Evening Star Newspaper, December 11, 1929, Page 15

FINANCIAL. DESPITE SELLING Market Displays Firm Resist- ;5 ance After Early Period of Uncertainty. JOHN A. CRONE. @pecial Dispatch to The Star. NEW YORK, December 11.—Over- eoming yesterday's cautiousness, curb stocks today opened higher, overcame profit-taking following the initial bulge and continued to move upward, under the leadership of utilities, mines, avia- tion shares and & group of miscel- laneous industrials. Stubbornly resisting pressure, the utilities were the first to break through the wave of selling that hit the market in early trading. Electric Bond & Share, opening on a block of 3,500 shares at 91%! up %, reacted about a point, then gained around 2 points. Other Changes. Cities Service started with 4,600 shares at 293, up %, and moved up and down within a fractional range. Dealings in Transamerica were mod- erate, traders expressing disappointment that nothing more than a routine an- nouncement emanated from the direc- tors’ meeting Tuesday. Standard Oil Export Corporation re ferred stock, for which Anglo-American Oll shares are being exchanged, made its bow to the curb at 11 o'clock, selling at 97!z, or !3 above its previous final sale on the Produce Exchange. Coppers responded to the announce- ment. that 6,000,000 pounds of metal had been purchased here yesterday for foreign account, or the largest amount in a single day in the last three months. Hudson Bay, Noranda, Roan Antelope and Bwana M. Kubwa moved higher. The aviation shares were given an- other twirl following a series of fairly favorable earning reports and recom- mendations to buy some of these shares as “radical speculations,” and on the prospects of meetings now being held on airmail rates. Cord Corporation was the early leader in the motor group with Ford Motor of Canada A a close second. A block of 10,000 shares of OCanadian Marconi changed hands at 4. Polymet pushed ahead as a result of better earnings. ‘Wide Movers. Great Atlantic & Pacific Tea was one of the wide movers, running up from 240 to 274 before midday. Aluminum Co. of America opened off 21z, and Tubize a like amount. Swift, however, pointed higher. ed T. Ley at one time was up 5, and Associated Rayon | g;!ferred up 7 points, while Celanese | st preferred was fractionally lower. ker Wheeler opened ur %, and Walgreen bettered its previous final with an initial bulge of 2%. Draper Corporation was down 3. The olls lacked the buoyancy of previous seg- sions, while investment ~nd trading companies moved irregularly. CHICAGO LIVE STOCK MARKET CHICAGO, December 11 (#) (United States Department of Agriculture).— Hogs—Receipts, 32,000 head, including 10,000 direct; market mostly steady with yesterda: wverage; top, 9.50; bulk, =wd to choice, 190-300-pound weight, .3589.50; 140-180 pounds, 8.8529.30; butchers, medium to choice 250-300 pounds, 9.00a9.50; 300-250 pounds, 9.20a 9.50; 160-200 pounds, 9.0089.50; 130-160 pounds, 8.5029.35; packing sows, 8.00a 8.55; pigs, lium to choiee 90-130 pounds, 8.00a9.00. Cattle—Receipts, 9,000 head: calves, Teceipts, 2,000 head; better grade steers, yearlings and yearling heifers, strong to 25 higher; other classes opening around steady: top yearlings, 16.00; calves steady; uuu&ur classes, steers, good and choice 1,300-1,500 pounds, 12.25a14.50; 1,100-1,300 pounds, 12.25a g;%ogshld.lofl“?ounds. 12.50a16.00; medium 850 pounds up, 8.00a12.50: fed yearlings, good and choice 750-950 pounds, 12.50216.00. Heifers, good and choice, 850 pounds down, 11.50a15.00; common and med- dum, 7.50a11.50; cows, good and choice, 17.75a10.25; common and medium, 5.75a 7.75; low cutter and cutter, 4.50a5.7: bulls, good and choice (beet), 8.7589. cutter to medium, 6.50a9.00; vealers (milk fed), good and choice, 11.00a15.00; medium, 10.00811.50; cull and common, 7.00210.00; stocker and feeder steers, good and choice, all weights, 10.25a 11.00; common and medium, 8.00a1 Sheep, receipts 14,000 head; m: ning steady: bulk fat lambs, '12.50a .00; early, 13.1 92 pounds down, 12.25a13.40; 11.00a12.25; common, 9.25a11.00; ewes, medium to choice, 150 pounds down, 4.7526.25; cull and common, 2.50a5.00; {;deser lambs, good and choice, 11.75a DROP CONTEMPT CHARGE. Case Against Pantages’ Witness Held Insufficient by Judge. LOS ANGELES, December 11 (#).— Contempt_of court proceedings against Nicholas Duneav, a principal witness in the recent trial of Alexander Pantages, theater magnate, convicted of a statutory offense against 17-year-old Eunice Pringle, dancer, were dismissed yesterday. Duneav had been cited for talking with a witness in the trial of Garland Biffle, whose testimony in the Pantages case caused his arrest on perjury charges. The Biffle jury disagreed. Duneav, who was associated with Miss Pringle in her dance act, was in- formed by Superior Judge Walton J. Wood that he believed the “evidence insuffcient.” Jame_s’ Attorney Seeks to Escape Insane Asylum Officials Say He Is Sound of Mind and Was Com- mitted Illegally. By the Associated Press. NEW YORK, December 11.—Back in the days when the West was still wild, Col. Robert J. Haire, now 81, & retired crimial lawyer, was once attor- ney for the notorious James brothers, Prank and Jesse. Monday, with white goatee and wearing an old-fashioned sealskin cap he was in Supreme Court seeking his release from the State in- sane asylum on Ward’s Island. A psychiatrist, who accompanied him said the aged colonel's claims to at- torneyship for the James boys had been found true. Officials of the asylum told the court the colonel is not insane and was com- mited to the institution illegally. The Bales— Add 00. Open. High. 2 12% 12% 1 15% 1 4% & 11 268 125 508 112 2 2 Low. Close, 12 12 15% 15%; igh. 121% B1% 19% 12 AfrInv, Inccv pr. 109% Alabama Gt 8 pf 37, 108 Ala Pwr cum pf (7). 2 Alexander Indust... 4% Allegheny Gas Corp. 10% Allfed Mills, Inc 23 Allled Powd Lt..... 1 40% Aliled Pwr&Lt pf(3) T« AlP&LI1stpe6... 14 Allison Drug St B... 146 , Aluminum Co of Am. 164 Am Chain.... 10 16 )oe AmC P&L B (b10% Am Colortype (13).. Am Com P A (330¢). 19% Am Cyanam B (1.t 3% Am Dept Store: 16 Am Equities. 25% Am For Power war.., 71 Am Gas&Elec (31).. 98 Am Gas&Elec pf (6). 5% Am Invest Inc B 3 Am Inv 29% Amrad Corp (1) 20% Amster Trad (1 19 Am Yvette 5 Am Yvette 8 Anchor Post F (2) 18% Anglo-Am vot (73c). 11 Anglo-Am n-v (73¢). 16 Anglo Chil Nitrate. . 3 Anglo Nor Hold.... 8 Arcturus Rad Tub 3% Arkansas Nat Gas... 615 Arkansas NatGas A. 4 Ark NG em pt (60¢) 3 Asso-Dyeing & Ptg.. 5! Asso-Elec ind Ltd. . 354 Asso GRE A (32.40), 3% AssoGEAE A s, 314 Azso Rayon. 80% Asso Rayon pf (6)... 2414 Atl Coast Fish (1.40) # Atlant Fruit & Sug.. 1 Atlantie Lobos pf... 24% Atlas Plywood n.... 3014 Atlas Port Cem (2).. 7% Auto Voting Macn... 15% AutV Mcvprpt(2). 12 Aviation Crediti.... 30 Axton-F Tob A 3.20.. 75 Baumann (L) pf (7). 46% Bancomit Corp new.. 113 Bell Tel, Pa pf(6%). 5 Bellanca Aircraft... 30 Blaw-Knox Co (1) Bliss Co (B W) (1).. 31 Blue Ridge Corp 234 Blue R Corp v pf 13, 20% Blume, Inc 1 BlynShoes, no 6414 Bohack (H C)(1314) 134 Brazil Tr& Lt (2).e0 1% Bridgeport Machine. Brillo Mfx (1.20) 26% Brit Am To regt1.20. 4 BrCelanese Lid rets 55 Buckeye Pipe L (16) 22 Buf N&E P pf (1.60) 3 Burmarcts (31%¢). 21 Buzsa Clark, Inc 4% Bwana M Kubwa 4 Cable Radio T vt 3 Cab&WireLtdA . 1% Cab&WireLtdB rcts. 3% Cab&WireLtdpf rets 3% C A M Coctfs. 2% Can Marconi.. 1 Carib Syndicat 20 Celanese Corp. 80 Celan Cor 1st pf (1) 12 Celluloid Corp. . 6% Cent Atlantic Sta 20 Cent PSv A (a1.75). 12 Cen States El (340¢). 4% Centrifug Pipe (§0¢) 11% Chain Stors Stk(b8). 87'% Ches & Ohio (new).. 3 97% Childs Co pf (7).... 100s 20 Citles Service (3130e) 236 84 Citles Serv pf (6). 89% Cit Berv BB pf () 1% Clark Lighter A.. ... 10 Clev Tracotr (1.60).. Colgate-Pal-P (2%). 4 ColonOil.........es % Columbla Syndicate. 2 Comwlth & Sou war. 14 Comstock Tunne! 18% Consolldat Afrcraft.. 4 Consolidated Copper 12% Con Dairy Prod (12) Con Gas, Balto(3.60) 10 Cons Laundrie: . 10% Con Retail Strs (1).. 30% Cooper Bessemer(2). 30 Cooper B PIA(2).. 5% Copeland Prod Ins A 4 . 08).. 17% Crocker Wheeler(n). 838% Cr&Bpf (3%) ww, 30 Crowley Milner (2) % Crown Cent Petrol 3% Curtiss Alrports v 6 Curth 24 Curtl; 2 Cusl Mex Mining.... 6% Darby Pet (1).. Dec R Ltd (Am shs). 4% DH A Ltd rctn(60e). 2 Derby Oil & Refin. 5% Detrolt Afreraft Cor. 9 Dix Gas & Utilities. . & Dolores Esperanza.. 16 Douglas Afrcraft... 62 Draper Corp (15)... 3508 4 Dubeller Cond&Rad, 35 120 Duke Powder () 8508 3% Durant Motors. 4 15 Duval Tex. Sul. % Dus Co, Inc A cft % Earl Radio Corp. 22 EastGas& F Asso 17 EastStates Power B 7 Eastern Utll InvA.. l‘ig Eisler Elec Corp. . 9415 EIP &L 2d pf A (1) 3% El Sharehold (31). 45% El Sharehold pf (6). 26% Empire Pwr Corp(2) 14% Em.p Pub S.A(1.80).. Evans Wallow Lead. Fairchild Aviation 18% Fiat BLk deb ris rcts. 4% Finan Inv N ¥ (b8).. 100 Florida P&Lt pf (7). 9 Foltis Fischer Cor 8 Fokker Aalreraft, ... 16 Ford MotorCan A... 41 80 Ford Motor Can B.,.100s 8 Ford Mot of France. 10% Ford Motor Ltd. 3% Foundation For Shi 20 Fourth Nat Inv. 9% Fox TheatClA. 21 Franklin Mfg (2). 35 Fren Line B (2.54) 18'4 Garlock Pkg (1.20).4 8% Gen Am Invest new. 2% General Baking. 45 General Bak pf (6).. 15 General Cable wi 7% Gen E Ltd rets (500) 18% Gen Gas & El (A). .. 10 Gen Indus Alcohoi. . Prev. 1929— Stock and Low. z 32 Goldman Sachs (b6) 25 Gorham Inc pf (3).. 1% Goth Knitbac Mach.. 28 Graymur Corp. . 69 1 g 5 162 GrA&PTnv(5)..170s 114 GrA &P Teapf (7)., 10s 116 12 Greenfield Tap&Di 1 87% Greif &Br pf X (7)..150¢ 10 Groe Stors Pred 5 vie. Ground Gripr(t1%). Guenther Law (2)... GuifOllof Pa (1%). Hall Printing(t1%). H'd Page p pf (1%¢).. Happiness Candy.. Haygart Corp.... Hazeltine Corp (1).. Helena Rubenstein. . Homaokls Off.....p. Horn & Hard pf (1f.. Hudson Bay M &8.. Humble Oil (2)..... Hydro El Service(2). Hygrade Food Prod. Ilinols P L (20).... imp O11 Can n (50¢). Ind Pipe Linen t21. Indian Terr Illum Insull Udl Iav... Insull Utll pf 53 18 24% 115 16% 2 1% Insull Ut In 24 pf 6, 450/ InsCoNA (12%)... Insurance Sec (1.40) Intercoast Trad Co.. Intercontinent Pet n Int. Hold. & Inv. Co... Intern Perfume (1).. Intl Petrolm (62%¢) Inter Prod pf (6).... Superpower (31) raatl Ut B. . Interstate Equitie: Interst. Eq. cv-pf.(3) Inter Hos M (1.80).. IrvAlr C (2) (1.50).. 6% Italian Superpow A.. Keyatone Steel, Wire Kleinert Co (2%)... Knott Corp (2.40) ... Kolster-Br (Am Sh). Lackawanna Sec(4). Lane Bryan tine (2). Lefeour Real pf (3). Lehman (The) Corp. Leonard Ofl.....«.. Ley (FT) & Co (8) Libby McNell & L, Lily T Cup (150).... London T Syn rets 2. Long Islasd Lt (40¢) Long Isld Lt p£(7).. Lone St Gas (80c). Louisiana Lan & Ex. Mac Marr Stores. ... dalena SyI t. el Dt (6%) es Con Mfg (3). Marconi Int M 62%c. Marine Mid Cp (1.20) Marion Steam Shov. Mayis Bottling. Mayflower Assn Memph Nat Gas Co. . Mercantile Stors(5). Mer Chap & 8 (1.60). Mer & Mf 8 A (1.50). 74 Met Chaln Stores. Mexico-Ohio Oil.... Mid West Util (b8%) Mid West Ut B war.. 9 Mid West Ut pt n(6) 4 Midl United (b1 %) Moh HP 1stpf (7). Mo-KanP L (b5%). Monteeatini deb rt: Morrison Elee (1) Moun & Gulf ( Mount Prod (1. New Mex & Ariz Ld. Newmont Min (34).. Newport €0 (2)..... NY & Hond Ros 2% N Y Auetion (1%) it (1.20 ar, Niag Hud Pw B war. Niagara Shars b1-40. Niles Bement Pond. . Noranda Mines (3).. Northam W ev pf(3). North Am Aviation. . North Cen Tex (60c) Northern PL (15)... Novadel Agene (2).. Outbd Mot A ¢1.80). . Outboard Motor (B). Ovingtn Br pt pf 80c. Penn Pr&Lt pf (6 Pennroad Corp. PeoL&PA (2 Perryman Ele Petrol Corp 1st pd Philip Morris Ine. Philippe(L)B(1. 4 Pilot RT A (1.20)... Polymet Mfg (31)... Powdrell&Alex t4%. Premier Gold (24¢).. Prince & Whitely. Prince&Whitely of § Prudential 1 . Pub Util Hold wi Pug S P& Ltpf (6). Radlo Products..... Rainbow Lum ProdA Rainbow Lum ProdB 9% Red Bank.......... Reeves(Dan'l)(1%). Relter-Foster (40c). Reliance Manag (4). 119 a Pac Eleo (2) Produo . 8o Cal E4 of B(2%). Southern Corp...... So Ice & Utilitles B.. io:’ulllnfl Roy (1).. Dairy Products. S WGas Util....... Spanish & Gen Reg.. Stanl Meyer, Ine.... . 1 10 L » 2 @ EatarsranSunnturp wrprananlan - » LTI ISEFR-T AN Y- IV Jer s 9 4 wienomanwnSaman~ » 0 S5 e = - THE EVENING STAR, WASHINGTON, D. C, « CURBSHARESCGAIN | [NEW YORK CURB MARKET Received by Private Wiwe Direst %6 The St Ofies Sales— Dividend Rate. Add 00. Open. High. Lew Closs. 46% 46% 44N 468 36% 36% 36% 24 24 347 280 245 280 118 18% 16% 92 92 " land fears 3y | ness discussion. WEDNESDAY, BUSINESS IN 1330 0 BE LIKE 1928 Bankers’ Journal Sees Good Year Ahead—Fears of Money Panic Gone. Fears of money panic have vanished, of a serious depression in business have likewise been proved un- justified, says the American Bankers' Association in its current busi- “Swift and drastic of banking credit that u‘;k' liquidation com) the collapse of the % panied markets has been followed by a return to normal money rates and a termina- tion of the speculative fever that had become an increasingly unhealthy factor in_the business situation,” the review says. “Even before the break in stocks there was apparent some slowing down in industry, and this has naturally been accentuated. It is still too early to accurately forecast the full effect of the decline in stocks on retail trade during the next year. Judging from the factors known at the present time, business in 1930 should be fairly good, but not record-breaking. ext year will undoubtedly run below 1929, but should equal 1928, which would be quite satisfactory. “Curtailment of retail sales because of the stock break has been much less than might be supposed, for the num- ber of margin speculators who were wiped out makes up a very small per- centage of the total number of cus- tomers even in the stores of New York City, while in other parts of the coun- try the percentage would be still smaller. “The swiftness of the liquidation in stock prices was in most ways prefer- able to a long-drawn-out decline, that would have caused disappointment to security holders week after week and month after month, until a spirit of pessimism would have become firmly fixed in the mind of the entire coun- try. There is a natural tendency for bankers and others in close touch with the security markets to overemphasize the importance of falling quotations. American business, however, is carried on not onl{ in Wall street, but in Main street of the cities, towns and villages of 48 States. “Cheaper money will foster new busi- ness enterprise, including the lagging building industry, although a little time will be required for the savings banks to build up their surplus funds after such heavy withdrawals by de- positors for purposes of maintaining margins or buying stock outright at the bargain prices.” BONDS ON THE CURB Sales in thousands. ZEw, 5% 2222 4 - 599 t 2> 222> 733355 SEEEEE Bes s sotsons arn ot Sasnst 3 . Q! 109! g§===g§§nn Bowmmwun-ous! 3558 00 3o B 3 b3 B e ZROOQO! ot s 8 0 97 1034 e 25 5:;5:5‘ 3. SN Y PAL 4! 5 Nor Ind P8’ 10 Nor Ind P 8 r St 2, | firmer _spot _situation. DECEMBER 11, 1929. Yesterday’s New York Stock and Bond Averages. Twe ears (weekly average) 143.2 TSty Seeraee) 107.1 Hish, . M Washington Ticker BY CLINTON COFFIN, Writer. One*o1 “the “most. peculiar of inter- national industrial controversies pend- ing along the Canadian border is now scheduled to come up for settlement in Washington January 22 before & special session of the international joint commission that represents both the United States and the Dominion in such matters. The issue presented is whether the Canadian Consolidated Smelters Co., one of the most impor- tant Canadian industrial enterprises, is liable for $2,000,000, or any part of that sum, claimed by American land owners in Washington State as com- mnutmn for damages done to their ldings by acid-charged smoke that drifts across the international border from one of the smelter company's lants located at Trail, British Colum- “All of the evidence relating to the subject has been taken at joint hear- ings of the commission held early this Fall,” said Fred T. Duboise, former Senator from Idaho and one of the commission members, “and the proceed- ing will be in shape to close up after next month's meeting with the Cana- dian commissioners. There has been no precedent for dealing with a contro- versy of this character, and much of the long drawn-out dispute was devoted to determining what tribunal might ex- 18 could take jurisdiction. While the Canadian plant is several miles in- side that country's border, the American | 315 claimants insist that the smoke from it is so charged with noxious mineral products that land lying far to the south, in the Columbia River Valley, is rendered more or less useless for agri- culture. “Purther, the corporation being for- eign to the United States, it cannot le- gally, under Washington State law, pur- chase and hold land on the American side as to which damage is claimed. This and other obstacles has kept the difficulty from settlement for several years.” All parties to the unusual proceeding look confidently for a final settlement by American and Canadian negotiation. During the last 50 years, in spite of the natural arising of disputes between the two countries along an increasingly busy international border, effective ad- justment has been eventually reached in every matter, usually without resort to long-drawn-out arbitrations. NEW YORK COTTON. NEW YORK, December 11 (#).—Cot- ton opened steady today at a decline of 4 to 5 points in response to relatively easy Liverpool cables and overnight selling orders attracted by the rally of yesterday. There were supposed to in- clude some Southern selling. There was moderate demand from the trade, which included some buying for European ac- count, ‘and the market held fairly steady during the first half hour. Jan- ary fluctuated from 17.16 up to 17.23 compared with 17.23 at the close yes- terday. Liverpool cables sald con- tinental buying and covering had been supplied by realizing and the there was alr colth inquiry for India. Markets at a Glance NEW YORK, December 11 (#).— Stocks {irregular; U. 8. Steel sinks to week's lowest level. Bonds dull; volume shrinks in thin market. Curb irregular; Great Atlantic & Pacific shoots up 40 points. Foreign exchanges easy; sterl- ing reacts !5 of a cent. Cotton easy; lower Liverpool cables. Sugar steady: ee weak; lower Brazilian cables. CHICAGO, December 11 (#).—Wheat weak; bearish Government w:ather re- y: lower Southwest port. Corn _eas % | markets. Cattle strong to higher. Hogs 8 48 n My 7s Buen Alr Pr 7's '47101 $cent Bk Ger, 608 51 78 e 80 METAL MARKET. America steady. —— NEW YORK BANK STOCKS. Special Dispatch to The Star. NEW YORK, December 11.— Bid. Asked. 46 130 175 82 185 oy TRUST COMPANIES. Bankers n xd..... 1 Bankers n Cent Ui Cent Union NEW YORK, December 11 (#).—Cop- | Eu 18. 1Iron quiet; unchanged. Tin easy; spot and nearby, 39.50; future, 40.12. Lead steady; spot, New York, 6.25; East St. Louls, 6.10. Zinc easy; East St. Louls. snot and future, 5.80a5.85. Antimony, 8.50. per quiet; electrolytic, spot and future, Irvin 300 3400 FINANCIAL. INDUSTRY STUDIES DISTRIBUTION COST Merchants Plan Reduction in Price of Products to Consumer. BY J. C. ROYLE. The Washington conferences which have aroused so much interest and ac- tivity throughout the country are being followed up by thorough study, on the part of some of the biggest business men in the United States, of problems of distribution. ‘The Hoover conferences were largely devoted to construction and to produc- tion. Problems of distribution did not come actively even before the meeting called by the Chamber of Commerce of the United States, but some of the men who attended the latter conference have taken the subject up in a most serious way. Mass Production. They declare mass production has been responsible for the greater part of American prosperity, but they hold that if that prosperity is to t> main- tained it must be accomplished by mass production. The only way there can be mass production, they assert, is to nar- row the range between the cost of production and sale prices. Sales of sufficient volume to constitute mass dis- tribution, they add, can only be attained v.:mrou[h the stimulation of price reduc- tion. Some of the largest merchants in the United States are now debating the advisabllity of making an immediate and comprehensive survey as a basis for the establishment of such mass dis- tribution. This survey will not be one of the laggard, perfunctory studies. It will report finally within a few months and will have preliminary data, accord- ing to present plans, within a few weeks. One of the great merchants of the country declared today that efficiency in mass préduction had progressed in some lines of industry almost as far as it is possible. Further attempts to cur- tail expenses in production, he sald, might very easily lead to disaster. He pointed to the fact that some of the sk 15 GARY SUCCESSFUL UTILITIES MAGNATE New Republican Senatorial Treasurer Operator of Telephone Properties. By the Associated Press. KANSAS CITY, December 11.—Theo= dore Gary, 75-year-old multi-millionaire. telephone magnate, named yesterday as treasurer of the Republican senatorial committee, is one of the most success- ful operators of telephone properties and associated manufacturing compa- nies in the United States. He is chairman of ‘the executive com- mittee of the Theodore Gary Co.. heads the Automatic Electric Co. of Chicagoy the Telephone Sales and Engineering Corporation and has many other world- wide interests. As chairman of the Missouri Highway Commission, Mr. Gary carried out a $60,000,000 highway improvement pro- gram. Headed Commission. A few months ago he accepted chair- manship of & commission which made an extensive study into the needs of State charitable and penal institutions and recommended the expenditure of $158,000,000 to bring them up to date. The telephone man's service on the two commissions was his first semi- political activity. Born in Wayne County, Ind., May 13, 1854, Mr. Gary's entire regulation schooling consisted of 18 weeks spent in district schools of Missouri. It was not until he was 43 years old, a fairly successful small town real estate man in Macon, Mo., that the new Repub- lican treasurer began his meteoric risu. Bought Local Plant. When the Macon telephone plant was offered for sale Mr. Gary bought it and, believing in ‘the future of the business, began acquiring additiona: properties. ‘Then, as an official of the Interna- tional Independent Telephone Associa- tion, Mr. Gary for some years waged a business warfare with the Bell System. railroads had cut their costs so low as to make the result ineffective and that they had been compelled to increase their expenditures. the other hand, tribution seems to have stood still for years. Specific Instances. He pointed to the fact that one could take at random 10 articles of common use bought regularly by nearly every household and find that the cost to the consumer represented an advance of at least 100 per cent above the cost of production and that in mcst instances the range was between 200 and 300 per cent. In answer to queries as to whether these articles had to be picked out specifically, he said that he might instance neckties. He explained that many ties cost the manufacturer 75 cents each, that they cost the merchant approximately $1 and that they were usually retailed at $2 n the most expensive shops, $1.75 each in the great majority of retail stores and at $1.50 each in_the sales retail establishments. This price, he pointed out, meant a gain of 100 r cent above the cost to the manu- facturers, Gov. Frank D. Roosevelt will hold a conference in New York on Deceml 12 with representatives of the apparel trades and retail organizations having within their membership merchants from all over the country. This prob- lem of distribution is sure i come be- fore this body, and retailers all over the country are watching for the result in the hope of increasing their volume of sales during the next three months. Retailers’ Reserves. ‘The retailers are well fortified and have piled up splendid reserves of capi- tal and surplus. So long as the public can and will buy, they are confident that they are in a safe position. They have little doubt that the public can buy, but there is some uncertainty as to whether the public will be inclined to buy as freely in the next few months as before the present situation arose. Consequently, that will stimu- late volume of sales dur!.ng the next three months is regarded by the re- tailers as of the utmost importance. Little anxiety is felt with regard to the agricultural communities. There are ample funds in the industrial com- munities, and it is up to the retailer to attract those funds to purchase in the lines he carries. Wall Street Briefs By the Assoclated Press. Purchase of 42,000 shares of Chrysler stock has been authorized by the di- rectors of the Chrysler Corporation for the corporation’s management trust and employes’ stock bonus plan, it was learned today. Earlier in the year, when the trust was organized, 60,000 shares were bought. The proposed two-for-one split and in- crensep omuthoflnd capital of the Paramount-Famous-Lasky Corporation was not considered at today's stockhold- ers' meeting, in view of the fact that less than the required two-thirds of the issued capital stock was not repre- | sented at the meeting. F. E Williamson and Charles Don- nelly, presidents, respectively, of the Chi- cago, Burlington & Quincy and North- ern Pacific Railways, today said that the gross and net operating revenues of their roads for November and December will be less than for the same months last year o MONEY MARKET. NEW YORK, December 11 (#).—Of- ferings in the call money market today were not as large as yesterday, with the result that the tone was & bit steadier. The renewal rate continued at 41; per cent and remained at that mark throughout the day. No funds were re- ported offered in the “outside” market at below the official rate. Time money was dull but easier than yesterday, with 4% to 5 per cent being quoted for all maturities. Bankers' acceptances _ were changed. T . un- 8tock ana Dividend Rate. Sunray Ofl. Superheater Swift Intl (2) Swift & Co (8). 1ss-Am El pf . Wash M B (1) Taggart Corp (1).... pa Electrio (32) ‘Texon Oil & Land... —Prev. 1920~ High. Low. 4 30% 25 121% 89 9% Toledo Ed cu pf (7). 4 Transamer n (31.60) Tran Con Alr Tran.. ‘Trans Air Trans cfs. Tr-Lux D.L.P. 8.(A) Tri-Cont Allled. . @ T 1 aSenss ‘Tung-8ol Lamp (2).. Stock ana Dividend Rate. % Unit Reproduce U S Foil B (1). U S Gypsum US&InSectf (2%) USLINes........cc. U S Rubber Reclaim. United Stores. Unit Verde Ext (4) United Wall Paper. % Utah Apex (50¢c) Utility & Ind. . Util Power&Lt($1) Utility Equities. Vacuum O (14%).. Camp Packing. . Camp P pf(1%). Venezuela Pet (29¢). Vick Fin Corp. Waligreen Co. 4% Waitt&BondB Walker (H) (1) Walker Minin; Watson (J W] Wayne Pump. T 38 34 135 Wenden su West Alr Exp (60c) Sales— Add 00. Open. High. Low. Close. kel % W B. 20% 20% 20 46% 46% 144 2% 21 | (R 2 617 10% 1 1215 an 1% 1% Cop! . Later he entered the manufacture of automatic telephone equipment ana obtained contracts with the Bell Sys- tem. In 1922 he effected a consolidation of the Home and Bell Telephone Con.- panies of Kansas City, now a part of the Bell System. GRAIN MARKET. CHICAGO, December 11 (#).—Pro- nounced setbacks in prices for wheat future deliveries here took place early today as a result of selling to stop losses on the part of owners. Per- sistent slackness of export demand for North American wheat, together with downturns in Liverpool quotations, did much to promote selling. Opening un- changed to 13; cents off, Chicago wheat afterward underwent a decided general drop. Corn, oats and provisions were also weaker, with corn starting bulk | at %-cent decline to lia3% cents ad- vance, and subsequently undergoing a sag all around. By far the greater number of traders ranged themselves on the selling side of the wheat market, a large share of ber |the time today, and buyers showed re- luctance to take hold. ~Consequent downturns in prices swept into execu- tion many stop loss orders. In numer- ous quarters the key to the action of the market was said to be export busi- ness, and overnight indications pointed to but little done either from the United States or Canada. According to some observers, Euro- pean Interests were standing off for the time being, to await further crop de- velopments in Argentina. Meanwhile, latest available Argentine dispatches told of favorable harvest weather. Liver- pool advices were to the effect that large tenders of wheat were available there and practically no demand for shipments arriving. WESTINGHOUSE ELECTRIC. NEW YORK, December 11 (#).—Di- rectors of the Westinghouse Electric & Manufacturing Co. today increased the annual dividends on the common and preferred stocks from $4 to $5 by de- claring quarterly payments of $1.25 on each e. o Utah's turkey production for 1929 was three times as large as that of 1928. “Merry Christmas” With a Word of Honor USEDCAR 1928 Studebaker Sedan Extra Good $595 Dick Murphy, Inc. 1835 14th St. N.W. 604 H St. N.E. Every $1,000 Guaranty Bond Earns $60 a Year 6% 6% 6% Send for Booklet, “The Success Plan” The demand for safe. high- yielding non-fuctuating Securities such as those we offer is becoming more pro- nounced each day. Guaranty First Mortgage Notes and Bonds are secured on improved Washington real estate_and backed by our $3.400,000 resources. These high-grade securities offer you the highest return consistent with absolute satety. Denominations from $250 up On Partial Payments, too. 27% commitment papers had been signed H only by a messenger, who was not re- 1a to Col. Haire and who was not | 39% authorized to perform such a function. | 121% If it were not for-the fact that he is| 664 penniless and has no place to go, they | 31% id, there is no reason why he should be held. “Your honor, I can earn a living,” the colonel spoke up. “The real inside of the life of Jesse James never as been written. I'll write it.” Justice Wasservogel continued the Sase until December 19. W 10%4 Gen Laundry Mach.. 40 Gen Print Ink (2%), 10% Gen Rity & Utilities, 60 Gen R& Ul pf 24 Gen Theat Equip v 20% Gen W W&E A (2)., 22 Gerrard (S A) Co. Union Amer Inv. Un NG Can (11 Unfon Tobacco. ... . United Carbon pt (7) Utd Carr Fastnr 1.20 4 United Ch pt pf (3). United Corp w: United Dry Docl United Elec Ser. Unit El Ser pur United Gas Co. Unit L& P A (6 Utd Lt & Po pf (8 UnitedMilk Prod, a P A L L Willlams R C (1.40). Winter (Benj). “Y" Of] & Gi Yukon Gold Zonite Prod RIGHTS. % & Newport Co... 3 .01 Sierra Pacifie, . % . N % & Trans Corp.. Jan. 4 2126 26 .20 .20 Dividend rates in dollars based op Iast quarterly or semi- ent. '7&3 d_ 1Partly extra. tPly a Pa; “H'payatie 1o stock.’ d erfea stoce.™ REALESTATE MORTGAGE & GUARANTY CORPORATION Capital Resources $3,400.000 24 JACKSON PLACE PO OTOTO Py S o e s 20 8 S e TSSO T 12% Globe Underwrite: % Gold Cotn. 214 Golden Cen .18 Goldfield Co Gold Seal E} Strombg-Car 11.12%. 26 Stroock & Co (3) 2% Stuts Moter Ca 9% Sun In =3z B extrs In stoel Sevie e @ g