Evening Star Newspaper, October 15, 1929, Page 14

14 FIN ANCIAL.: FLEVING 15 NAMED| . ONRESEARCH BODY Riggs Bank President Ap- pointed on Committee Formed by Convention. BY EDWARD C. STONE. Wosd was received here today that *Robert V. Fleming, president of the Riggs National Bank, has been appointed ‘a member of the special committee on national bank research authorized at the annual convention of the American 'Bankers' Association in San Francisco. At the convention it was voted that a group: be appointed from leading bank- ers all over the country to delve deeply into the vital problems faced by the national banks, some of these condi- tions becoming so acute that many national banks have surrendered their charters and become State banks. This investigation will come directly under the association's national bank division. The letter announcing Mr. Fleming’s selection as one of the members of the committee stated that the group of bankers would be expected to make a most thorough study of the na- tional banking system, review the fun- damental causes of dissatisfaction with the system as it ‘stands at present and suggest the best methods of prevent- ing further retirements from it. It is hoped that the result of the in- vestigation will bring about sufficient changes to turn the tide and cause ,many new banks to seek admission to. "the system. The letter from A. B. headquarters frankly states that a rren deal of thought will be necessary on the part of the committee. Only bankers with a thorough knowl- edge of the particular problems facing the national banks have been asked to serve. Washington bankers will be highly gratified that one of their num- ber has been accorded the distinction of such an important appointment. The subject is one in which Controller Pole has expressed much concern. No Long-Term Policy Formed. Rg::fll fa‘l:«ce&erve officials are insist- ent it present Sating ehien” ks exaloied purchases of bills and which may lead 1o increased purchase of Government securities, is aimed solely to take care of the Fall needs of business and agri- culture. Officials say frankly they cannot pre- dict what policy will be adopted after the first of the year and that they can not reach any decision so far in advance. Their -position is that they must be governed largely by conditions prevailing at that time. It would not be in the least surpris- ing, says today's Wall Street Journal, if Federal Reserve governors were again called to Washington for a conference n:w_year. of Federal Reserve pollcy for the first quarter of 1930 would be taken up at such a gathering. Riggs Bank Honors C. J. Bell. " At the regular meennl of the direc- tors of the Riggs Bank late yesterday, the following resolutions wm adopted on the death of Charles J. Bell: Whereas, Mr, Charles J. Bell, chair- man of the board of directors of the American Security & Trust Co., passed from this life of October 1, 1929 and Whereas, Mr. Bell had always shown 8 keen interest in the affairs of the Riggs National Bank and-bad acted for many years as a senior member of the proxy committee at the meet- lngs of shmholders. and a banker of dln-in (\Il!hed un-utnmem.s. of steadfast ciple lnd of untiring energy, nyl ready to serve the public welfare with ‘the ‘exceptional qualities he possessed, How therefore be it Resolved, that the board of directors M the le National Bank express its found sorfow at the’ death of Mr. 1, that this resolution be spread - me mlnuta. and further resolved, that copies of this resoluflon be sent to the board ‘of directors of the American Security & Trust Co. and to the family of Mr. Bell, as an evidence of the sincere sympathy of the board of directors and pfficers of the Riggs National Bank. Bank Loans Off Sharply. The Federal Reserve Board's condi- “tion _ statement n( weekly rcrvmnz ymember banks leading cities _on echber 9 shows decreuu for the week of $156,000,000 in loans and invest- ments, $255,000,000 in net demand de- ts, $22,000,000 in time deposits, $18,- 000,000 in Government deposits and swoou 000 in borrowings from Federal 000,000 in 1$139,000,000 at all r?o g banl (other” loans declined $20, 000 000 at all R rting banks, $12,000,000 in the New ‘Ycrk dl.!tflct and $7,000,000 in the Bos- jton district, and increased $8,000,000 in ithe Dallas district. 1 Mergenthaler Swings Upward. itnaier Linotsoeon. e - Washiasian ler Linotype ~on sStock Ext] sion ‘The stock opened at 103 at 105%, .8 ngw recent Capital Traction figured in share turnover.. The market in issue opened at 85%;, dropped to 85 and closed at 85%. Only one bank stock appeared on board today, American Security & ’,h'ult Co., which moved to the extent of six shares at 465. Large blocks of Real Estate uonme & Guaranty preferred cl at 73. There were sales of 240 160 and 40 aking the day’s turn- over 440 sha.res, Bonds were again in good demand today although not as active as yes- terday. Prices were practically un- changed. Heard in Financial District. ‘The directors of the Washington Gas Light Co. have declared the regular quarterly dividend of 90 cents per share. The dividend is payable on November 1 to share holders of record October 15. American Telephone & Telegraph earned $9.24 a share on 13,080,578 average number of shares outstanding in nine months ended September 30, against $9.09 a share on 11,491 476 shares in like 1928 period. Western Union Telegraph earned $11.25 a share in first nine months 1929 ngnn:l $10.97 a share in like 1928 Grouth of Reserve Bank credit from the end of July to the end of September was about $100,000,000 and was ap- proximately equal to the usual Cemand at this time of year and about equal to the increased demand for currency during the period, according to the Fed- eral Reserve Board’s monthly review of credit conditions for October. .. . Will Increase Radio Output. NEW YORK, October 15 (#)—The Grigsby-Grunow Co. of Chicago, manu- facturers of radio receiving sets, has purchased 34 acres of land from the General Motors Corporation and plans construction of additional factory space, which will increase production at least 50-per cent by April 1, 1930. Stranded Steamer Floated. CAPE GIRARDEAU, Mo., October 15 (P).—The steamer Island Queen, on the 514 221 ~Prev. 1 High. Low. Divigend Rate. 57% 388% Abitibl Power & Pap Lead 95% Alr Reductn (1434).. 34% Alr Wal El Ap(2%). 2% Ajax Rubber. . 45 Am Brake Shoe 2.40. 34% 14 Am Brown Bov Elec. Am Com Ale (k1.i 60). 47% 23% Am Encaust Til (2).. 9814 764 Am European Sec. 199% 754 Am & For Power. 108% 104 Am & For Pw of (7). 88 Am & For Pw 24 pt.. 24% Am Hawallan (1)... 63 Am Home Prd (3.6 38 American Ice (3). 89% Am lcepf (6).... 52'4 Am Internat (33). 3% Am La F & Foamite, 136 102% Am Locomotive (3) 119% 112 Am Loco pf (7).. 279% 147% Am )hch& Fay(15). etal (3. 98% Am Pow & Lt pf (6). 70 AmP&LDIA(3)... 78 Am P&L pf A st (5). 40% Am Ra&Std San1%. 30 Am Republics... ll‘% 106% Am Roll Mil} (©2)... 74% 60 Am Safety Ras (15). 41% 30 Am Seating (2). 79% b64% Am Steel Fdy 85 65 Am Stores (2) 94% 71% Am Sugar Rfg ’% 145 300% 292 9 99 Anaconda Copr (7).. . 215 115% 1134 113% 115‘/4 9 79 62% Ansconda W&C (3).. 79% 43 Anchor Cap (2.40)... 161 102% Anchor Cap pf (6%). 68% 44% Andes Copper (3)... 49% 29 Archer-Dan-M (2)... 95 83% Armour Del pf (T)... G & W Indies.... 45% AtIG& WL L (4).. Auburn Auto (3¢). 11% 5% Austin Nichols. 66 51 Austrian Cred “.‘!) 35% 22% Autosales... 50 38% Auto-Strop Ras 20 10% Aviation Corp. Del. 66% 55% Baldwin Loco (new). 145% 115% Baltimore & Ohio (7) Balto & Ohlo pf (4).. & Aroos (3%).. s2% 20 ) 3 17% 9 Belding-Heminway.. 84% 78% Belg Nat Ryspf 5.49. 104%° 62% Bendix Aviation (2). 43y 35% BriggsaStration(). 138% 115% Bristol Myers(t4%). Brockway M T (3)... 3% Butte Copper & 6% Bnnol aum u) 84% 72% Calif Packing (4). 136% 119% Calumet & Aris (10). 61% 36% Calumet & Hecla(4). "IM 195 Ches & Ohlo (10). 75% Chesa Corp (3) 49 Chi& EastIllpf..ss 12% Chi Great Western. 38 ChiGreat Westn pf. 27% Chi M1l St P&Pac. .. 46% Chi Mil 8t P&Pac pf. 80% Chi&N W (4) . 28% Chi Pneu Tool 48% Chi Pneu T pf (l*)- 115 ChiRI&Pac (7).... 98% Chi R1& Pacpf (6). 105% Chi R I & Paoc pf (7). 44% Childs Co (2.40).. 52% Chrysler Corp (3) 49 Citylco & F (3.60).. 41 Cluett Peabody (5). 56 Colo Fuel & lron. 53% Col Gas & El (2)... 103% ColGas & EIpf A 6). 88 62% 43 Com Crediti2). 51% 45 Comm Credit A 79 17% Com Invest Tr(new) 99 91 Com invTrpf(6%). 700 225% Com Solvents (hS).. A 28% Comm&Southn Corp. | % 48% Cudahy Packin, 17 C‘uflllhlh"l“).. rocks in the Mississippi River near here since last Wednesday, was released yes- M ll'l:. lxel(!b under its own power or Moun¢ undergo The hull was in sev- eg pllcu when it struck the rocks en route here for an excursion. :In a recent monm 11,300,000 barrels ot Ekvlenn were produced in Ve 15% Curtiss 37% 27 Curt Wright Cm A 121% 684 Cuu.!-llll 3%). ene~ 120% Coca-Cols (4)....... 88 Collins& Ak pf (.. 1 Col Gas&E rets ptpd. 42 Columb Graph(87c). 203 55% 624 53% 55% 121% Columbian Carb(15). 21 212 3 39 3% L 2, ) 100 47% 1 109% 1 85% 10 818% 2 122% 8 65% 3 29% 1 39% 157 nm 1141 2 95 27 4T% Z 28% 78 . !"4 169% 1584 160 1 106% 99% 5 269% 69% 2 8 9 137 2 101% 1 T4% 4 82% 40 4% 1 38 30 189 2 67% 1. 83% 40 114% 1 186% 2 4% 6 7 3 106% 3 38 33 229% 91 230 1 168 27 170 3 34% 1 13% 35 22% 4 9T% 1 7 20 80 1 154% 1 81 10 2 244 49 51 1 92 11 285% 4 103 l 186% 80% 2 59% 8 1 1 3 2 3 8 64 59% b8% B58% 58% | 142% 7 134% 1 429 1 43% 6 11% 9 564 46 l;fi% 29 86% 6 34%m 20 30 10 10% 1 79% I! 66 58% .0 119% 1 126% 2 110 85 1 39 14 884% 1 237% 3 129% 14 28% 1 Gl‘fi 10 220 1 6% 11 166% 19 44% 5 9% 10 123% 2% 5 218% 2 42% b4% 59% 92" 208 3. 185 2101% 2 b5% 2 48 7 148 88 203 130% 1107 1 119% ‘l 312 48% 2 48 36 78% 3 92% 1 665 192 24% 12 25 2 6T% 2 61 25 151 % 98% 4 34 33 34 o 118 117% 114% 116 THE r«eo-puue-m-u-dm-usnum mlo;mcn Low. Uloumou 55 32 1% 212% 37% 54% 55 32 82 1% 207 208 37% 3% 3% 3% 3% % T%h T 464 464 46% 109% 109% 111% 854 B854 86% 315 816 318 122% 122% 122% 64 65% 64 29% 29% 204 39% 39% 39% 1% 178% 178% 175% 141 141 140% 93 95 94% 4% 4T 48 28% 28% 28 78 98 19 164% 106% 106% 1084 9% 99% 31% 3% 62% 64% 443 444 9% 924 82% 83% A% A% 116% 115% 117 15 115 115 265 267% 265 68% 68% 170 % 8 6% 131 131 138 101% 101% 1013 4w TAw Tan S1 82% Bl 46% 46% 4T% 39 39 40 185% 135% 137% 67% 67% 68% 33% 33% 34 11216 112% 113% 185 135% 135% 44% 44 44 % 103'; 105% 104 38 38 36% 205% 299% 220 221 224% 221% 221% 226 163 163 168 165% 167% 170 ° 34% 34% 345 18% 13% 13% 19% 22% 19 97U 95 T3% 8% 76\& 150 154% 151 51 51 508 424 424 83 83K 10% 104 5% 5% 0% 0% 22% 264 22% 49 50 9 91 280% 282 283% 102% 103 101% 186% 186% 187 80% 80% 84% 59 59 6U% 130 130 133 420 428 433 % Th T4 56% b56% 56k 28% 28% 29 43% 43% 43% 11% 11% 11% b56% 55% 56 lsgfi. 132% lgl'n 864 ssv/. 84% 33% 33% 34 294 30 29% 9% 9% 9u 9% 9% 9% 65 65% 65 57% 58 5T 1165 116% 118% 125% 125% 125% 103% 103% 111% 83% 83% 85 39 39 87% 8T% 88% 57 58 140 234 37% 374 37% 129% 129% 130 284 284 20% oM el ed i 9% 218" 218w 2180 50 6% 6% 6% 162 162 166% 43% 43% 44 9% 9% 9% 122% 123% 123% 41% 4l 42% 36 36 37 89 89k 90 216% 218% 218 42% 42% 42% b4k b4k Gd% b68% 584 b59% 9% 92 92% 25 25 25% 65% 65% 67 263 263 2634 0% 80% B0% 6% 8% 56% 16% 53% 38 % 97 4% 58% 581 8 134 134 135 101% 101% 101% 109 109 10% 0% b7% b57% b58% 6% 56% 55% 47% 48 47 HBM 147% 146 88 88 63 125% 126 129% 107 107 107% 119% 119% 126% 306 311 48 47 T6% T6% T8% 92% 92% 92% 665 665 650 284 28% 24 24% 24% 25 674 674 68% 60% 60k 61 23 23% 23 24% 24% 24% 151 155% 98% 98 55% 2V 2% 20% 20% 8% 9 8% 63% 10% 58% 83% 98 55% 8814 \256 EVENING Stock and Dividend Rate. 4% Dunhill Inter (14). . 28% 19% Dupian Silk (1)..... 155% Du Pont de N(t43 ). 39% 31 East Roll Mill (1%). 264% 168 Eastman Kodak(18). 76% 524 Eaton Axle& S (3 39% 24 Eitingon-Sch (2%) 112% 80% Eitingon pf (6%)..., 174 126% Elec Auto Lite (6). o e SesaleZranmo 3% Elk HornCoal. 22% 5 Emmerson-Brn! 83% 57% Endicott-John (5 o 924 Eng Pub Sve pf(5% 64 ErleR R Erfe R R 314 Eqmmm lla.uu 44% Bureka Vac Cl (4).. 37 Evans Auto L(32%). 40% Fairbanks Morse (3) 50% Fash Pk Asso(k2%). 98% Fed M &S pf (7). 47 Fed Watr Ser A 2. 90% Fid Phen F Ins (2) 6% Fisk Rubber. 46 Florsheim Shy 57% Follansbee (12% ). 61% Foster Wheeler (1 35 Foundation Co. 80% Fox Film A (4 37% Freeport-Texas 75 Gamewell Co (5) Gen Clgar (4) Gen Electric ( Gen Elec spec Gen'] Food Corpn (3) Gen Gas&E1 A (e1%) 86% Gen Mills (+33%).... 91 Gen Mills pf (6) Gen Motors (43.30). Gen Motors pf (7)... Gean Outd Adv A (4). Gen Outd Ad vté (3). Gen Public Serv(bs) 126% 93% Gen Ry Signal (5) 88% 68 Gen Refrac (14). 143 101 Gillette Safety R (5) aflu 29% Gimbel Brother: e o » & cmSCangasinsloodnnamnoant aBaonmRuanEe 98% Goodyear 1st pf (7).. 28% Gotham Silk H (2%) 16 Graham-Paige...... 62% Granby Copper (8).. 77 Grand Stores (1).... 122% 100 Grt North pfet (5).. 39% 25% Grt NorOre (a1%).. 44 32% Grt West Sug (2.80). 70 55% Grigsby Grunow (2). 59 32% Gulf Mo & North. 79 56% Gulf Sta Steel (4) 28% Hahn Dept Store: 884 Hahn Dept 8 nfllu) 23% Hartman A (2). cng it 56% 115 31 41% 11% 68% 18% Hayes Body b8% 64 Hershey Chocolat 80 Hershey Choo pf (l) . 15 Hoo (R) &CO...cu... 51 34% Holland Furn (e2%). 52% 37% Houd Hersh B (1%). 109 68% Houston Ofl...... 82% 56 Howe Sound (14%).. 58% 34% Hudson & Man (23%). 9 72% Hudson Motor (5)... 82 38% Hupp Motor (f2).... 153% 132% Ilinois Central (7).. 39% 29% Independ O11 & G (3) 32% 5 Indian Motor Cycle.. Indian Refining..... Indian Refining ct. Industrial Rayen. 78% Inland Steel (3%) 37 Inspiration (4)... 19% Interboro Rap Tran.. 8% Intercontinental Rub 142% 33 - 135 - 149% Intl Business M (| 102% 63% Intl Cement 108% 33 Intl Comb Eng 121 86% Intl Cmb Eng pf (T 142 92 Intl Harvester (3%). 187 Intl Harv pf (7) . 59% 474 Int Hydro El A (e2). 102% 66% Intl Match pf (3.20). 36% 26% Int Mer Marine etfs.. 72% 40% Int Nickel of Can(1). 90 ° 57% Intl Paper (2.40). 40% 25 Intl Pap & P A(2.40). 30% 14% Intl Pap & Pwr 24% 9% 68% SeenBeSanntevanBatass o - - 10% Intl Pap & Pwr C. 3 waannne afi~ BonBaneRel Int Tel & 'reln- @).. 53% Inter Dept St (2).... 56 Investors Equity(3). 48 Island Creek Coal(4) 57% Jewel Tea (3) “2!‘ 152% Johns-Manvill 4 Jordan Motor Car 78 Kan City Sou (). 24% Kaufmann DS (1% 48 Kayser Julius (4)... 94% Keith-Albee-O pf (7) - s SeneSan SBonarmne BAmwoss B 3:.--2"" STAR, WASHINGTON, D. Sales— Addoo. sieh. Low. 12 54 140 » 137% Th Th 0% 664 106% 106% 101% 95% 6 4% 7 6% 62% 62% 67% 64% 107% 106% 108 83 65 38% 48% 8 143% 140% 143% 140% 26 139% 138 31% 30% 8% 8 -8 - s 44% Kresge S S (1.60). 86 KressSH(1).. 33% Kreuger & Tol(1.34). 75% Kroger Gr&Bak(cl), 26 Lago Ofl & Tran: Lambert Co (3) - 7 Loft Ine. 18 Lorillard (P) Co..... 84'% Lorillard (P) pf (1).. 10% Lunllllnloil.(.l..... Ty 98% Ludlum Stl pf (6 34 Mac A & Forb(13. T1% McCall Corp (4) 62% McKeesport T P (4). 45% McKesson & Rob (3) McKes & Rb Dtll\fi ). McLellan Strs Mack Trucks (6. Mle!(RH)lCa(e") Madison 8q G (1%). Magma Copper (§). 255'/- 148 16 60 4% Martin-Parry. . 42% Mathieson Alk (e3) 78% May Dept Strs (4)... 19 Maytag Co (12).. Maytag Co 1st pt(l). - -~ 21% Mexican Seaboard. 30% Miami Copper (4) 85 Michigan Steel (13).. 120% lzov. 47 82 103% 104% 112% 110 A% 1% 15% 16 1% 11% 48% 48% 128 131 15% 16% 26% 27% 117% 116% 121% 126% 121 54% 198% 160% 865 8% A0 30% Mid-Continent P (2). 1% Middle States Ofl.... 1% Middle States Ofl et.. 2% Middle Sta ctfs (n).. 225 Midland Stl pf(112). 9% Miller Rubber/...... 43% 25 Minn Moline Pwr, 102 82% Minn Moline pf 6% Minn & St Louts. 5% 424 Mo Kan & Texa . 107% 101% Mo Kan & Tex pf(7). 101% 62%s Missour! Pacific..... lfl% 120 Missour! Pac pf (5). 60 Mohawk Carpet 12§ 76 Monsanto Chem Wks - = ntfllflounuu-N-n-eauaa—nl;Nv«env-n—@sbtmman-nr—a—-—Hm-mass-—‘aanu—anv—-wu 14% Motor Meter G & 80 Motor Products ( % 384 Motor Wheel (4) 32 2 32 32 121% lzl\i 127- BGK SIK IN 29% 284 28% 85 84 84 43% 434 43% 108% 108% 103% 143% 148!‘ 1;3% 1011/. lfl'Wa 107% 38% 38% 384 106% 106% 106% T0% Tv 0% 45% 45 45 53% b1% 514 ATh 4T 4T% 96% 96 96 2!6 235 17% 175 % 714% 274 27% 145% 144% 145 65 64% 66 S04 TS 79 110% 107% 109 1 6% 13 2% % 107 106 39% 394 ‘The % | stalemate in € Stock and Sales— Dividend Rate. Murraay Corp (k3).. Myer(FE)& Bro (3). ~Prev. 1929— High. Low. 28 11 1 Nlll Bella Hess(21). Bel Hes pf (7).. hlt Biscuit (173).. Nlul Cash Reg A (“) Sy 1 0 1t 00 T10 1 e 1 1000 00100 5 09119 1 30 2 1 19 1k e et e - Norfolk&Wstn(110). 90% North Am(b10%stk) North Am pf (3).... North Am Ed pf (6).. Nor Ger Lloyd(3.41). Northern Pae (5). North Pac et (5). Norwalk Tire & Rb.. Ofl Well Supply. . Olivr Fr Ep ev pt(3 Omnibus Corp. . . Omnibus pf A (8) Otis Elevator (§; Otis Steel (2%) Pacific Gas & B (3). Panhandle P & R. Paramount-F-L (3).. Park & Tilford (33). Park Utah. . Pathes Exchange. Pathe Exchange A . Patino Mines (3.39) Peerless Motor Car. Penick & Ford... Penn Dixie C.m.nl. . Penn Dixie Cm p2(7). ‘Pennsylvania RR(4) People’s Gas Chi (8). M 1%). Phelps Dodge L ren Phila& ReadC& 1., Phila Co 6% pt (3). Philip Morris (1). Phillips Pete (13%). Plerce-Arrow A. . Pillsbury F1 (123%) Pirelli Co A (2.88) Pittsburgh Coal Pittsburgh Coal pf. . Pittsbgh Screw 1.40.. Pitts & W Va (6). Poor & Co (12). P Rican Am To (A)' P Rican Am To (B).. Prairie Oll&Gas 3% Prairie Pipe L t43% Pressed Steel Car T - JUPR I SIS T LSO, & 3 Pub Sve NJ pt (7) Pullman Corp (4) Punta Alegre Sug: Radio pt B (6). Radio-Keith-Orpl Rallway & Exp (2). Sec 1 Reynolds Spring. Reynolds Tb B(. Rhine West (1.92) Richfield O11 (2). Rio Grande Ofl (k2) Rosaia Ins (3.20). Royal Dutch (a3. n). Rutland pf. Safeway Stores (3) - N 8 AR RERN NERONRRN DS N 0~ St L-San Fran pt St L Southwestern.. Seaboard Alr Line pf Seagrdve (e1.20). Sears Roebck fll"). Second Nat Inv Corp. Sharon Steel H (2). Sharp & Do pf (3%). Shattuck (F3) (1).. Shell Unlon (1.40). Stmmons Co (3) Stmms Pet (1.60) Solvay Am In pf §%. 80 Porto R Sug 13%. Southern Cal Ed (2). Southern Dairies B. . Southern Pacific (6). Southern Rwy (8)... Southern Ry p£(6).. 99 93 4dd 00. High. 43 TUESDAY, OCTOBER 15, 1929 ~—Prev. 1020 High. Low. 140% 104 63% 203 200 b53% b5% 4 4 S% 8 1% 1% 132% 131% Sterling Stewart 101" 1104 Siomen 96 Studebal o e Sun 011 9 96 Sterling Sterling ‘Tenn Co Texas Ce Tex Gul Texas P Texas 108% 102% 102 101% Timken 51 51% 2% 75 121% 124% 1 1% 26 26% 654 65% 65% 65% 6% 6% % 4% 49% 49% 6 b% 8% 8% 18 13% 38% 37 10% 9% b4% B53% 'Ih 8 37% !02% 102% 62 S Fref Ind cadagaaagaaaaan nuNERENERRBERn Univ Py, Vadsco Vadsco ‘Watd Baking pf (7). Warners Bros P 133§ Warner: Wilcox Wileox Wileox No Am Shattucl Ir}u- e . S Stock and Dividend Rate. ~ Add 00 SouRyM&Oct(4). 1 Spalding (AG) (2).. 3 Spang-Chalfant. 21 Sparks Wllhhll I Kelg(1. Sp! Stand Brands (1%).. Stand Com Tob (1).. Stand Gas & El fl%) xpress. Hoftman (. Leather. Smelt Ref pf 3% Steel (7).. U 8 Steel pf (7). 80% U S Tobacco (4). Util Pwr & Lt A (e2) Vanadium (14) Vick Chemical(: 32% Western Md 24 pf. Western Unlon (3) White Sewing Mach. White Sw Mch pf(4). Willys-Over (c1.20). Young Sheet & T Zenith Radlo (2). sUnit of !flfllnt'%lf ll’a 100 lhll FINANCIAL.' Prev. High. Low. Close. Close. 105 108 60% 49% 43% 62% 42% 50% 46 83 Sales— Stand Ol N Y (1.60). Stand Plate Glass SecA)..... Sec ev pf($) Sec pf(1.20) Warn(§3%). Webster. Ker (36). (g1)... Superior Oil. . Superior Steel. . Symington. Symington A. p & Ch (1).. orp (3).cues f Sul (4). C&ofl lb‘) Pac Land Tr.. Thatcher Mfg. The Fair (2.40) ‘Third Avenue. Tide Water Asso.... Tide Wat Asso pf(§) ‘Tide Water Oi1(80c). Timkn Det Axle 180¢ Roller (3)... 0). ‘Tobacco Prod 1.40 Tobacco Pr A ( ‘Tob Prod ctfs Tob Prod etfs A 1.40. Transcontinental. . . Trico Prod (2%).... Truax Traer (1.60).. ‘Truscon Steel(£1.0).. Twin City Rp T (4).. Underw-E1-Fish(4) . Union Carblde(2.60). Union Oil Calif (2).. Union Pacifie (10)... % Union Pacific pf (4).. Union Tank Car(5).. bon. Utd Cigar llnr.l(l)- Utd Cgr Stor ctfs(1). Utd Cgr ctfs pf (6).. Utd Corporation. Utd Corp pt (3).. 1ght (3) Aleo (6). ® @ e IPUIOR- PSPPI JOPN - P PPy pe & Rad. Sales. . Sales pf TS o Nea~aeNRENRAR o -Quinian (2). = o Rowd383 - S - Oil & Gas.... Rich(A)2%.. Rich B (¢3).. e G » BrontnaSni Allis Chalm ..Oct — Beth Steel ...Oct 21 Bucyrus-Erie.Oct — Sase (JI) ....Nov1s Co. ..Nov 15 Pac G&E (A). Oct 21 Pac G&E (P) .Oct 21 'k FG .Oct 21 UnCarb&C ...Oct 21 Utd Carbon ..Oct — nu.lh 1 CHICAGO IS FAGING TRACTION PROBLEME Competing a Insull Invites Firms to Confer on Plans for Merger. BY JOHN F. SINCLAIR. Speclal Dispatch to the Star. CHICAGO, October 15.— Chicago's big problem is that of adequate trans- portation. It hasn’t got it today. It has elevated and surface and bus linés. distinct But they are all upln'e and h other. tra s, especially Cantral, which help to relieve the traffic eonusmm during the 5 o'clock rush. But downtown merchants are com- plaining that business is being taken away from them because of poor trans- portation accommodations. ‘Thousands of people will not go to the loop section when they can leeure the articles they need in the outlying 2% | sections. Some of the leading stores, therefore, are establishing bnncbu It:m ones, too, in the outlying dis- cts.. traction problem has been a this city for years. No g:a uenunto have authority nnlnchl lt.‘ruemm ventory of tax-exemp! has been luced in the last 30 days almost 50 cent. D Thie oo marksti e lnokl.n[ Ry md bond men are more ing the next few mnnul t.hln have ear, & | Chicago have almost three times as large deposits as national banks. Still the number of independent banks total 223, which is remarkable in view of the intense period of consol- idations and mergers through which the banking world has been going dur- ing the past two years. Al] evidences, however, point to an increasing activity in this territory in the next two months. Chicago bankers have been studying the situation for months. One group has made a particularly careful and exhaustive survey of the whole bank- ing fileld. Now they are ready to ex- pand their field of banking operations. Banking Problems. When the 1,100 delegates to the eighteenth annual convention of the Investors’ Bankers’ Association get down to real business at Quebec three big questions will be given consider- to | ation—the state of the general credit figure near tha of nnu. the bond market woul considerable improvement. pleased beca for the $100000000 of the Texas Cor- tion debentu: the lu‘m ofler- m‘m ‘the United States this the Continent Binots t financ- ‘importanf ing, so satisfactorily handled, is an- other indication that Chicago is becom- ing an independent financial center. Bank Mergers. consolidation: the or power ‘The condition orm 1a of the situation, official discussions will relate to other questions, but f.\le luhjun 'hlch will occupy flm p in the $1'tha new sst-uip 1n un?m:m No th“ set-up are more concerned in this lllbjecl \‘.hl.n the investment brokers except, the commercial banki selling bonds to the 26,000 independent banks in the United States for their in the the United (Copyright, 1929, by flfl"‘ American News- paper ance.) posed o and_foreign experts the depres- DECLINE IN STOCK PRICES IS CHECKED Market Steadies in After- noon—Rail Shares Lead in Recovery BY STANLEY W. PRENOSIL. Associated Press Financial Editor. NEW YORK, October 15.—Renewal of selling pressure against the public utili- ties and some of the industrial uderl temporarily unsettled today’s stock mar- ket, but the decline was checked by t.he recumpuon of large scale buying opera, tions in m railroad shares. nrly uu- ing was based primarily on the s lutlve belief that the market, Whlch had recovered more than half the ground lost in the decline early this month, was due for a secondary re- action. Call Rate Advances. . Call money renewed at 6 per cent, but advanced to 7 in reflection of heavy midmonth demands and the with- drawal of Government funds on deposit in Federal Reserve member banks. Time money also displayed a slightly firmer undertone. ‘The drive against the public utilities was influenced largely by the recent decision of the Massachusetts Public Utility Commission denying the Edison Electric Illuminating Co. of Boston per- mission to split up its capital stock. American _Telephone, People'’s Gas, American Water Works, North Ameri- can, Pacific Lighting, Consolidated Gas and Standard Gas & Electric were all hammered down 4 to nearly 6 points. Motor shares turned heavy on reports of decreasing output and sales of sev- eral of the leading manufacturers, but % | some of these are attributed to the in- troduction of new models. Auburn Auto broke 13 points and several others declined a point or two. ‘Western Union recovered all of its early loss of 9 points in the early after- noon rally, and Johns-Manville quickly made up 7 points of its 8-point morn- ing decline. United States Steel com- mon dropped from an early h of 229% to 223% and then rel a8 ‘Wall Street began to hear rumors of a special distribution to shareholders be- fore the end of the year. Strong Spots. New Haven common assumed the leadership of the railroad group by moving up 3 points to a new h.gh rec- ord at 1321;. The preferred advanced 3% points to a new high at 1343 New York Central, Atchison, Baltimore & Ohio, Norfolk & Western and North- ern Pacific sold 2 to 315 points higher. * Timken Roller Bearing ran up 7!3 points to a new high at 135 on buyln( influenced by the recent expansion of the company’s business into new fields, particularly railroad equipment. Nn- tional Biscuit, Simmons, Rayon and Hershey Chocolate also well bought. Wall Street Briefs | By the Associated Press. The Atchison, Topeka & Santa Fe Railroad has ordered 300 from the American Car & 200 mill-t; gondola cars Standard Steel Car Co., and mobile cars from the Pressed Steel Co. Orders for 100 tank cars are pected to be placed soon. ‘The Globe Mill at. Uflu. N. Y. the Chase Mill at Webstet, Mass., units in the American Woolen Co.s down* is for an indefinite pe!hd. thm Rubber unn'\.:hl:z:hnul' Associa- reported today crude rubber in September fell off from 38,274 tons in August and 39,882 tons in September, 1928, to 34,706 tons. The Pacific Gas & Electrie Co. has Co. of 80 miles of 16 and 20 inch pipe, and 40 miles of 12-inch pipe. The amounts to about 55,000 tons. ‘The Warren Foundry & is ‘understood to be steel interests for the sale proj ‘The com] p-ny fl.lrnlwl lt Wlum N..J. not been in opera sale, it is Mt‘ would mfierhfly the corporation’s overhead The Continental Can Co. has the assets and business of the N Corrugated Box Co., of Nashville, Tenn. The American States Electric Co., the stock of the Dnrbnm-m L!dn & Pa'er Go., mmu'x’nda ern Indiana. Terms of were not made public. Petroleum Co. English Bank Buys Gald. NEW YOl —Reports from mu%‘umumm of England has secured about $4,000,000 in gold in the open market. 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