Evening Star Newspaper, August 17, 1929, Page 12

12 * FINANCIAL.' D. . BANKERS PLAN i 10 ATTEND MEET| STOCK PRICES FIRM IN PROFIT-TAKING Stock a; Bales— Prev. | ——1929. Stock and Fales— Stock and Prev. Dividend mu. Aud 00. mch Low. Close. Close. Dividend Rate. Add 00. High. Low. Close, Dividend Rate. Low. Close. Clos 80% Fox Film A (4) 256 95 96% 94% Motor Car.. 13 374 22 21 22 20% 37% Freeport-Texa: 46% 46% 45% 2 b4 Hdn 19% Stock and Bales— Dividend Rate. Add 00, High. 5% HSK Abitibi Power & Pap 17 56% 88% 79 ADItibi P& P pf(e. 119 40% Advance Rumley o 22% Timken Det Ax(80e) Investment Houses Will Be Represented at Annual Gathering in Quebec. - Investment bankers of the city have received notice of the eighteenth an- nual convention of the Investment Bankers' Association of America, which is to be held in Quebec, Canada, Oc- tober 12 to 18, and which will proba- bly be attended by delegates from the National Capital. Paul V. Keyser of 1010 Vermont ave- nue, the Washingtonians now most prominently connected with the asso- ciation, as counsel, plans to be present. Eugene E. Thompson, senior partner of Crane, Parris & Co., who was formerly a member of the board of governors of the association, is among those expect- ing to attend, it is understood. Mr. ‘Thompson is now in Chicago on a busi- mess trip. New D. C. Members. ‘Two branch offices of investment con- cerns located in Washington have been registered in the membership lists of the Investment Bankers’ Association since June 17, it is noted in the bulletin announcing the annual convention. They are Dillon, Read & Co. of 917 Fifteenth street, and Henry L. Doherty & Co., Southern Building. Among the prominent speakers to address the convention will be E. W. Beatty, K. C, LL. D, chairman_and president of the Canadian Pacific Rail- way, who will:speak on Friday after- noon. The bourd of governors has sub- !mitted a regular ticket to be voted on at the convention, including Trow- jbridge Callaway, of Callaway, Fish & Co., of New York City, for president, and Alden H. Little of Chicago for ex- | ecutive vice president. | Clayton G. Shray recently tendered his resignation as secretary of the or- ganization, it was announced, and pend- ing the selection of a successor the board of governors has nominated Mr. Little for the office of secretary in ad- dition to the office of executive vice | president. Mornings of the convention will be |devoted to business sessions, and for th? afternoons an elaborate program of | sightseeing and entertainment has beer ! scheduled. Investment Corporation. J. & W. Seligman & Co. today an- nounced the formation of a second in- | vestment corporation with an initial Y 181% 95% Air Reduction (3) 0 :5 20 27% Alleghany Corp. . 27 99% Alleg Corp pf (5%).. 100% Alleg C pf rets(5%). 83% Alleg pfrec 5l xw.. 241 Allied Ch & Dye (6). % 166 Allis-Chalm Mf (7). 5 Amal Leather.. 2214 Amerada Corp (2).. 10% Am Agricul Chem. .. 40% Am Agricui Chpt... 110 Am Bank Note (13). 14% Am Beet Sugar 40% Am Bosch Ma 45 Am Brake Shoe 2.40. 15% Am Brown Bov Elec. 107% Am Can (14) 136% Am Can pf (7) 92 Am Car & Fdy (6) 70% Am Chain pt (1) 46% Am Chicle (2). 43% Am Com Alc (k1.60). 824% Am European Sec. 75% Am & For Power. 241 Am Hawaiian (1)... 38 AmIce (13)... % Am Ice pf (6). 52% Am Internat @2). 4% Am La F & Foamite, 102% Am Locomotive (8). 147% Am Mach & Fdy(t5) 50 Am Metal (3). 81% Am Pow & Lt ( 98% Am Pow & Lt pf (6 78 Am P&L pf A st (5). 40% Am Ra&Std San1%. 31 Am Republics.... - % 106% Am Roll Mill (e2)... 9315 Am Sm & Ref (4). 56 Am Steel Fdy (3). 65 Am Stores (2)....... 71% Am Sugar Rfg (5)... 67% Am Water Wks lel). 15 Am Woolen. . Anaconda Copr (7).. 62% Anaconda W&C (3).. 43 Anchor Cap (2.40) 44% Andes Copper (3). 847 Armour Del pf (7) 10% Armour Ill (A) 5% Armour Iil (B) 70% Armour 111 pf (7). 19 Arnold Constable, 20% Artloom (2)... 48l Asso ApplInd (4)... 43 Assc Dry G (2%). 4 195% Atch T & S Fe (10)... Atl Coast Line (110). B e @ e Lrmamnulnares N o enEnNafanrmma Gen Am Tnk Clr(“) Gen Asphalt. Gen Bronze (2) Gen Cabl Gen Cable A (l).n . Gen Cigar (4). Gen Electric (16). Gen Elec spec (60c). Gen'l Food Corpn (3) Gen Gas&El A (e1%) Gen Mills (3%5). Gen Motors (73.30) .. Gen Motors pf (7). Gen Outd Ad vite (3). Gen Public Serv (b Goodrich BF (4). Goodrich pf (7)..... Goodyear Tire (5)... Goodyear 1st pf (7).. Gotham Silk H (2%4) Graham-Paige. Graham-Paige ct Grt Nor Ore (a1%) W Can Cop (8).. anamo Sugar. . Guif Mo&Npf (6).. 1 Gulf Sta Steel (4. Hartman B (1.20)... Hawailan Pine (2).. Hayes Body b8 % sl Helme (G W) ('7)... % Holland Furn (e2%) Hollander & Son. Houd Hersh B (1 Houston Oil. Howe Sound (1434) .. Hudson & Man (2%). 4 Hudson Motor (5)... Hupp Motor (£2) Illinols Central (7).. Independ O1l & G (2) Indian Refining. Indian Refining ct. Ingersol Rand (. Inland Steel (3%) Intl Business M (5).. Intl Cement (4). Intl Comb Eng (2) 94 T0% 144% 33% 13 104% 94 62 45 95 6814 395% 11 2% 144% 34 51% 49% 124 lfll“ 53 44% 94 68% 398% 1% 69 8 Dodg: Phu. Co 6% pf u Phila& Read C&1 Philip Morrix (1) Phillips Pete (13%) Pierce O1l. . Pierce Oll pf. Plerce Petroleum. Pillsbury F1 (12%).. Pirelli Co A ( Pittsburgh Coal..... Pittsburgh Coal pf Pittsbgh Screw & B.. Poor & Co (12). Punta Alegre Sugar. Pure Ofl (1% Purity Bakeries (4 Radio Corp.... Radio pf B (5).... Radio-Keith-Orph A. Railway & Exp (2).. RRSecICstkC(4). Real Silk Hoslery. Reis (R) & Co. Remington-Rand Reo Motors (11.60. Rep Brass pf (7 % Rep Iron & St (4)... Rep Ir & St1pf (7)... Reynolds Spring. Reynolds Th B(2.. 40); Richfield O11 (2)..... Rio Grande Ofl (k2). Rosasia Ins (2.20).... Royal Bak Pwdr(1).. Roy Bak Pow ctfs(1) Royal Dutch (a3.20). Safeway Stores (3).. St Joseph Lead (13). St L-San Fran (8. St L-San Fran pf (6) St L Southwestern Schulte Retail Strs. » Seagrave (e1.20) Sears Roebck (327%4). 17‘1 Seneca Copper. Servel Inc. Sharon Steel H (3) Sharp & Do pf (3%). Shattuck F G (2) Shell Union (1.40. Shubert Theater (5). Simmons Co (3). Stmms Pet (1.60).... 592 SinclairOll (12%)... 482 Sinclair Ofl pt (8) . 1 Skelly O11 (2) Snider Packing. . Snider Packing pf. So Porto R Sug 12%. Southern Cal Ed (2). 133 Southern Pacific (6). 8 140 141% 85 86% 6% 17 36% 87 50% 50% T4% T4% T5% T5% 10% 10% 45% 45% 21% 21% 10515 105% 109 110 112% 112% 36% 63 172% 172% 175% 67% 67% 128 128 93% 93% 99% 99% 19% 19% 13% 13% 162% 163% 4% 4% 17% 17% 4% 4% 64 64 182 28 29 45 45 129% 130% 3% 39% 38% 383 109% 109% 4d% 45% 10% 10% 61 51 143% 1443% 73%, Timken Roller (3) 12% Tobacco Prod 1.40. 12% Tob Prod ctfs 1.40. 15% Tobacco PrA (1.40), 42 16% Tob Prod ctfs A1.40. 9 Transcontinental 88% Trico Prod (2% 19% Truax Traer (1.60). 39 TwinCityRp T (4).. U- 91 Underw-EI-Fish(4) 45% Union O11 Calif (2) 209 Union Pacific (10)... 121% Union Tank Car(5) 78% Utd Afrcraft&Tran: 68% Utd Afrcraft&T pf 41 Utd Biscuit (1.60 77% United Carbon..... 13% Utd Cigar Stores(1). 58% Utd Corporation. 124 45 Uta Corp pf (3) Utd Electric Coal(3) 109% Utd Fruit (e4)...... 46% Utd Gas& Imp (1).. 176 92% Utd Gas & Imp pf(5) 12% U S Distributing. 17% US Leather......... 90 US Leather pr pf(7) 26% U S Pipe & Fdry (2). 81 U S Realty (5). U S Smelt Ref (3% ). 50% U S Smelt Ref pf 3% 6% Vadsco Sale: 68 Vanadium (14)...... 45% Vick Chemical (4)... 9% Virginia-Car Chem. W- 22% Waldor? Systm (1%) Warn Br P pf(2.20).. 28% Warner-Quinlan (2). 139 Warren Bros (15). 15% Warren Fdry & Pipe. 30% Wess Ofl & Snow(2). 58 Wess O & Sn pf (4) 48% Westn Dairy A (4) 22% Westn Dairy (B) 323 Western Maryland 179% Western Union (8) 43% Westngh Air Brk(2). 137! Westngh EI&M (4) 22 Weston El Instru 80% White Eagle Oil (2 38 White Motor (1). 12 White Sewing Ma o | 48% | trips, 0il, Utility and Rail Issues Featured in Buying Operations. BY STANLEY W. PRENOSIL. Associated Press Financial EKditor. NEW YORK, August 17.-—Heavy week end profit-taking retarded the re- sumption of the upward price move- ment in today's brief session of the stock market. Buying operations een- tered largely in a select group of ofl, public utility, railroad, aviation and motor shares, with some sharp gains also recorded by a few high-priced spe- clalties. Despite the absence of many large traders on extended week end trading was fairly heavy in volume. The establishment of new high levels of the popular industrial averages so soon after the drastic break of a week ago yesterday tended to revive specula- tive confidence. Wall Street also was pleased with the announcement of fur- ther gold imports from London, as it is generally agreed that each dollar in gold provides the basis for $10 in credit. | In view of the 6 per cent rediscount rate by the New York Federal Reserve | Bank, the rate for call money during the next few weeks is expected to be stabilized just above that level. Favorites in Trading. Standard Ol of New Jersey touched a new high at 73% and then sold off a few points from the top on official inti- mation that there was no foundation for rumors of a merger with Standard Oil of California. General Asphalt Pan American A, Continental Oil and Indian Oil Refining and Certificates also moved into new high ground. American Telephone was brought for- ward as the leader of the public utility group, climbing 10 points to a new high at 293} New peak prices were estab lished by American Machine & Foundr~ | Worthington Pump, Packard (new) and Follansbee Bros., Bendix Aviation, Cur- | tiss Aero, Commercial Investment Trusi. International Business Machines and Allis Chalmers sold 3 to 6!; point higher. | Southern Railway, with a gain of more than 4 poinis. was one of the | leaders of the rail group. Other strong spots were Atchison, Union Pacific, { Southern Pacific and Canadian Pacific. The closing was firm. Rally at Opening. Rallying tendencies were predominant 17 | at the opening. Atchison and Southern 17% Wilcox Oil & Gas o g 20% | Railway each opened 2’2 points higher, 152% 37 Wilcox Rich(A)2% paid-in capital of about $50,000,000. lb‘n and Timken Roller Bearing showed an El Intl Match pf (3.20). 2y 151 ! A feature of the new organization will 3 Int Mer Marine etfs.. be the holding by Tri-Continental Cor- poration of warrants to purchase 500,- + 000 common shares and the immediate purchase of 150,000 common shares for ,$3,750,000 in cash. ‘The new corporation, which will also be closely identified with J. and W. Seligman & Co., will be named Tri- Continental Allied Co., Inc., and an of- fering of unit certificates representing preferred and common shares is planned Jor early next week. The banking firm and its assoclates will buy for cash ! 100.000 shares of common stock of the allied company. Tri-Continental Cor- poration will manage the new company, and the board of directors of the allied ,company is expected to be substantially identified with that of Tri-Continental Corporation, which now consists of 15 members, of whom 6 are partners of the Seligman firm. ‘Tri-Continental Allied Co., Inc., will have authorized and ouLsLnndtng 500- 000 shares of 6 per cent, cumulative, $50 par value preferred stock, with wamn'.s, and 1,000,000 shares of an authorized 3,- 000,000 shares of common stock without par value. The public offering will con- sist of the 500,000 shares of preferred and 750,000 shares of the common in the form of unit certificates, each rep- resenting 1 share of preferred stock and 1!> shares of common stock. Unit certificates will be exchangeable for stock certificates on March 15, 1930, or earlier, at the option of the company. Stock Warrants. Warrants attached to the preferred stock will entitle the holders to pur- chase 250,000 shares of common stock at the rate of one-half share of com- mon for each share of preferred on or after January 1, 1931, and not later than August 15, 1939. The 500,000 warrants received by Tri-Continental Corporation will be exercisable on or after January 1, 1932, and not later than August 15, 1939. All warrants will be exercisable at $33 a share of common stock. Bank clearings are again unusually heavy, the total this week at all lead- ing cities in the United States, as re ported to Dun’s Review, being $12,919,- 444,000, an increase of 48.7 per cent over that of the corresponding week of last year. Clearings at New York City of $9,165,000,000 show a gain of 68.8 , per cent, while the total for the prin- cipal centers outside of New York of $3,754,444,000 is 13.1 per cent over that of last year. Only three cities out of the 23 leading centers show smaller clearings this year than a year ago, the gains over last year being large at Bos- ton, Philadelphia, Baltimore, Pittsburgh, Buffalo, Chicago, Cleveland, Cincinnati, ‘aneapolxs Atlanta, Richmond and Los Angeles. Heard in Financial District. W. W. Keck, assistant treasurer of the American Security & Trust Co., and Mrs. Keck, accompanied by Charles Miller, also of the American Security & Trust Co, and Mrs. Miller, left Washington this morning for & month's trip through the New England States and Canada. ‘Thomas P. Hickman, vice president of the Franklin National Bank, is expected to return Monday from his vacation in the Sebago Lake region of Maine. Samuel R. Baulsir, cashier of the Se- curity Savings & Commercial Bank, ‘will_return Mrmduy from his vacation at Delrolt Lake, Mlnn NEW YOR YORK COTTON. NEW YORK, August 17 (Special) The. unrelieved drought of the Sout west began to attract more attention in eotton today and brought in the most active covering of the week, which advanced prices nearly quarter of a cent at one time, ending with a gain of 13 to 20 points on the day. Spots were advanced 15 points to 18.35, Cotton range: Qpen. High. ‘Low. Close. 1835 18.18 18.1 October (old) October FEDERAL LAND BANK BONDS. NEW YORK, August 17 (SPechl\— Land Bank 4%s Nov. 19t Land Bank 4 s'in; 1958 v Tand Bank s Tand Bank 35 Moy 1Honst: FOREIGN EXCHANGE. d by, W. B, Hibbs & Co) (Quotations fllrnl,l'l'l{mhfll rnld u % 218 2214 Autosal 36% Autosales pf (3)....; 41% Auto-Strop Raz (3).. 18% Aviation Corp, Del 62 Baldwin Loco (new). 115% Balto & Oh1o(6)..... 6414 Bang & Aroos (3 83% Barnsdall (32%) 20 Beacon Oil. 93% Beatrice Cream 73 Beech-Nut Pack (!). 78 Bendix Aviation (2). 75% Best & Co (3)... 8214 Bethlehem Steel (6). 116% Bethlehem St pf (7). 110% Bohn Alum&Br(t4).. 8314 Borden Co (3)..e.00s 7% Borg Warner (J4)... 30% Briggs Mfg. 35% Briggs&Stratton(2 )- 115% Bristol Myers(t4%). 39% Brockway M T (3) 67% Bklyn-Manhat (4) 170 Bklyn Union Gas 35% Bruns-Balk-Col(3).. 18 Bruns Ter & Ry S. 25% Bucyrus Erfe (1). 38% Bucyruscvpf (2% b 62% Burr Add Mach(80c) 54% Bush Term (£2)..... 4 Butte Copper & Zinc. 6% Butte & Superior (2) 28 ButterickCo........ 31% By-Products Coke 72% Calif Packing (4). 11 Callahan Zinc & 36% Calumet & Hecla (4 21 43 Campbell Wyant (2). 12 78 Canada Dry G A (5). Canadian Pac (10) 35 Cannon Mills (2.80).. 40% Cent Alloy Steel (2). 8 Century Rib Mill: 88% Cerro de Pasco (6) 16% Certain-teed Prod... 195 Ches & Ohio (10).... 79 Chesapeake Corp (3) 12% Chi Great Western... 38 ChlGreat Westn pf,. 27% Chi Mil St P&Pac. .. 46% Chi Mil St P&Pac pf. 80% Chi&N W (4). 98% Chi R1& Pac pf 105% Chi RI & Pac pf (7 447% Chillds Co (2.40). 66 Chrysler Corp (3). 18% City Stores (1) 46% Coca Cola A (3) 41 Collins & Aikman. 86 Colum G&E pf B(5).. 554 Col Graph (29¢)..... 61 Col Graph F P (29¢). 121% Columb Carbon t4%. 43 Com Credit (2).... 131% Coml Inv Trust lll). 27% Com Inv Trst war... 59% Counde Nast Pub (2).. 19% Congoleum-Nairn, Consol Film (2). 214 Consol Textile. 12 Container Corp A 6 Container Corp B, 47% Contl Baking A. 8% Contl Baking B. 88% Contl Baking pf (8).. 56% Contl Bank NY 1.20.. 60 ContlCan (2%)... 79 Contl Insurance (2).. 13 Contl Motors (80¢) 42% Crown Cork & 18 Crown zanorbnch @ 117 Curtis Pub (16%)... 135% Curtiss Aero (1).. 158 Curtiss Aero ctfs(1). 58% Cutler-Ham (3%)... 63 Cuyamel Fruit.. 42% Davison Chem.. 182 Delaware & Hud 120% Del Lack & W ('7).. 55% Denv& RG W pf. 155% Du Pont de Nmm. 112 Dupontd N deb (6. 168 Bastman Kod (18),. 26% Eitingon-Sch (234).. 126% Elec Auto Lite (6)... Eng Pub Serv fll). . 90 Eng PubSvepf (5).. 92% Eng PubSve f(5%) 14 4 15 31% Equitable Bldg(2%). 3 64 ErleRR. 57 Erle RRIstpf (4): 46 Evans Auto L($3%). i 40% Fairbanks Morse (3) 68% Fed Lt& Tro (31%). 6% Fisk R 65% Fleischmann (t4 87% Fleischmann ctfs fl. 5T% Follansbee (2% ) 40% Foundation Co.. 1 46% 1 48 3 89% 2 Int Nickel of Can(1). Intl Pap & P A(2.40). Intl Pap & Pwr B.... Intl Pap & Pwr C Intl Print Ink (2%) . Intl Silver (18).. Int Tel & Teleg (3) Inter Dept St (2) Investors Equity 1sland Creek Coal(4) —_— Jewel Tea (3)....... Johns-Manville (3).. % Jordan Motor Car. Kln City Sou (5) Kelvinator Corp. Kennecott (5). . Kimberly Cirk(2%).. Kinney G R (1). Kolster Radio. Kraft PhCh (1%)... Kresge S S (1.60) Kresge Dept Store Kress S H (1), . Kreuger & Tol(1.34). Kroger Gr&Bak(c1). Lago Ofl & Trans. Lambert Co (8). Lee Rubber & Tiry Leh Port Cem (2%). Lenigh Valley Coal.. Lehn & Fink (3)..... Liggett & My (15)... Liggett & My B (15). Liggett & My pt (7)., Liq Carbonic (1434 ). Louss & Nash (7) Ludlum Steel (2) McCall Corp (4). IdcKeesport T P (4).. McKesson & Rob (2) Mack Trucks (6).. 4 Mackay Cos pf (4)... Macy (RH)&Co(c13) Malliinson & Co. . Mathieson Alk (e2). May Dept Strs (4) Maytag Co (12) Mexican Seaboard. Miami convir “). » Missour1 Pacific. Missouri Pac pt (5).. Mohawk Carpet 12% Mont Ward (2%) Morrell J (3.60). Mother Lode (40¢) Motion Picture. ..... Motor Meter G&E. .. Motor Products (7). Motor Wheel (4).... 37 Mullins Mfg. .. 2 Munsingwear (13%). Murray Corp (a3)... o »-——»—gflpusa—»auum i - Nash Motors () Nat Acme (1% Natl Air Tran: Natl Bella He: Natl Biscuit (16%). . Natl Cash Reg A ('4) Natl Dairy(cl%) Natl Distillers. NatlLead (6)veraves Natl Pwr & Lt (1). Natl Radiator. Natl Radiator pf. Natl Tea (1%). Nevada Copper (! Newport Co A (3). Norlolk‘Wl'-l('lfl). North Am (b10%stk) Northern Pac (5).... North Pacet (5). Ofl Well Supply. Oliver Farm Equip Olivr Fr Eq pf A(6). — P Pacific Gas & B (2).. 140 76% 5: ll“fi Packard Motor ('l). 453 lul Facific Lighting (3).. Paelfic Ofl stubs. . Packard Mot (new)..1302 2 34 55% hnmwnl»!‘-‘la (l)- IW Park Utah (80¢)..... * M4 Pathe Exchang 13% Pathe Exchange 34% Patino Mines (3. 9 19213 2 6 T4% 190% 6 101% Southern Ry pf(5) 98 98 2" 34 Spang-Chalfant. .. Sparks Withington 9 Spencer Kelg(1.60)., 22 Splegel-May-St (3).. 28 Stand Com Tob (1).. 3 Stand Gas & El (3%) 77 Stand Milling (6). .. Stand Ofl Calif (13). Stand Oil N J (12)...136 % Stand Ofl N Y (1.60). 515 Stand Plate Gla: Sterling Sec (A). Sterling Sec pf 11.20. Stewart Warnr(33% ) Stone & Webster. ... Studebaker (35)..... Superior Ofl. . % Superior Oil ( Superiof Steel Bweets of Am Telautograph (1)... Tenn Cop & Ch (1) Texas Corp (3) Tex Gulf Sul (4). 59 Texas P C & Oll (b5). 55 Texas Pac Land Tr.. 33 Thatcher Mfg. .. The Fair (2.40) 38 38 59% 60 43 44z 7T 9% 1% 17% 187 137 102%4 102% h TIH T4 “ X 677 57'/- 164 166 ’15% 7 !fi 38 38 13% 13% 21% 2i% 1% 17% ‘Wilcox Rich B (c2).. 20 Willys-Over (¢1.20). 15% Wilson & Co A. 65 Wilson & Co pf. 85 Woolworth (2.40) 43 Worthington Pump. . 66 Worthington B...... 122% Wright Aero ctfs(2). 70 Wrigley Wm (4). Young Sp&W (12%). Z— 40 Zenith Radio (2).... RIGHTS EXPIRE 1% Gen Cigar rights. 4% Stand Gasrts Auz 31 1 Transcont Ollrts.... 1% U S Freight(rights). 3 1% Dividend rates as given in the above table are h payments based on the latest quarterly ,or half the annual yearly dec- | 44‘ | initial gain of 2 points. Packard Motors (old) and American Can each opened Ton| about a point higher. The first sale of | Standard Ol of New Jersey, yesterday's | individual feature, was a block of 7,600 | shares at 70, off 12 i With no change announced in the | Chicago and San Francisco Federal Re- Lsene rediscount rates and reports of | further gold withdrawals in London for * | shipment to New York, operations for the rise were Tesumed with considerable confidence in today’s market. Oils were | again_heavily bought in expectation of | material benefits to the industry from | the California restriction law which be- 1 comes effective next month. Standard | Oil of New Jersey was the leader, Tun- ning up from 70 to & new high record at 78. Texas Co. and Mexican Seaboard | each advanced about a point in the | early trading. Rails Featured. iaration. 4% in stock. . d Payable 16% 1n_stock. 37 jPlus 8% in stock. sUnit of trading less than 100 shares. Seald i eate s foguiarrate. tPartly extra. fPlus | C in preferred stock. fPlus 1-25 in stock. b Payable in stock. "¢ Plus 57 | ePayable tn caih or stock. when earned hPlus 2% in stock. & Plus 6% in stoc KPlus 3% in" stock. " CHANGES IN BANKING LAWS TO BE URGED Special Dispatch to The Star. NEW YORK, August 17.—The figures presented in the report of the control- ler of the currency on the decline in national bank resources in the three months ending June 29 are likley to provide material for discussion at the annual convention of the American Bankers’ Association to be held in San Francisco in September. ‘There will be made an argument for greater latitude in the operations of the national banks, which seem to be losing business to those with State charters at & surprising rate. The controller of the currency indicates that the resources of the institutions under his jurisdiction dropped $1,581,- 684,000 between the bank calls of March and June. This included a de- crease in deposit liabilities of $1,274,- ,000. Controller Pole has several times this year at bankers’ conventions advocated changes in the bank law that would put the national banks at a parity with the State banks in their services to the public. His case is now strongly forti- fled by the decrease in resources which has occurred among the national banks % (in the brief period of three months. Some of this may have been due to the changes that have been taking place in the banking world, where the lnrgest combinations of the year went into effect in the period reviewed in the repoft. It might also be found on close analysis that the national banks, more than the State , had suf- fered from deposit withdrawals by cor- porations and individuals who were putting their funds in the call money market or into securities. Markets at a Glance NEW YORK, August 17 (#).—Stocks firm; American Telephnne & Telegraph reaches new high. Bonds lmzuln convertible issues show strength, Curb firm; Gulf Ol at record high. Fore! exchmzes irregular; French franc firmer, sterling steady. Cotton higher; absence rain in Texas. Sugar—Holis day. Coffee—Holida) TREASURY CERTIFICATES. (lleportzd by J. & W. !eumln & 00) Rate—Maturity, BI 43 gept. 15, mm Sep! 1929 3%2s Sept. 15, 1 x%{n& i 3 SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Bid, Offer. Allis-Chalmers Co. Ss 193 ‘Aluminum Co. of Ame; 85525 2288® s:g §§=§ s CHICAGO STOCK MARKET. CHICAGO, August 17.—Following is | | a report of today's sales, high, low and | closing quotations on the Chicago Stock ' Exchange: Sales | 1n hundreds. 4 Adams (JD) Mg Co STOCKS. High. Low. Close. % 359 15% en 1 Gerlach-Barkl 17% 1 Gerlach-Barkl Co ptd 35 2] Gleaner Com Harv.. 149% art Houd-Hershey A 41, 4 Insull Tl Ty ex w. 1073 ull U i xnnm mu ln pxd flnd 108 71 35% g 5912 20 Morgan Litho uncle Gear B luskegon Mot A 1050 hhs o] 13 e ® F S5 - 58! 5:23?‘ 2222 5! $0222: i 23w > =) WS EE A 3F "E i 5 8 E. L) » =§u:=:desz==:=.. e S 3 g 2o Ry b v £ 3 g 2, Ergzay = PR 5% ol 230" P S 1 * 3‘582:8::33253:2882?33!25.‘352 25 <Qu OR: i3 £ i 5 3 22, S S BEITREENNNRERATNS! WO F FEE S .....#:r.-.a..ms_s:;....-.......:.._..".:,zg.s....a.a:;.. s 2 EanasssIzNed FREIGHT TRAFFIC TOTAL | | GREATEST IN HISTOR By the Associated Press. | The volume of freight traffic handled | | by class 1 railroads in the first six | months of this year was reported wdny‘ ! by the Bureau of Railway Economics, an organization maintained by the car- | riers, to have been the greatest eur‘ recorded. | Traffic for the first half of 1929 totaled 238,638,592,000 net ton miles, an | | increase of 4,634,565,000 net ton miles, ! or 2 per cent over the previous high | mark established in 1927. It was also | |a gain of 14,687,726,000 net ton miles, | | or 6.6 per cent, over the first six months | of last year. 'a | Railroads in the Eastern district for | » , | the first half of this year reported an | increase of 8.9 per cent in the volume of freight traffic handled, compared | with the same period in 1928. The Southern district reported an increase of 1.6 per cent, and the Western dis- | trict 5.3 per cent. T. S. CAPITAL IN MEXICO. MEXICO CITY, August 17 (#)—As | compared with $800,000,000 of Ameri- can capital invested in Mexico in 1912, approximately $1,325,000,000 is repre- sented by investments here now, the Department of Industry, Commerce and Labor repo! The depnnment estimates that this year's exportation of bananas to the United States will total 3,500,000 stalks. GRAIN MARKET. CHICAGO, August 17 (Special).—A sharp advance in opening prices of wheat today was followed by a period of heavy profit-taking which clused some reaction. The close was 11 21 higher and for the week 6% to 7 higher. September was 1415, Decem- ber, 150 to 1493/; March, 155!" May, 158 to 15875. Corn closed 14 to 3 higher and for the week 11 to 5% hlgher September 'was 1037, December, 98 to 9815; March, 103 to 1027, and May, 106%. Oats followed corn. Shipping sales were larger at 105,000 bushels. The close was 35 lower to Y higher, and for the week 1/ to 3% higher. Sep- umber, 49; ember, 527%; March, : May, 57V,. suppon by packers gave provisions a steady tone, Lard closed 5 to 123 | higher. Belues, TV, to 15 up. GEBMAN BONDS AND STOCKS. NEW YORK, August 17 (Special).— Bid. Asked. . 55.00 60.00 ctfs per 1000 'R M. 23.00 30.00 dollars per milifon marks.) 91! fesssse 35.00 25 SABBELES: 3333338383883 ey - 2RRRERERS e 1st By '43. Berv € '4i. g Rails also pushed forward as a result of the excellent earnings and car load- | ings reports now being published. Union | Pacific was quickly marked up about ! points to a new high record at 28875, | and St. Paul common, Lackawanna md Norfolk & Westorn recorded early gains of 1 to 113 points. Public utilities moved forward urder the leadership of Con- solidated Gas, which crossed 181 to a | new high record. American Power & Light, Public Service of New Jersey and Standard Gas & Electric moved up a point or two. Foreign _exchanges with sterling cables 4.8474. opened steady. unchanged at NATIONAL BANK LOANS. By the Associated Press. National bank loans and discounts as reported by the Reserve Board for last week were slightly less than during the preceding week, but greater than those of same period last year. Figures for the comparable totals Iollow Week endine August 10 ;reredml u‘e ast : 000.000 7038000000 000 First Trust Notes at 69 interest for sale at par and acerued Interest Tyler and Rutherford, Inc. 1520 K Street National 0475 Money to Loan eured by first decd of frust on real estate. ruv.mn. mmm and © sion. b L. & Trast Joseph 1. Weller {3 Waih I £ Tenet FIRST TRUST NOTES A sure snd fair return with safety and security for your savings. Cail for particulars. Thes. E. Jarrell Co. Realtors 721 10th Street N.W. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. == Consult Us First If you need money for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fes The Commercial National Compuny. Canital. 900,000 CoMPLETE FINANCING Ist & 2nd TRUST MONEY On homes, apartment buildings and business properties. No appraisal fee. Prompt service. RealEstate Mortgage & Guaranty Corp.