Evening Star Newspaper, December 20, 1929, Page 15

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FINANCIAL. SALES RESISTANCE | " PILES UP BUSINESS, “Industrial Leaders Prepare for Heavy Consumer Demand in Spring. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, December 20 —Sales fesistance, which is blocking the chan- mels of distribution in some lines, is merely piling up a flood of business hich will sweep back into the rivers of de this Spring. That i< the unbiased opinion of men in the leading lines of industry today. The waters are already beginning to trickle through the cracks. Automobile manufacturers frankly #ay that sales of new cars have dropped rply. They add, however, that the nln are not lost; they are merely de- layed, and when the orders begin to come, few manufacturers will be able to keep up with them. They point to the experience of one leading producer of low-priced cars during the time when, owing to changes of models, de- Mveries were Impossible for months. When cars began to be delivered, how- ever, they went like the proverbial hot- .cakes and the back orders served to keep plants engaged at capacity for months., Prepare for Demand. Feeling as they do, the leaders in the industry. General Motors and Chrysler and Hudson, do not intend to let themselves be caught without cars to sell when the buying starts. This tendency is being reflected in the steel industry, which is picking up through- out the Pittsburgh, Mahoning Valley and Ohio di cts. The merger of the Ohio companies under the sway of Cyrus S. Eaton promises to make opera- tions 1n that field more economical, ‘while railroad buying is stabilizing con- ditions in the Southern district, in the Chicago district and in the intermoun- tain and Pacific Coast plants. Copper sales have been small, but the producers have cut output cor- respondingly. Metal men are confident the demand will be resumed, and when it is, there will be no burdensome ac- Cumulnflon of stocks to be worked off. Lead is in strong demand, but zinc &roduetion is still running heavy enough keep prices soft. ‘The lumber mills, especially those of the South, are recelving an in- creased volume of orders. The gain last week approximated 10 per cent in ‘the southern pine territory. Cement mills are passing a normal amount into consumption, but are not reducing stocks materially and .consequently are selling at the closest possible magin of profit.. The brick manufacturers are somewhat similarly depressed. Holiday Trade. Holiday trade is Molding its own, but is not making any gains as compared with last week and last year. De- m;v.ment store mergers and the. join- of independent units for buying purposes, however, have made possible operations at a profit which in past g:n would have shown up on the red side ‘of the ledger. The musical instrument situation is disappointing, and it has required some price reduc tions to stimulate radio sales. The air- plane manufacturers are confining their ;lflans 1"’ ens:ne manufacture and to lanes for replacement purposes. The tire manufacturers, confident that the automobile situation is going to show decided improvement shortly, are preparing to increase stocks and do 1t now while the crude rubber price and su situation is favorable. The de- m for rubber footwear and nard rubbsr mechanical is excellent. ‘The leather boot and shoe industry is not heavily engaged, but that is to be expected at this time of the year. Ac- tivity in the apparel trades is largely confined to a few lines in the medium- priced field. - Industrial activity is shown clearly by the continuous upward curve of electric current consumption. Require- ments today are 15 per cent ahead of those last year. Profits of utility con- cerns are excellent and most compa- nies are plowing at least a part of their net"back into the business in replace- ment of obsolete plants and extensions of transmission and distribution lines. ‘This is keeping the electrical equij me':t manufacturers engaged at a hig] rate. Gas Tndustry. ‘The gas industry is in an enviable finuon It is estimated that the gain eonsumption of gas for the full year lvblg.be 10 per cent as compared with There is a feeling in banking circles that the worst of the check to general business is over. The agricultural situ- ation has shown decided improvement, with a gain in crop values of approxi- mately $85,000,000 over last year. The farmer’s purchasing power is undam- aged. Money is comparatively easy. Some financiers are anxious for com- mercial demand for funds to develop sharply. They feel ‘that unless this takes place the volume of idle money will lead to loans which wiil again shove funds into the securities markets for speculative purposes. (Copyright Cotton Ginning Report. By the Associated Press. Cotton of this year's crop ginned prior to December 13 was announced ay by the Census Bureau to have been 13.461,630 running bales, count- ing round as half bales and excluding linters, GERMAN BONDS AND STOCKS. Bpecial Dispatch *o The Star. NEW YORK, December 20.— Qér Gove Red Loan with dra Bid. Asked. N ETs attached per 100 RM 50.00 6100 ut drawing ctfs per 1,000 R M. 2400 27.00 (Quoted in doliars per militon marks ) Hamburg 4125 19 35.00 45.00 Quoted i doliars per thousang mar rke German Gen Elect 418 pre-war 23.00 24.00 German Gen Elect 4'ss 191 Berlin 45 pre-war. Hamburg 3s. 3755 & 4% m--nr Hemburg American Line North “German Lioyd 4! Krupp 5s 1921 Dusseldort 45 (Quoted i aou.r Bt share o eyden Chem 3 Mercur n.nx o Vienna. Nor Ger Lo Austrian AE G Gen Biee). Yesterday’s New York Stock and Bond Averages. 51 Comuined avernie.. Inbined Average imonth Ao, 8581 Jgar seo. YOAS; (wo years aso, 00,61 24% 110 52 R0% 5391y 12% Stock and 9t 9% THE EVENING STAR, WASHINGTON, D. C, } NEW YORK CURB MARKET Sales— Diyidend Rate. ufloll.onn Run Low Oloss Aero Sup Mfg. Aero Underwriters. . Agfa Ansco. ... Air Inv. Inc cv pr Airstocks v.te. (1), 1 44 9% Alabama Gt S pf 37.. 44s 125% 5 Allegheny Gas Corp. Allled Aviation. 10' Allied Mills, Ine.... 23 Allled Pow & Lt..... 40'5 Allied Pwr&Lt pf(3) 71 ANP&LI1stpfb... 146 Aluminum Coof Am. 9915 Aluminum Co.. Ltd. . 20 Alumin Goods (1.30) Am Arch Co (3)... Am Cigar Co (8 AmC P&L B (b10% Am Cwith P Ab10%. Am Cmwith Po war. AmControlOfIF1 Am Cyanam B (1. IO) Am Dept Stores. ... Am Equiti e Am For Power war. Am Gas&Elec (31). Am Invest Ine B. Am Laundry M (34). Am Lt & Trac (10).. lDfln Am Maracaibo. Am Natura) Gas. Am St Pub 8(A)1.60. 1 Am Superpower (1). 393 Am Superpow pf (6). 4 Am Thread pf (25¢c) Amster Trad ulf.).. Anchor Post F (2)... Anglo-Am vot (73c). 219 Anglo-Am n-v (73c). 35 Anglo Chil Nitrat, Anglo Nor Hold Apex Electrical Mf| Arcturus Rad Tube. ArgoOll......coeeen 4 Arizona Power. Arkansas Nat G: 4 Arkansas Nat GasA. Ark Po & Lt pf(7)... Asso-Dyeing & Ptg. . P < PPN @ RuBrbam ~O5meonaas3uaiiilconn masmeuennmeR o Atlas Port Cem (2) Auto Voting Mach. .2 % AutV Mcv prpt (3). Aviation Credit..... Axton-F Tob A 3.20 % Bancomit Corp new. Bellanca Afrcraf Bickfords, Inc (1) Blaw-Knox Co (1 Bilss Co (B W) (1), Blue Ridge Corp. . Blue R Corp ev pf 'L Blumenthal (S) whace e Brill Corp A (1%) Brill Corp B. . Brillo Mfg (1.20).... Buckeye Pipe L (15). Buf N&E P pt (1.60) Burco, In€......ceee Burco, Inc (war).... RBurco, Inc ev pf (3). Burma Corp (131¢).+ Butler Bros (2) . Bwana M Kub 4 Cable Radio T vte. 3 Cab&WireLtdA rcts. 1% Cab&WireLtdB rcts. 3% Cab&WireLtdpf rets % CAMCoctfs.. 2% C A M Cocum pf. 3 Can Marconl.. 1 Carlb Syndicate. 20% Carnation Co ($3) 20 Celanese Corp. 80 Celanese Corp pf 11) 19 Cent & Southw Util. 6% Cent Atlantic States. 20 Cent PSv A (21.75). 12 Cen States El (340¢) 70 Cent Sta El pf xw(6) 40% Cent Sta Elcv pf(6). 44 Centrifug Pipe (60c) 9 Chain Stores Stk(b6) 44 Ches & Ohio (new).. 17% Chief Consolidated. . 97% Childs Co pf (7).... 20 Citles Service (130¢) 84 Citles Serv pf (6).... 8 Cit Serv pf B (60c). 87% Cit SP&Lpf (7). .. 15 City Mach&Tool(12). 39 City Sav Bank(4.17). 1 Clark Lighter A.. Clev Tracotr (1.60) Colgate-Pal-P (2% e S e aro PR u~BBR L aa 1% Comwlth & Sou war. «9& 210% Com’wlth Edison (8) 34% 57% 467 642 26% 1 17% 30% 42 1% 45 100% 8 59 lll% 12% CommuntivWatServ 15 Comstock Tunnel.... 4 Consolidated Copper 25 71 Con Gas, Balto(3.60) T 20% Con Gas Ut A (2.20). 2 10 Cons Laundries..... 214 Consol Royal (60¢) 30% Cooper Bessemer(2), Cooper Bess pfA(2) Copper Range (2) 10 Cori Corp. . 12% Corroon & Reynold: 69 Cor & Rey nf A (6 5% Creole Petroleum f# Cresson Cons (.0 % Crown Cent rol 40 Cumb'lnd Pipe LH). 50 3% Curtiss Afrports vte. 514 Curtiss Flying Serv. 214 Curtiss Wright war.. 3 1% Cusi Mex Mining.... 6% Darby Pet (1).. 17 Davenport Hos (2) 2 Davis Drug Stor ef: 4% Dayton Air & Eng. 310 Deere & Co (6)... 4% De Forest Radio. 2 Derby Oil & Refin 514 Detroit Atreraft Ce 9 Dix Gas & Utilitl 14% Doehler Die Casti: 4 Dolores Esperanza. 14% Douglas Afrcraft §0 Dow Chemical (2). 62 Draper Corp (16).. 34 Driver Harris(new). 4 Dubelier Cond&Rad. 120 Duke Power ($5).. 3% Durant Motors. 15 Duval Tex. Sul. w... 22 F.an Gas & F Asso. 17 10 50 94% EIP&L2dptA (1). 3% EI Sharehold (31). 45% EI Sharehold pf (8). 81 EmpG F cum pf(7).. 95 Em G&F cum pf (8). 25% Empire Pwr Corp(2) 5 Empire Steel Corp. . 14% Em.p PubS.A (1. lfl).. % Engineers Gold 13% Eng P S opt war..... 4 Evans Wallow Lead. 55 Fajardo Sugar. 5% Fansteel Product 3 Fedders MIg A (2 1% Fiat Stk deb ris. 17% Fiat Stk deb ris re % Film Inspect Mach 95 Firem Fund In (5).. 8 Fokker Aaireraft... 8 Foltis Fischer Corp.. 15 Ford Motor Can A... 10% Ford Motor Ltd..... Foremost Dalty Pr.. Fore D Pr pf (1.60).. Fourth Nat Inv. Fox Theat Cl A ena Signal pfold. Signal pt (n) . 2 70 Gen Am Inv of n (6) 21 Ge Baking 45 General Bak pf (6).. General Cable 7% Gen E Ltd rcta 4‘00) 20% Gen Empire Corp. 13% Gen Gas& El (A). 10 Gen Laundry Mach.. 10% Gen Rity & Utilities. 60 Gen R & Utll of (6).. 24 Gen Theat Equip vte 14 Gllbert (AC) (1)...0 854 Gilbert (A C) (3%). 80 Gien Alden Coal 110) 70 Goldbg Stores pf(7). % Gold Coliiesevenens 10% 15 1% 10% 44 125% 6% 64 24 933, 25% 26% 4 4 16U 16% 6715 AR 113 114% 7 1% 1% 70 Ho 216 219% lfll"& 101% 164 8 297% 1 41 lwv. e 2 62 110 52 110% b2 Stock and Sal Dividend Rate. Goldman Sachs Gold Seal El n Gorham Inc A Gorham Ine pf ( Goth Knitbac Math. Greif & Brother 4 Gram'ph'ne rcts 2.91. 2 Gr A & P Tea pf (7). 20- Groe Stors Prod vte. Ground Gripr(t1%). 1 Guardn Fire Assn(2) Guif Ofl of Pa (1%). H'd Page p pf (19¢) 4 Happiness Cand Haygart Corp. Hecla Mining ( Helena Rubenstefn. . Hollinger Gold (60c) Hormel (G) (12)..4+ Horn & Hard (234).. Houston Gulf Ga. Hudson Bay M& 8.. Humble Ol (2). Huyler Stores of Dei Hydro El Service(2). Hygrade Food Prod. Inols P L (20)....1508 Imp O1l Can n (50¢). Indian Terr Illum Ind P Lnew (12%). Ind Fin cfts (b10%) Insull UL Inv.. InsCoN A (12% Insurance Sec (1.40) Intercoast Trad Co.. Intercontinent Petn Int. Hold. & Inv. Co... Intern Perfume (1).. Intl Petrolm (62%c) Internat Products. .. Intl Superpower ($1) IntSaf R B (12%).. Internatl Ut A(3%). Internatl Ut B.. . Interstate Equities. . Interst. Eq. cv-pf.(3) Interstate H M (1.40) Iron CapCopper. ... Iron Fire vie. (1)... Irving Air Ch (1.50). Italian Superp war Italian Superpow Jonas & Naumburg. Kirby Petroleum. ... Kleinert Co (2%). Kolster-Br (Am Sh). Lackawanna Sec(4). Lake Superior Corp.. Lakey F & M (12.40). Lane Bryan tine (2). Lazarus F&RCo... Lazar F & R Co co Lehman (The) Cori Leonard Oil... Lerner Stores ( . Ley (F T) &Co (3). Libby McNell & L. Lily T Cup (150) Lion Otl Refin (2) Lone Star, new (80c) Long Island Lt (40c) Louisiana Lan & Ex. Magdalena Syndicat., Mangel Stores Marconi Int M Marine M1d Cp ¢ Maryl Casualty 'S > JORRY - R PO -1 R ELFS< @ PISE RIS PO R = Mead-Johnson ({3 Memph Nat Gas Co. . Mercantile Stors(5). Mer & Mf S A (1.50). Mer Chap & S (1.60)« Met Chain Stores Met 5c-50¢ Strs pf. .. Middle WstUt(b8%) Mid W Utcv pf xw 6 Mid West Ut A war. Mid West Ut B wal Mid Royalty cv pf 3. Mid Stl Prod (16.63) . Midvale Co (3). Milgrim & Bros. Mo-Kan P L (b5 Montecatini deb rt: Moody’s pt pf 13.7 Moore Drop KFrg A Morison Elec (31) Moun & Gulf (.08) Mount Prod (1.60) 4 Municipal Service Nat Amer Co (2) Nat Aviation. . Nat El Po., A (1.80 Nat Fam Strs (1.60). Nat Fuel G Nat Investors (new) Nat Pow & Lt p? (7).2508 Nat Pub Sv A (1 60) Nat Rub Mach (2) Nat Steel Corp x w. Nat Sugar N J (2) Natl Trade Journal, 13 Nat Transit (t1%). Neht Corpn (1.30)... Nelson(Herman) (2). Neptune Meter (2).. Nevada,Cal Elec. . NewEnglandPwr(3). New Eng Pow pf (6). New Jer Zinc n(t4) New Mex & Ariz Ld Newmont Min (34).. Newport Co (2)....0 N Y Auction (1%)... N Y Invest (1.20)... NYTransit(1.70). . Niagara Hud P(40¢c). Niag Hud Pw A war. Nlag Hud Pw B war. Niagara Shars b1-40. Niles Bement Pond. Nipissing (30c. Noma El Cor (1.60) Noranda Mines (3).. North Am Aviation. North Am Cement No AmerL&P (b8 %). North Cen Tex (60c) Northern P L (15).. 1508 North St Pow A (8). N W Engineer (2)... 5 Oh10 COpPer...cozse Otlstocks Ltd A 3500 Oh1o Ol (12% ... e0s Otis Elevator ne: Outbd Mot A (1.80). Outboard Motor (B). Pac G&E1 1stpf 1% Pandem OJl. Pantepec O1l Park Davis (+1.65) .4 Patterson Sargnt(2). Penn Ohlo £d pf (6). Penn O Ed pr pf(7) Pennroad Corp. Penna Wa & Pw! Peop Drug Strs (1). Peo L& P A (22.40) Perryman Elee Co... Petrol Corp(1%) - Philip Morris Ine. Philip Morris (A). .. Ple Bak of Am A(2). 4 Pitney B P n(20¢)... Pitts& LB (6).. Polymet Mfg ($1) Potrero Sugar.. Powdrell&Alex 143 . Power Securities pf. Premier Gold (24¢) .. Pratt&Lambert (5) Prince & Whitely. ... Prince& Whitely pf 3 Prop Silk H M (2) 4 Prudential Inv, Pub Utll Hold Pug SP & Lt pf Rwy & Lt Sec (14).. Ramnbow Lum ProdA Rainbow Lum ProdB Reeves(Dan'l) (1%). Reiter-Foster (40c). Rellance Managemnt Reynolds Bros Ine. . Reynolds Met, n 2.40, Richfield O11Calif pt. Richmond Radiator. Rich R cum pf (3%) 71 Rike Kumler (2.20)., Roan Antelope Min. Rockland L & P. Roosevelt Fiely o canBTapanas paansh s na 2a Y Ross Stores, 1 Ruberold Co (4) Russek'’s Fifth A St Regis Paper (1).. Stfeway S war (2d). t Creek Con (40c) Creek Prod (2). 12 Savannah Sugar (6).101s Schlet & Zan(t175).. 1 Schlet& Zan pf 3%., 1 Schulte Real Estate. 214 Schulte Un 6e-$1 St. 18% Schulte-Utd Sts pf. . 6 Sex Lock & 1 (50e), 10 Selberling Rubher 4 Selected industrie 49% Select Ind pr (5%),, Received by Private Wire Direct to The Star Office Add 00. mmu Low. Close. ¥ 34 3% n 35% " 20 31% 1% 10 21% 30 231 4 116% 14 3% % 35% 4% 20 31% 1% 10 21% 30 MONTREAL GROWS RAPIDLY IN TRADE Canadian City Is Center of Many Dominion Business Enterprises. BY JOHN F. SINCLAIR. Special Dispatch to The Star. MO AL, Canada, December 20.— Skies heavy and dark! The fresh fall- ing snow, so white and crisp, sparkles in the evening light. Automobiles, even second-hand ones, glisten in the frosty weather as they pass with their occupants covered with gorgeous Cana- dian furs. Montreal citizens dress for the cold weather—furs, tweeds, always overshoes. ‘Traffic at principal corners handled by weather-beaten policemen. Auto- matic electric signals not yet generally installed. Why? Montreal remains the “sleigh city"— an ideal Christmas city — jingle bells covering thousands of horses that still ply the streets. The city is sharply divided between the old and the new. Spick and span taxis move up and down its streets, but the old sleighs with horses driven by elderly French hack drivers compete for the trade. “Montreal is adding about 100,000 people a year to its population. It is now well beyond the million mark,” said one of its citizens. The new developments in Canada, centering around power, manufacturing, mining and shipping, continue to make this French-Canadian city. financially and industrially one of the great cities of the world. Sir Herbert Holt of Montreal, presi- dent of the largest bank in Canada, the Royal, believes Canada’s future will be better served by considering hes own position first and that of the rest of the world second. “No Canadian has any cause for com- plaint against the United States for putting up tariff walls to protect her people. That has been done from the beginning of her history. The inter- ests of her people were first and those of other people second,” said Sir Her- bert, as we sat in his Montreal office this week. “Now, I believe that Canada should take exactly the same position. That means that Canada would occupy the same strategic position at a conference table that the United States does now when these two great nations meet to work out their tariff differences. “You will be surprised when I tell you that I believe the time will come when paper will be selling at $100 a ton—not $55. I do not believe paper can be produced at a profit at $55 a ton. Canada's virgin forests are being cut into badly today. It's only a matter of time, if we don't develop a reforesta- tion policy soon, when our wooded country will be gone.” Sir Herbert, who entered Ganada as an Irish immigrant boy, and now considered the richest man in Canada, turned in his chair and made this pointed comment: “And I wonder if it wouldn't be a good policy to pay an export duty on paper going out of Canada and use that fund to reforest our lands. Why not? Canada must guard her natural resources, if she is to_have any left.” It is the contention of American newspaper publishers that there is & profit in selling paper at $55 a ton. “Canada and the United States have ‘much in common. And no one is more anxious to build cordial good will than I have been through the years. Canada must protect the interest of her people in exactly the same way as the people of the United States protect theirs. think that's a fair proposition,” con- tinued Sir Herbert. Lord Atholstan, formerly Hugh Gra- ham of Montreal, owner of the Montreal Star, opened Canada’s first soup kitchen for the Winter season in Montreal this week to feed the unemployed. The C. P. R. furnished the building, FRIDAY, DECEMBER 20, 1929. CURB ISSUES DRIFT INMIXED MARKET Leaders Under Pressure, but No Large Losses Are Reported. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 20.—After opening irregularly, the curb market to- day turned active and lower. Around midday a slight rally in a few of the pivotal issues took place. The market leader, Electric Bond & Share, after opening fractionally hllh- er at 79%, fell steadily until it hit 773, from which level it recovered partially. American Superpower, another active utility holding company issue, slipped from its opening of 2314 to 22% before rallying. Ranking second in activity in the widely held stocks, Citles Service ap- peared fractionally lower and moved within a very narrow range. Fox The- aters A, in sympathy with the crash of Fox Film A over on the big board, was the weakest spot in the entire list of active issues, sinking from 61 to 5% before recovering. B)ck(nrd'u at 15 also hit a new record low price. Outstanding features of the first part of the curb session, aside from early weakness and a midday rally, were the frequent appearance of big blocks of stocks and the number of inactive issues traded in, reflecting tax selling. A 10,000-share block of Lehman Cor- poration came out at 71% off 35, then slipping to 70%. Large lots were not uncommon in the utility list, including such sales as 3,000 shares of American Superpower at 23%, and 10,000 shares of Niagara Hudson Power at 12. A 4.200-share block of Cities Service and 10,000 shares of Columbia Syndicate at 5-16 were the biggest early blocks of miscellaneous oils. A sale of 4,200 shares of Sonora Prod- ucts at 15 was the largest single trans- action in industrials, and 5,000 shares of Hudson Bay Mining at 8% the big- gest deal in mines. Galena Signal Oil, new, preferred, ap- peared at 83, up one, and later hit 85. The old preferred came out at 83, a rise of 3. These transactions followed an announcement that deposits under the reorganization plan exceed 93 per cent of the outstanding preferred stock and 88 per cent of the outstanding common stock. Among the high-priced industrials Aluminum Co. of America opened 95 points lower at 250%;. Tubize ranged from 156!, to 141 and then up to 157. New stocks admitted today included S. H. Kress & Co., preferred, Pan American Life Insurance, Distillers Cor- poration-Seagrams Limited. DeForest- Crosley Radio and Motor Transit Cor- poration. FOREIGN EXCHANGE. (Quouations furnished by W. B. Hibbs & Co.) Nominal #oid Selling checks value (or par). London, pound... 348665 Paris, franc L .193 Brussels, ragu Warsaw, Floty. Copennagen, crowr. Oslo. crow Stocknoim, crown NEW YORK, December 20 (Special).— Bid. Asked. America .. . 138 139 and Lord Atholstan furnishes the food | Shat and help. It opened for the first time Monday of this week. The hours are from 10 am. to 1 pm. No one is asked any questions—no red tape. An unemployed man enters. He receives as many bowls of soup and as much bread and cheese as he wants. The food is all first class. Not much choice, but a “banquet” for those who are hungry. “The first day, Monday, a total of 1,086 men were served,” sald Manager Little. ‘We expect that this number will be increased 50 per cent through the Winter, so the total meals served should be somewhere from 1,800 to 2,000 a day. This is an increase of 50 per cent over the record of our soup kitchen two years ago.” Lord Atholstan, 81, believing that the Winter will be hard in many Cana- dian cities, opened the soup kitchen a little earlier than usual this year. This is the third time during the last five years that this Montreal publisher has conducted such a charity, but it is the first time he has allowed it to be called “the Atholstan Kitchen.” (Copyright, 1920, Narth American Newspaper . Y INTEREST RATES. By the Associated Press. Collateral interest rates averaged out for last week by the Census Bureau in- dicate a slight stiffening in the charges for time money, usually attributed to the holiday season’s increasing demand for currency. Average rates for the week and comparable periods follow: Time Call money loln! Week ended Dec. 14. Preceding week. . 41 41 Same week last year. % 7% Port Prisco yblic Seward Avenus Sterhing Nationai. Straus " Natfonal Morris. Stave... Banic (Bro} Whshington Satiare . World | Exchange.. Yorkville TRUST COMPANIES. anca Comm Ital Bane" Sty Bankers .. Bankers (e ; Bank Europe Bk Mo York & T Bronx xd.. Central ‘Union. Central Union (new’ Countv ex rts. Empire ... &7 rm L Fidelity Fulton . Guaranty Tnterstate . Int Germanic.. Int Germanic Ltd Irving (new).. Law Title & G Municipal " units..’ New, York xd... N Y Title & Mtge xd. Trust Ce Tnirea “Biates xa. FINANCIAL. kY 15 BONDS ON THE CURB MARKET. Sales I MESTIC BONDS, obinas. DO oo AR Low, Noon. 4 Alabama Pow 1 Alumlnum o >3 52 >3 2532 a8 2t A & 4 000EE>> 525> 290882223022 jaislele] it 200 0R A A AN 10900 D e A MM eI AN 00! 995 InoRRR0 205 00 9 1 e 83 A 01 00 At 0] 279D ?.’?2 hulte R l' Gs 'ZD ‘xw 50 e WA 318 A 3 e 45, A nell Un 0 ' oy 2OEH00 g g 200! tand Iy 5'15 ‘39 o S cegs: t & R 6 T8 Rub 8128 30 30t BUR 1. 5s 30 ww A% 20 Warner ‘Bros 68 0. 9214 Webster Ml 618 '33. 87 West ‘News el s '4i 81 FOREIGN BONDS. st 3 Frankfort 65 ' 8§ Geisenkirchen 6s NEW YORK COTTON. NEW YORK, December 20 (#).—Cot- ton opened steady at unchanged prices to an advance of 3 lpolms on reports of rallies from an early decline in Liver- pool, some trade buyinl and covering. The census report showinz 13,461,630 bales ginned prior December 13 compared with 13, 144 333 to the same date last season appeared to be about in line with expectations and offerings increased after the call when there was some selling of near months by spot house brokers and liquidation, which was probably promoted by reports from the stock market. January sold off to 16.86 and May to 17.45, with prices showing net losses of about 4 to 5 points around 10:40 o’clock. Liverpool cables reported hedging and liquidation in that market early, but prices there rallied later on covering. A moderate inquiry for cotton cloths ‘was reported in Manchester from India, but busines swith China was said to be slow in developing and yarns were in- active, e GRAIN MARKET. CHICAGO, December 20 (#).—Wheat dropped early today to more than 16 cents a bushel below prices recently obtainable. ‘With export demand meager, general bearish sentiment pre- vailed and there was considerable sell- ing out of future delivery holdings in order to stop losses. Opening '3 to 73 cents down, wheat later continued to fgll. Corn, oats and provisions were relafively steady, with corn !hl'!lng Vs to % cent off to 4 cent up, and subacqumtly holding near to the initial range. | SEABOARD’S EXTENSION OPENS IN JANUARY ‘The Seaboard Air Line Railway's 17- mile extension into Hopewell, Va., will be opened for service between January 1 and 15. This line will give the Norfolk & Western Railroad competition for the heavy freight traffic of Hopewell's great industries, including the potential $125,~ 000,000 plant of the Atmospherix Nitro- gen Co. L. R. Powell, president of the Sea- yoard, estimated that gross revenue from the line during the first year of its operation will approximate $800,000. PARIS BOURSE PRICES. PARIS, December 20 (#).—A heavy tone prevailed on the Bourse today. ‘Three per cent rentes, 83 francs. Five per cent loan, 107 francs. centimes. The dollar was quoted at 25 franes 37% centimes. ~Prev, 1020.—~ Stock and Sale: Low. Dividend Rate. 804 Sel Ind allot cfa 5% {1 3t Sentry Safety Con Shattuck Den Min... 2 Shndoah Corp(b6%) 76 Shenan Corp of (3).. 36 Sierra Pac Elec (2) Silica Gel ct. ... Sisto Fin Corp. Solar Refining(2%). Sonora Products So Am Gold & Plat.. So Penn Oil (12%4) So Cal Ed ptB(1%) .. So Cal Ed pf C (1%). Southern Corp. f So Pipe Line (1) Southern Stores A Southland Roy (1).. & W Dairy Products. S WGas Util....... Spanish & Gen Reg.. Standard Dredging. . Spie-May-8 pf (614) Stand Oil Expt pf(5) Stand Oil of Ind 2% Stand Oil, Kan 2% .. Stand Oil. Ky (12.20) St Ol of Ohto (2%) Stand Pow & Lt. St Pow & Lt pf (7 Starrett Corp. Starrett Corp pf Stein Cosmetics Inc. Stroock & Co (3) Stuts Motor Car. SunInv..... Sun Inv pf (3). Superheater (+11).,. Swan Finch Ofl 30c. . Swift & Co (8 Swift Intl (2). Syrac Wash M B (1). Taggart Corp (1). ‘Tampa Electrie (! Taylor Milling (3) Teck Hughes (60c).. Ten El P 18t pf (1).. Texon Of] & Land. . Thermold Co (2).... Third Nat Inv (1), .. Thomp Prod A 12.40. Thomn Star pf (314) 4 Transamer (31.60). . 8% Tran Con Alr Tran. 8185 ‘Trans Air Trans cfs. 24 3 Tr-Lux D.L.P.S.(A) 104% Tri-Cont Allied (3).. 5 ® G - o 2 o =3 % Baralnnondaanne o S AR e R m e an e an R e~ BeaensS - Add 0. Open. Hll_’h Low. Clase. 67 Stock and Dividend Rate. Tri-Continental Cor. 25 13% 18% 6% ‘Tri-Cont Corp pf (6) 66% 66% 8% 8% 31 utd anous; o Tub Art Silk B (10). |7 Ungerleider Fin Corp 11 244 Union Amer Invest 27% 27% Un N G Can (11.60) l Union Tobacco. 3 United Ch pt pf @).. 30 23 Sales— Add 00. Open. High. Low. Close. 12% 12% 80% 804 7 7 40 40 25 25 140% 146 24% 24% 24% 14% 8 Unit El Ser pur war. United Gas Co UnitL&PA United Molasses Ltd United Prof Sh (1.20) Exchange on London, 123 francs 891, | Unit Reproducers B, U S Fininshing (32). USFoll B (1)... U 8 Gypsum (1.60).. US&InSctf 2%). USShares Fin...... Unit Sh Mch (133%4) Unit Verde Ext (4) Unity Gold.... Utllity Equities. Vacuum OIl (1414 ) Venezuela Ptm(20¢). Vick Fin Corp Walgreen Co. green Co wi W Exp 8 WIIIIAI!.RC(I 0). Winter (Benj)... Zonite Prod (1.60)... RIGHTS, 3% .01 Slerra Pacific. % . & Trans Corp. Dividena rates 1 doll bayment. Ex.dividend tPart) ividend tPartly extra, 1F) 19% Eapire. veendan. 3 6 N «Jdan. 4 16 09 09 08 .08 based on Iast quarterly or semie us extra 1n stock. e Pazavle in tock. d Payable in preferred si PUBLIC BUILDING PLANS INCREASEL Vast Program for Next Year Insures Employment for Many. BY LEMUEL F. PARTON. Special Dispatch to The Btar. NEW YORK, December 20.—Ont definite corrective with an important bearing on national employment already has appeared as a result of the deflation of stock prices and the availability ot credit for other purposes. This is & sharply stimulated municipal and State building improvement program through- out the country. ‘Within the last month, municipal and State bond issues have recovered the ground lost earlier in the year and risen to a level slightly above the normal fer such issues -before the beginning of the stock boom. Recent estimates placed the total of such finanting for 1929, at $1,350,000,- 000, with December included. The offer of $41,000,000 of San Francisco water bonds and other offerings since this estimate was made now give assurance of about $1,400,000,000 for the year. Some o fthis money will be used for re- finaneing, but a large portion of it will go for new work on highways, bridges, schools, sewers and other public im- provements. One leading corporation manufactur- ing sewer pipe, deciding on a policy of retrenchment after the market collapse, had intended to pass its 1929 dividend. The improvement of the bond market and the increased number of new issues led to a reconsideration, and the divi- dend will be paid as usual. This is but one of many instances in which re- newed city and State activity is tending to stay the decline in industry and em- ployment. Industries which may ex- pect a considerable degree of stabiliza- tion in this trend are cement, asphalt, lime, sand, gravel, building materials and road-building machinery. At the elections of last November not a single highway bond issue was voted, but State Legislautres in several in- stances authorized the sale of large issues. Texas plans to float between $200,000,000 and $300,000,000 of such bonds. as soon as legal complications'are straightened out. Missouri will issue, plecemeal, a $75,000,000 loan. Arkansas and South Carolina will each loan $65,~ 000,000. Other road building programs are to be financed by gasoline taxes. The stimulating effect of this work is not limited to construction interests and to labor, but extends to the automobile industry as well, as the advantage to the industry of widespread and large scale road building programs is obvious. About $25,000,000 of distress sales of bonds here in November were quickly absorbed. Savings banks were drained of bonds, sold to offset withdrawals of savings accounts. All in all, the ways are clear for satisfactory marketing of the big issues now in the offing. High- grade munlclenl bonds which two years 1‘:; y"lellz;!‘d 37 per cer;f. are now yield- s the average of a select 4.25 per cent. . e The week's issues total $56,504,444. The largest issue is that of the City of Chicago for $7,278,000 offered Thursday. Other large issues were Mobile caunty. Ala., $3.325.000; State of Georgia, Salt Lake City, Utah, and Milwaukee County, Wis., $2.000,000 each. Montreal issued $18.500,000 Tuesday for sale in the United States. The State of Kentucky will offer $11,667, 000 on January 6. SILVEB QUOTATIONS YORK, December 20 (#).—Bar NEW silver, 481>: Mexican dollars, 36. Buy Now 6% FIRST MORTGAGE NOTES Our latest booklet will | give you complete informa- tion in clear, concise and interesting form. Phone or write our Mortgage Dept. [SHANNON. & LUCH 1435 K St. N.W. Nat'l 2345 AweRican TELEPHONE AND TELEGRAPH COMPANY "~ Ten-Year Convertible 4%% e Gold Debenture Bonds Due July 1,1939 Coupons of these bonds, payable on January 1, 1930, will be paid in New Yorkat the office ot the Treasurer, 195 Broadway, or in Boston at his office, 125 Milk Street. These bonds by their terms are convertible at the option of the holder into stock of the Company on and after January 1, 1930, but not later than December 31, 1937, A circular setting forth the terms of conversion will be furnished upon application to the Treasurer, H. BLAIR-SMITH, Treasurer. lnuut your Christmas Money in Guaranty 6%, SECURITIES The safe notes and bonds red by this respon- May be purel Month

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