Evening Star Newspaper, December 12, 1929, Page 15

FINANCIAL. RETAILERS REPORT #¥3 15 FINANCIAL. NG STAR, WASHINGTON, D. C., 1929, seara e rie e | |SCHWAB AND AYRES Direst % The Star Offies THURSDAY, DECEMBER 12, SAVINGS DEPOSITS Corporation News NEW YORK, December 12.—Follow- ing is today's summary of important SREav-deE ration news prepared by Standard High. Low. Stock ana Sales— Dividend Rate. —Prev, 1929— High. Low. Stock and Dividend Rate. IN BEARISH ATTACK Leaders, Under Pressure, De- cline After Irregular Open- ing—Support Weak. BY JOHN A. CRONE. 8pecial Dispatch to The Star. NEW YORK, December 12 Opening irregularly the curb market improved today, only to vield further as some weak spots were uncovered. Electric Bond & Share, the specula- tive leader, opened down more than 2 points, recovered partially and then re- lapsed, showing at one time a loss of more than 3 points. Fox Theaters A, however, was one of the weakest spots in the list, yielding at one time nearly 4 points as Fox Film, over on the big board, met pressure. The oils, out of their recent lethergy. showed signs of climbing. This was especially true of Standard of Indiana and Standard of Kentucky. Cities Service was better after a weak opening. Seek “Air Pockets.” al traders tried to uncover hoping thereby to weaken Ite-United 5 Cent to §1 Stores was one of these, as it omitted 1ts preferred dividends. Sieberling Rub- ber, which omitted its common dividend, also vielded without much resistance. Prentice-Hall Inc., convertible partici- patine preferred sagged on a moderate volume of trading. Coppers, under the influence of No- vember statistics, which showed a gain in unrefined stocks, weakened. Inter- national stocks, mirroring the heaviness in London, which did not expect & rediscount rate cut at this time, like- wise declined. Market Thinner. Accompanying this profit-taking and short selling, aviation sh: recently whirled on prospective earnings and air nfail contracts, also spiraled lower. Some of the higher priced industrials, like Great Atlantic & Pacific Tea and Deere & Co., also met thinner market than in previous sessions. A block of 10,000 shares of Venezuelan Petroleum appeared at a fractional gain Cosden Oil spurted 4 points in brief | period. Motors lacked the buoyancy that, characterized dealings in them re- cently. BONDS ON THE CURB MARKET. DOMESTIC BONDS. Hizh. L bama Pow 4';5 '67 9434 Gomun Py €5 '49 10374 . 3 1 Am L 19 Appalach Pow 5 (S ATK E & LS 10l 17 Ohio Pow 2 Penn Doc % 18an Ant P. S 43 Shell Un O 55 49 48E Pet s A 20 rex ri ULl 8 179 . nt Am Inv '5s°A 480 ) S Rub 612530 . P & L'3s "50' ww 84 st News. Del 65 ° est Tex U 58 A FOREIGN BONDS. uen Air Br 7 152, 9814 FIRST FARM SECRETARY | UNDERWENT HEAVY FIRE! Jeremiah M. Rusk Secretary of Agriculture to fill & com- plete term, established the cabinet post under the heaviest fire, according 1o a story of the first official in Farm and Fireside. Rusk received his appoint~ ment in 1889 as the result of pressure by farm interests in Congress, but no duties were prescribed for him. As a result he was obliged to be both archi- tect and builder. “The metropolitan press had much mirth over the establishment of a who was the first says the article, and “Uncle in the President’s cabinet” was the favorite vaudeville skit of 40 years ago. The hilarity was great and the supporters few when Jerry Rusk became the first agricultural adviser to the President of the United States. | “The new Secretary found that his| department was the first branch of the Government_designed to increase the national wealth, The plans that he laid have not been changed materially to this day.” ‘Rusk waged a single-handed battle with Great Britain over the quarantine against American cattle, which was the outcome of a difference over the Amer- ican tariff on manufactured goods. Passing beyond the realms of diplomacy, Rusk finally won his battle, despite the antagonists of shirt-sleeve diplomacy. A number of Rusk’s predictions for the future of the farm industry have been borne out, one exception being his statement, “I do not expect to see any- thing revolutionary, like the control of rainfall, or the development of its twin absurdily, the flying machine.” As a boy Rusk drove a stagecoach in Ohio and was once challenged at a fair to a wrestling match by a canal towpath muleteer. Rusk broke three of the mule driver's ribs in the match. The muleteer was James A. Garfield, whom Rusk was to meet again in Con- gress and later in the White House, e Farmers of Rhodesla, South Africa, cre buying automobiles, L4 After | 31'% 901 5% 201 40% 161 15 14% 4315 247 110 62 80% 53914 1084 41 4714 9%y 299 8% 139 501 100 190 144 10% 11 17% 30% 42 45% 48% 20 324% 18 9 108% 92 30 102 67% 36 30% 111% 10 " 190 7 Aeronautical Indust. 1% Aeronautic Ind wai 5% Aero Sup Mfg. B. 145 Aero Underwriters. 65% Agfa Anscopf...... 17 Ainsworth Mfg 32%. 3 AirInvestorsvte... 11% AirInv, Incevpr.... 110 Ala & Grt Sou (17)..3 4% Allegheny Gas Cor) 2 Allled Aviation 35 Allied Int Inv pi 10% Allied Mills, Ine. 23 Allled Pow & Lt. .. 405 Allied Pwr&Lt pf(3) 71 ANP&LI1stpts 1 Allison Drug St A 146 Aluminum Co of Am. 103 Alu Coof Am pf(6).. 20 Alumin Goods (1.20) 31 AmArchCo (3)..... 16% Am Chain (3) 8 Am Cigar pf (6) % Am Cit P&L A (a3).. 10 AmCP&L B (b10%) 18 Am Com P A (330¢). 22 Am Com P B (130c).. 4% Am Cmwlith Po war., % AmControlOilFlds.. 11 19% Am Cyanam B ( 96 2 508 Am Equities. 5 25% Am For Pow 71 Am Gas&Elec (31 5% Am Invest Inc B Am Investors (w % Am Maracaibo. x Am Solvents Chem. Am Superpower (1). Am Superpow pf (6). Am Super 1st pf (6). Am Yvette (new)wl, 8 Anchor PostF (2)... 13% Anglo-Am vot 11 Anglo-Am n-v (73¢c) 15 Anglo Chil Nitrate. ., 11 Arizona Com (50c).. 3% Arkansas Nat G 613 Arkansas Nat Gas 3 Asso-Dyeing & Ptg. 514 Asso-Elec Ind Ltd. 5t Asso GRELA (12.40), 314 Asso GRE A deb rts. 315 Afe0 RAYON......eu 30 Asso Rayon pf (6)... 241 Atl Coast Fish (1.40) % Atlantic Lobos . 1 Atlantic Lobos pf... 24% Atlas Plywood n.... 301 Atlas Port Cem (2).. 74, Auto Voting Mach. ., 5% Aut V Mev prpt (2). 201 Aviation Corp of Am 12 Aviation Credit..... @ Bl LT -1~ JOP A = SO oy (ST 46% Bancomit Corp new.. 3 75 Baumann (L) pf (7). 4 5 Bellanca Atrcraft... 1 7% Bently Chn St(1.20). 4 1614 Bickford, Inc....... 28 Bickfor Inc pf (215). 30 Blaw-Knox Co (1).. 10 BlissCo (BW) (1).. o Blumenthal (S)..... 29% Blums, Inc. . 1 Blyn Shoes, nc . 644 Bohack (HC)(13%) 13% Brazil Tr& Lt (2)... 1% Bridgeport Machine, 10 BrillCorp A (1%)... 1'% Brill Corp B.. 14 Brillo Mfx (1.20. 26 Brit Am Tob B t 26% Brit Am To regt1.20. 4 BrCelanese Ltd rcts 55 Buckeye Pipe L (5). a4 Burco. Ine (war). 3 Burma Corp (t31c).. 14% Butler Bros (2). 4'x Bwana M Kubwa. 4 Cable Radio T vte... 3 Cab&WireLtdA rets 1'% Cab&WireLtdB rets. o e P A L L T -5 2215 Ceco MTE (234).000s 20 Celanese Cor 19% Cent & Southw Ut} 6% Cent Atlantic States 20 Cent PSv A (al.75). 12 Cen States El (340c). 44 Centrifug Pipe (60c) 11% Chain Stors Stk(b6). 21 CharisCorp (13).... 37% Ches & Ohfo (new).. 130 Cheesborough (15).. 20 Cities Service (330¢) 84 Citles Serv pf (6)..., 8114 Cit Serv BB pf (6) 50's Clev El 1llum (30c 10 Clev Tracotr (1.60. 3% Club Alum Uten 40 Colgate-FPal-P (2 4 ColonOll..... Columbija Synd 4 2 Comwlth & Sou war. 210% Comwth Edison (8). 93% Comwlth Pow pt (6) 12 Communtiy WatServ. 13% Consolidat Alrcraft.. 4 Consolidated Copper 12'4 Con Dairy Prod (12) 1 Con Gas, Balto(3.60) 2% Cona Instrument. 10 Cons Laundries..... 107 Con Retall Strs (1) 2443 Consol Royal (60c). 5 Consol Theaters 10 Continental Oil. 69 Cor&Rey pLA (6). 42 Cosden Oil.. 55 Cosden Oil pf. 5% Creole Petroleum 3, Cresson Cons (.08).. 17% Crocker Wheeler(n). 30 Crowley Milner (2).. % Crown Cent Petrol. 25 Cuneo Press. . 314 Curtiss Afrports vtc. 6 Curtiss Flying Serv., 2% Curtiss Wright war. 2 Cusi Mex Mining. 6% Darby Pet (1).. Drug Stor cfs. 5% De Forest Radlo. . ... 5% De Haviland (50¢c).. 4% DH A Ltdretn(60¢). 2 Derby Oll & Refin... b% Detroit Alrcralt Cor. 9 Dix Gas & Utilitles. . 14% Doehler Die Casting. 16 Douglas Afrcraft. ... 33 Dresser(SR) MA(3). 4 Dubelier Cond&Rad. 53 120 Duke Power (15). 3% Durant Motors. zz ducatnl Pic pf(8) Elsler Elec Corp.... b E] Bond & Sh (b6).. 11 100 El Bond & Sh pf (6). 15 kIl Pow Assoclate: 14 El Pow Associates A 10% El P& L opt war.... 941 EIP & L2d pr A (7). 4 El Sharehold (31).,. 45% El Sharehold pf (6). 81 Emp G F cum pf(7). 25% Empire Pwr Corp(2) 5 Emplre Steel Corp. . 14% Em.p Pub S.A(1.80) % Engineers Gold 4 Evans Wallow Lead. 3 Fabrics Finishing. .. 3 Fairchild Aviation, 68% Fajardo Sugar. 10 Falcon Lead.. % Fandango Corp. 20 Federated Metals(1) 18% Fiat Stk deb ris ret: 4% F 100 8 9 Foltis Fischer Corp. Ford Motor Can A. .. Ford Mot of France. 36 Fren Line B (2.54). 18% Garlock Pkg (1.20) 8% Gen Am Inve 70 Gen Am Inv pf 2% General Baking 208 25! 36 Am Lt & Trac (10).. 2508 2. 4 1174 Babcock& Wilcox 19. 100s 125 Bell Tel of Can (8)..125s 153 [ 12 167 28% 35t 23 8% 8519 34 29% 1% 13% 16'3 11 50x 1564 B4 1 4 9% 260% 3 101% 103 Sales— Add 00, Open. High. 7 4 13% 16% 614 8% 1% 19% 151 34 13 1541 5l 1 @ 1000 18% 9% 47 50% 20% 44 23% 34% 45 15 36 General Bak pf ( General Cable war Gen El Germ ret: 74 Gen B Ltd rets (50¢) 2914 10 Gen Fireproof (2) Gen Indus Alcohol. . 10% Gen Laundry Mach. 36% 19 80 12% .16 3 32 25 1% 23 16% 12 162 10 20 35 4 24% 115 1% 27% 14% 10 3% 3u 1% Ve 6 T4% 27 10 260 22 26 5 17 26 80 70 17 3 20 15 5 25% 28% 3 2 12% 40% 14% 6% 34 104 % 19t 28% 1% 30 8% Fe 63 2 124 ™ 2 28 40 103 3 20% 9% 5 32% 18 21 98Y% 8 45 1% 50 85 7 24 10% 20 29 2314 281% 10! 2 23 45'% 21, 2% 18 6014 2% 2 10% 20 1 17 1% 9 111 1% 2% 2 12 21% 1 10 5 5 61 115% 88 % 64l Bia 20% 10%% 24% 15% 1214 29 6 41 10 161 421y 98 % 28 * 2% 10 6% 81y A 1001y 22 124 60% 35 1 6l 29 11 5% 160 6 10% Tia 4% 1% 14% 12 65 4 184, 30 22% 10 18 2 45 3 144 139 9 25 10 3% 20 3% 42 6 10 1 Gilbert (A C) ( Gleaner Harv (1). Glen Alden Coal (10) Globe Underwriters. Goldfield Consol. ... Gold Seal Eln . Goldman Sachs (b6). Gorham Inc pf (3)..: Goth Knitbac Mach.. Graymur Corp. . Gram'ph'ne rcts 2.91, Greenfleld Tap&Di GrA&PTnv(5) Groc Stors Prod vte.. Ground Grip pf (3).. Guardn Fire Assn(2) Guardian [nve: Guenther Law (2) ..+ Gult Ollof Pa (1%). Happiness Candy. Haygart Corp....... Hazeltine Corp (1).. Hecla Mining (1).... Helena Rubenstein. . Hollinger Gold (60c) Homaokla Ol)....... Hormel(Geo) (1.50). Horn & Hard (2%).. Houston Gulf Gas... Hudson Bay M & S.. Humble OIl (2)... Hydro El Service(2). Hygrade Food Prod. IYinots P L (20)..... Imp O1l Can n (5 Ind Pipe Line (3). Indian Terr fllum. .. Ind Fin cfts (b10%). Insull UtiL. Inv...... Insull Util pf 5% Insull Ut In 24 pf InsCoN A (12%)... Insurance Sec (1.40) Intercontinent Pet n Intercoast Trad Co. . Intl Petrolm (62%¢) Internat Products. .. Intl Superpower ($1) Internatl Ut A(3%).. Internatl Ut B.. Internatl Util (war). Interstate Equittes. . Interst. Eq. cv-pt.(3) IrvAir C (2) (1.50).. Italian Superpow A.. Johnson Motor Co... Kansas G&E pf (7). . Kerr Lalke. .. 5 Klein, D. Emil. . Kletnert Co (214 ) . KKolster-Br (Am Sh). Lackawanna Sec(4). Lakey F & M (12.40) Land Co of Flo Lehman (The) Corp. Leonard 011 rner Store . bby McNell & L. Lily T Cup (150) ... Loews Inc deb rts. Loews Inc war. . Lone St Gas (80¢). Long Island Lt (40c) Long Isld Lt pf(7).. Loufsiana Lan & Ex. Mac Marr Stores. ... Magdalena Syndicat. Mapes Con Mg (3). Marconi Int M 621zc. Marine Mid Cp (1.20) Marlon Steam Shov. Mavis Bottling. ..... Memph Nat Gas Co.. Met & Min Inc (1.20. Met Chain Stores. . ... Mid West Util (b8%) Mid West Ut pf n(6) Mid Royalty cv pf 3. Mid Stl Prod (16.63). Midland Stl pf (n)... Midl United(b1% %) Moh H P 1stpt (1).. Mo-Kan P L (b5%). Mohawk Min (6) Montecatini deb rts.. Moore Drop Frg A. .. Morrison Elec (1)... Mount Prod (1.60 Nat Amer Co (2) Nat Fam Strs ¢ Nat Fuel Gas (1).... Nat Investors (new) Nat Pub Sv A (160), Nat Pub Serv B 1.60. Nat Sugar NJ (2)... Nat Tile (3) . Nat Transit (11%).. Nat Union Radio. ... Nauheim Phar pf. ... Nelson(Herman) (2). Nevada Cal Elec New Brad Oil (50 New Eng Fuel n., New Hav Clock t New Jer Zinc n(14).. New Mex & Ariz Ld. Newmont Min (14).., N Orleans Gr North. Newport Co (2). NY & Hond Ros t2% N ¥ Invest (1.20) N Y Invest (war). N Y Merchand 12%.. N Y Pet Royalty (1). NY Rio & B Air Inc., N Y Tel pf (6%). .. Niagara Hud P(40c). Niag Hud Pw A war. Niag Hud Pw B wa Niagara Shars b1-40, Niles Bement Pond Nipissing (20¢). Noranda Mines (3).. North Am Aviation. North Am Uti! See. . North Cen Tex (60c) North St Pow A (8). Novad Agene pf (7). Ohlo Copper. Ohto O1l (T2% . Ollstocks Ltd A 1500 Orange Crush (1.50). Outbd Mot A (1.80).. Pac G&El 1st pf 1%. Pac Tin Corp Spe(5). ac Western O Pantepee Oil. 5 Param C Mg (2.40). Parke Davis (11.40). Patterson Sargent. Penn Gas&IS1 A 1% .. Penn Ohio 12d(31%). Penn O Ed pr pf(7).. Pennroad Corp. . Peo L& P A (a2.40). Perfect Circle (2)... Pet Milk pf (7) Petrol Corp 1st Philip Morris Inc Philip Morris (A). Pick(A)B&Co pf 1 Pilot RT A (1.20). Pltney B P n(20¢)... Pitts& L (6 Plymouth Oil ( Polymet Mtz (31)... Powdrell&Alex 1474, Pratt&Lambert (15) Premier Gold (24c) . Prince & Whitely. .. Prince& Whitely of 3 Pron Silk H M (2)... Prudential Inv Pub Ut{l Hold war .. Pyrene Mg (80c)... Radio Products..... Rainbow Lum ProdA Rainbow Lum ProdB telter-Foster (40c). Rellable Stoes b1% .. Reliance Manag (4). Repetti Candy. ... Reynolds Bros Inc Reynolds Met (new) Rike Kumler........ Roan Antelope Min. . Rochester Cent Pow. Rockland L & P..... Ross Stores, Ine. Rubercid Co (4). St Anthony Gold St Regis Paper ( Safety C H&Ltg 112, Salt Creek Proa (2 Schiff (The) Co (2 Schulte Real Estate. Schulte Un 6e-$1 8t., Schulte-Utd Sts pf. . Schutter J Candy A. Seeman Bros (3).... Ser Lock & H (50c). Seiberling Rubb Selected Industr: Add 00. 56 ST A T RS R RN RS T 3 S H 1 17 ; N L =T 10, s =3 o L e L LT IS TOT TS SOTOITOPS-~ [ET Y o ¥4~V CTTOPA QIS SR PP EIIT » 5 - e e R 80 . 263 19 10734 2 |SEE BUSINESS GAIN Both Predict Improvement in Industry During 1930; Con- ditions Held Good. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 12.—Charles M. Schwab and Col. Leonard P. Ayres are two American business observers whose statements are followed closely. The Bethlehem Steel Corporation chairman sees no letdown in business for 1930. “Better management, remark- able earnings, plentiful credit”—are the factors that will do it. Steel production for this year will probably exceed by about 10 per cent the record for 1928. “Wealth is founded in the industries of the Nation, for while they are sound stocks may go up and stocks may go down, but the Nation will prosper,” says Mr. Schwab. Col. Ayres, Cleveland banker, thinks the first three months of business in 1930 will move slowly. The next three will show some improvement, but con- ditions will not be good. The third and fourth quarters, he believes, will usher in an improvement in general business with a gradual uptrend. Here is his summary: “The year 1930 promises a poor start and a good for business, more bond flotations and fewer bank mergers, more trust invest- ments and fewer investment trusts, re- newed speculation with decreased tribu- lation, reduced profit margins and fewer margin calls, neither so many shocks to the nervous system nor so many warn- ings by the Reserve system.” Dr. Thomas T. Read, professor of mining at Columbia University, makes the statement that the American work- ingman does from three to seven times as much work as the European—in fact, half of the total work of the world is done in the United States. Prof. Read has just made a complete study of the relative amout of work done in 15 leading countries of the world and his conclusions bear out the above statements. ‘The European impression that Amer- ican prosperity is due to the unlimited natural resources and an industrial sys- tem with magic power is not correct, according to Prof. Read. He contends that the American workmen can be em- ployed profitably at a daily rate about equal to the weekly wage of the European workman because the American work- man does three to seven times as much work. Of course, machinery is largely re- sponsible. The electrical age has ar- rived in America, comparatively speak- ing. In Europe, it has not. “Every per- son in the United States” says Prof. Read “has 35 invisible slaves working for him, and the most significant thing is that these 35 slaves do not consume anything, so that all the product is available for the ‘boss.” The American workman is not a wage slave, but a boss of ‘a’considerable force, whether he realizes it or not.” High wages, therefore, are a necessary result of the electrical machine age. Higher wages, too, will develop in Eu- Tope as more and more it puts under control the enormous unharnessed horsepower now available. So popular have “talkies” made in Hollywood become in foreign countries that many of the European countries to- day are concerned over the possibility of the English language supplanting their native languages in the larger theaters. This week, in the French Chamber of Deputies, Gaston Gerard opened fire on the American films, especially the “talkies,” on the ground that the great theaters of Paris now show only films, from which the Prench language has been banished. A check-up of the principal motion picture houses of Paris reveals that 15 of them are American, three or four are Russian or German in origin, and only one or two are French. American film companies are watch- ing the situation carefully. Most of the recent films sent abroad have been of the musical comedy variety, which re- quire a minimum of speaking-—mostly | singing. The handicap of the English language in foreign countries has, there- fore, been minimized. But in the fu- ture American film companies expect to produce local films wherever the " | countries themselves, within their own borders, are able to support them. Harvey A. Sweeter, American trade commissioner in Toronto, reports that more and more farmers are becoming interested in the use of electric power for lighting houses and stables, for cooking, washing and ironing, for grinding feed, filling silos and pumping water. In a word, the farmers of Ontarfo are shifting the drudgery of their work over to the “invisible slave— electricity." The next great electrical expansion in the United States will be on the farms. (Copyright, 1920, by North American News- baper Alliance.) GRAIN MARKET. CHICAGO, December 12 ().—In- fluenced by upturns in Liverpool quo: tations and by easing of the British bank rate, wheat scored early upturns in prices here today. Besides, an offi- cial estimate placed new wheat produc- tion in Australia at only 96,000,000 bushels, “compared with 160.000,000 bushels' a year ago. Starting % to 1 higher, Chicago wheat afterward made additional gains. Corn and oats werc also firmer, with corn opening s to % up and subsequently showing advances|said that yarn sales were below pro- all around. Provisions declined. SHOWING INCREASE Gain Indicated in Greater New York District Since November 30. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 12.—A can- vass of the savings banks in the Great- er New York district, as well as of those in outlying territory, indicates that deposits have been returning to these institutions qute freely since the end of November, but that it will take some time to regain the losses incurred by withdrawals to protect commitments in stocks and to buy stocks when the public considered them to have reached bargain levels in October and in No- vember, Figures available today for Novem- ber indicate that the net loss in New York territory during this month was approximately $22,000,000. This com= pares with the shrinkage in savings bank deposits in October of between $40,000,000 and $45,000,000. Some ot the big banks in these two months lost between $5,000,000 and $10,000,000. Steady Increase Shown. There was a steady drain up to the middle of November, with estimates of a total decrease in deposits in the six weeks between October and Novem- ber 15 as high as $75,000,000. With the replacing of deposits between No- vember 15 and the end of the month banks were able to regain about half of their maximum November losses. De- cember so far shows quite a steady in- crease among practically all of the prominent institutions. One of the significant features in connection with current deposits is tne recel‘pt of money by savings banks in the form of short-term investments. A bank officer said today that his insti- tution had this week received a por- tion of a large sum of money distributea among four banks by an individual who found that he could get a more at- tractive rate of interest in the savings bank than in short-term loans. Au the banks the earnings on his funas will be 4! per cent, while the best that he could do on short-term cor- poration paper of the quality he de- sired was well under 4 per cent. Not only are old depositors putting back money in the savings banks after having employed it in the market for se- curities, but the psychological effect of the widespread comment in losses in stocks has been to make persons of small means more conservative and to place their funds where they are al- ways available on demand and show no shrinkage and at the same time give an excellent yield to the depositor. Withdrawals General. Information from other metropolitan centers indicates that savings banks there also had heavy withdrawals dur- ing the period of stock market excite- ment. This was especially true of New England and the Middle West and to a considerable extent of the Pacific Coast. There is no doubt but that a large amount of money has been taken from the banks by small depositors in the last nine months and is permanently located in securities. Leaders among mutual savings bank executives beileve that more and more the function of this type of bank will be to receive the earnings and income of their clien- tele for short-term periods. As deposi- tors accumulate $1,000 or more they will make investments in securities that yield a higher rate than the savings bank can afford to pay and which rep- | resent a partnership in the better grade of American corporations. The report made by the American Bankers’ Association a short time ago | indicated that for the first time since | records have been kept there had been a decrease in the total savings accounts of American banks amounting to $195- 305,000 for the year ending June 29, 1929. It was specifically stated in this report that this decrease represented “a draining away of satings deposits” un- der “the lure of profits to be made in stocks.” Further Decrease Expected. In view of the even greater with- drawals in the second half of 1929 there is little doubt but that the next report covering the 12 months to the end of June, 1930, will show another substan- tial decrease in deposits, attributable to the same causes that affected the 1929 figures. NEW YORK COTTON. NEW YORK, December 12 (#).—Cot- ton opened steady at a decline of 2 points to an advance cf 1 point today | with the active months selling about 3 | to 4 points net lower right after the call under liquidation, together with some local and Southern selling. Offerings were promoted by the re- latively easy showing of Liverpool, but| appeared to be fairly well absorbed on the decline of 17.10 for January and 17.64 for May, after which prices| steadied on some trade buying and| covering. Prices held within a point or two of yesterday's closing figures at the end of the first half hour. Liverpool cables reported Manchester | and Bombay liquidation in that market, with offerings taken by covering and some buying on the reduction in the Bank of England discount rate, which is now 5 per cent. Manchester reported a limited business in cotton cloths and | stead of group freight rates has been Statistics Co., Inc,, New York, for the Associated Press. News Trend. A further flood of favorable divi- dend declarations overshadowed the day’s other corporate news develo] ments. Qutstanding step was the in- crease in Westinghouse Electric & Manufacturing dividend from $4 to $5 annually. The increase was ex- ceedingly conservative in_so much as full 1929 earnings were officially placed at $10 a share. Other important cor- porations, representing a wide range of industries, which took favorable ac- tion included National Cash Register, Cream of Wheat, L. S. Starrett, Luck- enheimer Co., Insui hares rpora- tion and Safety Car Heating & Lighting ‘The weekly steel trade journals again took & cheerful view on the otulook of the industry. Opinion was expresse that while further recession was likely to be witnessed before the first of the year, a turn for the better was antici- pated early in 1930. Ford Motor and several other large car manufacturers were expected to release large orders within a month, it was pointed out. The Bank of England announced a further reduction in its rediscount rate from 5% per cent to 5 per cent. Step appears to be partly a reflection of the improvement in the position of the bank itself and partly a reflection of lower rates prevailing in New York. The Companes. Commercial Credit contracts to finance installment sales of Stromberg- Carlson Manufacturing Co. Continental Bank & Trust York) merger with Fidelity Trust doned. Continental Shares, Inc., stock hold- ings published; owns huge block of stock in_Cliffs Corporation, Goodyear Tire & Rubber, Lehigh Coal & Navi- gation, Donner Steel and numerous Middle Western steel and utility en- terprises. Cream of Wheat declares initial quar- terly dividend of 50 cents and extra of 25 cents on common stock. Devoe & Reynolds declares regular dividend of 60 cents a share on class and B common shares; paid extras of 15 cents in previous quarters. Fairbanks Co. earned $1.65 a share in 10 months to October 31, against nothing a year ago. Federal Light & Traction abandons plan for creation of convertible de- bentures. Independent Pneumatic Tool declares extra of $1 and regular quarterly of $1 on common. Insuranshares Corporation (Dela- ware) declares initial dividend of 45 cents a share on class A stock; asset value of stock was equal to $15.18 per class A share on November 30. Intercoast Trading declares initial quarterly dividend of 25 cents. Lukenheimer Co. declares special div- idend of 25 cents a share on common; paid similar extra in July. McQuay Norris declares a stock divi- dend of 1 per cent in addition to reg- ular quarterly of 50 cents on common. Mellville Shoe November sales up 10.4 per cent; 11 months, 16.5 per cent above year ago. - National Cash Register declares extra of $1 a share on class A and B shares; also regular 75 cents quarterly on class A and $3 annully on class B; paid sim- ilar extra a year ago. Phillips Petroleum issues 58,787 com- mon shares in connection with purchase of 6 properties in midcontinent territory. Safety Car Heating & Lighting de- clares extra dividend of $2 and reg- ular quarterly of $2; paid similar extra in December, 1928. Schulte-United 5-cents-to-$1 stores passes the preferred dividend; last pay- ment was $1.75 on October 1. Seiberling Rubber earned 1 cent a common share in year ended October 31, against $1.26 year ago. Westinghouse Electric & Mfg. in- creases dividend on common and pre- ferred stocks from $4 to $5 annually. . Winton Engine earned $10.95 a share in 11 months to November 30, against $7.83 in entire 1928. (New aban- Commodity Notes Canned Peaches. SAN FRANCISCO, December 12.— Northern California’s eight-million-case canning cling peach pack, plus carry- over of two and a half million cases from 1928, has been 80 per cent dis- posed of, according to the Growers' Association manager. Growers received $12,500,000 for the 177,000-ton crop, compared with $6,420,000 for 321,000 tons in 1928. Sales thus far hold vir- tual assurance that there will be no carry-over to dispose of next season. Rubber. CANTON, Ohio.—The Triangle Tire & Rubber Co., long in the manufacture of tires and tubes, has been absorbed by the Triangle Tire & Rubber Co. Inc. Absorption of the parent company was negotiated for extension of operations to increase capital. Negotiations are under way for the absorption of the Rubber Ware Corporation of Toledo. Cotton. OKLAHOMA CITY.—Mileage in- asked for Oklahoma cotton growers to lower transportation on the staple from Oklahoma to the Gulf and other ports. The Interstate Commerce Commission examiner in his report asks that the change be made. Cotton men cstimate it will save thousands for Oklahoma farmers. Airplanes. NEW ORLEANS.—The Weddell-Wil- SUSTAINED SALES So-Called “Luxury” Buying Apparently Not Affected by Stock Slump. BY J. C. ROYLE. Special Dispatch to The Star. Merchants, wholesalers, manafactur- ers and producers of raw materials are guarding jealously against the psycho- logical trend which has shown signs of interfering with the purchase of so- called “luxuries.” The merchants feel assured that the fundamental conditions of business in America are strong. But they declare that this psychological trend, which has glven some evidence of its existence, is Just as dangerous to the volume of busi- ness to be transacted in the next three weeks or a month as though business conditions were really unsound. The distributors assert that they now realize how little they had to fear from the November slump despite the dire predictions at that time. They are in- forming their customers that they also have little to fear. They say that the trend, which has been summed up in the sentence, “Reach for a necessity in- stead of a luxury,” is a dangerous one for the buyer as well as for the seller. New Living Standard. One of the great merchants of the country declared today that “luxury” is & word the meaning of which is changing constantly, and that no au- thority should arrogate to itself the right or abllity to define it. He added that, so far as he knew, it could be best classified as something some one else had which others want and cannot af- ford. He added that the luxury of one man is the necessity of another and the luxuries of one decade are the necessi- ties of the next. He pointed out that commodities and services considered extreme luxuries by previous generations, such as watches, telephones, electric light, sanitary plum- ing, automobiles, radios, airplanes and others, have now become a necessary cvt of American life and that no one nows where to draw the line to sepa- rate luzuries from necessities. The chief arguments of the merchants, however, lie in the fact that the desire for and the purchase of luxuries form the great- est_stimulus that business can have. Government officials connected with both labor and production agree with this statement to a certain extent. They point out that if there was no desire for luxuries, the condition of busin would be almost stationary, while living conditions of the pogulluon in general would show little if any im- provement, Good Buying Reported. The jewelers, furriers and depart- ment stores handling the higher priced goods for the Christmas season report that the lines cited above have found a ready response. After the first na- tural hesitancy, buying of jewelry, watches, silverware, furs, silks,” velvets and high priced apparel has gone on at a level fully comparable to that of the last two years and better than most Christmas periods of the past. ‘The jewelry business is being helped out very materially by the change in fashions of setting” and cut. This has improved the sales of jeweled earrings, necklaces, pendants and combs. Dia- mond merchants_report that the ab- sorption of the blue-white carbons is liams Air Service Co. has purchased the equipment, landing fields and fran- chise of the Shreveport Airways, Ine of Shreveport, and will enlarge its fly- duction. ing operations to take in routes for- merly served by the Shreveport Co. Stock ana Sales— Dividend Rate —Prey 1929~ High. Low. L 21 Shenan Corp of (3).. 51 Sherwin-Willms(t4) 758 Sterra Pac Elec (2).. 2 4 Silica Gel ct..... Stlver (Isaac pf (1) Singer Mfg Co (126). 2 Singer Mf Ltd (30¢). Sisto F'in Corp. Sonora Produ So Am Gold & P So Penn Oil (2% So Col Pow A (2) Southern Corp. Southland Roy ( SWGasUtl....... Spanish & Gen Reg. Spanish&Gen rcts B. Stanl Meyer, Inc. Std Dredg ev pf (2).. Stand Ofl of Ind 12% Stand Oll, Kan 12%.. Stand Oil. Ky (12.20). St 01l of Ohlo (2%) Stand Pow & Lt. . St Pow & Lt pf (7). Starrett Corp.... Starrett Corp pf(6) Stein(A)& Co(1.60). SteinA&Cocu pf 6% . 4 Stein Cosmetics Inc. Stern Bros A (4).... Stetson (J B) (6%).. Strauss(Nathan)114 Strombg-Car 11.12%. 4 Stutz Motor Car... Sun Inv. i Superhea Swift & Co new (2 1% Swift & Co (8). 591 Taggart Corp (1) 108% Tampa Electric (12). 36 Taylor Milling (214) 10% Teck Hughes (60c).. 23 Texon Oll & Land... 38 19 Thermold Co (2). Third Nat Inv (1). Thomp Prod A 12.40. Thomp Star pf (334) Tish Realty & Con. .. Transamer n (11.60) Tran Con Alr Tran. Trans Alr Trans cf; ux D.L.P., S.(A). z - = 9 EETTT 2T P IO PRE DTS po &g 5 ® =P T AT T YL oy 149% Add 00. Open. H 99 50% Sel Indallot efs5%. 7 65l 65 Prev 1929~ High. Low. 10414 Divid 119% Tub Art Union A U S Finli U S Foll Us&in U S Rad Vacuum Vick Fin Worth, I 31 .01 Slerra Pac annual payment. *Ex-dividend. 1Py Stock and 454 Tri-Cont Allted. .... 57 Tri-Continental Cor. 25 Tri-Cont Corp pf (6) Triplez Safetv Gla TI'runz Pork Stores Ulen & Co...... Union Tobacco. . . Utd Carr F 4 United Ch pt pf (3).. United Corp war. United Dry Docks. United Elec Ser. United Gas Co. Unit L&P A (60c).. Utd Lt & Po pt (6).. United Molasses Ltd Unit Reproducers B. U S Gypsum (1.60).. 4 US Radiator (2).... Rubber Reclaim. United Stores....... Unit Verde Ext (4).. % & Trans Corp..... Dividend rates 1n dollars based oD last quarterly or semi- Sales— end Rate. Add 90. Open. Low. 2 601 ana Silk B (10). 30s mer Invest. r tnr 1.20 " o nshing (32). B(l).....0 P L T L L T T Sy [ S Sctf (2%4). ctfs (2) ] Util Power&Lt (31 Utility Equit Ofl (14%). . van Camp P pf(1%). Venezuela Pet (29¢). Corp. Walgreen Co. Walker (H) (1) 4 Walker Mining. Wwatson (J W) n Copp West Afr Exp (60c).. Willlams R C (1.40). neA.. Zonite Prod (1.60) RIGHTS. 1 & Newport Co. e, 5 % % % JJan. 4 237 20 20 .15 .16 ra. $Plus extra in stock. & Payadle in ock. tly cash or stock. bPayable In stock. d Parable in preferred st fully up to the level of previous years, while the demand for emeralds has never been better. The call for fur-trimmed coats and for fur-trimmings on dresses is even more apparent than a year ago, accord- ing to one of the leading manufacturing furriers. He points out also in sub- stantiation of the value of so-called luxury buying that in Louisiana alone 15,000 trappers are now engaged in the capture of fur-bearing animals. Be- tween seven and eight million skins, principally muskrat, probably will be taken before the season closes February 5, and will reach a value of eight or nine million dollars. Seven hundred buyers are engaged in the purehase of these skins. Several thousand furriers are engaged in the curing and dressing and tens of thousands of workers in the garment trades are fas them into women's apparel. Report Progress. Dealers in other kinds of commodi- ties selling at comparatively high grlm report equal success in combating buyer resistance. Silk stocking production in November exceeded that for November, 1928, by over 400,000 dozen pairs, De- spite all of the gloomy predictions about the automobile industry the lead- ing producers anticipate production in 1930 will be practically as heavy as in 1929 and few would be surprised to see the output of vehicles exceed 5,000,000 for the coming year. — CHICAGO DAIRY MARKET. CHICAGO, December 12 (#).—Butter weak; receipts, 5,649 tubs; creamery extras, 37: standards, 37; extra firsts, 36 to 36!%; firsts, 341, to 35; seconds, 33 to 33'2. Eggs steady; receipts, 1,457 cases; prices unchanged. o NEW YORK BANK STOCKS. Special Dispatch to The Star. NEW YORK, December. 12.— America Central National. ase .. Chat Phe; Chelsea Ex Gity ... Commerciai .. arr} ” Liberty ... Manhattan Co... Melrose . Seward Sterling Straus N n Benca Comm Ital Banc _Sicily. "~ of Norih” Amer. tates. Yesterday’s New York Stock and Bond Averages. From 5:30 Edition. By the Associated Press. 'WEDNESDAY, DECEMBER 11, rage ‘ago. 93.45; ag0, 96.92; two years ago, 99.67; thres vedrs ago. 96.30. Total bond sales (par value), $10,-