Evening Star Newspaper, January 16, 1930, Page 15

FINANCIAL. UTILITIES ACTIVE IN CURB DEALINGS Oils in Lower Trend—Va- rious Groups Move in Narrow Range. BY JOHN A. CRONE. Epecial Dispatch to The Star. NEW YORK, January 16.—The curb market was active today, headed by utilities ofls, The former trour led the upward side as the latter fell. ‘The move in utilities got under way with Electric Bond & Share and Amer- jcan Superpower. United Light & Power A then forged ahead, at one time reach- ing 38 up 13 points. Strength in Bra- gillan Traction reflected firmness in| London. New York State Utilities, however, feature dealings In the utility list, trad- ers whirling such issues in anticipation of favorable remarks by Gov. Roose- velt, who spelk\ at the Bond Club here today. ?\‘ Hudson Power came 7!;!! m’ bt“ locks, showing a gain of points. Other utilities to benefit by this sen- timent were Niagara Shares, Mohawk Hudson preferred and St. Regis Paper fno.v which has important utility hold- gs. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md, January 16- Pouitry, alive—Turkeys, pound, 30a34 old toms, 22a25; spring chicken, 25a28; Leghorns, 21a22; old hens, 20a27; Leg: horns, 22a23; poor and thin, 17a18; old roosters, 17al8:; capons, 32a36; ducks, 16a24; geese, 15a22; guinea fowls, each, 40a45: pigeons, pair, 25. Eggs—NReceipts, 602 cases; native and nearby, firsts, 45a451: pullets, 40; hennery, whites, firsts, doven, 46; culls and dirty eggs, 25230, Butter—Good to fancy creamery, pound, 33a38; ladles, 30a32; store packed, 20; rolls, 27a20; press, 36a37. Vegetable Prices. Potatoes—White, barrel, 1.50a4.00; 100-pound sacks, 1.75a2.65. Sweet po- tatoes, barrel, 1.50a3.00. Yams, barrel, 2.00a3.00. Beets, crate, 2.75a3.00. Beans, hamper, 1.50a3.75. bbage, hamper, 40a65. Carrots, 100, 2.00a4.00. Cauli- flower, crate, 1.25a2.25, Celery, crate, 1.50a3.25. Eggplant, crate, 3.00a5. Lettuce, crate, 4.50a5.25. Kale, barrel, 1.25a1.50. Onions, 100 pounds, 1.75a 2.00. Peppers, crate, 3.00a4.00. Peas, 5.00a5.50. Parsnips, basket, 50a65. smmch. bushel hamper, 50a90. Appl bushel, 15a2.25. Cranberries, box, 3.00a 4.75. Grlpeh'ult box, 2.50a4.75. Orlnse! box, 2.15a4.50. Tangerines. box, 1.25a Strawberries, quart, 30240. Hay and Grain Prices. Wheat—No. 2 red Winter, spot, 1.26%; No. 2 red Winter, garlicky, spot, \25%5; January, 1.25'2; No. 3 garlicky, no_quotations. Corn—No. 2 domestic, yellow, new, 1.03a1. cob corn, new, 4.65a4.70. Oats—No. 2 white domestic, spot, 5 No. 3 white domestic, spot, 54. Rye—Nearby, 80a1.00. Hay—Receipts, none. Season for old ‘hay is about over. A little new crop is :rrmnl but hardly enough upon which to establish quotations by grades. ‘Where in good order new hay sells at from 14.00217.00 per ton, according to its quality and condition. Straw—Little demand for straw. Re- ceipts generally ample. Wheat straw, No. 1 per ton, 9.00a10.00; oat straw, No. 1 per ton, 9.00a10.00. Live Stock Market. Cattle—Receipts, 200 head; light sup- ply, market steady. Steers—Cho lu to prl:‘: no:fi. good 240, medium, o 11.25; vhlll w flh‘, 925 to 10. common to plain, 8.25 to 9.25. Bulls—Choice to prime, none; good to choice, 9.00 to 9.75; medium to good, 775 to 8.7 fair to medium, 7.00 to 7.50; plain to fair, 6.00 to 7.00; common to plain, 5.00 to 6.00. Cows—Choice to prime, none; good to ¢°~'~e, 8.50 to 9.00; medium to good, 7.50 to & °5: fair to medium, 7.25; plain to fair, 5.50 to 6.50; common to plain, 4.00 to 5.00. Heifers—Choice to prime, nons ood to choice, 10.00 to 11.00; medium to good, 9.00 to 10.00; fair to medium, 8.00 10 9.00; plain to fair, '100 to 8.00; com- mon to plain, 6.00 to 7. PFresh cows and Spfln[en, 60.00 to 150 00. Receipts, 500 head: light sup- ply. market lower. Lights, 10.50 to 10.75; heavies, 9.95 to 10.55; medium, 1050 to 10.75: roughs, 7.50 to 9.2t light pigs, 10.10 to 10.40; pigs, 10.50 to 10.75. Sheep and lam! Mlpu 50 head; lllht supply, mlro ; sheep, 2.00 am Calvel—meipu. 7.00 to 17.00. BONDS ON THE CURB MARKET. Bales in DOMESTIC BONDS, thousan 30 Alumtnum High Low, Noon o, 53, 82, 1020 1034 ?:mmé“"-':"h (o ) ?flw o1t 1014 3 P& 016" .- 30524 10814105 i P 53 2 £} 'Y, ~rBEn i rz 2 3 5 18 025 i w887 |88 Y2 148 ww xgn-. 101 Q0Q, B g 2a 1000000902223 SRRageecosmzit Zondivez B C:!’ g 2 3 [ 3 o 2 0 1 1 1 1 1 1 2 2 L 1 3 ] i 20 1 0 ous GG 6'z8 43 ww s A4S ERREETEIO0 s oo S okneaFuswmnDewarSnmon- Bama: = Gal it g9t n Blas 48 ww 80, LT a§ 075 & X’v.c"g;{‘.__ Bt g ! 3 v 103 109% 10052 101 o+ i 0 0 saR gcszs;mz .&. idort Ast s arner Bros 8s West Tex Ut 88 A ‘51 93 FORWIGN BONDS. 1Asri Mtge Bk 75 4l Bk 18 i 7 Europ M 6 Gelsenkirchen :- 4] n, NEW YORK CURB MARKE 109% 24% 42% 399 53 59% 8% 89 42'% 3% 33% 14 95% 6 W% 642 26% 1 1% 48y 69 IZM 20 b55% 840% 41 4T% 9% Dividend Ra 7 Aeronautical Indus, 16 Agfa Ansco......... 10 Air Inv Incev pr All Amer Gen Corp. 4% Allegheny Gas Corp. % Allied Aviation 4 All Int Inv Corp. 10% Allied Mills (60¢). 28 Allied Pow & Lt. . 40 Allled Pwr&Lt pf(3) 103 Alu Coof Am pf (6). 81 AmArchCo (3)..... 38 Am Bakeries A (3) 76 Am Cigar Co. 20% Am CIt P&L A (43). 10 AmCP&LB (b10%) 18 AmCwith PAD10%., 22 AmCwith PBb10%. % Am Control Oil Fld 20% Am Cyanam B (1.60 14% Am Equities, 254 Am For Power war 70 AmGas & Elee (31). 98 Am Gas&Elec pf (§). 8 Am Investors (war). 6% Am Invest Inc B. 28 Am Maize (12.80) 37 Am MfgCo (3) 1% Am Maracaibo. 51 Am Salamandra (3). 25% Am Sol Ch cv pf (3). 3% Am Thread pf (25¢). 20% Amster Trad (1%).. 15 Am Superpower (1). 82 Am Superpow pf (6) Am Yvette (new) wi, Anchor Post F (2). Andre Citreon B ret Anglo-Am vot (73c). Anglo-Am n-v (73¢). Anglo Chil Nitr: 6% Arkansas Nat Gas A. 5% Asso-Elec Ind Ltd. . 354 Asso G & E A (12.40) 315 Asso G&E A deb rts. 11 Asso Laund ($20¢). . 304 Asso Rayon pf (8).. # Atlant Fruit & Sug 1 Atlantic Lobos pf 15% Aut VMecvprpt(2). 204 Aviation Corp of Am 1% Bahia Corp. 30 Blaw-Knox 10 Bliss Co (E W) m.. 3% Blue Ridge Corp. 2314 Blue Rdg cv pf (-n % 27% Blumenthal (8).... 813 Brazil Tr & Lt (2)... 5 Brill Corp A (1%)... Buckeye P L (4) 22 Buf N&E P pf (1.60). 13% Butler Bros (1:20). 4 Bwana M Kubwa. 3% Cable Radio T vte % CAMCoctfs Can Marconi. ‘arib Syndicate Celanese Corp Celluloid Corp. .. .. Cent Atlantic States. Cent P 8v A(al.75). Cen States FI ($40e) 4% Centrifug Pipe (60¢) 9 Chain Stores Stoek. . 44 Ches & Ohio (new). . 20 Cities Service (330¢) 84 Citles Serv pf (6)... % Clark Lighter A.. 4 ColonOil... 25 Colts Pat Fire A (2). 164 Columbia Pictures. 1% Columbia Sy: 93% Comwith Pow pt (6). 1% Comwith & Sou war. 95% Com'with & S pf (6)., 13% Consolidated Aireraf 1% Consol Cigar (war) 4 Consolidated Coppe: 12% Con Dairy Prod (32). 71 Con Gas, Balto(3.60) 10% Con Retail Strs (1).. 2% Cons Instrument. 10 Cons Laundries. 80 Cooper Bess pfA(3). 12% Corroon & Reynolds. 5% Creole Petroleum 174 Crocker Wheeler. 1% Cusi Mex Minin, 310 Deere & Co (6). 3 De Forest Radio 2 Derby Oil & Refin, .. 5% Detroit Alrcraft Cor. 14% Doehler Die Casting. 62 Draper Corp (16).... 32 Dres(SR)YMfE A 3%. 34 Driver Harris(new). 4 Dubiller Cond&Rad. 120 Duke Power (15). 3% Durant Motors. 22 FEastGas&F Asso.. East States Pwr (B). ¥astern Util Inv A. . Eisler Elec Corp. ... ¥l Bond & Sh (b6)... El Bond & Sh pf (6). 10% ElP & L opt war.. 16 Elec Pow Asso (1). Elec Pw Ass0 A (1).. 3% Elec Sharhldrs(1 45% El Sharehold pf (6) 14 Empire Fire lus. 14% Emp Pub Sv A(1.20). 42 FEureka Pipe Line(4). 3% Evans Wallow Lead. 8 Fairchild Aviation 10 ;flcon Lead. 4% Finan Invtst, N Y. 8 Fokker Alrcraft. 15 Ford Motor Can A 3 Ford Mot of France., 10% Ford Motor Ltd. . 3% Foundation For Sh) 20 Fourth NatInv... 4% Fox TheatCl A 184 Garlock Pkg (1.20) 8% Gen Am Invest new., 2% General Baking 45 General Bak pf 35% Gen El Germ rets. ... 7% Gen E Ltd rcts (50c 19 Gen Empire Corp 13% Gen Gas & El (A) 40 Gen Print Ind (2 Gen Rity & Utilith Gen Theat Equip vt: Ga Power pf (6 Gold Seal El n 214 Golden Center 32 Geldman Sachs (b6). 25 Gorham Inc pf (3)... 1% Goth Knitback Mach Graymur Corp. THE EVENING STAR, WASHINGTON, TH 21% 214 124 12% 1T 17 5% 5% 1% 1% % ' 18k 134 9% 41% 47T AW 21% 12 17 5l 1% 5% 13% 39w 47 1% 5% 13% 407 ATl | lo‘l!fi m-s 107% 107% 7 il lzn% Il‘l'& 120 xl 80 39y 15% 24% 36% " 26% 3% ll% 1204% 1 107% 107% 107% 1078 4 s Y - B manmeSan~D oo n DR 0B R D e oo ] 241 451 28 4 1 12 2 17 17 17 13 103% 103% 108 2 1% 11% 11% 54 10% 5% 11% 1 190 Am Lt & Tract (10). 2768 !:l'»fi 245 28!% 239% 3% 10% 40% 13% 615 21% 30 47 2% 1% B50s 475 475 40 3% 3% 2 1 L Y 5 10% Bl 10% 35 45% 1% 554 24% 3% 15‘4 1% B 24% 17 108% 3 10% 2% 1% 475 476 3% 3% % 5 18% 64% 32 46y % 10% 160 % 28% 25 8% 16% 86% 4% % 28% 28% 24% 24% 8% 8% 16% 16% 84% 86% 2 ums 10!'/. IOBK 103% 31% 28% 264 19% 88 14% 20 52 % 3u * 26 384 GrA&PTnv (5)... 208 249% 2“» 2“!/. 249% 18 Ground Gripper (1). 115 GulfOflof Pa (1%). 14% Hazeltine Corp (1) 10 Hecla Mining (1) 39 Horn & Hard (233) 6 HudsonBay M&S. 74% Humble Ol (2). 27 Hydro Elec Serv (2). 260 Illinols P L (20). Imp Ofl Can n (50c) .. Ind B Y, new (12%) Indfan Terr lum., Ind Fin ctfs (b10% Insull Ut Inv(b8§%) . Insur Co of Am(31%) Insurance Sec (1.40) % Intercontinent Petn. 15 Intl Petrol, n(623e). 25% Intl Superpow ($1).. 28% Iternatl UtA (3%).. 3 InternatlUtB... 10 Interstate Equities. . 40% Interest Eq cv pf (3) 1 IronCap Copper..... 11% Irving Alr Ch (1.50), 4% Italian Superb war. 6% Itallan Superpow A.. 29 Jefferson Elec Co 29 Johnson Motor Co... 1 KanCity Pub§ vte.. & Kerr Lake. 114 Kirby Petrol 22% Kleinert Co (214). 1 Kolster-Br (Am Sh). 30 Lackawanna Sec(4). 23 Lefcourt Real pf (3) 63 Lehman (The) Corp, 11% Libby McNeil & L... 12% Lily T Cup (150) 18 Lion Oil Refin (2 7% Loews Inc deb rt. 26% 26% 139% 140% 1 1 1 33 9 2 T T PPN PN T -E e et 8 22 12% 22 12% 4% 11% 83 43% 40 20% 17% 57% 4N 19 1% 21% 35 36 % 10% 41% 2% 13% 5% 10% 4" 26% 25% 137T% 137% 22 22 12% 12% 414 41% 11 11% 81% 81% 43% 43% 105s 307% 309 307 307 14 26% 26% 26 26 14% Received by Private Wire Direct te The Star Office and Sales— Dividend Rate. Add 00. Open. High. Loews Inc w . 8 B b4 Lone Star, ) 3b% Long Isld Lt pf (7).. 30s 109% Mac Marr Stor. Mangel Stores Mare W T br sh(62¢) Marine Mid Cp (1.20) Mavis Bottling. Mayflower Assn..... Memph Nat Gas Co.. Mer Chap & 8(1.60).. Mer & Mf 8 A (1.50)., Mercantile Stors(5) .. Met & Min Inc (1.20) Met Chain Stores Middle Wat U(b8%) . 4 Mid W Ut ev pf xwi 114% 111 3% 1% 9% 2% 2% 2 T4 12 8 214 1% % Penn 4 Prince & Whitely. .. % Red Warrior.. & St Anthony Gold.... 38 650 110% 100 98 80 26% 20 17% 3% 12?« 114 12 4 149% 121% 3T 25% 18 40% 4 T 25% 18 34% 40% 59% % Trans Air Trans ef 16% 6% lm % 14% % Spanish & Gen Reg.. Morison Elec (31) Moun & Gult (.08) Nat Amer Co (2) Nat Aviation. . Nat Baking Co t Food Pr A (234). t Food PodB(2%) t Investors (new) t Pow & Lt pf (7).3008 f TheaterSupply. Nat Steel Corpx w Nehi Corpn (1.30) . w Eng Pow Dt (§) New Eng T&T (8).. 50 New Mex & ArizLd.. 8 Newmont Min ($4).. Newport Co (2). N Y Auction (1%) N Y Invest (1.20). Y Tel pf (63). ... 100 Ntagara Hud P({0c) 353 Niag Hud Pw A war. Niag Hud Pw B war. Niagara Shares(50¢c) Niles Bement Pond. . Nipissing (30¢) . Noma Bl Cor (1.60).. randa Mines (3).. rth Am Aviation. . rth Am Util Sec.. Northern P L (15) North St Pow A (8 Ohio Copper., Ohio OI1 (2) . Otis Elevator new. .. Outbd Mot A (1.80).. Outboard Motor (B). Pac Pub Serv (1.30). Pandem Oil..... Param C Mfg (2.40). Patterson Sargnt (2) Penn Gas&El A(1%) o Ed pf (6). Penn O Ed pr pt(7) Pennroad Corp. ..... Penna Wa & Pwr (3) Petrol Corp (13%)... Pet Milk pf (7).. 1 Pick (A) B & Co pf Pilot Rad T A (1.20). Pitney B P n (20¢c) Plymouth Oil (2). Polymet Mfg (31)... Premier Gold (24e).. Pressed Met of Amer Prince&Whitely pf3. Prudential Inv. . Pub Util Hold war. Russek's Fifth Ave. . Pyrene Mfg (80¢)... Radio Products (2).. RainbowLumProd B Rel'nce Managemnt.. Reliable Strs (b5%). Reiter-Foster (40¢).. Reynolds Bros Inc. .. Reynolds Met n 2.40.. Richmond Radiator.. Rike Kumbler (2.20). Roan Antelope Min. . Rocklans Lt&P(92¢c). Ross G & T (3) Ro Safety Car H& L(8). N NA RN S8 NS AANN N RSB~ ©® S Stfeway S war (2d). St Regis Paper (1).. Salt Creek Prod (2).. Schlet & Zan (1%).. Schlet & Zan pf 3%.. Sehulte Real Estate. Schulte Un be-31 St.. Seeman Bros (3).... Seg Lock & H (50¢) .. Seiberling Rubber. .. Selected Industri; Select Ind pr (5% ) Sel Ind allot ofs 6%.. Shattuck Den Min. .. Shenandoah Corp. Shenan Corp pf (a3 Sillca Gelet. .. Smith (A 0) (2 Solar Refining (2%). Sonora Products. . South Penn Ol (2).. SEPowr & Lt (140) - s 1 - s BAH AR RO NRE A OTS N R - So Ice & Utiliti, S W Bell Tell pf (7). @ 2 Stand Inves pf(5%). Standard Motors. ... Stand Oil Expt pf (5) Stand Oil, Ind (23%4). Stand Oil, Kan (2)... Stand Oil, Ky (1.60). St Ofl of Ohfo (2%).. Stand Pow & Lt. Starrett Corp. Stein(A)& Co (1. Stern Bros A (4). Stromberg-Carl (1 Stutz Motor Car Sunray Oll (40¢) Switt & Co (8).. Swift Intern'l (23%).. Taggart Corp (1). . Tampa Electric (%), Teck Hughes (60c).. Texon Ofl & Land. Third Nat Inv (1)... Thomp Prod A 12.40. Thomp-Star pt (3% ) Todd Shipyard (4) Transamer (31.60) Tran Con Alr Tran @ -3 - > FeReTrmampad 8 S - SrnenSumen e % Tri-Continental Co Tri-Cont Corp pe(8). Trunz Pork S (1.60). Tub Art Silk B (10). Tung-Sol Lamp (2). Ungerleider F Corp. . g Utd Carr Fastnr 1. lo United Ch pt pf (3). United Corp war.... United Dry Docks. .. United Elec Ser...... Unit El Ser pur war. United Gas Co. . Unit Lt&Pwr A( Utd Lt & Po pt ( United Milk Prod. Unit Molasses Ltd. . Unit Reproducers B USFoll B (1).. US&InSctf (2%). U S Lines (50¢)..... United Stores A. ... Unit Verde Ext (4). Ul nne:-nunuu's) Utility Pw & L UtP&LBectfs (21). Utlity & 1nd........ Util & Ind pf (1%).. Utility Equities. ..., Vacuum Ol (14%).. Venezuela Mex Oil. . Vick Fin Corp. . Vogt Mfg Co (2) \Vllkfr (H) (1). on (JW) Co. \w yne Pump. .. ‘Wenden Copper. Williams R C (1. 40) Winter (Benj) ‘Worth Inc A Zonite Prod (1.60) RIGHTS. - * HREEANURR AR R SRS R R s o PS4 3 07 .08 07 mvldnlrll-hlflllulfl.‘_hfllufl.bfl“-l- annual pa: Dayment. *Ex-dividend. tPartly extrs. $Plusextra 1n stock. & Payable o atoek. eash or stock. b Payable in stock, d Pavable in preferred D. C., THURSDAY, IFORGED LABOR TAX SYSTEM OPPOSED Geneva Office Condemns Plan of Requiring Certain Time for Public Work. BY JOHN F. SINCLAIR. 14 | Special Dispatch to The Star. NEW YORK, January 16. the heat, it's the humidity How many times one hears that remark in the course of a year, especially in the gg,xlnmer, when the thermometer is Nomln can be done about the weather, t plenty can be done about humidity. In Winter, when the temperature is below zero, it is eroper humidity, plus heat, which makes the home com- fortable. | “The air, having a low relative hu- midity, absorbs water from the furnace; rugs, woodwork and our own bodies,” said_Edward W. Brehm, president of the Doherty-Brehm Co. of {dlnnelnulu After making this statement, Mr. Brehm went on: “You've seen how furniture dries up in Wimer—huw aint peels off —how plaster cracks. Why? Because there is not enough moisture in the air. The artificial heat absorbs it. You will notice, too, that colds, bronchitis, ton- silitis and pneumonia are far more prev-lent in Winter than in Summer. Why? Because the moisture problem has not been properly handled.” “Is there a scientific way to meet the problem of proper moisture in a heated home?" 1 asked. “To maintain correct relative humid- ity in the average 8 to 18 room house in zero weather it is necessary to evapo- rate from 10 to 150 gallons of water a day,” replied Mr. Brehm. “Homes of the future will be !\lp{lhed with equip- ment to meet this problem, for it affects not only property but health. Angd the saving of fuel, too, under proper hu- midity conditions, runs as high as 15 to 30 per cent.” Mr. Brehm and his engineering part- ner, Doherty, a graduate of the Massa- chusetts Institute of Technology, as- serts that the humidify business is receiving greater attention today from architects and building engineers than it ever has before. And -why not? For what is more im- gorunt than health and comfort in the ome and the office. Fashion decrees and woman bows! This much, at least, is evident from the annual Sprin ‘T fashion show of the rment retailers of America, which in New York this week. As many as 140 living models are on exhibition. The lines definitely established last Fall, around which such a proun was raised, still rule. More than 2,000 buyers ‘nd merchan- dise managers from all parts of the United States are in attendance. Cotton rivals silk, and artificial silk finds favor for coats, afternoon dresses, evening gowns, wraps and sports. wea: Skirts average from four to six inches below the knee for informal day time wear. The sport frocks carry the short- est skirts. All 5 o'clock frocks and dance frocks are long, with trailing draperies largely eliminated. Hats are Jarger—the floppy brim variety being muchin evidence. The colors are mostly pastel shades, particularly peach, pink, blue and green. Style trends, therefore, are definitely away from those of two years ago. Prof. O. M. W. Sprague, 57, of Har- vard University, selected for an impor- tant post with the Bank of England, has been a professor of finance and economics ever since he graduated from Harvard, except for four years from 1905 to 1008, when he was professor of economics at the Imperial University of_Tokio, Japan. Prof. Sprague is the author of three ‘well knokn works on finance—"The His- tory of Crises Under the National Bank- ing Bystem,” issued in 1910; “Banking Reform in the United States” issued iter, and “Theory in History of ,” issued in 1917. It is understood that Prof. Sprague’s work will be to help iron out certain definite problems that have arisen be- tween the Bank of England and the central banks of certain other European nations. Recently Prof. Sprague co-operated with the Chamber of Commerce of the United States in complling the report which that organization made on the Federal Reserve system. He is recog- nized as one of the country's leading Bp::l‘:luu in the field of banking and credit. world? By forced labor we mean all work which a person does not do volun- tarily, but rather under the menace of punishment for not doing it. Forced labor s widespread m the va- rious colonies of the tropics. It is used for public works like railroad building, road building, internal improvements. Often it takes the form of a tax requir- ing each native to give the government & certain number of hours a year. ‘The international labor office at Ge- neva has Atronzliocnndemned this nrnc~ tice. “Forced lal is a blind alley, the forced worker is not likely to acquire a taste for work. On the contrary, all the associations of compulsion tend to give him an active distaste for it,” says the labor office. No figures are available to show the extent of the forced labor. But it is more, widespread then is -generally be- ved. J. J. Edgerton, Dulld!nt of the Na- tional Auocllllan of Retall Credit Men, has no fear of installment buying even at this time. “Potential purchasing power of im- mense volume remains virtually un- MDM It can be profitably and safely veloped by proper utilization of the eredlt facilities open to retail custo- mers,” he says. Credit men recognize the resistance on the part of many consumers to push a campaign of installment purchasing at this time. Some of them believe um the installment purchase idea has gor too far already. But the Nlflonll Al- sociation of Retail Credit Men declares that only 26 per cent of their total sales are charge accounts and only 5 per cent of the total—$1 in $20—is cevered by installment purchase plan. ‘The principle underlyln‘ installment hlllnl is simple. "It is workable, if it is not overdone. fllfl.hfl‘ the installment rurchue con- tracts can be pushed with safety de- pends finally upon the purchasing power of those who enter such contrac How much (Coprright, 1930, by North America - per Alliance: b BANK INCREASES STOCK UPPER MARLBORO, Md., Janu 18 (!p'ch.!).—An increase of $100,00 in tl ital stock of the First Na- of Bouthern Maryland was voted by the board of directors by the deeln ation of a stock dividend, pay- rom the undivided profits, at their -nnunl meeting here. It was also voted to reduce the par value of the stock from $100 & share to $10.00. 7 tockholders named these directors: C. A. M. Wells, Henry L. Morris, M. Hampton M-mder. Judge T. Van Clagett, Willlam F. R . Reverdy lyan, Sasscer and Willlam S. Hill. R N Weta: pecsencs W . M. Wells, president; William 8. Hill, vice Dmldmzn and cashier; Claude H. Owen, assistant eashier, and Judge T. Van Clagett, lt.hrney NEW YORK, January 16 (#).—Call MONEY MARKET. ‘Time money was easier in the shorter maturities, with 43 up to 90 per cent days, and 43, per cent for TREASURY BALANCE. quoted | e United States Treasury balance, money continued relatively easy today and funds were available at 4 por cent. The renewal rate was 414 per cent, but the mar- the hn{:n kers' acceptance market was fnu'ly active and a moderate supply of found hsorption, Teady nu- were The | were $17,174,161.74, expenditures, 84,421 announced today as of close of busi- ness January 14, was $111,444,284.71. Customs receipts for the month to date Tom ordinary T BAD CHECK LOSSES. CHICAGO, January 16 (#). — The American business man's 1929 bill for bad check losses totaled $300,000.000, Secretary Guy H. Hulse of the National Retail Credit Association said todsy. The "good old charge account,” he sald, was the best preventive. JANUARY 16, How much forced labor is there in the' 1939, ——— 3T 0% STOCK AND BOND MARKET AVERAGES By the Associated Press. Prom Yesterday's Today .... Previous day. Week ago. = o a i u‘.wutli-m..lo'ls 30 Edition. (Copyright. 1930, Standard Statistics Oe.) ABOLITION OF U. S. RESERVE BOARD URGED IN MAGAZINE Edisorial Hiblde Vieidics of History Will| Pin Responsibility for Stock Collapse Largely on‘ System. That the Federal Reserve Banking System is lar, responsible for me two periods of tion and collapse ex- perienced by this country in 1920 and 1929 must be the considered verdict of history, says an editorial in the current issue of the Bankers' Magazine, which advocates abolition of the Federal Re- serve Board. This is true despite the fact that each of these disasters wag world-wide in its o , according to the writer, for it should be the part of a properly managed central bank to en- visage world conditions, particularly as to how they may affect our own situa- tion, and to act accordingly. No general indictment of the Federal Reserve System is worth anything with- out a bill of particulars. In the first phoe the linking up of banking to the Government through the Federal Reserve Board, appointed by the President of the United States, es- tablishes a condition almost sure to be inflationary, as has been experienced more than once in our recent financial history. The desire of the Government to borrow at a low rate has on several occasions conflicted with a true bank- ing policy looking toward a higher rate of discount. But this is not all. In a political campaign, when it is thought desirable to keep the car of prosperity running at high speed, although l sound credit policy may dictate the aj plication of the brakes, the views of ti e party in power are apt to prevail, as they did in the campaign of 1928. Treasury Bill Sales. Then there are the huge market operations on Treasury bills and the borrowings by banks on these obliga- tions. It has been said that the banks can take their Government paper, in the form of Treasury certificates, to the Federal Reserve banks, use this paper as security for loans, recelving Govern- ment paper (Federal Reserve notes) for the proceeds, which in turn can be em- ployed in stock speculation. ‘That this close connection between the Government and the country’s banking system is vicious in principle has been long recognized in theory. That it is so in practice has been amply demonstrated in 1920 and 1929, ‘he Federal Reserve Board, sitting at ‘Washington, for want of administrative capacity, but because the principle upon which its creation .and functions are based is wrong. With the board out of the was, the Federal Reserve Banks would still subject to the existing law and to the further will of Congress. They could also be supervised in a general way by the controller of the currency, as are the national banks. Substitute Urged. If it is thought necessary to have a central board or council of some kind to- formulate and enforce a degree of uniformity in banking policy, this body should be chosen by the Federal Reserve banks and should be composed of rep- resentative bankers and business men. In this way the direct connection of should be abolished—not |, expand credit far beyond the country's legitimate demands. Rediscounting, once looked on as a sign of banking weakness—or at least as something to be resorted to only occasionally and to meet temporary needs—has become res) ble, and by many banks is now looked on as quite thecusual thing. ‘The possible and actual inflation of credit due to the taking over by the Federal Reserve banks of so large a portion of the country's banking re- serves should be corrected by requiring the member banks to keep a larger rtion of their reserves in actual cash n their own vaults. GRAIN MARKET. By the Associated Press. CHICAGO, January 16.—General selling which developed in wheat today toward the last found the market de- void of aggressive support, and prices underwent. sharp reactions from earlier upturns. -Some improvement of export demand for wheat from Canada and the United States failed to act as an offset, although transatlantic pur- chases of North American wheat to- day aggregated 1,000,000 bushels. It was estimated here today that whereas domestic wheat stocks in sight are about 40,000,000 bushels more than last year, the invisible supply is 30,000,000 bushels less than a year ago. WHEAT— Low. January 119 M 1.22% 1.26%; 127 Close, 119 10.32 104’ 10.70 NEW YORK BANK S‘i‘OCKS. NEW YORK, January 16 (Special).— h Ave First Nationai Grace. new Harbor stat Harriman Liberty . Manhat 'Co. Melrose Illn:hlnu the Government with the Federal Re- | Brisco serve system would be broken, but the interests of the public: would be safe- guarded by the law itself and by the supervision of the controller. But there is an even greater possi- bility of inflation—a possibility which has been actuall features of the Federal Reserve act yet | v to be mentioned. The idea of consolidating a portion of the country's banking reserves for use in expanding credit when neces- ly manifest—in other | W Yorkville Bankers: new . s © 1. sary and for protecting really solvent | Bk Eu; banks from unmerited runs was en- tirely sound in principle. But surely experience shown that the principle has been greatly overworked. By taking over from the vaults of member na- tional banks all of their legal reserves, unty lacing them with the various Federai | Empire, rve banks, the bridge was made much broader than the flood, and re- | Pult dlsemmtlng and credit expansion fos- tered to rous extent. ‘That it l.l sugply of credit available to trade and industry, at a reasonable rate, is an axiom of sound banking theory. But this affords no warrant for an excessive supply of credit—far more than trade and industry will absorb—that may be used in boosting the prices of stocks to g over all the legal bank s above indicated, the Fed- Reserve banks wi No offers Over a Third of a Century Without a Loss vestor THERE ‘IS NO able to have an ample | Int & Times squtr‘u‘ Title Guar Co. UNPARALLELED IN INVESTMENT SUCCESS. accompanies with their definitely fixed and liberal return, 6%2% FIRST MORTGAGES —have back of them improved Washington real estate of our careful appraisement. invest will find these available in any amount from $250 up. SAUL CO. SUBSTITUTE FOR SAFETY re enabled to | gnyt other type of investment the same protection that first mortgages Our The in- with limited funds to 925 15th St. N.W. PINANCIAL. INCREASE IN STEEL- PRODUCTION NOTED Iron Age Review States Out- put of Mills. Has Been Stepped Up. By the Associated Press. NEW YORK January 16.—“Both of the leading producers are now making raw steel at the rate of 70 per cent of capacity, compared with 65 per cent. last week and as low as 40 per cent in the closing week of 1929, says Iron Age's weekly review. “The recovery is impressive since buyers are still cau- tious and limiting specifications to nearby needs. As these requirements are gaining, the indus is less con- servative in appraising business pros- pects and confidently predicts further development, particularly in heavier rolled products. “In the Chicago district, where steel ingot output is now 65 per cent of ca- pacity, compared with 60 per cent a week ago, two banked steel works blast furnaces have been pul into commis- sion and a 70 per cent rate for next week is predicted. The entire Greater Pittsburgh area, including the Youngs- town and Wheeling districts, is now on a 65 ml’ cent basis, following sharp the valleys and among the ller companies around Pittsburgh. e ingot output for the country at large is also placed at 65 per cent. “Mill prices on plates and shapes have declined $2 a ton to $1.80 at P“Ja- burgh. Bars, which have also been ir- regular recently, are now more firmly held at $1.90. Reductions of $2 a ton have also been made on black sheets, galvanized sheets, fender stpck and all wire products except wire rods, manu- facturers’ wire and woven wire fencing. “Rail bookings have been augmented by orders for 107,000 tons. The Balti~ more & Ohio bought 85,000 tons, the Soo line divided 8,000 tons among the Tllinois Steel Co., Inland Steel Co. and the Bethlehem Steel Corporation and the Central Vermont placed 7,000 tons with the Bethlehem Co. Three small orders from Western lines accounted for 7,000 tons additional. Rail specifica- tions are expanding and Chicago mills are planning a further increase in out- put, now at 85 per cent of capacity. “Motor car builders are slowly step- ping up production and will make a much better showing in February than in the current month. Steel releases from the automobile industry show a further increase, particularly in bars and sheets. At Cleveland, one of the leading sources of supply for automo- tive steel, the output of independent producers is now 65 per cent of capac- ity, compared with 30 per cent a few weeks ago. A leading Ohio producer of alloy steel has increased operations to about the same basis. However, it is estimated that the automobile industry is not yet taking more than 20 or 30 l):r een:.‘o( '.he! steel that it uses dur- peak operations.” g'he Iron Age composite price for fin- ished steel h:s declined {rom 2.362 to 2319 cents a pound, t.he lowest figure slnce July, 1928. igiron com- posite price is uncha: at $18.21 a gross ton. NEW YORK COTTON. NEW YORK, January 16 (#).—Cotton opened steady at unchanged to an advance of 5 pqints today with active months showing net gains of 4 to 7 points during the early trading on cov- ering and nnu trade or ‘commisison Thouse y reports of rather a better dzmxnd m cotwn goods and talk of a campaign to reduce acreage in the South. March sold up to 1742 and July to 17.75, but the advance seeme some Southern selling and rea! the market was comparatively the end of the first half hour with prices showing reactions of 2 or 3 points. Private cables said that hedging and liquidation had been offset by trade call- ing and spot demnnd in the Liv- erpool market. Spot sales there amount- ed to 10,000 bales, but included only 4,000 bales of American_ cotton. Manchester reports indicated further cloth sales to India and said results of the Shanghai auctions were more en- couraging. uet Students in the University of Ala- bama are ltudylgs footprints left an estimated 40, 0 years ago on a slab of rock found in the State. The animal is thought a forerunner of the u Completely Installed in One Day No Discomfort No Inconvenience Terms to Suit You! Washington Gas Light Company House Heating Division National 8280 interest rate which regarded a highly satisfactory by thousands of careful -in- vestors, who realize that bigger returns must be accompanied by a corre- sponding decrease in safety. Safe 61/2% Prompt/j from SHANNON & LUCHS 1435 K St. Nat. 2345 pays an