Evening Star Newspaper, January 20, 1930, Page 14

FINANCIAL. STOCKS IRRECULAR IN LICHT TRADING "A—'.M e MERGED BANKING | FIRM STARTS WORK: .FINANCIAL. MONDAY, JANUARY 20, 1940 EXCHANGE l ~Prev. 1920 Stock and Sales— Prev. High. Low. Dividend Rate. _ Add 00. High. Low. Close. Close. 201% 64 Stone & Webster (2)., 7 179% 79 79% .79 98 384 Studebaker (35)..... 20 427 41% 42 . 42% 4% % Submarine Boat. 4 % W Superior O1l. 61 6l THE EVENING STAR. WASHINGTON. D. C ~Prev. 1920— High Tow. 109% 98 10415 55 31 a1 Stock and Dividend Ra N Y State Railways. N Y State Rys pf....100s N Y Steam Ist pf (7) 80s orth Am (b10%stk) S8tork and Sales— Dividend Rate. Add 00. High. Low. Close. Close. El Pwr & Lt pf (7). . 107% 107% 107% 107% Elec Storage Bat (5). 7m 71 71 Eng Pub Serv (31). 431 42 42 Erie RR.. 58 B4 58 Snies— Sales. High. Low. 10s 2 2 3 uz 94% Sales of Each Stock Compiled to 12:30 P.M. ~Prev. 1920— Stock ana Bales— Prev. High Low. Dividerd Rate. Add 00. High. Low. Cinse. Close. 57% 34% Abitibl Power & Pap. 30 25% 251 22 159% 43 Abraham Strauss... 1 47 47 45 112% 100% abraham & St pf (7). 20s 104% 1041 104 Close. 3 12 96* 1% 421 58 Col. Cooper Assumes Presi- dency of Commercial Na- tional Institution. BY EDWARD C. STONE. The consolidated Commercial Na- tional Bank and - Continental Trust Co. started doing business this morn- ing under the same roof in the Com- mercial Bank Building, following con- summation of the merger late Satur- day when Col. Wade H. Cooper became president of the combined institutions. All the physical assets of the Conti- nental Trust Co. were moved from the bank, at Fourteenth and H streets northwest, between closing time Sat- urday noon and this morning, and the Continental's business was being trans- acted today as usual amid the new sur- roundings. The transfer of all securi- ties in the vaults, the bookkeeping and other departments was made without a hitch. Announcements_to all_depositors of the Continental Trust Co., signed by ‘Wade H. Cooper, were mailed yester- day and delivered this morning. The merger notices said: Continental Depositors Notified. “I am pleased to advise you that the Continental Trust Co. has merged with the Commercial National Bank, and ! our records have been transferred to the Commercial National Bank, at Fourteenth and G streets northwest. “You will find every convenience and accommodation at the new quarters. and your old friends will have the time and facilities to give you better service. “Check books of the Commercial Na- tional Bank are being made for you, but until you call, you may continue to use your Continental Trust Co. forms. “We will be happy to welcome you in our new home. and we hope you will find it convenient to call 500 New President Congratulated. In his new office today President Cooper of the Commercial National re- ceived many hearty congratulations. ‘While this merger may be the initial step in the merger with other banks in the city, officials are too busy just now to consider any enlarged plans for the future that may be in the backs of their heads. All were busy today getting the wheels well oiled to place the consolidated bank.in perfect run- ning order. “Business is already run- ning along as smoothly as a mill pond,” Col. Cooper said. The bank started out today under the guidance of these officials: Wade H. Cooper, president; James B. Reynolds, | James H. Baden, Laurence A. Claughter, | ‘Walter J. Harrison, vice presidents; Fred- | erick H. Cox, cashier; Robert A. Cis- sell, controller; Herbert V. Hunt, T. Blackwell Smith, Alexander Varela, M. F. Showalter, R Jesse Chaney and Nathan B. Scott, 2d, assistant cashiers; Ralph D. Quinter, trust officer, and Miss Mary J. Winfree in charge of the wom- an's department. The new board of directors elected Saturday consists of James H. Baden, Charles Conard, Wade H. Cooper, H. Bradley Davidson, E. C. Davidson, W. J. Harrison, Charles A. Goldsmith, Hay- den Johnson, Holcombe G. Johnson, James L. Karrack, James B. Reynolds, A. M. Rizik, Percy H. Russell, Jnnes! Sharp, Laurence A. Slaughter, Emmons, S. Smith, jr.; Nathan B. Scott, 2d; Ralph D. Quinter, George Tully Vaughan and Bates Warren. R. Golden Donaldson, in retiring as president of the Commercial, also retired from the board of directors. Merger By Stock Purchase. The merger was made eflective through the purchase by Col. Cooper and a number of his associates of a large block of Commercial National stock from Mr. Donaldson. Commercial | National stock has been selling on the | Wi Stock Exchange between 250 and 260 for a long time. Conti- nental Trust stock has been selling around 133. As the board would have been too large, it was not possible to include all the directors,in the two banks in the new directorate. The board formerly in charge of the Commercial was composed of James H. Baden, Robert A. Cissel, Charles Conard, F. H. Cox, H. Bradley Davidson, E. C. Davison, R. Golden | Donaldson, W. J. Harrison, Hayden Johnson, Holcombe G. Johnson, James B. Reynolds, A, M. Rizik, Percy H. Russell, James Sharp, Laurence A. Slaughter, Emmons S. Smith, jr., and | George Tully Vaughan. The directors guiding the Continen- tal Trust Co. have been Mr, Cooper, C. C. Calhoun, David A. Baer, Norman Fischer, Victor J. Evans, Charles A. Goldsmith, Frank T. Hines, James L. Karrick, Leon Oppenheimer, Nathan B. | Scott, 2d; Luke Strider, Conrad H. Syme, Willlam Clark Taylor, D. W. ‘Thayer and Charles W. Warden. . The present merger is the first bank consolidation in Washington since the Farmers & Mechanics’ Naitonal Bank combined with the Riggs National. The last merger previous to that was the taking over of the Central Savings| Bank by the Security Savings & Com- mercial. While the merger discussions were staried several weeks ago. they were dropped for a time. When re- vived, they were consummated very suddenly. Washington Gas Sells Higher. Business on the Washington Stock Exchange today was hit by the cold ‘wave or else was still suffering the after effects of the break on the New York Exchange. But five stocks and one bond appeared on the board. Fifteen shares of District National Sccurities preferred sold ‘at 90, five chares of Federal-American Co. pre- ferred came cut at 100 and 100 shares | 0 Real Estate Mortgage & Guaranty | preferred changed hands at 7. After call five shares of Washington Gas Light tock sold at 105. This was | an advance of nearly 10 points over the | last sale. One transfer was made a few days ago of 20 shares of this stock at 961;, the first time the stock had sold under 100 for considerably more than a year. The stock, now selling ex dend, closed with 100 bid and 110 | | stock sale was in Washing- ton Railway & Elzctric preferred at 94%, and the only bond sale was $1.000 Washington Gas 6s, Series A, at 102%;. Financial District Notes. Ralph M. Wolfe, manager of the bond department of the Washington office of Mackubin, Goodrich & Co., has gone to Houston, Tex., and vicinity on a tour of inspection of the properties of the Houston Natural Gas Corporation, the Houston Pipe Line and the Houston Oil Co. in connection with an offering of collateral first mortgage 6 per cent bonds of the Houston Natural Gas Cor- poration. Earnings of this company have been highly satisfactory. George H. Morris, E. E. Fisher, W. E. Brooks, Mrs, Mildred F. Hoeke, Mrs Eisie M. Boteler and Miss Eva Ricker made up the committee in charge of the dance given by the Riggs Bank Club at_the Willard Saturday night, about 175 people being present. | ‘The District Bankers' Association will hold an important meeting this after- noon at 4:14 at headquarters, many committee reports being due. NEW MUNICIPAL LOAN. SALTIMORE, January 20 (Special). ~—he first Maryland municipal sale sincc the new -year is scheduled to ake place tomorrow when Washing- ‘on C-unty s asking bids for a new Ioan. ‘The ’ssue will total $471,000 school bonds Learing 4'> per cent interest. Due to the scarcity of Maryland municipals on the market at present keen comuetition by local and out-of- town banking gioups is expected in the bidding. @ 34 104% 4% 223% 487% 1% 10% 5614 118% 354% 125 5% 265% 48% 467 y1 421 10874 9% a8t 59% 20% 154% 344 62% 174 18% 86% 20 Adams Expr (160).. 7 Advance Rumley. % Ahumada Lead. 77 Alr Reductn (14%).. 18% Air Way El Ap(233). 1 Ajax Rubber. 4% Alaskg Juneau . 17 Alleghany Corp..... 90 Alleg Corp pf (5%). 197 Allied Ch & Dye(n6). 118% Allied C& D pf (7). 35'% Allis-Chalmers (3). . 23 Alpha Port Cemt (3). 4 Am Agricul Chem. 57 Am Rank Note pt (3) 5% Am Beet Sugar. . 3413 Am Beet Sugar pf. 27 Am Bosch Magneto. . 40% Am Brake Shoe(2.40) 4% Am Brown Bov Elec. 49% Am Brown B E pf(7) 86 AmCan (4).. 75 Am Car & Fdy (6). 110% Am Car & F pf (7) 27 Am Chicle (12%).... 0 Am Com Alco(n1.60) Am European Sec. .. Am & For Power. ... . Am&Forn Pwr pf(7) Am&Forn Pwr 2d pf. 1 Am Hide & Lea pf. .. Am Home Prod(4.20) Am Ice Co (t4)...... 's Am International (2) 21y Am La F & Foamite. 90 Am Locomotive (8). 142 Am Mach & Fdy (7). 4 Am Metal (3) 3% Am Piano. g 641 Am Power & Lt ($1) 20% Am Pow & Lt pf (6). 70 AmP&LDPLA (3%) 72% Am P&L pf A st (5). 28 Am Ra&Std San 1%.. 60 Am Rolling Miil (2). 44 Am Safety Razor (5) 17 Am Seating (2 62 AmSm & Ref (4) 98 Am Snuff pf (6). Wi Am Steel Fdy (3) 6 Am Sugar Rfg (5). 18 Am Sumatra (3). 17 Am Tel & Ca (5)... 1931 Am Tel & Tel (9) 160 Am Tobacco (8)..... 160 Am Tobacco (B) (8). 114% Am Tobacco pt (6) o0 Am Water Wks (nl1). 5% Am Woolen, . . 151 ‘Am Woolen pt. 4 Am Writ Paper ctfs, 28 Am Writ Paper pf (3 7 AmZincLd & Sm. 49% Am Zinc pf (6). % Anaconda Copr (7) 25 Anchor Cap (2.40). 181 Archer-Dan-M (2). 75 Armour Del pf (7) 5% Armour Il (A) 2% Armour 111 (B) 57 Armour 11l pt (7) 25 Asso Dry G (23) 85 AssoD G 1st pf(6) 84% Asso OIL (2)..... 195} Atch T & S Fe (10) 30 Atl Refining (12) 90 20 Auburn Auto (§1). 4 Autosales..... 34 Auto-StSaf RA ( 4% Aviation Corp Del. 15 ~ Baldwin,Loco (1.75). 31 24% 24% 1 14 2 % 15 125% 4 25% 2 2% BEE 61 25% 5 99 1 11 1 24 3 12014 90 93, 29% 5 30 78 Atlas Powdr pf (6)..21 27 109% Baldwin Loco pf (7). 50 4 105 Baltimore & Ohlo (1) 15 93% Bamberger pt (63%). 55 Bang & Aroos (3%). 20 Barnsdall, A (2). 95 Bayuk Cgr 1st pf(7). 121 Beacon Oil.......... 100 B'trice Cream pf (7). 45 Beech-Nut Pkg (3) 4% Belding-Heminway ., 25 Bendix Aviation (2). 25 Best&Co (2). 78% Bethlehem Ste . 1165 Bethlehem St pf (7). 70% Blumenthal pt (7). 17 Bohn Al & Brass (3). 53 Borden Co (k3). . Borg Warner (4) 2% Botdny Con M (A). 8i3 Briggs Mfg.... 40 Bkiyn-Manhat (4). 99 Bklyn Union Gas ( 16% Bruns-Balk-Col. 4's Bruns Ter & Ry S. 14 Bucyrus Erie (1). ... 26% Bucyrus cv pf (23). 107% Bucyrus pt (7).. Bin Budd (K G) Mfg (1), 7% Budd Wheel (1), 25 Bullard Co (1.60).,.. 21% Bulova Watch (3)... 29 Burr Add Mch (80c). 91% Bush Term deb (7). . z Butte Copper & Zinc. 4% Butte & Superior (2) 17% Butterick Co. 50 Byers (AM).... 6315 Calif Packing (4). . Calumet & Ariz (10), Calu & Hecla (ad% ). G A (). Canadian Fac (10). ., 27 Cannon Mills (2.80)., 130 Case (J 1) (6) 50% Caterpillar Tra 6' Cavanagh-Dobbs. 58 Cavanagh-D pf(6%). 31 Celotex (3). 21 Cent Aguirre As 1. 27% Cent Alloy Steel (2). 3 Century Rib Mills. ., 52% Cerro de Pasco (6) 18 Cbecker Cab (4.20). . 42% Chesapeake Corp (3) 4 Chi&Alton. . . 3% Chi & Alton pf. 36% Chi & East 111 pf. 75 Chicago& N W (5).. 16 Chi Mill St P&Pac. .. 28% Chi Mill St P&Pac pt 947 Chi R 1 & Pac pf (6). 44% Childs Co (2.40)..... 26 Chrysler Corp (3)... 4 City lce & I (k3.60).. T4 City Stores (1)...... Clark Equipment (3) 6978 Clev & Pitts (332). .. 3433 Cluett Peabody (4).. 101 Coca-Cola (4)....... 44% Coca-Cola A (3). 10~ Collins & Aikman. 27% Colo Fuel & Iron 52 ColGas& El (2).. 99% Col Gas & EI pf A(6) 42% Col Gas&E rets ptpd. 16% Columb Graph (¥7c). 105 Columblian Carb (16) 18 Com Credit (2).. 28 Comm CreditA (3).. 70 Com Crd st pf (63) 28% Coml Inv Tr (g1.60). 87 Com Inv Trpf (6%). 9 Com Iny Trst war. 20% Comm Solvents (1).. 10 Comwlth&Sou(60c). 11 Congoleum-Nairn 43 Congress Cgr (15%). 40 Consol Cigar (7) 10 Consol Film (2).. 15% Consol Film pf (2). .. 4 185 3 .« 50s 2 204 80! Consol Gas N ¥ (4).. 210 105% 921 Consol Gas NY pf(5) % Consol Textile. 25% Contl Baking A... 4% Contl Baking B 7914 Contl Baking pf a3 40% Contl Can (2% 20% Contl Dia Fibre (3). 46% Contl Insur (2.40) 5% Continental Motor. 18 Contl Oil of Del. 287% Contl Shares (1).. 70~ Corn Prod (13%). 20% Coty Ine (g2). b 24 Cream of Wht(12%). Crex Carpet . 4 sley Liadio (1) % Crown Cork & Seal Crown Zellerbach (7) ba Cane Sugar. ba Co. Cuban-Amer Sugar 56 Cuban-Am Sug pf. 36 Cudahy Packing ( 6% Curtiss Wright Corp. 13% Curt Wright Corp A. 21% Davison Chem. . 20 Debenham'’s (a2.32). 109 Deere & Co pf (1) 141% Delaware & Hud ( 151 Detroit Edison (8).. 117 Diamond Match (8). 69 Drug Corpn (4)..... 107% Dupont d N deb (6).. 150 Eastman Kodak (8 18 Faton Axle& S (3).. 4 Eitingon-Sch (2%) 50 Flec Auto Lite (6). ectric Boat. ... .. 29% El Pwr & Lt (1) ). 17 1% Contl Bank (1.20). . . 16( 317% 27 40s 120 18 173 2 207 10s 140 4 79 41 116% 3 179% 12 30% 12 B% 7 B 28 5 67 Ba% 31% 263 119% 173 207 140 784 116% A 179% 30 5% 8415 5 3% 83 5 53 15 . 1 29% Evans Auto L($2%). Fairbanks Co. Fairbanks Co F Fash Park Asso (234 Federated Dept Strs. Fed Water Ser A 2.40 4 Kid Pho Fire 1(2.60). Firestone T&R(1.60) Firestone T&R pf(6) First Nat Strs (2%). Fisk Rubber. i Fisk Rubber 1st pf Fisk Rub 1st pf cv. . Foster Wheeler (2) Foundation Co. Fox Film A (§4).... Freeport. Texas (15) Fuller Co pr pf (6).. Gabriel Snub A...... Gen Am Tnk Car(34) Gen Asphalt (4) Gen Cable. ... 4 Gen Cable A (4) 403 6314 1% 81% 112 1161~ 135 91% 1681 55% 1261 70 1061 99 88l 50 143 80 481 104 64 26 66 9% 82 3l =05% 38% 154 60 1047 87 60 14 W1% 68 119% 105 70 14% 79 42 31 23% b6% 12 20% 27 104% 99 131 91 75 b4 81 68% 5% 143% 60% 33 2% 118% 84 52% 13 52% 45 109 26 82 £4% 58% 3413 93 38 82 18 1531 116 17% 90 55% 159% 95 119 108 149% 53 391 254 2% 12% 69 39 60 10% 70 3 18% 5 1047 49% 57% 45% 109% 80 8% 3% 6% 27 57 28 116 103% 23 8% 76 60 114 534 46% 22 12215 38 105 97% a”y 16% 1574 801 110% 100 32 10 28 17 1087 13% 138 24 59% Gen Cable pf (7). Gen Cigar (4).. Gen Electric (16) Gen Electric (new. Gen Elec spec (60c). Gen'l Food Corpn (3) Gen Gas&EI A (te2), Gen G & EIpf A (7). Gen G & Elpf A (8). Gen Motors (13.30) Gen Motors pf (7)... Gen Public Serv (b6) Gen Ry Signal (5)... Gen Ry Sig pf (6). .. Gen Refacfories (4) . Gillette Saf Raz(n5). Gimbel Brothers. Glidden Co (h2) Gobel (Adolf) Gold Dust (236)....4 GoodrichBF (4).... Goodyear Tire (5) Goodyear 15t pf ( Gotham Silk H (235 Gotham S H pt (7). uld CoupJer. : Graham-Paige. Graham-Paige ct. . Granby Copper (8). Grand Union. . Grt North pt (5). Grt North pf et (5). Grant (WT) (1). GtNctfsOP (a3%). Grt West Sug (2.80). Grt West Sug pf (7). Grigsby Grunow (2). Gulf Sta Steel (4)... Hackensck W pf 1% . Hahn Dept Stores. Hall (WF) Ptg (m1) Hamilton W pf (6).. Hanna (M A) 1st (7) HarbWalkr Ref t2% Hartman A (2). Hayes Body. . Hershey Choe pf( Toe (R) &Co...... Helme (Geo H) (17). Houdallle Her B (2). Housed F pf 13.12% Houston Oil. . “ Howe Sound (t4%4).. Hud&Man Ry (3.50). Hudson Motor (5). Hupp Motor (£2). Illinois Central (7) Independ Oll & G (2) 1nd Motor Cycle. Indian Refining. Indian Refining c Inspiration (4). Insurance Shars 45c. Interlake Iron (1) Interboro Rap Tran Intl Agricultural. . Intl Bus Mach (n6) Intl Cement (4) Int Combustion Intl Harvester (214). Intl Harv pf (7)..... Int Hydro E1 A (e2). Intl Match pf (4).. Int Mer Marine ctfs.. Int Nickel of Can (1) Intl Pap & P A(2.40). Intl Pap & Pwr C. Intl Printing Ink Int Salt (6). Int Silver (6).... Intl Silver pf (7). . o puaanparaneapran=aTS® 98 sk Rn 2 Int Tel & Teleg (2).. 247 Inter Dept St (2).... Investors Equity(2). Island Creek Coal(4) Jewel Tea (4).... Johns-Manville (3) 11 2 1 3 54 Jones & Laugh pf(7) 50s Jordan Motor Car... Kan City Sou (5).... Karstadt (R) (1.02). Kelth-Albee-O pf (7) Kelly-Spring Tire. Kelsey Hayes (2) Kelvinator Corp. Kennecott (5) 3 Kimberly-Clark (13). Kinney (G R) pf (8). Kolster Radio....... Kraft Ph Ch (1% Kresge(SS)Co(1.60). Kresge SS pf (7). Kresge Dept Stores... Kresge Dept S pf.. Kress (SH) (1). Kreuger&Toll (1.34). Kroger Gr&Bak(n1). Laclede Gas pf (5) Lago Ofl & Trans. Lambert Co (8).. 15 208 14 57 4 20s 5 108 3 75 18 408 2 10 Leh Port Cm pf (7)..1008 Lehigh Valley Coal. . Lehn & Fink (3)..... Libbey Owens (1). Liggett & My (15). Liggett & My B (15). Lima Locomotive Liquid Carbonic (4). Loew's, Inc (3)...... Loft, Ine... Long Bell Lumb A... Loose-Wiles (2.60) Lorillard (P) Co. Louisiana O1l. . LouG&FEIA (1%) Ludlum Steel (2).... Ludlum St1pf (6%) .. i McAndrews&F 12.85. 225'% 110 82'% McCrory A (2).. Meclntype Pore M(1). McK'port T P (14%). McKesson & Rob (2) Mack Trucks (6). Macy (RH)&Co (n Magma Copper (5).. Mallinson pf (7).. Manati Sugar pf..... Man Elec Supply. Man Shirt (2).. 4 Market St Ry prpf. Marmon Motor (4) Mathieson Alkili (2), May Dept Strs (n2). Maytag Co (12) Maytag Co 18t pf(6). Mengel Company (2) Metro Gold pf (1.89). Mexican Seaboard. Miami Copper (4) . Michigan Steel (234). 4 Mid-Continent P (2). Middle States Ofl ct.. Miller Rubber. . . Minn Moline Pw: Mo Kan & Texas. ... Mo Kan & Tex pf(7). Missouri Pacific. Missourl Pac pf (5).. Mohawk C Mills (3).. Monsanto Ch (g1%). % Montgomry Wrd (3). Morrell J (3.60)..... Mother Lode (40c) Motor Meter G & . Motor Wheel (3). MurrayCor (b2 % stk) Nash Motors (6). . Nash, Chat&StL(18). % Nat Acme (1%)... Natl Air Trans...... Natl Bella Hess ( Natl Biscuit (7). .... Nat Biscuit (new). .. Nat Cash Reg,A(14). Nat Dairy (12). Natl Dept Stores. at Distillers (2). atl Pwr & Lt (1). 4 Natl Radiator Y Central (8).. Y Chi & StL (6). Y Chi & St L pf(6) v NH & Hart (6)... Y Ont & West, 6 P TP TP ST O ) 3 1 115 3 2 5 1 10 10 508 1 19 107% 60 21% 1 1. 19 7 36 3415 341 3 5 36 28 170% 133 1081 108% pty 109 13% o5 North Am Ed pf (6). % Northern Pac (5). North Pac ct (5) % Oll Well Supply Oliver Farm Equip. . Olivr Fr Eq ev pt(3). Owens I1l Glass(n4) . Pacific Gas & E (2).. Pacific Lighting (3). Pacific Oil stubs. ... Pacific Tel & T (7). Packard Motor (1).. & Pan-Am Pete B..... Paramount-F-L (3) Park Utah. : Parmelee Trans 114 Pathe Exchange. , Pathe Exchange A Patino Mines (3.89). Peerless Motor Car. . Penick & Ford pf ( Penney (JC) (2 Ten (J C) pL A (6 Tenn Coal & Coke. . Penn Dixie Cement., & Penn Dixie Cemt pf. . 2 Pennsylvania RR(4) Teoria & Eastern. Phelps Dodze (3). Phila Co5% pf(2i5). Phila & Read C&1.. Philip Morris (1) 4 Phillips Petrm (n2). Pierce il Pillsby Pirelli Co A (2.88) Pitts & W Va (6). Toor & Co (B) (2) P Rican Am To (B Prairie O&G (12%). Prairie Pipe L (15).. Pressed Steel Car. Proc & Gamble (2).. Prophylactic Br(2). Public 8. N J (13.40). Pub Sve NJ pf (7) Pullman Corp (4).. Punta Alegre Sugar Pure Of1 (13). Pure Ol pf (8) Purity Bakerfes (4). Radio Corp.. # Radio pf A (3%).... Radio pf B (5) £ Radio-Keith-Orph A, R R Sec ICstk C(4). Raybestos Man Reading (4). . ing 1st pf (2) Y= Rem Rand (50c).. . Reming-Rnd 1st (7). Reo Motor Car (.80). Repub Ir & Steel (4). Rep Ir & Stl pf (7). Reynolds Spring. ... 1 Sow Ranm vk “108 105 10 ynolds Tob B (3) hfleld Ol (2). ... Rio Grande Ofl (2).. Rossia Inc (2.20) . 1 Royal Dutch (a3.20). 23 Safeway Stores(e5). 2 Safeway pf (6)...... 50s St Joseph Lead (13). 20 St L-San Fran pf(6). 3 St L Southwestern. 9 Savage Arms (2). 1 Schulte Retail Str: 16 Schulte Retall pf(8) 160s Seaboard Air Line. .. ears Roebuck ($2%) 19 Sec Natl Inv pf (5).. 1 Seneca Copper. . Servel Inc. Shattuck( 10 2 Sh Uem ev pf Simmons Co (g3). Simms Pet (1.60). Sinclair Con Oil (2 Skelly Ol (2)... Snider Packing pf Solval Am In pf 5% o Port Ric S pf (8). Southern Cal Ed (2). Southern Dairies B. . Southern Pacific (6). Southern Rwy (8) Southern Ry pf (5).. Spalding 1st pf(7) Spang-Chalfant..... Spang-Chalfnt pf(6) Sparks Withngtn(1). Spear & Co.... . Spear & Co pf (7).. Spicer Mfg o Spiegel-May-St (3). Stand Brandes (13%). Stand Com Tob (1).. Stand Gas & E1 (3%) Stand G & E pf (4).. Stand Invest Corp Stand O of Cal (23). Stand O N J (12)... Stand Ofl N Y (1.60). 1 Stanley Co of Amer. 260s Sterling Sec A...... 4 Sterling Sec pf(1.20) 1 Sterling Secev pf(3) 14 Stewart Warn (§33%) 1 1017% 101* 84 8 83 844 Sun Oil 11 ¢ Tex Gu Tide W Und-k Utd Ca United United United Utd Ga; Unit Pi United U S Hol U S Ind US P U S Rul US Sm U S Ste U S Stey U S Tob Univ P Vanadi virgini; Vulcan Walwo! W Westn Westin, Wextar Wilcox s Wilcox 100% 108 100% 108 Yellow Young Zenith T10:30A. 1:30 P.M. Supertor Steel. Union Bab & Paper. . Union Carbide (2.60) Union Pacific (10)... Union Pacific pt (4). Union Tank Car new . Utd Alrcraft& Trans. Utd Biseuit (1.60). .. Utd Cigar Stores vabash. . Wabash pf, B (5).... Waldorf Systm (1%) 224 224 ot (6) 104% Symington (A) % Telauto Cp (+1.25) Tenn Cop & Ch (1) Texas Corp (3) 1f Sul (4). Texas & Pac (5)..... Tex PC&O (b10%). exas Pac Land Tr. . The Fair (2.40) . Third Avenue, .o Tide Water Asso 60c. at Asso pf (6) Timken Det Ax 180¢ Timken Roller (3) Tobacco Product: Tobacco Products Tob Prod dv ctfs C. . ‘Transcontinental Ol Truax Traer (1.60). . 1-Fisher (5).. @ - rbon (2). Zhalrmrnire ot Cigar Strs Utd Corporation. ... & ¥td Corp pf (3)..... Elec Coal. ... Fruit (4). S & Imp(1.20) Utd Gas & Im pf (5). ece Dye W (2) Stores A..... Udt Stores pf. U S Distributi U $ Distrib pf (7)... U S & Forelgn Secur. U S & For Sec pf(6) . U S Frelght (3) ftman (2) Alcohol (7). U S Leather 2 U S Pipe & Fd . pe&F 2d pf 1.20 U S Realty (6)...... U S Rubber. . bber 1st pf. . . elt Ref pt 3%, el (7)., el pf (7). bacco (4). ... ict 1st pf(8).. Univ Pipe & Rad Util Pwr&Lt A (e2). um (t4).. . Vick Chemical (2%). a-Car Chem. . Detinning. .. rth Co (2).... Ward Baking A. Ward Baking B. Ward Baking pf ( Warner Bros Plc (4). Western Pacific. ... . War Bros P pf (2.20) Warner-Quinlan (2). Warren Bros (19)... Warren Bros 1st (3). Warren Fy&Pipe(2). Webster-Eisenlohr. . Wess Ol & Snow (2). O&Snpf (4).. West Penn El pf (6). West Penn EI pt (7). West Penn Pw pf(6) 40s Dairy (B). Western Maryland. . Western Pacific pt Western Union (8).. Westngh Ald Brk(2). ghse E&M (5) Westhse E&M pf (5) 1208 Weston ElIns (1)... Westvaco Chlor (2). rk Radio (2).. White Eagle Oil (2). White Sewing Mach. Rich (A) 2% Rich, B (2).. Willys-Over (1.20).. Woolworth (2.40)... Truck & C. Spring (3). Radlo . RIGHTS EXPIRE Am R Mills. .June 15 Col_Carbon. . M: N Y Cent. Rhine W EP. Sales of Stocks on_New 18 23 % 2% 5 2% % 2% 5% 2% 1 .Jan 31 Jan 23 2% 79 B 15 2% York Exchange._ i 12:00 Noon. 908,800 ..1,338,000 304,700 1,141,200 Dividend rates as given in the above table are the annual cash * | payments based on the latest quarterly or half sUnit of trading less §Pavahl o] EATane 5SCush 5F Siock: Hipius. JPlus 8% in stock. nPlus 5% % | 4% in_stock. a8 2o | ERRaSle t e 38% | 633% in’ stock. arly declarations. Plus an 100 shares. {Partly extrs % k. dlast rip. fPlus 9% in stock. al bPayable 1 stock. ~dPayable earned. fPlus 10% in stock. gPlus 6% In stock. kPlus 3% in stock. mPlus e in instock. Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. If the hopes of the business men and educational leaders who instigated the enterprise are sustained, the Federal census of distribution upon which work actually began last week will be the Government_enterprise of 1930 having the most far-reaching and beneficial public effect. Data sought are simple enough in outline, though most com- plex in compilation, since every man- ager of a business house is being asked to give a record of everything his con- cern bought and sold last year, with some information on the origin and destination of the commodities dealt in. Importance attached to the distribu- tion census arises from the long-held conception that present methods of moving goods from production to con- sumption in the United States are not as efficient as they should be. Various broad and sweeping estimates have been current, to the effect that some billions of dollars could be cut from the na- tional distribution expenditures, to the advantage of consumer, producer and— though there is difficulfy in establishing that fact—to the benefit as well of the distributing portions of the population. The national census is expected to give the reorganizers in trade and educa- tional establishments some statistical tools to work with. Census Bureau administrators of the enterprise, however, emphasize the fact that the details of the study are likely to have a lot of business and social value, aside from the chance that they | may usher in some renovation of all the American selling system. “This census will give account of the various types and sizes of retail, whole- sale and other merchandisinz concerns in the whole country, their sales, ex- penses, inventories and_employes,” it is declared by Dr. R. J. McFall, chiet statistician in charge of the enterprise. “It will give as much information as possible concerning the goods sold by these various distributors. As much as possible of this information will be summarized for each city and county, as well as for each State and the Nation as a whole. “No attempt is going to be made to obtain information concerning the profits of concerns. Operations of trans- portation agencies are not being in- cluded under it. “Now it will be of value to all' mer- chant-distributors to know the impor- tance of their group in the whole busi- ness world. It will be of practical im- portance to the whole business com- munity to know the proportion of each type of business done by distributing concerns of various kinds and sizes. “What_proportion of our business is done by large concerns? What propor- tion of business has gone to units of chain organizations? “How many concerns are there with turnover too small to allow the operator a comfortable income? This census should give answers to all these ques- tions. In addition, it should build up an index to the consuming power of localities that would aid every manu- facturer and wholesaler. Any material gains of this character are likely to reach the consumer ultimately.” Representatives of public utility com- pany organizations following the Fed- ) eral Trade Commission inquiry into their industry rather look to see that proceeding explain easily the trend to- ward merger of enterprises in that field. Even superficial study of the problems of generating and distributing electrical energy shows, they say, that the big cen- tral plant producing current for a net- work of transmission lines is greatly more economic than a series of smaller | units. All the research of laboratories and the improvement in managerial methods has emphasized this disparity and has encouraged the series of tie- ups noted in recent years in the busi- ness. However—and the commission is ex- | pected to advertise some of the un- pleasant phases of this—the displaced local elecetrical generating and distrib- uting company once in a while has been | able to take a toll out of the big com- bine that frequently has been treated as startling. Thus, a central generating plant has occasionally stretched out a transmission line 250 miles, supplying a whole string of communities, but found itself forced to pass through one or two cities without including their distribu- |tion system in the new transmission |leg. Eventually the economics of the | situation has required the central en- terprise to get control of all power out- lets along its transmission route, al- | most without regard to cost, and there have been some very fancy figures set on such strategically placed properties. What the central power corporations are described as having done in other cases is “buying a market”; that means that the local electrical” distributing plant has been gotten hold of at a figure probably far in excess of capital investment. Nevertheless, the coming of the inter-connected central power line, and the cheapening of energy after the hook-up, it is claimed, has often justified the high prices paid. There is, of course, argument coming over these points, and some of it is likely to be heard when the commission begins turning loose its actual data. Swift & Co. and Armour & Co., the two Chicago packing concerns which are seeking to get back rights to en- gage in the grocery business, and per- haps also right to run retail stores, are facing a formal opposition from the Department of Justice which may not be an unyielding opposition in the long run. At least, that'is the impression that lawyers most associated with the litigation have. By a decree of 1920 handed down from the District of Columbia Supreme Court and accepted by the packing companies, these concerns and associate enterprises were estopped from carrying on a number of activities. They were required to sell stock yards and ter- mijal facilities in stock yards; keep re- frigerator cars out of the business of hauling anything except meats and re- lated commodities; and to abstain from distribution of groceries. Swift and Armour have asked that decree modi- fied, and John Lord O'Brian, assistant to the Attorney General has suggested to the court that the packing companies be required to prove strictly their need for relief, or have their petition dis- missed. ‘That response of the Government legal representatives now leaves the case open for hearing. Packer repre- sentatives say there is no disposition to disturb the decree in general, and are rather hopeful that Government oppo- sition to their limited program will in the end prove to be perfunctory. By the Assoclated Press. ‘The American Acceptance Council reports that the volume of outstanding bankers’ acceptances in this country on December 31 was $1,732,436,388, an in- crease of $447,950,638 for the year 1929, The Mortgage, Bond & Title Cor- poration, with headquarters in Balti- more, has completed arrangements to acquire the $12,000,000 mortgage busi- ness of the Chemical Bank & Trust Co. of New York, which was conducted by the United States Mortgage & Trust Co. until its recent merger with the Chemical Bank. A bondholders' committee has been formed for the protection of the inter- ests of holders of $6,676,000 principal amount of improvement bonds of the City of West Palm Beach, Fla., which defaulted in the payment of principal and interest early last year. Included ameng the new security of- ferings tomorrow will be an issue of $1,000,000 43 per cent bonds of the City of Austin, Tex., maturing serially from January 1, 1931, to 1960, and to b2 offered at prices to yield 4.50 per cent. Plans. for expenditure of approxi- mately $3,780,000 in improvements on the lines of the Denver & Rio Grande Western Railroad, which operates a through transcontinental route in con- nection with the Western Pacific, were announced here today by J. E. Court- ney, assistant traffic manager. Ten new Mallet type locomotives, costing $1,- 350,000, will constitute the largest item of the improvement expenditures. More than $1,000,000 will be spent in the purchase of heavier rails to permit faster train schedules, . PARIS BOURSE PRICES. PARIS, January 20 (A).—Price changes were irregular on the Bourse today. Three per cent rentes, 88 francs 65 centimes; 5 per cent loan, 106 francs 25 centimes. e Exchange on London, 123 francs 8015 centimes. The dollar was quoted at 25 francs 45, centimes. Ford to Build German Plant. COLOGNE, Germany, January 20 (#). —The Ford Motor Co. Yesterday signed a | contract with this municipality for erec- tion of a plant at a cost of more than $1,000,000. Prof. Edmund Koerner, Es- sen architect, has been instrusted with the plans. The contract specifies that all work shall be done by local firms exclusively. Pershing Rests at Resort. ‘WHITE SULPH! SPRINGS, W. Va., January 20 (). n. John J. Pershing yesterday had the first full day of an irtended six-week rest at this Winter resort, He arrived here Saturday from ‘Washington. Gen. Pershing, it was understood, plans to spend his time writing and rleling golf, o | mon moving up about 3';. Tobacco Shares Strong on Rumor of Increase in Wholesale Prices. BY STANLEY W. PRENOSIL, Associated Press Financial Writer. NEW YORK, January 20.—Prices ol stocks continued to bob up and down within & narrow trading area in today's market, Renewal of selling attacky against radio and some of the power and light stocks was offset by flurriey of buying in the tobacco, zinc, amuses ment and merchandising shares. Neither “bull” nor “bear” traders appeared ta gain any special advantage and publie participation continued on a relatively small scale. News over the week end gmiled tc throw much additional ligigh the business picture. Some du-pnnflmcnl was caused today by the uncffichl re. port that the U. S. Steel Corperation did not contemplate retirement of fund. ed debt of its subsidiary companies The Interstate Commerce Commission'y approval of the segregation of the coal and railroad properties of the Delaware & Hudson Co., was followed by an ad« vance of 2% points in that stock. Call money renewed at 4'% p°r cent, but dropped to 4 despite the calling of some loans for forcign account. The time money market was dull. National Bellas Hess issues led the merchandising group, the preferred stock jumping 16 points and the coms First Na« tional Stores and Ab aham & Strausg each advanced about. 2 points, and Hahn Department Stores, Best & Co, and some of the others advanced a point or so. ‘The renewed demand for the Ameris can Tobacco issues was based on res ports of an impending incrcase in wholesale cigarette prices. Warner Bros. Pictures and Radio-Keith-Or- pheum led the advance in the amuse- ment shares, United States Hofiman Machinery ran up 6 points, Western Unigp 5 and Kraft Cheese and Warren Bros. 3 each. United States Steel common sold down 2 points to 1673} in the early trad- ing, but had practically recovered loss by early afternoon. Allied Chem- ical made up an early loss of 4 points, Radio was driven down more than 2 points to 3535, Standard Electric Power & Light, United Aircraft and Liggett & Myers B, all sold down 2 points or more be- fore effective buying support was en- countered. Corporation News NEW YORK, January 20.—The fol- lowing is today's summary of important corporation news prepared by Standard Statistics Co., Inc., New York, for the Associated Press: The stock market during the past week was again a dull affair. Turnover op two days dropped below the 2,000,000~ share mark, while movement of prices continued within _narrow limits in either direction, Since the beginning of the year Standard Statistics price in- dex of 90 representative stocks has moved within a range of 3.7 points. New issues of bonds reached the highest total in any week since the war period, the total being $306,548,000. This heavy offering resulted in slightly lower ‘prices for prime securities on the listed market, indicating some switching into new securities may have taken place; second grade issues were generally lower. Brokers’ loans showed an increase of $13,000,000 from the previous week's figure, making a total of $3,365,000,000 outstanding as of January 15. These figures are $3,439,000,000 below the high record reached on October 2, 1929, jand $37,000,000 above the low point of | $3,328,000,000 reached on December 24, 1929, on the present movement. Loans for New York City banks declined $33,~ 000,000 and those for the account of others $6,000,000, while out-of-tom banks increased their lendings by $53,- 000,000. Call money ranged between 4 and 41 per cent during the week. The outstanding change in the Fed- eral Reserve Bank's consolidated state- ment was the reduction of $125,300,000 in holdings of discounted bills: total bills discounted on January 15 were the smallest since February, 1928, and amounted to $442,336,000. Federal Re- serve note circulation declined $54,500,~ 000, while cash reserves increased $49.- 400,000. Reserve ratio advanced to 75.4 per cent, compared with 72.9 per cent in the previous week and 67 per cent a year ago. Trade and industrial reports making their appearance during the week were mostly unfavorable, though moderate improvement in the steel industry was in evidence. Ingot production advanced to 66 per cent of capacity, compared with 59 per cent in the preceding week and 39 per cent during the holiday sca- son. In the like week a year ago pro=- duction was at 83 per cent. The United States Steel Corporation operated at 67 per cent, an increase of 2 per cent over the previous week, but a decrease of 18 per cent from the like week of 1920, Despite the present recession in the in- dustry and the recent price cuts in sev- eral classes of steel, sentimentyis at a high level. Specifications from the automobile industry have been disappointing, but railroad orders are holding up well and indications are that building trade de- mand will be larger than in 1929 and will at least partly offset the falling off in specifications from the motor in- dustry. Copper metal statistics for December indicated a further addition to stocks. Production of refined copper by North and South American producers for the month totaled 138,203 tons, shipments amounted to 93,802 tons, unsold metal gaining 44,401 tons in the month and increasing the stock of refined copper on January 1, 1930, to 171,320 short tons, the largest supply in several years, Copper above ground to blister stage and beyond amounted to 436984 tons, a gain in December of 51,873 tons. These increases reflect the consumer’s present pclllcy of buying for immediate nceds only. How long this policy will be main- tained is difficult to foresee, but it is unlikely that buyers will enter the mar- ket with large orders while stocks of copper are increasing. The initial step toward correcting the current excess production was taken by the Anaconda Copper Mining Co. during the past werk in the suspending of operations at three mines. Foreign trade figures for December showed a decrease of $41.845.000 in ex= ports and $29,408.000 in imports, favors able balance declining $13.437,000, com« pared with December, 1928, balance, Exports for the year totaled $5,248 483« 000, an increase of $120,127,000 over ex- ports of 19828, while imports totaled $4,400,634,000, an increase of $309,190,- 000, and with the exception of 1926 the highest total since 1920. Favorable balance of trade for the vear was $847.~ 849,000, a decrease of $189,063,000 from 1928 favorable balance. Gold exports for December exceeded imports by $64,426,000, contrasted with an import excess of 1928 by $23,304,000. For the year gold imports exceeded ex- ports by $175,066,000, compa with an export excess of $391,863,000 in 1928, This reversal of the gold movement was due to the hlsh money rates prevailing here in 1929. During the first 10 months of the year gold stocks rose $282,000,000, but following the market collapse in late October the movement changed, $105,000,000 being ship) out of this country during the final two months of the vear. This movement, it is believed, will tend to restore sounder credit con< ditions in other countries.