Evening Star Newspaper, October 26, 1929, Page 21

FINANCIAL. CURB SHARES DROP IN HEAVY TRADING Losses Are Not Large, but List Displays Irregu- larity. BY JOHN A. CRONE. Special Dispatch to The Star. ~Prev.1020— Stock and High. Low. Dividend Rate. 23" 6 Acetol Prod A. . 68% 37% Acams Exp (new) 22% 9% Aero Supply B...... 4812 27 Aero Underwriters. . 5 Ainsworth Mfg 32%. 13%% Afr Investors con pf. 6 AfrInvestorsviec... 4613 Alrstocks, Incvte.. 140 Alabama Gt S pf t7. 4 Alexander Indust. .. 915 Allegheny Gas Corp. 4 Allied Aviation 7 AllIntInvCorp..... All Int Invev pf. 24% 16 Allied Mills. Inc.... 110 40 Allied Pow & Lt..... 18 4 407, 201y 6410 167 23 NEW YORK, October 26.—The curb market today started in irregularly lower, with the volume of trading in- | - creasing as the session progressed | Cities Service common opened with | 8 block of 18000 shares at 46':, Off | 2 points. It ranged within a point in the first hour of trading. Electric Bond | & Share opened on 5000 shares at| 1133, off 1,. It reacted more than 3 points in early trading. Announcement of the big radio_com- bine—Victor Talking Machine, Radio Corporation, Westinghouse Electric and General Electric—to become efTective | next year, unsettled most of the in- | dependent’ radio shares, some of these toppling to new low levels for the year. The Standard Ofls were comparative- ly strong. Humble at one time gained 38 points between sales. Standard Oil of Indiana opened up fractionally and moved within a narrow range. Indian Territory Illuminating Oil, a | Citles 8ervice subsidiary, opened at| 327%, up 13, points. Later it hit 32| and the next sale was at 30, from which oint it rallied fractionally in the first ur. Investment trusts again acted ner- vously. A few of them such as Lehman Corporation, Blue Ridge, and Trans- america tried to forge ahead, but Gold- man Sachs quickly sheared off 3 points from its initial sale and Tricontinental, Reliance Management and Fourth Na- tional Investors were down fractionally at intervals. PLAN FOR TARIFF TRUGE IS HALED U. S. Trade Leader Warns League Against Discrim- ination, However. By the Associated Press. GENEVA, October 26 —Discussing Yesterday preliminary steps toward the | proposed international tariff truce, the economic committee of the League of Nations received encouragement, to- ther with a friendly note of warning ‘om an American business man. A statement by Lucius Eastman, pres- ident of the Merchants’ Association of New York, was hailed as of great sig- nificance, and this feeling was not diminished by Mr, Eastman's declara- tion that he spoke as a private citizen. American business, he said, looks on the problem under discussion as primarily a European one, but does not forget that what makes for European prosperity is of advantage to the United States. Vagueness as to Scope. It was remarked that, while he con- sidered the question of a customs holi- day a European project there is nothing in the resolution of the Assembly on which the economic committee is acting which fixes any territorial limitation to | the scope of the scheme. At this stage | of study of the vast problem of economic | reconstruction, it was pointed out that there is naturally much vagueness as to the exact character and scope of the ultimate objective. Observers agreed that at the back of minds directed toward solution of ex- isting economic ills there is the thought of the proposal of former Premier Briand of France for an economic United States of Europe. It is recog- nized that definition of the ultimate goal must await attainment of some substantial preliminary step, such as realization of a tariff truce. Interpreted as Warning, “The more prosperous Europe be- comes, the more prosperous becomes the United States,” Mr. Eastman told | the committee in its private session. He later himself made public his re- marks. “Success does not depend on concealed or open discrimination against any nation.” This statement was intel preted as a warning that the move for agreement on customs must not be directed against the interests of the nited States. UHe urged the committee to approach the problem from the angle of general improvement of economic conditions of all countries in Europe without dis- | crimination against any. INTERNATIONAL BANK CONFEREES AT 0DDS Opposing Views at Baden-Baden Reach Stage When Plenary Ses- sions Are Necessarily Deferred. By the Associated Press. BADEN-BADEN. October 26.—The conference for establisment of a bank for international settlements yesterday reached a stage where opposing views ‘made plenary sessions momentarily jm- possible. The battle ground shifted to the private apartments of the chairman, where the chief delegates of the seven nations sat in almost continuous con- nce. ,fl'.le'h: combat was apparently being conducted by the Germans against the English and French over a definition of the scope of the bank. The Ger- mans hold that the bank not only im- poses on Germany obligations, but also under part six, section A of the Young plan_holds out certain hopes, among which is especially that of stimulating trade. In conference with newspaper men hitherto this clause has been skipped over as evidently unwelcome to either the French or English members of the ess subcommittee. PrDt, Halmar Schacht, the chief Ger- man delegate, in a memorandum today, made cleur his point that Germany has a right to demand widening of the scope of bank to include trade stimula- tion, What he fears most fs, unless all functions sanctioned by the Young lan are written into the statutes, the fi\wrnnnoml bank may later rule them out because they were not included at its organization. Montgomery Co. Bonds. BALTIMORE, October 26 (Special). “—Chage Securities Corporation and the Baltimore Trust Co. are offering $805,- 000 Montgomery County, Md, 4’: per 'cent bonds, due serially from No- Vember 1, 1039, to 1968, at prices to yield 440 per cent. The bonds, issucd Tor courthouse and highway purpose are a legal investinent for trust fun in Maryland. Montgomery County has an actual taxable property valuation of $159.000.- 000, assessed valuation of $9: 31. and a total bonded debt, including this issue, of $5,309,800. i L Y Lumber Orders Drop. NEW YORK, October 26 (4).—Orders and shipments of both hardwood and softwood lumber fell below production for the week ending October 19, ac- L w the National Lumber Manu-~ 5% 1 Alilson Drug St B, 91, 146 Aluminum Co of Am, 'y Alumin Goods (1.20) Am Arch Co (3). ..., % Am Br B El fd shs. .. 1a Am Cit P&L A (a3).. 231, Am C P&L B (b10%) 2014 Am Com P A (§30c). Am Com P B (330c). 30% Am Cyanam B (1.60) 6 Am Dept Stores 26% Am Equities 72 Am For Power war Am Gas&Elec (31) Am Invest Irc B. Am Investors (war). Am Lt & Trac (10). Am Lt & Trpt (6). 12 Am Maize Prod (2) % Am Maracaibo Am Sal : Am & Scot In (1.20) Am Solvents Chem 25 AmStPSA (1.60). 25 Am Superpower..... 9414 Am Super 1st pf (6). 25% Am Yvette S 4 Anchor Post F (12). 2% An-A n-vot cod (35¢) 4 An-Am vot cod (35¢) 3% Anglo Chil Nitrate. Apex Electical Mfg. 1. Arcturus Rad Tube. . 09 Ariz Globe Copper. 231, Arizona Power. ... 3 Arkans . 6% Arkansas Nat Gas A. 414 Asso-Dyeing & Ptg.. f1x Asso-Elec Ind Ltd. . 491 Asso GRE A (32.40), Ass0 G&F A deb rts.. v Asso Rayon pf (6). & Atlant Fruit & Sug. 5% Auto Voting Mach. 2915 17'2 AutV Mev prpt (2). 2913 Aviation Corp of Am Aviation Credit. ..., Aviation Securities. , Bellanca Afreraft... Bliss Co (B W) (1). Blue Ridge Corp. ... Blue Ridge Corp pf. Blumenthal (S). Borne Scrymsr t214. 4815 Brazil Tr & Lt (2) 29 Brit Am Tob B t1. 4% Br Celanese Ltd rcts 24 Buf N&E P pf (1.60) 27% Bulova Watch. 14 Burco, Inc. Rurco, Inc (war). Burma rets (313¢). 25% Butler Bros (2).. (in Bwana M Kubwa.... 5 CableRTvtc....... 3% Cab&WireLtdA rets. 11 Cab&WireLtdB rets. 313 Can Marconl. 1% Carib Syndicat 10% Carnegie Metals. ... 63 Caterpillar Trac (3). 4 Celanese Corp...... 9% Cent Atlantic States Cent P Sv A (al.75). Cen States El ($40c) . % Centrifug Pipe (60c) Chain Stores Stock. . Charis Corp (12%).. 631 Ches & Ohio (new).. 17 Chi & N'W bond rts. . 2814 Cities Service ($30c) 18! 2 City Mch & T (1.60). Clev Tractor. Colon Oil..... ) % Colts Pat Fire A (2). 1 Columbia Syndicate. 59 i Comwlith Pow f (6) 41 16% Community Water.. 9 % Comstock Tunnel... 10 6% Consolidated Copper 10 50% 22 Con Dairy Prod (32). 2 160 88 Con Gas Balt (3).... 38% 20 Con Gas Ut A (2.20). 8 Cons Instrument. 1214 Cons Laundri .05 Con Nevada-Utah 16 Con Retail Strs (1) 47 Cons Royal (60c). 25% Cont Diamond (2) 167 Continental Oil..... 40 Cooper Bess pfA(3).. 15 Cord Corp 5 Corroon & Revnolds. Cor & Rey pf A (6).. Cosden Ofl...... 30% Cream of Wheat (2). 4 Creole Petroleum. . % Cresson Cons (.08) .. Crocker Wheeler(n). *un Press pf (6%).. £ Curtiss Flying Serv. rtiss Wright war. 4« Cusi Mex Mining. ... Darby Pet (1).. Deere & Co (6) De Forest Radio. .. 6 DH A Ltd rct n(50c) 2 Derby Oil & Refin. .. 814 Detroit Alrcraft Cor. 30 D'v'ga Inccod (11%) 12 Dix Gas & Utilities. . 14 Dolores Esperanza. . Aircraf| PPN 29 T 10008 5 Trowo-mnwonaR 18 39 20 T 5 Ban pastee~53 26M 40 17% a4 Y wooanarafinmgg omA PR mn—eD 1 asma 9 3 3 85 3 21 .24 39% 1% 44 29 521 37% 13 44% 10 500 814 26 642 2674 Dresser(SR) MA(3). Driver Harris Co. . ..1208 Dubelier Cond&Rad. 5 Durant Moto . 33 Duval Tex Sulphur. . 5258 dio Corp. .. 37 36 FAsso.. 1 41 6 20 J AT 1715 Eis! 73 101% 6l 144 23 Bond & Sh pf (6). Investors (b6%). Pow Assoclates. . Pow Associates A El Sharehold (31)... Sharehold pf (6). npire Pow pt (2).. £ P Sopt war.... 9% Evans Wallow Lead. 3 8 13 200 % 100 Fageol Motor. jardo icon Lead..... ndango Corp. ... dders Mg A (2).. r Enam A (153%).. at Stk deb ris rets. ) “inan Inv N Y (b8 ), 309 19 stone T & R (8) 1105 107 e Tire pf(7) at Copper Aafreraft. . Itis Fischer Corp. rd Motor Can A. ., rd Mot of France. rd Motor Ltd remost Dajry Pr Formost D P pf 1.60. Fornan Co A (1.69). 14 Foundation For Shs. 42 Fourth Nat Iny 20% KFox Theaters A 23 Garlock Pkg (1.20).. 17t Gen Am Invest new. 5'n General Baking 58 General Hak pf (6) 10% Gen I Ltd rets (50¢) E n Empire Corp n Fireproot (2). s & 151 A n Indus Alcohol . n Lau Mch (1.60). en Print Ink (234) . en Rty & Utilities. Gen R & UL pf (6). en Theat Equip vie 2 errard (8 A) Co 11814 Glen Alden Coal (10) 19% Globe Underwriters pdchaux Fe O = - - Sazxoe Sarennd P Y - GrA&PTnv(5) Gt Lake: el pt pf. Greenfield Tap&Die. Groc Stors Prod vic. Ground Gripr(t14). Guard F Assn (2). Guardian Invest. . Guenther Law...... 142% Guif Ollof Pa (1%). 661 65 Hambleton Corp efs. 5% 1% Hap C A (b1.40). 82% 46 Haygart Corp. * . 34% 28% Hires (CE) A (2)... T P e L 1 3 20 Sales— Add ng Open. High. Low. Close. 19% 381 117 274 34 14% 17 4613 138 4 10 41 181 39% 19% BT 1 36 13% 50 38 21y 3 31 28 26 341 99 00 19 o Ty 25'% 270 9 ¢ 615% 615 Bond & Sh (b6). . 19800113 1102% 7173 37 9508 218 508 110 1 27 73% T4 30 160'% 65 2 50 THE EVENING STAR, WASHINGTON, D. €., SATURDAY, OCTOBER 26, 192, COMPLETE TRANSACTIONS ON THE NEW YORK CURB MARKET 20 27 34 14% 170 463 138 4% 10 4% 18% 398 191 5974 1 360 2610 3614 131 50 39 38% s, 106 a8 a8 14% 17 117% 3213 65'% 25% 6. 291y By 241 30 1 4 26 6% Bt 13 675 32 105 5013 49 6% 24 27 697% 470 2 26% Bty 300 25 1 111% 111% 111% 1111 29% 9 18% T 19 877 104 32 11% 520 11 6% 6 934 291 19% % 22 85% 40 11t 63, 154 4 3614 101 49 13 3% 218 110 fis 30 14% 3612 9 147 17 20 323 80 1T% 15 35 3% T 30 172 65 2 50% 501 198, 35 11% 27 a4 14% 17 4613 138 44 10 4% 18 39% 19% 56l 1 350 2515 3614 13% 50 34% 33% 37% 20 3% 12 27% a4 14% 170 461y 138 2 106 38 4% 17 11 30% 13 a5 651 25 61 2915 5t 2414 30 14 5 1% Z 13 664 30% 10'; 481 47 614 2318 27 637% 2 4614 24 8 3014 22 27% 9 12% K 19 208, 9 13% 19 18% 46 15 105 11% 501 10% 65 5% 9% B 20 18 ) 21% 8514 a8 615 1% 6u 6% 136% 1368 10% 6 5% R 18 21 85 38 11% % 4n 361 361 40% 40% 24 20% 107% 1073 100 48 25 121% 3% 214 Y 110~ 110 i | 30 1 14| 4% 50 290 1 1 2 314 T 30 165 65 2 49 % 404 ~Prev. 1920~ High. % 58% 6475 2274 23 60 580 Low. 3 3314 49% 11 6 89% Stock and Dividend Rate. Homaokla Ofl....... Hormel (Geo) (1.50). Horn & Hard (2%).. Houston Gulf Gas... HudsonBayM & S Humble Ol (12).. Huyler Stores of Del Hydroel Service (1), Hygrade Food Prod. Tmp Ofl Can n (50¢). Indian Terr Illum. Indiana PL new 1214 Insull Util. In Insull UtIn 2d pf6.. Insurance Sec (1.40) Insuranshar of Del. . % Intercontinent Petn. & Moh Hud P 2d pf(7).120 Int Petroleum 37%4e. Internat Product: Inter Prod pf (6) Int Superpower (31) Inter Util A (3%4). Inter Util B (333). Internatl Util (war). Interstate Equities. . Interst. Eq. cv-pf.(3) Iron CapCopper IrvAir C (2) (1.50) Italian Superpow A. Italian Superp war.. Karstadt (R). Kleinert Co (215) Kolster-Br (Am Sh). Lackawanna Sec(4). Lakey F & M (12.40) Lane Bryan tine (2). Lefeour Real pf (3). Leh Coal & Nav (4). Lehman (The) Corp. Leonard Ofl. . . Libby McNeil & L. Lily Tulip Cup Corp. Lion Ofl Refin (2)... Lit Brothers (1).... Lone St Gas _ (80¢). T.ong Island Lt (40c) Long Isld Lt pf(7) Louisiana Lan & Ex. MacMarrSts....... Magdalena Syndicat. Mapes Con (1212). Marcon! I M (37%¢). Mar Midland Corp. Mason Valley Mavis Bottling. Mayflower Assn... May Hos cum pf (4). Memph Nat Gas Co. . Mesabi Tron.:...... Met & Min Inc (1. Met Chain Stores. Mid West Util(new). Miller & Sons (2)... Midld Stl Prod 15.92. Mo-Kan P L (+6%). Mock Judson Voe(2) Montecatini deb rts Morrison Elec (1). Mount Prod (1.60) Munieipal Service Nat Amer Co (2). Nat Aviation. . Nat Fam Strs (1.60). Xat Food Pr A (2%) Nat Fuel Gas (1).... Nat Investors (new) Nat Pub Sv A (1 60). Nat Sugar N J (2). at Union Radio. Nehi Corpn (1.30)... 1son(Herman) (2). New Bradfd O:1 50¢. N Hav Clock (1%).. New Jer Zinc n (13). Newmont Min (34). 4 Newport Co (new). NY Auction (1%). N Y Invest (1 21 5 N 'Y Pet Royalty (1). N Y Tel pf (614). ... gara Hud P(40¢). ‘fag Hud Pw A war. Niag Hud Pw B war, Niagara Sh ( _ -40). iles Bement Pond. Noma El Cor (1.60) oranda Mines. North Am Aviation rth Am Util See, . N W Engineer (2) Novadel Azene (2)., Novad Agene pf (7). Ohfo Copper. ... . & Ohio OI1 (12% 5 Oflstocks Ltd A $60e Pac G&El1stpf 1%. Pac Western Oil.... Pantepec Oil........ Param C Mfg (2.40). Parke Davis (11.40). Parmeles Tran (1%) Penn Mex Fuel (1). Pennroad Corp Penn W & P (2 4 Peop Drug Strs (1 Peo L& P A (a2.40). Tepperell Mfg (8) Perryman Electric. . Petroleum Corp Philip Morris In Pilot RT A (1.20) Pitney B P n(20e) Pitts Plate Glass(2), Polymet Mfg ($1)... Powdrell & Al (3%4). Pwr Corp of Can(4) . Tremler Gold (24¢) Prince & Whitely. ... Prince&Whitely pf 3 Prudential Inv, Pug SP&Ltpf . Rainbow Lum ProdA Tainbow Lum ProdB Refter-Foster (10c). Rellance Manage. ... Reliable Stoes b1% .. Repetti Candy...... » Reynolds Bros Ine. . Rike Kumler. Roan Antelope Min Rockland L & P. Rolls-Roy L.td rets. Roosevelt Field,Ine. 4 St Regis Papef. Salt Creek Prod (2). Schiet & Zan pf 314 Schulte Real Esta Schulte Un 5c-$1 St. Seg Lock & H (50¢) . Seiberling Tuab (1). . % Selected Industrie Select Ind 2d pd 4%. Sentry Safety Cont. Sharp & Dohme. . Shattuck Den Min Sheaffer Pen (13) 4 Shndoah Corp (b6%) Shenan Corp pf (3) Sierra Pac Elec (2) Silica Gelct........ Silver (Isaac) Bros. Singer Mfg (12213). Sisto Fin Corp Sonora Products. .. . outh Penn Ol (2) ., So Cal Ed pf A (1%) So Cal Kd pf B(215 S0 Col Pow A (2)... Southern Corp...... Southland Rov (1).. S W Bell Tel pf (7) W Dairy Products. uthw Dairy I pf 7. SWGas UHll....... panish & Gen rets. 2 Stahl Mever, Ine. ard Motors, StOllof Ind (215). . St Oil of Kansas. ... 5tOfl of Ky (1.60).. Stand Pow & Lt. .. St Pow & Lt pf (7). tarrett Corp. tarrett Corp p e Sterchi Br St (1.20), Stinnes (Hugo) Stutz Motor Car un Inv. .. un Inv pf (3).. Sunray Oil..., S[wift & Co (8). Swift Intl(2), Syrac Wash M B (1) Taggart Corp Tampa Electric (12) Teck Hughes (30¢) Thermoid Co «2). % ieiwold eum pf(7) Third Nat Inv (1) Thomp Prod A (f mp-Starrett Phomn Star pf (31g) Tohaceo & All Stks. . A Tonopah Min (15e) . . 1 28% 28 284 88K | 49% 30 Transamer n ($1.60) Trans Afr Trans.... Tran-Lux DLPSA. Tri-Cont Allte ‘Tri-Continental Co! Tri-Cont Corp pf (6) Tri Utilities. ... Tub Art 811k B (10). 2608 47 e ‘Tung-Sol Lamp (2).. Sales— Add 00. Open. High. Low. Close. 1 1 1 7 14 8 1 1 o BaomanaBuou~onh » BB Bna aRawo S_ o » Suinonon-Eaman aTalu~na o= Sromn 1 B e L LR T 50 121 BAONN~ AND SN AR - a ATHBOHNAR IR ANN BN WO AN NP AN AN TRN RO LB D e PR ASANS~ NEARRACIN SN 8 - aqmas 4 3% 491 51 16% 14% 1084% 17 57 181% 3414 327 325 80 5% 2414 16 1 26% 6 75 55 37% 13%, 4 17% 487 A 181, 17% 1% 13% 631n 12% 8% 8% 28% 100 3% 493 51 15% 14% 111 17 63 181 341 A% 4915 51 14% 14% 108 17 554% 17% 344 30 32% 80 BL 23% 16% i 258 6 75 52% 1341 32% 14% 627y 124 84 8% 274 9% 47 3% 49 51 148 14% 107 1341 a2m 4% 634 12% 810 8% 27% 991y 52% 2691 2691, 269 30% 20 ' 1929 Low. 27 48% 31 Stock and Dividend Rate. Ulen&Co.....o.0n Union Amer Invest. . Un N G Can (11.60).. Union Tobacco. ..... United Ch pt pf (3).. United Corp war. United Dry Dock Tnited Gas Co. MitL&P A (6 nit P&L DL (6).... nited Molasses Ltd ‘nitedMilk Prod. nit Reprod A. . nit Reproducers B. U S Dairy B... U S Fininshing (32). U S Foll B (1). U S Gypsum (1.60).., US&InSctf (2%4). USLines.......oc0 Unit Verde Ext (4) United Wall Paper. Utah Apex (50¢c). Utility & Ind. Util & Ind pf (1%4) Util Power&Lt(3$1).. Ut P& L B ctfs (31). Utility Equities. .. Vacuum (4).. Vam Camp Packing. Bales— 6 1 Mo SenEaSa 93980 P T LT = Sed ) Add 00. Open. High. Low. Close, 27% . 1929~ Low. 86 43 9 2 26% 11% 2874 48 36 2% 42 22% 27% 48 36 287 48 36 2 42 21 1% 325 asm | 101 301 9 13% Vogt Mf, Walker William 26 36 % 2% k. 11 1% Mid West Pennroad Zonite Pri 8toek and Dividend Rate. Van Camp M pt(7 Veeder Root (2%)... Vick Fin Corp. Va Railway v.t.e. Citles Service Comm Edison. Det. Edison. Grigsby Gruno Kreuger & Toll... Sierra Pacific. United Gas Imp...Dee. 31 PINANCIAL:’ Sales— Add 00. Open. Nigh. Lew. 17 17 17 4% 10% g Co (2).. Waitt&Bond B 1.40,. (H) (1) Walker Minin )e s R C (1.40). Winter (Benj)... Woodley Petroleum. Worth, Inc A.. Zonite Prod (1.60). RIGHTS. 1% Am Cynamid. 3% 3% 3% 1 1 1W % % % 30 30 30 37 364 364 W% % % M1 1% 10 9% 10 1% 1% 1% 1% 1% 1% 1 1% 18 WA W 1h Util(pr) .Nov. 15 Nov. 19 .Nov. 14 oducts. ..Nov. 11 Markets at a Glance NEW YORK, October 26 (%).—Stocks heavy; General Electric falls 8 pothts. Bonds, steady; investment issues firm in quiet session. Curb irregular; Electric Investors drop 6 points. Foreign exchange easy; sterling off moderately. Cotton barely steady: Southern selling. Sugar holiday. Coffee, holiday. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. October 26— Poultry _alive—Turkeys, pound, ~ 40: Spring chickens, 23128; Leghorns, 2325 old hens, 23a3l; Leghorns, 18a22; old roosters, 18a20; ducks, 20a23; guinea towls, each, 40a65; pigeons, pair, 25. Eggs—Receipts, 314 cases; native and nearby firsts, 48a52; current receipts, 42043; hennery white, 58a60. Butter—Good to fancy, creamery, pound, 42a48; ladles, 35a36; store packed, 28a2815; rolls, 31a32; process, 40241, Electrical Firms to Merge. NEW YORK, October 26 (#).—Direc- tors of the Claude Neon Electrical Prod- ucts Corporation of Oregon have au- thorized consolidation with the Claude Neon Electrical Products Corporation, Ltd., of Delaware on the basis of three shares of the Delaware company's stock for five shares of the Oregon company. e CHICAGO STOCK MARKET. Special Dispatch to The Star. CHICAGO, October 26.—Following is a report of today's sales, high, low and closing_ quotations, on the Chicago Stock Exchange: Sales STOCKS in hundreds High. Low. Close. 7 Abbott Lab. 0 2 Acme 7 Adams Rovaiiy ..} 1'Addressograph In Cp 4 Ainsworth M(g Corp 6All Amer Mohawk 4Allied Mot Ind... . 1 Allied Mot Ind pfd 12 Am Com P A.... 2 American Equit 2Am Radio & Te 13 Am States P S. FArt Metal.. 1Assoc Appar ‘Tnd 1 Assoc Inv Co. 9 Assoc Tel U] 5 Atls _Stores 7 Auburn 35 Bendix 3 Binks : 5 Blums Inc wi. 44 Borg Warner TBrown F & W 13 Brown F & W 6 Butler Bros. . ... 1camp W& G Fidiy. 3Gastle A M 3Ge Co ‘M. 18 Gent I _Sec 18Cent P 8 Corp A & 8 W Ut 1Cent & 8 W U pr. . 1, Ghi City & C R pfd 101 Chicago Corp 23 Chicago Corp i 2Cni Plex Shatt.. Ghi ‘Investors Ghi Investors 'pid. 3 Chi Yellow Cab. . 103 Citles Serviee. .. . 1Gity Radio Stores 8Gity Service rts. .. Commonweaith Ed. . 30 Comwith Ed rts ) 2 Commun Water Serv 18% 40 Gont Cht Corp ctfs.. 80 30 Cord Corp 22 1, Grane Co ptd. 1 Corp Sec_ctfs 1 Dexter Co. .. 5 Elec Househol 2 Empire G & P 65 pid. 1 Emb G & F s pld.... T e 13 Foote, ' Géat 8Gen Thea Ed 4 Gleaner Com 3 Gt Lakes Aireraft . 149 Grigsby Grunow ..\ ! 1 Hall"(WOF) Brint C6 2 Harnishfeger Cor. 2 Hort Carter pfd 1 Hormel G A & Co 27 Houd-Hershey A . s Houd-Hershey B . THussn Ligon 11 Tils Brick .. 28 Iniand UUIA’DD &1 Insull vt Tov 1 Insull Util Iny 2 13 Tron Fireman MIg . 1 Katz Drug ... . 2 Kelloge Swifch 00 3 Kendail Radio Tubé . 3 Keystone Stl 2 Laie Drug 1 Lehman Corp 7 Libby MeNeil .0 1Lincon Printing © 13 Lincoin Prie pfd .. { Lindsay Light . 19 Lion ONl Ref Co 2 Lynch Glass M1x 3 Manh-Dearborn 2 McGraw Eiec ¥ MeQuay Narris 4 Mid West UL 194 Mid Weat ULl 5 Mid West UUI rts ] Mid West Util 65 pid 109% NI West Ut 8 prd 11920 Co a 1090 11954 Battery pfd Elec Pow A Nat Sec Inv. Standard Un Radlo Noblitt Sparks North Am Car.... NoAm G & E CoAll Peoples L 1 Pertect_Circle 7 Pines Winterfr 1 Polymet Mg : 12 Pub Sery £100 com.. 15 Pub Serv no par ' Quaker Ont 8 Raytheon Mg 2 Reliance Mfg Co ' 3 Rollius H ¢v pfd.... 1Ross Gear ... ... 1 Ryerson J '’ 8on ‘Iné 25 Seaboard UL .. ... 2 Sheflield Steel *. 1 2 8ignode 8L 8 vid. . 8o Colo Pow A .l Stand Dredging Co gStand Dredg Co_ pfd 3 8tand Pub Ser Co A te C Radio. ... Maid Corp & Co wirt Intl [0 Thompson J' R 12 Time-O-8tat A 11l Tri Utilities Corp 5 Unit Corp pid .. United Dry Docks 14 United Gas Co 16 Un_Reproducers 17U 8 Gypsum Un Sts Lines . U 8 Radio & Tel . 23’ Utah Radio Prod 5 5 18 util & Indus Cor . ‘ 9 Util & Ind Cor pidl 3 347 UMl P & LA a1 igW P Ln'y 21Y, 12 Van Sicklen A'. ] 27 § Viking Pump . " 2 Viking Pump pf 1vortex Mfg A FWARI .oy 13 Warchei Cor pid 1. West Cont Ut A ... 1 Wex(ark Radio Stores 2 Wieboldt_Stores 3 Winton Engine 1 Wolverine Cem 7 Yates Machine Bid.. Zenith Radio 30 ‘Total sales, 200,000 shares. Sales ‘BONDS. in thousan byih 51 ine T4 170 1 2 ! i 3813 BREENTE! B, BEeEemeo s % 7 |cent rediscount rate which has ob- | 4 | fair deduction that this was not asked BY CLINTON COFF) Associated Press Financial Writer. Considerable light on one of the most puzzling features of the stock market boom of 1928-29 will shortly be fur- nished by the Federal Trade Commis- sion. The puzzle relates to the situation behind the extraordinary and persisting price advances of the great body of stocks in the public utllity holding class, the scope and speed of their merger proceedings and the complex financial structures resulting. There are few peo- ple who have much notion of the facts as a whole in this zone, but the com- mission’s corps of economists and ac- countants, mobilized in compliance with a Senate resolution to investigate the whole matter, is now winding up work and will be ready to report some com- prehensive data within a few weeks. Though details will not be disclosed until the commission calls its witnesses in open hearings, men who have been engaged in the work have developed some of the broad principles which un- derlies both the stock market perform- ances and the swift spread of merger. t will probably be found that each of the great holding companies, typi- cally, in acquiring control of an oper- ating subsidiary, bought common or voting stock only,” said W. T. Chant- land, one of the commission's special attorneys in the work. “Then the oper- ating company, characteristically, pro- ceeded to finance its own expansion by the sale to customers of preferred or non-voting stocks or, in some cases, bonds, nearly all of which were in the fixed return class. The central hold- ing corporations maintain generally merely ownership of the majority of oufstand)ng common stock in an enter- prise.” This is the situation that somewhat explains the paradox frequently noted, that public utility securities of the holding company class have been able to pay 10, 12 and 15 per cent returns to shareholders, though the business is strictly regulated by State commissions to prevent, in general, the earning of more than an 8 per cent annual return on the value of property put to public service in operation. The public regu- lation, in the first place, does not apply to the central holding corporations, but to the operating subsidiaries. Then the typical operating subsidiary has its in- vestment represented half by 5 per cent bonds and 40 per cent in the form of 8 per cent prefered stock, with but 10 per cent in a common voting stock. The distribution of -the operating company’s lawful 8 per cent return among these three classes of securities allows some remarkable rates of dividend to be paid on the small issues of voting com- mon stock, which is what the holding corporation holds. Further, as the commission agents are finding, with the utility expansios ticularly noted in the electrical branch, there is continuous expansion going on, and this is financed almost al 'S by more fixed interest issues, mostly sold to customers. The trend has been to keep the common stocks at the apex of the operating corporation financial structure continuously bearing a smaller ratio to the outstanding issues of fixed return securities underlying them. There is a fine tangle to follow through, the commission economists have learned, before the problem can | be worked out as to any one of the score or more of great holding concerns, but the principle they are sure is fairly generally exemplified in all the oper- ations. Ir the last 24 months holding com- panies getting control of operating utilities have been willing to pay as- tounding prices for needed majority shares, because of the confidence of the operators that when control s orce attained future expansion of busi- ness would justify the costs. It now remains to be seen whether that out- look will continue to dominate. At any rate, the coming hearings will picture the situation as it stands. One miror detail of the tariff wrangle has been holding up the installation of a new American Ambassador to France, but it is clearing up now. Sen- ator Edge, Republican, New Jersey, who is President Hoover's selecti for the embassy, feels that he can't take up the diplomatic career until the Senate votes on the tariff schedule on_earth, | earthenware and porcelain. Having | acted as chairman of the subcommittee which framed that particular schedule, it is understood that the Senator held himself resporsible for getting it votea on before resigning. The vote is now expected to be reached within a week. Since New Jersey bulks most im- portantly in the earthenware industry the Edge attitude is quite understand- able. A comparison of the schedule with terms of the presext law indicates that the new bill, if the Senator's| schedule is accepted, will leave duties | much the same as they have been on the line of goods treated. | | Through all the tremendous down- | | ward rush of stock prices on the ex- | changes in New Yoik and elsewhere | this week the membership of the Fed- | | eral Reserve Board continued to main- | | tain close communication with banking | | leaders, but apparently never got a re- | | quest for positive action. Much cur- | | rent comment was that the board would bring about a reduction in the 6 per | tained at the New York Reserve Bank | | since last Summer, but it is a pretty |by the New York banking community. Few observers doubt but that the | Thursday noon meeting of bank presi- | dents at the office of J. P. Morgan would have received any Government aid under the circumstances that they might have asked, and since no rates went down, it is pretty certain that rate reduction wasn't sought. | There is rather slight room in the | history of the Reserve System as an in- stitution for anticipating use of redis- count rate changes as medicine for a | panicking stock market. In the tradi- { tion of central banking cutting of in- terest rates in periods of depressed busi- | ness has been resorted to with good re- | sults on_several occasions, but official | CURB BOND LIST Sales in thousands. B 15 Ala Pow o1 10 Ala Pow 5s 5 Alum Co Amer 53 6 Am Cq ' 418 35855 e I m Seating 85 ‘36 ppal El Fow 5 k P & L 8s ' o S eengESSenttseaise Son FEFETITEIE TR MR 3Cit Ser Gas 5las 5 Chilas 5s /33, 1Cit Serv S8 88 3 Git Ser Gas 5!, 8Cit Ser Pow 5 1CLEL Illum 53 A 1Cl El Tllum 7s 41, 5 Cons Tex 8s '41. 2Contl G & E 53°A''58 88 1Contl Ofl 5ies '3 & FF ot £ P LRSS SR A 282330888 0s: ‘airbanks Mor ed Wat Ser 3 st Cot M1l 88 restone T & R 55 '42 isk Tire 8138, ‘3.... 1 Fla P & L 53 82 Gatineau Pow 83 b o4 GonAm Thy se A 153 3 n Am In 3 Gen Rayon 6s '48 2 11 Gen Theaters 6s '44 % 22 Georgia Pow §s ‘6’ 7% 16 Ground Gr Sh 6 ‘44 983, 6 Guit Oil Pen $s '37... 100 13 Guit Oil Pen 83 '47. 100 6 Hood Rub 5!3s '3 3 Houston G G 7 Houston G G, 21 Hygrade Food n 2 intersta Pow 55 ' 58 - - e t £ ek k) 2012. 102 3 Kop Gas 5547 “22"': ki 3 Lehigh Pow 6sA2026. 1 Lt 63 45 d 5 Memphis Nat Gas 7 Miss Riy Fuel 6s & Co_1% ¥, P TOPOs. 1oy i 103% ' o 8 13 " o B 931 100 * 100 inider Pa uthe P Sou Ca 5 20 20 ] 2 Stuiz_Mot" 7' 98un Ol 828 & Co P &L 5 Tneimoid s '3 e S cnn S s gdgccaccacc: enster Mil 6135 '3: 2 Westv Chlor 8135 '3 7 West Newspaper 65 Sales in thousands. FOREIGN BONDS, 27 Bank Prussia 6s ' o7 3 Bhenos ‘Avvcs 35 /33 uban Tel 728 ity of St Prus 6s '52. 10 Gelsen Min 6s '34.... 3 Ger Cons Mun s 47! 18 Ger Cons Mun 6s "47 1Hambure E 7s '35 2 Hamburg E 81,3 '3 15 Tearco Hyd El 7s '3: 21Indt M Bk Fin s 15 Insarco Hyd EI 1s 71tal Superp €3 '63. 1Juko Sta M Bk 75 ‘37 1 Mor Bk Chile s '31. 1 Mor Bk Chile 65 '8 3 Nippon Elec 6'as '53. 4 Ruhr Gas 6'as A '33. ww—With warrants BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, October 26.— Sales. = 230 Arundel Corporation ... 141 Baltimore Trust Co 80 Black & Decker com 3 Black _& Decker < 2C & P Telephon 25 Commer Credit com . 12 Century ‘Trust ...... 1 Consolidated Gas 55 com pid A 1 100 Consolidated Coal com . 100 Delion Tire & Rubber 32 Drov & Mech Nat Banl 302 Eastern Rolling Mills com. 8 Fidelity & Deposit Co. 100 Finance Co of ‘Americ 40 Finance Service com 25 First National Bank - 3 Manufacturers’ Fipance 5 Maryland Casulty Co . 115 Merchants & Miners Tra) 50 Mt Vernon-Weodbury Mil nk of itjmere 18 Dimon® Fruct g il G0 Bld 23 Uniited Rallway & 123U 8 Pidelity Guaranty 50W B & A Railway com.. BONDS. 3000 United Railw: & Electric 1st s Klee inc y 1s 5 MASTER GETS ASSISTANT. LONDON (N.AN.A)—The master ot the royal household, Sir Derek Keppel, 87 3 2 | Washington has repeated many times | this week the view that the stock mar- | | ket and its tragedies are something | | separately considered {rom general busi- | | ness, Also, the most recent and up- | ward adjustments of central bank rates lin the United States have been delib- erately made by the board, with the! | approval of the general banking world | for the understood purpose of quicting down stock markets and haven't been singularly successful in effecting the purpose.” It was speculative irony that market traders most hostile to Feserve Board policy Jast Summer were moved O:hbakm' lp from it in the latest recently had a deputy appointed to re- lieve him of some of the burdens to re- strenuous office. One of his tasks is to deal with every servant in the King's palaces and houses. He also has to superintend all the menus, and in ad- dition he must tackle daily that lem which is the nightmare of diplo-' mats—the placing of guests at table, ‘The new deputy master is Sir Hill ! resolution adding iR © BREAK IN STOCKS AFFECTS BUSINESS New Financing Will Be Cur< tailed on Account of Drop in Market. Special Dispatch to The Star. NEW YORK, October 26.—The col- Iateral effects of the most serious stock market decline since 1914 are now deeply concerning Wall Street and the business interests of the tountry, It has been for months the opinion of bankers, who have stood aside and ‘watched the zoeuhfiu fever run I course, that there would be no halt in industry so long as certain sections of it were being fed on ts, actually taken or available to ke, in securities. They nave felt, how- ever, that as soon as the public was unable to make mone; n speculation there would soon be wit« gud wl decided decline in the eoul;: 's buying power, e: y as had previously been applied to luxuries or to non-essentials. Effect on Gold Movement. ‘The second effect of liquidation which. leases funds and reduces interest r-mhlmnytohnminudung rates to the point wher 4 will to land and ce. The one needs it, the other already has & large surplus of it, as has the United States. It is now more profitable for the foreign lender to kéep his money at home, with the English bank rate 1, per cent and other Continental markets ranging from 6 to 7 per cent, than to lend it out on call here. With time money rates in New York drop- g:n down steadily, the incentive to .li‘tm 30 to 90 day maturities has a gone. A third consequence of the tre- mendous depreciation in stocks is the closing of door for a considerablt period to rew flmncln{‘throulh the medium of common stocks or preferrea shares convertible into common. This movement has been much overdone, as in the first nine onths of 1929 70 per cent of all the new offerings were n stocks, as against 30 per cent in bonds. In the three months to September 30 the great output of trading company shares filled the market for securties to overflowing. As these same issues have this month declined arywhers from 25 per cent to 40 per cent, and in some instances to 50 per cent of o e ap) curities of this type has been abun- dantly satisfied. Drift to Bonds. Out of this last situation there may develop a market for bonds and pree ferred stocks of broader proj ns than any witnessed since the early pard of 1928, though it is doubtful if the public that has been strongest numeri- cally in the stock market for the last two years is of the type to interest itself very deeply in the fixed interest securities. Encouragement, however, ia being given for the purchase of sound securities, and as an aftermath of %44t | Thursday's break advertisements ap- peared in many newspapers throughout the country today recommending the buying ef bonds and other good invest- ment_ issues. Since the early part of ! this month the bond average has ad- vanced nearly 2 points during a peried in which the stock market declined an average of nearly 65 points. Conditions in markets outside of New York have given bankers here a great deal of anxiety whenever a major break occurred, for it is recognized that many local securities have a restricted mar- ket and have been mainly financed by local banks and are generally in about as “frozen” a condition as real estats mortgages. Practically every interior market Thursday. as well as every mar- ket in Furope, was demoralized when the state of affairs in New York be- came known. Political Aspect. On the political side of the collateral effect of what has happened in Wall Street this month will be an intensifiea~ tion of the demand for an investigatio of the Federal Reserve System #nd eon- ditions that make possible the mount- ing up of brokers' loans. This is likely to eause a further searching into the relations between public utility holding companies and their operating subsidi- aries, in view of the fact that in no section of the market have the eon- stitueney of the politicians suffered so greatly as in the shrinkage reeently in the shares of most of the new power and light holding corporations. This up ienced declines ranging mm'lblalopolnm In some cases they are today selling at only 40 per eent of the prices of a few months a; or soon after the most outstanding the consolidations were effected. VIRGINIA POTATO CROP YIELDS MORE MONEY ‘The 1929 early potato crop of Vir- ginia, 11,997,000 bushels, and about 25 per cent smaller than the previous year's harvest, brought about twice as much mcney to farmers than the larger crop of last year, according to a recent survey. . Average return to growers was $1)8 a bushel. Price last year averaged 41 cents. The total value of the early potate crop this year was $14,156,000, compared with $6,522,000 in 1928, Acreage to potatoes was 15 per cent less than the former year and poor weather . conditions further reduced the crop. COMPANY CUTS LOSSES. Virginia Iron, Coal & Coke Net Reported for Quarter. Virginia Iron, Coal & Coke Co. re- ports for quarter ended September 30 net loss of $11.920 after interest, de- preciation, depletion, etc. comparing with net loss of $61,011 in preced: quarter and net loss of $27,772 in thir quarter of 1928. Net lcss for first nine months of totaled $39,893 after above chal inst net loss of $95,831 in first ni months of previous year. Income account for quarter ended lsnpumbtr 30, 1929, compares as fol- ows: 1929 3487,073 489,999 ’lnlm ik EOLETT 138.069 63,841 5 437,712 Nine months ending September 30. *Net profit. COTTON DELIVERY POINT. NEW YORK, October 26 (#).—Mobile, Ala,, has been added as a delivery point for cotton delivered on contracts made in the New York market. Announcement was made today that the board of man- agers at a muun{ yesterday adopted a hat city to those now recognized as delivery points, The change will become effective on con- tracts maturing in October, 1930, and Child, a good-looking man, who comes of an old Staffordshire family, and who married Miss Barbara Villiers, fair- haired and attractive niece of Lord WS HiI Onild as bee Ir n & usher for the last twe yuu.“lnou‘:“ no stranger in court eircles. thereafter. Gold Shipment.