Evening Star Newspaper, December 8, 1930, Page 14

14 *a® FINANCIAL. BUYER STRIKE LAID 10 FALLING PRICES THE EVENING STAR, WASHINGTON, D. C., MONDAY, DECEMBER 8, 1930. NEW YORK STOCK EXCHANGE | |BOND PRICES SAG ' IN HEAVY MARKET FINANCIAL. [oew o BONDS soce senve] [B]|F CHIP STOCKS ARE SOLD FREELY UNITED STATES. (l-l- are in $1.000.) High Low Close 10127 10125 101 27 Sales. High. 6 1031 1034y 106% Low. Close. 1028 1034 1034 103% 106 106 Pac G & E) 6343, Pac T&TIst bs '37. Pac T&T ref 5 (Continued From Pl(l 13.) Stock and ock and Bales— Prev. idend Rate Add 00. High. Low Close. Close Schulte Retall Strs.. 1 4% st Divi Steady Decline in Commodity Values Keeps Down Purchases. & BY JOHN F. SINCLAIR. “Bpecial Dispatch to The Star. NEW YORK, December 8.— J. F. Sartori, the Jowa-born president of the Security-First National Bank of Los Angeles, thinks that it is only natural that buyers should hesitate to “‘com- mit ml"fi;;n when commodity prices are decl! “You are doubuess quite familiar with the general theory that we may anticipate a long series of years of declining commodity prices due to the ld situation,” says Mr. Sartori. “This, ver, has perhaps little influence upon the present disinclination to buy in the face of falling prices, because “of the bellef that the present decline in prices is a temporary one, due to special causes. When these temporary causes are removed, prices will be sta- bilized and perhaps recover somewhat. I have no suggestion as to how to correct this situation. Our experience in the past shows us that after a time prices cease to fall, business picks up and the recovery begins, but I do not believe any of us quite understand the | casual relationships of these processes.” Urges Public Works. On the problem of unemployment, . this well known Western banker says: + “To relieve unemployment as far as possible, I think that all governmental agencies should press forward with public works and that private enter- prises, particularly the raflroads and the utilities, should spend for perma- nent improvements as much as they may soundly do so. This, however, will take up only a small fraction of the ‘unemployed. "anlz' far as it can be done, the employment of all labor on a rotating|. part-time schedule would, to that ex- tent, help unemployment but it would not help the general business situation, as the total wages would not be greater fl the same men were employed for the whole time. I wonder if the tariff and higher wages resulting in higher prices for goods may not be having a decided influence on the present situation?” Upon the mooted question of wages, Mr. Sartori says, “I do not believe that wages can be held indefinitely at their present levels, while prices con- tinue to decline. It seems to me that employers, who retain their staffs at time on the same wage scale, have 'n cutting wages already.” No question about that! Holland Tunnel. ‘The Holland Tunnel, that magnificent piece of engineering underneath the Hudson River, which connects New Jersey with New York, is three years This tunnel cost $54,000,000 to build. the traffic jams, caused by the rapid expansion in automobile traffic between New Jersey and New York, forced its construction. More than 31,000,000 automobiles and trucks have passed through the tunnel since its opening. The revenue during the second year was $5,767.000, and this year it is expected to reach $6,000,000. ‘This _income is equally divided be- tween New York and New Jersey In New, York the money goes directly into the ury. t in New Jersey, it is mer cars, 17 per cent commercial per cent 1l regulated is the traffic, '.hl! ui‘ln wdndent has oecumdd ce it was cpened. ar 56,400 cars went through. be only a matter of a few tire Ic- be paid for out of the revenue. doubtless the toll charges will be ited. cars “Roast Beef” Trade. Argentina’s chnlce roast * bee{ when , is called *! rificos.” Her “roast beef” trade with Great Britain is growing rapidly. The Prince of Wales—England’s super-salesman— is busy these days completing plans for mwd to plenty of their choicest roast The constant improvement in Ar- tine chilled beef has made it the lavorite in the British market. Think of the annual value of cattle produced in Argentina ranging from $250,000,000 to $300,000,000! The huge export of frozen and chilled beef is largely re- ble. The new quick-freezing processes—largely developed. in the last five years—have had much to do with this export expansion. Before the Frigorificos came along, the cattle raisers in South America made their money from hides and jerked beef, and gave no thought to the improve- ment of their breeds. But now it is different. Great interest in fine blooded and pedigreed stock has sprung up all over South America. Fully 34,000.000 ;ke’rl in the Argentine have Horthorn lood. But cattle raising in South America today no longer offers large returns for minimum efforts. Cattle raising on cholce grazing land in the Argentine has become a highly competitive in- dustry. (Copyright, 1930, by Nortn American News- er A.\l ance.) BALTIMORE TO MARKET $4,134,000 BOND ISSUE Special Dispatch to The Star. BALTIMORE, December 8.—An of: fering of $4,134.000 4 per cent Balti- more City bonds, scheduled for next * Priday stands out as one of the largest ‘ municipal issues to be sold during the month. Judging from recent prices for 1=cal municipal issues on the Baltimore tock Exchange, a relatively high price will be received by the city despite the recent reaction from the year’s peak prices. This week there was a sale of city 4s of 1958 at 99% on the local market as against a price of 98.729 re- city for an $8,885,000 issue, sold to a banking syndicate last June. Previously an offering of city bonds was placed with bankers in the Autumn of last year at 95.83. Keen competition from out-of-town as well as local banking groups is looked Zor in the bidding. The funded debt of Baltimore is ll” 771,879, according to a statement by the commissioners of finance, when bids were asked on the above-mentioned issue. It will consist of $2,000,000 pav- ing and bri loan,’ $1,564,000 of the new afrport loan lnd $570,000 of the public buildings loan. ———— POTATO MARKET. CHICAGO, December 8 (#).—(United States Department of Agriculture). — 114 cars; on track, 230; to- steady; trading falr; ucked per hundredweight, isconsin _round . whites, 1.35a1.45; fancy, 155a1.60; Minnesota round ‘whites, 1.25a1.40; Idaho russets, No. 1, 1.70a1.90; No. 2, 1.25a1.35; a’dlflll’!. 1.15a1.20. 151, ”:'.”Imm $151,000,f -8 yearago, $126,- 30~ lllh ll:' Dividend Rate. S Madison SqGar (1) 22 Magma Cerper (3) Mandel Broth: MaaBlevmoos (d65 3 Manhat Shirt (1).... 2 Marine Mid (1.20). 8 Marlin-Rock (t5%).. 1 Marmon Motor Car.. 1 4 Marshall Field 2%). 9 3 Martin Parry........ 8 Mathieson Alkaif (2) 5 May Dept Strs (n2).. & Maytag Co pf (3) 1 Meiville Shoe (2).... 2 Mengel Co (2). 1 Mengel Co pt (7 . Met-Gold pf (1.89 6 Mexican Seaboar: 26 Miami Copper. .. 3 Mid-Cont Pet (2).... 7 Midland Steel (3) 2 M StP & SSM 1sd u) 160 P Mo Kan & Tex (3). Mo an & Tex of (7). ouri Pacific. .. MIlmuri Pacpf (5).. Monsanto Ch (g1%). « Montgomery Ward. . B Motor Wheel (3). Mullins Mfg. Mullins Mfg pf (7 Munsingwear (t4 urray (B)(2% s yer (FE) & Br (2).. Nash Motors (4).. N = BonBrond q»u?»naaomoavvr » o Natl Dairy (2.60).... Nat Dept Stores (1). hn Dept St 1st (7). . S w¥e » Neisner Bros (1.1 ID) . Nevada Copper (1).. Newport Co (A) (3). - Raflways pf. N Y Steam pf(6). Norfolk & Southe Norfolk&West (112) North Am Aviation. . Nor Am (b10%stk) North Amer of (3)... North Am Ed pf (6). Northern Pacific (5). Nunnally Co. Ohio O11 Co (2). Oliver Farm Equip. % Oliver Farm Eq cv pt % Oliv Farm Eq pr pf. 2% Omnibus Corp. Oppenheim Col Otis Elevn (23). Otis Steel. ... Outlet Co pf (7) Owens 111 Glass (3) Pacific Coast..... Pacific Gas & El (2) Pacific Lighting (3). Pacific Tel & Tel (7). Pac Tel & Tel pf (6). Packard Motor (60c) Pan-Am Petrol (B) Panhandle P & R. Param'nt Publix (4). Parmelge Tran (60c) Park & Tilford. » 3 @ R e T e = N T L L ®° - Beon Pathe Exchange (A). Patino Mines. Penick&Ford (fl%) . Penney (JC) (3) .. Penn Dixie Cement. ., Penn Dixie Cem pf.. Penna R (4) Peop Drug Strs (1 People's Gas Ch (8) Pere Mafquette (13 Petrol Corp (1%) Phelps Dodge (2) Phila Read C& 1. Philip Morris&Co(1) Phillips Puror(nn. Plerce Ofl.. Pilerce Oil pf...... Pierce Petrolm (10c). Pilisbury Flour (2).. Pirelll Italy (a3.14) Pittsburgh Coal pf.. Pitts Unit Cp p£(7). Pittston Co (76¢). ... Poor & Co (B) (2)... Postal Tel & C pf (1) P R Am Tob (B).... Prairie Ofl & Gas (2) Prairie Pipe L (1) o N EETS- LTS N0 JORPR WO N 8 B aaTan PubSvE& G pf (6). Pullman Corp (4) Purity Bakertes (4. Radlo Corp. .. Radio Corp (B) Radio-Keith-Orph Raybestos Man 2 60.. Reo Motor Car (80c). Republic Steel...... Republic Steel pf (6) Revere Copper & Br. Reynolds Metals (2). Reynolds Tob A (3). Reynolds Tob B (3). Richfield O1l. Rossia Insur (2.20) Royal Dutch #3.216 St Joseph Lead (13). St L-San Fran (3 St L-San Fran pf I) 8t L Southwestern St L Southwesternpf Prev. Ada 00, ll:n tmr Close. Close. 6 22% 6% Sun O11 caqQaaaaca uunnnmmm Schulte Retail pf (3) Sgl Sears Roebuck ll!fi .- Second Natl Inv. sn-uucktra)(fl%) Shell Union Ol. ..... Shell Un O] pt Shubert Theat. Stmmons Co. Simms Petroleum. .. SinclairCon Ofl (1).. Skelly Of1 (2). . Skelly Ofl pf (6) Snider Packing. Sou P Ric Sug (1.40), Southern Cal Ed (2). 9% Southern Dair A 1%. Sou Dairies (B). e Southern Pacific (6). Southern Rwy (l) . Southern Rwy pf (5) SouRy M&Oct (4).. ds pf (7). Stand Comm Tob, StandG& E (3%) Stand G & E pf “) Stand Invest Cor, Stand OI1.Cali (h23% )\ Stand Oil'of Kan (2) . Stand Oll of N J (12) Stand O11 N ¥ (1.60). Starrett (L 8)(12%) Sterling Seo (A).... Sterl Sec cv pf (3)... Stewart-Warner (2). Stone & Webster (4). Studebaker Corp (3). Studebaker Co pf (7) 50! Submarine Boat. « 7 Sun Ofl pf (8). Superior O11. Symington (A). ‘Texas Corp (3) Tex Gulf Sulph (4).. Texas PC&OIl.. % Thatcher Mfg (1.60) Third Avenu Thompson (J Thompson Pr (2.40).. Tide Water As (80c) Timken Det Ax (80¢) Timken Roller (3)... Tobacco Prod A t95c. Transamerica (1)... Tri-Cont Corp. . Tri-Cont Corp pf (6). Trico Prod (2%) .., Truax Traer (1.60).. Truacon Stl (£1.20)., Twin City R Tr (§4). Und-Ell-Fischer ®)e Union Carbide (2.60) Union O1l, Calif (32), Union Pacific (10)... Union Pacific pt (4). Un Tank Car (1.60).. Utd Afreraft. . . Utd Alrcraft pf (3). UnitedBiseuit (2) Rubber 1st pf. !lflellh Ref (1). Utd Stores pf (2%).. Univ Pipe & Rad Univ Pic 1st pf (8) Util Pwr&Lt A 12.15 Vadasco 8ales Corp.. Car Chem 6% pf. 3 Va El & Pow pf (6).. 20s Vulean Det (4) 708 Wabash. Wabash p Waldorf snlm a%) Walworth Co (2).... Ward Baking (A). Ward Baking (B). Warner Bros Pldl. Warner Quintan. Warren Bros (3) b War Brosc pt )" 208 vaco Chlor (2). Wheellnl & L Erfe. . White Motors (2). 1 thoekllifl‘“). 3 Willys-Over pf (7). Wilson & Co. . Wilson & Co pf Woolworth (2.40 124 12% 60 Secondary Rail Group Is Tar- get for Selling—Other Issues Affected. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK, December 8.—Bonds had a weak tone today. Once again it was in the secondary railroad group that the liquidation was most emphatic. This had all the appearances of dis- 21 | tress selling, and dealers were inclined 16% NEW YORK, December 8 —Commis- sion house commentators on the stock market today advised trading clients to awalt & further testing of present levels. Many looked for lower prices. Opin- fons follow: Redmand & Co.: “We look for irregu- larly lower prices this week and would not be surprised to see a testing out of the November 10 lows.” Hornblower & Weeks: “There is no intermediary resistance point indicated between here and the lows of Novem- ber 10 and for this reason, we would | the .be opposed to making any new trad- ing commitments until the market had proven for itself a new line of support.” Qts & Co.: “We would defer trading commitments until the market has had a further test during the early p‘n of this week. While waiting for this u-zwcw‘:uldmtlrom-mn-vam t:mn( vi g number ‘The manner large of stocks have hem above recent ll:g; despite By the Associated Press. NEW YORK, December 8—Buying of holiday merchandise was the bright | Arrone, feature in wholesale markets last week and resident offices of manufacturers reported a moderate gain in orders over the previous week. Men’s and boys’ :g; parel was in wide demand due to necessity for merchants to replenish low unlwch c;:m wenL'lrrhem ee'ru.:n sections gave mmu.. avy mer- chandise pur Midland Steel Products Co. reports receiving substantial orders om ‘Washington machine manufacturers for steel parts, which are made by a process company has developed. Harry F. Waters, general manager of the Estey Organ Co., says the concern’s pipe organ sales for 1930 will show & 10 per cent increase over the previous year and that sales were greater than for any similar period since 1926. Or- ders from educational institutions are responsible in part for the increase, he said. [ S—— SAFEWAY STORES. NEW YSORK. Safews; tores _reported sales or’ $17,738,300, a decrease of 10.07 per cent from $19,867,344 for the cor- DIVIDENDS DECLARED NEW YORK, December 8 (A)— s RR." Mnu 1-.1 %"m i Color oCorp. (N )5 £ n‘#aufi’:’ifl Bo B .$1.75 Co.".3%4c nvest Vo "~ p! Northwest Beli Tel orthwes e period last year. Sales for | Reece the first 11 montha this year totaled $201,657,970, increase of 1.3 per cent over uonsa:n in the like pe- riod of 1 ¥ FERYYVY FEY ¥R ¥ WERX MONRSVVNNNNNY WY OWE PMOHY ???§. i ¥ 5558 SRSNEEEERGee to blame most of it on that factor, but at the same time it was noticeable that the bonds most widely affected were those of companies whose earnings have shown the largest declines. There were announcement of fresh defaults in the industrial group to serve as arguments for further selling. High-grade issues dropped narrowly with the rest of the market. Foreign dollar bonds, after a strong start, re- acted on renewed offerings from over- seas. Money rates were unchanged at their low, and there was evidence that this cheapness would be long continued in the indicated flotation by the Treas- ury of about $150,000,000 of six months certificates at 13; per cent and $250,- 000,000 of 12 mornths’ certificates at 17 per cent. The last Treasury financ- ing in June and September was at 27j per cent and 2 per cent, respectively, compared with the average of over 5 per cent during the bull stock market. A weak feature of the junior railroad group was the Erie 5 per cent bond ma- turing in 1975. It dropped over 11§ points to a new low and toa 25%;-point discount. Chicago & Eastern Illinois 5s were off a similar amount to a new bottom. Wide losses were shown by St. Paul 5s, Missouri Pacific 4s, Mis- souri Pacific 5'2s and Southern Rail- way 4s. Announcement of a reorganization of the Fisk Rubber Co. coincided with the statement' that the company had no money with which to refund $8,199,500 of 513 per cent notes due Jnnulry 1, 1831. Three organization committees have been formed to protect the inter- ts of the 8 per cent mortgage bond holders, the 5; per cent note holders and owners of various classes of stock. H. T. Dunn, president of the company, pointed out that the company will enter the new year on a deflated basis and with its car equipment and its do- mestic and foreign dealer connections intact, and he believes co-operation and patience on the part of the security holders will permit the preservation of intangible assets that insistence on liquidation would destroy. The Pisk 8s were quoted today around 35, un- changed. Washington S.tock E;change SALES. Col. Medical Bldg. Corp.—10 at 110. Federal-American Co. com.—5 at 29%. Mell",chl.nu' Transfer & Storage pfd.— at 98. Men;em.hller Linotype—10 at 88, 4 at Nldonll Mtge & Inv. pfd.—100 at 5. AFTER CALL. Washingwn Rwy. & Electric pfd.—50 Clmtal raction 55—$500 at 85%. Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga, 3% Amer. Tel. & % 410 % Amer, Tel. & Tel. ctl. tr' 8s... Anacostla, & Pot R. 55 Ana & Pot. au & P. Tei of Capital Traction R. 17 & Subsrban 53. Gearsetown Gas 15¢ 35 Potomac Elec cons, Bid. Asked. 65, series Wae. Ruy. % Seet MISCELLANEOUS. Barver & Rose, Inc. 6'as. Chevy Chase Club 5% o1 Golumbla Country Clt Cuub 55310 Su. S0 Siorage b Vet Cona: Titte e, w1t ~ STOCKS. PUBL!C UTILITY. Pot. zlac' Power 512% pi Wash. & Bl com (D) Wash: Ry, & B pid-is) " NATIONAL BANK. Capital (14) Columbia (1 Gommercial ‘stamped) (10) ‘TRUST COMPANY. Amer. Security & Trust Co. (15) Continental Trust (6). 12( Merchants’' Bank & Trust (6) National Savings & Trust (12: 4 5flnce G Bank & Trust.. Washington Lo & Trust (14). SAVINGS BANK. Bank of Bethesda (65).. . Commerce & Savings (10). . e East wnmimun a2) _3'2 & Co 7 500 h Sllevl a2), . teae ni lates (30). ceee B Washington M!Chln es (20).... FIRE INSURANCE. American (12). Corcoran (10)" Nationai® Union TITLE INSURANCE. Columbia (6h) Real Estate (6h) Title & Inv. Co. mscuum:ous, 1 170 The Carpe Corp. (18%). Mtge. ' com. Wash: Med: Bide. Gorp. (1" Woodward & Lothrop bed. { *Ex dividend. 5% extra. CHECK TOTAL GAINS. By the Assoctated Press. Checks cashed on individual accounts in leading cities of the Federal Reserve System aggregated $11,185,345,000 dur- ing the week ended December 3, a gain of 10 per cent as compared with the previous week. The week included but five business days, but takes in the mud allotted to payment of monthly The totals for comparable pe- riods, as calculated by the Federal Re- serve Board, follow: Week ended Decem- ber 3, $11,185,345,000; previous week, $10,219,2186,0 same week last year, $14,104,200,00¢ AUTOMOBILE OUTPUT. NEW YORK, December 8 (#).—The Natlonal Auwmohfle Chamber of Com- merce its original estimate on Navember automobile production in the United States and Canada to ap- proximately 120,000 cars and trucks, against 154,585 in October and 226,997 in November last year. The original es- ;“:!‘uw t};:vember was 146, llfiwfi:ach n revised luc- tion for the first 11 mon!-hl this y Mlled 3,339,032, against B“Gfll - the corresponding period last year, 102 28 10224 10225 10321 1 1026 1 106 15 1 108 15 1 118 FOREIGN. Salex High. Argentine 58°45... 1 Argentine 534862, 22 Argentine May '61. 13 Jusy 5 Oc'sd o A'ST, B'SS Batav Pet 438432, Belgium 6866 Belgium 634849, . Belgium 78 ‘65 Belgium 78 '56 Belgium 85 °41.... Bolivar 78 ‘8. Bolivia 78 ctfs Bordeaux 6s '3 Brazil 6%s Brazil 6% Brazil 7 Brazil 8s Bremen 78 '35, Canada 6831, Canada 58 ‘62, Chile 63 ‘60 Chile 63 81 Chile 7s "42 Chin Gve Ry 68 ‘51 Christiana 6s ‘64 Colombia 6s Jan Con Pow Japan 7s. Copenhag 43 Copenh: Dan Mun 8s Dan Mun 8s B Denmark 43862, Denmark 6%s 56 Denmark 6s 42, Dutch East 16s"47. Flat 75 ex war 4 b Y Nea wDaRw® French Gvt 7348 @slsenkirchen 6534 7 German 6348 German Ban German 638 St 5360 Italy 78°61 Japanese ¢s Japanese 5% s ‘6! Japanese 6145 °5. Montevideo 78 '52. New So Wales 68’57 —— - !ln Pau 78’ 40 rots. Sao Paulo 8s Saxon 7845, SNwO RN E RN RN BOB e Serbs-Cr 81 7 Serbs-Cr-Sl 8s Shinyetsu 6 Sweden %s Swiss 5%s Toho El Pow 68 'u Tokio 5% s Ttd King u.'n, Uruguay 60 Uruguay 5 57 03 18 103 21 022 1026 06 15 106 15 08 15 108 15 11222 11226 Low. Close. 831 83 84N 937 94 93% 7| Sinc1 O 7scv A "37. 76 105 105 M 9 101% 102 107% 108 111% 111% 108% 108y 108 108 50 50 484 49 104% 104% [T 6414 65 67 68 81 81 93% 93y 100% 100% 106% 106% 80% 80 24 94 281 2814 1011 1017 108% 108% 108% 108% 4% 94% 100% 101% 105% 105% 102% 102% 82 82 86 86 91y 91y 120 120 125% 1256% 884, 88% MU 9% 84w 84% 95% 957 80 80 102 102 % 94y 83% 838 9% 9TH 92% 9264 103% 103% 80 80 64% 64y 93% 94y 1047% 1047% 104% 1047% 76 76% 87 88 6915 6914 69% 6914 106% 106% 100% 100% 108 103 106% 105% 102% 102% 89% 90 96 96 104% 104% 107 107 45 5 45% 66% 64 3% 105% 105% 105% 105% 978 9KL 894 89% 105% 106% 102 84% 84% 55% 55 10]“ i Yokohama 6s'61.. 11 95% 95% 95% MISCELLANEOUS. AbItIDI P& P 5863 9 72% AmWat Wks 6s'75. Arm & Co 4%s 39 Arm Del 63%s ‘43 At Ref deb 55 '37 BIIIT-l Pn -s'u !h !l rl 5 Bk Ed gn A & Bush T Bldg b Cert-td deb & Chile Cop db Colon Ofl 63 '38. Col'G&E bs :flly 3 % ConGN Y 5%s "5, Consum Pow 58 63. De Edison 58 40 Det Edrf 6s B Dodge Bros cl 6540 Hum O&R 6% '63. MBTIistpfbsA.. 11 Steel 4%8°40... Inland Steel lljl’" In: Cement Int Hydro EI Int Match bi In M M col tr Int Pap s A IntT&T 4% Int T&T cv un 'll Int T&T6s"65.... Kan Gas&B ¢ %8s "8( Lackaw St &8 ‘50 - PR ELL RIS McKes&Ro ‘* 50 Midvale Steel 68°3¢ Mont Pow 68 '43 Mor & Co 18t 4% - N Eng T 1st 68 '52. N Y Ed 1st 6%8 41 o Sacruse~ Nor St Pow 5s A Nor 8t Pow 63 B¢ e 2% 2% 4% 4% 6% 5% 4 100% 101% 101% 101% 103% 108% 17 117 104% 104% 105% 105% 105 105 108% 108Y% 101% 101% 8 106% 106% 110 110 103 103 101% 102% 104% 104% 107 85 94 94 102% 102% 9% 9% 93 93 67% 68 102 86 100% 100% 102% 102% 106 105 103% 108% 56 56 105% 105% 88 88" 102% 102% 82% 82% 101 101% 103% 104 80% 80% 98K 98 15 15 107% 107% 114 114 S 106% 106% 111 111 W 101% 101% 101 1014 104% 1043 102% 102% Pan-Am Pet 6: Paramount s *47. Pathe Exch 7s ‘37 Peoples'G: Phila Co 68 '67. Phila & Read Phil Pet 6% Pos Te! & C 65 '53 101% 101% 1017% 5% 954 7 Pub Sv G 4% s *70. Pure O1l 5% n Richf'd O ca h “ Shell Un OI1 5847, 1ncl O 6348 1 ‘38, , 9 S% 99 Sinel Cr O 5%s ‘38, Sinclalr P L 6 Skelly Of1 61839, Solvay Am bs 42, StOII N J b8 STOINY % Tenn Copper 6 Tenn K P 68 A Tex Corp ev Trans Of1 6%, U S Rublst 6y Utah P & L 5 Utll Pwr 6 Utll Pow 6% 47, Vert Sug 1st 7s *42. Warn Br Ple 63 '39 w x Weat Un Tel 6o 1, West Un T 614536 WEOG%8'37 ww. Wil-Ov 18t 6343 " Wil & Co 151 6, BKiyn Elev §3 Bkiyn Man Can Nat 4% Can Nat 43 Can Natl 4%s i Can Nat 58 July ‘69 Can Nat 65 Oct '69. Can Nor 7s deb 40, Can Pactfic db 4 Can Pac 4% Can Paciflc 4345'60 Can Pac 6s ctfs 8. Can Pacific 68 Cent of Ga 5%s 6 Cent Pacifio 4 Cent Pacific 53 CB&Q4%sT1..., CB&Q 1strf 6571, CB&Q Il dv 4849, Ch & East 1} 51 28 Chi Grt West 45’59 13 1 flil 2037 4 Cuba RR 6s ctf '36 Cuba RR rf‘l%l‘l( Cuba Nor 6%s 42.. Del & Hud rf 4s 43 Erfe 1st con s Erie conv 4s (B). Erie Gen 4s. Fla E Coast §3'74., GrTrstdb Gr Trunk 7s Gr Nor gn 5% Gr Ner gen 7s ‘36 Green Bay deb B.. 100% 101% iMarket Leaders Have Been Sagging in Steady Stream of Liquidation. BY CHARLES W. STORM, Editor the News Service of Wall Street. NEW YORK, December 8.— Lower prices for stocks and, in innumerable instances new low records for this year, continue to reflect the pessimism that prevails throughout the financial district. The so-called “blue chip” stocks, which represent the aristocracy of the stock market, at this time are targets for the rrofculoml bears and the mediums of liquidation by dis- gusted security holders. Much is heard about the activity of the professional bears, but the steady suclnf of prices is Inducing some additional lquluntlon The main reason for the heaviness is the absence of buyers, who seem to have once more gone on & strike. Although retail trade is showing sea- sonal expansion, industrial activity continues to slacken, and this latter condition is causing hesitation on the part of persons with surplus funds in considering purchases. Oil Conditions Unfavorable, ‘The oil group is again being sub- Jected to selling due to the unfavorable conditions which prevail in the indus- try and the likelihood that the con- ditions will continue indefinitely. Some of the houses which are known to be most familiar with the industry are bearish on the ofl stocks for the near future. While efforts are being made to stabilize the industry, the con- tinued sagging tendency of prices of crude oil and gasoline is undermining confidence in the ability of the big producing interests to cause a change for the better. Phillips Petroleum was the weak fea- ture of the oil shares on Saturday, and offerings of the stock were based on apprehension as to the maintenance of the present dividend in the face of -the nditions. The depression in the iness is more than offsetting the plans that are under way to have a tariff placed on ofl. Railroad Stocks Heavy. Liquidation is also appearing in the rallroad stocks. Part of the selling is declared to represent tax selling, but the new low record prices being recorded for such issues as New York Central indicate that the unfavorable data being z:lb".lh!d in an efTort to get an increase rates for the common carriers is setting the confidence of investors the transportation shares. Exceptions to Heaviness. ‘The short interest finds little difficulty in buying stocks with which to cover outstanding commitments from time to fime.be The sumh:: which has the bear party unusually bold and for that reason the bears are attacking the high priced issues which are selling, according to them, far above a eonumuu ratio of market price to earni stances, such as in Aul und hnlg back the stocks they sold lew Year is well under way. Odds and Ends. tion is that the Diamond Qeclared operative today. inasmich a5 rative op:“ f the stock needed to leclare the pl-n openflva has been de- ted. Phelnc ot tha plan in o & expecied o be-lomed osed under the recapitalization R big market for Diamond Match new lwc:‘&nlym shortly. iations looking the Phelps-Dodge and c:lnmm- zona companies are expected to be re- newed shortly. (Copyright, 1930, by North American News- r Alliance.) MPROVEMENT IN TEXTILE INDUSTRY IS REPORTED By the Associated Press. RICHMOND, Va., December 8.—The textile industry in the fifth Federal re- serve district reported ved out- look during Nwembefr despite the Dan- ville strike practically eliminated the lll'zen independent mill in fl’le South from consumption figures, the Federal Hud & M adj 6 57, Hud & M rf 58 ‘57 m Cent 4552 Reserve December review says. Mills in the cuollnu. M:eordln( to the review, increase ing October, most of time dur- on full- Ih Gent 4% °66 111 CCStL&N 4% 111 CCStL&N 65 A. Int Rap Tr bs Int Rap Tr sta Int Rap Tr 68 '32. int & Gr Nor 6s ‘62, Int& G Nad 6s'52. Int Rys C A 5872 Int Ry CA 6%s'47 Kan CFtS&M Kan City Sou Kan City Ter Lake Shore 3% *97 Liake Snore s 31 Leh Valev Leh V'ev 358 2008 Long sl db 6537 L & N uni 45°40 L&N ¢%82003 Market St 7s *40. . Mich Cent 43579, MER&L 43831, M1l E Ry & L bs 61 M &SL 1st rf 4539 M StP&SSM con 4s. 8 - ot Mo Pacific 68 A Pacific 6a ¥ '11. > anmara Ngmwwammuwunnm—uu aSenmaliBun nonan Mont Tr 1st 5841 NCh&StL4s'18., T&MG6sB HOR Z222222Z o % Creim 582013, 36, " - = an NIC&stLés ll NY NH&H ¢%s 67 NY NH&H cv db 6; NYNH& Helt NY O&W 1st 48 NY W&B 4348 46 Nort South » o conEeannnEe o @ T 4%8°77, Pere Mar 4% s '80. P& W V4%sB'5Y Por 1 05% 105% Por. 845107% 9844 ool 991 95/ DHM 9 A time daylight shifts. The review said that textile executives among its correspondemts wrote more optimistically than for many months. Fifth district cotton mills consumed lD-'l 520 bales in October, of which North lina mills used 110,738 bales; South Clroltnl mills, 81,466 bales, and Vir- ginia mills, 3,316 bales. In September of this year the fifth district mills consumed l'l'l 575 blhl ::’ in Qctober, 1929, they used 274,414 es. The consumption of cotton in the fifth district in October amounted to 43.99 per cent of national consum compared with 45.04 per cent na- tional consumption used in the district in September of this year, and 42.80 per cent in October, 1929, PARIS BOURSE PRICES. PARIS, December 8 ().—Prices were firm on the Bourse . Three per cent rentes, 87 francs 20 centimes. Five per cent loan, francs 5 centimes. Exchange on London, 123 francs ul/, centimes. The dollar was quoted francs 4512 centimes. oo A U. 8. TREASURY BALANCE. The United States 'x'rumrg balance announced today, u of cl December 5, was $58,224,008.66. Ou.l- toms rece n ror me mnm to .date $6, 1 o penditures, m m m 13 ‘Third A Third Av adj 6s °60, Un Paoc 18 Union Pac 48 "6l Un Pac rf 4 Un Pac 4% - 338 83 sr23 s Wlhuh 24 6a Wabash 6s B ‘76, Wabash 6s D '8 West Md 45’63 - ® - S OSpnme AR e =gaeas By sze ii‘?é !’