Evening Star Newspaper, December 3, 1929, Page 13

i & e [ I3 FINANCIAL THE EV. G STAR, WASHINGTON, D. C, TUESDAY, DECEMBER 3, 1929. NANCIAL ~BOND PRICES FIRM IN QUIET TRADING Leaders Remain Unchanged, but Junior Railroad Issues Encounter Selling. Special Dispatch to The Sta: NEW YORK, December 3.—Senior railroad and public utility bonds and | the more speculative group of domestic bonds were at practically unchanged prices in today’s bond trading, although the foreign department was generally stronger. With everything supporting the pur- chase of bonds, buyers are holding off until something definite is learned con- cerning some big new issues in pros- pect and the Government financing expected in a few days. As a conse- quence, the volume of trading fell off. Junior Rails. Another feature of the situation was a fair amount of selling—both for profit and to secure cash to purchase imminent offering—of the junior rai road issues. Losses were registered by Erie_General lien 4s, Erie Refunding 55, St. Louis-San Francisco 415s an Flor'da East Coast 5s. The last name wer> down over a point. Cuban Rail- Tord 55 were an exception, up 2 points. Foreign loans responded to a heavy | demand from abroad. This affected the Brazilian issues in the South American group and practically all of the Euro- pean descriptions. The two striking features of the pres- ent investment market are the demand for short-term notes and municipal bonds. It is understood that approxi- mately $100,000,000 of the former are wanted, with supplies scant. Securi- ties between 3 and 6 months are most popular with those who have been draw- ing their money out of the call mar- ket and want to employ it to better ad- vantage than is given in bank deposits. ‘The average yeturn asked for is around UNITED STATES. (Sales are tn £1.000.) Sales. High. Low. 3:15. Lib3is... 17 999 996 496 Lib1st4%s 161 1012 101 1012 Lib 4th 4358 155 10110 1015 101 10 US3%s43. 71100 100 100 US3%s47. 11004 1004 1004 Us3y 2 10520 10520 10520 USs 3 10820 108 20 108 20 us 611228 11215 11223 FOREIGN. Sales. High. Low. 2°55. Argentine€sJu9.. 7 9y 99 99 rgentine 63 Oct 69 32 99% 98% 99y s Australia 4%s 56 4!3 per cent. Municipal bond dealers are strongly competing for all new issues and at ris- ing prices. This is illustrated in today's City of Philadelphia offering, which is considerably above the recent basis for bonds of this type. The uncertain fea- ture of the tax-exempt market is the extent to which it can absorb the loans that are now in prospect and which ap- proximate nearly $170,000,000 within the next three weeks. New Issues. ‘Today's new issues included: Phila- delphia, $12,976,000; Boston, $4,600,000; New York Central equipment trust, $5,805,000. ' Those in prospect include: ‘Pn::‘lngg‘ gg a?&)‘“‘g' $30,000.000; De- rof ,266,000; State of Kentucky, $11,667,000. R The money ease has had the effect of changing the point of view on the rate at which the Government may be able to borrow on December 15. With | the 413 per cent notes due next March quoted below a 3 per cent basis and the 47 per cent certificates maturing in June to a 3 per cent basis, it may be possible for the Treasury to sell 33 per cent certificates. Dealers are ::nt:whlt kco:lf}lscd‘;!fll I‘:cot‘(x’nthe ulti- market for the d ted bills which will also be offered at that time. Washjngton Stock Exchange SALES. Washington Gas 6s A—8$500 at 101. Barber & Ross 6125—$1,000 at 89, $1,000 Po.; 89, $§,lnmzfln 8812, $3,000 at 8815, mac Electric 6% pfd.—4 at 1084, 5 at 108. A o - Potomac Electric 514 % pfd.—5 at 104Y. WI-: 9 n Railway & Electric pfd.—1 al 2 Washington Gas 55—$4,000 at 99%. Lanston Monotype—8 at 106'5. Mel;:l;a:,lra’ Transfer & Storage pfd.—20 a A AFTER CALL. Mergenthaler Linotype—5 at 10215, Potomac Electric 5% % pfd.—1 at 1033;. Washington Gas 6s A—$200 at 10015, Potomac Electric 52 % pfd.—1 at 1033, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4%s Am. Tel & Tel ctl. tr. 58 Anacostia & Pot. R. R. 58, . Gas 68, se: Wash. Gas 6s. series B. ‘Wash. Rwy. & Elec. 4s..... MISCELLANEOUS. Barbe- & Rose, Inc. 6'zs . 0% 94 Cham.-¥anderbilt Hotel 6'zs.. 60 100 98 100 i0o PUBLIC UTILITY. Amer. Tel. & Telga... e Capital Traction Co 5 7612 'y b b 108 110 103'3 104'; 0" 525 . & Annap. com... Baito’ & Annap. pfd...l. 6 NATIONAL BANK. National Capital Columbia Commercial 258 265 District. .. 3 219 230 Federal-American 290 305 Liverty .. 200 213 40 5 400 550 305 TRUST COMPANY American Security & Trust Co. 427 460 Cortinental st 133% " Merchants' Bink 1301 Nationa] Savings 525 600 Tnion Trust 270 300 Wash. Loan & Trust... SAVINGS BANK. Bank of Bethesca. €5 Commerce & Saving: East Washington Potomac . American ... 30 ... Earcoran Tl Kational® Union PRE TITLE INSURANCE. Columbia Title. '......... s n Feal Estate Tiile. . < S Tite & Inv. of Md. com 30 MISCELLANEOUS. Barber & Ross, Inc.. com. Chevy Chase Dairy pla .. Eof “eand & Gravel pid Commercial Natl. Co. pfd. C. Paper Mfg. pfd. . Dist. Natl Securities prd Federsl Storage pid. .. ... Federal-American Co.’ com.’. Federal American pf Lanston Monotype, Merch. Trans & Merch. Trans. & Métgenthaler Linotype Natl, Mige & e pid Peoples Drug Stores p : Real Est. Mige & Guar. pta Security Storage g rp. Wash Mech. Mtge ‘com, .. .. Wash Medical Bldg. Corp. . Woodward & Lothrop pfd ... *Ex dividend. BT L 105% ORI GASOLINE PRICE REDUCED. NEW YORK, December 3 (#).—The Standard Oil Co. of New York has re- duced the tank wagon price of gasoline in the Buffalo district from 16 to 14 cents a gallon. The reduction follows a 48 861 851 86 Australia 63 1955... 27 94 . 931 93% Australla 631957... 5 93 93 93 Austria 7s......... 6 104% 104 104% Bank of Chile 6%s.. 6 92 92 92y Bank of Chile 6%s.. 3 96 95 96 13 1007% 101 16 104% 104% 13 108 108 40 ¢ 105% 106 5 15 116 110% 110% 80 8 95% 95% 101% 1014% 82 82y 81%, 82 90t 90% 100% 101 100% 100% Canada 6s 1931 9 100 100 100 s 195 5 102% 102 102 23 o1 0% 91 90% 90% 90% 23 100% $9'a 100% 8 7% 6% T6% Con Pow Japan7s.. 3 984 984 984 Copenhagen 4%s63 3 89 89 89 Copenhagen Ssct., 11 94% 944 94y Czecho 851951, 4 109 108% 109 7 108% 1084% 108% - 30 91 90 91 Denmark 5%s '65. 6 101% 101% 101% Denmark L.e. 23 104% 104% 104% DE15%s Nov 63 9 1C1% 101% 10144 Dutch East 168 47, 14 101% 1014% 101% El Salvador 8s48... 1 104 104 104 Fiat 7s war " 5 106% 106% 106% Fiat 7s x wai 22 904 90u U4 Finland s £ 6; 497 8Y 81 Finland 7s. . 7 9T% 9% 974 7 104% 104% 02 110 110 38 117% 117% Ba% 8iM 91Y% 91% 106 1064 99 99 83 83 95 95 100% 100% 96y 96% 9 96 93 63 102 1024% 9% 94% 101% 101% 100% 100% iy g 12% 12% 86% E6% 9814 991 81% 9% 91% 92 10214 .102% 96 96 100% 100% 103 103% 102% 103 102 1024 874 874 97U 9TY 101% 101% 104 104 Marseflle 6s. M, 1904 Mexico 4s 10 asnt, Milan 6%s. 9 Norway 6%s 1952 Orfent dev 5% s 63. Queensland 7s. Rhine Wst EP 65'52 RhineWst EP 7s 50 1 Rio de Janerio 6% s Rio Gr do Sul §s 4 Shinyetsu 6%852.. 35 “90% Soissons 6 26 100% 100% 100% 14 103% 103% 103% 2 101% 101% 101% Swiss5%s1946.... 5 103% 103% 1034% Swiss Confed 8s. 16 110% 110% 110% Toklo 6%s 1961 9 8Bl 874 87K 103 103 96% 97y 104% 105% R824 R24 T T4 9% 95% MISCELLA EOUS. Inter Paper . Int Tel&Teleg 4%.. 5 Y4y (nt Tel&Tel 4348 cv194 127 KanCity P& L 6s.. 10 103 similar one recently made in the serv- ice-station price. Clearing House Statement. NEW YORK, December 3 (#).— Clearing house s 'ment: Exchanges, $1,967,000,000; balances, $228,000,000. KanG & K 6 63. 2 105% 104% 105% Lackawa St 6s.... 4 100% 1004 100% Laclede bs. 4 1000 100% 100% Laclede G 6%862.. 1103 103 103 Lautaro Nitrate 63. 25 85 864 54 loew's Inc ¢s 2 103% 102% 103% Loew 2 98 95% 96 Lorillard 6s 21 B2% 82 82 Lorliliard 6% 17 85% 85 ¥5 Manati Sugar7%s. 1 G0 60 60 McCormek ER €334 4 991 99% 99% Midvale Steel 6s... 3 100 99% 100 Montana Pow 643 8 10U% 102% 102% Mor's&Co 1st 4%4s. 5 79% 7Yl 9% Y8% 9814 24 25 i 112% 92% 93 98% 95% 1065 106% 110% 110% 100 100% 102 102 98% 934 101% 101% 105 105% 34 101% 101 101 5102 1 102 PacT & T Kn 62. Pan Amer Pete 6. Pan-Amer Pete 7 17 104%, 108% 1044 7 108y 1084 1034 2 1064 106% 106% © ¢ 507 FEEEEE 329 g L4 =11 25 M H s Too = . & 3 o - 3 ® ¢ - » wnaRoroar-a-88nanRoann SR8 E = . ® ° Sales. d St) Car §s. Punta Alegre RemingtonAr Rem Rnd 5%s war. 6 Richfleld Ofl 6 Sinciair Of) Tenn Elec Pow Tex Corp ev bs 19 Transcontl O11 6% [ o BONDS o ] Received by Private, Wire Direct to The Star Office Utilities Powr 6%s Vertientes Sug 7s. Walworth 6s ‘45 Walworth 6%s ‘War Quinland Warner Sug 7, Warner Sug West Elec bs. . Westn Union 63s.. Wickw Spen 1st Wick-Spen v 7i Willys-Ov 6%s Wilson & Co 1st Win RepeatAr 74s. Youngstn S & T bs. Boston & Maine bs.. Brooklyn Elev 6 %48. Bklyn Manhat Bush Term con bw. Buft R & Pitts ¢%4s. CanNat4%s64...0 A Central of Ga 5%w.. Cent Pac 4 Chi & Alt 315 s ctfs, CB&QI3%s.... 1 Chi B&Q gen 4s 53.. Chi&E [l gn 68 61.. Chi Gt West 4s 6. Chi Ind&L ret 5 ChiM&StP4%5sC89.. Chi M&StP 4 %s E.. Chi MiISP&Pac5s76 107 CMSP&Pac adi5s03 230 Chi&NW gn3}s.. 5 ChiN W 4352037, 15 Chi&NW 4% s 1987, 258 Chi & NW ref bs ChiR1&Pé%s ChStPM&O 6s 30. Chi St P&O 6s 30. CubaRR 7% Del & Hud 1st rf 48, Del & Hud 75 30..,. 3! Den & Rio G cn 4s. Det United 4% 3 1 EastTenn Va&Ga s 9 Erte 1st cons “ Erie conv 4s A. 2 Erie conv 4s B, 3 Erie Gennesses R 62 N Fia Eas . 74 AbramaStraus § 71004 100 100% | Fonds 4G 48 6T, 4 son Alleghany Cp bs 44 22 102% 102 102 Alleghany 68 49 wi. 48 102% 102% 102% | Gr Trunk st db 6: AmAgriChem 7%s. 7 104 103 103 |Grand Trunk 7 ke AmChain6s'33.... 1 96% 95 96 [GtNord%s76D. 95% Am Chem b3z cv 49 42 1041 104 104 |Gt Nord%sE. 31 AmintCor6%s49. 29 98 97% 97y |Gt Norb, Am NatGas 64s42 18 72 71 72 |GtNorgenT7 AmSmit& R1stés 4 101% 101 101% | Hav Fl Ry 63 62 e 102% 103 | Hav 1 Ry 6348 61 1434 147 4% 103 103y 103% 104 Am Tel & Tel 6%8.. 43 106% 106% 106% Am Water Wks 5s.. 42 100% 100 100% Am Wrtg Pap 6s47. 26 T4% 74% T4u Aromur&Cos%s39. 32 90 S9% 89y Armour Del 11 8#5% 865 84w At Guif bs 59 S un n 1% Atlantic Refin 6. + 4101% 101% 101% Bell Tel Pa 63 B.... 10 103% 103% 2 106% 105% 101 1011 102% 102% | Int & G Nor 1st 105% 105% | Int & G Nor adj b 0, 104% 104% | Iowa Cent rf Bush Term Bldg 65 191101 1004 1004 Certain-Td 6%srcts 9 624 61 624 ChileCopper 68.... 7 95% 95% 954 Col G&E] 68 May 63 76:100% 100% 1004 Colon O11 65°38. ..« B215 8215 Com Invest5%8*49 9 87 864 864 Com Invest 6s 91 924 Con Coal M4 b: €3 6% 106 106 6 Cuba Cane 3s. 42 42 LehiVgen 4348 2003 1| 99% 99% | Louls & Nash 7s... 27 1 101% 101% 1015 | MIll El RyaLt 4%s 1 Det Ed 7 107% 107% 107% | Mil E1 Ry & L 65 61 61 14 95 94 95 |MStP&SSMcn4s.. 4 90 99% 109 | M StP&SEM 2 s 85 85% | M StP & SSM 644 . 7 99% €9 99 |IMK&T st 5 8un 100% 100% |MK&T4%878... 7 94% Goodrich 6%s 105% 105% |MK&TorinbsA. 7 101% Goodyear bs ret o1y 92 Mo Pacificgen 4s.. 47 76% Humble O!) 6s. 8 100% $9% 100% ! Mo Pacbs A 65. .,, 1101% Humble O & R 6%8. 70 101% MoPac8sF11..., 122 100u i * o Pac5sG78..., 29 100% 111 Sceer ete 13 5 Mo Pac Bis 49 v 100 108 inland Stl 414 27 93y Montreal Tr6sB66 6 95Y% . 22° 97 Man Ry 1st 45 90, 2 85 Cent 4s 98, , Cen deb 4 ZZRLZ2LLLLLLZ g o g g e NH & H 3% w54 12 NH & H 3% 5'66 5 NY NH& H 4s 'G5, NY NH & H 4356, , NH NH&Hart 4145 NY NH&H cv db 68 NY NH&Hart cit 6¢ NTOnt W ist da W_“ zz 5 s (3] = z2 g2 > NYW&BaYs Nor & 8 gen 68 64 Norfolk & W en 4 Nor Pac 38 2047 + Nor Pac ¢s. Nor Pao rf 6 Ore Short L 6s gtd, Ore Wash 1st 4 1 Penna gen 43 Penna 4%s 63 9B, 9 9844 98% NEW YORK, December 3.—The fol- lowing is today’s summary of important corporation news prepared by Standard Statistics Co., Inc, New York for the Associated Press: News Trend. Developments of the past day indi- cate that corporate mergers, which have the basis of economic soundness, were o.ly temporarily interrupted by the re- cent liquidation of securities. Bethle- hem Steel Corporation announced the acquisition of Pacific Coast Steel and Southern California Iron & Steel, there- by adding 380,000 tons to the annual capacity of its Pacific Coast properties. As a result of these acquisitions, the entire coast and Far East steel business will be dominated by the Bethlehem and United States Steel interests. Sears, Roebuck & Co. has confirmed report that negotiations are under way for the merger of the company with J. C. Pen- ney & Co. This would bring together units with an annual sales volume of $625,000,000 and would create the sec- ond largest merchandising organization in the country. Early reports of erude ofl production for week ended November 30 indicate that only a nominal increase, about 5,000 barrels, took place over the pre- vious week. The Companies. American Founders Corporation post- pones offering of rights to later date, not yet determined; declares extra divi- dend of $1 on old common, also initial dividend of 1/70 of a share in stock of new common, recently split 3 for 1; year ended November 30 net to approxi- mate $8 a common share. Bethlehem Steel Corporation acquires assets of Pacific Coast Steel and South- ern California Iron & Steel; plants add 380,000 gross tons to annual capacity. Commonwealth Power 12 months to October 31 net before retirement re- serve up 19 per cent over year ago. Eastern Steamship Lines declares a 1 per cent stock dividend on common. Exchange Buffet November sales up 2.75 per cent; seven months, 13.2 per cent above year ago. Grand Union sales four weeks to No- vember 23 up 15.1 per cent over year 2go. K:Ium) Motor Car shipped 2,294 cars in November, against 5,654 in October and 3,114 year ago. International Cement earned $6.06 per share in 10 months to October 31, against $7.90 in entire 1928, Iron Fireman Manufacturing declares an extra dividend of 50 cents a share on_common, Spencer Kellogg & Sons earned $2.36 per share in year ended September 28, against $3.50 year ago. Midland Steel Products declares usual extra dividends of 72 cents a share on common and $1.50 on preferred. Penn Ohio Edison 12 months to Oc- tober 31 net income before retirement Teserve up 20 per cent over year ago. Sears, Roebuck & Co. reported ne- gotiating merger with J. C. Penney Co.; would create organization with annual sales of $625,000,000. St. Joseph Lead declares four extras of 25 cents each in addition to four quarterly dividends of 50 cents for 1930. Standard Gas & Electric earned $6,23 per share in 12 months to September 30, against $6.36 year ago. tandard Power & Light earned $5.42 r share in 12 months. to September 0, against $3.81 year ago. POTATO MARKET. CHICAGO, December 3 () (United States Department of Agriculture) — Potatoes—Recelpts, 57- cars; on track, 339 cars; total United States shipments, 403 ca Trading rather slow, account of weather; market steady. Wisconsin sacked Round Whites, 2.25a2.50, few fancy shade higher; Minnesota and North Dakota sacked Round Whites, 2.2042.30; sacked Red River Ohios, 2.25a 2.40; Idaho sacked Russets, 2.6! 00; few fancy, 3.10a3.15. FOREIGN EXCHANGE. tons furnished by W. B. Hibbs & Co.) (Quotations urmi e a1 void Belline checks Value (or par). Siea8s London, pound Peris, franc.. Brussels, belga. rlin, mark Budapést, pengo. Prague, crown (nom.) WATrsaw, ZIoty.. ...\ Copenhage; Oslo. crow Stockholm, Salmon eggs for hatching purposeg numbering 173,588,700 were taken from the Columbia River this ye Penna gen Penna bs 64. Pere Marq 1st 6s 1 PCC&StL6sB75. 6 Port RL&P6sd2.. 2 Reading RioG W 1st R0 G West cl 45 RIArk& L4%s. StI, IM&S gn 68 31 StL IM&S R&G ¢s. StL &S Fprinés St L&S F gen 6s 31, StLS W 1st StL S W con Seab AL ref Seab AL con ¢s.... 27 75 SBAlFIa6s25 A, 19 704 SBAllFla6s3§B.. 1 69 Sou Pacclt 4s. £9 Sou Pac ref 4s. 1L Sou Pac 4%srcts, . Sou Pac 4%s 60 ww 123 Tex Ark FS6%s 60 21 104y B1977 5 101 79.. 77 101 Third Ave 1st §s. 1 61% Third Ave ad} bs 8 34w Tol St L& W 4s60. 20 923 Tol Tr L&P 6%s30. 2 100 Ulster & Del 4552.. 6 5% Union Pac 1st 9 95 Union Pac ist rf 4s 23 Union Pac ¢s 68. . 3 Union Pac 4%s Virginia Ry 181 Vy Ry & P 6 Whash 4%s 78 ret: Wabash 1st 6s Wbhash 6876 B..... West Maryland 4s. ;1 W, 4 98% Wheel & L E 5 90 Wheel&LE rf 4% 2 87 CONGRESS MAY ACT ON AVIATION RULES Question of Regulating Indus- try Is Scheduled for Present Session. BY J. C. ROYLE. Who is going to boss aviation? The baby industry of America is get- ting to be a big child now, and the industry itself is extremely anxious to know who is going to regulate it and under what system. There is no lack of applicants for the job. They agree at least on one thing—that the parents of the industry should not be the ones to adminster any needed spanking. It is claimed in governmental circles that such parental regulation is likely to be far too lax for a precocious child. The | industry feels, it is indicated, it is capable of self-regulation. Rates Question. One congressional faction, headed by Senator Walsh of Mass, and Repre- sentative Cable of Ohio, would put con- trol in the hands of the Interstate Com- merce Commission. These gentlemen have introduced legislation to that ef- fect. Senator Walsh explains that his purpose is to make it obligatory for every air transportation company act- ing as a common carrier to obtain a certificate of public convenience and necessity from the commission and file a bond to guarantee payment of final judgments for damages against the car- rler. He also would make it necessary to publish all rates which may not be changed without' notice, and that the commission may on complaint, or of its own accord, adjust rates judged unrea- sonable. The Department of Commerce is pro- posed as the regulatory body by another congressional faction, which would broaden the existing powers over avi- ation held by the department. The de- partment now has an Assistant Secr: tary for Aeronautics and an aeronautics branch, but the powers possessed by the department under the act of 1926 seem to the lay mind to be somewhat nebulous. The department has the power to license planes and parts and see that they conform to the accepted standards of the department as to qual- ity and safety features. The department also licenses pilots and approves airport locations, equipment and lighting and airplane parts. It lies in the province of the department to rate various con- cerns as to compliance with its regu- lations and to revoke the licenses and approvals which it itself has issued. Just how much further its powers now go is something the department itself seems none too sure of. It is understood that the department sooner or later must ask the Department of Justice to indicate just what the powers are. The latter body is also under dif- ficulties because there are so few prece- dents. The careers of Icarus, Darius Green and Santos Dumont, predeces- sors of the Wright brothers and Prof. Langley, were too brief to furnish them. Eventually it is believed that a branch of the legal profession will be devoted to_aviation law, Just as now is the case 7 N First Mortgage Notes ‘ 6% Glover & Flather 1508 H St. N.W. Naticnal 1753 CHRISTMAS GREETING CARDS ORDER EARLY We Are Showing Attractive Designs Livingston, Inc. 722 13th St. N.W. =0 Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Cheques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Coniinental Trust Co. 14th and H Streets WADE B. COOPER. President Capital, $1,000,000.00 Pl:olne District 2672 We Recommend for INVESTMENT the Immediate Purchase of AMERICAN FOUNDERS CORPORATION i COMMON STOCK | We also Recommend the Purchase of | . UNITED FOUNDERS CORPORATION COMMON ' BROOKE,STOKES & Co. || W ashington 732 17th St. N.W. | with maritime and patent law, but until then cases must be judged largely on their facts and on principles of com- mon law. 3 Senator Bingham of Connecticut is strongly in favor of keeping the con- trol of aviation with the department. He maintains that aviation in its com- mercial aspects clearly belongs with the department and the Secretary of Com- merce should be given adequate powers to regulate it. Senator Bratton of New Mexico also favors placing authority with the Inter- state Commerce Commission. He as- {serts that the air transport companies {are becoming closely tied up with the railroads and that they should be un- der the same general charadter of con- trol. Senator Bingham counters by de- claring that railroads operate steam- ships, which are not under control of the Interstate Commerce Commission, and that this has worked out well in practice. CHECKS DRAWN. By the Associated Press. Aggregate of checks drawn last week in leading business cities of the coun- tries, as reported to the Federal Re- serve Board, with like totals for pre- {lious comparable periods, are as fol- ows: Week ending November 27, $17,093- 193,000. Preceding week, $21,626,705,- 000. Same week last year, $19,105,- 971,000. Checks drawn in the New York dis- trict last week amounted to $10,704,- 615,000, against $12,600,260,000 in the same period last year; similar figures for the Chicago district were $1,605,- 319,000, against $1,623,370,000. WIN_B.EALTY VERDICT. BALTIMORE, December 3 (Special). —A jury in City Court yesterday re- turned a verdict of $8,100 for Frederick J. Chapin, Fugene Taggart and the Brodt Realty Co. of Washington against Morris Shapiro and Mrs. Shapiro of this city for commissions claimed ‘due in the sale of Folly Quarters, well known How- ard County estate. The estate on which the suit hinged consists of 1,250 acres adjoining Dougho- regan Manor, famous as the one-time estate of Charles Carroll of Carrollton. Folly Quarters originally was part of Doughoregan Manor, it was said. In very olden days shoes and slippers were used for the purpose that stock- ings now supply at Christmas. INVEST YOUR CHRISTMAS SAVINGS IN OUR 6% First Trust Notes Thos. E. Jarrell Co. Realtors 721 10th Street N.W. National 0765 F. B. KEECH & COMPANY New Yark Cotton Exchange Members of New Orleans Cotton Exchange Liverpool Cotton Exchange, Ltd. (Assoc. Members) Bremen Cotton Exchange (Assoc Members) Winnipeg Grain Exchange Chicago Board of Trade N. Y. Coffee & Sugar Exchange, Inc. Rubber Exchange of N. Y., Inc. New York Stock Exchange New York Curb Market Washington Stock Exchange Chicago Stock Exchange COTTON Special attention given to spinners’ requirements and the execution of orders for Future Delivery on all Cotton Exchanges of the world. Our Cotton Department is directed by Edward M. Weld and Bulkeley L. Wells, formerly partners of Stephen M. Weld & Co. J. W. Ray and J. B. Gordon, crop reporters covering the entire cotton belt, now also exclusively serve the clients of this department. We maintain direct private wires to all markets. - H CORNER 17TH ST, N. W,, WASHINGTON ' emrcaco & Surplus $3,500,000.00 PHILADELPHI NEW YORK rOVIDENCE " Helpful Giving A thoughtless gift might better be left unbestowed; but the gift of a Bank Ac- count is an invitation to thrift, and as such, is prac- tically helpful. Almost any amount will start an interest-earning account at this strong old bank. Open one for your boy or girl. HOLIDAY REMITTANCES BY DRAFT AND CABLE ANYWHERE National Savings & Trust Co. The Oldest Savings Institution in the District of Columbia 63rd Year Cor. 15th and New York Ave. New Issue $2,500,000 First Mortgage fee 6% Sinking Fund Gold Bond Certificates 15 W. 81st St. Apartment Building Adjacent to Central Park and overlooking the park of the American Museum of Natural Price on application . Ask for Circular No. 239.G In the opinion of counsel, these bond certificates are legal for trust funds in the State of New York, upon completion of the building. Two independent appraisals establish a total value of the completed property of $3,750,000. S.W.STRAUS & CO. 929 15th St. N.W. Established in 1882 story Telephone—National 5925 New York City American Founders Corporation COoMMON STOCK United Founders Corporation COMMON STOCK New York The Harris Forbes Corporation