Evening Star Newspaper, December 21, 1929, Page 22

FINANCIAL. (RECOVERY IN'STOCK | « =< MARKET STARTED SATURDAY, DECEMBER 21, 1929. 22 % THE EVENING STAR, WASHINGTON, D. C, STRICTER BANKING Prev. | Hizh. Low. Dividend Rate. A4d 00. High. Low. Stock ana Bates— Stock and Bales— Dividend Rate. Add 00. High. Erfe RA1stof ()., O 10 Stoek snd Sales— Prov. Dividend Rate. Add 00. High. Low. Close. Clese. Oppenneim Col (5). 51% b1% b53% Superior Steel. . 16 SUPERVISION URGED Controller Pole Makes Rec- ommendations Affecting Laws in District. BY EDWARD C. STONE. In his annual report, Controller of the Currency J. W. Pole makes the following specific récommendations re- garding amendments to the laws of the glsmet of Colum- . Give the con- troller power to regulate savings banks or trust com- fes doing a king b us iness in the District of Columbia with a penal provision for the enforcement of such regulation. 2. Prohibit use of the word ‘“bank” or words “trust company” by any firm doing business in the District of Columbia and not doing a banking or fiduciary business under the supervision of the controller. In the event such title shall be used by a banking firm, it shall be subject to the approval of the controller of the currency. 3. Forbid corporations with their principal place of business outside of the District of Columbia from estab- lishing offices in the District and doing a fiduclary business without the per- mission of the controller of the cur- rency and without complying with the feneral conditions of the corporation aws of the District which have been enacted for the protection of those who do business with corporations with their principal place of business in the Dis- trict. Proposal to amend the McFadden act to permit national banks to establish branches within trade areas in which such banks are situated is the most im- portant general recommendation in the Teport. Controller Pole says these areas could be the same as the Federal Re- serve district lines or of more limited extent. The controller also wants bank holding companies under much closer supervision. Building Association Law Urged. ‘While the building and loan associa- tions in the District are examined and supervised by the controller, he says there is no provision of law which pro- hibits any such from organizing and doing business in the District, regard- less of its merits. He recommends a law be passed which would prohibit any building and loan association from do- g business or maintaining an office in the District without first securing the approval of the controller. Any violation would constitute a penal offense and be punishable in the same manner as now provided by the act of April 26, 1922, regulating corporations doing a banking business in the District. resources of the 22 building and loan associations operating in the Dis- trict of Columbia under the supervision of the controller June 30, 1929, totaled $65,964.000 and exceeded by $6,109,000 the resources of a like number of asso- ciations on June 30 a year ago. The loans, which aggregated $63,566,000, showed an increase in the year of $6,~ 061,000. Installment payments on shares increased also from $53,738,000 to_$58,916,000. Fifteen of the associations operated on the permanent plan, six on the serial plan, and one on the terminating plan. The total membership was 71,~ 205, as compared to 66,219 members a year ago, and of the total in the cur- Tent year the numbers borrow and nonborrowing were 19,428 and 51,777, respectively. The aggregate of all the banking re- sources in the United States, the report states, is about $72,000,000,000, held by a little more than 25,000 banks (as of June 29, 1929), but 250 banks hold re- sources to the aggregate amount of approximately $33,400,000,000. Latest Local Dividends. At the regular weekly meeting of the board of directors of the National Cap- ital Bank held Thursday, December 19, the usual semi-annual dividend of 5 per cent and an extra dividend of 1 ger cent was declared payable December 1 to stockholders of record as of De- cember 23, the president, H. H. McKee, reports. The board of directors of Liberty N tional Bank yesterday declared a divi- dend of $3.50 per share out of the earn- ings of the bank for the six months | ending December 31, 1929, payable De- cember 31, 1929, to stockholders of record December 23. The books are not to_be closed. The board of directors of the Federal Becurity & Mortgage Co. declared the quarterly dividend of 2 per cent on the preferred stock of the company, payable as of December 31, 1929. $250,000 Sanitary Bonds Awarded. The Baltimore Trust Co, has been :wn-ded( B}he ]82%0.000 hlsc& of Wash- ington (Maryland) Suburl Sanitary District bonds which pay 414 cent, to run from 30 to 50 years. e offer by _the highest bidder was 100.935. ‘The bids were opened at the head office of the Sanitary Commission in the Tower Building in this city. The bonds are to be known as series “U” and are to be sold in $1,000 denomina- tions. The proceeds from the new bonds will be put into extensions of the water and sewer system in the suburban sani- tary territory adjacent to the National Capital. The bonds carry all the exemptions as to taxes of Maryland municipal | bonds and are guaranteed as to both principal and interest by Montgomery and Prince Georges .Counties by in- dorsement on each bond. The area of the suburban santiary district is ap- proximately 91 square miles and sur- rounds the District of Columbia on | three sides. Woman Bankers in Yule Party. ‘The Christmas party of the Bank ‘Women’s Club of Washington held at the Huguenot was one of the largest attended and most enthusiastic in the history of the organization. There was | & Christmas tree and dinner was served. | An exhibition of infant and childhood portraits of members was an entertain- ment feature. In the absence through fllness of Miss Mary J. Winfree, of the Contin- | ental Trust Co., president of the organ- | ization, Miss Mab-l V. Royce, Wash- ington Loan & Trust Co., the vice pre#ident, presided. Miss Louise Mitchell | was chairman of the committee and was assisted by Miss Alice Whitten. First National Bank of Alexandria; | Miss Haltie Potter, Second National Bank; Mrs. Evelyn Hawkins, Ame-ican Security & Trust Co.; Mrs. Judith Fishburn and Miss Eleanor Dankmyer, Becurity Savings & Commercial Bank. Financial District Notes. | Frank W. Stone, vice president of the National Savings & Trust Co., will! leave Tuesday to sprnd Christmas with his mother, at Mount Vernon, N. Y. He will return in about a week. The Arundel Corporation of Balti- more, which has many stockholders in this ecity, has increased the dividend rate from $2 to $3 a year. The Federal Reserve Board an- nounces that the Kansas City rediz- count rate has been reduced to 4% per cent. . A reduction of less than 10 per cent 4n 1930 automobile production, »s com: pared with the present year's output, redicted by Automotive lndustries in ts annual estimates of future produc- tion and sales conditions in *he auto- motive manufacturing indnstry. Thy Ilclull figure set by the publication is John W. Pole. 4,945,000 units for n-xt year, vhich 7 15 W 223% 48% 1% 10% 5614 118% 354% 197 125 118% 5% 354 42% 23% 3% 157 40% 4% 20 18% 981y 23 199% 50 1081 101% 103 6% 3% 90 279% 142 314 % 64% T2% 28 12% 60 44 20% 62 38 34 13 5% 66% 15 1456% 105 81 75 4% 25 25 0% 78% 116% 26 85 814 20 14 40 26% 8% 25 63% 1 3% 25 45 188% 28% 130 60% % 81 27% 11% 18 160 42% 4 8% 37% 1 1% 16 28% 5 21% 101 26% 44% 26 2% 652 16% 105 18 28 28% 204 10 11 43 40 10 80w 92% 1 40% 20% 46% 615 1% S1% 20% 67 P 36 a Sales— ate. Add 00. High. Low. Close. Close. | ~Frev. 1929~ 2 48 66! Advance Rumley. Advance Rumley p! Abumada Lead..... Alr Reductn (143%) .. Alieghany Corp. Alleg Corp pf (5% ).. Allfed Ch & Dye (c6) AllledC& Dt (7).. Allis-Chalmers (3).. Am Bosch Magneto. Am Brake Snoe 2.40. Am Brown Bov Elec. Am Chicle (12%)... Am Com Alco(c1.60) Am Encaust Til (2). Am European Sec. Am & For Power Am&Forn Pwr pf(7) Am&For Po 24 pf(1) Am Hide & Leathe Am Locomotive (8). Am Machine Co (17) Am Metal (3). Am Plano. .. oo Am Pow & Lt (11)... Am P&L pf A st (5)., Am Ra&Std San 1%. Am Republics. . Am Roll Mill (¢2)... Am Safety Razor(5). Am Seating (2)...... Am Sm & Ref (4). Am Snuft Co (13% ) Am Tobacco B (110) Am Water Wks (c1), Am Water W 18t(6). Anchor Cap (2.40)... Anchor Cap pf (63%4). Andes Copper (3). Atl Coast Line (110) Austin Nichols. . Autosales pf (3). Aviation Corp. Del Baldwin Loco (1.75). Baltimore & Ohlo (1) Balto & Ohio pf (4).. Beatrice Cream (¢).. Beechnut Pkg (¢3).. Belding-Heminwav.., Bendix Aviation (2). Best & Company.... Bethlehem Steel (6). Bethlehem St pf (7). Horg Warner ¢ Boston & Briggs Mf; e B Briggs&Stration(2), = 8 Brockway M T (3)... Bklyn-Manhat (4)... Bklyn Union Gas (§) Bucyruscv pf (2%). Budd (EG) (11%) Bullara Co (12). Burronghs AM(t Calif Packing (4). Callahan Zinc & L... Calumet & Aris (10). Calumet & Heo (4%) Canada Dry G A (5). Canadian Pao (10) Cannon Milis (2.80 C (J 1) (6) Caterplllar Tr: Cavanagh-Dobbs Celotex (3) Cant Alloy St Certain-teed Prod. Checker Cab (4.20) Ches & Oh10 (10),... Chesapeake Corp (3) Chi & AltoD..evseese Ch1 & Alton pt. Chi & East 11l pf. Chi Great Western Chi Great Westn pf.. Chi Mil 8t P&Pao, Chi Mil 8t P&Pac Chicago & N W (8) Chi Pneu Tool. ChiRI&Pac (T)...s Chickasha CO1l (3) .y Childs Co (3.40). .00 Chrysler Corp (3)... Collins & Atk pf (7)., Colo Fuel & lron Col Gas & El (2).. Columb Graph(87¢ Columblan Carb(t6, Com Credit 3) Comm Credit A Coml Inv Tr (g1.60). Comm Solvents (1).. Comm&So(bb%stk). Congoleum-Nairn. .. CongressCgrs t5%). Consol Clgar ¢7) Consol Film (2)..... Consol Gas. NY (4). Consol Gas,NY pf(5) Consol Textile...... Centl Can (2% S Contl Dia Fiber (2% Contl Insur (2.40)... Contl Motors Conti O1l of Del Contl Shares (1) Corn I's0d Refin ( Coty ino (x2) Cream of Wht Cuban-Amer Sugsr. . Cuban Dom Suga: Cudaby Packing (4). 6% Curtiss Wright Corp 14 63 Curt Wright Corp A. Cuyamel Fruit.. 21% Davison Chem. ... 46 226 385 151 64% 24 234 Debenhas 141% Delaware & Hud a2.31 Detroit Edison (8) Devne & Ray A (13). Dome Mines (1 . Dominion Strs(1.20) Drug Corpn (6)..... Dunhill Inter (24)... Duplan Silk (1)..... Dupont de N (15.20). 231 119% 107% Dupont d N deb (6). 391 19 264% 160 76% 18 398 112% 174 Estn Roll Mill(ht2). Kastman Kodak(18). Eaton Axie & Eitngon-Sch (2% Zitingon pf (6% ) Elec Auto Lite 29% Kl Pwr & Lt (1). B6% 109% 98 will be about 500,000 fewer units than+ 104is 55 the record breaking final figures for 1929 are expected to thow. 9% 31 93% 41% ErleRR.. El Pwr & Ltnf (.. Elec Storage Bat (6) ng Pub Serv (11).. P - [TV TP T -5 - - oo @ = > E T S ar am ~Rx3A~ ConnoSancasnn~a 106% 66 3% L 1 % 65% 5 811 91% 33 106% | 12615 112 9% | 41 4 98 28% | 12614 36% | 143 34% | “48y 2% | 94 98% | G4y 205 | 66 434 | 82 ™ | 105% 74% | 1643 80% | 1047% 31 | 60 21% | 54 76 | 102% 56% | “ues 20% | 324 69% Hdn 40% | 63% 8 29% % | 41 354 110 331 32% | 1487 80% | 143y, 5% "33 3% 3k 10874 42% | 3Tw 106% 64% o7 10% 38% 16% Evans Auto L(33%). Fairbanks Co....... 11 Fashion Park (m2%) 9 Fed M&SpE(D.... 1 Fed Motor Tr (80¢ Fed Watr Ser A 3. Filene's Sons. . Firestone T&R pf(6) First Nat Strs (2%). Fisk Rubber. . Florsheim Shoe A. .. Follansbee Bros (3). Foster Wheeler (2).. Fox Filin A (4).. Freeport, Texas (15) Gabriel Snub A, Gardner MoYOr..euus Gen Am Tnk Car(34) Gen Asphalt (4)..... Gen Eronze (2) Gen Cable. .. Gen Cable A (4. Gen Cable pf (1) Gen Electric (17%).. Gen Electric (new). ., Gen’l Food Corpn (3) Gen Gas&El A (te2) Gen Mills (13% ) Gen Motors (13, Gen Motors pf (7)... Gen Outd Ad vte (2). Gen Public Serv(bé) Gen Ry Signal (5)... Gillette Sat Raz(cb). Gimbel Brothers. ... Gimbel Bros pf (7).. Glidden Co (h2). Gobel (AdoIf)..uuuy Gold Dust (23%4)..v. Goodrich B F (4) Goodyear Tire (5)... Goodyear 18t ptf (7 Gotham Silk H (2 Graham-Palg Granby Copper Grand Stores (c1) Grand Uniton. Grand Union pt ( Granite City Stl (4) . Grant (W T) (1).. Grt North pr (b, GtNctfsO. P ( Gre Grigsby Grunow (3). Guantanamo Sugar.. Guif Mo & North Gulf Mo & N pt (6) Hann Lept Stores. Hahn Dept S pf(8% Hall Printing(11% ). Hartman Corp,B 1.20 Hayes Body b8 % stk Holland Fur (e2%). Houdaille Her B(2).. H'hold Fi pf 13.22% Howe Sound (15).... Hud&Man Ry (3.50). Hudson Motor (8). Hupp Motor (£3). Illinots Central (7) 1ndepend O1l & G (3) Indian Motor Cycle. indian Refining. . Indian Refining ct. Indus Ray (b5 % stk) Ingersoll-Rand 17%. Anland Steel (3%). laspiration (4).. Insurance shars 45c., Anterboro Kap Aran.. intl Agricultural Int Bus Mach (c6). Intl Cement 4)....s Int Combustion. Inter Comb Eng Antl Harvester (2% ). Antt Harv pt (T)....0 Int Hydro £1 A (e2). Intl Match pf (4) Int Mer Marine etf| Int Nickel of Can(1). Intl Paper (2.40). intl Pap & Pwr C. Intl Pap & Pwr pf(7) Intl Printing Ink (3), Intl Shoe (3). . intl Silver (18) Ant Tel & Tel Inter Dept Investors Equity(3). 1sland Creek Coal(4) Johns-Manville (3).. Jordan Motor Car.... Kan City Sou (8) Kaufmann D Kayser Julls Kelly-Spring T Kelsey Hayes (3) Kelvinator Corp. Kennecott (5) Kolster Radlo. Kraft PhnCh (1% Kresge(SS)Co(1.60) Kress (8H)Co (n1).. Kreuger& Toll(1.34). Kroger Gr&Hak(el). Lago Oll & Trans, Lee Rub Lehigh Valley (t41,) Lenn & Fink (3). Libbey Owens (1). Liggett & My B (15). Lima Locomotive. Link Belt (2.60)..... Liq Carbonic (t434). Loew's, Ine (13%) 1 Ludilum Steel (3). McCall Corp (2%). McCrory B (2)..4. Mclntype Pore M\1). McKeespt T P t4%.. McK Magma Copper (8) Manati Sugar pf. Man Elec Suppl: Man Elev mod (45 Maracatbo Ofl Exp Marlin-Rockwell (16) Marmon Motor (4).. Mathieson Alkill (2) tday Dept Storstel). Maytag Co of (3) Maytag Co 13t pf(6). Mengel Company (2) Metro Gold pf1. Mexican Seaboard. Miami Copoer (4). Michigan St EITCE TR ST ot 9 wra~tume lnaNoomed Mo Kan & Tex pf(7). sourt Pacifie. Missour! Pac of (6).. Mohawk C Mills (3). Monsanto Ch (g1%). 3 Montgomry Ward(3)1017 Moon Motors. . 8 Morrell J ) Mother Lode (40¢). .. Motor Meter G & Motor Products t10. Motor Wheel Murray Cor(h Myer(FI5)& Bro (3). Nash Moto: 4 Nat Acme ( 17 2% Natl Air Tra ) Bella Hess(11). Nat Biseuit (+7%). Nat Biscult (new). .. Nat Datry ¢ Nati Dept Store .. NatlEnameling (2) Natl Lead (b).. Natl Pwr & Lt (1). Natl Radiator Nat Supply (17 Nat Tea Co (3) Nevada Copper (3 Newton Steel (3) Y Alr Brake (3. of. Norfolk&Wstn(112). North Am(b10% stk) Northern Pac (5) North Pac et (5). Nunnally Co... Oliver Farm Equip. Olivr Fr Ep ev pt(3’ Omnibus Corp. .. 69 70 132%,132% 134 13% 4ATh 4T - ey 26% 26% 31% 81% 6% 6 2% 424 234 24% 35% 49 Otis Steel (23%). PacificGas& K (3) Pacific Lighti; Pactfic Ofl stub: . Packard Mot (11.10). Pan-Am Pete B, . Paramount-F-L (3).. Park & Tilford (33). Park Utah... . Parmelee Trans 1%. Pathe Exchang: Pathe Exchange A. .. Patino Mines (3. Peerless Motor Car. Penick & Ford (1). Penney (J C). Penn Dixie Philip Morris (1) ones (3)... Phillips Petrlm (c2). 1 Pirelll Co A (2.88). Poor & Co (B) (2). P Rican Am To (B) Prairie O&G (12%) Prairie Pipe L (15) d Steel Car..., Proc & Gamble (2).. Prod & Refiners. Public S, N J (13.40) Pub Sve NJ pt (7). Pub Sve NJ pf (3. Pub Sve E&G pf(6).. Pullman Corp (4).... Punta Alegre Sugar. Pure O11 (1%). Purity Baker Radio Corp. Rejs (Robt) & Co pf. Rem Rand (50¢). Reo Motor (71.40). Rep Ir & Stlof (7)... Revere Cop & Bras Reynolds Spring. ... Reynolds Tob B (3). Richfield O11 (2)..... Rio Grande O11 (k2). Rosaia, Ins (2.20) Safeway Stores (e5 St Joseph Lead (13, ) Sharp& Do of (3%). Shattuck(FG) (11%) Shell Unfon (1.40). Shubert Theatr: Stmmons Co (g3) Simms Pet (1.60).... Sinclair Con Ol1 (2) Skelly O11 (2) Solvay Am In pf 6%. So Porto R Sug 12%. Southern Cal Ed (2). Southern Dairies B. Southern Pacific (6). South Rwy (8). Southern Ry pf(5).. Sou Ry M&Oct (4), Spalding (AG) (3)... Spang-Chalfant. Sparks Withngtn(1), Spencer Kelg(1.60) Spicer Mf, Spicer Mfg pf (3)..w Spiegel-May-St (3).. Stand Brands (1%).. 1 Stand Com Tob (1) Stand Gas & El (3% Stand G& E pf (4). Std Oll of Cal (h23%). Stand OIIN J (13 Stand OlI N Y (1.60). Sterling Sec A) Sterling Sec pf(1.30). Sterling Sec cv p(3) Stewart Warn(j3%). Stone & Webster (3) 13: Superior O11 80 29 49% 49'% 69 63% 1 Telauto 15 Texas P 361 46'% 2614 34 15% 214 4% Timken U S Ind s S Rea 8 8 U 8 Ste. Util Pwi Vadasco Vadsco Vick Ch Ward B: Warner Warner. Weston Wilcox % Utd Ga Qavments based on th *Unit of tradin 4% n stock. §Plu & Paid last Do Payable in_stock, £ Plus 10% in stock. in stock. 'k Plus 1}3% 1/25 of » share in rt Tenn Cop & Ch (1). Texas Corp (3). ‘Tex Gulf Sul (4). ‘Texas Pac Land Tr.. 317 Thatcher Mfg (1.60). 1 20 The Fair (2.40)..... ‘Tide Water Asso 60¢c ‘Tide Wat Asso pf(8) Tide Water O11(80¢). Timkn Det Axle 130 ‘Tobacco Product Transcontinental Transue & W (1). Trico Prod (2%). Truscon Stl (£1.20) Und Elllod Fisnr (§) Union Bag & Paper. . Unton Carbide(2.60). Union Oil of Cal (32) Union Pacifie (10). Union Pacific pf (4 Utd Afrcraft&Tran: Utd Alrcraft&T pf Utd Biscult (1.60). Utd Business Pub. Utd Carbon (2) United Elec Coal. Utd Fruit (c4). Utd Gas & Imp(1.20) Utd'Gas & im p2(§) United Stores A. Utd Stores pf..... 19 U S & Forelgn Secur. U S & For Sec pf(6). U S Freight (3).. U S Hoffman (2).... S Plpe & Fary (2). Pipe 1st pf (1.20) Rubbe; Virginia-Car Chem. . Virginia-Car 6% pf. WaDRED..euoeennaes Waldorf Systm (1%) Walworth Co (2) 3 25 Wara Baking B. . Western Union (8 Westngh Alr Brk(2). ‘Westinghse E&M(§) Westvaco Chlor (2). White Eagle Oil (2).. White Motors (2)... White Sewing Mach. ‘White Sw Mch pf(4). Wileox Rich(A)2% Willys-Over (¢1.20) Wilson & Co Woolworth ( Worthington Pump. Yale & Towne (15). Yellow Truck & C. Young Spring (3) Zenith Radio (2). RIGHTS EXPIRE Am Rollg M..Feb 15 Col. Carbon. Det Edison. 3 12% Peo. Gas & O..Jan.15 % Reynolds Spr.Jan 24 Cp (11.25). 15% 15% 15% 124 1 554 ] 534 10' 14% C & O11 (b§) 28% 12% 814 21% 14% 1% 3 8% 16% Reller ¢ 8 10214 29% 9748 3% 21% 85'%" 85 2% 92 17% Alcohol (7). 127% ¢ % 8 7 164 184 15% 584 25% Ity (6). 1 U S Steel pf (7) U S Tobacco. . Univ Leaf Tob (3)... Univ Pipe & Rad..... T& Lt A (e2) Sa Sales pf ( Vanadium (14)....., sleal(23) . 5% 27 5T 24% 5 aking of (7). Bros Ple (4), -Quinian (2 3814 6 19% 130% 126% 2215 2214 24% 12% 26% - % El Inst (1).. Rich B (c2) s Im..Dec 31 the annual casn = atly declarations. less 1 1 4% Dielerrea” Stock. fi?.'.:"-?-}."-‘ okt "When” eitisa, ° S¥aabie" 12 Sain ‘or g Pl in stock. b Partly stock. 10 stock. ' Blus $% Jh sioek.” - viee Washington Ticker By CLINTON COFFIN, Associated Press Financial Writer. A new era of organization among Southern cotton producers has been instituted since the Federal Farm Board began its attempt to stabilize the price of the great basic commodity of the territory. Senator E. C. Smith of South Carolina, & most interested ob- server of the process, sees & number of difficulties in the road of the attempt, but nevertheless retains hope that the enterprise will result in bettered re- turns for cotton growers in future years. “I still think that the board could and should have announced its willing- ness to advance 20 cents a pound against middling cotton of the current crop instead of 16 cents per pound,” he remarked, “and that its failure to do 80 has virtually resulted in fixing the market value of middling at the 16- cent level. Nevertheless, the_situation now has to be met as it is. What the board is endeavoring to do is to build up & stabilization corporation which will head the marketing of all that por- tion of the cotton crop which is sold through local and State co-operative assoclations of growers. “Now it will be necessary for co- operative movement in the cotton re- gions to get under its control an im- portant fraction of the total cotton yield if it is to influence the selling prices. My own estimate is that at least 40 per cent of the output will have to get into the co-operatives for the program to be effective, and that means a good deal of missionary work. In my own State, with a production of perhaps 800,000 bales of co ton, I doubt if more than 25,000 or 30,000 bales of cotton are now passing through co- operatives, “It is true that there is a larger proportion of co-operative marketing in other producing States, certainly in Georgla, Mississippi and Texas, than in South Carolina. That means that local organization must be greatly extended. The attempt to make co-operation cure the problems of the cotton producer isn’t new in the South, though it hasn't been tried before with Federal funds behind its initiation. The former result was (o leave the co-operating producer with a somewhat smaller return than the producer who stayed on the outside, even though co-operation might have raised the total return received on the crop. Nevertheless, the organizations are being extended again. “It does seem that production and distribution of a staple crop like cot- ton, worth $1,500,000,000 annually to the country, can and will be gotten on a better basis eventually than it has been during recent years.” John Lord O'Brien, Assistant Attorney General in charge of anti-trust pros cutions, and his stafl appear to be giv ing no concern to the latest announced mergers affecting the steel industry. These are presented in the proposals sponsored by Cyrus S. Eaton of Cleve- land for linking together the Republic | ¢,o Iron & Steel Corporation with Central Alloy Steel, Donner bsieel, Inc.; the Bourne-Fuller Co., and possibly the Youngstown Sheet & Tube. ‘While no official statements are be- ing issued, there is pretty clear intima tion that the Department of Justice sees no anti-trust law violations direct- ly in prospect from the merger moves announced. One of the reasons for this lies in the set of precedents created by previ- ous inaction cf the justice branch toward interlocking in the steel in- dustry. The Bethlehem Corporation two years ago was allowed to absorb the old Midvale Steel, without even a public question on the subject. The principles now applying to the enforcement of the Sherman law are pretty clear in estab- lishing the freedom of industrial op- erators to build up units of any size, provided that the percentage of the output in the total industry which is put into a single enterprise is not too great. Possibly a single steel enter- prise incorporating 50 per cent of the national steel-making capacity might meet Federal prosecution, but no such creation exists. Indeed, it seems to be a matter of record that the United States Steel Corporation, frequently under hostile official scrutiny and process in its earlier history, now controls a less per- centage of the total business of the country than it did at the outset. Further, the new merger tendency is susceptible of defense as actually in- creasing the degree of competition in the industry, since it is resulting in the bringing into existence in steel of at least three rounded and complete giant business organizations, able to cope with each other. Federal officlals most intimately as- sociated with business progress are con- cluding that unemployment has not yet become a serious factor in the United States, and there is room for suspen- sion of judgment concerning the pros- pect of its unpleasant appearance this ‘Winter. “The United States doesn't have any dependable current, and complete rec- ords on the subject,” Secretary of Com- merce Lamont remarked in a brief discussion of his information. “But we are having some special reports made, and there doesn’t seem to be in- dustrial stoppage as yet of anything like the degree some people have feared. Indeed, I've had one or two reports of shutdown plants resuming operations this month in the automotive districts. @hings may balance out better than was anticipated.” . Illustrating the instant commercial reaction attaching to every important human foible is the following serious extract from the current bulletin of the American Institute of Food Distri- bution on fresh and canned grapefruit markets. The “Hollywood diet” men- tioned is said to be based on certain acid fruits, and to be the generally understood practice of movie stars de- l{el;mlned on keeping thin and beauti- ul. “Because of the wide vogue of the Hollywood diet, a record volume of camned grapefruit futures was sold last month. Apparently the Holly- wood diet 13 also helping the consump- tion of fresh grapefruit. Shipments from Florida to date ave as heavy as last season when the crop was 50 per cent greater. Canneys are reported to be paying from 85 cents to $1.15 per box for the grapefruit they had ex- {)ecll‘d to buy at about 50 cents per o Plans End to Receivership. | NEW YORK, December 21 (#).—A| protective committee has been formed representing the common stockholders of the International Combustion Engi- neering Co., which has been placed in hands of receivers in equity. The committee, which includes Nathan L. Amster, financier, and Jules S. Sache of J. 8. Sache & Co., bankers, has con- ferred with some of the ge creditors of the company and plans to lift the recelvership as soon as possible. POTATO MARKET. CHICAGO, December 21 (#) (United States Department of Agriculture).— Potatoes—Recelpts, 45 cars; on track, 207 cars; totdl United States shipments, 357 cars; trading light account of Corporation News NEW YORK, December 21.—The fol- lowing is today's summary of important corporation news prepared by Standard Statistics Co., Inc, New York, for the Associated Press. News Trend. The week closed with reactionary tendencles apparent in the securities and commodity markets, and with busi- ness reports supplying little additional information on the current situation. The weekly mercantile reviews on business, as in the previous week, point out that retail trade is brisk, while Wwholesale trade, jobbing and manufac- turing are slowing down. These ten- dencies are, of course, seasonal, and the real trend, uninfluenced by the holiday period, will be more clearly defined after the turn of the year, Bank clearings for the week ended December 19, while slightly above the previous week, were again well below the corresponding week of 1928. Total clearings amounted to $11,914,- 755,000, a reduction of 10.9 per cent from a year ago. New York reported a decline of 12.7 per cent, while the 22 centers outside of New York recorded a 7.2 per cent drop. Price developments in the automobile industry are of interest. Most of the larger manufacturers, including General Motors, Nash, Studebaker, Chrysler and Graham-Paire, have announced in- creases in prices in an attempt to offset the prospect of higher unit costs as a result of smaller demand. Ford, on the cfher hand, has announced that the new models will show no price change from those of present cars, which price had only recently been reduced. What effect these changes will have on 1930 sales is as yet uncertain, but Ford at least appears assured of his share. The Companies. American Vitrifled Products earned $2.26 this year to October 31, against $2.34 last year. Arundel” Corporation earned $4.53 in | 11 months to November 30, against| $3.47 a year ago. Associated Gas & Electric K. W. H. four weeks to December 14 up 8.7 per cent from year ago. Brazilian® Traction, Light & Power (Including subsidiaries) November not (before depreciation and amortization) up 8 per cent; 11 months, 9 per cent ve year ago. rooklyn & Queens Transit November slightly: five months increases net y Corporation to increase from $20 to $100, depending on models. Commercial Credit of Baltimore con- [ tracts to finance wholesale and retafl sales of Stewart Motor & Motor Wheel Cuix;pcrin,lml. ominion Stores sales for ye - vember 30 up 6.8 per cent. > 0 Drug, Inc., report of acquisition of g declared premature. Ford Co. announces current prices will prevail on new model A cars. Gillette Safety Razor plans produc- tion of 20.000,000 1 new model razors in . le production ra 2,700,000 v suipgrod ay. W. F. Hall Printing announces stock lend of 62-3 per cent and regular quarterly payment of 25 cents on common stock. Keystone Watch Case declares extra dividend of $1 and semi-annual pay- ment of $1.50 on common stock. Moore Drop Forging earned $9 on class B stock, 12 months, to October perlods: eek ending December u..’l}.}l;:.ooo Preceding week .. Same week last year. Prices Rally From Lows of Yesterday as Shorts Cover Contracts. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 21.—Mod- erate recovery from the drastic declines of yesterday was registered in today's stock market. The rally did not wipe out all the previous losses, but it did serve to show that urgent liquidation had ceased, for the present at least. The market opened irregular, but with the gains outnumbering the losses, After an hour or so of trading, advances were fairly general. The real feature of the day was the fact that stocks did not come out in large blocks, as they had done after the tumultuous breaks of October and November. It had been a reasonable supposition that yesterday's weakness would bring heavy selling into the market at the opening today, either forced or voluntary. That nothing of the kind took place was testimony to a greatly strengthened technical con- dition, Steel Rallies. United States Steel, which at the low of yesterday was down under any- thing recorded since the middle of November, moved steadily upward to- [day. and, crossing 164, was more than 5 points above yesterday’s minimum., General Electric, new and old, had a substantial gain. The two industrials which were among the weakest the day before, Moatgomery Ward and Ana- conda, rallied on short covering. Radio, Standard Oil of New Jersey, Westing- house Electric and most of the utilities did the same. It must be admitted, however, that there was nothing in the action of the market to indicate a change of trend. Most of the buying doubtless came from operators retiring contracts for ihe de- cline. Tax selling has still to oe reck- oned with and &ny substantial ad- vance would only eacourage such locs recording. On the other hand, the | market is now in the secondary reac- tion stage, a normal sequence of events after the October and November panic. ‘When it rallies, if precedent is followed, do so much more slowly than it did on the recent recovery, the recovery that carried prices back approximately over one-third the ground lost. Rail Stocks. Railroad stocks were higher today, but they gave little evidence of being affected by the publication of the Interstate Commerce Commission eon- solidation plan. Their advances were simply sympathetic with those in the industrial group. Delaware & Hudson, New York Central and Pennsylvania gained ground, while Pere Marquette, which had gone down 16 points Friday, came back 10 points as it touched 160 and Union Pacific ran up some 5 points. HOLIDAY WHOLESALE BUSINESS SMALLER Special Dispatch to The Star, CHICAGO, December 21.—The ad- verse effect of this week's blizzard on retail trade throughout the Midwest is g:; reflected in trade reports made tos Christrass ahorpinc Bradstree!’s weekly review of Chicago commerc>, i3 about equal to.that of a year ago. The fact that 1928 furnished the best Christas season in the Middle West's history gives a pleasant tinge to the present assessment of conditions. Buyers are taking more low priced goods than a year ago, and wholesalers are looking for special bargains and broken lots, a thing they usually are not able to do until after the holiday season. Aggregate volume of retail selling has n larger than last year, but aggregate volume of wholesale busi- ness is somewhat less. The unusually severe snowstorm has come at a bad time for shoppers. State Street—the world's most active retail center—which had seen unprecedented crowds until the storm assumed big proportions on Wednesday, was almost deserted on’ Thursday. y the crowds were back to normal, This loss of business on Wednesday and Thursday was so large that it wiil be difficult to make up in full by the tremendous buying rush which is sure to develop from now until Christmas. Much the same si*uation has occurred in outlying sections wl. :: farmer buy- Ing has been held down by inability to get to town. This may be reflected in & measure in the weakness which has developed among merchandi=ng stocks. Montgomery Ward and Sears-Roebuck sales at this Christmas may not come up to the total expected earlier. DUN’S REVIE;I. NEW YORK, December 3 — Dun’s Review says i L Even during periods when factors of an unusual character are not operative @ slackening of industrial activity be- -fore the year-end holidays is a familiar hase. That condition is accentuated now by the influence of the late specu- lative break-down, yet it is reassuring that the recent ’Klln in confidence, the better general feeling, is maintainea. The improved sentiment has a tangible basis in the various strong underlying forces, which the surface evidences of recession do not obscure, and their ulti- mate effect on actual business can scarcely fail to be constructive. Prom- inent among the supporting elements 1s the favorable inventory status in most channels, and the bearing of relativeiy small stocks of goods on future demand is obviously significant. With the fur- ther reducing of supplies there is an increasing bellef that early purchas- ing for replenishment may be necessary in different instances, and this expecta- tion prevails both in the great steet trade and in textile branches. The present caution in buying results in an accompanying restriction of out- puts, but the curtailment is being ac- complished in an orderly way, and the casing of commodity prices remains gradual. Weekly bank clearings, $11,914,755,.- 000, a decrease of 10.3 per cent from & year ago. according to Markets at a Glance NEW YORK, December 21 (#).— Stocks strong: public utilities lead brisk Tecovery. Bonds dy; dull maket. Curb firm; leading shares rally about two points. Forelgn exchange irregular; German mark at new 1929 high. Cotton higher; firm stock market and covering. Sugar steady; improved spot situation Coffee higher; firm Brazilian markets. convertibles rally in — NEW BUILDING CONTRACTS. By the Assoclated Press. Average daily totals of new bullding contracts let in United States territor east of the Rocky Mountains, as re- yor!ed to the Census Bureau, were as ollows for last week and comparable 1,122,000 . 16,387,000 31, against $2.89 a year ago. New York, Chicago & St. Louls Rallroad earned $1542 in 11 months to November 30, against $10.83 a year weather; ~market about steady; Wis- consin, sacked, round whites, 2.30 to 240; one' ¢ar, 245. No other sales reported. ago. Kstnndlrd Plate Glass sells paint man- ufacturing divis'on to a syndicate, . ™ e ‘The average price of crude petrolenm in 10 producing fields was unchanged last week from the previous week at $1.612 a barrel, Paint and Dru for the coresponding period last year was $1,727, according to the O Reporter. ‘The average