Evening Star Newspaper, January 16, 1930, Page 14

FINANCIAL.® STOCKS IRREGULAR FINANCIAL.' NG STAR, WASHINGTON, D. C, THURSDAY, JANUARY. 16, 1930. TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE CA—14 ¥ER WL &T.COMPANY THE EVEN PROMOTES MEEM Official Named Senior Vice President—Other Officers Are Advanced. BY EDWARD C. STONE, At the organization meeting of the Washington Loan & Trust Co., held late yesterday, Harry G. Meem was elected senior vice president of the bank to fill ..the vacancy caused by the retirement of Andrew Parker. Mr. Meem has been with the institution for 40 years, having been one of the vice presidents for a long time. | Charles R. Gfant, treasurer; William | H. Baden, trust officer. and Alfred H. Lawson, real estate oficer, were each| made vice presldcnlsén charge of their respective departments. J‘;’hn B. L:mer. president, and John Joy Edson, chairman of the board: ‘Arthur Peter, vice president and general counsel, and Charles H. Doing, vice president, in charge of West End office. | were re-elected. o James M. Mason, George M. Pisher and Ralph Endicott were re-elected as- | sistant treasurers and George O. Schweinhaut and Norman E. Towson were promoted to the same official designation. Herbert W. Primm was re-clected assistant real estate officer and Leonard 'Mgbury was re-elected istant trust officer. L‘;!ln'y W. Gauss, Bernard L. Amiss and Charles M. Irelan, jr., were also elacted assistant trust officers. Lincoly Elects Assistant Cashier. The following officers were re-clected | at the organization meeting of the Lin- coln National Bank this forenoon: Floyd E. Davis, president: Albert S. Gatley, executive vice president; James A. Soper, vice president and cashier; H. T. Offterdinger, vice president; J. Everett Baird, J. Frank Rice, Robert E. Lee, Richard A. Norrls, D. Hammond ‘Wetzel, assistant cashiers. The 'directors elected Floyd S. is an_ assistant cashler. George Francis Willlams was elected general counsel, while W. W. Millam was made assistant counsel and Melvin C. Hazen, secretary of the board. Second National Organizes. All Second National Bank officers were re-elected as follows: Samuel J. Prescott, chairman of board: Victor B. Deyber, president; | 1083 42 ‘Willlam M. Hannay, vice president; Jacob Scharf, idd M. Emmerich, secrel 3 Wolf, trust officer; Edward F. Colladay. counsel; W. W. Marlow, cashier, and J. K. Seyboth, assistant cashier. At the regular monthly meeting of the board of trustees of the East Wash- ington Savings Bank held yesterday, 8. Wilson Earnshaw was electeC secre- tary-treasu: to fll the vacancy eated by Phe resignation of Charles p 3 McCarthy. All United States Savings Bank officers were re-elected. They are: Wade H. Cooper, president; Willlam D. Barry, vice president; Wilbur H. Zepp, vice president; Willlam R. De Lashmutt, vice president and cashier, and John F. Cook, assistant cashier. Mortgage Officials Elected. The annual meeting of the stock- holders of the Mortgage Investment Co. of Washington, Inc., resulted in the fol- lowing directors being elected: Harry R. Carroll, John N. Auth, A. 8. Gardi- ner, Philip M. Jullien, Harry S. Lewis, William Neuland, E. W. Petherbridge, Ivan K. Strasburger and Ernest G. ‘Walker. The following officers were appointed for the ensuing year: A. S. Gardiner, president; Harry R. Carroll, vice presi- dent; William Neuland, vice president; Ivan K. Strasburger, secretary-treasurer. American Stores Sales Up. American Stores Co. reported for 1929 sales of $143,346156, an increase of $6,034,644, or 4.4 per cent, over the 1928 total. For December tHe com- pany’s sales amounted to $13,137,730, compared with $12,183,383 in the cor- responding month of last year, an in- crease of 7.8 per cent. The American Stores Co. bought out the chain of Old Dutch Market Stores in this city more than a year ago, and nas been operating them very success- fully since. Business Survey Announced. A survey of the progress made in overcoming the effects of the recent col- | lapse of security values and maintaining at normal flow the currents of business | activity will be made by the executive committee of the National Business Survey Conference, which will meet at | the Chamber of Commerce of the | United States, Thursday, January 23, at 9 o'clock. Notices of the meeting were issued to- day by the chairman of the conference, Julius H. Barnes. Notes in Financial District. Karl W. Corby, partner in W. B. Hibbs & Co., will give an address to- night before the Wharton School of Finance, in Philadelphia. This school is connected with the University of Penn- sylvania, | Avon M. Nevius, vice president of | the Riggs National Bank, will represent the Society of Colonial Wars in the | District of Columbia at_the inaugural meeting of the Maj. Plerre Charles L'Enfant Memorial Association and as- sociated societies at Fraunces' Tavern, New York City, tomorrow, when a bronze of Maj. L'Enfant will- be offi- cially presented to the Sons of the Revolution by the president general of the Society of the Cincinnati. Washingtonians are particularly in- terested in this honor to Maj. L'Enfant, because of his achievement in designing the original plans of the Capital City. John E. Parker, connected with the brokerage house of G. M. P, Murphy & Co.. has been called from his desk by jury duty. Commercial Bank Stock Active. Commercial National Bank stock was | the most active issue on the Washington Stock Exchange today. There were 11 sales of 10-share lots, all being made at 250, off five points from similar recent transactions. The only other bank stock out was American Security & Trust, three shares ling at 425. Potomac Electric Power | per cent preferred moved at 107, and 200 shares of National Mortgage & Investment preferred changed hands at 4 8 Ten shares of District National Secu- rities preferred sold at 95. Five shares of Federal-American Co. preferred sold 2t 100 and three more at 9913. The cnly other sale in an extra dull session was 10 shares of Peoples Drug Stores preferred at 104. Not a bond transac- tion was recorded. The present duliness on the New York Stock Exchange appears to have reached out and included the Washington Ex- change as well. CITIES SERVICE REPORTS RECORD IN EARNINGS! Ey the Associated Press. NEW YORK, January 16. — The Citles Service Co. reported net earn- ings for 1929 at $43,452,386, a new high record and more than 29 per cent above the 1928 total. Per share earn- ings of $1.18 compared with $1.14 for the 12 months en November 30 last. ‘The company spent more than $100,- . 000,000 for construction and acquisi- tions in 1929 and has planned a $150,- 000,000 program for the current year. ‘The number of stockholders increased from 100000 to 341,000, comprising the second largest group of any company. Net earnings for December also con- stituted a record for one month, total- ing $5,043,802, a gain of 55 per cent over the same month of 1928, American equipment is being used in %he construction of buildings in Brazil. Sales of Each Stock Compiled to 12:30 P.M. ~Prev. 1929— Stock and High. Low. Dividend Rate. 57% 341 Abitibl Power & Pap. 88% 69 Abitibl P& P pf (8).. 34 20 Adams Expr (1.60).. 104% 7 Advance Rumley. .. 19 15 Advance Rumley pf. % Ahumada Lead. 77 Afr Reductn (143%). 184 Air Way El Ap(2%) 1~ Ajax Rubber.. 4% Alaska Juneau 56 17 Alleghany Corp. 118% 90 Alleg Corp pf (5%).. 354% 197 Allied Ch & Dye(n6). 75% 364 Allis-Chalmers (3).. 1% 2 eather. . 5 42% 17% Amerada Corp (2) 23% 4 Am Agricul Chem... 735 Am Argicul Ch pf. .. 65% Am Bank Note pf (3) 20's 5% Am Beet Sugar...... 76% 27 Am Bosch Magneto. . 62 40% Am Brake Shoe(2.40) 34% 414 Am Brown Bov Elee. 1841 86 AmCan (4)... 120 110% Am Car & F pf (7) X1% 27 Am Chicle (12%). 55 20 Am Com Alco(n1.60) 9815 23 ° Am European Sec. .. 199% 50 Am & For Power, 100 95 Am & For Pw pf (6) 86% Am&Forn Pwr 2d pf. 17% Am HawajianS S (2) Am Locomotive (8). 31'% Am Metal (3)....... 2 58 Am Nat Gas pt (7)..100s % Am Piano. 3 4 Am Plano pf . 10s 641 Am Power & Lt (1) | 46 20% Am Pow & Ltpf (6). 2 70 AmP&LpPLA (3%) Am Ra&Std San 1%. % Am Republics il 60 Am Rolling Mill (2). 44 Am Safety Razor (5) 17 Am Seating (2)..... 2 70 Am Shipbuilding (8) 2508 3% Am Ship & Com..... 1 62 AmSm & Ref (4).... 123 Am Sm & Ref pf (7). 35% Am Steel Fdy (3). 56 Am Sugar Rfg (5) 18 Am'Sumatra (3) 17 Am Tel & Ca (5) 19314 Am Tel & Tel (9). 160 Am Tobacco (B) (8). 103 Am Type Fdry pf(7) 50 Am Water Wks (nl). 5% Am Woolen...... 15% Am Woolen pf. 4 Am Writ Paper ctfa. Am Writ Paper pf (3 7 AmZinc Ld & Sm. 49% Am Zinc pf (6) . 674 Anaconda Copr (7). . 25 Anchor Cap (2.40) 18% Archer-Dan-M (2) 7 Armour Del pf ( 5% Armour 1l (A)... 2% Armour Il (B). 57 Armour 111 pf (7). 6% Arnold Constable. 25 . Asso Lry G (2%). 34% Asso Ol (2). 195% Atch T &8 F' AtlRefining (12 Atlas Powdr pf ( Auburn Auto (J4). 3% Austin Nichols. ..... 34 Auto-StSaf RA (3). 4% Aviation Corp Del. .. 16 Baldwin,Loco (1.75). 109% Baldwin Loco pf (7). 105 Baltimore & Ohio (7) 76 Balto & Ohlo pf (4).. 93% Bamberger pf (634). 55 Bang & Aroos (3%). 16 Barker Bros(z). Barnsdall, A Bayuk Cigar (3). Beech-Nut Pkg (3). . Belg N Ry pt pf 5.49, Bendix Aviation (2). Best & Co (2)....... % Bethlehem Steel (6). 116% Bethlshem St pf (7). 23 Bloomingd: 01 17 Bohn Al & Br: 70 Bon Ami A (4) 53 Borden Co (k8). 26 Borg Warner (4) 21 Botany Con M (A) 84 Briggs Mfg..... . 17% Briggs&Stratton (2), 1% British Empire Steel, 40 Bkiyn-Manhat (4)... 99 Bkiyn Union Gas (5) 16% Bruns-Balk-Col 4% Bruns Ter & Ry 14 Bucyrus Erie (1). 26% Bucyrusev pf (23 7% Budd Wheel (1).. 26 Bullard Co (1.60).... 21% Bulova Watch (3)... 88 Burns Bros A (8). 29 Burr Add Mch (80c). 31% Bush Term (g2)..... 105% Bush T BIAg pf (7)., 914 Bush Term deb (7).. 4% Butte & Superior (2) 17% Butterick C “ 50 Byers (A M) . 73% Calumet & Ariz (10). 26 Calu& Hecla (ad}). Campbell Wyant (2). :Jlnltll Dry G A (5). 1 Cavanagh-D pf(6%) 110s Cent Aguirre As 135, 14 2T% Cent Alloy Steel (2). 50% Cent Rib Mills pf (7) 50s 524 Cerro de Pasco (6).. 15 10% Certain-teed Prod. .. 18 Checker Cab (4.20).. 160 Ches & Ohto (10). 424 Chesapeake Corp (3) 36% Chi& East1llpf. ... 7 Chi Great Weste 17% Chi Great Westn pf. 16 Chi Mill St P&Pac... 28% Chi Mill St P&Pac pf 75 Chicago & N W (5).. 134 Chi&N Wt (1).... 94% Chi R 1& Pac pf (6). 101 ChiRI1& Pac(7).... 44% Chllds Co (2.40) 26 Chrysler Corp (3)... 37% City lce & ' (k3.60). T% City Stores (1)...... 38 City Stores A (3%) 44% Coca-Cola A (3) 10~ Collins & Aikma; 27% Colo Fuel & Iron. ... 65% Colo & Sou 1st pf (4) 52 Col Gas& El (2).... 109 99% Col Gas & El pf A(6) 88% 16% Columb Graph (87c). 344 106 Columbian Carb (16) 62% 18 Com Credit (2)...... 51% 28 Comm CreditA (3).. 79 28% Coml Inv Tr (§1.60) 63 20 Comm Solvents (1) 246 105 Comwith Power((4 24% 10 Comwlth&Sou(60c). 93 35 Conde Nast Pub (2). 36% 11 Congoleum-Nairn 92% 43 Congress Cgr (15%). 1% % Conley Tinfoll sta... 90 90 Con Cgrprpfxwéi 25 10 Consol Film (2)..... 30% 16% Consol Film pf (2).. 183% 80% Consol GasN Y (4).. 100% 92% Consol Gas NY pf(5) 70% 45 Consol RR Cub pf(6) % Consol Textile. 26% Contl Baking A. 4% Contl Baking B. 2 79% Contl Baking pf (8). 33 Contl Bank (1.20)... 870 40% Contl Can (2%) 20% Contl Dia Fibre (3) 46% Contl Insur (2.40) 2 208 2 1 500 1 61 1 28% Contl Shares (1) 37% Crown Cork & Seal. . 126% 70 Corn Prod (13%). 144% 137 Corn Prod pf (7). 8214 20% Coty Inc (§2).... 5 31 24 Creamof Wht(2%). 1 125 15 Crosley Radlo (1)... 56 90 Crown W P Ist pf(7) 100s 71 Crucible Steel (k5). . % Cuba Cane Sugar. . 1 Cuba-Cane Sug ctfs % Cuba Cane S pf ctfs 1% Cuba Cane Sugar pf. 5 CubacCo....... 6% Cuban-Amer Sugar. Cudahy Packing u).) 121% 58 Cutler-Ham (334). 69% 21% Davigon Chem...... 1 Sales— Add 00. High. 225% 102% 5% 36% 104 175 19% 07% 00% b4 12% Bl 46% 114% 115 ™ 14% 66 20% 30 14! 66 30% & Mid-Contin Stock ana Dividend Rate Debenham's (a2.32). Delaware & Hud (9). Del Lack & W (17).. Detroit Edison (8), Denv& RG W pf Diamond Match (8). Dome Mines (1), Drug Corpn (4) Dunhill Inter (3. Duplan Silk (1) Dupond de Nem (4) . Duquesne 1st pf (5). Eastman Kodak (18) Eaton Axle & 8 (3) Elec Auto Lite (6).., Electric Boat. El Pwr & Lt (1) El Pwr & Lt pf (7). Elec Storage Bat (5). Eng Pub Serv (11)., Eng Pub Sve pf (5%) Equitable Bldg (214) Erie RR... Eureka Cac Cl (4). tvans Auto L(32%). Fed Lt & Trc ($1%). Fed M &S pf (7). Fed Motor Tr (80¢c). . Fed Water Ser A 2.40 Fid Pho Fire 1(2.60). Filene's pf (615).... Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (234). Fisk Rubber. Fisk Rubber 1st pf Fisk Rub 1st pf ev. . Florsheim Shoe pf 6. Follansbee Bros (3). Foster Wheeler (2) Fox Film A (§4).... Freeport, Tex: 5) Fuller pr pf (18. ). 2 Fuller Co 2d pf (6). Gabriel Snub A..... Gardner Motor. ..... Gen Am Tnk Car(14) Gen Asphalt (4). Gen Bronze (2). Gen Cable. . Gen Cable A (4) Gen Cigar (4)..... Gen Cigar pt (7). Gen Electric (16). . Gen Electric (new) Gen Elec spec (60c). Gen'l Food Corpn (3) Gen Gas&El A (te2). General Mills (3).... Gen Motors (13.30).. Gen Motors pf (7).... Gen Public Serv (b6) Gen Refactories (4). Gen Ry Signal (5)... Gillette Saf Raz(n5). Gimbel Brother; Glidden Co (h2) Gobel (Adolf) Gold Dust (2%). Gold Dust pf (6). Goodrich BF (4 Goodyear Tire (5). Gotham Silk H (2%) Gould Coupler. < Graham-Paige ct Granby Copper (8 Granite City Stl (4) % Grand Union... Grand Union pt GtNetfsOP (a3¥%). Grt North pfct (5).. Grt North pf (5).... Grt West Sug (2.80). Grigsby Grunow (2) Guantanamo Sugar.. Gulf Mq& North. Guif Sta Steel (4) Hahn Dept Stores Hahn Dept S pf(6%) Hanna (M A) 1st (7) 130s 2 Hartman A (2). Hartman Corp B 1. Hawalian Pineap(2) Hershey Sh pr pf (3) Hoe (R) & Co.... Hollander & Son...... Houdaille Her B (2). Household Prod (4). Houston O11. . Howe Sound (4% ) # Hud&Man Ry (3.50). Hudson Motor (5). Hupp Motor (£2). Hlinofs Central (7). . Independ Ol & G (2) Ind Motor Cycle Indus Ray (b5 %s! Indian Refining. Indian Refining et. Inspiration (4 Insurance Shai Interboro Rap Tran. . Intl Agricultural. Intl Agri pf (7) Intl Cement (4) Int Combustion Intl Harvester (234). Intl Harv pf (7). Int Hydro El A (e2). Intl Match pf (4) Int Mer Marine ctfs. Int Nickel of Can (1) Intl Paper (2.40) Intl Paper pf (7). Intl Pap & P A(2. Intl Pap & Pwr B Intl Pap & Pwr C Intl Pap & Pwr p£(7) Intl Rys Cent Am Int Sait (6 Int Silver (6).... Inter Dept St (2) InyTel & Teleg (2) Intertype Corp (2) Investors Equity(2). Island Creek Coal(4) Jewel Tea (4) Johns-Manvil Jordan Motor Car. Kan City Sou (5) Karstadt (R) (102).. Kayser Julius (4). Kelly-Spring Tir Kelsey Hayes (2). Kelvinator Corp. .... IKKennecott (5). Kimberly-Clark(3). Kinney (G R) pf (8). Kolster Rado. ..... Kraft Ph Ch (1 Kresge (SS)Co(1. Kresge Dept S pt Kreuger&Toll (1.34). Kroger Gr & B (n1). Lambert Co (8) Leh Port Cem (2%). Lehigh Valley Coal.. Leh Val Coal pf (2).. Lehigh Valley (t4%) Lehn & Fink (3)..... Tiggett & My (15). .. Liggett & My B (15). Liggett & My pt (7). Lima Locomotive. Liquid Carbonfe (4). Loew's, Inc (3) . Loft, Inc. .. Long Bell Lumb A... Loose-Wiles (2.60).. Lorillard (P) Co..... Loutsiana Ofl....... LouG&EIA (1%).. Ludlum Steel (2)..... McAndrews&F 12.85. McCall Corp (2%)... MecCrory A (2) McCrory B (2)..0..0 McGraw-Hill (2).... McIntype Porc M(1). McK'port T P (14%) McKesson & Rob (2) McLellan Store: . Mack Trucks (6).... Macy (RH)&Co (nt3) 4 Madison Sq G (1%). Magma Copper (5) Mallinson & Co Manati Sugar pf. Mandel Brothers Man Elec Supply Man Shirt (2) Market St Ry Marlin-Rockwl t4 Marmon Motor (4) Mathieson Alkili (2 May Dept Strs (n2). M tag Co (12)..... Maytag Co 15t pr(6) . Mengel Company (2) Mengel Co pf (7). o 2 I - 3 a3 1 Kelly Spring 8% pf. 200 - 2 8 5 4 9 3 9 6 3 1 1 9 26 7 6 1 4 1 4 1 3 1 2 2 3 3 1 2 . PYATE PN S—fer ey o 27 s 5 £0 103 . 10 - a3 Mexican Seahoard. .. " Miami Copper (4). Michigan Steel (2%). t P (2). Middle States Ofl ot. Midl St Prd pf t14. . Minne&Hon Reg(t4) Minn Moline Pwr. ... Minn Moline pr6%. . Mo Kan & Texas. ... 11 s 2 1 -~ 24 [UPPPRSE LT eTeerer e Seonatansiifon - Prev. Low. Close. Close. 26% 169'% 141 205 7 79 1054 105% 1% 16 26% 169% 141 207% 6614 180% 29 83% 5 5574 107 23% 32 6714 981 8 248% 621 1% a7 105% 16% A 129% 21% 6 115 1885 171 27 141% B4% 70 284 35 57 85 27 45 131 2% 9% 13% 38% 47 23% 23% 414 6915 6814 35 17% 65% 34 19 71 143% 121 46 814 B53% 26% 169% 140 204% 67% 178 28% 85% 5% 56% 1077 21% 33 7% 964 9 37 1% 95 2474 628, 115 48% 68 50% 9% 81 105% 16 129% 224 6 116% 19% 181 281 147 141% 341 70% 29 35% 58 83 27 18 14 811y 74 109% 32 T4% 25 19% 42 46 131% 204 80 14 38% 5 281 234 9% 57% 35% 31 0% 142y 124 50% 53% Stock and Dividend Rate. Mo Kan & Tex pf(7). Missour| Pacific. .... Missouri Pac pf (5). Mohawk C Miils (3). Monsanto Ch (g1%). 1 ~Prev. 1929 High. Low. 107% 93% 101% 46 149 105 804 8 1 60 1 4 27% 1+ 16% 6214 19% 12 40% 53 19% Mullins Mfg. Mullins Mfg . 20s MurrayCor(b2%stk) 5 Myer(FE)& Bro (2). Nash Motors (6).... 13 Nat Acme (1%).. Natl Air Trans Natl Bella Hess Natl Biscuit pf (7)., A covieee 1 145% Natl Lead pt B (6).. 10s 116 Natl Pwr & Lt (1) 4 Natl Radiator. Natl Surety (5 Nat Tea Co (2 vada Copper ( N'Y Airbrake (3.60) N Y Central (8) Y & Harlem N Y Steam pf (6).... Norfolk&Wstn(12). Norfolk&Wstn pt(4) 2108 North Am(b10%stk) 16 North Am pf (3).... North Am Ed pf (6). Northern Fae (§).... 2 North P'ac ct (5) 4 Northwestn Tel (3). Ofl Well Supply..... 1 Oltvr Fr Eqev pt(3). 3 Omnibus Corp...... Oti12Elev pf (6)..... Otis Steel (2%4)..... Owens 111 Glass(né) . Pacific Coast. . s Pacific Coast 1st pf. . Pacific Gas & B (2).. Pacific Lighting (3). Paclfic Oil stubs, . Pacific T & T pf (6). Packard Motor (1).. Pan-Am Pete B... Paramount-F-L (3)., Park & Tilford (33). Park Utah........ Patino Mines ( Penick & Ford Tenney J C (2%). Penn Dixie Cement. . Pennsylvania RR(4) People’s Gas Chi (8). Phelps Dodge (3)... ¢ Phila Co 6% pf (3).. Phila & Read C&1.. % Philip Morris (1). % Phillipg Petrm (n2). Plerce-Arrow A..... % Pierce Petroleum. Pittsburgh Coal..... Pittsburgh Coal pf. . Pittsbgh Screw 1.40. Pitts Steel pf (7). Poor & Co (B) (2) P Rican Am To (B Postal Tel & C pf( Prairie O&G (123%) Prairle Pipe L (5 Pressed Steel Car... Proc & Gamble (2).. Prod & Refiners. .... Prophylactic Br(2).. Public S. N J (13.40). Pub Sve NJ pf (6)... 4 Pub Sve NJ pt (8) Pullman Corp (4 Punta Alegre Sugar Pure Oil (1%).. . Pure Ofl pf (8) Purity Bakeries (4). Radio Corp Radio pf A Radio pf B (5) 148% 55 114% 25 57 50 821 147% 101% 10215 86% P Reis (R) & Co. . Rem Rand (50c) Reo Motor Car (.80). Repub Ir & Steel (4). Revere Cop&B pf(7). 508 102 1 Reynolds Spring. ... Reynolds Tob A (3). 100s Reynolds Tob B (3). Richfield Oil (2).... Rio Grande Ol (2).. Rossia Inc (2.20).... 4 Royal Dutch (a3.20). 195% 90% 109% 100 St L Southwestern. . St L Southwn pf (5). Schulte Retail Strs. . Seaboard Air Line 12 Sears Roebuck (32%) 53 85% 11% Second Natl Inv " Seneca Copper 6 21% 7% Servel Ine. . . 26 71 284 55% 43% 31% 19 188 59% 40% 15 465 21 11 103 ShellTranspt(a2.41). 208 Shetl Union (1.40)... Sh Ucmevpf (5%). Simmons Co (g3). Simms Pet (1.60). . Sinclair Con Oil (2) Sinclair Ol pf (8) Skelly Oil (2). . nider Packing. Snider Packing pf Solval Am In pf 5 Sales— Add 00. High. Low. Close. Clc: 5 105% 7 901 3 137% 1 37 7 % Montgomry Wrd (3). 418 43 24 “ 2 144% Nat Cash Reg,A(14). 28 7% g 31 172% 208 1954 9 111% 85% 1 2 101% 85% 16 84% 408 45 1% Oliver Farm Equip.. 1 16 T - 108 121% 1 33 28 32 82% 6 22 Shattuck(FG)(11%). 115 42% ~Prev. 1020~ High. Low 22% ren 105 109 105 105 45 93% 157% Son Sout] 415 Spear & 1% 4% nd Bi Stand O Stanley Stone & Sun O11 Syming! Tex Gul Tex P C Timken Twin Ci Vadsco Vulcan 4% Weston ‘Wright 9% 2% 8% 10:30 A.M. 1:30 PM.... Dividend rates a: sURit of trading 4% in stock. §Pa; year—no regular ri ePayable in cash o hPlus 2% 1o stock. 6%% in stock. Btock and Dividend Rate. So Por Rico Sug (2). 35 ern Cal Ed (2). rn Pacific (). Southern Rwy (8)... Southern Ry pf (5) Spalding (AG) (2)... Sparks Withngtn(1). Sterling Sec A . Sterling Sec pf(1.20) Sterling Sec cv pf(3) Stewart Warn (j234) 2,061,600 a; ock. - fPlus 10% in JPlus 8% in stock. nPlus 8% in stock. Saten— Prev. _Bales_Hign. _Low _Close. Close. 30% 264" 26%" 28% 1 B8% BT% BT 574 7122 121% 121% 121% 1136 136 136 136% 5 99% 091 98% 2 38T 33% B4% 4 15% 15% 15% Copf (7).... 70 3 73 3 Spencer Kelg (1.60). 22 22% plexel- May-St (3).. 3714 randes (1%). Stand Gas & El (3%) of Cal (2%) Stand OII N J (12).. Stand OII N Y (1 Stand Plat Stand Plate Glass p Glas: Co of Amer.. 608 3 Webster (2). Studebaker (15) . Submarine Boat. o). Superlor Of1. Superior Steel. .. ton (A) Tenn Cop & Ch (1) exas Corp (3) 1 Sul (4).. &0 (b10% Texas Pac Land Tr. . The Falr (2.40)..... Thompson J R (3.60) Tide Water Asso 60c. Tide Wat Asso pf (6) Timken Det Ax t80c Roller (3)... Tobacco Products. 4 Transcontinental Ofl uax Traer (1.60).. ty Rp T (4).. Und Elliod Fishr (5) Union Bab & Paper. . Union Carbide (2.60) Unfon Oil of Cal ($2) Union Pacific (10). Unlon T ank Car ne: 1 6 3 d Alreraft& Trans. 5 5 Y 9 % Utd Alrcraft&T pt 3. 3 3 33 Utd Biscuit (1,60)... Utd Carbon (2) Utd Clgar Store: United Cigar Strs pf. Utd Corporation. .. .. Utd Corp pt (3) United Elec Coal United Fruit (4). Utd Gas & Imp(1.20) Utd Gas & Im pf (5). United Stores A..... Udt Stores pf. Unit Piece Dye W (2) U S Distributing. . U 8 Distrib pf (7). U S & Forelgn Secur. 5408 19 1, | erased. The close was heavy. U S Steel pf (7). Univ Pipe & Rad Util Pwr&Lt A (2). Sales Corp Vanadium (t4).. Vick Chemical (2%). Detinning. Wabash...... Wabash pf, A (5) Waldort Systm (1% Walworth Co (2).... ‘Ward Baking A. Ward Baking B..... Ward Baking pf (7).. Warner Bros Pic (4). War Bros P pt (2.20) Warner-Quinlan (2). Warren Bros (19). West Penn Pw pf (7) 2 Western Maryland. . W Western Union (8). . Westinghse E&M (5) Westhse E&M pf (5) Ellns (1)... Wextark Radio (2) White Eagle Oil (2). White Sewing Mach. White Rock M S (t4) Wilcox Rich (A) 2%. Wilcox Rich, B (2) Willys-Over (1.20) Wilson & Co A. ‘Wilson & Co pf. Woolworth (2.40). Worthington Pump. ‘Worth Pump A (7) Aero (2). 3518 Yellow Truck & C. 13 Young Sheet & T (5). Zenith Radlo. RIGHTS EXPIRE Am R Mills. .June 15 % ™ N Y Cent....Jan31 Reynolds Spr.Jan 24 14 % w Sales of Stocks on New York Exchange. 1084 64 5% 54 w 424,300 1,454,600 2,319,400 given in the above table are th cash payments based on the latest Quarterly of MAlf yearls declarations: ss than 100 shares. Pehis 5% i Baa Tast In llocl.»‘ucflkpl Plln ".I lll el ':cEgA s : £Flus 3% 10 stock.” MBI INVESTMENT TRUST REPORTS SHOW PAPER LOSSES IN PANIC Analysis Reveals Most Companies Hold Large Blocks of Some Redm:e Own ISSUBS. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 16.—Close study is being made of the reports of in- vestment trusts and trading corpora- tions, which are coming out in volume from day to day, and which cover the period of the recent stock market crash, as well as of preceding months. These reports indicate than while in many cases the “trusts” experienced a heavy shrinkage in securities in October and in November, this was in p:ger profits rather than in capital and that consequently, they were able to show better figures at the end of 1929 than at the close of 1928. Extent of Depreciation. The extent of the depreciation was in numerous instances sensational. One corporation reported that on September 23 the market value of its assets was 94 per cent above their cost or book value. This represented an enormous paper @rofit to the company. Apparently its management felt that securities were going still higher and it failed to take advantage of its opportunity to turn a portion of them into cash. So on No- vember 13 the market value of its port- folio was 11 per cent under cost, with substantial paper profits turned into paper losses. In the subsequent market recovery the securities appreciated and on mber 31 were 19 per cent above tthe cost figure. ‘The current reports are valuable in glving & picture of the kind of se- curity that seemed to appeal most to finance corporation managers. Most of them appear to be overbalanced on the side of a too-high ratio of public utility shares, or in concentrated investments in popular industrial “equities.” Except the companies that specialize in railroad stocks, portfolios tain only a mod- erate percentage of ils.” There also Common Stocks. is a conspicuous lack of bonds in the security lists published. Very few of the “trusts” set out their security holdings in a parallel column with cost prices, so that the net gain or loss in the total holdings represents the composite investment. The share holder has to compare individual i vestments now listed with those report- €d since earlier statements. Inasmuch as there is a constant shifting in the character of the portfolio, this is a dif- ficult matter. One “trust” that pre- sented its securities separately on a basis of cost and market value showed that out of 30 separate issues 20 were below cost and 10 above it. Two Schools of Opinion. The policy of finance company man= agers in retiring preferred or capital stock to increase the liquidating value of their common shares has developed two schools of opinion concerning practice. It has been adopted by the Shenandoah and Blue Ridge Corpora- tions, by Reynolds Bros., Inc.; the Vick Financial Corporation, Petroleum Cor- ?ontlan of America, Atlantic & Pacific nternational Interstate Equities and the Ungerleider Financial Corporation, which was: the first to consider it. The sponsors of the last-named com- R:ny felt that too much of their stock d been issued at the start. Only portion of the original amount was al sorl by investors. Consequently & reduction in capital from 446,378 to 250,000 shares was authorized, which had the effect of improving the market position of the remaining stock. The same motive prompted the Reynolds brothers to give back to the company 1,000,000 shares of capital stock to make the position of public investors, who took the 250,000 shares publicly offered, more secure, In the case of the Shenandoah Corporation, which re- tired 900,000 shares, of which about | 150,000 were purchased in the open N market when the stock sold below $15, the difference in the preferred capital structure resulting increased the value of the common stock about $4 a share. Buying Own Securities. ‘The argument against this practice is that, while it increases the asset value of junior stocks, it results in a reduction of the total investment assets of the corporation. The criticism has been made that 1t gives a false im- pression to the stockholder of the meri of his investment. The New York Stock Exchange has infimated that it does not look with favor on the practice of “trusts,” whose shares it has listed, buying their own securities, even though these may be taken in at what seem to be attractive prices. Markets at a Glance NEW YORK, January 16 (#).—Stocks irregular; public utilities score temporary brisk advance. Bonds steady; French government issues cross 1929 high. Curb firm; utilities in demand. Foreign exchanges irregular; sterling firmer on retention of 5 per cent Lon- don bank rate. Cotton lower; South- ern selling. Sugar lower; trade selling. Coffee higher; firmer Brazilian ad- vances. u CHICAGO, January 16 (/).—Wheat weak; larger Argentine shipments. Corn lower; favorable weather, Cattle irregular. Hogs lower. ‘WORLD COPPER OUTPUT. NEW YORK, January 16. — The world output of copper for 1929 amounted to 2,136,021 short tons, a monthly average of 178,002 to against 1,916,471 in 192 age of 159,706 a month, according to the American Bureau of Metal Statis- INLARGER TRADING Market Is Again Battle- ground, With Bull Ele- ment Stronger. BY STANLEY W. PRENOSIL. Associated Press Financial Editor. NEW YORK, January 16.—Persistent demand for utility and several of the leading industrial shares lifted the stock market irregularly higher today, despite another bear ouslaught against isolated shares. Trading expapded notably. Sales during the first two hours of trad- ing totaled nearly 1,500,000, exceeding the turnover for the full five-hour ses- sion on Monday. Failure of the heavy selling of Mont= gomery Ward to unsettled market yes- terday was reassuring to operators for the rise, and a vigorous bear drive against Radio today was viewed non- chalantly in most quarters, although several of the motors and oils were in- clined to sag. The Bank of England made no change in its discount rate of 5 per cent, and hopes of a decrease in the New York FPederal Reserve Bank rate late today vanished. Credit conditions continued easy, however, and the belief persisted in banking quarters that money rates are definitely headed lower. Call loans again renewed at 44 per c:n:. but funds were soon available at 4. Business and industrial news was for the most part not of a character to influence the market. Announcement that General Electric and Westinghouse Electric planned to enter the radio field, however, caused vigorous buying of those shares, and was used as a basis of bearish operations against the stocks of companies now in the fleld. The Interstate Commerce Commis- % | sion’s order to the Baltimore & Ohio to divest itself of its holdings of West- ern Maryland was apparently without influence, B. & O. actually selling a little higher. Likewise, indieations that Congress will shortly consider the bill to investigate railway holding com- panies was without notable influence on Alleghany Corporation. Announce- ment of further cuts in crude oil prices, however, while obviously a constructive measure designed to curtail production, caused considerable sagging of the oil shares. Offerings of various low-priced shares, particularly the motors, eventually weakened the rising trend and the list turned downward in the late dealings. United States Steel sold 1 point under yesterday's close and much of the gain in the electrical and utility issues was Sales ap- proximated 2,900,000 share PRINCE GEORGES BANK. HYATTSVILLE, Md, January 16 (Special) —At the annual meeting of the stockholders of the Prince Georges Bank the directors were authorized to change the name of the institution to the Prince Georges Bank & Trust Co. The capital stock was increased from $60,000 to $135,000. The surplus is $115,000. A 100 per cent stock dividend was declared, and it was decided to seil $15,000 additional stock. Ratification was given the recent purchase of thc assets of the First National Bank of % Mount Rainier. J. Bnos Ray, who was re-elected pr Ident, announced that the 3 assets amounting to more than $3,000,- 000, was now the largest in the couniy. These directors were re-eclected: John H. Beall, Edgar H. Bon Durant, Perry Boswell, T. Howard Duckett, Neu- mam @G. Dudrow, Henry -A. Friday, George B. Furman, Dr. W. Allen Grif- fith, Summerfield D. Hall, Thaddeus M Jones, Dr. Vernon J. Lehr, W. McNamee, Oliver Metzerott, J. Enos Ray, Henry S. Roome, J. Chew Sheriff, Benjamin R. Sherwood, Dr. Thomas B. Symons, Dr. Hilleary T. Willis and George N. Bowen. In addition to President Ray the di- rectors re-elected all the other officers as_follows: T. Howard Duckett, vice president and counsel; Neuman G. Dudrow, vice president; Perry Boswell, vice president: Thaddeus M. Jones, cashier; William Bowie, assistant cashier, and J. Robert Sherwood, assistant cashier, SHORT-TERM SECURITIES. (Reported br J. & W. Seligman & Co. Bia, Offrr Allis-Chalmers Co. 55 1937 101 Aiuminum Cc 102 a8ty . Y. Chi. & St. L. 6s 1 Ehillips Fet. ‘Co, S1as 4930 Pure Ol Corp. 5ias 1937, Shell Union Oil Co. bs 1947 Sinclair Crude Ofl Co. 5ias i9: Standard Oil N. Jersey 53 1946 St. L. Ir. Mt. & Bo. Ry. 83 193] Wheeling Ste Wheeling Steel Corp. 4 Guaranteeing Satisfaction Bookkeeping Efficiency The Trade Mark ties. Production in December was 165,344 tons, the smallest since Sep- tember, 1928, and compares with 170,- 585 In November and 179,240 tons in December, 1928. ETAL MARKET. NEW YORK, January 16 (#).— Copper quiet; electrolytic, spot and "Llemc‘i;' 18. Iron quiet, unchanged. Tin steady. Use of any I in the Lowell, Ml.l‘:.‘“Y.‘le\l C. A. neces- sitates forfeittire of membership. . but English A .. Is “PEPPED UP” Blank Books Don't let your Accounting Department slip for the want of proper equipment. Experts here to consult and advise with you as to the sys- tem you require. . They will advise authorita- tively on Blank Books and other systems. Consult them frgelyl STOCKETT- FISKE CO 'IO&IIQINO STATIONER 1O E ST- AW ASHINGTON-D'C