Evening Star Newspaper, November 28, 1931, Page 15

FIN C{RB ISSUES MOVE | N ARRON BANEE Public Utilities Continue to Feature Trading—Sales Are Small. BY JOHN A. CRONE. Bpecial Dispatch to The Star. -~ NEW YORK, November 28.—A slight | Tally took place on the curb exchange following a lower opening today, but dealings were so small that most fluc- tuations were meaningless. Electric Bond & Share moved within &.xange of less than a half point, while movements of Cities Service were within an-even more limited range. American Gas & Electric was off more than a point while Middle West Utilities and United Light & Power A yielded slightly. - Utilities Power & Light Corporation B and common shares were offered some- ‘what more freely following declaration of the usual dividends, which, however, no-denger carry the cash or stock option bu ¢ now payable in stock. United Light & Power A was heavy following its 12-months’ earning state- ment showing $1.30 earned on the com- binied A and B shares against $2.27 on & &maller number of shares in the 12 months ended October 31, 1930. ‘nsurance stocks early reflected the geferal heaviness. Insurance Co. of North America and Fire Association of Phfladelphia, both of which are per- mitted to invest in common stocks, reg- istered declines of 1%, and 3'j points, Tespectively. BONDS ON THE C! Alabama Pow s '68. 14 Aluminum’ Co 63 Aluminum_Ltd 8s ' 3Am Com Pw 5las '53 Am Omwin pw ds - & E 55 PO I WET NI L TRt ™ PRI S 83988020) ELEEE R i Db 2 1 it 0 R & £ i }: 5 3434 2828 NR32 23! BN FEEE ona £33t s 23028 @3 $ Koppers G 3 KoPPer dad S Tlehisn P 8 65 2026, & i1 Long Islani s 45 100% 3 P&LBs 91 (o8] woblau 227 7 91 90% 90% 7, 10494 104% 4T 472 v ot 5 ol 105 10 1045 104% Tl 9812 88 S T JapaEpeeSSeuea e 2SBS0 32833 b5 a {andard ? 4 ] in 4 of Tulh 412s ‘6 \per of Tin 414 *10 ift 58 '40_ w hn Hiee Bow 5058 v B 238229,, 85225935 IS Tex Ut 5 FOREIGN BONDS. M Bk T8 '4T D ota Air Prov s 33 31 r Pr Thas ‘47 ;? Bk ‘fl-; 65 A 63 Al 1 nt ‘k Co 2992 | has transpired to account for the con- THE EVENING STAR WASHINGTON, D NEW YORK CURB EXCHANGE Acme Wire ¢ Allied Mill Aluminum Co of Am §50s AluCoof Ampf (6). 3 Aluminum Co Ltd Am Capital B. Am Cigar Co. . Am City P&L (A) Am Cit P&L B b10% Am Com Pr B(b10% ) « Am Corpn (f30c) . Am Cyanamid B Am Equities. . Am For Pow war, Am Founders. ...... Am Gas & Elec (11). Am Invest Inc (B).. Am Invest war. . Am Natural Gas.... Am Superpowe Am Superp 1at (6) Anglo Chil Nit Appalachian G: Arcturus Rad Arkans Nat Gas A Arkansas Nat Ark N G cu pf (60c). Art Metal Wks(b8% ) Asso G&E) A(b2-25), Asso Tel Ut (b8%).. Auto Voting Mach Auto V Ma cv pr pi Bellanca Alr v.t.c. Bell Tel of Can (8) Beneflcial I L (134). Bickford's (1.20). Blue Ridge Corp. ... Blue Ridge cv pf(a3) Brazil Trac Lt&P(1) Brill Corp A (34¢)... Brill Corp B... . BritATcou B 1. Bunker Hill Burma rets t Butler Bros. ... Cable Radlo T vtc. Cable & Wire B ret Canadian Marconi Carib Syndlcate. ... Celarfese 15t pf (7). Cent Hud G&E (80c) Cent Pub Sve A b5%. Cent Stat El (b10%) Chaln Stores Stock. . Chesebrough (15%) . Cities Service (z30c) Cities Serv pt (6)... Clev E] 1llum (1.60). 4 Cleveland Tractor. .. Colon Oil. , Col O11& Gas vte. ... CommwIth Edison (8 Cmwith & Sou war. . Consol Copper Consol Gas Utility A. ‘Consol Retail Stores Cont Shares cv pf. Cord Corp. ... Creole Petroleum. Crocker Wheeler. ... Cuneo Press (2%) Davenport Hos (2).. Dayton Alr & Eng... Deere & Co. . . De Forest Radio Detroit Atroraft Dow Chem pf (7 Dubilier Cond & Ra Duke Pow (5) Durant Moto! East G & F Assoo. .. East Sta Pow (B)... East Util Assoccv.. Eisler Electric...... Elec Bond&Sh (b6% ) Elec B & Sh pf (6)... Elec Pow Assoc A (1) Elec P & Lt op war.. Elec Products of Col, Elgin Natl Watch Empire Pwr pt(2.2 Empire Pub Sve (A) Europ Elec deb rts. . Fajardo Sugar .100; $ Fire Asso Phila 1.60. Flintkote CoA. ..., 4 Foltis Fischer Corp. Ford M Can A (1.20). Ford Mot Can B 1.20. Ford Mot Ltd 36 8-50 Fox Cheater (A).... Garlock Pkg (1.20).. G&E cv pf B(6). Gen Theat Eqev pf.. Gerrard (SA) Co.... Glen Alden Coal (4), Globe Underwr (15¢) Goldman Sachs. ... Goth Knitback Mc Gt A&P Tea nv(16%) 4 Ground Gripper. Gulf Ofl of Pa (1%). Hazeltine Corp (1) Hecla Mining (40c Heyden Chem (2) Hollinger Gold $70c. Hudson Bay M & S.. Humble Ofl (12%).. Hydroklec Sec(1.20) Hygrade Food Prod. 111 Pow & Lt pf (6)., 7 Lmp O1l of Can (buc) Insull Inv (b6%). .. Insull Utll 2d pf (6). Ins Co ofNo Am t23 Insurance Seourity . Intercontinent Pst Int Petroleum (1). .., Int Superpwr(t1.10). Int Utilities B. . Interstate Equitie; P OTORoIR N o 8 5 53 9 In Italian 4 in 100-sbare lots excent these desigmated by letter “a" _Prev. 1031~ w. Dividend Rate. A«olo‘oun. I 4 & 108 173 2 % 16 4514 5% Muss U St Reg! Salt Cre 3% 4 * nual’ [ js in dividen 51, | sock™ pius + | BGck. o Plus 8% 10 Mass Utev pf (23). Mavis Bottling (A).. Mead Johnson (15).. Mesabl Iron, .. Mid Sta Pet vte B Mid West Ut (b8% Mid W Ut ev pf xw 6 Mo-Kan Pipe Lin Mo-Kan Pipe L (B) Mountatn Prod (1), Murphy Co (1.60) Nat Aviation. . Ni t Fuel Gas (1), Nat Union Radio. Nehi Corp.... . Nehi Corp pf (53%). ew Bradford Ofl ew Eng Pow pf (6) cw Jers Zine (13).. Niag-Hud Pow A w Niag Sh Md (40c) Nordon Corp Ltd. ... Nor Central Texas. . Pandem OIl. ......., Paramount Cab Mfg. Parke Davis (11.65). Parker Rust P(13%) Pennroad Corp (40c) Pepperell Mfg (4). Perryman Electri Philip Morris Ine. . Phoenix Secur Corp. Vitney Bow Pittsbgh P! Plymouth Oil (25¢) Polymet Mfg. % Premier Gold (13e).. Prudential Invest. Reliable Store: Rellance Manag. Richman Bros (3). Rock Lt & P (90¢)... Sec Allled Corp (1).. Secu Corp Gen (40¢). Shattuck Den Min. Shenandoah Corp... Shenandoah Corp pf. Singer Mtz Co (116). 10s Smith (A.O.).... South Penn Of1 (1). 7% SoCalEdpf A (1%). Southern Nat G Southeast G&Wt (A) 1 Southld Royalty 20c. SW Bell Tell pf (7)..100s Spieg May 8i + Stand Of (1), Stand O11 Ohlo (214) 3008 Stand P& L pf (7)... Sunray Oll. 5 Swift Internat'l (+4) Swiss-Am E1 pf (6).. 50s Taggart Corp....... Tarupa Electric (32). Technicolor Inc Teck HughesGM Tri-Cont Corp war... Ungerieider Fin Cp Unit Founde: Unit Gas Corp Unit Gas Corp war. Unit Lt & Pw A (1) Unit Pub Service. Un Shoe Mach (13 U 8 Elec Pow ww... U 8 Inter Sec 1at pf.. U 8 Lines pt 3 & U 8 Playing Card 2% 3508 Unit Verde Bxten (1) Utl] P&Lt(a11.02%). Ut P&L B(at1.03%). 1 Utll Pwr & Lt p£(7 Utility Bquits, e Util Equity pf(5%).. Van Camp Pk Van Camp Pkg ‘Walker, H (25¢) . Walker Mining. ... Wilson Jones. ...... Wrth (FW)Ltd (36¢) Wright Har (112%¢) RIGHTS—EXPIRE Com Edison.... — Pub Sve NI .Feb 1 Rad-K-Orph..Dec 21 Dividend ratez in dolia payment. *Ex di cash_or k. us 5% in stock. 3% in stosk. Received by Private Wire Direct to The Star Office, stocx and Divid Jer Cent P&L p£(7).. Kolster-Br (Am 8h). Lake Shore M (12.80) Lefcourt Real pf (3). Leh Coal & Nav 1.30. Leonard Of1. o Lone Star Gas Long Island Lt ( Long Isld Lt pf (7) Mangel Stores pf Margay. 1 Low. Close. 994 99% Sales— end Rate. Add 00, Open. Migh. 0 991 80¢) snoc. ... 3 208 6 7 (b4%) 0 G (2). Paper (80¢) 1. Prod (1).. R AN NN B A WA DR TN R WS 208 3 1 4 12 npf.. 1 ot 24 508 1 4 2 3 9 30 ). 508 1 8 1 il 1 . 5 2 3 2 2% o 2 g based on last quarteri -an- rily extra TPl 4% {8 sock ity aeie 4% 1 0 regular rate. nd. Everybody’s Business Despite Present Conditions in Industry, Many Rajl- road Systems Will Cover Their Fixed Charges This Year. BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, November 28—Little tinued weakness in rallway securities, | with many issues registering new rec- | ord lows. More than $26.000.000,000 is | invested in the Nation's transportation | lines, with railway bonds constituting, | by reason of their legality, the majcr portion of the invested capital of savings banks, insurance companies | and trustees. | Holders of railway bonds who have| been scared into selling, irrespective | of quctations, might to bear in mind that, despite the unsatis- factory economic conditions, many a system will cover its fixed charges| this year and show appreciable bal-| ances available for junior securities. They might elso remember that, by reason cf a recently reached agreement, carriers which will not earn the full service on their funded indebtedness | will secure aid from the stronger sys- tems. In this way, one need not look for | any interruption in the payment of in- terest on the greater pcrtion of rail- way bonds. It appears that during the present difficult period an arrangement might be made similar to that in force in France, by which the Government advantage | in the railway pool are not sufficient. | May Cover Fixed Charges, | Despite the sbsurdly low levels at which some of ‘ne Pittsburgh & West | Virginia Railway Londs are quoted, the | road is expected to cover its fixed g AR 'S 3 *v' ite 15 € 2id R M Bk 8 cl 34 i 41% 3003 0 g 5 Mun Ts Bzsiaey io de Jan 6 earbruc 3k s 38 R taso Cnije T8 ‘81 tinnes “75738 xw... o With warreats. Without warrants. New. When issued. witzerland is continuing its finan- aid to the watehmakers. charges this year with a small margin to spare, according to F. E. Tappin, ' president. As a result of the unseason- ably warm weather in November, which (has curtailed tae movement of coal, i this month’s results will be disappoint- ing, Mr. Tappin continues. The low rate of steel operation has also con- tributed considerably to the shrinkage of earnings. The issues of the Missouri-Kansas- Texas System are in a similar position. Quotations are indicative of impending default. However, net income for the first 10 months of this year are appre- ciably in excess of all expenses, taxes and fixed charges, includ: adjust- comes to the aid of a carrier if funds |30 left for the 7 per cent preferred is ma- terially below dividend requirements, which' leads to the belief that payment might possibly be deferred at the next dividend meeting, scheduled for the middle of December, Copper Situation. Strength in coppers in the face of rather pronounced weakness in all di- visions of the securities, commodities and foreign exchange markets, is due to the agreement which is reported to have been reached by leading producers to curtail output. Although the exact details of the plan have not been made S;‘)‘b“CId ';’hoe-nellhm, who have be:ldl pose: n arrangement, announce that they have finally declded to ac- cept proposals, with regard to curtail- ment of output, which were made to them in New York and to which other producers have already agrecd. Debt Compromise Seen. For the period of depression, France Wil not refuse to examine the possi- bility of a new arrangement betwesn debtors and _creditors, according to Plerre Laval, French premier, M. La- val adds it is to the interest of France that Germany recover her sol- vency. In order to appease his fellow countrymen, he points out that irre- | spective of what holders of German commercial obMgations may think—to France, reparations pnyme;yu h’;‘vnek pri- ority over private debts. This is obviously for home consump- ton and does .ot chang: the view held , satisfacts - able to all parties affected, e 5 C:l:luny Earning Dividends. arked weakness i - curities of Electric Pr:w:':l: ‘V,",{‘;;‘;c“u certainly not justified by earnings. The preferred stocks of the company are selling to yleld substantially in excess of 10 per cent in spite of the fact that dzvlg:nd- Jfor the year ended September e been covered e~ quate margin of u!ety.by a¥atos e In fact, net profit on the common, of which almost 1,900,000 shares are outstanding, llge‘lud $2.37 a share, as compared with $2.93 during the pre- ceding 12 months. It s also of inter- est to point out that earnings f;u:;b;’tg‘nnfl-,muner elimination u:( y ms, sh for the period under a review .°-':7§ over last year of about 16.5 per cent. Tin Market. A somewhat better feeling is notice- able in the tin market. Rec'enuy. when commodities and most metals scored appreclable advances, tin was one of the few which dia not share in the rise. The :rade is looking for somewhat bet- ter prices due to a further reduction in output ordered by the International Tin Committee. Beginning with January 1 the annual production and export will be reduced another 15,000 tons, ment of bond iaterest. amount ing next year's eutput down to 91! t!%l;;. as compared with 162,000 tons in Improvement in tin should help tin- producing countries, notably Bolivia, the Dutch East Indies, the Straits Set- tlements and Siam. The last named has recently joined the intcrnational group, leaving only about 9,000 tons which are not under absolute control. ‘ (Copyright, 1931. by the North American Newspaper Alliance, Inc.) Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, November 28— White potatoes, 100 pounds, 75al.10; sweet potatoes, bushel, 35a50; yams, barrel, 1.25a1.75; beans, bushel, 1.50a 1.75; beets, per 100, 2.00a2.50; brussels sprouts, per quart, 8al8; savoy cab- bage, bushel, 35a50; carrots, per 100, 2.50a3.50; celery, crate, 1.50a2.75; Ccucumbers, hamper, 3.00a4.50; egg- plants, crate, 1.50a3.25; lettuce, crate, 3.00a4.00; okra, bushel, 2.00a2.50; onions, 100 pounds, 1.75a2.50; oyster plants, 100, 4.00a5.00; peas, crate, 6.00a7.00; peppers, 3.00a5.00; pumpkins, per 100, 3.00a10.00; spinach, bushel, 30a60; squash, bushel, 1.50a 2.00; tomatoes, lug boxes, 2.00a3.25; turnips, hamper, 15a25; apples, bushel, 50a1.25. Dairy Market. Chickens—Young. 20a22; Leghorns, 17a20; old hens, 17a22; Leghorns, old, 12a16; roosters, 12ald; ducks, } geese, 14a18; pigeons, pair, 25a30; guinea fowls, pair, 25a5 20232, Eggs—Receipts, 736 c: © receipts, 28a30; small pullet eggs, 22a 25; hennery whites, 34a36; nearby firsts, 30a32; Western firsts, 30a32. Butter—Good and fancy creamery, 28a33; ladles, 20222; process, 24a25; store packed, 15a16. EMPLOYMENT DECLARED AT RECORD LOW LEVEL By the Associated Press. CHICAGO, November 28.—Industrial employment in the seventh Federal re- serve district reached a new low level in October, the 630,928 men employed the week of October 15 showing a de- cline of 7.9 per cent from September 1! Pay rolls, however, declined only 0. r cent, indicating that a large num- r who been on part time employ- ment were laid off during the month. Thus, the reserve bank survey pointed out, the average weekly earnings of all employed advanced from $2299 in September to $24.77 in October. Canada now has 5513 fur farms and rated worth the industry it as - 00, $30, C., SATURDAY, FRUIT SHIPMENTS IN SEASONAL DROP Carlot Consignments of Vege- tables Also Show Declin- ing Tendency. After the wholesale produce markets had been supplied for the holiday trade there was the usual tendency to sea- scnal dullness, says the United States Department of Agriculture, Bureau of Agricultural Economics, Market News Service. Carlot shipments of fruits and vegetables are not much above 2,000 daily, which is a littie less than the number moving during late November last season. Price changes are comparatively few and moderate, but most of the gains of the week before are maintained. Cab- bage and onions have shown an upward trend for some time, but there are new developments in these lines at present. Potato and Apgle markets are fairly steady, although there was a rather weak tone in evidence at Eastern ship- ping points. Potato Markces Quiet. Moderate supplies and limited de- mand are the rule in Eastern potato markets, and there was not much fur- ther shifting of prices in late Novem- ber. Carlot shipments are only 500 to 600 cars daily, and nearly all shipping sections are falling benind in carlot figures, compared with a year ago. Few sales are reported from Western New York shipping points, but prices are about steady at the preceding week’s slight decline, with a range of 65 to 70 cents per 100 pounds, which is about the same price that is reported from Western Michigan producing sections, but considerably higher than in North- ern Maine. Demand is slow and haul- ings light in the Presque Isle district, and there were some saies as low as 40 cents per 100 pounds during the last half of the month, while Green Moun- tains ruled only 35 cenvsi Maine Green Mountains were fairly steady in Eastern jobbing markets at 85 cents to $1.05, but there were tops of $1.25 to $1.50 in Washington and some Southern mar- kets. Long Island potatoes were steady in New York at $1 to $1.15. New York round whites sold at 90 cents to $1 in Baltimore, and Pittsburgh and Penn- sylvania stock followed a similar range of jobbing prices. Sweet potatoes continued to follow & low range of jobbing prices in Eastern markets. Virginia stock of the Jer- sey type brought $1 to $1.60 per barrel and 35 to 65 cents per bushel. New Jersey sweets sold at $1 to $1.15 in Eastern cities, while Maryland and Delaware stock brought mostly 50 to 75 cents. Onion Market Firm. The onion market position is well maintained at Eastern and Midwestern shipping points. Sales in New York and Michigan producing sections still range $2.25 to $2.40 per 100 pounds, Demand is slow but showing some tend- ency toward improvement. New York yellow onions following a jobbing range of $1 to $1.40 per 50 pounds in Eastern markets. Supplies were moderate to liberal and demand slow. Track hold- ings have shown a tendency to decrease in leading markets since early Novem- ber except for a few days preceding the Thanksgiving holiday, Daily shipments are at the rate of about 100 carloads. Cabbage Prices Steady. Recent gains in the cabbage market have been fairly well maintained in the East. Midwestern producing section; still a slightly upward trend at a level about $5 per ton higher than prevails in Western New York. Cabbage from { both sections is quoted at $20 to $22| per ton in St. Louis, while Eastern cab- | bage markets range $12 to $18 for the| hard long-keeping varieties. Red cab- | bage is steady in New York at $38 to $40 per ton and showed an advancing trend at Chicago. Holdings of celery in storage in East- ern New York showed a moderate de-| crease during the period of supply for| the holiday trade but the market in the Roc’ =ster district was disappointingly | dull owing in part to the large quan- tity of fair to ordinary celery in stor- | age. Supplies are moderate to liberal in Midwestern cities and New York cel- ery is about steady at $2 to $2.50 per two-thirds crate. Apple Shipments Moderate. Carlot shipments of apples are now running below 500 daily and supplics are not so excessive in some Eastern markets, but there 15 still considerable local frults of variable quality which competes with carlot receipts and sells at very low prices. A few varieties sell | comparatively high. Greenings bring | $4 to $6 per barrel in New York and MclIntosh $5.50 to $6.50 but general range of good fruit of standard varieties is 65 cents to $1.25 per bushel. 4 Apple markets in producing sections are dull and quiet, but hold generally the recent levels of prices. York, Stay- mans and Black Twigs sell at $2.25 to $2.55 per barrel in the Shenandoah region and pushel packs of the York ruled near 75 cents at the end of the month. In Western New York, some varieties are being held back in hope of higher prices, but the general run of common storage stock is being sold readily at prevailing levels. Export movement is light. Considerable quan- tities of low-grade fruit are being used for local manufacture. New York Cotton Special Dispatch to The Star. NEW YORKK, November 28—De- spite the extreme weakness in the stock market, which caused an early loss of about 5 points in cotton prices, the market resisted pressure today, and un- der a demand for December moved up 10 points from the low and closed un- changed to 7 points higher than Fri- day. Virtual absence of hedging and more | price fixing by mills at the decline the past two days produced a very steady undertone. Spots were advanced 5 points to 6.20. Cotton range: w. Clos December 9 106 January £ 1 3 0 2 0 8 5 Markets at a Glance NEW YORK, November 28 (#).— Stocks weak; leaders reflect further liquidation. Bonds irregular; rails im- prove slightly. Curb easy; losses nar- row, Forelgn exchanges irregulal sterling continues under pressure. Cot- ton steady; trade buying, local cover- ing. Sugar steady; trade support. Cof- fee steady; Brazillan market. WOULD MAKE COMMON STOCKS -LIKE BONDS | CHICAGO STOC Employe rticipation in manage- mntp:uyd p‘;flu is enabling certain manufacturing groups to prosper in the midst of depression, according to Dr. Harrison E. Howe, editor of Industrial and Engineering Chemistry, journal of he American Chemical Society. Indus- try, he declares, must find a way more nearly to equalize between capital and labor the benefits arising from tech- nological advances. “In an effort to get upon a new basis,” says Dr. Howe, “it is well to consider the wisdom of decreasing, or even eliminating, the speculative fea- ture inherent in common stocks and reducing all to the sober level of bonds with a fixed earning capacity. NOVEMBER 28, 1931. FINANCIAL. NEW FLORIDA BANK IS UNIQUE AMONG INSTITUTIONS OF NATION “Ware]’louse for Money" to Have Resources in Cash and U. S. Bonds—Will Pay No Interest on Thrift Accounts. Speclal Dispatch (u The Star. NEW YORK, November 28.—The Bank of Miami & Trust Co. is the name of a novel banking institution which has been organized by prominent New York and Miami financial interests and opened for business yesterday at Miami, Fla,, setting rntirely new standards in American banking. Gov. Franklin D. Roosevelt’s law firm of Roosevelt & O'Connor, New York, is general coun- sel for the new institution, which, mak- ing its advent un the heels of one of the most trying financial situations in Florida’s own history, will have its en- tire resources in cash and United States government securities, make no loans and pay no interest either on thrift or checking accounts of depositors. ‘The primary theory of banking is the acceptance of dcposits and the prompt payment of thuse deposits “on demand.” The policy of the new bank conforms to a literal interpretation that is tanta- mount to the most advanced banking practice known, and the bank may b termed a virtual ‘“warehouse for money.” Officials of Bank. Edward S. Helman, president of the Bank of South Hudson & Trust Co., N. J, is chairman of the tution and C. H. Reeder, a lifelong resi- dent of Miami, former mayor of Miami and now finance commissioner of the municipality, is president. P. G. Dusen- bury, an investment banker of Miami, is vice president, and L. J. Griffin, president of Griffin-Brice-Buchanan, Inc, and formerly assistant to the finance commissioner of Miami, is sec- retary and treasurer. T. H. Holman is assistant secretary and treasurer. Dic- rectors, in addition to Edward S. Hol- man, Mr. Reeder, Mr. Dusenbury and Mr. Griffin, ar T. B. Boss, president, American Re- serve Insurances Co, New York City; Henry H. Fller, invsetment banker, Miami; H. J. Freeman, president, Free- man & Sons, Inc, Miami; John 8. Harrls, president, Stranahan, Harris & Co,, Inc., Toledo, Ohio; Malvern Hill, vice president, Stranahan, Harris & Co., Inc., New York City; Robert E. Miller, vice president and director, Bank of New York & Trust Co., New York City; Inman Padgett, uttorney, Miami; Har- vey R. Payne, State manager, Pru- dential Insurance Co. Miami, and David M. Wood, attorney, Thomson, Wood & Hoffman, New York City. M Padgett will b2 the bank’s local coun. sel in Miami and its trust officer. The bank is assured of substantial —_— K MARKET CHICAGO, November 28 (#).—Fol- lowing is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Sales 30 Assoc Tel UM 77, 400 Bastian-Blessing 1800 Bendix Aviation . 30 Binks Mfg . 430 Borg-Warner 100 Brown F & W 400 Burnham Trad 130 Ce e 170 Cent Il Pub 30 Cent 3 150 Cont Chic pf. 2100 Cord Corp 2400 Cory 30 Crane Co ... 150 Elec Household " 100Emp G & F 6/ 50 Emp G 50 Emp 50 FitzSim: 500 Gt Lake 5 v-McNei 100 Lincoln Print 210 Lindsay Nunn Pub pf 250 Manhat Dearborn. 50 Marshall I 100 United_Gas 0U 8 oo Th Stock sales today. 78,000 shares. 44000 Insuil Util 65 1940... 50 49 Bond sales today, $44,000. DIVIDENDS DECLARED NEW YORK, November 28 (#).— Hldrs. of record. Nov. 24 Dec. 5 Nov. 29 Pay- Company. Rate. riod. able. First N B Scrant.12/s¢ Haloid Co .........5 Hartfd St Boiler 7 Lt Coca Cola B Co it i Petroi Exploratio P Gardner Motors Redy Todd Shipyards . Dominion Bank of Can Harnischfeger_Corp 7' Importers & Exporters Ins Illinois Brick ... London Canadian Inv' pi Midland Val R R pf.. Q Q 3 s Pe- Pay- Hldrs. Rate. riod. able. Am_ Tobacco pf...$1.50 Jan. Bell Tel Pa DI $1.62': Bobbs-Merriil - Co...30c Trust 35 De Crown Dayid & Joi BE . S Home Fire & Ma- e Insur....... :p £OD OOD PO OOOOP © : POO WWHPOD] 3 2 3 sex R_§3.1212 Paauhau_Sug_plant.30c Peoples Tel Corp....$2 Do. pf Bhils EL Py 8% pr. Public Nt Bk . 50¢ Pb Ser N H $6 pf.11.50 5. nt..... 3138 Bublica Co 17 B 3115 Puget Sd P&L pf.31.50 £0DDOOOOOOOLOD: Denmark will materially reduce its military expenditures. accounts and other business at the cutset. Correspondents are the Bank of New York & Trust Company, one of the oldest banking institutions of New York, and the Barnet National Bank of Jacksonville, Fla. Prompted by conditions which have proved disastrous to many investment as well as banking situations in recent months, the new institution, which holds a Florida State charter and will be a member of the Federal Reserve, will strive for 100 per cent safety and liquidity under a policy which will en- able it to wind up its affairs, if neces- sary, at any time, practically without loss to the organizers or stockholders, and to ';:y deposits in full at any time payments are demanded. Another fea- ture is that it is expected arrangements will be concluded shortly with one of the largest surety companies in the country to guarantee deposits. Income from Services. Inasmuch as the loan business of most banks is a liability rather than a source of profit, services in all bani ing and trust matters will be the prin- cipal source of the institution’s income, and its customers will be those having present and prospective interests in the State of Florida. Income will also be derived from a safe deposit business. At the same time it is pointed out by the organizers that the institution was not formed for the purpose of com- petition in the Miami banking field. With a greater number of former Miami banks closed, the opportunity to render a_ banking and trust company service along these lines of maximum safety to depositors is described as considerable. ‘The situation with regard to the securities of scme of the Florida munici- palities, in which the Florida banks have been heavy investors, has made the idea of investing the bank's funds in United States Government securities an all-important one from the stand- point of being able to maintain a liquid condition at all times. @he Foening FHtar COTTON PRICES HOLD NEAR 6-CENT LEVEL Advance in First Part of Week Cut Down During Last Few Days. By the Assoclated Press. NEW YORK, November 28.—Trading in the cotton market during the past week has been :°stricted in the first in- stance by more or less uncertainty with reference to December notices and later by the Thanksgiving day adjournment. Under these conditions business was largely of a hoilday character, and while a sharp advance followed the appearance of the stopping of the first December notices, prices later eased off to approximately the 6-cent level for January contracts during yesterday’s trading. There has been some Southern sell- ing during the progress of the decline, but offerings from that source have been comparatively light, and the pres- 'sure has been attributed largely to fur- ther liquidation of old long accounts. The recent action of the grain, silver and securities markets has evidently disappointed buyers of late last month and the expectation of general inflation in commodity values has been modified to some extent. At the same time there has been no indication of increased sell pressure in the South, and while the high basis is said to be checking demand from some sources current offerings appear to have been readily absorbed. Co- operative interests and Japanese ship- pers are reported to have been among the best buyers in the South, and there has been a good deal of comment on the volume of the demand from Japan during the week. Toward the cnd of the week there may have been some local selling in anticipation of increased Southern spot offerings betwecn now and the end- year holidays or on apprehensions that the talk of renewed efforts to secure export debentures or the adoption of* the equalization fee might act as a check to foreign buying. Sheet Mill Patent Granted. NEW YORK, November 28 (A).— The American Rolling Mill Co. has been granted a German patent for its continuous sheet mill development. ADVERTISENENTS Bhaven o RECEIVED HERE Practically everybody in Washington, and nearby suburbs, carefully scans the Star Classified Section every day — with gratifying results to the advertisers. HE quick way to supply most any want is through an explicitly worded and properly classified advertisement in The Star. It will reach the attention of the maximum number of peo- ple. Copy for the Star Classified Section may be left at any one of these authorized Branch Offices—ready to render service without fee; only regular rates are charged. In the Northwest 11th and Park rd.—Arm- strong’s Pharmacy. 14th and P .sts.— Day’s Pharmacy. 1135 14th st. — Marty’s Cigar & Magazine Store. 17th and Que sts. — Ken- ner’s Pharmacy. IflBh and U sts—G. O. rock. 2912 14th st.—Colliflewer Art & Gift Co. 3401 14th st.— Bronaugh’s Pharmacy. 14th and Buchanan sts.— Hohberger’s Pharmacy. 14th st. and Colorado ave. —0’Donnell's Pharmacy. 3209 Mount Pleasant st.— Mount Pleasant Cigar and News Shop. 1823 Columbia rd. — The Billy Shop. 2162 California st. — Co- lodny Brothers. Wardman Park Pharmacy. 215 N. Y. ave. — Sanitary Pharmacy. 1st and K sts.— Duncan’s Pharmacy. 7th and K sts.—Golden- berg’s (time clerk’s desk) 7th and O sts. — Lincoln Drug Store. 7th st. and R. L ave—J. French Simpson. 11th and M sts.—L. H. Forster’s Pharmacy. In the Southwest 10th st. and Va. ave. — Herbert’s Pharmacy. 316 43 st. — Harris’ Drug Store. 43 and L sts.—Columbia Pharmacy. In the Northeast 208 Mass. ave. — Capitol Towers Pharmacy. 4th and H sts. — Home Drug Store. 4th and E. Cap. St.—Paul’s Drug Store. 907 H st.—Garren’s Music Store. 12th ‘and Md. ave.—~Luck- ctt’s Pharmacy. 7th and Md. ave.—Louis F. Bradley. North Capitel and Eye—Ken- ealy’s Phar- macy. 20th and R. L ave, — Collins’ Pharmacy, oodridge. 3500 12th st. — Brookland Pharmacy, Brookland. 4th and R. I. ave. — John G. Biggs’ Phar- macy. Chesapeake Junction — Dr. F. L. Wight, jr. Sth and U sts—M. H. Hunton’s Pharmacy. Ga. ave. and Upshur Petworth Pharmacy. 221 Upshur st. — Monck’s Pharmacy. 5916 Ga. ave.—Brightwood Pharmacy. Ga. ave. and Kennedy st. —Lampkin’s Pharmacy. 2901 Sherman ave—Sher- man Ave. Pharmacy. 6224 3rd st, — Stewart’s Pharmacy. 1905 Mass. ave. — Dupont Pharmacy. st.—N. North Capitel st. and R. I ave. — Parker's Phar- macy. 1742 Pa. ave. — J. Louis Krick. 21st and G sts.—Quigley’s Pharmacy. 25th st. and Pa. ave. — Columbia Drug Store. 3315 Conn. ave. — Joll's Newsstand. 5017 Conn. ave.—Higgins® Community Drag Store. Wisconsin ave. and Macomb st.—Harry C. Taft. 4231 Wisconsin ave.—~Mor- gan Bros.’ Pharmaey. Takoma Park, 359 Cedar st. —Mattingly Bros.’ Phar- macy. In Georgetown 30th and P sts—Morgan Bros.’ Pharmacy. 30th and M sts.—Brace’s Pharmacy. UM macy. 1834 Wisconsin ave~ Haney’s. Wisconsin ave. and O st.— Donahue’s Pharmacy. 35th and O sts. — Sugar’s Drug Store. 5104 Conduit rd. — Modern Drug Store. In the Southeast 3rd and Pa. ave.—0'Don- nell’s Drug Store. 8th and Eye sts. —Pl;. P. Weller's 1ith snd Pa ave. — Fealy’s st.—Moskey’s Phar