Evening Star Newspaper, January 18, 1930, Page 21

FINANCIAL. ’ " CURB ISSUES RALLY| - INFINAL DEALINGS Utilities Power & Light Is Feature of Upturn as Session Ends. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, January 18.—Reversing its downward trend just a few minutes before the close, the curb market under leadership of utilities finished higher. Utllities Power & Light B, jumping more than 7 points within three sales, was a feature of the rally. Chesborough Manufacturing fell 5 points. Employers Reinsurance was up * nearly a point. Transamerica sold off. American Cyanamid B showed signs of rallying, but Cities Service continued to feel selling pressure. Application for receivership of Fox! Film was immediately reflected in Fox ‘Theaters A, which broke sharply. Rails ‘were more active than usual, with Ala- bama Great Southern, Pittsburgh & Lake Erie, Pennroad Corpotation and Erie Rights appearing early on the tape. Oils were shirled at the opening as & result of the Oklahoma operators’ decision to curtail production 75 per cent if recent crude oil cuts by larger buyers and refiners are revoked, but later backed and filled. The Senate defeat of the sugar bounty to American refiners was shown at once in National Sugar Refining, which opened at 29, down a point. Driver Harris was up more than a point. Newmont Mining proved the weakest spot in mines in the first hour, as it fell more than 3 points. ‘Tubize Silk, which announced the addition, of a new line, appeared un- changed, while Celanese, which has been accumulated the last week by British interests, was fractionally lower. Baltimore Markets Bpecial Dispatch to The Star. . BALTIMORE, Md, January 18.— Poultry, alive—Turkeys, pound 30 old toms, 23a35; Spring chickens, 28a32; Leghorns, 22a23; old roosters, 18; ducks, 16a24; old hens, 25a29; Leghorns, 20a23; Geese, 15a22; Guinea fowls, each, 40a60; pigeons, pair, 25. Ej 709 cases; ; pullets, 35a36; firsts, 422; culls and nearby dllr‘l:nnfl'_\'. 25a30. g Butter—Good and_fancy creamery, pound, 33a38; ladles, 30a31; store pack- ed, 20; rolls, 25a28; process, 34a35. CHICAGO LIVE STOCK MARKET CHICAGO, January 18 (#).—United Btates Department ' of Agriculture).— Cattle—Receipts, 300 head; fed steers d yearlings, 50c to 1.00 lower; weighty teers and lower grade lightweight yearlings showing most down turn; fat she stock showing similar decline; beef cows with weight and heavy heifers off most; common cows and cutters closed 25c lower; much more active all week than better grades; bulls largely steady and vealers 50c to 1.00 higher; stockers and feeders unevenly steady to 252 “E; extreme top fed® yearlings and light steers, 16.00; heavies, 1550; lower grades predominating; receipts excess- ive; Monday’s run was the largest since October; bulk steers and yearlings closed at 11.25 to 13.50; stockers and feeders, 9.75 to 10.75. Sheep—Receipts, 3,000 head; market nominal; directs, 2,000; for the week 119 doubles from feeding stations, 10,500 direct; increased receipts locally and a retarded dressed lamb trade forced price drop. . Compared one week ago, fat lambs, 75 to 1.00 lower; giaughter ewes around 1.00 off; undergrades, 50 lower; top for the week, fat lambs, 14.25; yearlings, 12.25; fat ewes, 7.7 prices, fat lambs, 13.50 to 13.75; yearlings, 1150 to 12,00; fat ewes, 6.50 to 7.00; feeding lambs, strong, 60-70 pounds, 12.50 to 13.00. BONDS ON THE CURB MARKET. ' DOMESTIC BONDS. _* High. Low. Close. 8 94 o 182102'2 102 1024 P 65 '49 10434 101 5 12 43.. 8 8 ell T Can 58 B '57.: 10012 100% 100%2 Me 6s m ‘33 1013 10114 10114 108 * 107% 108 gfl)b X S ornsirim mnsornna 200000 35555 823 Poat i o o S & s ties Ser Gas ities Ber B 8145 Teve EI TNl 75 ev" 7 Bide o ont G'& E 85 A '8 U e X GG 6725 4 3 0 oS30 29000 83 5 3 8 P 65 43 '52 87 % 87 08% 108% 106% 95 95 98 ! 00 g9 H 3 o e 70 1% 770 8% 87 7 7 95 B! 253 e S A 09001 3 n 09N 8t S s my s B T T4 * 601} 3 EEEERTTEERES 1 91 4 Miss Riv'F 65 '44 ww 10423 104% 104% | 1Morrls & Co 7'3s "30 100% 100%4 1004 INav P & Les A"2026. 105 105 * 105 55 NEW YORK CURB MARKE Stock and Stock and Dividend Rate. Aeronautical Indu 5% Aero Sup MfgB..... 17 Ainsworth Mfg $2%. 109% Ala Great Sou (17) Allied Pow & Lt. AllP&L1stpt6 ~Prev. 1029.—~ 29% Am Cit PAL A (a3), 10" AmCP&L B (b10%) 18 AmCwlth PAb10%. 22 AmCwith PBb10%. % Am Control Ofl Flds. 204 Am Cyanam B (1.60) 214 Am Dept Stores 14% Am Equitie: 254 Am For Power war 70 Am Gas & Elec (31). 98 Am Gas&Elec pf (6). 6% Am Invest IncB.... 190 Am Lt & Tract (10). 16 Am Superpower (1). 5 Am Yvette (new) wi. All Amer Gen Corp 8 Anchor PostF (2)... 14 Anglo-Am vot (73¢). 11 Anglo-Am n-v (73¢). 7% Arcturus Rad Tube. . 14 Arizona Com (50c) 8% Arkansas Nat Gas. 614 Arkansas Nat Gas A. 15% Art Metal Works(3) 54 Asso-Elec Ind Ltd. .. 354 AsS0G & E A (12.40) 3% Asso G&E A deb rts. 11 Asso Laund (120c).. # Atiant Fruit & Sug. . 204 Aviation Corp of Am 12 Aviation Credit..... Bakr(JT)Ch Co(75¢) 75 Baumann (L) pf (7). 4% Bellanca Alrcraft 3% Blus Ridge Corp. 234 Blue Rdg cv pf (ai 27% Blumenthal (S) 81% Brazil Tr & Lt ( 14 Brillo Mfg (1.20) 22 Buf Niag&EPpf 1 8% Burma Corp (131¢).. 3 Can Marconi... 1 Carib Syndicate 80 Carnation Co ($1%). 20 Celanese Corp...... 20 Cent PSv A (al.75). Cen States El (140c) Chain Stores Stock. . Chesebor Mfg (16). . Cities Service ($30¢) Cities Serv pf (6). .. ¥ Mach&Tool (12) 1llum (1.60) Colon Oil. 16'% Columbia P! b % Columbia Syndicate. 449% 2104 Com'wlith Edison (8) 124 1% Comwlth & Sou war., 963% 95% Com'with & S pt (6). 1% 14 Comstock Tunnel 1% % CAMCoctfs....... CAMCocumpf.... 4 Consolidated Copper 71 Con Gas, Balto(3.60) 20% Con Gas Ut A (2.20). 2 Cons Instrument.... 10 Cons Laundries..... 5% Creole Petroleum. .. 3% Cresson Cons (8c). 17W Crocker Wheeler. 1% Curtiss Wright war., 6% Darby Pet (1).. 26% 8 De Forest Radlo.... 17% 5% Detroft Afrcraft Cor. 45% 12% Douglas Alrcraft. .. 59 34 Driver Harris(new). 20 3% Durant Motors 324% 120 Duke Power (35). 55% 22 EastGas&F Asso.. 31 7 Eastern UtilInvA.. 321 10 Efsler Elec Corp. 189 50 EIl Bond & Sh (b6). 108% 100 EIl Bond & Sh pf (6).. 61% 10% ElP & L opt war. 92 15 Elec Pow Asso (1).. 92% 14 Elec Pw Asso A (1).. 3% Elec Sharehldg (31). Emer Bromo Sel A 2, 14% Emp Pub Sv A(1.80). 20 Employ Reinsur 1%. 8% Evans Wallow Lead. 297% Federal Screw (3) 15% Fiat Stk deb rts rcts. i Foltis Fischer Corp. 15 Ford Motor Can A 8 Ford Mot of Franc 10% Ford Motor Ltd..... 3% Foundation Fqr Shs. 20 Fourth Nat Inv, 4% Fox Theat Cl A. 4% Galena Signal.... 184 Garlock PKg (1.20).. 8% Gen Am Invest new. 214 General Baking..... 45 General Bak pf (6).. % Gen E Ltd rcts (50¢c) 19 Gen Empire Corp. 13% Gen Gas & El (A) 42 899 1% 6 25% 18 1T% 560 6 26 24% (3 o 13 6 B0t i O bt G0 a0 e 03 83 1 R0 0 1 0 2 28 9 16 » 2 SRaandon~ = oy wak SommOMMAN paNe - Son Gen Theat Equip 11% Globe Underwrite 1 Gold Coin.... I 1009 OV R D00 N1 50 1 i OES =1 30 i KO0 O b Pt R 1 00 R 1 S i 89 ( Gorham Mfg vte 28 Graymur Corp 1 GrifithDW)A..... 115 Gulf Oflof Pa (1%). 3% Helena Rubenstein. . 6 Hudson Bay M&S. 74'% Humble Oil (2).... 10 Hygrade Food Prod. 22 ImpOflCann (50c).. 5 Indlan Terr Illum. .. 26 Insull UtInv(b6%). 52 InsCoof N Am (13). 20 Intercoast Trade (1) % Intercontinent Petn. 15 Intl Petrol, n(62%¢). 25% Intl Superpow (31).. 6% Itallan Superpow A.. 40% Interest Eq cv pf (3) 11% Irving Air Ch (1.50). 20 Jefrerson Elec (3) 29 Johnson Motor Co 1% Kirby Petroleum. 1 Kolster-Br (Am Sh). 30 Lackawanna Sec(4). 9 Lake Superior Corp. 8 Lefcourt Real(t1.85) 6) . (12) 209 26% 3% 12% 45% 4% 3814 Sales— Add 00. Open. High. Low. Close. 8 8% 3 5% 18% 4T 4TW 5 5 154% 154% 82% 82% 103% 10 29% THE EVENING STAR, WASHINGTON, D. C., SATURDAY, JANUARY 18 1930. DECREASE IN INDUSTRY SHOWN ~Prev. 1020.— . Low. Dividy 8% 63 Lehman Liberty Loews I Lone St Long 1= Louista Mare In Marc W Marine MerCha Mo-Kan: Murphy Nat Avli Natl Fai Natl Fa Nat Invi Nat Sug: Nat Uni Nehi Co: New En, New Me: North A Norther Ohio Co; Outboar PacCB Pandem Pantepe Pennroa Peop Dr Ple Bak Powdrel Prince& Prudent Rel'nce Reynold: Rocklan Ruberol Salt Cre Schulte Selected 84 3m 5% 13% Singer N 28 9 16 S W Bel 43 307 28 24% 19 304 19% 25 % 35 18 7 Stand O Starrett Swift & Swift In Swiss- Tran Co! Trans Al Tub Art Ungerle! Union A Union T Utd Cari % Unit Mol Unit Rt U S Finl. US&In Univers: Walker Wenden Erle Rallr Mt St. T. .07 Trans_Col Dividend rates 1 annual payment *Ex-dividend_ 1P cash or stock. b Payi $ a3 3T% 10% 15 37% 10% 15 10% 15 11% Libby McNell & L... Lion Ol Refin (2). Magdalena Syndicat. Mavis Bottling. Mead-Johnson (13%) Mer & M S A (1.50). Middle Wst U(b8%) Morison Elec (31) Municipal Service Nat Pub Sv A (1.60) New Jer Zinen (t4). Newmont Min (34).. N Y Rio&Bu Alres. . Niagara Hud P(40¢c) Niag Hud Pw A war. Niagara Shares(50c) Niles Bement Pond.. Noranda Mines (3).. Outhd Mot A (1.80).. Pac Western Oil. Penn Ohio Ed pf (8). Penn O Ed pr pf(7).. Perryman Elec Co. .. Petrol Corp (1% Philip Morris Inc. Pilot Rad T A (1.20). Pitney B P n (20¢) Pitts & LE (5).. Polymet Mfg ($1)... Prince & Whitely... Pub Util Hold war Reliable Strs (b5%). Roan Antelope Min. . St Regis Paper (1).. St Regis Pap pf(7).. Seiberling Rubber. Select Ind pr (5%) Shattuck Den Min. Shenandoah Corp. Shenan Corp pf(ad). Silica Gel ct Sonora Products. Southern Corp. Southland Roy (1) Stand In Standard Motors Stand Of1, Ind (2%). Standard Screw (19) Stutz Motor Car..... Syrac Wi Tampa Electric ($2). Third Nat Inv (1)... Thomp Prod A 12.40. Timk Det Axle pf(7) Transamer (3. Tr-Lux DL P S (A Tri-Continental Cor. Tri-Cont Corp wa Tri-Cont Corp pf(8). Trunz Pork 8 (1.60). Tung-8ol Lamp (2)., Ulen&Co....... United Corp war. United Dry Docl Unit El Ser pur wi United Gas Co. Unit Lt&Pwr A Utd Lt & Po pf (6).. U S Lines (50¢). . United Btores. .. Unit Verde Ext (4) Utility Pw & Lt(al). UHIP&L B ctfs (al). Utility & Ind. Utility Equities Vacuum Ol (14%).. Venezuela Ptm(20c). 4 Walgreen Co. . Johnson Motor. Received by Private Wire Direct to The Star Office end Rate. Sales— Add 00. Open. High. Low. Close. (The) Corp. 76! T 23 76% % T6% Baking Corp. ncdeb rts. . . ar, new (80¢) land Lt (40c) na Lan & Ex. t M(5215¢). . T br sh(62c) Mid Cp (1.20) p&S pf A 6% » sas Pipe L. . Co (1.20)... ation m Str: m S pf (2 estors (n W) arNJ (2).. on Radlo rpn (1.30)... & Pow pf () = . E Ao B A SR o = E A R 00T 10 e 5 OV e O 0 18 e 0 80 x & Ariz Ld. m Aviation. . n P L (t5).. pper. . . d Motor (B). 18 pf (3.50).. oil.. ¢ O1l. . d Corp. . ug Strs (1) - Shenmon aanae-E e T we of Am A(2 o 3 1&Alex(3%) Whitely pf3. fal Inv! & Managemnt. s Bros Inc... s Lt&P (92, d Co (4) .00 ek Prod (2).. Un 5c-$1 St. Industries. . 1fg Ltd(30¢) F8mamnSarrnnar~ @ S 1 Tell pf (7 pf(5% TN 1, Kan (2)... " IS B Corp pf (6). R Co new (2) tern'l(2%) .. m El pf (6). sh M B (1), 23 80).. n Air Tran. ir Trans cf - Noomaddmnnorie e unr e AT g - Silk B (10).. ider F Corp.. mer Invest obacco. r Fastnr a3 Insses Ltd. Chpf (3%).. shing (32).. Sctf (2% Do al Pictures, . (H) (1) Copper..... ‘Winter (Benj). 13 Zonite Prod (1.60). RIGHTS. Expire. .Jan. 16. .Jan. 27 Feb. 1 Mar. 5 s based on oad Co. 2 6% 8 % 346 .06 .06 .06 .05 iast quarterly or semi- & T. D, n doll 'artly extra $Plus extra in stocl ble 1n stock, d Payable in pre BY CHARLES F. SPEARE. Special Dispatch to The Star. « NEW YORK, January 18.—A slow period of recovery in the building in- dustry, with poss'bly a further reces- sion in® it, before the benefits of easy money and of national construction programs appear, is suggested in a sur- wey of the trade just published. This indicates that the slump in building permits went even further in December than in November, It amounted to 39 per cent, compared with the final month of 1928 and was 19 per cent below November, 1929. It was greatest in the large cities of the country, but nowhere so large as in New York, where there was a 50 per cent shrinkage in permits, com- pared with the same month the year previous, Other cities in which the Docember total fell much below that of (he figure of the previous December were Chi- cago, Detroit, Los Angeles, Washington, D. C.; Boston, Cleveland, Cincinnati, Newark, N. J.; Houston, Tex.; St. | Louis, Buffalo, Minneapolis and Hart- | ford, Conn. | Some Gains Shown. On the other hand, Milwaukee, Bal- timore, Pittsburgh, S8an Francisco, Se- attle, Oklahoma City, Akron, Ohio, and San Antonio, Tex., issued a larger volume of building permits last month than the year Frevlou& Twenty-five cities in 1929 showed permits amounting to $200,000,000 less than in 1028, a reduction of about 10 per cent and of $226,000,000 below 1927 Not all sections of the country ex- perfenced the reaction that took place in the metropolitan centers. There were sharp contrasts to this in some smaller States. bama, Colorado, Connecticut, Iowa, Kansas, Montana, Nevada, Oklahoma, South Carolina, South Dakota, Utah and in Wisconsin the 1929 total exceeded by a fair per- centage that of 1028. This was gen- GAIN IN BUILDING INDUSTRY FORECAST IN TRADE REVIEW/ | America year in both Harli>rd and New Haven. | n Okahoma an increase of over 40 per cent in the permits at Oklahoma City brought the total for the State to 20 per cent above 1928. The gain of Milwaukee offset the decreases in other municipalities in Wisconsin. In Penn- sylvania a better equilibrium was shown than in any large commonwealth, with Philadelphia and Pittsburgh relatively little under 1928, while Erfe, Harris- burg and Reading all showed substan- tial gains. The District of Columbia had an increase of about 14 per cent for the year, Florida still shows de- creases from earlier years, in spite of the fact that there has been a heavy increase at a few points in the State. It is the opinon that some of the slack since‘the peak year of 1925 has been taken up, although there has been overbuilding of hotels, apartment houses and too much speculative construction of homes in suburban areas. The great handicap now is the scarcity of mort- gage money. Lower Interest Rates. era of lower interest rates, which is in prospect and which has changed the entire aspect of the market for new corporation bond offerings. There has already been some sign of improvement in the prices of real estate mortgage bonds listéd on the Real Estate Ex- change in New York, also in those of the guaranteed mortgages which were offered at some discount by holders during the Autumn break in stocks, when all forms of collateral were for sale in order to protect speculative com- mitments, as well as to buy common stocks then regarded as at bargain levels. . TREASURY BALANCE. January 16 was $103,469,132.98. Cus- erally due to the expansion in one oi two cities in the State. In Connecticuf there were big gains ove%he previous were $20,193,726.89. Total ordinary ex- ‘This will steadily be modified in the | NEW YORK BANK STOCKS. NEW YORK, January 18 (Special).— Industrial Lebanon Lefcourt World Exc | Yorkville . The United States Treasury balance | Mo announced today as of close of bustness | toms receipts for the month to date | LM penditures were §9,441,406.97. Ir Co Underwrite United 8! COFFEE INDUSTRY FACING PROBLEMS Buying Power of Eight Coun-! tries Affected by Drop in Prices. BY J. C. ROYLE. The future of the trade of the United States with Central America and Northern South America is obscured in the fragrant vapor of the coffee cup. The amount of goods that eight Latin American countries can buy and what they can pay depends on the world coffee situation. ~ At the moment their buying power is impaired. What they will buy from this country when they re- gain prosperity depends, according to Government. foreign trade _specialists, on how they are handled by American business men now. Brazil is the largest coffee producer. She pegged the price of coffee for a time by & government valorization scheme which enabled her to withhold coffee from the markets by borrowing from Europe against stocks in ware- houses. But Brazil coffee now is quoted at less than half its price a year ago. Prices for the coffee of other producing countries are 30 to 35 per:cent under early 1920 figures. World Consumption. ‘World consumption is placed liberally at 22,000,000 bags. The 1927-28 crop exceeded 28,000,000 bags. No one knows what stocks remain in warehouses in various countries, withheld from the market, since that is a secret closely guarded by the governments, but it is known that it probably amounts to a full year's requirements. That danger- ous technical situation has caused de- pression in eight countries. Brokers have fafled. Borrowers on prime com- mercial paper are paying an average of at least 12 per cent and money is tight even at that figure. The other countries, which produce about 9,000,000 bags a year, have not been so badly affected as Brazil, but there is curtailment of credit, much unemployment, a cutting down of high- way and municipal projects, a loss of contracts to American firms and a lessening of buying power in Colombia, Venezuela, Costa Rica, Guatemala, Salvador, Nigaragua and Ecuador. Banditry has increased in some coun- tries. Speculation, stimulated by the high coffee prices which prevailed up to late in 1929, has resulted in losses. The recent trouble in Haiti was con- nected directly with the coffee market. Mexico was somewhat affected. In ad- dition, conditions in Peru and Bolivia are unfavorable, owing to the situation in the metal markets. Trade of U. S. ‘The trade of the United States with Central and South America amounts to some $2,000,000,000 a year. No small part of this is hanging in the balance. If American firms can help their Latin ‘American customers over the present rough spot, foreign trade authorities feel that the future of the commerce between the two continents is assured. If they cannot, it is likely that the Latin Americans will turn eagerly to- ward Great Britain, Germany and Italy to supply their wants, Government officials are anxious that American firms shall use some of the well exploited “dollar diplomacy” with which this country has been credited in Latin America and make instead of lose friends now. But the future ex- ports to the south may well depend on how frequently the American breakfaster, luncher or diner adds “and a cup of coffee” to his order. (Copyright, 1930.) Corporation News NEW YOREK, January 18.—The fol- lowing is today’s summary of important corporation news, prepared by Standard Statistics Co., Inc., New York, for the Associated Press. News Trend. Week end trade reviews note further | evidence of business revival. Steel production has been Stepped up, auto- mobile manufacture is more active, and an increased number of buyers have entered the drygoods market. Dis- tribution of merchandise though naturally below the recent high levels, remains heavy in the aggregate, while purchasing for stock replenishment has been on the incline since completion of annual inventories. Bank clearings for the week continued lower, total at 23 leading cities of the country being $10,745,449,000, a decline of 223 per cent from a year ago. New York City clearings of $7,178,000.000 showed a loss of 26.3 per cent, while| principal cities outside of New York were 127 per cent smaller than last year. Philadelphia, Omaha and Rich- mond showed slight gains for the week. The Companies. De Haviland Alrcraft earns 59 cents in fiscal year to September 30, 1929 vs. 24 _cents in previous fiscal year. Fidelity-Phenix Fire Insurance earn- ed $7.78 in year 1929 vs. $9.87 in 1928. General Motors acquires over 1,000,- 000 shares of common stock at cost of about $35,000,000 to be sold to a sec- ond managers’ securities concern to be formed to take place of present com- any. b Lf}mn 0il & Transport December, 1929, production, 4,266,925 barrels vs. 3. 745,430 in L ecember, 1928; year, 1929, produced 32,117,931 barrels vs. 26,800,~ 167 barrels in 1928. Louisville Gas & Electric 19290 net after ordinary taxes, but before depre- clation, up 7.4 per cent from 1928. Tilstocks, Ltd., shows net income of $764,555 in year 1929. Loss on securi- ties held totaled $657,975 on December 31, 1929. . Paramount Famous Lasky earned $6.34 on average outstanding shares in year 1929, against $4.22 in 1928. People's Gas, Light & Coke earned $11.98 in year 1929, against $11.36 in 192 8. Philadelphia Co. 1929 net after or- dinary taxes, but before depreciation, up 10.8 per cent from 1928, Pittston Co., recently formed to take over anthracite properties of Erie Rail- road, has purchased control of U. 8. Distributing Co. R. C. A. Victor announces products will be distributed through General Electric Co. and Westinghouse Electric & Manufacturing Co. in addition to regular distributing channels of Radio Corporation and Victor Talking Ma- chine Co. GRAIN MARKET CHICAGO, January 18 (Special).— Wheat opened irregular. There was some pressure because of the disap- pointing “cables and lack of buying power. ~ After the first half hour March, 1.21%; May, 1.26%; July, 1.29. Corn was' firm; March, 90%; May, 93%:; July, 95%. Oats were firm wit March, 46%; May, 47% Provisions ‘were firmer witl h other grains; %: July, 46%. h' hogs. Sl NEW YORK COTTON. NEW YORK, January 18 (Special).— Cotton prices ruled slightly easier to- day, but withbut active pressure, and final quotations were a few points lower than Friday. General steadiness in wheat and the recovery in stocks the last hour caused enough week end covering to maintain the list on & very even keel. were reduced 10 points to Open, High, Low, Close 704 1719 1714 1714 January March BY ELECTRICAL POWER SALE By the Assoclated Press. NEW YORK, January 18.—Consump- tion. of electrical energy by more than 3,600 manufacturing plants indicate a 5.3 per cent drop in December indus- triol activity in the United States, as compared with November, and a decline of 8.6 per cent from December, 1928, Electrical World reports. The year 1929, however, stands out as one of record operations, with an average rate of productive activity during the year ex- ceeding that of 1928 by 6.6 per cent. Nine of the Nation's primary manu- facturing groups recorded a higher average rate of operations in 1929, as compared with the previous year, and only three groups reported average 1920 operations under those of 1928. Only four industrial groups, however—chemi- cal products, paper and pulp, shipbuild- ing stone, clay and glass—closed the year on a higher plane of activity than prevailed at the close of 1928. Groups Reporting Gain. Chemical_products and shipbuilding were the only two manufacturing groups reporting December operations above November, and only one—stone, clay and glass—reported the same rate of activity for both months. The largest Decgihber decline. as compared with November, 17.0 per cent, Was shown in the lumber products division. Food products came next with a 12.2 per cent drop; automobiles, including the manufacture of parts and accessories, 10.2 per cent; leather products, 8.6 per cent; textiles, 4.9 per cent; rubber psod- ucts. 4.1 per cent; rolling mills and steel plants, 2.1 per cent; paper and pulp, FINANCIAL 1.1 per cent, and metal working plants, 1 per cent. For the sixth consecutive month, the automobile industry, including the pro- duction of parts and accessories, wit- nessed a lower rate of activity in De- cember, as compared with the preced- ing month, reaching a level, which was 39 per cent under December, 1928. December industrial activity increased during December in_only one section of the country, the Southern States. Other areas reported the following per- centage of decrease: North Central States, 10.8 per cent; New England, 9.4 per cent; Western States, 9 per cent, and the Middle Atlantic States, 3 per cent. Comparing December manufacturing operations with the same month in 1928, eight groups reported a drop and four showed an increase. Manufacturing Activity. The rate of manufacturing activity in December, compared with December, 1928, all figures adjusted to 26 working days and based on consumption of elec- trical energy as reported to_ Electrical World, Monthly average (1923-25 equals 100) follows: 7 2 2EEREREINIHAI8S Blmme oL NS All industrial groups . Metal ndustries group ‘. Rolling_mills and steel Metal working plants . Leatner and its producis’. es . s SehEEES pesttateresctuta s r and’its pr Auitomobiles and parts a: led prot Food and kindred products Shipbuliding frisr o, Pt Pty REVIVAL IN TRADE SEEN BY EXPERTS Weekly Business Reviews Say Weather Has Affected Seasonal Trend. Spectal Dispatch to The Star. NEW YORK, January 18.—Although business shows few distinctive depar- tures from the generally quiet condi- tions that ruled when the year opened, evidences of business revival, although by no means general, are becoming more numerous, according to the weekly business reviews. Reasons for this may be found in retail trade in the wide variety of weather conditions throughout the country, even allow- ing for its being a Midwinter period, while in the wholesale and jobbing trades and in industry the tendency has been to move forward cautlously pending a clearer view of the outlook for the remainder of the Winter and the earlier Spring months. Bradstreets says in part: “Heavy snows from the Mississippi River to the Pacific Coast, with equal- ly heavy rains and their concomitants of swollen streams and broken river levees in some central valleys, and un- seasonably warm weather, with rains and fogs east of the Alleghanies early, tended to retard retail buying, not- withstarrding a general disposition to feature reduction ‘sales’ designed to clear up unsold stocks of Winter goods. Among particular points worth noting might be mentioned the heaviest snows in years from Washington to Central California, with cold rains farther South. “In purely industrial zones a further stepping up of steel mill capacity to 65 to 70 per cent, aganist 85 per cent a year ago, a better demand for pig iron and further liberal buying of rails contrast with a considerable amount of ease in finished lines of steel, par- ticularly plates, shapes, sheets, strips, nails and barb wire. Soft coal has been in liberal supply, as a result of Active production, with some complaint resulting as to prices.” R. G. Dun & Co.’s weekly review of business says, in part: “The present process of recuperation from the effects of the late financial unsettlement is chiefly visible now in the quarter where it had been confi- dently looked for, and the further rise of steel production is especially encour- aging when such a trend is helpful to sentiment. The distinct turn for the better in that fleld reflects a similar change in some allied industries, in- cluding automobile manufacture, and the increased number of buyers in dry goods centers is viewed as another hope- 1ul sign. “Distribution of merchandise not un- naturally has receded from the best previous records, yet remains heavy in the aggregate, and purchasing for re- plenishment has been more of a factor since annual inventories were completed. Various statistical measurements of trade disclose the contraction of activi- ties in recent months, yet these indices reveal past conditions, and there is promise of improvement to follow. “The balancing of outputs with ac- tual consumption is being accomplished without disorder, but profit margins on many individual transactions are affect- ed by the downward course of com- modity prices.” BANK OF RIVERDALE. RIVERDALE, Md., January 18 (Spe- cial) —At the annual meeting of the stockholders of the Citizens' Bank of Riverdale the following directors were elected: C. A M. Wells, B. O. L. Wells, E. W. Reibetanz, Dr. R. A. Bennett, Wililam P. Magruder, Dr. J. S. Caldwell, Dr. S. M. McMillan, Willlam Stein, Richard Breaden, James S. Heal, Charles G. Souder, 'William E. Hutchinson, Max Vollberg, O. B, Zantzinger, G. P. Bick- ford, Charles L. Ervin, Dr. H. B. Mc- Donnell, Frank M. Stephen and Ernest F. Gasch. Officers_chosen_were: C. A. M. Wells, president; E. W. Reibetanz, Dr. 8. M. McMillan, Dr. J. S. Caldwell, vice presidents; G. Shear- man James, cashier, and J. Burroughs Waters, jr., assistant cashier. Receives Orders for Stills. NEW YORK, January 18 (#).—The A. O. Smith Corporation of Milwaukee has received orders for 14 large pres- sure stills for use in oil cracking from refiners in the Southwest. STOCK AND BOND MARKET AVERAGES clated Press. From Yesterday's 5:30 Edition. By the A: %TOCIS- lnllulltrllll. Today . Previous” day Two years ago.... Three years ago, weekiy aver. High (1929). Low (1929) . coosesl Total sales, 2,679,470 shares. BONDS. 1 LEONARDTOWN BANK ELECTS DIRECTORS Special Dispatch to The Star. LEONARDTOWN, Md., January 18.— ‘The annual meeting of the stockholders of the First National Bank took place at the bank and the following directors were elected for another year: C. B. Greenwell, Dr. F. F. Greenwell, Linwood J. Sterling, B. Kennedy Abell, Judge Willlam M. Loker, all of Leonardtown, and Dr. Leonard B. Johnson of Mor- ganza. The directors immediately held a meeting and re-clected the following officers: George W. Joy, C. B. Greenwell, vice president; L. J. Sterling, cashier; B. Kennedy Abell, as- sistant cashier, and the following clerks: William C. Walker, teller; Madeline Camaller, bookkeeper; T. Lee Mattingly, assistant bookkeeper; Miss Catherine Greenwell, stenographer. At a meeting of the stockholders at the first of the month they declared a dividend of 10 per cent, making 20 per cent for the year 1929. This was an in- crease of 3 per cent over 1928. STOCKS’ BOOK VALUES CALLED UNIMPORTANT Estimate in Many Cases Declared Grossly Inaccurate by New York Economist. Special Dispatch to The Star. NEW YORK, January 18.—Contrary to a large measure of popular opinion, book value should not be relied upon in buying or holding of specualtive stocks, according to Gage P. Wright, New York economist, who says that times such as the present in the stock market are likely prove prolific of costly errors if this rdstick” is used in determin- ing the probable market value of com- mon stocks. “It is evident that an estimate of the book value of the great majority of | common stocks is grossly inaccurate,” says Mr. Wright, who adds, “exceptions lie in stocks of those companies carry- ing in their balance sheets only such items as cash and marketable sccurities. Even in such cases, considerable error may be introduced because of changes in the concern’s condition subsequent to the compilation of the balance sheet. Balance sheets represent the condition at some fixed date in the past; and no concern is static. “Assuming that the book value of shares accurately could be established as of the present date, it has little value as a basis for determining the market value of securities except in the event of liquidating the company’s affairs. It is seldom that a company closes out its business and sells its assets unless the downward trend of earning power is so pronounced as to make it practically impossible to continue. Liquidations in- volve forced sales, and seldom does the value of an asset approximate its book value. The book value, therefore, would mean little. “An {llustration of widely divergent relationship between book value, earn- ings, and market value is found in the case of Trico Products Corporation. The book value September 30, 1929, was $6.66 a share, while earnings for the first nine months of 1929 were $5.37 a share, with present market value around $34. The opposite contrast is shown in American Woolen Co., the common shares of which showed a book value of $108.85 a share June 30, 1929. Nothing has been earned on the common stock for several years, and at pretent the selling price Is about $11 a share, OIL PRICE REDUCTIONS. NEW YORK, January 18 ().—The Standard Ol Co. of New Jersey, through its subsidiary, the Carter Ofl Co. has made price reductions ranging from 19 cents to 41 cents a barrel, depending on | gravity, on crude ofl in Oklahoma and Kansas. ‘The minimum price under the new schedule is 66 cents a barrel for crude ofl of 259 degrees, a reduction of 19 cents. ~ The maximum price for 44 gravity and above is $1.44 a barrel, a reduction of 41 cents. These changes are the first made since May 20, 1920, and follow_ closely those ~announced yosterday hy the Humble Ofl Co. another Standard of New Jersey subsidiary, in the various light ol fields of Texas. | e———— MERGER PLAN APPROVED. NEW YORK, January 18 (#).—Stock holders of the Niagara Share Corpora- tion of Delaware and the Niagara Share Corporation of Maryland have approved the consolidation of thelr organizations. B—9 FOX FINANCE PLAN ATTRAGTS SUPPORT Exhibitors Back Motion Pic- ture Magnate in New Note Issue. By the Associated Press. NEW YORK, January 18.—A group of 16 theater owners, representing 233 motion picture theaters in 12 States, yesterday met with William Fox and issued a statement indorsing his program for solving the financial prob- lems of Fox Film Corporation and Fox Theaters Corporation. The group examined records of the corporations and sajd in their statement they were convinced “of the correctness and propriety of the $35,000,000 issue of Fox Securities Corporation 7 per cent gold notes.” These notes, the state- ment sald, can take care of all out- standing labilities. Promise Subscriptions. ‘The exhibitors decided to “make sub- stantial subscriptions” to the notes is- sue, the statement said, “and will help organize regional meetings throughout the United States to bring the informa- tion given to us to the immediate atten- tion of other theater owners.” The statement concluded with the declaration that “we feel that we can- not afford to stand by and see Fox Film Corporation or any other important pro- ducing organization hampered in its efforts to supply worth-while entertain- ment for the amusement-going public of the world.” Earlier in the day answers were filed in court by the Fox Theaters Corpora- tion, the Fox Film Corporation and William Fox to a Government suit charging violation of the anti-trust laws. The answer denied that the de- fendants violated any%aws of the United States in the affiliation of Fox and Loew interests through the purchase of 660,900 shares of Loew’s, Inc., by the Fox companies. Denies Trade Restraint. The defendant Fox Film Corporation, the answer saii, “avers that its pur- T { chase of stock in Loew's, Inc., did mot and will not unduly lessen any compe- tition or unduly obstruct any course of- trade between the Fox group companies and Loew’s, Inc., or Loew’s group.” Among theater owners who met with Fox were Fred Dolle, Louisville, Ky.: H. B. Koppin, Detroit, Mich., and Mort Shea, Youngstown, Ohio. Markets at a Glance NEW YORK, January 18 (#).—Stocks irregular; Fox Film reacts on receiver- ship petition, then rallles. Bonds steady; foreign bonds advance. Curb irregular; Aluminum Co. drops 10, For- eign exchange firm; Argentine peso sags. Cotton easy; lower cables. Sugar steady; Cuban support. Coffee higher: European buying. CHICAGO, January 18 (#).—Whezt firm; higher Farm Board bids.” Co: firm; Farm Board reported buyin: Cattle frregular. Hogs higher. BALTIMORE STOCKS. BALTIMORE, January 18 (sml‘ll e ales. 240'Arunde] Corporation ... 10 Central Fire Insurance Go. 1C & P Telephone. BONDS. 5000 Maryland Electric Ratlway 6%s. . 4000 United Railways & EL Income 43. CHICAGO STOCK MARKET. By the Associated Press. CHICAGO, January 18.—Following is the complete official list of transactions in stocks on the Chicago Stock EX- change today: Low. Ul’n_ln Sales. STOCKS, High. 200 'Addressograph Inter. 2 th MIg. D23n 1% 3% 16 18 Com 50 Am Pub Ser pf. 200 Am Service. 200 Art Metal. 100 Auburn__ Auto. 0 Ky.... ¥ 200 Brown Fe & 650 Brown Fe & Wi 3850 Chicago _Corp ‘i 300 Chicago Investor . *350 Chic Inves pf . sumers . 4950 Contin Chic ‘ctfs. 1050 Cord Corp 200 Corp Securities 50 Curtis Mg 200 Decker & Coh 100 Electric Household 150 Electric ch Lab 500 Foote Gear & Mach. 17 Ea. 3T Gleaner ....... ) Great Lakes Afrcratt 434 G Dredge.. 15042 oW ... 1412 memaioinonandt s mebson Sasekasamen S o gobs 00 Grig: 50 Hart-Carter 700 Houdaille-Her: 19 s g Jefferson E 30 Kalamazoo_Sto 100 Ren-fad T & Lamp pyen R BERE N a s L SEERBINEENEE, o) No 100 Northwest 10 Industrials, 92.6 ’{.:o years ago, ree years ago, weekly aver.. High ({;;l) 44 Low (1929) Total sales (par value), §7,790,000. (Copyright, 1930, Btandard Statistics Co.) Btock sales toda: BONDS. 1R &%, Bond sales ln!lt—u