Evening Star Newspaper, January 18, 1930, Page 20

FINANCIAL. POE IS ELEGTED TOGAS 0 BOARD Munsey Trust Official Is Also Secretary of D. C. Bank- ers’ Association. BY EDWARD C. STONE. C. H. Pope, vice president of the Munsey Trust Co., was elected a di- rector in the Washington Gas Light Co. at the regular monthly meeting of the board. Mr. Pope fills a vacancy which has existed on the hoard for some time. secretary of District Bankers' Asgoclation and well known in fi- nancial circles here. ‘The annual meet- ing of the Wash- ington Gas Light Co. stockholders takes place on Feb- ruary 3. It was just a year ago that Jarge blocks of stock were chang- ing hands at $125 per share, resulting in the control of the gas company passing to New York interests. At last year's annual meeting sev- eral changes in the directorate were made in order that the outside inter- ests might have their own representa- tion on the board. The Washington Gas Light Co. has recently came back into the limelight through the opposition of the Public Utilities Commission to hayving the corporation’s affairs con- trolled by any interests outside of Wash- ington. Mondell New Bank Director. Frank W. Mondell, former leader of the House of Representatives. has as- sumed his new duties as a director in the District National Bank. Mr. Mon- dell, who was born in St. Louis and lived in Wyoming many years before coming here, s now a practicing at- torney in Washington. The former Representative was given an LL. D. degree by George Washing- ton University in 1921. His political career began when he was elected to the Wyoming State Senate, later being president of that body. He became assistant commissioner of the General Frank W. Mondell. 1121 34 62 12614 34% 104 18414 1061 55 47y 981y 199 8104 2321 235 112 199 491 111y 140 68% 491y 95 T0% 298%, 1047 % 106% 514 Land Office and was first elected to Congress in 1895, He has been a delegate from his home State to seven Republican national conventions and in 1924 was elected permanent chair- man. New Seventh Street Director. ‘The board of directors of the Sev- enth Street Savings Bank at their semi- monthly meeting Thursday_elected as 2 new member Willlam C. Zimmerman to fill a vacancy on the board. Mr. Zimmerman, a native of the Dis- trict of Columbia, has been a stock- holder of the bank since its organiza- tion. He is a realtor, director of the Northern Liberty Building Association and president of the German Orphan Asylum and has been active in the development and growth of the City of Washington. Departmental Vice President. C. E. McCoy, a director in the De- partmental Bank, succeeded M. O. Ex- niclos as a vice president of that in-|* stitution at the annual meeting of organization held yesterday, Mr. Exni- cios remaining a director. J. T. Ex- nicios was_re-elected president; Clyde Reed and E. W. Libbey, vice presidents, and L. A. Rosafy, secretary. S. Wilson w, former assistant cashier of the bank, has become secretary-treas- urer of the East Washington Savings Bank, filling the vacancy created by the Tesignation of Charles A. McCarthy. National Mortgage Directors. At a recent meeting of the stock- holders of th> National Mortgage & Investment Corporation five new di- Tectors were added to the board. They were Dr. George M. Ruffin, Charles W. Morris, James T. Gibbs, Vernon Owen and George W. Offutt. ‘The_following were re-elected direc- tors: Irving O. Ball, James W. Beller, Col. M. C. Buckey, Macpherson Crich- ton, Clarence F. Donohoe, Harold E. Doyle, John J. Hamilton, Gen. W. A. Holbrook, Ashton C. Jones, Crandal Mlckeg. Maj. J. Garfield Riley, James P. ick, W. W. Stewart, Hugh A. ‘Thrift, George E. Walker and William D. West. At a meeting of the board of direc- tors following the stockholders’ meet- ing the officers of the corporation were re-elected, as follows: Gen. W. A. Hol- brook, chairman of the board; James P. Schick, president; Clarence F. Don- ohoe, vice president; William D. West, treasurer, and Col. M. C. Buckey, sec- retary. Union Insurance Officers Named. Charles P. Ford, who has been vice resident of the Union Co-operative urance Association since the organ- ization of the company five years ago, was elected president at the annual meeting held at the home office, 1200 Fifteenth street northwest. He takes the place of James P. Noonan, who was accidentally killed in this city on De- cember 4. Willilam F. Kelly was elected vice president and G. M. Bugniazet was re-elected secretary and treasurer. Charles P. Nesbit, formerly superin- tendent of insurance in the District of Columbia, has been general manager of the company since its organization. He reports that tho ratio of expense to premiums in 1929 was less than 19 per cent, which is considerably below the average expense ratio. The premium income for 1929 increased $714,000 and the death claims paid amounted to $426,000, The local company now has over $62,000,000 of life insurance in force. At the meeting a dividend of 5 per cent was declared, previous dividends having been 4 per cent. Gleaned in Financial District. ‘Washington cleared $27,134,000 this week, against $31,077,000 last week. ‘This is a decrease of 11.1 per cent from the corresponding week a year ago. The volume of check payments dur- ing the week ended January 11 was greater than in either the previous week | or the same week last year, according to the weekly statement of the De- vartment of Commerce. By action taken by the board of di- rectors the Munsey Trust Co. has trans- ferred $500,000 from undivided profits to surplus, making the present surplus of the company $1,000,000. The first dance of the season will be given by the mgg- Bank Club at the Willard Hotel this evening from 10 to 1. There will be about 175 per- sons present. Six Directors Approved. Interstate Commerce Commission au- thority has been given six new direc- tors to sit on the board of the Seaboard Air Line Rallway. New directors in- clude William H. Coverdale, Walter W. Colpitts, Norman H. Davis, Robert Las- ;iaur, Harvey C. Couch and V. Everit acy. A B MUNICIPAL FINANCING TO SHOW DROP IN WEEK By the Associated Press. NEW YORK, January 18.—Municipal financing scheduled for next week will fall below the volume of the week gn eoming to & close. New issues come up for award next week will total ‘This compares 3% 50 20 €65 145% 110% 903 49% 106% 32% 131 106 1T% 84% 104% 6074 140% 128 136% 100 867 631w 6% 817 248% 55% 443 50 96% 41 192% 186% 61% 98% 424 105% T9% 48% 59% 82 120 T0% 279% 92 19% 667 128% 447% 68% 108% 109 5% 50% 2% 88 135 80 140 109 96% 6% 884 344 62% 105% 79 29 63 24% 23 35% 920 25 30% 183% 100% 6% 920 100 63% 92 110% 28% 4T% 45% 126% 144% 824 125 9 5% 18% 677 118 30% 37% 130 115% 694 46% 128 169% 92 231 119% 264% 6% 110% 2% only $13,567,250. with $20,123,914 awarded this week. The largest issue due next week is that of $2,900,000 City of Yonkers, N. Y., water and building bonds. Jack- son County, Mo., will offer $2,000,000 bonds, an issue of $1,850,000 im- provement bonds will be offered Tues- ‘ day by the City of Allentown, Pa. . 1 h. 5T% 88% 69 Abitibi P& P pf (6 _ 46% Contl Insur (2.40). Stock and Low. Dividend Rate. 341 Abitibi Power & Pap. 100% Abraham & St pf (7) 20 Adams Expr (1.60). 7 Advance Rumley. 15 Advance Rumley pf. % Abumada Lead. .. 77 Afr Reductn (14%). 18% Alr Way E1 Ap(2%). ka Juneau Alleghany Corp. Alleg Corp pf (5%).. Allied Ch & Dye(n6). 35% Allis-Chalmers (3).. 18 Am Argicul Ch pf... 57 Am Bank Note pf (3) 5% Am Beet Sugar, 27~ Am Bosch Magneto, 40% Am Brake Shoe(2.40: 113 AmBrS&F pf (1).. 44 Am Brown Bov Elec. 49% Am Brown B E p£(7) 86 AmCan (4). 75 Am Car & Fdy (6). 20 Am Com Alco(n1.6 18% Am Encaustie (2)... Am European Sec. Am & For Power . 86% Am&Forn Pwr 2d pt. 17% Am Hawailan§ S (3) 29'% Am International (2) 21y Am La F & Foamite.. 24 24 90 Am Locomotive (8). 99% 99% 31 Am Metal (3) 45 4% “% Am Piano.. . 1 1 64« Am Power & Lt ($1) 72% Am P&L pf A st (5). 28 Am Ra&Std San 1%. 12% Am Republics. ... ... 60 Am Rolling M{ll (2). 70 Am Shipbuilding 62 AmSm & Ref (4). 38 Am Snuff Co (13%).. 35% Am Steel Fdy (3)... 18 Am Sumatra (3) 2 20% 2084 193% Am Tel & Tel (9).... 385 219% 217%4 160 Am Tobacco (8)..... 27 210% 206 160 Am Tobacco (B) (8). 38 212 206 108 Am Type Fdry pf(7) 20s 110 110 50 Am Water Wks (n1). 68 91 5% Am Woolen. . olen pt. 6 Am Writ Paper pf (3 7 AmZincLd&Sm... 1 49% Am Zine pf (6).. 674 Anaconda Copr (7).. 589 30 Andes Copper (3). 18% Archer-Dan-M (2) 75 Armour Del pt (7) 5% Armour Il (A).. 2% Armour Ill (B) 6% Arnold Constab] 94 Artloom pf (7) 25 Asso Dry G (2%) 195% Atch T&S Fe (10) 99 Atch T&SF pt (5). 80 Atl Refining (12).... 90 Atlas Powdr pf (6) 45% 451 1 103 103% 34 36% 36 50s 104% 104% 2180 175% 1 4 4 . 9 5% b 84 Auto-StSafRA(3). 1 384 384 4% AviationCorpDel... 18 5 41 15 Baldwin,Loco (1.75). 33 81% 30 105 Baltimore & Ohio (13 7 117 1168 9315 Bamberger pf (634). 50s 108% 108% 55 Bang & Aroos (3% 5 20 Barnsdall, A (2)., 95 Bayuk Cgr 1st pf( 12 Beacon Ofl. (4).. 100 B'trice Cream pf (7). 4% Belding-Heminway. 756 Belg N Ry pt pf 6.49. 25 Bendix Aviation (2). 25 Best& Co (2 78% Bethlel « 17 Bohn Al & Brass (3). 53 Borden Co (k3) 26 Borg Warner (4).... 84 Briggs Mfg.. . 13 British Empire Steel 40 Bklyn-Manhat (4)... 99 Bkiyn Union Gas (5) 16% Bruns-Balk-Col. 4% Bruns Ter & Ry S. 26% Bucyruscv pt (2% 8% Budd (E G) Mfg (1 21% Bulova Watch (3). 29 Burr Add Mch (80c. 17% Butterick Co. . 50 Byers (A M). . 73% Calumet & Ariz (10). 256 Calu& Hecla (a4%). 45 Canada Dry G A (5). glnldl n Pac (10)... 2 34% 34y 25 14% 14% 58 Ca 81 Celotex (3)......... 21 Cent Aguirre As1%. 27% Cent Alloy Steel (2). 50% Cent Rib Mills pt (7) 52% Cerro de Pasco (6). 18 Cbecker Cab (4.20) 160 Ches & Ohio (10) 42% Chesapeake Corp 4 Chi&Alton. . 36% Chi& East 111 7 ChiGreat Western. 16 Chi Mill St P&Pac. 28% Chi Mill 8t P&Pac pt 76 Chicago & NW (5).. ChiR I & Pac pf (7). 44% Childs Co (2.40). 26 Chrysler Corp (3). 5% 1 107% 1073 2 58% 58y 153 8:% 334 Coca-Cola (4) 44% Coca-Cola A (3). 10 Collins & Afkman fl:‘. go:a :uel & Iron. 4 Colo & South (3).... 1 8 65% Colo & Soy 1st pf (4) 1408 702 'slgt 52 ColGas&El(2)..... 121 76% 75% 99% Col Gas & El pf A(8) 5 106% 105% 86 Col Gas & El pf B(5) 1 92% 92y 50 ColG&Erctsfullpd. 2 748% 748 16% Columb Graph (87c). 29 25% 2484 105 Columbian Carb (16) 31 172 18 Com Credit (2)...... 1 70 Com Crd 1st pf (6%) 6: 284 Coml Inv Tr (g1.60). 87 Com Inv Trpf (6%). 20% Comm Solvents (1).. 10 Comwlth&Sou(60¢). 35 Conde Nast Pub (2). 11 Congoleum-Nairn... 90 ConCgrprpfxwél 10 Consol Film (2). 15% Consol Film pf (2) 801 Consol Gas N ¥ (4).. 92% Consol Gas NY pf(5) 1 88 83 Contl Bank (1.20). :fi% 40% Contl Can (2%) 20 52% B2 6 621 62 5% Continental Motors. . 18 Contl Oil of Del 287 Contl Shares (1), 70 Corn Prod (13%) 137 Corn Prod pf (7) 20% Coty Inc (g2) 15 (érouleycnn‘d(izs 37% Crown Corl ) % Cuba Cane Su; 4;‘ “11% 1% Cuba Cane Sugar pf. .8 5 CubaCo.. 13 60 Cuba RRpf (6)..... 63 Cuban-Am Sug pf. 61 1 Cuban Dom Sugar. 36 Cudahy Packing (4). 112% Curtis Publish pf(7). 6% Curtiss Wright Corp. 13% Curt Wright Corp A. 110 Cushman's pf (7)... 104 Cushman's pf (8). 21% Davison Chem...... 20 Debenham's (a2.32). 109 Deere& Copt (7)... 708 119% 119% 120% Del Lack & W (17) 1 138% 138% 25 Dunhill Inter (34)... 2 381 38y 80 Dupond de Nem (4).. 22 114% 112% 107% Dupontd Ndeb (6).. 2 115 115 150 Eastman Kodak (18) 4 178% 178 18 Eaton Axle &S (3) 5 29% 281 50 Elec Auto Lite (6) 22 83 824 3% Electric Boat 2 5 5 20 El Pwr& Lt ( 98 54% B2y 1 107% 1075 3 n o 1% 45% 45% 98 ElPwr& Ltpf (7 55 Elec Storage Bat (5). 31 Eng Pub Serv ($1).. 80 Eng Pub Sve pf (5).. 41% Erle RR.....0.ns. 15 Evans Auto L(32%). 3% Fairbanks Co....... 11 Fairbanks Co pt... . 620 29% Fairbanks Morse (3) 1 101% Fairbanks M pf (7). . 208 22 Fash Park Asso (2%. & 8 Fed Motor Tr (800)... 83% Firesto! ) 4% Fi Stre (3%) 2% Fisk Rubbe 8 Fisk Rub 18 38 Florsheim Shoe A. 33 Foster Whealer (1), 19% Fox Film A (34).... 982 28% Frdeport, Texas (15) 21 % Hoe (R) &Co... 1 26% 26y Stock and Sales— Dividend Rate. Add 00. High. Low. Gabriel Snub A. 1 Gardner Motor...... 2 Gen Am Tnk Car(34) 26 1t (4) 17 Gen'l Food Corpn (3) 28 Gen Gas&EI A (1e2). 5 Gen Motors (13.30).. 454 Gen Motors pt (1) 6 Gen Public Serv (b6) 4 Gen Ry Signal (5) 8 Gen Ry Sig pt (6) 808 Gen Refactories (4). 6 Gillette Saf Raz(n5). 10 Glidden Co (h2).. 15 Glidden pr pf (7).... 3 Gold Dust (234)..... Goodrich B F(4). Govodyear Tire (5) Goodyear 1st pt (7). Gotham Silk M (23) Graham-Paigect. ... Granby Copper (8).. Grand Union. . Grapt (WT) (1), GrtNorth pf (5).... Grt North pfet (5).. GtNctfsOP (a3%). Grt West Sug (2.80). Grigsby Grunow (2) 405 Gulf Sta Steel (4)... 1 % Gulf St Stl1st pf(7). 80s Hahn Dept Stores... 7 Hahn Dept S pf(834) 3 Hanna pf (new) (7). 1008 Hartman A (2)...... Hartman Corp B 1.20 Hayes Body.... Hershey Choc (5) Hershey Ch pf (15).. Holland Fur (e12%). Houdaille Her B (2). Houston Oil, Howe Sound Hudson Motor (6) Hupp Motor (£2). Lllinois Central (7).. Independ Ol & G (2) Ind Motor Cyele. ... Indian Refining..... Indian Refining et... Inspiration (4)...... Insurance Shars 45c. Interlake Iron (1)... Interboro Rap Tran, Intl Agricultural. Int Bus Mach (. Intl Cement (4). Int Combustion..... Inter Comb Eng pf. . Intl Harvester (23). Intl Harv pf (7)..... Int Hydro El A (e2). Intl Mateh pf (4). Int Mer Marine ctfs. Int Nickel of Can (1) Intl Pap & PwrC.... Int Rys,Cen A pf(5). 30s Int Salt (6)........ .2108 Int Tel & Teleg (2).. 277 Investors Equity(2). & Johns-Manville (3).. 110 Jordan Motor Car... 1 Kayser Julius (4)... Keily-Spring Tir Kelsey Hayes (2)... Kelvinator Corp. . Kennecott (5). Kolster Radio. Kraft Ph Ch (1%) Kresge(SS)Co(1.60) Kresge Dept S pf.... Kreuger&Toll (1.34). Kroger Gr&Bak(n1). Lago Ol1 & T: . Lambert Co (8)..... Lee Rubber & Tire. . Leh Port Cem (2%). Lehigh Valley Coal. woRuaana e 2 8 Liggett & My B (15). Lima Locomotive. .. Liquid Carbonie (4). Loew's, Inc (3). Loft, Inc. Loose- Wil Loose-Wil Lorillard (P) Co. Louisiana Oil. LouG&EIA ( Ludlum Steel (2). MeIntype Porc M(1). McK'port TP (14%). McKesson & Rob (2) Mack Trucks (6).... Macy (RH)&Co (nt3) Man Elec Supply. ... Man Elev mod (d5). . Manhat Elev gtd (7). Marlin-Rockwl t43 . Marmon Motor (4).. Martin-Parry....... Mathieson Alkilf (2). Dept Strs (n2). 8 Sefvarnmar ! B8 Mexican Seaboard Miami Copper (4) Michigan Steel (23). Mid-Continent P (2). Miller Rubber. Minn Moline Pwr. o - Monsanto Ch (§1%). Montgomry Wrd (3). Morrell J (3.60). . Mother Lode (40¢)., Motor Meter G & E. ., Motor Wheel (3) Mullins Mfg. . . MurrayCor (b2 % stk) Nash Motors (8) Nat Acme (1%) 5 SnE avarwornaneSanenNHn e - o P L P T L ) Nevada Copper (3).. N Y Central (8)..... N Y Chi & St L (6) N Y Chi & St L pf(6) NY NH & Hart (6)... NYOnt&w N Y State Rallways.. N Y Steam 1st pf (1) Norfolk Southern. .., Norfolk&Wstn(112). Norfolk&Wstn pf(4) North Am(b10%stk) North Am pf (3) North Am Ed pf Northern Pac (5 North Pac ct (5) Oliver Farm Equip. . Olivr Fr Eq cv pt(3). Omnibus Corp...... Pacific Gas & E (2). Pacific Lighting (3) Pacific Mills. Pacific Ol stubs Packard Motor ( B Penney (JC) (2%).. Penick & Ford pf(7). Penn Dixle C 4 Phillips Petrm (n32). Pl ce-Arrow A. e Petroleum. Pillsbury Flour (2). Pirelli Co A (2.88) Pittsburgh Coal pf. . Pitts Steel pf (7). Pitts & W Va (6).... P Rican Am To (A)7 P Rican Am To (B).. Postal Tel & C pf(1). Prairie O%G (12%).. Prairie Pipe L (16).. Pressed Steel Car, Proc & Gamble (2). . Public 8. N J (13.40). Pub Sve NJ pt (8) Pullman Corp (4 Pure Ofl (1%) Pure Ofl pt ( Purity Bakeries ( Radio Corp - " Radiopt B (5) Stock and — Dividend Rate. Sales. Hig) 223 23 23% Radio-Keith-Orph A RRSecICstkC(4). 50 Reming-Rnd 1st (7). Reo Motor Car (.8 Repub Ir & Steel (4 Rep Ir & St pf (7)... % Reynolds Spring.... Reynolds Tob A (3). 10s Reynolds Tob B (3). 289 Richfield O11 (2). 23 Rio Grande Of1 (2). 23 Rossia Inc (2.20) 5 Royal Dutch (a3.20). 23 Safeway Stores(e5). 1 Safeway pf (6) . 208 8 Schulte Retall pf(8) 2708 Seaboard Alr Line... 5 Sears Roebuck (3214) 47 Sec Natl Inv pf (5).. 1 Seneca Copper. Servel Inc. .. 10 Sharon Steel H (2) 1 Shattuck(FG)(f1%). 18 Shell Unlon (1.40). 6 Shubert Theatres. Simmons Co (g3) Simms Pet (1.60) Sinclair Con Ofl (2).. Stnclair Ofl pf (8). Skelly O11 (2)... Solval Am In pf 5%.. So Por Rico Sug (2). So Port Ric S pt (8). Southern Cal Ed (2). Southern Dairies B. . Southern Pacific (6). Southern Rwy (8). Sparks Withngtn(1 Spencer Kelg (1.60 Splegel-May-St (3) Stand Brandes (1%4). Stand Com Tob (1).. Stand Gas & El (3%) Stand O of Cal (2%). Stand OII N J (12)... Stand Oil N Y (1.60). Sterling SecA...... Sterling Sec cv pf(3) Stewart Warn (J3%) Stone & Webster (2). Studebaker ($5)... Submarine Boat. Superior Steel. .. Symington (A) Tenn Cop & Ch (1)... Texas Corp (3). Tex Gulf Sul (4 Texas & Pac (5) Tex P C & O (b10. Texas Pac Land Tr The Fair (2.40).. Third Avenue. .. Thompson J R (3.60) Tide Water Asso 60c. Timken Roller (3)... 1 Tobacco Product: 22% Tobacco Products A. FINANCIAL. Stock and Sales— Prev, Dividend Rate. _ Add 00. High. Low. Close. Clase. Transcontinental 01l 71 9% 8% 9 Truax Traer (1.60).. 6 Truscon St (g1.20).. Und-Ell-Fisher (5).. Union Carbide (2.60) Union Ol of Cal (32) Union Pacifie (10) Brev. ; —Prev. 1090~ n. Low Close. Close. | High. Low. 3! 23% 24 18! b Utd Biscuit (1.60) Utd Carbon (2) Utd Cigar Stor United Cigar Strs pf. Utd Corporation United Elec Coal United Fruit (4).... Utd Gas & Imp(1.20) Utd Gas & Im pf (6).. United Stores A. Udt Stores pf. U S Distributing U S Distrib pf (7)... U S Freight (3)..... U S Ind Alcohol (17). (3% U S Smelt Ref pf 3 U 8 Steel (7) Univ Pipe & Rad.... Util Pwr&Lt A (e2). _ Vadsco Sales Corp Vanadium (14)... Vick Chemical (234). Virginia-Car Chem. . Vulcan Detinnin, +100s Wabash. . 10 Wabash pf, A (5).... Waldorf Systm (1%) 1 Walworth Co (2).... Ward Baking B..... 1 Warner Bros Plc (4). 854 War Bros P pf (2.20) Warner-Quinlan (2). Warren Bros (19)... Webster-Eisenlohr. . Western Maryland. . Western Md 2d pf... Western Union (8). . Westngh Ald Brk(2). Westinghse E&M (5) Westhse E&M pt (5) Weston El Ins (1)... White Eagle Oil (2). Wilcox Rich, B (2).. Willys-Over (1.20).. Wilson & Co. . . Woolworth (2.40) Worthington Pump. Yellow Truck &C... Zenith Radlo. .. RIGHTS EXPIRE Am R Mills. .June 15 S o ® @ - obworBanesSnarSwaan rol H 2% 4 b4 5 Rhine W E 1 24 2w A Dividend rates as given in the above table are the annual cash payments based on the latest quarterly or half yearly deciarations. sUNit of trading less than 100 shares. {Partly extra. :Plus §Payable in scrip. {Plus 9% in stock. aPald last 1% egular rate. bPayable In stock. dPayable when earned. 3 el h or stock. fPlus 10% in stock. gPlus 6% In stock. hPlus 2% in stock. JPlus 8% 2 % -8 SR BT ek hipiia b 1o ‘Brog s SFIUs % 1B stock. mPlus 6% INCREASE IN RAIL BUSINESS FORECAST BY CARRIERS' HEAD Association President Tells Atlantic States| b sntwicion. s fepresent; Shippers That Passenger and Freight Gains Are Indicated. Special Dispatch to The Star. NEW YORK, January 18.—Greater activity in transportation of freight and passengers by railroads and the growth of air transportation were predicted yesterday 3 speakers at the annual meeting of the Atlantic States Shippers advisory board at the Hotel ore. 2 R. H. Aishton, president of the Amer~ ican Rallway Astociation, speaking at the luncheon which closed the confer- ence, saw “the country going sanely with business as usual in spite of what happened in lower Broadway here two or Lgle’ze months ago.” His address was heard by seven rallroad presidents and other prominent transportation exec- utives. “The availability of money and low rates of interest, while they beneficlally affect, do not by any means solve the problem which ~underlies capital ex- penditures,” said Mr. Aishton, “for in order to mmie dt‘:e nla;‘nty for “tnn::é u; s, including )provements nrgor:enu. the rallroads must have adequate credit. Cites Requirements for Credit. “To secure it they must maintain and improve their service, must operate with greater. economy, with the greatest measure of efficiency and in addition must obtain revenues as compensation for their services sufficient to meet in- terest and dividend requirements and to pay their notes when due.” Mr. Aishton sald that net revenues had improved, but not because of rates, which had “consistently dropped.” In 1921, he sald, the rate was 1,275 cents & ton mile and in 1928 it was 1.08. He commended the shippers for their co-operation with the railroads. He saw & greater understanding on both sides lngrllld that the last 10 years had seen the greatest development in railroad transportation since the beginning and that the next five years would surpass that record. At the morning session T. B. Clement, general traffic manager of the Trans- continental Air Transport, asserted that air transportation lines now give & service which can be universally adopt- ed. This, he said, was the point of the recent reduction in rates on his com- pany’s lines. He asserted that air trans- rtation, like the telephone and electric ight, had become a public necessity, no longer being a costly luxury. “It is our firm conviction,” he said, “that air transportation is no longer a thing of luxury and a plaything of the well-to-do. Rather, we believe, air transportation has become, like the telephone, the electric light and the telegraph, a public necessity. Viewed in that light, it is our duty to place alr transportation within the financial reach of every one.” Mr, Clement said there were now 32 established air lines flying more than 50,000 miles dally and serving directly Wall Street News By the Associated Press. Net earnings of Proctor & Gamble Co. for the six months ended December 31 were $11,639,819, according to the company's first semi-annual statement since the listing of its shares on the New York Stock Exchange. This com- pares with $9,574,496, which was half the net earnings for the fiscal year ended June 30 last. Commo- ‘The Westinghouse Electric & Manu- facturing Co. has received an order for two 70-ton, 300-horsepower, oil-electric switching locomotives from the Great Lakes Steel Corporation for use at its Detroit plant, and another for a 70-ton, 400-horsepower locomotive from the American Steel & Wire Co. for use at that company's Newburgh steel works at Cleveland. ‘The arrangements whereby the Gen- eral Electric Co. and the Westinghouse Electric & Manufacturing Co. will enter, the retall radio receiving set business do not mean that those concerns are ing to manufacture their own sets, ward E. Shumaker, president of R. O. A.-Victor Co., sald today. Rather, Mr. Shumaker said, these companies will distribute the sets, through their respective distributing channels, which are manufactured his company. R. C. A-Victor Co. is controlled 50 Radio_Corporation of BUSINESS EXECUTIVES MEET HERE TUESDAY As a step toward the carrying out of the larger purposes of the National Business Survey Conference, approxi- industries, will meet at the Chamber of Commerce of the United States on Tues- day to consider plans for advancing construction activities. This meeting was called by the chairman of the con- ference, Julius H. Barnes, at the re- quest of the executives of a number of the assoclations desirous of systema- 152 communities in the United States. | !iZing the co-operative effort of their O. E. West, chief of yards and ter- |O"R, and allied industries. minals ‘of the Baltimore & Ohlo Rail- |, This group, acting upon its own ini- road, desciibed to tha 500 mesmbers t‘nme and independently of the con- present the advantages of the “hump” | [fence, Will lay its own plans to be switching over fiat switching. He said | Lnacrtaken in its field as a contribu- the former type, in which cars are al- | hon 19 the achievement of the more lowed to coast into a particular posi- | SN¢ral aims of the conferenc.e tion, was “four-to-one” safer to the freight than “flat” switching, in which TREASURY CERTIFICATES (Revorted by J. & W. Seligman & Co) cars are moved by locomotives. J. N. Haines, superintendent of trans- o Ma turit portation of the Lehigh Valley, de- Mar. 15, o3 scribed a device known as an impact June 16, recorder, the use of which enables oper- ators to determine at just what point &n impact great enough 0 damage g:‘l’m; JooguTed. 1n TS, ecorder, e o , elpey reducing damage claims. The device has been gln use !vgn ¢ FOREIGN EXCHANGE. years and train crews are not told of | (3uctations furnished by the instrument's presence on their I trains in advance. Damage claims in | kgndon. pound 1020, he sald, were $120,000.000 and | Benssels b last year were reduced to $30,000,000. PG Rise in Car Loadings. According to reports furnished at the | Madrid. ‘pe meeting, 163,113 cars will be required 1q | Sy, move basic commodities during the first | Prasue, crown (rom. three months this year, whereas the | Yorsaw: sioty. actual shipments made during the same | Oio. ¢rown. period last year totaled 775569 cars. | Stockholm, crown Although the increase is only 0.9 per R 2 A SHORT-TERM SECURITIES. cent, it was regarded as indicative of better business conditions throughout zg:dly!nr“n 'i'LWCK‘t.{; expected, ac- (Reported by J. & W. Sflllmll’é‘d& (E)efl' ng e Teport, e move 3 = OF iron and.steen prick. slete, ciny prod | ALSATEEs O s J00T 1% ucts, automobile'parts, roofing material | Amer, Rolling Mil i and ‘salt, while an increase in the ship- | Baltimare & Ohid 4 85 198 ment of fresh vegetables, poultry and |Batayvian Pet. Corp. : H dalry products, coal and coke, petroleum | Salirornia’ pe " Lacs, 33,1957 T and its products, sugar, leather and |Ca 3 R 5ot canned goods 15 expected. H. E. Stringer, president of the | Shicazo ROk s Hydrauily Pressed Bricc Go: of Wash: | i Eogort 4818 172 - 7 ., was re-elected gene: a 42y 1938 chaifmian of ihe Doard andB. VB | BAThrL Aok gt 5 i leary, general traffic manager of the F. - Corp. 8s 1040 W. Woolworth Co., was named first al- ternate chatrman.’ F. E. Paulson, vice president of the Lehigh Portland Ce- ment Co. of Allentown, Pa., was chosen second alternate chairman; P. W. Moore of the Queensborough Chamber of Com- | Siif O merce, general secretary, and W. B. Ein- | Sinclair Cride O\l Go, 5138 1038 971 stein of New York City, executive secre- | Standard Oil N Jersey 55 1048, 1011 tary. St b Eutivcary Ry 4 1o 30 PO, t'& Co. 5s 1932.. .7 . 99Ty London's fish market, Billingsgate, | United Dr: has been a market for fish for .g' ou- | W 5 s 14 Wheeling Steel Cor) b sand years. Wheeling Steel Gorp: 4148 1o 2323888 222! R, 55 1937 e Oil 5125 1932 Internat. Match_Cor N. v. Chi. CEERERE EERECE TR SAFE FI'R'SIT MORTGAGES ANCHOR YOUR MONEY . Put it where it will earn a compensating return without the uncertainties of speculation. . When you buy our Over a Third 629 FIRST MORTGAGES ofie your money is secured by in- Century come-producing real estate, the Without a definite value of which we have Loss conservatively appraised. It won't fluctuate or fail in meet- ing its obligations. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. STOCKS IRREGULAR AFTER WEAK START Market Makes Partial Recov- ery at Close as Shorts Cover. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 18.—Sharply lower under heavy selling orders, to- day's stock market was a weak affair in the first half of the session, but it came back partially before the close, again presenting a confused picture and to that extent accurately representing the present state of the speculative mind. A vigorous rally was in progress as the market left off. General Motors was higher on the day and United States Steel regained all its loss, while short covering came into the mail order stocks, the coppers and many miscel- laneous industrials. Utilities Under Fire, Pressure from operators for the de- cline was in evidence directly at the start and was successful in uncovering stop-loss orders all through the list. The utilities were under fire probably for the sake of unsettling confidence. Electric light and power stocks have held up s0 well in other reactionary markets that the campaign managers wished to show even this group was not invulnerable. The result was losses of from 2 to 4 golnt.s in all the active issues including tandard Gas & Electric, American & Foreign Power, American Water Works and American Power & Light. Brook- lyn Union Gas, which always moves over a wide range, came out more than 7 points down from the previous sale. Leading industrials sold off rapidly. United States Steel broke under 161 down almost 4 points from Friday vhigh. Air reduction, United States In- dustrial Alcohol, Johns-Manville, J. I. Case and Columbian Carbon were all substantially lower. ‘The electrical manufacturing stocks weakened with the utilities. There were, however, exceptions to the trend. General Motors was con- spicuously firm and ranged higher on the day, Announcement that the cor- poration had acquired more than 1,000, 000 shares of its common stock at a cost of about $35,000,000 and would sell curity company was proof of an in proved technical condition. That stock had been taken out of the market. ‘Fobacco stocks were strong, forecas! ing an advance in prices. Reynol “B,"” the two classes of American To- bacco stock and Liggett & Myers were all actively bought at rising prices. The copper shares were allowed to rest, de- spite the fact that the trade reports say the price level is not as stable as it was and producers are seemingly not so sure about maintaining it. Drop in Fox Stock. News that minority etockholders had filed suit in the Federal Court asking a receiver for Fox Film and an in- Junction restraining diversion of assets to any other corporation was followed by a drop in Fox stock. The quotation slumped almost 5 points, but recovered half the loss. Fluctuations in Fox have been so erratic that even the boldest of b;?“ takes profits when they are avail- able. Radio stocks were very weak at on2 time. Grigsby-Grunow sold lower than at any time this year or last, and there was a sympathetic decline in Sparks Withington. Radio itself was lower in the first hour, but came back afterward. Railroad shares made a good show. ing. Oils were inactive and not much changed. The fact that Oklahoma City reported producers in that fleld had agreed on curtailment to 25 per cent capacity went unnoticed in the market. SIGNS OF BETTER TIMES IN JANUARY FIGURES “There are already some evidences of recovery at hand,” says the Brookmire Economic Service, of business conditions. “Steel business is improving and auto- mobile production has turned upward. We do not look for a fundamental turn in the business index until around the middle of the year. But it is certain that there will be no continuation of the sharp recession of recent months and we are confident of some improve- ment from present levels. From the point of view of the market there are advantages in having business take its medicine all in one dose and get its headache over quickly. The sooner business reaches the bottom and turns up, the sooner the market will be in a ition to get under way for a sus- | tained advance.” WHEAT BID INCREASED. CHICAGO, January 18 (#).—The Farmers’ National Grain Cos tion today increased its bid for cash wheat in the Chicago market from $1.18 to $1.20. It was announced also the cor- poration has been buying corn at Kan- sas City for some time. FOR RENT Furnished, 'One Room and Bath Non- housekeeping Apart- ment, with maid serv- ice. THE ARGONNE 16th & Columbia Road ence of others. Now, while Fortune smi upon you, insure safety and a good return on your money by investing yours surflife i the investment that we will recommend as for your gartioular gurfore. Invest in First Mortgage Notes THERE IS NO SUBSTITUTE FOR SAFETY 1435 K St. Nat. 2345