Evening Star Newspaper, December 17, 1929, Page 15

THE EVENING STAR, WASHI - BARGAIN HUNTERS COMB STOCK LIST New Type of Investor Ap- pears After Recent Break in Market. BY J. C. ROYLE. A new type of investor is being de- veloped as a result of modern financial trends, coupled with recent incidents in the securities markets. The bargain hunter investor is studying the position of securities closely and is making pur- chases, not for speculation, but on a basis of values as he sees them. Since Midnovember, or, roughly, since the time the stock market struck its lowest levels, there has been an ex- ceedingly large withdrawal of funds from savings banks, according to Ogden L. Mills, Undersecretary of the Treas- ury. These withdrawals, it is indicated, ‘were devoted to investment in stocks ‘which were at levels which representea “bargain” purchases. Mr. Mills declares that it is impossible to tell just how much of the money withdrawn went for such purchases, but it has been evident that the amount of genuine investment, especially the amount placed in small lots, has been much heavier than any one’ anticipated. Margin Buying Scarce. Tt seems evident that much of the total withdrawn from savings banks has gone into stocks and bonds. This has not been buying on margin. 1t means that those with a nest egg have put that egg into a safety deposit box in the shape of stocks rather than inw savings accounts. The hargain appeal “evidently has been strong. These in- vestors know what their money will bring in the savings institutions. They have been convinced that the pros- Eeri‘y of America will make their stock oldings in sound companies bought at low prices equally safe and perhaps much more profitable. This must not be taken to mean that the savings banks have passed out of the picture, or that their position has been in the slightest degree menaced. They are, and will continue to be, the mainstay of thrift and saving. They will have custody of the funds of the new investors. If they do not hold all of those funds for so long a time as in the past, they will have far more accounts than in the past. Americans are becoming a banking people, and more of our inhabitants have accounts today than those of any other country in_the world at any time. ‘The latest figures available show that the national banks had time deposits on hand of $8,301,751,000. These included postal savings accounts, time certifi- cates of deposit and deposits evidenced by savings pass books. The latter to- taled $5978,300,000 and was made up on $15,430,964 accounts. These showed a reduction of $111,000,000, as compared with the last bank call reports, but were $37,701,000 more than at this time last year, Thrift Not Disappearing. When the huge totals of the mutual savings banks are taken into consider- ation, it will be plain that thrift is not dying out and that the savings banks are a prime factor in American finan- cial life. In addition, it is shown plainly that large sums have been moved from the savings account into those of the build- ing and loan associations which are under State banking regulation and which have the appeal to the desire to own a home which exists among many citizens. The start of the building and loan accounts, however, is frequently found in the savings bank account. One factor which can be counted on to maintain the position of the savings institutions is the fact that the old established institutions are no longer so dignified nor so conservative that they will not hustle for new business and new accounts. This trend has been em- hasized by the opening of branch gnnks which keep in close touch with neighborhood and prospective depositors. (Copyright, 1920.) Markets at a Glance NEW YORK, December 17 (®)— Stocks firm: United States Steel up 6 points. Bonds irregular; investment rails firm in thin market. Curb ir- regular; leading utilities firm. Foreign exchanges easy: sterling slips below gold point. , Cotton higher; steady cables and covering. Sugar easy; in- creased spot offerings. Coffee lower; easier Brazilian cables. CHICAGO, December 17 (#).—Wheat firm; bullish Australian estimates. Corn steady; bullish husking returns from Illinois. Cattle steady to strong. Hogs strong to higher. NEW YORK COTTON. NEW YORK, December 17 (#).—Cot- ton opened steady at unchanged prices to an advance of 2 points today in re- sponse to relatively steady Liverpool cables. There may have been some buy- ing on the assumption that yesterday’s decline had improved the technical po- sition. Further Southern selling caused somz frregularity during the early trading, but the market had a fairly steady un- dertone, and after showing net ad- vances of about 5 to 6 points on the active months, with march selling ud to 17.16, held within a point or two of the best at the end of the first half hour. Liverpool cable advices reported con- tinental buying, hedging and local liqui- dation in that market, and said there was a fair inquiry for cotton cloth from Indian, but that many offers were im- practicable A private report was published esti- mating ginnings prior to Dec. 13 af 13,500,000 bales GRAIN MARKET. CHICAGO, December 17 (#).—Argen- tine reports confirming some of the most extreme crop damage advices received prior to the Argentine harvest did much today to lift wheat values here. Dis- patches at hand indicated that a large part of the wheat in Southern Buenos Afres Province is not much above chicken-feed grades. Threshing results in Australia also were described today as disappointing, and the market here was further.strengthened by predictions of a cold wave in Kansas and Okla- homa. ‘Wheat closed firm, 1% to 1% a bushel higner than yesterday's finish. Corn closed %; to lal’s advanced, oats, Yaa% to 33 up and provisions vary- ing from 2 decline to 10 advance. \VHE] Tose. e 12 133 133% a1ty MOiIEY MARKET. NEW YCRK, December 17 (#).— Call money was firmer today on the midmonth shifting of funds, but the official renewal rate of 4'; per cent held all day. ‘The time money market was dull and unchanged, with all dates quoted at 4% to 5 per cent. There was a brisk demand for bank- ers’ acceptances, but few bills were of- red. Rates were unchanged. LY NEW-YORK CURB MARKET: —Prey High. 1% 6914 29 114 2% 1929~ St ana Low. Dividend Rate. 6 Acetol ProdA...... Aeronautical Indust. Aero Sup Mfg. B Aero Underwrit Agfa Anscopf...... Atnsworth Mfg $2%. Alr Investors v te. Alrstocks, Inc v te.. Allied Pow & Lt. Allied Pwr&Lt p AllP&L1stpf 6 4 Alllson Drug 8§t B... Alu Coof Am pf(§) Am Arch Co (3) Am Brit & Cont..... Am Colortype (i3).. Am C P&L B (b10%) Am Com P A (130c). Am Com P B ($30c).. Am Cmwlth Po war.. 4 Am Cyanam B (1.60) Am Dept Store: NJcv pf 7. 508 109 . 11 Am Investors (war). Am Maracaibo. Am Natural Gas. Am Pneumatic Serv. Am Sol Ch cv pf (3). Am Superpower (1) . Am Super 1st pf (6). Am Yvette......... Am Yvette (new)wi. Amster Trad (1%).. Anchor Post F (2)... Anglo-Am vot (T3c). Anglo-Am n-v (73¢). Anglo Chil Nitrat Anglo Nor Hold..... Apex Electical Mfg Arcturus Rad Tubs Arizona Com (50c Ariz Globe Copper. Arkansa Arkansa. Ark N G em pf ( Asso-Dyeing & Ptg.. Asso-Elec Ind Ltd. . Ass0o GREl A (12.40). As30 G&E A deb rts. Atl Coast Fish (1.40) Atlant Fruit & Sug. . Atlantic Lobos pf... Atlas Plywood n. ... Atlas Port Cem (2). Auto Voting Mach Aut V Mcv prpt (2). Aviation Credit..... Bancomit Corp new Blaw-Knox Co (1).. Bliss Co (B W) (1). Blue Ridge Corp.. .. Blue R Corp cv pf 13. Blumenthal (S)..... Brazil Tr & Lt (2) Bridgeport Machine. Brill Corp A (1) Brillo Mfx (120).... Brown Fence&W (B) Buckeye Pipe L (15). Buf N&E P pf (1.60 Bureo, Inc.. Burco, Inc (war). Burco, Inc cv pf (3) Burma Corp (t31c). Butler Bros (2). Cable Radio T vte. Camden F Ins (f1).. 2 4% Cen 9 Chain Stores Stk(b6) 44 Ches & Ohto (new). . h&Tool (12) Sales— Add 00. Open. 10 4% 16% 53 65% High. Low. 10 10 ™ 12 4% 17 70 1% 4% % 1091 109! 64 21 113% 116% 113% 20 12% Service (330c) 221 50% Clev EIl Illum (30¢). 31 Club Alum Uten 30% Cohn & Rosen Inc... 40 Colgate-Pal-P (2%). 4 ColonOfl Siugos % Columbia Syndicate. 25 Colts Pat Fire A (2). 93% Comwith Pow pf (6) 1% Comwlith & Sou war. 124 CommuntiyWatServ 4 Consolidated Copper 12% Con Dairy Prod (12) 71 Con Gas, Balto(3.60) 20% Con Gas Ut A (2.20). 2% Cons Instrument.... 10 Cons Laundries..... 10% Con Retafl Strs (1). 215 Consol Royal (§0c).. 5% Copeland Prod Inc A 10 Cord Corp.......... 5% Crecle Petroleum. .. % Cresson Cons (.08). . 17% Crocker Wheeler(n). 3815 Cr&Bpf (3%) w w. 30 Crowley Milner (2).. % Crown Cent Petrol.. 128 2 ‘h 25 12% o) 25 6 101% 101% 1 3% 5% 40 Cumb'Ind Pipe L(4). 50: 29% 13 % 26 571 46% 642 267 17% 307% 209 % 2% 0% 26% 9% 6 Curtl 2% Curti; 1% Cusi 6% Darby Pet (1).. 2 Davis Drug Stor efs. 4% Dayton Air & Eng 810 Deere & Co (6). 5% De Forest Radlio. 5% Detrolt Afrcraft 9 Dix Gas & Utilities 14% Doehler Die Casti 15% Douglas Afrcraft. .. 33 Dresser(SR) MA(3). 4 Dubeller Cond&Rad. 3% Durant Motors % Duz Co. Inc A cfts. % Earl Radio Corp. 22 EastGas& F Asso. 17 East States Power B 10 50 10% El1 P& L opt war. 314 El Sharehold (11)... 454 El Sharehold pf (6). 95 Em G&F cum pf (8). 254 pire Pwr Corp(2) 14% Em.p Pub S.A(1.80). % Engineers Gold 13% Eng P Sopt war.... 4 Evans Wallow Lead. 3 Falrchild Aviation. . B55% Fajardo Sugar. .10 Falcon Lead % Fandango Corp 3 Fedders Mfg A (2). 30 Fed Screw (1314)... 2 FiatStkdebr 17% Fiat Stk deb ris ret: 4% Finan Inv N Y (b8). .20 First Nat Copper. 8 Fokker Aalreraft... 15 Ford Motor Can A. 3 Ford Mot of France. 10% Ford Motor Ltd 3% Foundation For Sh 20 Fourth Nat Inv 6 Fox TheatCl A 18% Garlock kg (1.20) 8% Gen Am Invest new. 2 General Baking. . 45 General Bak pf (6) 15 1 Cable war. 36 1 Germ rets. .. 7% Gen [ Lid rets (60¢) 20% Gen Empire Corp. . 29% Gen Fireproof 12), 13% Gen Gas& El (A)..w 10 Gen indus Alcohol. . 10% Gen Laundry Mach.. 10% Gen ity & Utllitles. 60 Gen R & Uttl of (6). 24 Gen Theat Equip vto 14 Gilbert (A C) 80 Glen Alden Co: 12% Globe Underwriters. % Gold Cotn. . 16 Goldfield Consol Graymur Corp. ... GrA&PTnv(5).. Groe Stors Prod vte. Ground Gripr(t14%). Guardian Invest. .., 115 Guif Ollof Pa (1%). 1% Happiness Candy 3% Helena Rubenstein. . 3% Hollinger Gold (60¢) FHudson Bay M & 8.. 74% Humble Oil (2)..... 27 Hydro El Servic@i?). ® - © BemsanSuemeSTe SemademcEan - N walenweSBo Ram ® Ranm 6 3% 25 139 e 1% 8 364 5 20% 8l 13 39% 3% 13 6 19% 897x 244 4% 10% 4 o1 an Stock and Dividend Rate. Hygrade Fooa Prod. 14 I1itnots P L (20).... 3508 22 ImpOilCann(60c). 8 5 Indian Terr Illum... 10 Ind Pipe Line (3).... 4 Insull UL 1nv. . 15 . 1929— Low. 10 260 Insull Util pf6%.... 2 insull Ut In 24 pf 6. 1508 InsCON A (12%)... 2 Insurance Sec (1. % Intercontinent Pet n 15 Intl Petrolm (62%c) 5 Internat Products. .. 25% Intl Superpower (31) 281 Internatl Ut A(3%). 3 Internatl Ut B.. 12% Interstate Equiti 815 Inter Hos M (1.80 1 Iron CapCopper. 14% IrvAir C (2) (1.50).. 5 Itallan Superp war.. 6% Italian Superpow A.. 26 Knott Corp (2.40)... 1% Kolster-Br (Am Sh). 30 tackawanna Sec(4). 9 Lake Superior Corp. 34% Lang. Unt. Bak. A(2) 28 Lang. Unt. Bak. B(2( 19 Lazurus K & R Co. 63 Lehman «The) Corp. 36% Lerner Stcres (2)... 11'2 Libby McNell & L... 12t Lily T Cup (150) 28 LoneStGas (80c). 40 Long Island Lt (40c) 3 Loulsiana Lan & Ex. 20% Mac Marr Stores. ... Y4 Magdalena Syndicat. 18 Mangel Stores.... 37 Mapes Con Mfg (3). 7 Marconl Int M 62 28 Marine Mid Cp (1 1215 Mar WT br shs( 1 Mavis Hottling 46% Mayflower Assn. 9% Memph Nat Gas Co. . 80 MerChap&s pt A 6% 5 Mert & Min inc (1.20. 18 Middle WstUt(b87 ) 3 Mid West Ut A war.. 4 Mid West Ut B war. 99 Mid West Ut pf n(6) 46 Mid Stl Prod (16.63). 39% Midvale Co (3)...... 5 Mo-Kan P L (t5%). 9815 Moh H P 1stof (1) 1% Montecatini deb rts.. 8 Moody’s pt pf 13.75.. 35 Morrison Elec (1)... 7 Mount Prod (1.60)... 5% Munlicipal Servic 8 NatAmerCo (2).... 6'4 Nat Aviation 701; Nat Biscuit 02% Nat'l Dairy P'ro. J 5 Nat Fam Strs (1.60). 4 NatFdPrB(b1%).. 10% Nat Investors (new) 20 NatPubSv A (160). Nat Rub Mach (2)... 2315 Nat Sugar NJ (2)... 5 Natl Trade Journal.. 10% Nat Transit (113%).. 5 Nat Union Radio. ... 10% Nebel (Oscar) (1%). 15 Nehi Corpn (1.30)... 214 New Brad Oil (60¢). 85 New Eng Pow pf (6) 20 N Y Invest (120)... 1 N Y Invest (war). 9 N Y Rio&Bu A 111 N Y Telpf (6%). &9 Newmont Min (¢ 12 Niagara Hud P(40c). Bume e BeeRorosnear 1 o e R B R 20y ) o P ooy BN o A TR TP - JUT ST PP S -4 2 Niag Hud Pw B war. 12 Niagara Shars b1-40. 21% Niles Bement Pond. . 1% Nipissing (30¢)..... 8 Noma El Cor (1.60). Noranda Mines (3).. North Am Aviation. . North Am Cement. .. North Am Util Sec 91% North Ind P S pf(7). 115% North St Pow A (8). 17% N W Engineer (2)... 20 Novadel Agcne (2).. 14 Ohlo Copper. 641 Ohlo Oil (121 . 814 Oilstocks Ltd A t50e 66 Otis Eleva 4 Outboard Motor (B). 121 Pac Western Ofl. 14 Pandem Ojl 2% Pantepec O1l. 6 Parem C Mfg 13% Pennroad Cor 86% Penn Ohlo Ed p! 98 Penn O Ed pr pf(7)..120s 69 Penna Wa & Pwr(3) 45 Peop Drug Strs (1).. 25 PeoL& 2% Perry 95 Pet Milk pf (7) 17_ Petrol Corp 18t pe % Philtp Morris Inc. 215 Philip Morris (A)... 104 Plerce Govern (1%). 613 Pllot Rhd T, A(1.20). 80% Pinch Johnson!..%.. 3% Pitney B P n(z0¢)... 100% Pitts& LE (5)...... 12% Polymet Mfg ($1)... 60% Powdrell&Alex 14%. 1% Premier Gold (24¢). 6% Prince & Whitely... 29 Prince&Whitely pf 3 5% Prudential Inv . 16% Pub Util Hold war .. 10% Radto Products..... 55 Rwy & Lt See (14) T4 Rainbow Lum ProdA 4% Rainbow Lum ProdB 1% Relter-Foster (40¢). 12 Reliance Managemnt .65 Repettl Candy.. 4 Reynolds Bros Ine 18% Reyunolds Met, n 2.40. 215 Itichmond Radiator. 271% Rike Kumler (2.20).. 223 Roan Antelope Min. . 18 Rockland L& P..... 16 Rolis-Roy of Am pf. 45 Rubercid Co (4).... 70% St Lawrence P M pf. 14 St Paper (1).. 174 Salt Creek Con (40c) 9 Salt Creek Prod (2). 25 Schiff (The) Co (2). 8% Schulte Real Estate. 3 Schulte Un 6e-$1 St, hulte-1td Sts pf 3814 Seeman Bros (3) 10 Seiberling Rubbe 4 Selected Industrie: 4915 Select Ind pr (5% ) £0% Sel Ind allot ofs § n Sentry Safety Cont.. Shattuck Den Mi Shawingan Wa(214). Sheaffer Pen (13)... Shndoah Corptb6%) Shenan Corp of (3).. Sisto K'in Corp. . Smith (A O) (1.20) Solar Refining(2%). 1's Sonora Producta. ... 35x So Penn Oil (12%4) 20 SoCal Ed pf B(2%). 21% So Cal Jid pf C (1%). 18% So Col Pow A (2).... ' Southern Corp 4 Solce & Utiliti 11% Southland Roy (1) 114 S W Bell Tel pf (7 5 10 161 and Oil, Ky (12 5 SLOII of Ohlo (2% Stand Pow & Lt. ... Pow & Lt pf (7)., ein Cosmetles Ine. erchi Br St (1.20) . Innes (Hugo) ... ss(Nathan)1 ruthers Wells T utz Motor Sunray Ol 25% Swift Intl (2). 0) ). 508 art Corp (1). .. npa Blectrio (12). exon Ofl & Thermold Co (2). ... 25% Third Nat Inv (1) .. 18 Thomp Prod A +2.40. 40 Tish Reaity & Con. .. “ Tobacco Pr Exports. 20% Transamer (11.60). . 7% Tran Con Alr Tran. 412 Trans Air Trans cfs 45 Tri-Cont Alljed (3). . 10 Tri-Continental Cor 75 Tri-Cont Corp pf (6) 5% Triplez Safety Glass 15 Trunz Pork Stores 10% Tung-Sol Lamp (2 23% Tung-Sol L pf (3) 21% Union Amer Inves 256 UnNGCan (11.60).. Sules— Add 00. Open. High. Low. Close. ‘1518 71 10% 305 10% 10% 309 27% 227 15% 29 8813 24% 1% 9 114% 112% 125 3ty 6% 19 274 1% 14% 9 114% 116% 128 Received by Private Wire Direct to The Star Office 10% 309 TUESDAY, DECEMBER 17, 1929, FINANC IAL BRANCH FAGTORIES | [ =sssaz:~=]|CURB SHARES MOVE SHIFT IN SECURITY - BECOME PROBLEM Establishment of Plants in Foreign Lands Declared Natural Economic Result. BY JOHN F. SINCLAIR. Speclal Dispatch to The Star. NEW YORK, December 17.—Should large American corporations establish branch factories outside the United States for the production of goods? This problem has now become a real one in the United States, although many manufacturing branches of American corporations existed in foreign coun- tries long before the war. In the field of agricultural machinery, sewing machines, shoe machinery, heat- ing plants, telephones and cash registers. American plants in foreign countries {liave done a big business for a genera- jon. Branches recently have been estab- lished in other lines, particularly those D{l automobiles and of automotive sup- plies. Henry Ford, who formerly employed thousands of American workmen, mak- ing tractors in the United States, now produces tractors in Ireland. Fordsons needed in the United States are brought from Ireland. Of course, there is no duty on them—agricultural machinery. Other nations are doing the same. British companics in the United States manufacture rayon, farm machinery and gasoline: German factories in the United States are turning out chemi- cale, rayon and electrical machinery; French companies go in for more deli- cate articles—like Aresses and perfumes; Belgian firms specialize in glass and chemicals; while Dutch firms are in the dairy business, margarink particularly. But _why branches in foreign coun- tries? The reasons vary: To avoid preju- dice against foreign goods. To reduce costs of distribution to consumer mar- kets. To get behind tariff barriers. To fit into national defense programs. To meet national patent law requirements. To obtain cheaper foreign labor, al- though this is not the controlling factor in most cases. To meet a keener com- petition. Of course, the tariff is at the base of it. The British Empire preference sys- tem attracts many foreign industries to Canada and Australia. Canada has more American branches than any other country. Europe is second. The Department of Commerce, after a study of the question, believes that such a move is a natural economic re- sult “following closely the precedent established in Europe,” and that Amer- lfian foreign branch extensions will con- nue. Col. William J. Donovan, in an ad- dress before the New York Board of Trade this week, took his stand against America following the European busi- ness practice of allowing “fixed prices and allottin~ territories.” For America—a fleld of economic competition—such a practice would take the country back 30 years, he declared. The colonel champloned a continua- tion of the Sherman anti-trust laws— in order to preserve competition and personal initiative in the state. “The existence of the Sherman anti- trust law is one of the elements that have enabled America to achieve the position that it occupies today in in- dustry,” said this United States Attorney General. Dr. H. Parkei Willls, editor of the New York Journal of Commerce, is more critical of the Sherman anti-trust law. He believes it should be changed when it interferes with natural business growth. “The anti-trust law was not written by some divine finger upon tablets of stone. It was written by politicians upon the surface of water, and has changed in its interpretation as the water itself has changed. Nothing has been stable about it except the exist- ence of a superstition and the time has come when that ought to be elimi- nated,” he declared. Members of the National Economic League were asked for suggested changes to improve administration of justice in the United States. Business is vitally concerned in this whole matter of speedy and equitable Justice. The four suggestions which received the highest vote were: (1) To give more power to judges in instructing juries. selecting judges. (3) To require higher standards for admission to the bar. (4) To give fewer than 12 jurors power to Teturn verdicts in both civil and criminal cases. Outstanding Americans _who _are members of the executive council: John William _Allen White, James Rowland Angell, Roger W. Babson, A. Lawrence Lowell, David Starr Jordan, George W. Wickersham, Nicholas Murray Butler and Edward A. Filene. With the alarming increase in the business of the racketeer the pointed suggestions of the National Economic League are worthy of attention. Chicago has the reputation of being the “racketeer” city, but recent reve- lations in other cities, like New York and Philadelphia, show that the pro- fession of the “racketeer” has been built up largely because of the laxity in the administration of law in other parts of the country. For many years now the diamond industry has been prosperous. It is only in recent weeks that there has been any perceptible let-down in the business. A lawsuit, filed this week, brought by the United Diamond Fields of Brit- ish Guiana, Ltd., against 12 members of a syndicate accused of attempting to control the world production of dia- monds, brings out the fact that now 32,500 men, who have been employeu in 145 diamond establishments through- out the world, are idle, with a subse- auent wage loss of about $400,000 weekly. In this case the defendants are charged with having entered into an agreement with the British Guiana concern, which gave the syndicate con- trol of the diamond output. When the diamond slump took place the syndicate is sald to have sold many diamonds that did not come from British Guiana, so that the mines or the British Guiana concern were forced to shut down and hundreds of men were thrown out of work. The retail sale of diamonds is not affected by this situation. (Copyright, 1929, by North American News- paper Alliance.) Jewel Tea Sales. NEW YORK, December 17 ().— Sales of the Jewel Tea Co. for the four weeks ended November 30 totaled $1,- 386,469, as compared with $1,370,971 for the same period last year, an increase of 1.13 per cent. Hays Hammond, Charles M. Schwab, | (2) To work out a better method of | B % i Bk Europe Bk N Sales in thousan: Yas, a Pow 4 5 Aluminum Ltd 5§ DOMESTIC BONRE: Low. Noon. 37 941, 94 93 ' 98 s 103 103 96 i g fi'l}fi 9% § 8612 102% 35 108%8 99% YA 222358 % 00000030001 aa= s wW 125 42 86 8 51t 00« (O 41 Hous G G 6'as '43'Ww 6 5 Houst Gulf G 65 A '43 70V 11Indep Oil_Bs '3 ;5 10202 5 Indianap P&L 55 A’ 57 9814 Inl L 65 '34 983 outhw G&E 1 Staley Mf, 15 Stand P& 2Tex NEW YORK BANK STOCKS. Special Dispatch o The Star. NEW YORK, December 17— America .. B Amer Union ] Bk of U'S uniis Bank of Yorkto: Broadway Natl ryant Fark .. Genural Natl.[l] former _Assistant | Genurs TRUST COMPANIES. Banca_Comm Ital Banc Sicily Y & Tr. Tnterstate " Int’ Germanic Int Germanic Lid.@ Irving new . Muhicibay cipal units New York Square Title Guaranty ' rust o of North A 2 United States TRt e FOREIGN EXCHANGE. (Quotations furnishea by W. B. Hibbs & Co.) value (or par London, pound. Buris irdne % o Tussels, Berlin, “marks Bome. Hfra. urich, - franc Athe, Vienna. sch Budapest.’ pengo Warsaw. zloty. ... ... enhagen, crown. 0. crown. .. . Stockholm, crown 2608 e A o W 5 Yesterday’s New York Stock and Bond Averages. m 5:30 Edition, de r condary rai ublic utiliti dustrials. . & e bined average ‘mont| two years ago, 99.5¢ 96,14, les (par value), $12,- ominal gold ‘Selling checks 1 ) oday. IN SMALL VOLUME Market Turns Dull After Lower Opening—Trend Uncertain. JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 17.—After opening irregularly and lower, the Curb Market turned dull today. Electric Bond & Share opened at 81%2, or % higher, then promptly fell to 80%, from which it rallied to 82!} American & Foreign Power, usually a wide mover, kept within a range of a point. United Light & Power A went through the dullest two hours in months. Cities’ Service opened at 28 off %, then fell to 27%2 before pointing higher. Standard Oil of Indiana provided the bulk of activity in the Standard Oils as one 5.000 block came out at 54%, un- changed. Ohio Oil was slightly lower as were also Vaccuum and Humble Ofl & Refining. Illinois Pipe Line, which is about to be exchanged for the newly created ofl preferred shares, rose 4 points. Buck- eye Pipe Line cased before moving higher. Indiana Pipe Line opened un- changed at 417, Responding to the 5 per cent stock dividend as well as the usual quarterly distribution, Newmont Mining moved higher for a time. United Verde was slightly lower. Scnora Products, for which a receiver was asked Monday, opened with a block of 5,800 shares at 1%, off 1, and later sold off fractionally. Officials insist the company is solvent. North American Aviation featured the air shares when a block of 4,500 shares sold at 5, or unchanged. Later it was fractionally higher. Schulte United preferred was down nearly 4 points. Consolideted Auto- matic Merchandising came out in a black of 4,600 shares at 12, or down Y. Some higher priced industrials like Great Atlantic & Pacific Tea and Deere & Co. declined. Crocker Wheeler, aft- er opening at 237%, fell to 23. Although Canadian Marconi opened a shade higher, it encountered selling. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., December 17.— Potatoes, white, barrel, 1.50a4.00; sweet potatoes, barrel, 1.50a2.75: Yams,, bar- rels, 1.75a2.50; beets, crate, 3.50; Brus- sels sprouts, quart, 10a25; beans, ham- per, 1.50a3.25; cabbage, hamper, 30a50; carrots, 100, 2.00a3.00; cauliflower, crate, 2.00a3.50; celery, crate, 1.75a3.75; eggplants, crate, 150a3.50; lettuce, basket, 2.00a2.15; kale, bushel, 35a40: onions, 100 pounds, 1.75a2.00; peppers, | crate, 4.0086.00; parsnips, basket, 60a65; | pumpkins, 100, 5.00a15.00; spinach, | bushel, 65a1.15; squash, crate, 2.00,3.00; | tomatoes, crate, 3.50a6.00; turnips, | hamper, 3.30: apples, bushel, 75a2.75; | cranberries, box, 3.00a4.75; grapefruit, | box, 3.25a4 oranges, box, 2.00a4.00; | tangerines, box, 2.00a2.75. Dairy Market. Poultry, allve—<Turkeys, pound, 27a 28; old toms, 22a23; Spring chickens, | 22a25; Leghorns, 20a21; old hens, 20a . | 26; Leghorns, 18a20; poor and thin, 17a | 18; old roosters, 18; ducks, 16a23; geese, | 16a24; Guinea fowls, each, 40a60; pig- | eons, pair, 25. | _ Eggs—Receipts, 330 cases; native and | | nearby firsts, 53a54; pullets, 40a41; hen- | nery, whites, firsts, dozen, 54a55; cur- | rent receipts, 43a48; culls and dirty | eggs, 25230 .| Butter—Good to fancy creamery, |pound, 41a46; ladles, 35a36; store | packed, 21; rolls, 31a32; Process, 38a39. | Live Stock Market. | Cattle—Receipts, 50 head; light sup- | ply; market steady. Steers, choice to | brime, none: good to choice, 12.00 to 112.25; medium to good, 11.00 to 12.00; | fair to medium, 10.00 to 11.00; plain | to fair, 9.00 to 10.00; common to plain, {8.00 to 9.00. Bulls, choice to prime, none; good to choice, 8.50 to 9.00; me- dium to good, 7.70 to 8.50; fair to me- dium, 7.00 to 7.50; plain to fair, 600 to 7.00; common to plain, 5.00 to 6.00. Cows, choice to prime, none; good to | choice, 8.50 to 9.00; medium to good, {7.50 to 8.25; fair to modium, 6.75 to 7.25; plain to fair, 5.50 to 6.50; com- mon to plain, 4.00 to 5.00. Heifers, choice to prime, none; good to choice, 10.00 to 10.50; medium to good, 9.00 to to fair, 7.00 to 8.00: common to plain, 6.00 to 7.00. Fresh cows and Spring- ers $60 to $150. Sheep and lambs—Receipts, 500 head: | fair supply, market steady; sheep, 2.00 to 6.00; lambs, 6.50 to 14.00. Hogs—Receipts, 500 head; light sup- |ply: market steady; lights, 9.80 to 110.00: heavies, 9.90 to 10.15; medium, 9.90 to 10.20; roughs, 7.25 to 9.10; light pigs, 9.25 to 9.50; pigs, 9.50 to 9.75. Calves—Receipts, 50 head: light sup- ply; market steady; calves, 7.00 to 16.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter spot, 1.2415: No. 2 red Winter, garlicky, spot, 1.23; December, 1.23; January, 1.24}4; No. 3, garlicky, no quotations. Corn—No. 2 domestic, yellow, new, 1.06; cob corn, new, 4.60a4.75. Oats—No. 2 white domestic, spot, 56; No. 3 white domestic, spot, 55. Rye—Nearby, 90a1.00. Hay—Receipts, 11 tons. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations by gra Where in good order new hay sells at from 14.00 to 17.00 per ton, according to its quality and condition, receipts by trucks taking care of most require- ments. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00a10.00; oat straw, No. 17, per ton, 9.00a10.00. TREASURY CERTIFICATES. (Reported by J. & W. Sellgman & Co.) Rate—Maturity Bid, Slps Mar. 15, 1930 47as June 16, 1930 313 Mar 15! . 18, 1 . 15, 1932 Clearing House Statement. NEW YORK, December 17 (#).— Clearing house statement: Exchanges, $2,100,000,000; balances, $254,000,000. SIL‘\E{QUOT-A’EONS‘ NEW YORK, December 17 (#).—Bar silver, 48%; Mexican dollars, 36} —Prev. 1929~ High. Low. 20 % 477% 20 Stock and Dividend Rate. Unjon Tobacco. Sales— Aad 00 4“4 United Gas Co. Unit L&P A (80c) Unit Prof Sh (1.20) United Public S Unit Reproducers B. U S Dairy (A) (5). U S Foll B (1). U S Shares Fin. . US&InSectf (2%4). U 8 Rubber Reclaim. United Stores. ... Unit Verde Ext (4) Unity Gold..... Universal Pictures. Utab Apex (50¢).... %) Utl] Power&Lt(31).. Udlity Equities, Open. % 1929~ Low. High. Low Close. il % 5 1 16% 10 i Vick Fi Zonite port % % Trans Dividend rates snnusl pazment. 89% 39 11, 11% | cash or stock. Stock ana Dividend Rate. Vacuum O11 (14%).. RIGHTS. % 3% .01 Slerra Pacific. ~dividend. YPartly extra. gPlus ext b Pavi Sales— Add 00. Open High Low Close. 15 i 98% 9614 Venezuela Pet (29¢; . 1n COrp.. ..o Walitt & Bond A (2) Walgreen Co....... Walgreen Co war. Walker (H) (1). Watson (J W) Co... Wayne Pump. Wenden Copper. . West Air Exp (60c).. Western T & S (2) Wil-Low Cafeteria. . Wilson Jones (1214) Prod (1.60)... 17 Eapire. .Dec 20 an. 3 eeesasccdan 4 o dollars based on Co.. tast guarterly or semi- extra in stock. s Payable in able in stock. d Payable in preferred siock. 10.00; fair to medium, 8.00 to 9.00; plain | LOANS DISCOVERED Decline in Brokers’ Accounts Offset by Accommodations to Individuals. Special Dispatch to The Star. NEW YORK, December 17.—The re- cent tremendous decline in brokers’ loans has not brought about a more equitable distribution of bank credit be- tween the securities market and busi- ness. Bank loans to brokers simply have been replaced by bank loans to individuals, says the J. Henry Schroder Banking Corporation in its monthly commentary, and the secured loans of banks may even have been weakened somewhat by the emergency character of this individual borrowing. “While all banks have reduced their loans made direct to brokers and deal- ers,” says the Schroder house, “banks outside of New York City have with- drawn perhaps four times as much money as banks in New York City. The latter banks extended about a billion dollars of credit to brokers during the last week in October, but since then have reduced their brokers’ loans along with out-of-town banks. New York City banks between October 23 and Decem- ber 4, however, accounted for only $285,000,000 of the total reduction of $1,338,000,000 in bank credit extended to brokers through New York City Re- serve system member banks. Other Loans Increased. . “In contrast to the reduction of $1,338,000,000 in bank credit extended to brokers and dealers since October 23, total loans of member banks in leading clties secured by stocks and bonds, of which brokers’ loans are a part, were almost as high at the end of November as they were on October 23. Clearly the reduction of bank loans made direct to t brokers has been offset by increases in other kinds of secured loans. “During the last week in October the figures indicate an increase of around a billion dollars in secured loans made by member banks to other than brokers. It seems reasonable to believe that much of this increase has taken place in banks outside of New York City. thus canceling to a large degree the reduction in loans made by these banks direct to brokers. Since the end of Oc- tober secured loans made to others than brokers have continued to increase. “Further evidence of the resort which individuals have had to banks as a re- sult of the market crisis may be found in the large increases in ‘all other’ loans at times when such loans should have been declining. These unseasonal gains rabably have been due to larger loans on accumulated inventories, but, in part at least, to a gain in unsecured loans made to individuals ith insufi- cient stock or bond collateral. Correction Suggested. “For the time being the more mod- erate demand for funds for commercial purposes and the abundance of non- banking credit should alleviate any strain which the somewhat unfavorable collateral loan position of member banks normally would bring about. Before the recovery of business again exerts pressure on credit facilities, however, and before non-banking funds find their way to other uses the coliateral loan position of member banks should be corrected in order aid expansion of business. TRUCK SALES HOLDING UP WELL,SURVEY SAYS Export Trade Also Reveal crease Over 1929, Dun’s Re- view Declares. In- In the large manufacturing centers output of automobiles this year was the largest in the history of the in- dustry, according to special advices w Dun’s Review. While reports ing sales lack uniformity, they are in ex- cess of those of 1928, as a whole, and in many cases have set new distributive records. All of these gains, however, were made during the first six months, as_there has been a steady decline in both production and dis- tribution during the third and fourtn quarters, with the lowest point reached in November. Current operations in nearly all plants are from 10 to 20 per cent below the level of October, and sales of the hig:- priced cars are fully 15 per cent below the seasonal average. Trucks, however, have not suffered the same decline i sales as have passenger cars. Export trade has made a steady gain through out the year, showing totals in exce: of those for 1928. During the last six months prices have eased gradually until now they are from 2 to 12 per cent below lasy year's quotations at this time. One ot the largest decreases was made recently by the manufacturer of one of the leading popular-priced cars. Wages, however, have been maintained at fo) mer levels, and even have been in- creased in one notable instance. The condition of the used-car market is less satisfactory than it was earlier in the year, with a surplus of machines avali- able at low prices. In the accessory field, curtailed op- erations are the rule, with sales fairy well maintained. Sales of tires are ahead of last year's record. Trade gen- erally is in a good financial condition, and surplus stocks at factory and in retaflers’ hands are not excessive. Finance corporations report that repos- sessions are no more numerous than usual. New Securities By the Associated Press. NEW YORK, December 17. securities offered today include: Canadian Pacific Railway Co., $30,- 000,000, 5 per cent collateral trust bonds, due December 1, 1954. Prices at 100 and interest, offered by a syn- dicate including the National City Co., Guaranty Co. of New York, Lee, Hig- ginson & Co., Union Trust Co. of Pitts- burgh, Bank of Montreal, Wood, Gundy & Co., Dominion Securities Corporu= tion, A. E. Ames & Co., Royal Bank of Canada and the Canadian Bank of Commerce. American Gas & Power Co., $4,000,000, 6 per cent secured gold debentures, dus 1939. Priced at 95 and accrued in- terest, to yield 6.65 per cent, offered oy Bonbright & Co. and W. C. Langley & Co. City of New Rochelle, N. Y., $1013.- 000, 4!¢ per cent bonds, due 1932 o 1964, and priced to yield 4.15 and 4.1v per cent, according to maturity. Offered by the Bancamerica-Blair Corporation and Salomon Bros. & Hutzler. Camden County, N. J., $1,787,000, 412 per cent gold bonds, dated January 1, 1930, and due January 1, 1931-1979 in- clusive. Priced to yield 4.25 and 4.20 per cent, according to maturity. Offerea by White, Weld & Co., Kissel, Kinni- cutt & Co.; Stone & Webster ana Blodgett and the Detroit Co. City of Toledo, Ohio, $1,192,000, 4% and 4% per cent bonds and notes con=- sisting of $125,000 notes due June 1o, 1931, and $125,000 due December 15 1931, and $314,000, 4'4 per cent bonas, due each June 1 and December 1, 1931 to 1934, inclusive, and $628,000, 43 per cent bonds, due each June 1, 1931, to 1933, inclusive. Priced to yield 4.2o per cent all maturities. Offered by the Bancamerica-Blair Corporation. —_—— -New Clubs having a total membership of more than 2,000 were added to the In- diana State Federation in the last two years.