Evening Star Newspaper, December 10, 1929, Page 14

ey T FINANCIAL. CALLAAN NAMED | PGS DIRECTOR == Former N. & W. Official Elect- ed to Board—Federal Stor- age Co. Election. BY EDWARD C. STONE, One new director was elected to the Riggs National Bank board yesterday and two directors were added to the | board of the Federal Storage Co. As noted in the 5:30 edition of The Star D. J. Callahan, for- mer general man- ager of the Norfolk & Washington Steamboat Co., and prominent in the local financial dis- trict for many years, became affili- ated with Riges, according to an- nouncement by President Robert V. Fleming, while D. P. Gaillard and Henry P. Erwin are now connected with Federal Storag‘{'. “ e new Rij du’f:’:‘wr Nas conmected with the steam- boat company for 36 years and has been active in the business and civic life of Washington for & quarter of a century. He has been president of the Washington Chamber of Commerce, socretary of the Washington Board of Trade, president of the Board of Edu- cation and president of the Interna- onal Rotary Club. Y D:rh!fi the World War Mr. Callahan was selected by the Treasury Depart- ment as one of the directors of the war savings stamp campaign, having charge of the sale of 7,500,000 of these stamps, his being one of the few jurisdictions in the country which disposed of its full quota. In recent years he has been very active in the affairs of the Knights of Columbus. Federal Storage Directors. Henry P. Erwin, one of the new Fed- eral Storage Co. directors, is a director in the Riggs National Bank and a mem- ber of the Washington Stock Exchange. He graduated from the University of Michigan in 1904 became a_partner in Erwin & Co. in Chicago, later being a partner in John L. Edwards & Co. of this city. He is a member of the Chevy Chas Racquet, Metr politan, Universif and Congressional Country Clubs Union Interallies of Paris and the Quadrangle Club of Chicago. Mr. Erwin e is a trustee of the Archeological ~ So- ciety of Washington, member of the Sons of the American Revolution and the American Institute of Mechanical Engineers. Incidentally, he holds the rank of lieutenant colonel in the Ord- nance Officers’ Reserve Corps and has contributed articles to the journal of the | Ordnance Association. D. P. Gaillard, the other director elected yesterday, was a former partner in the investment and brokerage firm of John L. Edwards & Co. He is a gradu- ate of the Massachusetts Institute of ‘Technology, class of 1911, and is a mem- ber of the Chevy Chase Club, Army and Navy, Riding and Hunt and Metro- politan Clubs. Other directors in the storage company are E. K. Morris, Rob- ert B. Hall, James M. Johnston, Harald N. Marsh, Charles P. Stone, Homer L. Kitt and H. Randolph Barbee. | President Morris announced that the addition to the company's plant at 1707 Florida avenue is rapidly nearing com- pletion and will be ready for use in| the early Spring. i ‘The regular quarterly dividend of $2 | per share on the preferred stock of the company was declared yesterday, pay- able January 15 to shareholders of record on December 31, Board Rules on Loans. In answer to an inquiry as to whether it would be illegal or unethical for a national bank to borrow Government securities from its trust department for the purpose of obtaining loans thereon at a Federal Reserve bank, the Federal Reserve Board has ruled that such prac- tice would violate not only the provisions of the Federal Reserve act but also well established rules of equity jurisprudence. The Federal Reserve Board makes the following statement: “In the opinion of the Federal Reserve Board, such a practice would be both illegal and un- ethical. It would be illegal because it would violate that provision of section 11(k) of the Federal Reserve act re- quiring national banks to segregate all assets held in any fiduciary capacity from the general assets of the bank, and because it would violate the well estab- lished rules of equity jurisprudence for- bidding a trustee to use trust funds or assets for his own benefit.” Mergenthaler at New High. ‘Mergenthaler Linotype scored another new high mark on the present move when it sold on the local exchange to- day at 107, ex-dividend. It opened at that figure 'and closed at 1067. Potomac Electric Power 6 per cent preferred stock was the most active issue on the board. It opened at 108 and closed at 108'4, the day’s turnover being 105 shares. Washington Railway & Electric pre- ferred sold at 95, District National Se- curities preferred at 95 and Lanston Monotype at 105. Other prices were little changed. There was more activity in the bond list, recent levels prevailing. American Stores Report. ‘The American Stores Co., which has 20 stores in Washington, reports No- vember sales at $11,522,139, in compari- son with $10,990,601 a year ago, a gain of $531,538, or 4.83 per cent. Sales for the first eleven months of this year amounted to $130,208,297, compared with $125297,129 in the cor- responding period last year. This is an increase in’sales of $5,080,297, or 4.6 par cent. Directors of D. Pender Grocery Co., which has many stores in Virginia, have dcclared an exira dividend of 25 cents per share on the class B stock in addi- tion to the regular quarterly dividend of 25 cents per share. Dividends will b2 paid January 1, 1930 to stockholders of record December 16, 1929 Gleaned in Financial District. President Hoover, Secretary Mellon and Gov. Young of the Reserve Board sent special messages of sympathy to Mrs, Willilam Peter Hamilton, wife of the cditor of the Wall Street Journal who died yesterday. ! The Pederal Reserve Board _an- | unces that the Atlanta Reserve Bank ! Pos established the rediscount rate at per cent cal bankers continue to report in- creascs in new members in the Christ- mas Savings Club and in the amounts being subscribed T. Hunton Leith and James A. Soper attend a forum meeting of the adclphia Chapter, American Insti- tute of Banking, tomorrow evening. Plans are being laid for two important forum meetings for Washington Chap- errly next year. The Associated Gas & Electric Co. s extended to January 15 rights to | subseribe for $8 intercst-bearing allot- ment certificates. A. W. Miller, division passenger agent D. J. Callaban. Erwin. of the Baltimore & Ohio at Toledo, has Feen appointed general Eastern passen- w6 agent at New York City. | Stock ane Dividend Rate. 36% ADItibi Power & Pap 9 P&Popf(s). 58 Abraham Stra s 20 Adams Express ctfs. 7 Advance Rumley. 15 Advance Rumley pf.. % Ahumada Lead...... 77 Air Reductn (14%).. 20% Alr Wal E1 Ap(33%4).. 2 Ajax Rubber. 4% Alaska Juneau. 17 Alleghany Corp. 90 Alleg Corp pf (5%) 354% 197 Allied Ch & Dye (c6) 125 118% Allled C & D pf (7) 76% 854 Allis-Chalmers (3) 57% Am 2gricul Chem. .. Am Agricui Ch pf. .. Am Bank Note(f13). Am Bosch Magneto. . 40'4 Am Brake Shoe 2.40. 4% Am Brown Bov Ele Amer Can (t5)... 75 AmCar&¥ay (6)... 27 Am Chicle (12%)... 20 Am Com Alco(c1.60) 18% Am Encaust Til (2). 981y Am European Sec. .. 199% Am & For Power .. 10815 101% Am&Forn Pwr pf(7) 103 8§64 Am&For Po 24 pf(T) 42 19% Am Hawatian S S (2) 85% 40 Am Home Prod 4.20. 29 American Ice (3) 29' Am Internat (22) 24 Am La F & Foam! 136 Am Locomoty 119% 111% Am Loco of (7 81% 3116 Am Metal (3) 135 106 'Am Metal pf ( 17% 1 Am Plano. 64% Am Pow & . 70 AmP&LDfA(3). 72% Am P&L pf A st (5). 28 Am Ra&Std San 1%. 1214 Am Republics. .. 60 Am Roll Mill (e2) . 44 Am Safety Razor(5). 211 Am Seating (2 62 Am Sm & Ref (4). .. 38 Am Snuff Co (13%) 35% Am Steel Fdy (3) 40 Am Stores (12%)... 56 Am Sugar Rfg (6). 18 Am Sumatra (3)..... 193% Am Tel & Tel (9). 160 Am Tobacco (110). 160 Am Tobacco B (110) 115 Am Type Fdry (3). 50 Am Water Wks (el 15% Am Woolen pf... 4 Am Writ Paper ctfs. 7 Am Zinc LA&Sm..... 49% Am Zinc pf (6). 70 Anaconda Copr (7). 49% Anaconda W&C (3) 25 Anchor Cap (2.40), 18 Archer-Dan-M (3), 30 Andes Copper (3)... 5% Armour Il (A). 2% Armour 11 (B).. 7% Arnold Constabl 34 Asso Appl Ind (4) 25 Asso Dry G (2%) 195% Atch T &S Fe (10).. 99 Atch T&SF pf (5)... 161 Atl Coast Line (110). 3214 AtIG & W Indle 45% AUG& W Lpf (4 Atl Refining (12). Atlas Powder (5. 5 Atlas Tack... 120 Auburn Auto (. 49% Austrian Cred ( 7% Autosales. . - 34 Auto-Strop Ras (3).. 5% Aviation Corp. Del.. 15 Baldwin Loco (1.76). 105 Baltimore & Ohio (1) 75 Balto & Ohlo pf (4).. 55 Bang & Aroos (3%).. 3% Barnet Leather. 20 Barnsdall (12%). 556 Bayuk Cigar (2) 80 B4% 55% Beechnut Pkg (¢3).. 5% Belding-Heminway. . % elg Nat Rys pf 6.49 26 Bendix Aviation (2). 25 Best & Company.... 78% Bethlehem Steel (8). 116% Bethlehem St pf (7). 37 Bohn Alumn&B (15). 3 Booth Fisheries..... 53 Borden &Co (3)..... 26 [sorg Warner (4). 85 Boston & Main 814 Briggs Mfg 20 Briggs&Stratton(2). 1% British Empire Steel 14 Brockway M T (3)... 40 Bklyn-Manhat (4)... 44 Bklyn&Queens pf(4) 99 Bklyn Union Gas (5) 16% Bruns-Balk-Col(3).. 4% BrunsTer & Ry S 14 Bucyrus Erie (1). 26% Bucyrusev pf (23). 9 Budd (EG) (1%)... 25 Bullard Co (12). 21% Bulova Watch (3)... 29 Burroughs AM(11.80 Superior (2) ck Co. A M) 20 By-Prod Coke (1) 63% Calif Facking (4, 73'% Calumet & Arl: 25 Calumet & Hece (4%) 20 Campbell Wyant (1), 45 Canada Dry G A (5). 189% Canadian Pac (10).. 28% Caunon Mills IAI) 0) (A). 27% Cent Alloy Steel (2). 52% Cerro de Pasco (6).. 11% Certain-teed Prod... 18 Checker Cab (4.20).. 160 Ches & Ohto (10).... o 17% Chi Great Westn pf. 16 Chi M1l St P&Pao. 28% Chi M1l 8t P&Pac 75 Chicago & N W () 184 Chi& N W pf (1) 21% Chi Pneu Tool. . Chi Pneu T 39% City Ice & F (3.60).. 7ia City Stores (1)...... 25 Clark Equipment (3) 99'% ColGas& Elpf A 6). 42% Col Gas&E rets ptpd. 16% Columb Graph(87c). 105 Columbian Carb(16). 18 Com Credit i2). 28 Comm Credit A 284 Coml Inv Tr (g1.60) 204 Comm Solvents (1) 10 Commé&So«bb%stk). 35 Conde Nast Pub (3).. 11 Congoleum-Nairn... 43 Cong Clgars ( ) Consol RR Cub pf(6) Consol Textile. . 12 Container Cor A 1.20 3% Contatner Corp B. 25% Contl Baking A.. 4% Contl Baking B. 79% Contl Baking of 48 Contl Bank (1.20) 40% Contl Can (2%). ... 20% Contl Dia Fiber (2% 461 Contl Insurance (3). 6% Contl Motors (80¢) 18 Conti Ofl of Del.. 70 Corn Prod Refin (14) 20% Coty 100 (R3)....... of Wheat (2). ¥ Radio (31). 37% Crown Cork & Seal. . 5 Cuba Co. . 7 Cuban-Amer Sugar. 1 Cuban Dom Sugar... Cudahv Packing (4). 100 Curtis Publish (17). 1124 Curtis Publish pf(7) 30% 7% Curtiss Wright Corp 37% 14 Curt Wright Corp A. 694 21% Davison Ches 132 118 FY » » e L TR =o - OIS JOOPH-J05-—+ TSP SO SR Y - 39w, 37% 79 8 120 119 4977 49 113% 113% 2% 251 2274 208% 207 134% 9614 THE EVENING STAR, WASHINGTON, D. C, TUESDAY, DECEMBER 10, 1929, 37% 9% 671% 30% 134 24% 1 ] 134% 134% 26% Sales— orev. Add 00 High. Low Close. Close. 39 9% 70 30% 13% 24% % 26% Stock ana Dividend Rate. b a Del Lack & W (17).. Denv& RG W pf. Detroit Edison (8) Devoe & Ray A (13). Dome Mines (1)..... Dominion Strs(1.20) Dupont de N (15.20). Dupont d N deb 6).. Eastman Kodak(18). Eaton Axle & S (3).. Eitingon-Sch (24).. Bitingon pf (6% Elec Auto Lite (6).. Electric Boat Bl Pwr & Lt (1), El Pwr & Lt pf (T) Elec Stor Bat () ng Pub Serv (11) Eng Pub Sve pf (5).. Eng Pub Sve of (34 ) Equitable Bldg (3% ) Erle R R. sasee Erle R R1st pf (4).. Evans Auto L(22%). Fairbanks Co Fairbanks M; Fash Pk As30(k23). Fed Motor Tr (80c). Fed Watr Ser A 2.40. Fid Phen F Iny ()., Filene's Sons Filenes (ctfs). Firestone T& R..... Firestone T&R pf (6) First Nat Strs (23%). Fisk Rubber........ Florsheim Shoe A. . . Follansbee Bros (3). Foster Wheeler (2).. Foundation Co . Fox Film A (4) Freeport-Texas (4). Gabriel Snub A. . Gardner Motor . Gen Am Tnk Car(14) Gen Asphalt (4)..... Gen Electrio (16)... Gen Elec spec (60c). Gen Electric (new).. Gen'l Food Corpn (3) Gen Gas&El A (te2) Gen Mills (13%) Gen Motors (13.60) Gen Motors pf (7)/ Gen Outd Adv A (4). Gen Outd Ad vte (2). Gen Public Serv(b§) Gen Ry Signal (5)... Gen Retrac (14%) Gillette Saf Raz(c5). Gimbel Brothers. Glimbel Bros of (7).. Glidden Co (h2). . Gobel (Adolf). Gold Dust (234). Goodrich B F (4).... Goodyear Tire (5)... Goodyear 15t pf (7). Gotham Silk H (3%) Graham-Paigi Granby Copper (8) Grand Silver Store: Grand Stores tel)... Grand Stor pf (6% Grand Unoi Grand Unlon p! . Granite City Stl (4). Grant (W T) (el). Grt North pf (5). Grt Nnrlh‘r et (5) Grt Nor Ore (a1%) Gr it Sug (2.80). Greene Can Cop (8). Grigsby Grunow (3). Guif Mo & North.. Gulf Sta Steel (4)... Hahn Dept Stor Hahn Dept S pf(6%) Hartman A (2).. Hartman B (1.20) Havana Elec Ry. Hershey Chocolate. Hoe (R) & Co . Holland Furn (e2%). Houdaille Her B(2).. H'hold Fi pf 13.22% Household Prd (14). Houston Oll. ....... Howe Sound (1434). Hud&Man Ry (3.50). Hudson Manh pf(5).. Hudson Métor (5). Hupp Motor (f2) Indian Refining ct. Industrial Rayon.... Inland Steel (3%)... Inspiration Insuranshares. . Interboro Rap Tran.. Intl Agricultural Intl Bus Mch (6) Intl Cement (4) Int Comibustion Inti Cmb Eng pf (1).. intl Harvester (2%). Intl Harv pf (7). Int Hydro El A Intl Match pf ¢3.20). Int Nickel of Can(1). Intl Pap & P A(2.40). Intl Pap & Pwr B.... Intl Pap & PwrC.... Iatl Pap & Pwr p2(7) Intl Rys Cent Am... InItl RysCntAct... Intl Shoe Co (3). Intl Stlver (18)...... Int Tel & Teleg (2).. Inter Dept 8t (2).. Investors Equity(3). Island Creek Coal(4) Jewel Tea (4) Johns-Manville Jordan Motor Car.... Kan City Sou (6).... % Karstadt (Rud.) Ine. Kaufmann D8 (1%) Ka Kelsey Hayes (2). Kelly-Spring Tire. Kelvinator Corp. . Kennecott (5). Kimberly Clark (13). Kinney G R (1) Kresge(SS)Co(1. 1 Kreuger& Toll(1.34) 136 Kroger Gr&Bak(cl). Lambert Co (8). Lee Rubber & Tire. .- Lehigh Valley (3%). Lehigh Valley Coal.. Leh Val Coal pf (3).. Loulstana O11 LouGa&ElA (1%).. Louts & Nash (7).... Ludlum Steel (3) Mac A & Forb(13. all Corp (4) McCrory of (8) McKeespt TP t McKesson & Rob (1) McKes & Rb of(3%). lan Strs A 2.20 Trucks (8).... Macy (RH)&Co(et8) Madison Sa G Man Elec 8upply Man Elev mod (48). Man Shirt (3)....... Marlin Rock (13%).. Marmon Motor (4) Martin-Parry Mathieson Al May Dept Sto: 4% Maytag Co (1 Maviag Co pf Melville Shoe . Mengel Company(2) Mexican Seaboard Metro Gold pf (1. Miam! Copper (4). Mid-Continent P (3). Middle States Ofl et.. Miller Rubber. . Minne&Hon Reg(t4) 56 17 3 7 - 24 1 6 4 15 Prev. . Low. Close. Close. 26% 78 1 347 (1188 116% 4 183% 53% 103% 4 26% 51 60 3674 25% 52 101% 101% 7 7 40 134% 1 40 8% 4l 34% 40% 24% 178% 180% 150% 60 213 38% T 26 84% 34% Missour! Pacific. Monsanto Ch (g1%). Montgomry Ward(3) Moon Motor (new). . Morrell J (3.60) Mother Lode (40c). . Motor Meter G & B.. Motor Products 110 Motor Wheel (3) Mullins Mfg Nash Motors (6). Nat! Afr Trans...... Natl Bella Hess(21). Nat Biscult (17%).. Natl Biscuit pf (7). Natl Cash Reg A (14) Nat Dairy (32). Natl Distillers. . NatlEnameling (2).. NH & Hart (6) .. H & Hpf (7) N Y Ont & West N Y Ratlways pf.... Norfolk South (2%). Norfolk&Wstn (112). North Am (b10% stk) Northern Pac (5)... North Pac et (F).... Nor Ger Lloyd(3.41). Norwnlk Tire & Rb. Nunnally Co........ Ofl Well Supply..... Oliver Farm Equip. . Olivr Fr Ep cv pt(3)., Olivr Fr Eq pf A(6) Omnibus Corp. . Otis Elevator (18).. Otis Steel (2%)..... Owens 111 Bottle(c4) Pacific Gas & E (2).. Packard Mot (11.. Pan-Am Petroleum Panhand! Paramount-F-L (3). Park & Tilford (33). Pathe Exchange A. .. Patino Mines (3.89). Penick & Ford (25¢) Penney (JC).uuuuua. Pen (J C) pf A (6). Penn Dixie Cement. . Penn Dixie Cemt pf. Pennsylvania RR(4) People’s Gas Chi (8). ‘Phila & Read C&1.. Phillips Petrim (c2). » Plerce Petroleum PilL Pirelil Co A (2.38) Pitts & W Va (6). Poor & Co (B) (2) P Rican Am To (A)T P Rican Am To (B).. Postal Tel & C pf(7). Prairie O&G (12%) » BurafuBusfarsnanninnsnaBeBunnaan Punta Alegre Sugar. Pure O] (1%) Purity Baker Radio Corp. Radio pf A (33). Radio pf B (5) Radlo-Keith-Orpl Rallway & Exp (2).. Raybestos-Man (2% ) Reading (4). . Reading 1st pf (2). Real SHK (5)....c0ee Rem Rand (50¢).... Rem!ng-Rnd 1st (7). Reynolds Tob B (3) . Rhine West (1.92). Richfleld O1] (2).. Rio Grande O1l (k3). Rosasia Ins (330). Royal Duteh ¢ Safeway Stores (5).. St Joseph Lead (13). St L-San Fran (8) St L~San Fran pf (§) St L Southwestern. . Savago Arms (3).... Schulte Retall Str Seaboard Alr Line Seagrave (e1.20).... Sears Roebck (323%). Sec Natl Inv pt (5).. i ). ‘Thatcher pf (3.60)... Shattuck (F Q) (1), Shell Unfon (1.4 Shubert Theatret Stmmons Co (g3) Simms Pet (1.60). ... Sinclair Con 011 (2) a3 PPN P B D T e N ShefMeld steel.. -Sheffield pf (7) Snider Packin, Snider Packing pt Solvay Am In pf §%. 8o Porto R Sug 12%. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Prev. | —Prev 1920— Low. Close. Close. | High. Low 15 15 16%| 984 9 7814 | 167% 1% | 162% Sou Ry Std 011 Sun Oil Twin CI United Utd G: Utd G United cceccecaac wBBBnYEWen Walwo Yellow Young Zenith Am Rol 0 AM..,. payments 4% 1n stoc Stock ai Dividend Rate. Ea (2 Southern Pacific (6 Southern Rwy (! Southern Ry pf(§' Spalding (AG) (3)... 4 Spang-Chalfant. Sparks Withngtn(1) Spencer Kelg(1.60).. 11 Spicer Mfg......c00. 3 Spicer Mfg pf (3) 10 Splegel-May-St ( 2 Stand Brands (1% 8 Stand Com Tob (1) 4 Stand Gi 6 Stand G&Epf (0)... 2 Stand Inv Corp (b§). - Stand OIINJ (12 Stand Ofl N ¥ (1.60). Stand Plate Glass. Starrett(LS)Co(2) Sterling Sec A) Sterling Sec pf(1. Sterling Sec ev pf(3) Stewart Warn(j3%). Stone & Webster (2) Studebaker (35)..... Submarine Boat. Superior Ofl. Superior Steel. ‘Symington A Telautograph 11.06 Tenn Cop & Ch (1) Texas Corp (3) Tex Gulf Sul (4)..... Texas & Pac (6)..... Texas P C & Ofl (b6) Texas Pac Land Tr.. Thatcher Mfg (1.60) . “The Fair (2.40).. Thompson J R (3.60) Tide Water Asso. Wat Asso pf(8) Tide Water Oil pf(6) Timkn Det Axle 1 Timken Roller (3)... Tobacco Produets. .. Tobacco Prod ctfs. .. Tobacco Froducts A. 10 Transcontinental Oil 107 Truax Traer (1.60).. 2 Truscon Stl (£1.20 Und Elllod Fishr (5). Union Bag & Paper., 2 Unlon Carbide(2.60). 131 Un Ofl of Cal (32)... 2 Union Pacific (10)... 8 Unilon Pacific pf (4).. 2 Union Tank Car(6).. 2 Utd Alrcraft&Trans. 250 Utd Afreraft&T pf3. 6 Utd Biscuit (1.60)... 13 1 Utll Pwr & Lt A (e3) Vadsco Sales. 5 Virginia-Car §% pf.. Bucyrus E Utd Gas Im..Dec 31 250 Sales of Stocks on New York Exchange. TINANC Bales— Prev Add 00. High. Low. Closs. Close. 82 59% 58 584 128 123% 139% 140% 98 9 90 35% . 38 23% . 87 17% 24% M&Oct(4). 1 &E1(3%) T of Cal (h2%) (p1). ity RoT (4).. 2 22 Utd Cgar Stol Utd Corporation. Utd Corp pf (3). Elec Coal Utd Frult (ed).. & Imp (1) im pf(8).. Utd Paperboard..... Utd Plece Dye Wks.. Stores A. Utd Stores pf.. U S Distributing U S & Foreign Secur. 71 U S & For Sec pf(6). w ] = = = 4 s Ind Alco (6).... Leather... Leather A (4)... Plpe & Fary (2. Py pf... Ref (3%). 13) 1052 1L (T)eeaes 3 Univ Leaf Tob (3)... 2 Raa 1 86 2 1 14 7 1 . 20 Wabash. Wabash Df A (6).... 1 Waldorf Systm (13%). 15 Walgreen pf (6%).. 1 rthCo (2).... & Wara Baking B...... 9 Ward Baking pf (7). 1 Warner Bros Plc (4). 410 Warner-Quinian (2). 3 Warren Bros (19)... 14 Warren Fy&Pipe(2). 10 Webster-Lisenlohr. . Wess Ol & Snow(2). tern Unlon (8).. tngh Alr Brk(3). tngh BI&M (4).. 232 eston El Inst (1).. 2 Wextark Radio (e3). White Eagle Oll (3).. White Motors (2)... WhiteRock M S (14) White Sewing Mach.. Wilcox Rich B (c3).. Willys-Over (c1.20).. Woolworth (3.40). Worthington Pump.. Truck &C... 371 Young Spring (3)... 11 Sheet & T (5) 3 Radte (2) 34 RIGHTS EXPIRE Allis-Chal, n.Dec. 31 91 llg M..Feb 16 137 W 3% 200 % 1% 1w 512,100 12:00 Noon. Dividend rates as given in the ents based on the Tate *Unit of trading less th Plus above tabl e latest quarterly or haif an 100 shares. Washington Ticker BY CLINTON COFFIN. Associated Press Financial Writer. Taking care of automobiles in Amer- ica 1s & much bigger business than is the industry of manufacturiug auto- mobiles. This is the conclusion of the National Automobile Dealers' Associa- tion, and on it that organization bases its expectation that there will actually be more people employed in connection with automobiles in the United States during 1930 than there were during 1929, even if there is a reduction in the total of automobiles manufactured dur- ing the coming year. !H should n%l. be forgotten that, with 25,000,000 cars and trucks running in th: country, the employment of 400,000 persons by manufacturing concerns in automobile production is really an in- significant part of the number of per- sons who depend directly upon the business for a livelthood,” J. R. Histed, vice president of the dealers’ associa- tion, said in explaining the paradox to business leaders n& 'Nnhmml;n!.‘.‘;‘“C‘(:T siderin rts and accessory - ture, 159,%30 tire makers, 300,000 repair employes, 609,000 chauffeurs, 1,500,000 truck drivers, and the sales and service forces, there are 3,340,000 persons en- gaged In serving automobiles. “While curtailment of auto manufac- turing operations might conceivably re- duce the number of factory workers some 40,000 or 50,000 persons, such a recession would be undoubtedly more than compensated for by the increased employment in garages and service sta- tions and in replacement parts produc- tio in order to keep vehicles on the road. 1 any consideration of the national automobile picture it should be remem- bered that we have now reached the st ge where the maintenance of 25,000~ 000 vehicles on the road is a much larger consideration than the sale of any certain number of cars in any certain number of months. The wholesale value of motor vehicles pro- duced in this country in & year may total the large sum of £3,000,000,000; but the service, parts, accessories and supplies for vehicles already on the roads will probably total $6,500,000,000. Inasmuch as 85 per cent of motor vehi- cle use is for business purposes, no during apprehension need exist Q the stability of this operating dem: There are a good many doubts among ‘Washington observers as to whether the business conference movement initiated by President Hoover this Fall will cul- minate at present in any establishment of a permanent council of industry, with powers of guiding general economic licy for the Nation conferred u{)on it y common consent. Though Julius H. Barnes, chairman of the gathering last week which completed the preliminary survey of the business situation, will be back in Washington before the end of this week to name some continuing committees, the trend of comment by people actively working on the problem is that time is not ripe for the creation of such a body and that neither busi- ness nor political organization will be asked to undertake It. What Chairman Barnes' further com- mittee set-uj keep a watch on the current conditions in general industry for thewnext few months by bringing together men of the caliber to command the furnishing of the facts. Government agencies already in existence seem to be mobilizing for the conduct of two related functions, one, the ascertainment of how far pub- lic construction projects of Federal, State and local government are being brought forward, and second, a very close and confidential day-to-day sum- marization of just what unemployment there is in the country. Labor Depart- ment and Census Bureau establishments are deali) with the employment fig- ures, though 1t is too early yet for facts will be asked Lo do is to| th tc:‘be made public concerning the situ- ation. On the public construction program Secretary Lamont has installed Dr. John M. Gries, an economist of some experi~ ence in the Commerce Department, to prepare a continuing summary of what is happening in each locality in regard to its bit of the $2,750,000,000 expenditure projected in that national field in 1930. It is possible that in case local obstacles appear to the institution of these proj- | ects some_co-operation with the indus-| trial and Federal mechanism can be In- stituted to clear the way. It seems to be the consensus of opinion that the employment record will furnish the in- dex for future activity—or inactivity— of the linked, but temporary, effort the President has envisioned. -— UNITED FOUNDERS' CORP. BALTIMORE, December 10 (Special). —Net cash earnings of United Founders Corporation, one of the big investment trusts organized under Maryland laws, | for the fiscal period ended November 30 were approximately $3.35 per share on the average number of shares out- standing. In addition, the corpora- tion has an equity in the undistributed | consolidated cash earnings of American | Founders Corporation and those of In- | vestment Trust Associates totaling ap- proximately $1.75 per share, so that on | is basis the earn for the fiscal period were $5.10 per on the aver- age number of shares outstanding. United Founders ation was or- ganized in February, 1929, with initial capital of $25.000.000. Present re- sources exceed $200.000. $14,000,000 is in cash. company has no outstanding debentures or pre- ferred shares and has no loans. e corporation now has approximately | 85,000 stockholders. 1AL STOCKS IRREGULAR INMIXED MARKET Selling Is Resumed at’ Open- ing, but Volume Declines as Prices Ease. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, December 10.—The stock market alternately blew hot and cold today in reflection of frequent shifts of speculative sentiment. The market opened irregularly lower, rallied briskly before the end of the first hour under the leldemhlg of United States Steel common and then bobbed up and down into the afternoon, with gains out- numbering losses. Trading showed a marked falling off in volume. United States Steel common, which ran up sharply yesterday on uncon- firmed rumors of an early stock split up and then plunged downward on the an- nouncement that no directors’ meeting is likely before the regular meeting on the last Tuesday of January, advanced 4'; points to 1841%, but had difficulty in maintaining the gain. The monthly tonnage report showed an increase of nearly 39,000 tons in unfilled orders last month, the third successive in- crease, but this was accounted for largely by the sharp curtailment in op- erations rather than from increased business. Rails in Demand. Railroad shares were in good demand, the omission of the Norfolk & Southern dividend being offset by amr increase from $7 to $8 in the annual rate on Virginian Railway. Pittsburgh & West Virginia was marked up 5 points, Union Pacific 415, New York Central 4%, and Baltimore & Ohio, New Haven, New York & Harlem, and “Katy” common advanced 3 to nearly 4 points. Activity and strength of St. Paul preferred was based on unconfirmed reports of divi- dend inauguration on that issue eariy next year. Public utilities also presented several points of strength, with American Tele- phone, International Telephone, West- ern Union and American & Foreign Power in brisk demand. Detroit Edison was one of the few soft spots in that group. Utah Copper, which did not sell yes- terday or last week, jumped 25 points on one sale. A. M. Byers ran up more than 7 points and Simmons and American Can extended their gains to 4 points. Otis Elevator, International Silver, Na- tional Biscuit and Eastman Kodak dropped 3 to 5 points. Credit Situation. The official rate for call money was again maintained at 4!% per cent, with & plentiful supply of funds reported to be available. The time money market was firm. — PORT BUSINESS GAINS. BALTIMORE, December 10 (Spe- cial) —Shipping activities at Baltimore for November produced direct over- seas vessel entrances of 71, with net ton- nage of 226,006 and clearances of 51 ships, of 156,114 net tons, which com- pares with 59 vesesls of 165,336 net tons and clearances of 35 vessels of 99988 net tons in November, 1928, Total coastwise and intercoastal opera- tions at the port last month, including vessels moving coastwise foreign trade, reached entrances of 166 ships of 453,534 net tons and clearances of 228 vessels of 586,577 net tons. November of last year produced entrances of 185 vessels of 508,661 net tons and clear- ances of 247 vessels of 619,796 net tons. Veessel activities at the port this year are running about 175 ships and 800,000 net tons ahead of 1928. First Trust Notes Now Auvailable 6% JAMES F. SHEA 643 Louisiana Ave. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly JamesE. Connelly James F. Shea President Secretary First Mortgage Notes 6% Glover & Flather 1508 H St. N.W. Naticnal 1753 IO N S | (1R ) First 7 Mortgage 0 Notes Posiabe, conservative, invest- ment of your funds... the safe, convenient securivy 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 15th Street N. W. SILVER QUOTATIONS. | NEW YORK, December 10 (#).—Bar Isiiver, 49%; Mexican dollars, 36}a. Nations! 8100 Established 1889