Evening Star Newspaper, January 4, 1930, Page 20

FINANCIAL BUSINESS RECEDES INFIFTH DISTRICT Reserve Bank Review De- clares Some Trade Barome- ters Favorable, However. 7 T 4 BY EDWARD C. STONE. 65 51 In the December review of busine: 27 in the Fifth Federal Reserve district, B2 404 W. W_ Hexton, chairman of the Re-( 34y 41, serve Bank of Richmond and rederal | 1841c 86 Reserve agent. reports a moderate re-| 1061, 75 cession in business from the high revels | 120 1101 of earlier months of 1929. He reports | 85% 701 that generally business was not up to | 8% the seasonal volume of the preceding 5 20 year although some of the trade! 47% 18y barometers are quite favorable. The| 981 December revicw covers conditions in | 1991 this district in November and the first [ 1081, 101 part of the following month. | 103 86 Labor is only moderately employed in 174 the district; returns to cotton growers 234 are lower than in 1928, and wholesale [ 85% 40 trade showed slight declines, the siate- | 54 29 ment declares. As to labor the state- | 96% 2014 ment adds: “On the whole, outloox for 136 90 steady employment during the next few | 813 31y months appears more doubtfui A “Daily praduction of bituminous coal 641 in November was less than in Novem- ber, 1928, and total production de- clined rather more than the s=asonal average in comparison with October. “Textile mills operated less exten- sively than in November. 1928, ana there was some curtailment of work to four aays a woek, but ine Tece.sion 1n operations was less marked than the average for the Nation. Retail and Wholesale Trade. g 56 “Retail trade in departmen: stores in 60 18 the fifth district was better in_the | 310% 1981 largest cities than in Novemb.v, 1928, : 160 but, on the whole, was poorer in the 160 #maller cities and stores, 5 “Wholesale trade in November com- ared unfavorably with that of Novem- T a year ago in every line reported : upon. g 7 “Crop returns were quite spotted. but. 67% considering the district as a whole, 25 production of most crops was up to the 181 Pproduction of 1928. Y “Prices for cotton, the leading money . crop. are much lower this year than 81 in 1928, and returns to the growers will 20% be considerably below the returns last year. Tobacco prices have averaged #omewhat lower this year, but increased < production this year probably about lanced the lower prices. Loans Paid More Slowly. “Liquidation of agricultural loans proceeded seasonally. but perhaps at a somewhat slower rate than in most ears, says the report. “Member nks reduced their rediscounts at the reserve bank, although the reduction from country banks was not in_propor- tion to the reduction of rediscounts of the city institutions. Federal Re- gerve note circulation rose during the past month, to meet the demand for | cash needed for crop marketing and the holiday trade. An encouraging phase of the sum- mary deals with the solvency of busi- ne: ’enenlly in the district. “Busi- ailures” were less numerous and liabilities were 78 per cent lower than in November, 1928, a much more favor- able showing'than the national com- parison, which revealed liabilities 28 Per cent greater in November, 1929, han in November, 1928," the summary states. Notes in Financial District. Latest figures®indicats that deposits declined in the local banks about $13,- 000,000 between the calls of October 4 and Dccember 31, 1929, The biggest factor in the recession was the break in the New York stock market and the | 13 314 resultant letting-up in business every- 25 where. 2654 185 It is expected here that the banks| 48% 27 in most other parts of the country will | 467 130 show the same or a larger decline in| 61 50% deposits, business in industrial cities | 42% 6% having suffered a much more severe | 79% 31 slump. N:w York and Chicago, the | 120 q money centers, however, may reveal| 70% 18 gains on account of the enormous sums | 92 42 ©f money rushed to these places when | 2: 7 stocks tumbled. 174 The McLachlen Banking Corporation 28) Teports deposits on D-cember 31 *of | 143 101 $1.873506.80 instead of $1,727.493.05. | 108 75 the figure given out just after the call | 50 5 came in yesterday. By omission of an % important it*m the deposits were made | 26 to appear more than $146,000 lower| 62% 37% than they should have been. IR H. S. Brossard, manager of the | 154'¢ 101 Washington office’ of the Investors'i BP0 44% Syndicate, of Minneapolls, is on his| 72'+ 10 way to attend the annual convention| #8 $ in the Minnesota city. As a result of | 140 52 the large business done by his office in | 96! 86 the past year, he was one of a number | 88% 1 of sales managers who was given ex- | 344 105 penses to the convention. | 62% 18 F. B. Keech & Co. announces that | 21% 28 “Thomas N McCarter. jr.. a member of o the New York Stock Exchange. has| © ol been admitted to general partnership | 24% 10 in its firm. as of January 2. The| 3% 11 Iocal F. B. Keech office is at Seven- | J0% 40 teenth and H streets, s 0% 154 Joins Hemphill Staff Here. 1831 80w Another addition has been made to | 100'z 92} the personnel of the new Hemphill | % Noves & Co. investment office to be | 90 254 established here in the person of Robert | 15% 4% K. Carpenter, who will be identified | 100 79': With the stock department of the office. | 92 40" Mr. Carpenter has been in the invest- | 110% 46 ment business in Washington for the | 28% 5% past five years and until recently was| 47% 18 associated with the offices of Eastman, | 45 28% Dillon & Co. He is a graduate of Dart- | - mouth College. 2014 Regional Savings Conferences. Four regional savings conferences will 15 be held this Spring under the sponsor- n #hip of the savings bank division of s the American Bankers' Association. % ‘The one which will be attended by a 3 1 good many Washington bankers will 36 take place in New York on March 100 20-21. a4 These conferences have been a fea- 13% ture in the savings banking field for 151 the last six years, with increasing in- 69 terest and attendance. The meetings 10 this year are expected to prove of ex- 80 ceptional interest because of the reces- | Lol oo sion of savings deposits in savings de- [ Z200 100 partments of bauks experienced during ‘1: -4 the past year. - New York Stock Exchange brokers' | 1% loans declined $27.088.496 in December | | to $3989.510,273, agalust $6,439,740,- | 511 a year ago. Meriill, Lynch & Co. and Kissell, Kinnicutt & Co. acquired part of J. G. McCrory's personal holdings of Mc- Crory Stores stock. Further Bank Deposit Reports. Purther reports from Washington banks on deposits of December 31, compared with the call of October 4, follow: ~—Prev. 1920 Hish Lo 34 19 20 15 i 1 223% 77 1% 1 104 4 561 17 18% 90 354% 1 1214 £0 | 79t | 0 | 4 | 30 17% & 514 120 1% 3% 50 34 20 4 665 15 145' 105 e 494 20 2% 121 104% 25 5, TRY 116% 23 17 53 815 14 40 99 36 16% T 21% 29 314 4% 24814 513y 55 121, 34 9674 891y 128 135 3% 385 126% 28% 38 Bank 33 Bank of Brigntvoos rimental 2 3 128% 75 94% 120'% 408 6314 1% K13, 891 100 915, 126% 112 98 20 88Y% 50 80 dri GOVERNOR TAKES 0ATH. Gen. Jose Maria Takes Reigns in ze-Langdon 11 25 50 Border Province. MEXICALI, Lower Calif., January 4 (P).—Gen. Jose Maria today assumed his new duties as governor of the north- ern district of Lower California, suc- ceeding Abelardo Rodriguez. He took the oath of office yesterday. Gen. Maria said he was under orders, ' and that it was his personal ambition to stop smuggling from his distriet of liquor and narcotics destined for points in the United States. —_— If straightened out, sn ounce of web would extend 350 miles, 60 87 11 1024 32 Ba% 63% 30 32 Stock and Dividend Rate. Adams Expr (160). . Advance Rumley pf. % Ahumada Lead Air Reduetn (t415) . Ajax Rubber. . Alaska June Alleghany Corp. Alleg Corp pt (5%). . Allied Ch & Dye (c6) ' Allis-Chalmers (3). . Amerada Corp (2)... Am Agricul Chem. .. Am Bank Note(ft3). Am Beet Sugar...... Am Bosch Magneto. Am Brake Shoe(2.40) Am Brown Rov Elec. Amer Can (5). . Am Car & Fdy (6)... Am Car & F pf (7) Am Chain pf (7). Am Chiele (1215 ) Am Com Alco(e1.60) Am Encaustie (2). Am European Sec. Am & For Power. Am&Forn Pwr pf(7) AM&FOR Po 2d pf(7° Am Hawalian S 8 (2) Am Hide & Leapf, ., Am Home Prod (4.20 Am Ice Co (14)., Am Internat (32) Am Locomotive (8). Am Metal (3), Am Piano. il Am Pow & Lt (1)) Am Pow & Lt pt (6). P&L pf A st (5). Am Ra&Std San 1, Am Republics - Am Roll Mill « Am Safety Rax Am Seating (2). Am Sm & ; Am Sm & Ref pf (7). Am Steel Fdy (3) Am Stores Am Sugar Rfg ( Am Sumatra (3). Am Tel & Tel (3).. Am Tobaceo (110). . Am Tobaceo B (110), Am Water Wke (c1). Am Water W 1st(6). Am Woolen. 5 Am Woolen pf. Am 7 Anaconda Copr (7). Anchor Cap (2.40) . Archer-Dan-M (2). . Armour 111 (A). Armour 111 (B). Arnold Constable. . . Art Metal Works (3) Appl Ind (4)... AssoDry G (2%)... Atch T & S Fe (10).. AtlG & W Indies. . Atl Refining (12). . Atlas Tack. . . Auburn Auto (§4)... . Austin Nichols Arfto-Strap Raz Aviation Corp Del Baldwin.Loco (1.75). Baltimore & Ohio (1) Balto & Ohlo pf (4) Barnsdall (12%). Beacon Oil. . Bendix Aviation (2). Bethlehem Steel (5). Bethlehem St pf (7). Bloomingdale Bros. . Bohn Alumn&B (15) Borden Co (k3)..... Borg Warner (4). Boston & Maine..... Brigss Mfg. .. -Brockway M T (3)... Bklyn-Manhat (4) Bkiyn Union Gas Brown Rhoa C'o (3)., Bruns-Balk-Col (3). Budd Wheel (1), Bulova Watch (3). .. Burroughs AM +1.80, Bush Term (g2). ... Butte & Superior (2) Butterick Co. . Byers (AM)..... By-Prod Coke (1). Calumet & Ariz (10). Calumet & Hee (413) Canadian Pac (10) Cannon Mills (2.80). Case (J 1) (8). . Caterpillar Trac (3). Cavanagh-Dobbs Celot Cerro de Pasco (6).. Checker Cab (4.20) ., Chesapeake Corp (3) Chi Great Western. ., Chi Great Westn pf.. Chi Mill St P&Pac pt Chi R1& Pac (7).... Chicago & N W (3).., Chickasha COil (3). Childs Co (2.40) . . Chrysler Corp (3), .. City Tce & F (k3.60). City Stores (1).. “oca-Cola (4). oca-Cola A (3) Collins & Atkman. Colo Fuel & Iron Col Gas & Col Gas & Columb Graph (8 Columbian Carb (13) Com Credit (2)...... Comm Credit A (3).. Coml Inv Tr (£1.60). Comm Solvents (1). . Comm & So (b5 %stk 603 Congoleum-Nairn Consol Cigar (7) Consol Film (2). Consol Film pf (2)., Consol Gas N Y (4). . Consol Gas NY pf(5) Consol Textile Contl Baking A. Contl Baking B. . ... Contl Baking pf (8). Contl Can (2%3). Contl Insur (2.40) ntinental Motors Contl Oil of Del. . Contl Shares (1).... Corn Prod Refin (14) Coty Ine (g2). “ream of Wht(1214). Crown Cork & Seal. . Crosley Radio (11)., Crucible Steel (k3). Cuba s Cuban-Amer Suz Cuban Dom Sugar Cudahy Packing (4). Curtis Publish (17). Curtiss Wright Corp. Curt Wright Corp A. Detroit Edison (8). . Drug Corpn (4). Duplan Silk (1) Dupont de N (15 stman K ton Axle & S (3). . c Auto | Pwr&LU)... Pwr & LUpf (7)., Fed Water Ser A 2.40 512 Federated Dept Stre. 24% Firestone T&I(1.60) A3% Firestone T&R pf(6) 44'; First NatStrs (2%). 2's Fisk Rubber. . Floreheim Shoe A . Foster Wheeler (2) 12% Foundation Co. 194 Fox Film A (4). 23% Freeport, Texas (15) Gabriel Snub A.... Gardner Motor. Gen Am Tnk C 42 Gen Asphalt (4). 6314 Gen Cable A (4). 'l Food Corpn (8) Gen Mills (1312), 87% Cen Milis pf (8). 431y Gen Motors (13. Gen Motors pf (7)... Gen Public Serv (b6) Gen Refrac (14%). .. Glllette Saf Raz (c5) 9% Cobel (Adolf). Gold Dust (234). 38 Goodrich B F (4) Goodyear Tire (5)... Goodyear 15t pf (7). Gotham Silk H (215) . Graham-Paige 46 Granby Copper (4). 914 Grand Union. ... ...s Grand Union pf (3).. Granite City Stl (4) D228 9 7e). 665 311 Sales— Add 00. Hizh. Low. Close 57% 34% Abitibi Power & Pap. T $2% 10 261 3.2 R 30 25% 22 % THE EVENING STAR, WASHINGTON, 30 41 12634 125% 1267 124% 12 1% 50 24% 7 96 2 263 20 50% 12 20 1 1 14 2 4 3 . 106 12 1 82 L 116 3 17 16 10115 1 807 15 30% 8 10 4 60v 2 19 25 T4 5 136 10 a9y 1 46 9 64y 5 20n 6 22114 1203 15 203% 20 20 1122% 9 231 6 54k 5 65% 13 1 63w A8 6414 3 151 4 381 15 4sy 1 114% 2 R4% i 7176 41 2 27 3314 18 40 23 30 14 11 14 2 44y 7 161, 1419 85 10115 8 100 26, 45 10 191 1 ROy 3 10 6N 1 1% 5 4Tl 1114 443 1 14% 200 ~ womNarnn— 3 3 = 82 7 88y 2 88% 1% 8 24 951¢ 68% 36 104% 103 11 4% 14 a9 42 64 90 1% a 2414 95%, 263 5014 100 100 it 4474 6 1% 814 24 515 258 161 1RiA 99 100 1 4 610 897, 60 B% 28% 30 | —Prev. 1920~ High. Low 3214 Grant (W T) (1 59 39% 44 70 19 28 14% 18 12 1% Middle States Ofl ct. . Missour! Pac pf (5). 4 Moon Motors. ... 8tock and Dividend Rate. Sal GUNctfsO P (a3). Grt West Sug (2.80). Grigsby Grunow (2) Gulf Mo & North. .., Hahn Dept Stores Hahn Dept S pf(614) Hartman Corp B 1.20 Hayes Bod Hershey Chocolate Hershey Choe pf (4). Houdaille Her B (2) . Houston OIl, ., Hud&Man Ry (3 Hudson Motor (5). Hupp Motor (£2)., I1linol= Central Independ Oil & G ( Ind Motor Cyele., Indian Refining Indian Refiningct. Indus Ray (b5 % stk). Inland Steel (315), Inspiration (4). ... .. Insurance Shars ¢5e. Interboro Rap Tran, Intercontinental Rub Intl Agricultural, int Combustion Inter Comb Eng pf. . Intl Harveater (214) Int Hydro EI A (s2). Intl Mateh pf (4).... Int Mer Marine ctfs. Int Nickel of Can (1) Intl Pap & Pwr C. Intl Pap & Pwr pf(7) Intl Shoe (3). Intl Silver (48). Int Tel & Teleg (2) Inter Dept St (2).... Investors Equity(2). Island Creek Coal(4) Jewel Tea (4). .. Johns-Manville (3). . Jordan Motor Car. .. Kan City Sou pf (4). Kayser Julius (4). Keisey Haves (2 Kelvinator Corp. Kennecott (5) Kolster Radio. ...... Kraft Ph Ch (114). Kresge(S8)Co(1.60) . Kress (SH) Co (n1). Kreuger&Toll (1.34). Kroger Gr&Bak (c1) Lambert Co (8)..... Leh Port Cem (21). Lehigh Valley Coal.. Libbey Owens (1) Lizgett & My (15). .. Liggett & My B (15). Lima Locomotive Tink Belt (2.60) Tiq Carbonte (+415). Loew's, Inc (13%) Loft, Ine S Loose-W Lorillard (P) Co.. Louisiana Oil. ... Lou G & K1 A (1%) Louts & Nash (7) Ludlum Steel (2) MeCrory B (2)...... MceK'port T P (1414) McKes & Rbpf(35). Me 1lan 8 A (m20). Mack Trucks (6).... Man Elec Supply. . Man Elev mod (45) Marmon Motor (4).. Mathieson Alkill (2). May Dept Stores(c2) Maytag Co (12). Maytag Co pf (3) . Melville Shoe (1.40). Mengel Company (2) Mexican Reaboard. Miami Copper (4) Mid-Continent P ( o a B 2 @ Z2Rar 2B naaFunanBealoRnnSonalansasn - 2 s POPT-3-3 VY emBZ 2 % Miller Rubber....... Minn Moline Pwr.... Mo Kan & Texas. ... Mo Kan & Tex pf(7). Missour! Pacific. . ronE B anan oo ne B e e Montgomry Wrd (3). 5?3 Mother Lode (40¢). Motor Products t10.. Motor Wheel (3). Mullins Mfg...... MurrayCor (b2 % stk) Nash Motors (6). Nat Acme (134).... Nat Biscuit (17%).. Nat Biscult (new). Nat Cash Reg. A(H4). Nat Dairy (32)... Natl Dept Store: Natl Enameling (2). Natl Pwr & Lt (1). Natl Radiator. ... Nat Tea Co (2). Neisner Brothers. .. Nevada Copper (3).. N 'Y Alrbrake (3.60). N Y Central (%) NYChi&StL(8)... NY NH & Hart (6). .. Norfolk&Watn(+12). North Am(b10 % stk) North Ampf (3).... North Am Ed pf (6). Northern Pac (5) Nor Ger Lloyd(3.4 Olivr Fr Eq cv pt(3). Olivr Fr Eq pt A(6). Omnibus Corp. ..... Otis Elevator (18). Ouls Steel (21%) Owens 111 Bottie(c4). Pacific Gas & K (2) .. Pacific Lighting (3). Packard Motor (1).. Pan-Am Petroleum Pan-Am Pete B..... Paramount-F-L (3). Park Utah..... Pathe Exchange. . Pathe Exchange A. . Patino Mines (3.89) . Peerless Motor Car. . Penick & Ford (1)... Penney (1 C). 4 Penn Dixie Cy 4 Pierce Petroleum. Pennsylvani; Phelps Dodge (3)... Phila Co 6% pf (3). Phila & Read C & 1.. Phillips Pet (¢2). Pierce-Arrow A. ... Pierce Oil. ... » = » ETETLE PN Pirelli Co A (2.88). Poor & Co (B) (2)... Postal Tel & C pf(7). Prairie O&G (t21) Prairie Pipe L (15). Pressed Steel Car Proc & Gamble (2). . Prod & Refiners..... Public S. N J (13.40), Pub Sve NI pf (7). Pullman Corp (4) Pure Oil (1%)... Purity Baker Radio Corp dio pf A ato pf B dlo-Keith- bestos M ading (4). . Reading Real Silk Rem Rand (50¢). Reming-Rnd 18t (7). Reming-Rud 2d (8) Reo Motor Car (.80). Repub Ir & Steel (4). Reynolds Tob B (3). Richfield Ofl (2). ... Rio Grande Ofl (k2). Rosia Ins (2.20). ... Royal Dutch (23.20). Safeway Stores(es). St Joseph Lead (13). St L-San Fran pf(6). St L Southwestern. .- St L Southwn pf (5). Schulte Retafl Str Senboard Air Line. d Air Line pt ~Ewen- econd Natl Inv Seneca Copper Servel Inc . tuck (FG) (£13%) Shell Union (1.40)... Simmons Co (£3).. .. Sinclair Con Ofl (2) Skelly Ofl (2)..... Snider Packing . Snider Packing pf 8o Porto R Suk t2%. Southern Cal 1d (2) . Southern Dairies B.. Southern Pucific (). uthern Rwy (8). 3 Spang-Chalfant. . Sparks Withngtn(1). 10 Spleger-May-St (3).. 2 Stand Brandes (1%). 24 Stand Gas&El (3%) 70 Sales— High. 345 205 3% 21 40 14 3 17 32 167 18 28 27 1% au 14% 50 48% Prev. | —Prev. 1020 £415 201 31% 17 171 28 27% 1% an 13% 49 10315 103% 1031 10314 897 881y 88 134% 4T on world methods of getting fuel mto D. C., SATURDAY. Stock and Sales— Dividend Rate Add 00, StandG&Ept(4).. 1 Std Ofl of Cal (h213) 7 Stand OIl N J (12)... 92 Stand OI N Y (1.60). 10 61 tarrett (LS) (t23%) terJing Sec A...... Stewart Warn (J315) Stone & Web: Studebaker ( Submarine Boat Superior Oll. e eel Symington mington lauto Cp (+1.25).. nn Cop & Ch (1).. xas Corp (3). Tex Gulf Sul (4). Texas Pac Land Ti ‘The Fair (2.40). . Third Avenue. ..., Tide Water Asso 60c. Tide Wat Asso pf (8) Timken Det Ax 180c Timken Roller (3). .. Transcontinental Oil Transue & W (1).. Trico Prod (214) . Und Elliod Fishr (5) Union Carbide (2.60) Union Pacific (10). Utd Afreraft& Trans. Utd Aircraft&T pf 3. Utd Biscuit (1.60). Utd Carbon (2) Utd Cigar Stores. United Cigar Strs pf. 'td Corporation. Utd Corp pt (3). United Elec Coal. . Utd Fruit (c4). Utd Gas & Tmp(1.20) Utd rhoard 4 Unit ores A 8 & Foreign Secur. S Freizht (3) Hoftman (2 U S Ind Alcohol (17 U S Leather 2 U U 1 High 647 661x 234 Stand Plate Glass... 3 2 35 10% 391y 82 Prev. | Low. Close. Close. | 847 841 | —Prev. 1020~ High. Low. 6174 557 19 119% 65 9214 727 261% 144% Ti% 22% Univ Pig 581 244 U 116'% 81% 361 870 6414 42% 12 15 505 15 40% " U Rubl Rub! Sme! S Steel 4 Vanadiu Wabash Western Western White ki Willys-C Woolwor Wrigley B1% 52% 10% 6% 3% 15 1 Dividend payments bas Col Car in stock. §Plus $3 in & Plus 6% X Plus 3% special preferced stock. in Stock and Dividend Rate. 141 US Leathera....... US Pipe & Fary (2). Pipe 1st pf (1.20) Realty (5) il Pwr Lt, A (e2) Waldorf Ward Baking pt (7). Warner Bros Pic (4). Warner-Quinian (2). Wess Oil & Snow (2) . Westn Dairy (B).... Western Maryland. Western Union (8). . Westngh Atd Brk(2). Westinghse E&M (5) White Motol Wilcox Rich (A) 2%. Wilcox Rich, B (2).. Worthington Pum) Yellow Truck & C Zenith Radio (2).... RIGHTS EXPIRE 3 Am Roll Mill.Feb 15 N Y Cent.. Penna Ry.. Peo Gas & O.Jan 15 d ub the latest auartecly or half-vearly declaratio “Unit of trading less than 100 shares this year—no regular rate. le_when earned. in_stock. PINANCIAL Sales— Prev. Add 00. High. Low. Close. Close. 31 19% 17% 184 17 19% 19 19 1 15% 16% 16% 60% 60% 607 26% 25% 26% 52 50 52 35% 4% 34% 169% 168% 1691 o 141% 141 141% 5 6112 61% e & Rad. ..., 3 2% 82 3% 51% 51 53% 524 25 25 59% 69% 407 40% 20% 20 2 24 14 26% 22% 42% 195 46 143% 27% 31% 29 21 815 6874 7 88% 17 19 16 60 ber. 2 24% ber 18t pf 50 It Ref (3%). 1(7) 25 4 16814 141% | 62 m (t4). Pacific. .... Pacific pf. agle Oil (2) @). Iver (1.20).. rth (2.40). .. Wm (4).... 3 47 5% 8 3 T 2% 46 12 12% 124 bove table are che annual cash 3w b% rbon. . Mar 11 Jan 31 Jan 15 1Partiy extra. iPlus ock. a Pa 5% in stock. £ Plus 10% In JPlus 8% in '4% in stock. 1 Plus S0c in . o Plus 6%% in stock. p Plus 9% 'n stcek. preferred stock. b a: stock. Washington Ticker By CLINTON COFFIN, Assoclated Press Financial Editor. 1t is becoming the opinion of a num- ber of well posted trade observers that the current year is likely to see abroga- tion in whole or part of that Federal policy, exemplified by both Federal Trade Commission and Justice Depart- ment procedure, which has been hostile to price maintenance systems on manu- factured articles. The typical system meant is the one under which the pro- ducer of a given article of merchandise fixes the price at which it shall be re- sold at wholesale and at retail, and withdraws supplies of goods from dealers who refuse to maintain the levels set. It is a startling commentary on the rapidity of business progress in the United States that though the business policy outlined is relatively new, the swift changes in the business picture are already rendering it obso- lete. That fact plus the general altera- tion in administrative attitude toward application of busifess law has built up the expectation that prosecution of the vestiges of price maintenance sys- tems in commerce is not likely to con- tinue long after this year. D There are several conferences be- tween the Trade Commission and busi- ness houses over the matter scheduled for coming months, but only a limited number of complaints that demand ac- tion. The Government is on record as classing a straight price maintenance selling campaign applied to any article s an unfair method of trade; the Supreme Court has backed up the Trade Commission’s ruling, notably in the Beechnut case, as have most Cir- cult Courts of Appeals. Nevertheless, it is becoming apparent to most of the commission’s members that the rise of the chain store, and the parallel group- buying independent stores, has made tremend®@ous inroads on the field of dis~ tributiom in which “the manufacturer can use the scheme. A survey of a dozen lines shows that the attempt to fix wholesale selling prices is being practically given up; chains and group- buyers, though, acting as retailers, gen- erally are successful in getting the job- ber's price on their purchases, and in many cases do quantity purchasing of price-maintained articles at even less figures. Likewise, since the law on price main- tenance has been made clear, most pro- MCRORY FORTIFIES CONTROL OF COMPANY | Special Dispatch to The Star. NEW YORK, January 4.—Behind the sale to bankers of a large block of the holdings of J. Q. McCrory in the Mc- Crory Stores Corporation, of which he is president, is the story of a father's ideal thwarted by a death. Mr. Me- Crory had planned to keep in his fam- ily the control of the corporation which he has built up, but his son's death broke the succession and he has sold the stock to Merrill, Lynch & Co. and Kissel, Kinnicutt & Co. to safe- guard his employes by assuring con- tinuation of the present management of the business. All this 1s disclosed in a letter to executive heads of the various Me- Crory stores, written by Mr. McCrory. Part of the letter reads: “Until the loss of Van.(Mr. Mec- Crory’s son) I had planned to keep my stock in the McCrory family for- ever, but with his loss and my ad- vancing years I thought it best to take this step in order to safeguard your interests and to provide for the perpetuation of the business. This group is in hearty sympathy with my aims and ideals, and I am confident that with their assistance and yours, I will be able to develop the business more aggressively and profitably than the past.” Other than including on the board of directors representatives of the two banking houses which have purchased the stock, no change in the manage- ment of the corporation is contem- plated, it was announced. Mr. McCrory said sales of the cor- poration for 1929 were substantially larger than in any previous year, and while the profits’ had not been de- termined definitely, it was estimated that they would be the largest in the history of the company. He said the corporation had closed the year with no bank loans, AGRICULTURAL SOCIETY TO MEET IN BALTIMORE Special Dispatch to The Star. BALTIMORE, January 4 —The four- teenth annual meeting of the Maryland Agricultural Soclety and the Maryland Farm Bureau Federation will be held ducers who want to maintain some semblance of operation under the sys- tem have found it rather easy, the opinion around the commission is to make their general price understanding reasonably effective without violating | the law. The issuance of orders to de- sist and refrain from specific actions by the commission has definitely laid down a path which can be traveled. Consequently, the next trend of business regulation by the Government will probably be in the direction of easing restriction. Distribution under modern conditions seems to be in_evolution so rapidly that attempts to fix prices are not the factor they once were. Work got under way this week at the Commerce Department on the prepara- tion of one of the Government's most important economic enterprises, by which it endeavors to set down the annual balance of international pay- ments between the United States and the foreign world, and to determine in what degree the Nation lost or gained internationally. Dr. Ray O. Hall, who directs the study. rather anticipates that, in spite of all the country's 1929 vicissitudes in flannce, it will be shown that the United States remained a net exporter of capital during the period, though at a reduced rate. “It seems likely that we shall find the total of capital issues of foreign coun- tries which were subscribed to in the United States during 1929 to amount to about $700,000,000, instead of the $1.500,000,000 that was subscribed in 1928.” Dr. Hall said in discussing some of the hphases of the inquiry set on {oot. “We are questioning the interna- tional brokerage and banking houses on the subject, and are endeavoring to set up estimates on what may prove an even more important total of exchange. That is as to the direct transfer of listed nd unlisted securit! om the United States to other countr and vice versa, L seems probable that in view of the long speculative performance in this country the amounts involved in this international security exchange will be- come more important. We shall have some facts as to the degree Americans | bought back the securities of this coun- try which were forpierly held abroad.” ‘These subheads mentioned are only a part of the tremendous balance sheet that will be set up at the end of the inquiry. For 1928 it was determined that in security and commodity ex- changes, in tourist expenditure and counter-balances of transportation and immigrant remittances, the United States obtained from the world abroad | about $10,000,000,000 in goods, gold and | services, paid for them by like items, and retained a balance in the form of increased foreign investments, The ac- count even includes estimates of the amounts the country spent on smuggled liquor. It takes & long time to modernize any established commercial practice, one must conclude after studying & report ips turned out by the Shipping Board and Commerce Department. In spite of the fact that machine devices for coal loading have been used for years in some parts of the world, and all around the United States, the report finds that some of the busiest world ports, called upon by the finest and latest ships, get their coal supplies only by prehistoric methods. ‘The transpacific liners at Chinese and Japanese cities get their coal from coolies running handbaskets up gang- weys at the rate of 25 tons an hour, | and have no other recourse. The same vesgels, transiting the Panama Canal, get it shoved in by machiner: the at the Lord Baltimore Hotel next week, | with Gov. Albert C. Ritchie and other | notables appearing on the program as | speakers. | Dr. Thomas B. 'mons, director of | the University of Maryland Extension Service, will act as toastmaster at the | annual” banquet, which will be held | Wednesday. Wall Street Brie By the Associated Pri Gold movements at New York today consisted of the withdrawal of $8,500,~ 000 to be shipped to France. No gold was imported, nor was there any change in the stocks of earmarked gold. According to the weekly estimate of the National Coal Association, about 7,600,000 net tons of bituminous coal were mined in the United States during the week ending December 28. This represents a decline of approximately 3,500,000 tons from the production of the previous week, due to the Christmas holidays. ‘The net operating income of the Great Northern Railway for 1929, with December figures estimated at $1,950,- 900, amounted to $32,458,287, compared with $31,294,069 in 1928. The net for December, 1928, was $946,546, and the increase to the larger in 1929 figure was due to a special credit of about $1,- 870,000, Edgar L. Newhouse, chairman of the American Smelting & Refining Co., has resigned that post and intends to spend the next few years in traveling. ‘The Warner-Quinlan Co., distributors of gasoline, will follow the Standard Oil Co. of New Jersey in readjusting gaso- line prices throughout New Jersey to meet competition from the West Coast. Holders of Punta Alegre Sugar Coi 15-year 7 per, cent sinking fund con- vertible debentures, due July 1, 1967, and amounting to $4,132,800, have been asked to deposit their debentures under an agreement to waive sinking fund re- quirements for five years, beginning with the year to June 30, 1929. The sinking fund amounts to 5 per cent of the total principal amount of deben- tures at any time outstanding. Three- | fourths of the outstanding debentures | must be deposited to make the change effective. The normal functioning of the sinking fund requirements was in- terrupted last year due to the low sell- ing price of sugar. Dow, Jones & Co. reported that con- | versations looking to absorption of the Rio Grande Oil Co. by the Sinclair Consolidated Ofl Corporation are under way, although still in a preliminary stage. Most of the properties of the Plolcrlnde Co. are located in Cali- ornia, Unfllled orders of the Allis-Chalmers Manufacturing Co. of Milwaukee of January 1, amounted to $13,039,000, a decrease from December 1, when they totaled $13590,000. A year ago un- fllled orders amounted to approximately 49,000,000 | The first session will open Wednesday | afternoon with an address by the presi. report. Following this, there will be an | the American Farm Bureau Federation, |and the presentation of medals to | number of Maryland farm boys who are | studying agriculture in the State high | schools. At the Thursday session the speaker will include C. B. Denman of the Fed- eral Farm Board and Willlam H. Settle, president of the Indiana FParm Bureau Federation and member of the board of directors of the Farmers Na- tional Grain Corporation. A “question box” and a general discussion of co- operative marketing by the members and delegates will conclude the pro- gram. NEW MARKET POOLS REPORTED UNDER WAY By the Associated Press. NEW YORK, January 4.—The turn of the year and the consequent clearing up of old positions generally has opencd the way for the forming of new aggre- gations in the Strett. Reports of new pools getting under way are numerous now, with this stock and that rumored about to be taken in hand. The time is propitious to say the least, price being relatively low, money rates easy and likely to be for some time to come, and the public showing a disposition to re- enter the proceedings once it is con- vinetd that new leadership on the bull side is available. Such new market combinations nat- urally are favored by the opportunity | for accumulating a good line of stocks in which they are interested without having to bid too strenuously for them. Dividend Rate Increased. NEW YORK, January 4 (#).—Direc- tors of the Melville Shoe Corporation have increased the annual dividend rate on the common stock from $1.40 to $2. and similar contrivahces on the Great Lakes, where the railroad cars are tip- ped upside down over the open hatches by_giant machines. However, wherever oil fuel is used by ships, the study finds arrangements are apt to be more modern, since the pipe- equipment. Pilling stations for ships seem to have about the same generally dependable supply arrangements that are offered the motorist on land. rdinary conditlions in the world’s wheat markets attributed to the partial failure of the Canadian bread grain crop and the later organization of that country's producers to hold their wheat into this year are shown in a report by E. G. Sabine, American trade commissioner at Montreal, to this Government. He concludes that Mon- treal during 1929 received but 90,424.- 000 bushels of wheat, far less than half | the 216,495,000 bushels which went through that port in 1928. The missing | grain is mostly in the western elevators of the Dominion, and a number ot Canadian accounts, as to railroad earn- rate of 700 tons an hour, & ormance only exceeded by the best export dooks | V4 dent and the reading of the secretary’s | address by M. S. Winder, secretary of | line and pump are the almost essential | % $300,000 Road to Mount McKinley. | SAN FRANCISCO (#)—At a cost of | | approximately $300,000 an _automobile highway to Mount McKinley will be completed in 1931. Dome Lights Guide Flyers. HAVANA (#).—Five 36-inch revolv- ing white lights of 60,000 candle- power have been established on the cupola dome of the new capitol to guide night fiyers. SHORT-TERM SECURITIES, (Reported by J & W. Seligman & Co. Offer Allis-Chalmers Co. 5s 1937...... 99 1 Aluminum Co. of Amer. 8s'i983 102 . Rolling Mills 551948, ... 97 American Tel & Tel. 5%as 164 Bailtimore & Ohio 4733 1933 Batavian Pet Corp. 4! Bell Tel. of Canaca 5i 3 Calitornia Pet. Corp. 51as 1934 Canadian Nat. Rwy. 4'as 1030, Canadian Nor. Rwy. 4155 1930 Chesa. & Ohio Rwy. 4as 1930 Chicago Rock Isiand 45 1034... Chile Copper 85 1847.. ... Cudahy_Packing Co. dison Elec, TIl. Bost. 41a3 Gen Mot Aceep. Cor. eneral Pet. Corp. 55 1940 Goodrear T & R e 1087 1 3rand Trunk of Garada 65 1936 Gulf Oll of Pa. 85 1037 Humble Ol bizs 1932 Internat Mateh Corp. N. Y. Chi. & 8t. L 6s 1042, Phillips Pet. Co. §iss 1039, Bure Oil Corp. 8138'1037, Shell Unlon Ol 85 1947, Sinclair Crude Oil Co. b} Standard Ol N. Jersey 55 1946 5t L dliieehiern 105, s ot £ Soiithwestern Ry. 43 SWILE & Co. by 1933 i Union “OII of Calif United Div Co. 55 1955, Western Wheeling Steel Corp. 194 Whiecling Steel Corp. 4123 1953 TREASURY CERTIFICATES. (Reported by J. & W. Seligman & Co.) Rate. § Bid O 193° 1 102 LA FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nomina! gold Selling checks value (or « 5 London ufé Paris, franc 1 18, belgi 9 mark Rome.’ lira. FEDERAL LAND BANK BONDS. NEW YORK, January 4 (Special).— Bid. Asked. Land 923y Land Land Land Land Bank 4 Bunk Bank Bank Bank 4 1 ank 41is July 1956-36 ank 4.5 May 19420p32 Bank 4105 Jan 1943033 y 12530033 19850035 . STOCKS GO HIGHER IN QUIET TRADING Market Continues Advance in Short Session—Utilities Issues Strong. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 4.—Moderate advances and a generally confident tone characterized today's quiet trade ing in the week end stock market, Public utilities and motors were most prominent on the side of rising prices, but none of the gains was large, nor was there evidence of public participa- tion on any important scale. It was still mainly a professional market. ‘The rise in the motors coincided with the opening of the annual show in New York. Price revisions, an- nounced first by Chevrolet and later by Hudson, had no adverse effect on quo- tations. 1In fact Hudson was casily the leader, running up over two points to & new high on the movemen-. It was closely followed by Nash with @ similar gain and to a lesser degree by Chrysler, Packard and Hupp. In the accessory fleld more interest was shown in Murray Corporation. ¥ Utilities Strong. ‘There was nothing new in the public utllity fleld, but all the prominent stocks were strong. Pacific Lighting and Pacific Gas & Electric stood ou for the extent of their gains, the former up at one time 5 points. Southe ern California Edison was in demand. Possibly the move was connected with merger expectations, but there was nothing official on the subject. Other strong electric light and power stocks included Standard Gas & Elec- tric, Columbia Gas, American Water Works, American & Foreign Power and Consolidated Gas. In the low priced there was a heavy turnover in Commonwealth & Soutliern, with a gain of a point or so. The mail order stocks still lacked friends and both Montgomery Ward and Sears Roebuck sagged. On the other hand Shattuck was in demand and so was Simmons Co. Goodyear was strong for a time and it looked as though the pool in Columbia Grapho- phone was resuming operations. Shorts in Fox Film “A” were hard pressed. The stock opened 2 points above the pre- ceding close. Motors in Demand. ‘The trend in standard stocks, Steel, General Electric, Westinghouse Elec- tric and American Can, was upward, but there was no enthusiasm displayed. Little interest was taken in the rails either, although Missouri, Kansas & Texas common touched 50 again. CUF- per stocks were steady. Oils did little one way or the other. Motor stocks were still being bought when the market closed, and organized buying was in evidence in Baldwin, Anaconda rallied at the end, but the mail order stocks were still under pressure, Changes on the day were not significant, except as they demon- strated that the list was more re- sistant to operations for the decline than it had been earlier in the week. Right at the end large buying orders in Chrysler carried that stock to th- best of the recovery, a block of 10,000 shares changing hands on the way up. Corporation NEW YORK, January 4 —The follow- ing is today's summary of important corporation news prepared by Standavd Statistics Co.,, Inc, New York, for the Associated Press: News Trend. ‘The weekly trade reviews throw little light on the outlook for 1930. Devel- | opments of note during the week were the steadier price undertone in the leading commodities, and, where in- ventories have been completed, the veri- fication of the bellef that stocks of goods are small. According to the reviews, a confident feeling prevails, and with burdensome supplies mainly absent, with output running close to actual orders, sound basis for a com- mercial advance exists. Bank clearings for the 5-day week of January 2 at the 23 leading centers totaled $10,669,681,000, a drop of 22.9 l;er cent from the corresponding week ast year. The decline in New York City is _even more marked, clearings being $7,219,000,000, decline of 26.7 per cent below last year: outside cities' total was $3450,681,000, or 13.3 per cent below last year. Outstanding corporation news items were the increase in dividend by Mel- ville Shoe, the reduction of dividend by Birtman Electric and the passing of the quarterly dividend payment by Brockway Motors. The Companies. American Hide & Leather earned $2.12 in 24 weeks to December 14, 1929, vs. deficit of $462,473 in 24 weeks to December 15, 1928. Birtman Electric reduces annual divi- dend to 81, formerly $2. Brockway Motor Truck omits 75 cents quarterly dividend; 1929 sales increased 11 per cent over previous year. Container Corporation of America §“m:n gi cents in 10 months to October 1, 1929. Electric Power Associates declares ini- tial dividend of 25 cents on A and com- mon stock. Exchange Buffet December sales up 13.7 per cent; 8 months to December 31, 1929, 13.2 per cent higher than in pre- vious year. Fourth National Investors shows loss of $914,201 in period August 22 to De- cember 31, 1029, including loss from sale of eecurities. Fox Film receivership threat of class A stockholders’ committee belleved abandoned. General Motors Chevrolet base price of $525 current in 1929 reduced to $495 for 1930 series, with parallel reductions on_ all models, Oldsmobile December 1929 shipments up 49 per cent; 12 months up 42 per cent from previous Jear. Hudson Motor Car new 1930 line to have eight-cylinder includes 10 models. New Essex to remain in six-cylinder class. International Hydroelectric System November, 1929, k. w. h. up 25 per cent; 11 months, 47 per cent above preceding period. International Shoe output totaled 54.730.685 vairs of shoes in vear to November 30, 1929; increase of 6,034, 315 pairs over previous year, Melville Shoe increases annual divi- dend to £2. formerly $1.40, Pacific Telephone & Telegraph No- vember net up 8 per cent; 11 months 8 per cent above year ago. Reynolds Bros,, Inc,, R. 8. and C. K. Reynolds, owners of all but 250,000 shares of outstanding stock, donated to company 1,000,000 shares of per- sonal holdings for retirement. Southern Pacific stockholders to vote on increase of authorized common stock by 2,000,000 shares, Immediate 1ssuance is not planned, action taken to provide shares for issuance when needed. Southern Plr! Line stockholders to vote on sale of pipe line and rights of way extending from Blll: boundary be- tween West Virginia and Pennsylvania eastward to Millway, Pa. Standard Motor Construction de- fendant in equity receivership pro- ceeding filec by creditor, Utah Apex Mining earned 27 cents n 12 months to August 31, 1920, vs. 12 cents in previous year. Warner Quinlan revises gasnline prices J& opdd . £ 445 an, ippieedd: His ings and business, show the losses sus- tained, e k g'ov 1attony [+ W to _meet West Coast competition. Western Air Express carried 25.000 passengers in 1929, vs. 6,794 in 1928,