Evening Star Newspaper, November 13, 1929, Page 15

FINANCIA CURB SHARES LOSE | GROUND IN SELLING Rallies Partially Offset De- cline as List Moves Lower. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, November 13.—Opening lower as a result of the big blocks tossed in the market, the curb today slid downward with increasing speed in the first half hour, after which a modest rally set in.' The rally con- tinued into the secsnd hour, but re- mained of very modest proportions. Cities Service opened with a block of 28,000 shares at 25%, off %. At the end of the first hour it was 25';. Elec- tric Bond & Share started with a block of 18.000 shares at 56'i, up 'a. then eased back to 56 at the end of 60 minutes of trading. American Superpouer on its initial sale, 20000 shares, was 17's, off la. At the end of the first hour it was quoted at 1833, United Power & Light A opened at 20, a new low, but one hour later it was 207, or Js above its previous close. ‘The feature of the opening was the comparatively small losses recorded in huge dealings. Compared with previous sessions these initial losses were almost negligible. Continued selling of investment issues, however, pointed to forced liqui~ dation to protect impaired margins. Some of the higher-priced shares, such as Aluminum Co. of America, Deere & Co. Great Atlantic & Pacific Tea and Duke Power, which was off 9 points on its initial sale, again were dumped overboard. On the other hand, some of the closely-held stocks, like Cosden, which ned at 65, up 10, and Gulf Oil Penniyl\lnlu which at 120 was off l only to rebound to 128 in the nex: sale, appeared to have unwar- Tantedly wide price swings. Standard oils opened lower, includ- ing Humble, Vacuum, Standard Oil of Indiana, Standard of Kentucky, Creole Petroleum, Imperial Oil and Interna- tional Petroleum. Aviation Corporation of America, lane & Engine, Consolidat- , Irving Air Chute and National Aviation Corporation touched new minimum prices early. Shenan- doah was among the first of the tradin companies to drop to a new low. was followed by Blue Ridge preferred, poration, Marine Midland lnd Prince & Whitely. Corporation By the Associated Press. mn:wm November lilmn- g 's summary of mpanunn news prepared by md-rd tics Co., Inc., New York, f¢ Amfied Press: News Trend. Loadings of revenue freight for week ended November 2 showed another large decrease, total of 1,071,650 cars, being a reduction of 62,160 cars previous week and 33,202 from same ‘week of 1928. Decreases were reported in every commodity, except coke and L. C. L. freight. The decrease from 1928 is the largest for any week this year. As industrial activity is still fall- ing off, little change from the current trend to lower car loadings can be ex- nhipmmu of 159 190 tons were 6,350 in Stocks of copper | above ground u.ho m a decrease of about sooo tons from the previous month The Companies. Amerlmn Telephone & Telegraph income up 11 per r opera nine months 7 per cent above jear cu;‘osm' president ‘estimates Oc- tober profits at $650,000, against $190,- 000 & year ago. R. Dresser Manufacturing in- ereua annual dividend rate on Class A. stock from $3 to $3.50 and on Class B Copeland Products’ 10 months to October 31 net estimated at $2.70 per f’l;:t A share, against $1.98 in entire Federal Light & Traction proposes creation of $5,000,000° debentures con- vertible into common; $3,000,000 to be offered to stockholders for subscription. General Asphalt declares initial quarterly dividend of §1 on new com- mon. Great Northern Iron Properties de- clares $2 a share .dividend on certifi- cates of beneficial interest; paid $1.25 on April 30. Houston Oil of Texas earned $.40 per share in nine months to September against $2.79 a. year ago. International Nickel earned $1.11 per share in nine months to September 30. B. Kuppenheimer retires 2,000 shares of preferred stock, reducing outstanding amount to 8,800 shares. Lily Tulip Cup declares initial quar- terly dividend of 37} cents on common stock. Midland Steel Products receives $1,- 750,000 contract for automobile frames. Northern Pipe Line declares $2 per thare dividend on stock, same as paid uly 1. Prophylactic Brush declares extra dividend of 50 cents on common. Reading Co. earned $6.56 per share in nine months to September 30 against $6.18 last year. Western Union Telegraph September operating income off 8 per cent; nine months, 2.6 per cent above year ago. Westfield Manufacturing earned $3.34 per share in year ended August 31 against $2.51 year ago. Westinghouse Electrioc & Manufac- turing receives coatract to furnish electrical equipment for two new Dol- Jar Line passenger ships now under construction. Winton Engine earned $10.05 per share in 10 months fo October 31 against | $7°3 in entire 1928, ! Bolivia to Build Roads. By Cable to The Sta LA PAZ, Bolivin, November 13— Congress yesterday approved two new loans, one of 2,000,000 bolivianos ($778,~ 000) for construction of the road be- tween Cliza_and Aiquile, and another Joan of 1500,000 bolivianos ($583,- 500) for continuance of work on the | railroad between Pcstosi and Sucre. Yesterday’s New York: Stock and Bond Averages. Prom the 5:30 Edition. By the Associated Press. STOCKS. » Ratl- % Yn'.. (1929))" u‘:fi-l sales, 6.54 vebout"Vond saies (sar value), 813.- 190 At 3:15 o'clock the ticker was THE EVENING STAR, WASHINGTON, still running. See 5:30 edition for closing quotations. =Prev.1929— Stock ana High. Low. Dividend Rat 23 6 Acetol Prod A. 7 Aeronautical Indust. 1% Aeronautic Ind war.. 17 Aero Underwrite: 1214 Air Investors 42'5 Alrstocks, Inevte.. 120 Alabama Gt Sou $7.. 120 Alabama Gt S pf 17.. 2% Alexander Indust. .. 5% Allegheny Gas Corp. 14% All Int Inv Corp. ... 3% Allied Aviation 10% Allied Mills, Inc. 29 Allied Pow & Lt. 74 ANP&LI1stpfs. % Allison Drug St B. 146 Aluminum Co of Am. 1031 Alu Co of Am pf(6). 1004 Aluminum Co., Ltd. . 20 Alumin Goods (1.20) 3¢ AmArchCo (3). 8% Am Br BEI fd shs. .. 7% Am Brit & Continen. 16% Am Chain. Am Cit PAL A S PR RN AN S SN N I B EZ AN AR~ N IR BRI AN Am Colortype(33). Am Com P A (330¢c) Am Com P B (130¢) 14 AmControlOfIFlds 19% Am Cyanam B (1. 813 Am Invest Inc B 4% Am Investors (war). 42% 247 Sales— Add 00. Open. High. Low. 3:15. 10 10 10 9% 9 9 1% 1% 1991 1981, 104 104 9% 9% 204 20% 399 200 Am Lt& Trac (10)..287s 201) 200 978 85 75 Am Laundry Ma(14) 20s 1k Am Maracaibo...... 7% Am Natural Gas. 25 Am&Scotln (1.20). 1 Am Solvents Chem.. & % Am SolvChemcvpf. 8 22 AmStPSA (1.60). 9 17% Am Superpower.... 402 Am Super 15t pf (§)., 4 Am Superpow pf (6) 3% Am Thread pf (25¢).. Am Transfor (1.40) . Anchor Post F (32). 14 An-Am vot cod (35¢) 121 An-A n-vot cod (35¢) 156 Anglo Chil Nitrats 3% Anglo Nor Hold 40: Ark N G cm pt uoa) 34 Asso-Dyeing & P 5% Asso-Elec Ind Ltd. . 35% Asso GRE A (12.40), 3% Asso GEE A debrts. 5% Axso Rayon. . 374 Asso Rayon pf (§). 28 Atl Coast Fish(1.20). # Atlant Fruit & Suj % Aviation Credit,.... 10% Aviation Securities. . 32 AxtF TobA (3.20).. 1” 117% Bab & Wlicox (7). 144 Bell Tel of Can (8),. 4 5 Bellanca Alrcrafi 19% Bickford, Inc. 28 Bickfor Inc pf 39 Bllunerl (31.20). .. 27% Brit Am To vegt1.20. 4 BrCelanese Ltd rets 7 Brown Fence&W (A) 23% Buf N&E P of (1.60) 100 Bunk H & Sull (19). % reo, ine (war). urma rots (31%e. “‘i ‘IMO Butler Bros (2) 5 Bwana M Kubwi 4 CableRT vte. 3 Cab&WireLtdA reta. 1% Cab&WireLtdB rets, ‘ll\ 2’*s Carnat Milk P (1%). Carnegle Metal; 2% Caterpillar Trac (3). 20 Celanese Corp.. . 20 Celluloid Corp. . 6% Cent Atlantic States. 20 CentPSvA (al75). 12 Cen States El ($40c). 40% Cen StElev pfn(6). § . Contrifus Fips ($%). 24 Charis Corp (12%).. 138 Cheseborough (16).. 50% Ches & Ohlo (new).. % Chi & N'W bond rt 16 City Mch & T (1. 60). Cities Service (130¢) Citles Serv pf (6 Cit Serv pf B ( 10 Clev Tractor. .. 46% Colgate Paim P (2). 4 Colon Ol 27% Colts Pat Fire A (2). 384 20 Columbia Picture 4% Comwlth & Sou war. 214% Comwth Edison (8). 97% Comwith Pow pf (6) 10% Comwl Ut B (350¢).. 18% CommuntiyWatServ, 345 71 Con Gas Balt (3).... 12Y% Con Dairy.Prod (12). 24 Consol Royal (60¢) 15 Cont Diamond (2) 10 Continental Oil. 16 Coon(WB)Co(2.80) .. 30 Cooper Bess pfA(2).. 5% Copeland Prod Ine A. 10% Cord Corp. . Corroon & Reynolds Cor & Rey pf A (6). Cosden Ofl. . Cosden Oil pt. Courtaul Ltd (70¢) Cream of Wheat (2). 5% Creole Petroleum. .. % Cresson Cons (.08).. 17% Crocker Wheeler(n) . 40 Cr&Bpf(3%)ww. 13 Curtiss Wright war 4% 2% Cusl Mex Minin 26 64 Darby Pet (1).. §7% 7 Davis Drug Stor cf! 46% 5% Dayton Alr & Eng. 642 376% Deere & Co (6).... 26% 5% De Forest Rad 11 2 Derby Oil & Refin 17% 5% Detroit Alrcraft Cor, 10% 5 DH A Ltdrctn(50e). 12 Dictograph (11%). 20 Dinkler Hotels (2) Dix Gas & Utiliti Die Casting. Afreraft. .. 90 Dow Chemical pe(7) 'lM'll 64 Draper Corp (4). 25/ 34 Dresser(SR) MAt 44% Driver Harris Co. D er Cond&Ra Duke Powder (5) 4% Durant Motors 1% Earl Radio Corp. 22 EastGas& F A 87 EastG&F Apf. 14% East States Power B 10 E‘lurll Ufll Inv A, 10 ec Corp 50 ll BOId l Sh (N IW'A El Bond & Sh pf 12% 189 108% 92 98% EIP&L2aptA (1). 31 El Sharehold (11). 45% Bl Sharehold pf (6). 85% Emp G F cum pf(7 99% Em G&F cum pf (8). 25% IBmpire Pow pt (2).. 25 Employ Reinsur 1% . 16 Eng PSopt war... 84 Evans Wallow Lead. 1% Fageol Mot 5 Fairchild A'Iltlel - 26% 6% 34% 12% 15 2% lll '"A !\b 4AT% 4T% llfl& d‘m HR 18 S zs’A 1 23% 02 134% 18‘% IID 3% ke % 16 16 264 26 8% 87% 8 8 17% 17% 4T% AT 4 4% 26% 26% 22% I'6 3% IZI 210!‘ Ilfl% 210'6 2\ 82% 16% 16% % % 24% 14% 6% 7% 4 100 62 100 62% 62 Fajardo Sugar. .10 Falcon Lead.. % Fandango Corp. 744 Fansteel Products. . 105 Fedders Mfx A (2).. 24 Federated Metals. .. 50 Fer Enam A (16%) 20% Fiat Stk deb rts ret; 214 Fiat Stk deb rts. 1% Film Inspect M: 5 FinaninvN Y (b8).. 3414 Firestone T&R new .20 First Nat Copper. 100 Florida P&Lt pf (7). 8 Fokker Aafreraft... 10 Foltis Fischer Corp. 15 Ford MotorCanA... 3 Ford Mot of France. 10% Ford Motor Ltd 17 Foremost Fab (2) 10 Foremost Dairy Pr. 3% Foundation For Shs. 20 Fourth Nat inv. 10 Fox TheatersA..... 19 Garlock Pkg (1.20)., 4% Gen'al Alloys (80c: _9% Gen Am Invest new. % Gen Am Inv pf n u) 21 General Baking . General Bak pf (6).. General Cable war. 71 Gen E Ltd rets (50¢) 26'% Empire Corp... 30 Gen Fireproot (2) 13% GenGas & ElA..... 15 Gen Indus Alcohol. 10% Gen Lau Mch (1.60).. 15 Gcn Print Ink (234) Rity & Utiliti 6! Gnn R & Utll pf (6 25% Gen Theat Eqnlbvu 15 Gilbert (AC)... 891 Glean Com Har (4).. 80 Glen Alden Coal (10) 13% Globe Underwriters. ' Gold Coin. 3 Gold Seal E 3 Golden Center 16 Goldfield Cons Goldm Sach TC (b§)’ Goth Knitbac Mach. 20'% Gramaphone (2.19).. 20 Gramaphone s.rcts. . 29 Graymur Corp. . GrAAP'r-v [0) 10% Groe Stors Prod vte.. 27 Ground Gripr(11%). 40 Guard F Assn (2)... 4 Guardian Inve: 24% Guenther Law 1204 Gulf Oll of Pa ll%). 10 HallLamp (12)..... 16'% Hall Printng(t1%). 2 H'd Page p pf (19¢).. 1% HapC A (b1.40 144 Hartman Tobacco. Haygart Corp. .. Haszeltine Corp (1), Hecla Mining (1), 17% Heyden Chemic (2).. 3% Hollinger Gold (§0¢) 14 Huyler Stores of Del 28 Hydroel Service (1). 10% Hygrade Food Prod. 276 Illnois P L (20) 6% Imp Chem (Ind. 22 ImpOlCann Imp Tob Can (30¢).. Indiana PL new 3% Indian Terr Illum. .. Ind Finofts (b10%). Insull UL Inv.. Insull Ut In 24 pf InsCoNA (13%)... Insurance Sec (1.40) insuranshar of Del.. Intercoast Trad Co. . Intercontinent Petn Int Cgr Mach (t434). Int. Hold. & Inv. Co.. Intern Perfume (1). Int Petroleum 37%e. Internat Products. Interstate flqnl‘:u. . IrvAlr C (2) (1. lll).. Iron CapCopper. isot Fraschin (1.08) Itallan Superpow A. Itallan Superp war.. Jonas & Naumburg. . Jon & N cum pf (3. Kleinert Co (2%). Knott Corp (2.40). Kolster-Br (Am Sh). Lackawanna Sec(4). Lake Superior Corp.. Lakey F & M (12.40). Lane Bryan tine (2). Lazarus F & R Co... Lefcourt Real (1.60) Leh Coal & Nav (4).. Lehman (The) Corp. Leonard Oi1. Libby MeNell & L. .. Lily Tulip Cup Curl. Loews Inc war. Loews Inc debris. .. Lone 8t Gas (80¢). Long Island Lt (40c) Long Isld Lt pf(7).. Loutsiana Lan & Ex. MacMarr Sts. ....... Magdalena !Wldl(‘t. Marcon! I M (37%e¢). MarWireTel Ltd 62e. Mar Midland Corp. Marion Steam Shov. Mavis Bottling. Mayflower Assn... May Hos cum pf (0). Memph Nat Gas Ci Mer & M S A ( Mer Chap & 8 ( Mesabl Iron. Met & Min In Met 5¢ to 50c 8 ( Mexico-Ohlo Oil Mid West Util(new). Middle West Ut (7). Mid Royalty cv pf1, Midld Stl Prod 15.92. Midvale Co (3). Mo-Kan P L (b6%). 5% 2t 1% 25% 26 24450, Open. High. Low. 67 7 408 55 » iRt enuwssSanaans e £ awmn e @ 2 oD e momNan Lo Boan~ 0w -1 g ..': SeSaaklun P PUSTIPTS VPR T =t=P O IO PP e vy ® T Moh H P 1st pf (7)..’26- Moh Hud P 2d pf(7). Montecatip! deb rts. . Moody's I 8 pt pf (3), Mig Bk Col (Am sh). Mount Prod (1.60).. Municipal Service, Nachman Spring (3) tFd PrB (b4%). at Fuel Gas (1). at Investors (nov) Nat Mfrs & St 20% Nat PubSvaA ( 29 Nat Pub Serv B 1.60, 15 Nat Rub Mach (2)... 13 Nat Screen Serv 1.60 281 Nat Sugar N J (2)... 12 Nat Toll Bridge (A). 10% Nat Transit (11%).. Nat Union Radio. Nehi Corpn ( Nelson (Herman) ( Neet Inc cv A(1. ). 21 Now Bradta Ol t0o. 9 N HClock 11.87%... w Jer Zinc (13). Mex & Ariz Ld. 'mont Min (34).. n Newport Co (new). . 1!5 New Quiney M (10e). « Done N Y Merchand 12%.. N Y Pet Royalty (1). NYTelpf (6%).... Niagara Hud P(40c) Niag Hud Pw A war. Niag Hud Pw B war. Kiles Bement Pond. Niplssing (20¢). Noma EI Cor (160 Noranda Mines. North W ev pf ( North Am Aviation, North Am Utll See. . NoAm Util 1st pf(6). North St Pow A (8), Novadel Agene (2).., ., o 9 SoneSaRhran Bl o N = R s s B 1 anReao 459 50 100 15 3 29% 20% D. C., WEDNESDAY, NOVEMBER 13, T1929. ey @TNANCIAL, “0W=E jphpe 3:15. 65 Stock and Dividend Rate. Novad Agene f (7). 1 14 Ohfo Copper....... 814 Oilstocks Ltd A 1506 125 Oflstks.Ltd B(250c). 106% Okla Gas&El pf (7).. 10% Outbd Mot A (1.80).. 414 Outboard Motor (B). 24% Pac G&FEl1stpf 1%. 12% Pac Western O11 ~Prev.1920—~ High. Low. 95% 88 4% 19% 18% 111% 22% 16 281 26% 315 10% 23% param't FL(new)wi Parke Davis (11.40). 15'% Parmeles Tran (1%) 87% Penn Ohlo Ed pf (6). Corp...... 29i 1t (16) 7814 Penn W& P ( 25 PeoL &P A (a2.40). 85 Pepperell Mfg (8). 91 Perryman Electric. 17% Petroleum Corp. % Philip Morris Inc. 10 Pick(A)B&Copf1%. 10 Pierce Govern (1%). 614 PHot RT A (1.20)... 10% Pitney B P n(20c). % 101 Pitts& L E (5).. 5515 Pitts Plate Glass(2). 22 Plymouth Oil (2)... 13 Polymet Mfg ($1)... 1% Premier Gold (24c 6% Prince & Whitely.... 30 Prince&Whitely of 3 15 PropSilk HM (2)... 5% Prudential Inv.. . 98 PugSP&Ltof (6). 10% Radio Produets..... 59 Rwy & LtSec(t4).. lfil)l 9 Rainbow Lum ProdA 7 5% Rainbow Lum ProdB 17 23 Reeves (D) (1.20). 1% Reiter-Foster (10c 17% Reliable Stoesb1%.. 12 Reliance Manage. ... 65 Repettt 5 Reynolds Bros Inc. . 22% Reynolds Met (new) 10 Rich R cum pf (3%) 32 Rike Kumler 24 Roan Antelope \Mn. . 18% Rockland L& P... 915 Rolls-Roy Ltd rets. . Rolis-Roy of Am pf. Roosevelt Field,Inc. Root Refining. Ruberold Co (4). Ryan Consolldated. . I B A R T R PP NP Re, 9% Salt Creek Prod (2). % Savoy Oil....... Sehiff (The) Co (1)., Sechlat & Zan (2).... Schlet & Zanpf 3%.. Schulte Un bo-$1 St. Sch U be-$1 S pf (7). Schutter J Candy Seeman Bros (13). Seiberling Rub (1).. 57% Select Ind pr (534).. 4% Sentry Safety Cont.. 16'% Sharp & Dohme . 3 Shattuck Den Min. .. €5 Shawin W&P (2)... 48 Sheaffer Pen (13)... 8 Shndoah Corp(b6%) 21% Shenan Corp pf (3).. 26 Sierra Pac Elec (2).. 15% Silica Gelet..... 1 85 Silver(Isaac pf (7).. 25 1 Singer Mf Ltd (30c). 10 Sisto Fin Corp. . 1'%_Sonora Products. . 1% So Am Gold & Plat MCIIMDIA(I“) 20 SoCalEdpfB(2%). 21% BoCal Ed pf C (1%). 20 So Col Pow A (2).... 6 8o Ice & Utilitl 13 So Pipe Line (1) 12 Southland Roy (1) 8 W Dali i 102 Southw P&L pf (7).. 20! lD!'A 50 Spie-Ma. Spl(l‘b) 1 261 Stahl r, Ine.... 1 3 % Standard Motors.... 2 45 StOllof Ind (2%) 468 18 St Oil of Kansa: 11 29 StOflof Ky (1. n Sales— Add 5. Open. 95 High. Low. 9% 95 10 10 106 106 1% 11 25 14% # 2 23 45 7 15 15 U 8 Dair; 19 15 20 27 10 Dividend annual paymen 29% Stock and o Dividend Rate. 43% StOllof Neb (13%). % 60 St Oilof Ohlo (2%4). 508 g 49% Stand Pow & Lt. . 62 63 St Pow & Lt pf (7). Standard Screw (19) 768 Starrett Corp. 5 Starrett Corp pf(8) Stein (A) & Co. Stein Cosmetics Ine. Stern Bros A (4). Stern Bros B ctfs Stroock & Co (3). 4% Stutz Motor Car. 251 Swift Intl 121% Swift & Co (8). 12% Syrac Wash M B ( Taggart Corp. Tampa Electrie (12). 25 Taylor Milling (2%4) 4 Teck Hughes (30c).. 7% Texon Oil & Land 191 Thermoid Co (2). 71 Thermoid cum pf(7) 23% Thomp Prod A (12). 5 Thomp-Starrett..... 36 Thomo Star pf (3%) 43'4 Tish Realty & Con... 40% Todd Shipyard (4)... 20% Transamer n (31.60. 8% Trans Air Trai 6% Trans AirTran 3 Tran-Lux DLPSA. 50 Tri-Cont Allfed. . 15% Tri-Continental Cos Tri-Cont Corp pf 6 Triplez Safety G! Truns Pork Stores 140 Tub Art Silk B (10). 10% Tung-Sol Lamp (2). 40 Tung-Sol L pf (3)... Ulen & Co. 18% Yel Taxi N Y (3) 19% Zonite Prod (1.60 RIGHTS. .. Dn. I Add 00. Open. High. Low. 3:15. 3 42% 42% 40% 40’ 81% 81% 93% 93% 119% 119% 18 19 32% NN AR SN AR ~®D @ » HONRAR ANR AL RAANNRWB A A RRERAD A re = .o 00! ) Utd Lt & Po pf (8) Unit M1lk Prod pf. 314 Unit Reprod A. 1% Unit Reproducers Ul!‘!nlnlhlnt (3’). USFoll B 47 U8 Gypsum (1.60) 60 US&InSectf (2% USLh ). 55% Unit Sh Mch (13%).. 6% United Stor 11% Unit Verde Ext (4) % Unity Gold...... 64% Univers Insur (3%4). 2% Utah Apex (50¢).... Utility & Ind. . Util & Ind pf (1%) .. 13% Utll Power&Lt(31)., UtP&L B ctfs (31). Utility Equities..... 75% Vacuum Ofl (14%).. 8% Vam Camp Packing. 12% Van Camp P pf(1%). 3914 Veeder Root (234)... Va Railway v.te. 17% Waitt & Bond A (2).. Walitt&Bond B 1.40 5 54 52% % 7 20% 20% 13 13 W BN RR~ " J l'l l‘i fli l% lh .v. l’ 660 Wk {.I- in dollars based on last quarterly or uuu cash or stock b Pavable ¥ T ock. U HA TS oot e 1o BONDS ON THE CURB MARKET. Sales in DOMESTIC BONDS. thoaundl g‘unf"y Je33EsEpeEitesad FeNwe u e Without rnnu. RADIO COMPANY DECIDES TO CONTINUE OUTPUT By the Associated Press. NEW YORK, November 13.—The Grigsby-Grunow Co., radio manufac- turer, which last week announced that it would close its plants within a few days, ending 1929 production four weeks earlier than usual, has experi- enced ln unexpected demand from lealers, ai ction will be contis uedltluuo(lmtlmufild Latest reports from dealers int that sales are being maintained at a rate practically normal for this time of year. COAL PBODUCTION By the Associated Press. Bituminous coal production in the United States for the last reported week, the Mines Bureau noted, in making public estimates of its total, was re- duced by religious holiday celebration in Eastern mining territory. Figures of w::mt. ggfi the week and comparable low: R P +1 000 tons. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value ( ay, CHICAGO STOCK MARKET. Special Dispatch to The Star. CHICAGO, November 13.—Following is & report of today’s sales, high, low | and closing quotations on the Chicago Stock Exchange: Sales 9. hungreds. ATOCKR, g1 Lov. Clos 3Adams (D) Mte Oo. 2§ r 7 Adams "z"m wosssesioses cyw 3 & EF & Corp . ’hicago Corp b Elec Mfg A hi Investors . f 99990, Eetd Commonwealth Ed 3 Sommeny LI Co 3! 5 Commu Wate; § Qonstrustion » ln 1 25 P Le58E. 1 1 =SS eEE .ol = £ 5 S825ES. ! :;:z:mfi;'fl:::::s EE R e L ..., R R . e =) & £ reuluplBeoomniausubovesnnanbiud: & > 00BEE: g 2 4 18 5555 T fofied » % PP IR PO SRLED: = o e semens gy 55 e St ved ¥ Enloels sasce ana JOTeTPTe R s EREENERLS s wean 5204t P . el s 0 S 5 S AL NI S e Punp 28 Wextark Radlo Swores 1014 Wieboldt Stores 3 Wolverine Gem 41 Zenith Radio . Total sales, Sales in thousands, omcnnu'z'l( 1 18chi Ry fi 3 aft 8Rla i1 Rys 18T 15 NEW BASIS URGED" FOR STOCK LOANS Bank President Would Adopt Actual Earnings Policy in Security Valuations. Special Dispatch to The Star. NEW YORK, November 13.—A plan to curb stock market speculation on borrowed capital by enlisting the banks of the country in a uniform policy of limiting collateral loans to 75 per cent of security valuations as determined by actual earnings instead of inflated stock market prices was put forward today by resident of the Plaza ormer president of the New York State Bankers' Association. He suggested the American Bankers' Association as the logical medium for sponsoring such a move. “If the banks of the country, acting as a unit, would adopt a definite, \mi- form loaning policy under which they would not extend a collateral loan in excess of 75 or 80 per cent of the value of a security offered, as determined by appraisal based on the previous quar- i | terly statement of earnings, the ap- praisal not to exceed 20 times the net earnings, it would ipso facto stabilize the market level of securities and pre- vent the purchase of s tive values ?lm redit,” Mr. Cahil proposal set o ‘Would Check Speculation. “Such a policy on the part of the banks would stabilize security values on a basis where their purchase price bears a direct relation to net earnings, and it would regulate credits to a point where a 25 per cent margin woula be sufficient because based on actuat and not on fictitious values. While 1t might not do away with speculation entirely, it would very definitely prevent rash speculation with borrowed funds. “While there were a number of con- tributing factors leading up to the recent break, the major cause of the oolll was the rash and reckless pur- g of fictitious values on credit. lt was not merely that securities were purchased at levels far beyond their sound investment values, as measured by earnings, but the fact that sucn rchases were made on borrowed cap- “Unified bank action as suggested would prevent unwarranted speculation thmnlh the medium of brokers' mar- ginal accounts, because it would limit the ability of brokerage firms and in= vestment bankers to borrow funds to finance their customers’ accounts on any but a sound investment basis. The 3 | man of small means would be protected because he would be unable to specu~ late with borrowed funds. A stock mar- ket collapse of my magnitude would be impossib! because security values would be stabilized to a point where they would never reach a dangerous inflation value. A policy of this d would also tremendously strengthen our entire credit situation, as it would place every bank loan in the country on a basis where they would be backed by securities that were sound from an in- vestment standpoint, and therefors liquid. Drastic Legislation Possible. “The American Bankers' Association would seem to be the logical medium to organize the banks of the country on a unified pol of this kind and secure their co-operation. If the banks of New York City alone, through the Clearing House Association, were 1o ndofit such a policy the rest of the the country would un- Gointedy Tollow: kers of the country shouid take the initiative to prevent the evei- threatening stock market panic or we may find ourselves” facing dmmc ana perhaps radical legislation to eliminatc the evil. Remedial legislation to curc the evil has been threaten- ing for some uzne in Washington, and some of the bills suggested have becu lrhl'-l‘lry m character and far from BANK RATE LOWEBED. BRUSSELS, November 13 (#).—The National Bank lowered its rate from 5 per cent to 4}5 per cent. \ Money to Loan '“"f.r‘lzll-“ leed .'.I.I‘II‘I'I- real estate. 420 Wash. “’P"I Wllcr Blds.. m'i N FOR RENT One Room, Kitchen, Bath and ' Reception Room. Electric Refrig- eration: THE ARGONNE 16th & Columbia Rd. American Capital Envelope Company (Washington’s Own) Phone West 0380 and our e will call, or send BALTIMORE STOCKS. Special Dispatch to The Star. 3 & Fos T -‘lll Park ., 578 P:'w"“ Bion' Trust Gor ited Rallway ‘& itrie Al S Y o Fidelity A'fi-‘innn o Nm"h 4 Flestrie m way ; o m F3 ¢ J3u8as 22 U 2838 3 & N. Y. Bank Stocks By the Associated Press. NEW YORK. November 13.—Closin, bid and asked prices on the stocks o} follow: NATIONAL ='r:o.¢= 7Afl-mn.i ool cmnum & Flith Aveniie nm Nlunnll Manhattan Go.': National City .. TRUST COMPANIES, & Brooklym. C Central Hanover Corn Exchi Chemical Equitable (oo o~ 23 & Guaranty I E25050e Sisagaanss us samples by mail for free quotations, Wo want to bid on your uw:lopo reqmununn. Right price, service and co- operation make your envelope problems easy for you. Good envelopes are just good business. ACE FOR QUALITY AND SERVICE Sales Office 2146 Pa. Ave. N.W. Factory Rosslyn, Vi Wi For months we urged “Buy Bonds at Present Prices for 6% Return™ BEeCAUSE continued high money rates had forceddownbond prices creating an unusual opportunity to buy for high income return and profit possibilities. Now, cheaper money is stimulating bond buying and prices are ad- vancing. At this time, however, . it is still le to select a well diversified list on which the average yield is around 6%. Send for copies of our Current Lists THE EQUITABLE SECURITIES COMPANY I A Subsidiary of The Equitable Trust Company of New York STANLY CARR, Representative 922 Fifteenth Street, N. W, WASHINGTON, D. C.