Evening Star Newspaper, January 14, 1930, Page 15

FINANCIAL. IN AGTIVE TRADING Market Polnts Higher After Slow Start—Mines, Oils and Utilities Featured. BY JOHN A. CRONE. Bpecial Dispatch to The Star. - NEW YORK, January 14.—After a slow and irregular opening curb stocks today turned active and pointed higher. The market, however, remained select- ive, with a few individual issues in utili- ties, olls, natural gas, mines and rails ! furnishing the bulk of transactions. gh Electric Bond & Share was 1l ost active utility United Light & iwer A, reflecting merger talk, pro- vided the wildest swings as it moved up {from 32% to 35. Consolidated Gas of Baltimore rose nearly 3 points on only & few sales as a result of recent urnlnx trends. Standard Oil of Kansas was a ul- ture of the Standard group following its | annual report, which showed per share earnings five times greater than in 1928. ‘The company has under consideration proPosus from two other companies for closer working agreement. Cities Service moved within a narrow range, which also was true of its sub- sidiary, Indian Territory Illuminating Oil. Cheseborough Manufacturing open- ed 3 points higher. Illinois Pipe Line improved. South Penn Oil Co. came out unchanged at 41, despite reports of a moderate gain in’ 1929 earnings. Earlier estimates of big increases in net were revised as a result of the decline in top-grade Penn crude last year. Only two natural gas issues showed any life. They were Lone Star Gas, which at 36 was up a point, and United Gt-s, which has been whirled on merger ts and better earnings resulting fmrn opening up’of new lines. Noranda Mines and Hudson Bay ad- vanced despite the gain in world stocks of finish~d copper as shown by Decem- ber statistics. New Jersey Zine, also bettered its previous price. Anglo- Chilean Nitrate was fractionally lower in the face of a statement of higher production. Pennroad Corporation led the rails, its strength reflecting the advance of Pennsylvania Railroad over on the big board. Dividends on Pennroad, despite rumors, are not considered near. Chesapeake & Ohio new initially‘a pelred a shade lower. ‘Huge blocks of Tnnsnmeflcl rights changed hands following a notice to nockholders that the rights expire Jan- uary 20. Electric shareholdings preferred and common improved as the annual report showed the retirement of a block of preferred. Earnings of Prudential investors Yfted that stock fractionally, ‘Total stocks of all coffees in the United States on January 1 amounted | to 692.872 bags, as against holdings of 782.918 on the same date a year ago, sccording to data compiled by the New York Coffee and Sugar Exchance. The ‘world’s visible supply on the first of the year was 5,079,355 bags, compared with 5,267,008 bags a year ago. BONDS ON THE CURB MARKET. falesin ~ DOMESTIC BONDS. thousan: Low. anlumln\lnl P i 102, Am Agere 62 43 ww. 83l nAm Cm 40 1 2 CE .s o Sy LT s R o oY L oI 3mg52E R o P22222EIEE> a {11 2 332 9 ] '{u"-- 58 ot o 2 £ 2 7 0, H EEad 4 =} a; 2, S 10 LI 53 2 )38 1: ouu & P.l"l‘ a1’ 2822232323333 = W W 82% 9915 'v v 1027 :'é !.7?1 B, ot éflgyg zz;‘z z ? £ 233, B 2939 3 §§§: e, 1oneoRSsom o 23 .1 u FORFI uen Air Pt 3 Hamburg 1 Hanover Cred 6 Sup P &8 75 41 2 NEW YORK BANK STOCKS. NEW YORK, January 14 (Special).— 5 umon Bronx 1i0 h 8a N. Wai 110 225 World Exch. .. Yorkville 1 ;1Y Et-ummn 30 o e banon ... Sales— nd 00. Open. High. 2 16% 1% Aeronautic Ind war. 66 Axfa Anscopf...... % Allled Aviation. 35 Allied Int Inv pf (3). 23 Allled Pow & Lt..... 40% Allled Pwr&Lt pt(3) g ANP&LIstpf6.... 103 Alu Co of Am pf (6). 0 Alumin Goods (1.20). 5 Am Brit&Cont...... 10 AmCP&LB (b10%) 18 AmCwithPADIO%, 22 AmCwithPBb10%. 2% Am Cmwlth Po war. 1 Am Control Oil Fids. 20% Am Cyanam B (1.60) 14% Am Equities. 25% Am For Power war. . 70 Am Gas & Elec (11 3. Am Investors (war). 42% 6% Am InvestIneB. 299 190 Am Lt & Trae (10 59 37 Am MfgCo (3) 8% 1% Am Maracaibo. 18% 5% Am Natural Gas. 16% 2% Am Pneumatic Serv. 71% 15 Am Superpower (1). 100% 89% Am Super 1st pf (6) 5% ‘Am Superpow pf (§) 6 Am Yvette (new) wi. 25% Anchor Post F (2)... 18 Anglo-Am vot (73¢). Anglo-Am n-v (73c). Anglo-Amer NV reg. Anglo Chil Nitrate. 7% Areturus Rad Tube.. 3% Arkan: Nat Ga 615 Arkansas Nat GasA. 1% Asso-Dyeing & Ptg 5% Asso-Elec Ind Ltd. 35% Ass0 G &E A (12.40) 3% Asso G&KE A debrts. 1% Asso Laund (320¢).. 3 Asso Rayon... 30% Aspo Rayon pf (6). 20 Atl Coast Fish(1.40. # Atlant Fruit & Sug 15% Aut V Mcvprpt (2 12 Aviation Credit. . Baxter Laundries A. 140% Bell Tel of Can (8).. 12 Bensn&Hedgs pf(2). 14% Bickfords. Inc (1)... 10 Bliss Co (E W) (1) 3% Blus Ridge Corp. 28% Blue Rdg cv pf (a3). 31% Brazil Tr & Lt (2). 5 Brill Corp A (1%). 22 Buf N&E P pt (1.60), 3% Burma Corp (t31e) 13% Butler Bros (1.20). 4 Bwana M Kubwa. 3 Cab&Wire LtdA rets 1% Cab&Wire LtdB rets. % CAMCoectfs.. 1 CAMCocumpf. 3 Can Marconl...... Carib Syndica Celanese Corp Celan Cor 18t pf (7). Cent PSv A (21.75) . “en States El (340¢) 4% Centrifug Pipe (60¢) Chain Stores Stock Ches & Ohio (new) Chesebor Mfg (16) Cities Service (130c) Cities Serv pt (6) 1 Colon Oil., 884 16% Columbia Picture: % Columbia Syndica “’k 210% Com'with Edison (8) 93% Comwith Pow pf (6). 1% Comwlith & Sou war. 95% Com'wlth & S pf (6). 10 Consolidated Coal. .. 2! 4 Consolidated Copper. & Consol Cortes Silver. 12% Con Dairy Prod (32). 71 Con Gas, Balto(3.60) 20% Con Gas Ut A (2.20). 2% Cons Instryment 10 Cons Laundries. n Retail Strs (1) 1 2 8 7 7 7 1 1 1 1 8 2 2 2 8 1 1 13 13 45% BRnamw=nt 190 100 A P ANNNY NN OONB DD - et 0 B3 P Cosden OIl. Courtaul Lt 5% Creole Petroleum 1% Curtiss Wright war.. * 1% Cusi Mex Mining.... 3% Dayton Alr & Eng. 3 De Forest Radio. 2 Derby Ofl & Refin. .. 5% Detroft Alrcraft Cor. Dictograph Prod (1). Dubilfer Cond&Rad. Eastern Utll Inv A.. Educatnl Pic pf (8)., Eisler Blee Corp. ... El Bond & Sh (b6)... 252 El Bond & Sh pf (§). Elec Pow Asso (1)..; 1 Elet Pw Asso A (1).. 104 EI P& L opt war. . 3% El Sharehold (31). 45% El Sharehold pf (8) 5 Empire Steel Corp. % Engineers Gold. . 3% Evans Wallow Lead, 1% Fabrics Finishing 3 Fairchild Aviation. .10 Falcon Lead. % Fandango Corp 3 Fedders MTE A (2). 29% Federal Screw (3). 50 Ferro Enam A (14%) 15% Kiat Stk debrts rets. 8 Fokker Alrcraft. 15 Ford Motor Can A. 10% Ford Motor Ltd. . 3% ¥oundation For Sh 20 Fourth Nat Inv 4% Fox Theat ClA. 35 ¥renLineB (2.54). 73% Galena Sig n pf cod.. 184 Garleck Pkg (1. 20).. 70 Gen Am Inv Dll (". 2% General Baking. 714 Gen E Ltd rots (50¢) 35% Gen il Germ rets 13% Gen Gas & El (A) 9 Gen Rity & Utilities. 60 GenR& Ut pf(6).. 24 Gen Theat Equip vts 11% Globe Underwriters. 14 Geld Coin. . 2% Golden Center .16 Goldfield Consel. 32 Goldman Sachs (b6). 3 GoldSealEln... 1% Goth Knitback Mach 68% 23 Graymur Corp. 150 Great Lakes Dr 18 Ground Gripper (1) Ground Grip pt (3) 967 34 Guardn Fire Assn( 209 115 30° Gulf Oil of Pa (1% 24% Gunther Law (2) % Happiness Candy 14 Hartman Tobaceo. 14% Hazeltine Corp (1) 10 Hecla Mining (1).... 6 Hudson Bay M & 74'% Humble O11 (2) 27 Hydro Elec Serv (2). 10 Hygrade Food Prod. :uov. 260 Jllinois P L (20).... 50s Imp Oil Can n (50¢)., 15 uw. Indian Terr Illum, 58'% Ind Finetfs (b10%). Ind P Lnew (12%4).. Insull Ut Inv(b6%). ins Co of Insurance Sec (1.40). Intercoast Trade (1) % Intercontinent Petn. 15 Intl Petrol, n($2%e) 10% Intl Safty Raz B(13) 25% Intl Superpow ($1).. 3 Internatl UtB.. 10 Interstate Equities. . 11% Irving Air Ch (1.50). 88'% 88% 5% 26'4 26% 230% um THE EVENING STAR, WASHINGTON, 16k 1% 81 1% 33 39% l'lh Italian 28% 5 15% 24% 36% 3% * 27% Leh 46 1% T% 8% 26% 95% 88 7 Mo-Ki % Murph w Orange Penn O % Shenan Sonora Thomp Wilson J. 1% Dividend rates snnual_pa; 13% eash Stock and Dividend Rate. 6% Italian Superpow A. 58% Otis Elevator new. .. Outbd Mot A (1.80).. Outboard Motor (B). Pac C Bis pf (3.50) Pandem Of Param C Mfg (2. Penn Ohio Ed pf (§). Penna Wa & Pwr (3) Pennroad Corp. Peo L& P A (a2.40). Petrol Corp (1%).... % Philip Morris Inc. Pilot Rad T A (1.20). Pitney B P n (20c) Pitts Forging Co. ... Pitts Plate Glass (2) Plymouth Oil (2)... Powdrell&Alex(314) Pratt&Lambert (15) Premier Gold (24¢) ., Prudential Inv...... Pub Util Hold war RainbowLumProd A RainbowLumProd B Reiter-Foster (40c). Reliable Strs (b5%). Richmond Radiator.. Rockland L &P..... Rolls-Roy of Am pf. 100s Roosevelt Field. Ine. Ruberoid Co (4)..... 1 & St Anthony Gold. ... St Regis Paper (1) 8 St Regis Pap pf(7).. 50s Safety Car H& L(3). Tbs Salt Creek Prod (2).. Seg Lock & H (50c). Seiberling Rubber Selected Industri Select Ind pr (53 Sentry Safety Cont.., % Shenandoah Corp. Sierra Pac El pf (6). Silica Gel ct. Sisto F'in Corp. South Penn Oil (2).. S E Powr & Lt (1.60) BEP&LDL(T)..... S'east P&L prpf(5). So Cal Ed DfB(l%).. Southern Corp. . 80 Ice & Utilities B., Southland Roy (1) S W Dairy Products. Spie May S pf (6%). Standard Motors. ... Stand Oll Expt pf (5) Sunlflloll. Ind (2%). of Swift Intern’. l(fl‘h) . Swift & Co (8) Syrac Wash M B (l). Tampa Electric (12), Teck Hughes (80c) . . Texon Oll & Land. .. ‘Third Nat Inv (1)... Thomp-! Tobaceo Pr Exports. Tonopah Min (16c). ;rlnumlr (31.60) Unit Reprod A Unit Sh Mch (f U S Finishing (32).. USFoll B (1). US Lines (50c) . U S Shares Fin...... US&InSctf (23%). Unit Verde Ext (4).. Utility & 1Ind........ Vacuum Ofl (+4%).. Venezuela Mex Oil, .- Vick Fin Corp. Vogt Mfg Co (2).... Walker (H) (1)..... ‘Wenden Copper. .... West Air Bxp (§0¢) . vuulxm-nC( Winter (Benj Worth Ine A RIGHTS. So. Cal. Edison. 13 .07 Trans Corp. Recsived by Private Wire Direct to The Star Ofce 8 Superb war.. Johnson Motor Co. .. Kansas G&E pf (7).. Klein (H)pt pf(1.20). Klein, D. Emil. Kleinert Co (21). Kolster-Br (Am 8h). Lackawanna Sec(4). Lakey F & M (12.40). Land Co of Florida. . Lefcourt Real pf (3) an (The) CBrp. Leonard Of1. Lily T Cup (160) Loews Inc deb rts. Loews Inc war. . Lone Star, new (IOe) Long Isld Lt pf (7). i Mac Marr Stori Middle Wt U(b8%). as Pipe L. Moh Hud P 2d pf (7) 2 Montecatini deb rts. Morison Elec (£1)... Mount Prod (1.60).. Municipal Service Nachman Spring (3) Nat Steel Corpx w.. Nat Transit (1). Nehi Corpn (1.30). & Pow pf (8) no. w Jer Zine n (14). Y Invest (1.20). Y Pet Royalt Y P&L pf (T)..... Y Tel pf (6%) Niagara Hud P(40c) Niag Hud Pw A war. Niag Hud Pw B war. Niagara Shares(50c) Niles Bement Pond. . Noma El Cor (1.60).. Noranda Mines (3).. N W Engineer (2 North Am Aviatio North St Pow A (8). Ohio Copper.... Ohio Of1 (2 ay Crush (1.50). @ Edprpf(7).. 2 Ed [OTOTUTOINIURS TP TR PRVI T OTSITY- S0 - JUVEN S DPETR . JG-JUP TV S PRPRY 3 4 Corp pf(ad).. Bodaannenns Products AR R M A orere wa®mRL ..o....,....§a=,.~...« Prod A 12.40. Star pf (3%) Tri-Cont Corp p£(6). Trunz Pork Stores Tub Art Silk B (10). Ungerleider F Corp. , Un NG Can (11.60).. Union Tobacco. . Utd Carr Fastnr 1.20 4 United Ch pt pf (3).. United Corp war United Elee Ser. United Gas C¢ Unit Lt&Pwr Utd Lt & Po pt (6) United Milk Prnd % Unit Mola: 40e) PETY S RTEs: T e ~EenmRe in dol artly extra Ble In stock, Sales— Add 00. M luh. 1 ..Mar. 62150 .06 based on last quarterly or se %‘hl in nnnn '.’.M‘m Low. Close. 104 10% 5% b 30% 30% 10! 107 18 l"’L 19% 24% 25% Kl su 5\« 30% 107 18 19% k3 2% 3 07 2% 38 .06 .07 RETAIL COFFEE PRICES LOWEST IN 20 YEARS By the Assoclated Press. NEW YORK, January 14.—Leading | go coffee dealers reporud My that n- tail prices on the product throughou the eountry were the lowest in 20 yun Wi|as the result ol nuecnllve reductions s C kof Sicily, .k EBurope T Irian s i nfl M Tacturers: 133 Muriay il 239 YTAM cfs. “ over the past me The drop is Ehimibuted to the situ- | ation in Brazil, which has led to the dumping of large quantities of coffee on the market and to demoralization of futures quotations Reductions in retail prices since be- 3 New ork.: 28 11 A fore Chmunu range from 4 to 10 cents i m Ne' Yerk Ooi!ll m.. ll- unmum-.n-uu, .!M"lfll. bags, compared with 783, while the world visible date was' 5,07 008. Arrivals 'BONDS HEPORTED WELL ABSORBED | ‘The bond m: a3 the new year gets under way. is in exceptionally satisfactory condition, according to the &,""’"K Teview of H-luy, Stuart & re are few I issues in mn that lml mm inven llvl! undigested bonds. it mu in al up the bou L | x-:,.‘?‘:i. not compete with any large amount of If an active demand arises in the early part of the year, on the other hand, bellef Is exprassed that Mmy quickly clean till remaining, . FOREIGN xxcw GE. .. 0 REVIVAL OF REALTY: FINANCING IS SEEN Recent Reduction in Residen- tial Building Has Cut Down Excess Housing. BY J. C. ROYLE. Real estate financing for the moment is not particularly active, but informa- tion now made available for Govern- | ment officials points to a resumption | before Spring. It is estimated that the volume of first mortgage real estate bond and stock issues during 1929 dropped more than 35 per cent under that of 1928 and even the lower money rates which have since November has not brought any large volume of money as yet into such in- vestments. The fall in resi- dential building §{'ast year amounted fl to nearly 30 per cent as compared with 1928. There was a gain in commercial building construction, but this did not compensate for the loss and the total drop for the year was approximately 11 to 14 per cent. Gov- ernment figures show that there is an excess of housing facilities available in some cities. There is al S & cer- 3. C. Royle. is by no means alarming. Housing Space Smaller. Actuall the amount of housing space vacant is less than it was at this time a year ago. Many cities show & vacancy factor of only from 4 to 8 per cent, although in some cities it runs well above those ratios. The decreased residential construction in 1929, instead of being a dangerous indication, has sufficed to correct the excess of accom- modations which had existed. How- ever, more cities showed a downward tendency in rent levels than advances, according to recent surveys, although the centers where conditions remained stationary exceeded both. For the moment the lenders of mort- gage money are exceedingly conserva- tive for fear residential building might have been overdone. On the other hand, the volume of general replace- ment building necessary in the coming year is expected to be very heavy. It is felt in business circles this will act as the backbone of the building industry and will carry it through the lean months until investment in real estate securities is on a better basis. A careful survey of the investment tain amount of space unrented and this | banking field indicates that a majority of the firms engaged in distribution of investment securities have noted a sharp increase in demand. Many Investors Wait. Many investors are disposed to wait until they are absolutely sure they are getting into a strong and rising bond market before investing their funds, but despite this the amount of bond and note offerings in the last month ex- ceeded $600,000,000, as compared $178,257,000 in November. It is wnrthy of note also that the prices of building materials and labor are on a basis favorable to further con- struction. The labor market is ap- parently stabilized at present figures. ‘Thomas S. Holden, vice pmlflent of the P. W, Corporation, which compiles construction contract statistics, estimates that residential construction in 1930 will involve expenditure of $2,470,000,000, as compared with $2,079,- 430,000 in 1929. (conyrmn, 1930.) GRAIN AIN MARKET. CHICAGO, January 14 (#).—Rallying power showed itself, quickly in the wheat market today after prices had under- gone an early dip. Statements attrib- uted to President Legge of the Federal Farm Board strongly curtailment of wheat acreage, did much to encour- age buying of future deliveries. Open- ing unchanged to 133 off, Chicago wheat prices later scored gains. Corn, oats and provisions developed firmness also. with corn starting Ya to Ysa3s off and subsequently showing an advance. In addition to reports that the Federal Farm Board, through Chairman Legge, was doing all in its power to remove danger of overplanting, another stimulus toward higher prices for wheat today was word that a European trade au- thority was predicting increased buy- ing abroad. It was explained in this connection that purchases by trans- atlantic countries had been kept very low on account of a combination of cir- cumstances which are now being modi- fled. Announcement today that a consider- able amount of United States No. 2 hard wheat afloat had been bought for Ant- werp helped to give firmness at times to wheat values. There was also buying of wheat futures here for Northwestern account, on the other hand, figures were current today showing that for 28 weeks, ending January 9, exports of wheat from the United States and Canada have to- taled only 162,222,154 bushels, against 304,806,207 bushels in the same period last year. [REFINED COPPER STOCKS INCREASED IN DECEMBER By the Assoclated NEW YORK, January 14.—8tocks of finished copper at North and South American_refineries aggregated 171,320 tons on December 31, compared with 126,919 on November 31 and 65,466 on December 31, 1928, the American Bu- reau of Metal Statistics reports. The low point was on October 3 when stocks amounted to 45,648 tons. Refined copper production last month totaled 138,203 short tons, as against 145376 in November and 147,905 in December, 1928. December shipments totaled 93,802 tons, as contrasted with 106,858 fons in November and 134,592 tons in December a year ago. STEEL MILL OPERATIONS. NEW YORK, January 14 (#).—Steel mill operations in and around Chicago are reported to be now at between 65 and 70 per cent of d capacity. ‘Twenty-one of the 36 stacks in the dis- trict are active witha GAS Furnace- ‘HOW ABOUT YOURS ? Complete Installa. tion During This Month in 13 Hours’ Time No Delay or Discomfort Terms to Suit You! Phone or Write Washington Gas L TUESDAY, JANUARY 14, 1930. STOCK AND BOND MARKET AVERAGES By the Associated Press. Prom Yesterda: 's 5:30 Edition. STOCKS. 0 5 Industrials, 69.1 “;io.veeklrlm..u'ls Two years u years ago, mkly ‘aver.. gh (1929) Low (1929) . ‘otal sales (par value), $7 (Copyright. 1930, Standerd Statistics Co.) BIG OIL MERGER IS RUMORED AS SINCLAIR TOURS FIELDS Rio Grande and Prairie Oil and Gas Com- panies Mentioned in Possible Pool of Interests. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 14.—Harry F. Sinclair of the Sinclair Oil Co. Chnrle< | S. Jones, Rio Grande Oll W. 8. Pitzpatrick, chairman Prairie Oil & Gas Co., are in the West inspecting ofl and gas properties con- nected with one or all of these com- anies. pshould a merger of these occur, it would probably include the Prairic| Pipe Line. Rio Grande properties are in El Paso, ‘West_Texas, Arizona and in California, in which State the company has its largest interests. Should such a tie-up occur, the Sin- clair group would probably sell its halt interest in the Sinclair Pipe Line Co. and the Sinclair Crude Oil Purchasing Co. to the Standard Oil of Indiana, which already owns the other half of these companies. Such a merger would be the first en- try g{ the Sinclair ofl group west of the les. The Rio Grande's most valuable property at the moment is the Elwood Terrace, in California. But 50 per cent of this producing company is owned by the Barnsdall Corporation. Does this mean a possible tie-up with Bnrnld.nll which has its main proper- ties in the Midwest field? ‘Whatever develops, & big oll merger is in the making. ‘While mundlu out ofl mergers, one should not forget the growing impor- tance of natural gas in the oil industry. Today more than $1,900,000,000 is in- vested in the natural gas industry. Manufactured gas has increased 61 per cent stnu mn but during the same tural gas consumption has more thln dotibled. John E. Kelly, vice president of the natural gas subsidiaries of the Inland Utilitles, Inc., of West Virginia and Kentucky, believes the move has only bet\m and that ‘;xm ltnkklax of px;?duf- pin;-n marketing units in — pl izations as in the elec- rical fel 1 take vl.lce in the field of na na. “The nb network of more than 60,000 mi ipe is serving such cities Plfl.lhlnh leveland, Cincinnati, i St. uull bus, Denver and Los Ange- les,” says Mr. Kelly. “An extension of the lines will take natural gas to Chi- thdelphu. New York and other llltern cities.” While 20 years ago a pipe line 100 miles long was a rare thing, today a ject il under eontemplnuon to ex- ’334 a gas pij miex from West Texas ), 1, A pipe iine from the Monroe-Rich- land fleld, in Louisiana, to Birmingham, Ala., 325 miles, taking natural gas to Birmingham, has just been completed. The work on the extension of the line to Atlanta, Ga., 137 muel hnh'e; .;s ]9;! r cent com) pe Mm% m Southern Ng\- unl Gas Corporation. Towns between these points are sup- lied also hy lateral lines. Thirty towns f ississippi, Alabama and Georgia will be supplied. The Southern Natural Gas Corpor- ation has a 20-year contract with pro- ducers in the Monroe-Richland field to 150,000,000 cubic feet daily Aggressive Southern _cities, quick to see the advantage of cheap power, both in electricity and gas, are looking ahead 25 years. Japan, back on the gold standard after being off for 12 years, faces her real problem. For years speculators 3 | justment _program. and merchants have been holding bills bought when the yen was low. Now they will demand gold for these “paper” debts and will be 50 paid. Japan nppltently as taken such a factor into consideration in her read- Some speculators stand to make—plenty. Japan’'s advancement as a mlnu!lc- turing nation has been rapid, but still imports considerably more thln she exports. Yet her adverse balance is getting less every year. She reduced her adverse balance by about $70,- 000,000 in the first 10 months of 1929. Perhaps for another 25 years Japan | will be a borrowing country. After two years of study, covering scores of sectional and national con- ferences of leading bankers and busi- ness men, the United States Chamber of Commerce has made its report on the Federal Reserve System. Briefly, the report is & compromise— “a Laodicean effort, neither hot nor cold.” But it does take a stand on sev- eral controversial subjects. It indorses the principle of independence, free from Federal Reserve Boll’fl dlntlt!m!. of all Federal reserve in the portant matter of mdheaunt. rates. It stands against paying interest on re- serve balances of member banks. It in- dorses the principle of banks as against a central bank. And. finally, it stands against the pro) spon- sored largely by Irving ® and nis . to build up the Pederll Reserve machinery as a system. which is to maintain price stabilit Many other problems were len in the air—like “this one: Should the Secre- tary of the Treasury be a member of the board! The re) n is about what could be ex- pected. It largely stands for things as they are. Commodity wholesale prices are low— lower thnn in seven years. The Brookmire Business Index shows the December figure of activity in in- dustry and trade down to the lowest point since early 1922. This being true, the trade recession which began last Spring, but which, because of the ol chnnn few people to, is more sweeping than was thought, ;&%hu already gone below the 1024 “The final upturn in prices and activity may not occur before the third quar- r.er ‘ol the year,” says the Brookmire Copsrint, 1030, by North American News- paper Alliance. Feece N NEW YORK COTTON. NEW YORK, Jmulry 14 —comm opened steady today, b decline of 6 points. Acuve ‘months leen showed net losses of 6 to 9 points under liquidation or real some local selling promoted by relatively easy Liv~ erpool cables. A little Southern selling was also reported, but the trade again appeared to be buying and after selling off to 17.46 for March lnd 17.69 for May, the market steadied o and commission house was moderately active at the end of lhe first half hour, with prices showing re- coveries to about yesterday's closln; quotations. Liverpool cables said .cov- ering and trade calling ?lled by local and continental liquida- lon in that market, but reported fair sales of cotton cloths to India and said further business was pending. . ELECTS 51 MEMBERS. ‘The board of governors of the Cali- fornia Stock Exc! have announced the election of 51 members from Los Angeles, New York and other cities. 20 Years Surc;ullul Business $1 or More Will Start 716 11th F. B. KEECH Members of New York Cotton Exchange Liverpool Cotton Exchange, Ltd. (Assos. Membars) N, Rubber Exchange New York Stock Exchange New York Curb Market COTTON Special attention given to spinners’ requirements and the execution of orders for Future Delivery on all Cotton Exchanges of the world. Our Cotton Department is directed by Edward M. Weld ulkeley L. Wells, fonn.ly partners of Stephen M. and B covering the entire cotton Pprivate wires to all markets. H CORNER 17TH ST., N. W., WASHINGTON NEW YORK Columbia Building Association ~ Pays 5% oo See Us When You Want a Real Estate Loan o (Under Government Supervision) now al serve the clicnts of this amn.-" ettt e Compounded Semi-Annually Without the Loss of a Dime Your Thrift Account St. N.W. & COMPANY New Orleans Cotton Exchange Eschange Y. Coffee & Sugar Exchange, Tne. of N, Y., Inc. Washingtes Stdek Eschange Chicago Stock Exchange . B. Gordon, crop reporters on the Stock Ex-| had been sup-| wex A5 EXPANSION IN AIR TRAVEL FORESEEN Railway Official Believes Roads Will Retain Freight Business, However. AL. Special Dispatch to The Star. BALTIMORE, January 14.—Aircraft rival the railroads in the future in {the passenger business. They will not interfere with railroads or steamers in carrying freight. ‘That opinion was expressed by Sir Henry W. Thornton, president and chairman of the board of the Canadian National Railways, one of the two great railway systems of Canada. Sir Henry came here to attend the dinner given by the labor organizations of the Bal- timore & Ohio 1ast evening to Daniel Willard to mark the twentieth anniversary of Mr. Willard's presidency of the road. Passenger Business. "Alrcuft he repeated after a ques- tion. ‘“Yes, aircraft will probably infiu- ence the passenger-carrying business of the raiirods in the future as the sci- ence of uromuuu advances and fly- ‘Will it o llk huehfr I‘hturryin to, ever take the fre! away from the raiiroads? ¥ “So much of the power o{ lh‘mfl is necessary to keep the the me- dium m which it operates thlt it will never be able to carry freight as rail- roads and steamers carry it. “Of course, it is not necessary to power to keep the railroad in the me- dlum in which it operates. “No. aircraft will never interfere with railroads or steamers in carrying freight, That's finished. To make aircraft rival railroad or steamer it would be neces- sary to insulate the aircraft against gravity. and that's unthinkable.” Use of Electricity. The Canadian railroad executive was asked if he expected electricity to come into general use as the motive power for railroads. “Electricity h density of - m;}eud an increasing extent as population fand traffic grow more dense, There is a railroad motor driven by a Dlael en- gine which is attracting a “One cannot tell what wlu hnppen in the future. I suppose if our grandfath- ers knew what we are doing with radio, with various other l(encies they would think we were crazy. They may'—with a smile—“be running railroad trains with radio control some day.” e SWANN INTERESTS MERGED. NEW YORK, January 14 (#).—Or- ganization of Swann search, Inc., t co-ordinate and unify the research and development activities of the sub- sidiaries of t.he Swann Corporation of Birmingham, Ala., was announced here by Theodore Swann, president of the utter company. Swann Corporation is the holding company for various chemical concerns, I’g‘l'hécnh are included Iliff-Bruff Chem- is most useful where t.herc First Mortgage Loans « Applications Invited | Glover. & Flather 1508 H St. N.W. National 1753 LANAHAN & CO. MEMBERS NEW YORK STOCK EXCHANGE BALTIMORE STOCK EXCHANGE ASSOGATE MEMBER NEW YORK CURB EXCHANGE WASHINGTON OFFICE Hill Building-17th & ISts, N.W. Telephone: National 6997 Edwin D. 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