Evening Star Newspaper, December 6, 1929, Page 15

FINANCIAL * GURB SHARES GAIN AFTER EARLY DROP Coppers Stage Advance. Utilities and,Others Also Point Higher. BY JOHN A. CRONE, Special Dispatch to The Star NEW YORK, December 6.—Piercing the fog of uncertainty that surrounded the opening today, prices on the curb, under the leadersiip of utilities, moved higher. Coppers staged an unexpected rise, but oils moved at a slower pace. Electric Bond & Share, after open- ing off a point at 88, crossed 91. Ameri- can Superpower opened only fraction- ally higher, then added more than a point. United Light & Power A opened down nearly a point, but more than « regained its early loss. American Light & Traction, after opening up 8 points at 235, continued its climb. Consolidated Gas of Balti- more opened at 91%. down 4%, then overcame its early loss. Other Losses Regained. Cities Service opened off a shade at 293, reacted to 20%, and then recov- ered its earlier decline. Standard Ofl of Indiana also regained its initial loss. Reflecting the heaviness of Artificial Silk shares in London, some of these issues, such as Tubize and Celanese, opened lower, but later rallied. Babcock & Wilcox, which declared an extra yes- terday, pointed higher. Apparently un- affected by the lowered retail cigarette prices, Great Atlantic & Pacific .Tea apened unchanged, and advanced 4 points in early trading. Two groups, aviations and motors, were weak, contrasted with the rest of the market. Fokker was inclined to heaviness. Stutz again headed the downside in the motor group. Trading companies after the initial bulge lost some of their speed, but & number of holding corporations and in- vestment trusts were moderately higher. New Securities. Indicating the increased interest in trading was the number of new secur- ities admitted to unlisted privileges and the $15.000 rise in the price of curb seats, which at $215,000 show a gain of $65,000 within the last two days. Securities admitted to trading today included Silent Automatic Corporation, Time-O-Start Controls _ Corporation, Minnesota Mining & Manufacturing Co., National Steel Corporation, St. Lawrence Paper Mills Co., Service Sta- tions, -14d.:- I Fischman & Sons and Canada Wire & Cable Co., Ltd. This is NEW YORK CURB MARKE 929~ and i". Mm Rate, Add 80 Glen Alden Coal (10) 124 Globe Underwriters. & Gold 3 12 53915 146 108% 103 41 20 31 Stock ana Bales— Dividend Rate. Add 00. T Air Investors vte, Alr Inv, Inccv pr. ) Aluminum Co of Am, Alu Co of Am Df(8) Alumin Goo Am Arch Co (3) 5% Am Brit & Cont 5 28 Am BrBEl fd Am Cigar Co . 29% Am Cit P&L A (a: 10 16 18 19% Am Cyanam B (1.69) 3% Am Dept Stores. 15 25'% Am For Power wai 71 98 42% 247 399 3 190 8ng 124 16% 5% Am Invest Inc B. AmCP&L B (b10% Am Colortype(13) Am Com P A (130 . 2 148 10 3 103 4“" 2 26 Am Equities Am Gas&Eles (31).. Am Gas&Elee pf (8). Am Investors (war). 18 Am Lt & Trae (10).. le: % Am Maracaibo. 1144 Am Meter Co (38)... 268 2% Am Pneumatioc Serv. 10/ Am Solvents Chem. . 13% Anglo-Am v cod 3¢ 1n 15 Anglo-A n v cod 35e. Anglo Chil Nitrate. o 23% Arizona Power. 3% Arkansas Nat Gi 6'5 Arkansas NatGas A. 30' Asso Rayon Asso-Dyeing & Ptg. . ot (8) 24'a Atl Coast Fish(1.20). % Atlantie Loboi 24% Atlas Plywood n. 7% Auto Voting Mach... 15% AutV Mevprpt(3). 204 Aviation Corp of Am 12 139 88% 60 50% 46% Bancomit Corp new. 190 144 10 3% Blue Ridge Corp.... 23% Blue R Corpev pf 13, 29 the largest list in one day in more than two months. Baltimore Markets Special Dispatch to The Star. "yl 3503.00; 101 Potatoes, white, barrel, 1.50a3.00; na sacks, 1.7582.80; bushel, 75a1.35; Pams, barrel; Hfgzgmt = bushe. 2.50a3.50; beets, 100, 3.00a<.C0; sprouts, quart, 20a30; cabbage. basket, 40a60; carrots, 100, 2.00a4.00; flower, crate, 2.25a3.50; celery, crate, 32.25a3.25; eggplants, crate, 1.5083.50; kale, bushel, 30a40; lettuce, crate, 4.008 5.50: onions, 100 pounds, 1.50a1.75; parsnips. baskets, 40a50; peppers, crate, 8.00; pumpkins, 100, 3.0010.00; spinach, bushel, 1.00a1.35; squash, crate, 2.00a 3.00; tomatoes, crate, 2.50a3.50; turnips, hamper, 20a30; apples, bushels, 7582.75; cranberries, box, 3.00a4.25; grapefruit, box, 3.25a4.75; oranges, box, 3.00a4.25; tangerines, box, 2.0083.00. Dairy Market. Poultry, alive—~Turkeys, pound, 33a 35; old and crooked breasts, 25837: young chickens, 24a28; Leghorns, 22a 23; poor and thin fowls, 17al old Toosters, 18a20; ducks, 16a25; geese, 18 a22; xzumet fowls, each, 40a50; pigeons, air, 25. % Eggs—Receipts, 814 cases: native and nearby hennery, dozen, 53ab4; firsts, 50; pullets, 40a45; current receipts, 43a 45: cuils and dirty, 25230. Butter—Creamery, good to cholce, pound, 41a46; ladies, 35a36; rolls, 31a g::"swre packed, 21; process butter, a39. Live Stock Market. Cattle—Receipts, 1,500 head; good supply; market steady. Suera—chotce to prime, none; good to choice, 12.00 to 12.35; medium to good, 11,00 to 12.00; fair to medium, 10.00 to 11.00; plain to fair, 9.00 to 10.00; common to plain, 8.00 to 9.00. Bulls—Choice to prime, none; to choice, none; medium to good, 7.50 to 8.50; falr to medium, 7.00 to 7.50% plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00. Cows—Cholce °to prime. none; good to_choice, 7.50 to 8.00; medium to good, 6.50 to 7.50; fair to medium, 5.50 to 6.50; plain to fair, 4.50 to 5.50; common to plain, 3.75 to 4.50. Heifers—Choice to prime, none; good to choice, none; medium to good, 9.00 to 10.00; fair to medium, 8.00 to 9.00 plain to fair, 7.00 to 8. plain, 6.00 to 7.00. Fresh cows and springers, 60 to 150. K and Lambs—Receipts, 400 fair supply; market steady. Sheep, 2.00 to 6.00; lambs, 650 t0 14.00. Hogs—Recelpts, 600 head: falr sup- [ e eep head; plv: market lower. Lights, 9.60 to heavies, 9.85 to 10.05; medium, 9.7 10.00; roughs, 7.25 to 9.00: light pigs, 9.25 to 9.40; pigs, 9.40 to 9.60. Calves—Receipts, 50 head: light sup- p;yomlrket steady. Calves, 7.00 to 17.00. NEW YORK COTTON. NEW YORK, December 6 (#).—Cot- ton opened steady today at an advance of 1 to 6 points in response to steady Liverpool cables. There may have been a little_lower private estimate of the crop. Demand, however, was limited and the market eased slightly after the early buying orders had been supplied. The selling was attriblited chiefly to further liquidation in small lots and small Southern selling on the reaction from 17.29 to 17.25 for January. The general market was quiet and about net unchanged to 1 point higher at the end of the first half hour. One private crop report published this morning estimated the crop at 14,826,000 bales and gin- nings to December 1 at 12,797.000. An- other placed the crop at 14,704,000 and the ginnings at ,802,000. Members of the New York Cotton Exchange on the average expect a_crop estimate of 14,900,000 bales. the highest individual estimate being 15.300,000 and the lowest 14,650,000, according to & canvass made here this mornin; 25 13% Brazsil Tr& Lt (3)... 1% Bridgeport Machine, 10 1'% Brill Corp B. . 14 4 4 55 38 3 14% Butler Bros (2) 4% Bwana M Kubw, 117% Babcock&Wileox 19. Aviation Credit..... 68 1 2 Bell Tel of Can (8)..100s Biiss Co (B W) (1). '5 2 56 Bala & Katsetf (3).. Blumenthal (8)..... Borne Scrymsr 12%. 10&: [ Brill Corp A (1%) Brillo Mg (1.20). Br Celanese Ltd refs Brown Fence& W (B) Buckeye Pips L (16) Burce, Inc conv pf... Burma rets (313%e) »uBamnanma o - BovumonnaRns T 284 2 4 Colon Oil. 25 Colts Pat % Columbia Syndicate. 12% 2 Comwlith & Sou war, 110 1 12% 132% 132% 64 64 4814 48% 154 155 23 12%° 23% A% 4% Open. High. 12% 12% A4 65 B3% B5% 167% 166% 29% 30 29! THE EVENING STAR, WASHINGTON, D. ¢, FRIDAY, DECEMBER 6, 1929. Low 127 64 484 154 28 8% 374 8644 96 7 36% 2% 8% 10% 28% Y 0% 2 2% 4% 55 5% 27 % % 127 64 48% 155 23 91g 34u 5 1874 30 2 22% 4% 56% 6% Ed k) 4% 449% 2104 Comwth Edison (8)." 708 255% 255% 255% 255% 103% 4 7 20% Con Gas Ut A (2.20). 10 Cons Laundries..... Con Retail Strs (1).. 2% Consol Royal (60¢).. 1 10 80% Cooper Bessemer(1). 30 42 Cosden O1l. 11% Courtaul Ltd (70¢) 93% Comwith Pow pf () 2 12%4 Communtiy WatSery. 18% Consolidat Afreraft.. Consolidated Copper 12% Con Dairy Prod (12) Con Gas, Balto(3.60) Continental Oil. . Cooper Bess pfA(2).. 1 [ 3 4 4 0 3 4 13 2 1 2 £ 7 3 2 5% Creole Petroleum... 162 % Cresson Cons (.08 3 17% Crocker Wheeler(n). 39 30 % Crown Cent Petrol. . 3% Curtiss Airports vte. 2% Curtiss Wright war, 2% Cusi Mex Min! 6% Darby Pet (1), 26 5% 2 34% 17 642 310 26% 1 17 Cr&Bpf(3%)ww. Crowley Milner (2).. Davis Drug Bto: Davenport Hos (3) Deere & Co (8 PO 5% Detroit Aircraft Cor. 16 62 34 4 Dix Gas & Utilities. . 14% Doehler Die Casting. Douglas Alreraft Draper Corp (15).. Driver Harris(new), Dubelier Cond&Ra 3% Durant Moters, 13% Duval Tex. Sul. w.L.. 12 Duz Co, Inc A eft % Earl Radio Corp 21% EastGas& 'PQ‘ 3% El Sharehold 45% El Sharehold pf (! 256% Empire Pwr Corp(. 14% Em.p PubS8.A(1.80).. 5 23 % Engin 13% Eng P 3 60 10 Faicon Lead. % Fandango Corp. 30 50 2 18% Fiat Stk deb ru CONSOLIDATED GA! BALTIMORE, December 6 (Spe- cial) —The Oonsolidated Electric Light & Power Co. is closing the most profitable year in its history, despite the cut in rates for gas and electricity ordered by the Public Service Commis- sion of Maryland. The lower rates be- came effective on November 15, ana will save consumers in 1930, it is esti~ mated, based on this year's consump- tion. about $1,300,000. After allowing for the smalier rev- enue for half of November and the full month of December, due to the re- duction in rates, it is estimated that net income for the full year will ap- proximate $7.325.000, or about $6 4% Finan InvN Y F Eay Eaz El Pow Associat El Pow Associa 31 Em G&F cum pf Empire Steel Ci BEmploy Reinsur 1 Pipe Line( Fairchild Aviatl, Fajardo Sugar ™ 2 eRenenenmalend Fed Screw (1334). Fer Enam A (16% Iiat Stk deb ri. ReBamamummm Ford Motor Can Ford Mot of Fra 10% Ford Motor Lt 16 21 10 21 3% B 0 I Foremost Fa undation urth Nat 1 Fox Theat Cl A Franklin Mfg (2). 18% Garlock Pkg (1.30).¢ 8% Gen Am Invest new. 70 45 Gen Am Inv pf 8 () 2% gln.m Bakinj i 14% 4% 14 % 38% 32% 8 3% 2% 2% » 4% 14% 14 5% 18% n " 28% 38% 32% 2 3% 2% 2% i 3% ; IIIM? 100% 100% 100% 14% ° 3% 28% 23% 28% 439 a5 5% 16% 16 88 913, 102% 102% 32 3% 435 435 i Y % ™ 8% 5% 8% 19 114% 1 303 %4 " MWT Ltd b'r'rshéle. 4 Mexico-Ohio Ofl.... 24 10% "% 3 28% 10% b 4 2% New Mex & Aris Ld. 11% 9 11 1% 2% 2 12 21% 10 14, Penn Ohlo EA($134). 4 Pilot RT A (1.20)... 4 Prudential Inv, ustries. . % Sel Ind allot ofs 64 . Received by Private Wise Direst to The Star Office IBUSINESS OUTLOOK DECLARED BRIGHT Increased Activity in Many Lines Looked' For Dur- ing 1930. Sales— 00. Open, Bigh. Low. Close. 1117 117 117 117 ‘: 4% 4% 14% 0 4% Coin. . Kl 18 (3). Gorham Mfg vic(12) Goth Knitbac Mach BY J. C. ROYLE. Sentiment has solidified in the last week regarding business conditions and the face of business is bright and smiling in consequence. The leaders of the business world gathered here at the indirect behest of the President. The action which was taken has not on the surface been particularly sig- nificant, but they have sounded eacn other out. They came here knowing pretty accurately what conditions were in their own lines of endeavor, They had a belief that they were equally sound in other lines. After the dis- cussions of yesterday and today, not all of which, or the most importany of which were held on the floor of the conference, they are sure of it. ‘That confidence in itself is the great- est_asset business could have at the moment. There was no attempt to be- little the significance of the huge drop in securities values. But there is feeling that the raw nerves and he aches which followed the debauch are merely a case of * jammer,” or “hang-over,” and that all essentials the business health or the Nation will be as good as or better than it was before it had its specu- lative headache. Forelgn Trade. It is significant that ‘an expert in foreign as well as domestic trade, such as sident James Farrell of the United States Steel Corporation, de- clared that the United States faced brighter outlook today than it did at the opening of this year and that for- eign trade would run well over $8,000,~ 000,000 in exports and imports. More than half the retail distributors present at the conference felt that the outlook was bright. When 50 per cent of the representative merchants agree conditions are bright they are more than bright—they are glowing. It is also significant that the only fmups which found fault with the out- look were those composed of the so- called sick industries. The textile manu- facturers, with the exception of the silk and rayon men, could see little to hearten them, but they have been view- ing the situation—perhaps correctly— * | through the same dark glasses during the three last years, the best years America ever had commercially. ' The silk men are outstanding exceptions, They feel that the trend of fashion now is in their favor. The woolen manufacturers are low in mind and so are the coal men, some of the paper men and the sugar men. Prepare for Increase. The representatives of the prosperous industries on the other hand have no fault to find with the situation. The steel men predict that the present rate of activity will be increased sharply during the early months of 1930 and are preparing their plants accordingly. ‘The automobile men are counting slmnfly on the appeal which the new models to be shown shortly will have on the purchasing public. Even today ogentim are practically on a par with those of December, 1928, when the out- look was regarded as splendid. It now seems that production will reach at least 5,700,000 cars and trucks for the compares with 4,601,000 the previous high record. industries have only one worry, the financing of the huge pro- snm of construction which has been lecided on. The cement makers say, however, that their profit margins will be narrower than ever and that con- sumption has not yet caught up with plant capacity and is not likely to do %0 in 1930. It is worthy of note that the food products men, whose commodities are supposed to be ‘of the most stable c! acter, are the ones who 'are most appre- hensive of the future. They admit that people must have flour, vegetables, cereals, ' | beverages, ice cream, candy and other foodstuffs, yet they are fearful of the buying trend, more fearful than any who deal in the so-called luxury com- modities. Report on Other Lines. The machinery and machine tool men are so fully booked that they are assured of operations at practically ca- pacity for about three months. The oil industry is slowly but surely regain- ing a safe statistics position. The rallroad car lo-dlnn‘ are making new records, and the value of Christmas trade is better than the most optimistic hoped for three weeks ago. The rubber manufacturers, rayon producers, to- bacco products men, electrical equip- ment preducers and clothing distributors all are confident of a profitable period during th: next few months. There has “~en no attempt to mini- mize the seriousness of the situation, but they all express the belief that buy- ing power can be maintained, produc- tion spurred and employment stabilized, although profit margins will be narrow. (Copyright, 1920.) Groe Guif Oll of Pa (1% Hall Printing(11% Cand:; Hires (CE) A (2) Hollinger Gold (! Homaokla Of1. Humble Oil (2) Huyler Stores Hydro El Serv (12) Hygrade Food Prod. Inois P L (20)....150s Imp O1l Can n (50¢). 12 Ind Pipe Line n(2%) Indian Terr illum, Insull Util. Inv. int Int. Hold. & Inv. Intern Perfume (1 Intl Petrolm (62% Internat Product: IntSafRB (2% Intl Superpower (11) Internatl Ut A(3%) Internatl Ut B. Interstate Equi Interst. Eq. cv-pf. Inter Hos M (1.80) frvAir C (2) (1.50) italian Superpow A Italian Superp war Jer. Cen. P&L pf (7). 608 Jonas & Naumbus Kolster-Br (Am 8h). Lake Superior Corp.. Leh Coal & Nav (4).. Lehman (The) Corp. Leonard Oll. .. Libby McNeil & L. Lily Tulip Cup Corp. Lion O1l Refin (2). Loews Incdeb rt Lone St Gas (80¢). Long 1sland Lt (40¢) Lonz 1sld Lt pf(7).. 208 Louisiana Lan & Ex. Mae Marr Stores. Magdalena Syndi Mangel Store Marconi Int M 52%e. Mar Midland Corp. .. Marlon Steam Shov, Mayflower Assn..... Mavis Bottling. Mead Johnson(t314) Memph Nat Gas Co Mesabi Iron........ Mot & Min Ine (1.20. Mid West Util (b8%) Mid West Ut A war.. Mid West Ut B war.. Mid West Ut pt n( Mid Stl Prod (16.83). Mid Royalty cv pt 3. Midland United. ... Midvale Co (3)...... Mo-KanP L (b5%). 1 Moh H P 1st pf (1).. 258 Morrison Elec (1 Moun & Gulf (.08)... Mount Prod (1.60)... 2 Mount St Pwr pf(7). 10s Munieipal Service... Nat Fam Strs (1. Nat Fuel 1) Nat Invest Nat Pow & Lt pf (7). 508 Nat Screen Serv 140 1 NatSugarNJ (3)... Nat Transit (t1%).. Nat Union Radlo. . Nauheim Phar pf. Nehi Corpn (1.30)... Nelson(Herman) (). Nevada Cal Elec.. .. Newberry(JJ)11.10), New Brad Oil (50¢). 1 NewEng T&T (8). .150; 12 2 5 10 5 10 3 Newmont Min (24).. NY & Hond Ros 12% N Y Auction (1%)... N Y Invest (1.20)... N Y Invest (war)... N Y Pet Royalty (1), NY Rio & B Air Inc.. N Y Tel pf (8%4).... 1 Niagara Hud P(40e). Niag Hud Pw A war. 1 les Bement Pond. . Nipissing (30€)..... Noma EI Cor (1.60).. Normanda Mines(3). North Am Aviation.. North Am Util Sec. . Northam W cv pf(3). North St Pow A (3), N W Eng! 2)... Novadel Agene (2).. Ohio Copper....eees Ohlo O1l (12% Oilstocks Ltd A $60e Outbd Mot A (1.80)., Outboard Motor (B). Pac G&El 1stpf 1%. Pac Pub Serv (1.30). Pac Western Oll. ... Pandem O1l.... Pantepec Oil Param C Mfg (2.40). Param-F-L(n)w. 1.... Parke Davis (11.40). Patterson Sargent. . Pender(D)GroB(12). Pannroad Corp...... Penn Mex Fuel (2).. HOTEL BUSINESS GOOD, LATEST REPORTS SHOW The hotel business has. not been ap- rrembly affected by the recent decline n the stock market, according to & statement issued by the American Hotel Association of the United States and Canada and presented at & conference of representatives of 32 manufacturing and distributing groups in Washington. A questionnaire sent to approximately 300 hotel men in various sections of the country showed that 81 per cent were optimistic on the outlook. Hotel busi- ness increased 4 per cent in November, against 5 per cent in October, and com- pared with a 3 per cent average gain in the last six months. Penn Ohio Ed pf (6).1508 Penn Pr&Lt pf (6).. 11 Peop Drug Strs (1), 1 Pepperell Mfg (8) 90 Perryman‘Electrie.. 14 Pet Milk pt (7). Petrol Corp 1st pd. . Philip Morris Inc. .. Yesterday’s New York Stock and Bond Averages. (Prom the 5:30 Edition.) By the Associated Press, STOCKS. Tndusttiate e vtilies 8 17 el 1275 1805 1241 122 1041 Ten first-grade rails, Ten secondary rails. Ten il By the Associated Prest NEW. YORK, December 6.—New se- curities offered for public subscription today include: City of Detroit, Mich., $24,266,000 bonds, consisting of $8,000,000 4}z per cent, due 1959, to yield 4.35 per cent; $6,000,000 4% per cent, due 1959, to yleld 430 per cent; $5,000,000 5 per cent, due serially 1930-1944, inclusive, to yield 4.40 per cent; $4,313,000 4% per cent, due serially 1930-1959, inclusive, to yield 4.35 per cent, and $953,000 4% per cent, due serially 1930-1959, inclu- sive, to yield 4.30 per cent. Oflergd by a syndicate including the Bankers’ Co., Harris, Forbes & Co., the National City Co., the Detroit Co., Guardian Detroit Co., Old Colony Corporation, Conti- nental Illinois Co. and others. BONDS ON THE CURB MARKET. Sales i {housands. uminum Co S5 /81, with P, 68 '49. G & E 5s 28, P & L 6s 20 'DOMESTIC BONDS. High. Low. Noon. 102% 102 1 101 101 96% 96 % 5o at » 5 Swenvosnd 3588 0 32383y 09 e 252! £ o aa B erens a5 oot Sen ] 000! » 25! 2 g O og;;.i Fra, Fe, BegsmoisnsanmpuSousnnsue 05 2 Fi) 3399 Zinge a7, o2% pl 1= S ok 08g>ats X 2>, SBaad g = 5 L3 Ry 222383232322823228 S 22, L - ol oF owaw— ool 2dds £t ey Srory) & F -!,, 2 b P e 2 ot 3 F T ichts. Ww—With warrants. XW—Without warrants. CHECKS PHOTOGRAPHED. BALTIMORE, Md., December 6 (Spe- cial).—The Union Trust Co. of Mary- land is the first banking institution in e for a checks handled. E i This zllcm proved beneficial, and in the case or the New Jersey National Bank & Trust Co. brought an abrupt end to a $10,000 damage sult against the institution last month. The action involved the face value of a check, which had been ques- '} tioned. . ~Prev. 1029~ Stock and Sales— EllocR T A (L0 Hiah' Uow. _Dividend Rate. 110% 100 SEP&Lpi(T)..... 20 8o Cal Ed pf B(2%) 5% Southern Corp & Utilit 3 107 Pitney B P n(20¢) 4 24 Pitts& LB (5).... .0 Pittsbgh Plate G 3. Plymouth Ol (2)... Polymet Mfg (31)... Pratt&Lambert (15) Premler Gold (24c). Prince & Whitely. Spanish& Gen Re Prince&Whitely of § Lok % Eron SIkH M (2)... . et} Pub Utll Hold war .. Rainbow Lum ProdA Rainbow Lum ProdB Reiter-Foster (10e). Reliable Sto 1 §t Pow & Lt of (7). Standard Screw (19 Corp. Corp Stahl Meyer, In standard Motor: Stein(A)& Co(1.60). 2 2 SteinA&Cocu pf 6% .100s 84 Stein Cu:‘mouol Ine. ;‘ 104 5 12 508 Roosevelt Field.Ine. St Regls Paper (1).. Salt Creek Con (40c) Salt Creek Prod (3). Schulte Un 6c-$1 St. h U 18pf (7). eman Bros (3 . Seg Lock & H (50e). Selected Ind: Sun Inv.. swift Intl (2) Swift & Co (3 Syrac Wash M B (1) mpa Electrie (12). Thermo! ). Third Nat Inv (1), Thomp Prod A 12.40. Thomp-Starrett..... Thomp Star pf (3%) ‘Tobacco & All Stks. . 40% Todd Shipyard (4).. 104 Toledo Ed cu pt (7). 20% Transamer n (31.60) Tran Con Alr Tran.. ect Ind pr (5%).. Sentry Safety Cont.. Shattuck Den Min... Shawingan Wa(23%). Shndoah Corp(b6% ) Shenan Corp pf 13) am & Add 00. Open, High. Lo 10% 148 Bronx practiced elsewhere, has RINANCIAL, HOOVER HEARTENS 'jHlll[llNG COMPANY INDUSTRIAL CHIEFS| STATUS I SOUGHT President’s Speech to Con-{l. C. C. Faces Problem in ference Founded on First | Determining Course in Principles. Rail Mergers. *rs 15 BY JOHN F. SINCLAIR. President Hoover's address to the business leaders yesterday was short, taking but & few minutes to deliver. It was filled with pungent statements. The Nation's business leaders—336 of them, swelled by 800 others * crashed the gate"—listened to BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 6.—That the Interstate Commerce Commission is faced with a new problem in connec- tion with railroad consolidations, and in which it frankly does not see , s indicated in its annual re- port, where it reviews at length the sit- uation regarding holding companies that have been created within the past year. ‘The commission deals specifically with competitive complications that have arisen from the incorporation last Jan- uary of the Alleghany Corporation by the Van Sweringen interests and in April of the Pennroad Corporation, which is a subsidiary of the Pennsyl- vania Railroad. Activities of Companies. ‘The importance of both companies to their sponsors has been rapidly increas- ing in recent months, especially that of the Pennroad Co., which, as late as ‘Tuesday of this week, was said to have bought a substantial block of stock of she New York, New Haven & Hartford and the Boston & Maine, thereby ex- undln%‘tha influence of the Pennsyl- vania illroad in New England, where it had previously been only nominal. The Interstate Commer@s Commission discussed the holding ncsnny aspect from the standpoint of the@layton anti- trust act. This act says: “No corpora- tion shall acquire, directly or indirectly, the whole or any part of the stock or other share capital of two or more cor- porations engaged in commerce where the effect of such acquisition, or the use of such stock by voting or granting of proxies or otherwise, may be to sub- stantially lessen competition between such corporations, or any of them, whose stock or other share capital is so acquired, or to restrain such commerce in any section or cummunity, or tend to create a monopoly in any line of commerce.” The interpretation placed on this sec- tion of the act by the commission is that the law was framed to prevent cor- porations of a holding company char- acter from acquiring stock in other cor- porations, including railroads, where the purchase would have the effect of sub- stantially reducing the competition be- tween them. It has been felt for some time that inasmuch as the commission under the Clayton act that it has been astonishingly slow in taking official cog- nizance of what has been going on re- cently in the railroad world, and par- ticularly in the trunk line territory. Jurisdiction. ‘The commission states plainly that it has no direct jurisdiction over either the Alleghany Corporation or the Pennroad Co. It looks on the situation which they have created in the railroad world as orlxe‘ that ma d:zl lmln%c;l to t.l;: pro- posal for conso on. The report says, “The subjection of the unification ‘of carriers to the orderly processes of a carefully planned scheme of public regu- lations, which section 5 was designed to accomplish, is very likely to be par- unlllg!or even wholly defeated, subject to possibility that the Clayton anti- trust act may in some measure, after protracted litigation, enable control over the situation to be maintained.” What the remedy is the commission does not know. It calls the matter of the holding companies to the attention of Congress because it believes “it de- serves thorough investigation and seri- ous consideration,” and because it con- tains “evident dangers.” The Alleghany Corporation holds the stocks of the Chesapeake Corporation, the Chesapeake & Ohio Railway, New York, Chicago & 8t. Louis, Erie & Buf- falo and Rochester & Pittsburgh Rail- ways. - The Pennroad Corporation is commonly supposed to own the stock of the Detroit, Toledo & Ironton Railroad and of the Canton Co. and an interest. in the Raritan River Railroad. The Pennsylvania Co. holds the shares of the Lehigh Valley and the Wabash roads, which were bought from L. F. Loree & year and a half ago, and it has been stated unofficially that Pennsylvania Railroad interests would oppose any or- der requiring them to give up these stocks, even if they have to carry the léaue to the United States Supreme A few remarks show the trend of the President’s mind: ';rheuc'\_m for unemployment is to jobs. * Government requests you to co- operate in prudent measures to solve the national problem.” Prf:lud: :o his Quaker tr'ldluu:mm'.he nt's preaching went s to the point. Just 15 words. Bouedt' down, it was one word. Here's his ultimate solution to the business problem: “I have no desire to preach. I may, 2’;:?."’ mention one good old word— After all, the world doesn't get very far away from first principles. Dr. Jullus Klein, Assistant Secretary of Commerce, trusted economic adviser to the President, made a splendid case for the development of research in in- dustry before the business leaders here yesterday. “The term research sounds remote, professorial, cloistered, but now more than ever before research—sound, prac- :ul;l, brass-tack study—is vital,” he ald. The development of export trade les close to Dr. Klein's heart. A world trade expert himself, he has travelea widely in the interest of American commerce. The amount of money Americans have invested abroad—$14, 000,000,000-—he considers one of tne stabilizing factors at present. Infer- entially, he believes in loaning still more money abroad. But his plea was primarily for & calm judicial statement of facts ana the development of constructive re- search in business. * “Business executives, if they are to !ulds their course aright, must have acts today, not guesses, or hunches, or conjectures, or tips—Heaven foi- bid—but facts.” Dr. Wesley C. Mitchell, authority on business cycles, commenting on the Hoover attempt to correlate and co- ordinate business, since the stock mar- Signinomnt expecimecnt s x| en ofné.fl;:::u could not be devised the one which is being performed be- fore our very eyes.” de:;u:h statements are reassuring in- (Copyright, 1929, by North American News- paper Alliance.) GRAIN MARKET. CHICAGO, December 6 (&).—Pro- nounced strength in wheat values de- veloped during the late dealings today. Previous sellers turned generally to the buying side of the market, owing to signs that a liberal-sized export busi- ness in domestic Winter wheat was going on. Hard Winter wheat of No. 2 grade was said to have been taken for transatlantic shipment from Eastern United States g: at as much as 9 cents per over the price of Chicago May delivery, with indications that domestic stocks of wheat in the West soon would have to be drawn up. The table: Close. 1 553 =33 aes BT NEW YORK BANK STOCKS. Special Dispatch to The Star. NEW YORK, December 6.— America A —_ . American airplanes are being used on :g:u Shanghai-Nanking, China, mail B 4 || First Mortgage iy S 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 Mortgage Loan Correspondent New York Life Insurance Co. Bankers ... Bankers, new, Bk N. Y. Continental Trust Co. ~Prev, 1920~ w. Close. | High. 107% 108% 4% 24% L 6 5% 5% 12 114% M™% 1% 55% 27% 37% 122 100 145 25 % 108% % 2 2 2% Stock and Dividend Rate. un‘w, Open. High. Utility & Ind. ... Util & Ind pf (1%) Vacuum Ofl (14%).. Van Camp Packing. Sales— 16% 14th and H Streets 18% 10% 23% 201 Capital, $1,000,000.00 98 4 27% 2% kel 19% 21% T4 14% 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 Worth, Ino A. G Gen [ Ltd rets Gen Fireproof (2) Gen Gas& El (A)... Gen Indus Alcohol .. Gen Laundry Mach. Gen Rity & Utthith 60 Gen R& Util of (8 24 Gen Theat Equip vte 22 Gerrard (8 A) Co... 19 Gleaner Harv (1)..a. share on 1,049,173 shares of common stock outstanding In 1928 the com- pany reported a net income of $6,- 173,640, equivalent to $5.47 a share on 949,145’ shares. SILVER QUOTATIONS. NEW YORK. December 6 (4).— Bar silver, 48%. Mexican dollars, 36%. % 29% 13% 10 104 100 Trans Air Trans efs. Tr-Lux D. Tri-Cont . Tri-Continental Co! Tri-Cont Corp pf (8 Tri Utilitie Triplez Safety Trunz Pork Stores.. 3 Tub Art Silk B (10). 141s Union TobaccOssess 1562 13 Zonite Prod (1. RIGHTS. % Newport Co. 3w Penna R R.. ! Singer Mfg (122%) Sisto Fin Corp Smith (A O) ( Snia-Viscosa. Sonora Produ South Penn Ol SEP&L (bd). Continental Trust Co. 14th and h Streets WADE B COOPER. President Capital, $1,000,000.00 T I L P ISSEE-E - A & Finy R %N % %W Corp.. i 4 2226 25 24 24 Dividend rates in dollars based on last auarterly. or semi- ual payment. T anny dividend. tPartly extra tPlus extra in stock. fock. b Pavable 1o stock. d Fayable I prefer 2