Evening star. [volume], December 28, 1929, Page 18, Image 18

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
18
WASHINGTON GAS
INCOMEHEASED
Gain of $16,776 Shown for
Month of November Over
Same 1928 Period.
BY EDUARD C. STONE.
Total net Income of the Washington
Gas Light Co. for the month of Novem
ber was $79,744. a gain of $16,776 over
the same month a year ago, according
to the statement filed today with the
Public Utilities Commission.
The statement also presented the
comparative earnings for the first 11
months of the present year and last
war, which showed the substantial gain
in net earnings of $168,799 over the
corresponding period in 1928.
Operating revenues in November were
not as large as they were in the same
month last year, but the Gas Co. made
a good sized reduction in operating ex
penses. Other revenue deductions were
lighter this year in November, so that
the company was able to report the
gratifying increase in net earnings.
November earnings comparisons in
1929 and 1928 In the most important
items show the following financial re
sults:
i — November——,
1929 192 R
OpwaMnc revenues $495,492 $501,987
Operatins expenses 325.849 343.159
Taxes 28.809 39.060
Total revenue deductions. 356.654 384.824
Operatins income 138.747 117.163
Non-operating income .... 4.211 5.735
Gross corporate income... 142.956 122.898
Deductions from gross.... 63.214 59.930
Net income 79.744 62,968
The statement also shows the fol
lowing comparisons in earnings for the
fitst 11 months of this year and 1928:
,—Year to date—,
1929. 1928.
Operating revenues $5,106,930 $5,040,097
Operating expenses 3,363.382 3,408.964
Tlncollectable bills 20,948 ,
Taxes 3.680.8(6 3.833.417
Operating income 1.426.053 1.206.68 C
Non-operating Income ... 33.257 , 2^2
Gross corporate income.. 1.4,i9.311 1.248,608
Deductions from gross... 670.811 628.907
Net income 88.500 619, (01
Clay Makes Forecast for 1920.
In his address before the Washington
Bond Club at the Carlton Hotel yes
terday afternoon, Paul Clay, former
economist with Moody's Financial Serv
ice. discussed the outlook in the finan
cial world for 1930. He is now vice
president of the United States Shares
Corporation.
"The rapid growth of American in
dustries is the best assurance that we
shall quickly outgrow the present busi
ness depression.” said the speaker.
"American Industries grow more rapid
ly than those of other nations and this
tends continually to enhance invest
ment values.
“We have just experienced in the
short space of 50 days as great a bear
movement as usually occurs in a couple
of years. Its violence was due to a
panic among the lenders on call. How
ever, American experience has always
been that financial and trade disasters
are quickly outgrown. Owing to this
unusual power of expansion, our na
tional wealth has increased from
$7,000,000,000 in 1850 to about $450,-
000.000.000 at the present time.
"Besides this, the real foundations of
prosperity are solid, meaning that the
causes of this marvelous growth of the
past are still in force. In fact, re
viewing the serious business depressions
of the past, none of the causes of those
serious depressions are now present.
The Nation’s financial and industrial
machinery is unhurt and a prompt re
covery is assured.
Finds Value Basis Restored.
“Furthermore. the deflation of
brokers’ loans means that we are going
right back into a plethora of capital
like that of 1924 to 1927. Interest rates
and rediscount rates seem bound to
decline much further and the bond
market will doubtless be stimulated by
th* cheapness of capital.
"Risks have been eliminated even
from stock investments since these are
no longer seHing way above their true
values. On the 13th of November the
New York stock market as a whole was
selling pretty close to a 7 per cent
basis.
"These low prices afford one of the!
greatest, bargain days in American his- |
tery. During the past century there i
have been only 13 previous occasions
when security prices were so thoroughly
deflated as they are now.”
Mr. Clay praised the few invest
ment trusts which mad; good during
this debacle. Service to the investing
public, he said, must be the basis upon
which investment trust growth is
founded, and this service consists
mainly in knowing when to takp profits
and when to purchase. Mere diversifi
cation is not sufficient, since the in
vestor can attain that for himself. The
best managed investment trusts took
profits so freely before the smash that
their shares declined only half as much
as did the general market he said in
conclusion.
Wilkins Coffee Dividends Voted.
President John H. Wilkins announced
today that the directors of the John
H. Wilkins Co., coffee merchants, yes
terday declared a dividend of $1.50 per
share on the outstanding common stock
and the regular semi-annual dividend
of $4 per share on the outstanding pre
ferred stock. Both dividends payable
January 10, 1930, to shareholders as
of record December 31.
Murphy on American Ice Board.
The American Ice Co. has declared
an extra dividend of $1 and regular
quarterly dividend of 75 cents on com
mon and regular quarterly dividend of
$1.50 on preferred, all payable January
27 to stock of record January 25.
Three months ago the dividend rate
of the common stock was increased to
$3 annually from $2.
Col. Grayson M. P. Murphy was
elected a member of the executive com
mittee.
November profit of American Ice Co.
was $250,045 after interest, but before
depreciation and Federal taxes, com
pared with $202,528 in November, 1928.
For 11 months ended November 30.
1929. profit before depreciation and
Federal taxes was $5,528,475, against
$5,256,160 in corresponding 11 months
of preceding year.
Pcnnsy’s November Net Off.
The gross operating revenue of the
Pennsylvania Railroad for November was
$53,768,073. a decrease from November,
last year, of $3.244 961. The gross oper
atise income for the 11 months end
ing November 30, 1929. was $633,140,255.
This represents an increase of $35,463.-
595 over the first 11 months of 1928.
The net revenue for November was
$11,945,448. a decrease of $3,527,686
from November. 1928. The net revtnue
for the first 11 months of 1929 was
$180,575,593, an increase of $21,696.-
894 over the corresponding period in
1928.
The net income for November after
deduction of tax accruals, uncollectible
revenues, joint facility rents, etc., was
$7,061,480, a decrease of $4,183,253 from
November, 1928. The net income for
the 11 months’ period was $126,820,793,
an increase of $17,564,310 over the first
11 months in 1928.
Twins Paint Together.
On a lonely farm at Neasham. Eng
, land, twin sisters, Misses Elizabeth and
Dorothy Alderson. have developed a
unique gift for painting, which scientists
say is proof of the sympathetic under
standing between twins. The two have
had no art lessons and often work on
the same picture sitting on opponsite
sides of the table, so that one has to
paint upside down. They do not discuss
in advance what they will paint, but
their ideas.always seem to coincide. In
appearance the twins are almost iden
tical.
FINANCIAL.
| TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
Hlrh. Low. Dividend Rate. Add 00. Hleh. Low. Closa. Cloea.
»8% 69 Abttlbl PA P pf(*). 1 76 76 76 76
34 20 Adams Expressl.6o) 19 26 25 25 26%
10414 7 Advance Kumley... 2 12 12 12 12%
119 15 Advance Rumley pf.. 4 2214 2l 21 23
e 4% % Ahumada Lead 14 % 14 % 44
1 223% 77 Atr Reductn (t 4%).. 132 119 116 117% 118
48’» 19V4 Air WalEl Ap(2V*)., 2 19'4 19% 19% 19%
11% 1 Ajax Rubber 25 1% 11% 1%
10% 414 Alaska Juneau 17 77 6%
25 5 Albany P W Paper.. 18% 8% 8% 8%
•56% 17 Alleghany Corp 129 23% 23% 23% 23%
118% 90 AUegCorp pf (6%)..- » 96 95% 95% 96%
92 80% Alleg Cps (s%)xw.. 2 91 90% 90% 91
$34% 197 Allied Ch A Dye <c6) 10 254% 260 250% 25?%
75% 35% Allis-Chalmers (3).. *l9 48% 47 47 49%
1 56% 23 Alpha Port CemttS). 2 30% 30 30 31%
11% 2 Amai Leather ;t 2% 2% 2% 2%
r j 73 20 Amal Leather ll 20 20 20 20
‘j 42% 17% Amerada Curp i 11... 32 18 17% 17% 18
5 23% 4 Am Agricul Chem... 2 6% 6% 6% b%
; 73% 18 Am Agrlcul Ch pf... 4 2t>% 26% 26% 28
157 65 Am Bank Note(frl). 2 75% 75% 75% 78
76% 27 Am Bosch Magneto.. 2 40% 40% 40% 40%
62 40% Am Brake Snoa 3.40. 10 46 45% 45% 46%
34% 4% Am Brown Boy Elec. 9 S% 8% 8% 8%
184% 86 Amer Can trs) 83 116 114% 115% 114%
14.> 133% Am Can pf t7) 2 142 140% 142 141
106% 75 AmCarftFdy (6)... ’5 78% 78 78% 78%
120 110% AmCarAF pf (7)... 3 114% 114% 114% 113%
95% 70% Am Chain pf (7) 1 75% 75% 75% 75
! 55 20 Am Com Alco(cl.60) 7 29% 28% 28% 29%
' 47% 18% Am Encaustic i 2)... 6 24% 24% 24V. 24%
' 98% 23 Am European Sec... 2 33 32% 32% 32%
199% 50 Am A For Power.... 402 86% 83% 84% 85%
! 85% 40 Am Home Prod 4.20.. 5 56 65 65 66%
64 29 American Ice t 3).... 21 38% 36% 37% 38%
96 83% Am Ice pf 46> 1 85 85 85 83%
96% 29% Am Internet (12).... 35 35% 35 35% 36%
8% 2% Am La FAFoamlta. 4 2% 2% 2% '2%
136 90 Am Locomotive t*).. 2 98V. 98% 98V. 90
120 111% Am Loco pf 47) 1 114 114 114 113%
81% 31% Am Metal tJj . 4 45 41 45 47%
17% % Am Piano 2 % % % %
175% 64% Am Pow ALt til)... 33 77 74% 75 77
| 104 32V* Am Pow ALt pf it). 4 101% 101% 101% 101%
1 fc4 *4 72% Am PAL pf Aet (6). 7 80% 80% 80% 80%
65% 28 Am R&AStd ban 1%. 71 30 29% 30 30
64% 12% Am Republics 13 24 22% 23 24%
144% 60 Am Roll Mill 1C2)... 18 79% 78 7s 78%
' 41% 18 Am Seating (2)..,... 1 18 18 18 18
7 %Am Ship A Com 13 1% 1% j% it*
130% 62 Am Sm A Kef («)..., 35 73 72 72% 72%
79% 35% Am Steel Fdy (3).... 6 44 43% 44 44%
85 40 Am Stores ($2%)... 19 44 41 44 44
94% 56 Am Sugar UXg (*)... 10 50 68% 69 60%
111 99 Am Sugar Rfg pf(7), 2 104 104 104 103%
60 18 Am Sumatra (3)..... 8 18% 18 18 18%
310% 193% Am Tel A Tel t 9).... 49 217% 216% 216% 217%
' 232% 160 Am Tobacco (T18) .12 197 196 195 U 197
1 236 160 Am Tobacco B tt 5 0) 5 196% 195% 196% 198%
I 121% 114% Am Tobacco pf (6).. 6 120 1.0 120 120
199 60 Am Water Wks tel). 38 86 83% 85'% 85
104 y7 Am Water W let(«). l 100 100 100 100
27% 6% Am Woolen 15 6% 6% 6% 6%
68% 15% Am Woolen pf 16 la ifci* 79
49% 7 Am Zinc LdASm....i 7 9 8% 8% 8%
111% 49% Am Zinc pf (6) 17 65 62% 63% 64
140 67% Anaconda Copr <7).. 403 74 72% 73m, 74%
80 25 Anchor Cap »2.40)... 4 36 35% 36 37
68% 30 Andes Copper (3)..., 2 32% 32% 32% 34%
49% 18% Archer-Dan-M (2)... 10 24% 23% 23% 24
95 75 Armour Del pf (7)... 2 81% 81 81% 81
18% 6% Armour 111 (A) 49 51* 6% 6% 6%
10% 2% Armour 111 (B) 25 3% 3% 3% 3%
86 67 Armour 111 pf <7).... 6 61% 61% 61% 61%
40% 6% Arnold Constable.... 16 6% 6% 6% 6%
68% 34 Asso Appl Ind («)... 3 36% 36% 36% 36%
70% 25 Aseo Dry G(2 %)..., 20 29% 28% 29% 29%
298% 195% Atcb TAS Fe (10).. 45 221% 221 221 222
104% 99 Atch TASF pf (6)... 1 102% 102% 102% 104%
209% 161 All Coast Line (710). 2 169% 168 168 170
62% 45% Atl G&W L pf (4).. 1 67% 67% 67% 57
77% 30 Atl Refining <ts).... 86 37% 37% 37% 37%
140 67 Atlas Powder <t5).., 3 80 go 80 83
614 120 Auburn Auto <j4)..., 1 195 195 195 198%
11% 3% Austin Nichole 12 4% 4% 4% 4%
65 49% Austrian Cred (4.49) 2 65% 65 65 65
36% 4 Autosales 11 6 4% 6 4%
20 4% Aviation Corn. Del... 75 6 4% 4% 5
66% 15 Baldwin Loco (1.76). 16 30% 29% 29% 30%
145% 105 Baltimore A Ohio (7) 0 115% 114% 114% 115
90% 65 Bang A Aroos (3 %).. 11 63% 62 63% 65
29% 2% Barnet Leather 23 2% 2% .2% 2%
49% 20 Barnsdall ($2%).... 62 23% 23 23% 23%
113% 65 Bayuk Cigars (3)... 1 60 60 60 60
32% 13% Beacon Oil 69 13% 13% 13% 13%
101 45 Beechnut Pkg <c3).. 2 69% 59% 69% 60
17% 4% Beldlng-Hemlnway.. 2 4% 4% 4% 4%
104% 25 Bendlx Aviation t 2). 65 33% 32% 33% 33%
60% 25 Best& Company.... 16 31 30% 30% 31
140% 78% Bethlehem Steel (•). 47 91% 91 91% my,
128 116% Bethlehem St pf (7). 2 122% 122% 122% 122%
61% 23 Bloomlngdale Bros.. 4 23 23 23 23
136% 37 Bohn AlumnAß (t 6). 16 52% 51% 51% 59%
89% 70 Bon Ami, A (t 6) 1 70% 70% 70% 70%
11% 3 Booth Fisheries 13% 8% 3% 3%
100% 53 Borden Co (k 3) S 3 68% 68 68% 69
86% 26 Borg Warner (4).... 7 33 32 32 33%
15% 2% Botany Con M (A).., 14 3 2% 2% 2%
63% 8% Briggs Mfg 67 15 14% 14% 16
43% 17% Briggs&Stratton(2). 2 20% 20% £O% 2(1%
6% 1% British Empire Steel 2 1% 1% 1% jt*
81% 40 Bklyn-Manhat (4)... 3 63% 63% 63% 61
66% 16% Bruns-Balk-CoKI).. 10 20% 19% 20 21
44% 4% Bruns Ter ARy 5... 10 lt»% 14% 1414 1514
42% 14 Bucy rue Erie < 1).... 46 23% 23% 23% 22%
60 26% Bucyruscv pf (2%).. 9 34% 34% 34% 34%
22% 8% Budd (EG) (t1%).. 5 10 9% 9% JO
12% 8 Budd Wheel (1) 25 8% 7% 8% 8%
54% 25 Bullard Co (t 2)..... 6 30 29% 29% 30%
, 34 21% Bulova Watch (3)... 6 28% 28% 28% 28%
I 127 88 Burns Bros A (»)... 4 100 99% 99% 100%
, 96% 29 Burroughs AMttl.Bo 15 43% 42 42 42%
9% 2 Butte Cop A Z (50c). 25 3% 2% 2% 8%
41 18 Butterick Co 11 18% 17% 18 18%
192% 60 Byers (AM) 11 84% 82 82% 84%
47% 20 By-Prod Coke
84% 63% Calif Packing (4)... 1 66% 66% 66% 67%
136% 73% Calumet A Aria (10). 15 84 83% 83% 84
61% 25 Calumet A Hec (4%) 17 29 28% 28% 28%
49% 19% Campbell Wyant (2). 1 20 20 20 20
98% 45 Canada Dry G A (6). 12 63% 63 63% 63
265% 185 Canadian Pao (10).., 20 187% 186 187% 187%
48% 28% Cannon Mills (2.10).. 1 29 29 29 29
65% 17 Capital Adm (A).... 26 20% 20 20% 20%
467 130 Case (J 1) (6) 5 193 197 191 195
61 50% Caterpillar Trac (3). 6 62% 51% 51% 53
42% 6% Cavanagh-Dobbs.... 17% 71.
79% SI Celotex (3) 6 $6 34% 84% 3514
48% 21 Cent Aguirre Aa 1%. 27 23% 23% 28% 23%
59% 27% Cent Alloy Steel (2). 83 31% 30% 30% 31%
20% 3 Century Rib Mills... 2 3% 3%
120 62% CerrodePasco («)... 25 64 62% 63% 63%
$2 11 Certaln-teed Prod... 12 12% 12 12 12
80% 18 Checker Cab (4.20).. 88 36% 84% 34% 86%
*79% 160 ChesAOhlo (10).... 2 200% 200% 200% 200%
92 42% Chesapeake Corp (I). 11 61% 61% 61% ~«i%
26% 3% Chi A Alton pf 15% 6% 6 % 6
66% 36% Chi A East 111 pf ....1 2 37% 37% 37% 37
28% 7 Chi Great Western.., 6 14 14 14 14%
63% 17% Chi Great Westn pf.. 6 38% 37% 37% -tu
I 44% 16 Chi Mil St PAPao... 8 24% 24 24 ''Vi.
68% 28% Chi Mil St PAPac pf. So 42 41% 4174 40
108V* 75 Chicago AN W ($).. 9 84 83% 84 81V.
145 134 Chi AN Wpf (7).... 1 139 139 139 140
47% 21% Chi Pneu Tool 7 24 23% £3% <mu
61% 47 Chi Pneu Tpf (3V6)» 1 51% 61% 51% 57%
143% 101 Chi R1 A Pao (7)... > 8 113% 113 113 11k
103% 94% Chtßl APacpf (•). 1 100 100 100 imu
60 25 Chlckasha COH (s).■ 4 25% 25 25 2h
75T4 44% Childs Co (2.40) 1 58% 68% f. 8% fin*.
135 26 Chrysler Corp <>)... 284 36 34% 36% 3c
27 7% City Stores (1) 15 10% 10% 10% in*
61% 25 Clark Equipment (I) 1 35% 35 35 35
72% 34% Cluett Peabody (6).. 8 35% 35% 35% 35
60% 44% Coca Cola A (5)..... 2 49% 49% 49% 491/,
72% 10 Collins A Alkman.... 17 15!* 14% 15 Ir, 4
78% 27% Colo Fuel A 1r0n....: 9 35% 34% 34** 351,
140 62 Col Gas AEI (1) 65 69% 69 70 70%
88% 16% Columb Graph(B7c). 315 27 25% 26 271^
344 105 Columbian Carb(tS). 19 168 162% 163% 169
62% 18 Com Credit «2> 28 23 22% 2 2% 23%
61% 28 Comm Credit A (3).. 1 32% 30 82% 3*l
79 28% Coml Inv Tr (g 1.60). 20 39 38% 38% 39
69% 10 Com Inv Trst war... 4 10% 10% 10% liju,
63 20% Comm Solvents (1).. 88 29% 28% 29 29%
24% 10 Comm&Sot b 6% stk). 175 12% 12V* 12% i£u
36% 11 Congoleum-Nalrn... 26 13% 13% 13% 13%
96% 40 Consol Cigar (7).... 8 45% 44 45% 45%
25% 10 Consol Film (2) 3 16% 16 16% 16
183% 80% Consol Gas. NY (4).. 212 95% 94% 95 95U
100% 92% Consol Gas,NY pf (6) 3 99% 99% 99% 99J
6% % Consol Textile 24 % % 7^
11% 3% Container Corp 8.... 4 4% 4% 4% 4v t
90 25% Conti Baking A 2 42% 42% 42% 43
15% 4% Conti Baking 8..... 66 6 6% 6 5%
100 79% Conti Baking pf ($). 1 89% 89% 89% 89%
1 92 40% CnntbCan <£%».... 24 49% 48% 49 49%
33% 20% Conti Dia Fibre (3).. ] 30 30 30 30%
HOW 46% Conti Insur (2,40)... 3 58 68 68 68
28% 6% Conti Motors (Sue).. 104 7 6% 6% 6%
47% 18 Conti Oil of Del 107 23 £2 22% 22%
1 45% 29% Conll Shares (1).... 48 30% 30% 30% 30%
126% 70 Corn Prod Refln ($4) 81 89 87V* 87% 88%
82% 20% Coty lno (*2) 73 £4% 24 £4% 24%
' 31 24 Cream of Wht(t2%) 3 £6% 2« 26 26%
’ 57% 15 Crex Carpet 1 13 15 jr, 75
| 125 17 Crostey Radio (11 >.. 12 19 18% 18% 19%
121% 71 Crucible Steel (k 5).. 18 86% 84% 86 84%
' 5% % Cuba Cane Sugar.... 2 % % % %
18% 2 Cuba Cane Sugar pf. 2 2% 2% 2% 2%
% % Cuba Cane S pf ctfa.. 1 % % % %
24% 6 Cuba Co 11 9% 9% g* 4 10
17 6% Cuban-Amer Sugar.. 4 7% 7% 7% 7%
6% 1 Cuban Dom Sugar... 26 1% 1 i 1
67% 36 Cudaby Packing (4). I 47V* 47% 47% 47%
I 30% 6% Curtiss Wright Corp 185 6% 6% 6% 6%
1 37% 13V* Curt Wright Corp A. 49 14 13% 14 14%
* 69% 21% Davison Cbera 3 28% 28V* 28% 28%
’ 46% 20 Debenhams <a2.31).. 1 21% 21% 21% 21%
226 141% Delaware A Hud (9). 9 164 160% 161 164
1 169% 120V* Del Lack A W tt7).. 60 138 137% 137% 138
: SBS 151 Detroit Edison <«)... 6 195% 195 195 195
> 64% 24 Devoaft Ray A (tl). 2 31% 31% 31% 31%
5 11% 6 Dome Mines (1) 19 7 6% 6% 7
t 64V* 12 Dominion Strs(l.St) 5 20 19% 19% 19%
1 126% 69 Drug Corpn (4) 73 77 75 77 76%
92 25 Dunhlll Inter (t4>.. 24 32 31 32 32%
*3l 80 Dupont de N (t#.lo). 115 U 5 113 114 114
THE EVENING STAR, WASHINGTON, D. C„ SATURDAY, DECEMBER 28. 1929.
• f £T Pt * t - 182 8— Btoek and Bales— Free.
. I High. Low. Dividend Rate. Add 00. High. Low. Close. Close.
j 264% 160 Eastman Kodak! ts). 3 176% 174 174 177
l l 76% 18 Eaton Axle A S (I).. 19 28% 27% 27% 28%
! 39% 4 Eltlngon-Sch (2%).. 22 8% 8 8 8%
112% 39 Eltlngonpf («%)..., 1 41 41 41 40
174 60 Elec Auto Lite t«)... 35 81% 80 80% 81%
18% 3ii Electrioßoat . . 9 4% 4% 4% 4%
1 86% 29% EIPwrALt(l) 44 46% 45% 46 45%
1 104% 65 Elec Storage Bat (5). 3 69% 68% 69% 68
1 83% «9% Endicott-John (6)... 5 62 61% 52 61
1 124'* 108'/* Endicott-John pf (7) 3 109% 109% 109% 111%
79% 31 Eng PubServ (1i).., 25 39% 38% 39 39%
' 42 31% Equitable BidgtZW). 4 40 40 40 40
93% 41% Erie R R 21 66% 66 66 67
’ 66% 65'% Erie R R let pf (4).. 1 62 62 62 62
1 54 36% Eureka Vac Cl (4)... 4 37 36% 36% 37
73% 15 Evans Auto LU3%). 3 26% 20% 20% 20%
1 13% 3% Fairbanks Co 2 6% 6% 6% 7
72% 22 Fash Pk Assoc (k 2% 11 26 24% 26 25
22% 5 Fed Motor Tr (800.. 4 8 8 8 8
56% 28 Fed WatrSer AMO. 6 33% 33 33% 34
123 47% Fid Pho Fire 1(2.60). . 7 65 64% 64% 65V*
98% 33 Filcne’sSons 1 30 30 30 ’34
76% 31 Filenes (ctfs) 1 30 30 30 36%
37 £5% Firestone T&R(1. 60) 2 26% £5% 26% 25%
' 89% 83% Firestone T&R pft«) 6 86% 66% 86% 86%
1 90 44% First Nat Stre (3%). 23 62V* 49'* 60% 62%
20% 3 Fisk Rubber 47 3% 3 3 314
64 38 Florsheim Shoe A... 1 41 41 41 40%
1 95 33 Foster Wheeler (2).. 3 61% 61 61 62%
106% 19% Fox Film A (4) 713 22% 19% 22 21
; 54% 23% Freeport. Texas (t 5) 7 88 37% 37% 38%
| 33% 5 Gabriel Snuo A 8 5% 6% 6% 5%
83% 65% Gameweil Co ($).... 1 68% 68V* 68% 70
25 3 Gardner Motor 4 4% 4 4% 3%
123% 75 Gen Am TnkCar(l4) 8 96% 94% 96 95%
94% 42% Gen Asphalt (4) 92 49% 48% 48% 49%
69% 24 Gen Bronze (2) 4 26% 25V* 25% 26%
61 23 Gen Cable 10 27 26 £6% 27
120V* 63% Gen Cable A (4) 3 68 66 66 68
74 42 Gen Cigar (4) 7 60% 60 60% 60
403 168% Gen Electric ($6).... 38 232 229 229% 230%
11% 11 Gen Elec spec «60c).. 7 11% 11% 11% 11%
63'/* 55% Gen Electric (new).. 66 68% 68 68V* 68%
81% 35 Gen’l Food Corpn (I) 45 47 46 46% 46%
112 59% Gen Gas&El A (te2). 1 69% 69% 69% 71
91% 33% Gen Motors (tI.M).. 444 40% 39% 39V* 40%
41 9% Gen Outd Ad vtc (2). 13 16% 16% 16% 16%
98 20 Gen Publio Serv(bs) 8 32% 31% 31% 32%
126% 70 Gen Ry Signal (6)... 16 89V» 87 88 88
88% 50 Gen Refrac (T 4%).. 6 63% 62% 62% 62%
143 80 Gillette Saf Raztcl). 3 100 98% 98V* 991*
48% 10% Glmbel Brothere.... 8 13% 13% 13% 14
94 66 Glmbel Bros pf (7)., 14 72% 71% 72% '7o%‘
64% 26 Glldden Co (h 2) 12 32% 32% 32V* 33%
66 9% Gobel (Adolf) 68 14% 13% 14 14%
82 31% Gold Dust (2%)..... 47 38% 37% 38% 38%
105% 38% Goodrich BF (4).... 31 40% 40 40% 40%
154% 60 Goodyear Tire (6).., 22 64 63% 63% 64
104'.„ 87 Goodyear Ist pf (7).. 1 93% 93% 93% 93%
60 14 Gotham Silk H (2%) 14 21 20% 21 21%
14 4 Gould Coupler 2 7% 7% 7% 7%
54 7% Graham-Palge 23 9% 9% 9% 9%
49% 7 Graham-Palgect.... 3 8% 8% 8% 9
102% 46% Granby Copper ($).., 17 60% 49% 49% 61
44% 35 Grand Silver Stores.. 7 36% 34% 34% 35
32% 9% Grand Union 2 13% 13 13% 13%
64% 30 Grand Union pf (S).. 10 35% 35 35 35
63% -32 Granite City Stl (4). 6 37% 37 37% 37
59 35 Grant (W T) (1).... 33 35 34% 34% 35%
128% 85% Grt North pf (6)..... 3 95 95 95 95
122% 85% Grt North Pf ct (6).. 2 89 88|| 88 89%
39V* 19 Gt N ctfs O. P (a3%) 35 20% 19% 20% 19%
44 28 Grt West Sug (£.80). 13 29% £B% £B% 29
70 14% Grigsby Grunow (2). 26 21% 21 21 21%
5% 1 Guantanamo Sugar.. 9 1% 1% 1% 1%
103 75% Gulf Mo AN pf <6)., 1 94 94 94 94
66% 12 Hahn Dept Storea... 42 13% 12% 12% 13%
115 74% Hahn Dept S pf(sH) 6 74V* 74% 74% 75
29% 27 Hall Printing (tl %). 1 28% 28% 28% 28%
31 20% Hartman A (2) 1 22 22 22 21
41% 13 Hartman Corp,B 1.20 21 15% 14% 16*4 15
68% 6% Have* Body bB% atk 40 8% 7% 7% 8%
118V* 84 Helms (Geo H) (17). 2 86 86 86 89
33% £4 Hercules Motor 1.80. 1 23% 23% 23% 24
121 112% Hercules Ppf (7)... 1 115% 116% 115% 115%
143% 60% Hershey Choo pf (4). 1 79% 78% 79% 79%
33 12% Hoe (R) &Co 1 13% 13% 13% 13
62% 13 Houdaille Her B(2).. ll 19% 1914 19% 19%
62% 45 H’hold FI pf $3.22% 2 61% 60% 61% 61%
79% 40 Household Prd (T 4). 5 54% 64% 64% 64%
109 26 Houston Oil 11 63% 63% 63% 64%
82% 34% Howe Sound (t 5).... 10 38% 38 38 38
68% 34% HudAMan Ry (8.SO). 2 45% 45% 45% 46%
93% 38 Hudson Motor (6)... 55 54% 54 64% 64%
82 18 Hupp Motor (f*).... 43 21% 20% 20% 21
153% 116 Illinois Central (7).. 6 129 128% 129 128%
39% 17% Independ Oil A O (S) 24 22% 22 22 22%
32% 3% Indian Motor Cycle. . 1 6 6 5 4%
63 13% Indian Refining..... 61 17 17% 17% 18
51% 11% Indian Refining et... 18 16% 15% 16 16%
135 68% Indus Ray<bs% st.k) 7 111% 109% 111% 111
223% 120 Ingersoll-Rand t7%. 1 154 164 154 165
113 71 Inland Steel (3%)... 3 73 73 73 73
66% 22 Inspiration (4) 9 27% 26% 26% 26%
16 12% Insurance shars 48e.. 6 18% 13% 13% 14
17% 4 Inti Agricultural.... 3 4% 4% 4% 4%
88% 40 Inti Agrl pr pf (7)... 3 48% 48 48 49
102% 48 Inti Cement (4)....„ 3 66 66 66 66
103% 4% Int Combustion 55 6% 5% 5% fi%
142 65 lntl Harvester (3%). 19 77% 76 75% 77%
59% 23 int Hydro El A (e2). 20 32 31% 31% 31%
102% 47 Inti Match pf (4).... 19 65 64 65 63
39% 18% Int Mer Marine atf*.. 4 24 23% 23% 24%
72% 25 Int Nickel of Can(l). 65 30% 30% 30% 30%
44V* 20 Inti Pap A P A(2.40). 4 26% 26 26 26%
33% 12 Inti Pap A Pwr 8.... 2 16% 16% 15% 16
28% 9 lntl Pap A Pwr C.... 6 13 12% 13 13%
95 77 lntl Pap A Pwr pf(7) 6 80 80 80 81
77V4 64 lntl Shoe (3) 1 60 60 60 69%
149% 53 int Tel ATeleg (I).. 133 70% 68% 69% 70%
93% 25% Inter Dept St (2).... 60 30% 30% 30% 30%
38% 17 Intertype (ff1%).... 1 21% 21% £l% £2%
72% 12% Investors Equity(3). 2 18 18 18 18%
69 39 Island Creek Coal(4) 1 42% 42% 42% 42
84% 39 Jewel Tea (4) 11 43 42 42 43%
242% 90 Johns-Manvllle ($).. 15 118 116 116% 116%
16% 1% Jordan Motor Car.... 1 2% 2% 2% 2H
108% 60 Kan City Sou ($).... 5 81 81 81 81
70% 63 Kan City Sou pf (4).> 1 67% 67% 67% 68%
13% 10% Karstadt (R) (1.02). 7 12% 12 12 12
68% 30 Kayser Julius (4)... 2 39% 39 39 39%
138 70 Kelth-Albee-O pf (7) 2 73% 73% 73% 78
24 3% Kelly-Spring Tire... 33 3% 3% ay 4 3^4
69% 18% Kelsey Hayes (2)... 18 £3 2£i* 2:1 22
19% 5 Kelvlnator Corp £0 7% 7% 7% ”7%
104% 49% Kennecott (6) 179 58% 57% 58% 68
44% £l% Kinney G R (1)..... 2 23 23 2$ 23
78% 3% bolster Radio 80 4% 8% 4% 4
76% 27 Kraft Ph Ch (1%)... 6 83% 33% 33% 84%
57!* £8 Kresge(SS)Co(l.Co) 15 82% 32% 32% 38
23 8% Kresge Dept Stores.. 69 9 9 10
46% 22% Kreugerft Toll(1.14). 129 23% 23% 28% *B%
122% 38% Kroger GrAßak(el). 47 43% 42% 42% 48%
88% 16% Lago Oil & Trans... * 12 21% 21% 21% 21%
157% 80% 26 95% 94% 94% 96%
25 6 Lee Rubber A Tire, .t 1 6 6 6 6
65 80 Leh Port Cem (£%)., 8 34% 83% 34% 34
32 10 Lehigh Valley Coal.. 46 16 14% 16 14%
44% 34% Leh Val Coal pf (8) 3 34% 34% 84% 86
102V* 66 Lehigh Valley (f 4%) 1 72 72 72 72
68% 28 Lelin A Fink (8) 5 30% 30 30 30%
43 17 Llbbey Owens (1)... 12 19% 19% 19% 19%
106% 80 Liggett AMy B ($6). 1 93% 93% 93% 94
57% 31 Lima Locomotive... 7 31% 34 34 35
113% 40 Llq Carbonic (t4Vi). 18 54% 63% 64 64%
84% 32 Loew’s, Inc (t 3%)... 6 44 43% 43% 44
110% 80 Loew's Inc pf (6V4).. 1 85% 85% 85% 85%
11% 4 Loft Inc 12 4% 4 4 4
32% 12 Long Bell Lumb A... 6 12 12 12 12%
88% 39V4 Loose-Wiles (2,60).. 69 49 48 48 49%
81% 14% Lorlllard (P) C 0..... 49 15 14% 15 15
18 7 Louisiana Oil 13 .8% 8% 8% 8%
72% 28 LouOiEIAUH).. 6 38% 37% 37% 39
154% 110 LouisANash (7).... 1 130 130 130 130
108% 22 Ludlum Steel (8>.... 28 33 32% 32% 33%
118 76 Ludlum StJ pf (6%). 6 80 77 77 83%
46 30% McAndrewsAF t 2.85. 2 34 34 34 32
23% 12Vi Mclntype Pore M(l). I 15 15 15 15
82 64 McKeespt T P t 4%.. 2 61 60% 61 60%
69 21 Vi McKesson A Rob (2) 7 32% 32 32 32%
63 40 McKes ARb pf<3%). 3 44 44 44 44%
59% 18% McLellan S A (m2O). 2 19% 18% 19% 18%
114% 65% Mack Trucks (1).... 36 70 69% 69% 70%
255% 110 Macy (RH lACO(CtS) -5 140 136% 138% 145
£4 11% Madison Sq G (1%). 23 12% 12% 12% 12%
82% 35 Magma Copper ($)... 16 48% 48 48% 60%
39% rt Alalltnson ACo 2 8% 8% 8% 8-*
50% 20 Manat! Sugar pf 45 22 20% 22 20
37% 14 Mandel Brothers.... 1 14% IP% 14% 14%
37% 19% Man Elec Supply.... 3 27 26 27 27**
-67% 24 Man Elev mod (ds).. 7 10 29% 29% 29%
35% 19% Man Shirt (3) 3 20% 20 20% 19%
18% 6% Maracaibo Oil Exp.. 2 6% 6% 6% 6%
89% 30 Marlln-Rockwell(t6) 53 39% 39 89% 39%
104 19 Marmon Motor (4).. 3 £4% £4% £4% £3%
18 2% Martin-Parry 3 3% 3% 3% 314
) 72% 29 Malhieson Alklli (2) 22 38 37% 37% 36%
l 108% 45% May Dept Stors(dJ). 47 62% 47% 60% 61%
29% 15% Maytag Co (T 2)...... 2 16 16 16 16%
4J% 29 Maytag Co pf (*>.... 6 29 £9 29 29
90% 76% Maytag Co Ist pf(«). 1 76% 76% 76% 76
30 Melville Shoe (1.40). 3 30 30 30 80%
84% 9 Mengel Company (2) 2 15% 16% J 6% 15%
69% 9% Mexican Seaboard... 119 18% 17% 17% 18%
64% 20 Miami Copper (4)... 10 27 £6 £6 26%
48 Michigan Steel (sl).. I 47 47 47 48V*
39% 22% Mid-Continent P (S). 70 27% 26% 27 £7%
«% % Middle States Oil ct.. 20 IV* 11 1
13 i? MldldStl Pr pf t»V4. 3 155'% 166% 155% 152%
Miller Rubber 2 3% 3% 3% 3%
‘2 Minn Moline Pwr.. „ 77 12 11% 11% 11%
102 05 Minn Moline pf«%.. 1 72 72 72 74
i' 4 Minn ASt Louis..... 6 1% 1% iu iiw
ll? 18 44 % 43% 44 44%
4 Mo Kan ft Tex pf (7). 6 103 103 103 103
J®”* 4H Missouri Pacific 3 88% 88% 88% 88%
MU. l *? Missouri Pao pf (»),, K 135% 138% 136 138
80% 35 Mohawk CMllla (3). [ 8 36% 36% 36% 37
Monsanto ChUgl%). 7 48% 47% 48% 48%
166% 42% Montgomry Ward(s) 420 47 45% 46% 47%
r' 4 Moon Motors l 3v* 8% 8% 3%
6% 1% Mother Lode (40c).., 15 1% 1% 1% in*
-S* Mot °r Meter Oft ■.. 36 5 4% 4% i
1 142 36 Motor Products tl*.. 2 65 54% 54% 66%
m.“ U “>■■■■ »»» »■* “5
* * Mullins Mfg 7 13 12% 12% 18%
1 61% 38 Munslngwear (t 3%) I 48 48 48 43
1 100% 14% Murray Cor(b2% etk 33 Ids ig% 191* ia u
67% 30 UyerUroiAßrs (li. 2 37’ ag jj
—Prey. mg-. Stock end Bales— Prrr
Hleh. Low. Dividend Rate. Add 00. Hleh. Low. Close. Close.
118% 40 Nash Motors (•)...» 70 58% 52% 63% 63
41% 14% Nat Aems (1%).. —. 24 19% 17% 17% 18%
48% 11 Natl Air Trans 2 11 10% 10% 11%
71 9% Natl Balls Hssa(tl). 75 10% 10 10% 10%
*36% 140 Nat Biscuit (t7 %). ~ 8 172 169 172 172%
73 65% Nat Biscuit (new)... 16 71% 69 71% 70%
148% 69 Nat Cash Reg, A (f 4) 68 75 74 74% 74%
86% 36 Nat Dairy ($2) 64 46%' 45% 4f.% 46% i
37% 20 Natl Dept Stores.... 1 20% 20% 20% 22
68 15 Natl Distillers 5 30% 29% 29% 31
62% 26% NatlEnsmellng (2).. 4 27% 27% 27% 27% :
71% 23 Natl Pwr ft Lt (1)... 47 30% £9% 29% 30%
17 1% Natl Radiator 16 1% 1% 1% 1%.
3% 1 Natl Rys Mex 2d pf.. 8.1 11 1
91% 31% Nat Tea Co (2) 16 35% 35% 35% 35% !
62% 23% Nevada Copper (I).. 62 29% £B% £B% 30
113 35% Newton Steel (1).... 35 39% 38% 38% 39
49% 35% N Y Air Brake (3.60) 1 44% 44% 44% 42
256% 160 N Y Central (I) 30 167% 166% 166% 167%
192% HO N Y Chi ft St L ($).. 2 132% 132'% 132% 132%
*-09% 100 N Y Chi ft St Lpf (•) 1 108% 108V* 108% 109%
132% 80% NY NH&Hart («).. 14 111% 110 110% 111
32 8 N Y Ont ft West 5 14% 14% 14% 14%
48% 15 Norfolk Southern... 5 16 14% 15% 15
186% 66% North Am(blo%etk) 12 92V* 90% 91% 93
54V* 48 North Am pf ($)...., 2 52 61% 52 51%
103% 98 North Am Ed pf (6).. 1 101 101 101 101%
118% 76% Northern Pao (6).... 2 84% 84% 84% 85%
64% 41% Nor Ger Lloyd(l.41). 7 44% 43% 43% 42%
32 8% OH Well Supply 2 8% 8% 8% 8%
64% 8 Oliver Farm Equip.. 6 12% 12% 12% 13%
69% 17 Ollvr Fr Epev pt(t). 42 29% 25V* 27% 29%
99% 64% Ollvr FrEq pfA(t).. 4 68 67 68 66%
10% 2% Omnibus C0rp....... 42 3% 3 3 3
84% 46 Oppenhelm Col (8).., 8 46 45 45 46
65 22V4 Otis Steel (2%) 7 32 31% 32 31%
89% 43 Owens 111 Bottle(c4) 5 63 62% 52% 62
98% 42 Pacific Gas A B (2).. 18 51% 60 50% 51%
146% 68% Pacific Lighting ($)- 5 70% 70% 70% 70%
1% % Pacific Oil stubs 61111
32% 13 Tackard Mot (tl.l*). 124 15% 15% 15% 15%
69'/* 40% Pan-Am Pots B 3 68 58 68 69
15V* 3 Panhandle Pft R.... 15% 5% 5% B
75% 36 Paramount-F-L (I). 20 49 48% 49 49%
87% 23 Park A Tilford (22).. 4 27% 27 27% 27
18% 3% Park Utah 15 3% 3 3% 3%
21 15% Parmelee Trane 1%., £ 16% ifi<% 16% i b * 4
14% 2% Paths Exchange.... 37 2% '2% 2% 2%
30 4% Paths Exchange A... 3 6% 5% 5% 6%
47% 24% Patino Mines (l it). 9 27% 27% 27V* 28
22% 6% Peerless Motor Car.. 21 7% 6% ~7% 6%
60% 22 Penlck & Ford (1)... 4 28% 28% 28% 29%
105% 66 Penney (JC) 12 72% 72% 72% 74
14 6V4 Penn Coal A Coke.... 2 7 7 77%
3% Penn Dixie Cement.. f. 6% 6% 6% 5%
110 72% Pennsylvania RR(4) 47 73V* 72% 73 73%
So,* 18% PetMllk (1%) 3 ]9 18% 19 19
Phelps Dodge (1).... 17 39% 39 39 39%
28* 157% Thlla Company (f7). 6 205 198 205 199
34 9% Phlla ft Read Cft 1.. 65 12% 11% 12 11%
73 19% Phllltps-Jonea (3)... 2 23 £3 23 25
23% 0% Philip Morris (1).... 2 8% 8% 8% 8%
47 24V4 Phillips Pet (c 2).... 9 34% 83% 34% 34%
3% 1 Pierce Oil 2 1% 1% 1% 1
51% 20 Pierce OH pf 1 £0 20 20 20%
H Pierce Petroleum•... 4 'IV* 2i4 2Vi 2V 4
63% 30 Pillabury FI ttl%).. 3 33% 33 33 33%
Pirelli Co A (*.*•).,, 3 45% 45% 45% 45%
P'ttsburghCoslpf.., 2 101% 101% 101% 100
27% 15% Pittsbgh Screw 1.40.. 3 17% 17 17 in
34% 20 Pitts Terminal Coal.. £ 16% ifi% jo
148% 90 Pitts* WVs (•).... 12 115% 1U 114 115
43% 20 Poor ft Co (B) (2)... £ 29 28 28 29
96% 61 P Rican Am To (A)T 12 65% 65% 65% 66
60% 8 P Rican Am To (B)-. 5 11 10% io% io%
66% 40% Prairie OAG (t 2%).. 9 52 61% 51% 52
65 46 Prairie Pipe L (t*).. 15 69 67 69 67
25% 6% Pressed Steel Car.... 7 8 7% 7% 7%
98 43% Proc ft Gamble (*)... 3 54% 64 54 53%
20% 4 Prod ft Refiner*..... 2 8 8 8 8%
137% 54 Public S. N J (f 3.40). 85 78% 78% 78 76%
PubßveNJ pf (•)... 6 107 106% 107 106V4
7 L Pollan Corp («).... 26 85% 84 85% 86V,
21% 6% Punta Alegre Sugar. 3 fi** B y 4 m. 7
30% 20 Pure Oil (Hi) 80 24V* 23% 23% 24
148% 65 Purity Bakeries («>„ 29 76% 75V* 75% 76%
114V* 26 Rsdlo Corp 365 41% 40% 40% 41%
82% 62 Rsdlo pf B (E) 2 73% 73 73 73%
46% 12 Radlo-Kelth-Orph A. 65 18 17% is u
68% 28 Reybestos Man 2.60. il 33 82 32 33
147% 101% Reading (4) 1 121 121 121 121
84% 36% Real Silk (5) 9 46 44 44 46
67% 20% Rem Rand (50c).... 19 26 £s'.* 26 25%
31% 10% ReoMotor (U.4*)... 46 11% JO% 11% 11
146% 62% Repub Jr ft Steel(4).. 6 74 72% 72% 74
64% 25 Revere Cop ft Brass. 6 27 ’>7 27 25
78 70 Revere CAB. (A) (4). 2 70% 70 70% 70
12% 8% Reynolds Spring 6 4 4 4 3%
66 39 Reynolds Tob B (I).. 28 48% 48 48% 48%
49% 20 Richfield OH (I) 43 £4% 24 24% £4%
42% 16 Rio Grande Oil (kl). 10 19% 19% 19% 19%
70 40 Ritter Dent Mfg (fl) 2 49 49 49 49
96 28 Rossia Ins (2 10).... 19 36% 35% 36% 37
64 43% Royal Dutch US.2*>. 4 62% 52 62 62%
195V4 90% Safeway Stores (el). 11 114 111 113% 115%
94 38% St Joseph Lead (t*>. 21 49% 48% 48% 49
Is*% 101 St L-San Fran (*)... 6 108 108 108 109
96% 87 St L-San Fran pf (•) 2 92% 92% 92% 92%
116% 60 St L Southwestern.. 4 60 60 60 60
61% 20% Savage Arms (1).... 40 27% 26% 27% 27
41% 3% Schulte Retail Strs.. 39 4% 4 4 4
2t% 9% Seaboard Air Ltne... ll 10 9% 10 10%
22% 10% Seagrave (e1.20).... 3 11 10% 10% 11
181 80 Sears Roebck (»*%). 815 88% 83% 85% 88%
63V* 45 Sec Natl Inv pf (6).. 2 60 60 60 60
10% 2 Seneca Copper 72% 2% 2% 2%
21% 7% Servel 1n0. .........1 23 8 7% 8 8%
63% 20 Sharon Steel H (I).. 2 23 22% 22% 23%
22 16% Sharp A Dohme 2 17% 17 17 18
65% 60 Sharp ADo pf (1%). 1 54% 64% 54% 54%
71 26% Shattuck(FG)(tl%) 17 36% 36% 36% 36V*
*l% 19 Shell Union (1,40)... 16 23% 23 23 23%
74% 9% Shubert Theatres. 2t 10% 10 10 10%
188 69% Simmons Co (r1)..., 64 86% 8$ 83% 86
40% 16 Simms Pet (1.(0)..., 8 23% 22% 22V* 23%
45 21 Sinclair Con 011 (2).. 92 24% 23% 23% 24%
46% 28 Skelly Oil (2) 4 31 30% 80% *l%
112 62% Slose-Sheffield pf (7) 2 80 79V* 80 75%
64% 14 Snider Packing pf... 17 21 21 21 22
111 86 Solvay Am Inpf Ifc. 1 97 97 97 94%
46 23% So Porto R Sug ts%. 28 24% 24 24% ”4%
93% 45% Southern Cal Ed (2). 37 65% 63% 54% 65%
16% 2% Southern Dairies Bj. 13% 3% 3% 3%
167V* 105 Southern Paclfio (*). 6 118% 118% 118% 119%
162V* 10!) Southern Rwy <*>... 1 135% 135% 136% 135
63'* 30 Spalding (AG) (1)... 11 32% 32% 32% 33%
62% 16 Spang-Chalfant 2 20% 20% 20V* 20V*
7* 13% Sparks Wlthngtn(l). 31 17% 16% 16% 17%
46 20 Spencer Kelg( !.«•).. 6 22V* 22 22% 23
Washington Ticker
BY CLINTON COFFIN,
Associated Press Financial Writer.
Though the Federal Farm Board has
at no stage of it* brief existence had a
path of roses to tread, competent ob
servers now say that It is moving to
solve what may prove to be the most
difficult problem in the way of organ
izing agricultural marketing in the in
terests of the producer. By conferences
begun this week with co-operative lead
ers and organizers from various parts
of the country, Chairman Legge and
his commissioners are beginning to es
timate whether the actual number of
farmers associated in co-operative mar
keting enterprises all over the country
can be greatly Increased.
A marked increase in farmer co-oper
ative membership, most people Inter
ested in the field say, is probably nec
essary to enable the board to make any
permanent progress toward stabiliza
tion of the prices of the important farm
commodities. It is the theory of the
law that the board will use its $500,-
000.000 of Federal appropriations as di
rect loans to national stabilization cor
porations, which will be, in effect, the
agents of the co-operative enterprises
now existing. But sooner or later, and as
much sooner as possible, the activity
and membership of the local co-opera
tives back in the country must be radi
cally enlarged or there will be hazard
of failure. In drafting the law' Con
gress and the administration saw the
point and inserted a provision that part,
of the Federal funds could actually be
spent to bring about such organiza
tion, and, thought the board has not
released any cash for the purpose, such
an eventuality may result from the con
ferences.
"It is probable, in view of the tem
per of the American farmer, that the
board will have to demonstrate the
ability of its present policies to have
some effect on agricultural marketing
situations before co-operative member
ship can be increased sharply," rp .
marked Chester H. Gray, Washington
representative of the American Farm
Bureau Federation. "Among actual
farmers there seems to be a disposition
to await results before Joining up with
existing organizations. It is probable
that in two main commodities where
marketing is now centralized, in grain
and cotton, the board's creation of
national corporations and direct ad
vance of money will have much effect
These corporations will probably prove
able to sway prices at the terminal
markets, and after that has been seen
the producers will come forward will
ingly to facilitate the control by put
ting their portion of the crop into
co-operative hands at, the outset.
"But. once the board moves out of
these two crop nelds, the actual ad
hesion of individual farmers to co-
—Pr#T 193#—, Stock and Bale#— Pro*.
High. Low Dividend Rata. Add 00. Rich. Low. Close. Close.
66% 20* Spicer Mtg 23 22*4 22 22* 21*4
117* 84 Splefrel-May-St <>).. 5 39* 39* 39* 36*
44** 20 Stand Brands (I*).. 289 26** 26 26*4 27*
43*4 6 Stand Com Tob O).. 4 6* 6* 6* 6%
243* 73* Stand Gee &El (3 * > 101 110* 108* 109* 112*
67 S«* «»»nd oAK pr 14).. 3 64* 64* 64* 64*
48 10 Stand Invest Corn... i in* in* m% in*
81* 51* StdOllof Cal <h2H) 18 60* 6944 69*4 60*
83 48 Stand Oil N J (t3>... 102 64* 63* 64* 6444
48* 31* Stand Oil N Y (1.40). 46 82% 32* 32* 3244
»"4 I*4 Stand PlateOlasa... 4 144 14* 1»* 2*
38 8* Sterling Sec A) 34 11* 10 10 10*
; 15* 8* Sterling Sec pf <l.B#) 4 12 12 12 12
55* 31 Sterling Seocv pf (8) 11 86 36* 36 3544
77 30 Stewart WarniJJ*). 12 37* 37 37 38*
201* Slone & Webeter (8) 11 7744 76 77 78*
98 38* Sludebakei <js>t t.o 4 1-« 41* 41* 4)%
4* * Submarine Boat 96 * * * *
86% 65 Sun Oil (pi) 1 57 67 67 67
24 6* Superior Oil 28 6% 6* 6* 6*
7344 15 Superior Steel 9 18 18 18 18%
22* 6* SweeUof Amer (1) M 2 8* 8* 8* 8%
26* 14* TelautoCp tTI-25).. 2 16% 15* 16% 16
20* 9* TennCopACh(l).. 3 13 13 13 12*
71* (0 Texas Corp (3) 81 66 55% 66 65%
86* 42* Tex Gulf Sul (4).„ 81 53% 62% 63* 63%
181 115 Texas A Pao (6) 2 118 118 118 121
23* 9* Texas PC* OH (b6> 136 10% 10* 10% 10*
24* 6* Texas Pao Land Tr.. 34 14% 14% 14* IS%
36 16* Thatcher Mfg (1.60). 1 19* 19* 19* 19
61* 25* The Fair (2.40) 6 27% 26*4 27% 25*
62 30 Thompson J R (3.60) 3 37% 36% 37* 38*
23* 10 Tide Water Asso 60c 27 12* 11% 11% 12
90* 74* Tide Wat Asso pf<6) 7 81% 81 81* 81*
97* 86* Tide Water Oil pf <5) l 87* 87* 87* 89
34% 11* Tlmkn Det Axle tits 20 14% 14* 14% 14*
139% 68* Timken Roller (8)... 32 76 74* 75 75%
22* 1 Tobacco Products... 72% 2* 2% 2*
22% 6* Tobacco Products A. 30 7* 77 7
16v 4 6* Transcontinental Oil 98 8* 8* 844 8%
53% 15% Transneft W (1)..., 2 16% 15% 15% 16*
63 30 Trlco Trod (2*).... 2 30* 30* 30* 30*
58* 27 Twin City Rp T (4).. 7 27 25 25 28
181% 82 Und Elliod Flsbr (6). 3 94* 94* 94* 95*
43 7 Union Bag & Paper.. 9 11 9* 11 10*
140 69 Union Carblde(2.<o). 39 76 74* 76 76
67 42* Union OH of Cal (42) 6 44% 44* 44* 44*
297% 200 Union Paclflo (10)... I 212 212 212 210*
163% 121* Union Tank Car<6).. 4 148 144% 148 141%
162 31 Utd Alrcraft&Trana. 48 46 44* 45% 46
60 33% Utd Biscuit (1.60)... 11 34% 33* 33* 34
111% 40* UtdCarbon<2) 4 43 43 43 43*
27* 3 Utd Cigar Stores.... 4 3% 3% 3% 3*
104 19* United Cigar Strs pf. 1 20 20 20 19*
76* 19 Utd Corporation.... 212 29* 29* 29% 30*
49* 42* Utd Corp pf (8) 9 47% 47 47 47*
81* 7% United Elec C0a1.... 11 7* 7 7* 8
158* 99 Utd Fruit (C 4) 10 100% 100 100 100
69% 22 l/td Gas & Imp(1.20) 182 30% 30 30 30%
98* 90* Utd Gasftlm pf(6).. 6 96* 96% 96* 97%
26% 7 Utd Paperboard 3 7* 77 7*
48* 16* Utd Piece Dye Wks.. 11 21 21 21 22*
14 3* United Stores A..... 79 4* 3* 4 4
40* 16 Utd Stores pf 9 16* 15 15 16*
23 9 U S Distributing...., 1 15 15 15 16
72 17* US ft Forelgu Seewr. 6 21* 21* 21* 21*
49* 17* U S Hoffman (2).... 2 18 18 18 18
243% 95 U S Jnd Alcohol (f7). 13 133* 132 132* 134*
36* 6 US Leather 2 7* 7* 7* 8*
61* 16 IT. S. Leather, A 7 15* 16 15% 15*
65* 12 U S Pipe* Fdry (2). 34 18* 18* 18* 18*
19 15 U S Pipe let pf (1.20) 13 16 16% 15% 15%
119* 60* US Realty (6) 11 60% 60 60* 60%
65 15 US Rubber 147 24* 23* 24 23%
92* 40* U S Rubber let pf... 16 49* 49* 49* 49%
72* 29* U S Smelt Ref (>%). 18 35* 35 35 36
58 48 US Smelt Ref pf 3* l 62% 62% 52% 62%
261% 160 US Steel (tl) 248 166% 163% 164* 165%
144* 137 U S Steel pf (7) 1 Ui* 141* 141* 140%
52% 25* Univ Leaf Tob (1)... 3 33* 33* 33* 35
22* 3 Untv Pipe ft Rad... > 26 3 2* 3 3
68* 24* Util Pwr ft L.t A (eS) 18 30% 30 30* 30*
13* 3 Vadsco Seies 14 3% 8% 3% 4
82 60 Vadsco Seles pf (7).. 1 67 67 67 61*
116* 37* Vanadium (t 4) 6 48% 48% 48% 49%
61* 33 Vick Chemical(2l4). 2 38% 38% 38% 38%
24% 3* Vlrglnia-Car Chem.. 8 6* 6* 5% 6*
65* 15 Vlrglnia-Car 6% pf.. 7 27* 26% 27* 26
97* 69 Vlrglnia-Car pf (7).. . 1 77% 77% 77% 77*
21V* 1* Ward Baking B 74% 4* 4% 4%
87* 60 Ward Baking pf (7). 7 60 58 58 63
64V* 30 Warner Bros Pic (4) 189 39* 38* 39* 40*
69* 26* War Bros P pf(2.20). 1 36 36 36 36*
42* 15 Warner-Qulnlan (3). 37 20% 20* 20* 20*
207% 115 Warren Bros (t 9)... 1 132 132 132 133
113% 4 Webster-Eisenlohr., 3 6% 6% 5% 5*
6 3 Wells Fargo 1 3 3 3 *3
48 20 Wess Oil ft Snow(l). 6 23% 23 23 23%
72* 49* WesaO* Sn pf (4)., 37 62 51 61* 61%
60 36* Weatn Dairy A (4).. 2 44* 44 44* 44*
40 7 Weatn Dairy (8).... 6 14 13% 18% 14
64 10 Western Maryland.. 7 26% 26* 26* 26*
41* 15 Western Pacific..... 40 22 22 22 20*
67% 37* Western Pacif pf.... 7 48% 42 42 43
67% 36* Westngh Air Brk(2). 4 46* 45 45 46%
292% 100 Westinghse Eftlf(S). 76 134% 132* 133* 135
75 19 Wextark Radio (e3). 2 21 21 21 28*
38 25 White Eagle 011 (2). t 27 27 27 26%
53* 27* White Motors (2)... 47 31* 31* 31* 31*
55% 27* WhiteßockMS (t 4) 4 37* 37* 37* 36*
48 1 White Sewing Macb. 18 7% 77% 7*
29* 12* Wilcox Oil ft Gai.... 2 14 14 14 14
61* 19 Wilcox Rlch<A)2%.. 7 26*. 25 26* 25*
62 12% Wilcox Rich B (c 3).. 19 18% 18% 18% 18%
35 5V* Wlllys-Over (c 1.20). 30 7% 7* 7* 7*
103 65* WUlys-Over pf (7).. 9 65* 65% 66* 67
13* 3* Wilson ft Co 16 3% 3 3* 3*
27 6% Wilson* Co A 9 8 7% 7% 7%
79 36% Wilson ft Co pf 6 45 45 45 46
103* 62* Woolworth (2.46)...- 16 70% 69* 69* 70
137% 43 Worthington Pump.. 1 65* 65* 65* 67
51* 7* Yellow Truck ft C...1 26 14* 13* 14 14*
69* 23* Young Spring (1)..., 4 36* 36* 36* 26
62% 6% Zenith Radio (2)..., 4 8 7% 7% 8
RIOHTB - EXPIRE
3 %Am Rollg M. .Feb 16 6 * * * *
10% % Col. Carbon. .Mar. 11 6 2% 2% 2% 2%
6* 6 N Y Central. .Jan tl 88 6 6 6 6*
3% 2* Penn Ry Jan 16 74 2* 2% 2>4 2*
15 11 Peo. Gas ft O. .Jan.ls 25 12 11* 12 12
1* * Utd Gas Xm. .Deo 211075 1 * * 1
Dividend rates as given in the above table are the annual cash
payments based on the latest quarterly or half-yearly declarations!
/unit or trading less than 100 shares. tPartly extra. tPlus
! b.. 1 ,? .. ,HU “ t 1-5 ‘P Pi'leired stock. VPlus 3/25 111 stock!
“ p ** d L MI re ? u "* r r » l «- b Payable in stock, e Plus 5%
If> stock, d Payable when earned, e Payable In cash or stock
f Plus 10(* In stock, s Plus 6% In stock, h Partly stock. ] Plus J'.
iVw* shire* m ltoCt - n Plu * ln * tock ‘ m Wu «
THIRTEEN ELECTRIC FIRMS
NAMED IN MARYLAND MERGER
1 Special Dispatch to The Star.
. BALTIMORE, Md., December 28.
Consolidation of 13 electric utilities,
with an estimated valuation of *1,800,-
000 In physical properties, was sought
in a petition filed with the Public Serv
ice Commission yesterday.
The consolidated concern, to be
known as the Maryland Light & Power
Co., will be a subsidiary of the Em
pire Public Service Corporation, which
operates in 14 States.
. Corporations Involved.
The companies proposed to be merged
are as follows:
Empire Public Service Corporation.
Maryland East Coast Utilities, Inc.
Betterton Ice & Electric Co.
Home Electric Light Co.
Antirtam Electric Light it Power Co.
Emmitsburg Electric Co.
Midland Electric Light Co.
Millington Light it Power Co.
Trappe Electric Light Co.
Love Point Light it Power Co.
Somerset Electric Co.
Suburban Electric Power Co.
Cecilton Electric Light it Power Co.
Economies Cited.
The merger of the companies will
give the Empire corporation operating
operatives in the system will become
increasingly essential. Take live stock,
for instance, which is marketed in every
city, town and hamlet. There is small
chance of effectively stabilizing prices
on live stock by action in a limited
number of central markets. That is
what is putting the emphasis on the
actual local organization now.”
Radio manufacturers, after consider
ing the close of the 1929 marketing
year, are pretty much a unit in be
lieving it desirable to extend advance
marketing surveys more extensively for
1930 and future years. Steps are now
being taken in the Industry to collect
the data.
“It appears that the actual produc
tion of radio receiving sets in the United
States this year was about 4,000,000,”
said Bond P. Geddes. executive vice
president of the Manufacturers’ Na
tional Association, “and that actual
sales to users ran to about 3.500.000.
This represented a certain amount of
over-production, and. though the effects
on the business have been far less ad
verse than supposed, has resulted in a
general agreement that changed meth
ods of Judging market capacity would
have to be adopted.”
Production has been slowed up in the
radio industry, while the excess out
put works off. Most of its active lead
ers. however, are now determined to
utilities on the Eastern Shore. Southern
Maryland and Western Maryland. Ac
cording to the petition filed with the
commission by Miles. Tingley it Edgett,
attorneys, the consolidation will benefit
all consumers through economies effect
ed by one operating company.
The Maryland Light it Power Co..
the petition asserts, "will be State-wide
in scope, said company being a direct
subsidiary of an adequately financed
corporation, capable, through the ex
perience of its executive and operating
personnel, of efficiently managing said
company, expanding its activities and
extending its service to the ultimate
benefit, of publiff wulation and in con
formity with * Committed policy of
Empire Public Service Corporation to
eliminate subsidiary holding companies
and otherwise Improve its corporate
structure.”
Hearing Next Month.
A hearing on the petition will be held
in January, It was indicated at the serv
ice commission office.
At the same time lt, was said that the
Consolidated Gas <fe Electric Co. of
Baltimore was watching the mprger of
the smaller companies with considerable
interest.
s«> that their operations are not caught
up again by the error as to consuming
power. Methods followed by the auto
mobile and other Industries to adjust
output more closely to demand, it is be
lieved. can be developed for radio pro
duction with considerable ease in view
of the modem practical knowledge as
to marketing technique.
The trite old axiom that tastes differ
is singularly well illustrated by the
customs records as to international
preferences among American tobacco
types. Last month out of the total
shipments of 64,528,000 pounds of
bright, flu-cured Southern tobacco.
Great Britain took more than half.
English possessions over the globe took
another large fraction, while the bal
ance went to China.
But smokers of the European conti
nent generally wanted a heavier smok
ing compound, and countries like Ger
many, The Netherlands, Belgium and
Switzerland consumed nearly all of the
dark-flred product of Kentucky and
Tennessee. The French taste in tobacco
proved to be even more specialized, and
during the month that country took
practically the complete export of
Maryland and Ohio domestic. French
possessions ln r .Afrlca, Algeria and Tunis
likewise notably declare a preference for
the darker American tobaccos from
'Kentucky and Tennessee,
UNANCIAC.
STOCK PRICES DROP
IN SHORT SELLING
Tax Liquidation and Lack of
Public Buying Revives
1
Bear Attack.
BY GEORGE T. HUGHES.
Special Dispatch to The Star.
NEW YORK, December 28.—Re
actionary but not weak save for a few
special Issues, today’s stock market
yielded under a combination of selling
by the professional operators for the
decline and by holders who wished to
record losses on their Income taxes.
The opening was mixed, but trading
had not proceeded long before the list
turned downward. The mail-order and
merchandising stocks were under pres
sure on the professed belief that profit
margins would be Impaired by recent
price cuts.
Montgomery Ward and Scars-Roe
buck were heavily sold and both
dropped back. May Department Stores
lost ground. All of these stocks had
shown themselves sensitive to selling in
recent sessions and they were Judged
the safest mediums for operations on the
short side.
Various Groups React.
Fox Film was in supply again, but
the stock was better aosorbed than in
the closing half hour of the day before,
when It took a sudden drop. United
States steel was off 2 points in the
first hour and under 164 was down 5
points from yesterday s high.
The copper stocks were heavy, notablv
Anaconda. Sentiment in the street is
still adverse to the coppers, notwlth
standing the declaration of the regular
dividend by Anaconda and the fact that
so far the price for the metal has been
held at 18 cents. This sentiment is
so widespread that the short position
in these stocks is becoming decidedly
crowded. American Smelting Ac Refin
ing made a better showing than the
others in its group.
Rafis reacted slightly on a small
turnover. Pennsylvania under 73 was
tower than at any time since the
rights came off the price. The No
vember earnings statement showe 1 a
falling off in both gross and net from
the same month a year ago, but that
the first time this had happened
this year and for the 11 months tr.e
comparison was highly favorable. Sea
soned dividend payers such as Atchi
son, which, by the way, reported an
increase in earnings in its November
mcome account, and New York Central,
,L aw ! re Hudson and Lackawan i
sold on.
Motor Group.
General Motors resisted well, but,
Chrysler dropped back 2 points. The
utilities moved irregularly. Realizing in
Standard Gas Sc Electric carried that
stock down 3 or 4 points. Nevertheless
all through the session stocks came
back whenever pressure was lifted
T?* ,?°., sl * n of a °y extensive
outside liquidation.
As far as tax selling goes there is
only one more day in which it can be
done in the regular way and have the
results go on the 1929 statements. Sales
made on Tuesday are not cleared until
Thursday, January 2, unless they are
made for cash. Once this technical
situation is out of the way the market,
will be free to reflect the trade situation.
Wall Street Briefs
By the Associated Press.
Stockholders of the American Safety
Razor Corporation, at a special meet
ing at Richmond, Va.. approved the di
rectors’ proposal to cancel 28,112 shares
of capital stock which the company had
purchased in the open market. Under
this arrangement there remains 200.000
no-par capital shares outstanding. With
the cancellation of these shares tho
company still has more than 83,000,000
in cash and securities which, in thr>
opinion of directors, is more than ampl«
for its needs.
.Approval of the consolidation of tho
Tri-Continental Corporation and th»
Tri-Continental Allied Co., Inc., two in
vestment trusta sponsored by the bank
ing firm of J. and N. Seligman Sc Co
was voted by stockholders today.
Unfilled orders for clutches and radi
ators on the books of the Long Manu
facturing Co., a subsidiary of the Borg-
Warner Corporation of Chicago, total
21,700.000 at the present time, a sub
stantial increase over the amount at
this time last year. A large part of the
business was understood to have been
received within the last few weeks from
motor car manufacturers.
With the returns covering five busi
ness days only, owing to the holiday
business failures throughout the country
this week number 396, compared with
498 defaults for six days last week, and
359 reported to R. G. Dun & Co. for the
five-day period a year ago.
Directors of the Com Products Co
declsred an extra dividend of 75 cents
a share today in addition to the regular
quarterly payment of the same amount
and the regular quarterly dividend of
$1.75 a share on the preferred stock.
An order for eight freight locomotives
has been received by the Baldwin Loco
motive Works from the Seaboard Air
Line Railway. The order amounts to
about $350,000.
William De Kraft, vice president of
the Baldwin Locomotive Works in charge
°L , ance> will assume the duties of
chairman of the finance committee of
the United States Rubber Co. on Janu
rP'.Jj „ has been a member of the
United States Rubber directorate for
some time.
CHICAGO LIVE STOCK MARKET
CmCAGO, December 28 <JP) (United
States Department of Agriculture).
Cattle—Receipts, 100 head; compared
one week ago strictly choice fed steers
and yearlings and low-grade light
weight yearlings strong to 50 higher;
choice fed steers, after gaining uneven
ly 50 or more, lost entire gain on lib
eral run late in week; some being car
ried over; broad demand for light heif
ers: most /upply grading medium and
good selling at 11.50 to 13.25; fat cows
uneven: strong-weight, koshers and cut
ters around steady to 25 higher; with
inbetween kinds weak to lower: weighty
Stocker bulls strong to 25 higher; others
strong: under holiday demand vealers
unevenly. 1.00 to 2.00 higher: selected
strong-weight, late. 16.50 to 17.50;
Stockers and feeders scarce: vear-end
clean-up in feeder dealer alleys, weak
to 25 lower, with fresh supply around
steady.
Sheep—Receipts, 2.500 head: few
loads unsold: part of midweek advance
lost at close: compared one week ago
fat lambs 50 to 75 higher; fat ewes
strong: top prices fat lambs, 14.50: fat
ewes, 5.85; hulk prices fat lambs, 13 50
to 14.00; yearlings, 10.00 to 10.50; fat
ewes, 5.00 to 5.75; feeding lambs un
changed: bulk medium to good grades
11.25 to 12.00.
Hogs—Receipts, 8.000 head; 6.000 di
rect; market mostly steady with yes
terday’s average; top, 9.80, paid ‘ for
around 180 to 210 pound weights; mostly
9.60 to 9.75 market; shippers. 1,500; esti
mated holdovers. 2,000; butchers, me
dium to choice, 250 to 300 pounds, 9.40
to 9.70; 200 to 250 pounds, 9.50 to 9 80;
160 to 200 pounds, 9.50 to 9.80; 130 to
160 pounds, 9.40 to 9.80; packing sows,
8.00 to 8.75; pigs, medium to choice,
90 to 130 pounds, 9.00 to 9.80, nominal.
Stock Rights Offered.
NEW YORK, December 28 (JF). —The
Southern California Edison Co. has of
fered holders of the original preferred
and common stock rights to subscribe
to one new common share at $25 a
share for each 10 shares of preferred
or common stock held on F-fbruary 28
The rights expire April 12. ’