Detroit Free Press from Detroit, Michigan • Page 28

PART ONE THE DETROIT FRBB PRESS SUNDAY. JANUARY 5. 1930 1929 RANGE OF CHICAGO STOCKS Detroit Stock Exchange New York Curb Market Contluued From Fage 26. SATURDAY, JANUARY 4, 1930. LISTED STOCKS.

28 lt Cloa Sal 90 90 80 99 954 96 ..100 10(1 100 104 102 4102 4 Clow 8ate H'h 4000 Pettlbon-Mulliken Co 8 43 7(MN Ho Nt 43 7.7- 611O0 Prod Term Cold Stor 31-48-8000 rtlb Cue la) of No 111 6 4S 62... Kale 100,1 Low Cost tlif Invest tU' 3S 4 3 1 Alexander Iini-nl. 2 4 2 4 2 4 2 Allied Aviation 1 4 1 2Lat nelea Hifh Low Co Sal 14I00H Do 8 '4 3 43 1 is (m J03 64000 Fed Pub Ser Co 8i of 1927 47 97 95 95 0000 Fed fill (Maryl 54 30 99 98tt 911 87lioO(lenral Theater Equit Inc 8 44 107 4 100 107 "4 15oiluOuardlin TMH Co 6 '4 88.. MB 4 9014 90 4 Scow) Hlrhotown Hug Co 6 4 44. M8 4 984 984 6000 lime VVeslern Pin 8a 3d 911 4 100 12000 Holland Kumar Co 6'i 1(11) 9H410O loono Co da 31 99 984 PS 14 20(lOInnll tTtHity Inv ovowl 5 49 91 88 88 4000 I)o 6 4 10114 9714100 (rialri In loOti H.ih Low CIom 1 Dixie (loir t'liA 37 Kl Paao Nat Oaa 04 43 PS '4 l'K'4 l'8 4 9 Fed Water 6 4a 61 Ml IH 8 Klreilon Cot.U548 111 III Ml 37 Flreatime Tin- 54'J 04 Ml H4 25 Fia 6 64 83 8.1 8.1 in Allied Po A Lt 3s so'.

4:. in a 40. Hf vt 38000 Public Hervlc Co 6s 60 -6000 Pub Ser Bub Corp 64 Itlno Qulncy Mem Br Co 64 94 48 11 77 Nil 37 so 5(lniiik Pin Ml ID PI a Del PI 13 1 40 1 1)0 let pf I5). 77 Am Chain (3 ISA) Am Clear (81 Ml 1 Am CittesPALAiUr) 38 '4 ll lu 1 1 l.i a Am ComP 4i.3ul 214 Do 1 3.1 8 Am Cyan 10 1 t0) 27 1 Am Ivpt sioroe 4 P'i 4 llljatineau Plv na 112 'a V' MO 4 1104 n't'. 7 Ho lt 41 44 24 4 2 15-, 4 4 3 4 1 Geu Am Ml 1 (in S8 88 so 88 no 1 (Br Til Aaaoclated Praaail (Silei In J00i Hiirh Ixiw SI MetaUMin (1 8" ilhi ft lot 2HV 1 Mldlnd I (1 'rf) S3 "ti Mil' no Urn ll'i 10 1 Mg 1 I'MS'i r-fi 10 m'i 175 Mull 11 arl la p( si "ml PM 104 103'i 'J d.

rl l'i 1 4 1 Mote 11 FA "I) B5 Ml.ton F.lco 38'4 38 4 3 NaT A-ii'T lu C4. It! II HS i5 National Bakil, pf (III 68 1 Nat Fair. St 1 1 fit!) IK'i 18 'i National 13-'t 13-4 1 nlon 4 "1 t'-i 1 Nehl Corp 14, llli 1 Ho pfd (5V1 74 74 N'eu BraUfui'd I '4 1.. 'J ti Invea 1I.J01.. 24 i t-M'i 87.N..i Mud Pum.40) 13'.

12 l'i Iiu A war 3i 3 In) war .7 7 Nlng Sh ir'l-40fl ID'i 18 2 Nile Bern 5tS 7 N'T Am A 'a 5'i 1 Noiadei Aaene 2'iH Sti'a 3illtlo t'oppor 1 1 92 91 100 100 89 97 100 9H 98 Thea hq lis-14 Mi 4 UK miaHimiH I'ow 5,01.. 118 10 iiiimat-jiiiiiii, vv 4k a. cor 04 92 92 12000 1)0 30 97 93 BOOO Lnrraheo Bldif Corn 814 c. 64 100 10(1 loono 1-a 8alle- ker Bldir rla 64 100 loo 30000 Llndiajt Nunn Pub Co 0 44 96 89 12000 Mad-Mch Rldg 1st 43 100 P7 tlOOOMopiet Mills In 87e 3D 1001411)0 4000 Medlnah Athletic 47 MM 12000 Memphis Nat (1 Co 1st 8 4.1 ...100 94 24000 Mer ft Mfirr. Hldg PM 6 14 r.

A 43,100 100 "3 Am Knuilie, 15 4 15 i High I.or Net 1 199-30 Stock Sale High how Clos Ch'ge 22Wj Bower Roller BearlnK 175 8Vi 8', I 32'i 6 Cardon Phonocraft rom 100 8 8 814 7'4 l1 Copeland Products 100 14 14 lVa 17 12 Detroit Cleve Nav com 100 13 13 131 9H 5 Detroit Motorbus com 100 6 6 6 454 12 Ex-Ceil-O Alror Tool 210 154 15'i 154 214 8 Federal Motor Truck com 100 9 9 9 4 77 32 Federal Screw Works 100 34s, S4 34s 1 694 25 Ford Motor of Canada 105 33 33 33 1 17 6 Gd Rapids Metalcraft com 225 8'i 84 84 27 124 Hall Lamp com 380 144 14 14 4 45 4 5 Hutto Engrjr com free 260 5 5 5 14 Marquette Oil Co 295 .50 .50 .50 .05 123 55 Michigan Steel com 100 55 55 55 1 28vt 17 Motor Bankers com 160 18 18 18 124 24 National Grocer com 1075 34 32' 13' Packard Motor 3005 174 17 174 4 374 Parke-Davis A Co 250 42 42 42 17 -4 7 Pittsburgh Forcings com 150 124 124 124 4 48 94 Second Natl Invest com 1120 114 11 114 i K24 28 Third Natl Investors com 100 "9 29 29 354 14 Timken Axln com 710 1G4 184 164 5 14 Universal Cooler 100 14 l- l- 44 55 13 Universal Product 100 184 184 184 614 14 Wilcox-Rich 100 214 214 214 31100 K. puL.nu i.eauy ,7 QO 101 18000 Saset Co The 8 A 38 f' f. 8000 s.xty.nv. So Water 84 47 1 't 1 Vi 9 1 14 92000 So Nat Cn Corp 6a 44 gjfc 1000 Southern fnlted Gal 64 A 37 tS in 10 32001) Do 6 4 A 1 Oi 100 Southern United Ice 8 4 83 88 82OO0S Dairy Prod 614 deb 38 SOW 994 99 3000 Liaht ft Power 6 67 93 4 93 V4 M.ltl looo Spnic Falls 64 28-45 Jg 8000 stand Pub Ser Corp 6 48 9 oaooo.iand Tele Co 64 A 43 854 81 88 18000 Ho 8 38 SI 7 SotiOSt Loui ft Corp 6 47 9-J 87 148500 Swift ft Company 6 44 02 Jf 99 'a 100 4 25500 Teas-I Power ser A 40 101 4 9-J 19000208 8 La.Salle Rt Bl 5'4 68 100 90" 30110 I nion Kiev It 6a 45 75 75 HloOfnion Oaa fill Inc 84 A 37 80 4 Jajf.JJ i Am Fsn Pow 724 70 4 7u. 8 Am El I la) ..1 in 117 1 Id Am Invert us lo JOS 'J I)o war 4 51 5 4 ir Am i.iTrw (101 22s 2'IH 22 IIS ID 'a 1II5(, 104 5U 3 8 i 12 Ml-.

18 'a las 4 'a 10 74 2i 24 i. 1 3 3H 1H 2 5-i 22 'a Ui 71 10 4 2'i 1'. 12 '-i J3N 10O 9000 Ho 10-yr 64 38 97 14 97 4 97 '4 35 Am Silt 1:1 1 4." 4.1 I '4 10O00 Merch Nat Prop, Inc 68 6000 Metro Hist Flnstic 8 4 44 83000 Mt Rya 4s 38 130000 Ho lt 4a 38 2500 Vote Hotel B4i 48 6090 Mortsago Guar A.n A 30-33 99 4 99 4 89 4 100 100 100 77 44 70 73 78 65 76 98 93 93 i 98i 984, 9844 45 1 4 25 95 17'I HP. 10 1 1. 24 i 114 4 5 4 17 164 10 4 1: Am Marat ailai 1 4 Am st.ps ai 1 18'.

ISO Am SupwPnwm 25-4 2 Do lt vf t) 95 4 Am Yvetle new 54 80 Anglo A votcod(731 17 1. 12 AnsloAO nvcodi.73i 17 1 Arelurtu R.vl Tube 1(1 6 Arizona Glolie 4 111 Arkansas Nat 0.as. 104 S3 Do A n7t aitoofl United Pub ser Co 0 4 aa cot 1800 Ho A 42 j-. 'i I'iiiii mi I'i'ig). 71 71 llo 54 47 8001) no r- 99 99 4000 Do 6 A 47 'i 1(1 I' '1 60000 Nat Prop 8 lift cert 49 10014 99 89 14 10(100 Nat Toll Brldire Co 30 98 98 98 60000 No Am Fund Corp 6 4s of 28 49 9714 97(4 9714 100110 No Am ft c-o J) flr-.

44 lOOO Am ft Corp A 38.... 80 "4 8014 9814 10OO Northern L'tll Co 8 A 43 88 88 88 9' Ji. lOOOflVilt Klk Coal Coke 6 48 99 97 99 lot) 100 in-! 810 Ark pf 1 7) in Art Met Wa 19'- linj lii'i 8000 l'tll ft I.t F.lty Tr Allot ctr lll Tub Ser Co 6 28 3.1 100 HlOOWardman Prop Inc 6V48 48 83 liiiui a-t i.t, rvr Mi at 99 98 98 8,1 8.1 99 99 O'-'inm El Ry 6 4l. pit 77 70 KHIO Pacific! Knruc lir an Total sales, 9.560 shares. 33..

9214 9'H4 92 "4 98 92 4 92 4 10441O4ailO44 101 14 101 14 101 VI Sdulr Bt fill 5.HA50 M4S M4 4 M-4 lllldep OH l' HBHaKliSSlll'iS 2 lintpla l'L 6 A57 tUtfe 8814 MS 4 8 Interl See Am S.47 82 80 81 18 Int Oaa (ls30rw.l"ir'J loo 'i linl '4 7 Inter Pow lia 62.. 811 80 4 814 6 Ho 6 57 811 811 811 1 Invoal Co 5fA47" MO do PO 1 Kopperft OAC 6-47. '1 PO '4 H'i 4l.i.c lia 5 4a I'll', MH Mll'i 8 laih P8 HaA-iO'tO 4 Lone Star iiuaue4S Mli 4 MO HO'i 1 I on, lal I.t (1.145 Io4 104 ln4 3 Man Pow MliU Mll'i MH 'i 6 Mom Nat Oaa 11,1.1 PS'4 H5 H5 8 Metro Kd ttSS 96 95 12 It 102 V. 102 4 102 4 4 Mont l.Hatl' 5A5l Mil Mil MH 21 Murrla A a 7 4110 PHli PH'l MH'i 1 ta 57 P8'a IIS 4 118 4 1 Nat tl A2H .100 48 Not Pti 8v 5 78. 74 4 74 74 4 S.N Krr GAIS 48 88 4 88 'i 88'.

1 Ho 5 47 874 87'i 87'2 ft Pw I.t 4 4 07 P3 4 M3 4 93 4 1 Nor Ind 8 6Ctit) M8 M8 98 14 Ho 6a 08 H8 4 98 P8n 1 Vor 81 PowH4a33 .102 102 102 4 Pan OAR 44aK57 M54 P4 4 M. 4 Pan 01ltt443w 8174 814 814 1 Penn PL liH lol 5 Pen LIPr SalPwvr 75 75 75 Poor Co 6s 3(1 6 Potomac Kd 5K6H 97 97 97 1. Pow Cp NY6447 90 Mil MO np4 PMli BP'i 11 Pu lol 4101 IIU 4 1 Keliaiice 79 4 7H'4 7II'4 1st 70 70 70 3 Si hull II 36 53 63 51 1 Ho Its .15 xw 53 53 53 1 8-rlppa 6'i 43.. 8r.li 85 4 854 1 ShawlnW'l'44A07 92 92 M2 S40IK) Palmor Corp of I-a The 6 looo People Co 6 47. 1000 Do 1st 6 43 ltnntxl Mot A (1.80) IDS 10 1 Ho 4 4 It 1-tif(l') 2H'i 2H'.

3: Pai.l.m Oil IS 1 4 Pann-i till Venea li ti 1, 2 Parnnit Cah ci.40) 11 10 Corp 13Vj 131 3l'eiiii-i'li 54 53 aid IK) (01 I'5tj M5I4 tlSO Pepperell Mi'k HtJ pen-oUum Cp (l') SOH 19'4 1 Philip Mnrrl 7-10- Pilot Padlo lii'i 1 Pill PI Glue (31 54 1 Pnw See 1 01 til 38 38 20OO Po 94 48 9814 P8'4 Wl 13950(1 Wro Iron of Am 6 4 38 I'll 98 P8 SOUOYaarab Temple Rldg Co 64 48 09 44 97 97 3il T'. 15 34 3-i 54 15 .1 4.4 14', 31 Detroit Bid and Asked booms, also some of the capital re EXPERT SEES t(l Aim Ki Ind 1.1,1 ti', It Awn l.iRIAI2 406 37 8 Do deb rm 8s 1 All rt FHlitl 401 24 1 All Fruit Sin; 4 1 Aulom Vol 7 4 1 Ho ovt pr pf fit 15 4 A Finn Tob 38 1 Hnhla. Corp 3 Banromlt Corp 4s 1 Hn-kford (1) 14 1 Blaw Knna (I 4 ai 4 8 Bill Ridge 7 ft Do c't pf flji 35', 12P.NA-E pfil.rtm 24 4 1 Rulova. Wh pf-3 4) 34 Burma I.t.1 .31 i ll'i I'aiile Wire 1 8 CAM Co Vic 1 Can Slaii- Wireless 3 '4 8 Carlh Syn I 1 Carnegie Metal 6 I Premier Gold 1 tit I I 14 15 Prili.D Jl WlilU-iy HI Bid 17 64 .40 1 Do pi (3 1 Priltlenlial Invent 14', .15 i S4 i 4N 35-, '4 34 3'j J. a.

1 fi 8-; 8 Phi. linl Hold 1 CREDITNORMAL Continued from Pge 21. Ak 19 24 .55 55 13 4 14 18S 4', 4 4 Stock Ho ounv pfd Mallon (RCI oonv pfd Martillette Oil MtchiBAn 8(ee! com Miohnctn Sunar com siitf.ai- pin Horeland Oil A couv Ho -ZZZ Motor Banker con. National Grocer con Odtn Cirnr com outtmard Minor 'i 115 Hi 18'i I0K 54 ii8 ihi 10 30 3i 14 'a 17', 20ti 7 4 7 17 (I 2" '4 III'. 2D 107 10H lii'i 34 74 44 "ll IK no 14 18 4 kadio Proilili'U 110 3 Hainliow Prod A 8 Ilo i'-lt 1 Reliatl'-e 17 7 II: in.

1 K'-riinldK Mi ll '-j 1 HlkeJ-Kuin c'-JUi "A 2 -kind l.P tr tf 'in Kei Piiarlll. 'tii'i 5o la. ifi 107 1 (I 80 11 l'i 10 311 14'. I7i 18 IIS 17S II "'i Hi L'8, 111 'a till 1117 J0' 3 Kl 'i 8'. 8 'a 6 Celnn-'ae 1st in () 8.

I I Control All Sie i-ii'Karil 3 J3 4 Out Svv Ai I Parke-Davi, Co 8 Vn 1111 Elr-c 1.40al 1S leased from speculation will become available for purchase of bonds. Further. In view of the fact that working capital of corporations exceeded requirements even during the active months of 1928 and 1929 It is practically certain to be plethorlo during 1930. Considerable amounts of this Idle working capital, therefore, will doubtless seek Investment In bonds. Despite efforts of leaders to prevent It, employment in manufacturing industries declined 3.1 per oent In November.

The United States labor bureau Index number, showing the movement of such employment was 94.8 at, the end of November as compared with 99.3 In September and with 107.4 In November, 1923. Unemployment may temporarily diminish in February and March when spring manufacturing Is most active, It is pretty certain to show an Increasing tendency Into mid-summer. Parker Ru.t Proof euui 211 Shell In OH 5a 40.. HSS 98 98 00 4 18 Snider Park Hi 32 HO', nil 10 SKI' 103 OntrlruK I'll I. mil laOCIlie Srvlr i 1 Club Alum Ulen i 1 '01011 Oil i30Com A Pomh 10 Cona Cod Mm 17S 42 Hill 13 10 12 4 3 10 IIS 80 14 S7V, 4 i rl 84 5S 18 4 (I 4 1 5' 1 Suit ieea 107 fit 3 1 Hulilier 10'a 34 Srlei leil IniliKl 8 3 Do tM Pll4.l2'i) 0'i 2 Slonandnalt 10 Do pi (31 34 '4 3 Sierra Pac Flec(2l 44 8ilna del Corp etfa 1 Siti Finani'ial 1 8 in 1 2 Ham- JMinV.

Forifiiic, ixmi 12'i Re priii torn Motor i-oni i(i River Paiier coui 2 74 Sanitarium Kquip com pre. Id' St-otieii-Diiion com ih Second N.iil luvtra com vl lo'4 Iki pt.1 wi 59 Silent Automatic Corp 125 Square Ho S.j 4 Standard Steel Sprlmr com 3 Steam (Fredk I a 1 Cona '4 31 43 lll'i in ill rl 4'i 5 14 11.1 'l 3 111 14 13' JO', svi 4 tl'j Stock Atrnarla Tool Alan; oleel A A to Iniiuilrles com wl American Life com Automotive com Baldwin Rilhher uuiln Bower Roller Bearing com anion Plnmocrall oom Coiunil'ia Suaar com Ciill-mlidati-d PAIM-r coin Cor-dand Product III. It vie Ciowh-i-Mtlner A Co Heiii-l-tVcninier-CiHiert com Hot UraH 1 Malleal.lu I'elroit (leva Nav cum Detroit Cn ainet-y i unl I lot rt.lt Kiei lric imu Hell-nit Fnrtfius coin IVlrint M(K 8uu Delroit-Mich Sloye com. U-lroil Xntoi-nua com Detroit Steel 1'rofiiiet, com Kx-iell-O Alrcr 4 Tool com. Fetl.

ral com Federal Motor Truck com. Federal Screw Work Foote Hurt com Ford Motor of Cat! A Fourth Natl Invent corn WW Fr'telianf Trailer pld (ieriuner Mfir clan A General Motor, com Oeuera.1 Neeeaeitie, cum com c.d Rapid, com Hall l.aiiin otuu II Walker-O Sc Ltd Home Hairy A Hoover Steel Ball com lloniitnii com Hoililallle-Uerehey Do II Housciuun-SpitzleT data Hoaell Klei trio A Do Hullo Fmrrir com free Motor shaft com Kawneer mm Kennath Miff com Klrm-li coin Bid Ak 10 7H 33 .15 800 as 10 4 12 8 8 4 7 .30 .76 19 l'i 1 14 3D 1 4 '4 IS 12 4 iSu 45 8 I) S3 24 4.y, 6 4 8 40 42 14'4 15S 12 13 10 4 34 14 35 4 .211 .40 33 84 35 49 14 3H 41 43 '4 -HI .50 10 8 9 14 14 '4 ins in, 20 4 24 4 I 0 18 44 484 23 25 20 22 4 10 4 11 7 4 9 5S ft '4 0. 32 .10 ft 11 II 14 (I SoiKIl fill F.d oa 51.100 100 'a 1 on 4 rm 5 62 ...101 100 101 2 Snaat P.4I. A23 .103 103 103 2 Slaiey Mf 42 98 M8 98 1 81a ml Inv Bha 311. 84 84 8t Kinn.lfirrtl'l.tll,57 98 1 984 98 4 1 8 Mnld Hal.nB44'i 75 76 75 3Snn oil 84 39 100141001,1004 1 Swift Co 32 1004IO04IO04 13 Tex PU 5 6(1 M8 1174 98 IThermold l'o fta 34.

84 83 84 Pfn 1.81 ft Bv5'i53 85 '4 8554 84 Vi Jl' Hull 8 4a 35 9 94 94 4 Ho 8 '4 30 94 94 94 61'til Pwrl.l559wiv 82S 82 IJ 82S il Weil Tex LtlI6A67 93 1)3 93 FOHKIOM BONDS. 8 Cona InstfumPnt I 8 Cona Iauni1rit-a lo't 10 1 Cont OH Mo tc 14 4 15 Cord Corp 13 4 Creole Pet B'j ti' mcrmwi tiolil lOonliy tMl 30', 30' 1 1 Curtl Wntlit war 'i 2 1 pi, pt on1; on 14 1 'a) 25 25 1 Ho rtfc I 2 12 Somhem Con 5S 5 8 H.nitlilaml (ll 15', 15 1 Mouth et (l.i fill 40 Sweat pf 1 10!) 14 rediscount rates, which we predicted publicly as early as November 13, should be continued through the first three-quarters of the year. Ample Capital Seen. We should return, therefore, to a plethora of capital like that of 1924 to 1927. The return Of some billions of capital and credit from speculation to industry will recreate this abundance of capital.

We still possess the large national Income, the high ratio of savings to personal earnings, machine production methods and managerial efficiency which were the principal contributors to the plethora in the first Instance. We may anticipate with confidence a vast improvement In the bond market. It was evident to me as early as May 1, 1928. that bond prices were slated for a substantial decline in response to credit Inflation, for this Inflation was first manifest about the middle of April, 1928. There never was an Instance in this country when 1 I'io Knreat Kti'llo 4 4 4 40 17 30 IIIS 10 .1 I '4 18 '4 4 4 5 15 '4 84 Km 1 54 till 'I in1-; 10 Stock prices habitually turn up 7 H'4 14 Stiiirton Atreriilt com Third Natl Invealur com Tltnken Axle com T-ru-lJll Corp com I'nioit lure-itnieiit i-om Cmverkal Cooler A Ho T'nheranl Product Cora Warner Aircraft Coip Whito star Reltnlna com Whitman ,4 Karnes com Wth ux-Kn-h tVolverln Ptld Cement 8 Da llavll pw Cs) 8 I'erh Oil 5 l'etroit Airciaft ruiliint Mnt 1 Pmal Tex Rul I -SB Poiv 211 4 184 4'i SS 1 17'i 3S 48 14 '4 21 4'i 1 7 411 80 4 90 4 90 '4 1 14 14 3 Arrl Mtge 5 Ho 7 47...

ward before a trade depression ends, responding in part to deflation in credits, in part to passing of fear and in part to Idleness of 4 Aire Prov7 447 984 98.. "0 -0 7', 74 7' 14'' 1 KaMwrn l.til A 49 15 22 3 Elaler ElfC working capital. Regardless of causes of bear movements, stock prices seldom slay long at or near promised by credit deflation, liberality of yields at the recent low prices and the sound condition of hanks, investment houses and corporations. These low prices offer one of the greatest bargain opportunities In American history and from the Investor's viewpoint the unfinished portion of the trade depression seems irrelevant because It has been discounted already by the stock market. Crowley Expects Progress in Rails BY P.

E. CROWLF.Y, President of the New York Central Lines. The past year has been one of remarkable progress, marked, however, by substantial shrinkage In security values caused by the stock market collapse during the last quarter of the year. It is early to forecast the ultimate effect of the stock market disturbance; bdt, as a result of the conferences Initiated by the president of the United States, it seems apparent that basic conditions are so sound as to Insure a steady continuity in the business of the country. It may well be that there will not be a large Increase In railroad business during 1930 over that In 1929, which was in Itself one of our best years; but I do not look for any substantial decrease In volume of traffic.

During 1929. as a result of the large expenditures for improvements and equipment, which have been steadily made for years, and with the loyal support and co-operation of the railroad personnel, the transportation business the country has been conducted on a more efficient basis than ever before. The high standards of service reached by the railroads In 1929 are assurance of a progress In the art that augurs well for the future. It Is the consensus of opinion, and the president was so assured, that railroad budgets for 1930 will be normal. With this, the New York Central Lines are In conformity.

We believe our business will grow, and that we will he able to give better service with the growth of business and the Improvements that will accompany such growth. 4 Chile Coin 7 (io 914 HIS lll'i PChile MlK 80, 80 4 8(14 5 e.nPrlvat.-Bk5',.37 82 81 4 81 4 aCutian Tel 7 4 A4 1 .107 14 107 4 107 4 1 Danish. Con 5 455. 98 98 MS 10 Fin Ind 7 14 Mil 98 89 1 Finland R.MKk li.til 78 78 ,8 Frankfort tl 4a 53 89-S 804, Sll4 3 Of-lw IU34 HO 90 MO 3lir M'i Ml 1)0 PM 'til 104 i 104 '4 1 dei Pow aimc 'mi 8 Do A (1) S.1 I Elei'trK- Fliare(lK) I'l 1'IV 1 I pf 01) 8t S4 H4 v. 0 i urn it "11 'JO 1 standard -Motoi 1 I 7 Slt.iid OH 54 1 Ho Kan 'W'l 8 Ho Ky i'! 'Ulitl 33 33 2 10i lo'a 1 stitine- Hiiwi In 10 KISiuti Mot Cur ti'i 2 2 snnrnv OH 1 SnariM Wnah Kill.

8" 8 1 f.iKBirt Corp 2n 20 1. Tamiia Kl (2 i) 55 65 3 Tiivlor Mill (3iri 24 2'i'i 2 TlicrinoM Co 2oS 20 'a 5 Ttiinl Nat lnveanl) 30 3 Thomp I'rodAi? 40sl 25 24 '1 3S Traneanier (l.HOal 4:1 1 43 10 Ho ita 10c fle 2 Tninai'ont Air Tran 8 7 "4 3 Ho t'lfa 4 5i 4 38 il.lin.-i).. 43 'i 43 4 Trl Ont Conaol war 5 4 1 Ho pf 75 75 3 Ho wnr 4 'i 4 1 Triina Si. 24 21 the lowest levels recorded. Expe 28 104 12.1 mi 020 1 to 200 on i-i iiu: juiie nin Do pld ww BANK STOC'kl.

American stale J2 Hank of Mu-hiaO 95 Fii-et National Peninsular Stale 100 People Wnvne I'ountr no TRCST t'OMPANy STOCK' 20 2" 3il ta 43ti in-8 IS 43 5 '4 2 Ho si a I ei 14 3i II 35 .17 "i credit deflation did not depress Kmp Fire In I Kainhlld Avium 1 I Kali on I.earl Mitt I Faimteel l'roil I Fed Screw l8Vigl. re la 4 Uamhnrir Kl 7e35 loo Ion 8 llo 5 38 814 81 108 100 i 84 tot Oi bond prices or when the removal rience shows that at the close of typical bear movement prices have usually spent about SO days at or near the lowest levels, about 93 days within 10 to 15 per cent of these levels, and about 185 days within 15 to 20 per cent. Other Probabilities. Should history repeat we may nn 120 lb. S2c; fair, 18J20c; poor.

4 Hanover Clly 3 Hanover 11-31 Iwirr-n Hr.il-:! 7s52 14 10c. of Inflation was not followed by a recovery in bonds. This time as 40', 41 Stone 904 HO'i 88 80 SO rill till 101 1 Fokker Aircraft It ItSnpPow I1-A03 xv HAIlllITS 5 to 7 lb. 14c 34 lb. SUSTAINED 'BULL' MARKET UNLIKELY .3 SH'i KH'i 1 Nllitain Kl PO 4 illOTol.iw A mill) 15'! 1411 15 lO Forti Mot Cull A.

8175 Do in the past, stock market liquidation caused sympathetic bond selling, so that, as In the past, the 1 Titint-Snl l.anip '2i 21 6 PriK.ia K- 0 451 7'i i 8 Frin) Mot Butter, Egg and hew. 110', PO', 83 8114 80 I. 1 llo 0, in I A ITnrA Motor I fl 1 Ruhr (i SO witness another excellent buying a.i-. Mill. Kill.

cremry, 88 to 80 bond market low was about simultaneous with that In the stock BITTER KaiT acore. 35 ft 30 4 r. I 3 Fourth Nail Inv 34 I JUli Foi Theater A 5 a 1 1 den Am Inv opportunity In the stock market in or around the fourth week of Feb flrt, 38'84nc; BOOS Firm: freh underarade, 32 35c. 11 Gen Bikin 4 ruary; and still another chance to L10 I'Hl 1 l.ta r( J- 1 1 "i market. Probably the low prices of (November 14 will prove to be the lowest of several years In typical bond prices.

Admittedly these prices have a persistent seasonal ft Oen Empire '4 Oe Temporary Reaction Seen by Brookmire. Investment bargain buying and the December reinvestment demand, together with the traditional buy not quite so cheaply around the third week of May. These are, however, conditional probabilities. One may confidently expect some kind of a "secondary reaction" In stock prices after tho year-end 14 Kll-a 04 ctlNl'lH S'. 6 4 5 4 2timiea 7-40XW 7 9 73 a Ai-tual rale, xd Fa dividend, a Phi, extra in It Phi lo'i In Payalilr.

In aim k. Parilr extra, Pine 6'i- in atoi-k. i-rarUf atii'-k. r-( 'I'll or 1nlt. nr-fniler rule.

wi-W'lien iiiie3 n-New. ww-Wilh xw-Wiiiinit w.trranta. Sloi-k Oea St'ilrrt-'v 40,000 Stoi-k eale, vear Ilinul ali' Saturday $1,120,000 Bond ale jvar iwn 1,7 81I.OOII New York 8ugnr Market. New York, Jan. 4, I P.I Raw tni.ir wan a Utile eauer today under linrenKeil trend and after January investment subsides we may expect a Gen Fliepfir 4 lien Oaa KI 14 8 Hen Ind Alfohol 1 4 'i 1 fleii HltyAl pfifl) 00 Den Tina El 5" 2 Olohe I 12'a 8 UoM Coin IflaoM Seal Elect 4'i 1 Golilen Center S'j 11 C.oMmnn (0rr 3S'a 15 it: sternly on Amartc.m style, New York 1928 mad.

34c; Ip-'H mane, 29c; Michigan flat. 22 4 i 24'-; Wis. nnftin louahorna. 23 4o: Wisconsin daisies. daisies.

23c; Wla-on-ln limhurser. 23 4e; Switzerland, wheels, domestic wheel. 34t30c. Jan. 4 'A.

PI Butter, un. entiled; reieipta. 9.73.1. linn: 111,414. Mixed cnicr.

frei-li aath-ered evira, -IM ''u extra fll ,1, 47(if 48c- Hist. 40 'ii -10 4c; refriRerrttnr extra llrat, fleet. 4044(4140; eec. n'li'hV hennery white, elo.elv seleeieil eua. 4fl'il60i-: nenrl-v and neiithv we, tern hennerv white, aveaee extra.

iiMrliy hennerv brown, to evtrft fancy. 62c; Patiflt: cuaJt white, extra. 444 tllr; extra 40'- temporary reaction in February; likewise another temporary reaction in April or May, but the main rise, also, the beginning of another bull market after one or two of these reactions, occurring probably prospect of a springtime expansion in business activity, were factors In the December rally In the stock market, says the firookmlre Service in its latest report. 37 before the end of May. The reac trend should be upward barring serious political disturbances for Automobile production for 1930 tlons themselves are made probable by the recuperative process and by at least two years, furthermore, 1 llorham prd 101 -y 3C.olli.im Knltboe IS 1 1 Critvlnnr 3'.

3'. -I In titAUfclarlil'f'7i ..1 1 M', 11 0 1 I 2 (line SI Prno vtcrt 13 l-l (3nl C.rin (I 'i '7 'i Unit Oil Pa (I U1' W. will be between four and four and a demand for bonds should Improve a decline In corporate earnings fol half million cars, according to an l47o. Cheew. stead receipts, 124,000 greatly during the spring months lowing the present decline in trade estimate prepared by the Brook llanillev pni.A and should become quite large from August 1930 through January mire Economic service, Inc.

Re activity. The bear market Is already one of the greatest on record 37 ll 37 1 ii.i..,u 0 duced public buying power, heavy pound. Kt leiuN. Jan. 4 (A.

TV) tin ehaiiifSd; No. 1. 42c. Butter un-i haniced, ereninet Chltaeo. Jan.

4 fA, Bolter, siev receipi. 7.0O4 tubs; prli-e, mit-hnriired F.jras, (Irrn. re-eit'ta. 4.357 eiitra and we see no reason why it 1 Walker CAW At Ul. 1931.

New Capital Releaaed. slocks of hoth new and used cars 2 Nat tl 211 20 20 1 l'nip'rlel'ler 27 '4 274 27'i 1 l'lil'ifi 1 1 nit Cheni pt pfl.1l 32 32 32 1 1'i'lt Corp irnr 15 15 15 2 nit F.l Svc 10 10 10 17 1 'tilted Oaa 20'i IBS 20'i 611 fn Pw 301, 30 3 Ho cvt pf (til UK H7 'I 7 '4 1 I'll Ilet Chem 8 8 8 2 Foil Bill 18'-i 18'i 18 3 I Line nfd 14 14 14 1 ulled Verd. F.i(4i 1'i'i 12'i 12'i 3 ftllliv Kiiuitlea 10 1 0 l(li 12 11 Ua). 14 14 'i 14 13 I'lll Iiidim 2o a If) 14 201, 4 Vacuum oil (l'ig) (HI 05', 10 2 Van Crimp Pack 12 12 12 1 Wntaon ij W) 2 2 2 1 Wayne T'urnp II 0 1. Wenden Cop Mire 1 WINon Jonea I2'jg) 51 81 81 5 Unter llenjamln 4S 4S 4S I Oil ih ij 0 7.ot.lle Prod (1) 20', 191; 20 nOMKSTIC BONUS.

(falea In RAIanama Pw Safld ml '4 101 .2 Ho 4 i-ia 07 HI '3 114 IM '2 II Am loti fill Am OiV-K of 28. Iitlia H5 '4 HO V4 15 Am Pn 105, too 3 Am Pull 4s. Hi H7''. 07 1 Am Sulv ll'a30nv 02'. Il'i'i 5Ar.pal.ich Pow n30 P7', H7 11 Ark PAI.nl 5 50..

MO5, HO MO I A.n C.A hi 5 'a a 7 7 I 00 1 mi 1 in I 6 Ho 44a 48 ww. lit) ta Kit 104 1 A mo 81m HdH 80' 8'i 1 A. T.ll'ta'..44i-..10l 101 101 2 Hate Val II 102 102 42 B.dl Tel Cnn5aA65 101 101 17 llo 5a 57 10! '4 101 101 4 30 Can Psc Uv Aa 10:1 loo 8 Carolina PH5s50 lOil'a 1 (10 1 a HI0t4 "Ont St Kl 74 4 73 73 1 Chic Hv cod 527.. 73 7 1 73 7l'llie Ser 5a (10... 83 83 83 2 Clt Ser Oaa 3tliM4'J 84 4 84 84 4 1 Oiii.a Set- 85, 86a, .1 rlev Kl III A ll'i tnl lol 1 Cleve 'I'm M0'4 I'n'i HO'a 2 Com Fil 4 4 a 1 1 57 I'll "4 (ill 14 Milt, 11 Coneuinera 117 H7 H7 2 Com 04KI 5A58 8H'i 80S 80 i 31'mlahv 64a 37 Po MOW PdS I.

II, 00 7K 75 78 1 Het Oaa Ita lo5 105 1 I 5a 11 50 Ufa Mil '4 I'tl'i 32 H-uoit K.d 5a 40 A 102 4101 4 18 Pet Inter fl'52 7 7 7B ufferltisa from elore. The demand, however. limited and the only aile reported waa 14.000 liaaa of (Julian ex-idore at 3 In a local refiner, a decline n( f32 lriuii (he lat pieviou, eale. Tiaditii: raw (inure, aa, of email hut Hi" iiti.leriinie aa sleaiher and price, held firm. loaiiur wilh net K.iiti, of I to 3 pniiits.

The upturn wa, due to I'loermar ami trade Ouyiint willi offerimt'i IIk-IiI. Reporln that tin. Culian Kxpoil t-01 poratiou would announce 1111 mine detail a to aeemed to np-eraiinns, and lliei-e mi a 011 the part nf operator to hold of! and await Approximate eale, were onlv 9.5HO ton, January 1 Mlo; 197,.. May. 2.0-.V: July.

2 n7c; St-plr-mtier, 2 14c; JVcemlM-r, Refined O'llet and lltn-ltaiiced at 5 104) 5 for fine granulated, with ome second hand availui'le at 5.07 i.e. BLOAR FfTUBES. and expansion of foreign subsidiaries of domestic producers are mm n.i) SHilintile Oil 2 J'l 8'' 'a JH-dro SI Bre 3 MM J. Fal ihould go further. A bull movement presumably beginning in the spring.

Is definitely The Investing class saves more rigidly In hard times than during lirle, 44c; Runied ftrnie, 43c; ordinary first. 37i le; refi i-r nor exttnt. 311'jc. 2 1 l.ine mentioned as reason for believing that the output next year will be held down to these flirur.g. The outlook appears to definitely for the most Intense competition yet CI 30 50 I Ind Ter Ilium a 1 1 2 Ind l.lne 31i i 4 6 Inenll F'til (If-, fi "0 'i (MM Ho oM et: tna Co A '-jg 73', 18 30 no 'i 73 IK', 4 CI '4 7 'a 33 'a 7 '1 11 fit 2 In Sec 11 .401 3 8 Petrol 1 Inttrnat II 4 Int ne Prod 51 7 witnesHPd In the motor industry, predicts the service.

The business reaction Is likely to be somewhat more severe and prolonged than that of 1924, the report indicates. "Certain powerful constructive Influences now operative render It unlikely that any such depression 4 Inter Huperpw iiv ij 00 10 Io 7. 7H 2 Inlerat Mint 11 II 1 Ital Huperpw A US DS HlKh Low Clone 1 HI 1 91 1 III Mar.b 19V 190 197 Mnv 2 0 2 2 01 2 0 Jnlv 2 07 2 00 2 07 S.ptenitier 2 15 2.14 2 14 December 2.21 2.21 221 1 Naumbuig: 4 1 Virtiir Pet I 1-. I 25 19j Klein Hpt pfil.4iiit) 2o 1 Knott Corp SS The Servicemen's Bureau, 81 West Warren avenue, is endeavoring to locate Mrs. Nanna B.

Kill kowski, widow of John Klukowskl, who died recently. Klukowski was a veteran and the bureau is eager to settle his claims against the 1 Koleter prandea 1 1 1 I Leh 103 103 5 Lehman Corp 77'? "it5 7HH 1 TUlip US) l'-4 1'i Iyne Hlnr 111.80) 37 'a 30 37 71.otilalaiM I.K 4 3 4 1 Macdaiena 8i nd 8-10 4 Marine Midld 84 33 34 5 Mavie lioulinir l'i 1 4 1 Memphla Nat Oaa 1 1 1 1 1 1 'a as that of 1921 will he encountered, i A temporary recovery in business before the end of the winter Is not I unlikely and the final turning point may be seen by the middle of 1930. Following this period of readjust- ment and consolidation, we anticipate within a reasonable period strongly renewed business etpan- alons. "This may not reach the propor- tlons of the 1928-29 boom and will i probably be marked by certain new and Important characteristics. Among these are likely to be a modified governmental regulation of business, growing out of the recent merger movement, which has given rise to numerous corpo- rations lying in large measure out- side of the scope of present regu- latory laws; second, the five-day working week, with Its resulting Increase In leisure; third, the new international credit arrangements to avoid the rigors of a general -gold shortage." i Slntonioiit of As of CIos-c' of Ihisinivss ENhmmiiIh-i- Mst, V.I2U RESOURCES Collateral Loans 226,080.49 Real Estate Loans 330,549.12 Real Estate Loans with State Treasurer.

201,665.50 Bonds 1,288396.43 Real Estate Loans to Secure Bonds 532,153.32 Securities for Safekeeping 149,402.15 Other Real Estate 5,483.79 Furniture and Fixt6res 24,414.59 Accrued Interest Receivable 41,954.80 Other Assets 28,477.85 Cash and Due from Banks 251,342.14 CONDENSED STATEMENT OF CONDITION BANKERS TRUST COMPANY OF DETROIT At the Close of Business, December 3lst, 1929 RESOURCES First Mortgages Securing Certificates i Other Mortgages in Office i i Collateral Loans i i i Bonds i i First Mortgages with State Treasurer i Cash in Bank and Transit Interest and Advances Receivable i i Advances to Trusts i i i Ojjifs'i'- HARVF.Y B. WALLACE VrttaVHf WALTER C. COLE, Executive Vice President W. I.EDYARD MITCHELL RICHARD HARFST Vice-President RUSSELL T. WALLACE (-'fcif-r'rejiifeiif CARL F.

ECKFELD Treasurer ROUT. T. ARVTDSOV and Trust Officer FRF.riERIC W. TENNIS, JR Asst. Vice-Prerifnt TinaHc'tal Department ART, F.

F.CKFF.LD. Treasurer HARRY JOLLY, Asst. Treasurer M'lNTF. Bl'SlI, Asst. Treasurer GLENN' SI.OL'L'M, Auditor Trust Department ROP.KRT T.

ARVUlSOV and' Ofcer K. KENNETH SMAT1ILRS Sec'y and Asst. Trust Ofier Mortens Department WALTER A. ARF.NTiROTH ilf. Vice-President Business Extension Deportment A JOHNSOX j.tf, 1 ice-President Investment Department ARTHLR LFF.CIf Asst.

Vice-President Director! ROHFRT BARBER President. Hubert Barber Land Co. Cl'Y C. BROWN V-Pret. and Campbell iu-aid Co.

WALTER C. COLF i'f. Metropolitan Trust Co. FRKD PALBY President, DaU--Haves Land Co. EA RLE A.

Associate, W. Sobie RK'HAHD HARFST Mgr. Detroit Automobile Club HI BERT HARtM.TN Slyt-eid, Hanman Mercer. Ans, at l.atf CH4RLES HOLMES li lartanf and" Hetau Hardwt JOHN I I.OVF.TT ((it. Mchgan Ais'n.

KENNETH MlK IRE I ire firmer cr core TRACY MvCRF.OfiR President, 1ctrott Community Fund. I FI'YARIl MITCHELL V-Pres. and Gen. itjr Chrysler Ca p. RALPH L.

POLK Preudtni, H. L. Pollr tr Ce. ALLAN A. TEMl'LETON Pr.sid.nt, Micliiijisn Industrial Bank 6 WFLLS VTLEY 1 c-F'C'Adciii ani General Unea -r hftrost tadrfl tn.

VAN' TiE WALKER Sat onai Bjr.lt of i OEOKiiE WAI.BRIDGE Vi. Pre nfeiif and General Mantle, U'albriiili Aidiniler co. IRVKY WAL1CE Prescient, Uheel Trueng T-ygl Co. Rf WALLACE Ft-r pres arnt and Cfltatt-e, hint! c' Pa-ll Ml i ILI.E ELT -5r Sfnr Flff Cr. MM.il I -1 I (.

on el SLVH' I i.PTV.lV a "Ll'i FX i i i Other Real Estate i Banking House $3,079,920.18 LIABILITIES Capital 500,000.00 Surplus 300,000.00 Undivided Profits 60337.03 Dividends Unpaid 10,183.00 Reserve for Interest, Taxes, etc 4,799.99 Trust Deposits Securities for Safekeeping 149,402.15 First Mortgage Bonds Outstanding Bills Payable 370,000.00 i $28,726,590.47 962,749.96 i 4,822.38 551,887.07 i 201,800.00 364,314.09 i 439,060.35 2,080.54 i 413,356.24 172,110.04 $31,838,771.14 i 1,000,000.00 700,000.00 i 202,095.46 20,000.00 i 42,999.02 448,357.22 49,622.59 291,721.00 i 595,000.00 190,490.85 i 28,298,485.00 $31,838,771.14 LIABILITIES i i i DETROIT PRODUCE. JOBI1INI1 IJNKA SL'tlAR Cane granulated. 88 80; bet granulated. J5.80; non-caking. 17, .6.

XX.XJ. powdered, 87.15: No 8. 85.60. -Coutitr buyers are paying the following price, pound for hides; No 1, cured 10c; graen, 7c. Bull: Cured, 7c: K'een 5c; 2 hide and b'lils, lc under No 7.

No 1 calf ctred, 16c; No 1 green, I'lc; No 1 cured No I green. It-: No calf and kip. 1 4o under So 1. No 1 horehide. S3 75.

3, 75: No 3, 81.76. Fl.T.fi TraugoU Schmidt A Son ar pav ng tn feiiow-it: a- prl-es for raw fu-a: Skunk No 1 S2.50. No 2, SI. 70: No 3, 1.2.'; No 4, 1. Muskrst: No 2.

81.40; 81.10; No 4. 70c; Racoon: No 1. large. t'; medium, $7, small. 5.

Mli'k. dirk 1. larire. $12. medium.

S9; small, 1. Deerskins, dry, 3o340c lb. green, lac. WHOLESALE PROHL'CE. P.

I' IT 6. Western t-ol. 876x18 50 Ulebigsn hil. SI 60 a 2 25 CHAMIKItniM V4 ll'i. SS 25 60 lb.

$10 25. OH A 1'KFKCIT Florida. $6. f.KAPKS California, Malaga. It SO: Cmi-erer.

J2.25 -i California. fen-T 89, Mo-Inaa. SS SOtCH. OKW-KS la-g. 8107: mar, JTws Fli.i'd.t, $5d.

IKAKH t.f i-furii crates. $4 19. PFB'ri B'J. 12, Cal.forn:. boxrbe.

so flu, $1 25, 1 60. Ctllftrlll bum ea, 1 ft'l. CAt.I.'I'IXin r.rt Crt. 25 CEI.ni.T gait, cot Jl 752228 lie ha, IV F.R- csto. 8." its 11 1 25.

ITTTi' 'E I-eberg. $: in. bu, i New fiO-i) bK "5: liiii-ib bflgs. i 25. Span r.s's.

12 ETni J4. pii'iM I. 1 Coll. a 14 50. Ib 76.

K. )A 11. s-p; it B'j 7. Capital i i Surplus i i Undivided Profits i Dividend Unpaid i Reserve for Taxes, etc. i Agency Accounts i Trust Deposits i Certificates of Deposit i Bills Payable Reserve for Coupon Interest First Mortgage Certificates $3,079,920.18 OFTICERS RALPH Vict-Praidtnt HARRY VT.

HANSON, Stcrttary-Trtaiurtr ARTHLR WEBSTER. Chairman of Boar WALT ER C. BRANDON, PrtMent OTTO G. VISMLR, Trust Ofrctr ARTHUR A. PRABEL, Asst.

Secntary-Trtat. I RANK. W. HUBBARD, Vict-Prts. M.

J. OSWALD, Asst. Secretary-Trtasurer GEO. V. N.

LOTHROP, Vice Pres. A. B. FALSER, Asst. Secretory COMPLETE TRUST SI.RVICL CERTIIICATES OF DI POSIT GI'ARANTEFD FIRST MORTGAGE CERTIFICATES llletropolitaivTrust Company 117 i SI WliST j- i.

8': I'Citc-" I "5. box 71 I i t-.