Evening Star Newspaper, January 11, 1930, Page 12

*, i A—12 * FIN ANCIAL. DRECTORS ADDED 10 BOARD OF BANK Wilson and Brown Elected at Federal-American Meeting. BY EDWARD C. STONE. Lloyd B. Wilson, president of the Chesapeake & Potomac Teiephone Cos. in the District of Columbia, Mary- land, Virginia and West Virginia, and ‘Willlam J. Brown, preswent of the Black & White Taxi Co. ana Black & White Sightseeing Co., were elected directors in the Federal-American Na- tional Bank at a meeting held late yesterday. Mr. Wilson takes the place made yacant by the death of Albert E. Berry, who was president of the tele- phone company for many years. Mr. ‘Wilson came here last September from New York, where he had been con- nected with the American ‘teiephone & Telegraph Co. for many years, engaged in the commercial development of the company. He is a native of Nebrasks. Before going to New York in 1925 he was general commercial superintendent of the Northwestern Bell System. William J. Brown is a native of this city, was educated here and for some years was a veterinarian in Frederick, Md. He was a captain in the Army and after the war came to Washington, starting in the taxicab business in a small way with his father and two brothers. Today his companies have 400 taxicabs in operation here. Peoples Drug Annual Report. Peoples Drug_Stores, Inc., has made its annual report of sales in 1929, show- ing that total sales for the 12 months ( amounted to $15,537,134, in comparison with $11,347,240 in the previous year, an increase of $4,189,894 in 1929, or 36.9 Her cent. “TThe local company reported Decem- ber sales as $1,711,903, against $1.- 355,174 in December, 1928. This was a gain of $356,729, but the percentage gain for the single month was not as large as for the whole year, being 26.3 per cent. Malcolm Gibbs, president of the com- pany, recently predicted that the com- TRANSACTIONS ON THE NEW YORK STOCK EXC ~Prev. 1920~ Stock and High. Low Dividerd Rate. 34% Abitibi Power & Pap. % 69 Abitibl P& P pf (6). 1121 100% Abraham & St pf 34 20 Adams Expr (1.60) 7 Advance Rumley 15 Advance Rumley pf. % Ahumada Lead. . 77 Alr Reductn (14%) 1 Ajax Rubber. 4% Alaska Juneau. 17 Alleghany Corp 92 80% Alleg C pf (5% )xw.. 354% 197 Allled Ch & Dye(n6). 7612 35% Allls-Chalmers (3) 11% 2 Amal Leather. .. 42% 171 Amerada Corp (2). 73% 18 Am Arglcul Chpf... 2 57 Am Bank Note pf (3) 10s 27 Am Bosch Magneto.. 10 40'% Am Brake Shoe(2.40) 6 8 Am Can (4).. s 20 Am Com Alco(n1.60) 1 50 Am & For Power.... 355 86% AM&FOR Po2d pf(7. 4 23% Am Hide & Lea pf. 40 Am Home Prod (4. 29 AmIceCo (14). 291 Am Inrernational 2'4 Am La F & Foamite, 27% Am La Fr & Foam pt 20, 6 90 Am Locomotive (8). 111% Am Loco pf (7)..... i 58 Am NatGaspt (7).. % Am Plano. . 641 Am Power & Lt (1) 921 Am Pow & Lt pf (6). 72% Am P&L pf A st (5), 28 Am Ra&Std San1%. 12 Am Republies. . 60 Am Rolling Mill ( 44 Am Safety Razor 17 Am Seating (2). 62 Am Sm & Ref (4). 123'% Am Sm & Ref pf (7). 38 Am Snuff Co (131%4) 18 Am Sumatra (3) 35% Am Steel Fdy (3 56 Am Sugar Rfg (5) Sales— 62 13 79% 50 Am Water Wks (n1). 5% Am Woolen. .. 15% Am Woolen pf 7 Am Zinc Ld & Si 67% Anaconda Copr (7) 25 Anchor Cap (2.40).. 75 Armour Del pf (7).. 5% Armour I1l (A). 2% Armour Ill (B). 6% Arnold Constable. . 20% Art Metal Works (3) 25 AssoDry G (23). 85 Asso DG 1stpf(6).. 83 Asso DG 2d pf (7)... % 195'% Atch T & S Fe (10).. 4 161 Atl Coast Line (110). " 45% AtIG& W L pf (4). 29{ Atl Refining (12). ing year will be good for stores which are conducted under careful and con- servative management. 5 Fewer 1929 Failures in South. During 1929, for the second consecu- tive year, the business mortality de- clined in the South Atlantic tes, both s to number of commercial failures and their liabilities. For this geo- graphical group, says Dun’s Review, de- faults numbered 2,162 in the year recently ended, against 2,353 in 1928, and an indebtedness of $39,4283814, compared with $57,022,588. Hence, there was a numerical decrease of 191, and a contraction in the amount in- volved of about $17,600,000. -~ Seven of the nine States included in this section reported fewer insolvencies for 1929, these being Maryland, Dela- ‘ware, District of Columbia, the Vir- , South Carolina and Florida. The tions were North Carolina and Georgia, and these two {tates. with Delaware, alone had larger liabilities. Improvement in the returns for Florida was again marked, both as to flumber of failures and indebtedness, and particularly sharp reductions in the Tatter item also occurred in West Vir- ginia and District of Columbia. rgia Florida "South Atlantic 2,162 « 1928 2,353 . 57.022.! Vital Advertising Changes Seen. i George Harrison Phelps has written ¢ fascinating book, published by Har- per & Brothers, entitled “Tomorrow’ Advertisers and Their Advertising Age) :e‘s 1311 v'v_'hloh he makes Jome sweep, predictions regarding the future of big business. The author considers that speed will be one of the new elements m business in the future. The airplane has greatly speeded up transportation, making it possible to ship films, prints, manuscripts, proofs, etc, much more rapidly. = Business men, he asserts, will know their markets better, because they will Xnow places better. Business adminis- tration will be accelerated along with advertising. Salesmen will be able to eover more cities and towns. As compe- tition grows newspaper advertising will | be increased and the radio employed mhore and more. The most successful sales manager of tomorrow fs going to be more concerned about ‘“‘consumer pull” than “sales push,” Mr. Phelps asserts. : The writer declares that a great ad- wertiser is great because he has found something worth advertising. Certain men in American industry have learned how to give the public more for a doliar than it has ever been able to buy and serve such products in a form more attractive than the public could picture them. At the same time ethics in ad- vertising is continuing to advance, he says. It is an interesting picture that the author paints. He concludes by pre- dicting an advance in the art of retail advertising that will astonish the world. The day of claiming that patent medi- cines will curs everything on earth is gone, something new in ethics and ac- curacy having taken its place. There are more than 15 people living outside the United States to every one in the homeland. Their ability to buy is im- proving rapidly and permanently. They, too, will not be neglected in the new advertising era. Heard in Financial District. Washington cleared $31,077.000 this week, against $24,652,000 last week, but & decrease of .9 per cent from the cor- responding week in 1929. Commercial transactions during the week ending January 4, as measuged by volume of checks presented to banks for payment, were substantially larger than during the previous week, although less than a year ago, according to the weekly statement of the Department of Commerce. Re-election of all officers and di- zectors of the Washington Tile & Mar- le Co., Inc., was announced yesterday following the annual meeting. They : A. N. Oscosi, president; Vito Car- inale, vice president; N. H. Glueck, etary. In addition to the foregoing ther directors are N. 8. Glueck, Angelo . Badini, Vincent J. Pietro and Frank astore. Merrill, Lynch & Co. are planning to ffer shortly 20,000 shares of additional per cent preferred stock of Safeway tores, Inc., recently listed on the New ork Stock Exchange. ‘The $150,000,000 American Telephone nd issuc which is coming out next wweek will be the largest new offering that has been made in many weeks. ‘Three more vacancies exist on the wdirectorate of the Federal-American ational Bank, and one will probably filled at the annual meeting next esday. Francis J. Kilkenny, Chicago invest- ent banker, who was connected with he Treasury during the war, is a visitor the local financial district. P 120 Auto-St Saf R A (3). 4'% Aviation Corp Del. ., 15 Baldwin,Loco (1.75). 26 109% Baldwin Loco pf (7). 30s 4 105 Baltimore & Ohio (1) 3 75 Balto & Ohlopf (4).. 1 931 Bamberger pf (6%5). 60s 55 Bang & Aroos (3%).. 1 2145 Barnet Leather. 1 20 Barnsdall, A (2) 121% BeaconOil.... 25 Bendix Aviation ( 78% Bethlehem Steel (6). 116% Bethlehem St pf (7). 17 Bohn Al & Brass (3) 3 Booth Fisherie 53 Borden Co (k3). 9 26 Borg Warner (4). 2; 8% Briggs Mfg. 44 17% Briggs&Stratton (2). 40 Bklyn-Manhat (4)... 7 Brooklyn & Queens. . 44~ Bklyn&Queens pf (4) 16% Bruns-Balk-Col (3).. 4% BrunsTer& RyS... 14 Bucyrus Erfe (1). 26% Bucyrusev pf (24). 107% Bucyrus pf (7)...... 5 8% Budd (E G) Mfg (1). % Budd Wheel (1).. 21% Bulova Watch (3) 96% 29 Burr Add Mch (80e). 89% 31% Bush Term (g2).. 110% 91% Bush Termdeb (7).. 40s 9% 2 Butte Copper & Zinc. § 41 17% Butterick Co. 192% 50 Byers (A M) 4 1 Callahan Zinc & L... 61% 25 Calumet & Hec(4%). 49% 29 Campbell Wyant (2). Canada Dry G A (5). 1 Canadian Pac (10)... non Mills (2.80).. e (J1) (6)....... 50% Caterpillar Trac (3). 79% 31 Celotex (3). . 48% 21 Cent Aguirre As1ig. gg'v- 274 Cent Alloy Steel (2). = B 5 1 15 " 50 17 22% 1 1 1 1 6 5 1 1 1 3 7 4 s 6 2 2 1 2 1 5 1 5 2 4 5 1 6 3 2 4 2 9 s 52% Cerro de Pasco (6).. 50% Cent Rib Mills pf (7) 50, 18 3 7 Checker Cab (4.20). 279% 160 Ches & Ohio (10), 92 42% Chesapeake Corp 667 36% Chi& East Il pf. % 7 ChiGreat Western. . 63% 171 ChiGreat Westn pf. 44% 16 Chi Mill St P&Pac. .. 68% 2816 Chi Mill St P&Pac pf 108's 75 Chicago & N W (5).. 47% 21% Chi Pneu Tool. . 143% 101 ChiRI& Pac (7). 75% 44% Childs Co (2.40) 135 26 Chrysler Corp (3)... 107 62% 37% City Ice & F (k3.60). 27 7% City Stores (1)... 1541 101 Coca-Cola (4).. 50% 44% Coca-Cola A (3) 88 27% Colo Fuel & Iron..., 52 ColGas&EIl (2)...., 9612 86 Col Gas & El pf B(5) 76% 50 Col G&E rets full pd. 88% 16% Columb Graph (87c). 344 105 Columbian Carb (16) 62% 18 Com Credit (2)...... 28 Comm Credit A (3). 28% Coml Inv Tr (g1.60) 87 Com Inv Trpf (6). 20% Comm Solvents (1).. 10 Comwlth&Sou(60c). 11 Congoleum-Nairn. .. 90 Con Cgr prpf x w6 10 Consol Film (2)..... 15% Consol Film pf (2).. 80% Consol Gas N Y (4).. 92 Consol Gas NY pf(5) % Consol Textile 25% Contl Baking A. 4% Contl Baking B.. 79% Contl Baking pf (8) 40% Contl Can (2%).. 46t Conti Insur (2.40). 5% Continental Motors 18 Contl Qil of Del. . 28% Contl Shares (1)... 70 Corn Prod (13%). 20% Coty Inc (g2).. 24 Creamof Wht(12% 15 Crosley Radio (1) 371 wn Cork & Seal. 71 Crucible Steel (k5). % Cuba Cane Sugar. 49 133 408 37% 18% Curt Wright Corp A. 121% 58 Cutler-Ham (3%). 69% 21% Davison Chem... 226 141% Delaware & Hud (9). 385 151 Detroit Edison (8).. 11% 6 Dome Mines (1). 126 69 Drug Corpn (4) 25 Dunhill Inter (3 80 Dupond de Nem (4) 19 Estn Roll Mili(ht2). 264% 150 [Eastman Kodak (18) T6% Eaton Axle &8 (3).. Elec Auto Lite (6)... 4 Electric Boal dicott-John (5)... g Pub Serv (11). % 36% Eureka Cac Cl (4 16 Evans Auto L(32%). 3% Fairbanks Co. . 28 Fed Water Ser A 2.40 2515 Federated Dept Strs 47% Fid Pho Fire 1(2.60). 24% Firestone T&R(1.60) 83% Firestone T&R pf(6) 4415 First Nat Strs (214). 214 Fisk Rubber..... Seamoan ; MOTOR BODIES CONTRACT. ADELAIDE, Australia, January 11 () —A large American motor car com- has placed contracts for building s in Australia to the value of £1,010,750 (about $5,000000), during the next 12 months. Ninety per cent of the £work will be done in South Australia ®and will involve wages of about £260,000, 33 Foster Wheeler (2).. 19% Fox Film A (4) 23% Freeport, Texas (15) 5 Gabriel SnubA..... 65% Gamewell Co (5).... 3 Gardner Motor...... 76 Gen Am Tnk Car($4) 424 Gen Asphalt (4).... b 24 Gen Bronze (2) 8 e S 2 1 ITRTO I TP eTS cE 14% 27 1 % 24 128% B 5 125% 1 2% 81 24% 9015 263v 22 22 1781 17815 5 29% 5% 514 30% 29% 831 5 51% 54 29 70% 104 27 % 27% 2% 8% 26% 9014 261% 50% 3 21 2815 63 42y FPINANCIAL. NING STAR, WASHINGTON, D. C., SATURDAY, JANUARY 11, 1930. Prev. Add 00. High. Low. Close. Close. 29 70% 104 8 26% 26% 26% 26% 18% 14% 25 2015 1% 102 13% 6 4 4 4 4 31 105% 102% 102% 105% 50% 0% 0% 29 . 2% —Prev. 1929~ Stock and High. Low. Diyidend Rate. 403 1681 Gen Electric (18) 6314 55% Gen Electric (ne Gen Elec spec (60c) . 35 Gen'l Food Corpn (3) 50 General Mills (3) 33% Gen Motors (3.3 Gen Motors pf (7). .. Gen Outd Ad vte (2 Gen Public Serv (b6) Gen Ry Signal (5). .. Gen Refactories (4) . Gillette Saf Raz (¢5) Gimbel Brother: Glidden Co (h2). Gold Dust (23). GoodrichBF (4).... Goodrich pf (7). .. Goodyear Tire (5)... Goodyear 1st pf (7). Gotham Silk H (23) Gould Coupler. Graham-Paige. Graham-Paige et Granby Copper (8) Grand Unfon. .. GtNctfsOP (a3%). Grt West Sug (2.80). Grunow (2). Guantanamo Sugar. Hahn Dept Stor Hahn Dept S pf(6%) Hayes Body... Hershey Choc (5) Houdaille Her B (2). Houston Of1 Howe Sound (t4%) Hud&Man Ry (3.50 Hudson Motor (5). Hupp Motor (£2). Illinofs Central (7).. Independ O11 & G (2) Ind Motor Cyele Indian Refining. Indian Refining et. Inspiration (4)...... Insurance Shars 45c. Interboro Rap Tran. Interlake Iron...... Intl Agricultura Int Bus Mach (c6). Int Combustion. . Intl Harvester (2% Intl Harv pf (7). Int Hydro ELA (e Intl Match pf (4) Int Mer Marine ctfs. Int Nickel of Can (1) Intl Nick Can pf (7). Intl Pap & Pwr pf(7) Int Tel & Teleg (2).. Island Creek Coal(4) Jewel Tea (4)... Johns-Manville (3) Jordan Motor Car... Kan City Sou pt (4). Kaufmann)D 8 (1%) Kayser Julius (4) Kelvinator Corp..... Kennecott (5). Kinney G R (1) Kolster Radfo. ...... Kraft Ph Ch (1%). Kresge(SS)Co(1.60). Kreuger&Toll (1.34) Kroger Gr&Bak (c1) Libbey Owens (1). Liggett & My B (16). Lima Locomotive Liquid Carbonic (4). ‘s, Ine (3). . Lorillard (P) Co. Lorillard (P) pt (7). Loutsiana Ofl. ... LouG&FElIA (1%) Ludlum Steel (2).... McK'port TP (14%). McKesson & Rob (2) McLellan Sto; Mack Trucks (6 Macy (RH)&Co(nt3) Magma Copper (5) g Co p Melville Shoe (2) Mengel Company Mexican Seaboard. Miami Copper (4) . Michigan Steel (2% ). Mid-Continent P (2). Miller Rubber....... Minn Moline Pwr Mo Kan & Texa: Mo Kan & Tex pf(7). Missourd Pacific..... Missouri Pac pf (5). Monsanto Ch (§1%). Montgomry Wrd (3) . Moon Motors. ....... Mother Lode (40¢) Motor Wheel (3).. Mullins Mfsg... Munsingwear (3).... MurrayCor (b2 %stk) Myer(FE)& Bro (2). sh Motors (8) t1 Air Trans. tl Bella Hess Nat Cash Reg,A(t4). Nat Dairy (32 Nat Distillers (2) N tll;wrlld(l). 1 : Natl Surety (5).., Nevada Copper (3) N Y Central (8) N Y Dock pf (5) NY NH & Hart (6 N Y Ont & West... North Am (b10 % stk) Northern Pac (5).... North Pacet (5).... Nor Ger Lloyd(3.41). Ofl Well Supply. Oliver Farm Equip Olivr Fr Eq cv pt(3) Otis Elevator (6).... Pacific Gas & E (2).. Pacific Lighting (3). Pacific Ol stubs. ... Packard Motor (1) Pan-Am Petroleum. . Paramount-F-L (3).. Park & Tilford (13). Parmelee Trans 1% .. Pathe Exchan, A Pathe Exchang, ¢ Patino Mines (3.89). Peerless Motor Car. . Penick & Ford (1). Penney J C (2%) Penn Dixie Cement Pennsylvania RR(4). Phelps Dodge (3).... Philip Morris (1).... Phillips Petrm (n2). Plerce Oll..... . Plerce Petroleum. ... Pillsbury Flour (2). Pirelli Co A (2.88). Poor & Co (B) (2). Prairie O&G (12%) P Pipe L (1 el Publie 8. NJ ). Pub Svec E&G pf(6).. Pullman Corp Purity Bakerl Radio Corp. Radio pf B (5). Radio-Keith-Orph A. Raybestos Man 2.60 4 Reading (4)... Rem Rand (50¢). Reming-Rnd 1st (7). Reming-Rnd 24 (8). . Reo Motor Car (.80). Rep Ir & St pf (7)... Reynolds Tob B (3). Rhine West (1.92)... Inc (2.20) Duteh 904 Safeway Stores(es). 38% St Joseph Lead (13). % 101 St L-San Fran (8)... 87 St L-San Fran pf(6). 3% Schulte Retail Strs. . 9% Seaboard Air Line. .. 80 Sears Roebuck (37%) 9 Second NatlInv..... 45 Sec Natl Inv pf (5) 2 Seneca Coppe % Servel Inc. 20 Sharon Steel H (2) 16% Sharp & Dohme. ... . 25% Shattyck(F@)(11%4), Saies— Add 00. High. 3 244% —aaonre B 5 » EYT =TT PPN E PR =Tt PR P T o P L 615 Prev. Low. 11:55. Close. 2421 614 11% 48% 52 244% 61% 1% 48% 245% 617% 1% 48°%4 524 39% 119% 16% ~—Prev. 1920~ Stock and 5 Dividend Ra Shell Union (1.40) 4 Simmons Co (g3) Sinclair Con Oil (2 Sinclair Oil pf (8). Snider Packing pf. .. Solval Am In pf 5% % So Por Rico Sug (2). Southern Cal Ed (2). Southern Pacific (6). Southern Rwy (8)... Spang-Chalfant..... Sparks Withngtn(1). Splcer Mfg Stand Brandes (1%5). . 4 Stand Com Tob (1).. Stand Gas & El (34) Stand G& Epf (4).. Stand OIL N J (2).. Stand Ofl N ¥ (1.60). Sterling Sec A Sterling Sec ev pf (3) Stewart Warn (2% ) Stone & Webster (2). Studebaker (15). Submarine Boat. Superior Ofl. Superior Stee Symington.... Symington (A) Texas Corp (3) Tex Gult Sul (4). Texas & Pac (5)..... Tex PC&O (b10%). Texas Pac Land Tr. . Tide Water Asso 60c. ‘Timken Det Ax t80c Timken Roller (3). .. Tobacco Products A. Transcontinental Oil 4 TwinCity RpT (4).. Union Carbide (2.60) Union Oil of Cal ($2) Unlon Pacific (10). .. Union Tank Car new. Utd Alreraft& Trans. Utd Aircraft&T pf 3. Utd Biscuit (1.60)... Utd Carbon (2). Utd Cigar Stores. .. . United Cigar Strs pf. Utd Corporation. .... Utd Corp pt (3). United Elec Coal United Fruit (4) Utd Gas & Imp(1.20) 4 Utd Gas & Im pf (5). Unit PlecoDye W (2) United Stores A. / U S Distributing. .. . U S & Forelgn Secur. 25% ~Prev. 1920~ High. Low. 92% 92 243% 95 55% 12 119% 50% 65 15 72% 58 261% 144% 58% 13% dagdgaaag mmmmunnn Peo Gai Reynol in_stock. stock. g Plus 6% in Ward Baking B. Ward Baking pf Warner Bros Pic (4). Warner- Webster-Eisenlohr .. Wess Oll & Snow (2). Western Pacific pt ‘Western Union (8). . Westngh Aid Brk(2). Westinghse E&M (5) ‘Westvaco Chlor (2).. White Eagle Oil (2). White Motors (2)... White Rock M S (t4) White Sw Mch pf (4) Wilcox Oil & Gas. ... Wilcox Rich (A) 2%. Wilcox Rich, B (2).. 4 Willys-Over (1.20).. Woolworth (2,40) Wrigley Wm (4).... Yale & Towne (15). Yellow Truck &C... Young Spring (3)... Young Sheet & T (5). 4 Zenith Radio S RIGHTS EXPIRE Am Holl MUl.Feb 15 Col_Carbon..Mar 11 N Y Cent Penna Ry. —no regular rate. b n & Fayable when earned. ¢ Payable in cash or stock. f Pl HANGE l Stock and Dividend Rate. & For Sec pf(6). Ind Alcohol (7). Pipe & Fary (2). Realty (5) Rubber..... Smelt Ref (3%) Smelt Ref pf 3 Steel (7) U S Steel pf (7). 3 Util Pwr&Lt A ( Vadsco Sales Corp Vadsco Sales pf (7). Vanadium (t4)... Wabash. Sales— Prev. ‘Sales. High. Low. Close. Close, 1 8 88 88 133% 130% 130% 133% 21% 21% 61% 62% 26% 25% 34% 34% 53% 53 169% 171% 142 141% 16 10 6 8 1 2 171% 169% 142 141% 32 4% 64 53 5% 55% 84 Quinlan (2). 9 » 150 - TOTHOTSE FOT TR R Y @ B PR CTOPQUIPS - -SRI Jan 31 Jan 15 & 0.Jan 16 Spr.Jan 24 Rhine W E P..Jan 23 Dividend rates as given in the above tabl payments based on the Iatest quarterly or s Unit of trading less than 1 §Plus $3 in preferred stock. 8 Payable in stock. n Plus stock. hPlus 2% in_stock. stock. k Plus 3% In stock. m Plus 6%%. in stock. STANDARD ACCOUNT SYSTEM 15 URGED Experience of United Cigar Stores Co. Brings Prob- lem Before Public. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 11.—The drop in the net profits of the United Cigar Stores of America for 1928 from $8,- 352,000 to $4,525,000 as & mu.'l‘b of “a different theory of accounting,” which the new management, headed by George K. Morrow and his associates, insist upon, is rising. When a drop of almost 50 per cent, amounting to millions of dollars, can be handled in this fashion, it shows the importance of a standardized audit in_the business world. Probably no other problem confront- ing business is more important in de- veloping confidence than this. With mill} of stockholders being added to the lists of industrial wrponqynl an- nually, the word “depreciation” should mean in_every balance sheet a definite thing. So should the word ‘“reserves and so should the words “gross” and “net” profit. One of the best jobs that the Inter- state Commerce Commission has done has been in standardizing the bookkeep- ing of railroads. This is the great need today in the field of public utilities and likewise in the field of business. Business confidence is the most im- rtant factor in success. An audit that Eolundlrd.\nd and means just exactly what it says is & crying need of bal- ance sheets today. A whole volume could be written on this subject, but the United Cigar net being cut in t.wg by a “different theory of accounting’ brings the problem sharply to public attention. The Federal Reserve Bank of New York is the largest of the 12. It earned net nearly $1,000,000 more in 1929 than in_1928. It made $19,314,279, with a net in- come of $12,263,000 available for divi- dends and surplus—better than $1,000,~ 000 & month. The Federal Reserve act requires the capital of the Federal Reserve equal 3 per cent of the capital and sur- plus of member banks in the district. So the New York Federal Reserve Bank capital amounts to $67,301,450, compared with $50,123,950 at the close of 1928, and the surplus stands at $80,- 000,000, compared with $71,000,000 a rear ago. yTh:“’Menl Reserve act also pro- vides that the banks shall accumulate & surplus amounting to 100 per cent of the subscribed capital. When this is completed, 10 per cent of the net in- come remaining after payment of divi- dends is to be paid into the Federal Government_as a franchise tax. The New York Federal Reserve Bank has paid no }rlnchue tax to the Govern- ment so far. The ratio of net earnings of the Fed- eral Reserve Bank to t he capital pal in amounted to 20.7 per cent, against 24.1 per cent in 1928; while the net earnings amounted to 9.4 per cent of the capital 1.9'5% surplus, against 10.1 r cent in 3 pe'l."he other Federal Reserve banks all show satisfactory net earnings. With Dun's Review saying that the bank failures in the United States in- creased 17.5 per cent in 1929 over 1928, resulting in an increase of liabilities involved of 69 per cent, the banking situation has net exactly cleared up. According to this review, the total number of fallures was 437, aga in 1928, with liabilities of $218,796,582 as_compared with $129,609,605 in 1928. slmufi.lneoully with this report com the report of the first annual meeting of the directors of the Northwest Ban- corporation showing net profits of $4.50 per share on the 1,600,000 shares out- standing. This company has combined assets of $478,000,000 in the 91 banks. It has 9.3 per cent of the total bank resources of eight Northwestern States in which it operates. Today in the United States 273 dif- ferent groups control 1,858 banks with total resources of over $13,275,000,000. Still there is much opposition to such development both in Congress and out- side. A congre committee to study the whole problem will be the next move. President Decker of the Northwest Bancorporation expresses himself in fa- vor of such a joint Federal and congres- sional commission to consider the a Vl.lementl:( the revision of the national banking laws. It is the contention of this North- western banker that there is now abundant evidence to show that group banking, as developed in the North- west, {5 gaining in favor, and indica- tions are that in the absence of legal- ized branch banking, the development will continue, “Instead of a fair profit, we took a considerable loss in 1920,” a friend of mine, a New York cotton exporter, sald to me this week. “You want to know why? Tll give you the problem as 1 see it. “Japan is respensible. We are de- pendent, of course, ipzn our foreign markets for ad e that Bank Baltimore Markels_J Special Dispatch to The Star BALTIMORE, Md, January 11.— Potatoes, white, barrel, 1.50a4.00; 100~ pound sacks, 1.75a2.75; sweet potatoes, barrel, 2.00a3.00; yams, barrel, 125a 225; beets, crate, 3.00a3.25; beans, hamper, 2.00a3.00; cabbage, hamper, 50a75; carrots, 100, 2.00a4.00; cauli- flower, crate, 1.50a2.50; celery, crate, 1.50a2.75; eggplant, crate, 2.50a4.50; lettuce, crate, 4.50a5.50; Kkale, barrel, 1.25a1.50; onions, 100 pounds, 1.75a 2.00; parsnips, basket, 50a65; peppers, crate, 4.00a6.00; spinach, bushel, 60a 1.00; squash, crate, 1.50a2.00; tomatoes, crate, 1.50a5.75; turnips, hamper, 20a30; apples, bushel, 7582.75; cranberries, box, 3.00a4.75; grapefruit, box, 2.50a 5.00; oranges, box, 2.10a4.75; tangerines, box, 1.2582.50; strawberries, quart, 40a80. n,lry Market. Poultry, alive—Turkeys, pound, 28a 33; old toms, 22a25; Spring chickens, 25a28; Leghorns, 21a22; old hens, 20a 28; Leghorns, 22a23; poor and thin, 17a18; old roosters, 17al8; capons, 32a 36; ducks, 16a24; geese, 15a22; guinea fowls, each, 40a50; pigeons, pair, 25. Receipts, 709 cases; native and nearby firsts, 45; pullot~, 40; hennery whites, firsts, dozen, 45.°3; culls and dirty eggs, 25a30. Butter—Good to fancy creamery, pound, 33a38; ladles, 30a32; store packed, 20; rolls, 27a29; press, 36a37. HOTEL BUSWIESS SHOWS INCREASE IN NOVEMBER Thomas D. Green, president and ex- ecutive director of the American Hotel Association, has reported to Julius H. Barnes, chairman of the National Busi- ness Survey Conference, an increase in the country’s hotel business for No- mber as follows: “Again the hotel industry, as in No- vember, felt practically no effect from the recent lowering of prices in the stock market. Figures obtained from questionnaires returned by proxi- mately . 300 hotels and compiled by Horwath & Horwath, specialists in ho- tel accounting, show an_increase of 2 per cent in sales from December 1 to 24, Inclusive, over the same period last year. The trend during the last six months has been upward, with monthly increases of from 1 to 5 per cent; while the present increase is slightly below the average, we consider this only a normal fluctuation. “As was reported at the meeting held in Washington on December 5, the ho-~ tel industry is optimistic; we feel that the growing tendency toward living in hot.e].’srwlll offset any ible temporary decline in travel, and if overconstruc- tion does not again get the upper hand, individual hotels will maintain their sales of a year ago.” NEW BOND ISSUES. NEW YORK, January 11° (Special). —R. L. Day & Co., First National Old Colony Group, Phelps, Fenn & Co. and American National Bank & Trust Co. will offer soon $1,545,000 improvement bonds of City of Mount Vernon, N. Y. Harris Forder & Co. head a syndi- cate which will offer next week $30,- 000,000 5 per cent gold debentures of Associated Gas & Electric Co. C. W. McNear & Co., Stranahan, Harris & Oatis, Inc., and Stifel, Nico- laus & Co. of St. Louls will offer short- ly $11,667,000 State of Kentucky 5 per cent toll bridge bonds. ‘The following issues are scheduled for early award: January 13, Akron, Ohio, $1,507,000; January 16, Hamilton County, Tenn., $1,656,500; January 16, Philippine Government, $1,500,000; Jan. uary 21, Allentown, Pa., $1,850,000; J: uary 22, Yonkers, N. Y., $2,900,000; Jan- uary 27, Navarro County, Tex., $1,366,- 000; January 30, St. Louis, Mo., $9,000,- 000; February 5, State of New Mexico, $1,600,000; February 11, State of Ar- kansas, $18,000,000. ALABAMA BANK CLOSED. BIRMINGHAM, Ala., January 11 (#)—The Bank of Ensley, one of the leading banks in the Birmingham dis- trict, failed to open its doors for busi- ness today. It has been placed in the hands of the State Bank Department. COMMODITY PRICES. By the Assoclated Press. While prices of general commodities at wholesale last week relaxed slightly, as Census Bureau averages were worked out, costs of steel products advanced a trifie. The figures which follow give the wholesale commodity index for the week and comparable periods, upon using 100 as representing average prices of 1926, and likewise the selling price of a composite ton of steel prod- ucts for the same periods. A]’le commodities. Steel. Week ending January 4.. 93.0 $35.92 Preceding weel . 931 35.89 Same week last ye: 97 36.25 markets, especially those of China and the Argentine, have becn cut into severely this last year by the Japanes: cotton exporters.” The rise of Japan into a position of power in the cotton trade surprises many. She is especially strong in th cheap cotton sheeting. She obtains her cotton from -the United States, mixes it with a cheaper quality and with low labor costs, she compstes with the United States on a better than even sis for the markets of the world. (Copyright, 1930, by North erican New: ol Nn A MARGIN OF PROFIT EXPECTED 0 GROW Earnings in Retail Field Held Likely to Be Propor- tionately Higher.- BY I. C. ROYLE. Profits of individual retailers seem likely to increase in larger proportion than their volume of sales, according to the belief expressed here in official cir- cles, Federal executives in close touch with the business situation declare the last three months have taught the re- tailers of the country much that they knew before only in a fragmentary wi and that they are taking full advantag: of their lessons. Department and specialty store man- agers have been making a close study of their holiday trade, and some of the results have surprised them. They have found that one of the largest factors in losing sales has been the woeful igno- rance of their salesmen and saleswomen ['about the goods they were selling. Lost Sales. A huge prmmon of lost sales has been due to store personnel rather than to the store’s goods, merchants report to the Department of Commerce. One big establ ent in the Midwest made a close analysis of 200 “lost sales.” Of this number 177 were attributable to the salespeople. In only 23 cases was the blame laid on failure of the store to keep goods in stock, on the condition: of the merchan- gfi or on the quality of the merchan- With such records before them, the retailers naturally are weeding out their sales forces with no gentle hand. This does not imply lack of jobs, but rather Jl.:‘ck of properly trained workers to fill em. Government _officials also have noted & decided tendency on the part of re- tailers to take advantage of discounts and thereby increase profits and cut expenses.: There is no apparent lack of cash available and the merchants are taking full advantage of the saving which prompt payment of their bills assures. A survey of the retail outlook throughout ~ the country is singularly encouraging. The dicated by demand for railroad cars, by orders to manufacturers and by reports from merchandising centers, are that the Western half of the country is likely to have an excellent sales volume in the next month. Of course, some of the grain and fruit centers have been ad- versely affected, but the purchasing power of the territory west of the Mis- sissippi River seems undiminished. Unfavorable Situations. There are unfavorable situations in some centers in the Midwest ahd North Central sections, but the most unfavor- able situation seems to be in the South- east. This is attributed here to the fact that the returns from the cotton crop were disappointing to many farm- ers. The farm situation in general is fully as good as, if not better than, it was & year ago and the retailers with rural customers are showing few signs of anxiety. This is especially true in the potato-growing districts. The New England territory is being affected to a certain degree curtail- ment in the textile plants, but the con- dition of other industries indicates an excellent volume of sales this month, especially in the non-textile centers. The Atlantic section is in fine shape, although- volume of business is not like- l{: to_equal that of January, 1929. In : r: li(xr,uom czpntnl section, cc;ngrl‘m&u rted prosperous, excej e mx:n{;xl:r:wm. dhlflch] ¢ = ased movement of lucts is expected by the Midwest shippers’ ad- Tor Ta15:000 care o the Ao camrim o ,213,000 cars e c (Copyright. Tosoy © qUArter: AIR RATES REDUCED. NEW YORK, January 11 (#).—C. M. Iierys, president of the Transcontinental Transport-Maddux Air Lines, last night announced a drastic reduction in rates on the 48-hour service between New York and Los Angeles, which the company operates in conjunction with med:enmylvmh and Santa Fe Rail- roa The new rate, Mr. Keys said, is lower than that on the extra-fare trains, with Pullman, across the country, The new fare to Los Angeles from New York is $159.92, a reduction of $107.50 from the former rate and less than half of the tariff charged when the service was first opened last July. The announcement said that a ra of 5 cents per mile would go into effect on January 14 between all citles at regular stops on its transcontinental lines, a cut from an average mileage of 12 cents. Scrap St Prices. individual | Teported prospects, as in- | which T. A. T.-Maddux planes make | he STOKSARELOWER IN PROFIT TAKING List Shows Slight Loss ag' Bears Resume Attack on Market. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 11.—8toekd were under pressure in today’s week end market, and the trend was res actionary. Still volume fell off on the decline, and no great amount of stock was brought out, even in those shares which appeared the weakest. 3 Motor and copper stocks were in sup- ply from the start, and both groups worked lower. The selling was most pronounced in General Motors, Hud- son and Chrysler, perhaps on the theory that with the closing of the auto show ammunition for the constructive side had been exhausted and meanwhile no real progress had been made. Copper Situation. With the coppers there was doubt as to what the December statistics would reveal when they are made public next week. The copper shares give the larg- est yield of any one class of stock in the list, but the Street does not see how the trade can hold the price of the metal at 1 8cents in the face of the steady downward movement in other commodities. This declining tendency in all commodity prices is the outstand- ing feature of the industrial situation. The utilities were heavy, as they were yesterday, such leaders as Standard Gas & Electric and American & Foreign Power selling off easily. Consolidated Gas was better supported. States Steel opened unchanged, but dipped below 170 in the first. hour, recovering partially thereafter. Steel acted better than most industrials. Short sellers are timid about putting out lines until they see what is done at the meeting on January 28, when, it has been suggested, a stock dividend might be declared. The best showing was made by the rails, although they were not active. Union Pacific was up 2 points early in the session and Pennsylvania met good demand. Presumably that stock will do better after the rights expire next Wed- nesday, as is the rule nowadays with stock on which rights are outstanding. Specialties Advance. Here and there various specialties ad- vanced against the trend. Liquid Car- bonic was in good demand and so was Vanadium. American Woolen preferred continued its advance, a movement for which no adequate explanation has been offered. It was up today more than 5 points from where it was three days ago, which is a large gain for a stock selling so low. The market left off around the lows, Among the stocks to hold better than the average were Standard Oil of New Jersey and United Gas Improvement, Fox Film was steady. Volume was in the neighborhood of one million shares, Corporati‘on News NEW YORK, January 11.—The fol- lowing is today’s summary of important corporation news prepared by Standard Statistics Co., Inc., New York., for the Associated Press, News Trend. Surveys of business for the past week by leading mercantile reviews indicate that trade is recuperating slowly. Ac- tivity has been lncmuogmn} the steel industry and there has a revival for demand in copper, textiles and leather. An important factor in the improvement has been the easing in credit. Bank clearings for the week, as by 23 leading cities, totaled $12,325,693,000, a decline of 15 per cent from the same week in 1929. ' Total exchanges for New York City were $8,370,000,000, a drop of 19 per cent from last year. The Companies. American Telephone & Telegraph November, 1929, operating income down 16 per cent; 11 months, 3 per cent above year ago. Auburn Automobile produced 25,000 |cars in 1929 vs. 12,899 in 1928. Bethlehem Shipbuilding Co: ition, i Ltd., given contract to recondition ves- sels of Soviet government at cost of about $1,000,000. Eastern States Power declares initial dividend of 25 cents on Class B shares. Engineers Public Service December, 1929, electric output up 10.5 per cent; year 12.4 per cent above 1928. Fanny Farmer Candy Shops, 1929, sales up 6.6 per cent over 1928. George A. Fuller Co. closed 1929 with over $35,000.000 unfinished business. Hupp Motor Car increases prices $5 to $185 range $995 to $2,645. S. S. Kresge Co., opens 60 new stores in_1930. Texas Pacific Land Trust unsold d 1928; increase due to canceled contracts. ‘Transcontinental Air Transport Air- Rail fare reduced to 5 cents a mile; former rate 12 cents. Fare, New York- Los Angeles, $159.92, reduction of $107.50 Ifrom old rate. New rate applies to en- tire trip or part of it. U. S. Industrial Alcohol 1929 produc- tion totaled 38,000,000 gallons, 38 per cent of total U. S. output. NEW YORK COTTON. NEW YORK, January 11 (Special). —After a slightly easier opening the cotton market today turned abruptly in the second hour and prices ad- vanced quarter .of a cent levels of the week. Reports from the Farm Board that plans to reduce the cotton acreage this Spring were meeting with encourag- ing response from Southern growers strengthened both the New York and New Orleans markets. May contracts touched 173; cents in final trading, with a gain of about $1 a bale on &elq'lgré Spots were advanced 15 points Owing to slightly lower prices for American, Indian and Egyptian cotton abroad there was another fractional loss in quotations in both New York and New Orleans during early trading, but the market made a good recovery. Reports from dry goods quarters indi- cated generally qulet trading conditions and a reduction in prices in certain di- rections, though more business was re- ported in yarn quarters. The meeting 't Spart.nburg, attended by represent- atives of 69 mill organizations, devel- oped a general feeling that continued gul;uunl:le.:t :l output was advisable, ut sentiment was against any complete shutdown at this time. Y 3 Range: Month. January March i Qetober 1 December %3 BUILDING PROJECTS. NEW YORK, January 11 (#).—Pub- lic work and commercial building proj- ects held prominent places in proposed eavy _construction ~operations an- nounced in the United States in the past week. All classes of new constru tion for this period were valued at $4' 372,300, as against $95,795,000 in previous week and $82,800,000 in the NEW YORK, Jantary 11 (#).—Heavy melting scrap steel is being quoted from $12.75 to $13.25 a ton at &cm, an advance of 25 cents a ton over previous quotations. G O SR U 5 England now has 86 toll bridges and 55 toll- bars qn roads. : corresponding week last %enr, the Graw-Hill Construction Daily mml!’o r’nth}: v Y lugel'g lew Yor| were feature of the week’s building Mflw‘. —— . After 41 years service as a school at Larbert, Thomas MoGookin. has st el