Evening Star Newspaper, January 21, 1930, Page 13

FINANCIAL CURB SHARES GAIN INACTIVE MARKET Vtilities and High-Priced In- dustrials Featured in 4. Brisk Upturn: had BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January lL—T\lrnlnll from the irregularity and duliness which marked opening transactions, the market today slowly climbed M‘her and became more active as trad- ng progressed. Although utilities again | lnmuhefl the bulk of dealings, some of the best gains were made by industrials, especially the higher-priced issues. American & Foreign Power, after opening lower, rapidly regained the . Electric Bond & Share steadily maintained its initial gain, and Amer- lean ywer also advanced. Uni ht and Power continued its | upward trend. Utilities Power and; ht was active. Community Water Service quickly recovered an early de- New England Tele) 3 points at 158, follow! ment that it was offering rights to sub- scribe to new stock at par in the ratio of one new share for each five held to stockholders of record February 7. This would make the rights worth around $9.50 each at current market value of the stock. Subscription priv- expires about April 2. iders were optimistic about the future of natural gas stocks. United Gas was the only active security in that division, advancing fractionally. Dixie Gas was & shade higher while Arkansas Gas was & trifie lower. Missouri-Kansas be clund as gas stock, received as & result of the puummy of its .oln[ on a cash dividend basis and the meeofbupmtmwminnum- re & Co., the feature of the high- - eed industrials, was whirled for gain of 40 points in the first few hmm as a result of brighter prospects for arm implements. Rumors of m“i linking this company with several other concerns were heard on the floor today. Great Atlantic & Pacific Tea fell § points after the announcement that it had increased the retail price of cigar- ettes. Walgreen, which reacted similar- Iy to the same announcement Monday, rallied today. “l‘ohlc‘:o allied products ned down 3 2 pol ‘wh‘h Rights again led the ralls. Chesapeake & Ohio, new, was off }; at me opened up g the announce- SLIGHT DECLINE NOTED IN COMMODITY PRICES Commodity prices declined 6 per cent during the week ended January on 1926-1928 as 100 apd on r.hahd-xmrm'eek ended January 18 stood at 94: for-that w:uum 11, 94.6; for th-tennea Juunr,t &, and for that ended De- NATIONAL COAL OUTPUT. mmn for_the latest in excess of the Mines Bureau was but under the total of the correspond- ‘week last r. PFigures for the ending Jan. 11. follow: e BANK CLEARINGS. NEW YORK, January 21 (Special) — New York bank clearings, today, $1.- ;_one year ago, $2,151,000,000. New York bank balances, $177,000,000: one vear ago, $221,000,000. Federal Reserve credit balances, $151,- 000,000; one year ago, $135,000,000. ] TRLECTI e SR 99! 23332338838 Bisd ¥ i 8 T E:;’g b 3298 438 FEEEE Bt et Seump-EE cuvne nennSEuarnenS ol ven seammalu S8, 55 ¢ B 579 b 000 e 0 B @ s £ty % aeqage =4 3E00 ) .,555' i ~Prev. 1920.— High. ' Low. 31% 7 Aeronautieal Indus 5% Aero Sup Mfg 109% Ala Great Sou (17).. 1% Alexander Indus: All Amer Gen Corp. . % Allied Aviation. 4 AllInt Inv Corp. Allied Int Inv pf (3. 10% Allled Mills (80c)... 2 Allied Pow & Lt 71 ANP&LIlst % Allison Drug A 108" Alu Coof Am pf (§)- % 76 Am Cigar Co.. . 29% Am Cit PAL A ( 10 AmCP&LB (nov.) 18 AmCwith PADb10%, % Am Control Oil Flds. 20% Am Cyanam B 21 Am Dept Store 14% Am Equities. . 22% 161 23 - - s 5200 it e 00 00 cosa~iS 18" Am Superpower (1), 182 89% Am Super 1st pf (6) 82 Am Superpow pf (6) 5 Am Yvette (new) wi. 14 Anglo-Am vot (73c). 11 Anglo-Am n-v (73¢). Ang-A n-v. cod r 73c. 2% Anglo Nor Hold. T% Arcturus Rad Tubs & Ariz Globe Copper. 3% Arkansas Nat Gai 6% Arkansas NatGas A. 5% ‘Asso-Elec Ind Lid. .. 354 Ass0 G & B A (12.40) 313 A880 GAE A deb rts.. 1% Asso Laund (320¢).. 304 Asso Rayon pf (6)... & Atiant Fruit & Sug.. 14% Atlas Strs Corp (1).. 204 Aviation Corp of Am 12 Aviation Credit..... 30 Axton-F Tob A 3.20., 4% Bellanea Aireraft 144 Bickfords, Ine (1 314 Blue Ridge Corp. 28% Blue Rdg ev pf (. 314 Brasil Tr & Lt (2). 14 Brillo Mfg (1.20) 26 Brit Am Tob B 1.20. 3% Br Celanese Ltd rcts Bulovacvpf (3%).. 3% Burma Corp (t31e)-. Qs O A N TSN O 03 10 i 82 S 09 1 0 B 0 5 cvpl(s). 9 Chain Stores Stock. . Ches & Ohio (new). . @ S ows IS Cities Serv pf (§). Club Alum Uten. Colgate-Pal-P (2 Colon O1 16% Columbia Com'with & 8 pt Comwlith Pow pf (6). Com Wat Ser (b6%) Comstock Tunnel. ... Con Dairy Prod ixl). Con Gas, Balto(3, Cons Instrument. Cons Laundries. Coon (WB) Co(2.30) Cord Corp..... Corroon & Reynolds. Courtaul Ltd (70¢).. Creole Petroleum Curtiss Airports vte. Curtiss Wright war.. Cusi Mex Mining, Deere & Co (6 Derby Ofl & R Detroit Afrcraft Dix Gas & Utiliti Donglas Alre (75 £ o BRANEANN ArnaNNS—SamD NS aE b Eisler Elee Corp. El Bond & Sh (b§' El Bond & 8 5 Elec Pw Asso A (1).. El P & L opt war. . Elec Sharehldg (31).. Emer Bromo Sel A 3., Fairchild Aviation Federal Screw (3). Florida P&Lt pf (7). Fiat Stk deb rts rets. Fokker Afreraft, . M S Fox TheatClA... Galena Signal. 184 Garlock Pkg (1.20) 8% Gen Am Invest new., 2% General Bakin, 46 General Bak pf (‘). . 7% Gen E Ltd rets (50¢) 19 Gen Empire Corp.... 13% Gen Gas & El (A). 10 Gen Laundry Mach.. 9 Gen Rity & Utllities. 60 Gen R & Util pf (6).. 24 Gen Theat Equ! 95 Ga Power pf (6 14 Gilbert (A C) (1). 11% Globe Underwriter: % Gold Coin..... .16 Golafield Consol. - Saaan - BeBna 2 EECT- B4 GrA&P Teapt (7). Grand Rap Var (1).. rifith D W) A... roc Stors Prod vte., Ground Gripper (1). Guif Oll of Pa (1%). 24% Gunther Law (2).... 14% Hazeltine Corp (1) 10 Hecla Mining (1).... 3% Hollinger Gold (§0e) 6 Hudson Bay M& S.. 74% Humble Ol (2). 27 Hydro Elec Serv (3). 10 Hygrade Food Prod. 260 Tilinois P L (20) 6% Imp Chera (Ind). 22 ImpOfiCann (5 5 Indian Terr Illum. 26 Insull Ut Inv(b6% 70 Insull Utln 2d pf § 52 InsCoof N Am (13). 17 Insurance Sec (1.40). % Intercontinent Petn. 15 Intl Petrol, n(62%4e) 25% Intl Superpow (£1). 3 Internatl Ut B. 1% Internat! Util (wl 10 Interstate Equities 7% Interstat H M (1.40), 11% Irving Air Ch (1.50). 6% Italian SuBerpow A.. 4% Italian Superb war. . 29 Johnson Moter Co. .. 1 Kolster-Br (Am 8h), 30 I‘rkuvlnnn See(4 9 Lake Superior Cor 63 Lehman (The) Corp. 3644 Lerner Stores (2)... 11% Libby McNell & L., 124 Lily T Cup (150) 7% Loews Inc deb rts, 28 Lone Star, new (lfll) 108 Long 1sld Lt pf (7). 24 Louistana Lan & BEx! T maNEoe HBBNN -3 Pom e Meeeean S PR eT [ FoysreTe THE EVENING STAR, WASHINGTO: Stoek and Dividend Rate. uc ‘ m l'lll- Pitts Bwif Divi 109% | anoual 3% 3% Marlon Steam Shov. Marine Mid Cp (1.20) Met 5c-50c Strs pf Middle Wst U(b8%). Mid W Ut ev pf xwé. Mid Royalty evpf3. Midl Unit (b1% %).. Moh H P 1st pf (7).. Murphy Co (1.20) Nachman Spring (3) Nat AmerCo (2).... Nat Aviation. Natl Fam Strs (1.60) New Eng Pow pf (6). New Eng T&T (8).. New Hav Cloek t1%. New Jer Zinen (14). New Mex & Ariz Ld.. N Y Invest (1.20) N Y Rio&Bu Afr N ¥ Pet Royalty NY Niagara Hud B( Niag Hud Pw A wi Niag Hud Pw B Niagara Shares(50c) Niles Bement Pond. Nipissing (30c) Noranda Mine North Am Aviatio North St Pow pf (7) Novadel Agene (2).. Novad Agene pf (7). Ohlo Copper. Ohio Oil (2) Otis Elevatof Outbd Mot A (1. Outboard Motor (B). Pac C Bis pf (3.50)..275 Pandem Oil. . Pantepec Oil . Param C Mfg (2.40).. Penn O Ed pr pf(17).. Penn Ohio Ed($1%). Pennroad Corp...... Penna Wa & Pwr (3) Pepperell Mfg Co (8) Perryman Elee Co Petrol Corp (1%) Philip Morris Ine. .. Pilot Rad T A (1.20). Pitney BP n (20¢).. LE (5). Plymouth Oil (2). Polymet Mfg ($1) Powdrell&Alex (3 Prince & Whitely. Pug SP & Lt pf (8 RainbowLumProd B Rel'nce Managemnt Ruberold Co (4) Salt Creek Prod (2) Schift (The) Co (3).. Schlet & Zan pf 3% Schulte Un 5e-31 81 Seeman Bros (3). Selected Industries. . Sel Ind allot efs 5% ! E Powr & Lt (l.") 8o Cal Ed pfB(134).. 80 Cal Ed pf C(1%). Southern Corp...... Southern Ice Util A.: 8 W Dairy Products. Standard Dredging. . Stan Gas & Bl pf (7). Standard Motors. ... Stand Oil Expt pf (§) Stand O, Ind (2%). Stand OiL, Kan (2).., Stand O1l, Ky (1.60) St Oll of Ohio (234).. 508 St Oil of Ohio pt (7). 208 Strauss(Nathan)1% 1 St Regis Paper (1).. Stutz Motor Car. Sun Inv pf (3) & Co (8) Swiss-Am El pf (8 Taggart Corp (1).... Tampa Electric ($2). Teck Hughes (60c).. Texon Ofl & Lan Thermoid Co (2). Third Nat Inv (1) Thomp-Starrett Tobaceo & All 8t Transamer (3161 Tran Con Air Tran. . Tr-Lux DL P 8 (A). Tri-Continental Cor. . . Tri-Cont Corp wi Tri-Cont Corp p£(8). Tri-Utll Cor ($1.20). Tub Art Silk B (n)., Ulen & Co. Unlon Amer Invest. . Un N G Can (11.60).. Union Tebacco, Utd Carr Fastnr United Ch pt pf (3).. United Corp war. 3 | eash or stoch -n;:;f-"h"-'v:l o2 T R P T L R L T FoX - PP o) pLf(8%) <] @ = ...§,.....~.,,....»,H»~, 1n% 1% 4 4 51 51 1% 1% 3% 3w 12% 12% 110% 110% b7% SeBronnad vunuk s 2 3 2. D N L Ll R 1= T T T PN I 52% B2 104 104 4 lM% 25‘6 D 0 00 8 00 e e e 10 10 L T e = S [T ROPG Tl JOrNe ) 1 8 Rubber Reclaim. Unit Verde Ext (4).. Utility Pw & Lt(a1) Utility Equitie Utility & ind. Util & Ind pt (1%).. Vacuum 011 (t4%).. Venesuela Ptm(20e) Vick ¥in Cor, Vogt Mtg Co ( Waltt & Bond A (1) i Waitt&BondB (1. 40). Walgreen Co. . Walk ) (LD e st Welch G Juiee 1134.. den Copper. ..., Alr Exp (60c).. Wil-Low Cafeteria. Wilson Jones (3). Woodley Petrols: Worth Inc A Zonite Prod (1. RIGHTS. Erle Rallroad Co Johnson Motor 1 22 05 05 0‘ 05 .Iast quarterly or semi- IR Bt e MOUNT VERNON BANK RE-ELECTS DIRECTORS Stockholders of the Mount Vernon ;hvlnp Bank this afternoon re-elected the following board of directors at the annual meeting: James H. Baden, Albert J. Berres, E. C. Davison, Charies P. Ford, Harry W. Hahn, Pred Hewitt, Robert T. Hm, mym Johnson. William H. Ji 3 F. Koss, Prank W. Lee, Willism uufildnn. H. Glean Phelps, B, L. Rinehart, M. 8 Walcott, Arthur O, Wharton, Olaude H. Woodward c. Rlnnldn"r & pro Ml 5on was not o elected to the board at his own roqu::! this being in line with his desire to re. linquish some of his business activities. He has been chairman of the board. ;‘:: board will organize for the comtnx ““The time will aom- > dechnd ~ European business “when few women will remain (l ness after the age of 30.” | CRUDE OIL OUTPUT. TULSA, Okla., January 21 (#).—A re- duction of 22,066 barrels in the daily average production of crude ofl in the United States for the week ended Jan- uary 18 was reported today by the Oil and Gas Journal. Total daily produc- tion averaged 2,602,807 barrels. Okishoma, éhowed & decrease of 13,335 barreis under.the Imoetus of further proration setivities, The decline in the mflrr mlmntlmnt lm was 28,271 m!m hl l!uc heavy ofl 4 | Iaws are strictly observed. % | common 8.76a12.50; D. C, TUESDAY, JANUARY 21, PROFITS ARE SEEN IN DIVERSIFICATION American -Industry Follows Example of Farmer in Spreading Activities. BY J. C. ROYLE. American industry now is busy taking leaves from the book of experience. For years agricultural experts of the Government have been urging the agriculturist to practice diversified farming. To a large extent they have been successful, as shown by the cold cash which has flowed in to the farm- €rs from the dairy industry, from poul- try and from truck gardening. this leaf from the farmer’s book md are turning to diversified industry to bolster their profits. This trend is fully exemplified by the determination of the largest radio reeeivi: set manufac- turers to enter the refrigeration fleld. Best, Radio Season. ‘The corporation points out that the time of largest consumption of radio receiving sets by the public is in the i Fall an Wlnhl’. Thus they had two llurmuvel in_operations during the and Summer. Either they eould :fle up big stocks, which might through new developments become practically obsolete before they.ever left the factory or which might be diffi- cult to move, or they could restrict 8u = duction duflflr part of the year. r- tailment would disrupt their working forces, make the savings of mass pro- plant efficiency. ‘The company therefore has turned to the manufacture of mechanical re- tors. The idea there tha the time of best sales of refrigeration units is in the Spring and Summer. ‘Their production would enable the com- pany to keep its working force intact, moving it into production in the one field while demand in the other is low. The same trade outlets for retail distribution, they figure, can be made to serve for both products. Machinery in the plants is adaptable for either class of output. ‘This trend has become a real busi- ness factor and there is reason to believe, according to Government of- ficfals, that it will grow steadily thmu(hnut 1930. The two ]I it pro- ducers of automobiles have taken sim- ilar steps. One is in the refrigeration fleld, in the manufacture of aircraft, in the production of radio receiving sets and in the making of flying boats. Piano manufacturers are turning out motor boats. Drug stores have become restaurants in everything but name. The coal and coke producers are en- ga in the manufacture of dyes and chemicals. The by-products of petro- leum are manifold. Grocery stores which never handled them before are adding lines of fresh meats and vege- tables. The packers are seeking to en- ter the grocery field. Mail order houses are into the chain store business. stores are “ stores as well, and it is rumored that cigar stores are preparing to add lines of groceries and dry goods. “Poaching” Charged. ‘These developments have disturbed some of the conservatives. They declare it is not legitimate hunting for markets and customers, but “poac) " on the preserves of others. nt officials see nothing alarming in it, pro- vided the provinonl of the anti-trust One econo- mist likens the position of the objemn to that of a man who i8 accustomed to 1 | walk down the same street to business day after day. One da street blocked and is M finds & way around t) proponents of the trend declare nm wnnm 18 the one example of per- ?i al motion that has been developed. cannot stand still and unless busi- nn- men move with it they are likely to get run Mer They add erlih“ h"n': w& uj clency. ubor leaders see in the stabilization of employment, although they fear that un phn becomes general many may have difficulty in re- m:mm; themselves to these diversified conditions. They point out the failure registered in the efforts to transplant coal miners and textile mntlvu from the factory towns of Englan fields of Canada as an ex-mple of this danger, procedure & (Copyright. 1930.) GRAIN MARKET. CHICAGO, January 21 m—l\mru that the movement of wheat in tina is begir to wane hel to bring about a decided upturn in wheat r-lcu here late today. There were also te estimates that lbout 650,000 bushels of United States hard Winter wheat way of the Gulf of Mexico. Notice was taken, too, that bids are to be opened here shortly for 21,000 barrels of flour for Army use. Wheat closed firm, 1% to 1% a 14| bushel higher than yesterday's finish; corn closed al to Y, up; oats un- changed to s shade hu’:er and provi- slons unchanged to a setback of Sc. BN H ] o W - FESFEE 2% 233 333 333 2w 55 #55 1052 10.65 1085 GHICAGO LIVE STOCK IAB.KET CHICAGO, January 21 (#) (United States Department of Agriculture).— Hogs, receipts, 45,000, including 8,000 direct; market opened 15 to 25 cents lower; later trade active at 10 to 20 cents decline; top, 10.00; bulk, 140-200 r“n . 10.00810.25; 230-250 ‘pounds, 65810.25; butchers, medium to choice, 250-300 pounds, 9.35a10.00; 200-250 pounds, 9.65a10.25; 160-200 unds, 9.85810.40; 130-160 pounds, 9.75a10.40; packing sows, 8.10a9.00 lr medium to_choice, 90-130 pounds, 5810.25. Olnlo—Recllpu 9.000; calves receipts, 2,000; better grade fed steers and year- lings, scarce; luldy o stout on shipper account; lower e, slow, dull, weal top, 16.00; slaughter classes, steers, good and choice, 1,300-1,500 pounds, 12.26a15.75; 1,100-1,300 pounds, 12.2! 16.00; 950-1,100 unds, 12.50a16.25; and medium, 850 pounds up, fed yearlings, :ood and nholu, 7150-050 pounds, 12.50x16.50. Helfers—Good and choice, 850 pounds down, 12.25 to 15.00; common and me- dium, 7.75 to 13.25; cows, and 1047 10. 1077 355 : 8.00; low cutter and cutter, 6.50; bulls, good and choice (beef), vsu to 10.00; cutter to medl\lm, ns .75; vealers (milk fed), .00 to 17.50; medium, 11.00 w 14.00; cull and com- mon 735 to 11.00; stocker and feeder good 'and 'choice, all weights, 10.50 to 11.50; common and medium, 8.25 to 10.50. Sheep—Receipts, 17,000 head; mar- ket opening steady; fat hmbl. uso to mostly 13.75; top to 4.00; fat ewes, quotable, 115 dovlfl. Xoedmg lmbs nominal; lambs, good and choice, pounds down, 13.25 to 14.25; medlnm, 1200 to 13.35; common, 10.50 to 12. 00; down, 5.50 tp 7.25; cull and common, 3.00 to 5.75; feeder hmbl good and cholee, 1185 to 13.10. Now the manufacturers have seized | e: duction impossible and mitigate against | ¢ on gcl-nt tflchm:y and | had been bought today for export by |lon: 1930. FINANCIAL LONDON NAVAL CONFERENCE "DECLARED BUSINESS MEETIN Reduction of War Ship Building Costs Would Be Reflected in Tax Bills of the World. BY JOHN F. SINCLAIR. 1al Dispateh to The Star. MN!W YORK, January 21.—Those who got up early enough this morning heard over the radio the voice of King George of land, w‘nlnl the dis- Amw:nt rence of world powers in_Lon It's prima; a business conference, lmmulp h it ifl.{ not been advertised as such. If & ny u;n nt:r I:I::nrd mcmz down armament age Citi- zen will feel the relief immediately in the form of lower taxes. From 1903 to 1913 European armament ditures amounted to over $45,000,- ,000—preparing for security. The 5;:0“ ‘war costs added another $150,000,- 000 in four years. But today the world armaments ex- penditures has again reached $4.300,- 000,000 annually, of which two-thirds is being spent in Europe, one-sixth by sum and another one-sixth the rest of the world. The lut b‘ttl-hlp built for the United ites cost $40,000,000, or more than the total value nl the grounds and build- ings of all of the universities located in the States of Arizona, Arkansas, Dela- ware, Florida, Idaho, Maine, Montana, North Dakota, South Dakota, Utah, Vermont and Wisconsin combined. And such a battleship is scrapped in 10 years or less as worthless Armament expenditures MI{ absorb from 1 to 5 per cent of the national in- come of all so-called civilized na- ons, In the United States it takes 1.1 DGr cent of the national income. conference opens 70 per cent As the t of the total budgets of both Great Brit- ain and France and 80 per cent of the total Federal budget of the vnma goes to pay for past warfare or to pre- pare for future war. business man is immensely in- terested in what happens in London. The tragic airplane disasters Sunday in both California and Florida do not help the airplane industry at all. It's B:n of the price civilization pays to ing forth a new industry. Terribly unfortunate as it is, airplane develop- ment must move forward. Maj. “Clarence P. Young, Assistant Secretary of Commerce for Aeronautics, in his report for the last fiscal year shows that today in fhe United States a population of 90,000,000 is now be- ing served by 32 air lines carrying ex- press, 47 clrryin' mall and 61 carrying of 2’ 227 miles of established airways, 10,183 are lighted for. night flytng and another 2, ?HBS miles wfll be 5001 - Flying increased re[u)lr sched- ules from 27,817 mnu a day in 1927-28 to 69,029 miles a day-in the last fiscal year. ‘The growth in aeronautics is revealed also by the number of licenses filed: with the department, which jumj from 14,038 last year to 42,338 thls ye: New flloh' licenses increased 9! cent. icenses were taken away frvm 'Is air law violators, while 176 more paid fines totaling $4,525. SEASONAL GAINS IN TRADE NOTED Iron, Steel and: Auto Indus- tries Reflect Increase in Current Demands. Clark, Dodge & Co., New York, in the current issue of PFinancial and Eco-. nomic Review, in discussing current business conditions, point out the sea- sonal improvement now taking place in industry. “Improvement in the current business llhllnon' is confined to the seasonal re- covery which normally takes place at the g of the year in such lines as beginnin to the |ironand ahel and automobile production. ite adverse weather conditions, re- tail trade is generally showing a better tone than production, which substantially below normal. most favorable characteristics of present ‘business sentiment is the general ab- sence of ‘undue optimism. Business men are satisfied to adjust production schedules to actual eonsuming require- ments and to await more definite signs of substantial improvement. “Although the downward trend in employment has not been sustained g enough to have any serious affects, it nenmultn remains one of the criti~ cal points in the present business situ- ation. After a year of generally satis- fac empls mmt. however, labor should be in a fair position to meet : earging powe! e movement of freight for t.he mk ended January 4 showed slightly more than' a .normal seasonal expan- slon, being: 21.6 per cent over the pre- ceding week, the lowest it in recent ears. This compares with correspond- g increases in 1929 and 1928 of l' per cent and 10.8 per cent, respective “Any pick-up in business activity normally reflected in a general firming in - commodity -prices, particularly those basic raw materials entering heavily into many lines of consumption. With the exception of steel scrap and hides, sensitive commodity prices re- main weak. - Ham "Act.lvlty in' the mel industry appears | Inter to have passed ita low polnc and should continue to :xpnnfl nm quarter. A seasonal in in_steel pmd\umnn, no'-ver. can ly be ‘expec in ediate future in view of the eurmt readjust~ ment in' business. ° “Fundamental credit conditions in most Eut countries have Improved substanti within the two months. Bloek mlrket lln\l l“fln in New York has greatly relieved the money stringency abroad. Large vol- umes of funds attracted to this country by high interest rates have been with- drawn. Gold has moved away from New York, reserves of foreign central banks have been stre; ened and bm‘ credit b:undlflo;l‘. may be ex) t such a lflmuru‘:c to business usually acts slowly.’ It's well to remember that 1,315 w- sons were killed in automobile dents in New York Oity :\om last yolr. with auto connmm ‘worse than ever, Julius Klein, Assistant Secretary of Commerce, has issued & decalogue for distributors_(both wholesale and retail) for 1930. He includes 10 items. Here they are: 1. Improve your stock records and devise some method of inventory con- trol. 2. Use or develop better-trained per- sonnel. !. Improve collection policies. Organize delivery methods and ellmlnnu excessive delivery costs. 5. Curb the mania for gross sales. 6. Improve and simplify accounting methods. 7. Improve store layouts. 8. Control or léarn more about style cht nges. 9. BSeize the advantages of co-opera- Keep better records and study E. B. Oourovc. pnaldam of the Na- tional Canners’ Associa n‘| hit the nail on the head yesterday in Chicago, when he said in opening their meeting: “Overproduction and consequent dis- tressed selling are disastrous, and al- though purchases at dist prices may mean & temporary saving to the ;:onsumer, in the long run the consumer loses.” While the profits’ to be made this year will probthly not_equal those of 1929, it should be of unusual years which l.llm & merchant suffi- clent time for a careful analysis and survey of his stron, ! and weak polnu And this should result in better organization and greater mnu in the future years. With the rediscounts of the 12 Fed- eral Reserve banks at the lowest figure since rehruna 1, 1928, lnomer cut in the rate by the various may imminent. Phflldelphll cut its rate from 5 to 414 per cent last week, meet- ing the rate which holds now in 'six others—those at New York, Atlanta, Chicago, Kansas City, S8an Francisco and Boston. The 5 per cent rate still holds at Cleveland, nichmnnd St. Iblll-l. Minneapolis and Dallas. The 12 Re- serve banks have loaned to all their member banks $442,336,000, a drop of over $125,000,000 in a weel The statement shows mn the banks are taking a more favorable attitude mnm the money market. Bills bought in the og:n market increased by $4,180,000 January 8, whereas the usual tendency at this time of the year nning of 1928, the Federal Rese! urua selling their open market holdings to increase rediscounts in an nrgm?c to eontrol the rapid flu of brokers’ loans and keep the credif situation in hand. But such action is no longer neces- (Copyright, 1930, tion. 10. them. by North erican News- per Alliance. s D. C. FIRMS INVOLVED IN BANKING MERGER| —’ Special Dispatch to The Star. BALTIMORE, Md., January 31.—The Bond & Title Corporation of Ball pletion of arrangements to take over the mortgage business of the Chemical Bank & Trust Co. of New York. This will involve, according to the an- ?:llme:fle&% wo.:‘u mnxmm of more n ‘worth lfllfl"‘.‘l Ev rties located in 62 cities of the nited States. ’rhn mortnn hul.ne- of the Chemi- cal Bank Co. formerly was oonm:k_g_u by th- United States um- . The Baltimore juire the budnm throll‘h ', the M According to the terms of the trans- action, the Chemical Bank & Trust Co. will secure_a minority interest in thz Mortgage Bond &. Title This company was llmnld last u l hal:m%c.wmmy York lt:: the )‘ll'!- the | 1and Mortgage & National Title Co. of Baltimore. Other subsidiaries are the Washing: ton Consolidated Title. Co., t«ha Title IMIIXICI:,DO g‘n.. %e District Insurance Co., the Insurance Co. and tht..mfi & Guarantee Co. ‘ol ration is headed by Robert G. lent. Charles B. Gillett was l'!- succeed the late OeorYe ‘The corporation will have, um com- pletionsof the deal, ca) lul in excess of $7,000,000 and -will control ap) ite- $55,000,000 of an 100 cities. DIVIDENDS DECLARED. * NEW YORK, January 31 (P)— te. bl go Mar, ot e Ce A ?!':‘nsflul Eng A as in | Ce sloply during the Lo ot Allirnce Ins Met Str Warehse. Nat Arbitrage Blauners Inc . Lincoln Printin Bates Mfr .. Blauners Ine Ki et st o5 Jan. 28 Jan. Fev, 17 Peb. 1 Jan. b. 15 Feb. 1 Feb: 1 Teiad Feb, 1 Jan 17 % Peb. 15 Feb. 1 3% Bue Bob 1§ . Harold H. Emmons, chairman of.the Detroit Alrcraft ‘Corporation, has re- lxmad. He will be sucoeeded by Frank V. Blair, chairman of the Union Trust Co. of Detroit, STOCK AND BOND MARKET AVERAGES Prom Yesterday's :30 Edition. By the Associated Press. ‘years ago, weekly aver High (l.i') . Low Total ewes, medium to choice, 150 pounds |’ . I ' Total sales (par value), §7,121, (Copyright, 1930, !mmua Btatisties Oo.) A—13 o|ELEGTRIC. RAILWAY INDUSTRY THRIVES Record Year Reported for Urban and Inferurban Street Car Lines. Special Dispatch to The Star NEW YORK, January 21.—The elec- tric rallway industry in 1929 earned the largest net revenue in its history and carried almost 16,000,000,000 passenger: in the year just closing. The. industry will rpend thu ye.r for new plant and equipm intenance and material: a total ol ll’ll.flflfl 000, Electric Railway Journal reports, in making public & survey just mma. The budget for 1920 was “5" 455,000 The total gross revenue of the elec- tric r'fl'ly! in 1929 was $1,130,000,000 a gain of $20,000,000 over 1928. The total mt ineom for was $83,- 000,000, which sum com) r.d with §78,- 000,000 1 lor 1928. Capital invested in the urban and interurban lines as 1930 get: under way. totals to $5,800,000,000, the survey shows. The. 671 electric rallway companies in the United States employ 300,000 per- sons and last year paid them operating wages aggregating $424,000,000. These employes rendered service over 42431 miles of track, The companies oper 11,854 busses and own 100,255 cars and locomotives. They operated more than 2,000,000,000 revenue car miles in 1929. & gain of 10,000,000 over 1928. The to- tal of passengers carrie? was 15,830,- 000,000. A total of 400,070,000 revenue bus miles was operated by the lines. Car Purchases. and car-equipment purchases in um. the survey report shows, will con- tinue the e: diture im noted in 1920. For that year e companies upenz '$28,710,000 for new cars and car ent. This year they will spend a mln imum of $31,800,000. These figures compare with the $18,000,000 outlay for new cars and car equipment in 1928. ‘The companies expended $81.900.000 be | fOr, WAy and structures in. 1929. The bud.et calls for an outlay of $88,400,- 000 in this classification for 1930 In all, the urban and interburban lines will expend $19,900,000 for new busses in 1930, against '$17,300,000 expended in 1929. For power equipment the.com- nies plan expenditures totaling $8,- 50,000 this year. ‘Last year melr out- lay for power equipment was $7,570,000 “In view of the somewhat disturbed cnndmon of general business brou ht about by the recent market cras! commenu Electric Railway Journal in summarizing the survey statistics, “the res of 1929 and the forecast for 1930, h showing increases, are of tell l'i nificance. ey emphasize aga! fundamental stability of m eleetrlt rallway industry and its' relative im- munity to fluctuations in trade. penditures for the past year were not curml.d in any instance and most of the electric lways reporting showed increases for lfifl‘ Improvement in Design.” great improvements in car he-“' years lnd the re- not mAan; have gone -m -fm :i.bu tation plans. "It was stated in 1928 that the ing ‘m recast was borne out in 1929 and in th. budgets for 1930.” NEW YORK COTTON, NEW YORK, January 21 (fl—'!'he ore yesterday announced ecom- | cotton market opened today a an advance of 4 polnh to a decline qt 1 point. ’l‘h active 3‘!."5'," Thy more e for March and H’M tflr realizing, however, market, off & few pohu am-uu the early with mo active mon ruling about net uncha: to points lower at the end of the first h:ll hour. mnman“\‘:‘l Liverpool cables buying, mh‘ z ‘market an sald were scattered cloth sales for by realizing in there Indis with more from Africa. connections Houses with m#mm were credited with selling months here early, but the the late trade was & buyer of new months, —for six months prior to expansion lnl"l:fllhl of llal-ry here. WII fl. M‘n- Mm. !hr Counulor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan, Tower Buf National 6110-6111-6213 1hlnhm Directory Omission) ENTERPRISE SERIAL BUILDING ~ ASSOCIATION 7th St. & La. Ave. N.W. 83rd Issue of Stock Now Open for s-hnrlplh:' Shares of Stock, $1.00 Each Payable Monthly ' James E. Connell, ames residont ’ncu r?- First Trust Money Available JAMES F. SHEA 643 Louisiana Ave. N.W. Washington Gas _ Light- Company House Heatinig Division National ' 8280