Evening Star Newspaper, January 2, 1930, Page 12

EiE FINANCIAL. STOCKS IRREGULAR A—12 *¥% FINANCIAL." THE EVENING STAR, WASHINGTON, D. C, THURSDAY, JANUARY 2, 1930. e BROKERAGE HOUSE TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE —Prev. 1929~ Bales— Prev, | —Prev. 1020 Stock and Dividend Rate, Prev. Stock and Prev. Stock and Dividend Rate. PLANS D. C. BRANCH| - 3= - reztes g e ~Prev. 1920~ Stock and New Offices Will Be Located in Shoreham Building. BY EDWARD C. STONE. Hemphill, Noyes & Co., members of the New York Stock Exchange, partici- pants in and among the originators of security syndicates, with 25 offices in the East and Middle West, are to open of- fices in the new Shoreham Buflding as soon as construction has been com- pleted, under* the management of ‘Thomas J. Mangan, jr. in charge of bonds, .and Nevins P. Gardner in charge of stocks. The new offices will have every facility for investors, including private wire service. The firm is tem- porarily located in the Securities Build- ang. r. Mangan is a graduate of George- \n)\:n Univtg:slty and has been a resident of Washington since the war. He is widely known in tennis circles, having at various times been champion of the District of Columbia. Until recently he has been associated as co-manager of the Washington office of Halsey, Stuart & Co., and prior to that was an income tax expert. High. 1591 34 84 Adams Exp pf (5). 7 Advance Rumley.... % Ahumada Lead..... 77 Afr Reductn (1435).. 18% Air Wal El Ap (2% Ajax Rubber 96 1047% 4% 223% 48% 118% Allied C & D pf (7) 76% 35% Allis-Chalmers (3) 42% 17% Amerada Corp (2)... Am Argieul Ch pf. Am Bank Note(f3). Am Bosch Magneto. . 44 Am Brown Bov Elec. 86 Amer Can (15). 75 Am Car & Fdy (). 27 Am Chicle (12%).... 20 Am Com Alco(c1.60) . 18% Am Encaustic (2)... 23 Am European Sec. .. 50 Am & For Power. ... 108%5 101% Am&Forn Pwr pf(7) 103 86% AM&FOR Po 2d pf(7; 42 17% Am HawaiianS 8 (2) 52' 23% Am Hide & Lea pf. 85% 40 Am Home Prod (4. 54 29 Am IceCo (14) 96% 2915 Am Internat (32 8% 215 Am La F & Foamite. 136 90 Am Locomotive (8). 120 111% Am Loco pf (7) 81% 31% Am Metal (3) 17% % Am Piano.. 175% 64% Am Pow & Lt (11 Mr. Gardner, a graduate of Lafayette College, is a native of Washington and well known here. For the past six years he has been with the National American Co. of New York. Thomas P. Bones, formerly with J. & W. Seligman & Co., is to be connected with the local office. Arthur Guy, a former Washington man, is manager of Hemphill, Noyes & Co.’s PhiladelpHia office. Joins Stein Brothers & Boyce. Edward W. Gamble, jr., who has been associated for a number of years in an cxecutive capacity with the New York and Washington offices of J. & W. Seligman & Co., has accepted appoint- ment as Washington and general Southern representative for ~Stein Brothers & Boyce, members. of the New York Stock Exchange. He took up his new .duties this morning at the Wash- ington headquarters of that banking situated in the Woodward Mr. Gamble is a member of a dis- tinguished irginia family and is a graduate of the University of Vir- ginia. His st g experiences ‘were attained 10 years ago as a rep- resentative in Virginia for Redmond & Co. Subsequently, he accepted more advantageous offer from J. & W. Seligman & Co. and was detailed for several years ta the Washington offices of that Wall Street firm. He left this city to take charge of an important banking department in the Seligman 921 Am Pow & Lt pf (6). 72% Am P&L pf A st (5). 28 Am Ra&Std San 1 1216 Am Republics. 60~ Am Roll Mill (c2) 62 AmSm & Ref (4) 38 Am Snuff Co (1313).. 35% Am Steel Fdy (3) 40 Am Stores (+215) 56 Am Sugar Rfg (5 18 Am Sumatra (3). 3101 193% Am Tel & Tel (9) 2321 160 Arm Tobacco (110).. 160 Am Tohacco B (110). 114% Am Tobacco pf (5). . 115 Am Type Fdry (8).. 50 Am Water Wke (c1). Am Woalen. ...... 15'% Am Woolen pf. .. Am Zine Ld & Sm 67% Anaconda Copr (7) 25 Anchor Cap (2.40). Anchor Cap pf (§%). Andes Copper (3) 18% Archer-Dan-M (2).. 2 76 Armour Del pf (7).. 18% 5% Armour 11l (A). 10% 2% Armour 11l (B). 40% 6% Arnold Constable 30% 20% Art Metal Works (3 70% 25 Asso Dry G (234) 12085 195% Atch T & S Fe (10 104% 99 Atch T&SF pf (5) 324 At1G & W Indies. . 45% At1G & W L pf (4). 30 Atl Refining (12) 67 Atlas Powder (15). New York offices, where he has re- mained until his selection by Stein Brothers & Boyce as their chief of Southern. activities. Arrangements are now being com- pleted by Stein Bros. & Boyce for new and more commodious ground-floor of- fices, in which the latest investment banking and stock exchange facilities will be installed. Mr. Gamble will have associated with him in Washington Jarge staff of assistants thoroughly fa- miliar with local financial conditions 25 well as the technical details of the brokerage and banking business. Chairman Charles E. Howe, treasurer 5 Atlas Tack. . Auburn-Auto (34). .. 3% Austin Ni 42% 18 Austin 35'% 4 Autosales 50 34 Auto-Strap Raz (3) 20 41 Aviation Corp Del. 66% 15 Baldwin,Loco (1.75). 145'% 105 Baltimore & Ohio (7) 90% 55 Bang & Aroos (3%). 49% 20 Barnsdall (12%). 12! BeaconOil. .. 69 Beatrice Cream ( 45 Beechnut Pkg (c3).. 4': Belding-Heminway. 25 Bendix Aviation (2). of the American Security & Trust Co., has appointed the following committee chairmen to serve the safe deposit sec- tion of the Bankers’ Association for the present year: Education and publicity—James E. ‘Woltz, chairman, National Metropolitan Bank. Standardization safe deposit forms— Earle M. Amick, chairman, Riggs Na- tional Bank. Standardization of safe deposit prac- tices—Arthur P. Miller, chairman, Lib- erty National Bank. Committee to prepare a set of ques- tions for each meeting to be submitted to the membership for discussion—F. H. an, Commercial National Christmas Savings Clubs Booming. It is reported that the Christmas savings cluhfis]. nowmwe‘l:‘ shnfig for 1930, are still growing ‘members| and in the amounts which the d!m?"fl tors propose to save during the coming year. The total for Washington is sure to be well above the fine record made is not too late yet to open these accounts. Banks report that considerable more interest is being displayed in the regu- lar savings departments than was the case during much of 1929. Officials see a gradual building up of a great many savings accounts that were pretty badly depleted during the closing months of the year just ended. While 1929 was a year that broke many records it was also a year that broke many people and forced them to| turn to savings accounts. Such large scale withdrawals are not expected this year. One reason is that it will take years to bring about conditions similar to those that caused the stock market crash. Purthermore, yields have come to the front and very little in- vesting or speculating is now being based merely on hopes. Local Stocks Steady Today. Local securities started off 1930 to- day almost exactly where they left off in 1929. Potomac Electric Power 6 per cent preferred came out at 111 and the 5! per cent issue moved at 105. Two bank stocks appeared on the board, Riggs National again selling at 530, up five points, and National Sav- ings & Trust again changing hands at 520. Both were only five-share lots. Lanston sold at 113 today and Mer- genthaler brought 106. Peoples Drug Stores sold at 103)2 and 104 and 10 #hares of Merchants Transfer & Storage common came out at 118. Railway & Electric preferred sold at 94 and 94%. Trading in bonds was confined to Railway & Electric 4s at 82';, Washing- 1on Gas 5s at par and Washington Gas 65, series A, at 100% on a very light turnover. Heard in Financial District. Frank W. Stone, vice president of the National Savings & Trust Co. has re- turned from a week’s visit to New York. The District Bankers’ Association's annual convention, which is to take place at Ashville, N. C, will be held on June 5, 6, 7 and 8. The annual meetings of most of the | ‘Washington banks are to take place during the month of January. There are comparatively few vacancies among the directors. Along with the monthly bills received | in the morning mail there were many dividend checks, local securities playing an_important part in these welcome disbursements. One forecast says that 1930 will be | just the opposite from 1929. Last year started with a rush and ended with a crash. This year, which will start slow- 1y, should steadily gain momentum in business and finance. ‘The North American Co. reports that the Cleveland Electric Illuminating Co., 2 subsidiary, is to spend $18.000,000 this year in replacements and extensions “To show the way people have cur- tailed expenses,” said a local banker to- | day, “last_year most of the Christmas | greetings I received were of the 25 and | 70 cent variety. ‘WHOLESALE PRICES. D the Associated Press. General wholesale prices last week re somewhat firmer when Census Bureau calculations worked out their ~verag®>. The figures which follow give ihe wholerale price index for the weex rnd comparable periods, based on using 107 as representing the average or vholrsale prices for 1926. There This year practically | all of them were in the 10-cent class.” | 25 Best & Company.... 781 Bethlehem Steel (5). 116% Bethlehem St pf (7). 136% 17 Bohn Alumn&B (15) 89% 70 Bon AmiA (16)..... 11% 3 Booth Fisheries 63% 18 Booth Fish 1st pf 100% 53 Borden Co (k3) 86% 26 Borg Warner (4 145 Boston.& Maine 6314 ). British Empire Steel Bkiyn-Manhat (4)... 248 99 Bkly: nion Gas (5) 55% 16% alk-Col (3). rie (1).... Bucyruscv pf (215). Budd (EG) (1%).. Budd Wheel (1)..... Buff & Susque. y Bulova Watch (3). Burns Bros A (8) Burroughs AM 1.8 Butte & Superior (2) Brers (AM). By-Prod Coke Callahan Zinc & L. Calumet & Ariz (10). Calumet & Hee (434) Campbell Wyant (2). Canada Dry G A (5). Canadian Pac (10) ... Cannon Xills (2.80) . Capital Adm (A).... Caterplllar Trac (3). Cavanagh-Dobb: Celotex (3).... Cent Alloy Steel (2 Certain-teed Prod. Checker Cab (4.20) Ches & Ohio (10).... Chesapeake Corp (3) Chi & Alton. . Chi & Bast 1 pf. ..., Chi Great Western. 4 Chi Mill St P&Pac pf Chicago & N W (5).. 475 21% Chi Pnen Tool. ... . 143% 101 ChiR1& Pac (7).... 109 100 ChiR I & Pacpf (7). 185 26 Chrysler Corp (3)... 62% 37% City Ice & F (k3.60). City Stores (1)...... 34% Cluett Peabody (4) Coca-Cola (4)....... Coca-Cola A (3)..... Collins & Aikman Colo Fuel & Iron. Col Gas & Kl (2). Col Gas&E rets pf Col G&F: rets full pd Columb Graph (87¢) . Columbian Carb (16) v Tr (£1.80). Comm Solvents (1).. Comm & So (b5 % stk Congoleum-Nairn. .. 92% 43 Congress Cgrs (15%) 96% Consol Cigs 25% nsol Film (2). 30% 4 Consol Film pf (2) 183% Consol Gas N Y (4).. 70% 45 Consol RR Cub pf(§) 6% % Consol Textile 28'% 12 Container Cor A 1.20. 11% 3% Container Corp B.... 90 25% Contl Baking A 15% 4% Contl Baking B 100 79% Contl Baking p 92 40% Contl Can (2%4). 331, 20% Contl Dia Fibre ( 110% 46% Contl Insur (2.40). 28% 6% Contl Motors (80c) 47% 18 Contl Oil of Del. 45% 28% Contl Shares (1) 126% 70 Corn Prod Refin (14) 82% 20% Coty Inc (g2) Cream of Wht(12%). Crosiey Radio (11).. 30% 6% Curtiss Wright Corp. 37% 13% Curt Wright Corp A. 69 21% Davison Chem | 226+ 141% Delaware & Hud (9). 169% 120% Del Lack & W (17).. 77% 49 Denv&RG W pf. 151 Detroit Edison (8) 24 Devoe & Ray A (13). 12 Dominion Strs (1.20) 69 Drug Corpn (4). . 1% Duluth SS & Atl.... 25 Dunhill Inter (34)... 80 Dupont de N (15.20). | 39% 19 Estn Roll Mill(ht2). £en also the average prics of a_com- posite ton of steel produets for similar 7oriods, All commodities. Stee! Femk endine Teosgater 2800 931 535 B 3897 264% 150 Fastman Kodak (18) 6% 18 FEaton Axle &S (3).. 39% 4 Fitingon-Sch (2%).. 174 50 Klec Auto Lite (§) 18% Electric Boat. R6% El Bwr & Lt (1)..... 104} 56 [Ele Storage Bat (5) 100% 92% Consol Gas NY pf(5) . 101 113% 465 % 84% 101% 80% 3115 2214 Righ. Low. 22, % Emmerson-Brnt A.. 4 Endicott-John (5). ., Eng Pub Serv (11). .. Eng Pub Sve pf (5% ) Equitable Bldg (2%) 5 ErieRR % Fid Pho Erie R R 2d pf (4) Eureka Cac Cl (4) . Evans Auto L($214). Fed Water Ser A 2.40 re 1(2.60). 4 Firestone T&R pf(§) First Nat Sfrs (2%). Fisk Rubber Follansbee Bros (3). Foster Wheeler (2) ., % Foundation Co.. Fox Film A (4). Freeport, Texas (15) Gen Cigar (4). Gen Electric (16). .Gen Electric (new). . Gen Elec spec (80c) . Gen'l Food Corpn (3) Gen Mills (13%).... Gen Motors (13.60). . Gen Outd Ad vte (2). Gen Public Serv (b6) Gen Ry Signal (5)... Gen Refrac (t4%) Gillette Saf Raz (c 4 Gimbel Brothers. Gimbel Bros.pf (7).. Glidden Co (h2). Gobel (Adolf) . % Gold Dust (234). Gold Dust pf (6) Goodrich BF (4).... Goodyear Tire (5). .. Gotham Silk H (21) Gould Couple Graham-Paige . Granby Copper (8). . Grand Union........ Grand Union pf (3) .. o Grant (WT) (1).... Grt North pf (5).... 4 Grt North pf ct (5) GUN 8O P (a3%). Grt West Sug (2.80). 4 Grigsby Grunow (2). Gulf Mo & North. ... Gulf Sta Steel (4)... Hahn Dept Stores. .. 4 Hahn Dept 8 pf(6%) Hartman A (2) Hartman Corp B 1.20 Havana Elec Ry. Hayes Body . Hercules Motos Hershey Chacola Hershey Choc pf (4). Hershey Ch pr pf (8) Holland Fuf (e2%).. Houdaille Her B (2). Houston Oil. ... Howe Sound (15).... Hud&Man Ry (3.50). Hudson Motor (5)... Hupp Motor (£2).... Tllinois Central (7).. Ind Motor Cycle..... Independ Oil & G Indian Refining. Indi Refining ct. .. Indus Ray (b5 %stk) . Inspiration (4)...... Interboro Rap Tran. Intercontinental Rub Intl Agricultural. ... Int Bus Mach (c§)... Int Combustion. . ... 2 Inter Comb Eng pf Intl Harvester (2% ) Intl Harv pf (7)..... Int Hydro Bl A (s2). Intl Mateh pf (4). Int Mer Marine ctf. Int Nickel of Can (1) Intl Pap & Pwr C. ... it Tel & Teleg (3).. nter Dept St (2) . Intertype (f11%)... Investors Equity(2). Island Creek Coal(4) Jewel Tea (4)... . Johns-Manville (3).. Jordan Motor Car. .. Kan City Sou (5) Kelvinator Corp. Kennecott (5). Kolster Radio. Kraft PhCh (1%)... Kresge(8S)Co(1.80). Kreuger&Toll (1.34). Kroger Gr&Bak (c1) Lambert Co (3)..... Lee Rubber & Tire. . Leh Port Cem (23) . Lehigh Valley Coal. . Lehigh Valley (1414), Libbey Owens (1)... 4 Liggett & My (15)... Liggett & My B (15). Liggett & My pf (7). Lima Locomotive. .. Liq Carbonte (14%). Loew's, Inc (13%).. Lott, In . Loose-Wiles (2.60).. Lorillard (P) Co..... Louisiana Ofl. 3 JouG&KEIA (1%).. Ludium Steel (2).... McCrory B (2).. McKes & Rb pf(3%). Mack Trucks (6).... Macy (RH)&Co(ct3). M i Mallinson & Co Mandel Brothers. ... Man Elec Supp! . Man Elev mod (d5).. Marlin-Rockwell (1) Marmon Motor (4). . Mathieson Alkili (2). May Dept Stores(c2) 4 Maytag Co (12). Maytag Co pf (3). Melville Shoe (1.40). Mengel Company (2) Metro Gold pf (1.89). Mexican Seaboard. .. Miami Copper (4)... Michigan Steel (12). 4 Mid-Continent P (2). 4 Mid Steel Pr pt t13% Miller Rubbe . Minne&Hon Rex Minn Moline Pwr. Mo Kan & Texa: Mo Kan & Tex pf(7) Missouri Pacific Missourl Pac pf (5). Mohawk C Mills (3). Monsanto €I Montgomry Wrd (3). Moon Motors. ...... Mother Lode (40c). . Motor Meter G & k.. Motor Products 110. Motor Wheel (3).... Mullins Mfg 5 Munsingwear (13%) ‘or (b2 % stk) Myer(FE)& Bro (2). sh Motorx (6) elsner Brothers. .. evada Copper (3).. ewton Steel (3).... N Y Airbrake (3.60). N Y Central (8)..... Y Chi & 8t L (6) Y Chi & St L pf(8) NY NH & Hart (6).. Y Ont & West. Norfolk Southern. .. orth Am (b10 % stk) Northern Pac (5).... North Pac et (5) or Ger Lloyd(3.. Norwalk Tire & Rb. . Oliver Farm Equip. . Olivr Fr Eq ev pt(3). Olivr Fr Eq pf A(8). Omnibus Corp. ..... Otis Steel (2%)..... Pacific Gan & E (2).. Pacific Lighting (3). 3 24 ann BRuabammnnmnmanna ~oRnunn 2 i b0 aBER 8 o= e N T L) I BB 3 roBuanummFomnn ] = RBixanne 8 5 2 1 5 7 3 Sales. High. Low. Close. Close. 1 f 4 53 3% 94% 40 56% 57 36% 23 32% 6516 85% 50% 3 37 62 15% 17 High. Low. 1% % Pacific Oil stubs 3215 Paclard Mot (1 Paramount-F-L Park Utah. Pathe Exch: he Exchange ino Mines (3.89) . Peerless Motor Car. Penick & Ford (1) Penney (1 C)....... Penn Dixie Cemt pf. . 4 Pennsylvania RR(4). 4 Phelps Dodge (3).... Phila Co 6% pf (3).. Phila & Read C&1.. 1 Philip Morris (1), Phillips Pet (c2).... Plerce-Arrow pf (6). Pierce Petrolenm. Pillsbury FI (125) . Pittaburgh Coal pf. . Pittsbgh Screw 1.40. 3 Poor & Co (B) (2)... 1 % Prairie O&G (12%) Prairie Pipe L (15).. Pressed Steel Car-. .. Pressed St1 C pf (7). Proc & Gamble (2). Prod & Refiner: Public 8. Pub Sve Pub Sve Pullman Corp (4).... 19 Pure Ol (1%)...... 6 Purity Bakeries (4). 18 Radio Corp. 684 Radio pt B (5) = Radio-Keith-Orph A. 95 RRSecICstkC(4). 40 4 Reading (4).. v Reading 1st pf (2). i Real Silk (5)...... Rem Rand (30c) Reo Motor (11.40) Repub Ir & Steel (4 Rteynolds Spring. ynolds Tob B (3). Richfield Oil (2). ... Rio de 011 (k2). Ritter Dent Mfg (13) Rosia Ins (2.20)..... Royal Dutch (a3.20). Safeway Stores(es). St Joseph Lead (13). St L-8an Fran pf(6). StL Southwestern. . Schulte Retail Str Seahoard Air Line. .. aboard Afr Line pf agrave (e1.20).... Sears Roebuck (32%) 224 Second Natl Inv..... 2 Seneca Copper Servel Inc.. Sharp & Dohme. . Sharp & Do pf (3% Shattuck(FG) (11%) Shell Unifon (1.40) ubert Thea Simmons Co (g3) . Simms Pet (1.60) . Sinclair Con Ofl (2) Sinclair Oil pf (8) Skelly 011 (2).... Sloxs Sheffield Steel. Snider Packing..... Snider Packing pf. .. So Porto R Sug 121 Southern Cal Ed (2). Southern Pacific (§). Southern Rwy (8)... Southern Ry pf (5).. Spang-Chalfant..... 4 Sparks Withngtn ( Spencer Kelg (1.60) » » o mammman 28 e SenaBSane %), 4 Stand Com Tob (1).. Stand Gas & El (3%) Stand G & E pf (4).. Stand Invest Corp. .. 4 Std'Oll of Cal (h2%) 24 Stand OIL N J (12)... 97 Stand Ol N Y (1.60). 81 Starrett (LS) (12%) 1 i Sterling Sec A 15 Sterling Sec pf(1.20) Sterling Secev pf(3) 1 Stewart Warn (j314) 12 Stone & Webster (2). 20 Studebaker (15) 31 Submarine Boat 2 Sun Oll (p1) Superior Ol Superior Ste Symington (A). Tenn Cop & Ch (1)... High. Low. Close. Close. 1M 1 1 1 16% Pan-Am Pete B. 60 51% a% ~Prev. 1929— High. Low. 16% 16% 59% 59% Vadsco Wilcox Wilson ©10:30 AM 1:30 P.M. Dividend rates a: payments based in stock. §Plus §3 in this year—no re d Payable wh Dividend Rate. + + 2,006,600 *Unit of trading less s stoc) stock. m Plus 113% 1n stoak. ed stock. © Sales— Add 00. High. Low. Close. Close. 1 6! Bolx 56% | Tex Gulf Sul (4). 54% Texas P C & Ol (b 10% 10 Texas Pac Land Tr. Thatcher pf (3.60). The Fair (2.40) Tide Water Asso 60c. Tide Water Oil (80c) Timken Det Ax 180c Timken Roller (3). .. ‘Tobacco Products. 4 Tobacco Products A . Transcontinental Ofl Trico Prod (2%). ... Truax Traer (1.60). Truscon Stl (£1.20).. Twin City Rp T (4) Und Elliod Fishr (5). Union Carbide (2.60 % Union Oil of Cal ( Union Pacific (10). Utd Afrcraft& Tran: * Utd Aircraft&T pf Utd Biseuit (1.60) Utd Carbon (2) Utd Cigar Stores. United Cigar Strs pf. Utd Corporation. Utd Corp pt (3) United Elec Coa Utd Fruit (c4). Utd Gas & Imp(1.20) Ttd Gas & Im pf (5). Plece Dye Wks ited Stores A Udt Stores pt. . U S & Foreign Secur. U S Hoffman (2).... S Ind Alcohol ( 7S Leather Rubber. Rubber 15t p Smelt Ref (3%). 1S Steel (18) 78 Steel pf (7) 18 Tobacco. . % Univ Pipe & Ra % Util Pwr Lt, A (e2) Sales Corp. Vanadium (14).... vick Chemical (234 ) . ginia-Car Chem. Virginia-Car 6% pf Virginia-Car pf (7) Waldorf Systm (1%) Walworth Co (2). Ward Baking pf (7).. Warner War Bros P’ pf (2.20) Warner-Quinlan (2). Warren Bros (19)... Warren Fy&Pipe(2 ter-Eisenlohr & Sn pf (4) Western Maryland. Western Pacific. . Western Pacific pf... Western Unlon (8) 4 Westngh Aid Brk(2). Westinghse E&M (5) Westvaco Chlor (2). White Motors (2) Bros Pic (4)., Rich B (¢2) Willys-Over (c1.20). Willys-Over pf (7).. & Co. Wilson & Co p! Woolworth (2.4 Worthington Pump. Wrigley Wm (4). Yellow Truck & C ung Spring (3). Young Sheet & T (5). % Zenith Radio (2).... RIGHTS EXPIRE 4 Am Roll Mill.Feb 15 % Col Carbon..Mar 11 5 N Y Cent 2% Penna Ry. 11 Peo Gas & O.Jan 15 % Reynolds Spr.Jan 24 % Sales of Stocks on New York Exchange. .Jan 31 an 15 2% 12 % 458,000 12:00 Noon. 2:10 P.M. 100 preferred stoc o Plus 50c in Plus 8% % In stock. D Plus 9% in stcek. CHILD SUBSTITUTION LAID TO BARONESS Former St. Louis Woman Arrested in Nice, France, in Plot to Obtain Heir. By the Associated Press. NICE, France, January 2.—Baroness Marie Louise de Piessen, former- ly of St. Louls, Mo, was arrested Tuesday and charged with child sub- stitution. It was alleged that when she found she could not have an heir she arranged with a woman named Denise Mercier to enter a clinic under the name of the baroness and to give over her child. The woman was arrested as an ac- complice. Both women have been re- leased on bail and police say they have admitted the facts. The arrests were made on complaint of Baroness Sophie de Pleasen of Copenhagen, who now is in Nice. JOURNALISM TEACHERS HONOR J. E. DREWERY Georgia University Man Named President of American Associa- tion at Baton Rouge. By the Associated Press. BATON ROUGE, La, January 2.— John E. Drewery of the University of Georgia was named president of the American Association of Teachers of Journalism .~ and Boston University designated for the association’s 1930 con- vention at the close of a three-day ses- sion of the group here yesterday. H. H. Herbert, University of Okla- homa, was named secretary; treasurer, H. B. Center, Boston, and Blair Con- verse, Iowa State College, was chosen as an additional member of the execu- tive committee. Frapk Luther Mott, University of Iowa, was designated editor of the quar- terly published jointly by the Amer- ican Association of Schools and Depart- ments of Journalism and the American Association of Teachers of Journalism. ‘The association voted to co-operate with the American Society of News- paper Editors in a reclassification of the | schools of journalism, and to assist the American Bar Association in an effort to clarify the laws relating to the press. SHORT-TERM SECURITIES, (Reported by J. & W. Sellgman & Co Allis-Chalmers Co. 55 1937 9 Aluminum Co. of ‘Am Amer, Roiling Mills n Tel, & Tel, re & Ohlo 4 el] Uni Co. inclair Crude O tandard Ol N. Je: | prime, none; good to choice, 12.25 to Union O}l @ Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 2.—Po- tatoes, white, barrel, 1.5024.00; 130- pound sacks, 155a2.50; swee potatoes, barrel, 1.5083.00; yams, barrel, 2.00a 3.00; beets, crate, 3.00a3.25; hamper, 1.5082.50; cabbage, hamper, 3.50; car- rots, 100, 2.00a3.00; caulifiower, crate, 1.5082.00; celery, crate, 1.50a3.50; egg- plant, crate, 1.50a4.00; lettuce, basket, 2.5083.50; kale, barrel, 1.25a1.50; onions, 100 pounds, 1.55a2.00; parsnips, basket, 50a65; peppers, crate, 4.00a5.50; pump- kins, 100, 100.00a150.00; spinach, bushel, 50a75; squash, crate, 2.50a3.50; tom: toes, crate, 2.50a6.00; turnips, hamper, 25a35; apples, bushel, 75a2.75; berries, box, 3.00a4.75; grapefruit, box, 2.50a4.75; oranges, box, 2.10a4.25; tan gerines, box, 1.25a2.50; strawberries, quart, 60. Datry Market. Poultry, dressed—Turkeys, pound, 32a 36; old, '28a30; chickens, 30a32; ducks, 28a30; geese, 22a30. Poultry, alive—Turkeys, pound, 33a 36; old toms, 28a30; Spring chickens, 26a32; Leghorns, 22a24; old hens, 20a Leghorns, 18a30; poor and thin, old roosters, 18; ducks, 16a30; geese, 23a28; Guinea fowls, each, 40a 50; pigeons, pair, 25. ‘Receipts, 602 cases, native and nearby firsts, 52a53; pullets, 45a48; hennery whites, firsts, dozen, 56; cur- rent receipts, 43a45; culls and dirty eggs, 25a30. Butter—Good to fancy creamery, pound, 41a46; ladles, 35a36; store packed, 21; rolls, 31a32; process, 38a39. Live Stock Market. . Cattle—Receipts, 500 head; fair sup- ply. market steady. Steers, choice 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 good, 7.50 to 9.50; fair to medium, 7.00 to 7.50; plain to fair, 6.00 to 7.00;, common to plain, 5.00 to 6.00. Cows, choice to prime, none; good to choice, 8.50 to 9.00; medium to good, 750 to 8.25; fair to medium, 6.75 to 17.25; plain to fair, 5.50 to 6.50; common to plain, 4.00 to 5.00. Heifers, choice to prime, none; good to choice, 10.00 to 10.75; medium to good, 9.00 to 10.00; fair to medium, 8. to 9.00; plain to to common to plain, 00; Fresh cows and springers, Sheep and lambs—Receipts, 250 head; light supply; market steady. Sheep, 2.00 to 6.00; lambs, 6.50 to 14.00. Hogs—Receipts, 100 head: light sup- ply; market steady. Lights, 10.50 to 10.70; heavies, 10.25 to 10.70; medium, 10.50 to 10.70; roughs, 7.50 to 9.50; 11‘:% Ppigs, 10.25 to 10.50; pigs, 10.50 to lves—Receipts, 25 head: light sup- Ply; market steady. Calves, 7.00 to 17.00. Hay and Grain Prices. Wheat—No. 2 red Winter, spot, 1.30%; No. 2 red Winter, garlicky, spot, 1.28; January, 1.28; No. 3, gar- licky, no_quotations. Corn—No. 2 damestic, vellow, new, 1.05a1.06; cob corn, new, 4.60a4.75. Oats—No. 2 white domestic, spot, 56a 56)42; No. 3 white domestic, spot, 55. Rye—Nearby, 90a1.00. Hay—Receipts, none. 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 from 14.00817.00 per ton, according to its quality and condition, receipts by truck taking care of most’requirements. Straw—Litgle demand for straw. Re- g00d order new hay sells at | pe: OUTLOOK FOR COPPER INDUSTRY IS BRIGHT 14 | of all periods ane AFTER EARLY GAIN Profit Taking Cuts Down Advances Made During Early Trading. BY STANLEY W. PRENOSIL. Associated Press Financial Editor. NEW YORK, January 2.—The open- ing of the new year on the New York Stock Exchange today was greeted with a brisk rally, but it proved to be short lived, as a renewal of selling pressure against the merchandising and public utility issues and high priced specialties turned the general course of prices downward around midday. Scores of early agains of 1 to nearly 6 points were cut down, or wiped out, and many of them were converted into declines from 2 to 62 points. A further sharp falling off in freight car traffic, appointment of equity re- ceivers for the Submarine Boat Corpo- ration, the passing of the American |Cigar dividend and the revelation of large losses by investment trusts during the October-November break all con- tributed to the bearish stock market sentiment. ‘The early rally was based on the be- lief that the completion of the heavy liquidation for tax loss purposes had strengthened tl> technical position of the market, \Wich also was expected to benefit from the distribution of more than $1,000,000,000 in dividends and Interest this month. ‘The early investment demand was disappointing, however, and Is, which had resumed activities in the expectation of attracting a large out- side following, were compelled to cur- tail operations or run the risk of dis- sipating all their buying power. Commission houses continued to urge their customers to exercise careful dis- crimination in the making of new com- mitments. RELIGIOUS METHOD HIT. “Mechanistic Attitude of Students” Discussed at Champaign. CHAMPAIGN, Ill, January 2 (P)— Ministers and religious workers from colleges and universities of 14 States closed the annual convention yesterday with discussion of the “mechanistic at- titude” of students. Dr. Joseph C. Todd, dean of the In- diana School of Religion, said that a process of education which “does not transmit the accumulated literature, accomplishments, thinking and per- n}mmm of religion is fatally incom- plete.” N. A. McCune of the Michigan Agri- cultural College, advised against stress- i denominational god, 3 r:mlxtemly is nothing more than eity.” HUNTING SHOW PLANNED. LEIPZIG (N.AN.A. An interesting exhibition is planned, an international hunting exhibition. Hunting trophies, dating from the earliest times to the present, will be collected from all over the world, as well as horns and antlers and hunting weapons, traps and snares all countries. ‘The art department will show pictures and sculpture inspired by the chase from the earliest prehistoric examples to the futurist representations of the most modern a:tists. Bank Clearings. NEW YORK, January 2 (#).—Clear- ing house statement: Exchanges, $2,239,000,000. Balances, $252,000,000. SILVER QUOTATIONS. NEW YORK, January 2 (#).—Bar silver, 46%: Mexican dollars, 35 Expert Declares Companies Are in Strong Position Pending Next Buying Wave, BY CHARLES HAYDEN Hayden, Stone & Co. The three questions that we are con- stantly hearing are: From the pro- ducer, should the price of copper be maintained at 18 cents; from the manu- facturer, will the price be maintained at 18 cents; from the investor or specu- lator in copper stocks, can the price be maintained at 18 cents? ‘The last year has been one of extra- ordinary contrast with former times throughout the copper industry in re- spect to production, consumption and market development. Production in- creased 11.7 per cent and consumption 5 per cent over 1928. Since 1922 con- sumption in this country has increased 100 per cent. Before the World War this country used 40 per cent of Ameri- can refinery production and is now using 60 per cent. Answering the original three ques- tions: (1) President Hoover has stated that he hopes there would be no reduction in wages in industries in general. All mining companies pay their employes on a sliding scale and a reduction in the price of metal would automatically reduce the wage scale. Naturally, there should be produced all the copper that is actually needed for consumption, but me producer is doing nothing wrong if does not of his own volition produce any more than he, by careful analysis, finds the consumer wants. (2) The manufacturer says he does not complain of the 18-cent price pro- vided that if he buys, he does not find his competitors a few weeks hence buy- ing it at a lesser price. A study among the manufacturers and consumers who use copper shows that consumption, in our judgment, would be no larger at 16 cents than it is at 18 cents; in fact, temporarily it would be smaller because of the uncertainty such an act would produce, and the best evidence that the prevailing price is fair is that the great- est constimption in history was secured at about the prevailing price. 8-cent level for the metal is maintained, then good copper secur ties are selling in the stock market at a price which, based upon earnings, show a very attractive return. Copper is not bought daily, but the buying comes in waves and it is only natural that at the year end there should be a slack period of buying, par- ticularly in view of the quite recent stock market break. Never have the mining companies been so strong financially as they are now, and they are in perfect condition to carry any inventory that might ac- cumulate pending the next buying wave. At no time since the war has there been such a cleaning up of sup- plies of copper throughout the world @s now exists. What copper is being carried is all being carried at the re- fineries, and that amounts to less than a month'’s supply. Were it not for this adnormal clean-up of manufacturers, even this accumulation by refineries would not be existent, and it should be quickly absorbed as the usual conduct of busi is restored. There cannot rt periodical delay in the stable commodity as cop- T, ‘The public service corporations and utilities generally are the backbone of the copper industry, being consumers. We already have authori- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00a10.00; oat straw, No. 1, per ton, 9.00a10.00. tative information of v 0% NotEs Secured by First Mortgages Safe—Conservative Make your savings 41 Years’ and surplus funds work for you at Experience in financine the highest inter- homes and in the est rate eonsistent with absolute suie or" These. se” safety, curities. Wm. H. Saunders Co., Inc. REALTORS. Dist. 1016 1433 K National Metropolitan s> Bank Years Vears old old 15th St. opp. U. S. Treasury Are Yo:Starting The New Year Right? To make 1930 really prosperous, you owe it to youuelf to save something regularly. QThere's a pass book awaiting you in Our Savings Dept. Open Until 5:30 P.M. oday 3% Paid on Savings 0.:(! it National Bank in t trict of Columbia