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‘ FINANCIAL l Radio Orders Large Despite Stock Drops, Leading Dealer Says WASHINGTONBANKS ENDING GOOD YEAR Dividend and Bonus Declara- tions Show Prosperous Condition. BY EDWARD C. STONE. Dividend declarations during the past few days, including several extras and bonuses, indicate that Washington banks are winding up a particularly good year. For the first 10 months bank ts reached record proportions and ited the 12-month earnings would establish a new peak. Local bankers say that the stock smash and the de- cline in business in November and De- cember have prevented a new high rec- ord in earnings, but that profits will almost equal those of 1928. And 1928 ‘Wwas considered the hest year the banks in Wi n have ever enjoyed. One of the most important dividend announcements of the past week came lay, wi the directors of the Lanston Monotype Co. met and declared & regularly quarterly dividend of $1.75 & share instead of $1.50, and then voted fiscal ly $49,318,000.” NEW BONDSSUE ATRECIRDFURE Total of $225,000,000 for Week Establishes High Mark in Year. & 25-cent extra disbursement. ac- tion raised the dividend rate from 6 per cent to 8 per cent, provided the 25 extra is declared each quarter. Lans- ton stock is very widely held in Wash- ington and the advance in the dividend rate caused great satisfaction. Both dividends are payable February 28 on “tock of record on February e tv e NEW YORK, December 21.—New ‘The higher dividend will make Lans- ton stock yield about 7.3 per cent. Listed | bond financing to the amount of $225,- on the local exchange, 3,063 shares have | 000,000 featured the investment market already changed hands this year. The stock opened the year at 120, went to | I7 the past week. This is the largest }I!‘i. ropped to 105 and sold last at [@mount that has been brought out in 10. A —— P hkmewtekthlsynr. ‘The largest pre- e la ristmas bonus for banl week employes is announced by the Columbia b st R s il of October 11, which included the $100,- National. The president, Frank J. > Texus e epee, e ot B | Commrion, " aoo v ful ‘when he gave away oy secret. yesterday, stating that on “10p | uesateck b total of $00.000.000 was & nEood year, the directors of the | congidered that it included $65,000,000 Columbia National Bank have voted a| ¢'New Vork City bonds. 2 n i "o full month’s salary to all the employes 15 now in a better year, with new offerings finding ready o trading P8 s Bank. tion than it has et . e buyers at prices favorabie to icipals “What may we expect in 18302 That muni depends,” says David Priday of Wash- | 8nd other legal types which must ob- ington, in the Bankers' Mlllflm.k;'flfl: tain & yield being 4 and 5 per cent. of all upon the extent and duration of erings Listed. e ‘aiine I indatrial production. | . ‘:‘ . - e The Harvard Economic Service in its L S e e November 16 issue sums up its view to | 000,000 1‘2‘&“/‘ per :fl“ of "n”f:; the effect that, “a severe n like d 3 ":::"s % Wate that of 1920-21 is outside the range of | Purchase of a.m y probability.” But, something more than | C0. system. M‘ had been offered mild h as that which | S0me weeks ago at & time when, owing a sucl to market conditions, dealers were un- occurred at the end of 1927 is already able to make the necessary par bid. ‘They lay on the shelf until this week and the was months and not so by a return to rity. Precedent favors the first of the alternatives and makes it premature to forecast a depression. “If these two groups of predictions that of 1028, which was 110. This was the highest for any full year up to that time. In 1929 it will average 120 even with the recession which we the; in still the total dividends paid in 1929. The corporations will, therefore, be able to maintain their dividends on the high 5 v, L3 i | E b prac Are | offered for subscri; verage the year. Money tightened a little at the end Mergenthaler Linotype at 106, ex the week under pressure from dividend; 79 shares of National Mort- | falling stock market, and this, com- gage & Investment preferred brought|bined with the tax selling ineldental 4% and 140 shares of Real Estate Mort- | to the year end, brought some liquida- gage & Investment preferred registered 7. | tion. Late Friday afternoon there was The stock sheet shows that nearly|a moderate amount of distress selling all the bank stocks in Washington and many of the miscellaneous issues are|gince the recovery from the November ex dividend. The reduction tine government issues, Capital Traction, to 6 per cent, caused | the of the Argentine cities that stock to sell off about a point. provinces, were in the Pole's Recommendations Grip Attention. | [iddle of the Local bankers were intensely in-|elogsed in o1 terested in Controller Pole's annual | exports. report made public yesterday. The most | jevels for the important neral _recommendation | recovery on Thursday and Friday. favors the extension of branch banking tine is considered the - which he advocated at the last meeting | est of the South American Republics of the American Bankers' Association.|in a financial way, and her 6 per cents The controller's case for extension | have always sold at or mear par, 8o of branch banking is based upon the|that the panicky selling of Wednesday apparent strength of large system wes considered ill-advised. Other ing in the post-war period t weak- | South Americans were lower in sympa- ness of small operating units which 1ack | thy,” quplicating their action in last diversified service. . month’s crisis. when they were thrown “Banking,” he says, “is following In| into the market for what th the wake of the trend of in| pring. general toward larger o units with stronger capital funds and more | o experience and highly trained manage- ! guhstantial gains in the face of & ment. The natural result has been that | yondency in the rest of the list. the larger cities are being favorec With | was some favorable news to secour ‘banking organization of great financial| gor this, i stability with !ha‘upl“z‘:ndy tw nr{lder s T lversifie of a s o T financial _condition, of ice. “In the principal cities, therefore, in | course, continues to improve, and as \vln;lul' p;r‘:s of &.le country, there have | 8 matter of fact Prench issues h v grown up through mergers and through | sold at or near their highs of the year increases in the variety and vuillme'ol &r. about a monthflglut In om:uny iness bank! institutions wi for muddle consequent on ll’:‘l‘!n‘th of c‘fi%nfl and management | the Berlin Bourse's decline has been technique were unknown in the pre-war | shaped into something resembiing period. There have been no failures of | order, and the Reichsbank has deci ied any of these types of metropoiitan|to make a loan to the government of banks. These banks comprise both unit | $79,200,000, drawing on its New York and branch banking systems. credits for this purpose. In return ““The te of all banking re-|the government has undertaken to sources in the United States is $72,000,- | stabllize the national finances. 000,000, held by a little more than 25,000 | In Austria the government has suc- banks as of June 29, 1929, but 250 banks | cessfully negotiated a $100.000,000 hold resources to the aggregate amount | credit, and Spain sold out her internal of about $33,400,000,000. loan. to take m;’h:{ New York al:d January Advance Held Likely. ""h,“b‘;"‘,k? m"“‘ bt i No drastic decline in actual consump- = tion has taken place nor is it expected, say I«lomhlo-erpl& ‘Weeks in_their De- | PeT °y':l:r below the corresponding week decorations adorn most of cember lt;;:umegt Re\-‘l::‘hyvhue trh:,\l'; seems to be much unce y genes . as to the business outlook for the early | the b‘:lfl bg_!h Some af‘thfl are more months of 1930, fundamental conditions m‘“‘l“ 4 ot W & great remain sound and we are inclined to of “Yf.| mfllfamn. ‘The trees feel that the market will experience its "; D‘;‘cu ] 'zn -MM w"' i R usual January advance, but sustained 3 '1mo.h s ashington, con improvement is not likely to occur until | Dected wi American Rail! g Socs e 404, b M ling the bond market, Horn- a o blower & Weeks say that it has not|cistion, have beed placed on the fully reflected the stimulus of generally | Visory committee of the National easier credit conditions. “The bond | Dess Burvey Conference, market as & whole appears to have re- | [Easier money rates, expected % sisted sustained rallies, meeting realiz- | 1930 as & result of the decline in ing sales on almost every advance. Such . should encourage Nfldlnte::‘- action indicates a continuation of l:t‘r m:m u’.:‘e'l‘l' X f:&""&.fi.“ s nd accounts a) , A SRS stk rially aiding the cement industry, ac- cording to the Fortnightly Review of and spotiight in the when President the conversion to ct max selling to take advantage of lower stock i “While the next few weeks may show | G.-M.-P. Murphy & Co. further hardening of money rates due to | _Volume of money turnover during Christmas and year end movement of | Week 'mber 14. as measured funds, we would expect bond prices to|by check payments, was lower than in show gradusl improvement after the ;.l;::;x ;:!RWM o ‘:‘e‘ek S !-l'nl‘:mt e s, e AT to the Department of Commerge. Gleaned in Financial District. Herry C. Butcher. chiet nflut o ‘Bank clearings in Washington for the | the executive secretary of ational week endine December 19 totaled $28.- | Fertilizer Association, has resigned 300,000, ag~"<t $28,503,000 in the pre- ' become Washington ~representative -of week. Clearings here were 9.3 the Columbia Broadcasting #ystem. to| From s THE SUNDAY STAR, WASHINGTO. | STOCK PRICES LOSE PART OF RECOVERY Market Affected by Pessi- mistic View of Traders. Business Sound. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 21.—It has been a discouraging week in the mar- ket for those who held stocks through the Autumn break and for the banking pool that supported it at that time; also for the recent “bargain hunters.” Prices have been dropping on small volumes of sales until Priday, when the turnover in a session that was con- spicuous for its substantial net de- clines surpassed that of the previous ‘week, when the averages touched the high point of the recovery. The market is now 25 points lower than on December 9, but 30 points higher than on November 13. One minent stock has fallen well below its former low price. Others have ap- proached uncomfortably near it. Undue Pessimism Rules. Wall Street is always overconfident or unduly pessimistic. It ha months placing the emphasis on busi ness profits, mergers, “split-ups,” trad- ing corporation purchases, the public's reference for common stocks over m: for the . ting all to extravagant stock valua- tions. Now it lends its ear only to rumors of business failures, the predica- ment of overextended trading com- panies, the effect on money of a loss of part of our $3,000,000,000 gold, etc., and sells its “equities” at a 40 to 50 per cent decline from the prices at which it rushed to buy them four or five months ago. It is now admitted that the market was rushed up too rapidly after the break and that it is feeling the effect of this false start, which gave the bear he advan- tage of prices on which they could sell at a profit. The decline has been as- sisted by the heaviest selling to estab- lish losses for income tax purposes since l’?)l“ ‘zd'.he receivership for one m\lcbl; exploited and mismanaged company, %mn:::- during o mflofl rl‘ & period of pros- perity are slowly being worked out, when more attention is being given to im- mediate returns on investments than on long-term possibilities. Gold Shipments Are Factor. Other factors that have led to de- stock prices Argen- gold exchange office and thereby forcing Argentina off a gold basis, unsettiement in the leading American commodity markets, the sharp drop in the per- centage of iron and steel production so far this month, with predictions of a further decline before the end of De- cember, and a hardening in Feduirements Giring the holidase. Reu men! ys. - earnings for November that have reported indicate traffic losses both in the agricultural and industrial sec- tions of the United States. and business situation, its brighter aspects. the evidence to show that y trade has up well in spite that the weather over large week has been most unfa- Corporations and busi- been recom: closing the 22 T i - £ i B : : 4 i E : g sig EF%EE i the $225,000,000 in the nature of high-grade bonds or preferred stocks. This contrasts with what has been hap- pening since January. In the 11 monf to November 30 over 50 per cent of the entire corporate financing arranged was in common stocks, with the ratio of to senior securities in the four new for the year, tically all of iption 8s equities went to their lowest levels|p..n the November, the amount of new stock of- fered by companies was only $3,435,000, umrnn!d with more than $1,614,000,000 the previous four months. ‘The securities now being sold are of & kind that lend themselves to con- servative investors. They are being rap- idly absorbed. Nearly all are of do- mestic origin. Not until there is greater improvement in the American bond market can there be any hope for re- suming the issuance of dollar bonds. Every week there seems to be some new épisode in foreign finance or politics that makes it just so much more dif- ficult to interest investors in the se- curities oll (;:.hlr og:nm ‘The e')'(; posure of 1t an governmen deficit Jast week was not encouraging to the American holders of 110 issues German dollar bonds of dollar aggregating $1,100,000,000. ' The Argentine incident was highly disturbing to American in- v in the score of Argentine gov- ernment, municipal and provincial loans held in this country in the amount of $365,000,000. From time to time in recent months there have been de- velopments of a political or economic character elsewhere that have shaken confidence in tie obligations of other South and Central American states. Of Bragilian loans $360,000.000 have been . Loans of Chile aggregate $220,000,000; of Colombia, $180,000,000; of Peru, $110,000,000, and of Bolivia, $75,000,000. On the total dollar loans to South and Central American coun- tries of $1,250,000,000, the shrinkage from the original subscription averages between 15 and 20 per cent. All of this has a relation to our ex- rt trade, which has been stimulated y foreign loans to the benefit of the exporter, but which have 8o far been a poor investment for the individuals who ‘hased them at any time within the two years. Rail Consolidation Helpful. The rall consolidation plan reported by the Interstate Commerce Commis- sion should be & helpful influence, al- though the main features of it have been given wide publicity in advance. It at least offers the carriers a means of getting together and endeavoring to adjust their views to a set of official recommendations for merging inde- pendent lines with groups already in existence or to be created. It will Tecessitate sacrifice by some roads in order to strike a better balance between the lines in their territory. The con- test which it revives will be mainly in the East, for comparatively little change is recommended west of the ppi River. Railroad men have claimed that at least $1,000,000,000 of new construction and betterment work is being postponed ltrom lack of a merger plan, as they were not willing to put new capital into |their own properties when a new scheme of consolidation mlfht give a l rtion of them to a competitor. There an opportunity now for the exercise of more stateamanship in working out a lan than has been witnessed the last few years in Eastern railroad circles. market nunn&alnt. immediate benefits of the consolidation plan can hardly be expected. D. C, DECEMBER 22, Week’s Financial High Lights Special Dispatch to The Star. NEW YORK, December 21, 1929. This Week. High, Low. High. Low. 208.58 202.65 218.87 209.58 “This Week. Last Week. 86.86 87.10 105.56 105.61 This Week. Last Week. Year Ago. cesererssasssse.. 893 1.6 645 T ‘This Week. Last Week. 45 t0 5 4% 4 to5 4% tos Month of ‘Month of " Nov., 1928. 3,673,000 110,084 Last Week. Stocks (average of 50 shares)........... Bonds (average of 40 issues)....... Foreign bonds (average of 10 Federal Reserve ratio.. Money rates in New Yol Call . Month of Nov., 1929, 4,125,345 106,047 Unfilled steel orders. Pig iron production Building permits: Number of cities. Amount .. Commercial failures (R. G.*%un Number .. " Liabilities . Revenue car loadings: 4,088,562 115,745 . 587 584 587 .. $191,798,495 $250,583,028 $268,499,135 l,'l)“ 1,822 1,838 $52,000,005 $31,314,000 $40,600,000 Week of December 7, 1929, Previous week. Year ago. 38825 37,107 904,173 38,6 191,797 48,580 302,871 9,438 25,756 63,129 BUYERS AS HOLIDAY SEASON BEGINS Large, Attractive Displays of Fowl, Meats, Vegetables and Fruits on Hand for D. C. Public. at 25 and 35 cents a dozen, bei d Everything about Center Market an: e e & et the several smaller retail markets scat- tered in various sections of the city these days was suggestive of the ap- proaching Christmas holis season. Probably the chief interest of consumers was directed toward the Center Market, several times larger than the other bulldings and where vastly heavier quantities of foodstuffs are disposed of in the course of a day's trading. “Christmas yet buying has not started in earnest,” was the observation of & merchant last night. for fruit 1ling at 10 and 15 cents. in demand, most of the; at its. : B 7 , were priced ‘Tokay and Malaga were in plentiful supplies and , the former seliing at s k 3 3 g “It 18 showing a gradual increase, however, and trading should be heavy from now business just before mark, Congress that it must go, their stands with holly and other Christ- mas greens, it was admitted by consum- ers that the attractive array of food- stuffs of every variety could not be im- proved by the added greens. Tree Supply Large. pears, in demand for holl- found ready sale at prices 56,699 209,797 | THRONG CITY MARKETS|,. m‘ree(onwfl.’lbelmubm d | country who was offering a truckioad Outside the market last night trees enough to give the ahee the ap- pearance of a minfature , and in addition to the trees were immense quantities of wreaths, strings of greens sold by the yard, bunches of various greens and mistietoe. The large quan- y of trees was suggestive to casual observers of the depletion of woods and forests. “But what does the depletion of the forests mean, when the greens are to bring happiness to many persons?” queried a customer. “Deed,” observed an elderly colored ‘woman from the country who was offer- ing a bunch of bitter-sweet to a lady pai “you don't know what it means to gather all this stuff. y old man had to climb 70 feet up a tree to get this bunch of mistietoe,” she added, “and now people think they are being robbed when I ask only a few cents for it.” It was explained by & man from the of holly to the trade that much difi- culty is experienced in efforts to get supplies for the holiday trade, owners of upon v;hlc!’itn is found also @emanding pay for it. this season, he Much of the holly , has red berries and faded leaves, while some of it is just the reverse, having green leaves not red enough to buyers. “And the most attractive trees,” said and berries claim attention of | whil size and condition of 10 MI’LI. - 3 e :fn“;“t:h‘he past few days, were s ly er, choice stock selling around 40 cents, while smaller frut sold as low as 20 cents. Dealers had practically everything in the line of vegetables to offer Christ- some from Mexico and Cuba, some the peas malm noaomng n'w: I:)‘zwl%:h "u': among er wl attrac much attention. mgml.led offered around $1 s quart, while the peas, in Red tomatoes, cl hothouse stock selling at 35 cents and California and Florida stock around 25 and 30 cents a pound, found plenty buyers. ‘Tomatoes always be! in demand for dinners during the holiday season. 1s sprouts were to be had at 35 cents a quart box; cabbage sold around § cents & pound, while kale and spmnca n‘I,d at 10 ::;d a&enfl a ind, respectively. tatoes from cents a basket, while broccoli s0ld around 60 and 75 cents a bunch. Both sweet and white potatoes were plentiful and cheap. Hothouse mushrooms were in dem: A Rl e A se] Aarount A cents a ind, e some not #0 §ood, sold a5 Jow a3 30 cents. Hothouse cucumbers brought 10 and 15 cents each, Florida stock sell- and qualit) ot the hauler, “usually stand out alone in fields, presenting such an attractive appearance that owners will not per- mit them to be cut.” One of the haulers related s story of an elderly colored man who had nursed a big holly tree, growing directly in front of his house, over a period of more than a quarter of a century. Once a year, the hauler related, the elderly man cut holly enough to pay for what was needed in connection with his Christmas celebrations. ‘Trees from New England, many cut in the mountain section in the vicinty of Woodstock, Vt., were in exceptionally heavy receipt today, having reached here as early as last week, some shipped in open cars arriving here covered with snow. It probably was due to the snow that they were received in such good ranged ing at 5 and 10 cents. Quart boxes of okra sold for & quarter. Meat Supplics and Prices. Caulifiower, product of California, was offered at prices ranging from 35 to 60 cents: fresh okra, received from Florida, selling at 25 cents a quart. 8) onjons, beets and carrots sold at 10 cents a bunch. Turnips, parsni) and cabbage were other vegetahles which claimed the attention of buyers. Meat dealers had most attractive supplies of all kinds of meats and meat products to offer the trade at a wide termining the prices. T market dealers had attractive supplies of cakes, candles and other sweets in demand condition. Prices of the trees from 50 cents to $10. ‘Wreaths in Supply. ‘Wreaths of various sizes and dif- ferently made, some suggestive of the work of artists and others having no attractive feature, were offered from 10 cents to 50 cents, the general run of them selling around 15 cents and were to be had, market dealers having ;ub‘lrh;uuly every commodity patrons esired. Dealers in marine products also had their supplies attractively arranged. They do not muclg:u heavy ing in fish during the holiday season, but expect there will be & good demand for oysters, lobsters and crabmeat. Oysters were not exceptionally plenti- ful, dealers said, and probably will not be any more plentiful until after Christ- mas. Bivalves, dealers said, are in de- mand for turkey dressing, cocktails and to be served on the half shell at Christ- mas dinner. Shucked stock this morning sold from 60 cents to & $1 a quart, counts selling @s high as $5 per 100. Barrel stock, as to size and quality, sold $5 to $14. 25 cents. Bunches of holly sold at various prices, from a few cepts to a dollar or moll:, ‘while holly trees sold as h as $10. 12:4, used years ago for Christmas tree gardens, was not much in evidence, very few persons any longer using it. 1t was suggested by both dealers and consumers this morning that there probably will be large quantities of trees and other evergreens left hand at the close of the holiday mar- ket. The discarded trees probably will | provide fuel for a bonfire. i hing from a bunch of onlons to & 25-pound turkey was to be found: on the market benches, dealers beln(l able to meet demands of consumers for anything in the line of food. Poultry dealers had plentiful supplies | Cotton was higher today on trade buy- of turkeys, chickens, ducks, geese,| ing and week end covering. The ad- keats, squabs, rabbits and & few im- |, ;00 way \dered partially & re- P P amre ot much in demand, | flection of the market's technical posi- however. Prices of poultry covered ai tion following recent declines, while wide range, size and quality of the uuP" the buying was encouraged by rather plies governing the price. Capons, of- | ;o eneerful reports from the fered around 50 cents s pound, were ' ., ;y iy and comparatively smalj of- in “fi" d;‘“‘nd' "Mmy:' m}f from the South. January con- usually heavy & ' tracts sold up to 17.02 and closed at light, although prices Were lower than | {7 J8E B 'O LT ARG 8 olosing usual, at net advances of 23 to 27 points. Futures closed firm, 23 to 27 points higher; December, 17.00; January, 17.01a17.02; March, 17.32; May, 17.56: 17.58; July, 17.75a17.17; October, 17. 17.77. 'Spot steady; middling, 17.25. UTILITIES GAIN MOST COTTON PRI.CES HIGHER. Trade Buying and Week End Cov- ering Cause Rally. Fruit and vegetable supplies were more attractive than ever. Dealers had immense quantities of all varieties of both fruits and vegetables to be had Tinged to the. hesk posible advantage ranged to the 3 ce'l'gry and cranberries, both in demand to be served with the Christmas dinner, proved Sm’ sellers. “No Christmas dinner is complete without cranberries and celery,” ob- Served a dealer, “and consumers will be | Special Dispatch to The Star. able to get all the supplies needed.| BOSTON, December 21.—The chief, Cranberries are not so plentiful, but!effects of the H there will be enough to supply demand | cording to this week’s United Business at 20 and 25 cents a quart, slightly|Service Report, will doubtiess be felt in higher th-n usual. the fields of public utility construction, “Celery,” he added, “is a:unll!\ll and | and secondly in commercial and indus- cheap, being received chiefly from Call- | trial building. fornfa and New York. There is plenty| The very considerable increase in cor- heart celery to be had at "‘l and lllo ponm te n'nu" munlnlp“lm b%‘lllduni?fiuu ’ovvr cents, stalks of the heavy celery sell-!the past two mont ly fore- ing at'10 and 15 eenu‘f:? casts a similar increase in this type of Fruit Recelpts. b crsdlt canitune whieh arv bt large navel oranges, product conditions which now_ex fl:l’l}nml:‘,ewn one of the attractions n the fruit marke Florida stocl m. The which may be reasonably expected to et, some la: continue, open the road to a further 'k also attracting atten though moderate expansion of building. large fruit sold anywhere from 60 cents| In general, ts appear :l&hm to $1 a dogen, smaller fruit selling|in the New York the N west much cheaper. Tangerines were sell-'and in Texas. NEW YORK, December 21 (#)— N BY HOOVER CONFERENCE | vio 1929—PART SIX. MARKETING AGENCY DUE FOR MARYLAND Grain-Selling Organization to Be Set Up by Leading Farm Interests. Special Dispatch to The Star. BALTIMORE, December 21.—The es- he Agricultural has been de- cided upon by a group of State farm leaders. They decided to use the cor- poration rather than set up a separate ‘organization. ‘The farm poration, Maryland State Horticultural BSociety, Maryland Crop I it Association and the University of Mary- land Extension Service. ‘The Agricultural Corporation was formed in 1921 for the co-operative pur- Chase of supplies for agricultural use. 628 | The charter, however, provided for mar- ke!hd:. work, but this field was not en- Ted. In addition to deciding to enter the grain-marketing fleld, the farm leaders voted to amend the charter of the cor- poration in order to bring it under the provisions of the new Federal farm marketing act. The authorized capital is to be in- creased from $250,000 to $500,000, one- half of which is to be common stock and the remainder preferred stock. Only one share of common, er voting, stock will be allowed a member, to provide for the co-operative of one man, one vote. Dividends or common stock are to be limited to 8 per cent a year, while the preferred stock is to bear 6 per cent interest annually and be cumulative. The change recommended by the di- at the an- nual meeting of the stockholders of the corporation on January 8, 1930. A number of county farm bureaus are operating now as country farm bureau co-operative associations and can be used as the agency through which to recflum: and load the grain, it was ex- Pl i “|BONDS HOLD STEADY IN LISTLESS TRADING Convertibles Improve in Sympathy With Gains in Stock Market Issues. BY JOHN L. COOLEY. Associated Press Writer. NEW YORK, December 21.—The bond market held steady today in a dull two-hour trading session. Trans- actions were of & minor nature, reflect- ing the pre-holiday lethargy, and prices ruled small. United States 'Government Liberties and Treasury certificates were firm and fairly active. Convertibles, reversing movement of 3 their yesterday, mad g’mwnm recovery, but turnovers di lack of interest. beans were | grade bonds, pods sold at 30 cents a pound. | 23 ‘holce & point. New financing scheduled for next week shows a sharp reduction over this week’s total of $225,569,000, the largest of the year, but the decrease is due to the holiday. Municipal offerings will to about $11,000,000, as compared with $73,000,000 in the current week. COMMERCIAL CREDIT CO. SIGNS NEW CONTRACTS ‘The Commercial Credit Co. of Balti- the signing for the wholesale and retail time sale financing of the products of these man- ufacturers. The eonmmvme for a Nation-wide financing ] more than 450 branch and service of- annual volume in excess of $50,000,000 and it is hoped that these res will be materially enhanced through deferred payment selling. Besides manufactur- ing automotive shop equipment, includ- ing wheel aligning tools, Motor Wheel manufactures wheels for many different automobile manufacturers. NEW YORK, December 21.- lowing is today's summary of importan corporation news, prepared by ard Statistics Co., Inc, New York, for the Associated Press: News Trend. Automobiles.—Additional evidence of the current lull in the buying of so~ called luxury articles is furnished b; the latest returns of new car registra. from 21 States show passenger car registrations for Novem- ber of 50,125, a decline of over 38 per cent from October and 14 per cent from the same month of 1928. Complete re- turns on_registrations from all States for the first 10 months of this year were 3,557,800 passenger cars, an in- crease of "28.6 per cent over the cor- responding period of 1928. Ford trations for the period totaled 1,188,748 cars, against 356,629 last year. Railroads.—Official announcement of the Interstate Commerce Commission consolidation plan has finally been made. The plan calls for allocation of roads into 19 divisions, excluding two Canadian systems, under_the following : _ Pennsylvania, Baltimore & tions. ‘ FINANCIAL l New Building Record In New York Marks Month of November By the Associated Press. NEW YORK, December 21— compares with $80,662,900 in October and $113, 307,000 in November, 1928. CONTROLLER URGES MORE CHAIN BANKS Advantages to Rural Sections Cited in Annual Report of Official. By the Associated Press, Urging the extension of branch bank- ing by national banks as a way to as- sure & safe and sound system to rural communities, John W. Pole, controller of the currency, declares in his annual that such a development would be of advantage to agricultural com- munities. At the same time the controller ited to the growth of group bank- D Phh Lo cunusalie e acquired the stock of several banks, and the defections of banks from the national fleld to seek broader privileges lnder State laws as reasons why the national bank laws must be liberalized. He sald that total resources of all of the 25,330 banks in the country on last June 30 aggregated $72,172,505, an increase of $588,177,000 over the previ- ous year. ational banks, numbering 17,508, were shown to have total re- sources of $27,440,228,000, a decrease of $1,088,000,000, while the number of all banks had decreased in the year by 883, Of the total resources, he continued, 250 banks in the cities had resources of $33,400,000,000, while three-fourths of the banks of the Nation were in country communities and classed as country banks. The country banks, he said, operate with small capital funds, and economic developments since the war have had the effect of decreasing hgt opportunities to operate at & pro} Country Depositors Suffer. On the question of bank failures, Pole sald that no “important failures” had occurred among banks in the I T cities between last January 1 and No- vember 1, and that “whereas a deposi- tor in a large city bank, whether Wage earner or & business man, has fuil prote the depositor in INCREASED WHEAT UNITS SAVE COST Large Grower Says Produc- tion Is Cheapened by Big Operations. BY JOHN F. SINCLAIR. Special Dispateh to The Btar. NEW YORK, December 21.—Twenty years ago—even 10 years ago—the unit wheat farm was a small one—from 160 to 320 acres. Farm mortgage com- panies were glad to receive applications from the small farm owners—“much safer loans” was the opinion, But 1t was much more difficult to place loans on the big farms—the bonansa ones; too risky and dangerous, it was thought. But the last five years has seen real change in this situation. Today the farm movement is toward the larger and larger wheat unit, and it s not confined to any one section of the West. J. 8. Bird, president of the Wheat Farming Co. of Topeka, Kans, which company farms approximately 30,000 acres of Western Kansas land, is one of the new leaders. He will have 27,000 acres in crop of 1930 sown. Cost of Production. "Our records show that the cost of ?mducln' wheat in this large-scale way for the two years of the operat.on has been under 40 bushel,” said Mr. Bird. “The cost-accounting system of the company shows that the cost, exclusive of our land rent, is about $5 per acre. 1 S AN N SN an company goes or tractors and_combines.” “What is your solution of the wheat Tarmer lem?” he was asked. “In recent agitation for farm relief, we have been forgetting entireiy that there is & consumer in the matter. There has been to0 much emphasis on the price for which a farmer sells his products, and too little emphasis on re- ducing the cost of uction. It 1s impcssible to art! keep the price high, and, besides, it does the consumer an injustice. The ultimate solution or the farm problem has to be in the reduction of the cost of production.” I8 electricity and machine power the commmet.hod in wheat farming?” I asked 3 “The application of power to trans- portation, manufacturing, etc., cheapens the cost, and, at the same time, opens vast new uses for the production of these industries. Many more people travel when the cost is only 3% cents & mile than there were that traveled in the days when a stage coach trip cost more than $1 per mile. And yet, be- cause of the reduction and the cost of the small n . | operation, the investors in the new pow- Yerely Trom he bty Siescd, e | f industries reap profits out of al pro- banks to meet their deposit Habilities,” | POTtion to those realized by the investors “It 15 cause for immediate concern |iD the old stagecoaches and hand-craft that the operating conditions faced by | Industries. country banks show no of im- The development of power in farm- vemen system, | INg may serve same purpose, and Fhere are many country banks now | open “ge“;:vewuv::'yfl m"“?" operated at & " | which wft G erating = l:n.xnd . o 'm”"‘” But the large-scale wheat farm is here justify their capital investment. * * + | to stay.’ Non-Voting Stock. It's far more difficult to successfully analyze great trends and movements than many people think. For such a forecast deals with the unseen vital factors that do not often appear on the surface of things. The careful student must dig them out, correlate and analyze, | independent local utility and industrial One trend seems to be fl& O.h"“t t organizations have moved toward a cleared up this year, and Tion® o reized form Of | the non-voting 'stock—by which the average investor in a company was ylnleuly" alienated from control the company and its management— is no longer popular. ‘The New Yo in the movement agal through causes beyon the hl'dl':i-lul banker T Fole aaid that the e sal causes were of a nature due largely to the fact that Must Hold Advantage. Because of this, he said, group bank- ing had sprung 'mhloulgmldln‘ companies con| the tock in & | tocks by ruling that such stocks §roup of banks. To remedy this situa- | DOt be suitable for tion, he urged that national banks be | ture. The excl to have branc of Iarger oor- Such leg- | Porations, and the sale of common stock mu,“" - tommnr: :.nd mtd t‘l:e' important advan! will nof ol "' | thing I the future. Character and h | February 25, 1927, was parity between Pole | However, for the first time this “The announced lati the so-called McFagden Den sel of the national and State systems,” 'ml'hl‘ hl:l;urpole of the bill tional banks approximately equil m approximatel 1 operating advantage to ngee&“.su’tle‘ banks. Nearly three years of operation Jalled of its purpose in this re- “The propesal for the extension ch banking which is here mg would have the direct effect of estab- hing & strong system of banks in the districts, and indirectly it would lluthme tion of the system for group bank: Federal supervision, i ST ELECTRICITY DEMAND AHEAD OF YEAR AGO November Reports, However, Indi- cate Recession in Nation’s Business Activity. The output of electricity during No- vember, for the country as whole, shows a substantial gain over the same period during 1928, as reported by the National Elictric Light Association, ar the increase has fallen nhelow the figurs of normal growth, as determined by past experience. The figures suggest some eads: Ohio, Chesapeake & Ohilo, New York, Chicago & St. Louls; Wabash-Seaboard Alr Line, New York Central, New York, New Haven & Hartford; Atlantic Coast Line, Illinois Oentral, Southern Rail way, Missourl Pacific, Chicago, Rocl Island & Pacific; St. Louis, San Fran: cisco; Great Northern, Chicago, Mil- waukee, St. Paul & Pacific; Chicago, | gevof Burlington & Quincy: Chicago North Western, Atchison, Topeka & Santa Fe: Union Pacific and Southern Pacific. Steel.—Price of semi-finished steel has been reported reduced by leading producers to $34 a ton, 81 below the prevailing price. Reduction applied to bars, billets and slabs. Pig iron and No. 2 foundry remains at $18.50 a ton. The Companies. Allance Realty declares extra divi- dend of 50 cents and quarterly payment of 75 cents, placing common stock on a 521 annual basis against $2.50 pre- ly. $563 in 11 months to November 30; forms sub- sidiary to market replacement parts wade by company. ‘hesapeake & Ohio earned $19.88 in 11 11_months to November 30. Hocking Valley earned $43.07 in months to November 30, vs. $38.74 last year. Louisville Gas & Electric net after taxes, In 12 months to October 31, up .1 cent from year ago. Philadelphia Co. (after ordinary taxes) 12 months to October 31, up 12 per cent. Standard Gas & Electric (Including subsidiaries, net (after ordinary taxes) in 12 months to October 31, up 22 per cent from year ago. Youngstown Sheet & Tube reported mumphun' acquisition of Acme Steel Borg-Warner earned K| dustrial activity during the past 12 recession in industrial activity, Analyzed according to the various economic regions of the country, these figures reveal definite trends. As a general rule, those regions which gave evidence of the greatest l.crease in in- months are the ones which now show he largest relative decline; the regions ted primarily to agriculture and to related products show a smaller de- crease; whil: the centers of commerce and trade (as distinguished from man- ufacture) show, &s yet, little evidence of any marked business recession. According to the output of clectricity, business jn New Eng'anc and the North Atlantic scaboard continued st very nearly the same active levels that have prevalled throughout the late Summer, and while some slackening is indicated in the South, its indu: and trade continue at satisfactory IRON AND STEEL SHOW MODERATE RECOVERY Special Dispateh to The Star. CLEVELAND, December 31.—Further signs of gradual recovery in the iron and steel markets are conspicuous this week, says Iron Trade Review. Con- tracting for first quarter hrohmb?;“:ll.l’l' progress p) not be greatly accelerated over the re- mainder of this year, 't negotiations between producers evidence of normal contract needs SNl Rl ly pe implement makers, railroads and eral manufacturers. In many other di- rections the markets reflect ing needs, and the outlook is brighter than two weeks ago. integrity of management will be. ‘The vear just closing has seen again the rising power of management and the lessening power of ownership in American business, Economic Policy Commission_ John G. Lonsdale, president of the American Bankers’ Association, has ap- pointed a very strong committee to act as his economic policy commission for the year This body was specifically instructed at the San Prancisco meeting of the bankers to make an exhaustive study of the extension of branch and chain banking. . In addition to R. S. Hecht, the young resident of the Hibernia Bank & it Co. of New Orleans, who remains as I:::llrmln. the o!be'r members ap- po are: George E. Roberts, ident National City k of New ork, vice chairman; Nathan vresident American Exchange Ne Bank, las, Tex; Leonard P. Ayres, vice president Cleveland Trust Co., Cleveland, Ohio: Frank W. Blair, chair~ man of board Union Trust Co., Detroit, Mich; Walter W. Head, president, State Bdnk of Chicago, Chicago; W. D. Long- pL vice president Security-Pirst onal Bank, Los Angeles, Calif.; Walter 8. McLucas, chairman of board Commerce Trust Co.Kansas City, Mo.; Max B. Nahm, vice president Citizens’ National Bank, Bowling Green, Ky.; Melvin A Traylor, president, PFirst: National Hank, Chicago; Paul M. War- burg, chairman of board International Acceptance Bank, New York, N Y.; O. Howard Wolfe, cashier Philadelphia National _ Banl Philadelphia, Pa.; Gurden Edwards, American Bankers' Association, New York City, secretary. All of these were members of the com- mission last year with the exeception of Messrs, Blair, Head and Longyear, who are new members. Last year's committee made a survey showing the extent to which chain and group banking had developed in the United States. It was a graphic and vivid report. Any one interested in this very important subject can secure a cory of the report from the American Bankers' Association. Five-Day Week. ‘Thomas Edison, busy at Fort Myers, Fla, on his rubber experiments, llg: long enough to say that he believes ime has arrived when it should require less work to earn a decent living than ever before. In the fleld of power and machinery, the amount of work that a man needs to do in order to support himself and his family should be very much less than in any time in history. The famous inventor thinks that the five-day ‘week is coming. The hour day is here—40 hours of a week. Some think in 25 years the work week will be reduced to 25 hours. “People want to know nowadays about going he process the; r'n‘lI:e Jdistinguish the true from That is the hope of industry—facs more facts and lti’lel more fuz e (Copyright, 1929, North American Newspaper Alliance.) D. C. FIRM B