Evening Star Newspaper, January 6, 1930, Page 12

A—12 % MELLON PROPOSES STUDY OF BANKING Secretary Warns Against! Hasty Legislation as Mod- - ern Methods Develop. 4 By EDWARD C. STONE. Secretary Mellon sees new tendencies in banking which call for careful study, especially the fun- dimental economic gituation which has_given impetus o the organization of group banking systems and to the gowth in branch benking. In the meantime he be- lieves the growth of both group and branch bapking organizations should proceed with _moderation. § and that hasty legislation should be avoided. His Views, as expressed in Trust Com- panies' Magazine, are of the greatest importance to the banking world, the Dreasury Secretary saying in part: ““In banking, as in other enterprises of this country, there is increasing evi- dence of a movement toward larger operating units. The number of branches of banks in operation has in- oveased end more recently there has béen a growth also in the number of which several independent operated more or less as a of {hase develop- in the undes Secretary Mell Rapid Growth in Branches. *In Junc. 1929, out of a total of 8,707, fvember banks in the Federal Reserve system, 354 were operating 2,201 Branches. This represents an increase of 130 branches during the year. On the same date 818 banks, including both member and non-member, were oper- ating a total of 2,440 branches, an in- crease of 210 for the year. The develop- ment of branch banking, which is per- mitted by existing legal arrangements, facilitated the adaptation of bank- ng faciiities to requirements of urban R fore recently there has been a rapid inercese in tl erganization of group s¥stems of banks. Such groups com- ofife one or more banks that are brought under unified control and some dogree of ceniralized management through acquisition by an individual or corporation of a controlling interest in their stock issues. Although tech- nically each bank in a group is a scpa- TAte corporation operating with its own capital funds and under the direct su- parvision of a local board of directors, 2 certain degree of unity is achieved for the group as & whole. ‘: Group Systems Also Expanding. "“At the end of June, 1929, it was reported that there were in existence at the time 230 group sys- fems of banks in the United States, which embraced about 2,000 banks. Group banking is a means of accom plishing in a measure the objects o mpre extensive branch banking systems than are permitted under the Federal Reserve act or under cxisting legal ar- rangements in most States. Although banking groups may be expected in mest_instances to strengthen the banks which they control, the organization of such groups places great responsibilities upon the controlling interests, and is of wvital interest to State and national supervisory agencies. Secretary Urges Moderation. _“Our banking siructure. the product af many years of experience, is part of | an intricate economic fabric whose parts are closely adjusted to one an- oiher, and a t0d rapid reorganization| srculd be likely to create serious andi costly disturbances that would affect ihe entire country. The time hes come when it would; scem to be wise to undertake a thorough study of the situation with a view to #etermining the soundness of the] csent-day tendencies, and more par- cularly the limits of the economic areas within which branch banking may be advantegeously permitted,” says 24r. Mellon. Wholesale Trade Slumps. ,Wholeale trade in the fifth Federal R-serve disirict was relatively poor in November, according to the latest Bank Richmond Review. A large propor- of the 68 reporting firms in five ¢ading lines showed smaller sales than dn cither October 1929 or November, 928. Th> report adds: it “Part of the decreas> in comparison sith October was seasonal, but the de- Pline was greater this year than usual, the decline in comparison with salos in November, 1928, reflect=d en factual decrease in business done this meor. The November sales in dry goods $nd hardware were particularly un- devorable in comparison with sales in Nov-mber last year. In total sales since fanuary 1. drugs is the only line which &hows an increase over sal<s in the first 71 months of 1928, and even in drugs ¥he increase was less than 1 per cent. Dry goods shows the biggest decline for ‘the 11 months of this y-ar. part of hich may be due to slightly lower ?hl"’( for some classes of textiles. tocks carried by the reporting firms > larger in groceri>s and drugs at d of Novembr than a year but dry goods and shoe stocks maller than on the rarlier date. ds and drug stocks increased vember, but grocery and shoe decr-ased in_comparison with on hend on October 31, 1929 ers Seleet Louisville, hos been sol-cted as the wenticn citv of the Financial! 10 ccted in the this is the second successive i ociation is holding its con- vention south of the Mason and Dixon lia-, the 1929 conveniion having been held in Atlant vee bank stocks figured in the ng on the Washingion Stock Ex- Two small sales in Na- at 250. There was a in Federal-American Na- tional at 293 and another at 292, while 10 shares of National Savings & Trust at 515, off 5 polnts from th last | Propic 1631, and P { Cepital Sinsan Elec at 105 in honds. with Was! lling at 190 and 9934 B bonds bringing 102. in Financial Distriet. | 1 bankers attach verv great im- | o to the outlook in the auiomo- | preferred at c Power 5! dustry as a clue to the general business grospects for 1930. The open- ing of the auto show in New York is crawing attention to the industry and tie general trend will soon be more or Jess apparent. ‘The New York Life Insurance Co. offiees in this city are to be moved into the new Shoreham Butlding. ... Henderson & Co., counselors on in- ‘§ostments, are another business firm fouing offices In_the same building, fanager William F. Crosby reports. The annual meetings of the national nks will take place next Tuesday. o of the trust companies holding rimilar meetings on the same date. vines clubs re. 15 for the m"n‘;h‘ 3. dRTmrts = members arger " ~Prev. 1920 High 5% R8Y, 34 96 1047 119 470 2234 4854 1% 10% 561 118% 92 354% 125 e 114 4 10815 42 85% 279% 81% 17% 175% 104 847 553 647 1445 417% n 130 FINANCIAL Sales of Each Stock Compiled to 12:30 P.M. Stock and Sales— Dividend Rate. Add 00. H! Abitibi Power & Pap. 14 Abitibi P& Pl (6). 2 Adams Expr (1 60). . Adams Exp pf (5). Advance Rumle: Advance Rumley pf. s Abumada Lead 12 . i Alr Reductn (741%). 25 1287 126 18% Air Wal EIAp ¢2%). 1 22u 22y 1 Ajax Rubber. 3 RS 1% 4% Alaska Juneau 166 9 -8y 17 Alleghany Corp 38 24y 23% 90 Alleg Corp pf 2 97 96 80% Alleg Cpf (53)xw.. 1 90% 901 197 Allied Ch & Dye (c6) 1 257 257 118% Allled C&Dpf (7).. 1121 121 35% Allis-Chalmers (3).. 223 517%% 50% Amal Leather Amerada Corp (2). Am Agricul Chem. 18 Am Arzicul Ch pf. 27 Am Bosch Magneto, 4% Am Brown Bov Elee. 86 AmCan (1).... 75 AmCar & Fdy (6). 70% Am Chain pf (7). 27 Am Chicle (1215). ., 20 Am Com Alco(c1.60) 23 Am Kuropean Sec 50 Am & For Powe 101': Am&Forn Pwr pf: 17'% Am Hawaiian S § (2) 40 Am Home Prod (4.20) 20 AmlceCo (14).. Low 341 69 20 B4 7 15 0% 3 261 874 12 g 28 23 28% 72 25% 87% 2).. 17 4 2 Am Internat ( Am Locomotiv 4 Am Loco pf (7). 142 Am Mach & Fd 311 Am Metal (3). % Am Piano. 64% Am Pow & Lt (11). 92 Am Pow & Lt pf (8). 72% Am P&L pf A st (3). 28 Am Ra&Std San1%. Am Republie: Am Roll Mill ¢ Am Sesting (2). % Am Ship & Com. . Am Sm & Ref (4 Am Snuff Co (1, Am Steel Fdy (3). Am Stores (2).. Am Sugar Rfg (5 99 Am Sugar Rfz pf( 18 Am Sumatra (3) 193% Am Tel & Tel (9).... 160 Am Tobacco (8). 160 Am Tobacco (B) (8). 114% Am Tobacco pf (6).. 50 Am Water Wks (c1). 5% Am Woolen. 15'2 Am Woolen pf...... 4 Am Writ Paper ctfs. 7 Am Zinc Ld & Sm... 49% Am Zine pf (6) 67% Anaconda Copr 25 Anchor Cap (2.40) 18% Archer-Dan-M (2).. 30 Andes Copper (3). 51 Armour Il (A). 2% Armour Il (B). 6% Arnold Constable. 25 Asso Dry G @ 60 17 10 56 22 222 3 200 10 203% 11201 17 94 18 1 21% 2 5% 13 1% 8 631 %) ... 195% Atch T & S Fe (10).. 120 105 116% Bethlehem St pf. 185 130 160 3 110% B T 121% 116% 51y 114 1264 92 281 19% 39% 264% 76% 39% 174 185, 867 104" 22% 214 ATl G & W Indies. .., 5% AtlG & W Lpf (4).. 30 Atl Refining (12). Auburn Auto (j4). 314 Austin Nichols. 4 Autosales B 34 Auto-Strap Raz (3).. 4% Aviation Corp Del. .. 15 dwin,Loco (1.75). Baltimore & Ohio (7) Balto & Ohio pf (4).. Bang & Aroos (313). Barnet Leather. Barnsdall. A (2). 121 Beacon Oil. 69 Beatrice Cream (4).. 45 Beech-Nut Pkz (3).. 25 Bendix Aviation (2). 25 Best& Company.... 78! Bethlehem Steel (5). 1 371 5 5% 98 34% 2 116% 1 80 1 63 1 2% 8 23 2 15% 2 78% 2 62 3 3% 10 33 17 94 3 123 10 54% 3 72 1 4% 16 6512 5 35 32 17 6 14% % 65% 1 84% 3 101 1131 10 20 1 22% 16 34y 2 1% 10 75 55 214 20 17 70 3 Bohn Al & Brass (3). Bon Ami A (16)..... Booth Fisheries. 53 Borden Co (k3)..... 26 Borg Warner (4). 8! Briggs Mfg. . 14 Brockway M T (3). 40 Bklyn-Manhat (1) 76'¢ BKlyn-Man Tr pf ( 7 Brooklyn & Queens. . 9 Bklyn Union Gas (5) 4 Bruns-Balk-Col (3).. 14 Bucyrus Erie (1)..., 261 Bu v DL (2%). 8% Budd (EG) Mfg (1). % Budd Wheel (1), 4+ Bulova Watch (3 41, Bruns Ter & Ry S. ., 29 Burr Add Meh (80c). 31% Bush Term (g2 Butte Cop & Z (50c) . 4% Butte & Superior (2) Butterick Co. ... Byers (A M). Calif Packing (4)... "allahan Zine & L. ... 3% Calumet & Ariz (10), 25 Calumet & Hee (43%) 29 Campbell Wyant (2). 45 Canada Dry G A (5). anadian Pac (10). .. annon Mills (2.80). Case (J 1) (6). . 50% Caterpillar Trac (3). 6% Cavanagh-Dobbs. - 10 10% 31 Celotex (3)... . 22 4% 21 Cent Azuirre Axil. 1 26 270 Cent Alloy Steel (2). 3 3, 4 Cerrode Pasco (6).. 13 5% 18 Cbecker Cab (4.20)., 397, Ches & Ohio (10). ... 214 Chesapeake Corp (3) B Chi & 5 3 50 6314 1 8 3 1 1 5 85 30% 19% 63% 189 2714 195 541, 101 8 2 T 641 7 1897 36 28 3 1981 1 5415 27 16 ChiMill 812 Chi Min Chics » Chi Pneu Tool., 47 Chi Pnea T pf \i15). 101 ChiRI& Pac (7).... 94% Chi R1& Pac pf (6). 44% Childs Co (2.40) . : p3), .. v ice & F (k3.60). 4 City Stores (1), .. 342 Cluett Peabody (4). 44% Coca-Co A (3) 10 Collins & Alkma 7% Colo Fuel & Col Gas & Kl . & Col Gas & Elpf A(6) ~ Columb aph (8%¢). 3 Columbl Com Cre ~ Coml In’ 1 1001 38 9 22 120 105 15 62), .o Tr (21.60). Com Inv Trpf (612). 20t Comm Solvents (1). . 10 Comm & So (b, 35 Conde Nast Pub 11 leitm-Nairn 191, 991, )8 1000 100 “ub pr(s) 51 491 “x Consol Textile 12 Container Cor A 1 3t Containér Corp B 25 Comtl Baking A. Lontl Baking pf (8). 403 Contl Can ( 20% Contl Dia Fi 46'% Contl Insu 5% Continental Motol 18 Contl Oil of Del 287 Contl Shares (1), 70 1 14 4 44in 891y 55 513, re (3) .40) . Cream of Wht(r214) Crozley Radio (1) 37% Crown Cork & Seal 71 Crucible Steel (k3) 103 Crucible Steel pf (7). % Cuba Cane Sugar. ane Sug ctfs S SR 1 674 Cuban-Amer Suar. 6% Curtiss Wright Corp. 13% Curt Wright Corp A. 4 Davison Chem 20 Debenham’s (a2.32). 1412 Delaware & Hud (9). 120% Del Lack & W-(17).. 151 Detroit Edigon (8) 6 Dome Min® (1). 69 Drug Corpn (4) 25 Dunhill Inter (34). .. 80 Dupond de Nem (4). 107% Dupontd N deb (6).. 19 . Estn Roll Mill(h{2). 150 Eastman Kodak (18) 18 Eaton Axle &8 (3) 4 Eitingon-Sch (215).. 50 Ilec Auto Lite (6) t o ——— 40 00Y, 7 2 8% 1 345 34 120 1 119% 3 221 2 1784 9 31 179 17 B6% 16 4% 21 53 2107 lee Storage Bat ¢ 1 7% 13 55 3% Emmerscn-Bint A. . 0% 131 128 8% 23% 97 901, 257 121 50% 28, 21% 114 215 47w 631 104 193 220 19¢ 2007 1201 921 8 215 514 T 34 116% $53% 72 4% 651 34 165 14% 65 847 101 19% 225, 34% 10% 10 28% 16 46% 36 3te 5% 17 91% 66% 1 891 321 19% 63% 189 2714 195 114 100% 597 10014 51 1 13 140 200% 7 7% 34% 17% 1191 224 Prev, gh. Low. Close Close 263 121 5014 1141 212 46% 1 f2%, 10115 8074 30% 2284 811 19 1 T4 4215 481 47 631, 1041 207, 221 203 201 1201 93 20 3415 1167 53% 0, 4 6515 341y 165 13% 651 8215 100, 139 195, 189%, 28 198 55 105 100+ 60 38 40% 10 a5 485 | 161 100 49 1 120 | 4l 447, 23 161'% 1407 200 [ 784 3615, 119'% 1 21% —Prev. 1920~ High Low 795 42 54 78 134 3% 28 A B3 50 80 10% 26 % iy . 28 14 18 12 % 27 13 51 84 211 80 45 60% 13 38 18 116 17% 33 13 1% 681 4 120 7 22 12 15 2 4 48 an 1 65 137 23 47 181 25 77 9 77 54 95 53 17 124 39 90 1% 60 63 30 49% 22% 381 801 801 80 31 40 314 914 14% 28 110 22 70 54 21% 551 110 35 1 24 19% 20 19 2 29 451 15% 28% 2614 “an 20 14 2014 59 4 14 om 16 105 “ 4 1 1 214 26 21 10 38 147 20 40 4% 10 s 140 20 15 25%: " 461 5% 160 110 -100 807 Stock and Dividend Rate. & Pub Serv ($1) uitable Bldg reka Cac Cl (4).., ans Auto L(323). Fairbanks Co. , ¥airbanks Morse (3) ed Water Ser A 2.40 ¥ederated Dept Strs Kirestone T&IL(1.60) Firestone T&R pL(6) First Nat Strs (21g). Fisk Rubber. .. Florsheim Shoe A IFollansbee Bros (3). KFoster Wheeler Sales— Sales 10 o e " Roe e an Fox Film A (4)..... IFreeport, Texas (15) mewell Co (5).... rdner Motor. ... .. n Am Tnk Car(4) phalt (4). ... n Cable pf (7). lectrie (16). .. lectric (new) lec spec (60c) . Gen’l Food Corpn (3) N Gas&El A (fe2), neral Mills (3). n Motors (13.30) Motors pf (7). n Outd Ad vte (2). n Publie Serv (b6) n Ry Signal (3)... Gen Refactories (4). Gillette Saf Raz (c5) Gimbel Brothers. idden Co (h2).. Gobel (Ado Gold Dust ( Goodr: odyear Tire (5) Goodyear 15t pf (7). tham Silk H (2%) ould Coupler. ... Paige 5 v Copper (8).. and Union pf (3) rant (W T) (1). North pf (5).... GUNeifsOP (ailg). Grt West Grigsby G Gulf Mo & North. ... Hahn Dept Stores. .. Hahn Dept S pf(6%) Hall (W F ) (ot1%). Hartman Corp B 1.20 Hayes Body........ Helme (Geo H) (17). Hercules Motor 1.80. Hercules Powdr (4) Hershey Chocolate. . Hershey Choc pt (4). Houdaille Her B (2). H’hold Fi pf 13 Houston Oil. T e T Hudson Motor (5) Hupp Motor (£2) Tllinois Central (7).. Independ Oil & G (2) Ind Motor Cycle. Indian Refining. Indian Refining ct. .. Indus Ray( o Stk) . Ingersoll Rand (4).. Inland Steel (315) Inspiration (4) Insurance Shars 45c. Interboro Rap Tran. Intercontinental Rub Interlake fron....... Intl Agricultural..., Intl Cement (4). . Int Combustion. Inter Comb Eng pf.. Intl Harvester (215) Intl Harv pf (7)..... Int Hydro ELA (e2). Intl Mateh pf (4).... Int Mer Marine ctfs. Int Nickel of Can (1) Intl Nick Can pf (7). Intl Paper (2.40).... Intl Paper pf (7). Intl Pap & PwrC.... Intl Pap & Pwr pf(7) Intl Shoe (3)........ Intl Silver (18). B Int Tel & Teleg (2).. 12 Intertype (f11%)... Tnvestors Equity (2). Jewel Tea (4).. Johns-Manville (3) Jordan Motor Car n City Sou (3). Kan City Sou pf (4). Kayser Jullus (4) Kelly-Spring Tire 1sey Hayes (2). Ivinator Corp Kennecott (5). : Kimberly-Clark(3). Kolster Radio. .... Kraft Ph Ch (114) Kresza(SS)Co(1.60). Kress (SH) (1), Kreuger&Toll (1.34). Kroger Gr&Bak (e1) Tambert Co (8) Lee Rubber & Tire. . Lehigh Valley Coal Lehigh Valley (+43; Libbey Owens (1) Lizgett & My (15) Ligeett & My B (15). Lima Locomotive. .. Liquid Carbonic (4). Loew’s. Inc (3). Loft, Inc A Loose-W 2.60). Lorillard (P) Co.. Loufsiana Ofl. Lou G & E1 A ( 2 Lowis & Nash (7). Ludium Steel (2).. McCrory B (2) . MeK'port T P (+414) McKessan & Roh (2) Mack Trucks (6). ... Macy (RH)&Co(ct3). Magma Copper (5).. Man Elec Supply. Man Elev mod (45). Man Shirt (2. Marlin-Rockwl +41; . Marmon Motor (4).. Martin-Parry. Mathieson Alkili (2) May Dept Stores(e2) Maytag Co (12) Maytaz Copf (3).. Melville Shoe (2) .. Mengel Company (2) Metro Gold pf (1.89) Mexican Seahoard Miami Copper (4) Michigan Steel (215). Mid-Corntinent P (2). Middle States Oil et. Miller Rubber. ¥ Minne&Hon Rec(+4) Minn Moline pr 61 Minn & St Loul Mo Kan & Texas. ... Mo Kan & Tex pf (7). Missouri Pacifie. .. Mixsouri Pac pf (5). Monsanto Ch (g1%). Montgomry Wrd (3). 5 Moon Motors. . Mother Lode (40c).. Motor Meter G & E. . Motor Products (2) Motor Wheel (3) Mullins Mf; Munsingwear (3). MureayCor (b2 % stk) Myer(FE)& Bro (2). Nash Motors (). Nat (% Natl Air Tron e a Hess (£1) t(6). . ) 2 Frepamnasn=SsuFan BnnBonaal - 9 an=Se 203 Brupomum—83 ® amZaS T oS nen 0B - -9 D= P ot B T P D e Topeye) Nat Dairy (£2). Natl Dept Stores. Natl Distillers tl Enameling Natl Pwr & Lt (1), Natl Radiator pf. Nat Tea Co (2) Nelsner Brothers Nevada Copper (3) N Y Alrbrake (3.60). N Y Ceritral (8). . NYChi&StL(6).. N Y Chl & St L pf(6) NY NH & Hart (6). 114% N Y N H & H pf (7) 15 Norfolk Southern 6615 North Am(b10%stk) 48 75 % 15 195 North Am pf (3). North Pac et (5). . Oil Well Supply Oliver Farm Equip 1ev pted), LA, eimer Col (5) ator (6) 2 3% % m 4 5‘ 22% Otis Steel (2'3).. High a1 10 36% 215 Prev. Low. Close. Close. 40 40 40 40 361 B6% 21% 21% 814 34 1300 109 12 126% 17 974 H2% 8 | 9t 145 az | L 47% 2% | market FINANC ~Prev. 1920 Hich. Tow 89 3 98, Stock and Dividend Rate. uwenx 111 Bottle(c4) Pacific Gas & E (2).. Pacific Lizhting (3). Pacific Oil stubs. ... Tackard Motor (1)., Paramonnt-F-L (3) . Park & Tilford (13) . Park Utah....... P'armelee Trans 114 Pathe Exchange Tathe Exchanze A. . Patino Mines (3.89) . Peerless Motor Car. Penney (JC)....... Ten (1 C) pf A'(6). : Penn Dixie Cement... Pennsylvania RR(4) Saler— 162 13 Oil pr 3 ree Petroleum. ., lonr 1 CoA . Pittsburgh Cog oo P Tressed Steel C Proe & Gamble ( T'rod & Refine: Publ T (43 Pub Sve NJ pf (6) Pub Sve N pf (8) Pullman Corp (4). .. Punta Alegre Su. Pure Ol (113)...... Turity Bakeries (4) . Radio Corp dio ¥ A (3 Ho pf B (5)...... dio-Keith-Orph A, n Rand Gee). ... minz-Rnd 15t (7). Reo Motor Repub Tr eynolds s Revnolds Tob B (3). ichfield Ol (2).... » Grande Oil (2). . Ritter Dent Mfz (13) Rosia Ins (2.20) Royal Dutch (a: - —a Berhesideal t L-San Fran pf(6). t I Southwestern. . avage Arms ( chulte Retajl § earrave (e1.20). ... ears Roebuck ($213) 18 econd Natl Inv..... ervel Inc. .. Z harp & Do pf (314) . Shattuck(FG) (113) Shell Union (1.40) Shubert Theatrs ¢ Simmons Co (g3). Simms Pet (1.60). Sinelair Con Oil (2). Sinclair Oil pf (8) kelly Oil (2).... nider Packing pf »ival Am In p A 0 Por Rico Sug (2). onthern Cal Ed (2). ith Dairies, A 1% . outhern Dairies B. . Southern Rwy (8) Southern Ry pf (5).. Spang-Chalfant. 4 Sparks Withngtn Spicer Mfg. Spieger-May-St (3).. Stand Brandes (115). Stand Com Tob (1).. Stand Gas & El (3 Stand G & E pf (4).. §td Oil of Cal (h21g Stand Oil Stand Oil N Starratt (L §) Co(2 tand Plate Glass Sterling Sec A. g Sterling Sec cv pf(3) Stewart Warn (j3 Stone & Webster ( Studebaker ( Submarine Boat Sun Ofl (p1). uperior Ofl. . Superior Steel. 2 BaZinanrummnesian 201% 98 415 86 24 KESN Add 00. Hiz HANGE [ —Prev. 1920~ Hieh Low Div 5% Sweets ming Prev. Low. Close. Clese. 52U 52% 53% 76 1 167 497 27 314 18% 274 Tex P ¢ Texas Timken T Truscor Twin Ci Und Bl TUnion Utd Air “a ¢ Utd Cig: United Stock and 9% Tenn Cop & Ch (1).. Toxas Corp (3). . 214 Tex Gulf Sul (4) Texas & Pac (5). Thompson J R (3.60) Tide Water Asso 60c. Timken Det Ax t80c Sales— Prev Add 00. Hich. Low. Close. Close 1 % 8% 58 3 8% 16%: 13 55% 5% 119% 10% idend Rate of Amer (1).. ton. . 17 &0 (1105, Land Tr.. 42 Roller (3) Tobacco Products. .. & Tobacco Products A . ranscontinental Ofl Trico Prod (214) iax Traer (1.60) .. St (g1.20). tyRpT (4).. iod Fishr (5) Union Carbide (2.60) T'nion Pacifiec (10)... ific pf (4 Utd Alreraft& Trans. craft&T pf 3. rhon (2). ar Stores. ... “igar Strs pf. Utd Corporation & Utd Cor D pf (3). United Elee Coal United F Utd Gas & Imp(1 Tuit (4)... 20) i Utd Gas & Im pt (5). Utd Pay 4 United Udt Sto U S Dis US & F U S Fre! U S Hoffman (2). ... US Ind TS Lea 1S Lea TS Rub 1 1 v U a 1 17S Rub ! 1 teel (7). Steel pf (7). U S Tobacco (4). Univ Pi Vadsco Vanadiu Warner Webste Wess O Wess O Weston Westv: Wilcox Wilcox Wilcox Willys- Wilson Woolworth ( e Worthington Pump. Wrigley Wm (4).... Yale & Towne (15)... Yellow Pipe & Fdry pe 15t pf ( Util Pwr Lt, A (62). Vick Chemical (212) . Virginia-Car Chem. . Wabash Wabash pf (A) (5 Walworth Co (2 2 Ward Baking B..... Warner-Quinlan (2) Warren Bros (19) Warren Fy& Westn Dairy (B).... Western Maryland. . Western Union (8). . ¢ Westngh Aid Brk( Westinghse E&M (5 perboard. . tores A.. res pf tributin : oreign Secur. izht (3). 100% 19 1344 93, 18% 19 16 60 Alcohol (7). HhOP.: ouves ther A.. ity Dher pher pe & Rad n o wrseBensSeananSan Sales Corp am (4). . —a afaSannananaSannnn man ). Bros Pic (4). 2 r-Eisenlohr . . il & Snow (2) & Snpf (4).. K1 In= (1) 313 Chlor 9 White Eagle Oil (2). White Sewing Mach. Tie Oil & Gas. Rich (A) 2%. Rich, B (2). Over (1 &CO.. . .. 0) 681y Truck & C. Young Spring (3)... RIGHTS EXPIRE m Rol Ca Penna 11 Peo Ga 1 Mill.Feb 15 rbon. Ry J 3 s & O.Jan1 1% Reyrolds Spr.Jan Sales of Stocks on New York Exchange. 3T 1:30 P.M. . 39 Bl 452 | in stock. 2 | this y e | stock §Plus $3 in —no regular ¥ Plus 6% in d Payable when earned. 393,500 1,480,500 12:00 Noon . 10 P\ .1 Dividend rates as given in the above table are .he annual cash payments based un the latest quart *Unit of trading less than 100 shares. :ly or half-yearly declarations. tPartly extra. Plus 4% preferred stock. (Plus 1-25 . stock. a Paid rate. b Pavable in stock. ¢ Plus 5% in siock e Payable in cash or stocv { Plus 10% in stock hPlus 27~ in stock. )Plus 8% ™ | stock kPlus 3% in stock. m Plus 113% in stock. n Flus 50c in | special preferced stock. o Plus 6%‘c in stock. b Plus o n stcek. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January Potatoes, white, barrel, 1.50a4.00; pound sacks, 1.75a2.65; sweet potatoes, barrel, 1.50a3.00; yams, barrel, 2.00a 3.00; beets, crate, 2.75a3.00; beans, hamper, 1.50a2.75; cabbage, hamper, 40a65; carrots, 100, 2.00a3.00; cauli- flower, crate, 1.50a2.00; celery, crate, 1.50a3.25; eggplant, orate, 2.50a4.50; lettuce, crate, 4.50a5.2: kale, barrel, 1.25a1.50; onions, 100 pounds, 1.75a 200; peppers, crate, 3.005.00; peas, crate, 4.50; parsnips, basket, 50a65; spinach, bushel hamper, 25a35; apples, | bushel, 75a2.25; cranberries. box, 3.00a | 4.75; grapefiait, box. 2.50a4.75; oranges. box, 2.15a4.50; tangerines, box, 2.50; strawberries, quart, 40a45. Dairy Market. Poultry, alive—Turkeys, pound, 28a 32; old toms, 25a26; Spring chickens, 26a30; Leghorns, 22a24; old hens, 22a 30; old roosters, 17a18; ducks, 16a28: | geese, 18a24; guinea fowl, each, 40a50; pigeons, pair, 25. Eggs—Recelpts, 814 cases; native and nearby fiists, 45: pullets, 40; hennery whites, firsts, dozen, 45a46; dirty eggs, 25830 Butt *—Good to fancy creamery, pound, 34a40; ladles, 30a32; store packed, 20; roils, 27a29; process, 36a37. Live Stock Market. Cattle—Receipts, 500 head; fair sup- ply, market steady. Steers—Choice to prime, none; good | to choice, 12.75a 13.00; medium to good, 11.50a12.50; fair to medium, 10.25a 11.25; plain to fair, 9.25a10.25; com- mon to plain, 8.2529.25. Bulls—Choice to prime, none; good to_choice, 9.00a9.50; medium to good. 7.75a8.75; fair to medium, 7.00a7.50; plain to fair, 6.00a7.00; common to plain, 5.0026.00. Cows—Choice to prime, none; good to choice, 8.00a8.50; medium to good, 7.00a7.75; fair to medium, 6.23a6.75: iplain to fair, 5.00a6.00; common to plain, 3.00a4.50. Heifers—Choice to prime, non; good to choice, 10.00a11.00; medium to good, 9.00a10.00; fair to medium, 8.00a9.00; plain to fair, 7.00a8.00; common to plain, 6.00a7.00. 0F|'e,sh cows and E s, 60.00a150.00. \ms‘::ff;‘) ‘and lambs—Receipts, 700 head: light supply, market higher; sheep, 2.00a O efbte. 300 head; fair supply —Receipts, ead; 3 e Flower- lights, ~ 10.50810.70; 10.25a10.70; medium, 10.50a 1070; roughs, 7.50a9.20; light pigs, 10.00a10.30; pigs. 10.50a10.70. Calves—Receipts, 500 head: light, sup- ply, market steady: calves, 7.00a17.00. Hay and Grain Prices. t—No. 2 red Winter. spol \.22"‘“‘ No. red Winter, garlicks spot, 1.27; January, 1.27!2; No. 3, gar- , no quotations. "dészrgn. 2 domestic, yellow, new. 1.05; cob corn, new, 4.60a4.70. e Oats—No. 2 white domestic, spot, 56; 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 good order new hay sells at from 14.00 a17.00 per ton, according to its quality and condition, receipts by truck taking care of most requirements. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, No. 1, per ton, 9.00a10.00; oat straw. No. 1, per ton, 9.00a10.00. heavies, 2 York Telephone Co. plans $3,600.000,000 for teiphone ments In The New cxpending approzima during the rext five yosr: plant ~d-itions and im) its territory. Id 100- | 1250 | P culls and | CHAIN STORE SALES FIGURES ARE GIVEN By the Associated Pres NEW YORK, January 6.—December sales of the F. W. Woolworth Co. Stores decreased nearly 3 per cent from the sales for the corresponding month a year ago, but total sales for 1929 show- ed an increase of more than 5 per cent over the preceding year, the company reported today. Comparative sales figures for the Woolworth organization and for other leading merchandising systems for De- calendar years of 1929 and 1928, follow: Company. 1929, 1928, DlCember o 144150396 $45.440.94 ember ... ; .440. g © 303033894 287.315.86 Whidort Syst December -+ 1.444.065 1,363,238 161069,338 14,621.237 December 234.674 193.967 1.507,447 1.286,797 Suppl: f 315.809 224.588 1,250,691 12 months " Kaybee Stores— December .. 12_months " Morrison Elecirical December 12 months ' .. National Bellas Hess— December 12 months McCrory Store: December 12 months . 4.985.767 127.867 411105,324 Wall Street Briefs By the Associated Press. Bankers both in New York and im- portant Europeant centers look for further exports of gold from New York. The Federal Reserve system, however, | has been able to release adequate credit | to offset the effects of the gold move- | ment, and is expectd to continue to do so. Lower bank rates abroad will prob- |ably be effected before the movement | becomes excessive | New State and municipal bond offer- ings scheduled for next weck number more than 50, and total $61,644,000. There has been little activity in this particular type of financing during the past two weeks due to the holidays. Last week’s offerings totaled slightly more than $7,000,000. | The chain store industry, in common with many others, is now facing a perlod of readjustment, according to the Chain Store Research Bureau. For the year just closed the bureau esti- mates that total sales of chain systems will approximate $8,525,000,000, with the Great Atlantic & Pacific Co. alone cxceeding the billion-dollar mark. A special meeting of stockholders of the International Perfume Co., Inc.. has | been called for January 14 to vote on | 2 proposal to change the name to Bourjois, Inc. The International Co. as formed last February by the con- solidation of Bourjois, Inc. and Wood- | worth, Inc. | | e | Novembar net earnings of the Pull- | man Co., carrier subsidiary of Pullman, | Inc., after tax deductions was $394,091, it was announced. Net after taxes for the first 10 months decreased $754,030 | from the corresponding period of last | year. WILL AI]‘) RAILWAYS. MEXICO CITY, January 6 (#).— P. Mallory and F.' T. Pringle, director of the bureau of statistics and general transport superintendent, respsctively, for the Canadian National Railways, arrived here Sunday to assist in re- organization of the Mexican National Railways. They came at the invitation of Gen. Plutarco Elias Calles, who, prior 2 a recent trip to France, was com- | cember, 192 and 1928, and for the full & 1,382,450 | 44.532.696 | SEES AMPLE CREDIT FOR BUSINESS NEEDS By the Associated Pre . ST. LOUIS, Januacy 6.—Ample credit is available “to meet all worthy de- mands,” John G. Lonsdale, president |of the American Bankers' Association, said in an address prepared for de- livery here today before the National Shoe Retailers’ Association annual annual convention. While predicting low money rates, LMr. Lonsdale said he did not anticipate ‘excessively cheap money.” When cred- it is too easy, he declared, there always is a tendency toward encouragement of its unwise use. Easy credit, when wise. ly used, is not a hindrance, but a con structive force. he stated. “I am happy to say that the shoe industry, along with banking and many other of our essentlal industries, has | entered the new year in sound condi- |tion,” Mr, Lonsdale said. “There are | no inflated values in today’s shoe prices, | | there are no burdensome left-over | stocks of shoes and leather and both manufacturing and distribution are pro- ceeding along sane, cautious lines.” There is nothing generally wrong with American business, A. H. Geuting, president of the association, said in his address. However, there are “soft spots” in America’s industrial life that need correctlon, he said, and urged co-oper- ation with President Hoover in his campaign to eliminate fear in business. SHORT-TERM SECURITIES, (Reported by J. & W. Seligman & Co.) id. Allis-Chulmers Co. 55 1937...... 38 9001 Aluminum Co. of ‘Amer. 5s' 352 102 Amer, Rolling’ Mills 55 1948 97 American Tel & Tel. 51as 1 Baltimore & Ohfo 4%%s 1933 Batavian Pet Corp. 4'ss 1943 Bell Tel of Canada 5s 1957 Calitornia Pet. Corp. 5as 193 Canadian Nat. Rwy. 4'is 1930, Canadian Nor. Rw: Chesa. & Ohio Rwy. 41.s 1930 Chicago Rock Island 4s 1934... Ghile Copper 53 1947. Cuduhy_Packing Co. § Fdison Elec. TIl. Bost. 41 Gen. Mot A 4 Trune of G GUIT Ol of B 55 18 Humble' Ol ‘54351932 Internat Matel Corp. NV Chi, & St L, s 1932 EBhillibs Pet " Co. 3¥4s 1980 Bure 'Ol Corp. 518 1937 Sheil nion Ol 35104 Siiiclat "Chiae Oif o, 31 Staidard Ol N. Jersey 55 1048 8t B dbudiechcin Ry, T o SVE & Co. 58 1932, .. ou or 1 Union ‘OIf of Calit, United Dritx Go. S5 1935 Western Biectrlt €.5 1ads ecling Stecl Corp. 31as 1048 Wheeling Steel Corp. 4125 1953 81 88z TREASURY CERTIFICATES. (Reported by J. 2 Ml(mmfim J. & W. Seligman & Co.) 9917-32 9920-32 9917-32 99 20-32 Hibbs & Co.) Selling checks London, pound Paris. frane Brussels, * bei Eerlin, mark - Rome.' lira. ... Zurich, frane Athens, dracl Madrid, Vienna. Budanest. penso Prague, crown (nom.) Warsaw. ‘zloty. . . ;mls-.lon-d to study a means of placing the raflvay on a batter financ'al bask They exvest to romzin in Mesico abous | four months, Maj. Cohen. the legiess member of the Enziish Parliament from Liverpool, will rctigg from politics. | tinuing dull. 14 | 691 | $3u| CHICAGO,January6(®) (Un.tedStates . 19:75; butcher: in | 1AL. STOGKSIRREGULIR N EAED NARKET Early Rallies Fail to Develop Much Demand at Higher Levels. BY STANLEY W. PRENOSIL, Associated Press Financial Editer. , .4 NEW YORK, January 6.—Frequiént shifting of speculative sentiment 44 parted an frregular price trend 10 .fgn day's stock market, with trading -ofin- ull. Prices headed upward:st the opening, but turned reactionary around midday, when fresh selling des veloped in the merchandising and piib- lic utility groups. Most of the early gains of "1 to 7 points were cut down or .wiped out. and by early afternoon a long list of stocks were selling 1 to nearly 9 points below last week's final quotations. _ Lowering of the call money rate from 5 to 4! per cent, which contrasts with the 6 per cent rate maintained over the year end, apparently failed to pro= vide ‘much stimulus. Funds were of= fered the “outside market” at 4 per cent. Pools again found difficulty in attracting an outside following, but “bears” also were restrained from con- ducting an aggressive campaign by the dullness of the mark:t and the already large short interest in many cf the leading _issues. The decline of 3 per cent in the De- cember sales report:d by the F. W. Woolworth Co. probably inspired the re< newal of attacks against the merchan- dising group. Montgomery Ward sold down 2 points to 44. which contrasis with the low of 4233 established la-t year, and Sears-Roebuck dropped to 82, cr within 3 points of its low. Woolwortin and Simmons cach fall back about 2 poin Reports that between 45,000,000 and 50,000,000 pounds_of copper had been sold for first-quarter delivery at the of- ficial price of 18 cents a pound brought about a flurry of buying in the copper shares, but sponsors for those issues had difficulty in maintaining the early gains of 1 to 2 points. The rally in motors, based on the opening of tha New York automobile show, proved to be short-lived, Hudson, one of the re- cent leaders, dropping back 2 points. Auburn Auto was hammered down 834 points, Industrial Rayon 43, Amcr- ican Tobacco 4 and Beatrice Creamery 3. Losses of 2 points or more were reg- istered American Water Wovks, American & Foreign Power, J. I. Case, Pullman, American Can, Genaral Elee- tric, Westinghouse Electric. Standard Gas & Electric, Timken Roller Bearing and Otis Elcvator. In the early upswing. Johns Man- ville jumped 7 points, Warren Bros. 5. Motor Products 47; and American Ma- i chine & Foundry. National Biscuit and United Carkon 3 points or more. 1. S. Steel common, after moving up 11y | to 1703;, f=1l back to 163, and then re- bounded a: Fox Film advancd o 23'; and r ed to 201, CHICAGO LIVE STOCK MARKET Department. of Agriculturc).—Hogs— Receipts, 68.000 head; inciuding 28.000 direct: market mostly 10 ty 15 lower than Saturday: top, 9:85: bulk. 140- veighty butch- 0 to 9.65: pigs, 9:25 ta medium to_choice, 2 {300 pounds, 9.4 to 9.70: 200-250 ! pounds, 9.50 to 9.50; 160-200 pounds, 1955 o 9.85; 130-160 pounds, 9.50 to 9.35; packing sows, 8.00 to 9.00: pigs. medium to_ choice, 90-130 pounds, 903 0 9.75. Cattle—Rcceipts, 21,000 head; ealves, 3.500 head: largely a specialty markct cn strictly good f: 2nd yearlini others easy, wexk to lower: finished { yearlings topped at 16.50; she stock laughter ses steers, good and 1.300-1,500 pounds, 12.00 ta .85; 1,100-1-300 pounds, 12.50 te 16.00; 950-1.100 pounds. 13.00 to 16.25. Common and modium, 850 pounds up, 8.50 to 13. fed yearlings, gecod and choice, 750-950 pounds, 13.95 ta 16.50. Heifers, good and choice, 850 pounds, down 1225 to 15.75: common and medium, 8.00 fo choice 12.25. Cows, i good and choice, 8.25 to 10.75: common and medium, 630 to 8.25; low cutter and cutter, 450 to 6.50. Bulls, good 1and choice (beef), 9.25 to 10.00; cutter to medium. 6.75 to 9.50. Vealers (milk- fed). good and choice. 14.00 to 16.00; medium, 11.75 to 14.00; cull and com- {mon, 7.25 to 11.75. Stocker and feeder steers, good and choice, all weights, 10.50 to 1 ; common and medium, 8.25 to 10.25 Sheep—Receipts. 12,000 head; mar- ket active, 25 to 50 cents higher; bulk fat lambs, 13.50 to 13.75; early top 14.00; fat ewes held above 6.25; feeding lambs, quotable steady. Lambs, good and_choice, 92 pounds, down 13.00 ta 14.15; medium, 11.75 to 13.00: cull and common, 1050 to 11.75. Ewes, medium to choice, 150 pounds, down 5.00 to 6.50; cull and ccmmon, 2.50 to King George exhibited eight cattle at the recent cattle show at Norwich, ers_mstly | England. National Metropolitan s Bank Years 15th St. opp. U. S. Treasury 116 oud Oldest National Bank in the District of Columbia Seasoped Service flThe Metrapolitan pro- vides for the solution of your financial problems the ripe experience of one hundred and sixteen years of banking. {[Such seasoned service is freely at your dis- posal. 3% Paid on Savings