Evening Star Newspaper, December 14, 1929, Page 21

FIN . CURB SHARES RISE T NEW YORK CURB MARKET INACTIVE TRADIG Utilities, Rails and Radios Are Featured as List Advances. BY JOHN A. CRONE. &pecial Dispatch to The Star. NEW YORK, December 14.—Break- ing through previous resistance points and lightening pressure generally, the curb market moved higher today. Utili- ties, rails, a few radios and miscellane- ous industrials led the advance. Electric Bond & Share, UPCH"\R on & block of 4,200 shares at 86!z, ran up more than a point before meeting profit- taking, which it appeared to be able to absorb easily. Cities Service moved Wwithin a fractional range. Squeezing of shorts caused a bulge of a point in Fox ‘Theaters A. Standard Power & Light opened up nearly 5 points at 125. United Light & Power A, American Superpower, American & Foreign Power, Common- Wealth Edison and American Light & ‘Traction also leaped forward. Pennroad Corporation, Te- flecting the strength of the various ri securities it controls or perhaps re sponding to a substantiated report that it had purchased a large block of Maine Central stock, was active and higher. Dubilier Condenser & Radio, which Tecently won part of its patent suits, ANCIAL. THE ¢ EVENING STAR, WASHINGTON, D. €., SATURDAY, DECEMBER 14, 1929. Stock and Sales— Dividend Rate. 1% Aeronautic Ind war 141 Aero Underwrites 11% Air Inv, Inccv pr. 2 Alexander Indust. 1 Allled Aviation.... 10% Allied Mills, Inc.... 23 Allled Pow& Lt..... f'g!fi Allied Pwr&Lt pf(3) 44% Am Bakeries A (3) 29% Am Cit P&L A (a3).. 18 Am Com P A (130c). 4% Am Cmwlith Po war.. 19% Am Cyanam B (1.60) 15 Am Equities. . 25% Am For Power war 71 Am Gas&Eleo (31). 5% Am Invest Inc B.... 190 Am Lt & Trac (10).. 50 % % Am Maracaibo. 5% Am Natural Gas. 29% Amrad Corp (1) 22 Am St Pub S(A)1. 15 Am Superpower (1) 85 Am Super 1st pf (6) 19 Am Yvette 5 5 Am Yvette (new)wi. 8 Anchor PostF (2)... 13% Anglo-Am vot (73c). 8 Arcturus Rad Tube .09 Ariz Globe Copp: 3% Arkansas Nat 6% Arkansas Nat Gas A. 4 Ark NG cm pf (60c) 90 Ark Po &Lt pf(7)... 3 Asso-Dyeing & Ptg. . 854 Asso GEEIA (12.40). 3% Asso GEE A deb rts.. 30% Asso Rayon pf (6) 4 Atlant Fruit & Sug.. 30% Atlas Port Cem (2). 12 Aviation Credit.. 46% Bancomit Corp new. s B o e ns 1 5 2 » R ‘was given a vigorous whirl. Pilot Ra- dio and Tube was fractionally better as a result of its expansion plan an- nouncement, but some of the radies ‘weakened. Illinois Pipe Line, which lost about 20 points within the last few days, fol- lowing a similar gain last week, after holders learned their shares were to be exchanged for Ohio Oil preferred, was relatively dull. Gulf Oil of Pennsyl- vania rose several points and an ofl trust, Petroleum Corparation of Amer- dca, was in somewhat better demand. Great Atlantic & Pacific Tea, which officials say will show sales of more than $1,000,000,000 for 1929, opened up 25 points at 275. International Per- fume appeared in an unusually large block—5,800 shares—at 814, up a frac- tion. Atlas Portland Cement also moved ahead. Ford Motor of Canada A shares fea- tured the motors. Newmont provided leadership for mine dealings and Doug- las Aircraft was active in the aviation division. Crocker Wheeler, after open- ing up more than a point, lost nearly twice its early gain before rebounding. 'Markets at a Glance NEW YORK, December 14 (P).— Btocks irregular; merger rails lead brisk Tebound. Bonds irregular; rails firm. Curb firm;~Commonwealth Edison up 10 points. Forelgn exchanges firm; sterl- ing cables again near gold point. Cotton easy; lower cables. Sugar steady; better spot situation. Coffee steady; trade support. Corporation News NEW YORK, Docember 14.—The fol- Jowing is today’s summary of important corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press. Ld News Trend. ‘The week end trade reviews fail to add much to the public knowledge of the business situation as the greater part of the reviews are devoted to a discussion of sentiment rather than to actual transactions. A good deal of is laid on the belief that senti- ment has shown further improvement, and that this feeling will eventually be reflected in advancing operations. Re- tail trade is again pointed out as show- ing greater resistance to recession than the jobbing trades and general industry. ‘The combined influences of the ap- proaching holiday period and the sea- sonal weather is tendifig to stimulate retail activity to a point comparable ;191;2 the excellent fourth quarter of Banks clearings for the week ended December 12 witnessed further reduc- tion in reflection of lessened distribu- tion of commodities and restricted in- dustrial activity. Total of $12,033,285,- 000 for the week ended December 12 represented a drop of 12 per cent from the corresponding week of 1928. De- clines, took place in all of the 23 cities except Boston, Philadelphia and Omaha. New York and the industrial centers of ;he West and South showed the largest losses. The Companies. Baldwin' Locomotive works secures orders for 25 locomotives, valued at $2,800,000, from Wabash oad; order brings year's bookings to $40,- 000,000, against $16,000,000 year ago. Bayuk Cigars increases common divi- dend from $2 to $3 annually. Crocker-Wheeler Electrical Manufac- turing 1929 net estimated at $1.75 a share on 232,000 common shares, against $12.12 on 21.480 shares in 1928. Electric Household Utilities declares special dividend of $1 and regular quar- terly of 25 cents and 1% per cent in stock. Fashion Park Associates declares regular quarterly dividend of 62; cents on common, but omits the stock divi- dend of 3% per cent paild in previous quarter. General Fireproofing declares extra dividend' of 25 cents and regular quar- terly of 50 cents. General Motors increases prices of ‘Viking models $100 a unit. Gruen Watch declares extra dividend of 50 cents on common stock. MacMillan Petroleum declared extra dividend of 2 per cent in stock and reg- ular quarterly of 50 cents. National Dairy Products acquires Frozen Pure Co. of Louisville and Ken- more Barbeton Milk Co. of Akron. Scott Paper ecarned $4.48 a share in 47 weeks to November 24, against $3.61 year ago. . Shreveport-El Dorado Pipe Line passes common dividend; last payment was 50 cents on October 1. ‘Torrington Co. (Maine) declares ex- tra of 50 cents and regular 75 cents quarterly dividend on common; paid £1.25 extra July 1. Williams Oil-o-Matic Heating earned 1 cent a share in year ended October 381, against $1.15 year ago. EX-TELLER ARRESTED. Former Employe of Bank Charged With Embezzling $5,207.50. DUBUQUE, Towa, December 14 () — Lawrencer Bailey, former teller of the Jowa Trust & Savings Bank, was ar- rested yesterday on charges of em- bezzling $5,297.50 from the bank. A motor sales company, formed by Bailey after he had left the employ of the bank, was put in the hands of a receiver, named at the instance ot the bank, which in its petition put its shortage at $67,000. Bank officials said Bailey admitted responsibility for the entire shortage. WEEKLY CLEARINGS. NEW YORK, December 14 (#).— ‘The weekly statement of the New York clearing house shows: Total surplus and undivided profits, $1,121,307,000—unchanged. Total net demand deposits (average), $158,353,000—decrease. Time deposits (average), $48,563,000 ~—decrease. Clearings week ending today, $8,004,- 746,981 Clearings week ending December 7, $9,092,940,572. Clearings this day, $1,463,509,501, - 5 Bellanca Afrcraft. .. 10 BlissCo (E W) (1). 314 Blue Ridge Corp. ... 23% Blue R Corp cv pf 3. 29 Blumenthal (S).. 13% Brazil Tr & Lt (2) 1% Brill Corp B. . . 22 Buf N&E P pf (1.60) 3 Burma Corp (131c).. 14% Butler Bros (2).. 4% Bwana M Kubwa... 3 Cab&WireLtdA rcts. 308 1 01 S e D B RO 0 50 40 e e 000 0 25 38 30% Carnation Co. 19% Cent & Southw e 20 Cent PSv A (a1.76). 12 Cen States El (340c). 11% Chain Stors Stk(b6). 6 Chain Stores Dev.... 37% Ches & Ohlo (new).. 20 Cities Service (130c) 84 CitlesServ pf (6).... 40 Colgate-Pal-P (2%4). 2 Comwith & Sou war. 210% Comwth Edison (8). 3 BT L SRR Y Ja 10% Con Retail Str: - 15 Coon(WB)Co(2.80). 10 Cori Corp. . 124 Corroon & Reynolds. Cosden Oil. 5% Creole Petroleum. .. 17% Crocker Wheeler(n). 30 Crowley Milner (2).. 2 Cusi Mex Mining.... 1 DecRLtd (Am shs). 54 De Forest Radlo. .... 6% Detrolt Atrcraft Cor. 15% Douglas Alrcraft. 62 Draper Corp (15). A R O T BN A B East Gas & F Asso. .. Fast States Power B Economy Grocery B. Eisler Elec Corp. El Bond & Sh (b6). .. El Bond & Sh pf (6). Kl Pow Assoclates. . El Pow Associates A 3% El Sharehold (31 45% EIl Sharehold pf ¢ 147 Em.p Pub S.A(1.80). 23 Employ Reinsur 1%, 13% Eng PSopt war..... 4 Evans Wallow Lea 3 Fairey Aviatn Ltd .10 Falcon Lead.... 80 Fed Screw (13%). 4% FinanInv N Y (b8 8 Fokker Aaireraft 15 Ford Motor Can A. 10% Ford Motor Ltd. 10 Foremost Dairy Pr. Am Invest new.. Baking 45 General Bak pf (6).. 36 GenElGermrets... 7% Gen E Ltd rets (50c) 13% Gen Gas&El (4)... 10% Gen Laundry Mach.. 10% Gen Rity & Utilities. 60 Gen R & Util pf (6).. 24 Gen Theat Equip vte 124% Globe Underwriters. 32 Goldman Sachs (b6) 3 Gold Seal Eln. 162 GrA&PTn 16% Gram’ph'ne rets 2.91. 10 Groc Stors Prod vte. 115 GulfOflof Pa (1%). 19% Habirshaw (1 10 Hall Lamp (1 1% Happiness Candy.... 3% Helena Rubenstein. . 39 Horn & Hard (24).. 74% Humble Ofl (2)..... 27 Hydro El Service(2). 260 I1'inots P L (20, 26 Ind Pipe Line (3) 2 Indian Terr Illum. 26 Insull Util. Inv.. 80 Insull Util p£53. 52 InsCONA (12%)... % Intercontinent Pet n 15 Intl Petrolm (62%c) 25% Intl Superpower (31) 3 Internatl Ut B. . 12% Interstate Equit: . 5 Itallan Superp war.. 20 2% Jonas & Naumbu 13 1% Land Co of Florida. . Add 00. Open. High. Low Close. 1% 1 5 % 1% 5 6% 20 % 8l 4 05% 66 233, 31t 4% 19% 16 111% 1 75 38 550 20 1 36 ™ 145 5% 2% 3 % 3% .01 Stock and Dtvidend Rate. Leh Coal & Nav (4). Lehman (The) Corp. Leonard Ofl. Louisiana Lan & Mangel Stores. . Mapes Con Mfg (3). Marine Mid Cp (1.20) Mavis Bottiing Memph Nat Gas Co. . Mid West Util (b8%) Mid Royalty cv pf 3. Midl United(b1% %) Milgrim & Bros. Mohawk Min (6).... Mo-Kan P L (b5%). Moody's pt pf 3.75.. Mount Prod 11.60) Municipal Servic Nat Amer Co (2) Nat Aviation Nat El Po. Nat investors (new) NatlLeather. Nat Pow & Lt pf (7).225 Nat Pub Sv A (160). Nat Rub Mach (2),.. Nat Sugar N J (2)... Natl Trade Journal. . Nat Transit (11%).. Nat Union Radio Nevada Cal Elec. New Brad Oil (50¢). New Eng Pow of (6) 20s N Y Invest (120)... N Y Invest (war). Newmont Min (14) N ¥ Pet Royalty (1 N Y Rio&Bu Aires. Niagara Hud P(40¢c). Niag Hud Pw A war. Niag Hud Pw B war. Niles Bement Pond. . Noranda Mines (3) North Am Aviation. . Nurth Cen Tex (60c) Novadel Agene (2).. Ohio Copper. ....... Ollstocks Ltd A 350e Outboard Motor (B). Okla Gas&E1 pt (7).. Otis Elevator new. Pac Pub Serv (1.30). Pac Western 11, Sun v of (3) Sunray OIl. . Tampa Electric (32). Third Nat Inv (1)... Thermoid Co (2).... Thomp-Starrett. .... Todd Shipyard (4).. Transamer n (31.60). Tr-Lux D.L.P. S.(A) Tri-Cont Allled. ... Tri-Continental Cor. Tri-Cont Corp pf (6) Tub Art Silk B (10). Union Tobacco. U S Dairy (A) (5)... U S Fininshing (32). USFoll B (1) Utility & Ind. Util& Ind ot (1%).. Utd Lt & Po pf (6).. Util Power&Lt($1). Ulity Equities, Vacuum O11 (14%).. Van Camp Packin Igreen Co. .. Igreen Co war. 612 Walker (H) (1). Watson (J W) Co 44% 13 Zonite Prod (1.60).. RIGHTS. + Newport Co.. Sierra Pacific. Received by Private Wire Direct to The Star Office e R¥mApwaerE e vee LTSI PN I P Y= (1.80).. 10 1 Parsm C Mfg (2.40). Parke Davis (11.40). Pennroad Corp. . Peop Drug Strs (1) Petrol Corp 15t pd. Philip Morris Inc. .. Pick (A)B&Co pf 1% % Pilot RT A (1.20)... Pitney B P n(20e)... 4 Polymet Mfg (21). Power Securitie * 5 Prudential Inv. . Pub Util Hold war .. Pug S P & Lt pf (6). Radio Products..... Rainbow Lum ProdA Rainbow Lum ProdB Reliable Stoes bl1%.. Reliance Manag (4). Reynolds Bros Inc. .- Reynolds Met (new) Richmond Radiator. Rike Kumler. ... Roan Antelope Min Ross Stores. Inc.... % Roosevelt Field,Ine. St Regls Paper (1).. Salt Cieek Prod (2).. Schulte Un be-$1 St.. Seeman Bros (3). Selected Industrie Sel Ind allot efs § Sentry Safety Cont. Shawingan Wa(2%). Sheaffer Pen (13)... Shndoah Corp(bé% ) Shenan Corp pt (3).. Silica Gelet.... Smith (A 0) (1.20). Solar Refining(2%). Sonora Products. ... So Penn Oil (12%).. SoCalEdpfC(1%). Southern Corp...... Southland Roy (1).. S W Gas Uil... % Spanish & Gen Rex.. Stand Oll Expt pf(5) Stand Ol of Ind 12% Stand Oil. Ky (12.20). St Ofl of Ohlo (2%). 150; Stand Pow & Lt. Std Silver Lead. - o 3 GO B N E N D R B e A R R IR 00D NSRS Re R D B s Ty © » S ® 4% 5% oS 58 154 8 155 A1 13% 1 10 22 274 528 234 19% 22 274 1001 161 124 100 15 19% 2% 59% 301 12% 1% H 9 5% 207% 20% Eapire. .Dec 20 % % % Jan. 3 10 % % % based on last quarterly or semi- Plus e o et o % Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md. December 14— Potatoes, white, barrel, 1.50a4.00; 100 pounds; sweet potatoes, barrel, 1.50a 2.75; ms, barrel, 1.75a2.50: beets, crate, 3.5023.75; brussels sprouts, quart, 10a25; hamper, 1.50a3.25; cabbage, ham- per, 30a50; carrots, 100, 2.00a3.00; cauli- flower, crate, 2.00a2.50; celery, crate, 1.75a3.75; eggplants, crate, 1. ; lettuce, basket, 2.00a2.15; kal 30a40; onions, 100 pounds, peppers, crate, 4.00a6.00; snips, basket, 60a65; pumpkins, 100, 5.00a15.00; spin- ach, bushel, 75a1.25; squash, crate, 2.00 a3.00; tomatoes, crate, 3.50a6.00; tur- nips, hamper, 30a35; apples, bushel, 75a 2.75; cranberries, box, 3.00a4.75; grape- fruit, box, 3.25a5.00; oranges, box, 2.10a 4.00; tangerines, box, 1.75a3.00. Dairy Market. Poultry—Alive, turkeys, pound, 26a 28; old toms, 20a23; Spring chickens, 22a25; leghorns, 20a21; old hens, 20a 26; leghorns, 18a20; poor and thin, 17a18; old roosters, 18; ducks, 16a23; geese, 16a24; guinea fowls, each, 40a60; pigeons, pair, 25. Eggs—Receipts, 490 cases: native and nearby firsts, 53a54; pullets, 40a45; hennery, whites, firsts, dozen, 54a55; current receipts, 43a45; culls and dirty eggs, 25a30. Butter—Good to fancy creamery, pound, 41a46; ladles, 35a36; store packed, 21; rolls, 31a32; process, 38a39. ‘Will Simplify Organization. NEW YORK, December 14 (7)—The Johns-Manville Corporation has formed lme Johns-Manville Sales Corporation in Delaware as the first ste) what it announces as the llmpm&lfinn of its gorporate COTTON CONSUMPTION FIGURES SHOW DECREASE By the Associated Press. Cotton consumed during November, as announced today by the Census Bureau, totaled 544,150 bales of lint and 63,408 of linters, compared with 640,978 and 82747 in October this year and 5::&113 and 69,353 in November last Cotton on hand Novem ? held as follows: Reria0hmes consuming establishments, 1,671, 820 bales of ling and 108,305 of 1}n8011r's. compared with 1,360,557 and 145478 on October 31 this year and 1,566,542 and 131,589 on November 30 last year, In public storage and at compresses, 5841950 bales of lint and 68.747 of linters, compared with 5311,920 and 54,397 on October 31 this year and 5,244,418 and 54,985 on November 30 last year. Imports for November totaled 35,502 bales, compared with 19,815 in October this year and 40,291 in' November last year. Exports for November totaled 1,048, 760 bales of lint and 13,955 of linters, compared with 1,251,300 and 11,902 ir, October this year and 1427,772 and 23,806 in November last year. Cotton spindles active during Novem- ber numbered 29,649,394, compared with 30,134,716 in ' October this year and 30,595,840 in November last year, - BUILDING ACTIVITY. Another marked increase in bullding activity instituted in the United States was noted last week by Census Bureau reports. Figures which follow give the daily average of new contracts let for building construction in territory east of the Rocky Mountains for the week and comparable periods. Week ending December 7...$21,722 Preceding 2 ‘week . fame week 104 FeATemcornse ,000 ,000 Business Notes By the Associated Press. NEW YORK, December 14.—Quiet but steady buying of electrical equip- ment in the United States in the past week gave evidence of a mormal ten- dency at the approaching end of the year to confine purchasing to immediate needs and to defer important commiit- ments until after the close of 1929, Electrical World reports, adding that the volume of apparatus sales fell off slightly in certain areas, but reports received from other districts indicated business had improved. Despite official estimates that the major crop from the African gold coast vould be short this year. cocoa prices dropped sharply during the past week on the New York cocoa exchange and by Friday had registered losses of from 21 to 36 points. Warehouse stocks con- tinued to rise during the week and had gained 10,500 bags, the total on Friday being 333,203 bags. Announcements of heavy construc- tion and engineering contracts let throughout the country in the past week indicated a drop in build: ac- tivity, which is somewhat moré than the average decline for this time of year, according to Engineering News- Record. Awards last week were valued at $35,481,000, compared with $58,149,- 000 in the preceding week and $51.- 787,000 in the corresponding period of last year. However, contract lettings from”the opening of the current year to date are higher in money value than for the same period in 1928. LEADER SUCCUMES , | sibilities, 1 | ® year ago. BRILLIANT BANKING ! i Death of C. A. Austin Is Shock to New York Finan- cial District. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 14—C. A. Austin, presfdent of the Equitable Trust Co. of New York, whose sudden death yesterday shocked the New York bank- ing fraternity, declared Thursday last before the Association ‘f Life Insur- ance Presidents that ®ife insurance companies and the banks of the coun- try had much in common as custodians of a large part of the Nation's savings. “There is today a greater necessity than ever before for a fundamental knowledge of sound principles of eco- nomics and finance on the part of those | who hold high position and trusteeship,” | said Mr. Austin, in speaking of the broadening policy of American bank- ing to meet the new economic respon- | Mr. Austin began his carcer as a messenger boy in a New York brokerage house. A year later he went with the Erie Rallroad as a clerk. At 35 he entered the banking business with the Columbia Trust Co. of New York, mov- ing up to vice president before resign- ing to become president of the Mer- cantile Trust Co., which he helpedi organize just 12 years ago. When this | company was merged with the Sea-| board National Bank in 1922, Mr.! Austin became its president. ‘Then when the Equitable Trust Co. merged with the Seaboard National Bank on September 15 last, Mr. Austin became president. His untimely death at 53 takes from the Nation one of its younger, more aggressive and brilliant banking leaders. ‘The committee of 20 business leaders | which Julius H. Barnes, chairman of the Chamber of Commerce of the United States, appointed, looking to the stabilization of business in the United States, contains 8 members from New York City, 2 from Chicago, 2 from Los Angeles, 1 from San Francisco, 1 from Minneapolis, 1 from Philadelphia, 1 from Delaware, 1 from Connecticut, 1 from Detroit, 1 from St. Louis and 1 from North Carolina. Putting it another way, 11 are from the Eastern part of the country, 5 from the Middle West, 3 from th: Far West and 1 from the South. A general committee, consisting of at least 50 men from many different lines of business from all parts of the Nation, will be named later. “With basic facts and a strong na- tional committee to interpret them, we should be able to co-operate very help- fully with American business. But facts take time to assemble. These come first. ‘The suggestions of ths committee will naturally follow,” said Julius H. Barnes, chairman, to me in discussing the devel- opment of this new business stabllizing committee this week. ‘The scope of the work and the im- portance of it has led some business men and bankers to hope that, while the committee as organized is a tem- poral one, it may result in being weldéd into a more permanent form of organization. ’ Certainly it will if the resuits attained are what are now anticipated. Other industries may slacken, but the petroleum output continues upward. Production was larger for the weck ending December 7 than it was for the preceding week and also larger than for the corresponding week of a year ago. The steel plants are down over both periods, as is the volume of check pay- ments. In the farm sections, the receipts of wheat and cotton were lower than for the coresponding period of last year, while those of cattle and hogs were larger than a year ago. Preight car loadings are off quite ma- terially from the corresponding week of How about the price level? Generally aking, its trend is upward, but it is still below last year's level. Iron, steel and copper prices showed no change from the preceding week, but those of wheat and cotton advanced, the price of wheat also being above that of a ear ago. In the field of banking, loans and dis- counts continued to recede, but were still larger than a year ago. Interest rates on time money moved down, while rates on call money were unchanged. Rates on both types of money were much lower than a year ago. Bond prices continue to advance, but they have not quite reached the level of one year ago. Stock prices have moved up, but they, too, are lower than a year ago. But business failures, according to the United States Department of Com- merce, for the week ending December 7 were more numerous than during either the preceding week or the cor- responding week of a year ago. Dr. Henry W. Cook, medical director of the Northwestern National Life In- surance Co., speaking before the in- surance men on “Pushing Back the Death Line,” made a plea for an ad- vancement or research in the field of both mental and physical health. Re- search is making great progress in all commupicable diseases except two—in- fluenza and pneumonia. But in the field of degenerative dis- eases of adult life the record is not so good, particularly in the field of heart disease and cancer. Dr. Cook's concluding statement is worth quoting: 2 p‘t‘nloso:hy, medicine and industry sense this need for bringing order out of our present confused civilization, and will contribute, in a united effort, sound _thinking, science and prac- tical efciency, may we not hope that the result wiil be expressed in the en- hancement of human health, longevity and happiness, In an amelioration of poverty and unjust social relationships. and even in a- renaissance of art and literature, which shall exceed the Golden Age of Greece?” The tax bill, by which $160,000.000 is cut from the Federal taxes, will pass Congress and be signed by the Presi- dent. This much is now obvious. There are several minor, in fact many_minor, objections, but they are not of sufficient importance to hold up the pending bill. One of the objections echoed a great deal in Washington is that the tax re- duction should apply to the 1930, and not to the 1929 incomes. But the die is cast. The move is on. And the bill should be a law within 30 e American Ne r erican News- (opyright, 1020, by North Am HEADS BOND CLUB. BALTIMORE, December 14 (Spe- clal).—Willlam G. Dancy, vice president of the Unlon Trust Co, was elected president of the Bond Club of Balti- more at the annual dinner of the or- ganization this week. Paul M. Taylor of Frank, Rosenberg & Co. was made vice president, Tilghman H. Sharp of Jenkins, Whedbee & Poe, secretary, and Douglas G. Lovell of the Continental Co., treasurer. Smith N. Bradford of Robert Garrett & Sons and Henry C. Evans, the retiring president, were elected to the board of governors for the term expiring in 1932. About 125 members of the club and their guests attended the dinner and entertainment. PARIS BOURSE PRICES. PARIS, December 14 ().—Prices im- proved on the Bourse today. Three per cent rentes, 80 francs 05 centimes, Five per cent loan, 106 francs. xchal on London, 123 francs 82% E: Detrolt- has $336_invested in school ' centimes. The dollar was auoted at 25 .. Sxance 3%, centimen, MAGNATE, EX-NEWSBOY, DROPS SOME OF BIG JOBS! McCullough Quits Chairmanship of Yellow Cab Co. to Devote More Time to Finance. By the Assoclated Pre: CHICAGO, December 14.—Charles A. McCulloch, erstwhile newsboy, an- nounced his retirement yesterday from the chairmanship of the Yellow Cab Co. and the Parmelee Co. and dropped several other official posts, but declared he was not retiring from business. He will continue a director of nearly a dozen corporations. Resignation from the transportatica companies and as treasurey of the John R. Thompson Co., he said, would give | him more time for banking and finan- cial interests. Mr. McCulloch is the largest stock- holder and a director of the Foreman Banks here and a director of Lawrence Stern & Co., investment house. He also remains vice president and a di- rector of the Omnibus Corporation and a_director of the Manhattan-Dearborn Corporation, Fifth Avenue Bus Co., Chicago National League ball club, Lakeside Security Co., New York Rail- ways Corporation and Fifth Avenue Securities Corporation and of the John R. Thompson Co. GAS SALES GAIN. NEW YORK, December 14 (#).—An increase of 12 per cent in gas sales for October, 1929, over the corresponding month of the preceding year is indi- cated by reports to the American Gas Association from companies represent- ing approximately 80 per cent of-the industry. On October 31 customers of these companies aggregated 9,607,000, an increase of 2.2 per cent over the number on October 31, 1928. CHICAGO STOCK MARKET. Special Dispatch to The Star. CHICAGO, December 14.—Following is a report of today's sales, high, low and closing quotations, on the Chicago Stock Exchange: Sales STOCKS. in hundreds. High. Low. Clos 2Adams (J D) Mfg Co 20% 28% 29 3Allied Mot Ind....... 13 15 = 1 5 Allied Prod A 4 Bastian Bless 1Baxter Laun A. 49 Borg Warner!! g 3 Borz Warner pfd.. .. 99 3 Brown F & Wire Co A 4 Buruham Trad Corp. 31 d West Telephone. 278 Mid West, vtil 13 Morgan _Litho 15 Nat El Pow A 2Nat Leather 22222 5 n e i a0 Wy 457 Serv no par ;237 S Music De Viy 18% Iroad Shares Corp 8 Pkg Co. 2315 gD g Ce 2 Dredg C 4 Sieinite G Radio. " 3 Stone (H N 1Un Gas Co 13 Un_Reproducers .. 4 D! o ¥ 'z Utah Radio_ Prod 2Util & Ind Cor pfd ICWIPELA........ 1Vortex Mfg ... 23 3 Wextark Radio Stores 19 Winton Engine ..... 5: 1Yates Machine pid 7 Zenith Radio. 5 Sales. 210,000 shares. Sales BONDS. in thousands. 8l 5Chi Rys Ser A 55 '27 50 19t Rys ser 1 58 ‘27, 38 Common Ed 1st 6s '43 1087 28ou Gas Util 6'25 '39 98'2 37 1087 982 BALTIMORE, December 14— Special Dispatch to The St * 72 Arundel Corporation 30 Consolidated Coal co 92 Eastern Rolling Mills ¢ 5 Equitable Trust Co . 31 Fidelity & 15 Finance Co. 5 Houston Oil pfd . 50 Manufacturers’ Finatice G 120 Maryland Casualty Co ... 75 Mt. Vernon-Woodbury Miils’ coi 10 Unfon Trust'Co ... 5 United Porto Rican Sugar pid. BU. S Fidelty & Gunant FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co ) Nominal gold ‘Selling checks value (or par) today. voee. $4.8665 | $4.87% 0393 %, 33 London, pound Peris. franc Brussels. 95 Athers, drachm See Vienna, schilling Oslo, crown...... Stockholm, crown.. Yesterday’s New York Stock and 30 Edition. ated Press. ! Ten trinln. . Combined aveinge Combined a FINANCI l BRADSTREET'S REVIEW. NEW YORK, December 14 (#).— Bradstreet’s says: Weather conditions and the advance of the season cause increased attention to be concentrated on retail trade, this, of course, including holiday distributios which now holds the center of the -‘f,, and 1s at the largest volume in abdut two months. On the other hand, job- bing trade and industry show increased quiet as the season of inventory taking approaches, and both are quieter than for some time past. Compared with a year ago, when all three were at an exceptionally high level, the general disposition is to report rather less doing, with probably the smallest reduction visible in retail trade. . In industry the chief favorable fea- ture is the better feeling in the steel trade, which, as noted last week, has | continued to get a fairly good run of orders for rails and cars and structural and implement steel, while noting a | slight loosening up of specifications by automobile interests for sheets, strips | and pig iron. ‘Weekly bank clearings, $12,580,701.- 000, a decrease of 11.09 per cent from last year. . CHICAGO DAIRY MARKET. CHICAGO, December 14 (#) —Butter— Steady; receipts, 12,564 tubs; creamery- extras, 37; standards, 36!,; extra firsts, gge;&; firsts, 3312a34'%; seconds, 32a 5. Eggs—Steady: receipts, 3,080 cases; extra firsts, 51a53; graded firsts, 49; current firsts, 40a45; ordinary firsts, 37a39; refrigerator firsts, 36'4; refrig- erator extras, 3715. Poultry, alive—Steady; receipts, 7 cars; fowls, 20'2; springs, 19; roosters, 17; uari;csys, 22a25; heavy ducks, 18; geese, 16a18. = i 0TATO MARKET. CHICAGO, December 14 (4) (United States Department of Agriculture) — Potatoes—Receipts, 92 cars; on track, 198 cars; total United States shipments, 531 cars; trading very slow, market about steady; too few ‘sales to quote, | prices nominally unchanged. BONDS ON THE CURB MARKET. Salesin DOMESTIC BONDS. thousands. High. Low. Close. 3 Alnbama Pow 4125 67 047 047 047 o5 42. 8634 r G P65 ‘43 92'3 Cities Ser P 515 '52. Clev T Bldg 654 Dix GG 625 A '3T W Empire O&R 5128 Federal, Wat, 5! ¥ R 31 911z 91l 911 5 Grand Trunk 6145 '36 1063 108% 1062 | 25 Gulf St ULl 55 A '56. 9472 3Hou G G 6l4s '43 ww 67 [eN 55 '42 9 6 Manitoba P 5'2s A '51 98'% s *46... 102 10 P 5s A ww 81 on L H 51 99% arragansett 5s '57.. 91 KL XREL) as UHIP & L 55 '59 ww. 8413 Sales in FOREIGN BONDS. thovsands. 2 Raden Con Mnn 75 'S1 8414 75 ‘82 971 1 £1os A '53 wiw APinland R'M B 6s ‘A1 7Ger Cons Mun 7s '47. 8 A& Ger Cons Mim 8¢ ‘47, 3Prussia F § Alac "5 1Prussin ¥ S 65’52 1RUIT G Ca 612z A *53 *10 Rumania Inst 7s ' 10 Pus Alos o 1 Russian 8158 21 . 2Sanda F Ltd 55 A 55 AStinnes 75 'A% xw... 1Stinnac 75 46 yw 10 Unit Fi Ser 7s '56 xw 9 as—Actual sales xd—Fx dividend. wi—When issued. NEW YORK, December 14.— Ameriea . T ¥ Avenue Sterling Nation: Straus National.. extile Yorkville . : T TRUST COMPANIES. Banca_Comm Ital. y Bronx ... Central ‘Union.. County ex rts. Times Eavare Tit! uaranty. rust Co. of Nox AE." * 21 REALTY EXCHANGE T0 THAW CREDITS New Market in Gotham Ex- pected to Meet Modern Needs. BY LEMUEL F. PARTON. Special Dispatch to The Star. NEW YORK, December 14.—Mon- day’s opening of the New York Real Estate Securities Exchange will be the first large: le effort to thaw ouc frozen real estate holdings and pour them into the swiftly running stream of national wealth. Among the 250 members, each of whom paid a $5,000 initiation fee, theie are many operators in large cities. Witn indorsements from all parts of the country, the enterprise assumes a na- tional character, and to many observers bulk large as a major development in business_economics. The exchange was projected at the height of the bull market, but begins operations at a time when the Lorlei of speculation beckons less alluringly to the average investor. This, however, does not dismay the founders, and they are going ahead with an almost evangelical enthusiasm. Land, as_the basis of all wealth, is the bedrock ot their securities, as contrasted to the more transient values of goods and commodities, and in their public an- nouncements their emphasis is on_the safe and conservative investment whicn real estate offers. Objects of Exchange. Operators heralding the exchange have dwelt on the diversion of money from real estate by the stock markey, and have predicted that liquid valu in real estate would make money avali- able at the “going rate,” rather than the higher rate of real estate in the ast. o With the exchange operating exactly as the New York Stock Exchange, it is expected to do two things: Constantly to disclose actual and immediately re- alizable values and to stimulate a mar- ket which has been a bit sluggish with good real estate bonds offered at less than par. In handling real estate stocks, as well as bonds, it will enable investors to realize quickly on appreci- ation in value, instead of waiting for the maturity of a bond and risking a later recession. In the groundwork studies which have been made it appears that city and suburban developments have been stressed rather than transactions in small town or rural holdings. James Park, New York operator, returning from a study of investment methods abroad, particularly emphasizes this view. This parallels economic trends in large cities, as great shifts of popula- tion, such as New York City has wit- nessed in the last few years, new traf- fic and transportation developments, sudden concentration of business in certain localities and other such urban developments indicate the need for more plastic securities. It is also hoped by the founders that the exchange will remove from the business the fringe of dubious operators and under the strict supervision of the board of governors provide a rigid guaranty of value as es- tablished by the inexorable records of supply and demand. New Buildings. It is estimated that about $10,000,- 000,000 is spent on new buildings in the United States every year, with ground values totaling about $2,500,000,000. Of this annual total of $12,500,000,000 only $2,500,000,000 is supplied by indi- vidual owners and operators. The re- maining $10,000,000,000 represents the real estate securities for which the ex- change now seeks a more fluid form. GRAIN MARKET. Special Dispatch to The Star. CHICAGO, December 14.—Materially lower prices were made in wheat today under general selling influenced by weakness in Liverpcol. December opened 1.19% to !5, March, 1.265; to 108; May, 1.31 to 1 After first half hour, December, 1.18%; March, 1.26Y; May, 1.30%. Corn was weak with wheat. Decem- ber opened 8933 to %;: March, .93%: May, .95'¢ to 3. After first half hour, December, .89%;; March, 9314 95%. Oats sold lower. opened, .4433; March, .475%: May, 4914 to 49. After first half hour, December, 44 March, 475;: May, .487%. Pro- visions were quiet and lower. Blast Kills 3, Injures 20. POPOVE, Bulgaria, December 14 (#). —Three persons were killed and 20 in- jured yesterday in the accidental ex- plosion of 150 pounds of gunpowder in a private house. The house was blown to picces and neighboring houses were everely damaged. » Prodigy to Be Minister. NEW YORK, December 14 (P).— Edward Roche Hardy, jr., who was a child prodigy, is to be an Episcopalian minister. He spoke four languages at the age of 5 and received the degree of A. B. from Columbia at the age of 15. ‘When in college he never attended the theater. He has never smoked., He is to be ordained a deacon a week from tomorro S Money to Loan Secured by first deed of trust on reg) estate, Prevailing_interest and "u-ul.l“ j0) Joseph I Weller 555 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd fssue ot Stock Nov. Open for Subscription Shares of Stock, $1 00 Each Payable Monthly James E. Connelly James F. Shea President Secretary Mortgage Notes % Profitable, conservative, invest- ment of your funds. . . the safe. convenient security that is the first choice of the experienced investor. * We will gladly tell you more of the 6% notes now available H. L. Rust Company 1001 15¢th Street N. W. National 100 Fevablished 188