Evening Star Newspaper, December 13, 1929, Page 14

FINANCIALS STOCKS IRREGULAR FINANCIAL SPOTTY FINANCIAL | THE EVENING STAR, WASHINGTON, D. C., FRIDAY, DECEMBER 13, 1929. CUTLOOK 1S SEEN Head of Investment Bankers Expects Development of Bond Market. BY EDWARD C. STONE. Trowbridge Callaway, president of the Investment Bankers' Association of America, considers the financial out- look for the first half of 1930 as spotty, with gradual gains in bonds. He says: “The outlook for the next six months scems to vary in different parts of the country, with the larger centers antici- pating a gradual development of a mar- ket for bonds and investment stocks, provided that offerings are not made too rapidly or in too great a volume. General opinion seems to anticipate a reriod of moderate and stable interest rates, which should assist in the distri- bution of sound securities. “To the extent that issues of securi- ties may be desired for constructive and useful purposes, it is expected that the ! market will absorb them in sufficient volume to meet all reasonable require- ments. A word of caution is to be noted against stimulation of the issuance of securities or their prices other than such stimulation as may be caused by | the law of supply and demand. B “A survey covering the country indi- cates that investment bankers are ap- parently in_sound condition and weil able to render their particular services to Government and industry, and the members of the Investment Bankers' Association stand ready to co-operate to that end.” Bank Declares Two Dividends. At the regular monthly meeting of the board of directors of the Northeast Savings Bank the regular 4 per cent semi-annual dividend plus a 1 per cent extra dividend was declared, payable January 1, 1930, to stockholders of rec- ord December 20 This institution is closing one of the very best vears since its organization. Deposits have reached their peak dur- ing the year and earnings have been in excess of any previous period. The di- rectors voted a very substantial bonus to every employe of the bank, Vice President George F. Hoover reports. The directors of the McLachlen Bank- ing Corporation, at their monthly meet- ing yesterday, declared the regular semi-annual dividend of 3 per cent and an extra disbursement of 1 per cent, both payable on December 30. The di- rectors also voted a Christmas bonus for all employes, and it was announced that rapid progress is being made on the bank's new branch across from the Bu- reau of Engraving and Printing on Fourteenth street southwest. Southern Railway Votes Dividends. Southern Railway declared the regu- lar quarterly dividend of $2 on com- mon, payable February 1 to stock of record January 2 and the regular quar- terly dividend of $1.25 on the preferred, payable January 15 to stock of record December 26. ‘The statement of Seaboard Air Line Railway Co. as of June 30, 1929, shows total assets of $292,880,731, compared ‘with $292,723,124 on December 31, 1929, and profit #hd loss surplus $9,160,722 against $8,110,770. Current assets were $13,505.463 and current liabilities $12,- 303,865, as compared with $14,702.916 and $12,804,497, respectively, at end of 1928. The Shell Eastern Petroleum Prod- ucts, Inc., one of the operating units of the Royal Dutch Shell group, and which started expanding its business last Spring, has acquired the Penn Oil Co.’s 64 service stations and storage facilities in Washington. The trans- action, as noted elsewhere in today’s Star, marks the entrance of the Shell organization into the District of Co- lumbia. Local Bonds Are More Active. Trading in local bond issues featured today’s session of the Washington Stock Exchange. The market opened with Anacostia & Potomac Railroad guaran- teed 5s selling at 9012 and 91. Capital Traction 5s changed hands at 92%. Washington Gas 5s moved at 99% | and 99 ‘Washington Gas 6s, series A, registered two $500 sales at 102 and a smaller sale at 101. The Gas B bonds came out at 1023, on a smail turnover. Washington Railway & Electric 4s sold at 831:, later selling at 84. The final sale was in Railway & Electric 4s at 84. Stocks were rather quiet. One hundred shares of Federal American Co. common changed hands at 32. Commercial National Bank stock sold ex dividend, the regular and the $1 extra, at $255. The session closed with 50 shares of National Mortgage & In- vestment preferred selling at 4, a frac- tional gain over the last sale. Huge Gains in Insurance. For the seventh successive year all life insurance thrift records will be broken by the American people with the purchase of $19,800,000,000 new protec- tion during 1929, it was stated at the convention_of the Association of Life Insurance Presidents by Chairman John R. Hardin, president of the Mutual Benefit Life Insurance Co. of Newark. The amount of new life insurance purchased this year will show an in- crease of $1,100,000,000 over that pur- chased last year, he said. Total in- surance in force at the end of this year will be $103,600,000,000. “At the end of this year,” sald Mr. Hardin, “there will be 67,000,000 per- sons insured under policies in the Unit- ed States, more than one-half of our population. This has been an historic vear in life insurance, for in July the | total volume of insurance in force pass- | ed the $100.000,000,000 mark. “During 1929 there will be paid to policyholders and their beneficiaries ap- proximately $2.000,000,000. In 1900 these payments were only $169,000,000.” Gleaned in Financial Distriet. At the last quarterly meeting of the directors of the Security Storage Co. Corcoran Thom, president of the Amer- |, jcan Security & Trust Co., was elected a director, to succeed the late Charles | J. Bell. artners in Fastman, Dillon & Herbert B. Smithers of New York | Maurice H. Bent of Chicago— | sited Manager Arthur Foraker and the Washington office staff Wednesday. It Mr. Bent's first visit to the al. but he declared it would not | s last. okers' loans increased $33,000,000, £3,425,000,000, in the week ended | December 11; Federal Reserve system yatie. 71.6% per cent, against 715 per cent a week ago and 64.2 a year ago, Tne Christmas party of the Washing- ton Bank Women's Ciub will be held at the Huguenot on December 19 at 6 o'clock, with a dinner and special en- tertainment. ~ Mabel V. Royce, vice president, will preside. The Richmond Federal Reserve dis- trict subscribed for $24,839,000 of the new 3% per cent Treasury certificates and was allotted $13,659,000. The total amount allotted by the Treasury was $251,640,500. The largest subscription came from the New York reserve dis- trict and the second largest from San Francisco. The recently appointed national busi- survey executive committee in- cludes John G. Lonsdale, Thomas W. Lamont, Pierre S. du Pont and Lewis E. Pierson among the financial leaders named by Chairman Barnes. | 344 105 — 1929 Stock High. Low Dividend R 3614 Abitibi Power & Pap 69 Abitibi P& P pf(6). Abr: m Strs ‘Adams Express ctfs Adams Exp pf (5) Adams Millis (2)..., Advance Rumley. Advance Rumley pf. Afr Reductn (14%). 20% Alr Wal E1 Ap(23%4). =75% 85% Allis-Chalmers (3) 73~ 20% Amal Leather pf 42% 174 Amerada Corp (2 23% 3% Am Agricui Ch pf. .. Am Bank Note(ft3). 6% Am Beet Su; . 27 Am Bosch Magneto. . 40% Am Brake Shoe 2.40. 4% Am Brown Bov Elec. 86 Amer Can (15) 133% Am Can pt (7). . 75 Am Car & Fdy (6)... 110% Am Car&F pf (7)... 27 Am Chicle (12%). 20 Am Com Alco(c1.60) 18% Am Encaust Til (2). 23 Am European Se 50 Am & For Power 101'% Am&Forn Pwr pf(7) 86% Am&For Po 2d pt(7) 19% Am Hawailan SS (2) 40 Am Home Prod 4.20. 29 American Ice (3).... 29% Am Internat (32). 21 Am La F & Foamite. 90 Am Locomotive (8). 111% Am Loco pf (7)..... 142 Am Machine Co (17) 31% Am Metal (3). 1 Am Plano... 641 Am Pow & Lt (11) 72% Am P&L pf A st (5). 28 AmRa&StdSan1%. 101 1214 Am Republics....... 10 60 Am Roll Mill (¢2)... 54 21% Am Seating (2). A % Am Ship & Com. 62 Am Sm & Ref (4) 123% Am Sm & Ref nf (7 Am Snuff Co (1314).. 35% Am Steel Fdy (3)..., 40 Am Stores (1234)... 56 Am Sugar Rfg (5)... r: Am Sugar Rfg pf(7). 5 Yamnnanan o & o o aroanrBeScan~=32a 1. o -3 5 160 Am Tobacco B (110). 114% Am Tobacco pf (6) 50 Am Water Wiki Am Water W 18t(6). 5% Am Woolen..... 15'% Am Woolen pf. 28 Am Writ Papr pf (3) 7 Am Zinc LA&Sm 49% Am Zine pf (6) 70 Anaconda Copr ¢ 49% Anaconda W&C (3 25 Anchor Cap (2.40) 185 Archer-Dan-M (2) 75 Armour Del pf (7) 5% Armour Il (A). 3% Austin Nichols...... 20 5% Aviation Corp. Del.. 66% 15 Baldwin Loco (1.75). 1454 105 Baltimore & Ohio (1) 90% 55 Bang & Aroos (3%).. 49% 20 Barnsdall (12%).... 32% 15 BeaconOll.... 131 7315 Beatrice Cream (4).. 10615 100 B'trice Creamf (1). 17% 5% Belding-Heminway.. 844 75 Belg Nat Rys pf 6.49 104% 25 Bendix Aviation (2). 140% 78% Bethlehem Steel (§). 423 128 116% Bethlehem St pf (7). 36% 37 Bohn Alumn&B (15). (5) Brown Shoe Co (3).. 16% Bruns-Balk-Col(3).. 4}y Bru r & Ry S. 14 Bucyrus Erfe (1). 26'% Bucyrusev pf (214) 9 Budd (EG} (t%). 91 Budd Wheel (1). 25 Bullard Co (12)....0 21% Bulova Watch (3)... 83 Burns Bros A (8). 22% Burns Bros B... . 3 29 Burroughs AM(1180 69 2 Butte Cop&Z (50c). 25 19% Butterick Co STt 50 Byers (A M). . 152 20 By-Prod Cok .- 25 63% Calif Packing (4)... 1 CallahanZinc&L... 2 73% Calumet & Ariz (10). 3 25 Calumet & Hec (4%) 24 45 CanadaDry GA (5). 11 189% Canadian Pac (10)... 22 28% Cannon Mills (2.80) 17 Capital Adm (A).... 130 Case (J I} (6)....... Caterpillar Trac (3). Cent Aguirre As 1%. 271 Cent Alloy Steel (2). 240 Cent RR of NJ (112), 524 Cerro de Pasco (6).. 11% Certain-teed Prod... 18 Checker Cab (4.20).. 160 Ches & Ohio (10). 42% Chesapeake Corp 4 Chi&Alton. 7 ChiGreat W 17% Chi Great Westn p 16 Chi Mil St P&Pac... 28% Chi M1) 8t P&Pao of. 75 Chicago & N W (5). 134 Chi& N W pt (7). 21% Chi Pi TOo0kesseesr 47 ChiPneuTpf (3%). 101 ChiR1&Pac (7).... 94% Chi R1& Pacpf (6). 100 ChiRI&Pacpf (7). 27% Chickasha CO1l (3).) 39% City Ice & F' (3.60. 7% City Stores (1)...... 25 Clark Equipment (3) 354 Cluett Peabody (5)« 164% 101 Coca-Cola (4). 50% 44% Coca Cola A T2 78% 135 140 109 99% Col Gas & El pf A 130 42% Col Gas&E rets ptpd. 8% 164 Columb Graph(87c). 1000 Columblan Carb(16). 121 62% 18 Com Credit «2)... 1 2% Comm Credit A (3). 28 Coml Inv Tr (g1.60). 10 Com Inv Trst war. 20% Comm Solvents (1).. 405 10 Commé&So(bb%stk). 293 11 Congoleum-Nairn. 73 Consol Cigar (7).... Consol Film (3)... 15% Consol Film pf (3). 8014 Consol Gas, NY (4) 2 4% Contl Baking B Contl Baking of (8. 40% Contl Can (2%) 20% Contl Dia Fibei 46% Contl Insuran 615 Contl Motors (80, Contl Ol of Del. 331 110% 28% 4T 18 The protective committee of the Dis- trict Bankers’ Association has been considering the advisability of having all depositors call at their banks for the monthly statements. Mailing the statements to customers has proved so satisfactory, however, that no change is probable at this time. Clearing House Statement. NEW YORK, December 13 Ciearing house statement: Exchanges, $1,226,000,000; balances, $159,000,000, S v w1132 100 45% 41 Continental Shares. . 126% 70 Corn Prod Refin (14) 8244 20% Coty Ino (£2) 24 Cream of Wht (12%) 57% 18 Crex Carpet........ 125 17 Crossley Radio (31). 3% Cuba Cane Sugar 2% Cuba Cane Sugar b 67% 36 8 Curtis Publish (+7).. 2113 118 112% Curtis Publish pf(7) 80% 7% Curtiss Wright Cerp, 369 & 4T 45% 9% i 114 112 2 116'% 116! % T97% 100% 6 9% 344 9% 3 121% 49 L 20% 69 34% 4 113 111 116Y% 1161 i 8 ~Prev 1 High. Low. 377% 121% 126% 694 226 169% % 385 114% 25514 110 82l 14 58 63 21% Stock and Dividend Rate. Curt Wright Corp A. Cutler-Ham (3%). Cuyamel Fruit. Davison Chem. Delaware & Hud (9). Del Lack & W (17).. Denv& RG W pof.... Detroit Edison (8).., Devne & Ray A (13). Dominion Strs(1.30) Drug Corpn (4) Dupont 4 N deb (8) tn Roll Mill(ht2). Eastman Kodak(18). Eaton Axle & S (3).. Eftingon-Sch (234) Eitingon pf (6% Elec Auto Lite ¢ Electric Boat. El Pwr & Lt (1) Endicott-John (5), Eng Pub Serv (1 i Eng Pub Svo of(5%) Equitable Bldg(33 ) Cl (0. Evans Auto L(32%). % Fairbanks Co. Fairbanks Morse (3) Fash Pk Asso(k2%). Fash Pk Asso pf (7). Fed Motor Tr (80¢) .. Fed Watr Ser A 2. F1 Phen F Ins (2) Filene’s Son Firestone T Firestone T&R p! First Nat Strs (2%) Fisk Rubber. . Foster Whee Foundation Co. Fox Film A (4). Freeport-Texas (4). Gabriel Snub A. ..., Gamewell Co (& 4 Gardner Motor. Gen Am Tnk Car($4) Gen Asphalt (4). Gen Bronze (2). Gen Electric (new).. Gen'l Food Corpn (3) Gen Gas&FEl A (fe2). Gen Mills (13% Gen Motors (13.60) Gen Motors deb (6).. Gen Motors pf (6). Gen Motors pf (7) Gen Outd Adv A (4). Gen Outd Ad vte (2). Gen Public Serv(bs) Gen Ry Signal (5)... Gen Refrac (14%).. Glllette Baf Raz(ch, Goodyear Tire (5). .. Goodyear 1st pf (7).. Gotham Silk H (2%) Gould Coupl: Graham-Pai, Graham-Paigect.... Granby Copper (8). Grand Silver Stors Grand Union. .. Granite City St] (4).. Grant (W T) (el). Grt North pf (5). Grt North pf et (5) Grt Nor Ore (a1% ) Grt West Sug (2.80). Grigsby Grunow (2) Gulf Mo & North. Gulf Sta Steel (4) Hahn Dept Store: Hahn Dept S pf(6%) Hall Printing(t1%). Hartman'B (1.20)... Hayes Bodv b3 % stk Helme (G W) (19)... Hercules Mot (1.80).. Hershey Chocolat Hershey Choc pf Hoe (R) & Co. Holland Furn Houdaille Her B(2).. Houston O1l.. Howe Sound ( Hud&Man Ry (3.50). Hudson Motor (5). Hupp Motor (£3). Illinols Central (7).. Independ O11 & G (3) I[ndian Refining. . i Indlan Refining ct.. Industrial Rayon. . Ingersoll-Rand t7 2% Inland Steel (3%) Inspiration (4) ul Interboro Rap Tran. Inti Cmb Eng pf (7).. intl Harvester (334). Intl Harv pf (7). Int Hydro E1 A (e2). Intl Mateh pf (3.20).. Int Mer Marine etf; Int Nickel of Can(1). Intl Pap & P A(2.40). Intl Pap & Pwr B, Intl Pap & Pwr C Intl Pap & Pwr pf(7) InItl Rys Cnt A ct. Intl Shoe Co (3). Int Tel & Teleg (2 Inter Dept St (2) Investors Equity Jewel Tea (4) . Johns-Manville (3).. Kan City Sou (§) Kan City Sou pf (4).. Karstadt (Rud.) Ine. Kelly-Spri K Ha; Kraft Ph Ch (1%). Kresge(SS)Co(1.60) Kress (SH)Co (n1). Kreugerd Toll(1.34) 4 Kroger Gr&Bak(cl). Lambhert Co (8) Ligpett & My B (15). Liggett & My of (7). Lima Locomotive. 7% Link Belt (2.60). 0 554 27% 9 Carbonic (+44). Ine (+3%).. Loose- Wiles (2.60) Corillard (P) Co. ... Lorillard (P) pf (7). Loutsiana OIl. . . LouG & E1A (1%).. Ludlum Steel (3).... Mac A & Forb(12.85) McKeespt TP t4%.. McKesson'& Rob (3) McKes & Rb pf(3%). MeLellan Strs A 2.20 Mack Trucks (6).... Macy(RH)&Co(et3) Magma Copper (8).. Mallinson & Co. .cvs Manat! Sugar pf..... Mandel Brothers.... Man Elec Supply.... Man Elev mod (d5).. Man Shirt (2)....... Market St Ry pr pt. . Marlin-Rockwell (16) Marmon Motor (4) Martin-Parry. thieson Alk (e2).. May Dept Stors(e3). Maytag Co (12). Maytaz Co pf « Melville Shoe (1.40). Mengel Company (3) Metro Gold pf (1.89). Miller Rubber....... Minn Moline Pwr. Minn Moline pf 6%.. Mo Kan & Texas Sales— Add 00. nll:h, 65 = 2 12 sl L R e Puvnowae » S o PO RN N DBD BN D N NE DA R ) = 121 s = NERARE R BB A RE— X 9 “AKH_ARBK“)- & ~Prev 1920— Stock and Sales— Dividend Rate. Add 00. High. Low Close. 901, 4 46 Missour! Pacific..... 49 105 Missouri Pac of (5). 14 35 Mohawk C Mills (3). 4 47 MonsantoCh (£1%). 49% Montgomry Ward(3) 1’3 Moon Motor (new).. 114 Mother Lode (40c) Motor Meter G & Motor Products t1 Motor Wheel (3).... Mullins Mfg.....00s Munsingwear (1234) Murraay Corp (k3).. Myer(FE)& Bro (2). ©e Nat Biscuit (17%).. Natl Biscuit pf (7).. NatlCash R (A) (5). Nat Dairy (32) - t! Dept Stor: - NatlEnameling (2).. Natl Lead (6)... Natl Pwr & Lt (1)... 2 Natl Radiator. . 4 Natl Radiator pf.... Natl Rys Mex 2d pf.. Natl Supply (7) Natl Surety (5). Nat Tea Co (2)... Nelsner Brothers. 2 55 A - atanunnBamaRiomal e 3R iclumannRan= S A » N Y Alr Brake (3)... N Y Central (8) N YChi&StL (6) N Y Chi & St L pf(6) NY NH & Hart (6).. N Y Ont & West. N Y Raflways pf. Norfolk Southern. .. Norfolk&Wstn (112). North Am(b10%stk) North Am pf (3) North Am Ed pf (¢ Northern Pac (5).. North Pac ct (5) Nor Ger Lloyd(3.41). P o p.. Olivr Fr Ep ev nt(3 Otis Elevator (18) Otis Steel (234)..... Owens 111 Bottle(c4) Pacific Gas& E (2).. Pacific Lighting (3). Pacific Oil stubs..... Packard Mot (11.10). Pan-Am Petroleum. . -Am Pet Panhandle Paramount-F-L, (3 Park & Tilford (3. Park Utah. Parmelee Tran: Pathe Exchang Pathe Exchange A Patino Mines (3.89). Penick & Ford (25¢c Penney (J C). - Penn Dixie Cement. . Pennsylvania RR(4) Pere Marq pf (5).... Pet Milk (1%) Phelps Dodge (3). Phila & Read C& I. Philip Morris (1). Phillips Petrlm (c: Plerce-Arrow Pierce Oil. Plerce Ol p Pierce Petroleum. ... Eilbury R1iti s ©r o narRaBtenitenanaanSonJean Pittsbgh Screw Pltts & W Va (6).... Poor & Co (B) (2)... P Rican Am To (B).. Prairie O&G (12%).. Prairie Pipe L (15).. Pressed Steel Car. .., Pressed Stl C pf (7). Proc & Gamble (2).. Pub Serv of NJ(3.40) Pub Sve NJ pt (8. Pub Sve NJ pf (7) Pub Svo E&G pf (6 Pullman Corp (4).... Pure Ofl (1%) . Purity Bakerles (4) Radio Corp. . Radio pt A (3%4) Radio pf B (5)...... Radio-Kelth-Orph A. Rallway & Exp (3).. Raybestos-Man(2%) e N T Reynolds Tob B (3). Richfleld O11 (3)..... Rio Grande O11 (k2). Rossia Ins (320). Royal Dutch (23.20). Safeway Stores (5).. t Joseph Lead (13). Seaboard Air Line of Sears Rosbck (12%). Sharon Steel H (1)... Sharp & Dohme. ... Sharp & Do pf (3% ). Shattuck (F Q) (1).. Simmons Co (g3)... Stmms Pet (1.60). . Sinclair Con Ol (2) Solvay Am Inpf 6%. So Porto R Sug 12%. Southern Cal Ea (2). Wall Street Briefs By the Associated Press. Andrew W. Robertson, chairman of the board of the Westinghouse Electric & Manufacturing Co., stated that the company’s capital expenditure program for 1930 will exceed $10,000,000. Busi- ness of the company, he said, experi- enced a moderate let-down in November, as compared with the same month last year, but picked up in the first 10 days of this month. Employes now number 53,000, compared with 47,000 a year ago, and the annual pay roll approxi- mates $100,000,000, or nearly 50 per cent of the net profits. The new electric refrigerator to be brought out by the company will enter production on commercial scale, January 1. Plans of the Ohio Oil Co. to acquire the Illinois Pipe Line Co. were made public today in the announcement that a special stockholders’ meeting had been called for December 30, to vote on a proposal to create 600,000 shares of 6 per cent $100 par cumulative pre- ferred stock. This new stock will be offered to holders of Tilinois Pipe Line stock on the basis of three shares for one. Structural steel awards for the past week totaled about 35,000 tons, as against 12,000 tons in the preceding week. Inquiries were less than in the week before, amounting to around 34,000 tons, compared with 47,000. Reports of progress in the general movement for restriction of tin output the chief producing centers of the M4 have contributed to an upturn in Price of tin on the London Metal change this week, according to cable advices received by members of the metal trade here today. Rights to subscribe to 1,000,000 shares of Transamerica Corporation stock have been extended to March 1, 1930, from January 4. New equipment orders recently placed | by the Canadian National Railways in- clude 120,000 tons of rails and acces- sories, 4,425 box cars. 25 tank cars and 200 cars, ~Prev 1929— 821 89% 83% 2! 135% 105 43% 109 gacagaqadac nRuanenn Wi 0 AM.,. EEih ol 1/35 of & share HANGE | X ana 3 Dividend Rate, _ Add 00, High. Low. Close. Close. % Southern Dairfes B.. 1 4% Southern Pacific (§). 22 Southern Rwy (8). 2] 5 135 135 93 Southern Ry pf(5). 100 100 74 SouRy M &Oct (4). Spalding (AG) (3). Sparks Withngtn(1). Spencer Kelg(1.60) Splegel- Stand Brands (1%).. L 28 Stand Com Tob (1).. 8% Stand Gas & El (334) 2 114 Stand G & E pf (4)... 5 5 65 Std Ofl of Cal (h214) Stand O1INJ (12). .. Stand Ol N Y (1.60; Stand Piate Gla: Sterling Sec A’ 4 Sterling Sec pf(1.; Sterling Sec cv pf(3) Stewart Warn(j3%). Stone & Webster (2) Studebaker (35). Superior Ofl. . Superior Steel Symington. .. Symington A. Telautograph t1 Tenn Cop & Ch (1 Texas Corp (3). Tex Gulf Sul (4 Virginia-Car 6% D! Wabasn ceeen Waldorf Systm (1%) Walworth Co (2) a Ward Baking pf (7). Warner Bros Pic (4) ‘Warn Br P pf(2.20).. Warner-Quinlan (2). Warren Bros (12)... Warren Fy&Pipe(3). zcn Oll & Snow(2). 4% A% 4% 120% 123 122% 136 100 901% 90 3% 374 22 23% 18% 19 24% 24% 23% 40% 40% 901% May-St (3).. 62 644 The Fair (2.40) Third Avenu Tide Water Tide Wat Asso pf(6) Tide Water Ofl pf(5) Timkn Det Axle 1800 Timken Roller (3).. Tobacco Products. .. Tobacco Products A. Transcontinental Oil Transue & W (1) Trico Prod (2%). Truax Traer (1.60) Truscon Stl (£1.20) Und Elliod Fishr (5) Union Carbide(2.60). Un Ofl of Cal (12). Union Pacifie (10)... Union Pacific ptr(4).. Union Tank Car(5) Utd Afrcraft&Tran: Utd Afrcraft&T pf 3. Utd Biscuit (1.60). Utd Biscult pf (7)... Utd Carbon (2) 8 Ind Alco (8). Leather A (4). Pipe & Fdry (2). w i Rubber 1st melt Ref (3% Ste Util Pwr & Lt A (a3} Vanadium (t4) king B. . o @ n % raSernalaBalonans ans 3 Westinghse E&M (5) Weston El Inst (1).. White Motors (2)... WhiteRock M S (t4) White Sewing Mach.. Wilcox Rich B (c2).. Willys-Over (c1.20).. Wilson & Co A. Woolworth (2.49). Worthington Pump. Yellow Truck & C. Young Spring (3). Zenith Radlo (2) RIGHTS EXPIREB Allis-Chal, n.Dec. 31 Am Rollg M..Feb 15 Col. Carbon. . Mar. 11 - Det Edison. N Y Central..Jan31 224 Penn R Utd Gas Im..Dec 31 270 Sales of Stocks on New York Exchange. «Dec. 23 .Jan15 261 172,700 12:00 Noon 103,400 Plus 43 in 50 fepula’ e. When” earnea, Pl in st jus Yin®a share in stock: o i rtock. Commodity Notes ' oil. ‘TULSA, Okla., December 13.—A total of 389 new oil wells were completed in Oklahoma the past month with 891 more drilling. Production of lead and zinc mines in Northeastern, Oklahoma was unchecked, showing a light increase despite a reduction in the price of the ore. Sugar. NEW ORLEANS. — The outlook for the sugar crop of this State has been greatly reduced by recent freezing weather, according to a survey made by Dr. Arthur H. Ronsefeld of the American Sugar Cane League. Only about half of the expected bumper crop had been harvested when this| freeze came. About 125,000 tons of sugar have been made so far. Steel. ALLIANCE, Ohio.—The new $100,000 plant of the Alllance Drop Forge Co. will be ready for occupancy in two weeks. The company was recently or- ganized and the new plant will give employment to several hundred men. Retail Trade. ATLANTA. — Holiday shoppers are thronging downtown ~retail _districts, spending their usual quotas. Very little difference in volume of trade in this and former years is noticeable. Auto- mobiles are moving a little slower than last Christmas, alt#ugh dealers in me- dium-priced makes report fair sales of gift cars. Grain. FORT WORTH.—After a slow start, Winter grain acreage in Texas and Oklahoma is improving. Needed mois- ture has fallen and cold has not been intense enough to kill roots. Texas wheat acreage will show a gain over last year. Sales of new land in Texas Panhandle and Texas Plains country will total 675,000 acres since January 1 l:\d much of it has gone intc Winter grains, A full rivals the grown walrus o bwk, Corporation NEW YORK, December 13.—The fol- lowing is today’s summary of important corporation news prepared by Standard Statistics Co., Inc.,” New York, for the Associated Press: News Trend. ‘The railroads are continuing to be large purchasers of equipment, several substantial orders being placed in thc | past day. Business was well distributed with American Car & Foundry, General American Tank Car, Canadian Car & Foundry and several other American and Canadian manufacturers receiving placements. Outlook for the equipment industry appears favorable, as railroads are undoubtedly following a more lib- eral policy toward equipment purchases than for some time. The November statistics of the ce- ment industry were unfavorable, with production again running well in excess of shipments. During the month the industry produced 14,033,000 barrels and shipped 11,205,000 barrels, resulting in an increase in stocks to 18,213,000 barrels on November 30. This industry is looking forward to better earnings in 1930, on belief that the Hoover pro- gram will increase demand and that the price increase can be maintained. The Companies. Aviation Corporation of Delaware had loss of $335,389 in quarter ended Sep-|No. 17, per tol tember 30. Chicago, Indianapolis & Louisville Railroad declares extra dividend of $1 and regular semi-annual of $2.50 on common stock. Cleveland Electric Illuminating de- clares dividend of 40 cents on common, same as paid on October 1. Commonwealth & Southern Novem- ber output up 1.2 per cent; 10 months, 10.8 per cent above year ago. Cuban American Sugar earned 65| cents a share in year ended Septem- ber 30 against nothu;r a year ago. Dubilier Condenser signs license agree- | ment with Western Electric and Ameri- can Telephone, whereby it receives a substantial amount in cash and 5 per 1y OR DAV Sals. " IN AGTIVE MARKET Price Changes Are Rapid as Opposing Forces Struggle for Control. BY STANLEY W. PRENOSIL. Associated Press Financial Editor. NEW YORK, December 13.—Friday the 13th provided plenty of thrills for both “bull” and “bear” traders on the New York Stock Exchange today as prices swung up and down in erratic fashion. The market opened irregular, rallied spectacularly before the end of the first hour, broke sharply before mid- day, rallied and then turned heavy again in the early afternoon when most stocks were selling below yesterday's final quotations. . The wild gyrations apparently re- flected the struggle for control of the price movement between opposing speculative forces, and was not directly associated with any development in the day's news. However, the increase in Federal Reserve brokers’ loans, addi- tional shipments of gold to Europe and the publication of disappointing ce- ment statistics tended to keep invest- ment buying in check, and discouraged any extensive public’ participation in the market. Tax Selling. ‘Wall Street also was of the belief that some of today's selling was prompted by the necessity of raising proceeds to pay the last quarterly installment of the Federal income tax, which becomes due today. In some quarters the in- crease in brokers’ loans was construed as the return of a weak speculative fol- lowing into the market. “Bear” traders, who sold stocks heav= ily in the last hour of trading yester- day and resumed their selling in some of the specialties at the opening, were driven to cover by the appearance of strong buying support soon after the opening, with the result that a long line of issues was carried up 2 to 13 points. The rapidity of the advance, however, brought forth heavy offerings of stock, ‘and_when prices started to go down again -the “bears” resumed their attacks. Changes Are Rapid. General Electric advanced 4'; points to 236! and reacted to 220%z, A. M. Byers soared 13 points to 96 and dropped to 83, J. I. Case jumped 13 points to 200 and fell back to 187%5, Columbian Carbon advanced 9 to 179 and slipped to 161, Standard Gas & Electric was marked up 83; to 1223, and tumbled to 112} and United States Steel common climbed 5!, to 172 and dropped to 164, but all made brisk re- coveries from the low levels in the early afternoon buying movement. Meanwhile, Jersey Central dropped 49 points to 251 on a few sales, and Midland _ Steel Products preferred, Brooklyn Union Gas, Atlas Powder, Otis Elevator, Detroit Edison and Fox Film sold 5 to 13 points below last night’s closing quotations, the last named touching a new 1929 low at 34. ‘The market turned upward decisively in the last hour and several important shares registered large advances. Auburn Auto rose 10 points above the previous close, Western Union 92, Pullman 7%, Sears Roebuck 5, Radio 4%, and Beth- lehem Steel and Public Service of New Jersey 3!;. Prices generally did not recover to the high figures of the fore- noon, but the rallies from the day's low levels were substantial, Electric rising 14 points. Final deal- ings saw fresh selling in spots. The close was irregular, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., December 18— Potatoes, white, barrel, 1.50a4.00; 100 pounds, 1.75a2.00; sweet potatoes, barrel, 1.50a2.75; yams, barrel, 1.50a2.25; beets, 100, 4.00a5.00; Brussels sprouts, quart, 10a25; beans, hamper, 1.50a3.00; cab- bage, hamper, 30a35; carrots, 100, 4.00a 5.00; cauliflower, crate, 2.25a2.50; celers, crate, 2.50a4.00; eggplants, crate, 1.25a 3.00; lettuce, basket, 2.00a2.50; kale, bushel, 30a40; onions, 100 pounds, 1.50a 1.75; peppers, crate, 4.00a8.00; parsnips, basket, 50a65; pumpkins, 100, 5.00a 15.00; spinach, bushel, 25a50; squash, crate, 1.50a3.00; tomatoes, crate, 4.00a 5.00; turnips, hamper, 25a35; apples, bushel, 75a2.25; cranberries, box, 3.00a 4.50; grapefruit, box, 3.2525.00; oranges, box, 2.10a4.00. Dairy Market. Poultry, alive—Turkeys, pound, 26a28; old toms, 20a23; Spring chickens, 22a26; Leghorns, 21a22; old hens, 22a28; Leg- horns, 18a20; poor and thin, 17a18; old roosters, 18a20; ducks, 16a23; geese, 16a22; guinea fowls, each, 40a60; pigeons, pair, 25. Eggs—Receipts, 314 cases; native and nearby firsts, 50a52: pullets, 40a45; hennery whites, firsts, dozen, 53a54; current receipts, 43a45; culls and dirty eggs, 25a30. Butter—Good and fancy creamery, pound, 41a46; ladles, 35a36; store pack- ed, 21; rolls, 31a32; process, 38a39. Live Stock Market. Cattle—Receipts, 11 head; moderate supply, market steady. Steers—Good to choice, 12.00a12.25; medium to good, 11.00a12.00; fair to medium, 10.00a11.00; plain to fair, §.00 a10.00; common to plain, 8.00a9.00. Bulls—Good to choice, , 5.00a( s—Good to choice, 8.5029. medium to good, 7.50a8.25; fair to me- dium, 6.75a8.25; plain to fair, 5.50a 6.50; common to plain, 4.00a5.0t Helifes to choice. 10.50a11.00; medium to good, 9.00a10.00; fair to medium, 8.0029.00; plain to fair, 7.00a 8.00; common to plain, 6.00a7.00. Fresh cows and Springers, 60a1.50. Sheep and lambs—Receipts, 100 head: light supply, market steady; sheep, 2.00 a6.00; Jambs, 6.50a13.75. ‘Hogs—Receipts, 1,000 head; moderate supply, market higher; lights, 9.90a 0.15; heavies, 10.00a10.25; medium, 10.00a10.25; roughs. 7.00a9.20; light pigs, 9.4029.60; pigs, 9.60a9.85. Calves—Receipts, 100 head; light sup- | ply, market lower; calves, 7.00a16.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter spot, 1.24: No. 2 red Winter, garlicky, spot, 1.2214; December, 1.221:; January, 1.24%; No. 3, garlicky, no quotations. Corn—No. 2 domestic, .06; cob corn, new, 4.60a4.75. Oats—No. 2 white domesirs 10!. 56a 5612: No. white domestic, spot, 55. Rye—Nearby, 90a1.00. Hay—Receipts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough uj which to establish quotations by grades. Where in good order nmew hay sells at from 14.00 to 17.00 per ton, according to its quality and condition, receipts by trucks taking care of most requirements. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00a10.00; oat straw, 9.00a10.00. veflow, new, | WESTERN MARYLAND RWY. BALTIMORE, December 13 (Special). —December opened auspiciously for the Western Maryland Railway, estimated earnings just issued reveal. Receipts for the first week were $368,983, an in- crease of $14,508, or 4 per cent. Coal shipments accounted for $2,316 of the gain in revenue. For the year to December 7 traffic revenue amounted to $17.777,710, a com- parative increase of $311,704, or 2 per cent. Earnings from coal tonnage for the period showed a drop of $237912, or 3 per cent, while other classes of freight produced $497,642, or 8 per cent, fote fevenue WHAD & year ago,