Evening Star Newspaper, November 18, 1929, Page 14

{ 14 *%® | ROBERTS RESIENS ~ BANKING POSITION . Well Known Figure in Finan- : cial Circles to Join Bond House. BY EDWARD C. STONE. J. William Roberts, for 10 years active in the local banking field, has resigned his position as manager of the K street branch of the Security Savings & Com- mercial Bank to join the staff of the E. H. Rollins Co. bond house, located in the Southern. Building. He will be suc- iceeded at the branch by Charles K. West, one of the assistant _cashiers at the bank’'s main office at Ninth and G streets north- west. ¢ Mr. Roberts has FINANCIAY.) Sales— Add 00, High, 6214 26% 84 ~Prev. 1920 Stock and High. Low. Dividend Rate. 169% 60 Abraham Straus: 834 20 Adams Express ctf: 96 84% Adams Exp pf (5). 35% 19 Adams Millls (2) 104% 7 Advance Rumley.... 119 15 Advance Rumley pf., 47 % Ahumada Lead.... 1 223% 77 Afr Reductn (14%) 48% 20% Alr Wal E1 Ap(2%).. 1% 10% 25 5614 Low. 624 97% 22 Albany P W Paper.. Alleghany Corp. 118% Alleg Corp pf (5%) 92 R0 Alleg C pf (6% )xw. 354% 197 Allled Ch & Dve (6). 125 118% Allled C& D pf (7). 75% 861 Allis Chalm (n) (2) 801 26 Alpha Port Cemt(3). 11% 2 Amal Leather.. 42% 17% Amerada Corn (2). 23% 4 Am Agricul Chem 78% 18 Am Agrieui Ch nf 2414 157 65 Am Bank Note(ft$). 5 814 20% 7% Am Beet Sugar... R 764 27 Am Bosch Magneto a1k 62 40'% Am Brake Shoe 2.40. an 2% 41 Am Brown RovElec. 28 9 814 184% 86 Amer Can (15) 264 106% 1014 142 133% Am Can of (7) . 6 1764 135% 106% 75 AmCar&Fdv (f).., 22 R37% RIN 120 110% AmCar&Fof (T)... 1114 1121 a5% 70% AmChainpf (T)..... 1 79 R1% 27 Am Chicle (2). . 27 55 20 Am Com Ale (k1.80), 29 AT been manager of branch since the gecuflty Sn‘\:ln%s A‘z‘ 0 m merc! o0 . Wil Roberts. over the Central 7 Wilm Xobs Savings Bank, of which institution he was cashier. ' Early in his banking career Mr. Roberts was connected with the Home Savings Bank and later with the American Security & Trust Co. Several years ago he was in an office ‘which the Commercial National Bank of this city maintained in Panama. Rolfe E. Bolling, now president of the Merchants’ Bank & Trust Co., was head of the Panama office at the time. Mr. Roberts will finish his work at the bank on November 23 and assume his duties with the bond. house after a short vacation. He has a very wide scquaintance in the financial district. Rapid Business Recovery Seen, Business should recover more rapidly from the present stock market depres- sion than from any previous period of deflation in our history despite the greater number of people gffected and the larger volume of losses, adcording to the Fortnightly Review of G. M.-P. Murphy & Co. It states that there are four major differences between the present situation and past declines, par- ticularly in 1920, namely, (1) com- modity prices have been reasonable for several years, (2) merchandise inven- tories have not been excessive, (3) the banking system is in a strong position and (4) corporate treasuries are well supplied with cash. “In general,” continues the Review, “previous major declines have resulted from substantial declines in business foreseen for reasons arising within busi- ness itself. The recent depression has certainly gone far beyond measuring any tapering off in business that was foreseen and is viewed with concern as a possible cause rather than as an effect of declining business. “In other words, nothing on the hori- gon causes any loss of confidence in the underlying soundness of the indus- trial situation. While the next few months are likely to witness reduced activity in many directions and the shading of commodity prices and profit margins which usually accompanies such conditions, we expect that next Pall at the latest will see business on the upgrade. As to the stock market, we :x?ecv. to see an extended period of quiet trading during which time sound securities will be available at attractive gflm, iving an opportunity for the 1 accumulation of desirable is- Utility Bonds Popular. TInvestment in public utility bonds by 25 of the larger life insurance com- panies in the United States and Canada ‘continue to increase while their hold- ings of railroad, Government and muni- eipal bonds show a decline, according 10 a revised analysis of their bond in- vestments prepared by Bonbright & Co. Pigures based on the 1928 reports of these companies, just made available. show that $200,000,000 of public utility bonds were added to their portfolios out of a $500,000,000 increase in_total bond holdings, and that utility bonds now comprise 24.6 per cent of their total bond investments of $5,717,703,~ 115.. ‘ Emyloyment Demand Good. ok Federal Reserve Bank of Rich- reports that the demand for em- ‘ployment in the fifth district is excel- lent. Unofficial reports indicate that retail trade i holding up well so far in November. The latest reports on build- ing showed that Washington, Baltimore and Richmond all had increases in Oc- tober, while the ;flfllfinr d!!ire! in the ter- itory showed a falling off. nTob‘wO prices in Virginia markets in October were 94 cents above the average for October, 1928, the Fed- eral agricultural Statisticsian here re- rts. Aggregate sales were larger than mt year also. Virginia's corn crop is better than early reports indicated. The year's eld of 29 bushels per acre is greater than last year. Most crn};u in Virginia have yielded better than anticipated, the report says, while the production will be Jower than last year in many cases. et the prices have averaged better and the total valye will be above last year. Heavy Trading on D. C. Exchange. Trading was unusually heavy on the ‘Washington Stock Exchange after the double holiday. Capital Traction was the market leader, 175 shares changing hands dur- ing the session at 75. There was one transfer of 100 shares and one of 50. Peoples Drug Stores sold down to 100, Lanston at 106, Mergenthaler at 1021 and 1023 in a large amount of small-lot trading. Riggs National Bank sold at 53275, Bonds were in excellent demand, sales covering a wide range of issues and at recent price levels. Leave for Linotype Meeting. Edward J. McQuade, vice president of the Liberty National Bank, leaves here tonight for New York to attend the annual meeting of the board of direc- tors of the Mergenthaler Linotype Co. tomorrow and the stockholders meeting on the following day. Local investors have been predicting for some time that the annual Mergenthaler report would be unusually good. Prederick D. McKenney of this city: 1s vice president and general counsel cf the company. Mergenthaler stock has long been widely held in Washington. Heard in Financial District. Much interest is manifested here in the letter of Representative Charles U. Esterly to the New York Stock EX- change demanding that short selling be 18% Am Encaust Tl (2) [ 9815 23 Am Evropean Sec. 24 3 50 Am & For Power 202 64 101% Am&Forn Pwrpf(7) 7 108% 101 8614 Am&For Po 2d pf(7) 2 90 8§ 19% Am Fawatian (1)... 10 21% 2014 3% Am Hide & Teather.. 4 4u 2 234 AmFHide& Leanf... 2 40 Am Home Prd (3.60) 42 29 American Tee (2). 1 291 Am Internat (12). 215 AmLa F & Foamit 90 Am Locomotive (8). 111% Am Locoof (7T)..... 142 Am Machine Co (17) 315 Am Metal (3), 2 Am Plano...... 6114 Am Pow & Lt (11 9215 Am Pow & Lt vf (8), 72%, Am P&L vf A st (5). 28 'Am Ra&Std San 1%. 1214 Am Republies. €0 Am Roll MINl (c2) 44 Am Safety Raz (16) 22 Am Seating (2). % Am Ship & Com..... 62 Am Sm & Ref (4). 128% Am Sm & Ref of (7). SR Am Snuff (3)... 4 35% A'm Stesl FAv (3). .0 11 40 Am Stores (+214). 9 45 56 Am Sugar Rfe (5) 21 634 99 AmSugarRfgnf(7). 6 104 60 18 Am Sumatra (1) 22% 17 AmTel& Ca (5 $10% 19815 Am Tel & Tel (0) 22215 160 Am Tobacco (+10). .1 235 180 Am Tobacco B (+10) 1211 114% Am Tobacrn of (8) 181 115 Am Tvpe Farv (£} 4127 12 199 50 Am Water Wka (e1), 46 104 97 Am Water Wist(8). 2 277% 5% Am Woolen F&% 1513 Am Wonlenpf...... J8% 4 Am Writ Paverctfs. 1 7 49% 7 Am7ine LAASm 7R 12% 10 111% 49% Am Zinepf (6)...... 9 AR 440 70 Anaconda Conr (7)., 517 R0% 80 o5 Anchor Cap (240).. 7 A 24 154'% 96 Anchor Capof (6%). 2 101 100 68% 80 Andes Conper (3). 10 27% 4 49 181 Archer-Dan-M (2} 7 9Ru 95 75 Armonr Dal nf (T) TR 18% 5% Armour 1 (A) 10% 2% Armour 111 (R) 86 57 Armonr Tl pf ¢ 40% 7% Arnold Constable 30 18% Artloom (2). 20% 201, Art Metal (134). BRY% R4 Amso Appl Ind (4)... 708 25 ASso Drv G (2%) 298% 195% Atch T & S Fa (10).. 104% 99 Atch T&SF of (V... 209% 161 Atl Coast Lina (+10). 86% 324 At G & W Tndl 627 45% AtNIG&WLof (4).. \77% 30 At] Refinine (42).... 140 67 Atlas Powder (15) 17% 5 Atlas Ta 514 120 Aubnrn 11% 3% Austin Nichols. E 65 491 AustrianCred (449) 6 5413 50 34 Auto-Strop Raz (3),. 1 38 20 5% Aviation Corp. Del.. 112 8 66% 15 Raldwin Loco (mew) 21 2614 145% 105~ Raltimore & Ohlo (1) 104 11615 80% 75 Balto&Ohloof (4).. 4 78 a0% 55 Rang & Aroos (3%).. 2 59% 291 31 Barnet Leather..... 1 4 49% 20 Barnsdall (42%).... 89 2415 32% 15 Beacon Oll. . 26 184 131 78% Reatrice Cream (4).. 101 45 Beechnut Pkg (c3).. 17% 5% Relding-Heminwav.. 84% 75 Relg Nat Ryspf 5.49 104% 25 Bendix Aviation (2). 60% 25 PBest & Company.... 140% 78Y% Rethlehem Stee] (6). 128 116% Bethlehem St of (7). 136% 37 Rohn Alumn&R (15). 34 497 8914 Bon AmiCo (15).... 2 172 11% 3% Booth Fisherle: 1o 100% 53 Borden Co (3). 36 65 867 26 Forg Warner (4).... 7 35 63% 81 Briggs Mfg. .. . 90 1% 43 20 Briggs&Stratton(2). 6% 2 British Empire Steel 13'% 3% British Em St12d pf. 73% 14 Brockway M T (3) 817 40 Bklyn-Manhat (4) _. 92% 76% Brooklyn Man pf(7). 121 7 Brooklyn & Queens. . 248% 99 Bklyn Union Gas (5) 5113 36 Brown Shoe Co (3).. 55% 16% Bruns-Balk-Col(3).. 44% 4% BrunsTer & Ry S... 42% 14 BucyrusErle (1)....\] 50 261 Bucvrusevpf (234). 22% 9 Budd (EG (t%)... 54% 25 Bullard Co (+2)..... 32% 21% Bulova Watch (3)... 127 88 BurnsBrosA (8). 39 225 Burns Bros B 96% 29 Burroughs AM(i 894 31% Bush Term (22).... 9% 2 Butte Cop &7 (30c). 192% 50 Byers (AM)........ 4T% 20 By-Prod Coke (1)... 4% 63% Callf Packing (4)... ¥y laban Zinc & 126% 73% Calumet & Ariz (10), 39 61% 25 Calumet & Hecla(4). 182 49% 20 Campbell Wyant (2). 98% 45 Canada DryG A (5). 265% 189% Canadian Pac (10).. 180 170 Can Pac3d pd ctfs,.: 48% 30 Cannon Mills (2.80). 65% 17 Capital 4dm (A).... 467 130 Case (J 1) (6)... 122% 114% Case Th Mch pf (7). 79% 31 Celotex (3).. - 48% 21 Cent Aguirre As1%. 59% 27% Cant Alloy Steel (2). 20% 3 Century Rib Mills. .. 120 2% Cerro de Pasco (6).. 32 11% Certain-teed Prod 8115 473 Certain-teed pf. 80% 18 Checker Cab Mfg Co g 279% 160 Ches & Ohio (10).... 20 1851 92 42% Chesapeake Corp (3) 64 6% 19% 4 Chi& Alton 6 4% 25% 3% Chi& Alton pf. s o5 YK 23% 7 ChiGreat Western... 13 10% 63% 17% Chi Great Westn pf.. 67 28% 44% 16 Chi Mil St P&Pac.., 42 22 68% 2815 Chi Mil St P&Pac of. 120 383 108% 75 Chicago &N W (5). 145 134 Chi& N W ef (1).. 47% 21% ChiPneu Tool....... 61% 47 ChiPneuT pf (3%). 143% 101 ChiRI&Pac(7).... 102% 94% ChiR1& Pacpf (6). 109 100 ChiR1& Pacpf (7). 50 27% Chickasha COil (3) 75% 44% Childs Co (2.40). . 127% 53 Chile Copper (15) 104 Rasg Basa £4% 1445, TA% an 7 149 TA% 5 1256 40 455 130% 188 49 9% 85 43 111 12415 208 prin 44 f1% 108 17 1908 187 2 1184 115 a8 20 Al | 10 28 76 % N 9 119 4815 Tiw 2 “ar A ARl seneneBe Sy 30 201 3 180 50 39 2 98l 1 10315 29% stopped for the next weeks to help stabilize the market. There are many Jocal bankers who feel that short selling ahould be outlawed forever, that it is ! the worst factor in smashing a weak market to splinters and wrecking small stockholders. | __ William Butterworth, president of the United States Chamber of Commerce, sald over the radio last night that he , considered the general business situa- #tion in the United States to be strong. ‘He belleves that industry and commerce will remain at the levels they have reached, subject only to pormal sea- sonal fluctuations. ' Assistant Secretary Klein of the De- partment of Commerce gave a summary | of retail credit conditions over the radio last night. One of his observa- tions was that “many a man who seems to be on Easy street is only on Easy Payment street,’ 2 ‘The Virginja Carolina Chemical Cor- poration has declared regular quarterly of $1.75 on_ prior perferred stock, pay- able December 5 to stock of regerd No- vember 20, il 135 26 Chrysler Corp (3) 62% 39% City lce & 7 (3.60). 27 7% City Stores (1). 61% 25 Clark Equipment (3) 72% 35% Cluett Peabody (5) 16413 101 Coca-Cola (4)....... 50 44% CocaCola A (3 7214 10 Collins & Atkman. 8% 27% Colo Fuel & lron. 140 52 ColGas& El (2).... 109 100 ColGas&ElpfA$). 7 100 130 42% Col Gas&E rcts ptpd, 2 58 £8% 16% Columb Graph(87c). 163 21% 844 106 Columbian Carb(16). 93 142% 62% 18 ComCredit i2)...... 82 247% bi% 28 CommCreditA (3).. 14 32% 9 28% Comm Invest Trust.. 44 37% 99 87% Com Inv Trof(6%). 38 87 10 14% 6 3214 139 66% 63 24% 93 8b% 929 96% 26% 203 183% 100% 10 35 1" 43 20% Comm Solvents (n). 45 Comm&So (bE%atk). 50 Conde Nast Pub (). 1 Congoleum-Nairfi. 20 Cong Clgars (16%) 7 Consol Cigar (7).... 4 Consol Film (2). 7 4 Consol Film of (2).. 14 Consol Gas, NY (4). 352 4 Consol Gas pf (5).., 23 20% 13% 39 13% 53% 48% 1574 207% 4% 0% Prev. | ~Prev. 1926 Close. Close. 62% 60 23% 25 84 45 20% 21 14% 13 21 100% 511214 @ 79 274 257k 118% 118 % 4 63 30% 1% 25 1002, 60 13 381 102% Stock and Dividend Rate. Consol RR Cub pf(6) 6% 1 Consol Textile. 23% 12 Container Corp A. 11%4 3% Contatner Co"nB 25% Contl Baking'A 4% Contl Baking B..... 79% Contl Baking of (8).. 38 Contl Bank (1.20)... 40'4 Contl Can (24)..... 20% Cont Diamond (2)... 46 Contl Insurance (2).. 6'a Contl Motors (80c).. 18 Contl Ofl of Del. . 70 Corn Prod (t3%) 20% Coty Ine (£2).. 24 Cream of Wheat (2). 17 Crossley Radio (11). 87'% Crown Cork & Seal. . 17~ Crown Zellerbach (1) 71 Crucible Steel (5). % Cuba Cane Sugar.... 2% Cuba Cane Sugar of. 5§ CubaCo.......... 7 Cuban-Amer Sugar.. 36 Cudahy Packing (4). 100 Curtis Publishg (17) 11’-’. Curtiss Wright Corp 58 Cutler-Ham (33%)... 63 Cuyamel Fruit. 21'% Davison Chem. 23% Debenhams (a2.31).. 141% Delaware & Hud (9). 1204 Del Lack & W (17) 1 Detrolt Edison (8) 24 Devne & Ray A (13). 6 Dome Mines (1)..... 12 Dominlon Strs(1.20) Drug Corpn (4)... Dunhill Inter ($4). Duplan Silk (1) Du Pont de N(+434). 107% Dupont d N deb (6).. 19 East Roll Mill (1%). 0 Eastman Kodak(18). Eaton Axle & S (3).. 11% Eltingon-Sch (2%) 50 Elec Auto Lite (6)... 34 Electric Boat. . 291 FI Pwr & Lt (1) 98 ElPwr&Ltpf (1), 55 Flec Stor Bat (5).... 315 Elk Horn Coal 31 Eng Pub Serv : 80 Eng Pub Svepf (5).. £4% Eng Pub Sve of (514) 31% Eaquitable BIAR(2% ). 41 ErleRR........ 55's Erie RR 1st pf (4) 37% Kureka Vac Cl (4)... 15 Evans Auto L($2%). 20% Fairbanks Morse (3) 1's Fash Pk Asso(k2%). 6814 Fed Lt & Tre (11%). 5 Fed Motor Tr (80¢).. 28 Fed Watr Ser A 2.40. 47% Fid Phen F Ins (2) 33 Filene's Sons. ... 44% First Natl Strs (1) 2 Fisg Rubbee. ... Florsheim Shoe 324 Follanshee Bros(13) 31 Foster Wheeler (1) 12% Foundatlon Co. 40 Fox Film A (4). 23% Freeport-Texas (4). Gabriel Snub A. Gamewell Co (5). '« Gardner Motor. Gen Am Tnk Car 4214 Gen Asphalt 4 Gen Bronze (2). 23 Gen Cabl 651 Gen Cable A (4) 42 Gen Cigar (4). 168% Gen Electric (16)... 11 Gen Elec spec (60¢). 35 Gen’l Food Corpn (3) 59% Gen Gas&El A (e1%) 50 Gen Mills (13%4). 2314 Gen Motors (13.60) n Gen Motors pf (7)... 30 GenOutd Adv A (4). 94 Gen Outd Ad vie (2). 20 Gen Public Serv(bé 70 n Ry Signal (5). 50 Gen Refrac (14%4).. 80° Gillette Saf Raz(c5). 10 Gimbel Brother: 26 GiiddenCo (m3). 914 Gobel (Adolf) 315 Gold Dust (2% 42 Gooarich BF (4).. 60 Goodyear Tire (5). 87 Goodyear 1st pf (7) 14 Gotbam Stlk H (23%) 7% Graham-Palge. .. 7 Graham-Paige et. 46% Granby Copper (8). 39 and Storas (c1). .. 915 Grand Unlon... 30_ Grand Unlon pf (3) 32" Granite City St (4). Grant (W T) (e1) 4 Grt North pf (6). 85'2 Grt North pf et (5). 19. Grt Nor Ore (a1%) 28 Grt West Sug (2.80 106 Greene Can Cop (8). 14% Grigsby Grunow (2). 1 Guantanamo Sugar. 13 Gulf Mo & North.... 42 Gulf Sta Steel (4)... 12 Hahn Dept Stores. .. 7:1% Hahn Dept S pf(6%) % Hartman A (2)...... 13 Hartman B (1.20) 7 Havana Elféc Ry 60 Hawaiian Pine 12%% .. 4 Hayes Body b8% stk Hercules Mot (1.80). 80 Hercules Powdr (3). 45 Hershey Chocolat 60% Hershey Choe bf (4). 104 Hershey Ch prpf(6). 15 Hoo (R) &Co..ov.u 21 Holland Furn (e2%). 13 Houd Hersb B (1%). 40 Household Prd (14). 26 Houston Ofl. $ 35 Howe Sound (t434).. 3415 Hud&Man Ry (3.50). 60 Hudson Manh pf(5). 3% Hudson Motor (6). 18 Hupp Motor (f2). 45 116 Illinots Central (1) 17% Independ Ol & G (2) % Indian Motor Cycle. 13' ndian Refining. .. 114 Indian Refining ct. 6514 Industrial Rayon 120 Ingersoll-Rand t6% Inland Steel (3%). +lnspiration (4)...... Interboro Rap Tran.. Intercontinental Rub Intl Agricultural. Intl Business M (5).. Intl Cement (4) Int Combustion..... latl Cmb Eng pf (T).. Intl Harvester (2%). Intl Harv pf (7) 1ot Hydro El A (e2). Intl Match pf (3.20).. Int Mer Marine etfs.. Int Nickel of Can(1). Intl Paper pf (7). Intl Pap & P A« Intl Pap & Pwr Intt Pap & Pwr Intl Fap & Pwr pf(7) fntl Print Ink (2%).. Int Shoe (2%). Int) Silver (8). Int Tel & Teleg Inter Dept St (2) Intertype (11%).... Investors Equily(2). Island Creek Coal(4) Jewel Tea (4) Johns-Manvill 4 Jordan Motor Car.... Kan City Sou (6).... Karstadt (Rud.) Ine. ufmann DS (1%4) Kavser Jullus (4). 4 Kelly-Spring Tire Kelsey Hayes (2) Kelvinator Corp. Kennecott (6)....... Kimberly Cirk(2%).. Kolster Radlo....... Kraft PhCb (1%4)... Kresge S8 (1.60).... 4 Kresge Dept Stores. . ICress (§H)Co (n1). Kreuger & Tol(1.34). KKroger Gr&Bak(cl), Lago Oll & Trans.. Lambert Co (8) Hish. Low. 0% 45 157% 26 82 44% Leh Val Coal pf (3) Lehigh Valley (3%). Lehn & Fiok (3). Libbey Owens (1)... Liggett & My (15)... Liggett & My B (15). Lima Locomotive Link Belt (2.60). Lig Carbonte (14% T.oew's, Inc (12%):. Loew’s Inc pf (6% ). LoftIne........ Loose- Wiles (2.60) Lorillard (P) Co. Loulslana Oll.ysuvem 6814 43 108 106% 574 61 13% Curt Wright Corp A. . Sales— Add 00. High. 5 24 10 6 85 13 4 1% 1% 5 39% 6 8% Low, Close. Close. | High. Low. 49 1% 15 4% 83 51y 87l 40% 51 28 62 815 Prev. 49% 1% 14% 5 37% 6l 8713 9% 51 62 814 Stock ana Dividend Rate. LouG &K1 A (1%).. 30 Louts & Nash (7). £ Ludlum Steel (3).... 92 Mac A & Forb(12.35) 13 McCall Corp (4) MeCrory B (2 MeCrory pf (6). McGraw-Hill (2). Mclntype Pore M(1). ~Prev. 1029, 2% 154% 108% 45 108 115% 120 28 110 22 3014 McKes & Rb pf(3%). MecLellans S(A)m20. Mack Trucks (6).... Macy (RH)&Co(ct3) Madison Sq G (1%)., Magma Copper (§). Manat! Sugar pf. Mandel Brothers. ... Man Elec Supply.... Man Flev mod (d5). Man Shirt (2)....... Market St Ry pr pf.. Mariin Rock (13%) Marmon Motor (4). 4 Martin-Parry....... Mathleson Alk . May Dept Stors(e2). % Maytag Co (12)..... Mayjag Co pf 13).... MenZel Company (2). Metro Gold pf (1.89). Mexican Seaboard. .. Miami Coprer (4). .. Michigan Steel (13)., Mia-Continent P (2). Middle States Ofl ct.. Middle Stactfs (n). . Midland St pf(112)., Miller Rubber....... Minn Moline Pwr. . .. Minn Moline of 6%.. Minn & St Lout Mo Kan & Texas. ... Mo Kan & Tex pf(7). Missouri Pacific. . Missourt Pac pf (5).¢ Mohawk Carpet +2% Monsanto Ch (g1%). Montgomry Ward(3) Moon Motor (new).. Morrell J (3.60)..... Mother Lode (40¢c). . Motor Meter G & 8. . Motor Products t1 Motor Wheel (3). Mullins Mfg. . Munsingwear (13%4) Murraay Corp (k3).. Myer(FE)& Bro (1) . Nash Motors (§).... Nat Acme (1%)..... Natl! Air Trans. . Natl Bella Hess(11). 3 at Biseult (17%)... 60 1 Natl Biscuit pf (1).. 1 Natl Cash Reg A (14) Nat Dalry ($2) Natl Distiller, NatlEnameling 1 Lead (5).... at] Pwr & Lt (1) atl Radlator. Natl Radiator pf Nat Supply (110). Natl Surety (5)....4 Nat Tea Co (2) Nelsner Brothers. Nevada Copper (3).. Newport Co A (3)... Newton Steel (3). N Y Alr Brake (3) N Y Central (8). NYE@hi&StL (6 N Y Chi & St L pf(6) NY NH & Hart (5).. NYNH&HDof (1). N Y Ont & West..... N Y Raflways pf.... Norfolk South (2% ). Norfolk&Wstn (+12). 4 North Am(b10%stk) North Am pf (3) North Am Ed pf (§) Northern Pac (5). North Pac et (5) Nor Ger Lloyd(3.41). Norwalk Tire & Rb. . O11 Well Supply..... Oliver Farm Equip. Olivr Fr Ep cv ot{ Olivr Fr Eq pf A(6).. Omnibus Corp. . Oppenheim Col (5). Otis Elevator (8). i OtisSteel (234)..... Owens 111 Glass (4).. PacificGas& E (2).. 4 Pacific Lighting (3). Pacific O)l stubs. ... Packard Mot (a30c). Pan-Am Petroleum. . Pan-Am Pete B. Panhandle P & R Paramount-F-L (3) Park & Tilford (13). Park Utah Pathe Excl Pathe Exchange A Patino Mines (3.89) Penick & Ford. . Penney (J C) Pen (JC) pf A Fenn Coal & Col .o Penn Dixie Cement. . Pennsvivania RR(4) Pere Marquette (13). Pet Milk (134)...... Phelps Dodge (3). Phila Co 6% of (3) Phila & Read C& 1.. Philip Morris (1). Phillips-Jones (3)... Phillips Pete (134).. Phoenix Hosfery. Plerce-Arrow A.. Pierce Oil. Pierce Oll pf. 4 Tierce Petrol . Pillsbury F1 (12%). Pirelli Co A (288 Pittsburgh Coal. . 4 Pittsburgh Coal pf. . Pittsbgh Screw 1.40 Pitts & W Va (6). Poor & Co (B) (2) P Rican Am To (A)T P Rican Am To (B).. Postal Tel & C of (7). 4034 Prairie O&G (12%). 45 Prairfe Pipe L 14%. 614 Pressed Steel Car... 57 Pressed Stl1Cpf (T). 4% Proc & Gamble (2).. 4 Prod & Refiner; 54 PubSve NJ (2.60) 98 PubSve NJ pf (6).. %4 105 Pub Sve NJ pf (7)... 74 Pullman Corp (4). 8% Punta Alegre Sugar. 20 PureOfl (1%) = 55 Purity Bakerd 25 Radlo Corp. . Radio pf A (3%) Radio pf B (5) Radio-Kelth- Ratlway & Exp (2).. Raybestos Manhatn, 4 Reading (4):... Reading 1st pf (2) Reading 2d pf (2)... Real Silk (5) Rels (R) & Co. s (R)&Co 18 Rem Rand (500). ... Reming-Rnd 1st (7). Reo Motor (11.40)... Rep Brass Corp. Rep Brass A (4) Repub Ir & Steel (4) Rep Ir & StIpf (7). % Reynolds Spring. Reynolds Th B(2. Richfield O11 (2). . Rio Grande Oil (k2). Ritter Dental (234).. Rosata Ins (2 20). Royal Duteh Sateway Stores (3).. St Joseph Lead (13). St L-San Fran (3)... St L~San Fran pt (§) St L Southwestern... Savage Arms (2).... Schulte Retall Strs. . N = =t Sales— Add 00, High, 36 130 364 325 81 85 $244 a9 13 56 34% 20% 40 53 194 144 16% 66 40% 70% 7 324 51 674 17% 274 34 114 47 a6 o 54 0% 30 B9 115, S0 78 76% 103% (3 43% 201 18% 45 4 3974 52% 4 105 50 1L 108 a0 R9% 645 64 23 o 29% 8% B 53% 104% 49 397% High. 22% 181 45 10% 21% 53% 19% 65% 71 31% 4% 188 40% 45 111 464 161 6415 1 45 15% 1674 | 1621 9914 140% 631 52% 78 45 663 557 44% 43% 243% 67 48 817% 83 4814 954 4T 38 154 5514 77 201% 98 4% 4% mn ~Prev. 1920~ 931\ 45% 10:30 A.M... a Paid last 1 Plus 10% in stock. & in stock. k Plus 114% a 1/25 of a share in stock. Stock and Dividend Rate. Seagrave (01.20).... Sears Roebck (312%). 103 Sec Nail Inv pf ctfs.. o‘f - 92 Sales— Add 00. Hish. 411 9414 60 % 91 22 19% 56 3514 24 1% 754 21 25% 105 Low. 10% 80 45 2 Seneca Copper. 4 Servel Inc Ppree Sharon Steel H (3) Sharp & Dohme. Sharp & Do pf (3% ). Shattuck (F Q) (1) Shell Unfon (1.40). .. Shubert Theater (5). Simmons Co (g3) Stmms Pet (1.60).... SinclafrOfl (1234). .. Sinelaic O1l pf (8). Skelly O11 (2). Snider Packing. Snider Packing pf. Solvay Am In pf 6. So Porto R Sug 12% Southern Cal Ed (2). Southern Dairies B.. Southern Pacific (6). Southern Rwy.(8). Southern Ry pf(5). .4 Sou Ry M & O ct (4). Spalding (AG) (2)... Spang-Chalfant. . Sparks Withngtn(1). Spencer Kelg(1.60).. Spicer Mfg. ¥ Spicer Mfg pf (3) Stand Brands (1%4).. Stand Com Tob (1) Stand Gas & El (3%) Stand G & E pt (4). .. Stand Inv Corp (b6). Std Ofl of Cal (h215) Stand OIIN J (12)... Stand OIIN Y (1.60). Stand Plate Glass Starrett(Ls)Co(2) Sterling Sec A) 81 ‘Stefling Sec pf(1.20) Sterling Sec cv pf(3) Stewart Warn(§3%4). Stone & Webster. . i Studebaker (15). Submarine Boat. Sun Ofl (p1) Superior Oil Superlor Steel 24 105 109 3 74 30 15 Telautograph 11.05 Tenn Cop & Ch ( Texas Corp (3).. Tex Gulf Sul (4).. Texas & Pac (5)..... Texas P C & Ol (b5) Texas Pac Land Tr Thatcher Mfg. . Thatcher pf (3.60 The Falr (2.40 Third Avenue....... Thompson J R (3.60) Tide Water Asso. ... Tide Wat Asso pf(6) Tide Water O11(80c). 4 Timkn Det Axle t Timken Roller (3 Tobacco Product Tobaceo Prod ctfs. . Tobaceo Froducts A Transcontinental Trico Prod (2%).... Truseon Stl (£1.20). Twin City Rp T (4). 1'nd Elliod Fishr (5). Union Bag & Paper. . Unlon Carbide(2.60). Un Oil of Cal (12)... Union Pacific (10)... Unlon Pacific pf (4).. Union Tank Car(5).. Utd Atrcraft&Tran Utd Afrcraft&T of 3. Utd Biscult (1.60)... Utd Carbon (2) Utd Cigar Stores Utd Cgar Stores Utd Corporation. Utd Corp pf (3) Utd Electrie Coal(3) Utd Fruit (c4). .. Ttd Gas & Imp (1) Utd Gas & Im pt(5).. Utd Paperboard . Utd Plece Dye Wk United Stores A Utd Stores pf. U S Distributing. ... U S & Forelgn Secur. U S & For Sec pf(6). U S Frelzht (3) U S Hoffman (2).. ind Alco ( Leather. . Leather A (4). 8 Leather pr pf(7) Pipe & Fdry (2). Pipe 1st pf (1.20) Pipe 2d pf (1.20) Realty (5). Rubber. S Rubber 1st pf... U 'S Smelt Ref (33 ). U S Smelt Ref pf 314 U S Steel (8)..... U S Steel nf (7) U S Tobacco. Univ Leaf T eer 12 343 Univ Pipe & Rad.. ... 4 Util Pwr & Lt A (e2) 3 304 Vadsco Sates. . 5% Vadsco Sales pt (7).. 60 Vanadium (14)....., 533 Vick Chemical(23%).. 357 Virginia-Car Chem’ 258 Virginia-Car 6% of.. 2 26 Virginia-Car pt (7).. 4% 43 84% 24 9 s Tises PO PRSP Pl SO St PAPSY s u U u u t wenuRLRAn u J T " [1} 7 u 164% 26 138% 2 Ward Baking B Warner Bros Pic (4) Warn Br P p£(2.20).. Warner-Quinlan (2). Warren Bros (19). Warren Fdry & Pipe Webster-Eisenlohr. . Wess O1l & Snow(2). Wess O & Sn pf (4) T4i% 3% 13214 187 714 26 51n 4015 1314 21% 20% 20% ern Marylan: tern Md 2d pf... ‘n Pacific 'n Pacif pf. ‘estern Union (3) Westngh Alr Brk(2) 4 Westngh E1&M (4).. 125% Weston El Instru 26% Wheeling & L Erie. 100 White Eagle O11 (2). 28 White Motors (2)... 32 White Rock M S (3). 39 White Sewing Mach. 10% Wilcox Oil & Gas 15 Wileox Rich B (¢2) Willys-Over (c1.20) Wilson & Co...... & Wilson&Co A.... Wilson & Co pt. Woolworth (2.40) Worthington Pump. Worth Pump B (§). Wright Aero (2). Wrigley Wm (4). Yale & Towne (15). Yellow Truck & C. Young Spring (3)... Zenith Radlo (2).... RIGHTS EXPIRE Allis-Chal, n.Dec. 21 Am Rollg M..Feb 1 Bang & Aroos Dee.’ 7 Case (J. L) N T Brle un-aR-rcRalontnm Gen. Asphalt.Nov. Gen Gas&Fl irant (WT).Nov 26 Kreu&Toll, 21564 N Y Central..Jan 31 162 Reynolds Tob.Jan 24 11 % Utd Gas Im..Dec 31 583 FINANCIXD." | Prev. fow. Close. Close. 10% 11 f9% 9% 60 2% 814 2014 11 93 58 84 % 159% 138 6014 3345 4 30 44 60 \48% 35y % 42 sa 24 26 4% 39% 1290% 1% 7 25% 518 405 13 1914 20% 20 170 43% 118 2¢ 100 27 30% 39 101 15 161 1 76 401, 670 58 7 401 66%_ 6615 695 697 115 11% 364 3614 15% % A Sales of Stocks on New York Exchange. 749,200 12:00 Noon ‘lven in the above table are th ts ntest quarterly or hal nit of trading. jess than 100 stock. IFius §3°in ‘Dreferred stack ear—nio regular rate. " d Pavable ‘when earnea. s 6% In stoc anare tn stock. o Plus 3 b Pavable in tPartly extra. Plus '3/35 e Payable in_ cash h Partly stock. 1,941,800 nnual cast arly declarations. 1Plus stock ¢ Plus 5% or_ stock S Plus 2% | D Stqek. Pl stock. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid. Offer. Allis-Chalmers & Co. 55 1937... Aluminum Co. of Amer. 8s 1953. Amer. Rolling Mills 55 ig48. .. Armour_& Co. of Del. 8¥s Balto. ‘& ORio 4%as 193: Batayian Pet. Corp. 4 Bell Tel. of Canada 55105 California_Pet. Corp. 5tas dian Nat. Rwy. 4 an Nor. Rwy. 4 g wal e e hicago n Chile Copper Co. 85 194 Cudahy Packing Co. 5 Delaware & Hudson Ry. Edison EL Tl Bostoh Gen. Mot. Accep. Corp. General Pet. Corp. 5s Goodyear T. & . 55 1957 Grand Trunk of c-n:?m Gulf Ol of Pe. 55 1 Humble OU 5'as 1932, 1938 18: Qrefon Short Line ds Phillips Pet. Co. 5 Pure Ol Shell Unton Internat, Match Corp. 19329, | London, pound. Paris. franc.. Brussels, belga Berlin, mark. Rome," lira Zurich, franc. hens, a 8 TREASURY CERTIFICATES. (Reported by J. & W. Seligma: ) RateMaturity. " & Sher. 4ias Dec. 13, 1929, 32 4343 Dec. 15, 1929 Stas Mar. 15, 1930 4%s June 16, 1930 3%58 Mar. 15, 1932 3'as Sept. 15, 1932 3% Dec. 13, 1982.. st,_pengo. Prague, crown ( Warsaw. sloty. 100 4-32 100 20-32 100 23-32 Gopenhagen, crown: el crows, . Fo% During the recent National week in Spain the Spanish government bought 60,000 volumes for school chil- FOREIGN EXCHANGE. Nominal gold Selling checks value (or par), today. $4.87% -0393% STOCK PRICES DROP AFTER EARLY RISE Market Turns R,eictionary as' Result of Heavy Profit- Taking. BY STANLEY W. PRENOSIT, Associated Press Financial Editor, * NEW YORK, November 18.—Disre~ garding favorable week end business and financial news, including the call- ing of a series of conferences by Presi~ dent Hoover to stimulate business, stock prices turned reactionary today on what appeared to be a heavy volume of profit- taking and some short selling., Net declines of 1 to 5 points were quite general, with a few larger declines and also a sprinkling of net gains. Trading showed a Teduction of about one-third in volume from last Friday's sesslon and a much larger reduction from the levels -earlier last week. The ticker kept fairly well abreast of the market, the longest delay reported being less tharf 20 minutes, Credit Conditions Easier; In view of the sharp advance in the two closing sessions of last week, today's setback was regarded more as a cor- rection of a temporarily top-heavy con- dition that the beginning of a fresh decline. There were no_ signs of any large volume of distress liquidation, al- though many brokers feel that the | backwash of the Yecent drastic decline will continue for some time to come. Credit conditions were distinctively easier. Call money renewed at 5. per cent, and dropped to 5 when funds be- came available in the outside market as Jow as 4 per cent. The recent | drastic decline in ,brokers’ loans has released a large volume of credit. pgrt of which has been made available in the call market. Several favorable dividend develop~ ments made their appearance today. Directors of the Dupont Co. declared an extra of 70 cents, as contrasted with i an extra of 50- cents in the previous | quarter, Calumet & Hecla authorized a dividend of $1.50 as against the pre- vious payment of $1, the annual rate on International Printing Ink was raised from $2.50 to $3 and an initial payment was authorized on Lerner Stores, Failure of a New York Stock Exchange | house, the first as a result of the recent, drastic break in prices, was announced Jjust before the market closed. Some of the flunctuations in today's market were rather erratic in character. United States Steel common opened fractionally lower at 16324, rallied to 1641; and then dropped back to 160. Allied Chemical dropped 8 points and rallied 10. A. M. Byers converted a gain of 32 points into a loss of similar extent. Auburn Aufo broke 14 points, J. I. Case and Columbian Carbon 9 each, General Electric and Johns Manville 8, and Pere Marquette, Brooklyn Union Gas, American Can, American Tele- phone, Westinghouse Electric and East- man Kodak sold down 4 points or more. CHICAGO DATRY MARKET. CHICAGO, November 18 (#).—But- ter, steady: receipts, 8,615 tubs: creamery, extras, 40; standards, "38; extra firsts, 3812 to 3915; firsts, 36 to 37: seconds, 35 to 351:; eggs, steady; receipts, 2,390 cases; extra firsts, 50 to 51: graded firsts, 46 to 47; current firsts, 40 to 43; ordinary firsts, 37 to gs:uteégigenwr extras, 39; refrigerator rsts, 38. GEB.MA}( iO!&DS AND STOCKS. Bid. Asked. Ger Govt Red Loan with drawing Sy 59.00 61.00 ctfs attached per 100 R M Ger Govt Red Loan without drawing ctfs per 1000 R M. 9400 27.00 (Quoted in dollars per miilion marks.) Hamburg 4las . 35.00 45.00 (Quoted in " dollar: nd German Gen Elect 4128 pre-war. 23.00 24.0 German Gen Elect 4'2s 1919 125 Berlin\ 45_pre-war + Hamburg 35, 3%s & 43 Dre-war. Hambutg American Line 4las. North German Lloyd 4 Krupp 5s 1921. Dusseldor? 45 Frankfort a-M 4s Dre-war. Munich ds pre-war. e 2 (Quoted in_doliars per share. A E G (German Ge Elec) 44.60 A E G (German Ge Elec) 1 G Farben. . Disconto Gelischaft Berliner Handels. Dresdner. < Mercur Bank Vi Heyden Chem Deutsche Bank Darmstaedter Bank North' German_Liovd Austrian A E G (General Elec). Hass womausns $338312358233 & We Buy and Sell Liberty Bonds Treasury Notes Etc. B-ond Defiartment The Washington Loan and Trust Company 90Q F Street 620 17th Street nvesting’ in First) Our method of selecting mort- iR Sat A Al A it that everything we offer represents the ideal in securities. The Safest Investment Known to Man Start Now and Buy OUR FIRST MORTGAGE NOTES PoCE TR <> INTEREST CHEC! TVED INVESTORS 1'1‘15‘:95? TR Y Book | ARE I BOSS and PHELPS Founded 1907 17 K St Natiofe] 9300