Evening Star Newspaper, January 13, 1930, Page 14

A-—14 ¥3¥ BANKS WILL ELECT }BOARDS TOMORROW «=All National Institutions and Several Trust Companies on List. BY EDWARD C. STONE. All the national banks in Washington -and several trust companies and sav- ings banks will hold their annual meet- »ings tomorrow, elect directors and part .of them organize for the coming year. Vacancies due to deaths on some of .the boards during the past year will be filled at this time. Riggs National , . vecently filled a vacancy of this kind and the Federal-American National elected two new directors only last Fri- . day. The International Exchange Bank, 5th and H streets, N.W., elected eight' new directors last week at the ,-annual meeting. But few changes are expected among the officers of the various banks. One wof the vice presidents of the Washing- .’ ton Loan & Trust Co. recently retircd and this vacancy is likely to be filled when the directors organize for the Jaayear. “" Margin Requirements Lowered. . Reports from Wall Street announce ‘that most of the brokerage houses which ~Prev. 1929— High. FINANCIAL. TRANSACTIONS THE EVENING STAR, WASHINGTON, D. C, MONDAY, JANUARY 13, 1930. Sales of Each Stock Compiled to 12:30- P.M. Dividend Rate. Low. 57% 34% Abitibi Power & Pap. 1121 100% Abraham & St pf (7). 34 35 | 354 5% 364 did not reduce their margin require- . ments _shortly after the Stock Market crash have been taking this action dur- ing the past few days. ‘With stocks down where they are now, low rates on money, and quiet and "orderly market trading, it is felt that 25 per cent margins are safe in con- " nection with sound stocks. Margins ‘of 35 to 50 per cent are thereiore be- ing reduced. The old 10 and 15 point ‘ margins are sald to be unlikely, how- ever. Margins on the Curb have also been lowered recently, although ‘they ' are somewhat higher than on the Stock Exchange. Margin requirements in the local brokerage houses are just about the same as in New York, so that traders here can now do business in _/stocks with considerably less money <. than before and right after the break. = Institute Holds Examinations. =" ‘The instructors in Washington Chap- fer, American Institute of Banking, are .Ukiving the final examinations for the - first semester. Finals in three courses “ . Were given last week, the class in credits finder Edward J. McQuade, commercial law under Raymond B. Dickey and eco- ,-nomics conducted by F. J. Donahue. Examinations in three other courses . Will take place at the institute head- Uquarters_tomorrow night. They are in negotiable instruments, in charge of | ,+B. J. Laws; banking fundamentals, Eliot ~H. Thompson, instructor, and invest- ;ments, conducted by J. C. Dulin, ~n_ The midyear recess will continue until -January 27. On January 24 the con- 7-suls, officers and members of the edu- cational committee will have a dinner ;.at the Raleigh Hotel and complete ] gum for the coming second half year. -~-Harold Stonier, national educational di- rector, will be present, President A. E. ~Henze announced today. « The first of two Institute Forum din- soers is to take place the latter part of this month. James A. Soper is chair- man of this committee. Bankers Growing in Efficiency. “The high rate of bank failures in the last five years hardly warrants the conclusion that in this short period the competence of American bankers has . jundergone a serious deterioration,” says . Bankers' Magazine. “The integrity and . capacity of our bankers scarcely be less in previous years. ‘There . s every reason to believe that the con- {'trary is true, and that the character of our bankers has improved rather than declined. 4\ “What happened was this: Bankers were' confronted rather suddenly by ., gonditions new to them, and to which they could not readily adapt them- _selves. Had things gone along in the n.0ld way, they would have done well o.enough, or, at least, no worse than ‘hsual. “It would have been unreasonable to -~ expect that the average country banker . .should recognize the changes that were +,going on around him, what they meant, or how he must meet them.” C. & O. Bonds Offering Soon. Offering of Chesapeake & Ohio $35,- 088,000 4!> per cent refunding and improvement mortgage bonds, series B, “maturing January 1, 1995, authorized “by Interstate Commerce Commission, is uexpected soon. Banking opinion is that “'they will be offered on 4.75 per cent w.basis, or a price around 95. 's Of the proceeds $31,390,000 will be ‘used to retire a like amount of 4!, per cent 20-year convertible bonds, “maturing February 1, 1930, and re- mainder will reimburse treasury for “expenditures in retiring like amount of general and improvement mortgage 5¢ which matured January 1, 1929. Trading Quiet on Exchange. Capital Traction opened trading on “the Washington Stock Exchange to- day with a 10 and a 3 share lot sell- ing at 821z, the same as the Saturday —quotation. There was another 10-share 5. The market closed with 8224 bid and 84 asked. Riggs National Bank stock figured in three 10-share sales at 515; Poto- mac Electric Power 5. per cent pre- ferred came out at 107, while Mer- i ®enthaler opened at 106 and closed at } 1063 on a 25-share turnover. i _ Peoples Drug Stores preferred ap- a-peared on the board in several small ot transactions at 104 and 104%. In \the bond division, $1,000 Capital Trac~ otion 5s changed hands at 92% and two “*more $1,000 sales were made at 9215. The closing bond sales were made in Washington Gas 6s, Series A, in $1,000 and $500 denominations at 101. Union Trust, Federal Storage pre- sferred and American Telephone are the donly issues on the local d now selling ex-dividend. Heard in Financial District. H. F. Kimball, chairman of the ath- letic committee of the local institute chapter, gave out the sad news this morning that the bowling team was defeated by Baltimor: Chapter Satur- , day night. Three different matches were held, the Baltimore athletes knock- ing down 4,400 pins against a Washing- ton total of 4,291. Several chapter of- ficers and their wives accompanied the team and a special dinner added much to the pleasure of the visitors, . A summary of facts compiled from ~records of 214 companies, which write “more than 90 per cent of the life in- surance business of the United States, reveals that notwithstanding the tumble of the stock market the American peo- ple have in 1929 accomplished a new thrift record by taking nearly $20,000,- 000,000 worth of new life insurance. ‘This is an increase of more than a bil- lion dolars over the amount of life in- surance written in 1928 and the seventh successful year in which the volume of new life insurance written has increased by a substantial margin. TREASiJRY CERTIFICATES. (Reported by J. & W. Beligman & Co| Rate—Maturity. s Mar. 15, 1930.. 1930 1930 193: 20 Adams Expr (1.60).. 7 Advance Rumley. 15 Advance Rumley pf. 3 Abumada Lead... 77 Alr Reductn (1434).. 18% Afr Wal E1 Ap (23%). 1 Ajax Rubber.. . 4% Alaska Juneau...... 17 Alleghany Corp..... 80% Alleg C pf (51)xw. . 85 Alllance Realty t3%. 197 Allfed Ch & Dye(n6). 35% Allis-Chalmers (3).. 23 Alpha Port Cemt (3). 1715 Amerada Corp (2). .. 4 Am Agricul Chem... 18 Am Argicul Ch pf. 65 Am Bank Note (13 Am Bosch Magneto. . Am Br S & F pf (7)..280s 19 414 Am Brown Bov Elee. 49% Am Brown B E pf(7) 86 AmCan (4).. . 76 AmCar & Fdy (6)... 27 AmChicle (12%).... 20 Am Com Alco(n1.60) 18Y% Am Encaustie (2)... 50 Am & For Power. . 17% Am Hawaflan S § (2) 313 Am Hide & Leather. . 23% Am Hide & Leapf. .. 40 Am Home Prod(4.20) 29 AmTIceCo (t4)...... 2915 Am International (2) 90 Am Locomotive (8). 31% Am Metal (3)..... Am Nat Gas pf (7) % Am Plano. 64% Am Power 921, Am Pow & Lt pf (6). 70 AmP&LDpfA(3%) 72% Am P&L pf A st (5). 28 Am Ra&Std San1%. 125 AmRad &S S pf (7). 12% Am Republies....... 60 Am Rolling Mill (2). 17 Am Seating (2)...... 62 AmSm & Ref (4).... 123'% Am Sm & Ref pf (7). 18 Am Sumatra (3). 35% Am Steel Fdy (3) 110 Am Steel Fdy pf 4 1931 Am Tel & Tel (9) & 160 108'% 4T 61% 14313 1541 88% 344 62% 51% 26% 95% 79 63 24% 36% . 193 5, BANK CLEARINGS. NEW YORK, January 13 (8 . —New York bank clearings, day, $666,000,000; & year ago, $690,000,000. New York bank balances, today, $128,- = 000,000; a year ago, $143,000,000. N , York Federal Reserve credit balances, * today, $125,000,000; a year ago, $137,~ ‘) 000,000, b wnes | 164 Motor boating is becoming popular in~ 11% = @ermany. ’ i 187 Am Tobacco (8)..... 160 Am Tobacco (B) (8). 50 Am Water Wks (n1). 97 Am Water W 1st(6). 5% Am Woolen. ... 15'% Am Woolen pf. 7 Am Zinc Ld & Sm 6714 Anaconda Copr (7) 25 Anchor Cap (2.40). 30 Andes Copper (3) 18% Archer-Dan-M (2 %5 Armour Del pf (7 5% Armour I11 (A).. 2% Armour Ill (B) 67 Atlas Powder (4) 90 Atlas Powdr pf (6) 120 Auburn Auto (§4). 49% Austrian Cred (4.49) 34 Auto-StSafRA (3). 4% Aviation Corp Del. .. 15 Baldwin,Loco (1.75). 109% Baldwin Loco pt (7). 105 Baltimore & Ohio (7) 75 Balto & Ohfo pf (4).. 93% Bamberger pf (6%). 55 Bang & Aroos (3%) 20 Barnsdall, A (2). 12'% Beacon Oil. 4% Belding-Heminway.. 25 Bendix Aviation (2). 78% Bethlehem Steel (6). 116% Bethlehem St pf (7). 23 Bloomingdale Bros 53 Borden Co (k3) 26 Borg Warner (4) 8t Briggs Mfg. . Brit Emp St 1st pf. 14 BrockwayMT...... 40 Bklyn-Manhat (4)... 16% Bruns-Balk-Col (3) 4% Bruns Ter & Ry 8. 88 Burns Bros A (8) 29 Burr Add Mch (80 91% Bush Term deb (7).. 105% Bush T Bldg pf (7) Stock and Sale — dd 00. High. Low. Close. Cl L 28 28 28 29 10s 105 105 105 104 8 26% 26% 25% 26% 50 16% 14% 15 14% 13 3 27% 30 27 2 LI 17 128 125% 1 21% 21% 2% 2% % &% 127% 127% 7 8% 8 273 25% 24% 1 90% 90% 10s 100 99% 12 270% 263 50% 30 20% 28 78 42 118% 9 2 42 120 9% 20s 62 62 137 123% 122 80 80% 2 391 2 1 4 : 25 10s 126% 24 3 8 87 2 22% ~Prev. 1920— High. Low. s Erie R R 1st pf (4). ). 2 56 Am Sugar Rfg (5). 2028 93% % Hershey Ch pf (15 romaRans - o s ISP TP T 1 2 Butte Copper & Zine. 4% Butte & Superior (2) 50 Byers(AM)... 63% Calif Packing (4) 1 Callahan Zinc & L. 13% Calumet & Ariz (10). 25 Calumet & Hec(4%). 45 CanadaDry G A (5). 185 Canadian Pac (10)... 27 Cannon Mills (2.80)., 17 Capital Adm (A) . 29 Capital Adm A pf(3). Case (J 1) (6) Celotex (3). 21 . 1 27% Cent Alloy Steel (2). 52% Cerro de Pasco (6) 10% Certain-teed Prod. Ch 4 Chi&Alton. .. . 36% Chi& EastIllpf...., 7 Chi Great Western. .. 17% Chi Great Westn pf. . 16 Chi Mill St P&Pac. .. 28% Chi Mill St P&Pac pt Chi 8tP Min&Omaha. Chi StP MIn&Om pf. 75 Chicago & N W (5) 21% Chi Pneu Tool. 47 ChiPneu T pf ( 101 ChiRI&Pac (7). 21% Chi Yellow Cab(3) 25 Chickasha C Oil (3). 44% Childs Co (2.40). P ! 26 Chrysler Corp (3)... 1 37% City Ice & F (k3.60). 7% City Stores (1)...... 34%5 Cluett Peabody (4).. 90% Cluett-Peabody pf(7) 101 Coca-Cola (4)..... 10 Collins & Afkman. 86 Col Gas & El pf B(5) Col Gas & El 2d2pd. . 16% Columb Graph (87c). 105 Columbian Carb (16) 18 Com Credit (2)...... 28 Comm Credit A (3).. 20 Com Credit pf (1%). 65 Com Cr1stex w61 % . 100; 28% Coml Inv Tr (g1.60). 20% Comm Solvents (1).. 10 Comwlth&Sou(60c). 11 Congoleum-Nairn.., 43 Congress Cigr(16%) 40 Consol Cigar (7).... 70 Consol Cigar pf Consol Film (2). 15% Consol Film pf (2).. 80% Consol GasN Y (4).. 92'% Consol Gas NY pf(5) 45 Consol RR Cub pf(6) 5 Consol Textile . 3% Container Corp B.... 25% Contl Baking A. 4% Contl Baking B. ... 79% Contl Baking pf (8) 40% Contl Can (23%). . 46% Contl Insur (2.40) 5% Continental Motors 18 Contl Ofl of Del..... 287 Contl Shares (1). 70 Corn Prod (13%). Corn Prod pf (7). 20% Coty Ine (g2).. 24 Creamof Wht(12%4). 15 Crosley Radio (1)... 37% Crown Cork & Séal. . 17 Crown Zellerbach (7) 71 Crucible Steel (k6). . % Cuba Cane Sugar.... 63 Cuyamel Fruit (2).. 213% Davison Chem. 141% Delaware & Hud (9). 120% Del Lack & W (17). 49 Denv&RG W pf Detroit Edison (8) . Diamond Match (8). Dore Mines (1). 1 10s 2 3 19% 19% 19% % 120 102% 101% 101% 101% 100 99% 99% 99% 89% 91 11415 114% 114% 27 26% 27 26% 16 48 4 Hud&Man Ry (3.50). 4 Liggett & My (15). % Madison Sq G (134). * Missour! Pac pf (5).. % Montgomry Wrd (3). 21 10 EMullins Mfg “ 38 b4% 12 Dominipp Strs (1.20). Stock and Drug Corpn (4) Dunhill Inter (3 Duplan Silk pf (8). Dupond de Nem (4). Eastman Kodak (18) Eaton Axle &8 (3).. Eitingon-§ch (234 ) Elec Auto Lite (6). El Auto-Lite pf (7) Electric Boat....... Elec Storage Bat (5). ElPwr&Lt (1).. El Pwr & Lt pt (7). Endicott-John (5). Eng Pub Serv (31).. ng Pub Sve pf (6).. Evans Auto L($234). Fairbanks Co. Fi Fid Pho Fire 1(2.60). Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (2%). Fisk Rubber. . . Fisk Rubber 15t pf. . Fisk Rub 1st pf cv Foster Wheeler (2) Fox Film A (§4).... Freeport, Texas (15) Gen Am Tnk Car($4) Gen Asphalt (4) Gen Cable pf (7). Gen Cigar (4). Gen Electrie (1 Gen Electric (new).. 66 Gen Elec spec (60c). 15 Gen'l Food Corpn (3) 22 Gen GasgEl A (te2). 4 GenG&EIDLA (7). 90s Gen G & El pf A (8). 100s Gen Motors (13.30).. 156 Gen Outd Ad vte (2). Gen Outd Adv A (4). Gen Public Serv (b6) Gen Ry Signal (5)... Gen Refactories (4). Gillette Saf Raz (c5) Gimbel Brothers. Gimbel Bros pf (7). . Glidden Co (h2 g Glidden pr pf (7). Gobel (Adolf) Gold Dust (2%) Goodyear Tire (5) Gotham Silk H (2% Gould Coupler. Graham-Paige Graham-Paigect. .. Granby Copper (8). Grand Unfon. . GtNctfsOP (a3%). 55 Gre North pf et (5).. Grt West Sug (2.80). Grt West Sug pf (7). 4 Grigsby Grunow (2) Gulf Mo & North. ... Hacken pf A (1%) Hahn Dept Store: n Dept S pf( Hall (WF) Ptg (m1) Hanna (M A) 1st (7) Hayes Body........- Hercules Motor 1.30. Hershey Choc (5)... Holland Fur (et2%). Hollander & Son ... Houdaille Her B (2). Houston Ofl........ Houshld F pf $3.121%; Household Prod (4). Howe Sound (43%).. Hudson Motor (5)... Hupp Motor (£2).... Tilinois Central (7).. Independ Ol & G (2) Ind Motor Cycle. ... Indn Motorcycle pf. Indian Refining..... Indian Refining ct... Indus Ray (b5 %stk). Inland Steel (3%5)... Inspiration (4) Insurance Shars 45c. TInterboro Rap Tran. Intercontinental Rub Interlake fron....... Intl Agricultural. ... Int Bus Mach (c6) Int Combustion. Inter Comb Eng pf. . Intl Harvester (2%4). Intl Harvpf (7)..... Int Hydro El A (e2). Intl Match pf (4).... Int Mer Marine ctfs. Int Nickel of Can (1) Intl Pap & Pwr C.... Intl Print Ink pf (6). Int Sale (6)... . Intl Shoe (3). Int Tel & Teleg (2).. Inter Dept St (2).... Investors Equity(2). Tewel Tea (4). Johns-Manville . Jones & Laugh pf(7) Jordan Motor Car. .. Kan City Sou pf (4). Kayser Julius (4) Kelly-Spring Tire. .. Kelly-Spring 6% pf. Kelsey Hayes (2)... Kelvinator Corp. Kendall Co pf (6) Kennecott (5) Kolster Radfo Kraft Ph Ch (1 e 2 o o e - nasmadnannanaS SeaToun AR~Sarana=nien ] Kresge(SS)Co(1. Kresge 88 pf (7). Kress (SH) (1)..... Kreuger&Toll (1.34). Kroger Gr & B (n1). Lago Ofl & Trans. Lambert Co (8) = Lee Rubber & Tire. . Leh Port Cem (214). Leh Port Cm pf (7).. Lehigh Valley (1434) Lehn & Fink (3). Libbey Owens (1) ) arpnnnan suwanEEonsBuannSoans Liggett & My B (15). Lima Locomotive. .. Liquid Carbonie (4). Loew's. Inc (3). Lot In0. 100 o Lortilard (P) Co. Lorillard (P) pt (7). Louisiana Ofl......." LouG&ElIA (1%) Louis & Nash (1) Ludlum Steel (2) MecCall Corp (23%£) McK'port T P (14%5). McKesson & Rob (2) Mack Trucks (6). ... e Magma Copper (5). Manati Sugar pf..... Man Elec Supply. Man Elev mod (d5 Manhat Elev gtd (7). Marlin-Rockwl 1434 . Marmon Motor (4).. Mathieson Alkill (2). May Dept Strs (n2). Maytag Co pf (3) Mexican Seaboard. Miami Copper (4) . Michigan Steel (214). Mid-Continent P (2). Middle States Ofl et.. Miller Rubber. Minn Moline Pwr. Minn Moline pr 6% Mo Kan & Texas. ... Mo Kan & Tex pf(7). Missouri Pacific. S 9 @ S Monsanto Ch (g1% Moon Motors. Morrell J (3.60) Morris & Essex (3%) Mother Lode (40¢).. Motor Meter G & B Motor Wheel (3). - o L =T S O e O L LI LT - P Munsingwea MurrayCor (b2 % Nash Motors (6).... Nat Acme (1%)..... Natl Air Trant Natl Bella He: Natl Biscuit (6). Nat Biscuit (new). Nat Cash Reg,A(14). Nat Dairy (32). Natl Dept Store: Nat Distillers (2) Natl Enameling (2). Natl Lead pf A (7)..100s Natl Lead pf B (6 Natl Pwr & Lt (1). a Natl Radiator. . o - Saies— Dividend Rate. Add 00. l_ll;n. 4 39 2108 116% Low. Cl 8% ose. T8% 40 100 % 1156 178% Prev. Close. | High. 8% 41 100 114% 178% 291 ~Prev. 1929 Stock and Dividend Rate. 165 % Natl Surety (5) 627 Nevada Copper 103 Newport Co A (3). Newton Steel (3) N Y Airbrake (3.6 N Y Central (8). NYChi&StL (6). N Y & Harlem (5). NY NH & Hart (6)... N Y Ont & West. N Y Steam pf (6) N Y Steam 1st pf (7) 10s Norfolk Southern.... 4 Norfolk&Wstn (12). 4 North Am(b10%stk) North Am pf (3). Northern Pac (5) North Pac ct (5). Nor Ger Lloyd(3.41). Oil Well Supply. Oliver Farm Equip. Olivr Fr Eq ev pt(3 Olivr Fr Eq pt A(6 Omnibus Corp. Otis Elevator ( Otis Steel (214). % Pacific Coast. . 3 Pacific Gas & E (2).. Pacific Lighting (3). Pacific Oil stubs. ... Packard Motor (1) Pan-Am Petroleum 4 Pan-Am Pete B. . Panhandle P & R. ... Paramount-F-L (3). Park Utah. .. ... 4 Parmelee Trans 1%.. Pathe Exchange. ... Pathe Exchange A. 4 Peerless Motor Car.. 3 Penney J C (2%).... Pen (JC) pf A (6). Penn Dixie Cement Penn Dixie Cemt pf. . Pennsylvania RR(4) 28 Pet Milk (13).. 2 Phelps Dodge (3). ... Phila & Read C & 4 Philip Morris (1).... 4 Phillips Petrm (n2). 1. Pierce-Arrow A. 3 Plerce Oil. .. . Pierce Petroleum Pittsburgh Coal. ... 4 Pittsburgh Coal pf b Poor & Co (B) (2). 5 P Rican Am To ( 1 Postal Tel & Cpf(7). 1 Prairie O&G (12%4).. 8 Prairie Pipe L (15) 4 3 3 3 Sales— Add Pressed Steel Car. Proc & Gamble (2) Prod & Refiners. Prophylactic Br(2)..100s {Public 8. N J (13.40). 172 Pub Sve NJ pf (6). Pub Sve NJ pf (7)... Pullman Corp (4).... Punta Alegre Sugar. Pure Ol (1%). Pure Oll pf (8 Purity Baker|, Radio Corp. Radio pt B (5). Radio-Keith-Orph A Raybestos Man 2.60. Reading (4) 4 Real Silk (5).. < Real Silk Hos pf (7). Rem Rand (50c - % Reo Motor Car (.80). Repub Ir & Steel (4). Revere Cop & Brass. Reynolds Spring. ... Reynolds Tob A (3). Reynolds Tob B (3). Rhine West (1.92)... Richfield O1l (2). Rio Grande Ol (2 Ritter Dent Mfg (13) Royal Dutch (a3.20). Safeway Stores(e5). Safeway pf (6)..... Safeway Strs pf (7). 80s St Joseph Lead (3). 10 St L-San Fran (8 5 St L-San Fran pf(6). 7 St L Southwestern 6 Schulte Retail Strs.. 6 Schulte Retail pf(8). 10s Seaboard Air Line... 18 Seaboard Air Linepf 5 Sears Roebuck (32%) 176 Servel Inc 11 Sharon Steel H (2).. 1 Shattuck(FG)(f1%). 9 ShellTranspt(a2.41). 20s Sheil Union (1.40). Shubert Theatres. Simmons Co (g3) Sinelair Con 01l ( Sinclair Oil pt (8). Skelly Oil (2). . 4 Snider Packing. Snider Packing pf. Solval Am Inpf5%.. % So Por Rico Sug (2). Southern Cal Ed (2). Southern Pacific (6 Southern Rwy (8). Spalding (AG) (2). Spalding 1st pf(7). Spang-Chalfant. Spencer Kelg (1.60). Spicer Mfg.......... Spiegel-May-St (3).. 1 Stand Brandes (1%). 14 Stand Com Tob (1).. 3 4 Stand Gas& El (3%) 16 4 Stand G&Epf (4).. Stand O of Cal (213) . 3 64 2 61 Prev. . Close. Clese. 73% 13 Sun Oil Sun Oil Sweets United United United United Wilcox Wilson % Wilson Yellow Am R % Penna 10:30 AM. 1:30 P.M. % 6 114% 6414 i =k 633% in’ stock. Stock and Dividend Rate. Stand OII N J (12)... 35 4 Stand OIIN Y (1.60). 58 33 % Stand Plate Glass pf. 70s 6 6 Sterling SecA...... 8 Sterling Sec pf(1.20) Sterling Sec cv pf(3) Stewart Warn (j3%) Stone & Webster (2). Studebaker (15). . Submarine Boat Young Sheet & T (5). Zenith Radio RIGHTS EXPIRE Col Carbon..Mar 11 N Y Cent. Peo Gas & O 1 % Reynolds Spr.Jan 24 Rhine W E P. .Jan 23 Sales of Stocks on New York Exchange. Dividend rates as given in the above table s nPlus 5% in stoc FINANC IAL. ON THE NEW YORK STOCK EXCHANGE Sales— Prev Sales. High. Low Close. Close 651% 6415 6415 65l 32% 33 10% 12% 39%, 41 10% an. pr (6). Superior Oil. Superior Steel . of Amer (1).. ¢ Symington. ... Symington (A). # Telauto Cp (t1 Tenn Cop & Ch (1) Texas Corp (3) Tex Gulf 8ul (4) Texas & Pac (5)..... Tex PC& O (b10%). Texas Pac Lahd Tr. . 4 Thatcher Mfg (1.60) The Fair (2.40) Third Avenue. . Tide Water Asso 60c. 4 Tide Wat Asso pf (6) Tide W Timken Det Ax 180c Timken Roller (3)... Tobacco Products. . . Tobacco Products A. ‘Transcontinental Oil Trico Prod (23%). ... 4 Twin City Rp T (4). Und Elliod Fishr (5). Union Carbide (2.60) Union Ol of Cal ($2) Union Pacific (10) Union Pacific pt (4) . Utd Aircraft& Trans. Utd Afreraft&T pf 3. Utd Biscuit (1.60) Utd Carbon (2). Utd Cigar Stores. ater Oil pf(5) Cgar Strs pf. Utd Corporation. . Elec Coal. Fruit (4) Utd Gas & Imp(1.20) Utd Gas & Im pt (5). Stores A Udt Stores pf. U S Freight (3)....., U S Ind Alcohol (17). USPipe&Fdry (2). U S Pipe 1st pf (1.20) U S Realty (5) & U S Rubber. U S Rubber 1. U S Smelt Ref (33%). U S Smelt Ref pf 3%. U S Steel (7)... U S Steel pf (7). Univ Leaf Tob pf(8). Univ Pict 15t p£(8).. E 38% 34 4 Util PWr&Lt A (e2). 3% 32 32 Vadsco Sales Corp. 5 5 5 Vanadium (14)... 9 53 % 531 53 Vick Chemical (2%). Virginia-Car 6% pf.. Vulcan Detinning. .. 104% 5% ‘Wabash pf, B (5) . Waldort Systm (1%) Walgreen pf (6%2)... Walworth Co (2). 4 Ward Baking B..... Warner Bros Pic (4). War Bros P pf (2.20) Warren Bros (19)... Warren Bros 1st (3). Webster-Eisentohr. . 4 West Penn El pf (6). West Penn EI pf (7). West Penn Pw pf(6) West Penn Pw pf (7) Western Maryland. . Western Md 2d pf Western Pacific. % Western Pacific pf. Western Union (8).. Westngh Ald Brk(2). Westinghse E&M (5) White Motors (2).... ‘White Rock M S (t4) White Sewing Mach. Rich, B (2).. ‘Willys-Over (1.20).. &Co A & Co pt. Woolworth (2.40) .. Wrigley Wm (4) Truck & 13% 108 % Mills.June 1 s % 2% 5% Ry.. 3 1% Yo W 9 2 12:00 Noon 2:10 P.M. 194,500 905,400 early declaratio: less than 100 shares, tPartly extra. le in scrip. fPlus 9% in stock. bPayable in stock. ~dPayable stock. KPlus k. Corporation News NEW YORK, January 13.—The fol- lowing is today’s summary of important corporation news prepared by Standard Statistics Co., Inc,, New York, for the Associated Press: ‘Weekly News Review. The stock market during most of last week was extremely dull. Turnover | dropped to 1,638,830 shares on Wednes- day. Sales for the week totaled 11,497~ 130 shares, the smallest since August, 1928. Prices moved in a narrow range, best progress being made by the steel and food groups. The bond market, after finding the year end reinvestments de- mand somewhat of a disappointment, displayed (l little buoyancy under the s jus of easy money. ug,l"gkerb' loans for the week again turned downward, declining $72,000,000 ‘This decline erases most of the $96,000, 000 increase of the previous week, when year end requirements caused a tempo- rary expansion of loans by member banks in the New York district. Total loans now amount to $3,352,000,000, within $24,000,000 of the low since the October break and $3,452,000,000 below the high point of October 2, 1929. There was considerable shifting of loans dur- ing the week. New York member bank loans declined $281,000,000, out-of-town banks increased $115,000,~ 000 and loans for “others” gained $94,- 000,000. This is the first week the latter class of loan has shown an expansion since October 9, 1929. Call money dropped to 4 per cent early in the week, the lowest rate since February, 1928, but later advanced to 42 per cent. Reserve Bank Statement. cipal changes in the Federal Re- ulmmngnk statement of January 8 were the reductions of $64,800,000 in holdings of discounted bills, $73,000,000 in bills bought in open market, and $25,700,000 in United States securities. These reductions caused a further con- traction in the volume of currency out- standing, about $350,000,000 having been returned to the Reserve banks in the past two weeks. Reserve ratio for the system increased to 72.9 per cent, and compares with 69.6 per cent in the previous week and 66.3 per cent a year 2go. "Trade and industrial developments in the past week were again unfavorable, contrasting sharply with the resuits for 1929, which made their appearance dur- ing the week. Steel ingot production for the week was ILNSD grmcveel:;g;‘)g capacity; a considerable pi mml-hz rate of 39 per cent maintained @uring the two preceding holiday weeks, but a small decline from the week pre- ceding the holidays when the rate was 62 per cent. During the corresponding week a year output was at 84 per cent of capacity. For the month of December production was at 59.1 per cent of capacity, the lowest rate since October, 1928, and compares with 68.9 l r cent in November and 85.3 per cent rr:December, 1928. In view of the per- formance it 'is not surprising that un- filled orders of United States Steel in- creased R 4,417,193 tong during e month, a gain of 291,848 tons. Despite the abrupt reaction in the final months of 1929 the production of steel ingots for the year reached a new high record for the industry. Total output for the year was 54,164,348 tons, compared with 49,865,185 for 1928, the previous record. ‘The operating rate for the industry throughout 1929 was 88.8 per cent of capacity, compared with 85.05 per cent in the 'previous year. Approximate daily output of all companies in 1929 was 174,162 tons against 160,338 tons in 1928. Crude Oil Production. Daily average domestic production of crude oil in the week of January 4 showed an increase of 44,600 barrels. Output for the week averaged 2,652- 300 barrels a day, an increase of 1.7 per cent over the preceding week and 2.4 per cent over the like week a year ago. Oklahoma showed the princi- gll gain with an increase of 28,350 arrels, mainly due to the opening of wells for proration test. California and Wyoming recorded the other lar- gest gains with 11,000 and 7,000 bar- rels respectively. Imports of crude and refined ofl for the week averaged 205,- 429 barrels daily. Crude oil runs to refinery stills averaged about 2,600, 000 barrels daily, thus giving a sur- plus of supply over consumption of about 200,000 barrels daily. This is a less favorable balance than a month ago when crude production and re- finery runs were about equal. Revenue car loadings for the week of December 28 totaled 638,445 cars, the smallest of any corresponding week since 1922, and a decline of 4.4 per cent from the same week a year earlier. Coal and coke again showed advances over the corresponding week in 1928, while ore and live stock recorded the largest relative declines since early 1929. Loadings for the year of 1929 totaled 52,789,789 cars, the highest of any year but 1926 and an increase of 2.3 per cent over the 1928 total and 2.2 per cent over the 1927 total. Cotton showed considerable strength toward the close of the week on the announcement by the Farm Loan Board that the $30,000,000 sales agency, called the National Cotton Corporation, will begin operations soon. This agency was organized under the agriculture marketing act, the measure recently passed by Congress after a number of years of agitation by farmers for ald. It calls for the organization by the Government of co-operative mar- keting agencies of farmers which ulti- mately are expected to dominate their respective crop markets, and of financ- mf these agencles, and of supervising all their activities when they are bor- rowers. = The Government, acting through the Farm Board, becomes a sort of holding and ment cor- poration. A loan basis e of 16.59 cents a pound at New Orleans, with varying prices for other markets, has been set by the board. The Companies. American & Forelgn Power declares back dividend of $1.75 on second pre- ferred stock for period July-Septem- ber, 1929. Rrug, Ine, offgrs Owl Drug Co, mt- nority stockholders 13% shares Drug, Inc., stock for each Owl share. Griggby-Grunow tube business to be taken over by new company. Earned $1.99 in six months to November 30, 1929, against $1.94 in same 1928 period. Jewel Tea sales: four weeks to De- cember 28, 1929, up 3.9 per cent; year 1929 up 5.4 per cent. Average number 1928. Kolster Radio grants license to Scovill Manufacturing Co. for manufacture of condensers under Kolster Co. patent. against $7.31 in 1928. Nehi Corporation sales for quarter to December 31, 1929, up 24.3 per cent; year 1929, up 18.8 per cent. Earnings, 1929, estimated at $3.10 a common share by president. Sherwin Willilams acquires John Lucas & Co. of Philadelphia. ‘Willys Overland to manufacture 1!3- ton truck. CHICAGO DAIRY MARKET. CHICAGO, January 13 (#).—Butter, firm; receipts, 10,663 tubs; prices un- changed; creamery extras, 33,; stand- ards, 33; extra firsts, 32 to 3215; first 30% to 31l;; seconds, 28 to 2§ Eggs unsettled; receipts, 10,943 cases: extra firsts, 43 to 4315 ; graded firsts, 41; ordi- nary firsts, 37 to 38; refrigerator firsts, 35; refrigerator seconds, 36. Poultry—Alive, hens and ‘Springs firm; receipts, 2 cafs; fowls, 26 to 2612; Springs, 2112 No. 2,'17; broilers, 30 to 32; roosters, 18; turkeys, 25; ducks, 16; geese, 13 to 14. Jewel Tea Sales Gain. NEW YORK, January 13 (#).—Sales of the Jewel Tea Ca. for 1929 amounted to $16,758,764, compared with $15,897.~ “C’ in 1928, an iacrease of 5.42 per cent. SILVER QUOTATIONS. NEW YORK, January 13 (#).—Bar silver, 46 Mexican dollars, 34%. Reichsbank Rate Reduced. BERLIN, January 13 (®).—The Reichsbank today reduced its discount rite Y2 per cent to 6'2 per cent. . METAL MARKET. NEW YORK, January 13 (#).—Cop- per steady; electrolytic, spot and future, 18. Iron quiet; No. f.ob. Eastern Pennsylvania, 20.00a21.00; 17.0017.50; Alabama, 13.50: easy: spot and nearby, 38. 30.37. Lead steady; spot, New York, 6.25; East St. Louis, 6.10. Zinc quiet; East St. Louis, spot and future, 5.25. Antimony, 8.50. icksilver, 123.00. sales routes 1929, 1,180, against 1,106 in 2 National Biscuit earned $8.21 in 1929, Fure o1 STOCKS IRREGULAR AFTER DULL START Market Shows Firm Tone, but Trading- Activity Is Very Small. BY STANLEY W. PRENOSIL, Associated Press Financial Writer. NEW YORK, January 13.—Trading in stocks showed a further reduction in volume on the New York Stock Exchange today, with prices generally displaying a firm undertone. Only 719.- 500 shares changed hands in the first two hours. Most of the leaders moved up and down within a range of 2 points. | Revival of activity and strength in the railroad shares was one of the few features of the session. Atchison and Wabash each rallied 3!, points and Pennsylvania, Canadian Pacific, Read- ing, Western Maryland and Texas & Pacific sold 2 or more points higha'. At least a dozen others, including New York Central, Erie, New Haven, Balti- more & Ohio, Chesapeake & Ohio, Southern Pacific and the Missourl Pacific issues, advanced a point or more. There was nothing in the day’s news to explain the sudden demand for tue rails, although Wall Street has heard vague rumors of new merger applica- tions as a result of the Interstate Com- merce Commission's revised consolida- tion plan. In the case of Pennsylvania, the buying is belleved to have been stimulated by the early expiration of stock purghase “rights.” Call money held steady at 415 per cent, with the banks calling about $10,~ 000,000 in loans to prepare for mid- month withdrawals. The time money and commercial paper markets were quiet. A good iInquiry developed for some 1of the independent steel shares as a result of the recent upturn in mill ac- tivity. Michigan Steel ran up 6 points and Newmont 4!;. United States steel common sold a point above and a point below its closing price of 1697, on Saturday. Wall Street Briefs By the Associated Press. On December 31, 1929, the New York Telephone Co. was serving 2,630,037 telephones, a gain of 165,497 during the year. In New York City alone the telephones numberey 1,812,000. The General Public Service Corpor- ation reports for the year ending De- cember 31, net earnings of $3,385,890, the largest of any year in its history. Productions of crude petroleum from the Simms Petroleum Co.’s lease in the Yates pool in the Texas Panhandle has passed the 4,000,000-barrel mark. Resumption of the gold basis by Japan and restoration of the yen to par will pave the way to Japanese borrowing in foreign markets, in the opinion of bankers here. That country ?9“;1. large British loan maturing in In spite of unsatisfactory conditions in the packing industry, the operations of Wilson & Co., Inc, for the fiscal year ending November 2, 1929, showed an improvement over those of the pre- ceding vear. Sales for that period to- % | taled $310,000,000, compared with $295,- 000,000 in 1928. Net profits for the year amounted to $2,304,592, as against $2,207,876 in the previous year. According to advices received at the New York offices of Barclays Bank of « | London, the total resources of that in- stitution as of December 31, 1929, amounted to $1,927,696,792, an increase of more than $23,000,000 over the fig- ures for June 30, 1929. T FOREIGN EXCHANGE. (Quotations furajshed by W, B. Hibbs & Co.) lominal gold Selli: vahie (or pas)- o | adaye o 139 ‘2382 193 93 93 193 404 7 SHORT-TERM SECURITIES, (Reported b7 J. & W. Seligman & Co) Aliis-Chalmers Co. Ss 1937..... Aluminum Co. of Amer. 5s 1952 10134 Amer, Rolling Aills 55 1943 97 American Tel. & Tel. 5ias Baltimore & Ohio 4135 1933, .... 9914 Batavian Pet. Corp.’ 4las i943. Bell Tel of Canada 5s 1957... 1011 Calit _Pet. Corp. 5" Canadian Nat. Rwy. 4.5 Canadian Nor. Rwy. 4335 1935. & Ohio Rwy. 4723 193 e 3838885850 5o S22 P 3 G Humble Oll 5 Internat “Mateh Gorp. N. Y. Chi. 0. 55 19 9513 Sinclair Crude Oil Co. 5ias 1938 97 Standard Ofl N. Jersey 55 1946. 102 t. L., Ir. Mt. & So. Ry. 5s 1931 9 St. L Southwestern Ry. ds 1932 Swift '& Co. 55 1932 ........... 100% Union Ol Co. of Calif. 55 1935. 9812 5% 1935........ ‘94 ic Co. 5s 944 . 102 Corp. 3ias 1948. 10013 Wheeling Steel Corp. 4'is 1953. 872 e Investment Securities Real Values. Inviting Income Courtland Nixon 1518 K _St. N lonal 1926 First Trust Notes Now Available JAMES F. SHEA 643 Louisiana Ave. N.W. Know Comfort Like Your Neighbor Enjoys During January we will maké installation in ONE DAY—En- Joy Economy and Convenience— Terms arranged. Have our rep~ resentative call. ‘Wheat Transfer Protested. BRUSSELS (#).—Belgian farmers have registered a formal protest against the dumping of surplus French wheat and flour in Belgium, which has been going on for several months. The min- ister of agriculture assured flour mill owners that ome retaliatory measures wowd be taken, Washington Gas Light Co.. House Heating Division National 8280 M S eam M S S -