Evening Star Newspaper, November 11, 1929, Page 15

FINANCIAL. *% 315 CURB PRICES DROP IN QUIET MARKET Losser Are Smaller Than FINANCIATL WORLD TRADE AN ‘SHOWN I REPORT Armistice Day Survey Re- Stock and Divi Low. Dividend Rate. 20 SoCal Edpf B(2%).. 21% So Cal EA p£ C (1%) 20 So Col Pow A (2). 5% Southern Corp. 13 So Pipe Line (1) 12 Southland Roy (1) -Prev. 1920~ Sales— THish. Low. jdend Rate. _Add 00. Open. High. 92 United Carbon pf (7) 6 105 105 10% United Corp war..... 45 14% ed Dry Docks... 1 9% 17% % =Prev; 1930— -Btock and High. Low. Dividend Rate. 00. Open. High. . Close. 61% 25 Gorhamlnepf(3).. 1 86 36 36 36 19% 1% Goth Knitbac Mach., 5 2! 2% 2% 2% 68% Graymur Corp...... 2 34% 34% 34 34 494 GrA&PTnv(5).. 410s 2564 264 250 250 117% 114 GrA&PTeapf(7).110s 115 115 115 115 106 61 Gt Lakes Steel cod. 61 57 57 Aero Underwriters Aero Sup Mfg. B..... Ainsworth Mfg $2%. Afr Investors v t o 21% :veals Billion-Dollar In- crease in Exports. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. . * “NEW YORK, November 11.—It has ‘been customary for several years for the very efficient N{gional Foreign Trade Council to give out an Armistice day survey of foreign trade for the year. ‘The high lights in this year’s report are: The world gained a billion dollars in exports. German exports have made the biggest advance this year of any year since 1925. ‘The United States exports led in growth every year since 1913. Asia, & land of the future, has made the largest proportional advance in her export trade since 1913. Europe is returning to her old self. She is now within 96 per cent of her aggregate 1913 sales abroad. The countries that lag farthest in world trade recovery are Russia, Aus- tria and Hungary. Export prices are stable and world exports are 17 per cent greater in cor- responding values than in 1913. A word to the business man. The council raises the question concerning how much trade would the world be doing at its normal pre-war rate of in- crease if its growth had not been inter- rupted by the war? The answer speaks voflunes Tor the cause of peace—for the world would be doing now about twice as much as it does. ‘War and international trade are not ‘blood-relations—no, they are not even on good speaking terms. That's the council's message for Armistice day. Visitors to New York no longer gaze in wonder at the Woolworth Building because of its height. No longer does it dominate the skyline as it did for s0 many years. It is now overtoppea by the Bank of Manhattan Building, on Wall street, and the new Chrysler B , on East Forty-second street. ‘These two new buildings are in the l’m of completion. The steel yorg already up and the construction worg is fast taking form. But their su- premacy will be short-lived. Already the Metropolitan Life Insurance Co. has announced that it will begin the construction of a building immediately adjoining its -present quarters whicn will be 100 stories high and will house 80,000 of its empioyes. ‘This building will overtop every other building in the city—at least for u time. It will be used exclusively w house the employes of this insurance company. 'fllemplmu for reaching the various floors in the structure make an inter- in itself. The first 13 stories will serviced by moving stairs, above the thirteenth floor to the thirty- second floor by fast express elevators: above the thirty-second flood by local elevators. These local elevators will be divided into two classes—two banks of elevators, consisting of 10 cars in each bank—one of them running to the seventy-third floor and the other to the 100th. cture will occupy & complete light. vy plaster and purposes, buildings shot up from 100 in_height, and we may see even higher bulldings in the next The Forest Service of the United States Department of Agriculture has been more than busy this Fall, because Lhatmenflrl:mmnmbemo(nn- ‘The dry weather has been largely re- le. The big 20,000-acre fire a Cleveland National Forest, in Cali- fornia, was brought under control finally | last week, with 300 men on the fire over so far this year. has cost the Oo‘emmem $3,- Forest Service ests the ex- tension of roads and trails, removal of ized , such as roadway slashings; construction of fire breaks, emergency fire lines, removal of snags, completion of necessary lookout and telephone systems and strengthening the forest fire o tion. ice officials say all of these are urgent and necessary measures to meet the t situation. “Unprecedented in the history of the service,” says the report. General business conditions in Ven- nn{mvtng. The coffee ‘The crop is estimated at 50 last ready. per cent less than year, There is much activity in the con- struction of roads. A complete road- building program for the entire coun- iry was adopted several years ago and this plan is being followed vigorously at time. i But it is in the development of its ofl fields that Venezuela's greatest fu- 4 ture lles. Its oil production for Bey; ' tember amounted to 11,400,000 barrels, - of which 10,000,000 barrels were ex- ported. This is a slight decrease over export from the preceding month. At the end of September there were 16,- 500,000 barrels of oil in storage over- production. The problem of overpro- duction is being met partly by shut- ting in present production and keep- ing new development to a minimum. Venezuela's future is particularly ight, (Copyright, 1929. by North American News- paper Alliance.) . Wall Street Briefs By the Assoclated Press. E. J. Kulas, president of the Otis Steel Co. and the Midland Steel Prod- ucts Co., said that the stock market, “in its correction of excessive speculation, has been painting a wholly distorted » picture of the true industrial situation and outlook.” He said that actually in- di WaS never in so secure a pOsi- stion, with plants in good shape, cash Fruwreu large and inventories mod- 4. The Cuneo. Press, Inc., of Chicago has contracted with the publishers of | Liberty to print the magazine for a term of years, beginning February 1, 1930. In dollar volume, the contract was said to be one of the largest of the kind ever made in the industry. Reports from the steel centers of Ohio state that producers will average “between 60 and 65 per cent of rated capacity during the second week of the month and that it is considered un- likely that the industry will drop below this average during the rest of the year. J. L. Kraft, chairman of the Kraft- Phenix Cheese Corporation, in a letter to stockholders today, said that the company is in a position to assure them that the net earnings for this year will be at least double those of last year. “Both softwood and hardwood lumber orders for the week ending November 2 were less than production, according to reports received by the iopal Lum- ber Manufacturers’ Association. Soft- wood orders, as reported by 301 mills, below uction, wi was 342,163, fept. Reports from 219 harawood mill gave new business at 43,467,000 feet, compared with production of 47,199,000 @ decrease of 8 per cent. 109% 29 331 17 74 42% 24% 399 139 50% 24 190 27 34% 64 5% 20% 554 102% 817% 27% 32% 28 56 13% 29% 13 168 12% T 32% 189 108% 92 92% 61% 66 110 62 4% 51 26% .54 26% 34% 10 20% 5% 30 41% 1% 102 6% 21% 69% 2 13% 1916 60% 37 4% 59 20 30% 12 121% 1 Allison Drug StA... Allison Drug 8tB... Aluminum Co of Am. Alumin Goods (1.20) Am Arch Co (3). %4 Am Br B El 14 sh: Am Brit & Continen.; Am Cit P&L A (a3).. Am C P&L B (b10%) Am Colortype(13). Am Com P A (330¢).. AmControlOf1F1d: Am Cyanam B (1. 9 Am Invest Ine 5% Am Investors 205 Am Lt& Tr: 14 Am Maracaibo. 7% Am Natural G 25 Am & Scot In (1. 5 Am Solvents Chem 25% Am Solv Chem cv p! 22 AmStPSA (1.60) 16% Am Superpowe: Am Super 1st pf (6 92% Am Superpow pf (6). 3% Am Thread pf (25¢ 8 Anchor Post F (32) 14 An-Am vot cod (35¢ 12% An-A n-vot cod (36¢) 15 Anglo Chil Nitrate. . 20 Arcturus Rad Tube. 09 Ariz Globe Copper... 3% Arkansas Nat Gi 6% Arkansas Nat Gas 34 Asso-Dyeing & 5'% Asso-Elec Ind Lit 354 AsS0 GRE A (32.40 315 Asso GEE A deb rts 5% Asso Rayon... 40% Asso Rayon pf (6). 28 - Atl Coast Fish(1.20), # Atlant Fruit & Su; 1 Atlantic Lobos. 85 Atlas Port Cem (2) T% Auto Voting Mach..s 16% Aut V Mcv prpt (2), Aviation Corp of Am 12% Aviation Credit..... Axt F Tob A (3.20) 117% Bab & Wiicox (T)... 49% Bancomit (new) w 1. 5 Bellanca Aircraft 152 Bell Tel of Can (8 19% Bickford, Ine. . 30 Bickfor Inc pf (2%). 3% Blue Ridge Corp. 26 Blue Ridge Corp pf. 29 Blumenthal (8).. 34 Brazil Tr& Lt (2). 15 Brillo Mfg §1.20) 27% Brit Am Tob B 11.20, 7 Brown Fence&W (A) 556 Buckeye Pipe L (15) 3% Burco, Inc (war).... 3% Burma rets (313¢). 14% Butler Bros (2) 5% Bwana M Kubwi 1% Cab&WireLtdB rets. 3% Cab&WireLtdpf rets b52% Caterpillar Trac (3). 20 Celanese Corp...... 6% Cent Atlantic States. 20 ContPS8vA (alL76). 12 Cen States £l (340¢c). 5% Centrifug Pipe (60¢c) - 6 Chain Stores Dev.... 13 Chain Stores Stock. 3 Chi & NW bond rts. . Cities Service (330¢) Cities Serv pf (6).... Cit Serv pf B (60¢c).. City Mch & T (1.60). City Sav Bank(4.17). Clev El Illum (30¢).. "Clev Tractor........ 46% Colgate Palm P (2) 4 ColonOfl..cocvsnsse 29 Colts Pat Fire A 12). 1 Columbia Syndicate. 2 449% 214% Comwth Edison (3). 97% Comwlith Pow pf (6) 10% Comwl Ut B (350¢).. 16% Community Wate: 17 Consolidat Afreraft.. 4 Consolidated Copper 71 Con Gas Balt (3).... 12% Con Dairy Prod (32). 5%s Cons Instrument. 10 Cons Laundri 12 Con Retall Su 1). 2% Consol Royal (60c).. 15 Cont Diamend (2). 10 Continental Oil 87% Cooper Bessemer(2). 30 Cooper Bess pfA(2). 5% Copeland Prod Ine A 11% Cori Corp..... 18 Corroon & Reynol 20 Cream of Wheat (2). » . 18 Crocker Wheeler(n). 40% Cr&Bpf (3%) ww., 3% Curtiss Afrport vte. . 8% Curtiss Flying Serv. 3% Curtiss Wright war. 2% Cusi Mex Mining. 6% Darby Pet (1). 5% DH A Ltd ret n(60¢). 2 Derby Oil & Refin... 5% Detroit Areraft Cor, 9 Dix Gas & Utilitles. . 16 Doehler Die Casting. 4 Dolores Esperanza. 19 Douglas Aircraft. ... 90 Dow Chemical p£(7). 64 Draper Corp (4)..... 50 Driver Harris Co. ney 4 Dubelier Cond&Rad. 5 Durant Motors..... 125 Duval Tex Sulphur. 1% [arl Radio Corp..... 23 EastStates Power B 10 Eisler Eleo Cor) 50 [l Bond & 8h (b6)... 100% El Bond & Sh pf (6). 15 Kl Pow tes. . 16 El Pow Associates A 10% El P & L opt war.. 3% El Sharehold (31)... 103% Em G&F cum pf (8). 26% Empire Pow pt (3) % Engineers Gold 17 EngPSopt War..... 9 Evans Wallow Lead. .10 Falcon Lead, . 5% Fabrics Finishin 5 Fairchild Aviation, % Fandango Corp. 20% Fiat Stk deb ris rots. % Film Inspect Mach. . 7 Finan Inv N ¥ (b8).. 40 Firestone T&R new.. .20 First Nat Copper. ... 100 Florida P&Lt pf (7). 8 Fokker Aaireraft, 10% Ford Motor Ltd. 15 Ford Motor Can A 30 Ford Motor Can B 3 Ford Mot of France. 4% Foundation For Shs. 1% Freed-Eiseman Rad. 85 FrenLine B (2.54).. 4% Gen'al Alloys (80¢). 9% Gen Am Invest ne 78 Gen Am Inv pfn (6) 2% General Baking. 50 General Bak pf (6).. 7% Gen E Ltd rets (50¢) 29% Gen Empire Corp. 30 Gen Fireproof (2) 13% GenGas & El A, 10% Gen Lau Mch (1.60). 45 Gen Print Ink (23). 11 Gen Rity & Utilities. 68 Gen R & Util pt (6). 25% Gen Theat Equip vto 95% Ga. Power pf. . 35% Gilbert (A C) (33%). 80 Glen Alden Coal ¢10) 13% Globe Underwriters. 85 Goldm Sach TC (b§) .16 Goldfield Consolidat, o} J Earmouansonen? 8L anratbobBanktRunnnt Bt P = and - - L TP =1 T cormaBall . B, 50 153 .1 19% Th 9 53 19% 28% 28% o Th 3 % 4 14% 14% 18% 6 19k 19% 19 4 % % 2 19 18 19 105 104% 104% 104% 1 64 64 64 2 4T% 47T% 4T% 9% 9% % 4 bW 5% 4% 21 120 122 120 - NN Do o BasarxsBrssa @ - BN O RANRERHRNCRAN B - % B 89% 39% 36 1 1 2% 22% 1 1 5% & & & 100 100 100 20% 22 20% 40 40 114% 114% 1 16% 8% 12% 28 36% % 5% 86% 14% 1% 37 15% 8% kel 40 40 12% 112% 15 15 3 Lo 87% Grelif &Br pf X (7). 97 :;u 10% Grog Stor: mane % 4 Guardian Invest. 121% Gulf Ofl of Pa (1 25 Guenther Law 19% Habirshaw (1). 10 Hall Lamp (12)....« 16% Hall Printing(11%). 1% Hap C A (bl.40).. Hartman eco. Haygart Corp.. Hazeltine Corp (1). Hecla Mining (1 Helena Rubenstein. . Hires (CE) A (2)... Hollinger Gold (60c) Homaokla Ofl. . Horn & Hard (2 Houston Gulf G: Hudson Bay M & S.. Humble Ofl1 (12)..... Huyler Stores of Del Hydroel Service (1).. Hygrade Food Prod. Illinois P L (20).... Imp Ol Can n (50c). ImpTob GB&I(1.25). Indiana PL new t23 Indian Terr Illum. .. ;m‘l Fin cfts (b10%). = » BT T PN A R L P T - ° Ne BuENRANGHARNBANK B8 aaneaBananiaBaonantonnd insuranshar of Del. . Intercoast Trad Co. . Intercontinent Petn. Int Petroleum 37%e. IntSafRB (12%).. Int Superpower (31). Inter UtIL A (3%) Inter Util B (33%) Interstate Equities 4 Interst. Eq. cv-pf.(3) Iron Fire vte. (1).... IrvAir C (2) (1.50). Italian Superpow A. Italian Superp war. Jonas & Naumburg.. Jon & N cum pf (3).. Keyatone Afrcraft. Kleinert Co (2%).... Kolster-Br (Am Sh). Lackawanna Sec(4)., Lake Superior Corp.. La ryan tine (2 Lazarus F & R Co. Lazar F & R Co cod Leh Coal & Nav (4).. Lehman (The) Corp. Libby McNell & L... Lily Tulip Cup Cerp. Loews Inc War...... Lone St Gas _ ¢80¢). Long Island Lt (40¢c) Louisiana Lan & Ex. MacMarrSts........ 4 Magdalena Syndicat. Mangel Stores...... Mapes Con (12%) on! I M (37 % Midland Corp... n Steam Shov. Mavis Bottling. . ... McCord Rad B (2). Mead John (13% ) Memph Nat Gas Co. Mercantile Strs (5) Mer & Mt 8 A (1.50) 0. b o o - HANCBNLOH TR - = Mo- Montecatini deb rts lloofiv'll Sptpf (3 Mprrison Elec (1). Moun & Guif (.08 Mount Prod (1.60. Nat Amer Co (2). Nat Investors (new Nat Pow & Lt pf (7). Nat Rub Mach (2)... Nat Sugar NJ (2)... Nat Toll Bridge (A). Nat Transit (113 )~ Nat Union Radio. ARRUNHENBANBOINRARID IR DENN Newmont Min (34) Newport Co (new N Y Invest (1.20) - N Y Merchand $2 N Y Tel pf (6%). ® - S Fra 139 1 2 3 5 3 T4 33 N W Engineer (2). Novadel Agene (2).. Ohio B Tel cm pf(7).110s 28 2 1 North St Pow A (8) ; 3 Ollstocks Ltd 10% Outbd Mot A (1.80).. '3 Pac WesternOll.... 4 Pandem Ol...... 13 Pantepec Oil. 4 Param C Mfg (2.40). 2 raram’'t FL(new)wi 6 Penn Mex Fuel (1).. 3 Penn Ohio Ed pf (6). 20s Oh Ed pr pf (7). 60s 4“ Perryman Electric, Pet Milk pf (7). Petroleum Corp. .. 4 Philip Morris inc Philippe(L)B(1.60) Pick(A)B&Co pf 1% Pllot RT A (1.20).., Pitney B P n(20¢)... Pitts& L B (5). 150: Pitts Plate Glas Plymouth Oil (2) Polymet Mfg (31). saBener~ Prudential Inv. Pug SP& Lt pf Pyrene Mfg (80¢). Radio Product Rainbow Lum ProdA Rainbow Lum ProdB , Rellable Stoes bl R Manage. . o 2 P T T N N e nolds Bros In Reynolds Met (n Richmond Radiator. “Rich R cum pf (3%). Ruberoid Co (4). . Ryan Consolidated St Regis Paper 8al Co - Schulte Un 6c-$1 St. 8ch U §o-§1 Spf (7). Schutter J Candy A. Seeman Bres (13)... Seg Lock & H (50c). Selected Industries. . Select Ind 2d pd 4%.. Select Ind pr (5%).. Sentry Safety Cont.. Sharp & Dohme. .. Shattuck Den Mi Sheaffer Pen (13)... Shndoah Corp(bé% ) Shenan Corp vf (3).. Slerra Pac Elec (2).. Silica Gelet........ Skinner Organ (234) 168 Smith (A O) (1.20).. 3435 Solar Refining(2%) . 14% Sonora Products. .. 35t South Penn OIl (2) 3% SEP&Lprpf(4)., - 26 15% 35 poaSernanhivonssaborrnborand 60% & 08 Y% 18% 118% &l 110 106 57 89% 89% 11% 11% 29% 29% 50 45 6 6 129% 126% 25 25 22 16 22% 1% 17 344 18% 18% 5% 24% 5 3% 46% 4 115 76 17 19 5 35 47 89% 17 101% 9T 9T 50% 49% 39 38 10% 4 9% 95 “95 204 19% %o 12% ‘11% 10 10 10% 8% 12% 12 57 28% 14 7 1% T 32 15 14% 99% 8 20% 104 6% 12 8 W Dairy Products. 4% SWGasUtll........ % Spanish&Gen rcts B.. 27% Stahl Meyer, Inc.... 104% Stan Gas & El pf (7). 45 StOilof Ind (2%) 29 StOilof Ky (1.60) 43% St Oilof Neb (13%). 60 St Oilof Ohlo (2%).. 1133% St Oil of Ohio pf (7). 94 St Pow & Lt pf (7)..150s % Std Silver Lead. 13 PP E TSI - (=] 83 SteinA&Cocu pf 6%. 42 Stern Bros A (4) 9 Stinnes (Hugo). 10 Strauss Roth... 15 Strombg-Car t1.12%. 5% Stutz Motor Cag..... 53 Sullivan Machine(4). 37% 149% 59% 108% 36 10% 23 38 85 69% 70 5% 6% 2 4k 67% PR AN A ONOS & =100 R 00 121% Swift & Co (8) 24% Taggart Corp. 45 Tampa Electric (32). 25 Taylor Milling (2%). 4 Teck Hughes (30c).. T% Texon Oil & Land. 19% Thermold Co (2) 27 Third Nat Inv (1)... 24% Thomp Prod A (12).. 45% Tish Realty & Con. .. 25 ‘Tobacco & All Stks. . 45 Toad Shipyard (4)... 1% Tonopah Belmont. 2 Tonopah Min (15¢ 20% Transamer n (3 33% 8% Trans Air Trans..... 81% 7% Trans AirTran ctfs.. 24 3 Tran-LuxDLPSA. 50 4Tri-Cont Allled..... 15% Tri-Continental Cor. 82 Tri-Cont Corp pf (6) 15 Trunz Pork Stores. . 150 Tub Art Silk B (10). 10% Tung-Sol Lamp (2).. 26% Union Amer Invest., % Union Tobacco... " 3t N Hnrzivicl v B2 BY CLINTON COFFIN. Associated Press Financial Writer. As the Stock Exchange panic of 1929 recedes into history it is becoming evi- dent that its damaging effect on the country’s economic structure has been markedly less than that inflicted by preceding speculative collapses, in 1907 and 1921. Two points leading to this & conclusion that attract the notice of banking observers are the entire ab- sence of national bank failures and the equal absence of exorbitant rates of in- terest, even in the period when finan- cing the market stringency was neces- sitating transfer of cash and bank z«m on the most spectacular scale yet tnessed. 1In 1921 collateral interest rates touched 30 per cent and in 1907 the top was even higher. This inevitably transferred tremendous strain to business opera- tions and forced commodity liquidation that vied with the security liquidation in occasioning widespread losses. In 1929 money never varied perceptibly from the 6 per cent interest level. ‘This last experience was in no re- Spect a money panic,” John W. Pole, controller of the currency, observed. ‘There wasn't any shortage of credit in the country and there isn't any now. The Federal Reserve System was in condition to furnish cash to any reason- s | able extent on proper paper, but in fact wasn't called upon for more than nor- mllnll‘q;oerv":t action, - pretty clear, after the Ti- ence, that this ability fo endufe the severest shocks that can be presented by speculative recession is now inherent in our banking, monetary and credit ‘The establishment of the Federal Reserve System, and the regu- larization of jts functioning after 15 years of experience, is unquestionably the factor that operated to hold money rates level and confine the play of en- forced liquidation exclusively to the se- curities field.” From 1924 until late in 1927, when American absorption with domestic se- curities pushed its way to the front, this country was furnishing capital to for- eign nations at an unexampled rate. Flotations of foreign -bonds, notes and finally corporation stocks on markets here ran up totals quarterly that almost equaled war loan performance. It remains an open question as to ;'lnufilr uée ‘:m.flow of !:ms'fiuc capi- will sef again. ‘ashington, diplomatic ecircles rather look forward to the prospect, but as yet the invest- ment banking houses which mani such enterprise seem not to have sub- mitted new proposals of the kind to Federal agencies for the tentative sort of approval that was customary two years ago in such matters. ‘It seems to be a fact that there is a rather limited field at the moment in Europe for borrowing from the United States, as comparéd with the showing in 1927,” Grosvenor B. Jones, merce Department specialist in finance, remarked. “Germany and German in- dustries probably present the potential borrowers who will make the first call for new funds, even though the recent loan of $125,000,000 arranged for the German national government by the Swedish match combination takes care of the current needs. There will be some demand from Italy for industrial expansion, from Austria for electrifica- tion of railroads and from Hungary for general purposes. “France will not be a borrower abroad, and will probably supply all the main capital needs of French zones of influ- ence. Great Britain has never bor- rowed heavily from private American funds. Much will depend upon interest rates, but I have some doubt that rush of American funds to foreign countries :’s tg\'nng to set in again at any early ate.” Perhaps the most popular item of American edible products with world trade just now is the ordinary canned sardine. One of the notable things about the trade in it, rapidly expana- ing as it is, arise, from the demon- stration thet the world’s tropical areas are shown to be tw to American canning plants and American coastal ;lll?fl’! for an essential part of their let. Taking last month’s customs records, it a) e that, while Belgium, Great and Canada each take more oo alone consuine 1,400,000 pounas e ,200,4 of the fish a month; British 1a; takes in excess of 800,000 is put down for 815,000 m the balance of the Netherlands East Indies consume 806,000 pounds in addition. British India, 3 gentine are other sizable export points. 73, | The only other American fish produce orld market in quentity that finds a wm o “ “edu.finonmdtheemma! cann 3 this relatively expensive food are cop- centrated to Great Britaln and Aus- tralia. a perfect diamond? There ‘What is is an official answer now, set down by eral Trade Commission, with girl. As the commission it, a “perfect” diamond is’one Wi is free of “flaws, cracks, carbon clouds, cloudy texture or blemishes of any kind when examined & normal eye under an ordinary diamond loupe.” A diamond loupe is the usual form of* .glass used by jewelers and watch workers. Drought has caused heavy damage to crops in Java this year. 3% Unit Pro 33 United 19% U S Fol! 6% United 1% Utllity Veeder Wayne Winter 1 20 RIG! % Pennroad # Trans Col ° Dividend rates annual payment. 7% Unit Reprod A.. 1% Unit Reproducers B. 48% U SDairy A (4)..... 20 U S Fininshing (32). 48 U S Gypsum (1.60) 60 US&InSctf(2%). 17% USLines....cccc0nn 10 U S Rubber Reclaim, 9 USShares Fin.. Unit Verde Ext (4). % Unity Gold.... Utll Power&Lt(31).. UtP &L Bctfs (31). Vacuum Ofl (14%).. Vam Camp Packing.. Van Camp P pf(1%). Vick Fin Corp.....ei Va Rallway v.t.c..... ‘Waitt&Bond B 1.40. . Walgreen Co. . Walker (H) (1) Walker Mining. Watson (J W) Wenden Coppei West Air Exp ( Wes Auto Sup A (3) Wil-Low Cafeteria. “Y” Ofl & Gai Zonite Prod ( % Asso Gas & Eel...Dec. 16 5% Mid West . 1 Mid West Util(pr).Nov. 15 1% 5% N Y Central I of Sh (1.20).. Porto Ric Co. 1B (1)... 100 O 0 8310 B 0 - &1 PN ARHARO RRAASAN DR Stores. .. P o Equities. . - Root (2%)... - 'S - LTS Pump. (Benj) HTS. Expire: % % uUtil. Nov. 16 14 6% 1% rp. % in dollars based on last quarterly or semi- *Ex-dividend. tPartly extra. $Plus extra in stock. a Payable in cash or stock. b Payable in stock.” d Payable in preferred stock. 2 a8 GG 8 2R85! S281328288888838:! = 28! “:=:===§§§_= 288 76 * B 1% 10145 9y 02 Iy 208553 FE525°0 T 99 4k 8= HE 2 e e ;‘1’?55 ZOYYYY Bt 2e28eSs i Y 2 Servel Inc 5 Shaw 3 e 2 sEggey aIpng M o rnS8El e EBanoawkomson: 20%02) ~3IBB223283: R Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets .............$5602,549.55 Subscription for the 98th $2.50 ER SHARE 915 F g sel 3 trade was a er on the s scale , but offerings b.uy to ped NEW YORK COTTON. NEW YORK, November 11 (#).—Cot~ ton opened steady today at a decline of 12 to 14 points in response to lower Liverpool cables and under further as well as Southern local Increase early in the day. e market dropj & new low for the season for virtually the entire list. Confidence seemed to be undermined and talk of new curtailment and reduced buying power served to discourage buying. the same time the slightly easier tone of the stock market caused a further feeling of uneasiness. The New Orleans and Chicago mar- kets were closed for Armistice day. Cable advices from Liverpool said the decline there was due to as well as local Lohdon and continentad liquidation. Manchester was said to be a:flshmd— on cloth yarn, with purchases CHICAGO LIVE STOCK MARKET CHICAGO, November 11 (#) (United States Department of Agriculture).— Hogs—Receipts, 47,000 ‘head, including 20,000 - direct; market steady to 10 lower; top, 9.40, paid for around 280- pound weights; bulk, 190-300 pounds, 9.20a9.35; 150-180 pounds,” 9.00a9.25; packing sows, 8.00a8.50; butchers, me- dium to choice, 250-300 pounds, 8.75a 9.40; 200-250 pounds, pounds, 8.75a9.30; 130-160 pounds, 8.65a 9.25; packing sows, 7.8528.60; pigs, me- dium to choice, 90-130 pounds, 9.2529.00. Catile—Receipts, 20,000 head; calves, receipts, 3,000 head; strictly good and choice fed steers and eyarlings about steady, others slow; predominating; tending lower; liberal supply weighty steers here; early top heavies, 15.50; long ynaln(:\. 15.75. - T classes, steers, good and 1,300-1,500 pounds, 12.00 to 15.00; 1,100-1,300 pounds, 12.50 to 15.50; 950~l.dl|70 epdfll\.lnds, 13.00 to 15.75; common and medium, 850 pounds up, 8.75 to 13.25; fed ynrunts,mluod -‘:1‘:1 choice, 750-950 pounds, 13.50 to 16.00; heifers, good and choice, 850 pounds down, 13.25 to 15.25; common and medium, 7.75 to 13.25. lum, 5.75 to 7.7 cutter, 4.50 to 6.00; bulls, choice (beef), 8.75 to 10.25; cutter to medium, 6.50 to 9.00; vealers (milk and choice, 12.50 to 15.75; 1.00 to 12.50; cull and com-~ mon, 7.00 to 11.00; stocker and feeder steers, good and choice, all weights, 10.00 to 11.25; common and medium, 7.00 to 9.25. SHORT-TERM SECURITIES. (Reported by J. & W. Sell(mnnl& Co.) Allis-Chalmers Co. 5s 1937..... 99 Alum. Co. of America 58 i952. 99%a Amer Rolling Mills 5s 1948.... 98 Armour & Co. Del. 194300 Baitimore & Ohlo 4%s 1933, 48 1 Rwy. dlas 1930. 99% " Ry, 4%s 1935.. 9715 50 901 s, Cudahy Pack. Delaware & Hudson ison El. Ilum. Bost. 4'as 1930 993, Gen. Mot Acc. Corp. 6s 1937... 100% General Pet.” Co; 2 1085 .. . 88 i, S%as 1948.. Ww—With warrents. Tw_Without " warrats. 50th YEAR COMPLETED WALTER S. PRATT, Jr., Secretary Surplus & Profits. .....$1,705,130.78 Issue of Stock Being Received SAVE AS YOU EARN E Equitable’s plan of sys- tematic savings encourages thrift in a manner that if con- sistently followed will even- tually lead to financial inde- pendence. Start now while you have a steady income. 8.9089.35; 160-200| Those of Last Week as Volume Decreases. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, November 11.—After starting with an irregular trend, se- curities on the Cyrb today moved lower as the pace of trading increased. In- *| ternational stocks, refleeting the weak- ness of London, set the pace, but util- ities and investment trusts also eased, while ofls and a miscellaneous group of industrials maintained quotations fairly well. Prominent in the decline of interna= tional stocks in early trading were Bra~ zilian Tractions, lectric securities and Roan Antelope. Ford Motors, Ltd., furnished a contrast by forging ahead fractionally. Popular stocks like American Super- power, Electric Bond & Share and Niagara Hudson opened from fractions to several points lower, and miscella~ neous olls, such as Cities Service and Indian Territory Illuminating Ofl, were subjected to the heaviest selling prese sure. Some of the higher-priced utilities, like American Gas & Electric, Com- monwealth Edison and Middle West Utilities old, did not record such wide as on previous occasions. Gult Oll of Pennsylvania ag:x:‘d down more then 4 points and otl ‘misceilaneous oils also were heavy. Leadcrs in the Standard Oils displayed greater re- sistance to pressure than at any time 14 | last week. Many of the aviation stocks opened unchanged and their confiparative st ess pointed to support. Mining shares moved unevenly, perhaps influ- enced by selling in European and Ca- nadian markets. Crocker Wheeler, after opening ,at 25%, down 1%, steadily moved lower %fl! it hit 22%. ‘Tubize at 180 was HEARING ON POWER MERGER IS ANNOUNCED Special Dispatch to The Star. BALTIMORE, November 11.—Hearing on the joint application of the Con- solidated Gas, tric Light & Power Co. of Baltimore and the lis & Chesapeake Bay Power Co. for of the sale of the latter the former company m rvice ber 2 10 and power lines of the Annapolis com= pany, which is a subsidiary of the Wa Baltimore & Annapolis Electric the lines within the corporate limits of Chesapeake Beach, and includes the franchises granted for serving North Beach, Bay Crest and Tyree &veum— ment, S e comminin, o 10] a on 2] a] wval of the leasing by the Co: - dated to the Annapolis company all electric light and power lines within the " corporate iimits of Chesapeake Béach. New Securities By the Assoclated Press. x YORK, November 11.—New 8e= ! eurity offerings today inciude: | Orlears levze disirict, $1,300,000 of 5 per cemt gold bonds, maturing serially | from November 1, 1930 to 1967, and priced to yield from 5 to 4.80 per cent. The offering is made by & Co. [Texas Consumers’ Water Co., ,000 in'first mortgag="6 per cent gold bon by Metcalf, Cowgill & Co., Inc. The. bonds carry stock purchase warrants. People’s Public Service, new issues of cumulative preferred and class A com- Kean & Co., Inc., Positive Safety . . . ‘Unfailing Income’; In 6% Guaranty First Mortgage Notes and Bonds UARANTY notes and bonds G e n...\/’\/ mortgage on income-produc- ing properties in Washing- ton and its suburbs. (o] YOUR principal and inter- est are entirel: - G suarded 33,400, Fesources. ]2, YOU_have money for “investment choose these high-character securities and enjoy unfailing income and Yy pur May be Purchased on ECLEEEEE mm-Z>R>C Monthly Payments D Catalog, "Thel L,’;‘Sf{" Pant N\ REAL ESTATE CORPORATION Capital Resources $3,400.000 24 JACKSON PLACE FIRST MORTGAGE NOTES —in convenient denomina- tions, secured by carefully selected, conservatively appraised residental and business properties in the District of Columbia and nearby Maryland. We offer the facilities of a competent organiza- tion_eager to counsel you in the profitable placing of your investment funds. - Come in and let us explain about our systematic plan. St. N.W. H. L. Rust Company 1001 15th Street N. W. Nations! 8100 Establighed 1889