Evening Star Newspaper, December 4, 1929, Page 15

FINANCIAL . BUSINESS PARLEY FACES VITAL TASK! Industrial Leaders Gathering Here Must “Sell” Plans to U. S. Trade. BY J. C. ROYLE. Business men throughout the coun- try are watching anxiously for the out- come of the conference which will gather here Thursday at the instance of President Hoover, the Department of Commerce and the United States Chamber of Commerce. The gathering will bring together more business execu- tives of really large caliber than ever before have been assembled in this country. Indications are that the 260- odd delegates who represent 32 indus- tries or branches of industries are pretty well sold on the idea of an ad- visory council, perhaps temporary at the start, but which event:&lly may act as & anent body, whose serv- ices are wmb?mvond to stabilize con- ditions in any emergency which may arise in the business world. It is likel: that the conference will agree on suc! a council. The chief task both of the members of that council and of the delegates who attend will be to “sell” the idea to the divisions of industry and the organizations they represent. Task of Conference. There is a general opinion expressed among the gathering delegates that the business body must “sold” thor- oughly on the idea or the council will prove of negative value. The delegates may be raised to a high pitch of en- thusiasm. They may see before them as & result of this meeting a great era of stabilization and prosperity and steady employment, but all they can do to bring it about is to inject some of their own_enthusiasm into the stay-at- homes. None of the delegates can pledge his industry to any definite course of action this time. Some of them cannot speak authoritatively even for their own corporations. ‘The delegates are by no means un- aware that any advisory body they might sponsor would be left I'lthoull an enacting clause. It could not en- force action. It could not compel any line of industry to curtail production to meet demand nor could it force any industry to a policy of expansion and construction. All it could do would | be to give advice, and business-like individuals are notably disinclined to take advice! Belief is expressed by the delegates, however, that a council, such as | contemplated today, would and could give good advice and that business, | commerce and industry in this country is far-sighted and open-minded enough to take it. They admit, however, that it must be advice such as follows along the main ideas of business endeavor. ‘When all is said the business of busi- ness is to make profits. If the council can bring business men to the belief | that a policy will return riore profit over a long general perioc they will follow it even at the expens: of im- mediate But they must be thoroughly convinced. Petroleum Indusiry. One of the delegates heavily inter- ested in the petroleum industry clkd] this theory ly with his own industry | as an {llustration. The leaders of the oil ‘business, he pointed out, have long been that curtailment of pro- duction to a point commensurate with demand was a necessity if prosperity ‘was to be attained. ite that fact the industry has not able to achieve curtailment because ocertain factors found that they could not fol- low this policy and still get the ofl and the money out of the ind to which they felt they were entitled. He pointed to the increased success which the petroleum industry was showing in the | gain of voluntary regulation as an ex- ample of what the proposed national council might be able to do over a period of time in & much larger and homes have a feeling that they may be placed in the position of a man in’the dentist chair, ;’ho is b{efl:l‘hwld t won't thm’(." ‘while e can feel the l‘unln% ing along his nerves. n 0!1:1 eome actually convinced that the poli- cies and advice of an advisory council “won’t hurt” they indicate they are perfectly willing to follow them. Those are some of the things which the delegates will have to accomplish when they report to their constituents. Some will not be easy to convince. Chairmen of the boards of modern cerporations are chosen now for their ability to keep their eyes fixed on a ngle goal—profits for their share~ holders. 1f they could give more than a jealous glance y from that goa., they would not chairmen of the boards. Moreover most modern boards have at least one “bellyacher.” as the genus is technically called, whose sole duty it is to throw a wet blanket on every proposition which is not headed directly and by the shortest route toward added earnings. Conference Important. ‘These facts must not be taken as indicating any lack of value in the coming conference. It is the largest and most i?k%omnt business meeting ever held. e biggest men and the best salesmen in the world will be be- hind any action it may take and they are convinced they can “sell” the re- mainder of the business world the ideas evolved. The hundreds of thousands of business men throughout the cou: try hope they can, too, but a good many say that while they are willing prospect, they “have to be shown.” (Copyrisht. 1920.) GERMAN BONDS AN Ger Govt Red Loan with draw- ing stfs attached per 100 R M ot Red Loan witheut D STOCKS. Bid. Asked. 50.00 61.00 . 24.00 47.00 per mililon marks.) Vi 35.00 4 German Gen Elect 473 German Gen Elect 47 North German Lloyd 4 Krupp 38 1921 Dusseldorf 4 Frankford a- Munich 48 pre-war............. ‘Quoted in doliars per ‘sh A E G (German Ge Elec).... ... A'E G (German Ge Elec) pfd B Commerz and Private Bank.... 1 G Farben 3 i ank Darmstaedter Bank.. den’ C wuauss 2 25ue389888202% r m 8332332383387 55513358¥3; ~HLSSSSEEEEES 2353388333338 L4 cur Bank Nor Ger Lloye d. Austrian A E G (Gen ‘Biec) . Yesterday’s New York Stock and Bond Averages. «Prom the 5:30 Edition.) By the Associated Press. ann b aamu (1929) (1929) 1R 9133 Total sales, 3,509,150 shares. High, 23 314 NEW YORK CURB MARKE - Prev. 1929~ . Low. 6 7 Aeronautical Indu: 40% 12 AirInv, Inccv pr. 23% 50% 100 190 64 90 2 12% 449% 103% 571 642 26% 307 42 108% 110 Alabama Gt Sou 37.. 4% Allegheny Gas Co! 214 Alexander Indust... 14% All Int Inv Corp. 2% Allfed Aviation. 10% Allied Mills, Ine. 23 Allied Pow & Lt 71 ANP&L1stpf 1 Allison Drug St 03 Alu Coof Am pf. 20 Alumin Goods (1 31 AmArchCo(3), 514 Am Rrit & Cont..... 98 Am Cigar Co (8) 10 AmCP&L B (b10%) 18 Am Com P A (130e). 19% Am Cyanam B (1.60) 314 Am Dept Store . 103 AmDIstT,NJev pf 7. 16 Am Equitles........ 25% Am For Power war.. 71 Am Gas&Elec (31).. 98 Am Gas&Elee pf (6). :‘fi Am Invest In¢c B.. 190 Am Lt & Trac (10) 20% Am Maize (+2.80). 15 Am Buperpowe 85 Am Super 1st pf (6). 20% Amster Trad (134).. 8 Anchor Post F (2)... 11 Anglo-A n v cod 3be. 13% Anglo-Am v cod 3bc. 18 Anglo Chil Nitral 3 Anglo Nor Hold..... 10% Apex Electsical Mfg, & Arcturus Rad Tub 14 Argo Ofl. Asso-Dyeing & Ptg 5% Asso-Elec Ind Ltd Asso Laundries. ..., 3% Asso Rayon......... 304 Asso Rayon pf (6)... 24% Atl Coast Fish(1.20). # Atlant Fruit & Sug.. 24'4 Atlas Plywood n % Auto Voting Mach... 15% AutV Mevprpt (2), 46% Bancomit Corp new. . 75 Baumann (L) pf (7) 144 Bell Tel of Can (5).. 30 234 Blue R Corp ev pf 13. 29 Blumenthal (8). Blyn Shoes, Serymsr 1214 i) Tr & Lt (2)... Brill Corp A (13%)... 1% Brill Corp B... 26 Brillo Mfg A (2) Brit Am Tob B 11.20, Br Celanesa Ltd rets Brown Fence&W (B) Buckeye Pipe L (15) 22 Buf N&E Pl (1.60). 3% Burco, Ine (war) 14% Butler Bros (2). 2% Buzza Clark, Ine 4% Bwana M Kubwi 4 Cable Radio T vte. 3 Cab&WireLtdA rcts. 1% Cab&WireLtdB rcta. 3'5 Cab&WireLtdpt rets 13 C A MCoetfs 2% C A M Cocum 24 Can Marconl. 1 Carib Syndica 30% Carnation Co. 5 . Carnegie M 20 Celanese Corp. 80 Celan Cor 1mt pf (7).. 614 Cent Atlantic States. 20 Cent PSv A (al.76). 12 Cen States El (340¢). 70 CenStEIptxw (6).. 11% Chain Stors Stk(b§). 37% Ches & Ohlo (n, 20 Citles Service (130c! 84 Citles Serv-pf (6). 2% Clark Lighter A..... 10 Clev Tractor. . . 40 Colgate-Pal-P (2%4). % Columbla Syndicate. 2 Comwlth & Sou war. 210% Comwth Edison (3). 93% Comwlth Pow pf (6) 12% CommuntiyWatServ 4 Consolidated Copper 12% Con Dalry Prod (12) 71 Con Gas, Balto(3.60) Ut A 2.20). 5% Creole Petroleum % Cresson Cons (.08 17% Crocker Wheeler(n). 39 Cr&Bpf(3j) ww. 30 Crowley Milner (2). 40 Cumb'ind Pipe L(4). 3% Curtiss Alrports vt 6 Curtiss Flying Ser 2% Curtiss Wright war, 2% Cusi x Mining 64 Darby Pet (1)...... 310 Deere & Co (6).. 5% De Forest Radio. 42 DH A Ltd rct n(50¢) 2 Derby Oil & Refin. .. 5% Detroit Alrcraft Cor. 9 Dix Gas & Utilitles. . 14% Doehler Die Casting. 16% Douglas Afrcraft 50 Dow Chemical (2)... 90 Dow Chemical pf(7). 34 Driver Harris(new). 4 Dubeller Cond&Ra 0 21% East Gas & F Asso 81 Emp G F eum pf(7. 14 East States Fower B 7 Eastern Util Inv A 10 Eisler Elec Corp. 49% FE) Bond & Sh (b8). 100 Kl Bond & Sh pf (6). 14 Fl Pow Assoclates A 15 Kl Pow Associa 10% ElP & L opt war.... 941y EI P & L 2d pf A (7). 3" E1 Sharehold (31)... 45% El Sharehold pf (8). 25% Empire Pwr Corp(2) 14% Em.p Pub 5.A(1.30). 5 Empire Steel Corp % Engineers Gold 42 Eureka Pipe Li; 4 Evans Wallow Lead. 1% Fageol Motor 61 Fajardo Sugar 9 30 Fedders MIk A (2) Fed Screw (13%)... 2% Kiat Stk deb rt . 18% FlaL Stk deb risrets. % Film Inspect Mach. . 4% Kinan Inv N Y (b3).. 30 Firestone T&R new. 8 Fokker Aaircraft. 9 Foltis Fischer Corp. 15 Ford MotorCan A... 3 Ford Mot of France. 10% Ford Motor Ltd 15 Fore D Prpf (1. 3% Foundation For Shs. 20 Fourth Nat inv 10 Fox TheatClA..... 1 riock Pkg (1.20).. % Gen'al Alloys (80c). X GGen Am Invest new. 70 Gen Am Invpfn (6) 215 General Baking. . ... 47% General Bak pf (6).. 7% Gen E Ltd rets (50¢) 201 Gen Empire Corp. .. 13% Gen Gas & El (A). ETCTSETR S\ PSP v oo Zee 12 171 5 50 6 Am Investors (war). 201 a o eBanaamomReBen THE EVENING STAR, WASHINGTON, Saies— Add 00. Oven. Righ. Low. 1 7200 06 -k itk 13% 48% 80 151 151 8 35 36 234 2314 4 498 250% 256 41 1 2 Davis Drug Stor efs. 3 Poansutaarsn o Y aBaZen 2l ReanRan -5 01 13% % 13% 5% 19% 96 Received by Private Wive Direat to The Star Ofies a Sales— te. Add 00. Open. 31% Close. 314 15 1% 128 1% 34 24% 15 rev I Stock Close. | High. Low Dividend R n 44% 29% Gen Fireproot 12)... 10 Gen indus Alcohol 10% Gen Laundry Mach.. High. Low 31% 31% 15 24 Gen Theat Equip vte 20% Gen W W&E A (2) 14 Glibert (AC).. 19 Gleaner Harv (1) % lfllfi 4% Gold Seal Eln. 2%4 Golden Center. 121% 324 Goldman Sachs (h6) 1% Goth Knitbac Mach Graymur Corp. GrA&PTnv( Greenfleld Tap&D: Gt Lakes Steel cod Groc Stors Prod vte. Ground Gripr(t1%). ardn Fire Assn(2) 30% 244 Guenther Law...... 115 Gulf Ofl of Pa (1%4). 16% Hall Pri; 1% Happine 14% Hartman Tobacco. 27% Haygart Corp. . 141 Hazeltine Corp (1) 10 Hecla Mining (1)... 34 Helena Rubenstein. . 23% Hires (CE) A (2)... 314 Hollinger Gold (60¢) 39 ' Horn & Hard (2%) 11 Homaokla Of) 6 Houston Gulf 6 Hudson Bay M 74% Humble Oil (2) 27 Hydro El Serv ( 49% 10 Hygrade Food Prod. 340% 260 Ilnols P L (20 41 22 1mpOil Cann (50c). Ind Pipe Line n(2%) Indian Terr fllum. .. Ind Fin cfts (b10%). Insull Ul nv... Insull Ut In 24 pf 6. InsCo N A (12%). .. insurance See (1.40) Intercoast Trad Co. . % Intercontinent Pet n 6% Intern Perfume (1). 15 Intl Petrolm (62%¢) 5 Internat Products 11 IntSat RB (12%). 25% Int Superpower (31). 3 Internati Ut B. 12% Interstate Equit 40% Interst. Eq. ev-pt.(3) 9% Inter Hos M (1.80).. 6% Italian Su pow A.. 5 Italian Superp wai 24% Kleinert Co (23) 26 Knott Corp (2.40) 1% Kolster-Br (Am Sh). 30 Lackawanna Sec(d). 75 L'Alr Liquide....... 84 Lakey F& M (12.40). 9 Lake Superior Corp.. 31 Bryan tine (2), 17% Lazar F & R Co cod., 23 Lefcour Real pf (3).. 90 Leh Coal & Nav (4). 63 Lehman (The) Corp. 6% Lit Brothers (1). 36% Lerner Stores ( 11% Libby McNeil & L. 124 Lily Tulip Cup Corp. 28 LoneStGas (80c). 40 Long Island Lt (40c) 34 Louislana Lan & Ex. 7 Marconi Int M 52%e. 28 Mar Midland Corp 10 Marion Steam Shov. 3 O ITTT LTI EL YOV G-I SIOT VPN P53 SV P PR VR OTey —po a3 12 12508319% 25 28 41 19 80 151 514 | 914 Memph Nat Gas Co. . 12% 80 MerChap&S pf A 6% 5 Met & Min Inc (1.20. 25% Met 5¢-50¢ Strs pf. .. 18 Mid West Util (b8%) 96 Mid West Ut pf n(6) 15 Mid Royalty ev pt 3. 395 Midvale Co (3). 3714 Miller & Sons (2)... 1% Min Corp of C (25c).. 8 Mo-KanP L (b6%). 1% Montecatini deb rts. 354 Morrison Elec (1) % Moun & Gult (.08) 7 Mount Prod (1.60) 5% Municipal Service. 8 Nat AmerCo(2). 6% Nat Aviation... 72's Nat Biscuit Co new 5 NatFam Stres (1.60). 4 NatFdPrB (b4%).. 10% Nat Investors (new) 15 Nat Mfrs & Stores. .. 20 Nat PubSv A (1.60). 15 Nat Rub Mach (2)... 23% Nat Sugar N J (2) 5 Natl Trade Journa 10% Nat Transit (t1%). 73 22% 2% 5% 22% 2% 5 4% 3% 1% R0 e 23% | T 3% 245% 256 > AT RN R T AR NS DD N Y Invest (war) N Y Merchand 12%.. 11% N Y Pet Royalty (1). 19 15% NY Rio& B Air Ine. . 14% 111 N Y Tel pf (6%4).... 1258 30% 11% Niagara Hud P(40e). 201 9% ~ 26 Niag Hud Pw A war. 33 21% Niag Hud Pw B war. 15 4% Niagara Shara bl-40. 17 245 % W s 1| 1 16 18 18 19 Normanda Mines(3). North Am Aviation. North Am Cement 2 5 North Am Utll Sec. . 18% 64 North Cen Tex (60c) 301 1154 North St Poiw A (8). 109% 100 North St Pow pf (7). 48Y 17% N W Engineer (2)... 31% 20 Novadel Azene (2).. AT 14 Ohlo Copper. 6414 Ohio Ofl (1214 . 8% Ollstocks Ltd A 1506 10'% Outbd Mot A (1.80).. 23% Pac Pub Serv (1.30). 12% Pac Western O1l 15 Pandem Oil. 2% Pantepec Oil 6 Param C Mfg (2.40). 20 Param-F-L(n)w. 1 ennroad Corp. ..... 360 Pann Ohlo Ed pf (6).270s Penna Wa & Pwr(3). 4 Peop Drug Strs (1),. 1 95 Pet Milk pf (7)...... 308 21 Petrol Corp 1st pd..,. 63 & Philip Morris Lnc. 8% Philippe (L) A (1.60 10 Pick(A)B&Copf 1%. 615 Pilot RT A (1.20) 8% Pitney B P n(20¢) 60% Powdrell & Al (3% 78 Pwr Corp of Can(4). 35 Pratt&Lambert (15) 61 Prince & Whitely. .. 20 Prince&Whitely pf 3 5% Prudential Inv. 16% Pub Util Hold w 98 PugSP& Lot (6). 10% Radio Preducts..... 55 Rwy & LtSec (14).. 7% Rainbow Lum ProdA 4% Rainbow Lum ProdB .11 Red Warrior........ 21%4 Reeves(Dan'l)(13%). 1'% Relter-Foster (10¢). 12 Reliance Manag (4). .65 itepetti Candy. . Reynolds Bros Inc. . 18'4 Reynolds Met tnew) 25 Richmond Radiator. 9 Rich Rcum pf (3%) 22% Roan Antelope Min. . 10 Rochester Cent Pow. 18 Rockland L & P. 4% Roosevelt Field,Inc. 3 RyanConsolldated.. d 14 St Anthony Gold. % 14% St Regis Paper. 229 140 Safety CH&L (110). 1008 250 9 SaltCreek Prod (2). 32 79 25 Schiff (The) Co (1). 10 Schulte Real Estate. 4 Schulte Un c-$1 St. 27% Sch U be-81 S pf (7). 28'% Schlet & Zan pf 3% {008 ° P o Y A 1Y 69 45 be 102% 10274 24% 2814 28% 32 3 24 100 A 19% 851 374 185 4 Selected Industries 5015 Sel Ind allot efs 5% . 314 Sentry Safety Cont 48 Sheaffer Pen (13).., 67 Shndoah Corp(b§% ) 14 Shenan Corp pf 1474 Silica Gel 37 Silver ( Oslo ADVANCE IN CURB PRICES CONTINUES Favorable News Develop- ments Aid Upward §wing - Started Yesterday. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 4—Stimu- lated by a series of favorable overnight new developments, the curb market opened higher today, with utilities and olls leading the advance. Trading was heavy. The bulge, however, invited some profit-taking, which caused trad- ing to slacken. Electric Bond & Share opened frac- tionally higher and rose about a point before meeting offerings. Citles Service likewise improved before encountering selling. American Superpower opened up 72 on a block of 12,000 shares, then added fractionally to its initial gain. Leading the recovery in trading com- panies were Haygart, Blue Ridge, Trans- america and Prudential Investors, the last. o};enlnl with a block of 6,000 shares at a fractional advance. Midland Ma- rine also inclined to higher levels. Foreign Buying. Foreign arbitraging and buying is re- ppeln‘fll; in this market. The former counts for the recent rise in Celanese participating preferred, which reflects the recent strength of Artificial Siik shares in London. On the other hand, some buying, or rather re-buying, is emanating irom London as the 21,000~ share turnover in Cable Wireless ordi- nary and the 8,000 share block of pre- ferred of that company indicates. Rumors today mentioned nearly every group of securities emphasizing, how- ever, utilities and department stores. The run-up in Standard Power & Light is being engineered on a rumored merger, which, if true, would create one of the biggest consolidations in the world. Department store issues, however, do not seem to pay much attention to combine rumors. Pipe lines again were active, but they lacked the buoyancy of previous sessions. Illinois Pi) Line led this list, with Indiana Pipe and Eureka Pipe trailing along. Natural gas shares showed signs of life as a restive short interest tried to get out and further extension of lines, such as United Gas' orenm: into Mexico Tuesday, takes place. Other Changes. Proposed merger of Interstate Equities ?|and Petroleum Corporation of America at times benefited the latter, but not the former shares. Fox Theaters A continued one of the most active indus- trials, one block of 4,100 shares coming out at 11. Pennroad Corporation, after being hammered yesterday by shorts and some distress seiling, showed a sonmewhat better ability to resist pressure. Motors moved fractionally. Aviation shares, de- spite reductions in passenger fares, were in better demand. Mines, after opening brisk, showed signs of slack- ening. . GRAIN MARKET. By the Assoclated Press. CHICAGO, December 4.—Despite advices of ruinous crop conditions in Argentina, wheat values here averaged lower today. Much of the selling was to realize profits, but there was also pressure because of talk that supplics in North America were still too large. Word that Argentine offers of wheat to Europe were advanced 5 cents per bushel overnight failed to act as a counter-balance. Wheat closed heavy, 1% to 2% be- low yesterday’s finish. Corn closed ;2% to 7 off, and oats unchanged to % down. jy il CORN-— ecember March SEABOARD EARNINGS. BOSTON, December 4 (Special).— S--board Utilitles Shares Corporation November 29 statement shows & surplus from net earnings and realized income since March 29 of $822,359, as compared with $800,633 as of November 22, 1929, and a total balance for earned surplus and reserves of $612984, as compared | with $591,258 on November 22, 1929. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) o Nominal gold Selling checks value (or par). London. pound s aris, franc eta Des: . schilling crown. Stockholm, crow: TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co) Rats —Maturity, Bid, Offer Dec A 3tas M 3128 Sept. 31is Dec Sale: Singer Mfg (132% Singer Mf Ltd (30¢ Sisto Fin Corp. Smith (A O) (1. i Snia-Viscosa.. Southw P&L pf (T).. Standard Motors. ... Stand Ofl of Ind 13% Stand Oil. Kan 2%, Stand of Ky (12)... St 0l of Ohlo (23) Stand Pow & Lt. . St Pow & Lt pf (7). Scarrett Corp. ... Starrett Corp pf(8)., Stein(A)& Co(1.60) SteinA&Cocu pf 6% i Steln Cosmetics In Strauss Roth. Strombg-Car Stroock & Co (3 % Stuts Motor Car Sun Inv. . Sunray Oil. Swift & Co (3) Swift Intl (2) Syrac Wasb M B (1), ‘Tampa Electrie (32), ‘Teck Hughes (60c). . Texas P & L of (1) 4 Texon Ol & Land, Thermold Co (2). . Third Nat Inv (1), Thomp Pred A (12 Thomp-Starrett. Thomn Star pt (3 Tish Realty & Con robacco Pr Expor Todd Shipyard (4) Transamer n (31.60) Con Alr Tran.. 244 2 16 5 Add 00. Oven. High. Low. T e Close BONDS ON THE CURB MARKET. Seles 1 MESTIC BONDS. | Shousanas. 2O © B Qon Lov. Noon. QQESEIE g8 =§§§§§S§9§!¢!m Yol -.14 LR 2 S w Bl e B abe e St T SoZuau-at 5z IQZZZZZ CpE R 33e33samtegse. WEEE SEF =3 us: 19 77 Rus 6135 cifs NC 'i9. 24 Russian sias ‘21 tual xd—Ex dividend. xr—Ex rights Wi—When issued. n—New. Ww—With warrants. e CHICAGO LIVE STOCK MARKET CHICAGO. December 4 () (United States Department of Agriculture). Hogs—Receipts, 30,000 head, mcludln’ 10,000 direct. Market mostly 10 to 1 lower: slow at decline; !o:. 9.55; bull 180-300 pound wegh':; .gn to 150-180 go\mdl, .35 to 9.50; butchers, me choice, 250-300 pounds, ;20 .85 liu 9.55: 160-200 unds. p odlum"wulg‘lww:b.igg hds , Mo choice, 90- nds, lg; to 9.15. b Cattle—Receipts, 14,000 head. Calves cessiv sl Tt e supply. ally medium weight and weighty offerings; under- tone weak to unevenly lower; heavy steers promising to show most decline; she stock mostly steady laughter classes. Steers, good and choice 1,300- pounds, 1250 to 14.50; 1.1 300 pounds, 12.50 to 15.50; 950-1,100 pounds, 13.00 to 16.00; common and medium 850 pounds up, 8.00 to 13, lings, good u.& to 16.25; heifers, good an 850 pounds down, 1. mon and medium. 8.00 to 12.75: cows, good and cholce, 7.75 to 10.25; common and medium, 5.75 to 7.75; low cutter and cutter, 4.50 to 6.00; bulls, good and choice (beef). 8.75 to 10.00; cutter to medium, 6.75 to 9.25; vealers (milk fed), good and choice, 12.50 to 17.00; medium. 11.00 to 12.50; cull and com- mon, 7.00 to 11.00; stocker and feeder steers, good and choice, all weights, 1025 to 11.00; common and medium, 7.75 to 10.00. Sheep—Receipts. 15,000 head; market strong to 15¢ her; bulk fat lambs, 13.00 to 13.25; top, 13.50; fet ewes, 5.75 to 6.00; feeding lambs quotable steady; lambs, good and‘ choice, 92 pounds down, 12.75 to 13.60; medium, 11.35 to 12.75; common, 9.50 to 11.25; ewes, me- dium to choice, 150 pounds 'down, 4.75 to 6.50; cull and cor'mon, 2.50 to 5.00: }ezogaer lambs, good and choice, 11.75 to choice Markets at a Glance mn strong; utilities lead wide ad- e, 1929 highs. Curb strong; Electric Bon & Share rises % ; - eign _exchan steady; sterling ,ap- proaches gold export point Cotton lower; larger private crop estimates, Sugar easy; decreased spot demand. Coffee lower; trade selling. lower: excellent Kansas reports: smaller | | export. demand. Corn easy; increased | offerings and good weather. Cattle weak to lower. Hogs lower. METAL MARKET. NEW YORK. December 4 (#).—Cop- ber quiet: electrolytic, spot and !utuxl?e. 18. Iron steady, unchanged. Tin easy, Spot and nearby, 39.00: future, 39.62. lead steady; spot, New York, 6.25; East ?‘lz.u“lflusl!. L&ll).d Zinz quiet; East St. ot ang -- el future, 6.00. Anti .* | soon will probably be a reduction in ’l[llnst each other for short-term is- 75 to 15.25; com- | NEW YORK, December 4 (&)— % arri Bonds firm; many issues near Lebane nearly 5 points. For. | L CHICAGO, December 4 (#).—Wheat | Sixih Avi NCIAL/ SUPPLY OF MONEY DECLARED LARGE New York Market Has Plentyi Funds Available for | Loans. | BY CHARLES F. SPEARE. Special Dispatch to The Star NEW YORK, December 4.—The New York money market today may be said | | to be suffering from embarrassment of riches. Punds are plling up at this center so rapidly that it is difficult to employ them to advani ne of the concrete effects of this situation rates of interest on bank balances, which were advanced to 2!, per cent in the Summer of 1928, when the com- petition with the call money market first became keen and bankers were compelled to meet it through the med- fum of higher deposit rates. Out-of-Town Loans. Since the middle of October the loans of out-of-town banks to brokers have dropped from $1,831,000,000 to $638,- 000,000, while from October 9 “loans of others” have fallen from $3,941,000,000 to $1,982,000,000. The rele: of funds controlled by many classes of lenders who have never been in the call market has been the primary cause of the change in local money market condi- tions and has been reflected in unoffi- cial rates of 3!, per cent on call and this week's low quotation for 60 and 90 day money of 4}, per cent, comparing with 7 per cent 3 These “other” leaders are being put to it now to find an outlet for their unemployed capital. They are bidding sues and have pretty well cleaned up the market for all offerings of this type. It is understood that there are at &l;g!en! demands aggregating $100,000,- for short maturities, with only a small fraction of this amount available. | One large corporation today was tryin, | to get $20,000,000 out in short notes, but with small success. The quick change in money condi- tions has led to a rapid readjustment in the ideas of corporation borrowers with respect to rates at which they can make new issues of securities, This has compelled a revision of bids from day | fl‘lg on bond issues under negotiation. It affects not only the municipal, but the corporation borrowers. Municipal Bonds. ‘The City of Philadelphia bonds, sold Monday and offered yesterday at a fig- ure will above that thought possible last week, is a case in point. Another fllus- tration is to be found in the sale of about $6,000,000 New York Central Railroad equipment trust certificates on a 4.95 basis, compared with a basis of 6 per cent for short maturities of the same road on October 3 and 5.15 per cent for the long maturities, Public utility companies that had to abandon refunding operations in 1928, because of the sudden change in the money market, are now resuming nego- tiatlons along former lines. It is ex- pected that after the turn of the year there will be a large amount of such financing and that it will mainly take the form of long-term bonds, o NEW YORK COTTON. NEW YORK, December 4 (/).—Cot~ ton opened steady at an advance of 4 to 8 points today on buying promoted by relatively firm Liverpool cables, but the demand was checked by larger pri- vate crop figures, and prices reacted to about_yesterday's closing figures by the end of the first half hour. ‘Two more private crop reports were published, the first placing the yield at 15,034,000 bales, while the other made the crop 14,796,000 bales of 500 pounds, or 14,606,000 running bales. This sec- ond report estimated nings to De- cember at 12,336,941 bales. The first of these figures was above expectations and was evidently a disappointment to re- cent buyers, as reflected by realizing or reselling during the early trading. NEW YORK BANK STOCKS. 8pecial Dispatch to The Star. NEW YORK, December 4.— Bid. Asked. 138 143 America . Commere Continental . Fifth Ave First Nat'l race . Yorkville MONEY MARKET. NEW “YORK, December 4 (#).—Call money steady; 4': per cent all day. Time loans firmer: 30 days, 4!:a43, 60-90 days, 4%a4%; 4-6 months, 413 add,. Prime commercial paper, 5a51;. Bankers' acceptances unchanged. | —Prev. 1920~ Hizh. Low 60 4% 334 b 60% | 550 414 St 85% 851 8514 | 450 4% | 17 Tub Art Utd Carr Fastnr 1. 4 United Ch pt pf (3).. United Corp war. United Dry Doek: United Gas Co. Unit L& P A (60¢).. Utd Lt & Po of (8) UnitedMilk Prod.... Unit Prof Sh (1.20)., Unit Reproduc U S Foll U S Gyp! US&In U S Rad U S Shares Fin...... U S Rub) United Stores. Unit Verde Ext (4).. Utllity Equiti Utility & Ind Uil & Ind pf (1) Utll Power&Lt(31).. UtP& L Betfs (31), Vacuum % Van Camp Packing.. - Van Camp P pf(1%). Venezuela Pet (29¢) . Vick Fin Corp. . Walgréen Co Winter (Benj) Worth. Ine A... . Zonite Prod (1.60).. RIGHTS. 1 Newport ¢ 34 Penna R R % Sierra Pacific, % Trans Corp.. g Dividend rates in dollars based on 84% | annual payment. 168 82 Dividend Rate. Tri Utilitles. .... Triplez Safety Gla Trunz Pork Stor Ulen & Co. *Ex-dividend. tPartly extra eash or stock. b Pavable ock. ock and Sales— Add 00. Open. l:lfil. T8 25% 159 204 30% 1% 1316 334 Silk B (10). 3B, B(1). sum (1.60)., Setf (234). jator (2). ber Reclaim, = e e LRARNRAR PN AR RN R AR R B AS R BB Ol (14%).. M Expire. “o. . Inst quarterly Plus extra In stock. & Payable in n e « REDISCOUNTS GAIN IN'FIFTH DISTRICT Slight Increase Shown for Month After Considerable Fluctuation. The Federal Reserve Bank of Rich- mond reported today that during the month between October 15 and Novem- ber 15, both this year, rediscounts for member banks held by the Federal Re- serve Bank of Richmond fluctuated considerably, ranging from & high point of 857,514,000 on October 19 to a low of $45,681,000 on November 6, but at the end of the period totaled $51,295,~ 000, in comparison with $51,152.000 & month earlier, a net change of only $143,000. Some of the other items in the Reserve Bank's statement cha more during the month than redis- counts. Total earning assets rose from $70,128,000 on October 15 to $72,131,000 on November 15, due to increased hold- ings of bankers' acceptances purchased in the open market. Seasonal Note Increase. A seasonal increase in the circulation of Federal Reserve notes from $84,688,- 000 to $93,288,000 occured during the month, a greater demand for currency arising with the increased marketing of tobacco and cotton and the approach of the holiday shopping season. Member bank reserve deposits showed only a daily fluctuation during the period under review, rising from $62,089,000 last month to $62,395,000 at the middle of November. The several changes mentioned, with others of less importance, raised the cash reserves of the Federal Reserve Bank of Richmond from $87,444,000 at the middle of October to $92,995,000 on November 15 and also increased the ratio of reserves to note and deposit lia- bilities combined from 58.02 per cent to 58.89 per cent. Comparisons With Last Year. A comparison of the figures on the statement of the Federal Reserve Bank of Richmond for November 15, 1929, with those reported a year ago, No- vember 15, 1928, shows some greater changes than occurred last month. Rediscounts for member banks rose $8,859,000 during the year, but total earning assets increased only $431,0uu, the increase in rediscounts being ap- proximately balanced by a reduction m the bank's holdings of bankers' ac- ceptances, An increase of $13,722,000 in the cir- culation of Federal Reserve notes oc- curred during the year, part of this rise probably being due to exceptional circumstances in connection with the introduction of new, small-size cur- rency. Member bank regerve deposits declined $5,811,000 between November 15, 1928, and November 15, 1929, g:u of this being due to withdrawals from system of banks merging with others under conditions which preveni- ed them retaining membership. The cash reserves of the Federal Re- serve Bank of Richmond rose $9,385,000 during the past year, and the ratio ot cash reserves to note and deposit lia- bilities combined increased 3.20 points, FREIGHT LOADINGS. By s Assoclated Press. Last week’s car loadings of revenue freight on American railroads, an- nounced by the American Railway As- soclation today, together with loadings of previous comparable periods, are as follows: Week ending Nov. 23..... 950,280 cars in| k 983,323 cars. 1,029,237 cars SILVER QUOTATIONS. NEW YORK, December 4 (#).—Bar silver. 49'a. Mexican dollars, 36%¢. We Buy and Sell ALL’ ISSUES Bank and Insurance Co.'s Beneficial Loan F. H. Smith Co. Investment Trusts S. W. Straus & Co. Mehlman & Co. Woodward Bldg. Dist. 8848 The Commercial National Bank Pays interest on DAILY BAL« ANCES on Savings Accounts. Interest starts from DAY of deposit and earned to DAY of Come in and let us explain Resources Over $20,000,000. 14th & G Streets R. GOLDEN DONALDSON, President First Mortgage Loans for, 3, 5, and 10 year periods on houses, apartments and busi- neess property in Washington, nearby Maryland and Virginia Randall H. Hagner & Company, Inc. 1321 Conn. Ave. N.W. Decatur 3600 Contact with the Center of Financial New York Our direct communication fa- cilities by wire with cur main office in the center of financial New York provide a ready means for the rapid transaction of New York banking business. T2 EQUITABLE SECURITIES COMPANY IN¢ A Subsidiary of The Equitable Trust Company of New York STANLY CARR, Representative 922 Fifteenth Street, N. W. WASHINGTON, D. C. D Dreferred Slock, — Se——————