Evening Star Newspaper, January 10, 1929, Page 12

d w12 THE EVENING STAR, WASHINGTON, D. C, THURSDAY, ‘G MERGERS MARK 1908 IN AUTO FIELD Various Consolidations and 'Few Mechanical Changes Noted. By the Associated Press. DETROIT, January 10.—A concentra- tion of production capacity in the con- solidation of various companies, with as- sets totaling well over half a billion dollars, marked the year 1928 in the au- tomobile industry. The year brought no outstanding mechanical changes that would indicate any definite trend away from present-day standards. What changes have been made in motor cars have been chiefly in body design and a_tendency to fully equip cars, from bumpers to windshield wipers. The changes in body design have been to give the automobile a more massive appearance, with little, if any, alterations in chassis. Larger radiators also have made their appearance, carrying out the impression of “larger” cars. ' Air clean- | ers and oil filters have been made standard equipment on many cars, and even the Ford company this year went in for fully equipped products. More Sixes Shown. Elimination of more four-cylinder cars in favor of the six-cylinder motor also was noted during the past year, and automobile authorities say that 1929 will see only two four-cylinder cars in production. In the more than half billion dollars in, assets effected by mergers and consolidations, the Chrysler - Dodge Brothers, Inc., union, announced May 29 Jast, led the way with tangible bal- ange sheet assets of approximately £235,000,000. At- the time the con- solidation was announced the two companies had stock outstanding valued at $450,000,000, according to New York Stack Exchange prices. exd in line in the tendency toward closer unity of production facilities was the merger of the Studebaker and the Pierce-Arrow companies. Plants, P! rties and other assets totalling $160,000,000 were involved. The merger was approved by stockholders of both companies late last June. i Other Consolidations. A most recent consolidation of siz- able proportions was that involving acquisition of the Chandler-Cleveland Motors Corporation by the Hupp Motor Car Corporation, with combined assets @t the time, November 30, of approxi- mately $130,000,000. Early in September the Auburn Automobile Co. of Auburn, Ind., an- nounced it had acquired a controlling 4nterest in the Lycoming Manufactur- ing Co. of Williamsport, Pa.; Duesen- iberg, Inc, of Indianapolis, and the ‘Limousine Co. of Kalamazoo, Mich. Total assets of the four com- panies concerned were estimated at ‘approximately $14,000,000. While these consolidations and mer- gers that gave group strength against competition of the larger producing organizations were being effected, one Jarge concern, Velie of Moline, IIl, an- nounced discontinuance «f motor car m?l;xawn and entry into the airplane usiness. “RIGHTS” ON EXCHANGE. NEW YORK, Jinuary 10 (Special) — A reflection of the unusually large amount of new stock financing at time is found in the great number of “rights” which are listed on the New ‘York Stock Exchange. The listing yes- terday of new shares brought the total of “rights” now being dealt in to 18. This re may be expected to grow Jarger, as several additional ‘“rights” are expected to make their appearance before the expiration of a sufficient number of e “rights” now being traded in. Not only is the large group of “rights” on the stock exchange an indication of the new financing which thas been done recently, but it shows -aphically the extent to which stock- E}ldcn have benefited from their hold- GERMAN REPARATIONS ARE STILL TO BE FIXED Special Dispatch to The Star. NEW YORK, January 10.—Ten years after the close of the war the exact amount of the German reparations is still to be fixed. Nor has the definite time of payment been fixed. Both must be made definnite before European economic conditions can be considered sound. S. Parker Gilbert's report, jot yet published, has been widely confnented n, especially in Europe. As fne one who knows the most about the intricacy of the problem, Mr. Gilbert has statea repeatedly that “ability to pay” should be _the basis of the final amount fixed. It is now reported that, with Owen D. Young, chairman of the board of the General Electric Co. the second American member of the new Repara- tions Commission will be Jeremiah Smith, jr., of Boston. No two men in America are better equipped to handle the difficult problems of this new com- mission, which will attempt to fix the amount of German reparations - pay- ments, Mr. Young was on the first Dawes commission, and Mr. Smith was the financial dictator of Hungary for two years, under the supervision of the League of Nations. He received $50,000 a year, but upon the completion of his work he returned to Hungary his entire compensation. AMERICA SETS RECORD . IN ROAD CONSTRUCTION Special Dispatch to The Star. NEW YORK, January 10.—No nation has ever gone into road construction at such an amazing pace as has the United States during the last 10 years. Roy D. Chapin, chairman of the high- way committee National Automobile Chamber of Commerce, says that in less than 10 years the public has voted vir- tually $10,000,000,000 to the construction and maintenance of roads, or enough to defray our cost in the World War, excluding foreign loans. No public roads improvement in any era has remotely approximated the ex- penditure of these projects, and it is notable that the feat of raising the | money has been accomplished with com- parative ease. During the last year four States, Louisiana, Iowa, West Virginia and Missouri, have voted a total of $240,- 000,000 in highway bond issues to fa- cilitate completion of their main State systems. New York has more high-type high- ways than any other State, with 11,000 miles of hard-surfaced roads. Illinois leads in cement pavements, with 6,000 miles, while Indiana has the largest mileage of all types of hard-surfaced roads. Two States have alreagqy completed initial improvement of all of their roads. These States are Maryiand and Dela- Wi are. ‘The Department of Commerce esti- mates that there are 6,500,000 miles of highways in the world, of which more than half are in the United States. When only the improvea roads are con- sidered, the United States has much more than half. = . CEMENT OUTPUT. Although cement shipments have ad- vanced to an estimated 30 per cent in 1928 above the average for 10 years since the war, both the value of prod- uct and the value added by manufac- ture are on the decline, according to Frank H. Smith, president, Portland Cement Association. The situation, he adds, is due in large measure to the overexpanded condition in the industry, in which it is possible to produce 30 per cent more cement than is consumed. Voluntary curtail- this | ment of production is generally recog- nized as essential. “Another contributing factor is the menace of foreign cement, which, en- tering in increasing quantities because of lack of tariff protection, is forcing ?ni:llx to sell for cost or less,” says Mr. ith. “Shipments in 1928 probably will show a decline in rate of increase, al- though the building situation would indicate a general stimulation in 1929. Use of cement in highway work, par- ticularly for super-highways, grade separations and large parking garages continually tends to increase. Another growing market is fireproof construc- tion.” TEAGLE IS HOPEFUL IN OIL SITUATION Return to Sanity in Petroleum Field Ts Called 1928 Feature. BY W. C. TEAGLE, President Standard Oll Co. of New Jersey. ‘The outstanding fact in 1928 petro- leum history was the victory of com- mon sense, or the return of sanity to the plans of oil men. ‘The good results of straighter think- ing have to date been most apparent in the producing end of the business, With the advice and help of various State authorities, they subordinated immediate selfish considerations to the community interest and co-operated under the law with State regulatory commissions. In California, Wyoming, Oklahoma and Texas voluntary con- servation plans brought about more orderly production, tended to eliminate waste and prevented demoralization of markets. The reward is that we start 1920 with a smaller carry-over than was in- evitable under old conditions. Crude stocks, which were 380,000,000 barrels at the end of 1927, had increased 12,- 541,000 barrels by the end of October, 1928, as compared with an increase of 59,500,000 barrels in the corresponding period of 1927. Gasoline stocks decreased nearly 6,000,000 barrels by the end of October, 1928, as compared with 9,500,000 in the corresponding period of 1927. Domestic crude production for 1928 is estimated at 887,000,000 barrels. In 1927 total production was 906,416,000 barrels. Five fields attained their maximum yields in 1928, two in Oklahoma, two in Texas and one in California, and accounted for most of the flush pro- duction. There are in sight for 1929 possible new fields of importance in all three States. We start 1929 with voluntary cur- tailment in consonance with the laws, a proved success where it has been tried. It is certainly hoped in the in- terest of the public as well as the in- dustry that this effort toward eco- nomic control of petroleum reserves will become world wide. It is the most promising factor in the petroleum out- look for 1929. GAS SALES EéTABLISH NEW RECORD FOR YEAR Establishment of new high records for gas sales, output and adoption of scientific research marked 1928 in the manufactured and natural gas indus- tries of North America. Preliminary estimates of manufac- tured gas sales for 1928 show 4 per cent increases over 1927, putting the sales at a record high figure, according to the American Gas Association, Inc., of 495,000,000,000 cubic feet. Although gas sales for domestic purposes showed @ normal increase of slightly more than 3 per cent, the trade registered nearly a 10 per cent growth in the utilization of its product in industry. Sales for the year were as follows: 340,000,000,000 cubic feet for domestic uses; 150,000,000,000 cubic feet for in- dustrial and commercial uses, and 5,000,000,000 cubic feet for miscellane- ous uses. Gas service was extended to 400,000 new customers during 1928, bringing the total number of customers to 11,- 800,000, and_the population served to 75,000,000. More than $3,000,000,000 is now invested in the manufactured gas. ‘The gas industry is pushing research. It has made marked progress in refrig- erating and heating, but believes the surface hardly has been scratched in other fields.: Some of the revolutionary changes of an engineering character scheduled to come in the industry in- clude the combining of ges, steam and electrical production in single plants where coal will be completely processed, the development of a gas-fired turbine for the generation of electricity, which may make possible the locating of fu- ture combination utility plants at the coal source or mine mouth, thereby eliminating heavy investment costs. The thrill of the flavor of “Canada Dry” is the taste of a rare old wine JusT as the wines of France have their separate elusive and compel- ling perfumes. .. dainty . . . or capricious, so is there a thrill, tlety, a finer, newer sen- sation to drinking this fine old ginger ale. bever- age' awakens an Indian summer of delight. Its coolness is like a glimpse of pine trees through the snow. Its dry This mellow as refreshing as a tain breeze. Its quality makes itself felt quietly, * like the aristocrat it is. ged s owich ..., a sub- with fine and ness is moun- self this beverage. today. like Its flavor has won the approving nod of connoisseurs. Like the making of good wine, “Canada Dry” is made care. Blended in exact proportions, this old ginger ale is carbonated by a secret process to give it zest sparkle. The high- est quality of Jamaica ginger enhances its fla- vor and makes it a real ginger ale. Give your- the enjoyment of better, finer, purer Order it NEW TREND IN BANKING SEEN BY BIG MERGER Special Dispatch to The Star. NEW YORK, January 10.—Announce- ment of the merger of three powerful banks in three States in the Middie West is extremely significant of the new trend in banking. E. W. Decker, president of the North- western National Bank of Minneapolis, announces the formation of a new hold- ing company to control not only the Northwestern National Bank, its four affiliated Minneapolis banks, and the Minnesota Loan & Trust Co. of Minne- apolis, but also the Pirst National Bank & Trust Co. of Fargo, N. Dak., and the First National Bank of Mason City, Iowa, with combined resources of $142,- | | filled tonnage of the United States Steel 000,000. ‘While the name of the new com- pany has not yet been made public, it is understood it will be descriptive of the territory served. “Banking conditions in the North- west_have reached a point where they should be stabilized, end the people to stabilize them should be the bank- ers,” said Mr. Decker in discussing the consolidation. ‘Negotiations are pending with other powerful banks in the Middle West to join the new merger, for the present unit is merely a nucleus around which other very large and powerful banks in the Middle West will center. Mr. Decker, president of the new company, Minnesota born, has the dis- tinction of having been not only the president of the Northwestern National Bank of Minneapolis for 17 years, but the oldest employe of the bank, for he started 42 years ago, at the age of 17, as messenger boy. Unfilled Tonnage Gains. NEW YORK, January 10 (#.—Un- Corporation on December 31 increased to 3.976,712 tons from 3,673,000 tons on November 30. The gain was 303,712 tons. On October 1 unfilled tonnage was 3,751,030 tons; on September 1, 698,368, and on December 31, 1927, 874 tons. JANUARY 10, 1929. LOREE IS OPTIMISTIC OVER 1929 PROSPECTS “All things considered, the year 1928 has been prosperous with no marked changes discernible at this time in the basic fundamental conditions,” asserts Leonor F. Loree, president of the Chamber of Commerce of the State of New York. “During the coming year business should, from_available signs, continue to improve. There is a spirit of confidence among the business men of the country, the backbone of healthy and prosperous business. Conditions abroad are steadily improving and with the rehabilitation of foreign finances the export situation appears encourag- Ing. “The year just ended witnessed one of the largest productions of pig iron in the history of the country; it was | one of the best in the history of the automobile industry, and oil, during the last six months, has had a decided turn for the better. Agriculture, one of the basic industries, has been spotty, whole crops were large and orices, especially in cotton during the last few months of the year, were higher. The railroads did fairly well— a normal business considering the new factors coming into the field of trans- portation. These comprise virtually the major American industries. “Unemployment, which now is sea- sonal, is being studied seriously by lo- cal State and national governments, as well as the leaders of important in- dustries of the country. Within a few | vears, thoughtful business men believe, | that this evil will be considerably les- sened or alleviated. Wages have been high and labor profitably employed. | The banking situation. despite recent flurries, is essentially sound.” NEW YORK BANK CLEARINGS NEW YORK, January 10 (Special).— Now York bank clearings, $1.574,000,000; New York bank balances, $143,000,000; | Ne'v York Federal Reserve Bank credit balances, $114,000,000. | | Cornmeal and vinegar will remove | fruit stains from the hands. = SURPLUSES CONTINUE TO HANDICAP FARMERS “In production American farmers made steady progress in 1928," says Edward A. O'Neal, vice president, American Farm Bureau Federation, ac- cording to the Associated Press. “In marketing and in distribution no important changes are seen. Co-op- erative marketing seems to have held its own, bui lack of efficient distribu- | tion continues to handicap the agricul- ture of the Nation. “The farmer—North, South, East, | West—continues to be handicapped by surpluses of different products, and also |by a disadvantage in the protective | system of the United States. A major ‘msd is legislation that will give agri- | culture protection equivalent to other kinds of business and establish a dis- tribution system that will make sur- | pluses an asset to all the people in- stead of disastrous to the farmers who | produce th~m." LOOK for giant strides in com- mercial transportation dur- ing 1929. Look for a tremendously in- ereased use of trucks. Look for vehicles of increased efficiency —and increased effi- ciency in their use (two entirely different things). Look for co-operation more ac- tive and intelligent between mak- ers, sellers, and buyers of trucks. Look for sounder, more profit- able buying of trucks. Look for a beneficial clarifying of knowledge and methods ‘in every phase of haulage and trans- portation by truck. > » These developments—and more— are certain. As certain as the seasons and months of the year. There is nothing vague about them. They are as tangible as bankbooks and bank-balances. They are very definitely under ‘way, right now. Any man can see them who will. To further this progress the General Motors Truck Company is pledged—with every resource at its command. Every truck this company pro- duces is modern in the strictest sense of the word—and to the full- est extent that modern engineer- ing knowledge can provide. By this we mean that these are vehicles designed, engineered and built to meet modern conditions, with maximum profit to the men who buy and operate them. Values share fairly, with buyers, the advantages of unusual facili- ties and resources, wisely used. There is no “water” in their prices—no padding of list prices in anticipation of unsound ‘‘ex- cess allowances’’ on trade-ins. A real work test offer backs every statement made about every General Motors Truck. And another important develop- ment—clarifying the purchase and operation of trucks—will be announced next week. These are practical advancementsincom- mercial transporta- tion—real progress towards Better Deliv- ery. They are available —and valuable—to every owner and user of trucks. They are sound reasons why it will pay you to find out, first hand, what General Motors Trucks offer today! A Pledge In Actiomn, /Now: 1 A complete line of truly modern trucks. 2 Extra values instead of “Excess Allow- ances”=no “padded” list prices. 3 STRAIGHT RATINGS that clarify, giving meaning and efficiency to ‘“‘capacity’ figures. A real Work-Test backing every statement: made about every General Motors Truck. TRANSPORTATION ENGINEERS % A Great Series of Light Duty Equipment Made Greater by 1929 PONTEAC engines 10% to 30% increase in per- formance, by advancements in this famous engine . . . Its 6-eylinder smoothness heightened balancer and counter-weighted crankshaft . . . Four wheel brakes « « + Longer, huskier chassis . . Added strength in axles, transmi sions, propeller shafts . . . More generous proportions throughout « «« Modern comfort and beauty in design and finish. MODEL T-11 Type 10013800 Ibe. *'S. R.", MODEL T-19 bs.*'S. R Prices, chassis only, F. O. B. Pontiac,Mich. This Real Work Test Yours, at our expense We furnish the truck (any available model, body, or chassis that most closely meets the individual re- quirements of your work), the gase oline, and a man to accompany you or your driver. Put them at your regular work. Keep them at it for any adequate, practical test. This offer backs every statement made about every General Motors Truck. Accept it. % THIS COMPLETE LINE includes new BUICK- ed trucks medium duty and heavier ot o e s el | Nt S. 0. S. Call—Franklin 505 g17 TRUCK SALES E 1N°l¢’"'°afl‘ _TRUCK MAINTENANCE CONTROLLED BY YELLOW TRUCK AND COACH MFG. CO.A SUBSIDIARY OF GENERAL MOTORS Richmond Branch Norfolk Branch 30-38 M St. N.E. CHARLOTTESVILLE, Va.—Carpenter Motor Co. 'WINCHESTER, Va.—Eugene M. Garrett, Inc. NEWPORT NEWS, Va.—Sheffield Motor Truck Co. LYNCHBURG, Va.—J. W. Fretwell. HOPEWELL, Va.—Hudsex Motor Co. Specializing in Commercial Transportation 1611-13 Granby St. ROANOKE, Va.—Martin Bros. GLOUCESTER, Va.—T. W. Turner. SUFFOLK, Va.—Highway Motors, Ine. FREDERICKSBURG, Va.—GMC Sales & Service. ASHLAND, Va.—Ashland Hudson-Essex Co. 107 West Canal St. BROADWAY, Va.—Miller-Hoover Motor Co, DANVILLE, Va.—Motor Service Co. MADISON, Va.—J. B. Carpenter. COVINGTON, Va.~Wright Motor Co. PHOEBUS, Va.—H. M. Tessler. ‘CANADA DRY Reg. U. 8. Pat. Off, The Champagne of Ginger Ales “NERAL MOTORS HAS BEFOR YOU BUY