Evening Star Newspaper, December 19, 1929, Page 15

FINANCIAL EMPLOYMENT DROP|"NEW YORK CURB MARKET 15 HELD SEASONAL Migration of Workers De- clared Big Factor in Present Situation. BY J. C. ROYLE. Decided relief was experienced this week by business men when they view- ed the figures for employment shown by the report of the Bureau of Labor Statistics. It is confidently believed that conditions since November 30, the period covered by the report, have im- proved greatly. There is no doubt in the minds of well informed business men that there are a large number of men out of work now. But unemployment of this char- acter now is caused by the seasonal movement_of unskilled labor to and from the harvest fields, the mines, the lumber camps, the mills and the cities. ‘These itinerate workers necessarily are idle during the time they are moving from one job to the other. “Voluntarily Idle.” ‘This is true also of the mechanical trades and the building trades. It is no unusual thing for building trade artisans to throw their tool kits into the flivver at this season of the year in Northern cities and depart to spend the Winter in the South. This is not-dangerous unemployment, even when the number of idle is large, for it.is idleness on the part of those who have funds and not likely to be- come public charges. Also there are at all times large numbers of “volun- tarily. idle” who have no jobs because they do not want them. Unemployment, of this sort, sometimes in the best years, amounts to as many as 4,000,000 workers. There are not that many now out of work and, ac- cording to Government officials, no such number will be out of work. There has been some migration to the larger cities, but this is a natural move. The harvest hands usually come in to spend a few days and outfit for the Winter before they go out to Winter jobs. It is during these visits that much of tHeir money finds its way into the hands of merchants, and the latter do not view the migration cityward with alarm. The bare figures of the statistician .do not give a complete picture of the situation, even though the outlines they draw are correct. Working hours per week show a change, but this is due in no small measure to the prevalence of the five-day week, which has been a goal of the workingman for genera- tions and which does not represent a cut in wages or pay rolls. In fact. the union wages of the country are higher today than they have ever been. First Effect of Reaction. The report of the Labor Bureau shows the darkest side of the picture in its outlines. November always is an inventory month, with many plants closed for considerable petiods even when prosperity is at its height. This year November's figures represent the first terrified reaction of some em- ployers over the upheaval in the stock market. This anxiety now has notably abated. The figures are for a period rior to the busthess conferences held gzre, in which pledges of programs were made which will involve the ex- penditure of billions and furnish em- ployment to millions. It is still too soon for the effect of these pledges to be felt. Operations of such magnitude cannot be under- taken overnight, but even so, officials here are confident that the labor situ- ation since November 30 has shown a marked improvement. ‘There are some industries which are in an unhealthy condition, not because of the present situation but because of developments in the past. These cannot be made prosperous immediately, and since they are weak they naturally feel any reaction more severely than the healthy industries. This is true of the textile trades and one or two others. In general, however, the situation is|. not one which is causing acute alarm to Government officials. Baltimore Markets 8pecial Dispatch to The Star. BALTIMORE, Md. December’ 19.— Poultry, alive—Turkeys, pound, 30a32; old toms, 22a25; Spring chickens, 20a 24; Leghorns, 19a20; old hens, 18a25: Leghorns, 18a20; poor and thin, 17a18; old roosters, 18; ducks, 16a23; 'geese, 16a24; Guinea fowl, each, 40a60; pigeons, pair, 25. Egp—megu. native and nearby firsts, 54; pullets, 45a48; hennery Whites, firsts, dozen, 56a58; current receipts, 43a45; culls and dirty eggs. 25a30. Butter—Good to fancy creamery, pound, 41a46; ladles, 35a36; store Ppacked, 21; roils, 31a32; process, 38a39. Live Stock Market. Cattle—Receipts, 300 head; fair sup- ply; market steady. Steers, choice to rime, none; good to choice, 12.00a 2.25; medium to good, 11.00a12.00; fair to medium, 10.00a11.00; plain to fair, ,00210.00; common to plain, 8.00a9.00. Ms, choice to prime, none; good to sehoice, 8.5029.00; medium to good, 7.508 50; fair to medium, 7.00a7.50; plain to r, 6.00a7.00; common to plain, 5.00a 6.00. Cows, choice to prime, none; good to choice, 8.5029.00; medium to good, 7.50a8.25; fair to medium, 6.75a7.2 plain to . plain, 4.00a5.00. Heifers, me, none; good to choice, 10.50: medium to good, 9.00a10.00; fair to medium, 8.00a9.00; plain to Tair, 7.00a8.00; common to plain, 6.00a7.00. Presh cows and Springers, 60.00a150.00. Sheep and lambs—Receipts, 150 head: Mght supply, market steady; sheep, 2.00 26.00: lambs, 650a14.00. Hogs—Receipts, 700 head; fair supply: market higher; lights, 10.40a10. heavies, 9.90a10.50; medium, 9.90a10.20; roughs, 7.25a9.10; light pigs, 9.75a10.00; pigs. 10.10a10.35. Calves—Receipts, 50 head; light sup- ply; market lower; calves, 7.00a15.00. Vegetable Prices. barrel, 1.5084.00; rel, 1.5082.75. Beets, crate, 3.5 Brussels sprouts, quart, 10a25. hamper, 1.50a3.00. Cabbage, hamper, 40a50. Carrots, 100, 2.00a3.00. Cauli- flower, crate, 2.00a2.50. Celery, crate, 1.75a3.75. [Eggplants, crate, 1.50a3.50. Lettuce, basket, 2.00a2.75. Kale, bushel, 35a40. Onions, 100 pounds, 1.75a2.00. Pepper: crate, 4.00a5.00. Parsnips, basket, 50a65. Pumpkins, 100, 5.00a 15.00. Spinach, bushel, 50a90. Squash, crate, 2.25a3.25. Tomatoes, crate, 3.50 26.00. Turnips, hamper, 25a35. Apples, bushel, 75a2.75. Cranberries, box, 3.00 a4.75. Grapefruit, box, 3.00a4.7 oranges, box, 2.10a4.00. Tangerines, box, 1.7523.00. Hay and Grain Prices, ‘Wheat—No. 2 red Winter spot, 1.221; No. 2 red Winter, garlicky, spot, 1.21% December, 1.21'4; January, 1.22%; No. 3, garlicky, no quotations. Corn—No. 2 domestic, yellow, 1.06; cob corn, new. 4.60a4.75. Oats—No. 2 white domestic, spot, 56; No. 3 white domestic, spot, 55. 1219 cases; new, Rye—Nearby, 90a1.00. Hay—Recelpts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations by grades. Where in good order new hay sells at from 14.00a17.00 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. 1, per ton, 9.00a10.00. Sir James Barry is writing & new ~Prev. 1 Hish 31% 22% 224% 109 42% 2474 899 8% 37 211% 42'% %9 210 109 6814 98% 9 24% 32 33% 15 2 121 449% 104 21% 2% 11% 3T 41 11% 17 874 62% 2% 134 29% 13 4% 20 324% 12% B5% 324 189 108% 22 Stock and Sales— Low. Dividend Rate. 7 Aeronautical Indust. 5% Aero Sup Mfg. B. 1414 Aero Underwriters., 17 Alnsworth Mfg $2%. 3 Alr Investorsvte... 11 AlrInv, Incevpr ™ Am Beverage Corp. 164 Am Chain (3).. 99% Am Cigar Co (8 % Am Cit P&L A (a3)., Am C P&L B (b10%) 18 Am Com P A (130¢). 22 Am Com P B (330c) 3% Am Cmwith Po war.. 20% Am Cyanam B (1,60) 10 25% Am For Power wai 70 Am Gas&Elea (31). 98 Am Gas&Elec pf (6). 6% Am Invest Inc B. 3 Am Invi 190 AmLt&Ti 1% Am Maracaibo 104 Am Solvents Chem. 2514 Am Sol Chev pf (3). 22 Am St Pub S(A)1.60. 15 Am Superpower (1). 89% Am Super 1st pf (6). 3% Am Thread pf (25c).. 19 Am Yvette... & 5 Am Yvette (new)wi. 204 Amster Trad (1%).. & Anchor PostF (2)... 1 14 Anglo-Am vot (73¢). 16 Anglo Chil Nitrat Arcturus Rad Tu 3 Nat Ark N G em pf (60¢) 7 Ark Po & Lt pf(7)...1628 104% 3 Asso-Dyeing & Ptg.. 24 5% Asso-Elec Ind Ltd. . 354 Asso GREl A (12.40). 4 Asso G&E A deb rts. 2 Asso Laundrs($20c). Asso Rayon. . . 30% Asso Rayon pf (6). .. 2414 Atl Coast Fish (1.40) # Atlant Fruit & Sug.. % Atlantic Lobos. Atlantic Lobos pf. 24 Atlas Plywood n.... 30% Atlas Port Cem (2). 20% Aviation Corpof Am 2. 12 Aviation Credit. 10% Aviation Securit 1% Bahia Corp... 76 Baumann (L) pf (7) 16% Bickford, Inc......0. Bliss Co (E W) (1). 3% Blue Ridge Corp.... 23% Blue R Corpev pf 3. 28% Blumenthal (S). Brill Corp A (1%) Brill Corp B........ Brillo Mfg (1.20).... Brown F&W (A)2.40. Buckeye Pipe L (15). Buf N&E P pf (1.60 7% Burco, Inc. . 3% Burco, Ing (war). 38 Burco, Inccv pf (3). 3% Burma Corp (131¢).. 14% Butler Bros (2). 4 Bwana M Kubwa 4 Cable Radlo T vte. 3 Cab&W 1% Cab&W:! Carib Syndicate. . 21 Carman& CoA (2 304 Carnation Co 221 Ceco Mg (2%). 80 Celan Cor 1st pf 12 Celluloid Corp.. 6% Cent Atlantic States. 20 Cent PSv A (a1.75). 12 Cen States El (340c). 40% Cent Sta El v pf(6). 9 Chain Stores Stk(b) 22 44 Ches &Ohlo (new).. 7 130 Chseebr'gh Mfg t6% 1 97% Childs Co pf (7)..... 308 20 Cities Service (130c) 329 84 Citles Serv pf (6)... 8 Cit Serv pf B (60c).. 1 Clark Lighter A 10 Clev Tracotr (1.60).. 3% Club Alum Uten 4 ColonOfl % Columbia 1% Comwith & Sou war. 1 2104 Com’'with Edison (8) 10s 93% Comwlith Pow pf (6) 12% CommuntivWatServ. % Comstock Tunnel 4 Consolidated Copper 1214 Con Dairy Prod (12) 71 Con Ga#, Balto(3.60) 20% Con Gas Ut A (2.20). 214 Cona Instrument.... 107 Con Retail Strs (1).. 214 Consol Royal (60c). *10 CoriCorp...... 12% Corroon & Reynolds, 5% Creole Petroleum. .. # Cresson Cons (.08).. 17% Crocker Wheeler(n). 30 Crowley Milner (2).. % Crown Cent Petrol 3'4 Curti: 5% Curtt 24 Curtl; 1% Cusi Mex Mining. 6'4 Darby Pet (1).. Davenport Hos (2).. Davis Drug Stor efs Dayton Air & Eng Deere & Co (6) Forest Radlo. . roit Afrcraft C Dix Gas & Utllities., 2 Doehler Die Casting. 2 Dolores Esperanza.. 10 Douglas Afreraft.... 3 Driver Harris(new). 1. Dubelier Cond&Rad. 19 137 Duke Power ($5).... 50s 1404 Earl Radlo Corp. East Gas & F As; Elsler Elec Corp. El Bond & Sh (b El Bond & Sh pf 4 120 22 10 50 100 15 ElP& Lopt war,... EIP&L2dpf A (7). El Sharehold (11 El Sharehold f (8). Empire Pwr Corp(2 Em.p PubS.A(1.80).. Empire Steel Corp. .. Employ Reinsur 1%. Engineers Gold. ... .. Evans Wallow Lead. rehild Aviation. .. Fandango Corp. ...... Fedders Mfg A (2).. Fed Screw (1334)... Fiat Stk deb rts. Fiat Stk deb ris rets. ‘nan Inv N Y (b8 First Nat Copper. Fokker Aafrcraft. ... Foltis Fischer Corp Ford Motor Can A Ford Motor Ltd. ... Foremost Dairy Pr. Fore D Pr pf (1.60 Foundation For 8 Franklin Mg «2 184 Garlock Pkg (1.20), 4l 8% t Dew . Gen Am Invpfn (6). General Bak pf (6).. Gen E Ltd reta (50¢! Gen Empire Corp... Gen Fireproof (3)..s - Gen Indus Alcohol. .. Gen Laundry Mach Gen Rity & Utiliti Gen R & Utll pf (6 Gold Coin. Golden Cen! Gorham Inc A Gorham Inc pf (3).. Gorham Mfg vte (12) Gram'ph'ne rcts 2.91. 23 Graymur Corp. 10 Greif & Brother 10 Groce Stors Prod v 18 Ground Gripr(114§7). 24% Guenther Law (2). 115 Guiz Ol of Pa (1% 161 Add 00. Open. 1214 17w W 158, 3915 137 1404 THE EVE —Prev. 1929~ tow, Dividend Rate. High. 26% 823, 0% 81 Starrett Corp pt¢ 0% Stefn Cosmerica 1a ING STAR., WASHINGTON, Stock and 1414 351 20 1L Lamp (12). art Corp. 5 Hazeltine Corp (1).. Helena Rubenstein. Hires (CE) A (2) Hormel(Geo) (1.50). Houston Gulf Gas. Hudson Bay M&8.. Humble Oil (2)...... Hydro El Service(2). Hygrade Food Prod. Illnots P L (20). . .. 200s Imp Ofl Can n (60c). 10 4 ImpTob GB&I(1.25), 2 indian Terr fllum. .. Ind P Lnew (+2%).. Ind Fin cfts (b10%). insull UL Inv.. Insull Ut In 2d pf 6. InsCoNA (123)... Insurance Sec (1.40) Intercoast Trad Co. . Intercontinent Pet n. Intern Perfume (1).. Intl Petrolm (62%c) Internat Products. .. Intl Superpower ¢ Internatl Ut B Interstate Equities. . Interst. Eq. cv-pf.(3) Inter Hos M (1.80).. Irving Afr Ch (1.50). italian Superp war.. Italian Superpow A. Jonas & Naumburg. Jon & N cum pt (3). D.Emil...... er-Br tAm Sh). Land Co of Florida. . Lane Bryan tinc (2). Lazarus F & R Co. .. Lefcour Real pf (3).. Leh Con & « 27 14% 34 28% 1 16 3 2 14 o w33 EnananndBunlen voar aRokoncasEaanarTonn N an Lion O1l Refl Lone Star, ne Long Island Lt (40c) Louisiana Lan & Ex. ¢ Mac Marr Stores.... Magdalena Syndicat. Marconi Int M 521sc. Mar Wire Tel 62%c¢. . Marine Mid Cp (1.20) Marion Steam Shov., Maryl Casualty (15). Mavis Bottling. . Mayflower Assn..... May Hos cum pf (4). McCord Rad B (2)... Mead-Johnson(1314) Meadows MIg. . Memph Nat Gas Co. . Mercantile Stors(5) . Chap & S (1.60). oy o » IS P-4 pTasmoo =T Srer M Met Chain Stores. Middle WstUt(b8 Mid W Ut cv pf xw 6 Mo-Kan P L (b5%). Moh HP 1stpf (T).. Moh Hud P 2d pf(7). Montecatini deb rts.. Mon LH & P (2.40). Morison Elec (31)... Mount Prod (1.60) Nachman Spring (3) Nat Amer Co (2) E ( Nat Fuel Gas (1) Nat Investors (new) Nat Mfrs & Stores. .. Nat Pow & Lt pf (7). Nat Pub Sv A (160). Nat Rub Mach (2) Nat Steel Corp x Nat Sugar NJ (2). Natl Trade Journal. Nat Transit (t134).. Nat Union Radio vest . N Y Pet Royalty (1), N Y Rio&Bu Afres, N Y Tel pf (6%). Niagara Hud P(40e). Niag Hud Pw A war., & Hud Pw B war, Noranda Mines (3).. North Am Aviation.. Northam W cv pf(3). North St Pow A (3). Ohilo Copper. .. Ollstocks Ltd A 350 Ohlo Ofl (12%.. Otis Elevator new. .. Outbd Mot A (1.80).. Outboard Motor (B). Pac G&El 18t pt 1%« Pac Western Otl..... Pandem O . Pantepec Oil. . Patterson Sargnt(2). Penn O Ed pr pf(7)..110 Pennroad Corp...... 176 Peop Drug Strs (1).. 1 Peo L& P A (2.40). 1 Pepperell Mg (8 s Perfect Circle (2). Perryman Elec Co. Pet Milk pf (7)., Petrol Corp(1%) Philip Morris inc. Plerce Govern (1%). Pilot Rad T, A (1.20). Pitney B P n(20¢)... Pitts& L E (5). Pittsbgh Plate G t Plymouth Oil (2). Polymet Mfg ($1)... Pressed Met of Amer Prince & Whitely.... Prince& Whitely pf 3 Prudential Inv...... Pub Utl] Hold war .. Radio Products(50c) Hambow Lum ProdA Rainbow Lum ProdB Red Warrfor........ Reeves(Dan'l) (1%). Relter-Foster (40c). Reliable Stoes b1% . Rellance Managemnt Reynolds Bros Ine. . Reynolds Met, n 2.40. Richmond Radiator. Rich R cum pf (3%). Roan Antelope Min.. Rochester Cent Pow. Rockland L & P. Rolls-Roy Ltd ret Rolis-Roy of Am p! Root R cv pf (1.80) Ross G & T (3) 4 Roosevelt Field,Inc.. RUberoid Co (4).eeer Safe Car H&LE (110) 100 St Regis Paper (1). . Salt Creek Con (40¢). Salt Creek Prod (2).. Schlet & Zan(1175).. Schulte Real Estate, Schulte Un 6c-$1 St.. 1 Schulte-Utd Sts pf.. & Sgeman Bros (3).... Selberling Rubbe: Selected Industri Select Ind pr (5% ) Sel Ind allotefs 6%.. Sentry Safety Cont.. Shattuck Den Min. .. Shndoah Corp(b6%). 16 Shenan Corp pt (3).. 27 Silica Gelct, ... 11 Stlver(1saac pt (1)..1508 8isto Fin Corp. 4 Sonora Products. 206 SEP&Lpropt (4).. SEP&L (b4).. SEP&Lpf(7). So Cal Ed pfB(1 Southern Corp Southern Ice U Southland Roy (1) Smith (A O) (2) 13 = 3. Ine, i Spanish & Gen Reg.. Spanish&Gen rcts B. Stan Gas & El pf (7) .gllamdlgi‘l‘nxptnt(i) an of Ind Stand OiL, b h($314) . Stand on.kynxz.zfu 2 St Oll of Ohto (214 ). 256s 494 Stand Pow & 1.t » 53 93% StPow & Ltpt (7),, 1 9 80 184 61 etics Inoy Baler— uuw.on-nl .Bll‘h- Low. Close. Received by Private Wire Direct to The Star Office 14% 5% 25 34 % 84 84M 38Y% 10% D. C., THURSDAY, DECEMBER 19, 1929. EATON ORGANIZE BIG STEEL GONGERN New Independent Company Ranks Next to. U. S. and Bethlehem Firms. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 19.—Cyrus S. Eaton, Cleveland capitalist, has finally succeeded in building around the Re- public Iron & Steel Co. an independent steel organization which ranks third in size in the country, being exceeded only by the United States Steel and the Bethlehem Steel. Mr. Eaton has accomplished this through a series of mergers, including Central Alloy Steel Corporation, Donner Steel, Inc.; the Bourne-Fuller Co. and th;:r ‘aubaidlnrles. i s expected that the Youngstown Sheet & Tube Co., the Jones & flu[h- lin Steel Co. and one or two others will be brought into the picture later. Then Mr. Eaton’s organization will rival or exceed in size the Bethlehem Steel. Cyrus S. Eaton, born in Nova Scotia 46 years ago, is soft spoken, quiet, hard to see, tactiturn, even with close friends. He began his business career as a clork in a little store at Pugwash, Nova Scotia; was educated at McMaster Col- lege, Toronto, then moved to Cleveland hecause a relative, Dr. C. A. Eaton, was the preacher of the First Baptist Church, the Rockefeller church, there. In the panic year of 1907 he associ- ated himself with George T. Bishop, Cleveland public utility operator. They secured a few options on electric prop- ertles in Towa, but New York bankers turned “thumbs down” on bonding them. Otis & Co. of Cleveland took the bonds. Eight years later Mr. Eaton became a dominating partner in this big bond house. Mr. Eaton's utilities grew rapidly. ‘Two years ago, associated with the Mei- lons of Pittsburgh, "he expanded the United Light & Power, especially in the manufacture of 3 ‘The similarity of the Eaton methods and those of Cleveland’s other business glants, the Van Sweringens, is striking. Both are quiet, averse to publicity, proceed quietly until everything is set- tled, then the “big” plans are announced in practically complete form. This_Cleveland capitalist has taken life a little easier during the last two years. He spends considerable time now with his eight children on his beautiful country estate, between Cleve- land and Akron, rides horseback and dabbles in landscaping. Recently he has gone on the board of trustees of the University of Chicago. “The wise common stock buyer is usually active when others get dis- couraged and sell below a stock’s real worth. So he buys his stocks on the low market and waits for the upward movement,” said a seasoned stock market operator yesterday in com- menting on the type of people who were buying in the present market. Big blocks are not going off the boards as they did in the “boom™ days. It's the 100, 200 and 500 share lots that constitute the bulk of the trade. This is small trading, in the eyes of Wall Street. Many of the old 5,000 anfl 10.000 share lots are being absorbed, not by a few big buyers, but by scores of small investors. Whether they secure their purchases at the lowest point doesn't appear to them to be the important question. Many stocks are on a very attractive basis, and that is the test in these searching days. And that, too, accounts for the very large increase in the number of stock. holders on the books of the larger cor- poratiens during the last two months. “On September 6 last we had 9,976 stockholders. On December 6, the num- ber of registered stockholders had come up to 13,589—a new high record,” sald Ralph Kohn, treasurer of the Para- mount-Famous-Lasky Corporation, to this writer. The record of many other companies is equally impressive. When Argentina's 82-year-old Presi- dent Irigoyen closed the gold conversion office in Argentina this week because of unstable conditions in the world’s finan- cial markets, he practically announced to the world that for the time being Ar- gentina was no longer on the gold stand- ard. The move of the old President was probably based on the fear that gold withdrawals from Argentina would re- strict the volume of its ctreulating me- dium and thus embarrass its credit structure. What effect will its closing have on American export trade? Probably a temporary unfavorable effect. as every- thing paid for in dollars will naturally be_raised in_price. The Argdhtine cattle growers will benefit temporarily, because they will re- ceive more pesos for meat and hides sold in dollars or in British sterling. But the credit of Argentina, outside of Argentina itself, will doubtlessly be adversely af- fected. Already there has been a sharp break in the price of South American exchanges and in their bonds, because of the uncertainty growing out of the situation. “‘Argentina’s need today is for a real effective central bank, built along the lines similar to the Federal Reserve,” said this banker. = ozt SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) Bid, Offer. Allis-Chalmers Co. §s 1937 9912 100 Aluminum Co. s 102% of Amer. 831952 101 Amer. Rolling Mills 55 1948 98 ‘0. of Del. 5128 84 . 11 Bostol 30, 99 Accep. Corp. 6s 1937. General Pet. Gorp. 55 1940..... 10] & R. 55 1957 nk ‘Canada 6s 1936 BTN, <. vovs Humble O1l 5115 1932. 5 Internat. Match Corp. 55 1947.. Phillips Petroleum 5tas 1939... Pure Oil Corp. 5'as '1937... Shell Union Oii_Co_ 55 1947 Sinclair Crude Oil Co. 5'>s 1938 97 Stand. Oil of N. Jersey 35 1946 St L Ir. Mt 55 1931 1932 So. Ry. St. L. Southwestern Ry. 4 Swift' & Co. 5s 1932 Union Ofl Co. of Calif. 85 United Drug Co. 5s 1955. e FINANC HOOVER'S “BUSINESS DOCTOR™ BEGAN CAREER AT AGE OF 12, BY CLINTON COFFIN, . Associated Press Staft Writer, Julius H. Barnes, leader of the Hoo- ver attempt to stimulate Amer.can busi- ness, hired out 44 years ago as an er- rand boy in a Duluth grain-buying office. He was 12, and necessity forced him to leave school. Barnes insists he has never left the grain business since, although the cur- rent of events for him has flowed far afield. The present year finds him dwelling at 2 Fifth avenue, New York City, but commuting to Washington while admittedly practicing the role of business doctor. As is the case with most of the new men who formulate affairs for the United States today, it was the war with Germany which turned Barnes from a reputedly ultra-prosperous grain handler to a practically permanent status as unofficial public servant. Business Consultant, He is now chairman of the board of the United States Chamber of Com- merce and intimate business consultant of President Hoover. Hoover, then war-time food adminis- trator, picked Barnes to head the United States Grain Corporation, which bought and sold the continent's export grain crop for nearly three years, enjoying a business volume of some $8,000,000,000, winding up with a small profit and vanishing soon after the armies de- mobilized. But the close association of Hoover and Barnes failed to pass; the Duluth man became an ardent forwarder of the nine long presidential campaign that saw Mr. Hoover finally enter the White House. He entered the national chamber_organization as a director in 1922 to help with the Hoover policy of | co-operation between business and Gov- ernment. With an extraordinarily wide ac- quaintance among important figures of the business world, with a naturally democratic personality and unbounded h a long-tested inti- DOMESTIC BONDS. 8al Thoveands. High. Low. Noon. oot 800000090002 2 S 22 3335 101% s *52 8012 37 ww 6574 155 '42 85'2 2358 jsie) Ee] eorgin Pow 55 '67.. 7% rand Trunk 6'as '36 10812 ood Rub 7s ‘38 ... 9313 ous G G 6138 43 Ww 67%p 43 T TEEOAa0K ) g #5Acacaceiiangagy DONDONT "B SEEE 953w f55 est Tex Ut FOREIGN BONDS. Buen Afr Pr 7iis '47 98 Ehe Boma i a0 83 & Bk 6s w 63 x Ruhr G Co 6'2s A 53 1Rumania_TInst 75 '50 5 Russlan 5'a8 21 ... ww—With warrant Xw_Without war) Clearing House Statement. NEW YORK, December 19 (#).— Clearing house statement: Exchanges, $1,165,000,000; balances, $179,000,000. Yesterday’s New York Stock and Bond Averages. weekly avera 3 vears ago (weekly av . High (1920) X X Low (1920). 1413 113 ies, 7,284,850 shares. ed. BONDS. Ten first-grade rails Ten public utilties. Ten industrial JULIUS BARNES. macy with the President, Barnes almost automatically became ‘“contact man” for the administration when the novel economic conferences were called after the recent market break. Economic Council. He supervised the selection of busi- ness leaders called to Washington to survey the outlook for 1930 and Wash- ington gossip—sometimes entirely de- pendable—credits him with seeking most ardently the eventual creation of a trustworthy and powerful economic council.« Such an organization might maintain a national balance in the production and distribution of commodities that would avert in the future some of the more unpleasant phases of the business cycle of variation between depression and prosperity. Corporation News NEW YORK, December 19.—The following is today's summary of im- portant corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: News Trend. The midweek steel reviews point out that while further recession in activi- ties in this key industry.is indicated for remainder of month, sentiment in the trade has improved materially and a general recovery is looked for in Jan- uary. For the past week opeiations have changed little, with United States Steel showing & slight decline to 64 per cent of capacity, while the inde- pendents held practically unchanged at 63 per cent. At this time in 1928 the industry was averaging 80 per cent of capacity. January-is expected by the trade to witness considerable picking up, as it 1s felt that output of past six weeks has been under actual consump- tion and that inventories of major con- sumers are subnormal. Corporate dividend develo, mixed, several units, including General Tire & Rubber, New York Air Brake and Landers, Frary & Clark, announc- ing increases or extras, while others passed their payments. Further evi- dence of unsatisfactory couditions pre- vailing in the musical and radio in- dustry were the passing of the Temple Corporation dividend and the appoint- ment of a receiver for American Piano. The Companies. American, Piano equity receiver ap- pointed for this company. Bangor Hydroelectric earned $2.71 in 12 months to November 30, against $2.45 last year. Cities Service November income up 40 per cent; 12 months to November 30 up 18 per cent from last year. Continental Can purchases Penick & Ford’s Harvey, La., plants for $750,000. Dubilier Condenser grants license to Columbia Phonograph Go. for all uses covering changes in reproducing record manufacture which increase playing time of record and eliminate back- ground noises. General Motors-Oakland _introduces 8-cylinder V-type car at prices rang- ing from $1,145 tb $1,320. General Tire & Rubber declares extra dividend of $2 on common stock. Holland Furnace 10-month sales to October 31, $16,565.918, up 19.7 per cent from last year; 1929 sales estimated at $18,000,000 by vice president. International Hydroelectric system declares regular quarterly dividend of 50 cents in cash, or 2 per cent'in stock, on class A shares. Landers, Frary & Clark declares extra dividend of $1 and regular quarterly ents were payment of 75 cents on common stock. |- Murray Corporation declares 2 per cent stock dividend on common shares; no action taken on cash dividend, pay- able January 15, 1930. New York Air Brake increases divi- dend on stock from $3 to $3.60 annually. Parmelee Transportation acquires $875,000 of Pittsburgh Transportation Co. stock. Pere Marquette earned $14.84 in 11 months to November 30, against $15.36 last year. Rhine Westphalia Electric Power de- clares dividend of $2.16 on American shares. ~ Scovill Manufacturing issue of $25.- 000,000 convertible 5'2 per cent bonds proposed. Temple Corporation passes quarterly dividend on convertible preferred shares. United Gas increases holdings in Consolidated Gas Utilities to 51 per cent of Class B stock. United Verde Extension Mining de- clares $1 dividend on capital stock. DIVIDEND DECLARED. Mount Vernon Savings Bank Also Pays Liberal Bonus. ‘The directors of the Mount Vernon Savings Bank have declared the regular quarterly dividend of 115 per cent, pay- able December 31 to stockholders of record December 26. They also voted a Christmas bonus of 5 per cent of annual salaries to all officers and employes of the bank. stock and Dividend Rate. Stern Bros B ctfs... Strauss Roth. Stutz Motor Car.... Sullivan Machine (4) er (111). ~Prev. 1929.~ High. Low. 5 10 9 2% 53 30%% 9 S oeosse Sunray OIl (4fc). Swift & Co new (2).. SWIft & COo (8)..uuee Tampa Electrio (32). ‘Thermoid Co (2). Third Nat Inv (1). Thomp Prod A 12.40.. Thomp-Starrett..... Thomv Star pf (3%) Tish Realty & Cor Tobacco & All Stks Todd Shipyard (4).. Transamer ($1.60). 4 Tran Con Afr Tran. Trans Alr Trans cf: Tr-Lux D.L.P. 8.(A). Tri-Cont Allled (3).. Tri-Continental Cor. Tr State Tel pf. . 4 33% 121% Ulen & Co..... Unfon Amer Invest. Un N G Can (11.60) Unfon Tobacco. Utd Carr Fastnr 1.20 United Chemical Co. 364 364 3 1 10% 10% 104 10% ~Prev. 1920.—~ 1077% 831s 28 4% 2% 8% 16% “n % 8tock and UnitL&PA UnitedMilk Prod. ... United Profit Sh (1), Utd Ret Chem B ctf. U S Dairy (A) (6)... U S Fininshing (13). U S Gypsum (1.60)., Sales Add 00, Open. High. Low. Close. 82 201 20% 20K 20% 90 254 26% 24% 24% 6 3 3 3 3 Rat Ci . 60c).. United Stores A..... Unit Verde Ext (4).. Utility & Ind... Util & Ind pf (1%).. Utll Power&Lt(31) Utility Equities. Veeder Root (234).. Vick Fin Corp. * 27% 5% 19% 30 % . 3 .09 .10 09 .10 iast quarterly or semi- ;.,L . 6% 19% RIGHTS. & Newport Co. TIAL, #¥® 15 CURB SHARES MOVE IN NARROW RANGE Market Irregular as Trading Continues at Desul- tory Pace. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 19.—The curb market opened higher today, only to back and fill as trading progressed. Near mid-day a slight downward drift ap- peared, with most of the active issues moving within a fractional range. Electric Bond & Share and Citles Service, two of the most active iscues, moved within & point from their open- ing levies of 83 and 25!, respectively. The latter started with a block of 5,000 shares. Central States Public Service and Ungerleider Financial Corporation flue- tuated more widely than others. Nor- anda Mines sold off from 34! to 3214 within a few sales. The curb committee on listing an- nounced that it had suspended deal- ings in the capital stock of Earl Radio Corporation. The stock closed at 5-16 yesterday, after selling as high as 1215 before the company was petitioned into receivership . The suspension came as no surprise, for last night it was announced that Earl Radio had discontinued its trans- fer office in Manhattan, which auto- matically causes suspension from the curb list. Ungerleider Financial Corporation made its bow on the curb at 11 am. It opened at 26 after closing on the produce exchange Wednesday at 25%. Earlier in the day it had sold on the produce exchange as high as 27. Responding to the listing approval of Federated Department Stores, Inc., by , the New York Stock Exchange, Bloom- ingdale Bros. common moved up frac- tionally to 30. is e announce- ment revealed that F. and R. Lazarus & Co. of Columbus, Ohio, which con- trols the John Shillito Co. of Cin- cinnati, is exchanging 37 of its shares for 19 shares of Federated Depart- meAnt s’b‘?r‘es. " cquisition of Paramount Laun Machine Corporation by General Lll;‘rn! dry Machine was not reflected on the tape. Pilot Radio, Hazeltine, De Forrest and Sonora were active and a few high priced industrials appeared at long intervals. Deere & Co. opened 9 points higher at 399. Fox Theaters A, in sympathy with Fox Film A over the big board, sold down from 67 to 6% in the first two hours. Neither aviation shares nor motors display on any speed, and mine shares, Hudson Bay, Noranda and New- mont excepted, were equally neglected. Earl Stock Under Ban. NEW YORK, December 19 (/).—The New York Curb Exchange today sus- pended trading in the capital stock of Earl Radio Corporation. to the Charles Freshman Cu. A perma- nent receiver for the corporation was appointed recently after an involun- tary bankruptcy action had been filed in_Federal Co: Interest on Savings Compounded Semi-Annually U.S. TREASURY SUPERVISION COLUMBIA PERMANENT BUILDING ASSOCIATION First Mortgage Notes % Pestatte, conservative, invest- ment of yourfunds. .. the safe, convenient security that is the first choice.of the experienced investor. * We will gladly tell you more of the 6%, notes now - available * H. L. Rust Company 1001 15th Street N. W. National 8100 Esablished 1889 1800 1929 - ALEX. BROWN. «* SONS 4 Underwriters - Distributors INVESTMENT SECURITIES WasnincTon Orrics 737 15th Street N. W, ‘Telephone, National 1033 Matn Orrics - Barrivons B oy