Evening Star Newspaper, October 10, 1929, Page 14

gh@shmqton Loan & Trust Co. -Qirectors Adopt Resolu- k tions on Death. BY EDWARD C. STONE. f&¢ tne monthly meeting of the board Fdirectors of the Washington Loan & Co. yesterday afternoon President Join B. Larner suggested the passage @f suitable resolutions on the death 9! arles J. Bell. The following resolu- ons were adopted: 4¥The directors of the Washington n & Trust Co. have heard with regret of the death of Mr. Charles 11, formerly president and at the e of his decease chairman of the ‘l’d of the American Security & t Co. "Mr Bell had always been an out- ding figure in the banking busi- s of Washington and his loss will be keenly felt, not only by his associates, but by the entire community. “We desire that the directors of -the American Security & Trust Co., as well as Mrs. Bell and the family be ad- vised of this action, and our lympa!..hy extended to them in their great 1dss. Unusual Action by Rival Bank. The action is notable and unusual in that it was taken by the directors of a rival bank. Washington Loan & Trust | and American Security & Trust have been competitors for 40 years. The two banks are almost the same age. While they have been rivals, yet the most cor- dial relations have always existed be- tween them. They have had many oblems in common to face in the Enkln‘ field, and the officials of the two local institutions have often held conferences on vital financial matters. President Larner and Mr. Bell not only had business relations for some T decades, but were also close per- mml friends. For that reason Mr. Larner told his directors that he con- sidered Mr. Bell's death a great per- sonal loss, as well as a loss to the unity at large. The chairman of mrd John Joy Edson, and other members shared the same peuarml feel- Durln[ yesterday's meeting the board voted the regular quarterly dividend of 3 per cent, payable on November 1. As an extra dividend of 2 per cent ‘was declared last February, the trust com- y is paying 14 per cent for the year. x‘nlmtlu payment has been made for the past four years. The books will be closed lmm October 24 to November 1, inclusive. 38 Abitib) Power & Pap 88% 35T 104% 119 7 15 32 4% 218% 48% 1% 10% 5614 118% 354% 241 5% 68 62 4% 45 14 120 91 81% 55 9814 199% 103 42 b2% 85% 54 41 88 63 38 136 50 78 30 4% 60 41% 30 138 49 130 110 104 160 205 160 121% 115 181 109 104 7% 97 99 89% 62% T6% 43 150 102% Bank Mergers Mentioned. Mr. Larner gave a brief summary of the views on “Mergers, Branch Bank- ing, Chain Banking and the Unit Bank” which were presented by George w. Davmon president of the Central & Trust Co. of New York. at a wnvznuan of the American Ba Association. It was one of the cundhu addresses made at San Fran- ln his address the New York banker expressed his belief in bank mergers, up to the point where they are not 1 strictive of intérbank competition ] up to the point where independence can be retained and relations with customers not become mechanical or stereot: in branch banking,” dded, “in limited local areas| where the closest kind of comtact can be kept with the main office and, of nuch gel imj nce, where the has a c and exact knowl- the loul le. conditions and ing it solely as an experi- form.of branch banking I shall mc argue against the enduvm’ to weld banks into chains moored companies which are in turn subsidiary to or allied with institutional banks. believe that America has the best bank- lu rnanln{g:'orld:ndlhemost o prime- characteristic d American banking has been its in- tense individs The branch man- ager of the English banks would not be acceptable to the American citizen, who wishes always to deal ln b-nk!n; with one whom he vlng nut:; yped. Mr. Mr. Davison cuu:usud holding com- mfi dent banking versus banking, widening the scope of correspondent relations, and concluded his remarks by the claim that the inde- pendent local - banker cannot be re- g:ead “The individual banker can save individual freedom of initiative only by !urn\ahlng the most complete and possible banking service to h's wmmunlty in accordance with sound ciples and wise banking policies,” X Retail Sales Average Higher. Department store sales for Septem- ber were 2 per cent larger than in the wrrupond.ln' month a year ago, ac- cording to preliminary reports made to thl Federal Reserve systéem by 529 Increases in total sales were re- Rmd by 22+ stores and decreases by The in sales varied consider- sbly for erem parts of the country, from an increase of 6 per cent e Kansas City Federal Reserve dis- mu to a decrease of 5 per cent in the )llnnenwlb dhtrfi:t Reserve dis- 1 Federal trict, which includee business done in tha wuemuwn stores, reported a gain 5 per cent in sales. Twenty-two d t stores ih this territory had increases in sales, Which were sufficient- 1y large to offset decliries In 30 others, The gain of 2 per cent in the coun- try as a whole is far behind the 5! cent sales advance in the fifth district. The month had same number of business days this year as last. Exvhange to Close Saturday. The governors of the Washington Stock Exchange voted today to close ah.e exchange next Saturday, Columbus ‘Trading on the exchange today was decldedly active, - Bonds were in the best demand for a long time. There ‘were many $3,000, $2,000 and $1,000 transactions in most of the leading issues, with quotations around recent levels. Mergenthaler was one of the most active stocks on the board, the day’s turnover reaching 109 shares. The stock opened at 103), and closed at 103%. There was ‘also a turnover of 110 shares in Capital Traction, all sales being made at 85. District National, Pederal-American and National Bank of ‘Washington bank stocks aj on the board at recent quotations. Heard in Financial District. Edson B. Olds, treasurer of the Uniqn . 96% 68% 4d% 49% 29 18% 9% 10% 5% 86 0% 4% 62% 46% 7% 63% 140 90 17% 104 514 221 1w 5% 65 b51% 36% 22 50 38% 20 10% 66% 55% 146% 115% 80% 75 90% 64% 494 3% 32% 20 93% 1% 9 104% 62% 60% 53% 140% 82% 128 116% 136% 104% 100% &3 86% 56% 145 85 63% 20% 43% 354 6% 2% 3% 31 81% 57% 2% 79 248% 170 . Bl 384 * b5k 35% 4dn 14 42% 25% 50 8% ba% 42 62% 89 50 3% 6% 41 28 192% 120% 4T B4% 2% 1% 136% 119% 61% 36% 49% 35 12% 9% 62 48% 30 120 32 fli% 195 1431 1156 185 62% 27 2% 49 41 50 2% 35 8% 66 140 109 130 88% 42 70% -50 344 62% 51% 45 43 b Trust Co., is taking a short vacation. Harry L. Selby, manager of the Farmers and Mechanics’ Branch o( Riggs National, is on a motor trip in North Carolina. LOANS ON SECURITIES. By the Associated Press. ‘National banks in reports to the Federal Reserve board showed increases for the week ending October 2 in loans of $184,000,000. on securities showed increases of $78,000,000 in the New York district, $8,000,000 in the Chicago district, and $11,000,000,000 in the Boston district. Comparative figures the loans were: Week ending: October 2, $17,428,000,- receding week, $17,244,000,000; eek last year, $16,011,000,000 PABIS BOUBSE PRICES. PARIS, October 10 (#).—Prices were easy on the Bourse today. Three per cent rentes, 70 francs 10 centimes. Pive per cent loan, 105 francs 45 cen- times. Exc e on London, 123 francs 95 centimes. dollar was quoted at 26 francs 47, centimes, A = on same 1% 43% Am Snuff (3) 79% G4 Am Steel Fdy (3). 35% Am Sumatra (3) 53'4 Col Gas 103% 'Col G 88 Col Gas&E rets ptpd. Stock and Dividend Rate. AbiLIM P & P pf(s). 27% Adams Millis (2 Advance Rumle: Advance Rumley n* d. 1% Ahumada 95% Air Reductn (1414) . 34% Alr Wal El Ap(23%). 215 Ajax Rubber. 415 Alaska Juneau. 27% Alleghany Corp..... 99% Alleg Corp pfesi). 118% 100% Alleg C pf rets(5%). 8614 80% Alles C pf (6% )xw.. Allled Ch & Dye (6). Allis Chalm (n) (2). Am Bank Note (13).. Am Beet Sugar., 76la 40'4 Am Bosch Magneto.. Am Brake Shoe 2 Am Rrown Bov Elec. 414 107% Am Can (t4)., 06l 91% Am Car & Fdy (6)... 112% AmCar & F pf (7) 70% Am Chain pf (7) 46% Am Chicle (2). Am Com Ale (k1.60). 764 Am European Sec... 75% Am & For Power. ... Am & For Pw 2d pf.. 24% Am Hawalian (1). 30% Am Hide & Lea pf... Am Home Prd (3.60) American Ice (3). 96% 524 Am Internat (32 102% Am Locomotive (8). 279% 147% Am Mach & Fdy(15). Am Metal (3). . 3% Am Plano....s 8114 Am Pow & Lt (f1)... 98% Am Pow & Lt pf (6). Am P&L ot A st (5). 40's Am Ra&Std San I%. Am Republic: 1445, 106% Am Roll Mil] (62). Am Safety Raz ns). Am Seating (2) 7 2% Am Ship & Com. 130% 93% Am Sm & Ref (4) Am Sm & Ref of (1). Am Steel Fy pf (7). Am Stores (2). 94% 71% Am Sugar Rfg ( Am Sugar Rtg pf(7 Am Tobacco (8 . Am Tobacco B Am Tobaceco pf 136% Am Type Fdry Am Water Wk Am Water W 167 119 Anaconda W&C (3) Anchor Cap 12.40). Anchor Cap pf (6% Andes Copper (3) Archer-Dan-M (2 Armour I11 (A) Armour 111 (B) Armour Ill pf ( A11G& W Lopf Atl Refintng (13) Atlas Powder ( At Tack. Auburn Auts Austin Nfchol Austrian Cred Autosales. Auto-Strol Aviation Corp. Del Baldwin Loco (new). Baltimore & Ohio (7) Balto & Ohio pf (4).. Bang & Aroos (3% ) Barnsdall (12%). Beacon Ofl... Beatrice Cream (4) Belding-Heminway Bendix Aviation 12). Best & Company . Bethlehem Steel (6). Bethlehem St pf (7). Bohn Alumn&B l'S). Borden Co (3) Borg Warner (4 Boston & Maine. Briggs Mfg. Briggs&Stratton(2). British Empire Steel Brockway M T (3)... Bkiyn-Manhat (4)... Bklyn-Man pf (6)... BKlyn Union Gas (5) Brown Shoe (234)... Bruns-Balk-Col(3) Bruns Ter & Ry 8. Bucyrus Erle (1) Bucyvruscv of (2%)., Budd (Edw G) Mfg. Bullard Co (12)..... Bur Add Mach 1.80. Bush Term (g2) . Butte Copper & Zine. Butte & Superior (2) Butterick Co. . Byers (A M 31% By-Prod Coke (1) Calif Packing (4)... Callahan Zinc & L... Calumet & Aris (10). Calumet & Hecla(4). Campbell Wyant (2). Canada Dry G A (5). Canadian Pac (10).. Cannon Mills (2. 0).. Case (J1) (6)...... Cavanagh-Dobbs. . Celotex (3).. Cent Aguirre As 1%. 40% Cant Alloy Steel (2). Cent RR of NJ (112). 881 Cerro de Pasco(6). 16% Certain-teed Prod 80% 62% Check Ches & Oh16 (10).... 75% Chesapeake Corp (3) 414 Chi & Alton 27% Chi Mil St P&Pac. 46% Chi M1l St P&Paoc pf. 80% Chi&N W (4). 28% Chi Pneu Tool. 8% Chi Pneu T of (3%). Chi R 1& Paoc (7) 102% 98% Chi R1& Pacpf 108% 106% Chi R I & Pac pf 75% 44% Chi 52l Chry City 1 14% City Su Cluett 164's 120% Coca-Col 465 Coea Cola A (3 Collins & Atkm: Colo Fuel & ron, El(2). £l pf A Columb Graph(87¢). Col Graph rcts(87e). 121% Columbian Carb(15). Com Credit +2)...... Comm Credit A (3).. 212% 131% Coml Inv Trust 134). 700 225% Com Solvents (h8).. Comm&Southn Corp. 19% Congoleum-Nairn... 62 Cong Cigars (t5%).. 14 Conley Tinfoll sta... 59% Conso! Cigar (7) Consol Film (2). 23% Consol Film pf (2).. 95% Consol Gas (3)... 96% Conso! Gas pf (6)... 2 12 6 20 15% 60 ki 11 Consol RR Cub pf(6) Consol Textlle. . Container Corp A. Container Corp B. Contl Can (2%)..... Contl Insurance (2). Contl Motors (80¢).. 281 Contl Ofl of Del. | onse . 82 824 126 88 79 Corn Prod (13%4). 46% Coty Ine (2)... Crossley Radio (11). 42'% Crown Curk & Seal.. 121% 5l 184 24% 17 67% 129 117 Crucible Steel (6)... 48% Cndlny I‘l&lul “). Curtis Pub (16%). 304 16% Curtiss WrightCorp 37% 2734 Curt Wright Corp.A. 108% 63 Cuyamel Frult.,.... Sales— Add 00. High: % . 102 3034 295% 302 100 119% 114% 119% 115% THE EVENING STAR. WASHINGTON., D. C. Prey. Low. Close. Close. 53% b4w 53% 81 81 B1% 294 294 294 2 22% 224 22% 21% l 34 84 84 34 1% 1% % 1% 36 217% 213% 217% 213% 1 35% 36 35% 35 5 8% 3% 2. 7 % 124 484 46 46% 3 111% 111% 111% 110% 2112 111% 112 111 5 85% 85 85 854 30 822 308% 318 310% 16 66% 64% 66% 66 2 39% 39% 39% 40 1 27% 2T% 27% 27% 1 9% 9% 9% 9% 153% 153% 154% TR T 64 654 65% 3 bB6% b5 554 B5Y4 12 19 18 18% 19 540 181% 175% 181 173% 16 96% 94Tk 96 94% 1 110% 110% 110% 112% 10 95% 91 95 91 4 66% 64 664 641 60 48 47 47% 46 7 9 9 166 178% 161% 96% 98 96 32% 33 324% 444 52 42% 64 64 64 44% 4b% 44y 841, 87 83% 4 117% 114 117 114 4 275 266 268 270% 9 69% 684% Gsh 69% 14 9% 6 6 33 um. 142% uzn. 143 101% 102 101% 80 81 79% 4T% 46' 394 40 1388 132% 30 54% 3 81 1° 29% 226 169% 383 64% 1% 54'% 1264% 92 231 100% 3914 264% 6% 112% 174 18% 86% 95 250 105% [N 3374 26 141 69% 110% 115 Y 2 135% 186% 135% 1354 4% 44N 44y 57 574 67 121 a1 112 3 66% 65% 65% 65% 21 7 7 76 l 103% 102% 162% 104 38 37% 38 40% 296 43 211% 205% 211% 204 ‘8% 1z 89% 100 . 141 212% 2054 209% 204 2 11, 115 115 116 170 173 169 37 182% 176% 176% 177 1 101% 101%:101% 100% 12 16% 15% 15% 16% 2 35 34y 34% 35 19 19 18 19 18% 114% 118% 116 8% 719 7% 5% 6% 15 1 lsov. 150% 150% 150 A 51% 52% 514 6 Asu. 441 454 444 12 10 10 10% 5% 5% 5% I I e 25% 26% 2b% 4T 4T ATW 511 B1%° B1% 43 287% 280 2870 281% 2 186% 185 185% 186% 19 86% 82 85 80% 2 62% 60 62% 584 20 584 B57% b8 5T4% 25 137 134 136 3 1% 1% 3 109 405 2 % 8 % 2 53'4 53% 53% 5dl 6 20w 29 29 29 1 42 41% 42% 41 10 12 1% 11% 1% 15 57% b66% 56\ B56% 23 136% 133% 135 133% 2 8% 8% T8% 1T8% 2 83 821 83 82 6 34% 33% 33% 34 4 28 28% 28% 284 1 123% 123% 123% 126 1 9% 9% 9% 9% 10 68% 67% 67% 68 3 598% B8 58% 58% 48% 64w 66 122% 39% 44 200‘6 103 9 5 125% 125% 125% 126%{- 111 113 113 112 67 88% 84w 89N 85 19 60 59% 60 594% 1135 130 135 132% 15 24% 24 24 24 3 8Tk 37% 37% 37T% 1 2% 2w 2% 2% 1 31% 30% 80% 31 15 63% 62% 63% 62% 81 80% 81 804 lfl 224 218 222 216% 216 13 14% 216% 1 103% 121 142 16 4 304% 30 2 40% 40 13 22% 21% 48 50% 49 32 93% 91 92 5 60 57 60 3 4 3% 4 2 6% 6% 6% 4 334% 33K 33y 35 171% 167% 168 27 45% 434 44 4 79% 8% 19% 7.‘4 1 18 525 1zh 12 T 42% 41 42% 41% 3 38 3T 37w 38 13 86% 84 86% 83% 21 219% 215% 219% 215% 3 43% 43 43 1296 290 296 360 5 184 18% 18% 18" 4 bW Bb% b5 54% 232 %08 .82 A48 25 68% 56% 57% BT 2321 320% 320% 326 2 7 8% T 6% 11 92% 91% 91% 9k 13 264 25% 26 26% 20 69 674 67% 68% |7 262% 2604 26214 260 9% 80 80 5% - 6% b% T B T 15% 16% 16 50% B51% 38 59% 99 6% 34 1 usu Mfl 16% lol% 44% % 57% 5 185'% 135 135 1101 101 101 101% 2109 108 109 108 1% 72% 1% 57% 57% b58% 55% 55% G5W 15% 16% 16 4T's 47% 48 12 145% 143 145 1424 2 47% 135 107% 107% 107% 1 126% 126% 125% 119 84 50% 48% 49% 48% 1 48% 48% 48% 50 16 334% 325% 325% 332 5 49 48 48% 484 2 4T% 46% 4Tn 4T 9194 192 194 191% 3 661 658 661 662% 23% 24% 67 % 60% usfi us 104% 120 23% 82 59 63 255% 98U b4 2% 17% % 6% 10% % 72 4% - I'a 5 3% 321 123% 43% 102 3% Snoumnhea Ty 4’ zou | g0 294 118% 208% - Sa 69'a 427 Davison Chem. 46% 30% Debenhams (a1 69) Sales— Add 00. High. 14 53 2 31% 4 199% 54 162 Stock and Dividend Rate. Delaware & Hud (9). 120% Del Lack & W (47).. 224 Detroit Edison (3) .. 434 Devoe & Ray A (13). 3 8% Dome Mines (1). [] 83% Dominion Strs(1. 105 Drug Corpn (4).. 2 45% Dunhill Inter (24).. 2 155% Du Pontda N(t4%). 28 961 Duquesne 1stpf (5). 6 81 East Roll Mill (1%). 2 168 Kastman Kodak(18). 69 52 Eaton Axle&S (3).. 9 81 ° Eitingon pf (6%)... 2 126% Blec Auto Lit 6 Electrio Boat, 43% El Pwr & Lt (1), 77 Elec Stor Bat (5).. 57% Endicott-John (5). ;Z Eng Pub Serv (11).. % Eng Buib Sve pf (5% ) 6" Erie R, 57 Erfe RR 18t pf (4).. 56 FErle RR 24 pf (4)... 44% Fureka Vac Cl (4)... 87 Rvans Auto L(323). 4 Fairbanks Co....... 40% FKairbanks Morse (3) 504 Fash Pk Assotk2%). 6814 Fed Lt& Tre (31%). 12 Fed Motor Tr (80c). 47 Fed Watr Ser A 2.40. 90% Fid Phen F Ins (2).. 62 First Nat Stores 1%. 64 Fisk Rubber..... Florsheim Shoe A 574 Follansbee (125 ). 6114 Foster Wheeler (1).. 165 Fost Wheeler pf (7). 80% Fox Film A (4).. 37% Freeport-Tex: 14 Gabriel Snub A. 75 Gamewell Co (8 8 Gardner Motor. 81 Gen Am Tnk Ca 61 Gen Asphalt. .. 10415 Gen Asphalt pf 47% Gen Bronz (z) » ) B T N N 1 a Gen Elec spec 60 Gen'l Food Corpn (3 70 Gen Gas&El A ( 66% Gen Mills (133), 91 - Gen Mills pf (6) Gen Motors (13. Gen Motors pf (7) Gan Outd Adv A ( Glllette Safety R 29% Gimbel Brother: 36% Glidden Co (m2). 27% Gobel (Adolf).. 100 Grt North pfet (8).. 25% Grt Nor Ore (a1%).. 16: 32% Grt West Sug (2.80). 136% Greene Can Cop (8). 55% Grigsby Grunow (2). 32% Gulf Mo & North. ... 90% Guif Mo & N pf (6).. 56% Guif Sta Steel (4)... 28% Hahn Dept Stores. 88% Hahn Dept 8 pf(6: 23% Hartman A (2) 20% Hartman B (1. RranmmwRonan [T IS TSP =T ¥ 1S 68% Houston Oil 56 Howe Sound 88% Hupp Motor (f3) ?fi Independ O11 & G (2) Indian Motor Cycl 29 Indian Refining. 28 ‘Indian Refining ¢ 75 Industrial Rayon. 120 Ingersol Rand (6 78'% Inland Steel (33%) 37 Inspiration ( : 8% Intercontinental Rul 149% Intl Busin l M (5). 64% Intl Cement (4)..... 33 Intl Comb Ell (2).. 86% [atl Cmb Eng pt (7). 92 Intl Harvester (2%). 137 Intl Harvpf (7)..... 47% Int Hydro Bl A (e2). 26% Int Mer Marine etfs.. 65% Intl Match pf (3.20). 40% Int Nickel of Can(1). 57% Intl Paper (2.40).... 26 Intl Pap & P A(2.40). 14% Intl Pap & Pwr B.... 10% Intl Pap & Pwr C. 80 Intl Pap & Pwr pf(7) 43% Intl Print Ink (2%). 69% IntShoe (2%4)...... 78 Int Tel & Teleg ( 4 56 Investors Equity(2). 57% Jewel T 3) . 15214 Jonas-Manvitis (3). 4 Jordan Motor Car.... 78 Kan City Sou (5). 24% Kaufmann DS (l“l 48 Kayser Julius (4)... 94% Keitn-Albee-O pf (1) 7% Keily-Spriag Tire 33 Kelsey Hayes (2)... 11% Kelvinator Corp. 7% Kennecott (). . 45% Kimberly Crk(2%).. 20 ° Kolster Radio. ... 32% KraftPhCh (1%)... 95 Kratt PhCh pf (83) 44% Kresge 8811.60). 86 KressSH(1).....c. 33% Kreuger & Tol(1.34). 76% Kroger Gr&Bak(cl). 231% Laclede Gas (10). o) oy H ) cErulon H8unrbEulanonera alin cBrankRnele 77% Lehigh Valley (3%). 856% Libbey Owens (1) 81% Liggett & My (16) 81w Liggett & My B (15). !2 126 Liggett & My pf (7).. 42% Lima Locomotive... 71% Liq Carbonic (t4%). 48% Loew's Ino u). o SN P 1 98% Ludlum Sti pf (6%). 71% McCall Corp (4) 100 McCrory pt (6). 13% Melntype Pore M(1) 6214 McKeesport T P (4). 45% McKesson & Rob (2) 52% McKes & Rb pfi3). Mack Trucks (6).... 148 Macy(RH)&Co(ct3) 16 Madison Sq G (1%). 60 Magma Copper (6).. 22 Mandel Brothers. 23% Man Elec Supply. 25% Man Shirt (2).. 11% Maracaibo Oil Exp. , 6944 Marlin Rock (13%).. 37% Marmon Motor (é).. 42% Mathieson AlK (e3) 78% May Dept Strs (. 19 Maytag Co (13) 87 MaytagCopf 3 80 Maytag Co ist pf(6). 56% Melville Shoe (1.40). 20 Mengel Co... 21% Mexican Seaboard 30w Miami Copper (4)... 304 Mid-Continent P (3). 1% Middle States Ofl. ... 1% Middle States Ofl ct. 225 Midland Stl pf(+12). 101 Minn Honeywll 13%. 26 Minn Moline Pwr. .. 866 \inp Moline of 6%... 2 Minn & St Louts. Carpet 13% Chem Wks 60 Monavk Monsani Low. Close. Ciose. | Righ. Low. 52% | 156% . 99 6 53 97 98% 4 145% 145% % 65% 65% ™% 000,000, to be Stock and Dividend Rate. Mont Ward (23)... 140 1 21 0 i Mother Lode (40¢).. Motion Picture. .. Motor Meter G& E. . / Motor Products (17). Motor Wheel (4) Mullins Mfg. ... Murraay Corp (n) Myer(FE)& Bro (3 Nash Motors (§) Cxoos - TS Nat Biscult (1150 Natl Biscuit pf (7).. Natl Cash Reg A (14) Natl Dairye13).’ Natl Dept Stores. Natl Distillers. Natl Lead (5). Natl Pwr & Lt (1) Natl Radiator. ... hownor! CoA 3 Newton Steel (3). Chi & &t L pt(8) l Hart (ll.. &Hpf (7)., NnrfnlkthmlflD). North Am(b10% stk) North Am pf (3).... North Am Ed of (6 Nor Ger Lloyd(3.41). Northern I'ac (5)... North Pac ct (5) Ofl Well Supply. Oltver Farm Equip. . Ollvr Fr Ep cv pt(3). Omnibus Corp. . Omnibus pf A (8)... Otis Elevator (6).... Otis Steel (2%)..... Otls Steel pr pf (7)., Owens 111 Glass (4).. PacificGas& E (2).. Pacific Lighting (3).. Pacific Ofl stubs. Packard Motor Pan-Am Pete B. Panhandle P& R Paramount-F-L (3).. Park & T1iford (33). Park Utah.... Pathe Exchange Pathe Exchange A Patino Mines (3.9 Penick & Ford. . Penn Dixie Cm pf(7) Pennsylvania RR(4) People’s Gas Chi (8). Pere Marquette (18). Pet Milk (1%) . Phelps Dodge (3). Phila Co (17). Phila Co 6% pf (3).. Phila& Read C& 1 % Philip Morris (1) Phillips-Jones (3 Phillips Pete (134)., Phoenix Hosfery. . = Pillsbury Fl (123%).. Pirelli Co A (2. Pittsburgh Coal. Pittsburgh Coal pt, Pitts & W Va (8) Poor & Co (12) . P Rican Am To (B).. Postal Tel & Cpf(71. a Prairie Oll&Gas 121§ Prairie Pipe L t43%.., Pressed Steel Car. .. Proelor:‘olmbll(l). e e SilnwrrraSuluanrerminetanane - = SnSua - o e wom e ] FSax ” Reynolds Spring.... Reynolds Tb B(2.40) Richfield O] (2). __ < ronuelpunnSmnun » I3 2 Safeway Stores (3).. St Joseph Lead (13). St L-San Fran (3 St L-San Fran pf Schulte Retall St Seaboard Alr Line... Seaboard Alr Line pf Sears Roebck (32%). Seneca Copper. ervel Inc. haron Steel H (2) Sharp & Do pf (3%). Shattuck (F 3) (1).. Shell Union (1.40) Stmmons Co (3). Stmms Pet (1.60. SinclairOfl (13% Skelly Ofl (2) Sloss ShefTel Snider Packing Solvay Am In pf 8o Porto R Sug 12% Southern Cal E4 (2 Southern Pacific (¢ Southern Rwy (8). Southern Ry pf(5) Spang-Chalfant, ssw Sparks Withngtn Sales— Prev. Add 00. High. Low. Close, Close. THURSDAY. OCTOBER 10, 1929.° 14 110% Timkn CCGGG"‘E:GGQ:EGG nuwmANARBNERDnD Warne: Wilcox Wilson Wilson Yellow Young Young Consol No Am ‘I' AM.. 1 gash payments based 64 ° 63% jPlus 8% tn stock. Dividend Rate. Spalding (AG) (2)\.. 3 Spencer Kelg(1 60),. Splezel-May-8t (3).. Stand Brands (1%). 126 Std Brands pf(1).. Stand Gas & El (3%) Stand G & E pf ()., Stand Inv Corp (b8). Stand O11 Calif (13). Stand OIIN J (12)... Stand Ol N Y (1.60). Stand Plate Glass Sterling Sec A). . Sterling Sec pf(1.20). Sterling Sec cv pf(3) Stewart Warn(j3%). Stone & Webste; Studebaker (35). Superior OI1..... Sweets of Amer (1) Symington. Symington A. Telautograph t ‘Tenn Cop & Ch ¢1 ‘Texas Corp (3) -,., 253 255 35° 22y k and Sales— Add 00. High. ose.. B0 4’% l’% W 18 11 3% 18 118 220% mv‘ 647 JDK 5% 8% 44 3% 36% 14% B54Y% 8% 58% 170 62% 19 124 % 13 20 17% 64% OC’A 40% 5% 8% 4% 3% 34 14% 54 59% l‘ll) 11 Thompson J R (3.60) ‘Tide Water Asso. Tide Wat Asso pf(8) Det Axle t80c Timken Roller (3).. ‘Tobacco Prod 1.40. Tob Prod ctfs Tobaeco Pr A (1.40). Tob Prod ctfs A 1.40. Transcontinental Transue & W (1).. Trico Prod (2%). Truax Traer (1.60) Twin City Rp T (4). Underw-El- Union Bag & Union Carbider: Union Ofl Calif Union Pacific (10). Union Tank Car(5) Utd Afrcraft&Tran: 0 R emandol »3~8 - = -4 H 3 ] PR S-I=TNRTEA PR STV ToE- 1O T T ot - Ty Um Piece Dye U S Distributing. ’U 8 Distrib pf (7) UUS & Foreign S @ L4 b ° M @ 2 2 F » Leather pr pf(7 Pipe & Fdry (2). Pipe 1st pf (1.30) Realty (5).... Rubber Univ Leat Tob (3). Univ Pipe & Ta D! Waldorf Systm ( Walworth (1.20). Ward Baking B. Ward Baking pf s Bros P 133 ern Pacif pi Western Union W ‘Wilcox Oll & Ga: Rich(A) Wilcox Rich B (e2) Willys-Over (¢1.20) & Co. & Co Woolworth (3. ‘Worthington Pumi Worth Pump B (6).. Yale & Towne (4) Truck & C. pring (3)... heet & T (5) Zenith Radlo (2).... EXPIRE Allis Chalm ..Oct — Beth Steel .. Case (JI) .Oct 21 0. Pac G&E (A). Oct 21 Pac G&E (P) .Oct 21 Shattuck FG .Oct 21 UnCarb&C . Utd Carbon ..Oct — Sales of Stocks on New York Exchange. .Oet 21 629,400 1 900 ivibend i as. ¢ ARIZONA FARMERS ARE AIDED BY DAM Roosevelt Project Is Boon to Phoenix and Surround- ing Country. BY JOHN F. SINCLAIR. Special Dispatch to The Star. PHOENIX, Ariz, October 10.— Weather, water and Western spirit. These elements are the fdundation upon which Maricopa County, center- ing in the progressive city of Phoenix, is built, From "the air its 435,000 acres of irrigated, well cultivated land is a sparkling jewel in the desert. Water is the biggest factor of all ‘Without it this part of Arizona would still belong to the Indians—a sand dune, without civilization or cultivation of any kind. It was in 1917 that the Roosevelt Dam, on the Salt River, was completed oo by the Unlted States Reclamation Serv- ice and turned over to the landowners to operate through their own organiza- tion, the Salt River Valley Water Users’ Association. Each member of as- soclation has one vote for every acre that he owns. Crops Are Valuable. This dam cost the Governmat $11.- k in 20 years By 1937 every oNer o L% st will have been paid. A litile over $4,- 000,000 now remains unpaid. "You probably know that Gen. W. T. he sat in his shirt sleeves in the cap- itol. “He investigated and reported back that we should have another war to make Mexico take it back. was a very wise, intelligent man, but, like other men, he, too, made mistakes, This report was one of them.” This Illinois-born Western governor continued: “Last year the lettuce cl‘op in Salt River Valley amounted to $6,000,000; the cantaloupe crop, $4,000,000; the citrus _ crop, $9,000,000; the cotton crop, $14,000,000. The people—135.000 of them——drank Salt River water, and the people also, through their water- power association, sold water power hom thz scn River to 2 total amount nd Lll this from just 800,000 feet of water, from a river that Gen, Sher- man declared could be waded through without getting your feet wet.” “H t of water a: “I haven’t the exact fll\ll‘es imme- diately available, but it is somewhere beween three and four million feet. ’YO\I see how important the matter for Arizona, after the returns we from about” one-sixth of that -mount of water last year in the Salt River Valley.” Growth of Phoenix. Phoenix, now a city of about. 70,000 people, has taken on a metropolitan air. Its citizens tell you it has no boom but its real estate values have N rising rapidly durln: the past nu;. In fact, its real growtn began the completion of the Rmuvelt D-m and the other power developments which have followed. In 1901 it had an assessed valuation of but $1,511,000. Last year its as- ‘numd valuation had risen to $57,- Tis six banks had dewms of $4,- 302,0000 in June, 1910. later, in December, had reached $39,680,000, f Arizona. Its permits have Government Land. “From 65 to 68 per cent of all the land in Arizona is owned by the United States Government in forest reserves and national parks. That leaves from 32 to 35 per cent in private hands,” said Charles B. Ward, chairman of the Colo- rado River Commission for the State of Arizona. “We have about 1,500,000 acres of land in cultivation and’ from 3,500,000 to 4,000,000 available for cul- tivation if we had the water. Without water it will continue to lie idle, as it has for thousands of years. Water is our life, our health zona is why every zona is wal e S, B t evel while California’s is uy ‘well along. “In the lower hu fornia, Nevada and available about 500 Calo Ward. tinued M ‘Los Angeles asks 1,100,000 o( this; the Im- rial Valley and certain vested rights Southern California ask another 2,- tmrd of all the its bubing hnwn an even greater expnulpn. In "u.ooo 000,000; certain vested rights in Mexico have 700,000 feet of it—and ‘hel‘e -mlmm feet lost in hlor mmt Thm Ill’lw for Arizona, Cali- tern - peo- !mhlndllfll!h Hsv'l.ll‘hhht t | divided? [lN HEAVY BUYINE Increase in Steel, Tonnage and’ Drop in Call. ¢ BY STANLEY W. PRENOSIL, Associated Press Pinancial Editor. NEW YORK, October 10.—The un- expected increase of nearly 245,000 tons in the September’ urifilled” drders of the United States Steel Corporation, announced at noon today, brought a flood of buying orders into the stock market and sent prices whirling upward as panic-stricken “shorts” rushed to cover their commitments. United States Steel common ran up 12,2 points and scores of other issues were marked up 3 to 12 points, some of them having shown losses in the early ‘trading. Meanwhile, call money again dropped from 6 to 5 per cent and time money was in’ fair supply at-81; per:cent for all maturities. . Wall Street was. count- ing on a large decrease in Federal Reserve brokers’ loans to be announced after the close, but these weekly statds ments have provided so many disap- pointments in the past that several traders took advantags of the rally t lighten their commitments. One of the largest brokerage houses in the Street jalso urged its customers who had car- ried stocks through last week's break with paper losses to reduce their hold- ings. $ Steel Report a Surprise. In view of the recent decline in steel output and the reported falling off in the demand for steel from the automo= tive and building industries, most spec- ulators were not looking for any hrn increase in the Steel Corporation’s ton= nage. In the short space of two hours, Steel common ‘more. than ‘it Jost in any full session of last week's declin- ing markets. Other steels rallied in sympathy, Republic gaining 5 points, Extreme gains of 8 to nearly 12 polnu also were registered by the Amer- weuwrn Unlon, American &. Foreign Power, Motor Products, Worthington Pump, American_Can, Auburn Auto, General Electric, Westinghouse Electric Allied Chemical and Johms Manvil the first three reaching new high ground for the year. Among the many strong stocks .to advance 4 to 6 points were Atchison, American Water Works, American Rolling Mills, Consolidated Gl)-! and United States Industrial Alco- ol s 5 Gains at Opening. Bullish price unflencln predominated at the open orders dis- e P Byers chowed an initial nm of ass points and Missouri Pacific common, American Can, General Electric, Peo- ple's Gas and Hot Oil adyanced 3 points or more. American Tobacéo is- sues moved into new high ground. Westinghouse Electrie, —Corisolidated Gas, Ludlum Steel and Loose-Wiles climbed a point or more. -International Combustion opened with a block of 11, 000.::-!'!! at 35%, off %, and Atchi- American mmd about a point each. The general easing of credit eondj- tions revived bullish confidence and en- considerable short in Some ol the Thomas L. 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