. Evans reperts that protective measures have been adopted during the past year in his city which have cut down losses considerably. —There is §till room for improvement. however. In talking over the radio as a repre- sentative of the Better Business Bureau, the banker suggested that these features should be considered ba- fore any investment of any kind is made: 1. The measure of protection offered the principal of your investment. 2. The reasons for expecting regu- Jarity of income. 3. Salability. 4. Loan value at your bank. 5. The reliability of the individual firm or corporation from whom you may buy. Mr. Evans goes further and says that | before you sign a contract to buy land, stocks or bonds, make an independent investigation through the channels | mentioned, asking these direct ques-) tions: “What type of security is this man trying to sell? “In what general classification does 4t fall? “Should you call it a widow and or- phan investment? “Is it good collateral for a bank loan? “It it a business man's speculation, an out-and-out speculation, or is it ‘worthless?” Reserve Bank Earnings Jump. Gross earnings of the 12 Federal Re- serve Banks for 1928 amounted to $64,050,000, or about' $21,000,000 more than for 1927, while current expenses, $26,900,000, were about $500,000 less than for 1927. After providing the necessary re- serves for depreciation, losses, etc., the eral Reserve Banks had net earn- s of $32,125,000. From this amount banks paid $8,460,000 in dividends ) member banks and $2,584,658 to the hited States Treasury as a franchise and transferred $21,080,000 to their counts. |{Federal Reserve Banks of Richmond, lanta, St. Louis, Minneapolis, Kansas City and Dallas were the only ones to pay a franchise tax. All net earnings of the six other reserve banks remain- ing after the payment of dividends were transferred to their surplus accounts, as required by law, the surplus ac- counts of none of these banks at the end of the year being in excess of their subscribed capital. Total subscribed capital of the 12 Federal Reserve banzs on January 1. 1929, amounted to $293,870,000, and total surplus to $254,- ,0 Groups Increase Sales in 1928. Regarding wholesale and retail con- ditions in 1928 Dr. Julius Klein of the Department of Commerce says: “Wholesale distribution showed little change in volume, but sales of many different types of retail establishments creased in 1928. Sales of mail-order ouses and various kinds of chain stores had a particularly large growth, but 1this was. partly due to an increase in the number of stores operated. Depart- ment store sales also increased, and there was a considerable reduction in the size of their inventories. “Further progress has been made in the elimination of waste and in the in- crease of business efficiency. During recent years there have been marked in- creases in the per capita output of the manufacturing industries and of agri- culture, and efforts are now being made Yo improve the efficiency of distribution, which js still relatively wasteful. “There has been no considerable ac- cumulation of stocks of commoditics, and the general level of wholesale prices has shown comparatively little change. Increases in prices of hides and leather, food, building materials, metals and fielflanfi llg};tlng lsl!ght}y more than off- leclines in prices of other gri commodities.” » i Timely Financial Notes. Offering is being made here of 100,000 ghares of $3.50 cumulative dividend con- Vertible preferred stock (no par) of the Chicago Pneumatic Tool Co. by J. A. Sisto & Co. and A. G. Becker & Co. The issue is priced at $55 a share and accrued dividends, and is convertible into common stock share for share at any time up to fifteenth day prior to ,the redemption date. Directors of F. & W. Grand Stores declared the regular quarterly dividend of 25 cents a share on the common stock, payable January 20 to stock- holders of record January 14, and $1.62%; on the preferred stock, payable February 1 to stockholders of record January 14. Arthur Foraker, manager of the ‘Washington office of Eastman, Dillon & Co., reports that the firm has admittcd six new partners. They are Herbert S. . Smithers, Walter H. Nash, Philip M. Brown and J. Raymond Boyce, in New York; George N. Buffington and Harry C. Beste, in Chicago. Arthur C. Boyce has retired as general partner to become ® special partner. The American Stores Co. has acquired & chain of 62 stores of Cupp Grocery Co.,, in Johnstown, @a. in outright cash purchase. This is the company which bought and now operates the original 19 Old Dutch Market stores in ‘Washington. A member of the bond fraternity who deserted that field a couple of years ago to devote his attention to the stock department was rewarded this week by partnership in his firm. Junius A. Richards is now a member of Edward B. Smith & Co. Some unemployment, particularly among “white-collar” and unskilled ‘workers, is forecast for 1929 by Director Jones of the Labor Department’s em- ployment service here. On the whole, howeve he predicted labor would be ‘well employed. ‘The volume of money turnover dur- ing the week ended December 29 was greater than in the corresponding week of 1927, according to the weekly state- ment of the Department of Commerce. Operations in steel plants were on a higher level than in either the preced- ing week or the same period of the preceding year. Activity in automobile plants, as reflected by employment in Detroit factories, covering the latest available week, showed a seasonal de- cline from the previous week, but was greater than in the same period of 1927. ‘The general index of wholesale prices was slightly stronger than in the pre- ocding week, being higher also than a e g oy Joshua Evans, Jr. | Am Ice (3).. | A Machine (t5% 179 o Open. High. Low. Clos 40's 40'3 4013 40 154 147 147 . 9 Abitibi Power. .. Abranma&Straus Adams EX pf (5) Adams Millis(2) | Adv Rumley Ahumada Lea Atr Redetn (t: Ajax Rubber. Aiaska Junea... ¥ 8% Bl Albany Papr(2). 247 24% 24% Allfed Chein. ... 248 251'; 248 248% Aliied Cm pf(7). 121% 121% 121% 121% Allis-Chalm(T), 189 189 188 188 Amerada () 415 405 40% | Am Agricul 215 214 21% | Am Agri Ch pt.. o 69% 70 | Am Bank N(13). 12 124 17 17 447k 441 3 4 3). 1010 102 10 P Am Beet Sugar. Am Bosh. .40 Am Br Sh(J1.60) 47'z 47 Am BrownBov.. 16 16 154 Am Brown Bopf 50% 50'5 50 Am Can (14).... 1128 1143 112% 112% AmCar&Pdy(6). 103% 104 103 103 Am C&Fpf(7). 117 117% 117% 117% AmChicle (2).. 47% 48l% 473 48% Am Chicle(rts) . 1t 1% 1% 14 Am EncauTil(3) 85 85 84 84w Am Express(6). 290 290 290 290 Am & For Pow.. B0% 81 80 80 Am&ForP pf(7) 1064 106 Am&For P2a 7. 984 983 Am Home Pr(3). Tols 7512 75 . a2 42 4 Amdniernatl(2). 145 145% 14: Am Lal'r&Foam 814 Am Locomot(8). 112% 114 179 178 113% 11815 118% 6T 66 661 120 120 120 97 “97; by 45% 473 985, Am M&Fpf ew 7. 11 Am Metals(3).. 677 Am Metals pf(6) 120 Am NatGaspf 7 97 Am P &L (f1).. 4% 851 '« B3% AmP&LDS sta 8l 81% 81y 8li AmPo&Lt pf(6)J 100z 100'; 100': 100’z Am Radlator(5) 20475 2047 199 200 Am Ry Ex(6)... 136 136 136 136 Am Republics... 61% 61 Am Sar R g 7 Am Ship & Com. Am Smelting (8) Am Sm&Ref(4), Am S & RpI7). 187 Am Snuff (i14).. 203'% Am Su Fdys(3), 66 Am SU £y pf(7y. 111 AmSugar...... 87 Am Sumat (n3).. 58 58% Am Tol &Ca(hds 184 181y 1815 Am Tel-& Telt9) 106k 196% 195 Am Tobacco(8).. 176% 176% 176" Am Toba¢ B(8).. 176% 176% 175 5 Am TypeFo(8).. 140 140% 136% 136% AmWWEEIl(cl)., 69% 69% 63 684y Am Woolen. . 27 =7 %y ey Am Woolen pf.. 5 57 57% 57 AmWritPa6pt 42 42 42 42 Am Zine. 43% 42% 42% 104 111 87 Am Zinc p! Anaconda C (6). Anchor Cap. Anchor pf (632). 1 Andes Copr T5¢. Archer-Dan(3).. Armour Del pf 7 Armour 111(A).. Armour 11I(B).. Arnold Con & Co Artloom(3)..... 29% AssoDryG(2%). 634 Asso DG 1st(8). 104 104 101 104 Asso 011(2).. 45 47 45 45 Archison(10) 201% 201% 199% 199% Atch T&SFerts 24 24 2% 2 Atchison pt(5).. 103% 103% 103 103 Al Coast L(110) 172% 172% 172% 172% AUGUIL& WL, 400 40 40 40% Atl Gulf pf(3). 53la b3% 53% b3u Atlantic Ref(1). 65% 66 64 64 Atlan Ref pf(7). 11 116% 116% 1164 AtlasPowder(4). 106% 106% 103 103 Atlas Pow pf(6). 105 105 105 105 Aulas Tack..... 14% 15 15 Austin-Nichols. & 9% 9 Ausun-Nich pf.. 40% 41 41 Auto Sales. . T 274 27% Auto Sales pf(3) 3y 39 39 Autostrap A(3). 44 44 44 Bald Loco pf(7). 115% 115% 115% 115% Balto & O(6).... 123% 1237 121% 122% Balto & O pfi4). 79% B0 9% 80 Bang & Ar(3%). 693, 69% 68% 68 Bang &Arpf(7) 107 107 107 107 Barnet Leather. 24% 24% 24% 24% Barnsdall A (2). 46% 46% 454 45l Bayuk Cgrs (2). 111 111 111 111 Beacon Oil. 24% 2 28% 3% Beecn-Nut (3).. 97 941 94n Best & Co(3).... 58% 88 B84 Be'hlehem Steel. 6% Bt 85% Bloomingdale... 437 44 d43% 44 Blmingdie pf(7) 110 110 110 110 Blumnthl pf(7). 116% 116% 116% 116% BonAmiA(4).. 87% 37% 85t 86h Borden Milk(6). 179 179 177% 177% Boston & Maine. 107 109% 106 106 Briggs MfgFCo.. 61% 6l 58% 58% British Empire.. 4% 4% 5 Brockwy Mot(4) 71% 69% 70 Bklyn-Man(4).. 764 T7% 176 Bklyn-Man pf(6) 90 90 90 BrownShoe(23%) 46% 46l 46% Brunswick B(3) 53% 53% b52% Brunswick Ter.. 39 40 39 Bucyrus(l)..... 38% 41% 39 Bucyruscv(2%) 47% 49% 47% Bucyrus pf(7).. 113 113 113 Burns Bros(B).. 34 34 34 3 BurnsBros pf(7) 103% 103% 103% 103% Burroughs(14).. 245 249% 245 249 Bush Term(g2)e 79 79 75 175 Bush Ter de(7).. 106% 105% 105% 105% ButteCop&Zine 9% 9% 9% 9% Butte &Sup(2). 11% 11 11 11 Butterick Co. 3815 38 38 38 Byer & Co. 186'2 186% 184 184 Byer &Copf(7). 120 120 120 120 By-Prod (133%). 117% 117% 117 117 Calif Pack(4)... 7% 77% 77% % Callahan Zinc 3% a% 3% 3 Calu & Ariz(17). 130% 131 125% 127% Calu&Hec (2%). 47% 47% 46% 46l Can Dry (t43%z). 7 T8% T8 8 Can Pacific(10). 2437 2437% 241% 241% Canon Mills 2.80. 48 46 46 Cen Aguirre As. 38 3 38 38 Cent Alloy(2)... 47% 47% 47 47% Cent Alloy pf: 111% 111% 111% 1113 Century R pf(7). 76% T6% T6% T6% Cerrode Pas(5). 109% 110% 108's 108% Certain-teed Pro 28% 28% 28 28%4 2% 21% 21% % 837% 37% 219 19 % 82% 12% 12% 19 20% 47 35 5715 883, 4 119 51% 524 104% 1044 2 u2 577 19 53 105% 105! 92 17% 9ty 59 29% 29% 64 63% 637y 9% 881n 86% T1% 37% Ches & Ohio(10) 220% 221 C & O Corpn(3).. 83 Chi& Alton....e Chi & Alton pf.. CI Chi Mil & StP pt Chi & Nwn(4%). 897 Chi&Nwn pf(7). 135 136 3 135 Chi Pne Tool(6). 176% 176% 176% 176% Chi R1&Pac(6).. 136' 136'a 136% 136% CRI&PDI(6). 100% 100% 100% 100% CRI&PDI(7). 106% 106% 106% 106% Chi YelCab(3).. 35 35 35 35 Childs(2.40) Chile Copper (. T5% 6% 3% T3 Chrysler(3).... 129% 129% 126% 127 City St B5% stk 109 109 108 108 CCC&StL pf(5). 106 106 106 106 Cluett-Peab(5). 72% 72% T2% 12% Coca-Cola(6)... 172. 172% 1713 172% Collins & Alkmn. 56% 066% 556% 55% Col Fuel & Iron, 71!z Tl% 68l 69 Col Sou 1st(4) 6% T6% T6% T6% Col Gas & E1(5). 143's 143%a 139% 140% Col G&E pfA(6). 107 107 107 107 Columbia Graph 85% 85% 81 84 Col Carbon t4%. 135 135% 132% 135% Com Cred(1).... 59% b59% 58l 581 Com Cristpf 6% 103% 104% 103% 104% ComCrpf(1%). 25% 25% 25% 27% Com Crpf B(2). 26 26 26 26 Com Inv Tr(34). 140% 140% 138% 139 Com Inv (war).. 29% 29% 29% 29% Com In Tr pf(7). 106% 106% 106% 106% Comm Solv (j8). 232% 232% 232% 3 Com Power(13). 112 Conde Nast(2).. 86% Congoleum-Nair 32l 324 Cong Cgrs (5).. 8% 81% Consol Cgrs (7). 95% 95% Con Film pf(2).. 25% 4 Consol Gas (3).. 108% ConsolGaspf(5). 99 ConRRCuba pt6 70% Consol Textil 5% Container A 1.20 227 Container B 60c. 10 Cont Baking A.. 48% Cont Baking B.. Cont Bak pf(8).. Contl Can (n,. Cont Insur(6). Contl Mot(80¢) Corn Prod (1% Coty, Inc (12%) Crucible Sti(5).. Cuba Company.. Cuban Am S(1). Cuban Dom Sug. Cudahy Pkz(4). Cndahy (ris) furt 113 86l e 31 80% 95 99% 0% 16% 16% 6 | Wi 6315 11 Aero(l). 148 ~ % 4% 3 100% 101% 97 8% 21% THE EVENING e Cutir-Ham(3%) Cuyamel Frult.. Davison Chem. . Deere&Co pf(7). Del & Hud(9)... Del L& W(17).. Detroit Ed(8)... Devoe A (13.20). Devoe&R 1st(7). Diamond M (p8) Drug Inec4) Dunhill Int ( Dunbill (rts)... Dupont (1181). Dug Lt 1st(5)... iisenlohr& Bro. Eitingn pf(6%). | Elec Auto-L14% Blectric Boat. .. ErecPow&Lt(1) EBlec P&LLVI(T) ElecStoBat(f5). ¥m Brantam(A) End-John(3).... Eng Pu Ser(m1) g Pu S pfis). Equit Bldg(2).. Eureka V(1%).. Fairbanks Co. Fairbanks Co p Ielrbanks (). .« FedLight(h1.40) Fed MotT (f80e). Fidelity-Phoenx First NatS(1%). Fisk Rubber. ... Risk R 1st pfev. Fleischman 73% Fox Film A(4) Freeport (16%4). Gabriel Snub A.., Gardner Motor Gen Am Tnk(4 Gen Asphalt. Gen Cable A(4 Gen Cig rs (4. GenCigars pf(7). nislec sp(60¢) Gen Ice Crm(i4) Gen Mills (3). .. Gen Mills pf (6) Gen Motors t9% Gen Mot (New). Gen Mot pr(1). GenOutdrAd(2). Gen Ry Siz(5). Gen Ry S pf(6).. Gen Refrac(s). G.mbel Lros. Gimbl Br pf(7) Glidden (11%).. Glidden pr pt£(7) Gobel (Adolph). Gold Dust (new) Gold&StekTel 6. Goodrich(4). . Goodyear T . Goodyr 1st pf(7) Gotham (323%).. Gotham pf(7). Gothm pf exwar. Gould Coupler A Graham-Paige. . Grhm-Paige cfs. Granby (6)..... Grand F&W (1). Grand Unon. Grant WT (1 Grt North pf(5). Gt Nor pf efst5) Gt NoOrefs2%. Grt Wn Sug 2.80 Greene Cana(6) Guantanamo Su. Gulf Mo & Nor.. Hacknsk W(1%) Hanna 1st pf.... HamiltonWpf (6) Hartmn B(1.20). Hershey Corp. Hershey pf(4) Hollnd Fur t2% Hollander & Son Household14).. Houston Oil. Howe Sound(4). Hud Man(2%).. Hudson Mot(5). Hupp Mot(£2).. Illinots Cen(7).. 1nd O & Gas (2). Indian Mot (1).. Indian Mot pf(7) Indian Refining. Indian Refg cifs Inland S(k16%). Inspiration (3). . InterborokapT! InterconRubber., Internat Agri. .. Intl Bus Ma (c5) Int Cement(4).. Int Com Eng(2)., Int Harv t2%. lut Mtch pt 3.20. Int Mer Marine. Int Nickl of Can. Int Nicklcf pf 6. Int Paper pf (7). Int Pa&PoA2.40. Int Papr & Po B, Int Papr & Po C. Int Prig Ink 2%. Intl Salt(5) Int Tel & Tel(6 Int Tel & Tel rts Interstate D S. Island Creek(4). Jewel Tea (15) Jewel Tea (rts, Johns-Manv(3). Jordan Motor. Kan City South.. Kaufmn DS 1%. Kayser J(5). Keith-Albee..... Kelly-Spring. . Kels Hayes(2) Kelvinator Corp. Kennecott (8) ... Kinney (G R). Kolster Radio. .. Kraft-Pho(1%). Kresge(1.60). . Kresge SS pf(8). Kress SH(h1%4) Kreuger & Toll. . Kroger Gro(cl). LagoOfl.eessens Lambert Co (7)., Lee Tire & Rub.. Leh Por Cmt 2% Lehigh PC pf(7) 58% 58% 58% 58'% | LehighVal(3%). Lehn & Fink(3).. Life Sav(1.60) Lig Myers(t5) Lig & Myrs B 15. Lima Locomtve. Liq Carb( t4%). Loew’s Inc (13). Loew’s DE(6%).. Lott, Louis GasA 1.75. Louisv G&E rts. Louts & Nash(7) LudlumSti(rts). McAndrews 2.60. Me Call Corp(4). McCrory B(2)... Mclntyre P(1).. McKeespt Tin Pl McKes&Ro 1.60. McKsn pf A3%. Mack Truck(6).. Macy Co (2)...0 Mad Sq Gar 1%. Magma Cop (4). Mallison & Co. . Man Elev gtd(7) Man El m2g(d5) Man Shirt(2).... Maracaibo Oil... Marlan Oil...... Marlin-Roc 13% . Marmon Mot(4). Martin-Parry Mathieson(8). .. Mathieson pf(7) May Dept S(4).« Maytag (12). Maytag pf(3)... Melville Sh 1.10., Mengel Co. . 6313 | Mengel(rights). 2 113 Mex Petm(12)... 1537 146 147!s Mexican Seab. 5021 100% 186 63% Gen Lelectric 16, i Gillette S R(c5). 1 5% 86 54 151% 16% 196 14% 95 31 86 16 164 55% 8% 364 89% 109 114 39% 120 32 133% 21% 69% 108 101% 66 18 181% 122% 100t 24 45 69 32% 51 66% 631 64% 125% 125% 196% 1962 301 13 9l 9 s 110 139% 14012 3 13% 460 107" 2324 11% 107 108 844 8474 99% 99% 198% 198% 9% T9% 125% 126% 34 84 100% 100% 991 99% 6l 6% 121 121 45 46 891 BYl 38'3 104 1% 203 83 126% 31 1017% 991, 121 96% 98 1234 1248 1034 103% 4 111% 111% 108% 108% 29 56 26% 26% 92 92 101% 101% 33% 330 68%y < 68 5474 87l B3 8% 8% 141 141% B4 Bdia 56% b53% b4% 150% 150% 16% 16% 188 188% 151% 16% 196 STAR. WASHINGTON, NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Si tar Office. Mid-Cont pt(7). Middle States... Miller Rubber... MStP&SSM 1i(4) Mo Kan & Tex. . Mo K&Tex pf(7) Missourt Pacific MoPacific pf(5). Mohwhk Car 23, Montgom Ward. Moon Motor. ... Mother L (40c). Motor Meter A Motor Prod (2 Motor Whi(f2% Mullins Mf. Mullins pf Murray Corp. Nash Motrs(t6). Nash & Chat(7). Nat Acme(sta).. Nat Bellas Hess. Natl Riscuit(t7) Nat Bisc pf(7).. Nat Cash Reg t4 Nat Dairy (13). Nat Dept Stores. at Distillers. Nat Enamlg (1). Nat Lead(b). . Nat Pow&Lt(1). 107% 20415 24 14315 Central(8). . tL(6). Y CStL pf(6). Y & Harlm(5) YNH&Hart(4) NY NH&H pf(7) N Y Ont&Westn N Y State Rys pf N Y Stm pfA(D. NorfolkSou t31 Nort & Wn(710) NorAm biv ¢ stk NorAm Ed pf(7) Nortn Pac(5)... Nor Pac efs(5) Norwalk Tire. .. Oil Well Supply. Oil Well Spf.... Omnibus. . Orpheum pf(8). Otis Elevatr 18. Otis Steel...... Owens Bot (c4).. Pac Coast 1st racifc Gas(2). Pac Lightg (3) Packard M t6%. Pan-Am Petrolm Pan-Amer Pet B INy INY Park & Til(33).. Park Utah(80c). Pathe Ex.... Pathe Ex(A)... Patino M(2.92) Peerless Motor. Penick & Ford. . Penn Dixie Cm Penn R R(31) Peoria & East... Pere M prior(3). Pet Milk (1%). Phila Co (i7) Phila& RC& 1. Phil Morris(1).. Phillips Pet (2). Phoenix Hosiery Pierce-Arrow... Pierce-Ariow pt Pierce Oil. . Pierce Oil pf. Pierce Petrolm. . Pillsbury (12.10) Pillsbry pf(64%) Pitts Coal. .. Pitts Coal pf. Pitts Term Coal, Pitts&WVa(6).. Por RICOToA(7). PortoRicoTobB . Postal T&C pf 7. Postum(3)..... Prairie Oil&Gas. Pressed Stl Car. Produ & Refinrs. Pr Stl Car pf(7). Pub SerNJ 2.40 Pub SerNJpf(5). Pub SE&G pf(6) Pullman Co(4). . Punta Aleg Sug. Pure U1 (1).... Pure Oil pf(8).. Purity Bak(3).. 134% 410 Radio-Keith(A). ReadingRy(4).. Reading 1st(2).. Reading 2d(2).. Real Silk Hos. .. Real Silk pf(7) Reis(R)& Co... Remingtn-Rand. Reo Mot (11.70. Rey Tob B 163 Richtield O11(2). Rossia Ins 16% . Royal Bak P(1). Royal D(a3.222). Safeway (3).... St Jos Leaa13). StL & SanF(18). StL&SanF pf(6) StL&Southwest. Savage Arms(2) Schulte (§3%). Schulte pf(8) Seab Air Line. Seab Air L pf. Seagrave(el.20). Sears-Roe(32%) Seneca Copper. . 13% 13% Shattuck FG(2). 2 | Shell Un(1.40) 160% 161% 544 5dly T4 ok 36% 361 89% 89% 109 109 114114 38% 39 17% 117% 32 32 W 181% 132 A 200 20k 59 59% 108 108 101% 101% 6 65 39% 39% 93 95 91 91 51% 514 107107 651 651 102 102% 8% 8 321y 73 25% 16% 90 4% 4an Y% 5k 101% 101% i 28% 231, 106% 106% 180 180 18% 20 6915 37% Shell Un (rts)... Shubert The(5). Simmons Co(3). SimmsPet(1.60) Sinclair O1l Skelly Of1(2. Sloss-Shef(6) . Sloss-Sht pf(7).. Snider Packg Co SoPoRicS 2% South Calif Ed. . South Dairies A, South Ry pf(5). SouRyM&O cfs 4 Spang Chalfnt. . Spear&Co pf(7). Spicer Mfg. . Spiegel Co (3). Std Com To(f1). SUG&E (3%). Std G & E pf4). Std Milling (6).. Std Millg pf(6). Std O of Cal(13) StdOIINJ(T13%). StdO:INY (1.60). Std P Glass pf... StdSanPro(1.68) Stewart-War(6) Stromberg (3).. Studetaker(5).. Submarine Boat. Sun Oil (g1). Superior Oil. Superior Steel... Sweet of Am(1). Symington Cl A.. Telautogh(80c). Tenn Copper(1). Texas Corpn(3). Texas Corpn rts TexasGulfSul(4) Texas & Pac(5). Tex Pac C & Oll. Tex Ld Tr(new) Thatehr pf 3.60.. Tidewater AsOil T1dWAsOilpf(6) TidewatrO(80c) Tide W Oil pf(5) Timken R B(6). Tobac Prod (8).. Transcont Oil... Transue & W(1) Trico Prod(2%). 181% 122% 100% 24 45 69 181% 181% 12244 12215 99 4 2 257 257 664 b 257 634 Truscon (£1.20). Twin CityRT (4) Twin City p£(7). Undwd-El F (4) Udwd-El F pf(7) 125 Un Bag & Pa 355 Union Carb(6).. 206's Union Oil (rts).. 1'% Union Pac(10).. 222 222 Un Pacific pf(4). 83 83 Utd Biscult 1.60s 51% 61%- 51 1 219 &3 b1 STOCK PRIGES DROP UNDER REALIZING Market Starts Higher, but Week End Selling Forces List Down. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 5.—Heavy week end realizing carried prices down sharply on the Stock Exchange today. Selling was most effective in .the last half hour and thé close was around the low of the session. Motors, steels and coppers were affected the most. General Motors at 198 was down 4 points. Johns-Manville at 188 was off 5 points. New York Central at 190 was down 41, points. Losses in other | stocks ran from 2 to 3 points and | more. The market was higher at the start, but gains were not held. Motor Stocks Heavy. { Naturally the greatest interest at- | tached to Radio and Victor Talking Machine in view of the overnight an- nouncement of the terms of the merger. Radio opened 15 points higher but sold .| off later. Victor Talking Machine act- ed similarly, starting in up 2'. points and then selling down below the pre- ceding close. Victor failed to reach pari- ty with Radio on the terms as an- nounced, but that was probably due to profit-taking rather than any doubt about the shareholders agreeing to the merger. Motor stocks were heavy. Opening ouotations were a shade higher, but the gain was not held. Realizing came into the coppers also, Anaconda and Greene Cananea, although neither was in any degree weak. The new Interna- tional Nickel made a new high of 58 on the first sale. Among the industrials there was brisk buying of American Can, up over 2 points. Postum Co. was taken in large blocks at higher prices and new top. Johns-Manville gained in the early dealings and there was a sharp run-up in the two airplane stocks, ‘Wright and Curtiss, stimulated by the news of the endurance flight on the Pacific Coast. Rails Are Steady. ‘The rails were steady as a group, and individual jssues were strong. St. Paul | preferred was the leader in the non- dividend-paying class on estimates of 1929 earnings. A demonstration in Hudson & Manhattan was connected with reports of buying for control. Union Pacific, Nickel Plate and Chesa- peake & Ohio were well supported. A little more attention was paid to the oils. Standard Oil of California was the favorite, starting on a block of 5,000 shares up over a point. Barns- dall and Standard Oil of New Jersey were higher. Westinghouse Electric manufacturing stocks and American Locomotive among the railway equip- ments. FOREIGN EXCHANGE. NEW YORK, January 5 (#).—For- eign exchanges steady (quotations in cents). Great Britain—Demand, 484%; cables, 4851%; 60-day bills on banks, 80 France—Demand, 3.90% cables, Italy—Demand, 5.23 cables, —Belgium, 13.89% Holland, 40.1 Norway, Sweden, 26.74%; Denmark, Switzerland, 19.25; Spain, .32, Greece, 1.2 Poland, 11.25; Czechoslovakia, 2.96; Jugoslavia, 1.76; Austria, 14.07; Rumania, .60%; Argen- tine 42.183;; Brazil, 11.88; Tokio, 45.78; Shanghal, 63.70; Montreal, 99.70 5-16. TOTAL STOCK SALES. Special Dispatch to The Star. NEW YORK, January 5.—The total s | number of shares unofficially reported as traded in on the New York Stock Exchange today were 2,834,700, against 5,525,700 _yesterday, 2,683,300 a week ago, 1543700 a year ago and 819,- 300 two years ago. From January 1 to date sales were 18,858,000, against 13,600,000 a year ago _and 8,004,100 two years ag Open. High. Lot 24% 24% 2 677% Germany, Utd Cigar St(1). Utd Elec Coal... Utd Fruit(15%). 1 US CastIr P(2), US CIP 1st 1.20. U S Distributing U S Hoffman(4). U S Alcohol(5).. U'S Leather.... U S Leathr A(4) S Lea pr pf(7) Realty(4).. Rubber...... Rubber(rts) Kub 1st pf.. Smelt(3%).. Sm pf(3%). Sm&Ref rts. Steel(7).... U S Steel pf(7).. U S Tobacco(3). U S Tob p£(7)... Unl Pic 1st pf(8) Univ Pipe & Rad Utah Copper(12) Util P&L Ace2). Vanadium (T4).. Van Raalte. . Vicksbg S&P(5) . Vick Chem(4)... Victor Talkg(4). Victor pr pf(7).. Va-Caro Chem. Vir-CarCh pf(6) 1 16% u u u u u u u U u s s S 8 s S S s Ward Baking B.. Warner Bros Pic ‘Warner Bros pf.. Warner-Qu(2).. Warrn Bros (15) Warren F&Pipe. Wesson Oil (4).. W Penn E1A(7). W Penn E1 pf(6) W Penn E1pf(7) 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).. 1 Westhse 1st(4) Weston Electris White Eagle(2). White Mot(1). WhitRck cfs(2). White Sew Mach White SM pf(4). Wilcox Oil & G. Willys Ov ¢1.20 Wilson & Co. Wilson & Co pf.. Wilson Co pf A Worthn Pump. ‘Woolworth(5) . Wright Aero(2), ‘Wrigey ((13%). Yale&Twne(15). Yellow Truck, Al Young Spring... 54% Youngstn Sh(5). 110 152% 147% 145 138% 33% 32 11% 11% 68% 684 24% 50 218 219 215% 267 273 263% To% 6% 6% 63% 63% 40% 39% 55 54% 110 110 a Pai able in stock. © P1 able ‘When earned, Hlocke” T'Pius 107 i ‘stock, stock. .k B Stock. y m P United Ci s dia% i slocks _. 19 'y American Radiator went to another | (0 was the feature among the electrical! Special Dispatch to The Star. NEW YORK, January 5.—An effort to determine what the Interstate Com- merce Commission actually has in mind concerning Eastern railroad consolida- tion and on what terms it would permit mergers to be effected will be made shortly on the initiative of the Balti- more & Ohio and the Nickel Plate in- terests, who are expected to file an ap- plication outlining their plans with the commission. This is a move to break the impassc into which the four big systems in the East, namely, the Pennsylvania, New York Central, Baltimore & Ohio and Nickel Plate, became involved after their long series of conferences was broken !up by the sudden purchase by the Penn- sylvania of the Loree holdings of the ‘Wabash & Lehigh Valley. Former Action Recalled. So far as could be learned today, neither the Pennsylvania nor the New York Central are parties to the pro- posed application to the Interstate Com- merce Commission. The Baltimore & Ohio and the Van Sweringen interests appear to have been working more in harmony in consolidating matters than the other trunk lines and are more anxious to develop the merger schenie. It is significant that in contrast to what has been the previous practice of buying properties and then asking the | Interstate Commerce Commission for authority to hold them the applicant now desire to enter into preliminary negotiations with the commission befora going further. The commission has FINANCIAL. I. C. C. ATTITUDE ON RAILROAD MERGERS WILL BE SOUGHT taken strong exception to the earlier policy. It is understood that the Chesapeake & Ohio will ask authority to include in its group of the Nickel Plate, Pere Mar- quette, Erie & Hocking Valley, which it already controls, and also the Lacka- wanna, Virginian, Bessemer and Lake Erie and the Pittsburgh, Shawmut & Northern. ‘The Batimore & Ohio insists that to round out its system it must have the Reading, which it already controls, with the New York Central; the Central Railroad of New Jersey, which is closely linked up with the Reading: the Western Maryland, which was pur- chased in part two years ago from the Rockefellers; the Chicago, Indianapolis & Louisville, the Ann Arbor, the Detroit, Toledo & Ironton, which was resur- rected by Henry Ford in 1920, and the Wabash, on which it had set its eye before the Pennsylvania gobbled it up last Summer. Central Is Exception. ‘The New York Central is the only one of the four big systems that has not gone out into the open market to buy or purchase from controlling interests the stock of smaller and competing lines. In fact, it sold out its holdings of the Lehigh Valley to L. F. Loree, who subsequently handed them over to the Pennsylvania. Unless the Baltimore & Ohio controls the Reading situation it cannot carry |out the project which is imperative to its expansion, namely, a direct entrance by way of the Reading and the Central Railroad of New Jersey into the New York territory. RADIO AND PHONOGRAPH * MERGER TERMS STATED By the Associcted Press. NEW YORK, Jauuary 5.—Radio and phonograph were brought together yes- terday for service in one of the greatest, if not the greatest, entertainment enter- prises of history through unification of the Radio Corporation of America and the Victor Talking Machine Co. Directors of both companies approved plans which have been in preparation’ for nearly a year and which in effect provide for a merger of the corporations through an exchange of stock. Subject to approval of stockholders, Radio Cor- poration directors voted issuance of approximately 6,590,000 shares of new common stock, of which 5.777,000 shares will be exchanged for present common stock outstanding on the basis of five new shares for each old share now held. In addition, there will be created an issue of approximately 813,000 shares cumulative B preferred stock, carrying $5 dividends, which will be junior to the 7 per cent, a preferred stock out- standing. Under terms of the plan Victor stock- holders will receive one share of new Radio common and one share of Radio $5 cumulative B preferred stock for each share of Victor common held, as well as $5 per share in cash. Regular dividends are to be paid on Victor com- mon until the date from which divi- dends on new Radio B preferred will accrue. Both classes of Victor preferred stock are to be retired, the outstanding $19,561,000 of 7 per cent prior preference to be called for redemption at $115 per share. Substantially all the $6 con- vertible preferred stock has been retired through exchange for common stock, and it is expected the remainder either will be converted or called for redemp- tion at $110 per share. DIVIDENDS. Corporation Am Mach & 0 pid. .. Brill, ' D! do’ ptd Col Carbon o Cen Rib Mills b Eureka Vac C Co Hood Rub € Stock of $175 £125 | SL75 B Nhars b0 rars ot SaRSRnEEEEnEn R wweE SRR S5EEE o pf... Harri Na do .. Harriman iron Prod Corp Melville, Shoe do st pt. do_2nd_pf Na Dept Sts i pf Na Tea Co pf.. So_ Cal Edsn Co Spiegel M St Co o 4 ... o e str &% bt PARIS BOURSE PRICES. PARIS, January 5 (#).—Saturday trading was resumed on the Bourse to- day. Price changes were irregular throughout the session. Three per cent rentes, 67 francs 65 centimes. Five per cent loan, 95 francs 80 centimes. Exchange on London, 124 francs 10 centimes. THe dollar was quoted at 25 francs 58 centimes. o CHICAGO STOCK MARKET. Special Dispatch to The Star. CHICAGO, Jaruary 5.— STOCI S. Hieh. Low. Clase. 37 38% 37 56 56 0000ODPERD Sales in hundreds. 12 All Amer Mohawk 1Allted Prod A 1 Allied Mot Ind . s 4 Altofer Br cv pfd.. 8 Am Com P 6':% pfd. 81 Com P wal Com P A Pub Util pfd States A rts. Elec Househ Empire G & F 6'C pid {Emp G & P 7% pfd 9 30 Foote Gear 'rts 1% 5 Galesbura Coul Disc. . 143 1Ghi W Wks......... 1Gleaner Combine’ Hai 122, 4 2612 55 1. 544 Co 35 2 Keystone 2Lane Drug.... 19 Lang Drug pid.... a Salle Ext. 1. Lincoln _Pur war..... 6Lynch Glass Mfg Co. i1 gy 1g Co. pr pid 31 ne A d 108 ptd Miller & Hart pfd. H ell u : 1 Southwest L & P pid. 89 2 5id Dredsing Co. pfd 38% A A i CHICAGO LIVE STOCK MARKET CHICAGO, January 5 (#) (United States Department of Agriculture).— Hogs—Receipts, 16,000 head; about 12,000 of the run direct; market mostly 10a15 higher; top. 9.00, paid freely for 160-240-pound weigh! shippers took 5,000; estimated holdover, 2,000; butch- medium to choice, 250-300 pounds, 8.55a8.95; 200-250 pounds, 8.70a9.00; 160-200 pounds, 8.60a9.00; 130-160 pounds, 8.40a9.00; packing sows, 7.60a 8.25 nominal. Pigs, medium to choice, 90-130 pounds, 7.50a8.75. Cattle—Receipts, 300 head; compared to a week ago, yearlings and light steers especially low price; light steers strong to 25 higher; finished heavies held up, but in-between grades lost 25a 40; uneven trade on light heifers and mixed yearlings; such kinds closing steady to 25 higher; cows in very lib- eral supply; mostly 50 lower both on cutters and fat cows; bulls, 25 higher: ers and feeders, 25240 higher, wtih sup- ply scarce and country demand cen- tering almost entirely on light offerings. Extreme top fed yearlings, 17.00; heavies. 16.60; not much above 16.00; most short fed steers selling at 14.50 down to 12.50. Sheep—Receipts, 1,000 head; for the week, 4,000 direct, 25 doubles from feeding stations: improved dressed meat trade and light receipts combined to force fat lamb values 85a90 higher than a week ago: yearling wethers and fat ewes. 75a1.00 higher; feeding lambs, 25a50; fat ewes, 9.50; feeding lambs, 16.50; fat ewes, 9.50; feeding lambs, bulk prices for the week, fat 15.50a16.10; _yearlings, 12.25a 1335; f at ewes, 8.25a9.25; feeding Inmbs, 13.50a14.25. N. Y. PRODUCE EXCHANGE. NEW YORK, January 5 (Special).— Public fire insurance continued active at the close of the week on the Produce Securities Exchange, although there was little change in price. Officials con- firmed reports of their intention to form a casualty company to be closely related to the fire inst . e they expged Associated Gas & were actively dealt in; after the close today. Union Cigar was prominent and Allied Power & Light was taken above the 30 level Money to Loan Secured by first deed of trust on real estate Prevailing interest and commission. Joseph 1. Weller £ 7558 % $ Tt In Nearby Virginia Prudential 51/2% lnmnnc:n Co. Loans Commonwealth Investment Co. 17 15th St. Main 2623 First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Compan; Mortgage Money Loaned At Low Interest Rat: Tyler & Rutherfor resenting Mutual Benefit ns. Co 1520 K Street Main 475 INSTITUTIONS of the major part of your January may place your money Proven Safety and be return of vealers after a sharp advance closed | at 1.00a1.50 lower for the week; stock- | . U. S. TREASURY RECEIPTS. “Treasury receipts January 3, were $4,- 200,239.68; expenditures, $14,133,200.17; balance. $246.381,981.32. WE FINANCE —all classes of income-producing property Large Loans a Specialty Current interest rate and commission. Higbie & Richardson, Inc. 816 15th St. N.W. Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fee The Commercial National Company Incorporated Pald up Cash Capital. $000,000 Commercial National Bank Blds. 1th and G ComreLETE FINanct Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No apprai- sal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 and ll Construction Loan Applications Invited at 5%2% Glover & Flather 1508 H St. NW. Main 1753 SUCCESSFUL BANKING EVERYWHERE consider Washington a preferred city for First Mortgage Investment. NOWING this should greatly influence your choice of a medium for the reinvestment v Funds. You in this Investment of positive of an annual SIX PER CENT First Mortgage Tnvestments' Felephone Main 2345, 1435 K Street Northwese APPLICATIONS INVITED for LOANS on IMPROVED PROPERTY Located in the District of Columbia and adjacent suburbs in Montgomery and Prince Georges Counties, Md. 5%2% INTEREST Apply to H. L. RUST COMPANY LOAN CORRESPONDENT The PRUDENTIAL INSURANCE COMPANY OF AMERICA 1001 15th St. N.W. Main 8100