Evening Star Newspaper, December 7, 1929, Page 24

24 N “FINANCIAL PRICES SHOW GAIN ‘General List Moves in Nar-| row Range at Short Session. Bpecial Dispatch to The Star. NEW YORK, December 7.—Bond | prices fluctuated irregularly within a narrow range today. Profit taking com- bined with a fair amount of buying to keep prices to their highs for the current movement. The irregularity extended to the foreign list and to the bonds an the Curb Exchange. Volume, however, was fairly heavy | and indicated that, while the period of rapid J)rlce changes is temporarily at !an end, the market is active and in a sound condition to absorb the large size budget of new issues in prospect for next week. The current demand for municipals will find some remedy in a total of $95.531.411 new muncipals to be offered. This compares with $84,- 185796 during the past year. Next week’s offerings include New York City's 865,000,000, on which bids are to be re- ceived Wednesday. Bonds with stock conversion features ‘were more active today than in recent sessions. A strong stock market car- ried along these equity-sharing in- vestments. American Telephone 41:s were most active in this group. Inter- national Telephone 4':s were 3 points higher and the Allegheny issues, Amer- ican I. G. Chemical 5'2s, American In- ternational 5l5s and Commercial In- vestment Trust 6s also improved. U. S. Government obligations, after their substantial advances on Friday, ‘were still at or close to their highs for the year, but not so heavily in demand. In the specuative list Cuban Cane Sugar 7s were up 2 points from their low price of the year. Trading was | again heavy in the second-grade rails, with International Great Northern ad- | ¢ jusiments and St. Louis-San Francisco 41s making small advances. German, Belgian and South American | bonds were strong and French descrip- | tions down slightly from their high prices of the year. Washington Stock Exchange SALES. Potomac Electric Cons. 55—$1,000 at 101. City & Suburban 5s—$1,000 at 81. ‘Washington Gas Light—4 at 100. Wash'ngton Rwy. & Electric pfd.—10 at 9475, 10 at 94%j. Merchants' Bank & Trust Co.—10 at 13015, 40 at 13015, Celumbia Sand & Gravel pfd—10 at 90. Commercial National Co. pfd—6 at 1012, Lanston Monotvpe—10 at 107. Mergenthaler Linotype—4 at 103. AFTER CALL. ‘Woshington Gas 6s A—$1,000 at 101%, £300 at 101, $200 at 101, $200 at 101, Potomac Electric 512% pfd.—3 at 104. Peoples Drug Stores pfd.—10 at 108. Bid and Asked Prices. BONDS. PUBLIC UTILITY. "Amer_ Tel. & Telga. 4los. Am. Tel. & Tel. ctl. tr. 8s.. Anacostia & Pot. R. R.'8s. Anacostia & Pot. gua . & P. Tel. of Va. 58 Capital Traction . City & Suburban 55. Georgetown Gas 1st 55 lec. con: mac s 8% Potomac Elec. 6s 1953 Wash.. Alex & Mt. Ve Wash. Balto. & Annap. ‘Washinzton Gas 5s. . Wash. Gas fs, series Wash. Gas 6s. series B Wash' Rwy. & Elec. 4s - Barber & 3 k Ld. B W. M. Cold Storage 5 Wash. Cons. Title 6s. ton . & W. Steamboat. . Potomat Elec. 6% pid. Potomac Elec. 5'2% pid. < Wash R ec c . & Annap.’ com... Wash., Balto & Annap pfd... . g NATIONAL BANK. rict Federal-American . Liberty . ond = e National Bank of Washington TRUST COMPANY. American Security & Trust Co. 433 T T e e Washington Loan & Trust SAVING BANK. ~Bank of Bethesda... Commerce & Savings. 3 East Washington.. may American Corcoran Firemen's % National Union. TITLE INSURANCE. Columbia Title Real Estate Title. aeee Title & Inv. of Md. com........ - MISCELLANEOUS. Barber & Ross, Inc., com.. . - Chevy Chase Dairy pfd... Col Band & Gravel pfd. .. Commercial Natl. Co. pfd -D'C. Puper Mig. pfa .. Dist Natl Sccurhlde! otd. mer. pid. onotype. . e & Storage.. . Stor. pf Mech Mtge 'com Wash Medical Bidg Corp Woodward & Lothrop ofd 100 . 108% ... Unlisted Department. BONDS. Bid. Asked. 20 B 9 “Army-Navy Club Ss. Cosmos ' Club_¢1=s Commercial Club ist 35, R e e Metropoliten. Club 4135 STOCKS. Anacostia_Bank. e ci Chapin Sachs pfd Connecticut Pie Co. Chr. Heurich Br'y. District Title Ins. Co..... ranklin National Bank. nternational Bank Train Control st o. : Savings Bank. . s Bank...... ub. Woodridge-Lancdon Sav. Bank *Ex dividend GERMAN BONDS AND STOCKS. Bid. Asked. Ger Govt Red Loar with drawing cifs attached per 100 R M. i 59.00 6100 Ger Govt Red Loan withoul i drawing ctte per 1000 KAl 2400 2700 German Gen Elect 41.s pre-war 23.00 2400 German Gen Elect 45 1919 225 3.0 Berlin 4s vre-zv:a B 4.50 hgg | Karstadt 6s1943. ., (Sales are in $1.000.) Lib3ye... Lib ISt 4%s Libdth 430 124 10121 US3ys 25 10518 US4s1 25 108 18 US4ysb2. 711219 FOREIGN. 14 99 101 101 105 108 12 Argentine €sJu Australia Australla Austria 7s. . Rrazil 61« 1 Rrazil 618 1 Brazil 7 Rrazil 8s Rremen S Canada 5= 1952, Chile 65 °60 Con Pow Japan 7s. onenhagen §sct. . Cuha 6%s. Czecho 8= 1951 Danish Munfe Rx A Danish Munic 8s B. Denmark 4%s.. ., Denmark 518 '65. . Denmark &s .. .., DE15%s Nov 53, Dutch East 1 63 62 Finland 6%s. Finland 7. Framerie: French 7s. > Hait! 6a Hungary 7%s..... Trish Free State 58 italy 78 5 Tapanese Tapanese lm ., " o 2ra8Zu=BunlaSurcnnnmnRcannaranatatn~oarrmnnEatomRecon30ana Kreuger&To'l 65 et Lvons fs. . Marseille 6 : Mex 451904 asnd. . Mexico 4s 10 asnt. . orway bs 196! orway fiys [ B Aot mOHR= BN =m0 P~ AL AR Norway 614 = 195 Orlent dev 6% x 5 Paris Orleans 5%s. Pari, Rhinelbe On 7s.... Rhine Wst EP 6x'52 Phine Wst E P 6x Rio de Janerio 6 Rin de Jan 8s 1946 R1o Gr do Sul 6= «8 Rio Gr Do Su Rome 6348 g Sao Paulo T Sao Paulo 1950 ... Saxon (PW) 1 » Serbs Cr Slav 7s. .. Ths Crot Slo 8s. . Shinvetsu 6% s 52.. Solssons 6; ros Swise 51458194 Toho EIl Pow 7 Tokio 5s. anaBoeRasemsaRsash Utd Setam Copen 6 Uruguay €3 1960. .. 7 Yokohama 6s. 26 Abram&Straus6l%s 2 102% Alleghany ‘44 22 1028 Alleghany 9 wi. 35 102% AmAgriChem 7%s. 2 104 Am Cotton O1l bs. 5 99% Am intCor6%s49. 29 981 Am Chem §14s cv 49 20 106 Am NatGas6%s42 16 84 AmSmit & R 1st 68 13 :01% Am Sugar Ref . 5108 Am T&T cv 414539 769 151 AMT&T el tr 6 13 103 40 104% Bethlehem Steel 65 3 104% Certain-Td 6%srcts 10 65% Chile Copper bs.... 12 Col G&Fl 53 May 63 Colon O11 63°38...... Com Invest 534349 Com Invest 63°43.. Con Coal M4 §; Con Gas N ¥ 5% Cuba Canecv 7s. Cuban Am Sug Den Gas 6. Net Edison Dodge 68 10 83 154 89 6 94 628 Jen Canle %8 Gen Mor Ae Cor Goodrich 6%s Intl Cement 6548. . Intl Mateh 68 47.., Int Mer Mar 6s Inter Paper 3. . Int Tel&Teleg 4% .. 20 ud% Int Tel&Tel 434m ev 167 13115 Kan City P & L 6; 3 103% Kan G & E 6+ 62 2 1064 Kendall5 s 43 war 204 Laclede G 6% 5 Lautare Nitrate Liggett & Myers 1s l.oew & Inc 62 1 Montana Pow 6s 43 Montana Pw deh 68 Mor s&Co 181 4 148 Nat Uuiry b%s. . . NewEngiand Tel 6s N ¥ Ediscn 6 ¢4.. N ¥ Tel6s s N Y Tel 68 49..., North Am Edis 63 NoAm Ed5%s 62 Nor Ohio TraL 2 Nor Siates Pow 68 6 1024, Nor States Pow 68 b Pae 't & T 18t by 3 101% r'an Anier Pet 10 104 Phila & Read Fhilips Petro b Por Rie Am 'l ’ost e-war i 10 Quoted in dellars per khare) A EG (Ger Ge Eiec). ... A E G (Germen Ge Klec) pid B Commerz and P.ivat Bank... 1 G Farben 5 Disconto Gesl 12,00 550 15 PubSeralsm ... 10 1¢4 Hem Rnd ol war Richfield O1l &5 44 Stciaie Ol e 1alr Ol 6 448 Sinclatr Ol s iclair Crude i4s In Pive Line 5a Skelly O1l 5335 South Rell Tel fn Suuthwest Rell s Stand Ol N J 46 . SIAnd Ol A ¥ 4% Tenn Elec I'viw 65 ¢ 10 95 4 100 10 100% 10 97 3 6h 6 95 410 4 1031, 6 106 . 105 7 a7, VIITED STATES Low. Close. 16 9916 10 101 10 17 101 19 18 10518 18 108 18 18 11219 Low. Close. 29 5 104% 104y 944 94U 5% 9BY 101 101 105 108 106 108y s 114 061 1025 /174 144 o0 1004 101 1024 22 a2 i 10214 7618 96 95 101 1094 110% 1104 £574 10615 100% R21y 10285 1024 12 12 100 ) 1% o % 10016 103y 102% 101% 164% % MISCELLANEOUS. 102% 102% 102% 102% 102% 102% 104 98y, 9R 105% 4 103 104% 1067, 100 4 89 85% 1026 106% 101%, 103% 984 102% 981y " | West Marylana ¢ G _STAR, WASHINGTO CONVERTIBLE BOND | Cox sex vone BONDS smoce excmuvce] - |INVESTORS RETURN Received by Private Wire Direct te The Star Office High 995 Sales ‘Tex Corp ev bs 1944 68 Transcontl Ofl 648 United Drug & L Utilities Powr 6348 Vertfentes Sug 7s.. Walworth 6%4335. . War Quiniand "= ‘39 Warner Sug 7a 3! West Elec b8, 5 Westn Unfon §s 61. White Eagle O5%. Win RepeatAr 7%s Youngstn S & T bs. Atchison ad) 4 Atchison gen ¢ Atch deb 4348 43 Atiantie C L 1at AtlanticCL B&OSW 6a50. B & O Toledo 4 Boston & Maine 68 Brooklyn Elev 6148 Rkivn Manhat Bush Term con b Buff R & Pitts 43 Can Nat4%s b Can Nat 4%» 8 Canada Natl 55 Can Nor 7s.. Can Pac deb Can Pac 4%s Can Pac 58 '44 rcts. Cent Pac 4s... Cent of Ga 5sC 69.. Ches & O Corpn Ches & O gen 43 Chl & Alt 3%s ctfs. —orOCNNNANI AR et frya PSE1 P - @ b4 Chi N W 4%n 2037, Chicago N W 43 5., Chi & NW 6348, Chi & NW T7s. Cuba Nor bl4scts.. Del & Hud 7s 30. Den & Rio G en 4; D Rio G West b3 DRG & Wst bi Erfe 1st cons Erle conv 45 B.. Erie Gen 43 Eriecv bs - e Coan Brammeang B = 'S 28% 56 1041 11 ¥61%4 104% 108% 110% 24 Fia East Cés 7 Gr Trunk st db Grand Trunk 7 Gt Nor 4% 76 D. Gt Nor bs... Gt Nor 5%s. Gt Nor gen 7, Green B& W Hav El R: Hud & Mana) Hud&Man ref 6a 111 Cent 4s 52 Y =1 e aPacoun ~=Nans vonreBI~En oln ~E0aEN ameSara 65 TN Int Rap Tr ba st Int Rapid Tran; lat Rapid Trans Int & G Nor s 19! Int & G Nor 1st 8 Int & G Nor adj ¢ Kan City Ter: KanCity Ft 8 K o P Sam Mo Pac 6%n ¢ eve. Mob&0 415 77 cts. Montreal Tr bs B 65 Nash Char&StL Nassau Kl 4863 NOTex& M - N ¥ Cent deb “en NYC&SILEYsA NY NH & H348'56 NYNH& H 43 '56. . NH NH&Hart 448 NY NH&Hart elt 6 N YOnt W - e = ' 2t R e u It r KT RN R R E N R C AR NA R LB AR S Pere Marq Port EI P L 6: Reading gen 4348 A Stl, 1M&S gn StL IM&S Ha StL S W con SIL&SF p SIL&ESF a4y StL&SF prinés. Seab AL 4» sta. Sean AL ad) Seab AL con . SBAlKFIa6s3bA. -t —-—— oy Virginia Ry 18 VvRve P 5 Va Southwn con W 1021 100 103% s 11 B0y, Wes' MAbYE 1 ., 4 u7 Wheel& LErf 4148, 1 u5% WisCentxn4s4e9.. 4 0 Whoash 648 76 HONOR FOR SCIENTIST, Dr. Irving Langmuir to Receive Chandler Medal. NEW YORK, December 7 (4).—Co- lumbia Universtly announced yesterd; y that the 1929 Chandler Medal for out- standing achlevement in chemistry had 9% e8ly 974 92% 924 9% 94% 154 184 98k 981y 99 99% 100% 00% 97 4% 95 9415 95 £6 1025 1014 102 104 103 97 10RN 104 108 97 0% ibeen awarded to Dr. Irving Langmuir, president of the American Chemical So- clety and assoclate director of the re- search laboratory of the General Elec- tric Co. at Schenectady, N. Y. The 6 4% 935 93y |medal will be presented at Columbia December 13. Dr. Langmuir will receive the medal 5 10:% 10134 101% | for his work in electro-chemistry. His v eries regarding the conductivity Lot inert gas, sucl. as argon and nitrogen, were_credited with making possible the gas-flled incandescent tungsten lamp. He contributed largely to the increase of knowledge concerning the electron, which made possible the development of the radio and television apparatus, 0 BOND PURCHASE Increased - Buying Activity Results in Higher Level of Prices. Special Dispatch to The Star. CHICAGO, December 7.—Recent in- creased buying activity and higher prices for bonds indicate that the long- expected upward turn in the bond mar- ket is at hand, according to_the No- vember investment review of Lawrence Stern & Co., investment bankers of Chicago and New York. “Among the factors tending towa! | optimism on the part of bond dealers,” { said the review, “is the large decline in large offerings, which creates a ‘scar- city value for good bonds’ This de- cline probably reached its culmination in November, when the smallest vol- ume of new offerings for the past five years was registered.” New Financing. The review stated that the total vol- ume of new stock, bond and note financing publicly offered in November aggregated only $178,237,275. This fig- ure represents a decline of 77 per cent from last month's huge volume of $761,- 134,348 ‘and is 80 per cent below the record-breaking total registered for No- vember, 1928. All classes of securities participated in the drastic decline in the volume of new offerings for the last month with the exception of railroad bonds, which showed an_increase of $5,320,000 over October. Stock offerings were negli- 4 gible, aggregating but $36,627,250. While small, the bond total of $141,610,025, however was nearly four times larger then that of stocks, which, it was stated, “strongly indicates a trend away from the abnormal conditions since the first of the year, when stock offerings have almost consistently exceeded bonds.” Despite the heavy decline in new publicly offered financing, there was a very large volume of securities not publicly offered—that is, distributed by private subscription and in the form of rights to stockholders, etc. ‘This financing, amounting to $431,000,000, was almost entirely due to the fact that a large volume of these offerings, made prior to the stock market deflation, ex- pired during the month. Adding this financing to the month’s total, the No- vember volume would be slightly more than $600,000,000. Statistics compiled by Lawrence Stern Co. showing the volume of new financing in November as compared with October and with November, 1928, follow: Nov. 1929 Oct. 192 $ 36,627.250 $360.754.080 $367.40: 141:610,025 400380298 526.184.000 Total $178.237.275 $761.134,348 $803.586,437 A decline of approximately a quarter of a million in the volume of invest- ment trust and financing company of- ferings largely accounted for the huge loss in the amount of new stock financ- ing in November, which aggregated but $36,627,250—approximately one-tenth of the total of October. Investment trust issues, which com- prised approximately 31 per cent of the large volume of new October financing, in November only totaled $8,875,625. ind was but 5 per cent of the total of the small amount of' publicly offered security issues. Industrial stock offer- ings also showed a sharp decline, ag- gregating only $14,548,750, as compared to $83,333,550 the previous month. Pub- lic utility, foreign and real estate stocks also showed a lower volume and there were o railroad issues. November Decrease. ‘The decrease in November bond and note financing of approximately $258,- 000,000 from October was due in a large extent to a $113,250,000 decline in industrial offerings and a $60,000,000 loss in public utility issues. The volume of State and municipal bond issues, as reported by the Bond Buyer of New York, declined to the lowest level since September, 1928, the total being $62,- 676,025, a decrease of $55,609,000 from October. Of the total of 67 stock and bond issues offered in November, New York investment bankers underwrote 13 is- sues, aggregating $63,902,500—six stock issues, tofaling $13,877,500, and seven bond issues, amounting to $50,025.000. Chicago bankers were in second place, with a combined total of $8955,000, consisting of two stock issues, totaling $2,475,000, and five bond issues, total- ing $6.480.000. Los Angeles was third, with $5,399.200, followed by Philadel- phia and Cleveland. Nov. 1928, Stocks 2,437 Bonds Commodity Netes heat. ALVA, Okla, December 7.—Wheat acreage in Northwestern Oklahoma shows an increase of 5 to 10 per cent this year, despite intentions of planting less, it is reported to C. F. Prouty, sec- retary of the Oklahoma Grain Dealers’ Association. Rains of the past few weeks have stored ample moisture for the plant and growth has been ex- cellent. Coal. CHICAGO.—Recent cold weather has revived activity in the coal market, which had been at low ebb. Screen- ings from Western Kentucky and In- diana No. 5 flelds were marked up w 5 and 10 cents a ton locally. Lump and egg sizes are moving well at firm prices. Lumber. NEW ORLEANS.—New business re- ported by the mills of the Sonthern Pine Association the last week shcw~1 a drop of 5.1 per cent to 42,378,0uu feet. Shipments increased 13 per cent to 56,343,000 feet, but production dropped 5.7 per cent to 51,756,000 feet. Baltimore Markets Special Dispatch to Th; sux;e e BALTIMORE, Md., cember 7.— Potatoes. white, barrel, 1.50a4.00; 100 pounds, 1.75a2.50: sweet potatoes, bar- rel, 1.50a2,25; yams, barrel, 1.25a200; bet 100, 4.00a6.00; Brussels sprouts, 171,a25; beans, hamper, 150a cabbage, hamper, 30a50; carrots, 4.00a! ; caulifiower, crate, 2.25a crate, 2.00a3.50; aggplant, lettuce, basket, 2.50a 3.00; kale, bushel, 35a onions, 100 pounds, 1.50a1.75; peppers, crate, 4.00a 8.00; parsnips, basket, 50a65; pumpkins, 100, 3.00a10.00; spinach, bushel, 75a 1 squash, crate, 2.00a3.00; tomatoes, 4.0085.00; turnips, hamper, 25a 35; apples, bushel, 75a2.75; cranberries, box, 3.00a4.25; grapefruit, box, 3.25a 5.00; oranges, box, 3.0084.35; tangeries, box, 2.00a2.75. Dairy Market. Poultry, alive—Turkeys, pound, 28a 30; Spring chickens, 24228, Leghorns, old hens, 23a28; Leghorns, 18a2 poor and thin, 17a18; old roosters, 18a 20; ducks, 16a25; geese, 16a22: guinea fowls, each, 40a50; pigeons, pair, 25. Eggs—Recelpts, 709 cases: Dative and nearby firsts, 5085 llets, 40a45; hennery, whites, , dozen, 53a54; current receipts, 43a culls and dirty eggs, 25030, Butter—Good and fancy creamery, pound, 4la46; ladles, 35a36; store packed, 21; roils, 21a32; process, 38a39. . Midiand Steel Products recapitaliza- tion plan proposed; sceks to issue one share of new 8 per cent preferred and two shares of new }eomr:or‘lh:g;'e:lcs: old participating preferre 3 two m- p:' l!’ non-cumulative second referred and one new common share or each old common share. D. C., SATURDAY | NEW YORK, December 7.—The fol- lowing is today's summary of important corporation hews prepared by Standard | Statistics Co., Inc., New York, for the Associated Press: News Trend. ‘The securities markets closed the week with a strong tone despite the fact that the business indices and trade reviews gave evidence that hesitancy prevailed throughout trade and industry. The reviews make the distinction that retail trade is holding up well, whereas the wholesale and jobbing activity is experiencing considerable contraction. This is not an unusual development, in- | somuch as retall trade is entering what is habitually the best period of the year, the requirements for which have already been covered by merchants. Retail trade often lags behind changes in wholesale distribution. Probably the | first quarter of 1930 will supply the true test period tor distribution of commodities. The steel ingot output fAgures for November demonstrate clearly the contraction that has taken place in the heavier industries. Bank clearings for 23 leading citics in the week ended December 5 aggre- gated $12,905,720,000, a reduction of 16.5 per cent from a year ago. Clear- ings of New York fell off 20.5 per cent, and the remaining cities 6.5 per cent from a year ago. Although lessened stock market activity contributed to the decline, the figures appear to indicate a general slowing down in trade, pecially as the declines are pronounces in areas where industrial activity has shown a decided contraction. The Companies. Allis-Chalmers Manufacturing In- | creases dividend basis from $2 to $3 annually; unfilled orders aggregated $13,600,000, against $9,681,000 of Janu- ary 1, 1929. American Machine & Foundry ex- pects 1929 net to reach $13 a common share, against $6.56 a year ago. Federal Bake Shops November sales up 11.8 per cent; 11 months 10.9 per cent above year ago. | First National Stores sales four weeks to November 30 up 40 per cent. over ilm Corporation board of trus- tees, consisting of H. L. Stuart of Hal- sey, Stuart & Co.; J. E. Otterson of Western Electric Co. and Willlam Fox, appointed to manage all Fox interests; failure to obtain permanent financing for acquisition of Loew's, Inc., and Gau- mont Theaters of England made step ™A B Co. plans to 15 M. A. Hanna Co. plans pay up 3! years back dividends on first preferred stock through issuance of a new $7 preferred stock. . CHICAGO STOCK MARKET. CHICAGO, December 7.— Salex in STOCKS. in hundreds. High. Low. Close. 2 381, 37 2 1 9 12 Adams (J D) 'Mig Go & Adams Royalty . 2 2All Amer Monaw} Eaquities Telev co Kentucky 4 Baxter Laun A 12 Brown Fe & Wi 21 i2 Brown Fe & Wi Co B Burnham Trad Cor.. 2 8 Butler Bros . F 15 Castle & M | €Cent P S Cor A . 27 Cent & 8 W UL, 1Cent & 8 W U 2 Ch 49 Chic: 28 Chicago 12 Chi Hart Carter pfd ,2 Houd-Hershey A Inv Il Ut In 1nd ‘pid 4lron Fireman Mig. 13 Kalamazoo Stove %2 Katz Drug 2 Kelloge Switcl 2 Ke: St 3 Merch & Mirs A. 20 2 Mid-cont Laun i A 2 Mid West ‘L elepho) 4 247 Mid West U H 8w I nompson R 13 Unitea Diy’ Doc 4Un_Reproaucers ..... 1Chi Rys 1st 58 '27. s '31 BALTIMORE STOCKS. pecial Dispatch to The Star. STOCKS. 185 Arundel Corporation. & Decker com Manufacturers Finance Go. com.. 30 Maryland Casualty Co. 3 150 Park Bank e 23 ied Porto Rican Sugar pfd . 8 U, '8 "Fldelity & Guarenty.” BONDS, 2000 United Rwys. & Elec. 15t ds. United Rwyg' & Elee. Income s, W., B. & AJRallway 1st 55-.... DECEMBER 7, 19 9. FARMING INDUSTRY ON BETTER BASIS Outlook for Agricultural Qut- put Has Shown Much Improvement. BY J. C. ROYLE. The outlook for the agricultural out- put is showing a decided improvement, according to official sources and reports from outside authorities which were made available today. Conditions are healihy and strength of the agricultural situation is countsd on to improve steadily through- out the next few months. This does not mean that all farmers are prosperous or that every agriculturist will exE:fl!flC! a profitable year, bus that the industry in general is on a firmer footing than it has been for a good many months. The danger in the situation seems to be confined to the menace of large sto- rage stocks of wheat, meat and dairy and poultry products. According to the corn belt farm dailies, a recognized au- | thority on agricultural matters in the | Middle West, some of these stacks are the largest record for this season of the year. This authority points out, however, that consumption is espscially high and that these stocks are bound to melt throughout the coming months despite current production. It is argued therefore, that they do not necessarily mean lower prices or indicate overpro- duction. Farmers Encouraged. The farmers themselves are encour- aged. Any drop in stock prices passed them by, so far as a primarily damaging effect is concerned. They realize that the 125,000,000 people in the country must continue to eat despite anything Wall Street may do. The farmer in general is not a producer of luxuries and consequently is not affected by any reduction in luxury buying, should there be any curtaliment whatever of buying—and many good judges are con- vinced that this will not take place. The agricultural communities e looking forward eagerly to determine Jjust what lower money rates will mean for them. Money for cattle feeding has been difficult to obtain in some sections throughout the last year and the cattle feeders hope to_ benefit .by any im- rovement in the volume of funds oaned locally. Perhaps the improved condition of the agriculturist is indi- cated by the difference of opinion with regard to joining in the program out- lined by the Federal Farm Board. A good many farmers seem to feel that the full effect of the board'’s activities will not be felt for some time to come and they are inclined to await further knowledge before joining enthustastically in any program, Beef prices are likely to continue on a pretty stable basis, since the thin cat- tle sent to farms and feed lots for con- ditioning from May to November showed a decrease of 227,000 head as compared with the corresponding period of 1928. This indicates that there will be no ex- traordinary rush of fat cattle to market. Other Prices. Hog prices have been better than they were a year ago and the ratio of the price of hogs to the price of corn has been such as to enable the feeder to make a reasonable amount. What this means to the agricultural communities can be judged to some extent by the fact that the average family in moder- ate circumstances spends $118.46 a year for fresh meats, $31.89 for salt meats, $31 for poultry, $24.24 for fish, $45.06 for eggs, $80.45 for milk, $50.19 for but- ter and $51.66 for bread, according to Money to Loan Secured by first deed of vailing_ interest e ._ln:_eph I. Weller oy First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 13th St. N.W. Phone Nai 202 Mortgage Loaw Correspondent for The Prudential Insurance Co. of America First Mortgage Loans Lowest Rates of Interest and Commission Established 1399 INVEST IN First Deed of Trust Notes 6% & 6%2% In Denominations of $250.00. 5500.00 and $1,000.00 Consut WELCH Reattors Loan Specialists 15th & N Nation s N.W. ationai Savings & Trust Baidine. Offices for Rent in the Edmonds Building 917 15th St. N.W. Opposite MacPherson Square The Wall Street of Washington Desirable sultes of two to six rooms now available, Very Low Rentals SHANNON & LUCHS Avents 1435 K St. N\W. Nat'l 2345 % Mortgage Notes Profirable, conservative, invest- ment of your funds. .. the safe, convenient security that is the first choice of the experienced investor. - We will gladly tell you more of the 6%, notes now available - H. L. Rust Company 1001 15¢h Street N. W. N.y.l #100 Eorablished 188¢ the | Thomas J. Fisher & Company, Inc. FINANCIAL figures compiled by the Bureau of Labor l!hfllflu. Farm land prices are on a more stable basis than in a long while, although demand still leaves much to be desired. There is a general feeling that cotton, one of the great money crops of the country, is due to show a decided im- provement. One of the best indications of the position of cotton and wheat is gained from the fact that the Ship- ping Board is g to condition additional vessels to carry cotton and wheat to foreign countries in the next few months. There is every indication that con- sumption of cotton will continue high. This is the feeling which exists in tex- tile circles, as well as among dealers in the raw_staple. The textile mills have been afforded no little improvement by the change in fashions and by the development of new uses for cotton fabrics. (Copyrizht, 1929.) s | PARIS BOURSE PRICES. PARIS, December 7 (#).—Prices were firm on the Bourse today. ‘Three per cent rentes, 81 francs 70 centimes. Pive per cent loan, 106 francs 25_centimes. Exchange on London, 123 francs 97'; | centimes. The dollar was quoted at 25 francs 39% centimes. BRITISH CAN CO. LONDON, December 7 (#).—Forma- tion of the British Can Co. to develop manufacture in England of containers of all kinds of foods in co-operation with the American Can Co. and the Thermokept Corporation was announced today. Under agreements with these two companies the new concern will enjoy the benefit of their technical ex- perience, research work and manufac- turing and selling methods. The Daily Mail says that the new company will have initial issued capital of £536,000 and that the 186,000 re- deemable cumulative preference shares bearing 71, per cent and valued at f1 each will be offered through the Brit- ish Shareholders’ Trust at par. Sir John Ferguson, M. P., will be chairman. 2 5 1435 K St. N.W. § ; L and barks is amusing Paris. FIRST MORTGAGE NOTES DO NOT PARTICIPATE IN PROFITS — NEITHER DO THEY SHARE IN LOSSES But they pay PROMPTLY 67 SURELY Get and Read Our Booklet SHANNON - & LUCHS d e HURD ELECTED HEAD OF MORTGAGE CONCERN Special Dispatch to The Star. NEW YORK, December 7.—Arthur M. Hurd has been elected the lloflnge Bond Co. o to succeed his late father, Hurd. In accordance with th ment of consolidation recently effected between the Mortgage Bond Co. of New York and the Maryland Mortgage & National Title Co., through the crea- tion of the Mortgage Bond & Title Corporation to control both compantes, the board of the Mortgage Bond Co. of New York was increased from 17 to 22 ‘members. The new members are Robert G. Merrick, president, Mortgage Bond & Title Corporation, Baltimore; Kimberly, Baltimore; Charles B. Gillet, Gillet & Co., Baltimore; George Ram- sey, Harris, Forbes & Co., New York, and J. P. Le Master, vice president, Mortgage Bond Co. of New York. ROBOT DOG LATEST TOY. Plaything That Walks and Barks Amuses Paris. PARIS (#).—A robot dog that walks Selenium cells in the eyes actuate motors that turn little wheels in the paws and a horn that supplies the bark. A flashlight directed at the eyes con- trols the various mechanisms. Held to one side, s0 one eye gets more light than the other, the paw-wheels on the opposite side move, causing the dog to follow the light. If both eyes are fl- luminated equally the dog advances straight forward. i An increase in the light causes bark- ng. — . The Port de Guise, the famous old gateway at Calais, France, which was threatened with demolition, has been saved by the government by being classed as a historic monument. e e nmummlmmmmmmnmunnmmmmnnmlmnlumrmmnmmmummummmg ———————— Nat. 2345 T TR FIRSF tion. Over a Third of a Century Without a Loss National 2100 “PLAYING SAFEY AS THE SAYING GOES —is an investment in something that is above speculative reac- offered in our 6% FIRST MORTGAGES You don't have to exercise discrimination — because they are worth their full value to ma- turity and the interest is sure to come at the regular stated - periods. May be purchsed in amounts from $250 up. B. F. SAUL CO. THERE .. IS NO SUESTITUTE FOR SAFETY MORTGAGES Such an investment is 925 15th St. N.W. Trovatore, Verdi Verdict on Verdi * Guiseppe Verdi, who wrote the musical scores to Rigoletto, Aida, was once refused admission to the Milan Conservatory “on the ground of lack of musical talent.” 1 Falstaff, etc., was not discouraged—he knew he was on the right road to success. Eventually he won— just as the man who saves his money regularly, and invests his savings in a sound, non-fluctuating security, knows he is making the right preparation for the future—- despite the scoffing verdict of those who still tell tall tales of “easy money” made in dangerous speculative stocks. In the sixty years of its existence, the Swartzell, Rheem & Hensey Company has started thousands of small investors on the road to success—the First Mortgage Notes sold through this company have provided them with a secure and constantly growing income, lead- ing to financial independence in future years. Through the storms and stress of three-score years, these Notes have never wavered an iota in value—and no investor has ever suffered a penny’s loss. SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET N.W./ WASHINGTON D.C.