Evening Star Newspaper, January 2, 1930, Page 13

"FINANCIAL. AFTER EARLY GAIN Profit Taking Cuts Down Advances in Many Parts of List. BY JOHN A. CRONE. 8pecial Dispatch to The Star. NEW YORK, January 2.—Profit-tak- ing just before midday erased part of the advance that greeted the new year a8 the opening of the curb today. The recession, like the rise, started in the utilities, with other groups trailing after the leaders. One of the bellwethers, Electric Bond & Share, opened with a block of 4,900 shares at 857, up 1',, then crossed 86, at which level it met profit-taking. Although American Superpower opened unchanged at 2535 on a lot of 4,000 shares, it moved higher before encoun- tering offerings. Some of the early wide movers in the utilities list included Common- wealth Edison, which opened up 5 at 247, American Light and Traction up 8 at 228, and Duke Power. which at in- tervals was up nearly 9 points. ‘The oils backed and filled ir early trading with Standard of Indiana, which came out several times in big blocks, one of them for 5,000 shares at 54Y,, the leader in point of activity in the Standard group and Cities Service the miscellaneous petroleums. Otis Elevators was an early feature in the industrials list, opening up 8% points. On the other hand American . opened down 53. A few minutes later directors announced that Ameri- can Cigar's quarterly common dividend of $2 due to be declared at this time had been omitted. 3 Crocker Wheeler's first sale at 213 represented a gain of 2 points. Glen Alden, one of the strongest spots in recent sessions. opened at 121, off 4's points. Tubize, which had advanced about 9 points, wiped out about one- third of it. ‘The first batch of 1929 earning re- ports for investment trusts and trading companies showed mixed trends both in profits and size of losses. Corporation opened up 4% points at 9%. Before the noon selling wave Trans- America, Shenandoah and Goldman Sachs were higher. Responding to the 1929 earning report National Investors opened off 1. Tri-Continental, which | has mera:: with Tri-Continental Allied Corporation, also was lower. Wall Street Briefs By the Associated Press. National banks of the country. a3 group, registered an increase of O ooo,n%o. or 10 per cent, in their holdings | of real estate loans in 1929, as_com- | m with the previous year. Realty approximated $1,413,000,000. Public offerings were made today of an issue of $2,000,000 43, per cent bonds of the City of ‘Waterbury, Conn., ma- turing November 1, 1930 to 1939, in- elusive, General tion has been made of the companies under the direction of Piblc wility operstor. A E. Fitkin & Co., Im:.'m be succeeded by Secur} , controlling interest in A. E. Fitkin & Co., Ltd., an investment affiliate, and in the United States Engineering and Man- agement Subsidiary. Sales of crude rubber during the year 1929 reached s new record high total on the Rubber luh:n{e of New York, amounting to 491,215 long tons, com- pared with 418,422!; long lons in 1928, the previous high figure, and with 260,- 720 tons in 1927. Stockholders of the Newton Steel Co. | of Youngstown, Ohio, will meet January 9, to vote on & proposal to authorize the issuance of $3,0,0.000 in notes. The pro- ceeds from the cale will be used in the construction of the company's new plant at Monroe, Mich. Included among the new securities to be offered. today will an issue of $1.900,000 Wayne County, Mich., 43 and 4%, per cent bonds, the 43, matu: ing $100,000 each April 1, 1931-1941, and the 4l4s maturing $100,000 each April 1, 1942-1949. The bonds are being issued to provide a county airport. Net asset value of $91544917, of ‘which $33,516,003 is represented by cash, call loans and U. S. bonds and Treasury notes, is shown by the Lenman Corpora- tion, the first investment trust to report for 1929, in a statement as of December 31, made public today. Net asset value of the 1,000,000 shares of capital stock outstanding amounted to $91.54 a share, or 22 per cent in excess of the market value of the shares, which closed Tues- day at 75. . FEDERAL LAND BANK BONDS. NEW YORK, January 2 (Special).— Bid. Asked. 923, 9 8% 90 903, : lfl{ 58 Ne 19410p31. ov Bank 56 May 19410p31 NEW YORK BANK STOCKS. NEW YORK, January 2 (Special).— America N American 100 Bank of U. units. ki k_of Yorktown. ark Centrel Nationai. 130 154 Chase ......... Chat Phenix 115 Chelsea Ex ex r ity . war S Sixth Avenue Sterling National Straus National Textile ... Trade Benk Union (Bronx)... . Washington Square n World Exchange......... Yorkville ...... e TRUST COMPANIES Banca_Comm Ital.. Farm L Pidelity Puiton Guarani Tt Germanic int Ge Nearly 100 new words were added to ~Prev. High. 24% 110 80% 110 41 AT% 22% 163% 60% 9% 52 31% 11% 72 691 174 12% 1029.~ Low. Stock and Dividend Rate. ind 10'% Allied Miils, (6! 23 Allled Pow & Lt. 71 103 AluCoof Am pf(§).. Alumin Goods (1.20) Am Arch Co (3) Am Brit & Cont, Am Cigar Co (8). Am C P&L B (b10% ) Am Colortype (13). . Am Cwith P,Bb10% . AmCwith PAb10%. 2% Am Cmwith Po war.. 4 AmControlOliFids. . 20% Am Cyanam B (1.60) 25% Am For Power war., . 70 Am Gas&Elee (31).. 98 Am Gas&Elee pf (6). 64 Am Invest Ine B.... 3 Am Investors (war). 190 Am Lt & Trac (10).. 1% Am Maracaibo. 16 Am Superpower (1). 89% Am Super 1st pf (6). 5 Am Yvette (new)wi. 14 Anglo-Am vot (73c). 11 Anglo-Am n-v (73¢). 7% Arcturus Rad Tube.. 3% Arkansas Nat G: 615 Arkansas NatGas A. 1% Asso-Dyeing & Ptg., 5% Asso-Elec Ind.Ltd. 854 Asso GRE, A (12.80 3% Asso G&E A deb rts. 4 Atlant Fruit & Sug.. 24 Atlas Plywood (2).. 16% Aut V Mev prpt (2). 203 Aviation Corp of Am 60 Bala & Katzctf (3).. 46% Bancomit new(1.60). 4% Bellanca Aircraft... 14' Bickfords, Ine (1)... 34 Blue Ridge Corp.... 23% Blue R Corpev pf 13, 1 BlynShoes, nc... 31% Brazil Tr & Lt (2) 20 Bruck S MillaLtd(2). 22 Buf N&E P pf (1.60). 3% Burma Corp (131c).. 13% Butler Bros (2) 4 Bwana M Kubw: 3% Cable Radio T vte. 3 Cab&WireLtdA rets. 1% Cab&WireLtdB rets. % CAMCoectfs.. C A MCocum pf. 19 Camden F Ins (t1).. Carman & Co A (2). Cent P8V A (a1.75). Cen States El (340c). 4% Centrifug Pipe (60c) 9 Chain Stores Stk(b§) 1% Comwlth & Sou war. 449% 210% Com’with Edison (3) 42 20 324% 120 Duke Power (35). 20 1% 321 '4 Comstock Tunnel.... 13% Consolidat Alrcraft.. 4 Consolidated Copper 71 Con Gas, Balto(3.60) 10 Cons Laundrie . 20% Con Gas Ut A (3.20). 2% Cons trument. ... 10% Con Retail Strs (1).. 2% Consol Royal (60c).. 10 Continental Oil. 10 Cora Corp.... - 69 Cor& Reynf A (6).. * Ce 5% Creole Petroleum. .. 173 Crocker Wheeler(n). 2913 Crowley Milner (2).. 1% Curtiss Wright war.. 6% Darby Pet (1)...... 2 Davis Drug Stor efs. 3 De Forest Radlo. 2 Derby Oil & Refin. .. 5% Detroit Alrcraft Cor. 8% Dix Gas & Utilities. . 14% Doehler Die Casting. 4 Dubeller Cond&Rad. 3% Durant Motors. 17 East States Power B Eisler Elec Corp. ... El Bond & 8h (b§) El Bond & Sh pt (6). El Pow Associates. , El Pow Assoclates A 10% El P& L opt war.... 314 El Sharehold (31) 45% EI Sharehold of (§ 14 Empire Fire Ins 5 Empire Steel Corp % Engineers Gold. 13% Eng P 8 opt war 3% Evans Wallow Lead Fairchild Aviatiol T% Foltis Fischer Corp.. 15 Ford MotorCan A... 8 Ford Mot of France.. 10% Ford Motor Ltd..... 15 Fore D Pr pf (1.60).. 5 FoxTheatClA...... % Freed-Eiseman Rad. 5% Gen Am Invest new.. 70 Gen Am Inv 35% Gen El Germ rcts. .. 29% Gen Fireproof (12%) 13% GenGas & El (A)... 10 Gen Indus Alcohol. .. 9 Gen Rity & Utilities. 60 Gen R & Utll f (6).. 24 Gen Theat Equip vte 80 Glen Alden Coal (10) 11'% Globe Underwriters. ' Gold Coin.... .16 Goldfield Consol. Goldman Sachs (b§) GrA&PTnv(6).. 3 1758 145 THE EVENING STAR, WASHINGTO! Sales— Add 00. Open. High. Low. Close. 1% 1% 1% 23% 23% 84 a3 1 2 2 5% 5% % 5% Boay s 98 i 38 37 2 76% 7614 6% T 3 108% 108% 108% 10! 2 234 28% 23 36% 364 364 3 1 b% 5% 5% 4598 70 TH% 61 21 14% 3 2 & 28% s % 13 119% 120 1107 107 16 10% 11% 7 bW 5% 258 228 228 8 1% 1 304 25% 115 107 10% 11 10° a B L T L L= To o pupy on S e P - - BoaunBemelam mpas - mors S 25% 1 113 3% 3% 3 84 43 n 1 2 5% % 3 37T% 354 36% 61y 8l 614 57 8 14% | 264 | 5% 5 3% 69 | 5 7 3 108 247 247 347 247 2 % el % 16 5 Ny 10 21% 3% 104 5 5% 154 36 U bu 2 19% 19% 4 15% 16% 145 % 19% 19% 164 16% 885 8% 86% B80% 814 2 103% 104 103% 1. 20 28 28% 24% 25 30 16% 83 14% 12 1 16 Ron prmmpsnad IR rnbSenetoanalet clonnnmmon 26 4 121 Gr A &P Tea pf (7).1208 Graymur Corp..... Ground Gripr(t1%). Guardian Invest. 115 Guif Otlof Pa (1%4). 19% Habirshaw (1). 1 Happiness Candy 27% Haygart Corp. Hecla Mining 3% Helena Rubenste: 25 Horn(A.C.)1stpf3% 6 Houston Gulf Gas... 6 Hudson Bay M & 8.. 74% Humble Ofl (2)...... 27 Hydro El Service(2). 10 Hygrade Food Prod. 22 ImpO!l Cann ( Indian Terr Il Ind P Lnew (1214) . Ind Finefts (b10% ) Insull Ut. Inv. (b6%) tnsull Ut In 2d pt 6. InsCoN A (12%)... Insurance See (1.40) % Intercontinent Pet n 15 Intl Petrol, n(62%c) 69% Inter Prod pt (6).... 254 Intl Superpower ($1) 3 Internatl UtB...... 1% Internatl Util (war). 10 Interstate Equities. . 7% Interstate H M (1.40) 1 Iron CapCopper..... 11% Irving Afr Ch (1.50): 6% Itallan Superpow A. 10 Jon& Ncum pt (3).. % Kirkland. . 15 Klein. D. B 12% Klein (H) pt p 1 Kolster-Br «Am Sh cac T% Lakey F & M (12. 1% Land Co of Flori 12% LAly T Cup (150) 2 19% 1 SReamnann~ vuNA 26% 27% 20% 21% 40% 40% 17% 17% 59 60% 82% 82 71 2 T 1 5 8 12 1008 3 Smarnummammn e % v 21% 71 33% 3% ™ ™ 2 2 10% 10% % 12% 3 16% % 17 19 1 1 35% 36k 84 Bl 1% 1% 11038 103 16% % 174 20 - oS 103 04 24% 22% 30 16 82 12 1 16 267 121% 1% 1% * bl 139% 139% 19% 1 1 40% 7% 8% 274 07 17% | 1 1 3 6% 68 794 80% 764 T75% 10 1% 1m 1% 1 18% 18% 18% 1 1% 8% 21% | ~Prev. 1920.~ High. Low, 38% 18 49y 14% 67% 28 Lone Star, new 91 40 Island Lt 13 14% 43% 5% Stock and Dividend Rats Lion O1l Refl 7% Loews Inc 2 Lo 37 28 1 5 Met& Min Inc ( 251 Met Chain Store: 21 18 9815 Mid W Ut cv pf 15 Mid Royalty ev Marine M1d Cp ( 24 Received by Private Wire Direct to The Star Office Sale: Add 9% 19% 1 (40¢) Mapes Con Mfg (3). 1.20) 1.2 s, Midl United(b1% %). Middle WstUt(b8%) xw 6 ofs. 1% Min Corp of C (25¢).. 8 Mo-KanP L (b5% 7 Mount Prod (1.60) 7% Nat Amer Co (3) 6'4 Nat Aviation.. 5 Natl Fam Strs 10 Natl Family S pi Nat Pub Sv A ( Nat Rub Mach t(2). 89 Newmont Min (34) 20% Newport Co (2). 7% N Y Auction (1% 20 N Y Invest (1.20 11% N Y Pet Rovalty 102 N Y P&L 6% pf 12 Niagara Shars b. il% Niles 0 100 ) (6).. 25 1 ement Pond. 3 North St Pow pf (7).1008 4 17% N W Engineer (2). 14 Ohlo Copper. 644 Ohlo Ofl (12%. 58% Otis Elevator n 3% Outboard Moto: 24% Pac G&EI 1st pf 23% Pac Pub Serv (1. 4% Pac Tin Pac Western Oil. L&P A (a2.40). Pepperell Mfg C Perfect Stov (17 Petrol Corp(1% 1%. .30). Corp Spe(5). 64 24 5 2 - 2 b2 208 107% 1 'o (8) %) ) Powdrell&Alex 4 Premier Gold (2: e Prince & Whitely Prince&Whitely Prudential In: PugSP&Ltpt Reiter-Foster (4! Reliable St » ). 0c). Reynolds Bros inc. Reyuolds Met, n 2.4 Rich Oil Cal pf(1 Rike Kumler (2.20) 15% 4% 107 95 229% 124% Safe Car H&Lt ( 6 2 49% 50% 110) 2 Schulte Un be-31 Sel Ind allot efs 6% 8314 Sentry Safety Cont.. 3" Shattuck Den Min, S'east P&L pr pt 110% 100 SEP &L pf(7) 26% 20 8o Cal Ed pfB( 21% 4 Southern Corp. z; 11% Southland Roy 2! 70 111% 102 o 377% 3% 64 97% 63 33% Southw P&L pf 29 60 St Ofl of Ohto (2 % Standard Pub A 31 Starrett Corp pf! 42 Stern Bros A (4) 9% & W Dairy Product: 45 Southw Penn PL(1 (M. ) Stand OIl, Ind(12%): Stand Ofl, Kan 12% .. Stand Ofl. Ky (12.20) . %) .. 25% Stroock & Co (3)... 1% Stutz Motor Car. 34% 9% SunInv 12 4 37% 25% Swift Intl (2) 1;27/. 121% Swift & Co (8). 59% 18 Taggart Corp (1 6 Syrac Wash M B (1). Sunray Ofl (40¢c).. 1 eees 508 35% 135 1 8% ) 40% Tampa Elegtric ( 4 7% Texon Oil & Lan Teck Hughes (60c) 25% Thira Nat Inv (1 18 Thomp Prod A t: 20% Transamer (21.4 6 Tran Con Alr 10 5 Tri-Continental Co Tri-Cont Corp of (6 5% Triplez Safety Gl 16 Trunz Pork Stor 111 Tub ArtSilk B ( 10% Tung-Sol Lamp 23% Tung-Sol L of (3). 156 Ulen&Co..... 554 Unit Sh Mch (13 1% United Stores. . 11' Unit Verde Ext (4) % Unity Gold..... Utl] Power&Lt( Utility & Ina... 13 13 20 10 6% Viek Fin Corp. 16% Vogt Mfg Co (3 Wilson Jones (3 3% Winter (B 2 W " 01l & Ga 13 Zonite Prod (1. RIGHTS. 13 .07 Trans Corp. Dividend rates tn dollars based on annual payment. Util & Ind of (1%).. Utility Equittes. 5% Vacuum O1l (1434) 1% Venezuela Ptm (20 ni). . odley Petroleum, o 1 10). 1408 1 @).° o TaBopnmowmon S 2 ). P - ot e e e el L ). 20 19% 59 .08 .09 .08 .— 00. Open. High. Low. Close. 19% 1 9% 09 last quarterly or semi- Ex-dividend. tPartly extra. tPlus extrs in stock. a Payableln Parabl referred oash er stock. ble in stock. EX-COFFEE FACTOR DIES. |New vork to necover from a tengihy | TREASURY CERTIFICATES, MIAMI BEACH, Fla., January 2 (&), l —Arrangements for the funeral of Wil- liam Raymond Robbins, 70, New York City. retired | that he held Mrs. Robbins said he had fe neral mai | & Co., Rio de Janel similar South American coffee factor, last night | don for Neumann Gett | , they came lew York, where awaited arrival of his two sons from |} X with the American ormerly | Ralron er of 3. W, Doane | Sit8 M ro coffee firm, and ition in Lon- & Co. Later, 3128 Ma 3 Ju Bept. rted by J. & W. Sell aturity 19 10014-32 1001 E 3'28 Sept. 18, 1 M - 24 Dee. 15, 99 19-32 99 23. 5 D. C., THURSDAY, AUTO PRODUCTION IN 152915 RECORD Qutput in 1930 May Not Equal High Mark Set Last Year. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 2.—The year 1929 was the record one in automobile production, but none of the large auto- mobile manufacturers so far has ven- tured to predict that 1930 will exceed the production of 1929. The year 1928 brought a production of 4,600,000 cars and trucks. This was the record up to that time in the United States. The first nine months of 1929 saw production climb up to 4,870,000 units. By the end of November the 11 months’ total exceeded 5,480,000. 8o the figures for the entire year 1029 should reach a total of 5,600,000 units, a new all-time record. Such a record could not have been reached without the tremendous pro- duction which the Ford Motor Co. ex- perienced last year.- “Practically all of the gain in output over the year is traceable to this com- pany., which has regained most of the ground lost in the market prior to its 1927 decline in operations, pending de- velopment of a new model,” says the Union Trust Co. of Cleveland, in its Trade Winds. For the first nine months of 1929, the registrations of new passenger cars in the United States totaled 3,269,117, as against 2,482,028 in the corresponding period of 1928. This was a gain of 31.7 per cent. The increase for the Ford Motor Co. was 430 per cent, while the industry as a whole lost 0.8 per cent, exclusive of Ford. Today two companies, the Ford Mo- tor Co. and General Motors, are pro- ducing approximately seven out of every ten automobiles manufactursd.” The three others are divided among all the other automobile companies. ‘The one disappointing element in the automobile trade for last year was the drop in the expected results of the ex- | M trade. It was thought that the D056 capert of cars and. trucks would exceed 1928 figures by at least $100.- | M 000,000. The final figures will probably show an increase of about half this amount. ‘Why is this? The high money rates in the United States of the last year caused a sharp decline in loans to Eu- rope. This showed up in the automo- bile trade. The other factor is a grow- ing tendency on the part of American producers to -build plants abroad to ‘manufacture for foreign consumption. For the first nine months of the year exports of passenger cars declined 2 per cent. as compared to the year previous, while shipments of automobile parts to foreign u;um,rles ?r assembly re expanded 96.5 per cent. th'el'he r?cord for 1930 has yet to he made. But that the total lg:’oduct.\cn will equal that of 1929 is probable, by about a million units. ‘What parts of the United States are mns\fler!%.w be the best prospect so far as business goes over the next six months? Brookmire's sales and credit map, issued a few days before the close of 1929, makes the central part of South Carolina, the middle section of Georgia and Alabama, all of Mississippl, the eastern half of Tennessce, the southern half of Arkansas and the eastern half of Louislana the bright spots of the South. The southeastern section of Idaho, comprising about one- third of that State, looks lie the best bet in the whole West, with the I‘el": of the West in the “fair prospects itory.. tergo rd nearly all the rest of the country; more of it is in the “fair prospects” territory than in the “poor rospects.” o Tl"l’fs forecast estimates that the United States income for the next six months will be about 4 per- cent less than it was one year ago and 2 per cent less than three years ago. This is not a decrease to be par- ticularly alarmed over. No one who reads the annual report of the president of Columbia University for 1929 can fail to be impressed with the Increasing importance of business in university life. The printed report covers 80 pages. It covers a wide variety of subjects, including subjects such as the academic careers, manners, educational reconstruction, organization of research, gifts, property, university budget and honorary degree. Located in the heart of New York City, this university expended in the year ending June 30, 1929, $10,204,000, while the budget for this year calls for expenditures of $11,571,000, or nearly $1,000,000 & month. Think of a total of 36,587 resident students during the last year dnd an- other 10,000 non-resident. A total of 5,531 degrees were granted in the one year, of which only 11 were honorary. Columbia has received in cash gifts since the year 1890, a total of $80,753,~ 000. It has resources today of $131,- 088,851, With business men contribut- ing more liberally more than ever to colleges, the subject of honorary de- grees has become important. Columbia, as well as other universities, is now |] glving honorary degrees of a kind which are not obtained by study. “It is undesirable that any degree should be conferred as an honor which may be obtained statedly in course. It was for this reason that the degree of doctor of philosophy, once freely conferred in the United States as an honorary degree, is no longe; ferred by institutions of the first rank, says Dr. Butler in 'his report. University training is emphasized in every section of the country. For there are now about 700 institutions of higher learning in which regular university courses are given. New York City alone 1800 1929 ALEX. BROWN «* SONS B Underwriters « Distributors INVESTMENT SECURITIES WAlllllfl.Tel Orrics 737 15th Street N. W, Telephone, National 1053 Mamn Orrics - Barrivens NEW YORK, January 2—With in- quiries picking up and prices indicating a tendency to hold steady, machinery and machine tool centers throughout the country are opening the new year with considerable optimism, American Machinist reports. Manufacturers state that production is uninterrupted and that tY:ey expect to be busy for several months to come. ‘The Southern Natural Gas Corpora- tion, a subsidiary of the Triutilities Corporation, has completed construc- tion of an Interstate transmission pipe line from the Monroe and Richmona gas flelds in Louisiana through Mis- sissippi to Birmingham, Ala. It is ex- pected that the main line to Atlanta will be completed before the end of the current month. Raw silk futures transactions on the National R#w Silk Exchange for Decem- ber showed an increase of more than 200 per cent over December, 1928, totaling 19,715 bales, compared with 6,655 bales in the closing month of the previous year. There was no change in the prices of crude petroleum in 10 producing flelds for the week ending December 28, as contrasted with the previous week, at $1.612 a barrel, according to the Oll, Paint and Drug Reporter. GRAIN MARKET. CHICAGO, January 2 (#).—Persistent selling in which Houses with Eastern connections took the lead carried wheat values downward today after the mar- ket had scored an early advance. The pressure to sell was largely due to evidence that export demand for wheat from North America had failed today to assums the volume looked for in many quarters. A further bearish de- velopment was talk that Russia had cleared some wheat, and had for- warded samples to Liverpool to be valued. A Wheat closed easy at 17 to 2Y net declin>. Corn finished 35 to % off. Oats unchanged to '« lower, and pro- visions 5a7 to 10 cents advanced. WHEAT- January NEW YORK, January 2 (#).—Cotton opened steady today at an advance of 1 to 5 points in response to the steady showing of Yiverpool. Offerings were light. There appeared to be a little trade buying and soon after the open- ing better commission house demand was reported, which sent prices about 9 to 11 points net higher. March sold up to $17.43 and July to $17.82 and the mar- ket was within a point or two of the best at the end of the first half hour. Liverpool cables said that continental and Bombay liquidation had been absorbed by covering and trade calling in that market and reported moderate cloth sales with rather a " more optimistic feeling in Manchester owing to expectations of increased business this month. )iETAI. MARKET. NEW YORK, January 2 (/P).—Copper quiet; electrolytic, spot and future, 18. Iron quiet; unchanged. Tin steady; spot and nearby, 39.61a39.75; future, 40.50. Lead steady; spot, New York, 6.25; East St. Louls, 6.10. Zinc quiet; East St. Louis, spot and future, 5:45. Antimony, 8.50. International Shoe Co. NEW YORK, January 2 (#)~Net earnings of the International Shoe Co. for the year ending November 30, 1929, were equal to $4.37 a share, compared with $4.03 a share in the corresponding period of 1928, i - _'The automobile ciub of the Island of Grand Canary has turned its care of highways over to the government. has, in addition to Columbia, two other institutions almost its equal in size, New York University and the College of the City of New York. (Copyright, 1930, by North American News- jper_Alliance Money to Loan Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan Tower Bullding National 6110-6111-6213 (Telephone Directory Omission) REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Advantages incident to direct representation 1520 K St. NN\W. National 0475 FINANCIAL. BRITISH CROWN BESTOWS HONORS Six Peers, Privy Councilor, Four Baronets and 26 Knights in List. By the Associated Press. LONDON, January 2—The list of New Year honors bestowed by the crown yesterday was headed by names of 6 new peers, 1 privy councllor, 4 baronets and 26 new knights. ‘The new peers are: Maj. Dudley Leigh Aman. Sir Willoughby Hyett Dickinson, who is honorary secretary of the World Alliance for Promoting International Friendship Through the Churches. Sir Willlam Joseph Noble, who is a former president of the United Kingdom Chamber of Shipping. Arthur Willlam Harry - Sponsonby, M. P, who is parliamentary secretary of the ministry of transport and the only new peer connected with the Labor government. Sir Hugh Trenchard, whose retire- ment as chief of air staff was announc- ed_yesterday. Sir Charles Wakefleld, a former lord mayor of London. The new privy councilor is Viscount George Joachim Goschen, formerly Governor of Madras. Baronetcies ~were conferred upon Louis Bernard Baron, philanthropist; Sir Thomas Gregory Foster, now provost. and recently vice chancellor of Uni- versity College, London; Sir Willlam Middlesbrook, formerly chairman of the local legislation committee of the House of Commons, and Sir Eustace Tennyson=- D'Ecourt, formerly director of naval construction. Knighthoods include Prof. Granville Bantock, musician; Lieut. Col. Henry Cole, director of exhibitions in the de- partment of overseas trade; Edward Knapp-Fisher, receiver general of West- minster Abbey; Prof. Thomas Nunn of London Day Training College; Fred- erick Joseph Wall, for 35 years secre- | Wabash tary of the foot ball association. One knighthood each goes to Queens- land and New Zealand, 14 to India and 5 to the colonies. Sir Joseph Ward, premier of New Zealand, is created a knight of the Grand Cross of St. Michael and St. George. Eric Charles Mieville, secretary of Lord Willington, Governor General of Canada, is created a companion of the same order. A number of women figure in the Order of the British Empire. Hon. Mary Lady Bailey is created a dame com- mander of the order. Miss Orsenberg, secretary to Premier Macdonald, created a commander. Miss Maude Royden, one of the most notable woman preachers of the present day, and Miss Gertrude Tuckwell, who has become known as adviser to the lord chan- cellor on the appointment of woman magistrates, were both admitted as “companions of honor.” — MISS CHRYSLER TO WED. Auto Manufacturer's Daughter to Marry Edgar W. Garbisch. NEW YORK, January 2 (#).—Miss Bernice Chrysler, daughter of Walter P. Chrysler, automobile manufacturer, and Edgar W. Garbisch, sales executive, captain of the Army foot ball team and all-American center in 1924, yesterday | Er} obtained a marriage license at the Municipal Building. ‘The wedding will take place January 24 at St. Bartholomew’s Church. Their engagement was announced some time. ago. RAIL MERGER PLAN AFFECTS TAX SUM Readjustments Under I. C. C. Proposal Would Total Mil- lions of Dollars. BY J. C. ROYLE. Taxation readjustments affecting every State in the Union will be neces- sitated if the Interstate Commerce Commission plans for rallroad consoli- dations go into effect. Readjustment of the final valuations of every class 1 rallroad in thc country will be neces- sary ‘both as a result of the O'Fallon road decision of the United States Su- preme Court and as a part of the merging of the various units into the 21 systems, as proposed by the commis- slon. These valuations must be taken into consideration in the levying of State and Federal taxes, and, in addi- tion, the new line-ups of the various roads will mean a readjustment of tax g:zmenu as between the different Reorganization expenses incident to the mergers will total hundreds of mil- lions of dollars. They will necessarily include an extraordinary amount of ac- counting, the taking of stocks and in- ventories, inspection of equipment, com- plicated transfers and retransfers of stock certificates, large legal expenses, incorporation fees, auditing of books and scores of other expenses. The In- terstate Commerce Commission is al- ready making preparationt to meet the demands for prompt reva uation of the n‘!fold.l on a basis providing the giving of “due weight” to cost of reproduction as of the date of revaluation. Under the previous system the valuation had been fixed through use of the 1914 prices for labor and materials. The amount of money involved and the volume of accounting necessary may be gathered from examination of that part of the commission’s plan Which provides for the so-called new system. In the first place, it was made plain at the commission today that the designation of the sys- tem as “The Wabash” is likely to be & misnomer. Under the I. C. C. val- uations the Wabash stands third in the proposed group, being exceeded in value by the Norfolk & Western and the Sea- :z?rd Alr tllalne.be Bince Seaboard has y recently been reorganized ana Wabash has complicated fmnuon af- fecting $16,000,000 in back dividends on its preferred A stock, the Norfolk & Western would seem the logical con- zmllmhunlt of the system. In addi- tion the problem is still further com- plicated by the fact that at the ena of 1928 the Pennsylvania Railroad, or the Pennsylvania Co., all of the stock of which is ownsd by the Pennsylvania Rallroad, possessed about $25,000,000 of preferred and $40,000,000 of com- mon in Norfolk & Western, At the same time the Pennsylvania Co. owned 48.8 per cent of the Wabash's oui- standing stock. A lg-ndeé g\f old Vll‘lell ollw of‘ the . C. C. the aggregate value of the roads of the 2m- Wabash system today is $1,209,191,344, exclusive ot trackage rights over other roads, which cannot be valued in dollars. It is estimated that the new valuation un- der the O'Fallon decision will total ap- proximately $2,000,000,000. Following are the valuations of these roads as- signed to the Wabash. which have been tentatively valued under the 1914 scale: ‘Western M‘?olsnd' $71,219,111; Wa- bash, $106,625,000; Wheeling & Lake le, $40,142,800; Pittsburgh & West irginia, $22,846,900; New Ji diana & Illinois, $245,050; Air Line, $125,366,000; Macon, Dul & Savannah, $2,209,300; Atlantic & Yadkin Railway. $3,400,000, and Tampa Northern, $1,112,464. A Good Resolution— Invest in FIRST MORTGAGE NOTES Exclusively —and obtain them from a firm of good standing. This organization has shown a consistent growth and development since 1906—almost a quarter of a century, Safe 1435 K St. N.W. Investment Opportunities 6% ON: Prompt -LUCH, Nat'l 2345 The recipient of the so called “first of the year disbursements’ this year are afforded a more favorable op- portunity for the investment of such funds than has existed at any similar time for several years. We have prepared a list of invest- ment bonds and stocks, copies of which may be obtained upon requc t. One of our representatives will be glad to discuss the investment of your funds with you. W.W. LANAHAN & Co. BANKERS umn«»ruhum.nmuqu i Associate Members New York Curb Exchange Washington Office—Hill Building EDWIN D. FLATHER, MANAGER—-TELEPHONE NATIONAL 6697 the English language in_the last year, according g to experts in England. Skilled laborers it Bollvia now re- was associaf died Tuesday | offices of Lioyds, Ltd. Robbins retived night, two days -lm here from ' tWo years ago, ahe aald, - ceive $120 & month. §