Evening Star Newspaper, November 10, 1929, Page 78

FINANCIAL. High. Low. Averageprice of §0 stotks. 211.756 195.69 Same period a vear ago. . 15 Advance Rumley pf. % Ahumada Lead....... 90 Alr Reduction (14%) 25 Alr Wal El Ap(23%). 21 Ajax Rubber. 4% Alaska Juneau. 64 5 Albany Wrapping Paper 11 56% 181 Alleghany Corp. S 118% 95 ~ Alleghany Corp pf(5%). 101 92 80% Alleg Corp pf (5%) 3 W 854% 200 Allied Chemical (6) 125 120% Allied Chemical p 76% 87% Allis Chalmers(new) (2) 50% 28% Alpha Port Cement(3).. 29 31 Amal Leather pf. < 17% Amerada Corp /2) B 4 Am Agricultural Chem. . 24% Am Agricultur Chem pf. 86 Am Bank Note(ft3). 8 Am Beet Sugar. .. 46 Am Beet Sugar pf 28% Am Bosch Magneto. ... 43% Am Brake Shoe (2.40)... 4% Am Brown Bov Elec 184% 108 Am Can (15). 142 136 Am Can pf (7) 81% 35 Am Chicle (2).. 65 20 Am Com Alcoho! 104 Am & For Power pf (7). 86% Am & Forn Power 2d pf. 40% Am Home Prod (3.60)... 29 AmIce(d).. cee 86 Amlcepf (®).......... 80 'Am International (32).. 2% Am La France & Foam.. 98% Am Locomotive (8). % 112 Am Locomotive pf (7).. 147% Am Machine Co (7). 41% Am Metals (3) 112 Am Metals pf 3 Am Plano...... 70 Am Power & Lighi 92% Am Power & Lt pf (6) 70 AmPow&LtpfA(3).. 76% Am P& Lt pf A sta (5)... 28 AmRad & Std San(1%). 37% 156 Am Republics. . 24 28% Am Seating (2)... 3% Am Ship & Commerce... 2 71 Am Smelting & Ref (4). 89% 180 Am Smit & Ref pf (7)... 136 38 Am Snuff (3)...... 35% Am Steel Foundri 40 Am Stores (12%). 61% Am Sugar Refining . 100% Am Sugar Ref pf (7). 26% Am Sumatra (3).. 17 Am Tel & Cable (5). 193% Am Tel & Tel (9). 160 Am Tobacco (110) 160 Am Tobacco B (110) 1156 125 Am Water Wks & E tel) Am W W&E Ist pf (6). 5% Am Woolen. .. 20% tm Woolen pf, 6% Am Writing Pa) 34 'Am Writing Papr pf(3 8% Am Zinc Lead & Sm. Am Zine pf (6)... "162% Anaconda W&C (3). Anchor Cap (2.40) Andes Copper (3). Archer-Daniels (2). . Armour&Co of Del pf(7) Armour & Co of 111 (A).. Armour & Co of I11 (B).. Armour & Coof Ill pf (7) 68 Arnold Constable & Co.. 14% Art Metal (1%) . §5 Associated Apparel (4). Atch Top& S Fe (10)... 245 Atch Fop & S Fepf (5).. 103 ) Atlantic Refining (12) Atlas Powder (15) Austin-Nichols pf. Auto Sales. . Auto Sales pf (3). Aviation Corp, Del Balawin Loco (new) Balto & Obio (7). . Baltymore & Ohio pf (4). Bangor & Aroos (3%)... Barnett Leather Barnsdall (121) Bayuk Cigars (2). Beacon Ofl....... . Beatrice Creamery (4).. 931 Beech-Nut Packing (3).. Belding-Hemingway. ... Belg Nat Rys pf (5.49).. Bendix Aviation (2) Best & Company .. Bethlehem Steel (6) Bethlehem Steel pf (7).. 1 Bloomingdale Bros. . % Bohn Alumn&Bras Bon Ami €0 (15) Booth Fisheries. Borden Co(3). Borg Warner (4)... Boston & Mal! Botany C Mills Class A.. Briggs Mfg Co . Briggs &Stratton (2)... British Emplre Steel. ... British Em Steel 2d pf. . Brockway Motor (3).... Bklyn Man Transit (4). . Bklyn Man Trans pf (6). Brooklyn & Queens. ... Brooklyn&Queens pf(4) Brooklyn Unlon Gas (5). Brown Shoe (3). . Brunswick-Balki Brunswick Ter&! Bucyrus Erfe (1)....... Bucyrus Eriecv (234).. Bubb (EG (t1%). Bullard Co (12). Bulova Watch. Burns Bros Cl A (8) 39 Burns Bros (B).... 96% 29 Burrghs Add Ma(t1.80). 89% 38 Bush Terminal (g2).... 9% ‘2 Butte Copper & Zine 12% 5 Butte & Superior (3). 192% 50 Byera(AM)....... 47% 20 By-Prod Coke (1).. 84% 63% California Packing (4). 4 1 Callihan Zinz & Lead. » 136% 90 Calumet& Ariz (10).... 102 61% 25 Calumet & Hecla (4).... 38% 49% 'zfi 98% Cal y 265% l:'l]% Canadian Pacific (10)... 207 Cannon Mills (2.80 Capital Adm (A). Capital Adm A pf(3). Case (J 1) (6) 4 Case Threashing pf (7). Cavanah Dobbs Inc. Celotex (3) 65% 30 39% 34 Ci RR 3 Century Ribbon Mills 65% Cerrode Pasco (6). s 12 tain-teed Product 81% 47% Certain-teed Co pf. . 80% 18 Checker Cab MfgCo.... 41 279% 181 Chesapeake & Ohio (10). 213 92 50% Chesa & Ohlo Corp (3).. 64% 1 19% 4% Chicago & Alton....... b 26% 5% Chicago & Alton pf..... 23% 7% Chicago Great Western. + 63% 22 Chicago'Great Westn pf. 44% 18% Chicago Mil & St Paul... 68% 324 Chicago Mil & St Paul pf 108% 79 Chicago &N W (5). 145 134 Chicago & NW pt (7) 47% 21% Chicago Pneu Tool. ) b2 110 Ch) Rock island & P (7) 125 02% 95 Chi Rek Isl&Pac pf(8). 997% 109 103 Chi Rek Isl&Pac pf(7). 106% * 50 20 Chickasha Cot O1l (3) 30% 76% 44% Childs (2.40)... 62 85 284 Chrysler Corp (3)...... 38 40 City Ice & Fuel (3.60).. :;:: 7 7% City Stores (1 ®75 295 CCC&StLouls (8),... 225 200 210% 1284 122% 122% 0, 3! 176%x186 115 110% 40% 24 T . 20% 304 115% 140 THE SUNDAY STAR, WASHINGTON, D. C, NOVEMBER . Steck and 85% Cluett-Peab 20% Colorado & Southn (3).. Col Gas & Elec (2)..... Col Gas & Elec pf A (6). 104% Col Gas & Elec pf B (5). 93 Col Gas & Fiec rets f pd. 70 Columbia Graph (87c). . Columbian Carbon (+5). Commercial Credit (2). . Comm Credit A (3) Comm Investment Trust 4 Com Invest Trust war.. Com Inv Ttpf (6%).... 4 Commcl Solvents (n) Com&Sou (b5% stk). Conde Nast Pub (2) Coneoleum Nairn. Congress Cigars ( Conley Tinfoil (sta) Consol Cigars (7). Consol Film (2). Consol Film pf ¢ Consol Gas of N Y Consol Gas pf (5). . Consol RR Cuba pf (6). Consol Textile Container (A). Container (B). Contl Baking A... Cont] Baking B. Contl Baking pt (8). Contl Bank NY (1.20) Contl Can (2%). .. Cont] Insurance (2). Contl Motors (80¢) . Continental Oil of Del Corn Products (13%) Coty Inc (82). Crex Carpet. Crossley Radio Crown Cork & Seal. . Crown Zellerback (1) Crucible Steel (5).. 91 Crucible Steel pf (7).... 107% 1% 320% 119 Cubn Cane Sugar pf. Cuba Company..... Cuban-Amer Sugar. Cuban Dom Sugar. Cudahy Packing (4) Curtis Publish (1614)... Curtis Pubishing (7). Curtiss Aero (1) Curtiss Wright. Curtiss Wright (A). 58% Cutler-Hammer (3% 63 Cuyamel Fruit.. 21% *Davison Chemfeal. . 25 Debenhams Sec(al 59).. 141% Delaware & Hud () 49 Den& R G Western pf Detroit Edison (8).. . 272 33 Devoe & Raynolds (13).. 38 6% Dome Mines (1). T% 12 Dominjon Stor 27% 71 DruglIne (4). 911 2 Dul So Sh & Atla . 2% 3% Dul So Sh & Atlantic pf. 3% Dunhill Internatl (34) 40% 15% Nem (t4%).. 136'% Nem deb (6). 115 96% Duquesne Lt 1st pf (5).. 981 19 Eastn Rolling Mill(1%) 24 162 Eastman Kodak(18) . 205 102 Elec Pow & Lt pf (7) 73 Elec Storage Bat (5) 3% ElkHorn Coal..... 3% Emerson Brantgm A 2% Emerson Brantgm B 4 54 Endicott-Johnson (5)... 58 108Y% Endicott-Johnson pf(7). 109 31 EngPublic Serv (11). 90 Eng Public Serv pf (5).. 84% Eng Pub Serv pf(5%)... 31% Enlull Office Bldg (2%).. Railroad 1st pf (4). Erie Railroad 2d pf (4).. Eureka Vacuum (4)..... 24 Evans Auto Load(32%). 3% Fairbanks Co..... 29% Fairbanks Morse (3) 35 Fashion Park (k234). 86 Fashion Park of (7) 95 Fed Min & Smelt pf ( Fed Motor Truck (80c). . 32 Fed Water Serv A (2.40) 41% Fidelity Phoenix (2).... 83 Filenes (Wm) Sons C Filenes ctfs. 90% Florsheim pf (6) 35% Follansbee Bros (3). Foster Wheeler (1)..... Foster Wheeler pf (7). . Foundation Company. . . Fox Film Class A (4)... Freeport Texas (4). . 99 Fuller (GA)pr pf(81.68) Gabriel Snubber Cl A 67" Gamewell Co (5)..... 3w Gardner Motor. . 81 Gen Am Tank Car (34) 47 Gen Asphalt. 24 General Bronze (2). 324 Gen Cable. .. 120% 70 Gen Cable A (4). 107% 102% Gen Cable pf (7). 7 42 GenCigar (4).. 195% Gen Electric (16). . 24 11 Gen Electric Spec (60c). 35 Gen'l Food Corpn (3)... 70 GanGas&EIlA (e1%).. 76 Gen Gas & Elec B (e1%) 100 50 Gen Mills (13%). 60% 87% Gen Mills pf (6). 33% General Motors (13.30. 117% Gen Motors pf (7). 30 Gen Outdoor Adv A 9% Gen Outdr nv trefs (5). Gen Public Service (b6) Gen Raflway Signal (5). Gen Refractories(14%). Gillette Safety Raz (b Gimbel Bros. it Gimbel Bros pf (7)... Glidden Co (m2). Gobel (Adolph) 2 31% Gold Dust (234). 120 104% Gold Dust pf(6). 105% 42 Goodrich (B F) Co (4) 99 Goodrich (B F) pf (7)... 10 60 Goodyear Tire&Rub (5). 94 Goodyear 1st pf (7). 20 Gotham Hoslery (21%) 4 Gould Coupler (A) 7% Graham-Palge Moto 7 Graham-Pa) 52 Granby Copper ( 43% Grand (F W) Sto ). 90 Grand Stores pf (6%).. 9% Grand Unlon. ... 30 Grand Union pf (3).... 88% Granite City Steel (4). +44 Grant (WT) (el)... 128% 93 Great Northern pf (5). 122% 93% Great North pfetfs (5). 99% 39% 19 Great Nor Ore (a1%).. 26 30% Great Wast Sugar (2.80) 331 Greene Cananea (3 135 Grigsby Grunow (2) Guantanamo Sugar Gulf Mobile & North Gulf Mobile & N pf(6 Gulf States Steel « 56% 12 Hahn Dept Stor 115 80 Hahn Dept Strs pf(6%). 23% Hartman A (2) Hartman B (1.20). 8 Ha Body (b8 % stk) Helme Geo H (17) 33% 25% Hercules Motor (180). 130 89% Hercules Powdr (3). 138 64 Hershey Chocolate Crp. . 138 75% Hershey pf (4) 106% 104 Hershey prior pf 33 15 Hoe R&CoClass A. 51 - 26 Hollanc Furnace (e 93 72 Homestake Mining (17). 52% 17% Houd, -Hershey (1%) 52% 45 Household Fin pf (13.10) 79% 40 Household Prod (14) 109 23 HoustonOll...... 5 82 40 Howe Sound (t4%)..... 58% 34% Hudson & Manhat (314) 84 60 Hudson & Manhat pf(5). 93% 43 Hudson Motors (5). .. 82 18% Hupp Motor (£2) 153% 123 (1linots Central (7). 39% 174 Ind Ofl & Gas (2) 31 (ndian Motor Cycl 13% Indian Refining. 89 177 781% Inland Steel (3%). 89 66% 22 Inspiration Copper (4).. 37% B58% Interboro Rap Transit.. 204 14% 5% Intercontinental Rubber 6% Inter Agri Chem........ 6 inter Agri Chem pf (7).. 57% 149% [nter Business Meh (5). 184% 102% 58 [Inter Cement (4) 5! 108% 8 Inter Comb Eng (8) . 18 Lilebteg g +1L9 41 AR R i R S oo e FRSE # s22 ¥ 9 & 23% 31 167 20% 6 6 83 B % 12 +1 Stock and_dividend. Hizh. Low. Close. Inter Comb Eng pf (7).. 40 inter Harvester (234) 94 Inter Har Int] Hydro Inter Match pf (3.20) Int Mer Marine ctfs Int Nickel of Inter Paper pf (7). Inter Pap & Pw A (2. Inter Pap & Pw B. Inter Pap & Pw C. Inter Pap & Pw pf (7) Inter Printing Ink (23%). Inter Ry Cent Am...... Inetrnatl Shoe. Inter Silver (18) Int Tel & Teleg (2). 4 Inter Dept Stores (2). Interrype Corp (f1134).. Investors Equity(2).... Island Creek Coal (4)... Jewel Tea (4) os Johns-Mansv: 3) Jordan Motor..... Kansas City Southn (5). 4 Kansas City Sou pf (4).. Kaufmann Dept St(1%). Kayser Jullus (4)...... Keith-Albee-Orpheum Keith-Albee-Orp pf (7).. Kelly Springfield. . . Kelsey-Hayes (2).... Kelvinator Corp. 4 Kennecott Copper (5). Kimberly-Clark (2%) Kolster Radio. ... Kraft-Phoenix (1% Kraft Phoenix pf (6%).. Kresge Stores (1.60) Kresge Dept Stor Kress (S H) Co (n1) Kreuger & Toll (1.34). Kroger Grocery (c1) Lago Oll & Transport. .. Lambert Co (8). Lee Rubber & Tire Lehigh Port Cem (2% Lehigh Valley Coal Co Lehigh Val Coal pf(3) Lehigh Valley (3%).. Lehn & Fink (3). Libbey Owens (1). Liggett & Myera (15). Liggett & Myers B (15). Lima Locomotive. .. Link Belt (2.60). Liquid Carbonic (+4%4). Loew'e, Inc (13%).. Loew's Inc pf (63). . Loew's Inc pf x w (634). Loft Incorporated. , Long-Bell LumbCl A Loose-Wiles Bis (2.60). . Lorillard Co. % Lorrillard pf (7) Louisfana Oi1 Rrei LoulsGas & El A (1%).. Louisville & Nash (7)... Ludlum Steel (2)....... Ludlum Steel pf (63%).. MacAndrews&F (12.85). McCall Corp (4). McCrory Stores B (2)... McCrory Stores pf (6) waraena~ sxE"2F% Weamnan & McKesson&Robbins(2). MecKessn & R pf A(3%). McLellan Strs A(m20).. Mack Trucks (6)....... Macy (RH) & Co (c13).. Madison Sq Gar (1%)... Rk 222 ss Market St Ry prof..... Marlin Rockwell (13%). Marmon Motors (4). Martin Parry........ Mathieson Alkill (e2). May Dept Stores (c2). Maytag Company (12) Maytag Co pf (3). Maytag Co 1st pf (6).... Melville Shoe (1.40). Mengel Company(2).... Metro Goldwin pf(1.89). Mexican Seaboard. Miami Copper(4) . Michigan Steel (13). Mid-Continent Pet (2 Middle States Oll. . Middle States Ofl ¢ Midland Steel pf (112).. Miller Rubber. . Minn&Honeywell(13%). Minn & Moline. Minneapolis & St Loul: MinnStP&SSM. Mo Kan & Tex. .. Mo Kan & Tex pf (7) Missour! Pacific. ... .. Missour! Pacific pf (5).. Mohawk Carpet (12%).. Monsanto Chem (g1%). Montgomery Ward (3).. Moon Motor (new) Morrell & Co (3.60). Mother Lode (40c) Motor Meter Gauge Motor Products (+10). Motor Wheel (4)..... Mullins Mfg. o Munsingwear (+31 [ O o 1 T B TR e T T N 4 Murray Corp (k3) Myer (F E) & Bros (2). Nash Motors (6). . National Acme (1%) Nat Alr Transport. . Nat Bellas Hess (31) Nat Bel Hess pt (' t Biscuit (1714) Nat Biseutt pf (7). Natl Cash Reg A (t Nat Dairy (2) Prod NatlEnameling (2) Natl Lead (5)... Natl Power & Lig] :}Ml Radiator. . Natl Surety (5) Nat Tea Co (2). Neisner Brothers. . Nevada Copper (3) Newport Co A (3) Newton Steel(3) N Y Alrbrake (3 'hi & St L pf (6) ek & Hartford (5). Raflways pf... . folk Southern (2%). folk & West (110). .. North Amer (b10 % stk) . North Amer pf (3). North Am Edison pf (6). 4 No German Liloyd (3.41). Northern Pacific (5).... Northern Pacific cfs(6). Norwalk Tire& R...... Ofl Well Supply........ OliverFarm Equipment. i Oliver Farm Eq pf A(6). Otis Steel (234). . Otis Steel prior pt (7). Owens-111 Glass (4).... Pacific Gas & El (2)..... Pacific Lighting (3). Pacific OIl Stubs. Packard Motor. Panhandie Prd&Ref pf. . Paramount-Fam-La (3). Park & Tilford ($3)... Penney (J C) Penney (J C) P F m pf Penna Railroad (4) People’s Gas Chi (8). Pe =8 'hiladelph! Phila & Reading C& I.. Philip Morris & Co (1) Phillips-Jones (3). Phillips Pete (1%) Phoenix Hoslery. AR _an-wma PePRsEUR FEECUET L+, . Stock and dividend. Plerce Petroleum. . Pillsbury Flour (12%). . 434 Pirelli of Italy A (2.88), 541 Pitts Coal 831% Pitts Coal 20 Pi 20 100 Pitts & West Va (6. 25 Poor & Co (B) (2). 59% Porto Rico Tobac A (7). 9 Porto Rico Tobacco B... 99 Postal Tel & Ca pf (7). 40% Prairie Oil & Gas(+2%). 45 Prairle Pipe Line (1414) 7 Pressed Steel Car..... . 61% Pressed Steel Car pf(7). 60 Proctor & Gamble (2).. 4 Producers & Refiners. 64 Public Serv N J (2.60). 95 Public Serv N J pf (5) 103% Public Serv N J pf (6 117% Public Serv N J pf (7) 145 Public Serv N J pf (8) 105 ' Public Serv E&G pf ( 75% Pullman Co (4) 9% Punta Alegre S 21% Pure Ofl (134). 55 Purity Bakeries 26 Radio Corporation. . 50 Radio Crp ofAm pf(3%) 64 Radlo Crp of Am pf B(5) 12 Radio-Keith-Orph (A).. 24' Rallway & Express (2).. 71% R R Sec 111 Cen ctfs(4). . 34 Raybestos Manhattan. . 101% Reading Rallway (4) 41% Reading 15t pf (2). 43% Readine 2d pf (2). 40% Real Silk (5).. 5 Reis (R) & Co. 50 ' Reis (R) & Co 1st p: 27 Remington-Rand....... 85 Remington-Rand 1st (7) 93 Remington-Rand 24 (8). 10% Reo Motor (11.40). . Republic Ir & Steel (4).. 107 Republic Ir & St pf (7). 5% Reynolds Spring. ! 50 Reynolds Tob B (2.40) 46% Rhine West E P (1.92) 20 Richfleld Of1 (2). Rio Grande Oil (k2). Ritter Dental (2%4). Am(2.20 1 Dutch (23,20) 100 Safeway Stores (3). 42 St Joseph Lead (13). 91 St Louis & San Fran (8). 90 St Louis & San F pf (6). 67% St Louls Southwestern. . 84 St Louis Soutwst pf(5). 25 Savage Arms (2) 8 Schulte Stores. . ... 16% Seaboard Alr Line pf. 10% Seagrave (e1.20).. 94 Sears Roebk & Co($2%4). 1 100 Sec Nat Invest cv pf(7) 3 Seneca Copper. 7% Servel Ine.. 26% Sharon Steel Hoop (2) 50 Sharp & Dohme pf (334). 25% Shattuck (FG) (1)... 19 Shell Union (1.40). 15% Shubert Theater (5) 62% Simmons Co (g3). 18% Simms Pete (1.60). 2215 SinclairOfl (1234). 103 Sinelair Consol pf (8)... 28 Skelly OI1(2)...... & 26 Sloss-Sheffield Stl&Tron. 63% Sloss-Sheff S&1 pt (1) 4 Snider Packing Co 17% Snider Packing pf. 90 Solvay A In pf ww 25% So Porto R Sug (123).. 51 Southern Calif Ed (2). 24 Southern Dairles A. 5 Southern Dairies B 115% Southern Pacific (6 126 Southern Railway (8). 93 Southern Railway pf(5). 85 Sou Ry M & Onlo cfs(4 35 Spalding (AG) (2).. 15 Spang Chalfant & Co. ... 15 Sparks Withington (1). 25 Spencer Kellog (1.60) 241 Spicer Mfg.... 40 Spicer Mfg pf (3). 45 Splegel May Stern Standard Bradns (1%). Standard Brands pf (7). Stand Com Tobaceo (1). 79 Stand Gas& El (3%). 60 Stand Gas & El pt (4 18 Standard Inv Corp (b6 61% Stand Oil of Cal (h2%). 48 Standard DIl N J (12)... Stand O N Y (1.60) 21 Stand Plate Gla 30 Starrett (L S) Co (2) ... 11 ~ Sterling Sec A)..... 11% Sterling Secur pf (1.20). 31 Sterling Sec cv pf(3)... 30 Stewart Wamner (34). 2 8% Sweets Co of Am (1) 4 Symington. 9 Symington Cl: 16% Telaatograph (11.05). 10 Tennessee Conper (1)... 501 Texas Corp (3).. 45 Texas Gulf Sulphur (4). 115 Texas & Pacific (5)..... 9% Tex & Pac Coal & O(b5). 6% Texas Land Trust...... 16% Thatcher Mfg. 35 Thatcher Mfg 3114 The Fair (2.40). 7% Third Avenue.. ... 30 ThompsonJ R (3.60).... 12 Tidewater Asso Oil.. 80 Tidewater Asso pf (6). 88% Tidewater Oll pf (5). 11% Timken Det Axle(t80c). 70% Timken Roller B (3). 1 Tobacco Products 1% Tobacco Prod ctfs. 7 Tobacco Products A. 6% Tobac Prod ctfs A 1.40. . 3 Tobacco Prod dv ctfs A. 3 Tobacco Prod dvctfs B.. 5% Transcontinental Oil. 22 Transue & Willlams (1). 32% Trico Products (2%)... 14 Truax Traer C (1.60) 839% Truscon Steel (1.20). 28% Tiwin City Rapid Tr (4). 86% Underwd-Elllott-F (4).. 10 Union Bag & Paper..... 65% Un Carb & Carbon (2.60) 43'% Union Oil of Cal (2) % 200% Union Pacific (10). 80% Union Pacific pf (4) 121% Union Tank Car (5) 40 Utd Alrcraft & Trans. .. 50 Utd Aircraft & Tr pf (3) 35% United Biscult (1.60) 114% Upited Biscuit of (7)... 224 Utd Business Pub 41 Utd Carbon (2) 4% Utd Cigar Stores. 1 Utd Cgar Stores ct: 42% United Cigar pf.. 243 United Corporation 44% United Corpn cum pf(3) 16 United-Elec Coal (3).... 99 United Fruft (c4) . 22 Utd Gas& Im (1) 2 90% Utd Gas & Im pf(5). 7% United Paperboard. . 20 United Piece Works. ... 96 Un Pc Dy Wk pf (6%) 614 United Stores Corp..... 29 Uniied Stores Corp pf.. 10% U S Distributing....... 1% U S Distributing pf (1) 2 US Express o 20 US & Forelgn Secur. ... 88% U S & Foreign Sec pf(6) 95 U S Freight (3), 25 U S Hoffman (2) 115 U S Ind Alcohol (6) 815 US Leather. ... 16% U S Leather A (4) 4 90 US Leather pr pf (T)... 12 US Pipe & Fdy (2). 15 US Pipe&Fy st pf 1.20 18% U S Pipe&Fy 2d pf 1.20. 57 US Realty (5) 15 U S Rubber. 44 U S Rubber 1st of . 29% U'S Smelt Ref&M(3%).. 48 U S Smelt REMpI(334). 161 U S Steel Corp (18) 139 U S Steel pf (7). 60% U S Tobacco. 34 Universal Lea 3 Univ Plpe & Rad 28 ,Utll Pow & Lt A 314 Vadasco Sale: 59% Vadasco Sales p 484 Vanadium Steel (t4) . 33 Vick Chem Co (2%) 31 Virginia-Caro Chem 15 Va-CaroChem 6% pf. 70 Va-Caro Chem pf (7)... 88% Wabash pf A (5).. 22 Waldorf System (134) 23% &;"""’""c' (1.20).. 4 90% 166% 171 4 139% 139% 61 61 10, 1929—PART FIVE, % ducted in 1906. Eight of us were in 48 39% - 14% 53% — 1% 110 -25 FINANCIAL. WALL STREET POOLS BY A POOL MANAGER, AS TOLD TO JAMES ABELLE. i CHAPTER I substantial buyers will be under nn illusions as. to. the proper fumction of Taking the Curse Off Wall Street.| pools and speculators. is the first of a series of ar- g Maib{lng in detail the methods used at the present time by the large pool operators in the stock market. Actual pools of recent months will be analyzed, showing ez- actly how the pools are formed, how stocks are selected for pool trading, how accumulation is managed, how public interest is aroused, how prices are advanced and how distribution is accomplished.) My first pool operation was con- | the pool, all runners and phone boys employed by brokers on the lod out- door Curb Market. The pool capital was $3,000 and the entire “operation” was begun and concluded in less than two hours with a profit of $500 each for the members, It was an “insideers” pool, too; one boy was told by the presi- dent of a small corporation that the stock would be run up on that particu- lar morning. No one had to advise us when to sell. We hadn't worked in Broad street with our eyes closed and we knew that it didn't pay to be a hog. Back in those old days when you had 100 per cent profit you took it. Unfortunately this transaction was too widely advertised. My firm was told of it and I lost my job. Thus I learned the lesson that the publicity given pool operation should not be burdened with too many details of names and figures. Pools and speculators are necessary; they perform a vital function in our American economic system, which has produced the greatest prosperity any nation has ever experienced. But on more than one occasion since 1906 I have observed that when speculators become too important, when too ro- mantic ideas of the speculators’ place in the universe are entertained—there is always trouble ahead. Doubtless a number of readers have noticed that hero-worship of the “bi Ll leaders” has considerably abate since the 24th of October—when 12,000,000 shares of stock were traded, under panic conditions, and the “great- est bull market in history” passed wholly Into the realm of the historian. Since that date it is better understood that influence prices. And they cannot long maintain prices above the levels which are justified by current earnings and dividends. Went Broke Same Way in 1907. ‘The same disillusioning experience has been repeated several times during my years in Wall street. In 1907, in 1920 and in 1926 I witnessed similar reckonings, not to mention the re- adjustments of the war period. ~After the 1907 smash I found myself “flat broke,” and I had large opportunities for serious thought before I was agal permitted to regard my speculative al 10% ~ 3% 17% - o% | 93 18% - bil- itles with even a mild enthusiasm. And it is safe to say that the majority of successful speculators and pool man- agers have, at one time or another, paid a similar tuition fee before learning that all stocks cannot advance all the time, not even all “good stocks.” The attitude of men on the Street toward such unpleasant lesscns is that, if the information so gained is remembered, it is worth whatever it cost. ‘What should also be remembered at times like the present is that the big market break was only possible because for three years—{rom 1926 to 1929— thousands of people made millions of neighbors on every side gaining profits in ways which seem very easy to the unitiated, it!is altogether natural that people should endeavor to “grab a share of manna.” d many so drawn into the market have insufficient expe- rience to make wise investments, to say nothing at all of the experiences neces- sary . for suc speculations ‘“on m: E Yet during the last three years thou- sands of such “amateurs” have specu- lated—and made money. As their profits grew their hopes expanded in proportion, and they were utterly lack- ing in adequate knowledge to protect themselves. They bought siocks solely | use were “going up.” Hav- ing luckily made money on this prin- make it the same way forever; and, of course, the pools always take advan- tage of such situations to furnish ad- vances as , with the inevitable result that investors of experience de- sert the market. And then the day of reckoning speedily arrives. Investors for Income Not Hurt. But behind these factors lies the more | important fact that thousands of careful and less excitable people have discovered | the opportunities for sound investments made possible by the expanding pros- perity of the United States. This ex- panding prosperity would be impossible were it not for the maintenance of ac- tive markets for securities. Without these active markets it would be im- possible to secure the capital necessary to finance our gigantic and growing business. And thousands of experien and far sighted investors have profited continuously, not only in the last 3 years, but for the last 50 years, by purchasing sound income-bearing stocks at times when such stocks are available at prices to yield an attractive return in dividends. These solid investors are increasing year by year, and they vastly exceed, in numbers as in resources, the stockholders who were “wiped out” in the recent’decline of the stock market. And these wiser investors bought many stocks, and will buy many stocks, from the pools and speculators. They will buy good stocks from the pools for the same reason that the recent ‘market public bought overboomed stocks from the pools, use the Is will The wiser heads know that the specu- lative interests in the stock market are. merchants, never anything more and never anything less. When you want cash for your stocks you can sell on the instant. Some speculator is always willing to take your shares in the hope that he can resell at a profit, Likewise, when you wish to buy stocks, you can get what you want immediately, some pool or speculator has the stock on hand and will instantly fill your order. But it is strictly “up to you” to know what you want in the stock mar- ket, and what it is worth to you. Mar- ket pools, as we have said. cannot } create prosperity and cannot create stock values. The big market specu- lators are not magicians. On the con- trary, they are realists with a strict regard for facts, the facts of commerce and finance which unfold in a chang- ing world, and the facts of human na- ture which remain fundamentaliy con- stant. When basic conditions warrant bullish operations, the big operators are bullish. When underlying condi- tions are ‘{:fll!l‘l&d, the big operators turn bearish. "n is true ‘th':,t many of theng:; rtant speculators an ggenu on the short side. But that does not mean they never sell stocks. When prices are too h they cer- tainly J}; sell stocks. They bought the stocks to sell in the first place, and successful pools and market operators are not h . When the profit is big enough they take it. Time Ripe for Knmvled.:d p recent years we have learn nnnnlcuve suz:ek ‘market brings economic benefits of large magnitude. In rmmecent weeks we have learned that the 2 can be overdone. Perhaps we are resdy to strike a balance. Permg we n'ef ready to understand the nefits o our. stock market without lndl!cl:'nn—' inately “falling”for the ‘sales talk” of speculators, whose talk is exactly like that of otafl‘ merchants Wit some- thing to sell. W= should be equally ready to un- derstand the dangers of speculation without indulging in the futile emo- tionalism of “putting & curse” on mle pools and market operators. ‘The pools and speculators, big and little, at all times make the markes for all active if there were no speculators there would be no market. But to rightly judge of the place of ‘l tion in the economic and financial structure, it is necessary to gain II-I accurate general knowledge of lpecuhmw tive methods, it is necessary to cd just what the pools do and how Yy do it. jut in 1006 Since my Wall Street debut I have observed that evely ase ir; the public understanding of nnmdl_ affairs has resulted in increased pros for the Nation, in increased returns for investors, and in incrrulfl‘lt profits for_the speculative community of which I am a member. I see no reason why the same result should not- eventuate if an attempt were made to clear up the vague and misleading ideas of pool operations which exist in minds of many peopl edge.” ring ence in Wall Street market operations, referred to at the beginning of this chapter, T must practice a conservative reticence in the matter of “names and figures.” However, behind the pseudo- nyms, the stories told will be the stories of actual operations in the “late” bull market of 1926-1929—so recently dr- dollars in the stock market. WIith| parted from this world. (Copyrisi ht, 1929, by Curernt News Features Inc.) ARE RECORD FOR YEAR Special Dispatch to The Star. BOSTON, November 9.—Calunfet & Heela Consolidated: Copper- Co. salc: for {h» September quarter reache . $5,947,511, largest three months’ total since Decemb-r, 1928, quarter. Durin; past few years Calumet & Hecla ha: made heavy expenditures for construc- tion and installations designed to re- ducs costs. This program has been completed. Showing of th= September quarter ciple for three years, they expected to | virtually sssures declaration of another $1 dividend when directors meet No- vember 18. The three previous declara- tions this year were of §1 each. The company is well fortified financially. December 31 last net ‘quick assets totaled $14,202,927, while cash and Gov- rgmznt securities amounted to $6,274 - UNFILLED STEEL ORDERS SHOW 183,981-TON GAIK By the Associated Press. NEW YORK, November 9.—Unfilled orders . of the United States Steel Corporation increased 183,981 tons dur- ing. oec;ber. o i The tonnage report, made public a noon today, showed total unfilled orders ced on October 31 of 4,086,562 against 3,902,581 tons on September 30 and 3,751,030 tons on October 31, 1928. The August 31 total was 3,658,211 tons. —_—— Injunction Halts Merger. RICHM~ZND, Va., November 9 (#).— Judge L*%gawrence Groner of the United Sta ¥ District Court has sus- | tained a p. yof minority stock- holders - of the Hartman Corporation and issued an injunction restraining that company from merging with Mont- ard & Co., Inc., through an ing motion is for an n- definite time until all the stockholders of the Hartman Corporation shall com: at all times have for sale the stocks which are in current demand. York City. 8 orevious year. ACTIVITY BY FEDERAL I~ Bosi T New York | Business in dollars (checks cashed) Employment (Department of Labor). Wages ( it of Labor) CAIl rights reservedd Cambridte Assoriates. Boston » Check transactions compared with same week a year ago. together and agree on one course. The But injunction then is to be dismissed with- these wiser, more experlenced, more out cost to either side. GENERAL BUSINESS ACTIVITY for the country Indicated bs bank debils led areas show weeks of activity above the corres - Black areas indicate declines from same weokr 15 o —— I'“UI"“. RESERVE DISTRICTS. I iR, | sseen. | +||.EE | SRt | R | { gSEE T m.% :EE El-l_;lly‘l Dallas 5. fimv 1 LEADING BAROMETERS. Showing trend of important factors. ia { H++e3 Semieiaam ammen Bakhhess on-end + Erlier