Evening Star Newspaper, December 28, 1929, Page 17

-FINANCIAL, THE. EVENING STAR., WASHINGTON AUTO PRODUCTION | (= o BONDS oo REVEALS INCREASE Two Manufacturers Back on Full-Time Basis—Dealers’ Trade Improves. BY J. C. ROYLE. Special Dispatch to The Star. NEW YORK, December 28.—The two leading manufacturers of quantity pro- duction automobiles are back on a full-time basis. Dispatches from De- troit today indicate that the period of | hesitancy has passed for some pro- ducers. ~ Others still are working on a 4-day week schedule, but soon expect 10 _be back on a regular full-time basis. The Ohio and Pennsylvania auto sheet mills are reflecting the improvement, but some automobile centers other than Detroit are still restricting production Manufacturers have been hesitating because they had to steer between (wo dangers. One was the possibility of | overloading already burdened dealers. | The other was the fear that'if demand | developed quickly after the annual | shows, as it has had a habit of doing, they might not have sufficient cars on hand to make deliveries. Used-Car Sales. Meantime, dealers are not doing badly. ‘They are finding the used-car situation A help. One large distributor explained (Sales are in $1,000.) Sales. Hi 99 101 FOREIGN. Sales. High. Argentine 6sJu 59. 95% Argentine 65 Oct 59 94% Argentine May 61.. 95% Argentine 5135 62.. Argentine 6s A Argentine 6s Australia 4348 56 Australia 58 1955 Australia s 1 Austria Bank of C| Belgium 6; Belgium 615 Belgium 7x 19! Belgium 7158 Belzium 8s. Bolivia Ts ct 69.. | Bolivia 8=. | Bordeaux 6s Brazil 6138 1 Brazil 7 Brazil 8= - Bremen State 7s. Canada 5= 1931, Canada 55 1952, Chile 6s 6 Chile 6s 61 Chinese Gov Ry 88, Colombia 6s Jan 61. Con Pow Japan 7. . today that when used cars are bought | ¢ by the dealer on a proper basis, they provide an invaluable adjunct to a slow new-car demand. Whether the public is buying new cars or not, the dealer’s overhead expenses go on just the same, The used-car business at such times | gives the dealer volume and aids in | keeping sales forces eflective and in reducing costs. The result in the case of the big distributors is “hourly sales,” instead of dally or weekly sales. Another advatnage is that it permits the dealer to enter price fields which his_agency contracts otherwise' would keep closed to him. - For example, a dealer who is an agent for a car in the | $3.500 class can by judicious handling of ‘used cars attract possible customers | from the fields ranging from $2,500 to There is 1o question but that manu- | facturers are going to nurse dealers along more carefully than in the past. | Yet it is a noticeable fact that the most | prosperous manufacturers are those | who have refrained from burdening the | dealer with excess stocks. One leading | company makes a practice of an- nouncing more emphatically sales to ultimate consumers by dealers than sales of the manufacturer to dealers. As a result it is possible to see at 8| glance just what stocks are in the nds of dealers at any date. In Oc- tober the maker sold 19,000 cars less to dealers than dealers sold to consumers. In November they sold dealers 30,000 cars less than the latter placed in the | hands of customers. Consequently, the dealers are not overburdened. They are understocked. Aireraft Industry. Finland 515 F Finla German 7s..... Greek 6s 1963, ree State 5s. Ttalian Pub 8 Japanese 4. . Japanese 8153 Karstadt 6= 1943, Kreuger&To'l bs ct. L exico 4: n! Mexico 5s asnt, Milan 6%s. ... Montevideo 7s Netherlands s 72 New So Wales New So Wales 5| orway 5x 1963 Norway 5;s. Norway 6s 1944 Orient dev 5% 5! Paris-Ly-Med 6s. Peru 65 1960. .. Peru 651961 Poland 6s 40 Poland 7s (rets) Poland 8s. .. Queensland 6x Rhinelbe Un 7 Rhine Wst EP Rhine Wst EP 68 63 Rio de Janeiro 6148 | Rio de Jan 85 1946. Rio Gr do Sul 65 43 Rome 6%58.... Sao Paulo 83 193 Sao Paulo 1950 Saxon (PW) T Selne 75 42.. Serbs Cr Slov 78 Serbs Crot Slo 8, Soissons 6x Sweden 5138 Z d | Tokio 5348 1961. ... t at the moment. t manufacturers are finding methods ineffective. The they have found, must be put display, and automobile dealers have planes, proj that auto dealers who g0 into the airplane selling business Id keep one or two planes on dis- y and the remainder of their stocks Utd Kingm 5 3 Uruguay 6s 191 Vienna 6x . 3 2% Alleghany Cp 58 44. Alleghany 5s 43 Cor 5% 8 AmChem 5% scv 49 73 1024 Am Sugar Ref 6x... 7 103 Am T&T cv 4839 414 138 8 103 1 103% 6 99y 10 100 5 9 &t nearby airports. — BOND MARKET FIRM. Bmall Gains Occur in Many Issues. Trading Dull. NEW YORK, December 28 (#).—The bond market was firm at the opening today, although trading was dull, Small fractional gains of representative issues, including American Sugar 6s and Missouri Pacific 58, series F, while Youngstown Sheet & ‘Tube 5s and International Match 5s were unchanged. Convertibles showed only small fluc- $uations. BANK TO QUIT SYSTEM ON ORDER TO CUT LOANS By the Assoclated Press. DAVIS, Okia, December 38.—De- elaring it was necessary for his bank to leave the Federal reserve system or go out of business, H. S. Emmerson, presi- dent of the National Bank of Davis, an- nounced yesterday the institution would surrender its national charter and be- come & State bank, effective January 1. Demand of a Feedral examiner for & 75 per cent reduction in local loans of the bank precipitated the decision to ql!il;‘ the reserve system, Mr. Emm:non' sal Mr. Emmerson said he had protested the examiner's action to Senator W. B. Pine and that Mr. Pine had told him the plight of the Davis Bank was char- acteristic of banking conditions existing generally throughout the State. The Davis banker sald the Federal examiner had ordered his bank to cut its local loans from $175,000 to not more than $40,000. Mr. Emmerson sald he protested that such action probably would work a hardship on his com- munity and that the examiner replied, “To hell with the community; you are here to make money.” ‘The banker said his institution had deposits of approximately $300,000 and & capital of $25,000 when the examiner made his demand. Clearing House Statement. NEW YORK, December 28 ().— Clearing house statement: Exchanges, $1,291,000,000; balances, $168,000,000. Weekly exchanges $5,915,000,000; balances, $864,000,000. GERMAN BONDS AND STOCKS. By Special Leased Wire to The Star. NEW YORK, December 2 Ger Gt Red Loan with drawing ctfs attuchea per 100 Kt M. . 5 or d Loan without dra in> cifs per 1,000 R M am| Am, North Germa. Krupp $s 193 Dusseldor{ Frankfort Munich 4s nr (Quoted in dollars per A E G (German Ge Elec) A E G (German Ge Eiec) Privat Bank DI .- Disconto Gelischiaft Berlirer Handles. . Dresdner Bank Deutsche Bank 4400 4 pld B 9.00 41.00 3000 40.00 £5.00 . 5107 Am Wrig Pap 65 47. 6 Armour&Co 453 39 Armour Del 5 AU GuIf 5859, Atlantic Refin b Bet Steel 5% 5 53. Bethlehem Steel 6 Certn-Ta 5% x rets Chile Copper bx....128 Col G&EI 58 May 52 13 Colon Oil 68 38..... Com Invest 5158 49. 96 Con Coal Md bx. NYS 891 8% 100 106 104% b7 95 100 697 8314 6015 106 a5B oS ReSeva¥arua-la Goodrich §%s. ... Goodyear 58 rets. .. Humble O & R §i TIL Bell Tel 6. . Inland Stl 4148 78 Intl Cement 5 48 Intl Match 5u 47 Iut Mer Mar 6; Inter Paper 6x Int Tel & Tel 4 Int Tel&Tel 41in ¢ Lackawanna Sl bs. Laclede 58 Lautarc Ligget&M) Liggett & Myers Lorillard 5% s Lorillard (P) 78 Manati Sugar 7 MeCrmick KR 6 34 Midvale Steel bx. .. Moutans Pow 58 43. Mor's & Co 15t 4738, 105% 1Y% 100 103% 9315 92 93% 121 100% 100% 76 100 118% 83 105% 69 1014 100% 101% 81% rudiZanBe~e » = Y- Tor cZrnBumioon Badvrmre—Basda-Barnmma at Radiator 6745, . Y Edison 6% N No Am Ed 55 62, Nor Ohio Tr&L 6s. . Nor St Pow b Pacific PacT & T 58 52 Fan Amer Pete 6x. . Pathe Exchange 7s. Phila Co 55 67. . Phillips Petro 5% Punta Alegre 7s Rem Rnd 5% war. Sinclair Ofl 6s. ... | Sinclair Oil 6% | Sinclair 011 Sinelair Crude 5 Skelly O11 5% 103% 101% 103% 101% 96 51 106 101% 8214 10015 95 87 Southwest Bell bs. . tand OIL N J 46. Stand OIl N Y 4%s. Sug Es Orient 7s. .. Tenn KlecPowés 47 pevox 1944 178 Rub 1t rf 58 USRub 7% 2 United Drug 58 53. . Utilities Pow 5158. Vertientes Sug 7s. . 6614 Walworth 6545.... 1 85 Warner Sug 7841.. 2 1024 Westn Unlon 58 51. 10 101% White Kagle O 5% . 17 104 White Sew Mach 5 71 | Wilson & Co 15t 6. 4 100% Win Repeat Ar7%5s 4 101 Youngstn 8 & T 55. 19 101 8 3 4 2 9 Darmstaedter Bank Hevden Chem Mercur Benk Nor Ger Lioy: Avstrian A E G (Ge Juan Fernandez, an island off the coast of South America, is bslisved to be the original of Robinson Crusoe's i<l2nd. Tt is owned by the Chilean gov- ernment, 10.00 250 12.00 530 Vienna d RAILROAD. ! Ann Arbor ds 1 52 | Atchison adj 4= B Atchizon zen 4 3 92y DAtchdeh 4343, 34 128% {Atlantic C L, 1st 4s, IH"Y.'( IB&OGod 45 107 a3y R&OCy %8 2 e B&oOrt 11 4 10 Low. 94% 94% 9519 Low. Close. 99 14 16 10110 10113 fusss 9914 9914 7 9919 9920 10 1114 1114 1144 Close. 943, 7943 1023 9914 24% 67 971 97% o 1005, 109% 108% 110% 90% 100 & 113% MISCELLANEOUS. 99% 100 94 102 102% 1351 10215 103% 107 67 8% 100 105% 104% 57 4% 929% 697 83 6014 105% 106% 920% 100 103y 9314 911 97 87% 930, 118% 100 100% 74 100 118% 821 105 68% 101% 100% 101% 81% 103% 36 7% 1% 56 93% 101% 103% 1013 96 51 105% 101 813 100% 94% 86%s 66 86 102% 101 103 6 10014 118 100% 52 91 92% 128 93 azm, 98 118 843, 1063, 823, 974 100% | B & O 1st 58t B&O It iwp 6 B & O Toled | Braway & 7th Boston & Maine Can Nat 44530 | Can Nat Can Nat 434 Canada Natl Can Nor 615% 1 Ches & O con 58 ST B&QA:s n5s51.. Chid Chi Chi Mi 1 P&Pachs Chi & NW 6% Chi Rys 58 Chi R1& P gn 4 hi R 1& P rf 4s. COO&S Colo & Sou 4% 8 Cuba Nor 5% s ets Den & Rio G cn 4= DRG & Wst 5 Des M&FD 45 ctf; Det United 4238 1a Kast C 58 74 Fonda J&G 4 %852, Gr Trunk st db 6s Grand Trunk 7s Gt Nor 5s.... Gt Nor 5128, Gt Nor gen 7 Hud & Man ref 55 111-C-C-StL& Int Rapid Int Rap T'r 5 Int Rapld Tri Kan City Lake Shore 45 31. L& N 41552003, Marker St 7s 40, Mil El Ry & L b8 MStp & MStP&SSM 58 gtd Mo Pacific gen 4 94y 67% 88 21 112% 102'% 101 103 k(J Mo Pac 5% G 78. Mo Pac 5 NOTex& MssA NYT&Mb% N Y Cen deb 45, NY NH&H cvdb 6 N Y Si Ry 4 NY StateRy 6% NYW&B4Y Nor & 8 gen b Nor Pac 38 2027 Nor Pac 48 Pen: 4%, Penna 4% 5 63 Penna gen 55. Penn 55 64 Penna 6155 Penna Gold 75. . Pere Marq 1st 58. Philippine KR 4x. FOC&SULDS B Port EI P L 6s.. Rio G West cl 45 Reading gen 4% SIL&SF4%s 78 StL W con 4x 32 n ¥ Neub A Lidx... Seab Al ref 4n Seab A L 4s sia, Seub Al con 6x. Sou Pac ref 4s.. Sou Ry gen 4 Tex & Pac bx C 7 Third Ave adj 6x. Union Pac 1st 45, Union Pac 43 68 U ‘Whash 55 76 B. Whash 5% 75 w West MA F%8 77, Wis Cent gn 48 49 mer | Baltimor Batavian Pet. Co Edison Elec. Tli. Bos Ge Goodyear T. Grand Trunk o1l of P N. Y. Chi. 3 Bhillips Pet. Co. % re rp. Shell Union ‘Bit ‘co ng | Wheeling Steel Cor Wheeling Steel Cor " 18, 1014 101 101 52 91 128% 93 23y 281 . 1101% 101% 10Lis this sensom | laid B&O5s2000D.... i BKlyn Manhat 6s. .. Bklyn Un El 55 50. . Ches & O 41893 A, SP&Pac adj5s03 Chi & NW gen 4s. ., 721§ Chi N W 41582037, Chi&NW conv 43518 {111 Cent Chi4%s... NO Kansas City S 58.. Lehi Valen 4s..... LehiVgen 4% 2003. Lehigh Valley 55 20 M StP&SSM cn 4s.. M cn 5. MK&Tprinbs A. NY Sus&Wn 58 37.. Ore Short L 55 gtd. Port RL&P 718 46. RIATK & L 4%s... StT, TM&S gn 55 31, SIL TM&S R&G ¢s. SIL&SF plasA. SBAIFla 636 A. Sou Pac 4% 89 ww Virginia Ry 1t 5s.. on Pac 414867, Whash 4.5 78 rets mt Maryland 4. West Shore 45 61... T. & K. 55 Vas. 32 1933 g 47 . Rwy, 41/ & Ohio Rwy. 4 Chicago Rock Island us 1934 ‘opper Co._ 58 Siduny Packine Co. Sty Ol 5¥as 19 t Match 'Corp. 5 - 8t L. 3728 1937 0. 5n 19 Grude ONf 53 Received by Private Wire Direct to The Star Office UNITED STATES. 963 1011 50% 27 1041 109% 103% Sales. High. Low. Close. 1 101% 2 22 1 101 101% 103 103 1084 108% 94 83% 99% TRADING IS LIGHT AT D. C. MARKET ul Buying for New Year Holiday Smaller Than for Christ- mas Period. Trading for the New Year holiday this morning was nothing like as heavy as trading A week ago for the Christ- | mas holiday, but the much slower market did not prove disappointing to wholesalers. | “Christmas buying always is the | heaviest of the year,” was the comment | of a dealer, “the buying for the New { Year holiday invariably being much | smaller. “‘Consumers usually spread them- , | selves for the Christmas holidays,” the 1015 50 n 104% 109 10314 108% 110 96 961 103 601 60 47 8315 89 94 994 891 50 27 104% 107% 96%; 89 105% 1051 96% 4 101% % 104 100% 103% 26 10015 1084 26 10614 96'% 4 104% fas 1930 st. 4158 n. Mot. Accep Corp. 68 1937. Gen, Peiroleum Corp. 55 1940. 55 1997, of Canada 65 1 3 3| dealer added, “spending so much money that they necesarily have to {hold in for the New Year.” It was related by the dealer that buying for the New Year holiday usu- ally does not get exceptionally heavy until the last day of the old year, pay day with so many consumers, when their purses show an evidence of re- newed bulging. Poultry in Demand. In spite of the financial drawbacks so soon after the Christmas holiday, there was a good sprinkling of retail- ers on hand this morning looking for supplies for the week-end trade. Chickens and ducks were in much greater demand than turkeys, accord- ing to dealers, while meat dealers re- ported fairly good demand for all va- rietles of meats and meat products. There was not the usual heavy de- mand for marine products reported yes- terday. Wholesalers had supplies suffi- cient to meet demands at prevailing prices, although some varieties of fish | were scarce. Oysters were reported in greater de- mand than fish. Receipts of the bi- valves were not so heavy, however, but the quality was all that could be desired. Prices continued at levels which have prevailed the past month or more, se- lects selling at $2.60 and standards at 5. A continued firm condition of the butter and egg markets was reported, but it is expected that a break in the egg market will come before long. The market already has become easier, with | prices cheaper than they were a month ago. haulers on the farmers’ line this morn- ing, although offerings were not espe- cially heavy. Commission merchants continued with their accustomed at- | tractive displays of fruits and boin home-grown and shipped-in vegetables. Prices this morning were substan- tlally the same as those quoted yes- terday. Today's Wholesale Prices—Jobbers’ Prices Slightly Higher. tub, 40%;a41%; store-packed, 30a32. Eggs—Hennery, 55a58; fresh selected, 53a54; current receipts, 48a50. Poultry—Alive: Turkeys, young, 32a 35; old toms, 27a28: Spring chickens lai 30a32; fowls, 27a28; Leghorns, 20a23; roosters, 20; ducks, 15a18. Dressed: Turkeys, young, 40a42; old, 35a36 Spring chickens, large, 35a36; medium, 35a36; broilers, 38a40; fowls, 33a34; Leghorns, 26a27: ducks, 28a30; roosters, 23a25; capons, 35a40; keats, 50a60. Meats—Beef, 20a22; veal, 26a28: lamb, 26a28; pork loins, 24a26; fresh hLams, 25; fresh shoulders, 22; bacon, 25a26; smoked hams, 25; smoked shoul- ders, 20; lard, in bulk, 1215; in pack- es, 1315, Live stock—Calves, 14; lambs, 13a14. Chiet interest in the morning trading was direcled toward the pouitry market, considerable interest being displayed in the question of receipts and prices of turkeys. Additional receipts of the king of the barnyard fowls made it evident that dealers will be amply able to sup- ply demands for the New Year dinner. There were not many turkeys carried over from the Christmas supply, dealers a stated, and slow receipts from nearby *| Maryland and Virginla followed the Christmas market trading. Since the close of the Christmas market, how- ever, dealers have received supplics from New York, (he receipls from there being of splendid quality and in fine condition. Chickens, ducks, geese and keats were in demand this morning, the sev- eral varieties of poultry promising to grace many dinner tables the first day of 1030, taking the place of turkeys. 14 | Capons also were in demand around 35 SHORT-TERM SECURITIES. W. Bellaman & Co) (Reported by J & i 2d B Allis-Chalmers Co. 5s 1937, Y | Aluminum Co. of Am . Rolling Mills s n Tel. & Tel. 8% & Ohio 4”:‘ TBEAS‘ilx; CERTIFICATES. p Reported by 3. & W. Seligman & Co. Slightly more than 100 miles of skid- less highways have been experimentally | in the State of Oregon. | material consists of a mixture of as- | phalt and crushed rock or course gra and is spread over an asphalt road and vel Io!led shoulders, this incidentally widen- ing the road for motor traffic. | composition 1s not resistance and against skidding. This as easy regarded 921 on the tires, but it does offer more | practically, proof Spaln expects a bumper orange crop The | and 40 cents a pound. There were | plentiful supplies of rabbits to be had today, most of them being in splendid conaition, and a fair demand for them was Peglstered. Retailers this morning were much in evidence in commission house dis- trict and on the farmers’ luoe, looking for supplies of fruits and vegetables for the week end trade for New Year cele- brations and they were confronted with heavy supplies. There were supplies of vegetables from Mexico, Cuba and various sections of this country, displays giving the wholesale district much the appearance of SBummer trading. Lima beans and okra, product of Cuban gro and | peas’trom Mexico were among the vege- tables which attracted much attention. | “Lima beans, gathered several days commented a dealer, “look as ceived several hours after being gath- ered, the pods being exceptionally well filled.” Lima beans were offered at $6 a bas- ket, while the okra was to be had for $5. Peas, also in splendid condition, were offered in 45-pound crates at $5 and $5.50. Green peppers were sold at $5 a crate or 75 cents a pan; prices of beets, carrots, onions and other vege- tables selling at a wide range of prices, size and quality of the vegetables being the determining factors. Several grades of tomatoes, some re- packs from California, Florida and Cuba, and hot house stock from Ash- tabula, Ohio, claimed attention of re- tallers. The several sizes of the re- packs sold at prices ranging from $1.50 to $3.50 for 3-pan crates, baskets of the hot house stock selling from $1.25 to $2.50. Fruit Receipts. Strawberries, plentiful last were not so plentiful today. week, Only a ed at 40 and 50 cents a quart. Sup- plies of oranges and grapefruit were reported light, receipts of cranberries also being light. Light receipts of oranges and grape- fruit met a light demand, dealers re- ported, consumers probably still having portions of their Christmas supplies on | hand. Florida oranges were quoted from $3.50 to $4.25 a box, while Cali- ;(nrmn stock was quoted from $5 to $6. .2 Dealers had plentiful supplies of grapes, pears and Florida persimmons, in addition to light receipts of pine- apples, to attract attention of retallers. U. S. STEEL REPORTS GAIN IN ASSETS AS OF SEPT. 30 BY the Associated Press. NEW YORK, December 28.—The United States Steel Corporation’s total assets on September 30 amounted to $2.537.957.642, as contrasted with $2,- 442,030,233 on December 31, 1928, it | was stafed. in a balance sheet submit- ted to the New York Stock Exchange in applying to list 180,000 additional shares of common stock. The new stock is to be used in payment for the Atlas Portland Cement Co, Its listing has been approved. Tour thousand competitars took part In a recent gugical festival in London. ‘There was an increased number of | Butter—One-pound prints, 41'5a4215; | 28a30; medium, 28a30; broilers, | good as those grown nearby and re-| very light demand for them was report- | &, D. €., SATURDAY, DECEMBER 28, 1929, What Fixes Bond Prices BY GEORGE T. HUGHES. Yield. There is a way of expressing the market price of a bond in terms which allow for the effect of maturity. That is by quoting them on the basis of yleld instead of on the basis of price expressed in per cent of par. Take the two bonds we used as illustrations in the preceding article—Chicago, Burl- ington & Quincy, Illinois division, 31;s of 1947 and Chicago & Northwestern i general 315s of 1987. If the first named sells at 84, it is'selling on almost the | same yield basis as the latter at 76, or approximately 4.65 per cent. Observe that the income return— | that is, the annual return on the money it takes to buy the bond, disregarding maturity—is considerably larger on the Northwestern than on the Burlington issue. The purchaser of the Burl.g- ton bond is willing to take a little less each year because he knows that he will be paid off at par 38 years sooner than the owner of the Northwestern bond. In calculating yield, this steady ad- vance of a bond selling at a discount toward par is taken Into account. That is what yleld means referring to bonds. The mathematical formula used in cal- culating yields is too technical for ex- planation here. As a matter of prac- tice, bankers and dealers in bonds use tables which show at & glance what the yield is for any given coupon rate, given price and time to maturity. The point for the average investor to. remember is that it is the maturity yleld and not the annual income re- turn that fixes the market price. Here, too, we must make one reservation, and that is that many individual capitalists dislike to pay a premium for a bond, even though the yield is attractive, and that this sentiment sometimes does have a slight effect on the market. On the other hand, financial institu- tions have no such prejudice. Stock Exchange SALES. Po:nmlc Electric 6s 1950—$1,000 at. 06 Washington Gas 65 A—$1,500 at 10115, $300 at 100z, $200 at 100! Capital Traction Co.—10 at 747;. Potomac Electric 515 % pfd.—5 at 104. Nll.!;nll Savings & Trust Co.—20 at Washiraton 525. Commercial National Co. pfd.—10 at 99%. Mergenthaler Linotype—5 at 1061, Peoples Drug Stores pfd.—20 at 5 At 10415, Merchants’ Transfer & Storage pfd.—5 at 9815, AFTER CALL. Washington Gas 65 A—$200 at 1001, Potomac Electric 53% pfd.—10 at 1047, Capital Traction Co.—10 at 741, 30 at 74%. ‘Washington Gas 6s A—3$300 at 10015, $200 at 10015, Capital Traction 55—$500 at 9134, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Amer. Tel, & el D. C. Paper Mfg. 6s Pot.” Joint Stock Ld. W. M. Cold Storage 5. h. Cons. Title 6s STOCKS. PUBLIC UTILITY. Amer. Tel. & Telg | Capital Traction Go. Washington Gas N.'&'W' Steambont Potomac Efec. §r Foiomac Bin National Cs Columbia . Commercial A . TRUST COMPANY. American Securit: Continental Trust. . 1 Merchants' B National 8 Union Trust........ Washington Loan & k SAVINGS BANK. American Corcors Firemen's * National Union' . 3 "6 MISCELLANEGUS. Barver & Ross: Inc.. com. hevy Chase Da 2 Columbiu 8:"}1'& el | B. c I-American Co Federal-American pfd Lanston Monotype Merchants” Trans e e com’ wm'“'fld‘; l!‘E‘VfiL Corp. ar Yo “Ex dlvidend. P Pl % “oxtt i S8 Tent extra. l’ Der cent extra. 0 cents extrs, Unlisted 7D:p-rlmen!. BONDS. Army-Navy S, Bid. Asked. Cosmos Club. B4 Anacostia Bank. Sncks. Chapin Sach: Shapin Sachs 8% Connecticut Ple' co Chr.'“Heurich Bry, apin Gl anklin Nat International Mille; Northesat ol oa e2st - Bavin Park 8a h ark 1 Co. Raleig 3 Washinston Savings' Han| ns. C Washicgion Title Ine. Co. ushington Base Ball Club Woodridge-Langdon Sav. Bank. il Superstitions of French Peasants. To a considerable extent, the French peasants still attach credence to the evil eye, to witches, to were-wolves ana to other weird medieval superstitions, in spite of years of persistent effort w eradicate these Jrlmltlve beliefs, In many remote villages of Normandy and Brittany belief In heathen deities also survives. Sacred trees are the object of midnight worship, when young girls gather to dance in the moonlight, as in the days of Druidical heathenism. Healers and medicine men abound in the rural districts and certain animals still are treated with reverential awe. Cases involving su- perstition are constantly coming to the attention of the French courts, ‘Twenty-five thousand dogskins, valued at $107,000, were shipped from Harbin, China, to the United States in three months of 1929, +| for the curtailment of tin production EUROPEAN TARIFF WALWUNTING] {Increase in Schedules’ Held| Bar to Economic Recov- | ery of Nations. BY JOHN F. SINCLAIR. Special Dispatch to The Star. year closes with many people dreaming | of a United States of Europe. It has| |been a poet's conception, dreamed of | { for hundreds of years. But it remained |for Aristide Briand, former prime min-| | Ister of Prance, to give it life and mean- ing in modern Europe. ‘The treaty of Versailles added more than 5,000 miles of frontier in Europe. ‘These new borders only added more difficulties to the badly understood eco- nomic problem. No European nation, with a possible exception of Russia, is as_self-supporting as is the United States. But tariff walls have been raised higher and higher by the 35 dif- ferent nations in Europe, only to ag- gravate instead of helping Europe's economic recovery. Aristide Briand saw the foolishness of setting up tariff walls under such conditions, “A United States of Eu- rope.” thundered the eloquent Briand, “with a trading zone big enough to re- store peace. and prosperity to nearly 300,000,000 persons, Yes, and able to compete with another United States, grown powerful through the last 100 years by free trade within its own ter- ritory, the like of which the world has never seen before.” ‘Theodore M. Knappen, dynamic writer, has stated that Europe with tariff banners torn down would have 4 home market far greater than that which the United States has today. Not counting Russia, it would include a vast nation with 2,000,000 square miles and 350,000,000 people. Europe combined could have a tariff wall all around it and be as well off as the United States. But cut up, as it is now, into different nationalities, and it presents a sorry picture of busi- ness efficiency. The expansion of free trading zones means ultimately an economic union of the world. When that day comes the standards of living of the world will be much higher than they are today. Mayor James Walker of New York will receive in 1930 the highest salary paid to anv State or Government official in the United States, excepting only the President of the United States. By comparison the salaries of governors look very small and unimportant. Gov. Roosevelt of New York is the highest paid governor, receiving $25,000 annually—$15,000 less than New York's mayor will recelve. Other “high"- salaried governors are $18,000 in Penn- sylvania, $12,000 in Illinois and $10.000 in each of the following States: Cali- fornia, Florie Massachuset Jersey, Ohio and West Virgini Two governors are in the $8,000 class, those of Indiana and Rhode Island. Ten are in the $7,500 class, Delaware, Alabama, Georgia, Iowa, Louisiana, Mississippl, Montana, Nebraska, North Carolina and Tennessee. The $7,000 governors are those of the States of Minnesota and Nevada, while $6,500 is all that is paid to the Governors of Arizona and Kentucky. The rest of the States pay from $6.000 down to $3,000—the Governors of New Hampshire, North Dakota and Ver- mont being in the lowest class, so far as_compensation goes. Public servants are notoriously un- derpaid at the present time, if salaries of the larger business executives are any criterion. The old New York Hippodrome has to go. It is being torn down to make way for an 83-story building, 1,100 feet high, to cost $30,000,000 and to taks the crown from the Chrysler Building, hardly vet completed, as the world's tallest building. It is not many years ago since the world was told that Harry S. Black, John W. Gates and other New York capitalists had made plans to erect the Hippodrome Building, designed to sur- pass every other amusement butlding in the world. It is still used as an amuse- ment and motion picture center to which thousands of people go daily. ‘The times have changed. In the days when the old Hippodrome was bullt the steel industry was producing about 15,000,000 tons of steel annually. “Too much—the country better slow down,” was the frequent comment. ‘Today the country is absorbing nearly 50,000,000 tons of steel, and the United States Steel Corporation announced in the Hoover conferences that it would spend $300,000.000 for new constructi over the next three years. v No American now would be surprised if this one corporation spends $1,000,- 000,000 over the next 10 years. It is & very resl possibility. It takes vision and plenty of courage to operate in a big way in the modern world. (Copyrizht, 1929, by ' North paper Alliane By the Associated Press. NEW YORK, December = 28.—The | Champion Spark Plug Co.'s scheduls | for 1930 calls for the production of 62,500,000 spark plugs, an increase of 15 per cent over 1929, There was little active buying of | electrical equipment and apparatus in | the United States in the past wesk, | Eleetrical World reports. The year- |end holiday period brought about a noticeable easing of demand in im- portant buying centers of the country, especially in the East. On the other |hand, reports from the Pacific Coast |indicate that rallroad business there is better than for several years past and activity in all lines of apparatus is holding up well. The present. ca) y of the Newton Co. of Cleveland, which amounts to 20,000 tons monthly, will be doubled when the new $7.000,000 plant at Mon- roe, Mich., is put in operation early in Pebruary. The Lima Locomotive Works of Lima, Ohlo, has received an order for 15 locomotives from the Chicago, Great ‘Western Railroad. The National Raw Silk Exchange has | completed replacement of its originali 5-bale trading unit with a 10-bale mn} American News- e tract. The 10-bale contract was in- augurated last June and the trade was permitted six months in which to com- plete liquidation of the old contracts. ‘The recent recommendations of the Tin Producers’ Association of London in an effort to stabilize the industry will cut tin deliveries in 1930 between 7 and 9 per cent under deliveries for 1928, ac- cording to cabled summaries of the view of British tin authorities. Former Exchange Head Dies. NEW YORK, December 28 (#).—Ed- ward Motley Weld, former president of the New York Cotton Exchange, died at | his home here yesterday. He was 57 years old. He was well knokn as a polo player and patron of steeplechase rac- ing. He was a member of the Dedham, | Mass,, polo team which won the Amer- ican championship in 1900. MUNICIPAL FINANCING. NEW YORK, December 28 (#).—The | list of new munieipal financing sched- uled for next week will amount to less than - $5,000,000, the smallest weekly | NEW YORK, December 28.—The old | || Councilor & Buchanan Certified Public Accountants Wm. Gordon Buchanan T National 6110-6111-6213 (Telephone Directory Omission) First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. A0 15th St. N.W. Phone Nationa Mortgage Loan T Insurance Co. of America ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Yssue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly James F. Shea President Secretary Will accept F. H. Smith Co. preferred stock at reasonable discount, or its first | and refunding honds at par, in exchange for new detached brick home in Chevy | Chase, D. C., having 4 bed rooms, 2 baths, bullt-in garage, subject only to | first trust of $8,500. Address Box 128-J—Star Office First Trust Notes Now Available . 6% JAMES F. SHEA 643 Louisiana Ave. N.W. First Mortgage Loans Lowest Rates of Interest and Commission | Offices for Rent in the Edmonds Building 917 15th St. N.W. Opposite MacPherson Square The Wall Street of Washington Desirable suites of two to six rooms now available, Very Low Rentals IDHANNON - &- LUCH Manaoing Agents 1435 K St. N.\W. Nat'l 2345 Money to Loan Seeured by first deed of trust on estate, \Jo‘:;p'l; tl-:r‘ivne .-f.‘:’-.u:....“.'%n STOCKHOLDERS PROTECTIVE | ‘ Representing Holders of Preferred Stoek, | P_H. Smith Company | (A Delaware Corporation) | To the Holders ot Preferred Stock of | *__the above Corporation: mittee o tand he interests mittee rep! 'nt and protect tl nterest | of holders of e . Smith Co:n:nn:."lne"'fl !mk e adhlaind such & committee is due necessity ‘for following facts: holders are: widely seattered and cannot effectively protect their interests except by acting in concert with each other through a committee appointed for that purpose. Proceedings have been i Against the company. in which c of mismanagement, waste and conver- sion of the assets'of the company are made. and for the appointment of re= celvers. . Other legal proceedings are threatened _cgainst the company. In view of ‘the critical condition of the e company. the Commitee ls The to,the Affaira of the gonvinced the interests of stockholde: e) SAMUEL J. MARSHALL. Chairman FRED A HEPPER. Bl £y 3 " Committes. P. STERNFELD, Secretars, & Minard. ber of Commeree Bldx., Tk, N, J. el Guarantesing Trade Mark Satisfaction Save Your Bookkeeper’s Time' and You Profit Your Complete Loose-Leaf Ledger For $8.95 The 25% saved in the Rookkeeper’s time by elim- inating Indexing can be profitably spent in other duties, In the Loose Leaf sys- tem there is no indexing. - The Dependable w3 |- P is featured here We are glad t6 demonstrate the system and show how the “I-P" System will help y'g’nr office. There is no obligatign. STOCKETT- CO PRO ucm% _'I:I'.A'I.'IDN'I %A'HINO'I‘ON' :c plan NOW fOP and yielding— Phone or Write SAFETY for Your JANUARY Ruandas Make Reservation No;v of FIRST MORTGAGE NOTES We have available notes secured on l’\iyh-frlfle home and income-producing properties, affording absolute safety, freedom from annoyance or worry, 6% for Our Booklet Natl 2345 That Christmas Bonus Will it go into one pocket or out of another! Or will it stay with you— working and earning, giving you a steady income throughout the year to come? Treat the bonus you get this Christ- mas as something apart from what you had expected and instead of spending it for something you may not need, invest it in a First Mort- gage Note through Swartzell, Rheem and Hensey Company where it will * remain intact and pay you 6%. Many of our clients have done this year after year and have built up a con- siderable nest egg without having missed it, The First Mortgage Notes sold by this company have weathered the financial storms for over sixty years, The interest, payable semi-annually, comes to you promptly and unfail- ingly. this year and the Invest your Christmas bonus two interest checks you receive in 1930 will give you joy of two Christmases. SWARFZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W. WASHINGTON D.C. total of, the year. The weekly average of new offerings this year was $32,582,- 190, with $28,685,736 in 1928, /