Evening Star Newspaper, December 14, 1929, Page 20

* DIVIDENDS VOTED | BY D. C. CONGERNS ;Bank and Realty Corpora- tions Announce Year End Disbursements. BY EDWARD C. STONE. ‘The directors of the United States Bavings Bank have just declared their regular quarterly dividend of 7' per cent, payable December 31, 1929, At the regular | monthly meeting of the directors of the Real Estate Mortgege & Guar- anty Corporation in the local offices of the corporation, *a semi-annual di- vidend at the rate of 8 per cent per annum was de- clared on the pre- ferred steck of the corporation, pay- able on December 31 to steckholders of record on De- cember 20. A fi- nancial statement was sub®™itted showing gratifying net earnings to date The Federal American Co. at the latest meeting of its board of directors declared the regular dividend of $1.50 per share on the preferred stock, pay- able January 1, the regular dividend of 30 cents per share on the common stock, payable the same date, and an extra Christmas dividend of 30 cents per share, payable December 24. All are payable to stockholders of record at the close of business December 18. Net earnings for the eleven months of the fiscal year of the company were announced as $129,206. Manages Bank's Branch Office. Charles K. West, who recently as- sumed his duties as manager of the K street office of the Security Savings & Commercial Bank, has been a resident of Washington for the past 16 years. He is a West Virginian by birth, and during the World War served in the United States Army. After his discharge Mr. West entered the real estate field, being engaged in that business until 1922. He then be- came assoclated with the Security Sa ings & Commercial Bank, his first posi- tion being in the collection department. In 1926, the directors made him an assistant cashier. He remained at the main office, at Ninth and G streets, un- til recently appointed to take charge of the branch office. He has taken sev- eral courses in Washington Chapter, American Institute of Banking. Pennsy Plans $95,000,000 Outlay. The Pennsylvania Railroad Co. is definitely committed to an improvement program amounting to $300,000,000, of ‘which about $95,000,000 will be spent Charles K. West. | | 5614 118% B54% T4 36% 42% 23% 78% 157 201 601 614 a4 18414 106% 8104 232y 235 181 199 27% 4 105 in 1930, according to Gen. W. W. Atter- bury. president. “We have every intention of going ahead with out entire program of im- provement as originally planned, with- out any slackening, retrenchment. or postponement,” Gen. Atterbury added. “Nothing that has happened in the s curity markets has altered this inten- tion, and we see nothing in the general business situation to warrant our deviat- ing from this course.” Christmas Trade Reported Good. President Hoover has been advised by the Department of Commerce and other sagencies that Christmas buying is up to the 1928 levels, and in some cases slightly above. The President regards this as a pretty fair index of conditions. Commercial transactions as reflected by check payments showed a further slight recession for the week ended De- cember 7 as compared with the pre- same week a year ago, the Commerce same wek a year ago, the Commerce Department announced yesterday. The report said in part: “Bank loans and discounts continued to recede but were larger than a year agp. gglncerest rates on time money showed l a further recession from 1ecent levels, while rates on call money were un- changed from the preceding week. Rates on both types of money were much lower than a year ago. “Bond prices continued to advance and aproach the level for the corre- sponding week of last year more close- ly than during any previous week of 1929. “Stock prices continued upwerd, but “were lower than a year ago. “Business failures were more numer- ous than during either the preccding week ‘or the corresponding week of last e . A. L B. Starts Membership Drive. Renewed activity by the membership committee of Washington Chapter, American Institute of Banking, headed by Robert H. Lacey, marks the closing weeks of the first semester of the chap- ter's 1929-30 educational program. Lacey -is now sending letters to all of last year's members who have not yet renewed their membership and an effort 1s being made to interest new members in the work Many bank officers and employes eligible for membership in the chapter have not yet availed themselves of the opportunity. At the same time the educational committee, of which Frank M. Perley is chairman, is preparing the program for the second semester, which opens Janu- ary 27. This work is now being done under the direction of Acting Chairman Aubrey O. Dooley, as Perley is ill. The second scmester will include courses in banking fundamentals, com- mercial law, ,negotiable instruments, standard banking, analysis of financial statements, business forecasting and trust functions. Financial District Notes. The next meeting of the Washington Bond Club will take place at tho Carl- ton Hotel on December 27. The guest speaker at the luncheon will be Paul Clay, formerly an _economist with Moody's Investment Service and Iow connected with the United States Shares Corporation. Creation of a depositors guarantee system to protect depositors in Federal reserve member banks against loss, is provided in a bill introduced in the House yesterday by _Representative Brand of Georgia. A Federal appropria- tion of $50,000,000 would be made to establish the fund. Bank clearings for the United States for the week ended December 12 were below the previous week and also under the total for the corresponding period in 1928; the latter decline being 11 per cent. Clearings in Washington _totaled $28,503,000 for the weck, compared with $28,710,000 for the previous week and a decrease of 13 per cent from the same week a year ago. C. & 0. Extension Recommended. An Interstate Commerce Commission examiner has recommer that com- mission permit Chesapeake & Ohio Railway to construct a 19-mile exten- sion in Raleigh County, W. Va., on its Cabin Creek branch, from a point near Edwright, in a southeasterly direction to a connection with its Piney Creek branch, near Surveyor. ‘The recommended authorization would be conditioned upon the express proviso that the C. & O. grant the Virginian trackage rights and equal access to coal mines which may be served by the ex- tension and its branches, as well as giving the Virginian an ‘option within 10 years after construction is completed to acquire at cost a half interest in the line and branches. Although® 17 judges are kept busy In law courts of London, there is so much delay in cases being heard that many persons avoid extra cost of going to 2 3 447% 685 10815 145 47% 143% 103% 109 127% 135 27 617% 50% 724 103% k3 135 140 88% 344 62% 51% 79 63 24% 35% 964 25% 30% 183% 100% 0% 6% 23% 1% 90 16% 100 92 FINANCIAL. Stock and Sales— Prev. Dividend Rate. Add 00. High. !;og' Close. Close. ADItiDL.P & P Df(8) Abraham Strauss. 8 18 % 54 125% 6 2u 3 6% 78 62 62 27% 28 124 12% 2214 22% % %% 123% 124% 126% 2 2% 6% 6% Alleghany Corp.....1154 28% 26% 28% 25% 97 Alleg Corp pf (5%4).. 197 Allfed Ch & Dye (c6) 35% Allis-Chalmers (3).. 23 Alpha Port Cemt(3). 17% Amerada Corp (2). 4 Am 2gricul Chem Am Agricul Ch of.. Am Bank Note(ft: ‘;'A Am Beet Sugar. . 4% Am Brown Bov Elec. 86 Amer Can (5). 75 Am Car & Fdv (6). 27 Am Chicle (+2%). .. 20 Am Com Alco(c1.60) 184 Am Encaust Til (2). 23 Am European Sec. .. 50 Am & For Power ... R6U4 Am&For Po 2d pf(T) 29% Am Tnternat (12) 64% Am Pow & .o 921 Am Pow & Lt nf (8). 72% Am P&L vf A st (5).. 35% Am Steel Fdv (2) 40 Am Stores (+23) 56 Am Rugar Rfe (F)... 99 Am Sugar Rfg nf(7) 18 Am Sumatra (3). 19314 Am Tel & Tel (9). 160 Am Tobacco (+10). .. 160 Am Tobacco B (+10) 115 Am Tvpe Farv (8). 50 Am Watar Wks (c1 5% Am Woolen.... 15% Am Woolen b 7 Am Zino LA&Sm . 70 Anaconda Coor 7)., 25 Anchor Cap (2.40)... 18% Archer-Dan-M (2)..: 5% Armour T11 (A). 2% Armour T (R). 57 Armour Tl of (7) 20% Art Metal (1) 34 Asso App) Ind (4) 25 AssoDrv G (24).. 195% Atch T & S Fe (10). .. 161 AtlCoast Lina (+10). 3214 At1G & W Indles. 30 At Refinine (42). 67 Atlas Powder (15; 5 Atlas Tack. 120 Auburn Aute 2% Austin Nichol: 7% Autosales. 5% Aviation Corp. 185 Baldwin Loco (1.75) . 55 Bang & Aroos (3%).. 3% Barnet Leather. 20 Barnsdall (12% 5% Relding-Heminwav.. 25 Bendix Aviation (2). 25 Best & Company.... 8% hl 116% Bethlehem St of (7). 37 Rohn Alumn&B (15). 3 Rooth Fisheries. 53 Borden & Co (3) 26 Borg Warner (4). 5 Botany Con M (A)..: 8% Briggs Mfg........e 20 _ Briggs&Stratton(2). 14 Brockway M T (3)... 40 Bklyn-Manhat (4)... 99 Bklyn Unfon Gas (5) 9% Budd Wheel (1) 21% Bulova Watch (3). Burroughs AM(*1. Butte Cop & Z (50¢) . 's (A M) 20 By-Prod Coke (1), 1 CallahanZinc & L, 173% Calui & Ariz (10). 25 Calui & Hee (4%) 45 Canada DrvG A (5). 189% Canadian Pac (10)... 28% Cannon Mills (2.80) Caterpillar Trac (3). 27% Cant Alloy Steel (2). 240 Cent RR of NJ (+12). 3 Century Rib Mills... 52% Cerro de Pasco (6).. 11% Certain-teed Prod. 18 Checker Cab (4.20). 160 Ches & Ohlo (10).... 42% Chesapeake Corp (3) Chi & Alton. of. 16 Chi M1l St P&Pase... 28% Chi M1) St P&Pac of. 75 Chicago & N W (5) 94% Chi R1& Pacpf (6). 100 Chi RT& Pacof (). 53 Chile Copper (15) 26 Chrysler Corp (3). 74 City Stores (1).. 25 Clark Equipment (3) 16% Columb Graph(87¢). 270 83% 32y 105 Columbian Carb(t6). 18 ComCredit i2)..... 28 Comm Credit A ( 28% Coml Inv Tr (g1.60 20% Comm Solvents (1) 10 Commé&So(b5%stk 11 Congoleum-Nairn. 40 Consol Cigar (7). 10 Consol Film (2).... 154 Consol Film pf (3) £0% Consol Gas, N' 9214 Consol Gas of (5). 45 Consol RR Cub pf(6) 1 Consol Textile. .. 12 Container Cor A 1.20 3% Contatner Corp B.... 25% Contl Baking A 4% Contl Baking B. 79% Coutl Baking of (8). 40'% Contl Can (2%) 20% Contl Dia Fiber (2% 46% Contl Insurance (2). 615 Contl Motors (80¢).. 18 Conti Oil of Del. 40 Continental Shares. 70 Corn Prod Refin (14) 20% Coty Ino (x2) 5 24 Cream of Wht (12%) 17 Crossley Radio (31). % Cuba Cane Sugsr.... 2 Cuba Cane Sugar pf.. 5 Cuba Co. . 6% Cuban-Amer Sugar. . 1 Cuban Dom Sugar. .. 86 Cudaby Packing (4). 7% Curtiss Wright Corp. 14 Curt Wright Corp A. 21% Davison Chem. 141's Delaware 120% Del 49 Denv& RG Wpf.... 24 Devne & Ray A (13). 69 Drue Corpn (4). &) Dupont de N (16.20). 107% Dupont d N deb (8). 19 Estn Roll Mil(ht2). 150 Kastman Kodak(18) 18 Eaton Axle & 8 (3 10 Eitingon-Sch (2%).. Eitingon pf (63%) 31 ~Eng PubServ (f1).. 4% E: I;‘u;lw oI(6%) R RTst pf (4. Evans Auto L(312%). 3% Fairbanks Co....... Kalrbanks Morse (3) Fash Pk Assok2%) 8 Fed Watr Ser A 3.40.. 4% Fid Phen ¥ Ins (3)as J 1 1z F1 573 2 20 41% 6 104% 2 4 3 101% 81 1 104% R 23% 29 223 11 201 11 205 2 159 3 10 228 5 176 "9 78y 14 40% 3 86K 8 o, 10 219 1 4% 3 8% 34 6w 42 31 31 | 1 122% 6 5% 8 4 14 70w 1 23% 4 20% 37 66% 2 138 4 104 1 10% 1 29 12 49% 3 26% 2 1% 3 90 12 31% 7 65 23 196% 3 31% 7 3% 1 280 : & 43 65 5 65 2 6% 27 40 54 14% 6 40% 120 28 321 50% 72 89% 1140 4 25 43 120% 1 100% 1 107% 4 60% 317 37w 20 11% 1 39 3 48 107 75% 47 1831 12 24% 33% 2 97 0% 40% 102% 1041 102% 46 46% 45 2y 2% > 82 R2M 101% 1014 1011 81 /1 R0% 3% 2014 8914 21% 1% 744 47 48Y% % f24 61 104% 104% 104 22 22t 28 221 2224 2224 2001 200% 200% 203 205 204% 128 128 1844 9% 927 92% 9 % 22% 10 7% 401 27 [ 214 6014 26 36 33% 175 175 178 6% 784 73% 40% 40% 4ou 86 ¥ 208 4% 861 84w 7 7 217 218 4% 4y 8 R 84 6% 6% 29% 81 288 Baltimore & Ohio (7) 87 120% 118% 119% 118y 694 951 941 1224 1224 122% 56 561 54w 3% 6915 37% 2% 17 32y 23% 23 19% 19% 21% 64 65 63 138 140 4 4 69% 70 104 104 104 10% 10% 10% 29 2 29 4T% 49% 4T% 3% 3k 3u 5% B% 64 19% 20 20 1% 95 91 2 26 1% 1% 88 90 88 81% 31% 314 6415 65 648 195% 196% 196 314 31% 31% 9 58% 34% 34% 34k 280 280 257% 4% 4%, 62 5 6% 6% 37% 39% BS54 13% 141 13 37 0% 36% 25 27% 26% 4T 50% 47% 87% 89 88 140 140 139 26 25 2% 119% 120 118y 100% 100% 99% 107% 107% 10715 60 60 55 35% 354 11y 1% 39 48y 74 33% 334 178% 1801 175 23% 2 4 33% 33% 1% 42 30% 31% 3% 14 14% 524 17 20% 963 gg'/: 100 121% 116% % 23% 4 181% 29 Stock and Sales— Dividend Rate. Add 00, ’";'“ Filenes (ctfs)....... 1 3 Firestone T&R pf(6) First Nat Strs (2%). Freeport-Tex: Gabriel Snub A. Gamewell Co (5) Gardner Motor. Gen Am Tnk Car(24) Gen Asphalt (4)c...e 1° Gen Elec spec (60c). 5% Gen Electric (new).. Gen'] Food Corpn (3) Gen Gas&El A (te2) Gen Mills (13%) Gimbel Brother: Glidden Co (h2). Gobel (Adolf). Gold Dust (2%). Gold Dust pf (6) Goodrich B F' (4) Goodyear Tire (5). Goodyear 1st pf (7).. Gotham Stlk H (2%) Gould Coupler. Graham-Paig: Granby Copper (8) Grand Unfon........ Granite City Stl (4). Grigsby Grunow (2) Gulf Mo & North.... Gulf Mo & N pf (6).. Guif Sta Steel (4). Hahn Dept Sto! Hahn Dept S pf(6%) Hall Printing(t1%). Hartman A (2)...... Hayes Body b8 % stk H Houdaille Her B(2).. H'hold Fi pf 13.22% Houston O11 Howe Sound . Hud&Man Ry (3.50). Hudson Manh pf(6).. Hudson Motor (6)... Hupp Motor (£2) Illinols Central (7). Independ O11 & G (3) Indian Motor Cycle.. Indian Refining. ...« Indlan Refining ct... Industrial Rayon.... Insuranshares. . Intercontinental Rub Interboro Rap Tran Intl Agricultural Intl Agri pr of (7 Intl Bus Mch (6) Int Combustion. Inti Cmb Eng pf (1).. intl Harvester (3%). Int Hydro El A (e2). Intl Match pf (3.20 Int Mer Marine etfs.. Int Nickel of Can(1). Intl Pap & P A(2.40). Intl Pap & Pwr C.... Intl Pap & Pwr p£(7) Int Tel & Teleg (2).. Inter Dept St (2).... Investors Equity(3). Johns-Manville (3).. Jordan Motor Car. .. Kan City Sou pf (4) .y Kaufmann DS (13%4). Kayser Julius (4)... Kelly-Spring Tir Kelsey Hayes (2). Kelvinator Corp. 16 1% 3% 13% Kresge(SS)Co(1.6 Kreuger& Toll(1.34). Kroger Gr&Bak(cl). ley (3%). Lehn & FIK (3)...en Libbey Owens (1)... Liggett & My B (15). Lima Locomotive Link Belt (2.60)....s Liq Carbonie (14%). Loew's, Inc (13%).. Loose-Wiles (2.60).. Louts & Nash (1) 108% 22 82 64 2114 McKesson & Rob (3). McKes & Rb pf(3%). Macy (RH)&Co(c18) Madison Sa G (1%).) Magma Copper (5) Mandel Brothers. Man Elec Supply. ... Man Elev mod (d6). Marmon Motor (4)... Martin-Parry. Mengel Company (3) Mexican Seaboard. Miami Copper (4) Mid-Continent P (2). Middle States Ofl ct.. Midland Stl pf(t12). Mo Kan & Tex pf(1). Missour! - .. Missouri Pac pf (5).. Monsanto Ch (g1%). Montgomry Ward(3) Moon Motor (new).. Morrell J (3.60) . Mother Lode (40¢). s Motor Meter G & B.. Motor Products t10.. Motor Wheel (3).... Munsingwear (t3%) Murraay Corp (k3).. Myer(FE)& Bro (3). h Motors (6).... Nat Acme (1% Natl Air Trai 4 Natl Bella Hesa($ atiCash R (A) (5) Nat Dairy (32). Natl Distillers . NatlEnameling (2). Natl Lead (5).. Natl Pwr & Lt (1) Natl Radtator. . Natl Supply (17). Nat) Surety (6). Nat Tea Co (2). Nevada Copper (3). Newport Co A (3) ywton Steel (3). N Y Alr Brake (3) N ¥ Central ($). NYChi&StL ( N Y Chi & St L pf\ NY NH & Hart (6).. NYOnt& West..... Norfolk-Southern. ... Norfolk&Wstn(t12). North Am(b10%stk) North Am pf (3 North Am Ea pf (§) Northern Pac North Pacct (5). Nor Ger Lioyd(3.41). 011 Well Supply Oliver Farm Kq! Omnib orp. Otls Steel (234) Owens 111 Bottl Pacific Gas & K (2) .+ Pacific Lighting (3). Pacific O] stubs Packard Mot (11.10). Pan-Am Pete B...... Paramount-F-L (3) Park & Tilford (33). Park UtaB......ooee Parmelee Trans 1%.. Pathe Exchange Pathe Exchange A... Patino Mines ” Penick & Ford (25¢) Penney (J C) Penn Dixle Penn Dixie Cemt pf. Pennsylvania RR(4) Ea 166% 49% 5 1% h Dodge (3) 9% Phila& Read C& 34 234 5% Pnilip Morris (1)ewss 641 100% 16% 35% 64% 101% 16 9 52% 16% 79% 27% 22% 10 5 2% 21% 50 5% 40% 45% 8% 514 22% 21% 129 129% 23% 4%k 20% 00 16% 6 81% 20% 95% 34 39% 53 46% b2% 16% 94 39! % 39% Y% 133% 134% 36% 35% 63 62% 1% 31% 4T 4% 154% 150% 4 13 131% 125 B 7 525 4Ty 3 102% 102% 90% 89% 138% 135% 53% bd% 60% 60% % 4 591 59% 2 2 1, | roadway and common, carrier regulation 180% 175% 137 13218 109 109 117% 113% 16% 14 16 164% 233 229% 95 95 53% 524 101% 101% 93% 91 92 904 4% a4y 1% 11 16% 15 a4 3y 33% 3214 58 69 54 52% w24 1 1 16% 16% 60 60% % | the policy lald down by the commission, % | stantial new railroa Stock snd Dividend Rate. Phillips Petrlm (c2). PlerceOfl....ccouem) Plerce Petroleum. . Pillsbury F1 (fl:fi)). 19 4 Prairie O&G (12%).. Prairie Pipe L (15). Pressed Steel Car..., Proc & Gamble (2).. Prod & Refiner: . Pub Serv of NJ(3.40) Radio-Keith-Orph A. Railway & Exp (2).. Raybestos-Man(2%) Reading (4 Real Silk (6) Rem:ng-Rnd 1st (7). Reo Motor (71.40)... Repub Ir & Steel(4).. Reynolds Spring. ... Reynolds Tob B (3) Richfleld O1 (2)..... 1o Grande Ol (k2). Rosaia Ins (2.20). Royal Dutch (a3. Safeway Stores (5).. St Joseph Lead (13). St L-San Fran (8) St L-San Fran pt (§) St L Southwestern. . St L Southwn pf (6). Schulte Retail Str: Seaboara Alr Line Seaboard Alr Line pf Sears Roebck (32%). Second Natl Inv ctfs. Seneca Copper. . Servel Inc. Sharon Ste Shattuck (F G) (1) Shell Unton (1.40) Shubert Theatres Stmmons Co (g3) Stmms Pet (1.60) Sinclair Con OIl (2) Skelly Ol1 (2)..ouese Sloss-Sheffeld pf (7. Solvay Am In pf 6%. So Porto R Sug 12%. Southern Cal Ed (2). Southern Pacific (§). Southern Rwy (8). Spang-Chalfant.. Sparks Withngtn(1). Spencer Kelg(1.60).. Spicer Mfg... Spliegel-May-St (3) Stand Brands (1%) Stand Com Tob (1) Stand Gas & El (3% Stand G & E pf (4)... Std Oil of Cal (h2%) Stand OII N J (12).. Stand O1l N Y (1.60). Sterling Sec A)..... Sterling Sec pf(1.30), Stewart Warn(j3%). Stone & Webster (2). Studebaker (35). EX T - o e RSO0 JOTORN T PPARTA TTHIPG-FR - TG-S PRS- T8 To =t o © 5. - = an Symington A. Telautograph 11.06 Tenn Cop & Ch (1). ‘Texas Corp (3) Tex Gulf Sul (4)..... Texas & Pac (6). Texas P C & O1l (b6) Texas Pac Land Tr.. Thatcher Mfg (1.60). The Fair (2.40) Tide Water Asso. Tide Wat Asso pf(6) » " 2B arnBoaani 90% Sales— Add 00. ngm Timkn ‘Tobace CUn Of1 United Utd Fri United Stock ana Dividend Rate. Tide Water Oil pf(5) Utd Piece Dye Wks.. U S & Foreign Secur. Bales— Add 00. High. Det Axle t! ‘Timken Roller 0 Product: Tobacco Products A. Transcontinental Oil Trico Prod (2%)...« Truscon Stl (£1.20).. Und Elliod Fishr (5) Union Carbide(2.60). of Cal (32)... Union Pacific (10)... Union Pacific pf (4).. Utd Alrcraft&Tran: Utd Biscuit (1.60). Utd Carbon (2) Utd Cigar Store Utd Corporatiol Utd Corp pf (3) 2 Elec Co: 1t (e4).... @ ORI - ) - P - T StoresA..... Util Pwr & Lt A (e2) Vadsco Saie: Vanadium ( Vick Chemi: Virginia-Car Chem. . Virginia-Car 6% pf.. Wabash. .. ‘Walworth Co (2) Ward Baking B. Ward Baking pf . Warner Bros Ple (4). \‘xurner-flulnun @) Wi Wess O & Sn pf (4).. Westn Westn Dairy A (4).. Dairy (B).... Western Maryland. . Western Md 2d pf... Western Pacific. ... 1Vestern Pacif pf. ... Western Union (8).. Westngh Alr Brk(2) Westinghse E&M (5) Weston El Inst (1).. Yale & Yellow Young Zenith 3 34 6% 3% Det Ed! 13 3% 1% payments based 0 stk ™ Bl 1/25 of & share Washington Ticker BY CLINTON COFFIN, Associated Press Financial Writer. Has the Interstate Commerce Com- mission power to compel an unwiling railroad to make important extensions into new territory? The majority of that body has so ruled, despite some dissent within its own membership, and by so doing has probably saised an issue in the field of transport regula- tion which will eventually demand a settlement from the Supreme Court. The commission has ordered the Union Pacific system, through a subsidiary, to raise and expend within three years between $9,000,000 and $12,000,000 for urpose of constructing 185 miles of :\]::apr-um:d, consm.uung‘-n east and west line through the center of Oregon, and, while the circumstance and sit- uation of the contemplated construc- tion is intrinsically important, ratiroad Jawyers and railroad executives are practically all agreed that the im. portance of the precedent set rather outweighs all other phases of the pro- posal. In the long contest that has pre- ceded the decision, legal representatives of the Union Pacific System have set forth several times the view of the law which the raflroad world cannot be expected to relinquish unless it is forced. In substance, this view is, that once capital investment has been committed to public service, Congress and the Conimerce Commission, as congres- sional agents, have very complete con- trol over its use. But that either the commission or Congress can compel the investment of new capital in such service, against the will of owners and managers of the capital, represented as they are by .railroad corporations, has been declared a proposition supported neither by existing statutes nor by the Constitution. Nonetheless, & majority of the commissioners, with what can be assumed to be good legal advice, holds _that the law permits them to order a railroad to extend fits lines, unless the expenditure entailed would be so great as to impair the ability of the corporation to keep up_efficlent operations. Since the Union Pacific in recent years has been earning 16 per cent and upward on the par value of its outstanding capital issues, which are in excess of $733,000,000, the de- cision says there is no question of its ability to meet the cost. ‘However the matter turns, it appears that a new milestone will be laid on the by this proceeding. The decision does not appear to have been an easy one | for the commission to reach, but the Oregon State Public Service Commis- sion, by repeated petition, has insisted n the issue being met, though two of its first applications in the fleld have been dismissed. ~That State, most thickly settled on its Eastern and West- | ern margins, has a sparsely populated and unproductive interior, which has been avoided by all pioneer railroad construction, until the area has come to be what the commission finds is “the largest area in the United States without ~rail service.” Eastern and western rail movements from one side of the State to the other have to bend either South or North for consumma- tion, incurring much longer hauls than the airline distance would involve. Nevertheless, the railroad managements see no prospect that the traffic develop- ed by a new straightcross line would | be sufficient to recoup the capital in- vestment, and the Federal commission tacitly accepts their judgment in re- marking that anticipated lack of earn- ings on the ordered investment will have to be regarded by the Union Plciflclmtem as plrrtfl of the cost of maintaini roper service. Aside l‘xl'.:icmpnl merits or demerits of it seems to be the financial view that acceptance of the principle that sub- investment in rail facilities can be requisitioned into serv- ice by Gevernment regulation will seri. ously modify outlook as to fundamental values of railroads property. People in and around the textile in- dustry are inclined to do the best they can—and if they can—to maintain per- sonal neutrality while the great war between short skirt and long skirt styles is being fought out in the dress marts, There are no clear war correspondent reports about the struggle, but it seems fair to say that fashion dictates for fuller and longer skirts are being seri- ously challenged by important sections of the feminine population which ob- ject to the change. If the skirts can be lengthened there will be tremendous increase in the demand for textiles of all sorts, but just how the stocking makers can profit it is hard to see. “My impression is that much of the opposition that is reported among woman wearers to the longer skirt styles is founded on economic grounds rather than on dislike to the appearance,” said E. T. Pickard, chief of the Com- merce Department’s textile division, who obviously disclaims any partisanship in the matter. “That is, the adoption of longer skirts is considered to require outlay for almost a whole new ward- robe, since underthings have to be cnanged from a short skirt to a long skirt basis. ““Also, there is some belief that to make long skirts drape properly they must be worn over a petticoat, and this requires more expenditure. Yet, so far as my observation goes, the effort to introduce the longer skirts is going to continue.” This engaging struggle, which has been going on for weeks, as most homes know, very finely illustrates the knitted ramifications of modern industry. It seems certain that much of the current world-wide depression in textile manu- facture has been due to the continuance of women’s apparel styles for several years on brief and scant lines. It will be hard to estimate the change that will be wrought if the vogue for more cloth in feminine draperies can be successfully enforced. No more than the United States has ‘Turkey been able to undertake substan- tial revision without Tettlng into diffi- culties. It is pretty clear to the Gov- ernment exchange students, who have been following the recent currency ex- change crisis in that country, that one of the factors contributing to its im- position—though there are several other factors—was the recent enactment of a higher set of tariffs against imports into Turkey. The move resulted in a rush of commodities into Turkish ports, in advance of higher duties, and a sud- den accumulation of exchange bills against that country. This helped to tip a delicate balance, and the Turkish pound, recently worth about 50 cents, dropped to 26 cents and brought the :;)untry close to monetary demoraliza- ion. However, as said, there were a num- ber of other reasons, one of which was the introduction of new paper bills to take the place of the old that were wearing out. Not much effect is antic- ipated on American trade, and it seems likely that Turkey's monetary system will be re-established when opportunity allows with the aid of loans raised in Europe. TREASURY CERTIFICATES. N Y Central..Jan 31 Penn Ry. 1 % Reynolds % Utd Gas Im..Dec 31 " Dividend rates as given in the above tabi re on the latest quarterly or half-yeari: SUBit of trading less than 1 in"etock. Westvaco Chlor (2) White Eagle Oil (2 Motors (2) Wilcox Oll & Gas. Wilcox Rich B (¢2).. Willys-Over (¢1.20) Worthington Pump. Wrigley Wm (4).... Towne (15).. Truck &C... Sheet & T (5) Radio (2).... RIGHTS EXPIRE Allis-Chal, n.Dec. 31 Am Rollg M..Feb 16 Kl 3 19 8% 8% 1 1% the annual casn leclarations. 333 ‘Drelerrea stock 257 ook Drefe; stock. g regular rate. b Payabie © Plus 5% en et stock. le in or b o Bius 3% 1 atock.” th viue 6 22 19 179 5% 106 3% 12 359 ison shares. NEW YORK COTTON. Special Dispatch to The Star. NEW YORK, December 14—Lower prices for both American and Egyptian cotton abroad had a depressing in- fluence on the New York market today and prices lost about 10 points on most months, ending at the bottom. Closing quotations were the lowest of the week and for the first time this month December ended the day below the 17-cent level. Therp was some hedging from the South against pur- chases in the interior. Spots were re- duced 5 points to 17.20. ‘The feature of the news was the census report on November consumption showing a total of 544,000 bales, as against 611,000 used by mills during the corresponding month last year. In- clusive of linters and foreign growths, this_brought the total for the season to 2,600,000, compared with 2,535,000 during the first four months last sea- son. Mill stocks on December 1 aggre- gated 1,671,000, against 1,566,000 last year, a gain of 311,000 for the month, compared with a gain of 371,000 during November, 1928. ‘While the consumption figures were slightly larger than the cotton ex- change service estimated, figures were in line with expectations, as reports from Southern and Northern mills gen- tailment program recently adopted to reduce mill output and readjust market conditions. The effect on the market was slight. Quotations for Egyptian cotton are now 11 cents or more under the level prevailing a year ago, as com- pared with a reduction of about 3 cents in the general price of American spot cotton and futures. Cotton Range. Qpen. High. 17.04 “i3% December . January March TS, NEW YORK, December 14.—Dur- ing the month of November construc- tion contracts were awarded to the ex- tent of $391,012,500 in the 37 States East of the Rocy Mountains, accord- ing to F. W. Dodge Corporation. These States include about 91 per cent of the total construction volume of the coun- try. The decline from the October total ($445,642,300) was a little more than $54,000,000, or 12 per cent. The de- crease from the November, 1928, total of $471,482,200 was about $80,000,000, or 17 per cent. The New York, North- ern New Jersey and Northwest dis- tricts were the only ones showing in- creases over the October, 1929, and November, 1928, totals. PLAN NEW COMPANY. NEW YORK, December 14 (#).—A special meeting of stockholders of the Barnet Leather Co. has been called for December 23 to vote on a proposal to | form a new corporation under Massa- | chusetts laws to acquire, own and oper- | ate the plant at Woburn, Mass,, which is now leased by the company. Reserve FIRST MORTGAGE NOTES for JANUARY ‘RE Make sure of safety and interest. Backed by come-producing propertie you of all risk or worry. your INVESTMENTS and security for principal high-grade home and in- s, this investment relieves % Yiea Be Sure to Get Our Booklet erally had indicated an effective cur-| 2| tons in October. ADVANCE IN STOCK MARKET RESUMED IRally of Yesterday Is Con- tinued at Short Ses- sion Today. BY GEORGE T. HUGHES. { Special Dispatch to The Star. NEW YORK, December 14—With the rails strong the entire session and the industrials, though frregular at times, closing strong, today’s stock market gave a good account of itself. Features at the end were buying of the motors, particularly General Mo- tors and Chrysler, the recovery in United States Steel, which had been heavy earlier in the day, but which left off with a substantial gain, and the rally in the electrical manufacturing stocks. Utilities also did better in the last quar- ter of an* hour, Rail Shares Active. Buying of the rails, which was in evidence from the start, was presum- ably based on the expectation that the Interstate Commerce Commission's merger plan would be announced shortly. Judging from the way stocks acted, this was considered a favorable development, although ne one professed to know the details of the commission’s ideaswnthis long-debated subject. Low-priced stocks and seasoned divi- dend payers were alike in demand. So were the stocks of the hoiding com- panies, Allegheny Corporation and Chesapeake Corporation. Among the leaders were Pittsburgh & West Virginia up 10 points, Nickel Plate up 4 points, Chesapeake & Ohio up over 7 points, New York Central up from 3 to 4 points and in the non-dividend payers Wabash, the St. Paul issues, Western Maryland, Missouri Pacific and Erie up 2 to 4 points. Part of these gains was lost in the late realizing. Most of the time the industrials were steady, but that was about all. Utilities were under slight pressure and from time to time reacted, but not significant- ly. American & Foreign Power was one of the most active and it fluctuated rapidly first above and then below the preceding close. General Electric and Westinghouse Electric were higher at the start and then sold off. Short Covering. United States Steel opened unchanged, but later lost a point or two on Cfi- paratively small volume. Short cover- ing came into Fox Film, stimulated per- haps by the suggestion that the ex- change might renew its inquiry into the extent of bear operations. The oils did little. Motors were well supported, with Hudson making a substantial gain, Such news as there was ought to have helped the market. The weekly trade Treviews reported a better sentiment, and attention was paid to a statement {‘r‘ogm Wlshxlnmn that Christmas buy- Was going on at a satisfactory rate. Traders liked the way the mlriertymd ::t:r the weakness of only two days Wall Street Briefs By the Associated Press. ? Members of the New York Cotton Ex- change were advised that owing to the Trecent unsettlement in the stock mar- ket, the mauguration of trading ‘in zgt'fi:l mmhand ozh‘:]x;l flied securities e exchange wor def the time belngf st An extra cash dividend of $1 a share on the common stock was declared by directors of the Electric Household Utilities Co., in addition to the regular gfi;flgrli d:l:!ldend of ‘2.'51 5c/:em.s a share ust extra of cent in stock. The dividends are },.'fi'bl, Jan- uary 25 to stockholders of record De- cember 24. Ray A. Whidden, vice president and general manager, was elected president of Bauer & Black, Inc., division of the Kendall Co., at the annual meeting of the board. The upward trend in the number of business faflures in the country, com- mon at this time of the year, makes its appearance in this week’s report of R. G. Dun & Co., which lists 514 insol- vencies, an increase of 59 over last week's 455 defaults, and 12 above the 302 failures res)oned for the correspond- ing period of last year. L S row, president of the Withrow Steel Co., which recently merged with the Donner Steel Co,, has been elected chairman of the Donner Co., a newly created office. The Baldwin Locomotive Works has received an order for 25 large freight {engines from the Wabash Railroad. | The order is valued at $2,800,000 and brings the value of business booked so far this year to about $40,000,000, com- pared with $16,000,000 during the same period last year. Production of newsprint in Canada and the United States last month to- taled 365,775 tons, as against 373,923 The United States output was 113,729 tons, as contrasted with 122,009 tons in the month. First Mortgage Loans In Arfington County and Alexandria, Virginia Commonwealth investment Co., Inc 806 15th St. N.W._ Phone Nal al 2623 Mortgage Loan Correspondent for | “"The Prudentias Inswrance Co. of America First Mortgage Loans Lowest Rates of Interest-and Commission Thomas J. Fisher & Company, Inc. First Trust Notes i Now Available 6% JAMES F. SHEA Offices for Rent in the Edmonds Building 917 15th St. N.W. Opposite MacPherson Bquare The Wall Street of Washington Desirable suites of two to six rooms now available. Very Low Rentals 'SHANNON. & LUCHY)| Manaping Agents 1435 K St. N.'W. Nat'l 2345