Evening Star Newspaper, December 16, 1929, Page 15

FI STOCK PRICE INDEX REVEALS DECREASE Figures Indicate Mixed Movement of Shares Dur- ing Last Week. BY IRVING FISHER. Special Dispaich to The Star. NEW HAVEN, Conn., December 16.— Stocks had mixed and hectic move- ments last week and the bears got a little better of the battle. It was prin- cipally a defen- sive fight which the so-colled “con- structive forces” waged during the Jast three ses- sions. Most groups and most of the im- rtant individual issues made pew highs for the re- covery during the week, many of these being reach- ed on_ Tuesday. ‘Wednesday saw prices yield a lit- tle at the close and Thursday the bears had all the best of the fighting. Friday saw re- turned strength in buying and a lot of short covering to help the recovery, Closing prices were generally below Irving Fisher. the close of the week before. Coppers were off 8 per cent, utilities 6, foods 4, oils and stores 3, accessories 2 and rails 1. Steels made a fractional gain and motors netted a 3 per cent advance. All-Industrial Index. ‘The all-industrial index showed a 4 |. per cent loss at the close of the week s compared with the preceding week’s close. The compact survey of New York Btock Exchange movements of com- mon industrial shares is given Lelow in price indexes (1926-100). There are iwo indexes of market price move- ment. The first (“Shares Outstand- ing”) represents all common industrial shares listed on the exchange, the im- portance of each stock heing consid- ered according to the shares in ¢ istence, or oul movement of th stocks most heavily dealt in "un"g the week, this list changing weekly with the lh"B in trading popularity. The “shares nuutlndlng" index shows what a_substantially representa- tive $100 worth of stocks in 1926 would now amount to if held unchanged since that year. The “50 leaders” index shows the result of reinvesting the $100 every week in the market favorites of that week, ‘The last column of the table gives the rate of return on the week's 50 leaders at current prices. Shares out- standing. 50 market leaders. Rate Week ended— Wigh ('28-'39) Low (28-29).. Industrial Grades Cnm!llrell. The investment grade of common in- dustrials closed the week 13 points or 7 per cent below their peak on the recovery and 24 points or 17 per cent above their low on the crash. ‘The intermediate grade closed the ‘week 8 points of 6 per cent below their recovery pcak and 14 points or 13 per cent above their low on the crash. ‘The speculative grade closed the » ek 6 polnis or 4 per cent below over and 15 Mln... cr 16 o «znk anove {neir Jow o : Below are suown i puces of common ildustria ivew York Stock Lxchange, arranged in classes derived from Moody's ratings. {1926=100) W ). Low ('28-20).. L) (Copyright. 1025 Business Notes By the Associated Press. NEW YORK, December 16.—Approx- imately 3,500 mortgage loans, amount- ‘ing w $63,909,700, were made by the New York Life Insurance Co. during the first 11 months of the year. These Joans were distributed throughout 277 cities in 39 States and the Dominion of Canada. The Segal Lock & Hardware Co. has scquired the Kenilworth Tile Co. ‘The Wabash Railroad plans to spend ‘between $12,000,000 and $13,000,000 on new equipment in 1930. A concrete coal pocket with a ca- city of 4,500 tons and said to be the 1" est of its type in the country, bas Ju.r-t been completed at Souin Brooklyn for the Lackawanna Railrosd. Consumption of crude rubber of all classes by Manufacturers in the United States last month is estimeted by the Rubber Manufacturers’ Association at 27,659 long tons. This comp ith 34,800 tons in October and 37.461 tons in November, 1928. Crude rubber im- | ports last month totaled 40,621 long | tons, a decrease from the 43.725 tons imported in October, and compared with 34720 tons in '\'u\'e'mhvr, 1928. SHORT-TERM SECURITIES. Bl ofer. Allis-Chalmers Co. Ss 1937.. Aluminum Co. Amer. Rolling mu- ERED Armour & Co, of Del. $1ux 1043 843 Baltimore & Onto 4ias 1083 98 Batayian Pet. Corp. 4155 19 53 Boston 4y 1930 Accep. Cosr.p, s 1937. Bure Oil Coj 937, unul Unjon O Co_ 55 Sinclair Grude oii Co, shos 193 QN gersey 5‘; j86 3 r st L. so lh;n'urn ) hion Soxi-Co- of Gulif, 54 m; Intiea Drua Co: $5 1953 Weatern Electric Co, 53 it ‘Wheeling Steel Corp. 535 1948 FOREIGN EXCHANGE. (Quotations furnished by W. . Hibbs & Co) ominal gold ‘Selling cheeks Tete (or o o London, pou 348665, Paris, franc.. Bruscels, beix: Berlin, mark. Warsaw, zloty. . Copenndgen, ‘crown. NE 4815 % 17 247 10'% Allfed Mills, Ine. 35 8714 90% 15% 29%, 89% 5514 20 20 4 324% 120 Stock and Dividend Rate. 141 Aero Underwriters. . Atnsworth Mfg 3234, 108 Ala Pwrcum pf (7). 47 Allegheny Gas Corp. 1 Allled Aviation 2 15 1 26 l‘i 13 Allied Pow & Lt..... 39% Allied Pwr&Lt pf(3) 3 AllP&L1stpfb... 44 Alllson Drug St B. Alu Co of Am pf(! Am Arch Co (3). 16% Am Chain (3) 10 AmCP&LB 18 Am Com P A (330¢).. 22 Am Com P B (330c).. 3% Am Cmwlth Po war.. 'h AmControlOfIFlds. . 20% Am Cyanam B (1.60) 120 3% Am Dept Stor 15 Am Equitle: 251 Am For Power war. , 38 1 lnq 35% 3438 7 Am Investors (war). 37 Am Manufactur Co.. 503 1%4 Am Maracaibo. . 57 Am Natural Ga: 2915 Amrad Corp (1)..... 1 25% Am SolChevpf (3). 1 15 Am Superpower (1). 212 82 Am Superpow pf (6). 19 Am Yvett 5 Am Yve! 20% Amster Trad (1%) 8 Anchor PostF' (2). 14 Anglo-Am vot (73¢ 15 Anglo Chil Nitrate 3 Anglo Nor Hold. 8 Arcturus Rad Tube. & Ariz Globe Copper. % Arkansas Nat Gas 6'5 Arkansas NatGasA. 3 Asso-Dyeing & Ptg. 514 Asso-Elec Ind Ltd. . 354 Asso GEEl A (12.40). 3 241 Atl Coast Fish % Atlantie Lobo! 1 Atlantic Lobot 24% Atl: 30% Atlas Port Cem (2) 7% Auto Voting Mach... 15% AutV Mev prpt (2), 20% Aviation Corp of Am 1% Bahia Corp.... 46% Bancomit Corp new. 5 Bellanca Atrcraft 30 Blaw-Knox Co (1).. 10 Bliss Co (B W) (1) 314 Biue Ridge Corp. 281 Rlue R Corp cv pf 13. 29 Blumenthal (S)..... 64'% Bohack (HC)(13%) 13% Brazil Tr& Lt (2). L SBrillCorp B 55 Buckeye Pi 22 Buf NEEP pf (1.80 7% Bureo, INC..ocevese 3% Burma Corp (131c) 14% Butler Bros (2).. 4 Cable Radio T vte. 3 Cab&WireLtdA rets 1% Cab&WireLtdB reti 3 Can Marconi. 80% Carnatfon Co. Carib Syndicate, or Celluloid Corp. 6% Cent Atlantic State: 19 Cent & Southw Util.. 20 Cent P Sv A (al.76). 12 Cen States Fl (340c). 4% Centrifug Pipe (60c) Chain Stors Stk(b6) . Ches & Ohio (new).. Cities Service (130¢) llfl Cities Serv pf (6) Cit S P& L pf (7) l Clark Lighter A. 2 Colgate-Pal-P lZ’A). 11 Colon Oil. 3 i Columbia Synaicats. r‘_; 528 260 26 16 5 10 Colts Pat I Comwlth Pow of (§) Comwlth & Sou war. CommuntiyWatServ C A M Co etfs C A M Cocum Consolidat Afreraft. Consolidated Copper Con Dairy Prod (12) Consol. Cortez Silver Con Gas, Balto(3.60) Cons Instrument. Conn Leundries, 74 Con Retafl Sivs O ‘s'heate. ( sonerBessemen (=) e Ty -t Creole Petroleum Cresson Cons (.08). Crocker Wheeler(n Crown Cent Petrol. Curtiss Flying Serv. Darby Pet (1).. Davis Drug Stor cf: Deere & Co (6). De Forest Radio. Derby Oil & Refin, Detroit Afreraft Cor. Doehler Die Casting. Douglas Afreraft... Draper Corp (+5).. Dubelfer Cond&Rad Duke Power ($5) TSI 2 oy 384 El Bond & Sh nf tl). K1 Pow Associates. . | Pow Associates A Kl P& Lopt war,... FETE 5% Fajardo Sugar. 10 Faicon Lead % Fandango Corp. 5% Wansteel Products Fedders Mfg A (2).. Fed Screw (13%) 2 Fiat Stk debrts 18% Fiat Stk deb rts reta, 4% Finan Inv N Y (b8) 8 Fokker Aafreraft 9 Koltis Fischer Co 15 Ford Motor Can A. 4 Ford Mot of France 10% Ford Motor Lt 20 Fourth Nat Inv. 6 Fox'TheatClA 35 Fren Line B (2.54) 18t Garlock Pkg (1.30) 8% Gen Am Invest new.. 2% General Bakinz. 45 15 36 7% Gen E Ltd rcts (50c) 20% Gen Empire Corp. .. 3 =3 P TITRTT - Gen Theat Equip vte Gilbert (A C).. 12% Globe Underwriter: 1 Gold Coln. . 2% Golden Cente; .16 Goldfield Consol. 32 Goldman Sachs (b§) Gold Seal Eln...... Gorhum Inc pf (3).. Goth Knitbac Mach . 16t Gram'ph'ne rets 2.91, Gravmur Corp. 1 Griffith (DW) A 10 Groc Stors Prod vte.. 18 Ground Gripr(t1%). 20 Ground Grip pf (3).. 24% Guenther Law (2)... 115 Guif Oflof Pa (1%). 60 Hambleton Corp cfs. 1% Happiness Candy. Harnischfeger Corp. 27% Huygart Corp... 14% Hazeltine Corp (1. 3% Helena Rubenstein. . 39 Horn & Hard (2% 6 Hudson Bay M &8.. 74'% Humble Ol (2). Hydro El Service(2). Hygrade Food Prod. f1)inols P L (20) Imp Of1 Can n (5 indian Terr Illum 15 26 l‘i 13 39% 43 1 109 36 74 119 12% 6% 44% 1% 934 1% 61% 263 15‘ 13% 9% 32% 17 1% 15 lK 13 37 43 5 1 109 35% 34% 65 115 12% 6% 44% 260 % o1t 101% 101 8% 650. 300% 306% 300 305 28 26% ~YORK CURB MARKETs Add 00. Open. High. Low. Close. lfi 26 60s IDN IOK llll'fi 109% . = 115 12% 6% 40% 10% 26%. Rece ~Prev. 1929~ Stock ana Low, Dividend Rate. 3 Internatl Ut B. 12% Interstate Equi 40% Interst. Eq. ev-pf. 9% Inter Hos M (1.80). 14% IrvAir C (2) (1.50) 5 Itallan Superp war. 6% Itallan Superpow A. 30 * Johnson Motor Co. 2% Jonas & Naumburg.. 23% Klelnert Co (23%) 1% Kolster-Br (Am Sh). 3 Lefcourt Real (1.60) 23 Lefcour Real pf (3).. 63 Lehman (The) Corp. 36% Lerner Stores (2). 11% Libby McNeil & L. 12% Lily T Cup (150). 9 London T Syn rcts 2. 40 Long Island Lt (40c) 3 Louisiana Lan & Ex. 20% Mac Marr Stores.... 14 Magdalena Syndicat. 7 Marconi Int M 62%c. 7 Mar Wire Tel 62%c.. 28 Marine Mid Cp (1.20) 44% Massey Harris (3)... 1 Mavis Bottling....sn 46'% Mayflower Assn 9% Memph Nat Gas Co. . 40 Mead Johnson(13%) 60 Mercantile Stors(5) . 5 Met & Min Inc (1.20. 32% Met Chain Stores. ... Mid West Util (b8%) Mid West Ut pf n(6) Mid St1 Prod (16.63). Midl United(b1% %) . Mo-Kan P L (b6%). 25 Morrison Elec (1). 27 Mig Bk Col (Am sh). 7 Mount Prod (1.60). 5% Municipal Service. 8 NatamerCo (2). 6% Nat Aviation. Nat Fd Pr B (b4%) Nat Fuel Gas (1) 10% Nat In 20 NatPubSv A (1.60). 5 Natl Trade Journal 5 Nat Union Radio. 15 Neptune Meter (2).. 45% Nevada Cal Elec.... 2 Neve Drug Stdvre. 21; New Brad Ol (50¢) .. 85 New Eng Pow bf (6). 60% New Jer Zincn(t4).. 7% N Y Auction (1%4)... 20 N Y Jnvest (1.20). 19% 1 N Y Invest (war)... 111 NYTelpf(834).. .. 3 236 89 mont Min (34).. 8C% 11% Niagara Hud P(40c), 113 13 tag Hi Pw A war. 68% 10 Noranda Mines (3).. 19% 5 North Am Aviation.. 18% 6% North Cen Tex (60c) 46'%2 23 Northam W ev pf(3) 108% 91 North Ind PSpf(7). 301 115% North St Pow A (8). 109% 100 48% 17% N W Engineer (2) 13 Ohio Copper. 64'% Ohlo Ol (2% 814 Oflstocks Ltd A 66 Otis Elevator new. .. 24% Pac G&K) 1stpf 1%. 23% Pac Pub Serv (1.30). 144 Pac Tin Corp Spe(s). 124 Pac Western Oll.... 283 Pantepec Oil. . 6 ParamC Mfg (2.40). 13% Pennroad Corp. 98 69 85 Penn O ¥d pr n’ Penna Wa & Pwi D % Philip Morris Inc. .. 10 Plck(A)B&Copf 1%. 10% Plerce Govern (1%4). 615 Pilot RT A (1.20)... 60% Powdrell&Alex t4%. 85 Pratt&Lambert (15) 614 Prince & Wh ke, zSP&LLE? h) . 55 Rwy & LtSec (f4).. 7% Rainbow Lum ProdA 4% Rainbow Lum ProdB 9% Red Bank. . 1% Relter-Foster (40¢). 12 Rellance Manag (4). 4 Reynolds Bros inec. .. 18% Reynolds Met (nnw) 27% Rike Kumler, 22% Roan Antelope Min. . 18 Rockland L& P..... 9% Rolls-Roy Ltd ret: 45 Ruberold Co (4) 14% St Regis Paper (1).. 1% Salt Creek Con (40c) Salt Creek Prod (2).. 3 Schulte Un Ge-$1 St 20 Schulte-Utd Sts pf.. 8% Schutter J Candy A. 381 Seeman Bros (3). 4 Selected Industrie 495 Select Ind pr (53%).. 50'% SelIndallotefsbl. 314 Sentry Safety Cont.. 48 Sheaffer Pen (13)... 674 Shndoah Corp(b6%) 14'3 Shenan Corp pf (3). 26 Sierra Pac Elec (') 1 Singer M Ltd (30¢ 1% Sonora Products. ... 351 So Penn Ofl (1234). 26 SoCal £Apf A (1%) 211 So Cal Ed pf C (1%). 18% So Col Pow A (2).... 5lw Southern Corp...... 13 So Pipe Line (1).... 2 Southern Stores A 11% Southland Roy (1).. 91; € W Dairy Products. % Spanish & Gen Reg.. 5% Stahl Meyer, Inc.... Stand Oil. Kan 12%. . SUOil of Ohto (234). 24% 1131 St Oll of Ohio pf (7) 189 491 Stand Pow & Lt 51% 31 Starrett Corp pf: e S e ) 7% Stinnes (Hugo Stutz Motor Car. 4 Sun {nv of (3) Sunray Oil.. wift & Co (8)... W Swift & Co new (2 ).. 25‘- Swift inul 62).. 18 Taggart Corp (1)... 40% Tampa Electrie (12) 19 Thermotd Co (3).... 25% Third Nat Inv (1) 18 Thomp Prod A 12.40. 25 Tobacco & All Stka. . “« Tobacco Pr Exports. 20% Transamer n (31.60) 7% Tran Con Afr Tran.. rans Alr Trans cfs. Lux D.L.P. S.(A) 45% Tri-Cont Allled 10 Tri-Continenta! 75 Tri-Cont Corp nf (6) 15 Trunz Pork Stores. . Tub Art Silk B (10). Tung-Sol L of (3)... Un N G Can (11.60) % Unlon Tobacco. ... . 29'a United Ch pt pf (3) 81 United Corp war. 15% Unit 1 Ser pur war. 18 60 7, 238 25 U S Fininshing USFoll B (1) 86% U S Gypsum ( 5 USShares Fin...... 69 US&InSectf(2%). 3% United Stores, . 11% Unit Verde E:t “ % Unity Gold. d Sales— A«w.(»n.mn-. m cln_;n. - TS 12 4 - IR AR R RN S PARENRB A BRGSO =S B 1 BHmAC AN e am B 108 1 3 29 7 by Private Wire Direct to The Star Office 258 114 19 120 18 308 8% 10 1..('¢ 1 16 Rolis-Roy of Am pf. 100. P PASE T CPAN North St Pow pf (7). 508 107 21 % b0% 20 2% 11'% MOXNDAY, - DECEMBER 16, 1929, MERCHANTS HOLD DOWN INVENTORIES Than in Previous Mar- ket Breaks. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 16.—“Inven- tories are in first-class shape. I doubt if they have ever been in better shape than they are now, considering the time of the year,” says a correspondent to this column. The Illinois Manufacturers’ Associa- tion, after the big market break, made a study of this situation among its own members. It found that on November 1 the raw materials in the hands of Tiinois manufacturers were valued at but 5.46 per cent of the annual sales. Compare this figure with that of 11.40 per cent on October 1, 1920, the time of the last big break. In 1920, when the big break came, it was accompanied by falling com- modity prices, Tesulting in a shrinkage of inventory values. But the present drop has been con- centrated in the stock market largely, ‘while the commodity price situation continues in a healthy condition. A well known economist, in a letter to the writer, makes this statement: “Whether inventories are large or not isa relative matter, and you may recol- lect that in earller crises it was a very simple matter for inventories to become large very shortly after a slump in sales took place. We now have the added feature, not existing in our earlier crises, of having two kinds of inventories, both the old-fashioned va- riety in the hands of the manufac- turer, wholesaler and retailer, and also the new variety of consumable com- modities in the hands of consumers holding them under the installment purchase contract. Were you to make an estimate of the goods held by con- sumers and not yet paid for, and add it to the old-fashioned type of inven- forv, you might obtain an interesting total.” When Owen D. Young, a dircelor of the Federal Reserve Bank of New York, stated that the basic cause of the stock market panic was that credit had “got- ten out of bank control into the hands of irresponsible outsiders” the fighting H. Parker Willis rose to protest. He holds that the Federal Reserve system itself did not handle the credit problem in & way to merit anything but criticism. It did nothing to meet the situation, but only to aggravate it—that is, by cutting acceptance rates and raising the rediscount rate, But consider this: *“As every one now admits, including the officers of the Federal Reserve system, discount rates were cut unduly low in 1927 and 1928. This was the ill-fated attempt to pre- vent gold from leaving England and coming to the United States by making bank funds unduly cheap in New York. The scheme did not prevent the gold, when it got ready, but it did enable a tremendous expansion and over-issue of bank credit to take place. This was the root. of the difficulty.” Prof. Cassel agrees with Dr. Wil that ihe attempt of he Federal Reserve o “regulate the Stock Exchange fai ‘The contention of Dr, Willis, however, is that had the Federal Reserve handled the problem properly, the Stock Ex- change jam wouls d never have occurred. When the 12 governors of the Federal Reserve Bank and the 12 Federal Re- serve agents met with the Federal Re- serve Board in Washington last week, five of the reserve banks (New York, Bos- ton, Chicago, Atlanta and San Fran ciaco) were on » 43, per cent redisconnt while ‘he vest were ¢ [ 5, LOW Cul & 5 DS n o 4%, per cent within & shofl time. It is possible that rediscount rates will go lower, although credit con- ditions throughout the country do not at this moment point in this direction. But two years ago, when the Federal Reserve eased off, rediscount rates moved down to 3!, per cent. The Federal Reserve is continuing its open market operations this month by the purchase of Government securities and acceptances, in order to take care of the large demand for currency dur- ing the Christmas season. Some expect the total maximum currency require- ments will go over $5,000,000,000 before Christmas. Reports from the entire country indi- cate that there will be no substantial drop in the holiday trade—good news to thousands of business men throughout the land. Arthur Fertig of New York, speaking before the Southern Furniture Manu- facturers’ Association on “The Manu- facturer's Place in Retailing,” made some candid statements: “Volume is not the yardstick of prof- its for the retailer or for the whole- saler. In the long run, the course of common sense leads to balancing pro- duction with demand, selling only what can be sold with commensurate profits te all concerned and the complete neg- lect of your competitors’ non-profit- able business. Business is beginning to recognize that a healthy body of retailers makes for a healthy business order. “A few years ago it was common practice to load up dealers far in ex- cess of possible sales and let them dig their way out,” says Mr. Fertig. “But not any more in the more progressive organizations. “The most progressive manufacturers today virtually supervise the retail out- lets, to the extent that they have to make orderly merchandising possible,” savs Mr. Fertig. In other words. they have learned that it was bad business to load up the dealer and then “go fishing.” “Consumers’ credit will be greatly needed in 1930 and aggregate sales will be as large in total volume as they have ever been. with probably a smaller unit of sales of volume per store and correspondingly smaller net profits.” This is Mr. Fertig's prophecy for 1930. Business men today are not satisfled with knowing their own business only. They must know, too, about the other factors which contribute to a healthy industrial expansion. (Copyright. 1929, by Nerth American News- paper Alllance.) NEW YORK COTTON. NEW YORK, December 16 (®).— Cotton opened steady at a decline of 1 to 3 points today under liquidation to- gether with some Southern and local selling which was promoted by rela- tively easy Liverpool cables. January contracts eased off to 16.97, and May to 17.51, under the initial pressure or about 3 to 5 points net lower, but there appeared to be more trade buying at these figures which also attracted cov- ering and prices held fairly steady at the end of the first half hour. Reports-of a godd holiday business in various sections of the country may have brought in ‘a little buying at the decline bul trading was quiet. Liverpool eables reported hedging and local liquidation of near months but said that the continert was buying later deliveries in that market. These ad- vices said. there was only a limited business in cotton cloths and that yarns were pressed for sale. | medium to choice, 90-130 poune I TREASURY HOPES 10 CUT INTEREST Success of Short-Term Bill Financing Pleases Govern- ment Authorities. BY J. C. ROYLE. The tremendous flood of money avail- able for investment was made thorough- 1y evident by the heavy oversubscription of the short term Treasury bills put out by the United States Treasury, ac- cording to Treasury officials here today. Bids were asked on $100,000,000 or there- abouts. The total,amount applied for was $223,901,000. Even more striking evidence of the financial prosperity of the United States was given by the interest return which the successful bids carried. The highest tender was 99.310. Since the bills have a 90-day maturity, this was equivalent to an interest rate of about 234 per cent annually. The lowest bid received amounted to 99.152, or the equivalent of 3% per cent, In other words, the Government had to pay only 2% per cent for the money which it borrowed from the American puplic. Treasury officials feel that this was a thorough tribute to the financial stability of the money market and an assurancc of ndequam tunds and credit through Policy New l‘n United States. ‘This was the first time that the United States Treasury had ever con- ducted financing on a discount basis. The policy was adopted largely because it had_proved so successful in Eng- land. It was new to American bankers and investors. Despite the fact that the English financiers are thoroughly familiar with the system, know how to prepare their bids and where to take them, the number of bids received for the Washington offering was fully five times as many as has ever been received for similar British issues. Undersecretaty of the Treasury Ogden L. Mills declares this achieve- ment a tribute to the flexibility of t! American financial mind. It has re&dy beceme evident that these short term Government securitiec will be snapped up instantly as 2 medium for the investment of trust funds. They will offer an excellent resting place for trust moneys over the year end settlement period and put to work with safety large sums which have been withdrawn from the call money mar- ket and from Stock Exchange transac- tions. Treasury officials regard the suc- cess of the offering still more remark- able in view of the fact that it took place at a time when there is normally @ money stringency and when funds are being drawn in to meet year end dividend interest and maturity require- ments. Mr. Mills, pointed out today that the Government had been enabled to fill requirements at a much cheaper rate than they would have to pay through the medium of certificates of indebted- uess even at the rate of the last issue which was 3! per cent. While the short-term financing was done through certificates of indebtedness, the Treas- ury was accustomed to leave the in the banks until it was neceded. Thic was usually an average of 35 days. Dur- ing that time the banks paid to the Government interest at the rate of 2 per cent a year. The Government on the other hand had to pay the interest rate named in the security and lost the amount_represented by difference be- tween the two. Under the present Treasury bill sys- tem of financing, the Treasury can float short-term securities as it needs the money. n other words,” . o ¥ n.orey aud hoid il in aniicipailon of nesas iof wnicn we only have esti- ma AIr. luills clica as en example the fact that one Pederal agency hud told the Treasury that it would need $45,000,000 to run it from September 15 to December 5. It turned out that not nearly $45,000,000 was needed, yet the Treasury had to borrow the money and pay interest on it from September on, Balances in Banks. “Now when money is needed for any Government. activity,” Mr. Mills con- tinued, “we can offer the bills on notice of a day or so. We will sell just enough bills to fill the needs of the time and make the maturity fit into a known time of income, that on dates when taxes come in” Mr. Mills explained that the Treasury bill system did not de- stroy the present system of quarterly financing altogether, but it will mean that the department need not await a quarterly date on which to offer its securities. Once the new system gets fully into operation, it will enable the Treasu to operate with smaller balances in the depository banks throughout the coun- try. 1t does not mean that thes: bal- ances will be cut sharply, but as G ernment finances settle down the amount held in the banks will grad- ually be reduced. (Copyrisht, 1920.) CHICAGO LIVE STOCK MARKET CHICAGO, December 16 (4) (United States Department of Agriculture).— Hogs—Receipts, 75,000 head, including 46,000 direct; market about 10 lower than Friday, or strong to 10 higher than §atl|rdny, top, 9.45; bulk, 180-300 pounds, 9.25 to 9.40; 140-180 pounds, 9.00 to 9.35; butch medium to choice, 250-300 pounds, 9.10 to 9.45; 200-250 pounds, 9.15 to 9.45: 160-200 pounds, 9.15 to 9.40; 130-160 pounds, 8.75 to 9.40; packing sows, 7.50 to 8.50; pigs, , 8.00 to 9.15. Cattle—Receipts, 16,000; calves re- ceipts, 3,000; general quality plain; choice yearlings strong; other mature killing “cattle " steady: top yearlings, 16.00; she stock mostly steady; bulls, strong to 25 cents higher; selected veal- ers, steady; other, weak: stockers and feeders, strong to 25 higher: slaughter classes, steers, good and_choice, 1,300~ 1,500 pounds, 12.25a14.50; 1,100-1,300 pounds, 12.50215.90; common_and_medium, 850 pounds up, 8.00a12.50; fed yearlings, good and choice, 750-950 pounds, 12.50a 16.15; heifers, good and choice, 850 pounds down, 11.00a15.00; common to medium, 7.50a11.00. Cows, good and choice, 7.75 to 10.00; common and medium, 5.75 to 7.75; low cutter and cutter, 4.50 to 5.75; bulls, good and choice (beef), 8.65 to 9.75; cutter to medium, 6.25 to 8.90; vealers (milk fed), good and choice, 11.00 to 14.50; medium, 10.00 to 11.50; cull and commnn 7.00 to 10.00; stocker and ders, steers, good and choice, all eights, 1040 to 10.75; common and medium, 8.25 to 10.15. Sh?ep—Recelp(s 16,000 head: market steady to a shade higher; bulk fat lambs, 13.00 to 13.25; few choice, 13.50 to 13.65; fat ewes, 5.50 down; feeding lambs quotable, su:ady lambs, good and choice, 92 pounds, down 12.65 to 13.75: mediul 11.25 to 12.65; common, 9.50 to 11.25; ewes, medium to choice 150 pounds, down 4.50 to 5.75; cull ana common, 250 to 4.75; feeder lambs, good and choice, 11.75 to 12.75. Tripoli’s fair, showing the resources and progress of Africa, will be opened next February. money | 12.25a15.50; 950-1, 100 poundfi, FINANCIAL Baltimore Markets Special Dispatch to The Star. BALTIMORE, December 16.—Pota- toes, white, barrel, 1.5024.00; sweet. po- tatoes, barrel, 1.50a2.75; yams, barrcl, 1.75a2.50; beets, crate, 3.50a3.75; Brus- sels sprouts, quart, 10a25; hamper, 1.50a 3.25; cnbbne hamper, 30a50; carrots, 100, 2.00a3.00; caulifiower, crate, 2.00a 3.50; celery, crate, 1.75a3.75; eggplants, crate, 12583.00; lettuce, basket, 2.00a 2.15; kale, bulhtl 30a40; onions, 100 pounds 17512 00; 'peppers, crate, 4.002 6.00; bask et, 60a65; pumpkins, 100 500!1500 spinach, bushel, 75a 25; squash, crate, 2.00a3.00, tomatoes, cnu. 3.5026.00; turnips, hamper, 3.30; apples, bushel, 75a2.75; cranberries, box, 3.00a4.75; grapefruit, box, 3.25a5.0 oranges, box, 2.10a4.00; tangerines, bo: 1.75a3.00. Dairy Market, Poultry, alive—Turkeys, pound, 26a old toms, 22a23; Spring chickens, 5; Leghorns, 20a21; old hens, 20a Leghorns, 18a20; poor and thin, 1 1d roosters, 18; duckgy 16a23; ge Guinea fowls, "each, current receipts, 43a48; culls and dirty eggs, 25830. Butter—Good to fancy creamery, pound, 41a46: ladles, 35a36; packed, 21; rolls, FLLORENTINE IS NAMED INVENTOR OF EYEGLASS FLORENCE (#)—A Florentine, Sa- brino Armato, was the inventor of eye- glasses, and not the learned British monk Roger Bacon, local historians are claiming. As soon as they can find out & bit more about Sabrino’s life and methods they are going to organize a something-centenary in his honor, with an exposition to which they hope to at- tract many spectacle-wearing tourists. Manuscripts of the fourteenth century have numerous references to the Flor- entine’s skill in preparing glass for mag- nifying purposes and in fashioning con- cave and convex lenses to remedy de- fective eyesight. But the optical business was not with- out its dangers. The chronicles recite that the monk Fra Angelico of Parma t!kllltlaud a preaching crusade against em. ““Vision,” he thundered, “is given by God and is therefore divine, Second vision, that, obtained by glasses, cannot be other than the work of the devil!” BONDS ON THE CURB 5 Alabama Pow €343, 141 84 ¢ Aluminum Co 83 01 Am G & E 58 '2 2, u 2 8witt Co 5s '32 5'Tri UtHl 55 19 & Co_8s Sale: FOREIGN BONDS. i thousands. i 1Cent Bk Ger 6s B '51 6 Chile Cons Ts "6 7Chile Mtg Bk 65 1 Chile Mte Bk 6 21 Com Priv 8: 5513 1% 5 Euro Mtg 7s C 67, 2 Frankfort 13- '5: 89 Gelsenkirchen 6s 5 ~er Cons Mun 7s 7Y 3% 1 Hamburg EI 6155 '38_ 11sarco Hyd kI 7s '52. 88 651t Sup P 6s A '63 xw 1 Maranhao Braz s 's8 3Prussia F 8 6 Basin Con 7s '35 2 Srarbrueck s '35.... 1Stinnes 7s "4 xv 4 Url Tndust 61ag i 5U S W 6125 A 47 ww xd—Ex-dividend wi—When issued. n—New ww--With warrants, Xw—Without warrants, GRAIN MARKET. CHICAGO, December 16 (#).—Brisk upturns in wheat values with active buying followed an official statement today that the Federal Farm Board is determined wheat prices shall advance Unlimited funds will be available for loans to wheat growers' co-operative organizations, it was announced, and the rates are to remain unaltered. Smallness of today's decrease of 512,000 bushels in the United States wheat visi- ble supply failed to check the resulting upward swing of the market. Wheat closed strong, 2! to 2% a bushel higher than Saturday's finish. Corn closed 3 to 1% advanced Y,a% to % up, and provisions lmm 1 decline to a rise HEA High. Radio Boon to East Indies. BATAVIA, Dutch East Indies (#).— Radio has come as a blessing to the thousands of islands composing the archipelago over which Queen Wil- helmina is sovereign. Seven big short wave stations provide telegraphic trans- mission to the motherland and smaller stations give interisland communication. Stock and Dividend Rate. —Prev. 1029— —Prev. 1920~ High. Low. Stock and Dividend Rate. Balcs— Acd 00. Open. High. Low. Close. ICURB SHARES DROP INDRAGGY MARKET Changes Are Slight as Trad- ing Tapers Off on Decline. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 16.—Hes- itancy at the opening on the curb market today turned to a positive, though slight general decline, with a slackening of trading as sellers refused to_press offerings on the market. Electric Bond & Share opened at 86, reacted, rallied slightly and then dropped as low as 83%. American Superpower appeared unchanged at 26% and then eased off to 25%. Two issues in the utility and utility holding company were comparatively strong. They were Insull Utilities up 3 points and Middle West Utilities up fractionally on buying orders said to bs emanating from Chicago. Cities Service opened at 28% off a shade and then moved down to 283%. Among the Standard Oils, Humble was weak, as it opened down 2% and added a point to that loss. Illinois Pipe Line, after its 29%-point decline last week, was up 5 points today. Fox Theaters A opened up 1% at %, as a result of a reassur~ ing letter about to be mailed to stock= holders about the company’s affairs and prospects. This rally was quickly lost, however, as traders got the impression that the letter was meant more for Fox film than Fox theaters holders. Specific developments in many in= stances failed to arouse enthusiasm. Atlas Portland cement informed stock= holders of an exchange of its shares for those of United States Steel on a five~ for-one basis. This announcement cre= ated only a fractional gain in Atlas at the opening. Crocker Wheeler, which is said to be about to graduate to the big board, opened up 1%, but lost part of that gain in the next few hours. Natlonal Biscuit New, reflecting the irregularity nr the outstanding shares over on the ig board, opened at 73 3, off cnly Vi, tth fell to 713. Rails were active, but uneven. Penn- 10ad Corporation moved in 2 narrow range, with several large blocks coming out. One at 4,200 shares appeared at 15." Chesapeske & Ohio new was down about a point. Radios were given another one of their seasonal whirls. Those most active were Dubilier Condenser, Pilot Radio Tube, Canadian Marconi and Sonora Products. Thinness in the market for 52 | some of the trading companies was illustrated by the movements of Third National Investors. This stock on three sales dmgsped from 32% to 30%. Gold- man-Sachs was lower, Wh.\le both Blue Ridge and Shenandoah eased. CHICAGO DIARY MARKET. CHICAGO, December 16 (#).—Butter steady; prices unchanged; receipts, 9,662 tubs; creamery extras, 37; stand- ards. 36% extra firsts, 35 to 36; firsts, 33, to 34!4; seconds, 32 to 3214, Egge steady; prices unchnnped, Te- celpts, 3,486 cases; extra firsts, 51 to 53; graded firsts, 48 to 4 current_firsts, 40 lo 45; ordinary firsts, 37 to 39; refrigerator firsts, 36%; refrigerator extras, 31%. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. First Trust Notes Now Avuilable 6% JAMES F. SHEA 161st Dividend Tue regular quarterly [ dividend of Two Dollars and Twenty-Five Cents ($2.25) per share will be paid on January 15, 1930, to stockhold- ers of record at the close of business on December 20, 1929. H. BLAIR-SMITH, Treasurer. First Mortgage Loans for, 3, 5, and 10 year periods on houses, apartments and busi- neess property in Washington, nearby Maryland and Virginia Randall H. Hagner & Company, Inc. 1321 Conn. Ave. N.-W. Decatur 3600 Mortgage Loan Correspondent New York Life Insurance Co. Your Savings Are Safe | Invested in Guaranty First Mortgage Notes and Bonds 3\ LU S S don't d it 6% 6% 6% | $250 up On Partial Payments, too. Send for Booklet, ““The Success Plan™ REALESTATE MORTGAGE & GUARANTY “Uritfes before you invest your Surplus funds. Denominations from .CORPORATION Capital Resources $3,400.000' 24 JACKSON PLACE High. 23 7 14% 21 8% 41% 16% A4% Sales— Add 00. Open. High. Low, 12} 12% 12 % 4% I 1% H 264 16% 5% 21 Ind Fin cfts (b1 Cllfl‘n- insull UL Inv. . insull UtIn 2d pf 6. fnsCoN A (12%)... 6 (nsurance Sec (1.40) 3 % Intercontinent Pet n 77 6% Intern Perfume (1). % Walker (H) (1). . Walker Mining. Watson (J W) Co... Wenden Coppe: West Alr Exp (60¢).. Willlams R C (1.40). Winter (Benj) Zonite Prod (1.60) RIGHTS. 1% & Newport Co... 31 .01 Slerra Pacifie, % & Trans Corp. Dividend rates in annual payment. *Ex-dividend. TPartly extra. tPlusextra in stock. a Pavable in cash or atock. bPayabie 1n stock. d Pasable in preferred stock. Expire. 4% T # 25 16% 5% 5% Vleuum o1l (1434 8% Van Camp Packing, 1% Venezuela Pet (2: 7% Vick Fin Corp, 18 Vogt Mfg Co ( 35% Walgreen 26% Walgreen Co war % % % 4.11 a3 .10 0 op Iast quarterly or semi- H 2614 16% bl 21 15 Intl Petrolm (62%¢) » uE 25% Intl Superpowes ($1) 16 'J';K ee 18 182 Bt e.