Evening Star Newspaper, December 24, 1929, Page 11

FINANCIAL, CURB SHARES HOLD | STEADY IN SELLING Market Displays Firm Tone, , Despite Profit Taking on Advance. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, December 24.—After ! opening higher, stocks on the Curb Market ran into some profit-taking | around noon today, but gains were held fairly well. The advance was led by the utilities and oils, with motors, a few industrials and some trading com- Panies sharing in the general upswing The rise in utilities was headed by Electric Bond & Share and American Superpower, but the former lost some of its vigor when it encountered profit- | taking. About this time, however, American Gas & Electric improved and some of the early pressure was lifted from Insull Investment Utility. Miscellaneous oils were led by Cities | Service, which advanced fractionally. | Petroleum Corporation of America opened unchanged at 20, but a block of 5000 shares at 20'c stimulated ac- tivity in it. Galena Signal Oil certifi- cates of deposit came out at 74! and the new preferred appeared at 81%. A certain amount of tax selling ap- peared about mid-day. Louisiana Land & Exploration Co. opened in a block | of 10,300 shares at 27, off X%. Radios softened. Better earnings of Pilot Radio Tube were not reflected on the tape, for the stock eased. De Forest and other radio also were sold ip the first few hours. Ford Motors of Canada A shares were fractionally better, but relatively in- active. Traders heard that this stock might be placed on an initial $2 annual dividend basis in January. Other Ford shares were heavy. : Selected industries opened with a block of 13,000 shares at 5%, up 1, and was fairly active. Other trading com- panies and investment trusts mirroring the general improvement in securities during the first half of the session bet- tered. Although some of the pipe lines, such as Illinois Pipe Line, and some of the standard ols, like Standard of Indiana, improved, as did Solar Refining, which at one time was up 5 points, many of the petroleum shares ran into profit- taking in the third hour, which erased early advances. 8t. Regis Paper moved higher after a lower opening. This was true also of Crocker Wheeler, Hiram Walker and many others, but a few groups or issues weakened. Fajardo Sugar was down about 4 points. American Commercial Solvents was off over 2 points and Gen- eral Industrial Alcohol was down more ! than 4 points. MARYLAND TELEPHONE ADDITIONS PLANNED Bpecial Dispatch to The Star. BALTIMORE, December 24.—Addi- tiuns and betterments to the telephone system in Maryland involving expendi- tures of $524,030 have just been au- thorized by the board of directors of the Chesapeake & Potomac Telephone Co. of Baltimore City. This brings the total amount authorized’ for similar work in the State this year to $6,497,378, Graham K. McCorkle, general manager of the company, announces. tine construction for the first quarter of 1930 is included in this proj- ect. This work will call for placing additional toll and exCh"Ee pole lines and circuits, the construction of under- ground conduit and cable, aerial cable, additions to present switchboards and the installation of telephones and pri- vate branch exchange switchboards on the subscribers’ grem(se: in every sec- tion of Marylan BONDS ON THE CURB Males in DOMESTIC BONDS. thousands. NsanscremaenanS S oS >3 333 0000w B w 55 56 & E 5125 '77. 102 50 Tel U 5ia5 44 C tes Valve €s 42 ww 10: 1L T Can 58 B 57.. 101 ro P & L 55 nt_St El 5izs z Str Re 5125 A c Ser 55 66 t Se 3 - oS s Ed 55 A E 49 . 1011 Det Int Brdg 6los 52 7878 5 Fla P & L 5t dianap Infand Ut 65 03 s T O 005" o an 2 55 '48 21 Shell Un O 5s 49 ° . 97% k68 '33.. 593 s 65 A 2025 xw 1031 1 3Sou Cal Ed 8s '44 .. 101 ° 1 1 Southw Dy 65 '28 Ww 86% 10 Southw G&E 55 A '57 92% 1 Ealey Mfg 65 4 o7 < A 4 Waldorf s s 3 Webster Mil 6125 4 Weste Pow A ' Yesterday’s New York Stock and Bond Averages. From 5:30 Editon. . By the Associated Press. MONDAY., DECEMBER 23. vears ago (weekly average) 147.2 Ten first-grade rails Ten secondary rails bije utilities. 42% 247 89% 23% 139 22 15 12% 449% 21% 30% 42 1% 45' 100% 59 20 824% 20 22 55% T 31 Stock and Dividend Rate. 5% Aero Sup Mfg. B. 14'% Aero Underwriters. 7 Aeronautical Indust, 1% Aerpnautic Ind war.. 15 Agfa Ansco. 66 Agfa Ansco 3 Air Investors: 10% Air Inv. Inccv pr 40% Airstocks 109% Ala Great 4% Allegheny Gas Corp. 1% Alexander Indust.. 10% Allied Mills, (60c)... 12 Allied Motor Ind $1. 23 Allied Pow & Lt 40'% Allied Pwr&Lt pf(3) o B BN AR LR R A 85% Am Cigar Co (8). 29% Am Cit P&L A (a3),. 10 AmCP&L B (b10%) 18 AmCwIthPADbI0%. % AmControlOilFlds. 20% Am Cyanam B (1.60 3% Am Dept Stores. Am Equitfes. 6% Am Invest Inc B. 3 Am Investors (war). 190 Am Lt & Trac (10), 291 Am Maize (12.80) 1% Am Maracaibo.... 5% Am Natural Ga 51 Am Salamandra (3 10i4 Am Solvents Chery. 2514 Am Sol Ch ev pf (3). 89% Am Super 1st pf (6). 5 Am Yvette (new)wi. 14 Anglo-Am vot (73c). 11 Anglo-Am n-v (73c. 55 Apponaug Co (2) 8 Arcturus Rad Tul 1% Arizona Com (50c 231 Arizona Power. 3% Arkansas Nat Gas... 613 Arkansas Nat Gas A. 2 Asso-Dyeing & Ptg.. 5'4 Asso-Elec Ind Ltd 354 Asso GEEIl A (12.40 31 Asso GRE A debrts 3 Aeso RAYON.......a 304 Asso Rayon pf (6)..1 # Atlant Fruit & Sug 241 Atlas Plywood (2). 30% Atlas Poft Cem (2) 19 Atlas Stores ($%). 7% Auto Voting Mach. .. 15% Aut V M cv prpt (2), 204 Aviation Corp of Am 12 Aviation Credit 117% Babeock&Wileox 19. 1% Bahta Corp. 1i¢ Bahia Corp pf. 46% Bancomit new (1.60). 414 Bellanca Aircraft 15 Bickfords, Ine (1 30 Blaw-Knox Co (1). 2 BBl Baona sBoRRBpOaN - P Brill Corp A (1%). Brill Corp B... Brillo Mfx (1.20).. 25 Brillo Mg A (2). 21 Bruck S MillsLtd(2). 7% Burco, Inc..... 3% Burco. Inc (war) 3% Burma Corp (t31¢) 13% Butler Bros (2) 4 Cable Radio T vte. 1% Cab&WireLtdB rcts. 3% Cab&WireLtdpf rcts i CAMCoectfs.. 2% C A M Cocum p! 3 Can Marconl. 1 Carib Syndica 20 Celanese Corp 80 Celan Cor 1st pf ( 12 Celluloid Corp... 6% Cent Atlantic State: 20 Cent PSv A (al1.75). 12 Cen States El (340c). 4% Centrifug Pipe (60c) 20 Citles Service (130¢) 84 Citles Serv pf (6) 10 Clev Tracotr (1.60).. 2% Club Alum Uten. 40 Colgate-Pal-P (2%). 4 ColonOll........ % Columbla Syndicat 1% Comwlth & Sou war. 210% Com’wlth Edison (8) 12% Communtiv WatServ. 1 Comstock Tunnel 13% Consolidat Afrcra; 2 Consol Cigar (war 4 Consolidated Coppe! 12% Con Dairy Prod (12) 71 Con Gas. Balto(3.60) 2% Cons Instrument.... 10 Continental Oil..... 10 Cora Corp 30 Cooper Bess pfA (2 12% Corroon & Reynold: 69 Cor & Rey pf A (6) Cosden Ofl... Cosden Ofl pf. 5% Creole Petroleum. ... 17w Crocker Wheeler(n). % Crown Cent Petrol 25 Cuneo Press........ 2% Curtiss Alrports vte. 5 Curtiss Flying Serv.. 1% Cusl Mex Mining. 6% Darby Pet (1)... 2 Davis Drug Stor efs. 4 Dayton Air & Eng... 3 De Forest Radlo..... Deere & Co (6)...... 5% Detroit Alreraft Cor. 8% Dix Gas & Utllitles. . 14% Doehler Die Casting. 4 Dolores Esperanza, 14}x Douglas Alrcraft. 50 Dow Chemical (2) 34 Driver Harris(new 4 Dubelier Cond&Rad, 120 Duke Power (35) 3% Durant Moters. .. 141 Duval Tex. Sul. w.} 22 EastGas&F Asso... East States Power B Eastern Util InvA.. 14 N - @ 2 RSB E e A DA R =D BN Paw 258 El Sharehold (31). Empire Pwr Corp(2) % Emp 'ub Sv,A(1.80), 22 wEmploy Reinsur 1%. Evans Wallow Lead. Fajardo Sugar. Falcon Lead. ... wansteel Produc Fedders M1g A (2) Fed Screw (134),.. Flat Stk deb rt Fiat Stk deb ru Fokker Aalrcraft. Ford Motor Can A, Ford Mot of France.. Ford Motor Ltd. ..., Foundation For Shs. Fourth Nat In 4 Fox Theat Cl A. Franklin Mfg (2)... 1 Freed-Eiseman Rad. 2 gnal pf,0ld.2008 alena Signal pf (n). 6 arlock kg 11.20).. Gen Am Invest new. Gen Am Inv pf n (6) General Baking..... Generai Bak of (6).. General Cable war. . Gen Fireproof (1214) Gen Indus Alcohol Gen Print Ink (2%). Gen Rity & Utilities. Gen R & Utll pf (6).. Gen Theat Equip vte Gleaner Harv (1).... Gien Alden Ceal (10) Globe Underwriters. Goldberg Stores Gold Coin. Gold Seal £l n Goldman Sachi Golden Center . iorham Mfg vie (32)137 Goth KKnftbac Mach. Gram'ph'ne rets 2.91. Gravmur Corp. T4 Greif &Br pf X (7). Groe Stors Prod vie. Ground Gripr(t14). Guif Ol of Pa (1%). Happiness Candy Haygart Corp Hecla Mining Helena Rubenstef Hartman Tobacco. Hollinger Gold (§0c Homaokla OHl. . Houston Guilt Ou”, - B (=T R PP - T =2 eBnmanne anema Sales— Add 00. Open. Bigh. Low. 10 10 0 242Y% 18% L 15 1% 5% 19 1% 133 4% 144 25 19% 9 14% 5% 103% 22% 18% 24 15% 40 20% 214 £ 51 61 7 133% 1 4% 124 Bix 188 % 3 . Close. 1 3% 2421 13% % 1% 5% 19% 5 145% 2% 19% 9 14% 5% 1035 22% 20 24 16 40 20% 135 1 34% 12% 5% 19 4% 3 ™ 1 ~Prev. High. NEW YORK CURB MARKET 1929.~ Low. 6 4% 8 27 10 260 22 % 15 254 3 10 40% Th 13% 6% aw 2 30 1 b 2% 12% 23% 26 1 30 8% 11% ™ 2% 16% 9 14 28 M 1 46'% 40 9% 80 1% 5 30% 25% 18 39% 37% 8 98% 45 26% 17 22% 8 64 34% 5 24 _10% 9% 114% 111 1% 3C%H 9% 25 111% 100 11% 1% 2% 2 12 21% 1% 8 10 29% 4% 91% 64 814 10% 35 24% 23% 36% 80 1% 9% an % 93y 13 31 2% 4 30% o4 324 25% 8% 18 404 70% 25% Third Natinv«1).., 18 34% Thomp Star pt (314) 25 Tobacco & All Stks, , 40% Todd Shipyard (4) 204 Transamer (11.60) 7% Tran Con Air Tran., 4 3 45% Tri-Cont Adlied (3)., 10 7% 11 Stock and Dividend Rate. Hudson Bay M&B.. 16 Humble Oil (2)...... 4 Huyler Stores of Del 12 Hydro El Service(2), 4 Hygrade Fooa Prod. I1Mnots P L (20).... 1mp O1l Can n (50c).. Ind P Lnew (12%).. indian Terr Illum... 11 Ind Fincfts (b10%) 320s Insull Util Inv(b6%) 13 insull Ut in 2d pf 6. 1508 Insurance Sec (1.40) Intercoast Trad Co. . Intercontinent Pet n Intl Petrol, n(62%c) Intl Superpower (31) Internatl Ut B. . . Interstate Equitie: Interst. Eq. cv-pf.(3) Interstate HM (1.40) Irving Alr Ch (1.50) Itallan Superpow A. itallan Superp wai Jonas & Naumbur, Johnson Motor Co Kan City Pub S vte. Kerr Lake Keystone Steel, Wire K1 (H) pt ptf (11.40). Kleinert Co (2% ) Knott Corp (2.40)... Kolster-Br (Am Sh). Lackawanna Sec(4). Lakey F & M (12.40). 5 1 13 1 Broren Lake Superior Corp. Leh Coal & Nav (4) Lehman (The) Corp. Leonard Ofl.....c00. Libby McNeil & L. Lion Ofl Refin (2) Loews Inc deb ri Loulsiana Lan & Ex. Mangel Stores Marconi Int M Margay (2). Marine Mid Cp (1. Marion Steam Shov. Mavis Bottiing..... Mayflower Assn Mead-Johnson(13%) Memph Nat Gas Co. . MerChap&S pf A 6% Mesabi Iron. . El Met & Min Ine ( Met Chain Store: Met 5c-50¢ Strs pf. Middle WstUt(b8%) Midvale Co (4). Miller & Sons (2). Mo-Kan P L (b6%). Moh HP 1stpf (7).. Mohawk Mining (12) Mtg Bk Col (Am sh). Mount Prod (1.60)... Nachman Spring (3) Nat Amer Co (2)seee Nat Aviation. . Nat Bancservice (5). Natl Fam Strs (1.60) Nat Fuel Gas (1).... Nat Investors (new) Nat Pow & Lt pf (7). e R DA RN NG NP e NN N —o m - F TP TI-TC TNy 85 - e o - el SRR 0n HroE O o Newport Co (2)...e0 1.20). t (war) N Y Tel pf (6%). NYTransit(t1.70) Niagara Hud P(40¢). Niag Hud Pw A war, Niag Hud Pw B war., Niagara Shars b1-40, Niles Bement Pond.. Nipissing (30e)....0 Noma EI Cor (1.60) Noranda Mines (3). Northam W cv pf(3). North Am Avlation.. North Am Utll See. ., North Ind P 8 pf(7).. North St Pow A (3), Novadel Agene (2).. - CICTT =PI T Oflstocks Ltd Outbd Mot A (1.80).., Pac C Bis pf (3.50). . Pac G&II 1sLpt 1% . Pac Pub Serv (1.30). Pac Western Ofl. Pandem Oil. tepec O1 ram C Mfg Park Davis (t1.1 Pender (D), A (3% Pender(D)GroB(12). Penn Mex Fuel (2).. Penn Ohio Ed pf (6). Pennroad Corp...... Peo L& P A (a2.40). Pepperell Mfg Co (8) Perryman Elec Co. Petrol Corp(1%) Philip Morris inc. .. Philip Morris (A). Pilot Rad T, A(1.20). Pitney B P n(20e). Polymet Mfz (31). Powdrell&Alex t4%. Prince & Whitely.... Prince& Whitely pf 3 Prudential Inv.... Pub Utll Hold war Rwy & Lt Sec (14).. Rainbow Lum ProdA Rainbow Lum ProdB Relter-Foster (40c). Reliance Managemnt Reynolds Bros Ine. . Reyuolds Met, n 2.40. Rich R cum pf (3%). Rike Kumler (2.20).. Roan Antelope Min Rockland L & P... Rolis-Roy of Am pf. Roosevelt Field.Inc.. Ruberold Co ¢4). Ryan Consolidated. . Ryerson(Jos) (12%). St Lawrence Papr M. St Lawrence P'M pf. 758 St Regis Paper (1).. 70 Safe Car H&Lt (110) 1008 Stfeway S war (2d). 758 Salt Creek Prod (2).. 2! Schiff (The) Co (2 Schulte Real Estat: Schulte Un 6¢-31 8t. Seeman Bros (3) Sex Lock & H (50¢). Seiberling Rubbe: Selected Industri Sel Ind allot cfs 5%.. Sentry Safety Cont Shattuck Den Min. Shndoah Corp(b6%). Shenan Corp pf (3) Sierra Pac Elec (2) Silica Gel et.. Sisto Fin Corp. Solar Refining(2%).: So Cal Ed pfB(1%).. e : ~Ralume ana o E @ <] P O THUDRTIG [ S o Southern Corp. So Ice & UL So Penn Ofl (12%) S'east P&L pr pf (5). Southland Roy (1) £ W Dairy Produet; S W Gas U1, . Spanish & Gen Reg. . Stan Gas & El pt (1) Standard Motors. ... Tnd(12% ) Stand Oil, Kan 2% .. Stand Oil. Ky(12.20). St Pow & LUt (1).. Surrett Corp. , Starrett Corp pf(8).. Stutz Motor Car.... Sunray Of} (4Cc) Superheater (314). Sun Inv Sun Inv ot (1), Swift Intl (), . Svrae Wash M B (1). Taggart Cerp (1)..,. Tampa Electric ($2). Thermold eum pf(7) n @ - 2. ECY Thomp Prod A 12.40. JOITTE T - N SIUR TSI PPN re ‘Trans Air Trans cfa. Tr-Lux D.L.P. 8 (A) - e Tri-Continental Cor, 47 Tri-Cont Corp of (§) 13 Tub Art 811k B (10), 3098 50% 23% Tung-Sol Liof (3).,, 1 41% 15 : 261 24% Ungerleider Fin Copp 7 20 Ulen & Co. ... 2 86% 214 Union Amer invest,, , 1 % Union Tobacoo.,,.,. 85 Sales— Add 00. Open. High. Received by Private Wire Direct to The Star Office w. Close. 83 8 82% 6 3615 1% 309% 257 40 19% 1% 58 835 17% 20% % 21 331 6% 104 40% 9 13% 94 8% B% ISTRIKES ARE VOTED IN'SOUTH AND EAST One Will Be Called if Court Overrules Gastonia Mur- " der Case Appeal. » By the Assoclated Press. PATTERSON, N. J., December 24— Determination to call two national strikes was voted before the close here Sunday of the two-day convention of the National Textile Workers. To work up sentiment for these strikes the dele- gates agreed to appoint 15 organizers to work in the Eastern States and 25 organizers in the Scuthern States. One strike is to be called in the event that the court’s decision in the appeal of the seven Gastonia, N. C., strikers is unfavorable to the defendants. They were convicted of murder of Police Chief Aderholt, the outcome of tetxile strikes several months ago at Gastonia. The other decision calls for a de- termination to bring out on strike the silk worketrs of Paterson, Scranton and Allentown, Pa., and Pawtucket, R. I. next Spring for the purpose of impro ing the conditions and wages of silk workers, The convention delegates criticized Willlam F. Green, president of the American Federation of Labor, for his statement to President Hoover that in the present condition brought about by stock market deflation, the American Federation of Labor would not under- take any strikes. United Textile Work- ers’ delegates represented that Green by his statement has “given first con- sideration to the bosses, instead of to the workers.” ‘The delegates abolished the office of national president. Hereafter the or- ganization will be ruled by a national council of 41 members, from which will be selected an executive committee of 15 members. James P. Reld, Provi- dence, R. I, retiring president, was elected chairman of the executive com- mittee. Clarence Miller, one of the seven convicted Gastonia strikers, was elecudmncnury-trensurer of the or- n. BROCKLYI IS S OF NEW STATON Columbia System Will Not Take High-Powered Unit Into New Jersey. BY MARTIN CODEL. Rather than incur the fll-will of any P of the audience it proposes to serve, the Columbia Broadcasting Sys- tem has decided definitely to forego plans to construct its new high-powered key station anywhere in the State of New Jersey. Instead it has selected a site near the present transmitter of station WABC, on the edge of 3rooklyn. Sam Pickard, vice president of Co- lumbia, has applied to the Federal Ra- the new 50,000-watt station at the newly chosen location. The site has been fleld tested to satisfaction for its radia- tion properties, and will be leased from the city of New York, he told the com- mission. It is planned to reconstruct WABC by degrees. Instead of going to 50,000 watts at once, it will start with 5,000 watts and then step up its power gradu- ally, and only after observing the ef- fect on nearby reception. This will be done out of consideration for adjacent listeners who, as do those in New Jer- sey, may fear the station's possible blanketing effects, according to Mr. Pickard. That thé commission will authorize this move, which means a dismissal of the vigorous case casried to the com- mission by the attorney general of New Jersey against the first location selected, is practically certain. In the first place, % | the New York station will be kept within the New York ‘State boundary. Secondly, the chain organization prom- ises to give due consideration to the desires of the nearby listeners. More than that, from the commis- sion’s point of view, the Federal author- ities will be relieved of the perplexing problem presented by the legal ques- tions raised by the State of New ‘Jersey about their right to fix the location of a broadcasting station. While the ema- nations from the station are regarded as interstate commerce, the severest ef- fects are felt locally, and the State claims it has rights of its own which can be asserted. On the part of the Columbia chain the site is highly favorable for cover- age of the whole metropolitan New York area, which includes the nearby New Jersey cities. In fact, the new station, with its high power, will undoubtedly cover most of New Jersey with its pro- grams. (Copyright. 1920, North American Newspaper Alliance.) CHICAGO, December 24 (#)—Stirred into excitement seldom rivaled, the Chi- cago wheat market today went skyward nearly 6 cents a bushel, a startling offi- cial crop estimate from Argentina fur- mshing the incentive. The Argentine estimate pointed to likelihood of Euro- pean need of about 32,000,000 bushels— more wheat from North America than has heretofore generally been counted upon. This situatien was intensified by reports that relatively little of the new Argentine wheat crop will be available for shipment before the middle of Feb- ruary, and that world import supplies until then must come mainly from the United States and Canada. After rising to a maximum height of 5% cents a bushel over yesterday's finish, Chicago wheat closed nervous, at 43g to 5'4 net gain. Corn closed % to 75 up, oats, % to 1'% advance, and provisions unchanged to a rise of 15 dio Commission for authority to build| | Commodity Notes Special Dispatch to The Star. Meats, CHICAGO, December 24, — Cold weather - stimulated buying of dressed meats toward the close of this week, with the result that prices advanced compared with the previous period. Beef was 50 cents to 1.00 higher; veal, calf and lamb cuts 1.00 up, pork 50 cents to 1.50 higher and mutton about unchanged. “ Lumber, SAN FRANCISCO.—Pine and red- wood lumber production in California during the last month increased by 6.5 per cent over that month last year, though production for 11 months was below 1928's shipments and new orders were 13.6 per cent, respectively, below figures for November a year ago. Auto Equipment. AKRON.—Because of the heavy de- mand for automobile batteries, the Firestone Battery Co. is planning large factory expansion. The company also has decided to erect a large bat- tery plant on the Pacific Coast in the immediate future. s Flour., OKLAHOMA CITY.—Flour millers report plenty of wheat on hand to cover their sales and quiet conditions prevall in the State because of foreign activity at this time, according to Frank Foltz, secretary of the Oklahoma Mil- lers’ Association. EQUIPMENT ORDER TOTALS HUGE SUM C. & 0.to Spend $42,500,000 in New Stock—Others to Follow. BY J. C. ROYLE. Speclal Dispatch to The Star. NEW YORK, December 24.—A nice little Christmas gift went out today to the railroad equipment manufacturers of the country in the shape of an order fer $42,500,000 worth of equipment from the Chesapeake & Ohio lines. The specifications included 11,651 units and covered requirements for the Chesapeake & Ohio; the Hocking Valley and the Pere Marquette roads. The order called for 11,350 freight cars, including coal cars; 130 locomo- tives and 301 units, comprising mail cars, cabooses and coaches of various sorts. All will be used to retire present equipment, which the Chesapeake & Ohio lines feel is not up to require- ments of modern railroad usage and ef- | ficiency. Financing Plans. The requirements in the way of new | equipment for the Erie Railroad and the | Nickel Plate, the other main units of the | great Van Sweringen system, still re- | main to be definitely determined, but lbhe writer has been reliably informed from executives of the system that these | requirements will bring the amount of immediate purchases by the Van Swer- ingen interests to $100,000,000. ‘The individual roads will finance these purchases individually, according to their various needs. Some will be bought out of accumulated funds in the treasuries of the roads. Others will be financed through short-term equipment trust certificates. The latter method is favored because the financiers involved do not deem it an advantageous time to do long-term bond financing or to make issues of new clrltal stock. This is specially true in regard to the Erie. This road has put its first and second preferred on a dividend hasis. Moreover, there is small doubt that the Erfe will wind up this year with eapnings on the common of more than $6 a share after preferred dividend re- quirements. The common stock earn- ings undoubtedly would have been over $8 a share had not the break in stocks disarranged business to some extent. It was proposed at one time that the Erie should retire its present first and second preferred issues and replace them with a prior preferred without altering the sharc position of the com- { mon. This was not acceptable to some holders of the present preferred, but they may change their attitude in view of the earning position of the common as shown by the 1929 report, which is to come. Should they do so, it is likely that the prior preferred plan with the shares bearing interest at 6 per cent instead of the 4 per cent now paid on the preferred issues might be revived. In the meantime the Eric will do its financing through short-term equip- ment trust notes. 'The fToregoing is the first definite step taken in the railroad situation since the announcement of the Inter- state Commerce plan for consolidations of the carriers of the country into 21 systems. It is held in the lmitea railroad circles which have become ap- rised of it that there are possibilities of sgreement under the commission s plan, or, if not that, that carriers will at least: know where they stand and be free to pursue the course that seems best to them. country will know whether the proposal for railroad consolidation represenus “‘economic philandering” or whether it The legal lights attached to each of the 21 systems are burrowing like moles beneath the surface of the I. C. C. proposal. It is doubtful if a single road In- volved is thoroughly pleased with the plan, f they were, they would not admit, it. (Copyright, 1929.) ity MERCHANTS & MINERS'. BALTIMORE, December 24 clal).—Closing one of the most profit- able vears in its history, the Merchants & Miners' Transportation Co. will add at least $750,000 to surplus and depre- ciation reserve out of 1929 earnings. This is after provisions for all charges and dividends on the capital stock. During the year the company pur- Board at a total cost of $200,000. To recondition these boats cost another $50,000, the net result being that the company has two additional vessels and c?n'l!s approximately $500,000 to sur- plus. METAL MARKET. NEW YORK, December 24 (#).—Cop- per quiet; electrolytic, spot and future, 18. Iron steady, unchangad. Tin steady; spot and nearby, 37.87; future, 40.37. Lead steady; spot, New York, 6.25; East St. Louis, 6.10. Zinc quiet; East St. Louis, spot and future, 5.50. Antimony, 8.25. FINAN CIAD, PP 17 INPORTED WHEAT FOUGHTBY ALY Steady Progress Is Reported in Mussolini’s Annual “Battle of Grain.” ROME (#)—Ttaly is winning “The Battle of Grain.” Annually she fights this battle, and once a year she de- cides who has won the struggle. “The Battle of Grain,” as Mussolini calls it, is the struggle of wheat grow- ers in Italy against foreign farmers. In a nutshell, it is the battle of Benito Mussolini to make Italy independent of the wheat flields in the United States, Argentina, Canada and Australia. Hopes for Iindependence. The annual day of reckoning this year ylelded these figures: In October, 1929, Italy imported 237,760 hundred- weight of grain. In the same month of the preceding year she imported 1,944,- 753 hundredweight. This is a gain of 1,704,933 hundredweight. In the four months frem July to October, Italy brought in 2616,720 hundredweight. Last, year, for the same period, she im- ported 7,072,697. This bettered the trade balance by $30,000,000. Italy hopes that next year she will be completely independent of foreign producers of wheat. This will conclude one phase of her struggle to make her- self self-sufficient in the three great raw materials, wheat, coal and steel. She is rapidly becoming independent of coal by developing hydroelectric re- sources. She will probably never be lrgdfipmdem, in the case of iron and steel. Mussolini is fighting “The Battle of Grain” with laws. One law says that a farmer may not abandon his farm without permission from the provincial Within a year the railroads of the |City has real possibilities of accomplishment. | Gice (Spe- | chased two vessels from the Shipping |g; government. This permission is rarely given. If he goes without permission he is liable to arrest. Must Cultivate Land. Another law says that owners of wide tracts of land are to place a certain per- centage of that land under cultivation, If they do not, their land is confiscated, or they pay fines. Then six months ago the government, to aid the farmer, sharply increased the import duties on wheat. The combination of all these efforts has given the desired result. And the price of bread, despite the increased im- port tax, has decreased. CHICAGO LIVE SEI‘OCK MARKET CHICAGO, December 24 (/) (United States Department of Agriculture).— Hogs—Receipts, 20,000 head, including 5,000 direct; market opened 25 to 50 cents higher; late trade slow, with part of opening advance lost on hogs scaling over 200 pounds; top, 10.00; good to choice, 250-300 pounds, 9.60 to 10.00; 200-250 pounds, 9.60 to 10.00; 160-200 pounds, 9.65 to 10.00; 130-160 pounds, 950 to 10.00; rlcklng sows, 8.15 to 9.00; pigs, medium to choice, 90-130 pounds, 8.75 to 9.75. Cattle—Receipts, 6,000 head; calves, 2,000. Choice fat steers and yearlings, strong to 25 cents higher; best year- lings, 16.00; other grades, fed steers, fat she stock and bulls around steady; veal- ers, 50 Yo 75 cents higher; slaughter classes, steers, good and choice, 1,300~ 1,500 pounds, 2.75 to 15.50; 1,100-1,300 pounds, 13.00 to 16.00; 950-1,100 pounds, 13.25 to 16.25; common and medium, 850 pounds up, 8.25 to 13.50; fed year- lings, good and choice, 750-950 pounds, 12.75 to 16.25. Heifers, good and choice, 850 pounds down, 11.50215. common and me- dium, 7.75a11.50; cows, good and choice, 8.25a10.75; common and medium, 6.40a8.25; low cutter and cutter, 4.50a6.40; bulls, good and choice (beef), 8.75a9.75; cutter to medium, 6.25a9.00; vealers (milk fed), good and choice, 13.00a16.50; medium, 11.50a13.25; cull and common, 7.25a11.50; stocker and feeders’ steers, and choice, all weights, 10.50a10.75; common and me-: dium, 8.25a10.25. Sheep—Receipts, 17,000; market ac- tive, mostly 50 higher; bulk fat lambs, 13.75a14.25; top, 14.35; fat ewes, steady, 5.25a5.75; feeding lambs, nominal, Ewes, medium to choice, 150 pounds .down, 4.50a6.00; cull and common, 2.50a4.75; feeder lambs, good and choice, 11.75a12.65. STEEL INQUIRIES. NEW YORK, December 24.—In- quiries received by Midwest steel op- erators indicate that the first quarter of 1930 will be substantially more ac- tive than the current quarter. SILVER QUOTATIONS. NEW YORK, December 24 (/) —Bar silver, 47%; Mexican dollars, 355 NEW YORK BANK STOCKS. NEW YORK, December 24 (Special) — ) Bid. Asked.. America .. 130 133 Conunental * Fifth Ave. Yorkville ... TRUST COMPANIES. Banca_Comm Ital.. . nty ust X United States. . 1929.— 8tock and Dividend Rate. United Corp war Sales— 38 7 Unit Lt&Pwr,A (60c) Utd Lt & Po pf (6).. United Molasses Ltd United Prof Sh (1.20) Unit Reprod A. U S Dairy (A) (5). USFoll B(1)...... U S Gypsum (1.60). 3 & Unit Verde Ext (4). 1 United Wa!l Paper, 1 Utab Apex (50c) . Utll Power&Lt(31) 1 Utility & Ind..... 1 Utll & Ind pf (1%).. . Utllity Equities. 1 8% Van Camp Packing.. 8, 1. 11 VanCampPkgpf1%. 12 1 Add 00. Open. High. Low. Close. 244 v. 1920.~ Low. 5 Watson 814 2% 0% 2% 374 " 8% 3% 0l 2% 3 annual payment. Stock and Dividend Rate. Vacuum Ol (14%).. Venezuela Ptm(20c). Vick Fin Corp. g Walker (H) (1). Wayne Pump. . West Afr Exp (60c).. i Wes Auto Sup A (3). Winter (Benj). Yukon Gold. 13 Zonite Prod (1.60) RIGHTS. .01 Sterra Pacific. % .13 .08 Trans Corp.... Dividend rates in dollars based op last cuarterly or semi- *Ex-dividend. tPartly extra. tPlus extrs In stoek. cash or stock. b Pavable in stock. d Pavable in preferred Sales— Add 00. Open. High. Low. Close, 5 96 96 945 94% 186 2% 2% 2% ™™ T 556% 55% 25 10% ™ 53% b55% 26 25 10 (J W) Co. 33 33 % % 18% 18% 18% uooy 08 .08 .08 .08 2% | Can: ai 4% A RAIL MERGER PLAN - STIRS 0PPOSITION Wall Street Believes I. C. C. Proposal Lacks Elements Favorable to Carriers. H BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 24.—After a week end study of the Interstate Com- merce Commission's plan of railroad consolidation, Wall Street reached the conclusion that this would not contain the elements favorable to a general or iimmediate improvement in railroad securities. So it sold the “rails” along with industral and public utility issues. This attitude was to have been ex- Pfcled, inasmuch as there was an entire lack of unanimity among the members of the commission themselves as to the best way of unifying the carriers and by the prns&ect of a prolonged contest among Eastern railroad executives to hold what they will be asked to give up and in opposing allocations that they feel too much strengthen their com- petitors, Porter's Stand. Commissioner Porter, who had most to do with drawing up the plan, strongly objects to five Eastern systems. He is an out-and-out four-plan man. He very frankly states in his opinion that the fitth, or Wabash system, would be “in truth and fact a second Pennsylvania system.” Commisisoner Eastman goes ever further than the majority of the commission in favoring nine instead of five Eastern lines, which would involve ystems centered in the Reading, Lackawanna, Erie, Chesapeake & Ohio and Norfolk & Western in addition to the lines built up eround the Pennsyl- vania, New York Central, Baltimore & Ohio and Wabash., Commissioner Taylor takes exception to the merger of Northern Pacific and Great Northern, which he regards as unlawful in view of the United States Supreme Court decision nearly 30 years ago which determined that these ‘were competing lines. Commisisoner Mc- Manany has a different view of the Flan than his associates. He argue hat the conditions of 1920, which com- pelled the transportation act and which authorized the commission to prepare the consolidation plan are not present in the same form today and he does not feel that railroad consolidations will accomplish a great deal in effecting economy or more efficient operations. One of the strongest opponents of the plan as set up is Prof. Willlam 2Z. Ripley of Harvard University, who pre- pared the tentative merger scheme promulgated by the Interstate Com- i merce Commission in 1921. Like Com- missioner Porter, he does not favor the Wabash System, which brings together & number of relatively weak and unre- lated lines into a group that he believes will never be able to compete with the other four Eastern systems. Mr. Rip- ley voices the opinion generally ex- pressed in railroad and banking circles today that the most illogical of all of the recommendations of the present plan is that which brings the Seaboard Air Line under the jurisdiction of a Northern road. Other opportunities for controversy are the separation of thr Chicago & Northwestern and the Omahe from their long-time ally, the Unior, Pacific, in the effort to create system number 11, of which the Northwestern is the center, and the failure to giv: the Chicago, Burlington & Quincy ¢ Western outlet after cutting it off from the Great Northern and the Northerr Pacific. Battleground in East. Among those who have been active in promoting the plan for a merger of the Northern Pacific and Great North- ern, to which between 70 and 75 pet cent of the stockholders of both road: agreed and had deposited their shares, the proposal of the Interstate Com- merce Commission found favorable re- sponse. In weighing the advantages of a mer- ger of these lines which, it is said would produce economiss of $10,000,00: a year, against continued possession of the Burlington, it seems to be felt the the former woud be preferable, as it would end the bitter opposition in th Northwest to joint control by th- Northern roads of the Burlington. Thes- roads would receive ample compensatior lnd“ul\:]flrzrt nnxlcu rh'n hl‘:\ccme in ar equitable transfer of tI ope: w other interests. bl The main battle ground over th- plan will be in the East and betweer those roads that have been trying t g2t together for several years, but cam: to the point in 1928 when they could no longer trade with one another anc abandoned their conferences. The plan as recommended shows a greater de- gree of consent to what the Baltimor~ & Ohio and Nickel Plate systems hav: already accomplished than to the Penn- sylvania Railroad. This may be du to the activities of the latter throug: purchases by subsidiaries of competing lines, and unofficially held by the In terstate Commerce Commission to b: against the spirit of the Clayton act. PARIS BOURSE PRICES, PARIS, December 24 (#).—Price: were firm on the Bourse today. Three per cent rentes, 83 francs 9" centimes. Five per cent loan, 10 francs 90 centimes. Exchange on London, 123 francs 8% centimes. The dollar was quoted at 20 francs 36!z centimes. POTATO MARKET. CHICAGO, December 24 (#).—(U. € Department of Agriculture) —Potatoes— Receipts 57 cars, on track 219 cars, to- tal U, 8. shipments 412 cars; tradin® light, market firm on Northern stock weak on Idaho; Wisconsin sacked roun- whites, 2.40 to 2.50; Idaho sacked rus- sets, 2.65 to 2.90. TREASURY CERTIFICATES. (Reported by J. & W. l-llg:un & %7'-’)" Rate—Maturity, Slas Mar. 13, 1930, 100'14-32 1001 FOREIGN EXCHANGE. (Quouations furnished by W. B. Hibbs & Co.: Nominal gold Selling check. value (or par). London, pound. 34.8665 Paris, franc 193 Brussels, Oslo. crown. .. Stockholm, crown SHORT-TERM SECURITIES. (Reported by J. & W. Seligman & Co) Allis-Chalmers 55 1037 B 150 2 eesSngse v, 4155 1030 dian Nor. Buy. 4ios I & Ohio Rwy. 4i3s 1 Chicago Rock Island 4s 1034 Chiie ‘Coppor Co. 55 1047, Gudahy Packing C: Edison Elec. 11l. Bost. 418 1 Gen. Mot. Accep. Corp. s 1931. Gen: Petroleum Corp. 5y 1640.. Geodsens T & R, 58 1957 hillips ‘Petroleum 548 193 ure Ofl Corp. 5las 1937, Shell Unlon Oil Co. 5s 1941 e Oil' 5lg8 19: I of N. J. 55 1946, 1 Lo Jr M. & 8 Ry 62 Et. 1."'Southwestern Ry. 4§ 1032] SWifi & Co. s 1992....... . Uniou Oil Co._of . 55 193! United Drug Co. 85 1935...... & Payable in stock, \vx\';st’slm !E':tr]:ecc:a. 'n';l Y Theeling Steel Corp. Stas 1048. Wheeling Stecl Cors. 4126 1058 '