Evening Star Newspaper, December 17, 1929, Page 14

14 seok” FINANCIAL. THE EVENING STAR, WASHINGTON, D. C, TUESDAY, DECEMBER 17, 1999, GAIN IN INSURANCE POLICIES 1S SHOWN General Increase Reported in Survey of Association of Presidents. BY EDWARD C. STONE. New life insurance production during November was 125 per cent greater this year than in vember, 1928. The October increase was 9.1 per cent. The November record brought the cumu-| lative increase for the first 11 months | of this year up to 6.4 pe cent from 5.8 per cent for .h _first 10 months. These results are shown by a compilation by the Association of Life Insurance Presi- November crdinary amounted to $704,316,000, against $667,- | 635,000 in 1928: industrial amounted to $249,246,000 in 1929, against $202,948.- 000 in 1928: group was $86,165,000, { against $53.569.000 in 1928. garc of all classes amounted to $1,039.- The aggre- 1 27,000, compared with $924,150,000 in | 1928, | For the 11-month period new ordi- | nary insurance amounted to $7.960.652,- | 000 this year, against $7,389,248,000 last year. Industri $2.664.112,000 in | 1929, against $2,446,477,000 in 1928 and | group was $1.024,851,000, against $1 111,998,000. The total new life insu ance during the first 11 months of 1929 amounted to $11.649.615.000, compared with $10,947,723,000 during the same period of 1928. Commodity Prices Turn Downward. Following three weeks of advance, commodity prices showed a decline of 0.7 per cent for the week ended Decem- ber 14, according to the wholesale price index prepared here by the National Fertitizer Association. Seven of the 14 groups showed declines and the remainder were un- changed. Of the total number of items 46 declined during the week and only 6 advanced. ‘The largest declines occurred in fats, grains, feeds, live stock. textiles and textile materials. miscellaneous com- modities. certain foods and gasoline. Based on 1926-1928 as 100, and on 47 quotations, the index for the week ended December 14 stood at 95.0: for that ended December 7, 95.7; for that ended November 30, 95.2, and for that ended November 23, 95.1. Title Company Elects Trustee. H. Glenn Phelps was added to the board of trustees of the Columbia Title Insurance Co. of the District of Colum- bia at the annual meeting of stockhold- ers held yesterday. Phelps succeeds the late Charles J. Bell. Trustees re-elected were Allen C. Clark, James J. Becker, Spencer Arm- strong, Edgar M. Mayne, George W. ‘White, Edward J. Stellwagen, F. L. Sandoz, Willlam J. Flather (jr.), James | B. Nicholson, Randall H. Hagner, John FEdmund Cammack, Willlam B. Willard, Erskine Gordon and Woodbury Blair. Insurance Lectures Grip Hearers. ‘The Insurance Club of Washington states that very real interest is being manifested by insurance circles in the series of lectures on fire insurance now | being given under the supervision of the | Insurance Institute of America. Last night Eugene Young of Young & Simon | completed the last of his series of three lectures on the “Fire Insurance Con- tract.” The class will adjourn over the holi- days until January 6, when William Rodda, engineer of the Underwriters’ Association of the District of Columbia, will give the first of three lectures on “Building Construction.” About 70 insurance men and women are enrolled in the course, according to A. J. Voorhees, president of the club. Lively Trading on D. C. Exchange. There were 13 small-lot_transactions in Lanston Mcnotype on the Washing- ton Stock Exchange today, all being at 107, except two shares at 5. Ninety-five shares of Washington Rail- ‘way & Electric preferred changed hands at 94%. Capital Traction figured in & single sale at 75. Three banks stocks were out, three 10-share lots of Commercial National selling ex-dividend, the regular and; extra at 255, sale as the last sale. Lin-| coln National sold at 415 and Riggs appeared on the board at 530. Bonds were in demand for sev- eral different issues with prices holding at recent levels. Bank Merger Plans Progressing. It was reported today that the plans | for the proposed merger of the Com- mercial National Bank and the Conti- | nental Trust Co. are progressing fa- | v,rably. The plans were presented in- formally to the directors of the Com- mercial National late yesterday. The heads of both banks have indi- | cated that so far nothing has developed that would block the consolidation. In every proposed merger there are count- less detalls to be worked out which can- not be considered too hurriedly. H Other than to state that Wade H. Cooper would become president of the merged banks, if the merger is carried out, there has been nothing said about personnel. This is always one of the big problems, but one that is usually not even considered until many other de- tails have been agreed upon. Officers Honor Bank President. The officers and directors of the Bank of Commerce and Savings gave a dinner to President Maurice D. Rosen- | berg last night at the Willard, in honor of his coming marriage to Miss Elsie Sanders. Joseph Sanders, first vice president of the bank and brother of the bride-to-be, presided. The congratu- lations of the officers and officials were presented Mr. Rosenberg by Joseph H. ! Milans, secretary of the board. M. A Leese, ‘a director, in behalf of his as- sociates, presented Mr. Rosenberg with a handsome electric hall clock. New Styles Slow Up Sales. ‘The Business Week, New York, says today that the the ratio of “lookers” | to “buyers” has been increased by the latest styles in women's dresses. ‘Women have been waiting to see if the new longer styles in skirts were to be generally adopted. They have ‘been doing a lot more looking than buying. ‘The sale of “dragging” skirts for street | wear is dead, the publication says, and some bargains have been necessary to push some of the styles forward. Business Week adds that sales in the fur industry have been slow recently. ‘Two factors have been the cause, the warm weather and possibly further changes in_ women's garments. Some remarkable bargains are being offered to brace up the retail market, the maga- zine states, Local Financial Notes. The interior of the American Secur- ity & Trust Co. does not look quite nat- ural, owing to changes among the offices. President Corcoran Thom has turned his office over to Vice President Howard Moran and taken the office formerly oc- cupied by the late Charles J. Bell. Inci- dentally, this is the officc Mr. Thom | had while trust officer. Mr. Moran's former office is now being occupied by Frederick P. H. Siddons, secretary of the company. Secretary Lawrence Proctor of the Washington Bond Club is sending out nothices for the next meeting Friday, December 27, which will be addressed by Pauld Clay. formerly an economist with Moody. Mr. Clay will discuss the 1930 outlook. He has addressed the club on two previous occasions to the great satisfaction of the members. Vice President Edward J. McQuade, Liberty National Bank, and a director ! High. b7% 1841 145 10614 120 95t 120 1% 279% 41% 7 1304 49 9% 85 943, 60 310% 23214 235 121% 199 104 27% 128 23% 63% 444 68% 10813 47% 1034 109 50 62% 27 2% 154% B0 2% 784 140 109 9615 130 in the Mergenthaler Linotype Co., will attend the monthly meeting of the board of directors of that company in New York today. Denmark has adopted a “standard” type of pig. 5 | 132 118 30! 226 “ 105 6774 TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE | Stock and Dividend Rate. Abitibl Power & Pap AbItIbI P & P pf(6) Adams Expressi.60) Adams Millis (2) Aavance Rumley. ... Advance Rumley pf.. % Ahumada Lead..... Air Reductn (t4%).. % Alr Wal E1 Ap(2%). Ajax Rubber. . A Low. 35 ghany Corp. Alleg Corp pf (5%). Allied Ch & Dye (c6) 351 Allis-Chalmers (3) 17'3 Amerada Corp (2)... Am 2gricul Chem. Am Agricul Ch pf... Am Bank Note(ft8). 4 Am Beet Sugar. . Am Beet Sugar pf. Am Bosch Magneto. . 86 Amer Can (15). 133'% Am Can pf (7). 75 AmCar & Fdy (6). 1101 Am Car & F of (7)... 70 Am Chain pf (7). Am Chicle (1215) Am Com Alco(c1.60) Am kuropean Sec Am & For Power . . 614 Am&For Po 24 pf( 19% Am Hawatian S S (2) 3l Am Hide & Lea pf. .. 40 Am Home Prod 4.20. 29 Am Internat (12) 213 Am La F & Foamit, 90 Am Locomotive (8). 111% Am Loco pf (7) 8119 Art Metal Const ( 106 Am Metal pf (6). 142 Am Machine Co (17) 1 Am Piano..... 64'4 Am Pow & Lt (11). 924 Am Pow & Lt ot (6). 72's Am P&L f A 8t (5)., 28 Am Ra&Std San 1% 124 Am Republics €0 Am Roll Mil} Am Sm & Ref (4 48 Am Snuff Co (131 35% Am Steel Fdy (3) 40 Am Stores (1234)... 56 Am Sugar Rfg (6)... 18 Am Sumatra (3). 193'¢ Am Tel & Tel (9) 160 Am Tobacco (110). .y 160 Am Tobacco B (110). 114% Am Tobacco pf (6). 50 Am Water Wks (c1). 97 Am Water W 18t(6). 5% Am Woolen. . 15% Am Woolen pf. 49% Am Zinc pf (6). 70 Anaconda Copr 25 Anchor Cap (2.40). 18% Archer-Dan-M (2)... 30 Andes Copper (3)..a: 75 Armour Del pf (7). 5% Armour Il (A). 2% Armour Ill (B). 57 Armour Il pf (7) 7% Arnold Constable. 25 AssoDryG (2%) 8 Asso D G 1st pf(6).u 195% Atch T &S Fe (10) 99 Atch T&SF pf (5) 161 Atl Coast Line (110). 32 AUG & W Indle 45% AUG& W Lt 30 Atl Refining (12). Atlas Powder (15 120 Auburn Auto (j4) 49'5 Austrian Cred (4. Tl Autosales.... 29 Autosales pf (3). 5% Aviation Corp. Del. 15 Baldwin Loco (1.75). 105 Baltimore & Ohio (1) 75 Balto & Ohio pf (4).. Bang & Aroos (3%).. Barnsdall (12%). Bayuk Cigars (3) 5% Belding-Heminway.. 756 Belg Nat Rys pf 5.49 25 Bendix Aviation (2). Best & Company. 70% Bethlehem Steel (6). 116% Bethlehem St pf (7). 37 Bohn Alumn&B (15). 70 Bon Ami, A (16)..... 53 Borden & Co (3). 26 Borg Warner (4) 85 Boston & Maine. .. 4 Botany Con M (A).., 8l Briggs Mfg.... 1% British Empire Brockway M T (3)... Bklyn&Queens pf (4 Bklyn Unton Gas (6), 16% Bruns-Balk-Col(3) 14 Bucyrus Erfe (1).... 264 Bucyruscv pf (234).. 9 Budd (EG) (1%).em 91 Budd Wheel (1). 88 Burns BrosA (8).... 29 Burroughs AM(t1.80 2 Butte Cop &Z (50c). 5 Butte & Superior (2) 19% Butterick Co. 50 Byers(AM)...... 20 By-Prod Coke (1). 631% Calif Packing (4). 1 CallabanZinc& L... Calumet & Ariz (10). Calumet & Hec (4%) 20 Campbell Wyant (2), 45 Canada Dry G A (6). 189% Canadian Pac (10).., 28 Cannon Mills (2.80).. 17 Capital Adm (A) 130 Case (J 1) (6)... . 56 Caterpillar Trac (3). 25 2 Cent RR of NJ (112) 521 Cerro de Pasco (6) 11% Certain-teed Prod... er Cab (4.20).. 160 Ch Oh1o (10).... 42% Chesapeake Corp (3) 4 Chi&Alton.. 3% Chi& Alton pf.... 7 ChiGreat Western. 17'% ChiGreat Westn pf.. 16 Chi Mil St P&Pac... 28% Chi M1l St P&Pac f. 75 Chicago & N W (5).. 217% Chi Pneu Tool. 947% Chi R1& Pac p! 100 ChiRI &Péc ot 39% City Ice & F(k3.60).. 4 City Stores (1).. 35 Cluett Peabody (6).. 101 Coca-Cols (4)... Col Gas & El pf B (5) 421% Col Gas&E rets ptpd. 16% Columb Graph(87¢c).. Columbian Carb(16) Com Credit i2) 20% Comm Solvents (1).. 10 11 Congoleum-Nairn... % Conley Tinfoll sta 40 Consol Cigar (7) 15% Consol Film pf (2) 80% Consol Gas. NY (4). 9214 Consol Gas,NY pf(5) 45 Consol RR Cub pf(6) 1 Consol Textile 12 Container Cor A 1.20. 314 Contatner Corp B. 251 Contl Baking A. 4% Contl Baking B. 791 Contl Baking of (8).. 4014 Contl Can (2%)..... 20% Contl Dia Fiber (2% Contl Shares (1).... 70 Corn Prod Refin (14) 20% Coty Ine (£2)....... 24 Creamof Wht (12%) 17 Crossley Radlo (31). 71 Crucible Steel (5)... % Cuba Cane Sugar.... Cuba Cane Sugar pf. Cuba Co. . Cuban-Amer Sugar Cuban Dom Sugar. 36 Cudahy Packing (4). 100 Curtis Publish (17).. 112% Curtis Publish pf(7) 2 5 67 6% 1 % 7% Curtiss Wright Cerp 7% 1 126 69'% 14 Curt Wright Corp A, 63 Cuyamel Fruit. 21% Davison Chem. 1411 Delaware & Hud (9), Sales— Add 00. High. Bl 30 31y 65 1171 3 80y 2 68 3% 3 24m 2 100% S 108 Comm&So(bb%stk). 2 ~Prev 1920 Dividend R Denv& RG W pf... Dev 1003 108 5514 817% 61% 16% 1007 100 67% 30 30 11§ 174% 1% :4& 113 116% % Lorillard (P) Co. Loutsiana Oil. . LouG & K1 A (1%) Louts & Nash (7). Ludlum Steel (3). 4 McCrory B (2). McGraw-Hill (2) McKesson & Rob McKes & Rb pf(3%). McLellan Strs A 2.20 Mack Trucks (6). Macy (RH)&Co(e Madison Sq G (1%)., X and Sales— midend R Add 00. H‘Em 4 62 & Ray A (13). Dome Mines (1)..... Dominion Strs(1.30) Drug Corpp (4)... .. Dupont de N (15, Dupont d N deb (6).. Eastman Kodak(18). 0). Eitingon-Sch (2%). Eitingon pf (6% ) Elec Auto Lite (6). Eng Pub Serv (11).. Eng Pub Sve pf(6%) Erf6@ R R..eeiennnnar Erfe R R 15t pf (4). Eureka Vac Cl (4)... Evans Auto L(32%). Fairbanks Co. Kirestone T&R. .... Firestons T&R pf(§) First Nat Strs (23). Fisk Rubber........ Foster Wheeler (2). . Fox Film A (4 . Freeport-Texas (4) Gabriel Snub A. .. Gamewell Co (8)+.as Gardner Motor. Gen Am Tnk Car(34) Gen Asphalt (4) Gen Ca Gen Cable pf (7). Gen Clgar (4). Gen Electric (37% Gen Elec speo (60c).. Gen Electric (new).. Gen’] Food Corpn (3) Gen Gas&EI A (te2). Gen Mills (13%)... Gen B1lls pt (6) Gen Motors (13, Gen Motors pf ( Gen Outd Ad vic (2). Gen Public Serv(b§) Gen Ry Stgnal (5)... Gen Refrac (14%).. Gillette Saf Raz(c). Gimbel Brother: Gimbel Bros pt lidden Co (h2) Gobel (Adolf) Gold Dust (2%).. Goodrich B F (4).. Goodyear Tire (5)..2 Goodyear 1st pf (7).. Gotham Silk H (2%) Gould Coupler Graham-Paige. . Grand Union pt (3) Grand Stores (c1)... Granite City Stl (4). Grant (W T) (1). % GrtNorth pf (6). Grt Nor Ore (al%). Grt West Sug (2.80). 4 Grigsby Grunow (3). Gulf Mo & North. 4 Gulf Mo & N pt (6).. Hahn Dept Stores. .. Hahn Dept S pf(6%) Hall Printing(t11%). Hartman A (2)...... Hartman Corp.B 1.20 Havana Elec Ry..... Hayes Body b8 % stk Hercules Motor 1.80., tHershey Choo pf (4). Hershey Ch pr pf(6). Homestake Min (17). Houdaille Her B(2).. H’hold Fi pf t k3 Household Prd Houston Oll.... Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Motor (6) Hupp Motor (£2). Illinols Central (7). 4 Independ Ol & G (2) Indian Motor Cycle. . Indian Refining. Indian Refining ct. Inspiration (4). 4 Insurance shars 45c. Interboro Rap Tran.. Intercontinental Rub Intl Agricultural, Intl Bus Mch (6). Intl Cement (4) Int Combustion..... Inter Comb Eng pf.. intl Harvester (2%). Intl Harv pf (7).. Int Hydro E) A (e2). Intl Match pf (4).ve Int Mer Marine otfs.. Int Nickel of Cai Intl Paper (2.40 Intl Paper pf (7). Intl Printing Ink (3) Intl Silver (18)....00 Int Tel & Teleg (2).. Intertype (ft13) 4 Investors Equity(3 Island Creek Coal(4) Johns-Manville (3) Jordan Motor Car. Kan City Sou (5). 4% Kaufmann DS (13%). Kayser Julius ¢ Kelly-Spring Tire Kelsey Hayes (2) Kelvinator Corp. Kennecott (6) Kimberly-Clark (33) Kolster Radlo o Kraft PhCb (1%4). Kresge(SS)Co(1.60) Kresge Dept Stores 4 Kreuger& Toll(1.34). Kroger Gr&Bak(cl). Lago O1l & Trans.... Lambert Co (8) Lee Rubber & Tirs Leh Port Cem (2%).. Lehigh Valley (3%). Lehigh Valley Coal Lehn & Fink (3). Libbey Owens (1). Liggett & My B (16). Lima Locomotive, Link Belt (2.60). Liq Carbonic (14%). Loew's, Inc (13%)... e o Bemimn onlallnmnemwann - Mathieson AlK (e3).. IMay Dept Stors 4 Maytag Co (12)....u Maytag Co of (3) Maytag Co 1st pf(6). Meiville Shoe (1.40). Mengel Company (2) Metro Gold pf (1.89). Mexican Seaboard.. . Miami Copper (4). Mid-Continent P (2), Middle States Ofl ct.. Midland Stl pf(t12). Miller Rubber Minne&Hon Reg(14) Minn Moline Pwr. ... 2). Missourt Uac of (5). Mohawk C Mills (3). Montgomry Ward(3) Moon Motor (new) Morrell J (3.60). Mother Lode (40¢c) Motor Meter G & B. Motor Products +19.. Motor Wheel (3) Mullins Mfg. .. Munsingwear (13%) Murraay Cerp (k3) Myer(FE)& Bro (3). Nash Motors (§)...e NatAcme (1%)eeeee 884 54% 29 2 18% ~Prev. 1929~ Sales— High. Low 484 12% 71 114 70 140 140 59 Stock and Dividend Ral Natl Air Tran. . Natl Bella Natl Bel Hes pf (1) Nat Biscult (1734).. Natl Biscuit pf (7). . Nat Cash Reg. A (14) Nat Dalry (32)... Natl Rys Mex 2d pf. Natl Surety (6). Nat Tea Co (2)...... Nevada Copper (3).. Newport Co A (3)... Newton Steel (3), N ¥ Central (8). NYChl&StL (6) N Y Cht & St L pf(8) NY NH & Hart (6) NYNH&Hbpf (1 N Y Ont & West. Norfolk&Wstn(112), 4 North Am(b10%stk) North Am pf (3).... North Am Ed pf ( Northern Pac (5). Nor Ger Lloyd(3.41). O11 Well Supply..... Oliver Farm Equip. . Olivr Fr Ep ev pt(3). Omnibus Corp. Otis Elevator ( Otis Steel (2%). Paciic Coast. . Pacific Gas & B (2).. Pacific Lighting (3) . » N o TGO JOL JOEE PN PP P o Pan-Am Petroleum. . Pan-Am Pete B. .. Panhandle P & R pf.; Paramount-F-L (3).. Park & Tilford (33). Park Utah. . eeee Parmelee Trans 1% .. Pathe Exchange. Pathe Exchange A aBmon —ombZ=Sonmnan Peerless Motor Car.. 5 Penn Dixle Cement. . Penn Dixie Cemt pf. Pennsylvania ER(4) Penney'(J C) Pen (J C) pt A (8) People’'s Gas Chi (8), Pere Marquette (18), Pnelps Dodge (3)..., o T'hillips Petrlm (¢2). Pierce Ofl. .. - Pierce O1l pt Pierce Petroleum. .. Pillsbury F1 (12%). Pirelll Co A (2. Pitts & W Va (6).... Poor & Co (B) (2)... P Rican Am To (A)7 P Rican Am To (B).. Postal Tel & C pf(7). Prairie O&G (12%).. Prairie Pipe L (15).. Pressed Steel Car..., Proc & Gamble (2).. Prod & Refiner: . Public 8, N J (13.40). Pub Sve NJ pf (6)... Pub Sve NJ pf (7) Pub Sve E&G pf(6).. Pullman Corp (4). Punta Alegre Sug: Pure Ol (1% Purity Baker! Radio Corp. . Radlo pt B (5) . Radio-Kelth-Orph A. 117 Rallway & Exp (2).. Raybestos-Man(213) Reading 1st pf (2)... Reading 2d pf (2)... Real Silk (6).. Rels (R) & Co. Rem Rand (50¢c) Tteo Motor (r1.40) Repub Ir & Steel(4) Revere Cop & Brass Reynolds Tob B (3) § Rhine West (1.92) Richfleld O11 (2).. Rio Grande Oi1 (k2). Rosala Ins (220). Royal Dutch (a3.2 Safeway Stores (5) St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (§) St L Southwestern. . Savage Arms (2). Schulte Retal Str 4 Seaboara Alr Line Seaboard Alr Line pf Seagrave (e1.20).... Sears Roebek (323). Second Natl Inv ctfi Seneca Copper. Servel Inc. Sharon Steel H (3).. Sharp & Dohme. ... Sharp & Do pf (3% ). Shattuck (FG) (1).. Shell Unlon (1.40)... Shubert Theatres. ... Simmons Co (g3). Simms Pet (1.60). Sinclair Con Oll (2) Skelly O] (2).....u0 So Porto R Sug 12%. Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8) Southern Ry pf(6). Sparks Withngtn(1. Spencer Kelg(1.60). Splcer Mfg. Spicer Mfg pf (3).... Stand Brands (1%) Std Brands pf(7).... Stand Com Tob (1).. - o B A LTk PP T T TP ) » © w PR PP S = PR PP PR TR SRS AP Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. For the first time since Civil War days the United States Government is getting its monetary affairs in such shape that definite calculations can be made as to the actual volume of paper curren.y that it has outstanding. Dur- ing 60 years and more the Treasury's Bureau of Printing and Engraving has been turning out paper money in issues of ever-increasing size—reaching in the aggregate scores of billions of dollars— and has been replacing tattered and worn and burned notes with new, but has never been able to compile anything but rough guesses as to what proportion of money put into use has been com- pletely destroyed and can never be brought in for redemption. Now, however, since complete new issues ‘of all outstanding paper money of different size and design began going into circulation last July, replacing the old bills of all descriptions, some data can be shaped up in the next few months that may throw a lot of light on the subject. The exchange of new size bills for old is approaching com- pletion, somewhere between 60 and 80 |, per cent of the old money having been automatically withdrawn through bank- inv channels. However, the getting in of the last 20 it as still remains in existence, experi- ence with money issues indicates will be by far the longest drawn 5 out por- tion of the operation. “It will be a few months yet before acturial estimates can be undertaken,” commented W. S. Broughton, commis- sioner of the public debt, in whose de- partment the paper money is going through its evolution. “A certain pro- portion of paper money put into circu- lation stays out an unbelievably long time, and yet keeps coming back in driblets for scores of years after being officially recalled. For example, no $1 or $2 National Bank mBtes have been issued since 1880, and banks began send- ing them in for redemption shortly after that date. Notwithstanding, we get one or two notes of those denomi- nations occasionally even now. “Of course, the Treasury has a record of every dollar’s worth of paper money ever put out. The unknown factor is the amount destroyed beyond redemp- tion while in circulation. The complete change in size and design of all paper money will simply allow estimates to be made on the subject, but we shall not even begin those calculations for some months.” Banking opinions differ as to what the final showing on the total of paper money destroyed in circulation will be, since the problem has many novel as- pects. From 1919 on for five years American money ot tremendous foreign circulation in European countries Prev. Add 00. High. Low. Close. Clos 29 12 12 20% 3814 53 118% per cent, or such part of | | ~Prev 1929— High. Low Div 2 12% ‘Tex Gu! 5 Thatch: Timkn Utd Ca United United td Ga: United Py Rul Rul Gaagoaaaqagac nuuuLnnnLan S Stei Wes| 19% 37% 25% 1177% 119 557 55% A 1107 112 A 93 93 6714 26% Young Zenith Col. Ca: Det Ed! 14 Reynol 56% % 123 1 130 AM... 1:30 P.M... Dividend rates n t) n o eatong dPavabie 1n stoc! whose ‘money systems were badly de- ranged by the war. Also, Cuba, and to a lesser degree Central American coun- tries, use United States bills for money as<a regular thing. Many foreign peo- ples evinced a widespread habit of hoarding American paper as a gold cquivalent. All this may turn out to have meant a substantial percentage of effectually destroyed American paper money. On the other hand, people in general take very good care of money, and even in paper form it survives many vicissitudes comes out of odd holes and corners after years and gets made good. That is why it will take perhaps months and years to arrive at even loose estimates of how much of the $4.023,805,402 n paper bills the United States recorded as outstanding last month in its mone- tary stock actually was in existence. Tentative estimates of what railroad freight traffic volume will be offered carriers during the first quarter of next year are now being worked up, and to the surprise and gratification of car- riers’ executives, they give some ground for forecasting better business during the period than was experienced in the same quarter of 1929. These quarterly estimates are worked out for 13 differ- ent regions, which together cover all the area of the country, by co-operative ards of railroad officers and shippers’ representatives. Most all comment on the drift of business affairs has pointed to at least a decline in railroad car loadings. “Yet I have just returned from the California meeting, where the estimates were made for Pacific Coast traffic.” said M. J. Gormley, head of the car service division of the American Rail- way Association, “and the shippers there compiled an estimate that tne total loadings in their territory for the first quarter of 1930 would exceed 1924 by a slight margin. We have also the Allegheny regional estimate, which in- cludes Pittsburgh territory, which caus for 4.9 per cent more carloadings dur- ing the coming quarter than during the same period last year, and the compila- tion of estimates in the Southeast in- dicates a similar gain, “Of course, this is only a part o1 the whole national territory, and we have yet to hear from the balance of the country. But the outlook is rep- resented as surprisingly good. For in- stance, on the Pacific Coast, in spite of the talk of decreased automobile business, shippers there place their cai- loading requirements at 3.7 per cent more than for the same quarter of 1929. The balance of the gain is due to agricultural product increases. These studies are made in advance primariy for railroad operating reasons, so thac car supply and movement can be prepared for, but they are getting intw great demand for use as guides to busi- Stock ana Stand Gas & El (3%) 225 1 Starrett (LS) (12%) Sterling Sec A) Sterling Sec pf(1.20), Sterling Sec cv pf(3) Stewart Warn(§3%). Stone & Webster (2) Studebaker (35)..... Submarine Boat. 4 Sun Oil (p1). i Superior Oil. Superior Steel. Symington. Telauto Cp (+1.25). ‘Tenn Cop & Ch (1) ‘Texas Corp (3) ‘Texas & Pac (5). ‘Texas Pac Land Tr. Third Avenue. < Thompson J R (3.60) Tide Water Asso. . Tide Water O11(80¢). 5'4 Tide Water Oll pf(5) ‘Timken Roller (3) Tobacco Product; Tobacco Products A. ‘Transcontinental Ol 2 Transue & W (1) Truax Traer (1.6 % Truscon Stl (£1.20).. Und Elllod Fishr (6). Union Carbide(2.60). 1'nion Oil of Cal (12) Unton Pacifle (10)... Unlon Pacific pf (4) .. Utd Alrcraft&Tran Utd Afrcraft&T pf Utd Biscuit (1.60) Utd Gas Im..Dec 31 67, Sales of Stocks on New York Exchange. Bales— Prev. Add 00. High. Low. Closa. Close. 112 117% 113% 6415 6415 64% 61% 62 62 64% 657 65% 33% 34u 34w 83 3% 36 12 12 12% 12% 38 384 40 40% 814 84's idend Rate. 18% 647% i o 15% 13% 56% 55%, 133 L 134 20 10% 374 12'% 214 8814 16 3% 3% 6% 8% 187% 154 1f Sul (4).... er Mfg (1.60). Det Axle 13 4 215% 82% 45% rbon (2) Utd Cigar Stor Cigar Strs pf. Utd Corporation. Utd Corp pf (3). Elec Coal. Utd Fruit (c4). . Utd Gas & Imp (1) 3 & Im pf(6).. Utd Paperboard..... Utd Plece Dys Wks.. StoresA..... Utd Stores pf.. U S Distrib pf (7). U S & Foreign Secu! 4 U S Freight (3). S Hoffman (2) Ind Alco (6 Leather. Leather A (4) Leather pr pf(7) & Fdry (2). Pipe 1st pf (1.20) Realty (5). bber. bber 1st pf. Smelt Ref (3%). Smelt Ref pf 3% el (18). Univ Pipe & Rad. UtilPwr& Lt A Vick Chemical(2%). Virginia-Car Chem. . + A Waldorf Systm ( ‘Walworth Co (2) Ward Baking B Warner Bros Plc (4). Warner-Quinian (2). Warren Bros (19)... Webster-Eisenlohr. . 3 O1l & Snow(2). 4'Wess O & Sn of (4).. 0 Maryland Western Pacific. Western Pacif pf. Western Union (8).. Westngh Afr Brk(2). Westinghse E&M (5) Weston El Inst (1).. White Eagle O1l (2). White Motors (2)... WhiteRock M S (1 White Sewing Mach. White Sw Mch pf(4) Wilcox Ol & Gas.... Wilcox Rich B (c2).. Willys-Over (c1.20).. Willys-Over pf (7).. 4 Wilson & Co. Wilson & Co Woolworth (2.40) Worthington Pump.. Yellow Truck & C... Young Spring (3). Sheet & T (5). Radlo ().... RIGHTS EXPIRE Allis-Chal, n.Dec. 31 rbon. .Mar. 11 son. .. Dec. 23 N Y Central..Jan 31 4 PennRy... Teo. Gas & O. .Jan 15 Jan.15 s Spr.Jan24 3 0 974,200 348,700 8,200 1.812,700 12:00 Noon. 0 P.M. ‘than res. tPartly e: ‘Em. {Elis 3757 tock: regular rate. 'bPayable In stock. 'c Plus 5% €PIus 6% i Stock.. ' Partly stock” SPILCSE share 1o stock. © Plus $% 1o stock. & Plus good. They have seldom been as much as 1 per cent wrong, though it is prob- able that the traffic for the last quarter of the present year will fail to come up as close as usual to their predictions, Complpete national estimates will be available about January 1. Continuous alteration in American habits of living ceaselessly operate to alter problems of supply and demand for handlers of staple commodities. Sometimes, too, the facts are a little hard to develop for business guidance. “As recently as 1917, when war and national control of food distribution made it possible to survey the situation, it was calculated that probably only one- third of American sugar consumption was In commercial form,” remarked R. L. Purdon, sugar specialist for the Commerce Department. “That is, about this proportion of national intake of sugar went into factory-produced candy, into canned goods, confections and the like. The balance, about two-thirds of the whole, went into consumption through the home kitchen. “Now, however, it is a trade impres- sion that the proportion is changing. The relative increase in city popula- tions, and the tendency toward flat dwelling, is deemed to have modified consumptive habits, though the facts are hard to prove, and to have mate- rially increased the proportion of sugar that is commercially utilized on the way to_consumption.” That is one of a category of com- mercial facts that may get some more gene:al development next year, through the Federal distribution census. Plans for that novel enterprise call for the most complete study of commercial sales and their character that has ever been made. GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, December 17, 1020 Ger Gov Red Loan with drawing s A ctfs attached per 100 M.. 50.00 61.00 Govt Red Lot ‘without er e drawing ctfs per 1.000 R M.. 24.00 327.00 ollars per mil) ) 30195 5o ro s 45.00 L w88 ol 8348882238 Krupp 5s 1921... Dusseldorf 4s pre-wai Frankfort a-M 4s pi Munich 4s pre-war. (Quoted in d A E G (German Gen Elec) . A E G (Ger Gen Elec) pfd Commerz and Privat Bank. G_Farben... Disconto Gelischait Berliner Handles Dresdner Bank -3 TS S202 2 ness planning in every direction.” Incidentally, the performance of the railroad regional boards as to accuracy in advance tes is extraordinarily RINANCIAL. STOCKS IN UPTURN AFTER DULL START Market Goes Forward as Operators for Advance Bid Up Leaders. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. | NEW YORK, December 17.—The stock market finally turned upward to- day, after drifting about uncertainly during an extremely dull forenoon, with sales during the first two hours of trad- ing totaling less than a million shares. Operators for the advance were en- couraged by the comparative stability of the market during the morning, and activity picked up considerably during the early afternoon, as several leading shares were bid up from 2 to more than 6 points. The rapid drying up of the selling movement which depressed prices sharply yesterday was particularly pleasing to the bull element. Credit Situation. Call money was firmer than for sev- eral days past, but held officially at 415 per cent. News bearing on the credit situation, however, was largely favor- able. The decline of $71,000,000 in se- curity loans by weekly reporting mem- ber banks, as reported by the Federal Reserve, was particularly pleasing, as it occurred in a week when brokers’ loans increased $33,000,000, and indi- cates that banks are at last making progress in liquidating security loans. During recent weeks, when brokers’ loans declined abruptly, bank loans on securities were practically unchanged. Also a downturn in foreign exchange rates was viewed with satisfaction, in- dicating at least a temporary check to the outgoing movement of gold. It was reported from Washington that the Treasury and Reserve officials were un- concerned over the gold movement. ‘The firmness of call money reflected primarily the cash payment today for the Government’s initial offering of Treasury bills, totaling $100,000,000. Corporation news was largely re- stricted to dividend announcement by smaller concerns, Crucible Steel, how- ever, announced a payment of 3 per cent in stock, and Newmont mining, s stock dividend of 5 per cent. Howe Sn;md directors declared a 50-cent cash extra. Afternoon Gains. United States and Republic Steel rose about 4 points each. Western Union, General Electric_and Johns Manville rose 5 to 6. Westinghouse Electric, American Can, A. M. Byers, United States Industrial Alcohol, National Bis- cuit and International Harvester rose 3 to 4. The upturn embraced all groups, with the exception of the motors, which failed to make notable headway. Considerable _irregularity appeared during the early trading, and a few rather volatile stocks declined sharply, Otis Elevator selling off 10, Interna- tional Business Machines 8 and Allied Chemical 5: CHICAGO LIVE STOCK MARKET CHICAGO, December 17 (#) (United States Department of Agriculture).— Hogs—Receipts, 45,000 head, including 11,000 direct; market strong to 10c higher; later trade slow and weak at advance. 51 bulk 180-300 z 140-170 pounds, 9.10 to 9.35: butchers, medium to choice, 250-300 pounds, 9.15 to 9.50: 200-250 pounds, 9.15 to 9.50; 1 00 pounds, 9.15 to 9.50, 130-160 pounds, 8.85 to 9.40; packing sows, 7.50 to 8.50; pigs, medium to choice, 90-130 pounas, 8.25 to 9.25. Cattle—Receipts, 7,000 head; calves, 2,500 head; quality plain; market slow; choice yearlings strong; early top, 16.00; no dependable market for heavy, fat steers; fat she stock and bulls steady; strong-weight vealers, higher, others steady; slaughter classes, steers, good and choice 1,300a1,500 pounds, 1225 to 14.75; 1,100-1,300 pounds, 12.25 to 15.7! 50-1,100 pounds, 12.65 to 16.00; common and medium, 850 pounds up, 8.00 to 12.65; Fed yearlings, good and choice, 750-950 pounds, 12.50 to 16.15; heifers, good and choice, 850 pounds down, 11.00 to 15.15; common and medium 7.50 to 11.00; cows, good and choice, 7.75 to 10.00; common and medium, 5.75 to 7.75; low cutter and cutter, 4.50 to 5.7 - 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 14.75; medium, 10.00 to 11.50; cull and common, 7.00 to 10.00; er and feeder steers, and choice, all weights, 1040 to 10.75; common and medium, 8.25 to 10.15. Sheep—Receipts, 20,000 head; market slow, 25 or more lower; indications bulk fat lambs around 13.00: choice, bid, 13.25; early top to outsiders, 13.60; fat ewes steady, 5.00 to 5.50; feeding lambs quotable steady; lambs, good and choice, 92 pounds down, 12.50 to 13.65; medi- um, 11.00 to 12.50; common, 9.50 to 11.00; ewes, medium to choice, 150 pounds down, 4.50 to 6.00; cull and common, 2.50 to 4.75; feeder lambs, good and choice, 11.75 to 12.75. Wall Street Briefs By the Assoclated Press. ‘The brunswick-Balke-Callender Co. has purchased the assets of the Vitavox Co., consisting of patents, machinery and equipment for the manufacture of sound-on-film recording and reproduc- ing devices. The transaction was under- stood to be for cash, although the pur- chase price was not divulged. A special meeting of stockholders of the Union Tobacco Co., called for De- cember 20, to vote on a proposal to sur- render to the American Tobacca Co. certain brands of cigarettes and tobacco leased from the latter company, has been postponed to December 27. Ac- cepuncde 3fbthet§ropoul has been rec- ommended by the mana; - Union Tobacco Co. ey ‘The Electric Shareholders Corpora- tion, an investment trust, reports that its net income from operations for the eight months ending November 30, in- cluding dividends and profits realized from the sale of securities, amounted to $5981,366. Net assets on that date ‘were $49,503,856, compared with $50,- 425,000 at the time of organization. The corporation's largest investment con- sists g{, 264,000 shares of North Ameri- can Co. Contracts awarded for new buildin and engineering work in the metropoli- tan area of New York for the week end- ing December 13 were valued at $20.- 218,400, according to the F, W. Dodge Corporation. This amount compares with $40,607,400 for the preceding week. The impending consolidation plans expected to be announced soon by the Interstate Commerce Commission is the chief concern of American railroads as they go into the new year, J. J. Bernet, president of the Chesapeake & Ohio, said today. If that plan is a “logical, well considered scheme for welding transportation facilities of the country into an efficient number of systems and each given a chance to earn its way,” he added, “I should say that the co: ing year would make the start of a new era of prosperity for the railroads, and that, of course, means prosperity for the country.” ‘The Standard Gas & Electric Co., it was reported today, will soon offer 100,- 000 shares of $4 cumulative preferred stock, the proceeds from the sale of which will used mostly for invest- ments in subsidiaries. ‘The board of directors of the Fire- stone Tire & Rubber Co. has been in- uuss 230a3853 utsche Bank Darmstaedter Bank . North Ger yd Austrian A E G (General Eiec) oBeSRSBISTECS 8333333823333 creased from seven to nine members. Newly elected directors are L. R. Jack- son, general sales manager, and B. M. Robinson, assistant secretary.