Evening Star Newspaper, December 18, 1929, Page 14

14 sokk? UNONTRUSTHAS STH ANNVERSARY Capital Traction Votes 5 Per Cent Dividend—Other Local | Financial Highlights. BY EDWARD C. STONE. 1188 ‘The Union Trust Co. is 30 years! 92 old today, the president, Edward J.| 354% Stellwagen, and his associates having | 75l received many congratulations. Pive of the orig- inal member direc- tors are still living, Joseph H. Cran- ford, George E. Hamilton, Walter S. Harban, James B. Lambie and Mr. Stellwagen. An © Mr. Stellwagen holds the distinc- “ tion of having been president of the bank ever since it was founded three cecades ago. ‘The trust com- pany, located at Fifteenth and H streets no;t,h;esdt. joyed steady :1:&3 "s‘glhystlnllll growth, maintaining checking, savings, safe deposit, trust, investment and foreign exchange de- partments. On the October 4 con- troller's call the bank reported deposits of $9,471.367.67, with 3’1',000.000 capital and $500,000 surplus. sw’:’:v bank owns what is considered " architecturally as one of the hand- somest bank buildings in the city, the structure having been doubled in size and the banking offices greatly en- larged only last year. rlsn nddl{lfln to Mr. Stellwagen the present officers include: George E. Hamilton, vice president, attorney and trust officer; George E. Fleming, vice president and assistant trust officer; _ Walter S. Harban, vice president: Ed- ward L. Hillyer, vice president and sec- ond assistant trust officer; Edson B. Olds. vice president and treasurer; Irving Zirpel, secretary and assistant trust officer; W. Frank D. Herron, S. Wwilliam Miller, G. Elmer Flather and William S. Lyons, assistant cashiers, | and George E. Hamilton, jr., assistant attorney. The board of directors is made up of A. L. Baldwin, J. Harry Covington, Joseph H. Cranford, G. Thomas Dun- lop, George E. Fleming, George E. Hamilton, John H. Hanna, Walter S. Harban, Frank C. Henry, Edward L. Hillyer, John C. Hoyt, D. J. Kaufman, A. S. Kenny, James B. Lambie, George H. Myers, H. C. Newcomer, Daniel W. O’Donoghue, D. 8. Porter, Ord Preston, John H. Small, Luther F. Speer, Ed- ward J. Stellwagen and Charles F. ‘Wilson. Traction Dividend 6 Per Cent. ‘The most important dividend action taken in this city in a long time was recorded late yesterday afternoon. As noted in the 5:30 edition of The Star,! the Capital Traction directors reduced the rate from 7 to 6 per cent. on the $12,000,000 capital stock outstanding. | Some reduction was expected, the amount being the main question at issue. In the financial district a reduc- tion to 5 per cent would have caused little surprise, the gradual decline in the price of the stock to $75 a share having anticipated such a move. ¥ | Following the meeting of the directors three months ago, when the regular 7 per cent dividend was declared, a letter | signed by President John H. Hanna, was | sent to all stockholders stating that | present earnings did not warrant the| continuance of the 7 per cent rate. It was stated that the company was not earning the full amount of the rate and was obliged to make up the differ- ence from ‘surplus funds. The official statement declared this condition had existed for a long time. The officials expressed the opinion that this draft on reserve funds should not be kept up indefinitely and that no doubt the board at the December meeting would act to bring the dividend down closer to present earnings. Yesterday's action may or may not establish & new permanent rate. The appeal for higher fares is still before | the courts. If this is granted, the com- | pany may again earn a 7 per cent rate, but the directors had nothing to say today about possible future dividend action. Privately owned automobiles are given as the chief cause of the falling off in revenues during the t year and longer. The 6 per cent divi- dend is payable January 1. Yesterday's | board meeting was largely attended. Transfer Earnings Show Gains. Directors of the Merchants’ Transfer & Storage Co. yesterday declared the regular semi-annual dividend of $5 per share on the common stock and the regular quarterly dividend of $1.75 per share on the preferred stock, both pay- able January 1 on stock of record De- cember 21, John L. Newbold, president of the company, in his report showed that the net earnings from operations for the | 467 first 11 months of 1929 were $180.- | 42% 816.91, as against $167,665.54 in 1928, a 2 net gain of $13,151.37. After preferred dividend requirements, the earnings applicable to common &tock were shown to be in a ratio of a little more than $12.50 per share. Two Dividends Declared. At & meeting of the board of direc- tors of the Lincoln Investment Corpora- | tion held at the offices of the company in the American Building it was voted that the regular quarterly dividend of 11; per cent on preferred stock out- standing as of December 18 be paid to stockholders of record. A dividend of | 25 cents per share was voted on the common stock. The dividends are pay- able January 1. Bank Stocks and Bonds Active. Today’s Washington Stock Exchange session_opened with Commercial Na- tional Bank stock selling ex-dividend at ! 255, same_as yesterday's close. Eight shares of Riggs National changed hands at 530, the same as yesterday's quota- | tion, and Federal-American National | moved to the extent of 10 shares at 295, up 3 points from the last sale. Mergenthaler Linotype again sold at | 107, Commercial National Co. preferred | came out at 101}, Potomac Electric 6 per cent preferred sold at 110 and the 515 per cent issue at 105 and 104% on | a 33-ghare turnover. Twenty shares of | Columbia Sand & Gravel preferred sold | at 88. In the bond division Washington Gas 58 sold at par, Washington Gas 6s, | series A, moved at 101%2; Capital Trac- tion 55 sold at 92} and Georgetown Gas 55 at 99. Capital Traction stock as quoted ex- dividend today. The bid price stood at 74 and the asked price was advanced to 78, with no sales. No one was will- | ing to sell any stock at yesterday's| market of 75. Other Finaneial Notes. : Merrill, Lynch & Co. have purchased from Safeway Stores, Inc., 20,000 shares | 42 of 6 per cent preferred stock and will | 110% 1ake delivery before the close of the| 28 Edw. J. Stellwagen. 66% 45% 80% 90% 29% 49% 101 327%4 17% 104% 604 B4 4 136% 6% 49% 98% 266% 48% 120 80% 279% 15% 100 8850 105 2% year. This preferred stock is the same | fories as the present 6 per cent pre- | ferrd stock of which 39.150 shares are | outstanding. Proceeds of this financing | will be used to reimburse the treasury :lrézgan for capital expenditures during Realization of a bank for interna- | tional settlements is predicted in a bul-l letin, made public yesterday, of the Stable Money Association, of which Frederic A. Delano, president. | Winthrop W. Aldrich, a director of | the Equitable Trust Co., has ben elected president in place of the late Charles A Austin. The new president is a son of ‘the In om Fhee= by daw of Jehn D. Poc: and A brother-in- elier, dr. AT 45% 1268 82% 31 125 121% 5l 18% of this city, is | 18 694 226 Scnator Nelson W. Aldrich ¢ 169% 77 385 FINANCIAL. THE EVENING STAR. WASHINGTON, B, G WEDNESDAY. DECEMBER 18, 1929, FINANCIAL.S TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Stock and Dividend Rate. ADbitibl Power & Pap ADItIb P & P of(8). Abraham Strauss. Adams Express1.60) Adams Millis (2)... Adavance Rumle: Al y Corp.. 90 Alleg Corp pf (5%) 80% Alleg pfrecb1 xw.. 197 Allfed Ch 35% Allis-Chalmers (3).. Alpha Port Cemt(3). Amal Leather pf. 17% Amerada Corp (3) 4 Am Agricul Chem 18 Am Agricul Ch pt. 65 Am Bank Note(ft! 5% Am Beet Sug: 27 Am Bosch Magn: 40'% Am Brake Shoe . 44 Am Brown Bov Elee. Am Com Alco(c1.60) 18 Am Encaust Til (2). 23 Am European See... 50 Am & For Power.... 19 Am Hawaiian S S (2) 40 Am Home Prod 4.20. 29% Am Internat (33). Am Machine Co (17) 31% Am Metal (3) [t 924 Am Pow & Lt pt 70 AmP&LDIA(3) 72% Am P&L pf A st (5). 28 Am Ra&Std San1%. 124% Am Republics.... Am Roll Mill (e2)... Am Safety Razor(5). 21% Am Seating (3). 62 Am Sm & Ref (4). 123% Am Sm & Ref of (7). 38 Am Snuff Co (13%).. 36% Am Steel Fdy (3). 40 Am Stores (12%). 56 Am Sugar Rfg (§) 18 Am Sumatra (3) 1934 Am Tel & Tel (9) 160 Am Tobseco (110 160 Am Tobacco B (T 114% Am Tobacco ot (8) 50 Am Water Wks (! 15% Am Woolen pf. 7 Am Zinc La&Sm. 49% Am Zinc of (6) 70 Anaconda Copr ¢7) 30 Andes Copper (3). 1814 Archer-Dan-M (3) 75 Armour Del pf (T)... 5% Armour Ill (A) . 2% Armour 111 (B) 57 Armour Il pf (7). 7% Arnold Constable.... 16% Artloom (2). 201, Art Metal Const(12). 34 Asso Appl Ind (¢)... 26 AssoDry G (3%). 8 Asso DG 1st pf(6) 107 298% 1954 Atch T &S Fe (10) Austin Nichols pf. 49% Austrian Cred (4.49) 34 Auto-Strop Ras (3).. 5% Aviation Corp. Del. . 15 Baldwin Loeo (1.75). 105 Baltimore & Ohio (1) 75 Balto & Ohio pf (4).. Bang & Aroos (3%)., 3% Barnet Leather Barnsdall (12%). . Beechnut Pkg (e3) 15 Beacon Ofl. 5% Belding-Heminway.. 26 Bendix Aviation (2). 37 Bohn Alumn&B (t5)s 3 Booth Fishert. Bon Aml. A (16). Borden Co (k3) Briggs&Stration(2). 14 Brockway MT (3)... 40 Bklyn-Manhat (4)... 76% Bkiyn-Man Tr pf (6) 7 Brooklyn & Queens. . 99 Bklyn Union Gi 16% Bruns-Balk-Col(3) 14 Bucyrus Erie (1). 26% Bucyruscvof (2% 25 Bullard Co (12). Burroughs AM (1. 31% Bush Term (x2) 2 Butte Cop & Z (50¢c). 19% Butterick Co. 50 Byers (A M) . 20 By-Prod Coke (1)... 63% Calit Packing (6). 1 Caliahan Zine & 78' Calumet & Aris (1 25 Calumet & Hee (4%) 20 Campbell Wyant (3). 45 Canada Dry G A (5 189% Canadian Pac (10). 2844 Cannon Mills (3.80).. Capital Adm (A).... 8% Cavanagh-Dobl Certain-tesd Prod... Caterpillar Trae (3). Celotex (3).. s 21 Cent Aguirre As13. 27% Cent Alloy Steel (3). 3 Century Rib Mills. .. 52% Cerro de Pasco (6).. 18 Checker Cab (4.20).. 160 Ches & Ohto (10), 42% Ch ':Dulu Corp ( 28% Chi M1l St P&Pae pf. 75 Chicago & N W (§).. 21% Chi Pneu Tool. 47 ChiPneu T pf (3%). 01 ChiRI&Pac(7)... 27% Chickasha C Ofl (3) 44% Childs Co (3.40) 26 Chrysler Corp (3)... 39% City lce & F(k3.60). 74 City Stores (1). 354 Cluett Peabody (5).. 65 Collins & Alk pf 27% Colo Fuel & iron 52 Col Gas& El 99% Col Gi - 1 pf . 86 Col Gas & El pf B (5) 16% Columb Graph(87¢).. Columbian Carb(16). 18 ComCredit i3). 28 Comm Credit A (3). 28% Coml Inv Tr (§1.60) 20 Comm Solvents (1).. 10 Comm&So(bb%stk). 2556 11 Congoleum-Naira... 40 164 . 80% Consol Gas. NY (4), 92% Consol 1, 1 Consol Ti 12 Container Cor A 1 34 Container Corp 25% Cont) Baking A. 4% Contl Baking B. 79% 40%% ¥ 464 ). 6 Contl Motors (30¢). 18 Cont1 Ol of Del 40 Contl Shares (1).... 70 Corn Prod Refin (14) 20% Coty Ino (&2). . 24 Cream of Wht (12%) rosxley tadio 111). Crucible Steel (k5). Cuba Cane Sugar. Cuba Cane Sugar of. 36 Cudahy Packing ¢4). 112% Curtis Publish pf(7) 7% Curtiss Wright Cerp 14 Curt Wright Corp A. 21% 14144 Del 1200 . 4% Denv& RG Wof... 151 Deptult Edison (8).u Wy w Sales— Add 00. High. 2 87 85 a7 36| 2 7% M8 7%, 62 63 26% 2T% 23% 22 1w 124 24 224 % 0 L % % 27 125% 121% 122 121 2 21% 23Ww 284 26% 1 2 1% 1% 1% ™ T ™% % 95 9 9 264 27 97 96% 90 89 257 2614 52 B2 38 30 204 20 19% 20 6% 6l 4 10% 66 117% 114% 6145 143 1119 117 6 384 13 324 2 23% 4 37 94 19% 57 39% 20 2% 102% 1 117% 116% R 224 20 a1 2 41% 4l% 5 464 464 5 203% 202 4 204 202 1 119% 119% 2 228Y% 227 3 104% 104% 2 75% 73k 2 614 58% 23 40% 39% 1 82 82 4 202% 201% 1 4% 4% 22% 21 57 5614 36 36 6 5% 4 31% 304 § 1Th 116K 141% 132% 1 21 21% ! 4l 36 6% 31 30% 1% 64 1905 193% 30% 3 24 196% 195 8% 9 13% 13% 4 2094% 210% 65% 65 5 5 6% 6% 39% 394 17% 46 32% 31% 58 1831 174 23 141 30 E 4 ~ 156 98 6 100% 100 1% 1 144 14 5 43% 6 64k 1% 54l 126% 287 21 119% 100% Pm.‘-?m 1929~ . Close. Close. | High. u;' 4 Stock and Dividend Rate. Devne & Ray A (13). Dome Mines (1)..... Dominton Strs(1.39) Dupont de N (15.20). Duipont 4 N deb (8). Dugquesne 1st pf (5). Eastman Kodak(18 Eaton Axle & 8 (3) Eltingon-Sch (2%). Eitingon pf (6% ) Elec Auto Lite (8! Electric Boat. E) Pwr & Lt (1). Elleo Stor Bat (5) Eng Pub Serv (11) Eng Pub Sve pf (5% ) ErfeRR...... Ere R R 18t pf (4) Equitable Bldx(3%) Evans Auto L(32%). Fairbanks Co. .. Kairbanks Morse (3) Fashion Park (m21%) Fed Mining & Smit Fed Motor Tr Fed Watr Ser A Fid Phen F Ins (3) Firestone T&R(1.60) Firestone T&R pf(§) First Nat Strs (2%). Fisk Rubbe Florsheim Shoe A . Follansbee Bros (3). Foster Wheeler (2).. Foundation Ce. . Gen Asphalt (4). Gen Bronze (2) Gen Cable. .. Gen Cable A (4). Gen Cable pt (7). Gen Cigar (4) Gen Electric ( Gen Elec speo « Gen Electric (new).. Gen’) Food Corpn (3 Gen Gas&El A (te2) Gen Mills (13%) Gen Motors (13.40) Gen Motors pt (7). Gen Outd Adv A (4). Gen Outd Ad vte ( Gen Public Serv(b§) Gen Ry Signal (5). Glllette Saf Raz(ef). Gimbel Brothers. Glidden Co (h2). Gobel (Adolf). Gold Dust (23 ). Goodrich B F (4) Goodyear Tire (5). Goodyear 18t pt (1) Gotham Silk H (2% Graham-Paige Graham-Pai Granby Copper Grand Silver Stor Grand Stores (e1). Grand Unton. .. Grand Union f (3) Granite City 8tl (4). Grant (W T) (1). Grt North pt (5). Grt North of et (5).. GtNctfs 0. P (a3%) Grt West Sug (2.80). Grigsby Grunow (3 Guantanamo Sugar. Gulf Mo & North. Gulf Mo & N pt (6) Hall Printing(t1 u“l. Hartman Corp.B 1.20 Hayes Body b8 % stk Hercules Motor 1.80, Hoe (R) & Co.. Houdallle Her B(2) Household Prd (14). Houston O1l.... Howe Sound (15).... Hud&Man Ry (3.50). Hudson Motor (5). Hupp Motor (f3). Iitnots Central (7). Independ Ofl & G (3) Indian Motor Cycle. Indian Refining..... Indian Refinineet... Indus Ray (b5% stk) inland Steel (334)... Inspiration (4).... Insurance shars 45¢. Interboro Rap Tran. Intercontinental Rub Intl Agricultural. Intl Agr! pr of (7) Int Bus Mach (c6). Intl Cement (4) Int Corubustion Inter Comb Eng pf. ntl Harvester (3%). Intl Harv pf (7). Int Hydro El A (e2). Intl Match pf (4) int Mer Marine otfs.. Int Nickel of Can(1). Intl Paper pf (7). Intl Pap & P A(2.40). Intl Pap & Pwr B. Intl Pap & Pwr C, Tatl Pap & Pwr pf(T) InTtl Rys Cnt A et. Intl Shoe (3). Intl Silver (18). . Int Tel & Tel « Inter Dept St (3) Investors Equity Jewel Tea (4). . Johns-Maanville (3)., Jordan Motor Car.... Kan City Sou (5) Karstadt (Rud.) Kaufmann DS (1%) K 4 ey Ha Kelvinator Corp. Kennecott (5) Kresge(SS)Co(l. Kresge Dept Stores.. 4 Kress (SH)Co (n1). Kreuger& Toll (1.34) 38% Kroger Gr&Bak(cl). Lambert Co (8) & T! Lima Locomotive. Liq Carbonic (t43§). Loe Ine (13%) Loew's Inc pf (6%).. Loew's pf x w (6%).. Mac A & Forb(12.88) MeGraw-Hill (2).... Mcintype Pore M(1) McKeespt TP t4%.. Me| on & Rob (3) & Rbof(3%). McLellan S A (m20). Mack Trucks (6).... Macy (RH)&Co(et3) Madison Sa G (1%)., Magma Copper ()... Manat! Sugar pf..... Mandel Brothers Marlin-Rockwell (16) on Motor (4). . Mathieson Alkill (2) May Dept Stora(e3). Maytag Co (12). Co pf (3).... Shoe (1.40). Mengel Company (3) Mexican Seaboard. ., Miami Coprer (4). Michigan Steel (13).. Mid-Continent P (3). Middle Stat Miller Rubber...... Minne&Hon Reg(t4) Minn Moline Pwr. Missourt M1 Monsanto Ch %) 49% Montgomry Ward(3 “ 12+ Moon Motos Morrell J Al ame R v G0 m e io * o 8 » 8 . P TP PRSP PP P T e Sales— Add 00. High. 3 34 Motor Wheel (3).... Mullins Mfg . Munsingwear (13%) Murraay Corp (k8).. Myer(FE)& Bre (3). h Motors (8). ... S e % 15 2 Napeand ol Natl Bel Hes pf (7) Nat Biseuit (173%).. Nat Biscult Co new. Nat Cash Reg, A (14) 9 PPN O 3 © ® 3 N Y Central NYCh &St North Am(b10%stk) North Ampf (3).... Northern Fae (5)... North Pacet (5).... Nor Ger Lioyd(3.41). 011 Well Supply. Oliver Farm Equ! Olivr Fr Ep cv pt(3 Olivr Fr Eq pf A(8) Omnibus Corp Omnibus pf A . Otis Elevator (18).. Otis Steel (2% Owens 111 Bottl Pacific Gas& E (3).. Pacific Lighting (3). Pacific Ofl stubs..... Packard Mot (11.10). Pan-Am Pete B...... Paramount-F-L (3).. Park & Tilford (33). Park Utah.....oecoe Parmelee Trans 1%. Pathe Exchange. P e rmuZealrannaanaiaEiRaui~~Brnan vaunEe~EE-Rrin Phila Co 6% f (3).. Phila& Read C& .. Philip Morris (1).... Phillips Petrlm (¢2). Plerce Ofl...civveenr Plerce Ofl pf.... 1% Plerce Petroleum Pillsbury Fl (123% Pittsbgh Scres Pitts & W Va (¢ Pullman Corp (4 Punta Alezre Sugar. Pure Of! (1%4).....0 Purity Bakerles (6).. Radio Corp. L1158 Radio pt B (5) 2 Radio-Kelth-Orph A. Raybestos Man 2.60. Reading (4).... 38 Reading 1st pt (3). Reading 2d pf (2) 246 2 Rem Rand (60€) ... Rem:ng-Rnd 1at (1) Reo Motor (11.40)... Repub Ir & Steel(4).. Ir&Stiof (7). vere Cop & Bra Reynolds Tob B ( Richfield Ol (2) Rio Grande Ofl ¢ Ritter Dent Mfg (13) Rosain Ins (230). Royal Dutch (83.20). Safeway Stores (e5). St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (§) St L Southw n.. St L Southwn pt (5). Savago Arms (2).... Schulte Retail Str Seaboara Alr Line Seaboard Alr L1 Seagrave (e1.20). Sears Roebek (13%4). Sec Natl Inv pf (). Seneca Copper. Servel In .. Sharon Steel H (3). » o e mefanwSarnaBauraman el Shell Union (1.40). Shubert Theatre: Simmons Co (g3) Stmms Pet (1.60) Sinclair Con O11 (2).. 8o Porto R Sug 13%. Southern Cal Ed (2). Southern Dairies B Southern Pacific ( Southern Rwy (8) Southern Ry pf(5). Sou Ry M & O ct (4). Spalding (AG) (3).. 00. High. 35 2 174% Y% 6% 49% Sparki Std Brai Std Of1 Tid, Transu Trico P < % Vadsco Vadsco Vanadi Virgini W Wess O Wi Westin; Wilcox Worthi Yellow Zenith 99% 9l 93 % 35 in_stock 35 r Kelg(1.60).. 24 L | Stand Com Tob (1) Stand Gas & E1 (3%) 9 5 Stand G& Epf (4).. 64% Stand Inv Corp (b§). 11 Stand OII N J (12)... Stand OIl N Y (1.60). Stand Plate Glass. .. Sterling Sec A) 2 12 8 ing See pf( E Sterling Sec cv pf(3) Stewart Warn(J3%). 3 40 Stone & Webster (1) Studebaker (15). 9 Submarine Boat. . 3 % ™ Superior Ofl or Steel Vick Chemical(23). Virginia-Car % pf.. Wanash ster-Eisenlobr, . s Ofl & Snow(2). tngh At 'Brk(2) Weston El Inst (1).: Westvaco Chlor (2}, White Eagle O1l (3 White Motors (2). Willys-Over (€1.20). Willys-Over pf (7).. Young Spring (3). 17351 o share in’eiotk: Stock ana Sales— Prov. Dividend Rate. Spang-Chalfant. - Add 00. High. Low Close. Close. 1 21% 21% 21% 22% Withngtn 18% 218 27% 1184 1184 T T 114% 11 117% i 117% 644 13% 61% 62 64% 65% 33% 3% 2 it nds pf(7) of Cal (h2%) 12 12% 3814 40% 12% BT 434 T of Amer (1).. 8% Symington. 3 -8 Symington A Telauto Cp (11.25) 16 Tenn Cop & Ch (1) Texas Corp (3) P 8% 12% 56% 564 1% Third Avenue....... ‘Thompson J R (3.60) Wi Asso. Tide Wat Asso p Timkn Det Axle 18 Tobacco Products A. Transcontinental Oli e& W (1) rod (2%) Truax Traer (1.60).. Truscon Stl (£1.20). Und Elllod Fishr (5) Union Bag & Pap Union Carbide(2.60). { Union Oil of Cal (3$2) Union Pacific (10, Union Pacific pf Utd Alre Utd Afrcraft&T pf 3. Utd Biscult (1.60)... Utd Carbon (2)... Utd Cigar Stort . % United Cigar Strs pf, t&Trans. 32% 4% 104 104 31% United Stores A, Utd Stores pt. - U S & Foreign Seeur, U S Frelght (3). i 8 Ut Pwr& Lt A B8, et Sales pf (7).. um (14)....01 la-Car Chem. . WA porc o o M G R s 25% 521 13t 29 ‘2915 200t 203% 461 6% 46l 138% 135 2% 30% & Sn of (4).. i ghse E&M (5) 1354 1 w9 - Rich B (c3).. B wmoond » Yoo ngton Pump. Truck & o . - PR IEY PR, 7 Radlo (3).... RIGHTS EXPIRE Am Rollg M. .Feb 15 Bucyrus Erie Dec30 - Gol. Carbon. Aé:r. 11 301,700 Sales of Stocks on New York Exchange. M., 12:00 Ne 1.485,100 ¥ Dividend rates as given in u y Divi 5,10 the avove tabl y or hal 100 aha: rea"stock. sty el PR Washington Ticker BY CLINTON COFFIN, Associated Press Financlal Writer. L. F. Loree, president of the Delaware & Hudson System, is spending most of this week in Washington reviving at- tention for one of the more engaging of the several strategic railroad projects he has originated. This s the scheme, organized on paper by the New York, Pittsburgh & Chicago Co., for running "|a straight line across Pennsylvania, missing nearly all the populous centers, but shortening present rail distances. Most_apparently, such an addition to the Eastern rail map, potential or ac- tual, must be dealt with in any railroad consolidation moves, and all of the big trunk systems—the Pennsylvania, New York Central and Baltimore & Ohio— are asking the Interstate Commerce Commission to withhold the permission Mr. Loree needs to start hulld:ln ‘Those opposing rail argument the project assert that its cost, which the Loree engineers place at $177,000,- 000, 1s too great; that not enough traf- fic is in sight to support it and that any future volume increase could better be met by expanding facilities of railroads now in existence. Mr. Loree, though, insists on the feasibility and the reality of bis scheme. “? still consider that this stretch of line mapped out by the New York, Pittsburgh & Chicago Co. would be the backbone of the most serviceable and profitable rail trunk that cai n be run from Chicago to the Atlantic, he said in an interlude of the commission hear- ing he has obtained. “When it is bullt it can be tied up advantageously with existing rails to the East and the West. There are several alternatives possible.” Asked to mame existing railroads he aims to link up with his contemplated new construction, Mr. Loree shook his h!:gh. that question can't be settled here; it will be discussed elsewhere. But there are several East and West con- nections that might be formed,” he eeded. “What we have here is the g:gtc route for getting through the Al- leghanies, and no Eastern trunk system now has as straight and level a line as we have laid out. There isn't much reality to this talk about the great ex- pense. The advantages the road would offer in operating would justify the out- Iay. Besides, nol of rail experience is_ frightened merely by large figures. The Pennsylvania _spent $120,000,000 getting into New Ygrk and the group of railroads entering Yhe Cleveland union t:lrmlnlls are - spending $105,000,000 there. “It's simply a question of what can "be gotten for the money. I don't antici- pate any difficulty in finaneing the plan, and I consider that the normal growth of the countty’s traffic can be expected to provide business that will make it profitable.” B On the basis of a careful riview of | conditions at home and abroad, Julius Klein, Assistant Secretary of Agricul- ture, has told members of the Tanners’ | Council of America to expect a leather market demand next year of about the same character as that experienced this year, though with an increased export demand. Dr. Klein, while dealing with data as to low stocks of leather and ‘footwear, suggested a number of points in his address on which he thought leather makers might improve business practice. 2 g “Stocks of leather ‘are now at fairly low levels,” he said, “and represent true values. She inventories of both manu- facturers and- dealers 'are likewise not excessive, and represent true values. The outlook, therefore, of the leather trade in 1930 is at least normal. Your prob- lem for 1930 is purely one of sane buy ing and sane selling.” During 1929 the !xparjndemlnd for American leather has beén slow, with sales volume below last year, and the Assistant Secretary attributed the de- cline to force liquidation of stocks by European tanners. deemed to be about over now. “For the coming year the outlook for foreign trade in leather is somewhat brighter,” he continued. “Your export sales should be somewhat larger than in the present year, but you must treat the foreign buyer with as much considera- tion as you give domestic buyers. Thus, on a conservative basis, you may look forward to a normal demand for leather next year in both the domestic and for- eign markets.” This process he | [settling the controversy over the freight bill, it will have to deal with th! - cultural puzzle, as well, s Whether or'not the famous tea reindeer Santa’ Claus is- credited nv‘n:tf driving through- the holidays gets into action this year, Christmas day will find one great reindeer herd ploughing through the snowdrifts of the Far North for purely commercial reasons. There are 3,000 animals now on the move, an American trade observer in Canad ports, from Alaska to the banks of the Mackenzie River, in the Canadian Northwest territory, and the full jour- ney will take the herd two years. Purchased from Eskimos in American territory, the reindeer in the drive are intended by the Canadian government to supply Eskimos and Indians in C nadian territory, ‘and it is hoped that their numbers will very greatly increase. The total cost of the enterprise is about $190,000, and -these reindeer are not carrying any Christmas presents, though In themselves they are expected to constitute a most valuable gift to the |pomad tribes that may become eco- | nomically self-sustaining by caring for ;!hcm through future years. SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & <o) Aliis-Chalmers Co. 85 1937, 9912 Aluminum Co. of Amer. 101% Amer. Rolling Mills 6s 1 98 Armour & Co. of lzel, 5}4; oc! opper Co. 8 1 acking Co. 8%as"i93i: ! El. 11 Boston 47as 1030 . Accep. Corp. 6s 1 24 23% 40 4 IMarket Is Erratic, With Ad- STOCKS IRREGUEAR IN LIGHT TRADING vances and Declines About Even. BY STANLEY W. PRENOSIL, | Associated Press Financial Editor. NEW YORK, December 18.—Prices !on the New York Stock Exchange con- tinued to pursue an erratic course to- day as trading continued in light. vol- ume. An early period of heaviness was followed by & brisk rally at midday, but fresh selling developed on the recovery. Trading was largely professional . in character, although the weakness: of several stocks was attributed to lquida- tion for the purpose of establishing in- come tax losses. . The announcement of the. formation of a large Middle Western steel merger, which has been under way for a long time, was one of the most important and interesting developments in the day’s news. P A Some disappointment was apparent at the further falling off in freight. car traffic, and_the appointment of a re- celver for the American Plano Co. Ll Steel Merger. . | Iron Age stated that “the anomalous situation of production, shrinking and | confidence rising characterizes the. steel market as the year end approaches,” explaining further that producers are satisfied that the sharp decline in steel output that began in October .was a sychological effect of the stock. mar- E:z crash and greatly exceeded * the ‘t‘l:,cm-l contraction in steel consump- n " Republic Steel broke more than 5 points on the traditional “selling on. the good news,” although some liquidation also is believed to have been inspired by the fact that the merger did riot include the Youngstown Sheet & Tube and In- land Steel Companies, which are gen- erally expected to be included in the new combine. United States Steel common, | after moving up 1% “to 173, fell back .to IICB"‘ and then rallied above 172. Au- burn Auto dropper 6 points, Otis ‘Ele- vator 5 and American Tobacco, Purity Baking. Loew’s and Fox Film saj 3 to nearly 5 points in the early outburst of selling. Combine Rumored. Concurrent strength of J. I. Case and the advance Rumely issues led to rumors of a possible combination of these companies. New York tractions also rallied briskly for some unexplained reason. General Electric converted an early loss of 3 points into a gain of 2 points, Detroit Edison and International Busi- ness Machines were marked up 5 points above last night's close, American & Foreign Power 433 and Preeport, Texas and Howe Sound about 2! points each. —_— + PLANS SUBSIDIARY. CINCINNATI, December 18 (#).— Frederick Hertenstein, vice president of the le-Picher Lead Co. said foday letters would be placed in the mails to- night asking stockholders of the organi- zation to confirm formation of a subsid- jary to handle the firm's mining and smelting business. The subsidiary would have a capital. of $6,000,000 to $7,000,000, the solidated Lead & Zine Co., St. Louis; and several smaller. mining companies in Missouri, Kansas and Oklahoma. Coal Mjning Report. cording to - the. 3 ‘National Coal Association, about 11, mined in the United States during- the week ending December 14. This is.the largest amount produced in any week since last February. . First Mortgage Loans Lowest Rates of Interest and Commission Contact with . the Center of Financial New York Our direct communication fa-. cilities by wire with our main office in the center of financial New York provide a ready means for the rapid transaction- of New York banking business. T8 EQUITABLE SECURITIES COMPANY I¥¢ A Subsidiary of The Equitable Trust Company of N;l: York STANLY CARR, Representative 922 Fifteenth Street, N. W. ‘WASHYNGTON, D. C. in Safe. 6% Guaranty First Mortgage Notes and Bonds' Guaranty Notes and bonds never fluctuate in value... they aresecured by arii 0! mortgages on paving prop- erties in Washington and its suburbs. Every dollar you invest in these sound securities earns 6%. Principal and interest entirely safeguarded by our $3.400.000 resources. If you have money for in- ment. enjo: ty and ‘liberal notes and bonds offer. | A fervent plea to the Interstate Com- | merce Commission, in behalf ‘of a Louis- | iana_business house -disagreeing with | the Missouri Pacific and other railroads | 5 about some produce freight bills, pro- | poses a most ticklish question. W “It is now n to determine be- | yond a doubt whether a watermelon is & fruit or a vegetable,” the formal plead- ing recites in raising the issue. “We have traced the origin of watermelon | to its root, and we find that it is a vege- table, as much a green yegetable as the cucumber, the squash or the pumpkin.” s forecasts the approach of a col argument, in behalf of railroads, endeavoring to. establish water- melon’s character as a fruit. Unless the |, (Reported Rate_—Matur Mar. by J. ity commission can find some ‘method of \‘department & ing the issue and at the same time were $56,000, e e TREASURY CERTIFICATES. & W. Sell 15, 1930, Net profits of the German the last Denominations from $250 up On partial Payments, too Send for Booklet, “The Success Plan” REALESTATE - - MORTGAGE & GUARANTY CorPORATION © Capital Resources $3,400000 24 JACKSON PLACE, ~——— - it office 1 year