Evening Star Newspaper, November 30, 1929, Page 21

CHRIST:"! FOR 1350 STARTED New Clubs Formed b§ Wash- ington Banks as 1929 Checks Are Mailed. BY EDWARD C. STONE. Christmas Savings Clubs, conducted by about 30 Washington banks, went Torning. They opened a day et this mo: . _They opened a day early ti year, as December 1 comes on Sunday. The clubs have recorded steady gains every year they were established in this city, and the coming year is ex- pacted to make another new mark. There were 87,000 members in the clubs this year. It is believed certain that the number will go well above 90,000 in 1930. The members of this year's clubs saved well over $7,000,000 during the 12 months. There has been a steady increase in the total amount saved each year since 1924. so it is only fair to expect that 1930 will get pretty close to the $8,000,000 mark. The Washing‘on banks mailed this year’s Christmas Savings Clubs checks today at the main post office. They are being accorded special attention, and all will be delivered to members on the first delivery Monday. The money was paid a little earlier this year than usual in order that those using the funds for Christmas shopping might have the best possible selection of goods. The local banks conducting the 1930 savings clubs include the American Security & Trust. Anacostia Bank, Bank of Brightwood, Bank of Commerce & Sa . Chevy Chase Savings Bank, Columbia National. Commercial Na- tional, Departmental Bank, District Na- tional, East Washington Savings, Fed- eral-American National, Franklin Na- tional, International Exchange, Lincoln National. McLachlen Banking Corp., Merchants Bank & Trust, Mount Ver- non Savings, Munsey Trust, National Bank of Washington, National Savings & Trust, North Capitol Savings. North- east Savings, Park Savings, Potom: Savings. ggs National, tional, Security Savings & Commercial, Un'on Trust, Washington Loan & Trust, Weshington Mechanics' Savings and ‘Weshington Savings. Mr. Fleming Notes Y9th Birthday. 1. A. Fleming, who has been a finan- cial newspaper writer and editor for considerably more than half a cen- tury, celebrated his seventy-ninth birth- day in a quiet manner at his residence, 2700 Connecticut avenue northwest, yesterday. “Pop,” as he is known to everybody in the local financial district, was showered with telegrams, flowers, let- ters and postal cards filled with hearty congratulations. Among the flowers ‘was & very large piece from the lunch- eon group of the District Bankers' As- soclation. Others were from personal friends. Many of his associates called during the day to extend best wishes. Mr. issued no special invitation in order to prevent the day from being too strenuous for him. For many years Pumm always gave a reception Mr. on his he will' resume this on his eightieth birthday. In a short time the veferan financial writer will wend his way southward and pass the Winter at Melbourne, Fla. Substantial Trade Gains. Business activity during the week ended November 30, as indicated by check payments, showed a substantial advance, both from fhe previous week and the ding week of last year, according to the weekly statement of the Department of Commerce. Steel- plant activity during the latest reported week, on the other hand, declined fur- ther and was considerably less than for a year ago. Petroleum production again declined, fl?‘n 'l.lkhl?!;n:hln for the cnding week of g S Whblesale prices continiied to decline and were substantially lower than for the corresponding week of 1928. Prices of iron and steel and' 'of whea¥ showed a similar tendency. Cotton prices, on y and it is understood | 4. custom ANCIAL S SHING writer, was showered with congratul: tions yesterday by bankers and other friends. He has had a remarkable career, having been engaged in the years. SOUTHERN RWY. BUYS 44,200 TONS OF RAILS Big Order Calls for Delivery Dur- ing First Six Months of Coming Year. rail, enought to lay 270 miles of track, for delivery during the first six months of 1930, is announced by the Southern Railway System. Contract for the en- tire purchase was awarded to the Ten- nessee Coal, Iron & Railroad Co. and the rail will be rolled at its plant at Ensley, Ala., near Birmingham. Included in the order are 11,000 tons of rail weighing 130 pounds to the yard, the heaviest rail being: used on th Southgrn; 24,800 tons of 100-pound rail, 3} tons of 90-pound rail, and 5,400 tons of 85-pound rail. For seve. ral years the Southern has been relay- ing its heavy traffic lines with heavier rail as a part of its general program of improvement. Most of these lines have been equip- ped with 100-po~d rail and the 130- pound rail is now being placed at points where operating ‘conditions are most severe. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., November 30.— Potatoes, white, barrel, 1.50a4.00; 100- mfl sacks, 1.75a2.50. Sweet potatoes, 1, 1.50a2.25; bushel, 75a1.25. Yams, barrel, 1.50a2.25; beans, bushel, 2.50a ; beets, 100, 3.00a4.00; brussel sprouts, quart, 15a25; cabbage, basket, 35a60; carrots, 100, 2.00a4.00; cauli- flower, crate, 2.25a3.00; celery, crate, 1.75a3.00; cucumbers, hamper, 5.00a 6.00; eggplants, orate, 1.25a3.00; let- tuce, crate, 4.00a5.50; onions, 100 pounds, 1.50a1.75; parsnips, basket, | 40a50; peppers, crate, 6.50a7.00; pump- kins, 100, 3.00a10.00; spinach, basket, 25a60; squash, crate, 2.00a3.00; to- matoes, crate, 2.50a3.50; turnips, ham- per,\ 20a30; apples, bushel, 75a2.75; cranberries, box, 3.00a4.25: grapefruit, box, 3.2525.00; dranges, box, 3.00a4.50; tangerines, box; 2.25a3.25. Dairy Market. Poultry, alive—Turkeys, pound, 33a 35; old and crooked breasts, 25; young chickens, 24a28; Leghorns, 22; old hens, 22a27; Leghorns, 18a19; poor and thin fowl, 17a18; old roosters, 18a20; ducks, 16a25; geese, 16a22; guinea fowls, each, 40a50; pigeons, pair, 25. Eggs—Native and nearby hennery, the other hand, were slightly above last week’s level, althcugh lower t| & year ago. continued to decline, but were grea than a year ago. Interest rates on both time and cal money were substantially lower than y for either prior pericd. Bond prices steadied after recent declines, remain- ing unchanged from the previous week, althqugh they were nearly 5 per cent below last year’s level. Business fail- ures were more numerous than during the previous week and almost as great &S & year ago. Reserve Banks' Condition. ‘The consolidated statement of condi- | tion of the Federal Reserve banks on | November 27, made public by the Fed- era] Reserve Board, shows an increase for the week of $12,800,000 in holdings of discounted bills and decreases of $26,500,000 in holdings of bills bought in open market and $400,000 in United States securities. | Member bank reserve deposis de-o clined $142,600,000 and cash reserves $61,000,000, while Government deposits increased $16,900,000 and Federal Re- | serve note circulation $5,200,000. Total | bills and securities were $15,800,000 be- low the amount reported a week ago. Principal changes in Pederal Rescrve | note circulation for the wesk include decreases_of $21,700,000 at the Federal Reserve Bank of New York and $3- 500,000 at Atlanta, and inclelmlt- 300,000 at Philadelphia, $8,7 at | Cleveland, $4.400,000 at Chicago and | $3,500,000 at Boston. Bank Clearings Decline. Bank clearings in the United States for the week ending November 28, a holiday week, as reported to Bradstreet’s Journal, ugrented $10,811,099,000, as azainst $15,786,399, last week, a full week, and $11,512,207,000 in this week last year, also a holiday week. There is here shown a decrease of 30.8 per cent from last week and of 6 per cent from the like week a year ago. Loans on stocks and bonds to brokers and dealers by reporting Federal Re- serve member banks in New York City decreased $137,000,000 during the week ended November 27 to $3,450,000,000. ‘This compares with $3,587,000,000 November 20, with $6,804,000,000, high record, on October 2, and with $5,290,000,000 on November 28, 1928. Low figure, since publication begal 19'2& was $2,403,000,000, established 19, 1926. Inventories Slightly Lower. | Btocks of manufactured goods in hands of manufacturers at the end of October were unchanged from a year ago and slightly lower than in previous months, according to Federal Reserve Board's weighted index. Raw materials stocks gained over both periods. Unfilled orders of manufactured goods declined from September, but were up over last year. Declines in textile and lumber orders more than offset monthly Rains in iron and steel and transporta- tion equipment, but the reverse was true in the yearly comparison. STOCKHOLDERS T0 VOTE ON'PHONE MERGER PLAN NEW YORK, November 30.—The Bell Telephone Co. of Pennsylvania has called a special meeting of stockholders for December 28 to vote on a proposal .to_purchase all of the outstanding stock of the Lehigh Telephone Co. at $100 a share, and on a proposed amendment to the by-laws by which the directorate would be increased from 15 to 17 mem- bers. The company, already controlled by the Bell organization, operates in North- eastern Pennsylvanis. n May The woodpile of & Minnesota paper company is valued at $750,000. It took ‘menths to bulld, In| March was off 2 at 17.64 and May at dozen, 53a54; firsts, 50; pullets, 40a45; current receipts, 43a45; culls and dirty eggs, 25a30; receipts, 709 cases. Butter—Creamery, to choice, pound, 41a46; ladles, 35a36;®rolls, 3la 32; store packed, 21; process butter, 1. PASSENGER BUSINESS IS STILL. DECLINING “The passenger business of the rail- ways is showing a smaller decline in 1929 than in any year since 1920 ex- cepting 1925, but it is still declining,” says the Railway Age. occurring is in day coach business, as travel in sleeping cars is larger than last year. The total loss in the first eight months of this year about 1 per cent, as compared with a loss of about 6 per cent in 1928 and 5.2 per cent in 1927. Railway passenger business is now about 34 per cent less than in 1920. Passenger earnings in 1920 were about $1,305,000,000, while in 192 they will apparently be about $882,000,000, & loss of about $423,000,000. “The decline in passenger earnings that is occurri is mainly due, of course, to the decline in passenger busi- ness; but it is.partly due to a slow but steady decline in the average pas- s2nger rate.” GRAIN MARKET. CHICAGO, November 30 (Special).— Wheat trade was quiet, with the un- dertone easy today. There was some liquidation of December in evidence, while May was on tap at $1.38. Aftar the first half hour December was 1.25%, March 13314, May 1373, Corn sold lower with ‘wheat. De- cember was 87%, March 93';, May 951, to 95%. Oats were weak. December was 453, March 49, May 50%. Provisions sold off with hogs. NEW YORK COTTON. NEW YORK, November 30 (Spe- cial) —Cotton futures opened 1 to 3 points higher today and before the first half hour of trading was over January showed a loss of 3 points at 17.33, 17.88 was off 1. The map showed no rainfall, with generally clear and cold weather. There was scattered liquida- tion for the South and locals, offset by trade buying and commission house support. RAILROAD SALE APPROVED. NEW YORK, November 30 (#).— Stockholders of the Hocking Valley Rallroad have approved -the sale of the road to the Chesapeake & Ohio, subject to approval of the Interstate Commerce Commission. PARIS BOURSE PRICES. PARIS, November 30 (#) —The Bourse rallied after a weak opening today. Three per cent rentes, 80 francs 80 centimes; 5 per cent loan, 105 francs 60 centimes. Exchange on London, 123 francs 86 centimes. The dollar was quot- ed at 25 francs 3874 centimes, TInstall S O S Rolice Boxes. LONDON, November 30 (#).—To cope with increased activity among automo- bile bandits, the metropolitan district of *London will soon be dotted witn S O S polics boxes, where members of the public as well as policemen can summon help by lifting a recelver off a hook. By this system a_citizen can | quickly set a score of officers racing for a given spot in high-speed police cars. newspaper profession for more than 60 | Purchase of 44,200 tons of new steel | fya “All the loss ' THE EVENI\’(:} STAR, WASHINGTON, TURKEY SUPPLES CONTNUE LARGE Many Birds Held Over From Thanksgiving—Demand Slackens. | Many turkeys held over from the ‘Thanksglying market were offered both Ithe wholesale and retail trade this morning, dealers also having additional receipts from nearby States since the closing of market Wednesday night. Demands for the king bird this morn- ing were not very heavy. “Most people had their fill of turkey ‘Thanksgiving day,” was observed by a dealer, “and will want no more until Christmas. Others, of course, will make demands upon dealers during the month intervening between the Thanks- giving and Chrisimas markets.” stated, efforts were made by certain dealers to clean up some of the rough turkeys carried over from Wednesday. Prices of choice stock were not quite as {low as prices quoted earlier in the week. New Receipts. Additional supplies of both live and dressed turkeys were in evidence in the wholesale district this morning, raisers displaying an anxiety to reduce the size of their flocks before the arrival of the Christmas holiday season. Other lines of poultry also came with the turkeys received yesterday and this morning, including ~ chickens, ducks, geese and keats. Capons, coming from nearby Maryland and Virginia, proved more attractive than the turkeys and other poultry and dealers reported a fair demand for them. “It seems difficult to understand why keats are not more in demand,” said a dealer. “It is true that they are smaller other varieties of poultry, but the quality is there, and they have been more plentiful this season than during past years. A decided increase in the demand for ducks is reported by dealers, supplies continuing equal to demands, prices, ac- cording to dealers, usually being fairly cheap. The demand for geese is not so | heavy. Heavy parcel post shipments of rab- | bits since the closs of Wednesday's mar- ket resulted in supplying dealers with quantities of rabbits in good condition, the weather being cold' enough to in- sure against losses. There were some few received not in the best condition, however, and they were offered at very low prices. Business was not especially brisk this morning, merchants reported, being of about the volume they ordinarily would expect so soon after a holiday. “Cleaning up the odds and ends mm‘ the holiday dinner,” remarked a dealer, “shquld leave the lardets bare and create a demand to stiffen trade.” Retallers were on hand early - this morning looking for first pick of com- modities, and wholesalers were able to meet all demands at prices substantially the kfn.'ne as quoted since early in the weel Today’ ’s Wholesale Prices—Jobl Prices Slightly Higher. - Butter—One-pound prints, 4315a44%5; tub, 4275ui305: Srore packes, souiy 4/ Hennery, 58; fresh sclected, 57#i gmunlz reee_[{:nks, 52a53. ultry, alive—Turkeys, you ns, 28a30; old toms, 25; 8 ll:ll{ ns, large, 25826¢ medium, 25; broilers, 30; Leghorns, 22a2: 2towlls,,l_ 24a25; roosters, toms, Spring 27a28; medium, 26a27; broilers, 35a38; Leghorns, 25; fowls, 27a 28; ducks, 28a30; roosters, 22; capons, 40a45; keats, 70a80. © Meats—Beef, 20a22; veal, 24a26; lamb, 24a27; pork loins, 22a25; fresh hams, 20a22; fresh shoulders, 18a22; smoked hams, smoked shoulders, 18a: bacon, 25e26; lard, in bulk, 13; in pacl ), 12. Live stock—Calves, 15; lamb, 1215a13, Delayed shipments of early vegetables from Florida yesterday had to be held over for this morning’s trade, but there Wwas no deterioration in their quality during the 24-hour period of d&A{hm their sale, merchants stated, weather conditions being so favorable. Included in the Florida receipts were peas and string beans that presented the appearance of the early receipts of the vegetables gathered in this vicinity during the Spring and Summer seasons. Beans were received in such large quan- tities that prices dropped to a point dealers considered cheap, p:as not com- ing in such great quantities, Receipts of Florida squash the past few days have not been very heavy and the market has been dull. Dealers com- plain that shippers continue to send squash that are too large to interest re- tailers, such supplies finding practically no sale. Best of this morning’s receipts were offered from $2.75 to $3.50 a crate. Supplies of cucumbers, product of Florida growers, were very light this jmorning. - Receipts of splendid quality, however, presenting much the appear- nol;‘l;e orT:othouxe slorcl:k received from lo. ey were offered at $6.5 bushel basket. bcihile A vegetable known as the Chinese celery cabbage, grown nearby and at distance places, is claiming much at- }l‘een;non of buygrs in the vegetable mar- -1t is very much on the order of a mild cabbage.” observed a merchant, ”lg 1’5 servtel:lmboth rl:v and cooked.” N alers mornin, uoted the vegetable at $1.25 a busgel.q Other Vegetable Receipts. Cabbage is being received from vari- ous sections. Some of the new stock is coming from South Carolina. Fair re- ceipts are coming from nearby and New York and the Norfolk, Va., section. All receipts were reported cheap. Moderate supplies of potatoes of both varleties are reported. Maine, Maryland and Pennsylvania growers are supply- ing much of th: stock of white potatoes, while heaviest receipts of sweet potatoes are coming from the Eastern Shore of Maryland. Wholesalers this mornin moderate receipts of celery, {et caulifiower, light™ receipts of onions, beets and tomatoes were meg- tioned in reports. Most of the shipped- in tomatoes are from California, many e A aippl Plentiful supplies of apples still are being recelved by wohlesalers to offer the trade,.many of them reaching the farmers’ line. ‘Box stock, mostly from this morning were offered m $3 to $3.75 a box, bushel gfifi'zu of nearby fruit selling as low as reported tuce and Moderate supplies of grapefruit and |’ oranges found fairly good demands this morning, while tangerines and pineap- les, in light supply, were not much in lemand. Pears, cranberries, grapes, persimmons, bananas and lemons were other fruits offered the trade. Dealers this morning said there had been very little change in butter and egg prices. Strictly fresh eggs continue bring &remlum prices, hennery stock selling slightly in advance of the fresh selected eggs. Butter prices were advanced a frac- tion of a cent the past few days, but s in prices this week, it is report- ed, did not materially affect retail prices, Dealers at Municipal Pish Market this morning reported increased de- l!llnd.s, for oysters, direct result of ye: terday’s cold weather. Receipts of shell stock were not so great, it was reported, due to oystermen taking advantage of the Thanskgiving holiday season for a few days away from work. . BALDWIN LOCOMOTIVE, NEW YORK, November 30 (#).— Directors of the Baldwin_Locomotive Co. have declared an iniffal dividend of 871 cents on the new common stock, equivalent to the usual semi- annual rate of $3.50 on the old com- mon stock before it was split up on a 4-for-1 basis earlier in the year. The regular semi-annual dividend of $3.50 also was declared on the preferred. In some instances this morning, it is | Wall Street Briefs By the Associated Press. Arthur O. Needles, president of the Norfolk & Western Railway, said today that the road’s expenditures for account of road and equipment would total about $15,000,000 in 1930. He raid No- ber s revenues and surplus would compare favorably with the same month last year and that he expected December earnings would approximate those of the last month of 1928. | Blast furnace activity at the end of November is reported around 60 per lunt of capacity as against 63.8 per ' cent at the end of the preceding month. L. A. Downs, president of the Illinois Central System, stated today that the road’'s November results will reflect the bustnell’mlnn lwmailh.: \:e:xrlu\:ol;; ing on for al weeks, bul believed thefiauld be “no long-run adverse effect of the decline in prices.” Gold exports to France from the port of New York in the week ended Novem: ber 27, totaled $5,909,000 out of $6.200,~ 000, the entire amount shipped. Small exports were made to’ Germany and Mexico. Importations of the metal to- taled $1,110,000, of which $1,002,000 came from Argentina and the remais der from other Latin American cou tries. There was an increase of $4,004, 000 in the amount of gold earmarked for foreign account. The Aluminum Co. of America has 2 $50,000,000 budget for 1930, an in- crease of $17,000,000 over the current year's total. However, only $15,000,000 of the 1929 budget will have been ex- pended, leaving the remainder to be carried over. Sir Henri Deterding, managing direc- tor of the Royal Dutch Petroleum Cc said today that American producers in- Venezuela had rejected a plan he sug- gested earlier in the year for curtailing the oil output of that country. Sir Henri, here for the meeting of the American Petroleum Institute in Chicago next week, found “no hope of world oil conservation until American producers take the lead and set their house in order.” The root of the indus- try's trouble, he added, was in the “enormous production in this country.” Dow, Jones & Co. reports that orders for structural steel in the past week amounted to 22,000 tons, compared with 41,000 in the previous week. Inquiries, stock with 60,000 in the preceding week. H. A. Scandrett, president of the Chicago, Minneapolis, St. Paul & Pacific Railroad, réports that the road’s capital expenditure budget for 1930 will ap- proximate '$23,000,000, of which $8,000,- 000 will go into new equipment and $15,000,000 for improvements. Production of big iron is being cur- tailed and several blast furnaces have been closed in the past fortnight. In- dications are that the month-end will find less than 60 per.cent of the | furnaces active. Insolvencies in the United States this { week, as reported to R. G. Dun & Co. for the five business days, totaled 371, compared with 471 in Thanksgiving day week last year. DIVIDEND INCREASED BY POWER COMPANY Special Dispatch to The Star. NEW YORK, November 30.—At the Pennsylvania Water & Power’ Co. the cents per share, placing the no-par stock on a basis of $3 per year. The company, which is controlled by the Aldred interests, operates the 180,- 000 horsepower hydroelectric and steam devewrment on the Susquehanna River at Holtwood, Pa., supplying e ergy at wholesale to public utilities in Baltimore, Md.; Lancaster, York and Coatesville, P: ‘The increase in dividend follows the announcement last week of an increase in the dividend on the common stock of the Consolidated Gas, Electric Light & Power Co. of Baltimore, another been the com- trade, proceeding sonable weather and the opening of holiday buying, contrast with a fairly ‘well maintained volume of wholesale and jobbing trade, in which fill-in business constitutes the larger volume of purchasing. Against this is to i set a further quieting in industry, which, |as usual, apparently prefers to meet the inventory period wi | plies of goods and materials on hand. « Retail trade, with which is naturally linked holiday buying, has made a ‘rnher encouraging step forward, with {colder weather and snow described as helping the movement of heavy cloth- ing, shoes and women’s wear of various sorts in wider than normal areas. | Stress is laid more frequently in the | rfirom on the evidences of staple goods relatively better than so-called luxuries, for goods being frequently mentioned as tending to drag, although jewelry trade some other lines. “Sales” are mentioned more frequently as a stimulus to retail trade in some centers. Wholesale and Jobbing business is, on the other hand, characterized more frequently as being of hand-to-mouth proportions. Weekly bank clearings, $10,811,099, 000, & decrease of 6 per cent from a year ago. S Fox Film Co. Expands. NEW YORK, November 30 (#).—The Fox Film Co. has acquired through pur- chase or lease a dozen theaters, mostly in Ohio and Michigan, from Keith- %Izle‘en mrfir:‘lu.A The consideration was . cl common $4,365,500 in" Fox e cent notes. Money to Loan 1nE, nterest ad ol I. Weller ¢ Jfll:;il Wash. L. & T . 9th & F N.W. First Trust Notes Now Available 6% JAMES F. SHEA 643 Louisiana Ave. N.W. | in the Chandler Building 1427 Eye St. N.W:- N the heart of Wash ’s I financial district. steg Single Offices and Sultes FIATURD'O free secretarial service, public stenographer, ice water on each floor, high- speed elevators, excellent outside light and Venetian Slinds at all 5 LUCHY] SHANNON Managing Agents 1435 K St. Nat. 2345 however, totaled 65,000 tons, compared | regular meeting of directors of the! dividend for the last quarter of the year | was incredsed from 62'2 cents to 75! ith reduced sup- | reports show up perhaps’ better than | Ohlo Theaters 6 per | D. C., SATURDAY, NOVEMBER 30 FRENCH FINANCIAL RECOVERY RAPID National Bank Has Piled Up Large Gold Reserve in Recent Months. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, November 30.—No coun- since the war more rapidly than France. During all of the high-money tension of the last 18 months the Bank of France has maintained its discount rate of 3% per cent, has sought advice from no other nation regarding how to run its international affairs and has added to its gold resources until they now stand at the highest figure in her his. tory — 40,500,000,000 francs (approxi- mately $1,500,000,000)— an increase of 25 per cent over the same date of last year. : French bank note issues outstanding also have increased until they now amount to 66,600,000,000 francs (about $2,600,000,000)—an increase of 8 per cent over the year previous. Still France's credit balances abroad, while somewhat diminished, have not been reduced to the amount equal to her additions in her gold reserve. That's significant! Send Credit Abroad. ‘The French commercial and business system does not yet provide trade ac- ceptances and call loans sufficient for her to use all or any great part of her liquid funds. So she sends the balance abroad, mostly to England and t®) United States. The Bank of France, 25 well as the commercial banks, have found it profitable—vgry profitable in the last two years, especially—to send their money and credit abroad. And to withdraw such funds whenever de- sired, without considering any other interest than their own. Not so good! Today France's ability to “siphon off gold” creates a serious situation. She, like the United States, has far more gold than she needs. Yet she continues to wpile up her gold supply, much like India absorbs silver. While her policy of keeping her sur- plus funds abroad has been wise in that it has not inflated her situation at home, it has been and still is a source of great disturbance to the rest of the | world: She will continue that role| probably until she has refunded all her short-term obligations into long term ones. But if she can refund her enormous floating debts, she will have dane a service not only for France, but for the rest of the world. s Until then, the French gold policy will be watched with anxiety by every | other nation, notably. England. | Gold Problem. The gold problem is always with us. | | The physical gold stock of the United | States is now above $4,350,000,000. On | January 1 it stood at around $4,100,- 000,000. So the United States, with ‘I net gain of $250,000,000 during the year, | has recovered about one-half of what was lost in the easy money period of |late 1927 and early 1928, when about $500,000,000 of gold went abroad. “We can afford to lose, and the rest of the world can well afford to secure, | $200,000,000 to $500,000,000 of cur gold. | In my opinion, that much gold at least will have to leave the United States| before the world can get back to a | normal commercial basis,” said one of | | te leading gold students to me re- | cently. Most students of the gold movement | | belleve that the United States will| lose several hundreds of millions. of | gold during 1930. And how? | | Before the stock market drop, redis- | count rates in Europe were higher in | | the United States than abroad. But| {not now. The tendency will probably | |be for European credit to be used at home. This should have a tendency | {to drop the American exchange rates, | o that it will pay the United States | ‘Fhere's nothing to tie you | when they have been placed in | You'll get a complete stas regular intervals. i The results will more than i try has recovered financial strength|SY: | clared = unconstitutional, and, 1929 ASSOCIATED GAS MAKES NEW HIGH RECORDS Special Dispatch to The Star. NEW YORK, November 30.—New high records were established by the Associated Gas & Electric system, which in a consolidated statement of earnings of properties since dates of acquisition shows a 92 per cent increase in gross earnings for the 2 months ended Oc- tober 31, & 111 per cent jump in net earnings and a balance for dividends and surplus more than double the amount reported for the previous 12 months’ period. Gross earnings and other income {potaled $80,606,472, com- paring with $41,894430 in the 12 months ended October 31, 1928, an in- crease of $38.712,042. Gross earnings of the system for the 12 months ended October 31 last in- 9, Central properties for but six months. ‘When these and subsequent acquisitions shall have been in the associated sys- tem for a full 12 months, the gross will run well ahead of $100,000,000 per an- num. Including provisions for replacements, renewals and retirement of fixed cap- ital, t&e system's depreciation accrual for 12 months to October 31 last ‘was $3,944,725, an increase of $1,593,690, or 68 per cent over the $2,351,035 ported a ‘year ago. A record balance for dividends and surplus remained of $12,002,931, resulting in an unprece- dented increase of 108 per cent over the $5,778,968 of last year. to ship gold rather than to pay premiums on the exchange. Already the Federal Reserve has started buying Government bonds and securities to make up for the juss in gold which occurred during October. Every dollar of gold supports abouf $15 of credif Europe’s gold problem capnot be ignored, for it is an essential part of our own problem. Europe is our best customer. If America wishes to send more goods abroad she must either buy more goods from Europe or provide credit and gold facilities for Europe to square the account. England needs cheaper credit and more gold to start her trades going. Germany—ditto. In fact, every European nation needs credit today at low rates. And the United States needs an expanding ex- port business. The redistributiog of gold—so lon as the world is on a gold basis—is a jng of first importance. And the United States herself cannot ignore it any more than the farmer can ignore the sunshine and the rain. Oil Situation. While the ol situation is clearing uj rapidly in the United States, foreign ofi companies are spending some anxious hours over the situation which has de- veloped in Colombia, It seems that in 1927, Colombia pass- ed an emergency ofl law which has been the subject of much bitter controvers ever since. It deals with Cdlombia’s inherent rights to the subsoil. Foreign companies filed suit to have the law de- din, that decision, obtained an uncnog restraining the government from car- rying out its provision. In November last, the Colombian Su- preme Court passed upon the law and declared it constitutional. But Colom- bia, unlike the United States, has a council of state, which exercises power of review over the Supreme Court de- ii.}itans. This hurdle is the only one (Copyright, 1929. by North A: - oof North American News. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N\.W. l!r! Issue ot Stock Nov. Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Ce " e { You're Free Under Our Service down in connection with the be | details of management of your apartment house properties our hands. , tement of our stewardship at pay the nominal fee chfl.ed. | " More Than a Third of @ Century's Experience Natl. . ; 2100 i —of some sort to wake pe nite sum, Every Payday, {lIn which class do you be! Deposits Invited Capital & Surplus $3,500,000.00 Over 50,400 Depositors B. F. Saul Co. 925 Fifteenth | Open Until 5:30 P.M. December 2d 1t Often Takes a Crisis ople up to the urgency of saving out of current earnings. Others bank a defi- and fear no emergency. long ? in Any Amount Same Rate of Interest Paid on Large and Small Accounts WILLIAM D. HOO! President WOODBURY BLAIR, V. Pres. FRANK W. STONE, 2nd V. Pres. FRANK STETSON, Trust Officer CHAS. C. LAMBORN, Treasurer E. PERCIVAL WILSON, Secretary FRANK R. ULLMER, Asst. Treas, BRUCE BAIRD, Asst. Tr. Officer DAVID BORNET, Asst. Tr. Officer JOHN W. CALVERT, As: W. HILES PARI ALEXANDER J. FANT. Asst. Secy. JORN M. BOTELER. Asst. S AUDLEY A. P. SAVAGE, DIRECTORS: JAMES J. BECKER WOODBURY BLAIR WM. A. H. CHURCH WALTER C. CLEPHANE H. ROZIER DULANY, Jr. FRANKLIN H. ELLIS H. PRESCOTT GATLEY WILLIAM D. HOOVER WALTER BRUCE HOWE REGINALD S. HUIDEKOPER VICTOR KAUFFMANN EDMUND D. RHEEM FRANK STETSON FRANK W. STONE WILLIAM W. WALKER WILLIAM B. WILLARD HARLEY P. WILSON National Savings & Trust Co. PINANCIAL. Steel. CLEVELAND, November 30.—An up- turn in Ohio steel operations is ex- pected next week. One of the largest single orders booked in some time by the American Stéel & Wire Co. here involves 3,000,000 pounds of wire which will be used to make springs for auto- | mabile seats. Turkeys. SAN FRANCISCO.—A review of re- sults from ths Thanksgiving turkey ' trade indicates that growers in this sec- | tion received appro: pound less than was paid last year. Less than 6ne-third of the Nevada and California turkeys was ready for the Thanksgiving market. oil. ATLANTA.—State gasoline taxes in the last month amounted to $8,876,000. This practically insures the budget of $16,000,000 which has been set up for road construction in 1930, and contracts for which will be let soon after the first | of January. Nearly 200 miles of pav- ing are being finished. Rice. NEW ORLEANS.—The final estimate of the Louisiana rice crop this year has been placed at 18,000,000 bushels, a drop | of 392,000 bushels, as compared with last year. Unusually large quantities are being exported, prices of the best grades of Blue Rose at 4!2 cents a pound. EXCHANGES CLOSED. NEW YORK, November 30.—The New York Stock Exchange, Curb Xx- | change and other leading security ma: kets of the country are closed today in | continuation of the extended Thanks- ' giving holiday period. 6% ! Unseen Values Holders of FIRST MORTGAGE NOTES Can easily visualize the ®Real and Tangible Security behind their investment, the Very Satis- factory Yield as well as the Prompt Remittances. There is an added Unseen Value, consisting of Peace of Mind and AssuraWce of Safefy. Write or Phone for Our Free Booklet 21 VIRGINIAN’S INCOME UP OVER $1,000,000 Virginian Railway Co. reports for ten months ended Octobsr 31, 1929, net in- come of $4,508,382 =aft~r taxes and charges, equivalent cite: (lvidend re- quirements on 6 per cent preferred stock to $1023 a share on 312,710 shares of common stock. This com- pares with $3,120,713, or $5.51 a share, n tod of 1928. ber and ten ately 10 cents a | s, Net_ope! Surplus OIL MERGER PLAN DENIED. NEW YORK, November 30 (#)—C. §. Jones, vice president of the Rio Grande Oil Co., denied today that negotiations had been entered into for a merger of his company with the Reichfield Oil Co. of Californ First Mortgage Loans Lowest Ratcs of Interest and Commission Thomas J. Fisher & Company, Inc. Established 1899, INVEST IN First Deed of Trust Notes Loan Specialists 6% DO YOU WANT for your old car? TRADE IN NOW ON A BRAND NEW get the Super-Six of you LAMBERT-HUDSON cally equipp cago scientis Hudson or Essex Stocks are limited, so act now to r choice. MOTORS CO. DISTRIBUTORS- PHONE DECATUR 2070 Corner 14th and R Streets N.W. Service Station, 24th and M Streets N.W. METROPOLITAN DEALER! Ce. i Caivereat i 'y 3 1496 B NE. Tel. Lincoln 6263 Metallic Non-entity Working long hours in a scientifi- laboratory, a Chi- brought forth a sil- 63d Oldest Savings Institution in the District of Columbia Year Cor. 15th and New York Ave. ver-grayish metal—a new metallie element, which has been named Columbium. But, even today, no commercial use has been found for it. But chemists are still making elab- orate, complicated tests of Colum- bium—and eventually it may be more valuable than gold. Wise men of science today leave no element inconsidered, no matter how trif- ling it appears; just as wise men of business leave no trifle neglec- ted—often they got their start to wealth by carefully saving the small, usually inconsidered part of their salary and investing it in some reliable security. Just so, a small sum placed in the % First Mortg#ge Notes, sold through Swartzell, Rheem & Hen- sey Company, will vield an attrac- tive interest, and give you a stead- ily growing income for indepen- dence and leisure in future years. Do not neglect to start saving now, no matter how small the sum may be. SWARTZELL, RHEEM & HENSEY (0. MOKRTGAGE BANKERS 727 15 STREET N-W./ WASHINGTON D.C.