Evening Star Newspaper, December 11, 1930, Page 15

NING STAR, WASHINGTON, D. C., THURSDAY, DECEMBER 11, 1930. - DECREASE IN CURB PRICES CONTINUES| Closing of Bank Reflected in Further Selling of Securities. ~Prev. 1930.~ Stock and Sales— High. Low. Dividend Rate. Add 00. Open. High. Low. Close. 3 Wil-Low Cafeterfas. 3 3% 3% 3% 3% 16% Finter (Benj)...... M 1% 1K1 s b K TR T ividend raves on last quatterly or semi-annual extra " TPlus. 4% 6% in 99% 98 Y'gstownS&T pf5% 30s 99 9 9 divic n " stod % 1% YukonGold.... « 1 % 4% % y|8Payablein of b o Adiustment divic . g P 00 ¥ fotk. "% Bius’ 10% Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s) which shows those stocks to be sold in odd lots only. —Prev. 1930.— Stock and High. Low. 23% B 20% 3314 1044 Stock and —FTev. 1930.~ Bales— Dividend Rate _ Add 00. Open. High. Low. Close. Lefcourt Real t1.1 3 184 12% Lefcourt Real pf (3), Leh C& N n (1.40). Leonardoil. Libby McNef Lion Ofl Ref (2). Loew's Inc war). i Lone Star Gasn (1).. Long Isld Lt (55¢).. Long Isl Lt pf (7)... Loulsiana Lan & Ex. Dividend Rate. High. Low. A:‘u. Oven. High. Low. . RIGHTS. Expire. by 14% 11% Com Edison:.Feb & 1 124 124 124 121 'h the U f;r 12,249,149,000 shows more conclusively the growth demand than the fact that :‘xfi 18,- 249,000 barrels sufficed world needs 73 years ago, requirements today exceed 1,325,000,000 barrels a year. 24 In the opinion of Government engi- reers and geologists, of oll men and of distribution authoritles, the long-term future of the petroieum industry is safe. Balancing of Jarodumon Wwith consump- tion is bound to come, for American Sales— Add 00. Open. High. Low. Close. ™ % 1 7 10 10 10% 10% 1011 101% 105 10% 26 204 160% 160% 109 109 1% in 1n stock. 10 atock. 10% 101% 10% 2% 160% 108% 1% AL & 9 - STOCK VALUES DOWN m Plus 3% in stock. RESTRICTION IN OIL 21% 8 Zonite Products (1).. INCREASE IN STEEL I Ainsworth Mfg (1).. Alabama Pwr pf (6). All AmGen Corp. . Allegheny Gas. % Aluminum Co of Am. Alu Coof Am pf (6).. Amer Austin Car. PPN S.» H 105% 1% BY JOHN A. CRONE. pecial Dispatch to The Star. NEW YORK, December 11.—Curb Exchange stocks headed downward to- day as a result of the closing of the Bank of the United Statc Although most groups declined, some specific stocks were weak because of the early uncertainty that surrounded the closing ©f the bank. Electric Bond & Share, the market leader, was off fractionally and Cities Service behaved similarly. Goldman Sachs, the most active of Investment trust issues, hit a new low for the year. This trading corporation owns 32 per cent of the stock of Manufacturers’ Trust Co. and was heavily sold for that reason. Manufacturers’ Trust was one of the units that was to be merged with Bank of the Umited States. Goldman Sachs later showed signs of steadying following the announce- ment of the New York Clea:ing House that Manufacturers’ Trust had become a member. . Real estate securities were in supply because of the publicity given to local real estate loans, which were the direct cause of the closing of the Bank of United States. Shares of real estate companies in no manner involved in the Bank of United States situation sold off early in the session. Starrett Corporation common and preferred were off !; and 5, Tespectively; Tishman Realty was down 3 and Lefcourt Realty preferred off 3;. Later these and other realty issues rallied. The appearance of several large blocks at the opening, such as 6,000 shares of Electric Bond & Share and 4.000 of Niagara Hudsen Power, ran vol- ume in the forenoon to 298,400 shares compared with 219,600 in the same pe- riod Wednesday. The opening not only had a bank closing as an unfavorable factor, but it took account of the previous close, when more than 100 record low levels for the year or longer, the largest number of lows since November 10, were estab- lished. Despite these influences, selling ‘was well absorbed. Public utilities, which constitute about onc-fifth of all curb securities, Were outstandingly weak. New lows in this group included such diverse issues as United Light & Power A, Electric Power Associates A, Engineering Public Service warrants, which toppled 22 points; Public Utility Holding Co. of America, New England preferred, Cen- tral Public Service A, and United States Electric, while more than two- score issues in this division equaled their previous lows. NEW CONSTRUCTION. NEW YORK, December 11 (#).— New construction contracts awarded in the metropolitan area of New York from December 1 to December 5 totaled $8,060,400, a daily rate of $1,612,000 for each of the five business days, com- %ll'td :éth; d:vlly rate ofcz2‘465,000 in ovember, F. W. Dodge Corp. reports. The daily rate for December, hst’;ur, was $4,244,000. NATIONAL DAIRY PRODUCTS. NEW YORK, December 11 (#).—The National Dairy Products Corporation has received permission from the New York Stock Exchange to list 177,628 ad- ditional shares, of which 135378 will be used in connection with the acquisi- tion of the Western Maryland Dairy Corporation and 42250 in connection ;‘a'ihn' acquisition of the Chevy Chase BONDS ON THE CURB DOMESTIC BONDS. 1571180 Low. Noon. s 15610212 102, 10213 8 972 91id emd Siihas e3zoaegessiiiensa sy seizy: szEerEescsgearaanas - » o300 o< Bhna B s bt B re:a _Po ette €af Ra Grand P & W P o 5 ) R —. - Mo rare B o Sen No:stn bow 325 2 Nor Tex Ut 7s ‘36 ww '3 12 Ohio_Edis 85 '60 wi fll’flxGhEl'.Ls i 9 asgssazeeese S3sdamesessd o 3 s & ¥ wE S2RRBIZRIY! 100% Y % 26% 307 23 Am British & Cont. Am Br B fd sha; Am Capital (B) Am Cigar Co. Am C P&L (A) Am C P&L B (10%).. Am Com P A (b10%) Am Cyanamid (B) Am Dept Store Am D T NJ cv p! Am Equities. 3 Am For Pow (war).. Am Foundrs (b4-70). Am Gas & E) (31). Am Gas & El pt (6).. Am Invest Inc (B) Am Invest (war).... Am Lt & Trac (2%). Am Manufactur (4).200s Am Maricabo....... 28 Am Natural Gas. 5 Am Superrowr (40c). 336 Am Ut&G (B) (35¢). Anglo Chil Nitrate Appalachian Gas. Ariz Globe Coppe: Arkansas Nat Gi Ark Nat Gas (A) 1 1% A% 5 60 27 27 6 13% 8% ) Ass0 GEE (A) dbris 4 Asso GREI pur ris. .. Asso Launéries. Asso Rayon... Asso Rayon pf (6) Atlantic Fr & Sug. Auas Uil Corp. Atlas Utilities war. . Auto Voting Mach. .. Auto Vot M cv pf p! Aviation Cor of Am.. Babcox & Wi (19).. i Bah1a COrp......uue Bellanca Alrcraft, Bickford's Inc (1) Bliss (E W) Co (1 Blue Ridge Cp(p2oc Blue Ridge cv pf(a3) Brazil Tr&Lt(b8%). Bridgept Mach (25c) Br Celanese rct < Buckeye P L (4) Burco Inc. . Burco Inc (war) Burma Corp (131¢).. Bwana M Kubwa.... 4 Cable Radlo T vtec... Cable & Wire B ret. Cable&W pt rets 19c. Canada Marcon: 4 Cent Pub Svc A al.75 Cent&Swn Ut pl(b6). Cent St El (k4ve).... Centrifug Pipe (60c) Chain Stores Stock. . Charis Corp (13).ves Chat Ph Ainv (60c). Childs Co pf (7). 105% 2 3 17% 15% 4 333, 22% 2in LN 43 5 5 20 1% Colon Oil. : 4 Col Oil & Gas vt. Columbia Ple (£1%). Col Pict vtc (£1%) Com & Sou war...... Com Wat 8v (b6%).. Consol Auto Merch. . Cons Auto M cu pf... Consol Copper...... Cons Gas Balt (3.60). Consol Laundries(1) Cons Royal Ol (50¢c) 1 Contl Share cv pf (6)200s Cont Shares pt B (6). 258 Cooper Bessemer (2) Cooper Bess pf A (3) Cord Corp. cesen % Corroon & Reynolds. Creole Petroleum. Cresson Consol (4c). Crocker Wheeler.... Crown Cent Pt new.. Cuban Cane propt w. Cuneo Press (2%)... Curtiss Flying Sv. .. Curtiss Wright war. Darby Petrolm n (1), Davenport Hos (2).. Dayton Alr & Eng... » N RareannRoner e monaeRam-Sonon arbnacarRorrs norarosSnomn - Duquesne Gas Cp wi. Durant Motor: East G & F Asso. East St Pow B (1 East Utll Assocv.... KEisler Electric Corp. Elec Bond & Sh (b6). El Bond & Sh cu pf 6. £l Bond & Sh pf (6). Elec Pow Ass0 (1)... Elec Pow Asso A (1) El Pow & Lt op war.. Elec Shareholdg (1) . El Sharehold pf (a6) Empire Corporation. Emp Pwr pt (14.60).. Empire Steel Corp. Employ Reins (1%4). Evans Wallow Lead. Fairchild Aviation. .. Fedders Mfg Co (A). Federated Capital. % Fiatrets (1.25) Flat Stock deb r Florida P&L pf (7).. Foltis Fischer Corp. Ford Mot,CanAt12.10. Ford Mot L.td 37%ec. . Foremost fFabrics. .. Foundation For Sh Fox Theater Cl (A).. Garlock Pack (1.60). Gen Alloys (80c) General Aviation General Baking. Gen Baking pf (3)... Gen Cable (war) Gen E Ltd ret (buc Gen G&E cv pf B (! Gen Laundry Mach Gen Thev pf w.1.(3). Georgia Pow pf (6).. ileaner C Harv new. Glen Alden Coal (8). Globe Undwritrs 30c, Gold Coin (new Gold Seal Elec pew. . Golden Center. Goldfield Consol. Goldman Sach T C Gorham Inc pf (3)... Gorham Mfg vte(f2) ymur Corp (1)... Griffith (D W) (A) Groc Strs Prod v.te.. Gulf Oll of Fa (1%)+ Hazeltine Corp (2) Hecla Mining (1) Helena Rubenstein. . Hires (CE) (A) (2).. Hollinger Gold t65c.. Horn (A C) 1st pt. Hudson Bay M & 8 4 Humble Ol (215 ) Hvdro Elec Sec 12) Hygrade Food Prod.. Imp O11 of Can (50¢) Ind Ter 11lu 01l (A).. a 11lu O11 (B). Ind Fin ctfs (b10%). Irdus Fincv pf (7).. Co N Am (13). rance Sec (70c) . Lotercoast Trade (1) Inter Prec pf ww(7).. Intercontinent Pet n 10t Petroleum (1 Internat Products. .. 1Int Superpwr(f1.10)., Int Utilities A (33%). Internat Util «B). . InterstateFquities Interstate Ecn pf(3) Irving Alr Chute (1) Italian Superp (A).. Italian Superp war.. Jer Cen P&L pf (7)..1508 107 Jonas & Naumbur, 1 10 Kleinert Co (1) 16% Kmnott Corpn (n 224 Lake £h Mines(11%) ® 2 =3 - eI e LTI T ISP o 1% 10 17 21 10 17 21 107 107 107 % % % 10 17 an MacMarr Stores (1). Magdalena Synd. Mangel St pf (6%). Marcont I Mar (38¢). 4 Mavis Bottling. Mead Johnson (4% ). Memphis N G (170¢) Mer Ch & S (1.60).... Mercantile Stores(1) Mer & MfE'SA (1%). Mexico Ohfo Ofl.. Mid St Pet vte A. Mid WSt Ut (1%)... Mid West Ut (b8%).. Mid Roy ev pf (2). Midvale Co (4). ... Miller & Sons (2).. Mo Kan P L (b10%). Mo Kan P L vte Moody's I S pt p! Mount Prod (1.60)... Nat American Co. 5% Nat Aviation.. Natl Banksve (5)... at Bond & Sh(75¢). Nat Fam 8 (b10%) Nat Fuel Gas (1) Nat Investors Nat Pow & I Nat Screen Sv (2)... Nat Sh T Sec A 150c. Nat Sugar NJ (2). Nat Trade Journal. Nat Union Radio. Naukeim Phar pf. hi Corp (1.80). sner Bros pf (7). 1008 New Brad Oil (50¢).. 4 New Eng Pow pf (6) 200s w Jersey Zinc(3) 7 New Mex&Ariz Land 10 Newmont Min (f4).. 24 ¥ Auction. 1 PP ) @ o oo o ) R BE 000 NWE A T I A 9 oS e Niag-Hud Pow (40c Nlag-Hud Pow A w.. Niag-Hud Pow Cw. . Niagara Sh, Md(40¢) Niles-Bem-Pd (13).. Noma EI.Corp (80c). Noranda Mines. rdon Corp Ltd. No Am Aviat A war No Am Cement. . No Am Ut 1st pf (6). Nor & So Am Corp A. or Ind Pub S pf (6) 150s or St Pow A (3) N W Engineer (2). Novadel-Ang (t4%4). 4 2 Ohio Copper... 6 Outboard Mot (A). 1 3 9 Pac Pub Sv (1.30). 4« Pac Western Oil. Pandem Oil. Pantepec Oil. 1 Parke Davis (t1.65) 2 Pennroad Cp (20c) Penn P & Lt pf (7). Peop L& P A a2.40. Petrol Corp war, 5 % Philip Morris Ine. Philip Morris (A) Pitney B P n (20¢ 6 Pitts Plate G (2) 1 Pitts & L E (110)... 3008 Plymouth Ol (2).... § Polymet Mfg (b4%). 5 4 2 0 7 1 b 1 1 i1 2 1 Pond Creek Poncha Poterero Sugar...... Pratt & Lamb (15)... Prince & Whit (25¢). 24 Prince & Whitely pf. 7 Prod Royalty (f1). 1 Prudential Inve: 8 Pub Ut Hold (50¢). 56 Public Utll Hold war 61 Pub Ut Hold xw B0c. 5 Puget S P & Lt p£(6) 70s Pure O11 pf (6). 108 RR&LtS (15) 258 R It Sh Corp (25¢).. RR & Util Inv (A) Rainbow Lum Pr A. Rainbow Lum Pr B.. Reeves (Dan'l) (1%) Reiter-Foster. . Reliable St (b5% Rellance Int (A) Reliance Manag. Reybarn Co. . % Reynolds Invest. Richfield Oil, Cal pf Roan Antelope Min Rock Lt & P (90c) . Rossia Int Corp..... Ryan Consolidated. . Safeway S w(24d)(C) St Regis Paper (1).. % Salt Creek Prod (2) Saxet Co..... 4 Schletter & Zande: Schl & Zan pf (3% ) Schulte Real Estate. Schuite Un 6¢c-$1 St., Seaboard Util (60¢). Seg Lock & H (50c) Selected Industri Selec In all ctfs(4 Select Ind pr (53%).. Sentry Safety Cont.. Service Sta A (2.60). Shenandoah Corp. Shenan Corp pf (a3). 250 L T T I P Smith (A 0) (2) So Am Alr Lines 1st.. SoCal Ed pf B (134). Sou Penn Ofl (12%). SouthldRoyalty (§0¢) 8 W Gas Utllities. Spanish & Gen rets Standard Motors. ... Stand O11 Ind (23). Stand Oil of KY (12) Stand Oi1 Ohlo (2% ). Stand O Ohto pf (7) Stand P& L B (2) Stand Silver Lead Starrett Corp. - Starrett Corp pf (3). Steln Cosmetlcs..... Storkiine Furn pf(2) Stutz Motor Car n Sun Inv.... Sun Inv pf (3) Sunray Oil (b5%).. Swift & Co new (2) % Syracuse W Mch(B). Taggart Corp (1).... Tampa Electric (32). Technicolor Inc. ... Teck Hughes (60¢) Thatcher Sec Corp. ., Tish Realty & Con. Tobacco & All Stks, Tran Con Afr Tran.. Trans Lux DLPS. .. Tubize Chatel (B)... Tung Sol Lamp (1).. Ungerleider F Corp. . Un N G of Can 11.60. Unien Tobacco. Utd Am Ut (b2 Utd Carr Fastener. Utd Corp (war).. Utd Dry Dock Utd Elec Sve (1.41). Utd Found b2-35 sh. Utd Gas Corpn. Utd Gas (war). Utd Gas pt (7). Utd Lt & Pow A (1) Utd Lt & Pow of (6). Utd Milk Products. . Utd Profit&sh pf (1) Utd Ret Ch pf (3%).. U S Dairy (A) (5). U S Dairy (B).. U 8 Elec Pow ww. U S Fin Holding. U 8 Finishing U S Foil Co B US Playing Cards(4)100: Utd Verde Ext (2). 4 Utl] Pow & Lt (a1) UtP&LcfsBat1.02%. Utllity & Ind. Uttty Equith Vacuum (14%) Venezuela Petrol Vogt Mfg Co (2). BUSINESS 1S SEEN Industry in Better Position Since Recent Advance in Prices. BY CHARLES F. SPEARE. Special Dispatch to The Btar. NEW YORK, December 11.—More encouragement for the iron and steel industry was held out in the weekly reviews of trade journals. This was supplemented by the increase in unfilled tonnage reported yesterday by the United States Steel Corporation. The advance of $1 & ton, initiated a week ago by the Carnegie Steel Co. and adopted by practically all the large independent manufacturers, has the effect of stabilizing quotations. It has also greatly improved the morale of the industry. It was expected that production would show another de- crease this week, which it did, with the average declining to 38 per cent of ca- pacity, though mills in Chicago were operating at 45 per cent, in Cleveland | al 48 per cent, in Youngstown at 43 per cent, in Pittsburgh and Eastern Pennsylvania at 38 per cent, with Buf- falo showing the low ratio of 24 per cent, Gain in Confidence, The Iron Age believes that. this week's developments in the iron and steel trade have been decidedly favorable and that a marked gain in confidence has been developed. It finds that “there has been a gradual gain in demand for forward delivery, strengthening ex- pectation of an upturn in production early next year” One important i dependent maker of sheets ias had a better volume of orders since the mi die of November than for any similar period in several months, Stecl, another organ of the iron and steel trade, in discussing the effect of the price advance, says that producers | and consumers are unanimous in their opinion that a constructive step has been taken. It finds “important con- sumers sympathetic with the move to place steel on a more remunerative basis, believing it precedent to a recov- ery in general business.” ‘The fact that buyers of iron and steel products are in accord with producers on the price increase minimizes the ar- guments which have been made in Con- gress against it. This trade review feels that Senators have been playing poli- tics in criticizing the iron and steel manufacturers for their action and try- ing to invoke the Sherman anti-trust law to prevent it. In the last 11 months, according to Steel, heavy steel has declined to $6 a ton and even more on some light products. As there has been no reduction in wages the $1 ad- vance does not compensate for the wage losses that have been absorbed. Dividend Activities, It might also be pointed out to mem: bers of Congress who have been attack- ing the price advance that in recent weeks half a dozen iron and steel com- panies have becn compelled to reduce or pass their dividends on their stock owing to the conditions in the industry. The railroads are expected soon to complete their contracts for rails and other materials. These orders will give considerable work for the mills after the first of the year. been postponed for more than two months and will have the effect of con- centrating demands in the early part of 1931 which normally would have been spread over a longer period. Steel consumption in Dacember by the automobile trade will probably not ex- ceed the November total. There are rumors that the Ford Co. will increage its line and possibly bring out a light eight-cylinder car, which would expand the requirements of this concern in the steel market. (Copyright, 1930.) NEW SECURITIES NEW YORK, December 11 (#).—The Governing Committee of the New York Stock Exchange has admitted to the list the following securities: The Mead Corporation, $9,500,000 first mortgage 6 per cent gold bonds, series A, due May 1, 1945 (with stock purchase warrants attached). The following are to be admitted on notice of issuance: General Theaters Equipment, Inc., voting trust certificates for 3,548,492 shares of common stock without par value. General Public Service Corporation, 19,494 additional shares of common stock without nominal or par value. National Dairy Products Corporation, 177,628 additional shares of common stock without par value. Consolidated Film Industries, Inc., 125,000 additional shares of common capital stock without par value. Virginia Electric & Power Co., 10,000 additional shares of $6 dividend pre- ferred stock (cumulative—no par value). Loose-Wiles Biscuit Co., 32,543 addi- tional shares of common stock ($25 par value). Sun Oil Co., 127,557 additional shares of common stock without nominal or par value. 3 American Solvents & Chemical Cor- poration, 50,000 additional shares of common’ stock without nominal or par value. Ontario Power Service Corporation, Ltd., $20,000 20-year 5'; per cent first (closed) mortgage sinking fund gold bonds, due July 1, 1950. Standard Oil Co. of California, 256,- 920 additional shares of capital stock without nominal or par value. SILVER QUOTATIONS. NEW YORK, December 11 (#).—Bar silver, 333%. STOCK STOCKS. 50 Industrials. 1234 125.3 Year ago. Two years ago..... Three years ago, weekly aver High, 1930, Low, 1930 High, 1929. Low, 1929.. had | ‘This buying hns‘ AND BOND AVERAGES By the Associated Press. From Yesterday's 5:30 Edition. NEARLY TWO BILLIONS Ratio of Brokers' Borrowings Against Collateral Is at 4.08 Per Cent. Special Dispatch to The Star. NEW YORK, December 11.—The to- tal market value of all shares listed on the New York Stock Exchange de- clined $1.713.850714 during November to a total of 311,859,703 as of De- cember 1, while the ratio of borrowing by members of tho exchange against collateral decline.. % of 1 per cent during the month to 4.06 per cent of | the market value of all shares on De cember 1, it was announced yesterda The average market value of all shares listed on December 1 was $41.13, compared with $42.43 as of November 1. In.the following table listed stocks are classified by leading industrial groups, with the aggregate market value and average share price for each, as of December 1: Market valu Autos and access 666, Financial Chemical Building .. Elec. equipm’t mf Foods < Amusements Land and reaity. .’ Machinery and metais Mining (excluding iron} Petroleum ... . . Puper snd publicaiions . 510,481,921 Retail merchandising. ... 2,578,327.233 832:378'217 06.133.346 Gas and elec. (holding) .. 3:206,607,106 Communications (cable, tel. and_radio) Miscellaneous utiiities e i Business and office equip- ment. . : 4.166.706,008 302,032,842 154,767.925 t 216808761 | 1,575.269.283 - 30,237,083 3 i : ing abroNd ... . T 148,152,334 mpanies * (inc. PG anaa ang Ohina) -+ 1130834831 All listed companies. ... .$53,311,859, Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., December 11.— Potatoes, white, 100 pounds, 1.25a1.7! sweet potatoes, barrel, 1.00a3.25; y: barrel, 2.50a3.00; beans, bushel, 1.75, beets, 100, 3.00a4.00; cabbage, ton, 18.00 a23.00; carrots, 100, 3.00a4.00; cauli- flower, crate, 1.50a2.00; celery, crate, 1.75a275; eggplant, crate, 1.25a2.25; kale, bushel, 60a75; lettuce, crate, 3.75a 4.25; peppers, crate, 1.25a2.50; parsnips, bushel, 90a1.10; spinach, bushel, 75a 3.00a5.00; turnips, apples, bushel, 75a2.00: cranberries, box, 2.50a3. grapefru box, 2.25a3.50; oranges, box, 2.50a3.00; pears, bushel, 1.00a2.00. Dairy Market. Poultry, alive—Turkeys, pound, 25a 26; old, 18a23; chickens, Springers, 18a 23; Leghorn, 17a20; barebacks, 14al5; old hens, 18a25; Leghorns, 14alf; roosters, 13a16: ducks, 13a20; geese, 15a 20; guineafowls, each, 30a60; pigeons, | pair, firsts, 20a25. Eggs—Recelipts, 1,278 cases; nearby firsts, 30: Southern firsts, 28; hennery | | whites, 20a33; current receipts, 28a30. | Butter—Good to fancy creamery, | pound, 30a35';: ladles, 27a30; rolis, | 28a30; process, 30; store packed, 15a18. Hay and Grain. ‘Wheat—No. 2 red Winter, export, 0'3; No. 2 red Winter, garlicky, spot, 7 : December, 807,. i Corn—No. 2 domestic, yellow, | 89a90; cob corn, new 4.35a4.40. Rye—Nearby, 60a65. | _Oats—White, No. 2, new, 45}a46; | Nay 3, 442045, Hay—Receipts, none. General hay market strengthening. Drought has seriously curtailed nearby crops, chang- ing the entire situation. Sections here- tofore shipping are now asking for of- fers of hay. Good clover mixed and timothy new hay will bring from 24.00 to 28.00 per ton. Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per ton, 9.00a 10.00. Cattle—Receipts, 200 head; light sup- ply, market dull; steers, choice to prime, none; good to choice, 8.50 to 9.50; me- dium to good, 7.50 to 8.50; fair to me- dium, 6.50 to 7.50; plain to fair, 5.50 to 6.50; common to plain, 4.50 to 5.25. Bulls, choice to prime, none; good to choice, 550 to 6.00; medium to good, 5.25 to 5.50; fair to medium, 4.75 to 5.25; plain to fair, 4.25 to 4.75; com- | mon to plain, 3.75 to 4.25. Cows, choice to prime, none; good to choice, 5.50 to 6.00; medium to good, 4.50 to 5.50; fair to medium, 4.00 to 4.50; plain to fair, 3.00 to 4.00; common to plain, 2.25 to 250. Helfers, choice to prime, none; good to choice, 6.75 to 7.75; medium to good, 6.25 to 6.75; fair to medium, 5.50 to 6.00; plain to fair, 5.00 to 5.50; com- mon to plain, 4.50 to 5.00. PFresh cows and Springers, 20.00 to 80.00. Sheep and lambs—Receipts, 150 head; light supply; market lower; sheep, 1.00 to 3.50; lambs, 5.00 to 9.00. Hogs—Receipts, 100 head; light suj ply; market lower; lights, 8. | heavies, 8.25 to 865; med! | 870; roughs, 6.50 to 17.60; light pigs, 1825 to 8.60; pigs, 8.50 to 8.80. Calves—Receipts, 50 head; light sup- ply; market lower; calves, 5.00 to 11.50, NEW YORK COTTON NEW YORK, December 11 (Special). —Cotton prices were off 3 to 6 points | the opening today, chieflly on liquida- | tion by local professional operators. Trade purchases again made their ap- pearance on the decline, but they were net sufficient to offset the speculative sales and the continued flow of con- tracts from the South. Opening prices were: December, new, 9.98, off 6; January, old, 10.03, off 6; January, new, 10.04, off 3; March, 10.28, off 6; May, 10.53, off 6; July, 10.74, off 5, and October, 10.93, off 3. old, 20 94 | money product of petroleum, has never 00| nated for using it more efficiently h 2 | slowly being corected. Tt is hoped that 3| Vidual deemed expedient. PRODUCTION URGED Unit Operation of Fields Be- lieved Best Plan of Cur- tailing Output. BY J. C. ROYLE. Reports of discoveries and inventions which would tend to decrease consump- tion of petroleum and its products are causing anxiety in the oil business. In fact, the men in closest touch with the oil industry are those least worrled about its future—which is of vital im- portance to millions of people, since nearly 2,500,000 individuals are stock- holders ‘and the industry employs over 2,000,000 workers. Consumption of gasoline, the major shown a recession. Each method origi. brought increased, rather than de- creased, consumption. 0Oil Production. world are capable of producing more than the world can use, but there is not | the slightest assurance that such condi- tions will continue. The fields, espe- cially those of America, are flush now, but while a wheat field can be reaped and another crop grown, an ofl field, once drained, is gone forever. Overproduction, or rather oversupply, is_what is momentarily wrong with the business. These conditions are the unit operation of oil fields will aid readjustment materially. This method would . regulate production and permit orderly marketing by treating each field as & unit operated for all the owners, instead of allowing each to produce or not produce, as the indi- From the viewpoint of future needs, l:fi supply of petroleum is limited. From t standpoint of immediate needs, it is excessive. The men at the head of the oil industry realize the necessity for both price stability and stability of pro- duction. They will not waste their own and their stockholders’ money by cutting prices below the Jine of profits or by maintaining production in excess of de- mand. It is likely, therefore, that pro- duction will not exceed the levels main- taired in 1928, while consumption is pretty sure to exceed that for 1929 or any other year. Danger in Large Output. ‘The d-n{“er which hangs over the long-time future of the industry as a result of {ll-advised production is read- ily seen. The United States has been producing at the rate of nearly 1,000,~ At the moment the oll wells of the 1i | the market today t 000,000 barrels of crude oil & year. The production of the entire world in 1929 | Apartment House lu-lv,'m--uli 925 15th St. N.W. MORTGAG for this mythical “pot them have lost their hunt. sound nonfluctuating Company. years. Thousands of penny’s loss, either in producers know that the most - ing outlook for future ofl field lop- ments lies in Russia and they are not l!leli\{' t:owpermlt &nmimncn in world markef g0 to that country through dissipation of domestic mpp’ifim (Copyright, 1930.) 'SHORT SELLERS REAP . HARVEST IN MARKET Group of Operators Reported Ac- tive in Cashing in on Un. favorable News. Special Dispatch to The Star. NEW YORK, December 11.—A great deal of bitter comment is heard in brokers’ offices over the advantage that a group of Boston operators have taken of the critical conditions in the market. They have not hesitated to attack the securities of groups about which rumers have been passed around, and there is some reason to believe that these rumors have been circulated for market effect. The “man in the street” cannot under- s;llnd wh;rhthl- New York Stock Ex- change, with all of its authority and Jts disposition to discipline members ior minor offenses, cannot, in & critical period 1like the present, stop viclous short selling, which adds fuel to the Most of the tables of nver“: showed 0 be either at, or approximating, the low of November 10. The general average has been pulled down rapidly by the heavy daily decline in rafls, with industrials able to hold a few points above the previous low. Some averages indicate the lowest fig- ure since 1927. All are in conformity in regard to the ralls, which are the lowest since the Spring of 1925, METAL MARKET. NEW YORK, December 11 (#).— Copper unsettled;_electrolytic, spot and future, 1 11, Iron quiet, un L spot and nearby, 24.10; Lead steady; spot, New : East St. Louls, 4.95. Zinc St. Louls, spot and future, Antimony, 7.00s Business Opportuni Large Radio and Electric Re- ' frigeration Manufacturer, with products that have enjoyed na- tional public acceptance, desires additional retail dealer outlets. Products are distributed in Wash- ington and have been sold suc- cessfully in Washington for sev- eral years. If you contemplate going in business converting your present business or Mdln{ additional fast-selling lines, don’ mss investigating this opportun« ity. Address replies— Box 4-E—Star Office PROPERTY MANAGEMENT "MANAGEMENT 'OU can be completely re- lieved of all the annoying and perplexing details of man- agement by placing your apart- ment house properties in charge of our experienced service. And it will be profitable, too—for you will get maxi- mum income through this judicious management. B. F. SAUL CO. Nat’l 2100 E LOANS Atahualpa’s Hoard URIED in the fastnesses of the Andes for 200 years, the fabulous treasure of Ata- hualpa, last of the Inca Kings, is re- ported discovered—wealth and fame awaits the man who actually unearths it. Thousands of treasure seekers have sought of gold” and many of lives in the perilous For some men always follow the lure of buried treasure; while others know .that the real treasure awaits the man who care- fully, calmly and thriftily sets aside a certain portion of his salary to be invested in some security—a security such as the 6 per cent First Mortgage Notes sold through Swartzell, Rheem & Hensey For more than sixty-one years these Notes have offered a safe and sure method of build- ing up a reserve fund to be used in later investors have made themselves independent of earned salary through investment in these Notes. And dur- ing this time no investor has ever suffered & principal or interest. SWARTZELL, RHEEM & HENSEY CoO. MORTGAGE BANKERS 727 15 STREET N.W. /