Evening Star Newspaper, December 13, 1929, Page 15

FINANCIAL Market Leaders Encounter Renewed Selling Pressure After Rally. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, December 13.—After faltering at the opening and then marching forward briskly within a few minutes, the Curb market today was compelled to make an orderly retreat &s offerings increased. Utilities, leaders of the early advance, first fell back. They were followed by investment and trading companies, oils and some of the volatile industrials. Motors and mines resisted before giving ground, but aviation shares turned ir- Tegular. jectric Bond and Share was up frac- tionally at the opening. A string of sales carried it from 82 to 84 befoge the ®peculatite leader encountered sufficient offerings to push it back about 2 points. American Superpower moved in a some- what similar manner. American Gas & Electric, American & Foreign Power, American Light & Traction, and Stand- ard Power & Light ranged widely. Other Changes. Cities Service opened slightly lower, being quoted ex-dividend, then nearly recovered its initial loss before dipping again. This likewise was true of Stand- ard Oil of Indiana and Transamerica Corporation. mom Pipe Line, which gave way yesterday, following the exchange offer of Ohio Oil preferred new for outstand- ing Tilinois Pipe shares, broke 17 points by midday. Some of the natural gas stocks, such as Lone Star Gas and United Gas, slowed their pace. Otis Elevator new, representing a four-for-one split of the outstanding shares, appeared on the Curb a few minutes after the opening at 75, up nearly 4 points over-its final quotation on the Produce Exchange yesterday. Dubilier Condenser Corporation started ‘an upward move, nipped in the bud by the general market in the forenoon, based on the signing of a license agree: ment with Western Electric and Amer- ican Telephone & Telegraph, from Which Dubilier receives cash and 5 per cent royalty on all new sets. Rail Stock Advances, Fox Theaters A weakened in sym- pathy with Fox Film over on the big board. Aluminum Co. of America opened down 10 and Great Atlantic and ific Tea opened down 6. Chesapeake s Ohio new proved an exception to the eneral trend in rails by fractionally vancing. Specific developments of a favorable Jnature, in some instances, were not im- ‘ediately reflected on the tape. Parke Davis & Co. declared a special dividend of 35 cents. Detroit Aircraft acquired Gliders, Inc. Neither of these develop- ments had immediate effects. BONDS ON THE CURB Sales in thousand: Z 10 Alabama Pow 4158 2 Am G Pw 65 'DOMESTIC BONDS. htwe High. Lo R 18haw W&P 414! 21 Shell Un O 55’49, 9 SE P&L 65 A 202! Sou Cal Ed 55 '52 18ou 5 . 93% 1 Southw P&L 6s A "33 10414 28tand P & 1, 6 07 .96 =5 3 &, $25, 39, 917 5158 A 5711302 est Tex Ut 55 A '57 93 FOREIGN BONDS €§i£ & H 4 S 220> ~—Prev. 1920~ High., Low. 23 314 22% 48% 57% 204 238 15 14% 110 52 83914 1084 22% 23 163% 847n 6074 6 7 Stock and Dividend Rate. Acetol Prod A. Aeronautical Indu 5% Aero Sup Mfg. B, 14% Aero Underwriters. 90% 65% Agfa Ansco pi 17 3 2 2 23 Alnsworth Mg $2% Alr Investors vte... Alexander Indust 4% Allegheny Gas Corp. Allfed Aviation . Allied Pow & Lt..... 40% Allled Pwr&Lt pf(3) 146 103 Aluminum Co of Am, Alu Co of Am pf(8) 5% Am Brit & Cont. 5 98 29% 10 5 104 5 20% 19 5 8 11 5% 35 ™ 16% 20% 12 Am Br B El 1d sh: Am Cigar pf (6)... Am Cit P&L A (a3),. Am C P&L B (b10%) Am Investors (war). 2528 1 Am Solvents Chem. . Am Sol Ch ev pf (3).. Am Superpower (1). Am Super 1st pf (). Amster Trad (1%). Am Yvette.......... Am Yvette (new)wi. Anchor Post F (2). .« Anglo-Am n-v (73¢). 0¢). Asso-Elec Ind Ltd. Asg0 GEEI A (12.40 Auto Voting Mach... Aut V Mcy prpt (2). Aviation Corp of Am Aviation Credit..... 139 1174 Babcock&Wilcox 19. 22 88% 504 BT 20% 55'% 102% 20% 4 81% 29 12% 10% T4 265 1% 8 46 5% 44y 8 124% 1% 60 46% 10 3% 23% 29 20% 1 18% 10 1% 4 b5 22 i 3 38 3 14% dw 4 3 1% 3 % 2% 2% 301 80 12 6% 20 12 40% 4% 1% 374 15 20 84 % 2 449% 210% 22 4% 12% 56% 1% 32 189 Bahia Corp... Bala & Kats otf (3 Bancomit Corp new. Bliss Co (B W) (1) Blue Ridge Corp. ... Blue R Corp ev pf 13, Blumenthal (8).. Blums, Inc. Botany Mills...... Brazil Tr & Lt (2) Brill Corp A (1%) Brill Corp B.... . Br Celanese Ltd rets Buckeye Pipe L (5).. Buf N&E P pf ( Burco, Inc....... Burco, Inc (war). Burco, Inc cv pf (3). Burma Corp (t31¢) Butler Bros (2) Bwana M Kub; Cable Radlo T vte Cab& WireLtdA ro Cab&WireLtdB ret; Cab& WireLtdpt rcts C A MCoctfs. C A M Cocum pt. Can Marconi., Carnation Co, Celan Cor 1t pf (7) Celluloid Corp. ... Cent Atlantic States, Cent P Sv A (81.75) . Cen States K2} (340c). Cen St Elcv pf n(6). Centrifug Pipe (60¢) Chain Stors Stk(b6). Ches & Ohio (new). . City Mach&Tool(12). Cities Service (330¢c) 4 Clth erv pf Clark Lighter Colgate-Pal t ) Columbia Syndicate. Comwith & Sou Comwth Edisol CommuntivWa! Comstock Tunnel, Consolidated Copper Con Dairy Prod (32) Con Gas, Balto(3.60) Con Gas Ut A (2.20). Cons Instrument. ... Cons Laundries..... Con Retail Strs (1).. Cooper Bessemer(2). Copeland Prod Ino A Cora Corp. . Corroon & Reynolds, Cor & Rey of A (8).. Cosden Oil pt.... Crecle Petro rv Crown Cent Curtiss Wright war. Cus! Mex Mining. Darby Pet (1) Deere & Co (6). De Foreat Radlo. 5'ss De Haviland (50c).. 2 5% 9 15% 62 4 0 3% 15 % % 22 17 10 50 108% 100 S 00000 > 3 {3 '38. 84 It Sup Pw 65 A 3 xw 4 Parana Braz s '8, siprusmia B S 6%y T 5 65 : 3 Riotae Jan oi0s '8 1Ruhr G Co 6'is A ‘33 15 Russ 6145 ctf NO ‘19, 1 Eusstan’5iag 2l Stinnes 7s 38 xw 3 Stinnes 7s 46 xw, 4 1Un 8 W 6lus A 41 ww 87 ww—With warrant XW—Without warri A mountain named after Pontius Pilate and believed by country folks to be haunted by his ghost is one of the curiosities of Switzerland. Yesterday’s New York Stock and Bond Averages. From 5:30 Edition. By the Associated Press. THURSDAY, DECEMBER 12. Today . Previous Ten first-grade rails fen secondary rails Ten public utilities. 58% 33% 10% 9% 3% 95 264 14% 5 23 % 4 3 bT% 18% 2 4% 35 I3 16 15 3 10% 20 6 35 18% 4% 8% 2 29 13% 24 80 124 2u 18 3 32 Derby Oil & Refin. .. Detroit Alrcraft Cor, Dix Gas & Utilittes Douglas Alrcraft. .. Draper Corp (15)... Dresser(SR) MA(3). Dubelier Cond& Rad Duke Power (15). Durant Moter: Duval Tex. Sul. Dus Co, Inc A ef Earl Radio Corp. East Gas & F' Asso. .. East States Power B Eisler Elee Corp.... b El Bond & Sh (b8).. 1700 80% El Bond & Sh pf (6). Elec. Household Uten i1 Pow Assoclates. . El Pow Assoclat El P & L opt w . EIP&L2dpf A ( El Sharehold (31) Bl rehold pf (6’ Em G&F cum pf (8). Empire Pwr Corp(2) Em.p Pub8.A(1.80).. Empire Steel Corp. +. Employ Reinsur 1%. Engineers Gold. . Evans Wallow Lea Fairchild Aviation, o Fajardo Sugar. F Fiat Stk deb rts rots. Fiat Stk deb rts. Finan Inv NY (b8).. Fire As Phil (2%). Fokker Aaircraft, Foremost Fab (2) Ford Motor Can A. Ford Mot of France. Ford Motor Ltd Fourth Nat Inv. Fox TheatClA..... Fren Line B (2.54).. Garlock Pkg (1.20),, Gen'al Alloys (80c).. Gen Am Invest new. General Baking Gen Fireproof (2). Gen Gas & El (A) Gen Theat Equip vte Gilen Alden Coal (10) Globe Underwrite: Gold Coin.... Golden Center. Goldfield Consol, Gold Seal El n Goldman Sachs (b6) Gorham Ine pt (3).. Gorham Mfg vte(t2) Goth Knitbac Mach. Graymur Corp. Greenfleld Tap& GrA&PTnv (). Grelf &Br pf X (1) Groc Stors Prod vte. Guardn Fire Assn(2) Guardian Inv, Guit Oil of Pa in Hormel(Geo) (1.50). @ D010 T B a3t e RS 10 1 0 s mRaseIaS e 1218 25 2 12 8 94 9 758 410 419 24 1 31 4 2 3 17 1 n 18 Sales— Add ?M. High. l?:. Close. 24% 24% 354 35w 8 8 16 17% 21% 21% 12 12% 614 3 3% 63% 637% 484 48% 22 22% % 8% 35% 32% 27 1 1 37% 41 12 12 3% 34 4% 4% 69 69 25 25 10 10 4 42% 3 3% 20% 20% % bW 34 323 25 3% 6% 6% 35% 36 2 2 b1% 51% 574 5% 27y 2Tw k) L) 3% 3% 6 256 13% 13% L) 6% 20% 891y % 6% 6% 6% 6% 5% b% 8 8 12% 12% 16% 338 124 13% 16% 16% 1 1 % 25 19% 1 K6y 8 102% 108 1 21 23 - 3 eSemkaTo naroasman » R T e ) o = P _w cormaIBeS Py Ea 1 19% 19% 2 84 84 8 2 38 39% 98 £ 39 a9 78 - s 12 24% 35% 8 8 16 21% 2 12% 12% 126% 1264 3% 5% 5% 27% 27% % bl 3% 3% 246% 253 124 13% W k) L L) 19% 20% 89 89% 25 25 4 10% 12 324 Bk 18% 2 9% 405 6 6% b4 % 12% 16% 663, 33 12 26w 145 145 145 5 5 16 14% 86" 102 10214 39 30 31 30 31 1147% 114% 114% 114% 14% 4% ld:‘\' N: 4 4 141% 141% 1% 1% 36% 19% 19% 8 0% G STAR, WASHINGTON, D. C, o Recsived by Private Wise Direst % The Sur Ofies Stock and gh. Low, Dividend Rate. 64% 89 Horn& Hard (2%).. 22% 6 Houston Gulf Ga: 23 6 Hudson BayM & 128 74% Humble Oil (2)... 82 27 Hydro El Service( 49% 10 340% 260 41 22 —Prev. 1929— h, Hygrade Food Prod. Imp Ofl Can n (50¢). Imp Ol Can. reg (50¢c Ind Pipe Line (3).... Indian Terr Illum... Ind Fin cfts (b10%). Insull UtiL Inv. Insull Util pf 6 Insull Ut In 24 pf InsCoN A (12%) Insurance Sec (1 In Intern Perfume (1).. Intl Petrolm (62%¢) Intl Superpower (31) 4 Internatl Interna Interstate Equities. . IrvAIrC (2) (1.60).. Itallan Superpow A.. Italian Superp war.. Johnson Motor Co... Kalamazoo Stove. ... Kobacker Stores (2). Land Co of Florida. . Lane Bryan tine (2). Lazar F & R Co cod.. Lefcourt Real (1.60) Lefcour Real pf (3).. Lehman (The) Corp. Leonard Ofl...... Ley (FT) & Co (3). Lily T Cup (150).... Lion O1l Refin (2)... Lit Brothers (1)....: Lone St Gas (80¢). Long Island Lt (40c) Long Isld Lt pf(7).. Louisiana Lan & Ex. Mac Marr Stores Magdalena Synd{ Marconi Int M 62%c. Marine Mid Cp (1.20) Mid West Util (b8%) Mid West Ut pf n(6) Milgrim & Bros..... Min Corp of C (25¢).. Mo-Kan P L (16%). Nachman Spring (3) Nat Amer Co (2)s..0 Nat Aviation.. . Nat Biscuit Co new.. Nat Fam Strs (1.60). Nat Fuel Gas (1).... Nat Investors (new) NatiLeather. Nat Mfrs & Stores Nat Rub Mach (2) 23% NatSugar NJ (2)... 10% Nat Transit (11%).. 5 Natl Trade Journa 1 Corpn (1.30) evada Cal Elec. Eng Pow pf Mex & Ariz La 15 45% N 85 N ow 10% NY & Hond Ros 1214 7% N Y Auction (1%) 20 (1.20). 1 NY Invest (war). 11% N Y Pet Royalty (1). 9 N Y Rio&Bu Aire: 111 N YTelpf (6%)..... 11% Niagara Hud P(40e). 2% Niag Hud Pw A war, 2 Niag Hud Pw B wa 12 Niagara Shars bl-40. 21% Niles Bement Pond. . 10 Noranda Mines (3).. 5 North Am Aviation.. 5 North Am Utll Sec. . 61 North Cen Tex (60 35 NEPower (t11%) 44% Northern P L (16 115% North St Pow A ¢ 17% N W Engineer (2)... 1% Ohlo Copper. " €4'4 Ohlo O11 (12%. 814 Oflstocks Ltd A 1508 10 Oilstks.Ltd B(350¢c). 10% Outbd Mot A (1.80).. 4 Outboagd Moter (B). 24% Pac G&El1stpf1%. 124 Pac Wi a Ol 13 Pande; 25 Pantepec Oil. 6 Parsm C Mfg (2.40). 38 Pend DGroA (3%).2 20 Pender(D)GroB(12). 86% Penn Ohlo Ed pf (8), 98 Penn O EA prpf(7)..1 13% Pennroad Corp...... 25 PeoL &P A (a2.40), 20 Petrol Corp 1st pd... % Philip Morris Ine. 215 Philip Morris (A). 6's Pilot RT A (1.20)... 8% Pitney B P n(20c)... 100% Pltts& L B (5).. 50 Pittsbgh Plate G 13. 12% Polymet Mfg (31)... 6014 Powdrell&Alex 1414, 14% Power Securities. ... 1% Premlier Gold (24c).. Prince& Whitely 5% Prudential Inv. 16% Pub Utll Hold wi 98 PugSP&Ltpf 7% Rainbow Lum ProdA 4% Rainbow Lum ProdB 50% Raymond Con pt(2)6 1'% Reiter-Foster (40c). 12 Reliance Manag (4). 4 Reynolds Bros Ine.. 18% Reynolds Met (new) 215 Richmond Radiator. 28% Rike Kumlei 2% Roan Ant 10 Rochester Cent Po 18 Rockland L& P..... 2 Rol tores, Inc. 3% Rooseveit Fleld.Ino. 14% St Regis Paper (1).. 9 Salt Creek Prod (2). 26 Schiff (The) Co (2). 9'% Schulte Real Estate. 8% Schulte Un bc-$1 8t. 4 Selected Industries. . 50% Sel Ind allot e 34 Sentry Safety 14% Shenan Corp of (3).. 26 Slerra Pac Elec (2).. 147, Silica Gel ct. ‘e 440 Singer Mfg Co (126). 161 Smith (A O) (1.20) 1% Sonora Products. . 35% So Penn O1l (1234) 20 SoCal EBd pf Bi2%). 21% 8o Cal Ed pt C (1%). 5' Southern Corp. . 2 Southern Stores A. 11% Southland Roy (1) 4 114§ W Bell Tel pf (7)., 9% ® W Dairy Products. 44 8 W Gas Utll.. % Spanish & Gen Rex.. 100 Stan Gas & EI 96% Stand 011 60 St Ol of On 45 Btand Oil of Ind 12% 29 &tand Ol Ky(12.20). 49% Stand Pow & Lt. ... 13 Surrett Corp....... 31 Starrett Corp pf(6). 9 Strauss Roth 2% Stutz Motor <ar. 9% Sun inv.....,, 82% Sun Inv pf (3).... 4 Sunray Oil.. A 80% Buperheater (111)... 25% SwiftIntl (2)....... 9% Syrac Wash M B (1) 18 Taggart Corp (1)... 40% Tumpa Electrio (32) 4 Teck Hughes (60c).. 7% Texon Oil & Land. .. 19 Thermold Co (2) 25% Third Nat Inv (1 6 Thomp-Starrett tal Tri-Cont Corp nfc 5% Triplez Satety GI 15 Trunz Pork Store: 10% Tung-Rol Lamp (2). 23% Tung-Sol L of (3) 16 Ulen& Co. ., % Union Tobacco 10 Utd Carr Fastnr 1.20 8% United Corp wa 6% United Dry Dock: 16 United Elec Ser, 47 10 I1linols P L (20)....105088! 2 12 8 17 1 3 » - Heg oo - o - » N = - - ELTITS S ST IR Lr Sl [N PTTIOE YN TREAR - PRI -1 P NS T T TOVS P PP STy 1 1 258 212 24 - B anaasS =2 N o 2 RomEe A —— 1 508 1 108 708 253 18 208 208 188 24 11 1 I 18 e Sem rreloNaBocrenBena Y ] =R - 9 8% 89 39% 11% 10 27 42 9 8% 89 Sales— Add 00. Open. High. Low. Close. 5 42 4% 41% 8% Q8% % B2 8% 85% 88% CANADIAN TRADE WITH U. S. GROWS Former Finance Minister Be- lieves Present Volume Will Be Enlarged. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 13.—Sir ‘Thomas White of Toronto, vice presi- | dent of the Canadian Bank of Com- merce and former finance minister of the Canadian government, speaking before the Assoclation of Life Insur- ance Presidents yesterday, made this statement. “It is a remarkable fact that Canada with its 10 millions of population buys more from the United States than any of the great nations of the world. Last year we bought from you goods to the value of $900,000,000. On the other hand, the United States bought from Canada commodities to the value of $500,000,000.” Sir omas was optimistic about Canadd’s future relationship with the United States, as all Canadian business men are. Fifteen years ago’he advised Americans to play more, sleep more and eat less, but he advised along other lines yesterday. American life insurance companies 10 years ago had only $100,000,000 in- vested in Canada. Today they have more than three times that amount. Canadian life insurance companies, on the other hand, have more than $150,- 000,000 invested in the United States. Life insurance in force in the United States, issued by Canadian companies, aggregates more than $1,000,000,000. The plea of this business leader was for a closer social, business and finan- cial relationship between the United 14 | States and Canada—more frequent con- ferences, more social intercourse, more travel in both directions, less restric- tion—and thus attain a stronger in- ternational peace and prosperity for both nations. It was an address which every Amer- fcan should read. ‘Two central banks of Europe reduced their discount rates yesterday. The Bank of England rate was cut from 5% to 5 per cent and the same reduc- tion took place in the Bank of Sweden. ‘The British credit situation has eased off considerably since the recent ship- ments of gold from South Africa and Australia to Great Britain. France, too, has lightened up on its demand for gold from England. The reduction in the Bank of Eng- land rate is the third cut made within the last two months. The first reduc- tion was on October 31, following the stock market break in New York, when the rate was reduced from 6'; to 6 per cent. On November 21 another cut from 6 per cent to 54 took place. ‘These cuts reflect world-wide im- provement in credit conditions, for the money rates are showing declines in all places. The European central banks which have already lowered their rates since the stock market drop in New York to date are those of Holland, Belgium, Hungary, Rumania, Germany, Ireland, Poland, Sweden, Norway and Great Britain. It takes time to correct the world situation, but conditions in the field of world credit have greatly improved in the last two months. Prof. Gustav Cassel of Sweden has come out as a_champion of the credit policy of the Federal Reserve system, which “has proved to be correct.” Prof. Cassel is one of the great eco- nomists of Europe. He advised the Soviet government, after the old Rus- sian ruble had gone to pieces, just what to do to stabilize its currency. And so the cherwonetz (ten gold rubles) came into existence. From that day to this (seven years ago) the Rus- sian currency has been one of the most stable in Europe. While this Swedish economist believes the attempt of the Federal Reserve “to regulate the Stock Exchange has failed in the most manifest manner,” the Fed- eral Reserve did the big job which had to_be done. It succeeded in “restricting its supply of means of payment that an enhance- ment of the general level of prices has been avoided.” It is the greatest achlevement in the fiscal history of nations, Prof. Cassel belleves. In fact, it is the first time in economic history that a central bank has means of payment so completely under its control “that it is perfectly able to prevent a rising tide of industrial prosperity from causing any inflation of the currency.” Coming from one of the world’s great economists, this opinion will be appre- clated by those who have endorsed the credit policy of the Federal Reserve. Benjamin M. Anderson, economist, ¥ | Chase National Bank of New York, sums up the present situation in a picturesque way when he says: “We have fallen down a hill, and we find ourselves bruised and scratched and with our nerves unstrung. But no bones are broken and there are no in- ternal injuries. We are perfectly able to get up and walk.” ut he does say that we shouldn’t try to run very fast immediately, but should quiet down a bit, study the sign- posts and pick out safe roads to follow. Everybody now asks the question— what was the immediate cause of the stock market crash? A ‘This economist_replies: (1) Foreign seliing in. New York stocks induced largely by the Hatry failure in London; (2) the ‘long overdue increase in the Bank of England’s rediscount rate; (3) a Massachusetts Supreme Court decision against the split-up of public utility shares. g ‘These are sufficlent, he thinks. There are plenty of others that could be named. But he does not think there is any point to assigning any particular cause to a break “long overdue.” But the stock market slaughter 15 over and Mr. Anderson believes that the market is “now in a fighting range.” And a fighting market and a two-sided market is an ‘“immeasurably safer market” than it was two months ago. Markets at a Glance NEW YORK, December 13 (®).— Stocks irregular; leaders fluctuate 5 to 10 points. Bonds irregular; high-| B grade rails firm. Ourb mixed: Elec- tric Bond & Share strong. exchanges {rregular; French franc eases; sterling steady. Cotton higher; trade buying. Sugar steady; firmer spot situation. Coffee higher; Euro- pean buying. CHICAGO, December 13 (P).—Wheat % | lower; weak Buenos Alres reports. Corn 6% 251 25% 21% 21%| 32% 328 18% 20 O ¢ 13 13 16% 164 10 10% 16% 164 easy; large Argentine exports. Cattle steady. Hogs higher. TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co. FRIDAY, DECEMBER 13, 1929 Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. Chairman Legge and his associates of the Federal Farm Board are obvious- attaining a stage of procedure in 1y mnlnn of the agricultural territory of country in indicating that their expectation is that the board's opera- tion will fix and maintain satisfactory prices for these two groups of agricul- tural products. Unless this is accom- plished it is openly sald that more agitation in and out of Congress will result. At the same time, it seems to be general opinion that the board can and will move only indirectly to bring about the price levels desired by the producers, and that there is consider- eble vagueness as to just what price points will be 2imed at. ‘Touching cotton and grain, the board and the producers are seeking first the creation of stabilization corpora- tions, one to each commodity, dominated by co-operative organizations of grow- ers, and partly finaced by the growers at the outset. Outlines of the institutions intended in both grain and cotton have been pretty well developed, in spite of dis- sension, and the board is committed to demanding that producers pledge to the new corporations control over & very substantial proportion of the en- tire crop of each product before any Government money is asked. The policy outlined is to get the marketing of a controlling amount of each com- modity into a single channel, where advance of funds from the board's $500,000,000 appropriation can be ef- fective in directing the marketing proc- ess. This sort of a situation is begin- ning to loom up as possible with ref- erence both to cotton and wheat, and corn may soon follow. Just what would be a fair price for these commodities the board may even- tually have to decide. Public state- ments both by the chairman and by Samuel McKelvie and Carl Williams, respectively wheat and cotton repre- sentatives on the board, give some ground for concluding that prevailing market prices are considered rather low for both these commodities. Spot cotton of contract grades at under 18 cents a pound, New York, and the May wheat o&tlon fluctuating between $1.30 and $1.40 a bushel at Chicago are the most important current quotations in the open markets. It will now be seen, as the board program develops, whether these figures are to be raised substan- tially and held higher. Obviously, that is what the farming regions ask and expect of the new Federal policy to- ward agriculture. As to minor but still important agri- cultural operations, the Farm Board has outstanding one experimental offer that will, if accepted, give co-operative marketing organizations of producers Federal backing for going a considera- ble distance into industrial functioning. That is represented by the conditional offer to finance the group of small fruit growers in Northern Michigan, Wiscon- sin and Southwestern Michigan in un- dertaking the operation of canning plants, the acceptance of which is in considerable doubt. The board has at- tached a set of conditions to its prof- fered action there which are entirely worthy of study: Growers who desire to get Federal aid must first succeed in obtaining for a single organization the adhesion of producers of 60 per cent of the crops in the territory which it i3 intended to handle. They must ac- quire at reasonable figures such pri- vately owned canning capacity as is rated suitable for their purposes and must provide 40 per cent of the funds necessary for plant and first year’s op- erations. Thereafter the Government, through the board, will advance the 60 per cent to complete the outlay, which for these fruit districts is estimated at between $2,500,000 and $3,000,000. Any procedure under this plan will require a great amount of successful local organization. It is said to be far from sure that all of the requirements will be met in this individual matter, and the outline of the proposals is chiefly valuable as showing the basis on which the board's present policy is to proceed. MONEY MARKET. NEW YORK, December 13 (#)— There was an easier undertone to the call money market today and some funds were available in the ‘“outside” market at 4 per cent, but this sup- ply was limited and the bulk of the business was done at the official rate of 4l per cent, at which point it re- newed unchanged. There was a limit- ed_amount of loan calling. The time money market was dull and all maturities were nominally quoted at 43; to 5 per cent, unchanged from yesterday’s rate. ‘There was a falrly active market for bankers’ acceptances, with asking rates unchanged. SHORT-TERM SECURITIES. 8 612 Amer. Rolling Milla 85 1048. .« Armour & Co. of Del. 8as ipdi Baltimore & Ohio 4'ss 1933, .+ Batavian Pet. Corp. 41gs 1042, Bell'Tel. of Canada 85 1051 .. 10 Calif>rnia Pet. Coip. 5125 93 Canadian Nat. Rwy. 455 193 amadian Nor. RWY. 1935 hio RWy. 4iys 1930 Gpleago Rocx Trland 4s 1043... r' Co. 53 5 Cudahy Pack: cking Co. 5135 1937. Edison, Bl 1. Boaton t-,éx 130 . Mot, Acccp. Corp, '€ 1 1 Py Corp. fisnlflln B 0, of rue Co. 58 1985. ..... Western Electric Co. 38 1944. . 1 Wheeling Steel Corp. 5%us 1948. FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) ‘l:’.nxl;lllcllv(:lyxnl;l‘Sclh?wflchfl‘ka London, poupd. i does 53 franc Foreign | C 0, crown’. Stockholm, crown o YON OPEL TO VISIT U. S. RUESSELHEIM, Germany, December 13 (A).—Fritz von Opel, German auto- mobile car manufacturer, will embark tomorrow at Bremen aboard the steam- ship Columbus for New York. He will make & prolonged stay in De- troit and other American cities, making, through his connections with the Gen- eral Motors Corporation, a close study of American automobile manufacturing and sales methods. He will be accom- panied by his wife. Unit Prof Sh ( U 8 Fininshing (32 USFoll B (1) US&InSectf U 8 Line: U S Rubb United Stores. . Unit Verde Ext Utllity & Ind. Uti1& Ind pf (1% ). Utll Power&Lt(31) Utllity Eauities. Vacuum Ol (14% Van Camp Packin, Vernezuela Mex Oil..; P NAERAxIANANCRARG 133% 88% 81% Stock and Dividend Rate. Venezuela Pet (29¢). Vick Fin Corp. algr Co Walker (H) (1). Wi Co Winter (Benj). Yukon Gold B 13 Zonite Prod (1.60)... RIGHTS. % & Newport Co FINANCIAL. GOLD SHIPMENTS SHOWING INCREASE Movement of Metal From New York to London Expected to Gain. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 13.—The outstanding event in the international banking world yesterday was another reduction in the re t rate of the Bank of England to 5 per cent. Since the break in stock prices in the American market in November, fol- lowed by a lowering of Federal Re- serve Bank rates from 6 per cent to 415 per cent, the Bank of England has made an equivalent reduction in bring- ing its official quotation down from 6% per_cent to 5 per cent. ‘The rate announcement was followed by the news that very heavy engage- ments of gold for London had been ne- gotiated in this city. One institution arranged to ship $11,000,000 and other substantial sums of the yellow metal. It usually happens that when the English bank rate is changed, either up or down, the continental banks of issue follow suit. This they did & few weeks ago when the British bankers cut their rate from 6% to 5% per cent. Con- sequently & general modifying of rates throughout Europe is looked for in the next few weeks. Swedish Bank Acts. ‘The Bank of Sweden took immediate action when it reduced its rate from 514 to 5 per cent. It has just come to light that Sweden has been buying gold in this market. For the first time since 1927 shipments to that country have been arranged in moderate amounts. ‘The highest rediscount rates current in Europe are those of 7 per cent fixed by the Bank of Germany and the Bank of nal{. In Germany there is con- siderable credit disturbances which is linked in with the present cabinet crisis, 50 there are no clear views as to how far Germany will be able im- mediately to adjust its money rates to those of its continental neighbors. The Bank of Italy has been intimating that it might bring down its rate from the present high level within a short period. Denmark, Norway and Spain still quote an officlal rate of 5); per cent. In Holland and Belgium the rate is 45 per cent and is not likely to be changed, while France and Switzerland maintain the 31, per cent rate which they have quoted all through the period of nearly two years of rising discounts in the money markets of the world. Gold Movement. ‘The extent of the gold movement from the United States to Europe is a subject of much discussion in banking circles. ‘That it will be considerable is not disputed. It is_expected also to have a moderate effect on domestic interest rates and to offset slightly the influence of the deflation in prices of securities. It is the policy of the Federal Reserve Board to encourage those Federal Reserve Banks that have not already done so to_ reduce their rates to 414 per cent in line with New York, Chicago, Boston, San Francisco and Atlanta and, when this has been done, to take up the question as to whether the rate in New York should be further lowered to 4 per cent. .. NEW YORK COTTON. NEW YORK, December 13 (#).—Cot- ton opened steady at an advance of 2 points to & decline of 2 points, which Wwas better than due on the showing of Liverpool owing to some overnight buy- ing orders from the trade and covering. The demand continued after the open- ing and the market held very steady during the first half hour with January selling up to 17.15 and May to 17.70, or about 5 to 10 points net higher on the xfl&enl llglt gusml: :u moderately active with part of uying supposed to_be for foreign trade uyg:m. Liverpool cable advices reported Lon- don and continental liquidation in that market together with some hedge sell- ing. and said the offtake was 3 An improved cloth inquiry m In- rted in Manchester, but dia was re business with China was said to be at a standstill, with yarns inactive and stocks increasing. GRAIN MARKET. CHICAGO, December 13 (#)—Pur- suing an irregular downward course to- day, the Chicago wheat market finished at virtually the bottom figures reached. Sellers were in a majority most of the time, and buyers were scarce except when values dipped. ~Predictions that the United States will have 160,000,000 bushels of wheat remaining for export on January 1 and that the Canadian wheat surplus then will be 190,000,000 bushels attracted considerable attention. ‘Wheat closed he: 1% to 1% a bushel under yesterday’s finish. Corn closed % to % down, oats Y4a% to % off and provisions varying from RYE_ December March . May LAR! December 10.20 January B May ... 10. 1002 POTATO MARKET. CHICAGO, December 13 (United States Department of Agriculture) — Potatoes—Receipts, 81 's; on track, 185 cars: total United States shipment. 588 cars; trading slow, market dul ‘Wisconsin sacked round whites, to 2.45; Minnesota and North Dakcta sacked round whites, 2.10 to 2.25: UPWARD BUSINESS TREND IS REVEALED Various Branches of Indus- try Show Return to Steady Increases. BY J. C. ROYLE. The train of business is back on the main track with speculative hot-boxes cooled and the wheels newly lubricated. It would be & mistake to infer that it has gathered the speed at which it was running when it struck the faulty joint of stock speculstion disaster, but there Seems little doubt that it will regain that speed in the immediate future, This is adequately shown by the maintenance of the upward curve of power consumption. The steel mills are icking up steadily and there is a {mngndwa volume of business shortly to be placed. The automobile industry now 18 busy more with the future than e 8 e B Sk Sl motor vehicle exceed 5,000,000 units., el Motor Industry. Today many of the producers are putting the last touches on their new models, which will be shown inside of the next three weeks. There are manu- facturers who do not put out new models at this time of the year and mg are holding special exhibitions, with satisfactory results in sales. It is notable that more than a million cars have been sent abroad this year, or 20 rer cent of the output. Replacements n the next year will account for 2,750,- 000 cars. There is no reason to an. ticipate a drop in foreign trade, so that the automobile industry will start the year with practical assurance of a de- x;‘;:‘:l for at least 3‘,320,000 cars without ng on a single new domestic ::;err' mm:u;n:’?bua {l:-nce companies at failures e been negligible. PRI Construction is proceeding normally for this time of year. Undn:mflly the industry has received a stimulus from the announcement of sharp costs in construction * machinery announced by one of the manufacturers this week. These price recessions extended to the farm machinery field, with cuts an- nounced for combines, tracots and headers. Lumber markets in the South reported an increase of the week of 123 per cent in new business, but g;gguctwn still is in excess of new TS, b The oil industry is gradually curtail- ing production as the year draws to & close, but ine stocks on hand are heavy. les of industrial alcohol and anti-freeze mixtures for automobile radiators have taken a big jump. The drug industry is still prospering widely and no anxiety 18 felt by the cosmetic and tollet article manufacturers over :hu:s lfl“ }hl&"fl'fll‘ is considerable dis- on of & tax on their articles. This discussion has solidified into a bill now before the Tennessee Legislature. Sales of non-ferrous metals are still sharply restricted because con- :;’:Te;'e e:::n;on“e?s:. they can obtain suppl any time the; want to have them, wlt.hm{t danger o¥ “rl{{ immediate or sharp incresse in price. Despite this the demand for lead and copper is fairly satisfactory. Cotton and Textiles. v With the last forecast of crop out of the way, cotton ‘:‘{umeotgg textile manufacturers are in a ition to determine their future s and to make the necessary punm.u- hang- ing fire up to this time. The dairy industry is at & high state of efficiency :& ebo:: dtn;. m}dugmn nn% ':mnbutkm act rofits aj T e n e 'mand for fabrics is undimin- :’ar)rd.dbuz the wool industry is still de- ssed. ‘The Bureau of the Census shows that the earnings of investors in American business in the month of November were decidedly better than a year Earnings and interest payments on iness investments for November, 192t were $417,620,000. For November, 1929, they totalled $514,450,000. Bond sales showed an increase from $221,466,000 to $291,034,000. Sales of stocks, howe: declined from 115,435,000 shates, t0 455,000. Business failures showed & drop in number of 42 as compared with last year. Sl Mail Order Sales. all order sales of two selected firms increased np}amunluly $8,000,000 over the month for last year and the total business of the four biggest 10-cent :‘tgrs_“cgon:nu cr.(:sekfrnm $46,877,000 to over $7,000,000,000. P rakery L ron Z‘r’ n;:erfn,ooo,ooo,ogo. while the nt's gross debt droj billion. - Production of Pcrtplm ge'gm: etterad ‘e ‘iatitiol sesiion o0 hestarse position of the (Copyright, 10: METAL MARKET. NEW YORK, December 13 (#).—Cop- per quiet; electrolytic, spot ng? mcur’;. 18. Iron quiet. unchanged. Tin firm: spot ‘and nearby, 41.25; future, A Lead steady; spot, New York, 6.25; East flhtfin:p’%t slg.‘ izlnc 5q:m; East St. 3 and future, 5.80a5.85. - mony, 8.50. oA ver, 72,~ AMERICAN EXPRESS BANK. NEW YORK, December 13 (#)— Formation by the American Express Co. of a new bank, to be known as the American Exp;eu Bank & Trust Co., Wwas announced today. It is expected that the bank, which will have a paid- in capital of $10,000.000 and surplus and reserves of $6,000,000, will begin business here next April. [ —— NEW YORK BANK STOCKS. NEW YORK, December 13.— America se Idaho sacked Russets, 2.70 to 3.00; fancy | G, . City shade higher. DIRECTORS ELECTED. BALTIMORE, December 13 (Special). —Richard MM Hurd, cgresldelan g the Lawyers' Mortgage Co., ang eorge Ramsay of Harris, Forbes & Co., both Industrial of New York City, have been elected | Len: members of the board of directors of the Mortgage-Bond & Title Co, PARIS BOURSE PRICES. PARIS, December 13 (#).—Prices were easier on the Bourse today. ‘Three per cent rentes, 80 francs 95 centimes. Five per cent loan, 106 francs 15 centimes. anon Lefcourt Nor n. Liverty ... Exchange on London, 128 francs 9214 | Tomiih centimes. 25 francs 39% centimes. ‘The feet of bees are their organs of communication. Bal Add Hign. 2% T 55% 29% 12 1% L 36 L3 % 21% ow 2% Close. 2% 55 29 11 55 W Eapire. -Dec 20 T4+ 7% | B The dollar was quoted at|irade Bank Euro) pe Bank N ¥ & Tr. oW % N3 Dividend rates tn dollars based on lsst quarterly or semi- |1 % inual oayment. T ey e, et stook s Fuzssie i )