Evening Star Newspaper, December 28, 1929, Page 18

PINANCIAL. ISTOCK PRICES DROP IN SHORT SELLING Tax Liquidation and Lack of Public Buying Revives Bear Attack. FINANCIAL, THE EVENING STAR, WASHINGTON, D. €., SATURDAY, DECEMBER 28, {979, — 1929 x " erev. | —Prev. 1 Stockana Sales— erev. ! i Low. DRCOSIOREIS | AS T Wit e Clse st M e o M 8% 69 ADIUDIP&POR(®). 1 76 76 16 16 | 264% 150 Eastman Kodak(t8). 174 111 34 20 AdamsExpressl.60) 19 26 : 26% 768 104% 7 Advance Rumley... 2 12 2 124 gon 119 15 Advance Rumley pf., 4 : 2 2 | 1124 Gain of $16,776 Shown for| .4 ,,* Abumada Leaa...." 14 Stock ana Sales— Prov. Dividend Rate. Add 00, High. Low. Close. Close. Splcer Mfg. 28 22% 22 22% Splegel-May-St (3 5 39% Stand Brands (1%).. 289 26 Stand Com Tob (1).. 4 5% Stand Gas & El (3%) 101 108% SandG&Epf4).. 3 64%n Stand Invest Corp. .. Std Ofl of Cal (h2%) Stand OII N J (12)... ock Bale Prev. Dl'v'iutn:nkalll. Mm High. Low. Close. Close. Motors (6)...e 70 537% 53 Eaton Axle & 8 (3).. 5 28 41 N 18% Eitingon-Sch (2% ).. 8 8| 48 :é% L il AL TG Nat Biscuit (17%).., 8 172 Air Reductn (14%) Electrio Boat. Nat Biscuit (new)... 16 71% 69 19% Alr Wal E1 Ap(2%).. El Pwr & Lt (1 3 NatCash Reg, A (14) 68 75 74 Month of November Over 17 ASMx Rubbar:«s. s y Elec Storage Bat () B AeN" 4ox A S 7 ’ Endicott-John (6) Sg& gg‘,: 4 any 'aper. .. Same 1928 Period. 17 Alleghany Corp. . 35 234 27% 279 118% 90 Alleg Corp pf (6%) o 3 95l 92 R0l Alleg Cpt (5% )xw., 29 $0% v S 354% 197 Allied Ch & Dye (c6) 25d% 200 250%s 257% e R 75% 35% Allis-Chalmers (3). . 4 a9% Total net income of the Washington| 361 23 Alpha Port Cemt(3). 2 & : 3 31 Gas Light Co. for the month of Novem- 'l'"xl' zfi :mn: t“:n“" . 2 555 was $70.7 Vil o 73 mal Leather p PO was $79,284,'m galn of $10,790 OVer | oy ) guc G mieraia Corp As) the same month a year ago, according| 23s 4 Am Agricul Coem to' the statement filed today with the| 73% 18 Am Agricui Ch pf 7 157 65 Am Bank Note(ft3). Public Utilities Commission. S e LT The statement also presented the | 62 015 Am Brake Snce s e0. comparative carnings for the first 11| 34% 4 Am Brown Bov Elec. months of the present year and last| 184 1::6‘. ::‘:-‘;.‘::\';: year, which showed the substantial gain | jogi 75 am Car & Fdy (6).. in net ecarnings of $168.799 over the| 120 1104 Am Car& F pt (7). cbrresponding period in 1928. U5% 70l Am CHAID DT (7)..... Operating revenues in November were 20 Am Com Alco(c1.60) not as large as they were in the same ¢ 184 Am Encaustiec (2 month last year, but the Gas Co. made | 23 Am kuropean Sec agood sized reduction in operating ex- | 199% 50 Am & For Power. . penses. Other revenue deductions were | 40 Am Home Prod 4.20. lighter this year in November, so that | 9 American lce (3) the company was able to report the! 837 Am lce pf (6). gratifying increase in net earnings. 29's Am Internat (32). November earnings comparisons in| 8% 2y Am La F & Foamite. 1029 and 1928 in the most important 138 80 Am Lecomotve (3).. items show the following financlal re- | 120, 114 Am LocopE (D)., - 1T % Am Piano..... 3 175% 644 Am Pow & Lt (11) ¢ d Operating revenues : 201987 104 924 Am Pow & Lt Df (8). e Park & Tiitord (e Operating expenses 3 18 Gen GRs&EL A (te2). & . Toral e deductions. 396.684 384834 | 65 Am Ra&Std San 1. 3 3 38 CeMOloRAIE e . Orcrating income ouon®: 38341 117183/ . A Repuhics., - 3 Gen Outd Ad vtc (2). Gen Publie v(bé) 60 Am Roll Mill (c3) 18 Am Seating (2)....e e DT e R % A Snip& Commsynes Gillette Bat Raross The statement also shows the fol- 62 AmSm & Kef (4), 5 Gimbel Brothers. ... lowing comparisons in earnings for the 85% Am Steel Fdy (3). Gimbel Bros pf (7) fifst 11 months of this year and 1928: 40 Am Stores (12%) Glidden Co (h2)... 7 —vear to date— Am Sugar Rrg « Gobel (Adolf). .. —s hte Am Sugar Rfg pf( Gold Dust (234). Operating rp\'!n\::( 1;:; gag ’: Am Sumatra (3) erating cxpences 113363 Goodrich B F (4) Ope i Am Tel & Tel (9). o Phelps Dodge ¥:‘en|lec(nblt bills Am Tobacco (110). ., Goodyear Tire (b b 9 3 Phila Company (1 Am Tobacco B (110) ‘é‘é?fli.';,'fil'.i'u""‘,y.. Y Phila& Read C& L 14 114% Am Tobacco pt (6).. Gould Coupler., Phillips-Jones (3). 50 Am Water Wks (cl), Philip Morris (1). Net income . 97 Am Water W 18t(6). Phillips Pet (c2). Clay Makes Forecast for 1930. 5% Am Woolen. Pierce O11. In his address before the Washington P Perce Oil b r Grand Unton. ... Plerce Petroieum ey httestion. el Clay. Totmer 49% Am Zine bf (6). s nion Grand Union 3).. 3 Pillsbury Fl (12%) vith Moody's Financial Serv- et e o L Granfie City 80 W. 6 37y i Pirell1 Co A (2.88)... e o “d‘ the outlook in the finan- 5 Anchor Cap 12.40) Grant (W T) (1) Pittsburgh Coal p e e o s 30 Andes Copper (3). .. Grt North pf (5) Pittsbgh Screw 1.40 ;‘;‘u;e‘;‘ft“’ol e T ttad (Etates Shintes 184 Archer-Dan-M (1) 5% Grt North pf ct (8) Pm-'x‘e‘;vmmncm., - 5 Armour Del pf (7) GtNetfsO. P (a3%) Pitts & Va (8). Corporation. : 5% Armour 111 (A). Grt West Sug (2.80). Poor & Co (B) (2). Qe s tne boms aseuraniss that ws 24 Armour Ll (B). rigshy Grunow (1) ustries . as i Grigsby Grunow (3). E Rican Aoyt :;:1 Guantanamo Sugar.. can Am To (B).. shall quickly outgrow the present busi- Guit Mo & N pf (6) Prairie O&G (12%) ness depression,” said the speaker.| Hanhn Dept Btores, Prairie Pipe L (1§ “American industries grow more rapid- Hahn Dept § pr(83% E 1y than those of other nations and this 195% Atch T &S Fe (10)., Hall Printing (113 ) Proc & Gamble (2). tends continually to enhance invest- %% 99 Atch T&SF pf (6)... 4 Hartman A (2) = Prod & Refiners. . ment values. 161 Al Coast Line (110), Hartman Corp.B- Public S, N J (13.40). “We have just experienced in the 45% AUG& W L pf (4). . Hares Eody Lem short space of 50 days as great a bear 30 Atl Refining (12).... Helme (Geo H) (7). mdyement as usually occurs in a couple 67 Atlas Powder (15).., Hercules Motor 1.80. of years. Its violence was due to a 120 Auburn Auto (j4). Hercules P pf (7). .. panic among the lenders on call. How- 3% Austin Nichols. 2 Hershey Choe pf (4). ever, American experience has always 49'% Austrian Cred (4.49) P HOO (R) & COuuvvuuvn been that financial and trade disasters 4 Autosales..... 4 3 Houdaille Her B(2)., are quickly outgrown. Owing to this 4% Aviation Corp. - H’hold Fi pf 13.22% unusual power of expansion, our na- 15 Baldwin Loco (1.76). Household Prd (14). tional wealth has increased from 105 Baltimore & Ohlo (1) Houston Ofl... $7,000,000.000 in 1850 to about $450,- 55 Bang & Aroos (3%).. 4 Howe Sound (15) 000.000,000 at the present time. 214 Barnet Leather..... Hud&Man Ry (3.50 “Besides this, the real foundations of 20 Barnsdall (t12%).... Hudson Motor (6). prosperity are solid, meaning that the 55 Bayuk Cigars (3). Hupp Motor (£2, causes of this marvelous growth of the Central (7)., past are still in force. In fact, re- nd O11 & G (3) “viéwing the serious business depressions 4% Belding-Heminway Indian Motor Cycle. . the past, none of the causes of those 25 Bendix Aviation (2) Indlan Refining. serlous depressions are now present. 25 Best & Company Indian Refining et. .. ‘The Nation's financial and industrial 7% Bethlehem Steel Indus Ray (b5 % stk) maghinery is unhurt and a prompt re- 116% B Ingersoll-Rand t7%. covery is assured: fl;om'::ud n:::::). Inland Steel (3%). n Alum: . Finds Value Basis Restored. Bon Ami, A (16) ““Purthermore, the deflation of Inspiration (4)....., Insurance shars 45e.. Booth Fishertes brokers’ loans means that we are going Borden Co (k3). right back into a plethora of capital Borg Warner (4).... like that of 1924 to 1927. Interest rates 21 Botany Con M (A) and rediscount rates seem bound to 813 Briggs MIg...eo..0n decline much further and the bond 17% Briggs&Stratton(2). market will doubtless be stimulated by 11 British Empire Steel the cheapness of capital. 40 Bklyn-Manhat (4)... “Risks have been eliminated even 16% Bruns-Balk-Col(3).. from stock investments since these are 4% Bruns Ter & Ry S... nq longer seling way above their true Bucyrus Erle (1 values. On the 13th of November the 26% Bucyruscv pf (24).. New York stock lmarkec s a whole was t; ;QEL‘:‘ TR A e % 25 Bullard Co (12)..... 3 21% Bulova Watch (3)... Burns Bros A (8).... Burroughs AM(11.80 Butte Cop & Z (50¢). Butterick Co.. Byers (AM)..... By-Prod Coke (1).. 63% Calif Packing (4). 73% Calumet & Ariz (10). 25 Calumet & Hec (4%) 2 Sterling Sec A). Sterlis jec pL(1.3¢ Sterling Sec ev pf(3) Stewart Warn(j3%). Stune & Webster (3) i BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 28.—Re- R b £l , actionaty but not weak save for & few Sun Ofl (P1)4sassens wecm issues, today's stock market Superior Ol1. 6 ylelded under a combination of selling Superior Stee by the professional operators for the Sweets of Amer (1).. decline and by holders who wished to record losses on their income taxes. The opening was mixed, but trading had not pmreee;:d ’lxx_:rr‘lg be{lcme dthe llsl;. s | turned downward. The mail-order an ;: '2‘;‘?":,"' > lfi" merchandising stocks were under pres- Texas P C & O11 (bs) 1014 | Sure on the professed belief that profit Texas Pac Land Tr. . 12% | margins would be impaired by recent Thatcher Mfg (1.60) . 19 | price cuts. The Falr (2.40)..... 25% | Montgomery Ward and Sears-Roe- Thompson J R (3.60) 3874 | buck were ‘heavily sold and _both Tide Water Asso §0c 12 | dropped back. May Department Stores Tide Wat Asso pf(8) 81% | lost ground. All of these stocks had Tide Water O1l pf(5) 89 |shown themselves sensitive to selling in % Timkn Det Axle 18 14% | recent sessions and they were judged Timken Roller (3) 75w | the safest mediums for operations on the co Product: 274 | short side. ious Groups React. co Froducts A. Transcontinental Ol Fox Film was in supply again, but Transue & W (1) the stock was better aosorbed than in Trico Prod (2% ) the closing half hour of the day before, Twin City Rp T (4). when it took a sudden drop. United Und Ellioa Fishr (5). States Steel was off 2 points in the Union Bag & Paper. . first hour and under 164 was down 5 Unlon Carbide(2.60) . points from yesterday’s high. bbb The copper stocks were heavy, notably UnfonBadine €16). ; Anaconda. Sentiment in the street is Unlon Tank Car(s) .. still adverse to the coppers, notwith- Utd Afrcraft&Trans, standing the declaration of the regular Utd Biscult (1.60) 4 dividend by Anaconda and the fact that Utd Carbon (2), 8o far the price for the metal has been held at 18 cents. This sentiment is s0 widespread that the short position in these stocks is hecoming decidedly crowded. American Smelting & Refin- ing made a better showing than the others in its group. Rails reacted slightly on a small turnover. Pennsylvania under 73 was lower than at any time since the “rights” came off the price, The No- vember earnings statement showei a falling off in both gross and net from the same month a year ago, but that was the first time this had happened 8 |this year and for the 11 months tre 134'% | comparison was highly favorable, Sea- 8 | soned dividend payers such as Atchi- 16% | son, which, by the way, reported an 18 | increase in earnings in iis November 15% | income account, and New York Central, 60% | Delaware & Hudson and Lackawan: 23% | s0ld off. 9% Motor Group, General Motors resisted well, Chrysler dropped back 2 points.” The utilities moved irregularly. Realizing in Standard Gas & FElectric carried that stock down 3 or 4 points. Nevertheless all through the session stocks came b_rlr::k whenever 1pream;re was lifted. ere was no sign of any extensive outside liquidation. " 2 As far as tax selling goes there is only one more day in which it can be done in the regular way and have the results go on the 1929 statements, Sales made on Tuesday are not cleared until Thursday, January 2, unless they are made for cash. "Once this technical situation is out of the way the markei Wwill be free to reflect; the trade situation, Wall Street Briefs Eureka Vao Cl (4)... Evans Auto L(233%4). irbanks Co....... Fash Pk Assoc (k21§ Fed Motor Tr (80¢).. Fed Watr Ser A 2.40.. Fid Pho Fire 1(2.60). Filene's Sons. Filenes (ctfs 5'4 Firestone T&R ) Firestone T&R pf(6) First Nat Strs (3%) 54 4 ‘ Fisk Rubber. . A 4 Florsheim Shos A. .. 3 Foster Wheeler (2).. Fox Film A (4)..... Freeport, Texas (15) Gabriel Snup A, Newton Steel (3)... N Y Air Bral N Y Central N Y Chi & St L pf(6) NY NH & Hart (). NYONt& Waest.. Norfolk Southern North Am(b10%stk) North Am pf (3). North Am Ed pt (6), Northern Pao (5 Nor Ger Lioyd(3. Ol1 Well Bupply. Oliver Farm Equip. Olivr Fr Ep ev pt(3). Olivr Fr Eq pf A(8) Omnibus Corp. . Oppenhelm Col (5). Otis Steel (2%)..... Owens 111 Bottle(e4 Pacific Gas & B (3) - Gen Asphalt (4)..... Gen Bronze (2) Gen Cable Gen Cable Gen Cigar (4). Gen Electric (16). Gen Elec spec (60c).. Gen Electric (new).. Penick & Ford (1). Penney (JC).... Penn Coal & Coke Penn Dixie Cement. Pennsvivania RR(4) Pet Milk (1%). Utd Gas & Imp(1.20) « Grand Silver Store: R ks 1 2 U S Hoffman (2).... 1 S Ind Alcohol (117). S Leatner. . Leather, A, ..o Plpe & Kdry (2). Py Ggeqacaecea vuraBnnE, Utll Pwr & Lt A (e2) Vadsco Sales. c. Vadsco Sal Vanadium (14) Vick Chemical(: Virginia-Car Chem. . Virginia-Car 6% pf.. Virginia-Car pt (7).. . Ward Baking B....u Ward Baking pf (7). Warner Bros Ple (4). War Bros P pf(2.20). a-rn.r-qmmn 2. Pullman Corp (4).... Punta Alegre Sugar. Pure O11 (1%) Purity Baker} Radio-Keith-Orph A. Raybestos Man 2.60. Reo Mo'or (71.40) Repub Ir & Steel (. Revere Cop & Bra: Revere C&B, (A) (4)., Reynolds Spring. Reynolds Tob B (3). Richfield O11 (3)..... Rio Grande O1] (k2). Ritter Dent Mfg (3) Rosaia Ins (2.30).... Royal Dutch (23.20). Safeway Stores (el g0. . @83 O1l & Snow(2). . euSaanlarenrinBaa manne By the Associated Press. Stockholders of the American Safety Corporation, at a special meet- ing at Richmond, Va., approved the di- rectors’ proposal to cancel 28,112 shares of capital stock which the company had purchased in the open market. Under t};u mmzlemmu;lz there remag':l 200,000 K no-par capital shares outstanding. With m::: fiu'h :J:l’;"- the cancellation of these ahnsu the \\'hneRn'::J:;( s “~‘~)~ " company still has more than $3,000,000 Whith Sewing Mook, in cash and securities which, in the 4 - opinion of directors, is more th: ample for its needs. Approval of the consolidation of the | Tri-Continental Corporation and the Tri-Continental Allied Co., Inc., two in- vestment, trusts sponsored by the bank- ing firm of J. and N. Seligman & Co, was voted by stockholders today. Unfilled orders for clutches and radi- ators on the books of the Long Manu- facturing Co., a subsidiary of the Borg- Warner Corporation of Chicago, total $1,700,000 at the present time, & sub- mnt&;}l i?cr:nu nveAr]tha amount at s time last year. large part of th Col. Carbon. . Mar. 11 business was understood 'u% hnveorbeex: ki e . N Y Central..Jan 31 :u 7 5 received within the last few weeks from 8 SRS : : . : % it motor car manufacturers. Southern Cal Ed (2). 1 With the returns covering five busi- Southern Dairies B, e D the Above table are the annual cash | ness days only, owing to the holiday, Southern Pacific (§). 188 ents base m‘"nr; Jlatest ::.f;any h 5'?’"?" d-‘c -nnuns_. business failures throughout the country Bouthera Buy (s 1354 o 1oUnisof trading i o this week number 396, compared with Spans-Chstiant. - 20 20| I e diabl SANE, 359 feotted o R G D e S o .. ' n ; ek . G. Dun ‘0. for the :::;‘::""(’:I' e ool o ok Pt i S0 ah e e B EATLLY 0 ‘stock. i | five-day period a year ago. 145 Gt 'a 'shate instock: & ot the G THIRTEEN ELECTRIC FIRMS _|fdnialidiies NAMED IN MARYLAND MERGER | s o i priemia vios. Westinghse E&M (5). Wextark Radlo (e2). intl Harvester : Int Hydro El A (e2). Intl Match pt (4).... Int Mer Marine etfs.. Int Nickel of Can(1). S Sears Roebek (123). &P A(2.40). Sec Natl Inv pf (5).. Seneca Copper. Wileox Rich B (€3).. Willys-Over (e1.20).. Willys-Over pf (7). Wilson & Co. Intl Pap & Pwr pf(7) Intl Shoe (3)........ Int Tel & Teleg (1) % Inter Dept St (2). Intertype (f11%)..., Investors Equity(3). Isiand Creek Coal(4) Jewel Tea (4). . Johns-Manville (3).. Jordan Motor Car. .. Kan City Sou (5).... Kan City Sou pf (4) ., Karstadt (R) (1.02). Kayser Julius (4)... Sharp & Dohme. Sharp & Do pt (3% ). Shattuck (FG)(t1%) 40) Simmons Co (g3 Simms Pet (1.60) 1+ Bovaro nhm keS8 nanue Woolworth (2.40)..« Worthington Pump.. Yellow Truck & C... “These low prices afford one of the. greatest bargain days in American his- | tery. During the past century there have been only 13 previous occasions whien security prices were so thoroughly deflated as they are now.” Mr. Clay praised the few invest- ment trusts which mades good during this debacle. Service to the investing public, he said, must be the basis upon which' investment trust growth is 19% Campbell Wyant (3). founded, and this service consists 45 Canada Dry G A (6). mainly in knowing when to take profits % 185 ~Canadian Pae (10).. d when to purchase. Meré diversifi- % 28'% Cannon Mills (2.80) cation is not sufficient, since the in-| 63% 17 Capital Adm (A). Vvestor can attain that for himself. The | 467 130 Case (J 1) (8)....... best managed investment trusts took 50% Caterpillar Trac (3), prafits so freely before the smash that 6% Cavanagh-Dobb their shares declined only half as much e e it g e SEnERIATROL eSSk 274 Cent Alloy Steel (2). 8 Century Rib Mills... ‘Wilkins Coffee Dividends Voted. 52% Cerro de Pasco (6)... President John H. Wilkins announced 11 Certain-teed Prod. .. today that the directors of the John 18 ° Checks . i‘h (14‘-,20 H. Wilkins Co., coffee merchants, yes- Ches & Ohio (10). o Zenith Radlo (2) RIGHTS . EXPIRE Am Rollg M..Feb 15 Kennecott (5). Kinney G R (1) Kroger Gr&Bak(el). Lago Ofl & Trans.... Lambert Co (8) Lee Rubber & Tir« quarterly payment of the same amount BY CLINTON COFFIN, terday declared a dividend of $1.50 per #hare on the outstanding common stock and the regular semi-annual dividend ©f $4 per share on the outstanding pre- ferred stock. Both dividends payable | January 10, 1930, to shareholders as| of Tecord December 31. Murphy on American Ice Board. The American Ice Co. has declared an extra dividend of $1 and regular quarterly dividend of 75 cents on com- mon and regular quarterly dividend of $1.50 on preferred, all payable January 27_to stock of record January 25. “Three months ago the dividend rate of the common stock was increased to $3 annualily from $2. Col. Grayson M. P. Murphy was| elected a member of the executive com- | mittee. November profit of American Ice Co. was $250.045 after interest, but before depreciation and Federal taxes, com- pared with $202,528 in November, 1928. For 11 months ended November 30, 1029, profit before depreciation and Federal taxcs was $5528.475, against $5,256.160 in corresponding 11 months | of preceding year. Pennsy’s November Net Off. The gross operating revenue of the Pennsylvanta Railroad for November was $53,768.073, a_decrease from November, last year. of $3.244.961. The gross oper- atipg income for the 11 months end- ing November 30, 1929, was $633,140,255. ‘This represents an increase of $35.463, 595 over the first 11 months of 1928 The net revenue for November was ( $11,945448, a decrease of $3.527,686 | {rem November. 1928. The net revenue | for the first 11 months of 1929 was $180.575.593, an increase of $21,696,- 894 over the corresponding period m‘! 1928. The net income for November after | deduction of tax accruals, uncollectible | revenues, 5 . The net income for ' the 11 months’ period was $126.820,79. an increase of $17,564,310 over the firs 11 months in 1928 Twins Paint Together. On a lonely farm at Neasham, Eng- + Jand, twin sisters, Misses Elizabeth and Dorothy Alderson, have developed a unique gift for painting, which scientists say is proof of the sympathetic under- standing between twins. The two have had no art lessons and often work on the same picture sitting on opponsite &ides of the table, so that one has to &nmz upside down. They do not discuss advance what they will paint, but their ideas_always seem to coincidé, In :ippiian the twins are almost iden- c: tn P! 16 Chi M1l St P&Pac. .. 28% Chi Mi] St P&Pac pf. 75 Chicago & N W (5).. 134 Chi& N Wof (7)., 21% Chi Pneu Tool...... 47 Chi Pneu T pf (3%)e 101 ChiR1&Pao (7). 94% ChiR1& Pacpt (8). 25 Chickasha C O1l (3) 44% Chiids Co (2.40) 26 Chrysler Corp (3) 7% City Stores (1). 25 Clark Equipment (3) 344 Cluett Peabody (5).. 44% CocaCola A (3)....a 10~ Collins & Alkma: 78% 27% Colo Fuel & lron. 140 52 Col Gas & El (2) 884 16% Columb Graph (8’ 344 105 Columbian Carb(16) 62% 18 Com Credit \2). 28 Comm Credit A (3). 28% Coml Inv Tr (£1.60) . 10 Com Inv Trst war... 204 Comm Solvents (1). 40 Consol Cigar (7). 10 Consol Film (2) 804 Consol Gas, NY (4). 9212 Consol Gas,NY pf(5) 75 Consol Textile...... 3 Container Corp B. 25% Conul Baking A.. 4% Contl Baking B..... 79'4 Contl Baking of (8).. 4013 ContLCan (2%). . ... 20% Contl Dia Fibre (3) 46 Contl Insur ( 615 Contl Motors 18 Contl Ofl of 29% Contl Shares (1).... 70 Corn Prod Refin (14) 20% Coty 1ne (g2) of Wht(12%4) t % Cuba Cane Sugar. .., Cuba Cane Sugar of. % Cuba Cane S pf ctfs. . 6 CubaCo...... bt 6% Cuban-Amer Sugar 1 Cuban Dom Sugar... 36 Cudaby Packing (4). 6% Curtiss Wright Corp 13% Curt Wright Corp A. Detroit Edison (8). . Devne & Ray A (13). Drug Corpn Dunhill Inter (£4).. Dupont de N (15.20)« EET I N =% 4 McAndrews&F 12.85. SRt mm e e amnmane o e -5 4 Maytag Co 1st pf(6. ( Leh Port Cem (2%) w Lehigh Valley Coal. . Leh Val Coal pf (3) Lehigh Valley (t41%) Lehn & Fink (3). Ludlum Steel (2) Ludium Sti of (6% ). Mclintype Pore M(1). McKeespt T P t4%.. ellan S A (m20) Mack Trucks (8) N EX- IS PRRTEITIFN ] » o Mallinson & Co. . Manati Sugar p: Mandel Brother Man Elev mod (45).. Man Shirt (3)... Marlin-Rockwell (16) Marmon Motor (4).. Martin-Parry....... Mathieson Alkill (2 iay Dept Stors(e3). Maytag Co (12) Maytag Co pf (3) 28 wan-Sen R R . 1 S3-55rurani Melville Shoe ( Mengel Company (2) Mexican Seaboard. ta MidldStl Pr pf t1 Miller Rubber. - ) R L L ourt Pac ot (8).. Mohawk C Mills (3). Monsanto Ch (g1%). Montgomry Ward(3) Moon Motors. - Mother Lode .o Motor Meter G & B. . Motor Products t10.. Motor Wheel (3) Mullins Mtg, Munsingwea Murray Cor(b2% stk 80 Myer(¥E)& Bre (3). Associated Press Pinancial Writer. Though the Federal Farm Board has at no stage of its brief existence had a path of roses to tread, competent ob- " | servers now say that it is ‘moving to solve what may prove to be the most difficult problem in the way of organ- izing agricultural marketing in the in- terests of the producer. By conferences begun this week with co-operative lead- ers and organizers from various parts of the country, Chairman Legge and his commissioners are beginning to es- timate whether the actual number of farmers associated in co-operative mar- keting enterprises all over the country can be greatly increased. A marked increase in farmer co-oper- ative membership, most people inter- ested in the fleld say, is probably nec- essary to enable the board to make any permanent progress toward stabiliza- tion of the prices of the important farm commodities. It is the theo7 of the law that the board will use its $500,- 000.000 of Federal appropriations as di- rect loans to national stabilization cor- porations, which will be, in effect, the agents of the co-operative enterprises now existing. But, sooner or later, and as much sooner as possible, the activity and membership of the local co-opera- tives back in the country must be radi- cally enlarged or there will be hazard of failure. In drafting the law Con- gress and the administration saw the point and inserted a provision that part of the Federal funds ‘wuldh:ctunlly‘ be spent to bring about such organiza- LP:. and, thought the board has not released any cash for the purpose, such an eventuality may result from the con- ferences, “It is probable, in view of the tem- r of the American farmer, that the :;-rd will have to demonstrate the ability of its present policies to have some effect on agricultural marketing situations before co-operative member- ship can be increased sharply,” re. marked Chester H. Gray, Washington representative of the American Farm Bureau Federation. “Among actual farmers there seems to be a disposition to awalt results before joining up with existing organizations. It is probable that in two main commodities where marketing 18 now centralized, in grain and cotton, board's creation of national corporations and direct ad- vance of money will have much effect. These 1 probably prove able at the terminal markets, and after that has been seen the producers will come forward will- ingly to facilitate the control by put- ting their portion of the crop ?:to co-operative hands at the outset. “But, once the board moves out of the two flelds, th tual ad- hasion of individual farmes 4o o Special Dispatch to The Star. BALTIMORE, Md., December 28.— Consolidation of 13 electric _utilities, with an estimated valuation of $1,800,- 000 in physical properties, was sought in a petition filed with the Public Serv- ice Commission yesterday. The consolidated concern, to be known as the Maryland Light & Power Co., will be a subsidiary of the Em- pire Public Service Corporation, which operates in 14 States, X Corporations Tnvolved. ‘The companies proposed to be merged are as follows: Empire Public Service Corporation. Maryland East Coast Utllities, Inc. Betterton Ice & Electric Co. Home Electric Light Co. Antietam Electric Light & Power Co. Emmitsburg Electric Co. Midland Electric Light Co. Millington Light & Power Co. Trappe Electric Light Co. Love Point Light & Power Co. Somerset FElectric Co. Suburban_Electric Power Co. Cecilton Electric Light & Power Co. Economies Cited. ‘The merger of the companies will give the Empire corporation operating utilities on the Fastern Shore, Southern Maryland and Western Maryland. Ac- cording to the petition filed with the commission by Miles, Tingley & Edgett, attorneys, the consolidation will benefit all consumers through economies effect- ed by one operating company. The Maryland Light & Power Co., the petition asserts, “will be State-wide in scope, sald company being a direct subsidiary of an adequately financed corporation, capable, through the ex- perience of its executive and operating personnel, of efficiently managing said company, expanding its activities and extending its service to the ultimate benefit of publ'.%ulmnn and in con- formity with & mmitted policy of Empire Public Service Corporation to eliminate subsidiary holding companies and otherwise improve its corporate structure.” Hearing Next Month. A hearing on the petition will be held in January, it was indicated at the serv- ice commission office. At the same time it was said that the Consolidated Gas & Electric Co. of Baltimore was watching the merger of the smaller companies with considerable | interest. operatives in the system will become increasingly essential., Take live stock, for instance, which is marketed in every city, town and hamlet. There is smail chance of effectively stabilizing prices on live stock by action in a limitea number of central markets. That 1s what is putting the emphasis on the actual local organization now.” Radio manufacturers, after consider- ing the close of the 1929 marketing ear, are pretty much a unit in be- feving it desirable to extend advance marketing surveys more extensively for 1930 and future years. Steps are now being taken in the industry to collect the data. “It appears that the actual produc- tion of radio receiving sets in the United States this year was about 4,000,000," sald Bond P. Geddes, executive vice president of the Manufacturers’ Na. tional Association, “and that actual sales to users ran to about 3,500,000. This represented a certain amount of over-production, and, though the effects on the business have been far less ad- versa than supposed, has resulted in general agreement that changed meth- ods of judging market capacity would have to be adopted.” Production has been slowed up in the radio industry, while the excess out- put works off. ~ Most of its active lead- eI, however, are now ¢ see that their operations are not caught up again by the erro- as to consuming power. Methods followed by the auto- mobile and other industries to adjust output more closely to demand, it is be- lieved, can be developed for radio pro- duction with considerable ease in view of the modern practical knowledge as | to marketing technique, ‘The trite old axiom that tastes differ is singularly well illustrated by the customs records as to international preferences among American tobacco types. Last month out of the total shipments of 64,528,000 pounds of bright, flu-cured Southern tobacco, Great Britain took more than half. English possessions over the globe took another large fraction, while the bal- ance went to China. But smokers of the European conti- nent generally wanted a heavier smok- ing compound, and countries like Ger- many, The Netherlands, Belgium and switzerland consumed nearly all of the dark-fired product of Kentucky and ‘Tennessee, French taste in tobacco proved to be even more specialized, and during the month that country took ractically the complete export of An order for eight freight locomotives has been recelved by the Baldwin Loco- motive Works from the Seaboard Afr Line Rallway. The order amounts to about $350,000. William De Kraft, vice president of the Baldwin Locomotive Works in charge of finance, will assume the duties of chairman of the finance committee of the United States Rubber Co. on Janu- ary 1. He has been a member of the United States Rubber directorate for some time. . CHICAGO LIVE STOCK MARKET CHICAGO, December 28 () (United States Department of Agriculture) — Cattle—Receipts, 100 head; compared one week ago strictly choice fed steers and yearlings and low-grade eral run late in week: some being ca: ried over; broad demand for light heif- ers; most supply grading medium and good selling at 11.50 to 13.25; fat cows uneven: strong-weight koshers and cut- ters around steady to 25 higher; with inbetween kinds weak to lower; weighty stocker bulls strong to 25 higher; others strong: under holiday demand 'vealers unevenly, 1.00 to 2.00 higher; selected strong-weight, late, 1650 to 17.50; stockers and feeders scarce: year-end clean-up in feeder dealer alleys, weak (&Z; lower, with fresh supply around steady. Sheep—Receipts, 2,500 head; few loads unsold; part of midweek advance lost at close: compared one week ago fat lambs 50 to 75 higher; fat ewes strong; top prices fat lambs, 14.50; fat ewes, 5.85; bulk prices fat lambs, 13.50 to 14.00; yearlings, 10.00 to 10.50; fat ewes, zinnb'l:‘l)k ."’.'lbfl:x feeding lambs un- changed; medium to good grades, 11.25 to 12.00. Hogs—Receipts, 8,000 head; 6,000 di~ rect; market mostly steady with yes« terday's. average: top, 9.80, paid for around 180 to 210 pound weights; mostly 9.60 to 9.75 market; shippers, 1,500; esti~ mated holdovers, 2,000: butchers, me- dium to choice, 250 to 300 pounds, 9.40 to 9.70; 200 to 250 pounds, 9.50 to 9.80; 160 to 200 pounds, 9.50 to 9.80; 130 to 160 pounds, 9.40 to 9.80; packing sows, 8.00 to 8.75; pigs, medium to choice, 90 to 130 pounds, 9.00 to 9.80, nominal, ‘Stock Rights Offered. NEW YORK, December 28 .—The Southern California Edison Co. of- fered holders of the original pre: aryiand ang Ohio estic. French frica, Algeria and Tunis from ferred and common stock rights to subscribe to one new common share at $25 a fons in, ikewise notably declare a grefrrme for | share for each 10 shares of preferred bruary 28, the darker American Keatucky n x O, or common stock held on Pt The righ! Aprdl 12,