Evening Star Newspaper, December 16, 1929, Page 14

FINANCIAL. Y4 - soier? " EIR THE EVENING STAR, WASHINGTON MONDAY, DECEMBER . 16, 1929, VT STOCKSHOLDFIRM || TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE | [STOCKS IRREGULAR e p Hud (3). Spalding (AG) (3)... i Abitibi P & P pf(8). ‘l;‘lrf: g:;‘;::?:w‘:fl\.). Monsanto Ch (£1% ). Spang-Chalfant. | 34 3 " 5 151 Detrott Edlson (3). .. Montgomry Ward(3) Sparks Withneta(d). . Devne & Ray A (13). :::;l.‘)ll?’l:: (n,l" Dome Mines (1) Dominion Stra(1 Mother Lode (40¢! Drug Corpn (4). Motor Meter G & B Dunhill Inter (2 Motor Products t1( Duplan Silk (1). Motor Wheel (3) Munsingwear (13 Dupont de N (16.20). Murraay Corp (k3).. Fstn Roll Mill(ht2). e Al Eastman Kodak(18). ! Eaton Axle & S (3).. R raia)ssecs Eitingon-Sch (23).. Natl Bella Hess(21). Eitingon pf (634). .. Natl Bel Hes pf (7).. Elec Auto Lite (6).. Ny Blanete (1) Electric Boat NatlCash R (A) (5). g 2 Nat Dairy ($2) . El Pwr & Lt of ( Natl Distillers. ... Elec Stor Bat (5) Natl Lead (6).....c0 Enalzote-sonn Natl Pwr & Lt (1)... Eng Pub Serv (f1) Natl Radiator. Commercial National Co. preferred 57 ATi\BosERMARIGts, i U 4 Natl Radistor changed hands at 101% and Mergen- 4015 Am Brake Shoe 2.40. Eng Pub Sve of (534) Natl Surety (5) thaler figured in two small-lot sales at AY ABBIOW BV Klse. Do) 107, ex-dividend. 86 Amer Can (15) . 2 9315 5 Erfe R R. s Commercial National Hank stock re- 75 AmCar&Fdy(6)... 5 % 81 3% 5% Erie RR 1st of (4).. corded four 10-share sales at 255. This 50" ATICEmAIGE(c1160) b ; ¥ s Vas stock is selling minus the regular quar- 50 Am & For Power Evans Auto L(1234). Advance Rumley pf. Capital Traction Gains Point % Ahumada Lead..... Today—Other Local | o, &bl Financial Notes. i 2 .'Market Sags Under Renewer Splegel-May-St (3).. | Liquidation—Trading Stand Brands (1%).. Stand Gas & El (3%) 4 % pull Stand G&Epf (4)... 4 J Std Ofl of Cal (h2% Stand OII N J (12)... 3 Stand OILN Y (1.60). Sterling Sec A)..... Sterling Sec cv pf(3) t Warn(§3%). & Webster (1) Studebaker (15). Submarine Boat... Ajax Rubber. 44 Alaska Juneau. 17 Alleghany Corp. e 90 Alleg Corp pf (5%).. BY EDWARD C. STONE. & 80 Alleg pfrec5% xw.. 3 197 Allied Ch & Dye (c6) Tocal securities were steady on the 35% Allis-Chalmers (3). . Washington Stock Exchange 10Gay | 111 2 Amai Leather . ... when the week’s trading opened. The 204 AmAlLssthar pb. first stock out was Capi:al Traction, 17'; Amerada Corp (2). which sold at 6, up a point from last | 4 Am Agricul Chem week’s close. | 73% 18 Am Agricul Ch pf Potomac Electric Power 515 per cent 65 Am Bank Note(t preferred figured in small-lot sales, 616 Ao EOROIBERL., opening at 107'; and closng at 107%. | 601, 42 Am Beet Sugar b nw —ANER En R RS AN R BY STANLEY W. PRENOSIL, Assoclated Press Financial Editor. NEW YORK, December 16.— The stock market began the new week with extreme hestitancy today. The highly checkered market of last week, inter- rupting the rapid rally from the low of Mid-November, appeared to have injec- ted a new note of uncertainty into market sentiment and there was a note- worthy tendency to lighten accounts and curtail operations pending definite evidence of a trend. Trading Dull. Trading was dull and popular shares P » » wn 19 Telautograph 11.05. ‘Tenn Cop & Ch (1 Texas Corp (3) ‘Tex Gulf Sul (4). Texas Pac Land Tr. Thatcher Mfg (1.60). The Fair (2.40) Nat Tea Co (2).. Nevada Copper (3. Newton Steel (3) ® kB dmnmnarnenBalunnie Sracnnen T terly dividend and the 1 per cent extra | 1 declared a few days =go. Before uk went ex-dividend, it sold for many wecks at 258. One other bank stock | appeared on' the board, Federal-Amer- ican National selling to the extent of eight shares at 290, In the bond Aivision $500 Potomac Electric Power 6s sold at 107, Capital | traction 55 registered $2,000 and iwo $500 sales at 92 and Anacostia & Po- tomac R. R. guaranteed 5s changed hands at 92. /Speculation vs. Bank Stocks. “This experience in bank stocks may be attributed in the first instance to the | pronounced period of speculative activi- | g4a, ty which sent prices of individual shares | gr4qss regardless of earnings or book val-| 7 ," says Trust Companies’ Magazine. Such speculation was encouraged by the general trend toward reduction of par value of bank stocks to as low as 510 a share in many instances. Numer- ous mergers and reports of new align- | ments in banking control fanned the speculative mood and there existed, therefore, a close bond between factors zoverning the general stock market and the market for bank stocks. Attention should also be directed to the great in- crease in number of dealers in bank stocks, the formation of cliques and organization of pools which assumed ‘positions’ in driving up now one and then another stock. “The moral of the severe decline in bank stocks is that speculation in bank and trust company shares should be dis- couraged as far as possible. A large volume of such stocks was held in weak hands and doubtless many of such hold- ings were sacrificed to protect margin accounts. That such holdings have been eliminated is a source of greater strength in the bank stock market. That these shares will be among the first to re- cover on the basis of investment and prospective value may be accepted as a foregone conclusion. So far as earning power and management of banks and frust companies are concerned, there has been no change. It is quite possi- ble, however, that the merger movement among banks and trust companies wili not be so pronounced as it has been in Tecent years.” McFadden Explains Bill. A bill to p-rmit the cancellation of Federal Reserve Bank stock held by member banks which have gone out of business without a receiver or liquidat- ing agent having been appointed has been introduced in the House b; Chair- man McFadden of the banking and cur- rericy committee. Discussing the proposed amendment to the Federal Reserve act, the chair- | man said the present law authorized the surrender and cancellation of all the " Federal Reserve Bank stock held by a | 136% member bank only when such bank (1) goes into voluntary liquidation, (2) is| placed in the hands of a receiver, (3) | withdraws voluntarily from the system, or (4) is expelled from membership for - violation of the law. “In a number of cases Federal Re- serve banks have experienced great dif- ficulty in obtaining the surrender of Federal Reserve bank stock held by member banks, which have ceased en- * tirely to do business, but which have not technically gone into voluntary | liquidation, or into the hands of a | receiver,” Mr. McFadden said. Un- 1 der such circumstances, Federal Reserve ! banks have sometimes been compelled ! to pay dividends in large amounts on stock held by banks which have ceasea to do business and ceased to maintain reserve accounts with them, he saia. “It is believed this situation should be remedied by an appropriate amend- ment to the law providing means whereby Federal Reserve bank stock held by such member banks may be canceled and proceeds paid to them or to their proper representatives. Im order to make provision for this in the case of both national and State member banks, it is necessary to amena the law in two places.” Heard in Financial District. { ‘I A. Fleming, former financial editor : of The Star and still an active financial | writer, left Washington yesterday for i Florida, ' where he will pass the re- : mainder of the Winter. He will soon be located in the Hotel Indiatlantic at ., Melbourne, where he has a host of per- % sonal friends. “Pop” expressed a keen : desire to get back to Frolida's famous Winter sunshine. Thaddeus M. Jones, cashier of the Prince Georges Bank, is resting com- : fortably at his home at 1828 I street nerthwest following Saturday’s accident, | when he was hit by a truck at Mount | i Rainier as he was about to board a| street car. A bone in his heel was| ; broken and he will be confined at home for some time. He is a native of this| city and widely known among local bzankers, Victor B. Deyber, president of the| Second National Bank, has recovered | . from an unusually severe cold. George O. Walson, president of the Liberty National Bank and the Wash- * ington Stock Exchange, has recovered from a cold which kept him at home for several days last week. Adolph Zukor, president of Para- mount-Famous-Lasky, who, with other officials of the company, paid his re-| 723 speets to President Hoover Saturday at| 72y the White House, states that his com- | 103% pany is going right ahead with plans| 7es 101 next year and is net looking for a | 140 slump anywhere in the motion picture | 109 busincss | David Friday, Washington economist, | s8: has an article in the Bankers' Magazine | 344 on “Profits and Dividends in 1930." | 62 Earnings and dividend records of cor- | porations during the past eight years| 79 give no indications that the anticipated | 69% 1930 business recession will be suffi- | ciently severe to impair dividend pay- | ments POTATO MARKET. CHICAGO, December 16 () (United States Department of Agriculture).— Potatoes—Receipts, 127 cars; on track, 237; total United States shipments, Sat- urday, 746; Sunday, 28 cars; trading rather slow: market about steady; Wis- | v sacked round whites, 230 to! occasional, 2.50; Minnesota-North . sacked round whites, 2.15 tc . few 2.25: Idaho sacked russets, to 3.00, few 3.10, mostly 2.85 to COAL OUTPUTV HIGHER. By Lhe Associated Press Bituminous coal output in the United States for the first week in December was announced today by Burcau as approaching a high record for the year. Colder weather was in part responsible for the increased pro- duction, which is given in the following figures ‘for the week and comparable priods. Week ending December 7, 11.679,000 tons: preceding week, 9,993~ | gqv 080 tons, and same weck last year. a5 101'¢ Am&Forn Pwr pf(7) 86'4 Am&For Po 24 pf(7) 19% Am Hawatlan S S (2) 2314 Am Hide & Lea pf. .. 40 Am Home Prod 4.20. 29 American Ice (3). 2915 Am Internat (12)... 90 Am Locomotive (8). 111% Am Loco pf (7)..... 3115 Am Metal (3). 106 Am Metal pf 1 Am Plano. P it (11) 92% Am Pow & Lt ot (6). 70 AmP&LDfA(3)... Am Roll Mill (¢2) % Am Ship & Com..... 62 AmSm & Ref (4)... 123'% Am Sm & Ref pf (7). 35% Am Steel Fdy (3). 56 Am Sugar Rfg (5) 18 Am Sumatra (3) 193% Am Tel & Tel (9) 160 Am Tobacco (110).. 160 Am Tobacco B (t10) 114% Am Tobacco pf (6). . 50 Am Water Wks (c1). 97 Am Water W 1st(6). 5% Am Woolen. 15% Am Woolen pt 5 28 Am Writ Papr pf (3) 7 Am Zinc LA&Sm. ... 70 Anaconda Copr (7)., 25 Anchor Cap (2.40)... 30 Andes Copper (3 181 Archer-Dan-M (3) 75 Armour Del pf (7) 5% Armour Il (A). 2% Armour Il (B). 74 Arnold Constabl 20% Art Metal (13). 25 AssoDry G (2% £6 Asso DG 1stpf(6 90 Asso DG 2d pf(7) 195% Atch T &S Fe (10). 99 Atch T&SF pf (5)... 161 Atl Coast Line (+10). 3214 At1G & W Ind! 30 Atl Refining (12). 67 Atlas Powder (15). 120 Auburn Auto (34 3% Austin Nichols. ... 5% Aviation Corp. Del. . 5 Baldwin Loco (1.76). Baltimore & Ohlo (1) to & Ohio pf (4).. 55 Bang & Aroos (3%).. 35 Barnet Leather..... 20 Barnsdall (1234). 55 Bayuk Cigar (2) 15 BeaconOfl..... 7314 Beatrice Cream (4). 5% Belding-Heminway. 75 Belg Nat Rys pf 6. 25 Bendix Aviation (2). 25 Best & Company 78Y% Bethlehem Steel 116% Bethlehem St pf (7). 37 Bohn Alumn&B (15). 70 Bon Ami, A (16) Booth Fisheries. Borden & Co (3) 814 Briggs Mfg..ccooeve 20 Briggs&Stratton(3). 1% British Empire Steel 3% British Em Stl 2d pf. 14 Brockway M T (3). 40 Bklyn-Manhat (4) 99 Bklyn Union Gas (5. Brown Shoe Co (3) t (2 9 Budd (EG) (1%)... 9% Budd Wheel (1). 25 Bullard Co (12). 21% Bulova Watch (3) 88 Burns Bros A (8)... 29 Burroughs AM(11.80 - 31% Bush Term (g2)..... 2 Butte Cop & Z (50¢c). Butte & Superior (2) 20 By-Prod Coke (1) 6315 Calif Packing (4). .. 73 Calumet & Ariz (10). 25 Calumet & Hec (4%) 45 Canada Dry G A (6). 189% Canadian Pac (10).. 28% Cannon Mills (2.80) 17 Capital Adm (A). 130 Case (JI) (6).... 56 C: 27% Cant Alloy Steel (2). 521 Cerro de Pasco (6).. 11% Certain-teed Prod 18 Checker Cab (4.20). Ches & Ohio (10).... 37 Chi& East Ill pf. 7 ChiGreat Western. . 17% ChiGreat Westn pf.. 16 Chi Mil St P&Pac... 2815 Chi M1l St P&Paoc of. 75 Chicago&N W (5).. 47 Chi Pneu T of (33). 101 Chi R I & Pao (7) 947% Chi R1& Pacpf 100 ChiR I & Pac pf (7). 27% Chickashs CO1l (3). 26 Chrysler Corp (3) 39% City Ice & F' (3.60). 74 City Stores (1 Clark Equipment (3) Cluett Peabody (6).. 10 Collins & Alkman. 70 Collins & Atk pf (7). 274 Colo Fuel & iron. Col Gas & El (2).... 4 Col Gas & El pf A 6). 86 Col Gas & El pf B (5) 16% Columb Graph(87¢). 105 Columbian Carb(16). 18 Com Credit i2)...... 28 Comm Credit A (3).. 28 Coml Inv Tr (£1.60. 10 Com Inv Trst wi 20% Comm Solvents (1 10 Comm&So(b5 % stk). 35 Conde Nast Pub (2). 11 Congoleum-Nairn... 804 Consol Gas, NY (4) 921% Consol Gas pf (5). 45 Consol RR Cub of(§) 1 Consol Textlle.... . 12 Container Cor A 1.20 3% Contatner Corp B. .. 2514 Contl Baking A 4% Contl Baking B 40'; Contl Can (23%) Contl Dia Fiber (2% 4 Contl Insurance (2). 64 Contl Motors (80¢) Cont! Oll of Del. . Continental Shares. . orn Prod Refin (14) Coty lne (g2). . . Cream of Wht (12%) Crossley Radio (31). Crown Zellerbach (1) Crucible Steel (5)... % Cuba Cane Sugar. 5 Cuba Co, 6% Cuban-, 1 Cuban Dom Suga 36 Cudahy Packing (4 100 Curtis Publish (7)., 11,211,000 tons. 30% 7% Curtiss Wright Corp. LA, = 377 4 14 Curt Wright Corp A. Japan new has 37,000,000 postal-sav- 1214 58 Cutler-Ham (83%)... 125 doposi'ors. 126': 63 Cuyamel Fruit...... @ EC R BoaRnln oo amc S s g PYSHETOrS —a oY) - JEToNey 122% 5413 7 4 04 34% 104% 16% 205% 65 614 16% 83 100 Fed Motor Tr (80c) Fed Watr Ser A 3.40. F1d Phen F Ins (2).. Iilenes (ctfs). 4 Iirestone T & R. Firestone T&R pf(6) First Nat Strs (23). Fisk Rubbe Florsheim Shoe A. .. Follansbee Bros (3). Foster Wheeler (2). Fox Film A (4)..... Freeport-Texas (4). ¢ Fuller pr pf (18.68).. Gabriel Snub A 4 Gen Asphalt (4). Gen Bronze (2) Gen Cabl Gen Cable A (4). Gen Cigar (4). « Gen Electric (16)... Gen Elec spec (60c). % Gen Electric (new).. Gen'l Food Corpn (3) Gen Gas&Fl A (te2) Gen Mills (1334) Gen Mills pf (6). 4 Gen Motors (13. Gen Motors pf [ Gen Refrac (143 ) Gillette Saf Raz(c§). 4 Gimbel Brothers. .. Glidden Co (h2)..... Gimbel Bros pf (7).. Gobel (Adolf)....., 4 Gold Dust (2% Gold Dust pf (6) Goodrich BF (4), Goodrich pf (7). Granby Copp Grand Storas (e1) Grand Union.... Grand Unlon pf (3).. Granite City Stl 4). Grant (WT) (c1)... Grt North pf (6)...e Grt Nor Ore (a1%).. Greene Can Cop (8). Grigsby Grunow (3) Gulf Mo & North. ... Gulf Mo & N pf (6).. Gulf Sta Steel (4), Hahn Dept Stores. .. Hahn Dept S pf(63%) Hall Printing(t1%). Hartman B (1.20)... Hayes Body b8 % stk Hercules Mot (1.80).. Hercules Powdr(t4). Hershey Chocola Hoe (R) & Co. .- Holland Furn (e234), Houdaille Her B(2) Household Prd (14 Houston O11. Howe Sound B Hud&Man Ry (3.50). Hudson Motor (5. Hupp Motor (£2).... Illinots Central (7).. Independ O1l & G (3) 4 Indian Motor Cycls Indian Refinin Interboro Rap Tran. . Intercontinental Rub tntl Agricultural Intl Cement (4). Int Comubustion. Inti Cmb Eng pf (7). intl Harvester (234). Intl Harv pf (7)..... Int Hydro El A (e2). Int] Match pf (3.20). 1) Intl Pap & P A(2.40) Intl Pap & Pwr C. Intl Shoe Co (3).... Int Tel & Teleg (3).. Inter Dept St (2).... I[nvestors Equitv(32). Isiand Creek Coal(4) Jewel Tea (4)....... Johns-Manville (3).. Jordan Motor Car. ser Julius (4. Spring Tir Kennecott (5). Kolster Radlo. Kresge(SS)Co(1.60) Kreuger& Toll(1.34) Kroger Gr&Bak(cl). Lago O Lambert Leh rFort Cem (2%). Lehigh Valley Coal. . Lehigh Valley (3%). Lehn & FInk (3)..... Libbey Owens (1)... Liggett & My B (16). Lima Locomotive. .. I.iq Carbonic (+434). l.oew's. Inc (13%).. Loose- Wiles ( Lorillard (P) Co. Ludlum Steel (3). Mac A & Forb(12.85) Mcintype Pore M(1) McKesson & Rob (3) McKes & Rb pf(3%). Mack Trucks (6).... Macy (RH)&Co(ct3) Madison Sq G (1%)., Magma Copper (6 Mallinsqn & Co. rlin-Rockwell (16) larmon Motor (4).. athleson A Yo iay Dept Stors(el). Maytag Co (12 Maytag Co of ¢ Melville Shoe ¢ Mengel Company (3) 4 Metro Gold pf (1.89). Mexican Seaboard. .. Miami Copoer (4)... Michigan Steel (13).. Mia-Continent'P (2). Middle States O] et.. Midland Stl pf(112). Mo Kan & Tex pf(1). Missour! Pacific. ... DOCK. .o ann NH & Hart (§) NH&HDpf (7).. N YOnt& Waest..... Norfolk Southern. Norfolk&Wstn (112). 4 North Am(b10%stk) North Am pf (3).. Northern Pae (5) North Pac et (5). Nor Ger Lloyd(3.41). 7 Ofl Well Supply..... Oliver Farm Equip. Olivr Fr Eq pf A(6). Olivr Fr Ep ev pt(3). Omnibus Corp. ...... Oppenheim Col (5) Otis Elevator (18). .. Otis Steel or of (7). Owens I1! Bottle(c4) Pacific Coast. ... . Pacinc Gas & E ( 4 Pacific Lighting (3)« Pacific Ofl stubs. . ... Packard Mot (11.10) Pao-Am Pete B...... Paramount-F-L (3).. Park Utah. .. . Parmeles Trans 1%. Pathe Exchang, Pathe Exchange A... 24% Patino Mines (3.39).. Peerleas Motor Car. . Penick & Ford (25¢) Penn Dixie Cement. . Pennsylvania RR(4) ey Peoria & East Pere Marq pf (5) Pnelps Dodge (3) 4 Phila Co 6% pf (3) Phila & Read C& T v Phillips Petrlm (c2). Phoenix Hoslery..... Pierce Ofl. . ... Pierce OIl pf. Plerce Petroleum . Pillabury Fl (12%).. Pirelli Co A (238)... Pittsburgh Coal pf Pittsbgh Screw 1 Pltts & W Va (6).... Poor & Co (B) (2)... P Rican Am To (A)T @ = e BRaan mpwale~aswaxainelumpmcBronnu-nann 3 LR o PO IoT -1 LU R Yo S PP PP -P NG 04 L FET-S PP S Proc & Gamble (2) Pub Serv of NJ(3.40) Pub Sve NJ pf (5)... Pub Sve NJ pf (6)... Pub Sve NJ of (7)... Pub Sve E&G pf(6).. Pullman Corp (4). Punta Alegre Sugas Pure Ol (1%). Purity Bakeries (). 35 Radio Corp. Radio pt B (5). Radio-Keith-Orph A. Raflway & Exp (2).. Raybestos-Man(2%) Real Silk (§). am o Y] Repub Ir & Steel (4).. Rep Ir & St1pf (7). Reynolds Spring Reynolds Tob B (3).. Richfield O11 (2)...w Rio Grande Oil (k2). Ritter Dental (2%).. R Ins (2.30).... Royal Duteh Rutland pf.. Safeway Stores (5).. St Joseph Lead (13). St L-San Fran (3)... St L-San Fran pf (§) St L Southwestern. Seagrave (e1.20) Sears Roebek (12 Second Natl Inv ctfs. %) Shattuck (FG) (1).. Shell Union (1.40) 5 Simmons Co (£3). Simms Pet (1.60). Sinclair Con OIl (2). Skelly Of1 (3)....... Sloss-ShefMeld pf (7) Solvay Am In pf 6%. So Porto R Sug t31%. 4 Southern Cal Ed (2). Southern DairiesB.. 5 Southern Pacific (§). 162% 109 Southern Rwy (3)... Und El Un Oil wnnn Ru qagaaaaaaas nuunne Virgin Waba, Wexta, White White White ‘White Wrighi Young Young Zenith Sales of 20 AM... 30 P.M... £ 4% N . Fin | 4,08 e S 4% | in_ stock."~ d Pavable 124" | EPlUs 10% in siock 136% 136% 136% 137 | 125 et s Shn Union Carbide(2.60). Utd Afrcraft&T pf 8. Utd Biscuit (1.60). S Freight (3) Ind Alco (6). Leat) Leather A (4). S Leather pr pf(7) Pipe & Fdry (3). Realty (5). Rubber 1st pf... Smelt Ref (334). Smelt Ref pf 3% Util Pwr & Lt A (e! Vadsco Saies. Vanadium (t4) " Vick Chemical(23). Virginia-Car Chem. . ‘Wabash nf « .. Waldorf Systm (13) ‘Walworth Co (2)..7%. Ward Baking B..... Ward Baking of (7). Warner Bros Pie (4). Warn Br P p£(2.20).. Warner-Quinlan (2). Warren Bros (19). Warren Fy&Pipe(2). Wess Ofl & Snow (). Wess O & Sn pf (4) Westvaco Chlor (2). % WhiteRock M S (t4) Wilcox Rich(A)2% .. Wilcox Rich B (e3) Willys-Over (c1.20 Third Avenue....... Timken Roller (3). Tobaceo Products. .. Tobacco Froducts A. Transcontinental Ol Trico Prod (3%). ... Truscon Stl (£1.20). liod Fishr (§) of Cal (32). S o L » bbe: e 9 8 2 Bkl rnane SomaBlroiNolunaBrrtanRw3Sunsitan-noe S v = f- PR e O N T ia-Car 6% pf.. n 9 =5 = e rk Radio (e3). Eagle 011 (3).. Motors (2)... Sewing Mach.. Sw Mch pf(4). M e e BrmSnSonewammom t Aero (2 : Wrigley Wm (4. Yale & Towne (15) Yellow Truck & C. Spring (3). Sheet & T (5) Radlo (3).... RIGHTS EXPIRE Allis-Chal, n. Dec. 31 Am Rollg M..Feb 15 Col. Carbon. . Mar. 11 % 1% Stocks on New York 338,400 12:00 N::-lllll .1.574,800 3:10 P.M.. Dividend rates as given in the al Payments based on the latest a Ry or b e latest quarterl: y'or’ “Unit of trading lesa than 100 sh ‘TPius s3I ‘Dret tock. Ted stock, regular rate. b Pa: when earnca, Wall Street Briefs By the Associated Press. Liquidation in the securities markets and lower interest rates now prevailing in this country, with consequent with- drawal of Canadian funds, doubtless will show their effect eventually in some improvement in Canadian exchange, says the Bank of America in its De- e, 1h the opinion of the bank, more direct assistance than that will be re- auired to bring the Canadian dollar back to par. Lumber orders received at 842 lead- ing hardwood and softwood mills dur- ing the week ended September 7 were 77 per cent of current production, a figure at which they have been for the previous two weeks, according to re- ports to the National Lumber Manu- facturers’ Association. Shipments were 81 per cent of production, compared with 92 per cent a week earlier. Sales of raw silk futures on the Na- tional Raw Silk Exchange during the first two weeks of the month were more than double those for the entire month of December, 1928, totaling 13,300 bales, as against 6,655 bales for the full month last year. General Motors Corporation reports ! total sales by dealers to consumers for| November of 90,871, as against the 91,410 reported for November, 1928. A 'sharp seasonal contraction from the Octobeér figure of 139,319 appears. Di- visions' sales to dealers, however, showed an increase from the like month of last year, totaling 60.977, against 45,587. The seasonal decline from the previous month also is pronounced in this tabulation, as October sales to dealers were 122,104. METAL MARKET. NEW YORK, December 16 (P).— Copper quiet; electrolytic, spot and fu-| 4o ture, 18. Iron quiet; No. 2, f.o.b. East- ern Pennsylvania, 20.00a21.00; Buffalo, 17.00a18.00; Alabama, 13.00a14.00. Tin firm; spot and nearby, 41.75: future,| 42.37. Lead steady; spot, New York, 6.25; East St. Louis, 6.10. Zinc easy: East St. Louis, spot and future, 565, Antimony, 8.50. Quicksilver, 124.00, More than 12.000 people are engaged in the woclen industry in Arzentina, INDUSTRIAL ACTIVITY IN U. S. SHOWS DROP By the Assoclated Press. NEW YORK, December 16.—Based on in 3,600 manufacturing plants, indus- trial activity in the United States dur- ing November was 8.7 per cent under | October, and 7.8 per cent under Novem- ber, 1928, which indicates a somewhat more than normal seasonal curtailment of general manufacturing operations, Electrical World reports. The average monthly industrial activity for the first 11 months of the current year, however, was 8.1 per cent above operations for the same period last year. Three factors were given as the cause for this decline; the usual seasonal decrease, hesitation due to the stock market movements and & reaction from the special rise in gen- gan during the Fall months of last year. Comparing current plant operations with the same time last year, two manu- facturing groups reported a gain, eight reported a drop and one group—lumber products—reported activity the same as last year. By comparison with Novem- ber, 1928, the greatest drop was reported by the automobile industry with a 30.4 per cent decrease. Rubber products came next with 21.4 per cent, rolling mills and steel plants, 17.2 per cent, and textiles, 12.8 per cent. MARYLAND TOBACCO SALES. BALTIMORE, December 16 (Special). —Both receipts and sales of Maryland leaf tobacco continue light, last week's report being 77 hogsheads and sales 73 hogsheads, which brought full former Pprices, Common seconds have become strong- er again, but very few offerings now. Stocks in State tobacco warehouses are also light, only 8401 hogsheads of | leaf " tobacco and 224 hogsheads of ground leaves remaining unsold. Quotations today for Maryland leat tobacco, per 100 pounds: Inferior, 7.00a 12.00; sound common, 13.00820.00; good common, 21.00a30.00; medium, 31.00a .00; good to fine red, 41.00a51.00; fancy, 51.50a52.00; seconds, common to good common, 7.20; medium, 21.00a 30.00; good to fine, 31.00a40.00; upper country burley nominal; ground leaves, 6.00224.00. Clearing House Statement. NEW YORK,® December 16 (#).— Clearing house statement: Exchang s, £766,000,000; balances, $191,000,000. ! | | Markets at a Glance | | points. Bonds irregular; highest grade | issues firm in light trading. Curbs | heavy; utilities sag. Foreign exchanges firm; German marks at new 1929 high. Cotton lower; Southern selling. Sugar steady; higher spot market. Coffee steady; firmer closing Brazil. CHICAGO, December 16 (#).—Wheat firm; bullish Farm Board statement. Corn higher; unfavorable weather. Cattle steady to strong. Hogs lower. FOR CEMENT COMPANY By the Assoclated Press. NEW YORK, December 16.—Stock- holders have been informed by the At- las Portland Cemeni Co. of an offer by the United States Steel Corporation to take over the assets of the cement con- cern in exchange for 180,000 shares of Steel stock valued at $31,320,000. In exchange for the stock, Steel Cor- poration would acquire the 899,211 shares of common stock of the Atlas Co., together with its entire assets and good will. The preferred stock of the | company was retired recently and there {is no bonded indebtedness. Liabilities | consisting of small items also will be ! assumed by the Steel Corporation under the plan. A special meeting of stockholders has been called for December 28 to ratify the agreement. PARIS BOURSE PRICES. PARIS, December 16 (#).—Trading was quiet and prices were about steady on the Bourse today. Three per cent rentes, 80 francs 20 centimes ex-inter- est; 5 per cent loan, 106 francs 5 cen- times; exchange on London, 123 francs 951, centimes The dollar was quoted at 25 francs 38'z centimes. — Clock Ticks for 300 Years. After ticking, without rest, for 300 years, the clock in Rushen Castle, Isle of Man, has been stopped for repairs. The_timeplece was given to the castle island in trust and has one hand and threc wheels. It was afterward fitted with a bell to toll the hours. i NEW YORK, December 16 (#)— the consumption of electrical energy Stocks weak; pivotal shares fell 3 to 8 ISTEEL CORP. MAKES BID | eral manufacturing activity which be- | were inclined to sag, with conspicuous heaviness in the utilities, where losses ran as high as 8 points or more. The news of the day and the week end was rather negative in character, and served only to intensify the market uncer-t tainty. Failure of the Interstate Com- merce Commission to announce over the week end its consolidation plan, which was widely expected, was disap- pointing and caused considerable profit taking in investment rail shares, al- though there was some speculative ac- tivity in non-dividend payers. Call money held at 4, per cent, but was available in the outside market at 4. The demand was light, however, and underlying credit conditions were not tested. Other monetary rates were unchanged. The large turnover of funds incident to the Treasury refinancing failed to cause a ripple in the money arkets. Foreign exchanges were firm and continued outflow of gold was jn- dicated. It was rumored that the French government plans reparation of large balances held here, Foreign Trade Figures. November foreign trade figures were fairly satisfactory, showing a substan- tial increase in exports, but a still larger | increase in imports. Reports over the week end indicated further slackening of steel mill activity, but considerable confidence in the outlook for early next year. Fox Film A was sent up 3 points on reports of a favorable plan of re- organization by the newly appointed trustees, but more than lost its gain when official confirmation could not be obtaimed. Coppers were largely slug- gish, but Phelps Dodge was bid up more than 4 points in active trading. The decline in the general list ac- quired considerable momentum as the selling of United States Steel forced that stock down 6 points. General Electric was off 81, and du Pont, Johns-Manville, Eastman Kodak, Ameri- can Foreign Power, Timken Roller Bearing and United States Industrial Alcohol were among the shares ruling 5 to 6 points lower in the final hour. The close was weak. BUDD WHEEL Co0. NEW YORK, December 16 (#).—The Budd Wheel Co. of Philadelphia and Detroit, will submit to stockholders at the annual meeting in February a plan to remove from the balance sheet of the company certain developmental and other expenditures incurred in the early stages of ‘the business. It is the in- tention of the company to charge these items off against earned surplus and capital surplus. Edward G. Budd, president, in his letter to stockholders said that the company is bringing to a close the most profitable year in its history. We Buy and Sell Liberty Bonds Treasury Notes Etc. Bond Department The Washington Loan and Trust Company 900 F Street 620 17th Street National Metropolitan v Bank . old 15th St. opp. .U. S. Treasury Remember Yourself —this Christmas with a Savings Account. Such a gift will grow larger with the years, if regu- larly added to, and will help make future Yuletides merry. Open Unesl 5:30 PM. Today 3% Paid on Savings by Queen Elizabeth when she held thel Oldest National Bank in. the District of Columbia