Evening Star Newspaper, December 20, 1930, Page 21

FINANCIAL. GURB ISSUES HOLD IN STEADY TREND 0il and Utilities Sections of List Prove Strong Features. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, December 20.—Petro- Jeum and ‘public utility shares featured today’s moderately active and firm Curb Exchange session. A long list of power and light issues, including Electric Bond & Share, United Light & Power A, American & Foreign Power and Middle West Utilities, ap- peared at slightly advancing quotations. Cities Service moved within a rather DArTow range as its turnover decrcased. Rail holding companies, such as Penn- road and Lackawanna Securities, after opening lower quickely recovered. Trad- ing corporations, like Blue Ridge Con- vertible preferred, Shenandoah preferred and Chatham-Phenix Allied, behaved similarly. Petroleum shares were the outstand- ing gainers in the early trading, when Standard Oil of Indiana jumped 2 points on a relatively small turnover. This stock, it is said, has been taken steadily on a down-scale by insiders, Vacuum was up about 1':; points. Gulf Oil operx‘;ed up 134, but eased shortly after- wa Driver-Harris advanced while Pitts- burgh Forgins dropped to a new low for the year. Diamond Match new common had little difficulty in moving ahead .fractionally because of the re- cent ratification of its recapitalization plan and the renewal of its contract with Swedish Match. Swift International was the most ac- tive in the packing list, General Baking preferred led its group, and Arcturus outdistanced other radio manufacturing - shares in point of volume. A. O. Smith Corporation, always a quick mover, rose dipped slightly in its first few trans- 38 points in as many sales. Deere & Co. action: Ford Motcr of Canada A for a time stirred interest in the motor division as 1t advanced about a point. Mayflower Associates, which owns a considerable amount of Rhodesian Copper shares, belatedly benefited from the consolida- tion of a group of African metal pro- «ducers. BONDS ON THE CURB MARKET i usands. ‘Alabama Pw 435 DOMESTIC BONDS, eg8nanEse = LTS g2osSiiensasonesesansy! in rolin; terpi) L Stat Elec 55 8¢ ) 999092 25255 ] gs‘:‘gggg; 959 it i 154 55 st_Se A 33 101% s A 2030 B4 G gius 138 95 i) 54 75 9% 15% ' 92! { 8 R BE 9715 97 003, 100° s ‘67 97% 37,.. 10115 1 '86 95% 94'z 9¢ 46 9914 0215 C 5 991, 99 G&C 5'2x "50 102's 10115 1 45, 20 983, 9By 1Pac G & E 445 18 Pacific Pw & L 55 Park & Tilford 414s. 9 E 4l F i 55 C "70. 65 A 2025 xw & South Calif Ed 5s 51 10: I8outhern N G 6 7 100%5 1 100 ° 1 101% 1 0 921, 10014 00% 002 2 02 1 71 501 91 92 98% 1 563 49 ° 49 003, 100% | 993, 993 9434 682 88tand CaskEl 6, 66 97 s, 715 .40 158 £100% 1 93% 00 L o 2V 10214 102% i e T 6ty 88 H 18 Wasn W & Pow 55 /80 10 West_Penn 5s 2030 . & Wes Tex Ut 85 A ‘ST 1Wes Tex UL 5s A new BONDS. 8 Baden Con Mn 7s '51 08 Can Dominion 4s '60 132 Chi ‘318 Co 861y 8 n tle Mtz Bk m Mtg 65 TREASURY CERTIFICATES. ried by J. & W. Seligmen & Co. Note—All stocks are sold in ohe hui excepting those designated by the letter s (80s) (250s) which shows those stocks to be sold in odd lots only. ~Prev. 1930.~ Stock end High. Low Dividend Rate. 13 3% Acetol Prod A...... 20% Affillated Prod 1.60. . 1 ' Alr Investors vte. 3 87 AlaGreat Sou (113). 25s 98 Ala Grt Sou pf (113) 20s 1% 4 Sales— 1 9 1324 K¢ 141 4% 150 104 1 Aluminum Co of Am. 7 Alu Co of Am pf (6), Am British & Cont. .. Am Br B 1d shars. . Am Capital (B) ... % Am Capital pf (3)... Am Cigar Co.. 5 Am C P&L (A) (a3). Am CP&L B (10%). Am Com P A (b10%) Am Cyanamid (B) Am Dept Stores. ..., Am For Pow (war).. Am Founders(bd%). Am Gas & El (31)... Am Invest Inc (B) Am Lt & Trac (2% Am Natural Ga: Am Superpowr 5 Am Ut&G (B) (35¢). Anglo Chi) Nitrat Appalachian Gi = Arcturus Rad Tube. . Ark Nat Gas (A) Art Metal Works. ... Asso GRE A (a12.40) Asso G&E (A) dbrts Asso Rayon..... Asso Rayon pf (8) Atlas Plywood (2) Auto Voting Mach... Auto Vot M cv pf pt., Bahia Corp pf..... = Blue Ridge Cp(p20c) Blue Ridge cv pf(a3) 4 Blumenthal (S)..... Brazil Tr&Lt(b8%). Br Celanese rcts. ... Buff N&EP pt (1.60). Bulovacy pf (3%).. Bunker Hill & S 163 125 Burma Corp (t31¢).. Cable Radio T vte. Canada Marconi. Cent Pub Sve A al.75 Cent St El (k40c). .. Cen St El ev pf n(a6) Chain Stores Stock. . Chat Ph Al n.v, (1) Cities Serv (g30c)... Colon Oil. Colts Pat Col O11 & Gas vte. ... Columbia Pic (£134). Col Pict vte (f1%) Com & Sou war., Consol Aircraft Consol Auto Merch, Consol Copper. .o Cons Gas Balt (3.60). Cons Gas Util A 2.20, Consol Laundries(1) Contl Share cv pf (6) 250, Cont Shares pf B (). % Cord Corp. . Crocker Wheele: Cr Cork Int A (1) Cuneo Press (23%)... Cuneo Press pf (6% ) % Curtiss Wright war. Dayton Alr & Eng... Deere & Co (£1.20).. De Forest Radio. Detroit Afrcraft. Diamond Match new. Douglas Aircraft (1) Dresser Mfg (B) (2) Driver Harris new. . Durant Motors. ..... East St Pow B (1)... East Util Inv (A) Edison El, Bos 13.i Lisler £ Elec Bond & Sh (b§). Elec Pow Asso (1).. Elec Pow Asso A (1) s El Pow & Lt op war. Elec Skareholdg (1). Empire Corporation. Employ Reins (1%). Europ Elec deb rts. . Evans Wallow Lead. Fabrics Fintshing Fairchild Aviatio Flatrets (1.26).. Flintkote Co (A). ... Florida P&L pf (1).. Ford Mot,CanA+2.10, Ford Mot Ltd 373c¢. Fox Theater Cl (A).. General Aviation, General Baking Gen Baking pf Gen Capital Corp Gen E Ltd ret (50c). 2 Gen Empire Cor (1), Gen Firepr (12% Gen G&E cv pf B (6) Gen Th cv pf w.1.(3). Globe Undwritrs 30c Golden Center. .. Goldman Sach T C Gorham Inc pt (3).. 10/ Goth Knitback Mch. % Graymur Corp (1)... Groc/Strs Prod v.t. Guard Fire Asso (2 Guif Ofl of Fa (1%). Helena Rubenstein. Hou-Her cv pf A 2%. Hudson Bay M & S.. Humble Ol (123%). 11l Pwr & Lt pt (6). . 150 Aimp O1l ot Can (buc) Ind Ter I1u Ofl (A).. Ind Ter Illu Ofl (B). Insurance Sec (70c). Intercontinent Petn 1ot Petroleum (1)... Int Superpwr (£1.10), 4 Internat Utll (B) InterstateEquitie: Interstate Ecn pf(3) Interst Pow pf (7)... Irving Alr Chute (1). Jonas & N eum pf. ... Lackawanna Sec (4). Land Co of Florida. . Ley (F T) & Co (3). Lion Ofl & Refining. . ew’s Inc war) ., » B RERANTUN NHANNH SR EEYONY 1 0 i 1 1 3 1 2 s © rew Srnorron uBnnanmn Somnan - @ @ - S LT R TR EE T Add 00. Open. High Low. Clo; B B 5% 10% THE EVENING STAR, WASHINGTON, D. C, SATURDAY, DECEMBER 20, 1930. NEW YORK CURB MARKE St Divide Marconi » —¥rev. 1930.~ indred-share lots g 1% 12% 6915 3 35 % 14’ k] e 54 10% ) Mempht 10% 1 79% 2 I 14% 5 k ked 2 T97% Mo Kan Mo Kan Miss Ri Mount P Nat Avi Nat Bon Nat Inv Nat Uni Nauhein Naukeln Nehi Cbi Neisner Newber New Bra New En, Newpor NY Pet N Y Tel Niles-F Nipissin Nordon Nor Ind Nor St I N W En Oversea Paramo! ney E P Pratt & Prudent! Puget S RR & Lt Raythed Repett! Rock Lt Seg Locl SelecInd Silica G Southld Standar Stand O Stand O Stand O Strauss Syracust Technic Tran Cot Triplex Tubize Utd Che: Utd Sho Ov UtP&Le! Vacuum Walker Watson RIGH' 25 | payment. *Ex 5% | & Payable in cash or s 24 | 1900, SEN Slhock 22% | n Plus 8% in stock.’ Marconi br sh(28c).., Mayflow Asso (32).. Mer Ch & S (1.60). Mesabt Iron... Met Chain Stores. Mexico Ohlo Oil. Mid St Pet vtc B Mid West Ut (b8%)., Nat Ameriean Co. Nat Fuel Ga| Nat Sh T Sec A 50¢. Newberry (JJ) 1.10. N Y Pow & Lt pt Niag-Hud Pow (40c) Niag-Hud Pow A w. iag-Hud Pow C W.. 30 Noranda Mines No Am Aviat A war. 4 Nor Europ Uil Corp.. Nor & So Am Corp Outboard Mot (A). Outboard Mot (B)... Pac G&E 1st pf (134) Fac Pub Sv (1.30). Pac Western Oil. Pennroad Cp Peop L& P A tsbgh Forging (1), Plymouth Ofl (2).... Polymet Mfg (b4%). Prince & Whit (25¢). Prod Royalty (f1)... Pub Ut Hold (50¢) Public Utii Hold Pub Ut Hold xw 50c. Rainbow Lum Pr B.. liance Int (A) Reliance Manag. Reynolds Invest. Roan Antelope Min. . Roosevelt Fleld Inc. Safeway S w(24) (C) St Regis Paper (1).. Salt Creek Prod (2). 8axet CO..ccuvenenn Seaboard Util (50¢). Sec Corp Gen (40c).. Selected Industri: 4 Sentry Safety Cont.. Shenandoah Corp. .. Shenan Corp pt (a3). Smith (A 0) (2). Solar Refining. SW Dairy Products. 150s Starrett Corp....... Starrett Cor| Stein Cosmetics Stutz Motor Car n. Sunray Oil (b5%). Swift Invl (13%) Taggart Corp (1) Thatcher Sec Corp. Trans Lux DL P 8 Ungerlelder F Corp. Union Am Invest Unicn Tobacco. . U 8 Elec Pow ww. U S Finishing US & Int Secur U 8 & Int Sec 1st (5) S Lines pf (1). Rubber Reclaim. Util Pow & Lt (al) Utility & Ind. Utility Equities. Van Camp Packing. Vie Finan Cor (40c). Zonite Products ¢1).. 10% Com Edison..Feb 2 | " Dividend rates tn dollars Gividend 1 Plus 5% in stock. Received by Private Wire Direct to The Star Office | ock and Bales— end Rate. = Add 00. Open. High. Low. Close. 1 Mar (28¢), 9 9 9 9 3% 3% 39% 39 9 16 1 2% = 3% 89% 9 16 s N G (170¢c). 1 2% 2 PL(b10%). PLvte... v Fuel bd rts., Prod (1.60)... ation. . B d & Sh(75¢). 1)eeee estors on Radio m I’har. m Pnar pf. rp (1.30). Bros pf (7). ry 33 pf (1), 1d 01l (40¢) .. i Pow pf (6) 100, t Co (2) Royalty 5 6 ) D (63%). 58 35 33 ik 14 1 9 29 5 2 Pub S pf (6). 508 10 Corp Ltd ow A (8) gineer (2), s Secur (1).. unt Cah Mfg. 20c).. ™ 3 Pn(200).. Lamb (15). .. ial Invest. <} TOTPP SOOI 0% SOOIV ey e P & Lt pf(6) 40; tS (15). ® on MfE. » Candy. &P (90c)... » k & H (50c). 1allofs 4%. el ctfs. [1-1-TET CPQPLITOIIT SO Joropa. ) Royalty (60c) d Motors. 1l Ind (2%4).. il of KY (12) il Ohlo (2%). of (3). Roth e W Mch (@) olor Inc. n Air Tran. Safety Gl atel (B). 1a pf (3). NB e N B O A NS ey - e Mach t4% er ctfs 28%c £5B at1.0. (14%) .o 11 . 50s (H) (1)... (J W) Co. 2 8 4 8 1 2 : | TS, Expire 13 1% D last quarteriy or extra 1Plus 4% b Payable in stock. g Plus 6% in stock kFlus 10% in stock. mPlus 3% in stock based of semi-annuai Partly tock. GRAIN MARKET CHICAGO, December 20 (Special).— July wheat sold at & new low level on the crop today, meeting heavy liquida- tion because of the bearish Government report on acreage. OId, crop months held fairly steady. Thd Government report indicates an acreage of 42,041 acres, against 38,608,000 harvested this year. December, old, opened 76} to 76%; March, old, 79% 92 79%.: May, old, 81 to 81%4; new, 81 to 81%:; July, 67 to 66%. After the first half hour December, old, 76%: March, old. 79%;; new, 79':; May, old, 81; new, 81;; July, 67. Markets at a Glance NEW YORK, December 20 (/) Stocks irregular; utilities in demand. Bonds firm; second-grade rails mixed. Curb steady: leaders fluctuate narrowl Foreign exchanges easy: principal Euro- peans sag. Cotton higher; covering. Sugar easler; poor spot de- mand. Coffee lower; easier Brazillan market. SHORT-TERM SECURITIES. Corn was lower with whea cember. old opened 87': to 67% 67%; March, old, 70% to 70l new, Tlls: May, old, 72% to 723s; new, 73 to 7234, cember, old, 671;; old, 70! new, 727, Oats were lower. December, opened 32'4: March, old, 32%; old. 34 to 33% 33’ first half hour Decembe; | March, old, 32%; May, new, 33%. Provisions were lowered. new. 67%; March, May, old, 72%; old, May, After _the old, 32%; old, 337} FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks valie today. i | | London, pound.. Paris, franc Brussels gen, Osl W) Stockholm, cro; Poaonic ot PAD:IS BOURSE PRICES. PARIS, December 20 (#).—Prices were easier on the Bourse toda; ‘Three per_cent rentes, 85 francs centimes. Five per cent loan, 101 De- new, | After the first half hour De- | B; (Reported by J. & W. Sellgman & Co./ | . Ofter. | Allis-Chalmers Co, 55 1937.. 1001 | American Tel. & Tel. 8/gs i 5 Corp. 4 | Bell Tel. of Canada 55 1957. | Calit. Pet. Corp. 5ius 1938. | Canadian’ Nor. Rwy. 4128 | Chi., Northwestern R. R | Chicugo Rock Isiand 45 Cile Copepr C Cudahy Packin, Gen. Mot, Accep. General Pet. Corp. 55 1940. . General Theaters Equip. 65 Goodyear T. & R. b5 1957... Grand Trunk of Canada 65 Gulf Ol of Pa. 55 19 Humble Ol 8155 193: 1 Internat. Match Corp. ‘S5 1947, Marland Oil 55 1932... .. : . 55 1 1934 Oil Corp. 5'45 1937 Union Oil Co. 35 Sinclair Crude Oj Standard Oll N, Standard Oil N. Ye 1951 St. L, Ir. Mt. & S0. Ry. 55 1931 1001, Ry, 4s 1932 987, B 1935, 09 1953, 897 80 100% 103% 98 1001 99 94 5 1938 946 L, Southwestern Wheeling Steel Corp. 8ias 1948. Wheeliis Steel Gorp. 4125 1063 s St b s CANADIAN KRUPPS, MONTREAL, December 20 (P).— Formation of a Canadian Krupps, branch of the German steel and iron firm, yesterday was indicated by Dr. Rudolph Wunsch, who said he had come to Canada to look over the field. Railroads, he asserted, had pledged week end | NEW YORK COTTON NEW YORK, December 20 (Special) —A steadier tone prevailed in cotton to- day as a direct result of the improve- ment in stocks and bond prices and a tendency to even up obligations at the end of the week. Absence of any important selling pressure held prices within narrow limits and best figures of the day were | reached toward the close, at an advance of 10 to 15 points on the day. Trading was the lightest of the week. Spots were | advanced 10 points to 9.85. | Cotton range: December, o1d. " December, new. January, ' old Junuary, n | Maren | May July . October . 3 1055 1072 'UNITED CIGAR RESUMES PREFERRED DIVIDENDS Special Dispatch to The Star. NEW YORK, December 20.—A re- | sumption of dividend payments on the 6 | per cent preferred stock of the United Cigar Stores Corporation was an- nounced yesterday following a meeting of the directors. It was announced that a full year's payment would be made in quarterly installments of $1.50, | gifts are bought carclessly and fewer i | which remain in a bad position. Among these are the nonferrous metals. Silver NUMBER OF RETAL | PURCHASES LARGE Dollar Volume Expected to Be Smaller Than in 1929 Heliday Period. BY J. C. ROYLE. Retail trade, as is customary at this season, holds the center of the stage. 1t is fully as large as, if not larger, than the trade in nearly any other Christmas | period in history, so far as the number of purchases are concerned. The dollar value may be slightly less than it was | in 1929, but it is possible today to buy | more for a dollar than it has been s!m‘el the war. The buying is noticeably more in- clined toward practical gifts. Fewer will find their way into the attic or the dust bir than ever before. The ex- tent of the buying is strikingly shown | by the volume of Christmas mail, which, according to latest reports, is at least equal to that of 1929, 1 Metal Situation. The dust still is rising from the house- | cleaning operations of some industries and copper both took drops during the week in New York, in London and in the Orient. This brought bitter com- plaints from London about excessive American shipments and hurt trade with the Orient and Mexico. Copper's weakness gave rise to speculation as to the efficlency of the curtailment pro- gram. Not a few steel men see brightening skies ahead. This has not sufficed to raise production, but at least it is not- able in a situation where even the gloomiest, if pinned down, will finally admit they are more scared than hurt. Automobile sales are brisker. Production is rising at a lesser rate, which means that decks are cleared for | the Spring trade and that the previous excess of cars on hand has just about | een wiped out. i The fuels have had a little better | than the usual seasonal increase in activity. This is true of the fuel oils and coals as well as gas. The electric power curve is steady, not because of industrial activity but becaus: the day- light hours in December are shortest of any month. Not only is crude produc- tion dropping but gasoline stocks show a decrease, whereas consumption is at 2 high level considering the time of year, Commodity Prices. Commodity prices show some return of stability, although still well below the level of a year ago. Bread and meat, the two main articles of diet of Americans, show continued demand despite pleas that their prices be in- vestigated by Congress. For meats, the weather to a large extent determines consumption and prices. Demand for rubber footwear is show- ing an increase’and the leather shoe manufacturers are fairly well engaged. The textile mills are holding their own av; a time which is usually slack for em. (Copyright, 1930.) LUMBER ORDERS G-AIN. By the Associated Press. Softwood lumber orders for the week ended December 13 bore an unusually favorable relation to production both | for this scason of the year and by com- parison with recent weekly figures. Although production, shipments and order figures are running considerably below those of other years, new bnsiness at mills reporting to the National Lum- ber Manufacturers’ Association was 13 per cent above the cut. Combined softwood and hardwood orders at 848 leading mills were reported as 11 per cent in excess of a production of 227,722,000 feet. CHICAGO STOCK MARKET = the Associated Press. _ CHICAGO, December 20.—Following | is the complete official list of transac- tions in stocks on the Chicago Stock Exchange today: Sales. STOCKS. 600 Adams Mfg. ... 1850 Adams Rovaity 1 Pub Ser o . | High. Low. Close. 197719 19 i Wash 1600 Banco Kentucky . 100 Bastian-Blessing 900 Bendix Aviation . 4100 Borg-Warner 450 Butler Bros 5 Ll Sec 250 Cent Pub Serv Al 550 Cent & So West. . 10 Cent States P Wi 9300 Edison 50 Constr 100 Consume: 200 Consumes 2650 Cont Ch um ... th Edis He .. & Mach! d_El ote G 2 50 Houdaille Hershey 100 Houdaille Hershey 00 Inland Util 550 Kalamazoo Stove . 400 Kellogg Swite 50 McQuay Norris 150 Mid' West 50 Miss Val Uil pf 650 Mo-Kans Pipe A 250 Modine ... 2315 3 331’ 100 Nat Elec’ Pow A, i 50 Nat Rep Inv 3" 3 | y 7! oplés G L & C rts. 1650 Pines Winter 00 Pub _ Serv rt 175 Public Se 150 Raytheon 100 Ross Gear 50 Sally Frocks 145 Seab Pu Ser 317 50 Stand Drede ‘pf 1 ‘] Fods 1% P | o Pt 47% 11 beginning on February 2, to stock of record of January 10. This is the first declaration the com- pany has made on this stock since August 1, 1929. The payment on No- vember 1 of that year was passed. The dividend is cumulative, but no action was taken regarding the accumulation since the last payment. A represent- ative of the company said last night, however, that this obligation would be paid as soon as possible. The earnings of the company this purchase of Krupp products. Mining machinery and uécul he said, also would be Canadian plant. tural implements, made in the year until June 30, the last period for which official reports are available, a wide improvement over the pre- ceding year, "._.._...,.. Rzl 853833383 = - £ 23853LEs 58 & ay, I8y, ¥, la Ch 1 o | Fifth "Av | First National Nej STOCK AND BOND AVERAGES By the fussos TURDAY, DI Today...... Year ago Two years ago. Three years ago, weekly aver. High, 1930 Low, 1930. High, 1929 Low, 1929. Previous day. Week ago. Month ago. Year ago...... Two years ago. . Three years ago, weekly aver High, 1930 (Copyright, 1930, Standard Statistics Co.) LIVE STOCK PRICES N UPYARD TREND Decline in Receipts Results in Firmer Tone in Market. BY FRANK I. WELLER, Assoctated Press Farm Editor. Live stock prices are going into the Christmas week with a slight advance over levels of the last two marketing periods. That is about the only definite thing that will be known about values for several days. Shippers are expected to further narrow the declining re- ceipts since the market will be closed | on Christmas day and weaker dressed meat prices may suffer further pressure from competing poultry. Before normal conditions return, the New Year holi- day will have added to the Christmas digression. Compared with a week ago, fed steers and yearlings are 25 to 50 cents higher. hogs strong to 10 cents higher and sheep 25 to 50 cents higher. Receipts Decrease. The upturns are probably due to sharply decreased receipts in all branches since dressed meats continued their downward trend. Too, live prices have been hammered for two weeks, and the recovery made by hogs is merely & step away from the lowest int since 1924. poAn bad fresthork market this week worked pork lions 50 cents to $1 lower at Chicago, while prices were steady to $1 lower in New York. The unsatisfactory trade prevented price recovery, although receipts were 25 per cent lighter. The top on hogs is about $1.15 below the top near this time a year ago, while medium weight hogs are selling about $1.30 lower and heavies $1.36 lower. Pork loins are about $3 lower at Chi- cago, indicating that the dressed end of the trade is suffering more than the live in current price depression. However, loins represent only a small part of the pork trade and what is lost in loins may be made up in other prod- ucts—probably bacon, which is selling at a rather fair price. ‘While some see little chance for much improvement in either the live or dressed pork trade until after the first of the year, it is notable that storage stocks are 7,500,000 pounds lighter than year ago, although about 17,000,000 pounds heavier than the five-year aver- age. The greatest drop in storage hold- ings is represented by dry salt pork. Lard stocks have been reduced about 37,000,000 pounds under those of last Y Dressed Beef Prices. Packers, who Tecognize thelr own fault in advertising lard substitutes on prospects of larger profits, now are making & strong appeal for a product whose market they almost wrecked. Practically all classes of cattle slumped early in the week although re- ceipts were only moderate. Shrinkage in the supply figure after Tuesday, | however, gave the sellers an upper hand oa s iceen competition. developed. to send prices soaring. Dressed beef prices closed about steady in New York, but were 50 cents to $1 lower in Chicago. The price of better grades of beef now are about $3.50 to $4 lower than a year ago, whereas the price | of choice steers is around $1.82 lower and the price of good steers around $2.26 lower. Heavies are about $1.75 to $2.25 lower. Again the dressed trade seems to have carried the largest share of the deoression. Observers say explanation probably lies in the decreased purchasing power of beef consumers and the relatively low prices for competing meats and sub- stitutes. The cattle market has been an apparent economic anomaly; unusually light supplies and relatively low prices. Many cattle men are wondering whether the old law of supply and demand has ceased to function. Supplies at the seven larger markets were the smallest for any November in more than 14 years and were 22 per cent smaller than in November, 1929. With one exception, receipts at Chicago were the smallest in more than 40 years. Sheep Prices. As compared with a year ago, sheep prices are about $5 lower and dressed lamb prices from $6.50 to $7 lower. Al- though sheep picked up in price this week the general market is sensitive to the size of receipts due to the approach- ing holiday trade. Dressed lamb prices went $1 to $2 higher in New York, but an oversupply pushed prices down 50 cents to $1.50 at Chicago. NEW YORK BANK STOCKS NEW YORK, December 20 (#).— Over-the-counter market: Banks. America ... Bank of U 8 units GRS < o atham Phenix .. W York Harriman . 4 Manhattan o """ People’s National . Trust Companies. Bankers Broadway. Central Hanover .0 % Chelsea Bank & Trust: Chemical Bank & Trust Corn Exc . PR Manufactut New York United States '@ Westchester Tifle & Trust. BALTIMORE STOCKS. Special Dispatch to The Star. BALTIMORE, December 20— 8. Sales. STOCK! 230 Arundel Corporation . 75 Baltimore Trust Co. 100 com 2 10 Coneolidated Gas 5% cum pfd A. 45 Eastern Rolling Mills com 10 Emerson Bromo-Seltzer A 186 Fidelity & Guar Fire Corp. 66 Fidelity & L Co .10 Houston O; 100 actt Maryland Mt 0... way &' Electric. delity & Guaranty. BONDS. 2000 United Rwy & Elec. 1 5000 W5 . 1st 4s Rwy & Elec income 43, %A Raliwey lst 58, N U Unites Us e ated Press. ECEMBER 20. MARGIN TRADING ALLOWED IN STOCKS UNDER $10| By the Associated Press. NEW YORK, December 20.—The recent decline in stock prices has changed Wall Street’s attitude toward cheap stocks. Shields & Co., members of the New York Stock Exchange, an- nounced today that clients would be permitted to carry on margin stocks selling as low as $7 a share, against $10 heretofore. In times of high stock prices, low priced issues have been re- garded with suspicion, but split-ups, together with the recent protracted de- cline, have reduced stocks of some prominent companies into what used to be regarded as the ‘“‘cat and dog” class. Brokers also point out that the deflation has put some issues below the value of net quick assets. DIAMOND MATCH CO. NEW YORK, December 20 (#)— Stockholders of the Diamond Match Co. have approved the plan for reincorpora- tion and authorized sale of the com- pany’'s assets, property and business to the Diamond Match Co. of Maryland, organized under the plan. A meeting of stockholders has been called for January FINANCIAL. LONG-TERM CREDIT WILL AID EUROPE Plan for Rationalization of Finances Reported to Com- merce Department. By the Associated Press. A rationalization of European finances to meet the needs of the depressed situ- ation through the medium of long-term credit is reported to the Chamber of Commerce of the United States by H. C. MacLean in Paris, who says the ma- chinery provided by financial institu- tions in various European countries for the distribution of credit is being over- hauled and rendered more efficient. In Great Britain the Securities Man- agement Corporation was created to provide facilities for industrial financing not offered, at least to a sufficient de- gree, by the great British banks. In | Germany an important consolidation of banking resources was effected through the merger of the Deutsche Bank and the Diskonto Gesellschaft. Similar action has been taken in Italy, Austria and other countries with a view to a more effective use of bank credit, the elimination of duplication and a re- duction in the costs of operation. Financial as well as manufacturing es- tablishments have been seeking to offer a wider service at a lower cost. In France financial developments have taken a somewhat different direc- tion, and the movement is said to have been toward strengthening the position of Paris as an international money market. The Banque Francaise D' Ac- ceptation has been organized to con- tribute to the creation of an interna- tional bill market, the former diserim- ination against foreign securities in the matter of taxation has been largely done away with, and legislation has recently been drafted both with a view to encouraging the formation of in- vestment trusts and to increasing the degree of protection afforded to the investor by law. All the leading financial markets are sald to have a superabundance of short- term money, which is being offered at abnormally low rates. The decline that has taken place both in the volume of business and in commodity prices has naturally reducéd the demand for credit. Summing up, Mr. MacLean reports certain nations have more money than they can employ profitably with the requisite degree of security, while others 13 to vote on dissolution of the oid company. who urgently require financial assist- ance are unable to obtain it. The Se INSTALLMENT XXVIL N hour after Stan’s departure, | innocently busy with needle- | work In the sunshine of the i deep porch, Shirley fell into conversation with the old Peterses. 2 T've known Stan since we were kid- dies,” Shirley said, by way of introduc- ing the subject. “So I understood,” said the old lady. “Last Fall,” Shirley pursued, with a deep, sudden sigh, “we were to have been married. You knew that?” “Somz one was telling you that at the funeral, Settie,” said the old doctor. ‘But my husband was dying, and he wished to be reconciled,” Shirley went on. “It was a terrible position for me, terrible. But it seemed to me that there was only one thing to do; let him die in peace. “I see,” Mrs. Peters murmured. “Nobody will ever know what it cost me,” Shirley said. “It meant giving up —Stan. And he has always been the most wonderful person in the world to m ‘He's a pretty wonderful feller!” said doctor, after a short silence. ‘He’s a man that a woman—Ilike that can easily get hold of,” Shirley said, lightly, feeling her way. “Because he believes in all women!™ Neither of the old people spoke; the doctor fixed a shrewd bright look upon her, the old lady coughed distressedly. “Haven't you noticed that Miss Yorke is simply infatuated with him? Why, Shirley said, in innocent bri “She seems a real sweet Cousin Settie. “We all thought so!” Shirley agreed quickly. “Even poor Mrs. Cutting thought so!” s “Wasn't Cousin Hattie real fond of 2" the old lady demanded. Almost to the end.” you all see. It separated me and Stan— I couldn't—I couldn’t stand that! I know men are not like women, but right here, in his aunt's old home, it seemed so terrible “There’s nothing wrong between ’em!” said Cousin Settie valiantly. She looked at her husband reproachfully, for help, but the doctor, after a long look at Shirley, had pursed his lips and was looking down at the porch floor. Shirley realized perfectly that to him her little ruse was as a pane of glass, but she would not abandon the charge at this first rebuff. The old wife was uneasy, it was plain, and it was to Mrs. Peters that she directed her next re- mark. “One feels that it is not—quite fair of Stan,” she said, “either to her or to us. I spoke to him about it last Fall, and immediately he wrote you. But even that doesn’t seem quite fair. Your being here, I mean—-" “Doctor and I knew he admired her. At least, we suspected it,” said Mr: Peters uncomfortably. “Didn't we, doc. tor?” she asked, trying to draw her husband into the conversation. “I respect the girl for mindin’ her own business,” the doctor drawled. “And I don’t know but what we might's well mind ours—" You're very generous, doctor,” Shir- ley told him with a laugh, “and I think perhaps you're right; it's entirely thefr own affair. But you and Mrs. Peters are such lovely, old-fashioned people, ?h‘\:r:h members and all that, that I el “You don't believe——" Mrs Peters | said anxiously to her husband as Shir- |ley paused. AIl her fears were aroused. If Stan Crittenden, her own Cousin {Halmes husband’s sister's child, had acked Leander and herself down here | to cover up any such carryings on, then at least Sarah Peters need be a party to it no longer! “Now look here, Settle,” the doctor said_soothingly. “Don’t think that I believe anything is really wrong, myself,” Shirley said quickly and earnestly. don't! But a great many of Stan’s friends do, un- fortunately. 1 see them, you know, and that's what made me wonder just what you and Dr. Peters felt about it; and how long you were going to stay, and all that! No, it's Stan’s business, she added mdlggemly, ‘and it doesn't “ ern us a bit-—does it?” ‘Well, in a way it doesn't!" Mrs. Peters agreed, with a little shocked and angry laugh. “But in another way—my gracious!” she reflected vexedly. *“I declare’ sometimes I think doctor and I are a couple of babies!” she broke out. “It wouldn’t occur to us in a thousand years ever to think of such a thing! T've always known that a man with fg‘ of money-—"" “I wouldn't get mysélf all worked up over it, Settie,” the doctor said. “We know Marg'ret, and she’s one of the nicest, swe, girls I ever saw—she's I don’t know I know, doctor,” cally, faintly impat t the worst sort? pt. pu “But I xcept MARGARET YORKE By Kathleen Norris Cormh 1. Mo Asmaries Mowepner Al b Shirley ex-| plained. “And then she saw—well, what | wife sald | three da; cret of terrupted. Now, with an lnlr{ glint in the shrewd old gray eyes he turned to Shirley. “Don’t worry yourself to say one more word on the subject, Mrs. The- obald,” he said sternly. rs. Peters nd thank you and I are warned, ‘kindly.” Shirley, smiling but scarlet, subsided and busied herself with her needlework, her shoulders. Silence reigned for a while in the sunshine and quiet of the porch. Shir- ley, deep in her being, laughed con- temptuously. The fight was not lost yet. This old couple might begin to think over what she had said, and to worry about. it, in spite of themselves. “And for all I know,” she reminded herself, “it is true!” She presently got up and sauntered away in the sunshine, and after a while Margaret came out, tousling Jim's wet, clipped little fair head under a big towel. And as she sat down and turned her glowing, thin, beautiful face toward the old couple she noted with surprise and pleasure that their manner toward her was more than ordinarily affectionate, almost parental, and her bright color rose and her own manner became its sweetest—grateful, responsive and happy. - Stan, with a possible guest, was ex- pected in midafternoon. It was about 3 o'clock when Margaret, with Jim, wan- dered out toward the front porch to Y ehiiex wes gkt do garet, ey was lying down; Mary - posed the old couple to be nsfln(,n&. Tony was coming up in the farm wagon. He had had to make a special trip into town today; Margaret could see that he had mail; he alwa letters visibly into the upholstered seat. She took the letters from him with a smile, running them through her brown | fingers. ~ Peters, Peters, Crittenden, Crit- tenden, Crittenden. Something for Shirley, forwarded from Burlingame, newspaper for Stan. And, yes, a tele- gram for Miss Margaret Yorke. She opened it slowly, and the bright day flashed and shook, filled with® salt water, and her hands turney icy. Slowly the reeling green hills settled into place; this was just the familiar farm—the barn roofs in sun- shine, the sheds and fences, and the great trees in new foliage. “My God!" she whispered. She put the yellow paper back into its envelope, locked her hands in her lap and sat back, trembling, her eyes closed, every particle of color drained from her face. Jim came over to her, touched her, curious and faintly alarmed. And sud- denly she opened her eyes, strained her young arms about the child’s little body, i:ll!d her ashen face against his bright r. “My darling—my own boy!” she said, over and over. “Margar, I read the whole page, nine words,” Jim said, gently and anxiously. I:‘{g’ad one word with seven letters | She looked at him as if she did not hear him, yet with a painful intensity. “It was ‘baskets,’” Jim further stated, expectantly. “That 1s wonderful, my darling” Margaret said then, not moving her eyes. But when he had gone back to his book, she opened the telegram again, and spread it on her knee, and read, over and over, the brief strange words. “Party in whom you are interested died this morning, Roosevelt Hospital, 8:15,” she read. “Will wire you more fully tomorrow. Arranging my affairs to leave at once for California to pro- tect your interests.” 8 ten was signed merely with the let- W The giddiness had passed, but Mar- lli‘:t felt dazed a:‘ld weak. o wag ovel e bitter struggle that had bl'lnfikcn her heart, that h?d eaten away six of the sweetest years of her life, that had taught her to fear and wl}:m. d e was dead; the man she had mar- ried on that bewildering and exciting day six years ago. The man whose incoherent words, whose thick breath, whose insistent arms, had sickened her again and again. Margaret, here alone, in the ful Spring afternoon, on a California farm, leaned back in her chair and shut her eyes. She would think no more. He was dead. He had not known—how should he?—what a girl's heart and soul could be. She could forgive him now: he was dead. The only person who shared with her the memory of that terrible day— of the next day—an p S ay- d the next, was She read the tel in_Roosevelt l—xo-gn?fm this 1;15. 3 brought the blood to her proud face, the'reeollecm of him laughing at her tears, the memory of her own dazed senses, only s, four days, a wife, was strong upon her mn hour of release. The b.tterness of her own helplessness and despair in those old days rushed over - fer again. " (Gontinued tn Tomorrows Stary . S tossing her head and slightly shrugging *