Evening Star Newspaper, December 31, 1929, Page 11

FINANCIAL. Utilities Prove Feature as List Moves Higher—Other Groups Steady. .BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, December 31.—Freed from the pressure of tax selling, except cash dealings, thé curb market opened active and higher today. This tone, under the leadership of utilities, indus- trials and oils, was well maintained. ‘The market, in point of volume, was led by Electric Bond & Share, which, after ogenml & shade higher moved up nearly 3 points. American Gas & Elec- tric opened up more than 2 points and at times showed an additional gain of 4 ts. American & Foreign Power rushed up 3 points and American Super- power rose t & third of that. Northern States Power A, however, to be one of the widest movers in the utility division, with a gain of about 12 points. Commonwealth Edi- son's initial sale represented a 6-point overnight advance. Standard Power & Light old common—the new common ‘was listed today—opened at 125, up 3. ‘The oils moved higher, but at a much slower pace than the utilities. Cities Service, Humble Oil, and Vacuum im- silk, recently weak, leaped 10 points. Aluminum Co. of America jum) 12 points. Deere & Co., at one time was up 10, but later lost part of that gain. Cash sales of United Chemical at 15 caused it to re- cord a new low price, ‘The motors naturally were unsettled by the proposed French tariff barrier low mark. Mine shares, unlike movement on the board, recovered. Newmont- at in showed an_ap- preciation approximating 6 points. Roan Antelope also moved higher. NATIONALITY FIGURES IN FIGHT FOR HUSBAND Two Women Claim Millionaire, One Alleging Other Was Divorced. Legal Residence Chief Issue. By the Associated Press. LOS ANGELES, Calif., December 31.— The nationality five years ago of Albert Andrade, miilionaire real d. an answer to the $100,000 alienation of affections suit brought by Andrade’s first wife Helen, his second wife, Judith Lavender, alleged he was a Mexican ‘when she married him in January, 1925, after he had obtained a divorce from Mrs. the set out that Andrade’s Mexican divorce from her in 1924 was set aside z.t.hennpennr Court here in as Andrade was & citizen of Mexico when he ob- tained his divorce it could not be set KENTUCKY BANK CLOSES. Hickman Institution Turned Over to State Authorities, HICKMAN, Ky. December 31 — mmmu&r.m&m g:n it “wmsnu'mh-nhm s over o missioner to protect the tors. 1% Cab&WireLtdB rcts. 20% Con Gas Ut A (3. 10% Con Retail Strs (1),. 2% Consol Royal (60¢).. 10 Continental O1l. 30% Cooper Bessemer(2), 10 Cora Corp. 1% Cortez Silver. 42 - Seoe Allegheny Gas Corp. Allied Aviation, All Int Inv Corp. Allied Pow & Aluminum Co of Alumin Goods (1.30) Roswman wonm = Am C P&L B (b10%) Am Colortype (13).. AmCwIthPADI0O%. Am Cmwith Po wai Am Gas&Elec (31).. Am Invest Ine B.... Am Investors (war). Am Lt & Trac (10)... 268 220 268 1 768 Am Salamandra (3). Am Superpower (1). Am Super 18t pf (6). Am Yvette (new)wi. Anchor Post F (2)... Anglo-Am vot (73¢). Anglo-Am n-v (73¢). Anglo Chil Nitrate. . Arcturus Rad Tube.. Ariz Globe Coppet Arkansas Nat Gas. Arkansas Nat Gas A, Art Metal Works(3). Asso G&E, A (12 Asso GEE b rts.. Atl Coast Fish (1.40) & Atlant Fruit & Sug.. Atlas Port Cem (2).. 7% Auto Voting Mach... Aut V Mev prpt (2). Aviation Corp of Am Aviation Credit..... Aviation Securities. . Babcock&Wilcox t9. 25s IZ; J22 122 Bancomit new(1.60) o 6 4% Bell Tel of Can (8).. 455 14€ 5 Bellanca Alrcraft. Bickfords, Ing (1)... Bickfor Inc pf (234). Blaw-Knox Co (1)... Bliss Co (B W) (1).. Blue Ridge Corp.... Blue R Corp ev pf 13, Blumenthal (8)..... Borne Scrymsr 12%. Brazil Tr & Lt (2)... Bridgeport Machine. Buckeye Pipe L (15). Buf N&E P of (1.60). Bunk H & Sull (19).. Burco, Inc (war! Burco, Inc cv pf (3. Burma Corp (131¢).. Butler Bros (2)..... Bwana M Kubwa.... Cab&WireLtdA rets. oo - ETT R L T YT TSI - TRy C A MCoetfs. . C A M Cocum pf.. Can Marconi. . Carib Syndicate. Carnation Co. Carnegie Metals. Celanese Corp. . Cent Atlantic States, Cent P Sv A (al.76). Cen States Bl (340c). Cent Sta El cv pf(6). Chain Stores Stk(bé) ™ mRemamsnean 8 Chseebr'gh Mfg 6% 12 1 HE EVENING STAR MARKET 14% 7L 67% 119% 116% 1% 10% 6 5% 220 220 07% 107% 107% % % % 49% 47% 146 146 6% 5 14% 14% 28 28 30% 28% 6% 33 29% 12w 11% 174% 163 Citles Service (330¢) lS: 25% 26% 25% % % Clark Lighter A..... Clev Tracotr (1.60).. 1 Club Alum Uten..... 3 Colgate-Pal-P (23%). l; 51 3% Com'wlith Edison (3) 10s 242 242 242 2 102% 102% 102% Comwith Pow pf ¢ Eonsolidated Copper Con Gas, Balto(3.60) Corroon & Reynolds, Cor & Rey of A (6). - 0 N NA MO NN AN INRONOR R - 5 3% 3% s 420 460 4 21 4 4 Dubelier Cond&Rad Duke Power (35) Durant Motors. EastGas& F Asso. . East States Power B Eastern Util InvA. . Edison Bros. Strs (1) Corp. El Bond & Sh (b8) 67 El Bond & Sh pf (6). Associal % % 16 16 * % 2% 2% % 51% B1% % % 4 5% 4% 3% 5% 5% 9 88% 8 21 3% % 3% 2% 5 1% 1% 8% 8% 4 13% 12% 12 T44% 144% 144% 144% 5 5 5 5 26% 25 20% 204 Prev. 1929 Sales— Tish. Low. Dividend Rate. _Add 00, Open. 3% 3% 20 460 4 Stock and 17 Insurance Sec (1.40) ‘Trad Co. Intl Petrol, n(62% Internat Product: 10% Intl Saf Raz, B (13). 26% Intl Superpower (1) Irving Air Ch (1.50) 6% Italian Superpow A.. 4% [tallan Superp war 10 Jon & N cum pf (3) 22% Klelnert Co (234).... 1 Kolster-Br (Am Sh). Lackawanna Sec(4).. Landis Machine (3) . Lane Bryan tine (3), Leh Coal & “).. Lehman (The) Corp. Lion Oil Refin (2) Long Louisiana Lan & Ex. Mae Marr Stores. ... McCord Rad B (2)... Magdalena Syndicat, Mapes Con Mfg (3). Marconi Int M 513%c. Mare W T br sh(62c) Marine Mid Cp (1.20) Marion Steam Shov, Mavis Bottling. Mayflower Assn. Mead-Johnson(t3%) MerChap&S pf A 6% Mesabl Iron. . g Midland St pf (n)... Midl United(b1% %). Mid Royalty cv pf 3. 'stUt(b8%) Ut A war.. Mid West Ut B war.. Miller & Sons (2)..., PL(L%). Mining (12) Moody’s pt pf 13.75.. Morison Elec ($1)... Mount Prod (1.60)..: Nat Amer Co (2). Nat Aviation, 6 Natl Fam Strs (1.60) 10 Natl Family 8 pf(2). 8 NatFAPrB (bi%).. 24 NatFuel Gas (1).... 10% Nat Investors (new) 99% Nat Pow & Lt pf (7). 20 Nat Pub 8v A (1.60). 10% Nat Transit (t11%) 3% Nat Union Radio. 16 Nehi Corpn (1.30). 23 Nelson(Herman)(2). 40 Newberry(JJ)(1.10). 2% New Eng Fueln..... 85 New Eng Pow vf (8) 18 New Hav Clock 11%. 214 New Mex & Ariz Ld.. 89 Newmont Min (34).. T 10 NYTransit(11.70). 11% Niagara Hud P(40e). 2% Niag Hud Pw A war. 2 Niag Hud Pw B war, 12 Niagara Shars b1-40. 21% Niles Bement Pond, . 8 Noma EI Cor 0) .. 10 Noranda Mines (3).. 4 North Am Aviation, 5 North Am Utll Sec.. 90% NoAm Util 1st pf(6). 35 NE Power (11%). 17% N W Engineer (2). 20 Novadel Agene (2) 8% Ollstocks Ltd A 3500 20% Orange Crush (1.50). 58% Otis Elevator new. .. 104 Outbd Mot A (1.80).. 3% Outboard Motor (B). 24% Pac GEEl1stpf1%. 23% Pac Pub Serv (1.30). 12% Pac Western Ol % Pandem Oil.. 2% Pantepec Oil. 6 Parsm C Mfg (2.40). 17 Parke,Aus & L pf(2) 13 Pennroad Corp...... 106 Penn Pr&Lt pf (6). 25 PeoL&PA (a2.40). 4 Perryman Elec Co. 17 Petrol Corp(1%) % Philip Morris ine. 814 Pitney B P n(20¢! 49 Pittsbgh Plate G 13 6% Pilot Rad T, A(1.20). 100% Pitts& L & (5). 4% Potrero Sugar. 22% Pressed Met of Amer 6% Prince & Whitely.... 29 Prince&Whitely of 8 11 Prop Silk HM (2). 5% Prudential Inv. 15 Pub Util Hold wa: 98 PugSP&Ltot ( 6% Pyrene MIg (80c)... 15 QRSde Vry (80c).. 7% Rainbow Lum ProdA 3% Ralnbow Lum ProdB 13 Root R ev pf (1. 13 Russek's Fifth Ave.. 9% St Lawrence Papr M. 144 St Regls Paper (1).. 9 Salt Creek Prod 12). 38% Seeman Bros (3) 9 Selberling Rubbes 25 Schiff (The) Co (2). 3 Shattuck Den Min. 48 Sheaffer Pen (13) 67 Shindoah Corp(b6%) & BuSeepan = M T e T e 8w - BT |- 1o BEGCAE Folike dubinssat Eaiotn - o HE BB e K - - L L L Bun - B SR HARENONNBHAD 1 1 o WASHINGTON, D. Received by Private Wire l Direct to The Star Office Low. Close. 1T% 21% 1 21% 6 10% 33% 34% e 2 1% 1% 10% % FINANCIAL LEADER 15 RETIRING TODAY James S. Alexander Has Been Active in New York Banking Field. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, December 31.—When | James . Alexander, chairman of the Guaranty Trust Co., leaves his desk at the close of business today he will have concluded 50 years of active busi- ness and 30 years as an officer of the ¥:u:nll Bank of Commerce of New ork. His business career is closing to- night—for keeps. Along with his bank resignation goes & score of others from important corporate boards of direction. He is a director at the present time of the American Agricultural Chemical Co., the American Telephone & Tele~ graph_Co., Campbell Soup Co., Oil Co.,, Prudential Insurance Co., Southern Pacific Co., United States Rubber Co., Mercantile Stores Co., as well as a trustee of the Bank for Sav- iny 2. Since Mr. Alexander took over the leadership of the Bank of Commerce its resources have been tripled. He was very active in the Liberty loan drive during the war, and has been a director t‘}f 'ihe Federal Reserve Bank of New ork. With only an elementary school edu- cation, he began work at the age of 13 in a dry goods store in Tarrytown, N. Y. Three years later he took & position in the local bank and in another three years he became assist- ant to the cashier. Next he moved into New York, where he rose to the top. “Probably the ablest, most far-seeing banker that New York has had in a generation—and mighty _level-headed, too,” said another great banker to me mncemlngb‘Mr. Alexander’s resignation. As big bankers go today, he is still young—64. From this time on his great powers will be used in other channeis than those of pure business. But business New York—big, imper- gnu,tg‘;mnunl with new life—will miss im, too. Has a vault been built yet which cannot be forcibly opened? The an- swer is no. Henry M. Robinson tells of putting the question to a distinguished vault engineer, a man who had made some of the stoutest in existence. “Give me a million dollars with which to build a vault and the] ould still be half a dozen men in the world whrlo could open and rob it,” was the reply. ‘The two weapons used in safework- ing—the fluxing rod and the oxygen lamp—make an absolute defense to the strongest vault impossible as yet. ‘The oxygen lamp has been known for some time. It consists of a long small iron pipe through which oxygen gas is forced. The contact end of the pi !.Ee is heated red hot by a cutter, and the hot iron ignites in the oxygen and flares so fiercely that it burns its rays straight through anything. But nowadays important vaults are situated in such concealed places and guarded with such care day and night it becomes almost an impossible task even to get to them from the outside. A “robherproof” vault will be con- structed some day. But so far it has not made its appearance. James M. Beck, one-time Solicitor General of the United States, now Pennsylvania Representative, is worried about the American Constitution. Against the steady cumulative, persist- ent centralization of political power in the hands of the Executive he utters a vigorous warning to the business world, and the political world, too. This trend Representative Beck would arrest. The growing power of recent Presidents of the United States, accom- panied by the unmistakable withering of power in the Co; , he believes is fraught with great ger to American institutions. And in the matter of giving the Presi- dent arbitrary power and authority to raise or lower the tariff rates on any schedule 50 per cent whenever he deems expedient, the Pennsylvania congress- man characterized “as an absolute sur- render of a basic principle of Anglo- Saxon liberty.” Congressman Beck is recognized as one of the leading authorities in the Un]ltefl States on the American Consti- tution. How many farms are equipped with electricity provided from central sta- tions? Figures show a rapid increase in the last five years. In 1924 in the | State of Illinois there were only 2,201 farms so equipped, as against 13,284 at the beginning of 1929. Indiana now has 15,163 farms so equipped, and California has 55,000. The total for the whole of the United States is estimated at 500,000 as con- trasted with less than 50,000 five years > | ago. & l‘om advertisement posted in the coun- try districts of the Middle West reads as follows: “Ten cents spent for electricity will perform one of the following: Cook for 2 persons for 1 day, do the family washing for 1 week, run the vacuum cleaner for 10 hours, operate the milking machine 1 hour anfl 20 minutes, sepa- rate 1,500 pounds of milk, heat up 158 incubators for 2 days, cut 12-3 cords of wood, pump 500 gallons of water, ‘cook’ a refrigerator for 12 hours." While one authority reveals 220 pos- TUESDAY, DECEMBER 31, 1929. Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer, Outflow of gold from 'the United States, which has so far during Decem- ber removed better than $100,000,000 from American monetary metal stocks to place it in European money centers, has enjoyed for some years over national ‘That is the prediction jamin M. Anderson, econo- mist for the Chase National Bank of New York, who outlined the grounds for it before the American Economic Asso- ciation now meeting in Washington. Incidentally Mr. Anderson, like several other of the experts who discussed the great American speculative era of 1928- 29 before the association, clearly indi- cated the o] that the remarkable expansion of security values really got under way when the Reserve - using the discretionary powers conferred upon it by a surplus of gold in 1927— brought about cheap money. As Mr, Anderson outlined his theory, the gradual piling up of gold in United States after 1920 relieved the Federal Reserve Board from the ordi- ific | nary restraints which automatically limit the action of central banks. Since there was more gold in its reserves by far than the legally required cover for its currency note issues, and more than required nst its rediscounts for banks, the board and its regional banks could vary rediscount rates almost as they pleased. Under ordinary condi- tions, in central banking theory, any undue lowering of the rediscount rate in the United States, by lowering the interest return available on gold in this country, would force its export. The outward movement in turn would quick- ly force the raising of rediscount rates here, because the Reserve system and its regional banks would wish to main- tain their gold cover. But from 1924 on, Mr. Anderson said, the American gold surplus was such that the board rllfl.le policies could be laid out almost at will. “Now we are approaching the end of the gold surplus in the United States,” Mr. Anderson declared. “There will be possibly a loss of $200,000,000 more from this country’s free gold stock before the outward movement slows down. There will be plenty of gold here for all nor- mal banking purposes, but not enough to let the Reserve system fix the return on money at will. It does appear that a world gold distribution is beginning | oo that will so limit the discretion of cen- tral banking authorities in the United States and elsewhere that they ‘can’t easily make mistakes.” It seemed to be the general view of the economists who discussed views for the association that the Reserve sys- tem administration might have checked the late speculation by hard and sharp rediscount rate increases during its height. Nevertheless, there was no challenge to the view of Mr. Anderson expressed t the more or less auto- matic working of the gold standard during the future, rather than the pol- icies of central banks, would fix the dis- tribution of international gold stocks and the approximate levels of interna- tional money rates. New equipment buying by railroads continues to make one of the remark- able business showings of the present riod. As the totals are summarized y the American Rallway Association,| o the country’s carriers this month have under construction in car plants 30, 569 freight cars of various classes and | g, descriptions. This is more than twice the total of 14,375 cars they had under constructin in the same month last year and three times the 9,850 cars on order with builders in December, 1927. Since modern freight cars average in cost about $2,000, the rail equipment expenditures under this head now in to the showing is nel.l’l{l as good. The engine builders this month had orders for 209 new loco- motives, against 223 in the same month last year and 69 in December, 1927. The cost of the motive power on orde&'oo for is month is abou This is by no means a complete show- ing of the new equipment situation, since several of the more important trunk lines, have announced purchases to be made in 1930 which considerably exceed the outlay made in 1929. While conditions vary among carriers, it :g; pears to be generally true that steady maintenance of heavy freight traffic volume during the last two years has entailed increase in equipment re- newals all over the country. Modern industry is continually in- novating, continually changing the character of work and the classification of workers, and Uncle Sam'’s census tak- ers this year will have to make some unusual allowances for its trend. Leon E. Truesdell, chief statistician for the Census Bureau, told the American Sta- tistical Society in a Washington meet'ng this week about some of its require- ments, “We find that new kinds and types of industries are continually springing up,” he said, “creating absolutely new occu- pations, but also taking in old occupa=- tions - and changing their character. There was a day when the census could list up 200 occupations and find that practically all of the working ulation of the country could be fitted into that number of categories. “In 1930, however, our advance es- timate is that at least 25,000 different occupations must be recognized and compilations based on schedules of that size. It promises to be a problem for every census taker to classify the occu- pation of workers as the law demands.” Of all world industries that based on: the production and cutting of FINANCIAL Yesterday’s New York Stock and Bond Averages. Prom the 5:30 By the Associated Press. Special Dispatch to The Star. . ,TIMORE, l.g%..kneu‘mbfifl Hs;‘ ultry, dressed—Turkeys, pound, 32a 38; old, 28a30; chickens, 30a32; ducks, 28a30; geese, 22a30. Poultry, alive— ‘Turkeys, §) 2 ind, 32a37; old toms, 28a30; cl ; t'fdd thin, 17al poor an , 178, ol ducks, 16a30; geese, 23a2! each, 40a50; pigeons, Eggs—Recelpts, 1, and nearby firsts, 52a53; pullets, 45a48; hennery, whites, firsts, dozen, 56; cur- rent receipts, 43a45; culls and dirty eggs, 25a30. Butter- cy —Good to fan pound, 41a46; ladles, 35a36; packed, 21; rolls, 31a32; Process, 38a39. Vegetable Prices, Potatoes, white, barrel, 150a4.00; 130-pound sacks, 1.55a2.50; sweet po toes, barrel, 1.50a3.( barrel, 2.00 a3.00; beets, . . 1.50a2.50; cabbage, hamper, 3. rots, 1 2.00a3.00; caulifiower, crate, 1.50a2.00; celery, crate, 1.50a3.50; egg- plant, crate, 1.50a4.00; lettuce basket, 2.50a3.50; kale, barrel, 1.25a1.50; onions, 100 pounds, 1.75a2.00; crate, 4.00a5.50; parsnips, - basket, 50a65; pumpkins, 100, 100.00a150.00; spinach, bushel, 50a75; squash, crate, 2.50a3.50; te, 2.5026.00; turnips, ham- apples, bushel, 75a2.75; cranberries, box, 3.00a4.75; grapefruit, box, 2.50a4.75; oranges, box, 2.10a4.25; tangerines, box, 1.25a2.50; strawberries, quart, 60. Live Stock Market Cattle—Receipts, 25 head; ply, market steady. Steers, price, none; good to choice, 12.25 to 12.50; medium to good, 11.25 to 12.25; fair to medium, 10.25 to 11.25; plain to fair, 9.25 to 10.25; common to plain, 825 to 9.25. Bulls, choice to prime, none; good to choice, 8.50 to 9.00; medium to 7.50 to 3 medit .00 to 7.00. Fresh cows and springers, 60 _to 150. Sheep and lambs—Receipts, 75 head; light supply; market steady. Sheep, 2.00 to 6.00; bs, 6.50 to 14.50. Hogs—Receipts, 150 head; light sup- ply; market st ly. Lights, 10.50 to 10.70; heavies, 10.25 to 10.70; medium, 10,50 to 10.70; rvn%ha, 750 to 9.50; lllgf’;:] pigs, 10.25 to 10.50; pigs, 10.50 to Calves—Receipts, 25 head; light sup- ply; market steady. Calves, 7.00 to 1700, Hay and Grain Prices. Wheat—No. 2 red Winter spot, t|1.31%:; No. 2 red Winter, garlicky, spot, 1.29%; January, 1.203%; No. 3, garlicky, no_quotations. Corn—No. 2 domestic, yellow, new, 1.06; cob corn, new, 4.60a4.75. Oats—No. 2 white domestic, t, 56a 56%; No. 3 white domestic, spot, 55. Rye—Nearby, 90a1.00. Hay—Receipts, 12 tons. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations by grades. Where in good order new hay sells at from 14.00 to 17.00 per ton, according to its quality and conditions, receipts by truck taking care of most requirements. Straw—Little demand for straw. Ie- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.00a10.00. " GRAIN MARKET. CHICAGO, December 31 (#)—With United States wheat at the Guilf of Mexico commanding the best price basis this season, the wheat market here displayed notable strength today.| bonds, ‘The Gulf basis for No. 2 hard Winter wheat was quoted as equaling the price for May delivery to Y4 cent under that delivery. Liberal chartering of ves- sels for wheat shipments overseas was| bo reported as being made from Galveston and Houston. Wheat closed unsettled, 33 to 15 ;en}:l & bushel higher than yesterday's nish. Corn closed at 133 cents net decline to 13 cent advance, oats 1 cent off to 33 cent up and provisions unchanged to a setback of 10 cents. , | market, they believe other factory. SUPPLY OF MONEY INU.S. CONSERVED Funds Nov) Being Stored Up! to Carry Business Through the Spring. BY J. C. ROYLE. i The supply of money which will carry comperce and trade over the Spring and” Summer is now accumulating in’ the financial reservoirs of the Nation. Treasury officials are confident that by Spring the reservoirs will be full and a flood of money will be flowing' over the spillways into the channels of industry and trade. i The cold-blooded conservatism en< gendered by the recent flattening out of the security price pyramid is acting on the flow of money just now just as- {reezing weather acts on the streams of the country. o Inventories Low. ‘Wholesale and retail merchants, un=" certain as to the of the’ financial uneasiness which has pre-’ vailed since late in October, have bought Jjust as- little as possible to carry on business. Stocks are growing shorter every day, but demand is not becom= ing shorter. On the other hand, it is growing, and it will not be long until decidedly increased will be to up with it. Such’ is beg g to make its ap- Government officials obviously are really confident that the conditions of* fone | the country are excellent. They feel that sthe business men of the country: will come to agree with them. This; they say, will take from 30 to 90 days, according to the individual business man. When that bellef is reached, however, the Government executives , | expect to see released a flood of orders which will tax 'producerl to the utmost. They go even further and predict that 1930 will be & better business year than 1929. The first quarter, they indicate, nroblbly will fall somewhat below the vels established in the first three months of 1929, but the last three quar«: ters will more than make up for it. Year-End Flnancing. ; Funds for year-end financing of in< terest and dividend requirements are in- Moreover, some of the tives in the financial worl purposes. say that the huge trust funds and cor- poration nlrsl\uu which have been thrown into the canyons-of Wall and La Salle Streets in the last three years, and which have made possible the huge volume of speculation, are going to be diverted more and more to industrial' nr:duct.ton‘ Instead of a wuon ding its surplus in the money it will bulld an-' The New York Stock Exchange and markets ate not ot 1o be foreed oo marl are nof ' of business by lack of tn.nnem&” More people than ever before have formed the habit of buying and selling stocks. Volume of stock and bond transactions is likely to continue ) national financiers assert. The public will continue to plnlclmm and enough’ money will be availal to broad, consistent market. This is , bankers feel. number of traders increased, but the' prosperity of the country and new in- dustrial developments have led to forma- tion o thousands of new companies for’ :el;lcl;h::m‘: market is ivestors may participate in the new developments. “Wash Sales.” The Treasury, it is known, has been on the lookout for “wash sales signed to show losses in the stock mar- ket and reduce income taxes. For ex- ample, if a man bought stocks for $300,~ 000 which now are worth only $200,000; the only way he can show a loss is to sell them for $200,000. But if he wants to hold these stocks, feeling they will go up again to $300,000 or more, he can sell the securities through one broker and buy them back through another. The law provides that 30 days must elapse between such transactions, but Treasury officials know it is not being done in some cases. Wall Street Bri By the Associated Press. Notices have been given by the Beth: lehem Steel Corporation that it wil redeem on February 1, next, all of its consolidated mortgage 30-year fund 6 per cent gold bonds, series A, and all of its consolidated mortgage 30-year sinking fund 5% per cent gold , series B, amounting to about $73,000,000. This was made possible by the sale of $88,000,000 of common ltoe{ in September. Announcement of the corporation’s intention to redeem these nds was made some time ago. General Motors Corporation common and cgreterm.i stockholders at the end of the year totaled 198,600, divided into 176,693 holders of common stock and 21,907 holders of Kre(erred. this time last year stockholders totaled 71,185. During 1929 the number in- creased to 105363 at the end of the first quarter, 125,165 at the end of | the second quarter and 140,118 at the end of the third quarter. sible uses for electricity on the farm, re- | diamonds has been most adversely af- search laboratories are showing new | fected by the collapse of the American uses constantly. security markets this Fall, the United At the New York College of Agricul-| States Chamber of Commerce foreign ture an electric door was recently in- | survey reports. El Sharehold of Empire Fire Ins. ... Emp Pub Sv,A(1.80) Empire Steel fififlh - 14% Shenan Corp pf (3).. 2% Schulte Un fie-$1 St. 86 Sierra Pac El pf (6). 26 Sterra Pac Elec (2).. 14% Sillea Gel ct. 10 Sisto Fin Corp. !~ v Sonora Product 35% So Penn Ol (12 100 SEP&LofiT).. 80 S'east P&L pr pf 4 Southern Corp. 3% So Ice & Utilits 11% Southland Roy 9% | W Dairy Product: 4} S W Gas Util 102 Southw P&L g5 P % <) Van Sicklen Corporation, a subsidiary of Allied Motor Industries, Inc., has authorized issuance of $1,000,000 of convertible five-year 6 per cent notes. Proceeds from $600,000 of the notes Wwill be used in acquiring Lorraine Cor- poration, manufacturer of controllable automobile lights. - s H Fairehild Aviation. . 3% 3% 3 eeeeeellOs Bl B1% Bl 1 33% 33% 33% 1 0% 9w 9% Fire AsPhil (2%)... 1 36% 35% 35% 35% Florida PALL DL (7). 1 100 100 100 100 22 13 13% 12% 314 324 814 1% 11% 1% 33% 33% 32% geSesens gBanng a33 G S S PRI PP R TIPS S aag X SEEa5SeEd 8% Gen Am Invest new.. 70 Gen Am Invofn (8). 2% General Baking. 45 General Bak pf (6] 5 6 General Cable war.. 2 7% Gen E Ltd rcts (50c) 4 GenGas&El (A)..n 4 Gen Rity & Utilities. 2 Gen R & Utll of (§) 15 Gen Theat Equip 1 % Glen Alden Ceal (10) 33 124% 126% 4 Globe Underwriters. fi ' 1% 2 3 3 2 4 6 SeSsSesizess reazeszeman Easue. 5838 vented which kills 20.000 to 25,000 flys| “The Wall Street decline hastened and insects daily, as th-y fly against the | the organization of a central produc- M loor. tion and sales control bureau for dia- When electricity enters the farmer’s| monds by the South African govern- front door, drudgery quickly leaves at|ment, and forced. out of employment 2 - | the back door. oo "v;or:'cr;e Il.rsx‘ the diamond-cutting NEW YORK BANK STOCKS. 3 ), - S um ang e ether - 034, (Copyright, 1929, by North American News l'n‘l"";, A c;”im:"t""l“‘ z o NEW YORK, December 31 ‘i&"‘:‘.’.‘;‘ —— cent. diamond indust tory records % Ame: 3 i a scries of d.ngerou:’ disturbances re- Will Spend $202,230,123. ‘Amefls: i} 3 NEW YORK COTTON. quiring vigorous action. The discovery | SACRAMENTO, Calit, Decomber 31 Bank of U B units of alluvial diamonds in Namaqualand, | ().—The sum of $202,330,123 is to be | Brondway - Nation NEW YORK, December 31 (P).—Cot- | Africa, in 1928 is typical of the re- |spent by the State, counties and cities | Bryant Bark ton opened steady today at a decline of | current threat of potential diamona | of California in public constructior Sutral Nattous 2 to 5 points in response to relatively | overproduction that would swamp the | work between December 1, 1929, and |Ghai. Phenis & 13 3 8% | easy Liverpool cables. There appeared | market.” December 1, 1930, Gov. C. C. Young |Chelsea Ex ex Fis Stand Ol Neb (33 %) 1 » to be a little Southern selling, as well| Possibly 90 per cent of the world |yesterday informed President Hoover ln.gf,‘lfimh;,, SLOV of Ohto (2% ‘2168 as pre-holiday liquidation, but the of- | diamond production is marketed cus-|reply to the latter's request for aid in | Commerci: 113% St Of1 of Ohig pf (7). 408 ferings were taken by covering and | tomarily in the United States, tne |alleviating the unemployment situation, | Continent: O Bt Pew o o trade buying, giving the market a steady | review adds, which makes the industry P R L Bl Arenue, 93% St Pow & Lt ‘;""., 508 undertone. March contracts ranged | extraordinarily sensitive to any vana- ~ 3 g g and rul aroun .34 af e 3 steps taken since AGO, ol e LR end of the first half hour, when the | the break, it adds, have restored the | stotis Somrioeer oF Aguliomted S SRRt . general market was 1 to 3 points net | confidence of producing interests in the | potatoes—Receipts, 111 cats; on. track, ! 1% Stutz Motor Car 28 y lower. [Liverpool cabled reported hedg- | ablity 1o Dold prices, though the gem (339 cars; total United States shipments, | & 304 Superheater (314)... **|ing and liquidation, with comparatively | demand hasn't yet been re-established. | 657 cars; trading very slow, market 1t 9% Sun Inv little demand in that market. They —_— barely steady: i Bmcksd Toond teady; Wi 323 Sun Invpf (3). said there had been scaitered sales of | NEW YORK, December 31 (#).—Cop- | whites, 2.45 to 2.60. No other sales re- 2 s, light goods in Indiia, but that the de-| per quiet; electrolytic, spot and future, | ported. :Jl’sa: égm uluver was checking business “'elml:x ‘quiet, t:mchln‘ed. Tin steady; o~ g spot and nearby, 39.75; future, 40.25. N e e Lead steady; spot, New York, 6.25; East Clearing House Statement. s Bristol, England, will spend $2,600,000 | St. Louis, "6.10. ~Zine quiet; East St.| NEW YORK, December 31 ().— | in clearing the St. Paul's slum district | Louls, spot and future, 5.45. Antimony, | Clearing house statement: Exchanges, to make way for new markets. 8.50. $1,858,000,000; balances, $219,000,000. —Prev. 1920.~ Stock and Sates— ~—Prev. 1920.~ Stock and Sales— High. Low. Dividend Rate. ~ Add 00. Open. High. Low. Close. | High. Low. _ Dividend Rate. Add 00. Open. High. Low. Close.. 61% 20 Unit Lt&Pwr,A(60c) 4; 27 28% 274 38 11 VanCampPpf(1%) 13% 13% % 21 87 188K 187 1a8K 214 UnitedMilk Prod. ... E R 1 6% 1% Venesuela Ptm(20c). 24 Hall Lamp (12).. 204 Transamer (21.60) 11 1% United Prof Sh (1.20) %1% 18~ 6% Viek Fin Corp. 8 H [ 7 z 7 i e 6% Tran Con Alr T: 6 Happiness Candy. 1 1 ran Con Alr Tra 6 2% Utah Metal & Tunnel Haygart Corp. . 17 6% 36 s o e 3 6% 1 1 1 5 . Gold Coin.... Goldfield Consol. Golden Center. 1 Gold Seal El n Goldman Sachs (b6) Gorham Mfg vte (32) & 25% Switt Intl e2).. """, 3% 4 6 Syrac Wash M B (1) A% 4% 4u Taggart Corp (1). ... 36% 38% 36% 38% 40% Tampa Electric ()iz 4 23 37 37 37 37 Goth Knitbac Mach. 7% Texon Ofl & Land 1% 1% 1% Gram’'ph'nercts3.91. 2 23k 23% 224 224 Gr A &P Teapf (7). 10s 117% 117% 117% 117% Ground Gripr(t1%). 27 27 28% 27 Graymur Corp...... Guif Oll of Pa (1%). Rl wlwam ooy =3 SRR . 5233358 Trade Ranl Union (Bronx). World EXenan Yorkville ... 31% 31% 31% 31% 40% Todd Shipyard (4) % Tonopah Belmont, ‘TRUST COMPANIES. GHERL Ll % = Helena Rubenstein. . 6% 2 3 Tr-Lux D.L.P.8.(A) Hollinger Gold (60¢) 4% 45% Tri-Cont Allied (3)., 4% u| 57 10 Tri-Continental Cor. 7 4 76 Tri-Cont Corp pf (6) 43% 48 60 40 Tri Utilities........ 10% 560 111 Tub Art Silk B (10). 8% Humble Oil (2).... 83% Hydro El Rervice(3 36% Hygrade Food Prod. 12 10 'inots P L (20).... 150s 810 310 310 Imp O1 Can n (80¢). 3 26% 26% 264 Indian Terr Illum... 10 fnd Fincfts (b10% ) 6 Ind P Lnew (12%). 4 Insull Ut Inv. (b6%) 10 nsCONAIZH)eee 2 ag5Ees 3 40 56% 61% 50 Wilson Jones (3). 2% % “Y"Oll & Gas.. 44% 13 Zonite Prod (1.60) RIGHTS. ing 3% .01 Slerra Pacific. % % %|Monufacturers 14w | 13 .07 Trans Corp. 07 .09 .07 .09|New York 19% Dividend rates tn dollars based ep last quarterly or semi- 'll"lI:l:l! “Sadaie. 1 pe— Title Guaraniy. .. . *Ex-dividend. tPartly extra. $Pjus extrs In stock. Vacuum Of1 (14).. 95 | casb or siock. b Pavabie 1n siock. @ Pavabie I Brelerred souk” it O3 ch,North A 23% Tung-Sol L of (3) 15 Ulen & Co. iy R~ RRDR AN N“"*":h s i s & £ 533 X5 TR 3: » ww_With warrants. Aw—Without warrants. = 8 19% 133% & §: g