Evening Star Newspaper, December 20, 1929, Page 14

14 ek FINANCIAL. THE EVENING 1 POOLE IS RETAINED ONADVISORY BOARD == President of Federal-Ameri- can Bank Re-Elected at Richmond Meeting. BY EDWARD C. STONE. John Poole, president of the Federal- American National Bank, was re-elected a member of the Federal Advisory| Council to the Federal Reserve Board, | at the meeting of the Richmond Fed- cral Reserve Board held in the Vir- ginia capital yes- terday. Bankers consider this election a very high honor, there being but one mem- ber of the council from each of the 12 Federal reserve districts, Mr. Poole, of course, pre=- sents the fifth Fed- eral reserve district, which includes V: ginia, West V. ginia, North and South Carolina, Maryland and the District of Columbia. The work of the Federal Reserve Council has been of special importance during the past year. The council has been_frequently consulted by Gov. Roy A. Young and the other members of the Federal Reserve Board, its recom- mendations being given most careful attention. The council holds four regular meet- ings each year and special sessions whenever such meetings are desired by the parent board. Recently many of the council's views on business and financial conditions were embodied in { he report on national conditions which | submitted to President Hoover just ng the Wall Street crash. At that time Gov. Young accompanied S retary Mellon at one of the most im- sortant conferences held at the White House. Some of the Federal Reserve Council's recommendations were also presented at the later “prosperity con- ferences.” Probably the most important matter considered by the advisory council dur- ing the year was the rediscount rate in the various districts. The wilder speculation became, the more important the rediscount rate was considered. Rediscount Rate Maintained. ‘The board of directors of the Rich- mond Reserve Bank decided yesterday that the present 5 per cent rediscount rate in the Fifth Federal Reserve Bank district will be maintained. They re- ported much satisfaction over the con- dition of the member banks in this territory. The directors voted a semi-annual dividend of 3 per cent to member banks amounting to $180,000, payable January 1, among the 580 member banks in Virginia, North Carolina, South Carolina, West Virginia, Maryland and the Dis- trict of Columbia. Despite the fact that Federal Reserve Banks at New York, Boston, Chicago, Atlanta and San Francisco have lowered rediscount rates from 5 to 412 per cent, fifth district directors said business conditions here justified main- tenance of the customary rate. They pointed out that within the fifth district territory, recently, there has Ween considerable liquidation of loans due to marketing of cotton and tobacco crops, and said banks in the district generally are in a strong financial position. More Local Dividends Voted. | At a meeting of the board of directors | of the American Security & Trust Co. the regular quarterly dividend of 3 per | cent, with an extra dividend of 2 per cent, on the stock of the company was declared payable on January 10, 1930, to the stockholders of record December 81, 1929. President Frank J. Stryker of the €olumbia National reports that the reg- | ular quarterly dividend of $3 per share | to stockholders of record December 31, | 1929, and payable January 2, 1930, ha.s( been declared. At the regular meeting of the board! of directors of the Security Storage Co,, | held yesterday, the regular dividend of $1.25 per share was voted payable Jan- uary 10, 1930, to the stockholders of record Januaty 7, 1930, both dates in- clusive. An extra dividend of $1.50 per | shars was also voted payable December 30. 1929, to the stockholders of record | a; the close of business, December 26, botn dates inclusive. As reported in late editions of The Star yesterday, the directors of the Mount Vernon Savings Bank have de- clared the regular quarterly dividend | of 115 per cent, payable December 311 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. | Bank Merger Plans Abandoned. \ In a joint statement issued today by‘ R. Golden Donaldson, president of the Commercial National Bank, and Wade H. Cooper, president of the Continental Trust Co. it was announced that ne-| gotiations for a merger between these | two banks have been definitely dropped. | As noted elsewhere in today's Star, | the boards of directors of the Com-| mercial and Continental could not agree on_terms, The merger was serlously considered, | and in the first stages of the confer- ences real progress was reported. It looked as if there might be a merger at once. As the rtepresentatives of the two| banks plunged into arranging the de- tails, many differences arose. The more these details were considered, the farther apart the officials got. It was finally seen that a merger under the proposed terms was impossible and the heads of the two financial institutions hastened to make an announcement .which would end all further speculation | in the financial district. Holiday Lull on Exchange. | Business was quiet on the Washing- ton Stock Exchange today. Capital | Traction in light sales opened at 75, dropped to 743 and closed at 74 Riggs National changed hands at 525. Federal-American Co. preferred sold at 100, Lanston at 110 and Mergen- | thaler at 106% and 106, ex dividend. | Bonds were slow. Financial District Notes. H George L. Starkey, president of the | National Bank of Washington, is con- fined to his home with a severe cold. | Claude H. Woodward, president of the Mount Vernon Savings Bank, has been kept at his home for two weeks by ill- | ness. “Dollars and Sense,” the publication issued by Washington Chapter, Ameri- can Institute of Banking, will be ready | for_distribution within a'few days. | The Guaranty Trust Co. of New York 1s another of New York's institutions ' 10 increase its Christmas bonus to cm- ployes. ‘The Guaranty will pay a 10, per cent bonus this year, contrasted with 8'% per cent paid last year, John Poole. HEAVY CONSTRUCTION. NEW YORK, December 20 (P)— Placed at $48,841,000, the money vaiue of heavy construction and engineering contracts let in the United States in| the past week showed a gain over the preceding week's total, $35.481,000, but | was slightly below the value of lettings | announced in the corresponding week | last year, Engineering News-Record re- ports. Clearing House Statement. NEW YORK, December 20 (®).—. Clearing house_ statement: Esxchanges, £1,127,000,000; balances, $172,000,000. High, 159% 34 118% 354% 125 6% 11% 120 279% 81% 140% 128 61% 136% 8919 100% 8674 145 15% 634 434 Stock ana Low Dividend Rate. 35 Abitibl Power & Pap 58" Abraham Strau: 20 Adams Expressi.60) 19 Adams Millis (2)... Advance Rumley Advance Rumley pf. % Abumada Lead..... Alr Reductn (14%4) 90 Alleg Corp pf (5%). 197 Allled Ch & Dye (c6) 118% AllledC& D pf (7).. 35% Allis-Chalmers (3).. 2 Amaf Leather... 20 Amal Leather pf..... 17% Amerada Corp (2)... 4 Am sgricul Chem. 18 Am Agricul Ch pf. 65 Am Bank Note(f13). 5% Am Beet Sugar.. 27 Am Bosch Magneto.. 405 Am Brake Shoe 2.40. 4% Am Brown Bov Elec. Amer Can (15). Am Car & Fdv Am Chicle (2%) Am Com Alco(cl. Am European Sec. Am & For Power. .. 4 Am&For Po 2d pf(7) 18'% Am Hawatlan S 8 (2) 40 Am Honie Prod 4.2 29 American Ice (3) 295 Am Internat (12) 2l3 Am La F & Foamit: 90 Am Locomotive (8). 111% Am Loco pf (7)..... 142 Am Machine Co (17) 31% Am Metal (3. % Am Plano. 6414 Am Pow & Am Ra&Std San 1%. 214 Am Republics. . 60 Am Roll Mill (o2 44 Am Safety Razor(5). 21% Am Seating (2).... % Am Ship & Com 62 AmSm & Ref (4).... 123% Am Sm & Ref of (7)., 38 Am Snuff Co (13%).. 35% Am Steel Fdy (3) 40 Am Stores (12%) 56 Am Sugar Rfg (5). 99 Am Sugar Rfg pf(7). 18 Am Sumatra (3). 193% Am Tel & Tel (9 160 Am Tobacco (110). . 160 Am Tobacco B (110). 114% Am Tobacco pf (6).. 50 Am Water Wks (c1). 5% Am Woolen. .. 15% Am Woolen pf 28 Am Writ Papr bf (3) Am Zinc LA&Sm. ... 70 25 18% Archer-Dan-M (2). 30 Andes Copper (3) Armour Del pf (7). 5% Armour Il (A). 2% Armour Il (B). ‘Atch TASF pf (5)... Atl Coast Line (110). 45% AUG& W Lpf (4).. 30 Atl Refining (13). 67 Atlas Powder (15). Auburn’Auto (j4)... 18 Austin Nichols pf... 49% Austrian Cred (4.49) % Aviation Corp. Del.. 121 15 Baldwin Loco (1.75). Baltimore & Ohlo (1) to & Ohio pf (4, Bang & Aroos (3%).. Barnsdall (12%). Beacon Ofl..... 7315 Beatrice Cream (4).. 45 Beechnut Pkg (c3).. 5 Belding-Heminway.. 75 Belg Nat Rys pf 5.49. 25 Bendix Aviation (2). 25 Best & Company. 31 784 Bethlehem Steel (8). 152 116% Bethlehem St pf (7). 25 Bloomingdale Bros. . 37 Bohn Alumn&B (15) Bon Ami. A (16) Borden Co (k3).eeess Borg Warner (4). Boston & Maine. ..., 2% Botany Con M (A) 8ls Briggs MIg..... 20 Briggs&Stration(2). 14 Brockway M T (3) 40 Bklyn-Manhat (4)... 99 Bklyn Union Gas (5), 16% Bruns-Balk-Col(3).. 4'4 Bruns Ter & Ry S... 14 Bucyrus £rie (1).... 261 Bucyruscv pf (234).. 9 Budd (EG) (11%).s 914 Budd Wheel (1) 25 Bullard Co (12). 21% Bulova Watch (3) 29 Burronghs AM(t1. % Bush Term (g2)..... 2 Butte Cop & Z (50¢). 5 Butte & Superior (2). 19 Butterick Co, 50 Byers (A M) 20 By-Prod Coke (1) 6314 Calif Facking (4) 1 Callahan Zinc & L. 731 Calumet & Ariz (10). 25 Calumet & Hec (43%4) 20 Campbell Wyant (2). 45 ada Dry G A (5). 188% Canadian Pac (10)..; 2814 Cannon Mills (2.80) 17 Capital Adm (A Case (J 1) (6) erpillar T: Celotex (3). 27% Cent Alloy Ste 3 Century Rib Mil 524 Cerro de Pasco (6). tain-teed Prod - 18 Checker Cab (4.20). 160 Ches & Ohto (10). 42% Chesapeake Corp (3) 4 Chi&Alton.... 37% Chi & East Ill pf. 7 ChiGreat Western. 17% Chi Great Westn pf 16 Chi Mil St P&Pac 28% Chi M1l St P&Pao pf Chicago & N W () 100 ChiR1I& Pacpf (7)-1 27% Chickasha C Oil (3). 44% Childs Co (2.40). 26 Chrysler Corp (3) 39% City Ice & F (k3.1 7% City Stores (1 25 Clark Equipment (3) 35% Cluett Peabody (5).. 101 Coca-Cola (4).. 424 Col Gas&E rets ptpd. 9915 Col Gas& El pf A 6). 16% Columb Graph(87c). 105 Columbian Carb(15). 18 Com Credit i2).... 28 Comm Credit A (3) 28% Coml Inv Tr (g1.60). 10 Com Inv Trst war... 87 Com Inv Tr pt(64).. 20% Comm Solvents (1).. 10 Comm&So(b5%stk). 35 Conde Nast Pub (2).. 11 Congoleum-Nairn... 43 CongressCgrs 15%) 40 80% Consol Ga: 924 Consol Gas,NY pf(5) 45 Consol RR Cub pf(6) 1 Consol Textile.... % Container Corp B.... 7914 Contl Baking of 40'5 Contl Can 234). 20% Contl Dia Fiber 46% Contl Insur (2.40 61 Contl Motors 18 Cont! Ofl of Del 32% Contl Shares (1) 70 Corn Prod Refin (14) 20% Coty Ine (g2).. Cream of WhE({274) 17 Crossley Radlo (31). 47% Crown Cork & Seal. . 17 Crown Zellerbach (1) 1 ucible Steel (k5). . % Cuba Cane Snear.... 3 % Cuba Cane ctfs. 18% 2 24% Cuba Cane Sugar pt. 5 CAbAORs vz sseapsre - 190 15% 2 bl 36 zwx g g e 108% 1081 117% 1% 1% 6 T 37% 3% 6 46 47% 84 Bk. 9 fizl 113% 106% 1061 11214 801y 80l 811 3ds 34t 2914 134 3 134% 2 4l 1341 4074 PEIN 461 HRW 103 18 2104 4 195 1|m. 1 200 1 um 83 * = o roranSemne SN Iy a7 65 6 54 10 2 4 4 2 'IB 84 90l 1 122-«. 122% 123 1 29’ U8y 18 50% 46% 46% 1 71 0% 0% 28 69 6614 6615 23 33% 31y 82 2100° 100" 100 1% 123 28 104 la!s 13'/. lnh 2% 21% 22% 19 19% 61% 63 123 138% 1% 20 14% 15 21% 36 2 23 P wRamo T [T LI O S SR SIS IN e :'fl“fl 124 8914 93% 5014 1 ay 41y 510 9% 1 1% o 2% 12103 T30 Mn 904 Stock ana Dividend Cuban-Amer Sugal Cuban Dom Sugar. Cudaby Packing (4). Curtis Publish (17).. Curtts Publish pf(7) Curtiss Wrigbt Corp Curt Wright Corp A. Cutler-Ham (3%) Cuyamel Fruit. Davison Chem & H Dovne & Ray A (13). Dominton Strs(1.20) Drug Corpn (4)..... Dunhill Inter (34).. Duplan Silk (1). Dupont de N (15.20 Duipont @ N deb (6). Duquesne 1st pf (5). Eastman Kodak(18). Eaton Axle & 8 (3). Eitingon-Sch (234 £itingon pf (6%) Elec Auto Lite (§) Electric Boat. El Pwr & Lt (1).. El Pwr & Lt of (7)., Ilee Storage Bat (6) Endicott-John ¢ Eng Pub Serv (11).. Eng Pub Sve of (5).. Equitable Bldg(2% ) Erle R R cever Grie R R 18t pf (4., Eureka Vac Cl (4)... Evans Auto L(32%). Fairbanks Co....... Fashion Park (m2%) Fed Motor Tr (80c) . Fed Watr Ser A 2.40. Fid Pho Fire I(2.60). Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (2%). Fisk Rubber........ Follansbee Bros (3). Toster Wheeler (2 Foundation Co. Fox Film A (4) Freeport, Tex (15).. Gabriel Snub A. % Gardner Motor. Gen Am Tnk Clr(!l) Gen Asphalt (4) Gen Bronze (2)..e.e Gen Cabl Gen Cable A (4) Gen Cable pf (7) Gen Cigar (4). Gen Electric (17%).. 238 Gen Electric (new).. 303 Gen'l Food Corpn (l) 9;‘ Gen Outd Ad vt ll). Gen Public Serv(b§) Gen Ry Signal (5) Gen Refrac (t4%).. Gillette Saf Raz(c5) Gimbel Brothers. . .. Gimbel Bros pf (7)., Glidden Co (h2) Gobel (Adolf). Gold Dust (2%) Goodrich BF (4). Granby Copper Grand Stores (c1) Grand Union. ... Grand Unfon of (3).. Granite City Stl (4). Grant (W T) (1) Grt North pf (6).... Grt North nf et (5).. GtNctfsO. P (a3%) Grt West Sug (2.80). Grigsby Grunow (2) Gulf Mo & North.... Gulf Mo & N of (6 Gulf Sta Steel (4) Fahn Dept Stores. .. Hahn Dept S pf(63%) Hall Printing(t1%). Hartman A (2)...... Hartman Corp.B 1.20 Hayves Body bA% stk 3 Heleme Geo H ($7 Hercules Motor 1.80.. Hershey Chocolate. . Hershey Choe pf (4). Hershey Ch pr of(6). Holland Fur (e2%).. Houdaille Her B(Z). H'hold Fi pf 3.22% Household Prd (14) Houston Ofl...... Howe Sound (15) . Hud&Man Ry (3.50). Hudson Motor (6)... Hupp Motor (f2).... Illinotis Central (7).. Independ O11 & G (3) Inspiration (4). Insurance shars intl Agricultural. Intl Agri.pr vf (7) Interboro Rap Tran.. Int Bus Mach (c6) intl Cement (4). Int Combustion. Inter Comb Eng pf. . intl Harvester (23%). Intl Harv pf (7)..... Int Hydro El A (e2). Intl Match pt (4). int Mer Marine etfs.. Int Nickel of Can(1). Intl Pap & P A(2.40) Int] Printing Ink (!) Intl Rys Cent Am... Intl Shoe (3).. Intl Silver (18). Int Tel & Telex (2).. Investors Equity(2). 54 Jewel Tea (4).. 5 Johns-Manville (3).. 119 Jordan Motor Car... Kan City Sou (5).... Kan City Sou pf (4)., Karstadt (R) (1.02) 4 Kaufmann DS (1%) Kelsey Hayes (2)... Kelvinator Corp. Kennecott (5). Kolster Radlo. . PhCh (1% Kress (SH)Co (n1) Kreugerd Toll(1.34 Kroger Gr&Bak(cl). Lago Ofl & Tran: Lambert Co (8). Lee Rubber & Tir Lehigh Valley (14 Lehigh Valley Coal Leh Val Coal pf (3) Loew's Inc pf (6%) Loft Inc. Long Bel L.on-wu-untn. Lorillard (P) Co. Lorillard (P) pt (1) Loutstana Ofl. ... LouG & E1 A (1%). Louts & Nash (7). Ludlum Stee) (3). 4 McAndrews&F 12,85 MeCall Corp (2%) McCrory B (2) McCrory of (6).... McLellan S A (m20). Mack Trucks (6).... Macy (RH)&Co(et3) Madison 8a G (1%). Maracaiho Ol Exp. . Market St Ry pr p! Marlin-Rockwell (16) Marmon Motor i4).. 1 Mathieson Alkill (2) 59 May Dept Stors(e3). 38 Maytag Copf (3). .. 2 Maytag Co Lst pf(86). 2814 6815 104 5214 23215 19% 4414 118% 2t 83%, 2 71% STAR, WASHINGTON, D. FRIDAY, DECEMBER 20, 1929. 1051 52% 229 58 46% 74 501 Stock ana Sates— Dividend Rate. Add 00 Melville Shoe (1.40). 4 Mengel Company (1) Metro Gold pf (1.89). Mexican Seabor . Miami Copper (4). .. Michigan Steel (13).. Mida-Continent P (2). Middle States Ofl ct.. Miller Rubber. Minne&Hon Reg (14) Minn Moline Pwr. ... Minn Moline pf 6%.. Mo Kan & Texas. Mo Kan & Tex pf(7). Missouri Pacific. ... Missour! Pac of (5). Mohawk C Mills (3). Monsanto Ch (£1%). Montgomry Ward(3) 1911 § Moon Motors Morrell J ¢ Mother Lode Motor Meter G& E... Motor Products 10. Motor Wheel (3).... Munsingwear (13%) Murray Cor(h2% stk Myer(FE)& Bro (3). Nash Motors (§).... Nat Acme (1%). Natl Air Trans. Natl Bella Hess( Natl Bel Hes pf (7). Nat Biscult (17%) Nat Biscult Co new. Nat Cash Rez, A (14) Natl Lead (5). Natl Pwr & Lt (1) Natl Radiator. Natl Radiator pf Nat Supply (17) Nat Tea Co (2) Netsner Brothe: . Nevada Copper (3).. Newport Co A (3) Newton Steel (3) N ¥ Chi & St L pf(6) N ¥ Dock pt (5)..... NY NH & Hart (6).. N Y Ont & West. . Norfolk&Wstn(112). North Am(b10%stk) North Am pf (3) North Am Ed pf (8).. Northern Pac (5). North Pac ct (5) Nor Ger Lioyd(3.41). Ofl Well SUpply...as Oliver Farm £quip. . Oltvr Fr Ep cv pt(3). Olivr Fr Eq pf A(6) Omnibus Corp. Otis Elevator (18) Otis Steel (3%). Owens 111 Bnl(lcll‘.l) Pacific Gas & B (2).. Pac/fic Lighting (3).. c Of1 stubs. rd Mot (1 -Am Petroleum. . Pan-Am Pete B..... Panhandle P & R pf.. Paramount-F-L (3).. Park & Tilford (33). PATE Uthh,<uisosses Parmelee Trans 1% Pathe Exchange. Pathe Exchange A Patino Mines (3.89).. Peerless Motor Car.. Penick & Ford (1)... Penney (J C) Pen (J C) pf Penn Dixie Cement. . Pennsvivania RR(4) Pere Marquette (18). Pet Milk (1%) Philip Morris (1). Phillips Petrlm (c2). Phoenix Hoslery. ..., Plerce O11 pf. . Pilerce Petroleum. .. Pillsbury F1 (123%).. Pirelli Co A (2.88) Pittsburgh Coal. ittsburgh Coal pf. Pittsbgh Screw 1.4 Pitts & W V; Poor & Co (B) (2 P Rican Am To (B).. Prairie O&G (12%).. L (16).. Pressed Steel Car..., 4 Proc & Gamble (2).. Prod & Refiner: Public 8, N J (3. (D). en Pub Sve E&G pf(8).. Pullman Corp (4). Pure O11 (1% Purity Baker! Radio Corp. . Radio pt B (5)... Radlo-Kelth-Orph A. Raybestos Man 2.60. Reading (4). Real Stik (5) Rels (R) & Co. Rem Rand (50¢c) Rem:ng-Rnd 1st (7). Reo Motor (11.40)... Repub Ir & Steel (¢ Ir & Stl of (7) Revere Cop & Br: Reynolds Spring Reynolds Tob B Rhine West (1.92) Richfield Of] (3)..... Rio Grande Ofl (k2). Rosaia Ins (220) . Royal Dutch (a3.20). Safeway Stores (e5). St Joseph Lead (13). St L-San Fran (8)... St L-San Fran pf (§) St L Southwestern. . Savage Arms (2).... Schulte Retail Strs.. Seaboara Alr Lin: Seaboard Alr Line pf Seagrave (e1.20) an @ BefemneBaREa ey 25% Slnuurl\(lv(x)lfl‘/,) Shell Union (1.40) Shubert Theatres. Simmons Co (g3)... 224 Stmms Pet (1.60). 3 Sinclair Con OIl (2).. 124 Spang- Spencer Splegel-, Stand G Stand O Stand Pl Sterling Stewart Stone & Sun Of1 Telauto Tex Gul 4 Texi The Fal Third A ‘Timken Und E1L Utd Fr Utd G Ina gogagaacaaecaea Univ Pij Utll Pw: Vaasco Vadsco Vick Ci Warner War Warren Warren Wi Weston White S Woolwo! Sales of Si Dividend rates as nts based on th e of mdm in stock. k Plus 1%% 8 1735 of & share in rtock. Stand Inv Corp (b6). Std O11 of Cal (h23%) Stand OfIN Y (1 Sterling Sec A) Tide Was Timkn Det Axle 15 Rubber 18t Df. Smelt Ref (3%). Smelt Ref pf 3% USSteel (18)...0.00 U S Steel of (7). U S Tobacco... Univ Leat Tob (3) Virginia-Car Virginia-Car pf (7).. ster-El: Wess Oll & Snow(2), Peo. Gas & 0. .Jan.15 % Reynolds Spr.Jan 24 %W 1 Tia'Gas 1m..Deo 31 s 1 N % 3.042,800 FINANC Stock and Dividend Rate. Raceo Ml l:' Skelly O11 (2) IO 2.8, Close. Southern Rwy (8)... Southern Ry pf(5) Spalding (AG) (2) ‘halfant. Sparks Withngtn(1). Kelg(1.60).. Spicer Mfg. . e Spicer Mfg Df #iie May-St (3).. Stand Brands (1%).. Stand Com Tob (1).. Stand Gas & El (3%) T 1o Epf (4)... 4 & E pt (4) 1 60% 1IN J (12)... 2 3 915 59% 63 324 2 10% 121 late Gla: Sec pf(1. Sterling Sec cv pf(3) Warn(j3%). Webster (2) Studebaker (35). (p1). perior Oil. Superior Steel Svmington A Cp (11.25) Tenn Cop & Ch (1).. Texas Corp (3) t Sul (4 Texas P C & Oll ( 5) Pac Land Tr.. r (2.40) venue Tide Water Wat Asso pf(6) er O11(80¢). 011 pf(5) Roller (3)... ‘Tobacco Products. .. Tobacco Products A. Tob Prod dv ctfs C. . Transcontinental 01 Transue & W (1).... Trico Prod (2% ) Truax Traer (1.60).. Truscon Stl (£1.20). fod Fishr (§) Union Bag & Paper. . Union Carbide(2.60). Union Oil of Cal (32) Union Pacifie (10)... Union Pacific pf (4) Utd Afreraft&Trans, Utd Afrcraft&T pf 3. United Elec Coal. it (c4). & Imp (1) Utd Gas & Im pt(§).. Utd Paperboard. Utd Pilece Dye Wkas.. United Stor S & For 8ec pf(§). Freight (3). Hoffman (2) Alco (6) pe & Rad. T & Lt A (02) Sales......w Sales pf (7).. Vanadium (14)... " mical(2%). Chem.. Waldorf Systm (1 'L) Bros Ple (6) War Bros P pf(2.20). Quinlan (2). Bros (19)... Fy&Pipe(1). nlohr.. w estern Md 2d pf. tern Union (8) tngh Afr Brk(2). Westinghse E&M(6) El Inst (1) Westvaco Chlor (2 White Motors (2)... WhiteRock M S (t4) ewing Mach. Wilcox Ol & Gas. . Wilcox Rich(A)2%.. Wilcox Rich B (¢3).. Willys-Over (¢1.20). Willys-Over of (7) Wilson & Co. .. rth (2.40). Worthington Pump.. Worth Pump A (7). Yellow Truck & C... Young Spring (3) Young Sheet & T Zenith Radio (2) RIGHTS EXPIRE Allis-Chal, n.Dec. 31 Am Rollg M..Feb 16 3 17% 5% 5% 5% 3 3 13% 3 12% 12% tocks on New !nt lnhm 424,000 13: 1,090,900 ....'. 3,981,400 ven tn the the annual cash t Ruarieny or nsu-nm declarations. 100 shas Ty, extra: .u’)nu uu.l. mr-el}lrnd lwek |P] 3725 In G G A AR iock o e 1 Tt PA AR Corporation News NEW YORK, December 20.—The following is today’s summary of im- portant corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Pre News Trend. Corporate news of the day was aboug equally divided between favorable and unfavorable developments. Outstand- ing was the appointment of equity re- ceivers for International Combustion Engineering and two subsidiaries. 1t had at first beéh felt that receivership could be-avoided, but failure to secure proper financial aid made the step necessary. Other unfavorable items was the passing of dividends by Robert Reis & Co. and Hayes Jackson, and the report that difficulties were being encountered in the refinancing of the Fox companies. On the other hand, several dividend increases, resump- tions or extras were made, the more rominent companies in this _group geinz Freeport Texas, Fidelity Phenix Fire Insurance, F. G. Shattuck and ‘Tidewater Associated Oil Co. ‘The early railroad earnings for No- vember show a decided reversal from the years trend. The months net of Kansas City Southern declined about 25 per cent from a year ago, While Pere Marquette reported a deficit against a llr%l surplus in. 1928, Indl. cations are that earnings of the e ot November, With few excepe tions, generally will continue the trend of the earlier reports. The Companies. American Hardware announces spe cial dividend of $1 and regular quar- terly payment of $1. Arundel Corporation has unfilled or- ders amounting to $30,000,000. In- creases annual dividend from $2 to $3 annually. Atlas Stores president estimates 1929 earnings at $4 pcr common shere, Bloomingdale Pros. depositors’ com- mittee concludes plan for exchange of common stock for capital stock of Fed- erated Department Stores in ratio of % share of latter for each share of Bloomingdale. Chicago, Milwaukee, St. Paui & Pa- cific president estimates preferred share earnings at $6 for 1929, against $7.77 last year. Community Power & Light November earnings (before interest, amortization, depreciation, etc.) down slightly; 12 months to November 30 up 1.8 per cent. Cuban-American sugar production for year to September 30 up 33.7 per cent from last year. Fidelity-Phenix Fire Insurance in- creases dividend from $2 to $2.60 an- nually, Freeport Texas declarfl extra pay- ment of $1 and regular quarterly divi- dend of $1 on common stock, General Electric (Germany) declares common dividend of 9 per cent. ayes-Jackson passes dividend on class'A common; last payment was 24 cents on October 1. Graham-Paige plans Increased prices on all models, effective January 1, 1930. International Combustion Engineer- ing, together with two subsidiaries, in hands of equity receivers; Bethlehem Steel Corporation plaintiff. Kansas City Southern November net operating income (after taxes) down 25 per cent; 11 months, up 4.9 per cent. MacAndrews & Forbes declares extra dividend of 25 cents and regular quar- '-:;l})’: payment of 65 cents on common stock. Robert Reis Co. omits dividend on preferred stock; had been paying $1.75 quarterly. Packard Motor declares initial divi- dend of 25 cents on new common shares. G. Shattuck declares extra dlvldend of 50 cents on common stock. Shell Union Oil acquires Akron Ol Co. ‘Tidewater Associated OIl resumes common dividend with declaration of | two semi-annual payments of 30 cents each; previous payment was 15 cents quarterly August 1, 1927, Wall Street Briefs By the Associated Press. Due to the usual expansion and growth of the natural gas industry in the Southwest and West the natural gas department of the American Gas Association will close its Pittsburgh office January 1 and reopen at Dallas, Tex. E. J. Stephany, secretary of the natural gas department, will continue in charge of that division of the gas assoclation’s work at Dallas. The oll'-lfilndlnl volume of American banks and bankers' acceptances set a new high record as of November 30, the American Acceptance Council re- ported today. The total on that date was $1,657 BW 924, an increase of $117,- 161,801 over the October 31 total and | $457,544,200 higher than at the end of November, The current increase gives abundant evidence, the council said, that the peak of the acceptance- creating season for this year is still some weeks away. Gold_exports from New York be- tween December 12 and 18 were the largest for any similar period in about a year and a half, The total was $33,- 499,000, of which $21,024,000 went to 4 | year, provi TAL. STOCKS IRREGULAR | *IN SELLING DRIVE Further Reastion Sets in Despite Rallies—Trade News Unfavorable. BY STANLEY W. PRENOSIL, Associated Press Financial Editor. NEW YORK, December 20.—A further reaction in stock prices, which carried many of the leaders down 3 w0 10 points today, put a damper on the Christmas spirit in Wall Street despite the distribution of millions in holiday bonuses Stock. prices opened irregular, quickly turned downward when further weakness developed in the Fox Film and International Combustion issues, rallied briskly around midday and then turned soft again in the early aft- ernoon when several of the leaders es~ tablished their low levels of the day. “Bear” selling was an important fac- tor in the decline. A series of un- favorable business and financial de- velopments in the last week, including receiverships for the American Piano and International Combustion Com- panies, a falling off in freight-car load- ings and steel output and predictions in many quarters that the current re- cession in business might run through the first 1unrur or first half of next ded speculators for the de- cline with" plenty of ammunition in their campaign for lower prices. Pools having found it difficult to at- tract an outside following temporarily have withdrawn from the market, while small investors seem content to stand on the sidelines and pick up stocks at lower levels. ‘The drop of $39,000,000 in Federal Reserve brokers’ loans, carrying them to the lowest level in more than two years, was offset by the announcement o( additional helvy gold shipments to foreign countries. SR wegde s SMOOT BUYS BOND ISSUE. l Washingtonian Takes All of $750,- 000 Alexandria City Issue, ALEXANDRIA, Va., December (Special;.—The 3750000 city bond Islnl today was sold to L. E. Smoot, president ot the Smoot Sand & Orlvel Co. ot Washington. The 4!, per cent bonds of January 1, 1930, were bought at 98, which will net the city $735,000. next highest bidder was $729,835 and the lowest was $712,640. There were seven bids submitted to the meeting of council. Mr. Smoot is a former Alex- andrian and a brother of Mayor Wil- liam A. Smoot. Baltimore Markets b Special Dispatch to The Star. BAL sweet potatoes, barrel, 1.50a2 75; yams, barrel, 1.75a2.50; beets, crate, 3.50; Brussels sprouts, quart,. 10a20; beans, hamper, 1001300‘ cabbage, hnnper. 40 a50; carrots, 100, 2.00a3.00; caulifiower, crate, 2.00a2.25; celery, crate, 1.75a3. 5; eggplants, crate, 1.50a3.00; lettuce, bas- ket, 2.00a2.75: kale, bushel, 35a40; omans,sl:: “p&l,mdl 1.75a2.00; peppen. cral a parsnips, d umpklm, 100 5.00a15.00; M bushel 50a75; aquuh crate, 2.25a3.25; tomatoes, crate, 3.5026.00; turnips, hamper, 25a35; apples, bushel, 75a2.75; cranberries, box, 3.00a4.75; grape fmlt. box, 3.00a4.75; oranges, box, 2.10a4.00; tangerines, box, 1.75a3.00. Dairy Market, Poultry, alive—Turkeys, pound, 30a 32; old toms, 22a25; Svrln‘ chickens, 20a25; Leghorns, 1m1, hens, 18 25; Lechom, 18a20; poor and thin, 17a 18; old roosters, 18; "ducks, 16a23; -geese, 16a24; guinea Xovl, each, 40a60; pkm, pair, 25. Receipts, 321 cases; native nearby firsts, 53a55; pullets, 45248, nery whites, firsts, dozen, 56a58; cur- rent receipts, 43a45; culls and dirty eggs, 25a30. Butter—Good to fancy creamery, pound, 4la46; Iladles, 35a36; store packed, 21; rolls, 31a32; process, 38a39. Live Stock Market. Cattle—Receipts, 1,000 head; fair sup- ply; market higher on steers. Steers, choice to prime, none; good to choice, 12.25a12.50; medium to good, 11. 00812.00; fair to medium, 10.00a11.00; plain to fair, 9.00a10.00; common to pllbl 8.2529.25. Bulls, choice to prime, none; good to choice, 8.5029.00; medium to good, 7.50a 8.50; fair to medium, 7.00a7.50; plain to ll.lr 6.0027.00; common to plain, 5.008 6.00. Cows, choice to prime, none; good to choice, 8.50a9.00; medium to L 7.50a8.25; fair to medium, 6.75a7.25; plain to fair, 5.50a6.50; common to plain, 4.00a5.00. Heifers, choice to prime, none; good to choice, 10.00a 10.50; medium to good, 9.00a10.00; flh’ to medium, 8.00a9.00; plain to fair, 7.00a8.00; common to plain, 6.00a7.00. Fresh cows and Springers, 60.00a150.00. Sheep and lambs—Receipts, 200 head: light supply, market steady; sheep, 2.00 a6.00; lambs, 6.50a14.00. H Receipts, 800 hzld fair mpply. lights, h.ml and hen- Cllvts—mlp'-s 100 head; light sup- ply, market steady; calves, 7.00815.00. Hay and Grain Prices. ‘Wheat—No. 2 red Winter, spot, 1.21'%; No. 2 red Winter, garlicky, spot, 1.20 December, 1.20%; January, 1.21%; No. 3, garlicky, no quotations. . Corn—No. 2 domestic, yellow, new, 1.08; cob corn, new, 4.60a4.75. Oats—No. 2 white domelkle M 56; No. 3 white domestic, spot, 55, Rye—Nearby, 90a1.00. Hay—Receipts, none. Season for old hay is about over, A little new crop is arriving, but hardly enough upon which to establish quotations by grades. Tom 140081700 per tom m o ! per_ton, its quality and eondmon. receipts by truck taking care of most requiremen 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. WESTERN MARYLAND GAINS. BALTIMORE, December 20 (MN). —Western Maryland stood out among the carriers in the Allegheny district by showing the ol territory in-total freight loadings origi- nating on its lines during the final week in November. however, were lower than in the nme period a year ago, so that te traffic handled showed a amounting to 5,474 cars, as against 6,- 349 last year. declines Baltimore & Ohio uforted in all classifications of trafic, with loadings originating on its lines and re- ceived from connec! 19,486, England, $11,000,000 to France, $1,334,- 000 to Germany and smaller amounts to India and Mexico. Imports amounted to $998,000, mostly from Colombia. Gold earmarked (m‘ foreign account increased 3,001, Reports _toda; said that an lddltionll $5,000,000 in the metal would go to Paris on the Olympic. TREASURY CERTIFICATES. (Revorted by J. & W. Seligman & Qo) Rate—Maturity. ection as compared with Mmm‘l traffic on the B. & O. amounted to 10,902 cars, as against 11,672, Bminen Activity Index. YORK, Bued on preliminary index of business ut!vlt entire post-war period. fl‘n index for November is 95.4, as com= pared with 103.5, the revised index for October, and mu the figure which represents the pelk of the current busi- ness cycle, reached last May.