Evening Star Newspaper, January 22, 1930, Page 15

FINANCIAL. CURB SHARES GAIN INBRISK TURNOVER Market Resists Selling Pres- sure—Utilities Featured in Trading. BY JOHN A. CRONE. @pecial Dispatch o The Star. NEW YORK, January 22-—After opening higher today, but quiet, the curb market turned active and stoutly resisted profit taking invited by initial bulges. Utilities were the leaders in point of volume, and higher priced in- dustrials led in wide fluctuations. Oils, although dull, were firmer than in the previous session as a result of further crude ‘oil production cuts. Mines, especially the relatively high cost copper producers, were irregular at the outset. Responding to increased sales and output, motor shares brightened. In- dustrials were mixed, steels and farm implements most rapidly moving ahead and chains slackening. Pivotal utllitles, such as American Superpower, Associated Gas & Electric, United Light & Power A, Utilities Power & Light common and Middle West Utilities improved, but Electric Bond & Share met leverlllullln{ w-:lva. which out part of its early advance. “l’;fmble and Standard Ofl of Ohio registered the best early gains, though Standard of Indiana was the most ac- tive Standard Oil. Cosden featured the miscellaneous oils, regaining about half of its 93;-point loss Monday as & result of dividend rumors and the pos- sibility that it may be transferred w the big board. Indian Territory Illum- inating was up 13 point, but Cities Serv- ices merely backed and filled. Deere & Co. led the rise of higher- priced industrials with an initial leap of 49 points, following its 60-point jump ‘Tuesday. Although some shorts might be subjected to & squeezing, part of Deere’s advance mirrors improved out- look for the implement industry. Si Manufacturing opened down 5 and bize pointed lower. Safeway Stores second warrants was at 176, a drop of 34 points. General Baking Corporation common and preferred de- clined following the report of the sub- sidiary General Baking Co. which showed smaller profits for 1929 than for 1928. Crocker ‘Wheeler was higher, a re- sult of its offer to shareholders of record 3 of one additional common share at $15 a share for each four shares now held, making rights at the then current value of the stock worth about 80 cents. REDUCTION Il; CEMENT MILL OPERATION SHOWN American Portland cement mills con- tinue to show a decline in the ratio of According to statis- Stock and Dividend Rate. 7 Aeronautical Indus. 5% Aero Sup Mfg B 10 AirIny Incevpr.... All Amer Gen Corp. . 4% Allegheny Gas Corp % Allied Aviation. 10% Allied Mills (60¢ 23 Allied Pow & Lt AllP&L1stpt5. 1% Allison Drug St B §39'3 146 Aluminum Co of Am 110 103 Alu Coof Am pf (6). 280 99% Aluminum Co, Ltd. . 10 AmCP&L B (b10%) 18 AmCwith PADb10%. 22 AmCwith PBbi0%. % Am Control Ofl Flds. 204 Am Cyanam B (1.60) 14% Am Equities..... 254 Am For Power war.. 70 Am Gas & Elec (31). 6% Am InvestincB.... 624 Am Laund Mch(4).. 190 Am Lt & Tract (10). 1% Am Maracaibo, 7% Am Nat G em pf Goc. }g‘m Am Solvents Chem. . 89% Am Super 1st pf (6) 5 Am Yvette (new) wi Anchor Post F (2) Andre Citreon B ret Anglo-Am vot (73c). Anglo-Am n-v (73¢). & 7Ariz Globe Copper. 3% Arkai 53 1 1 8 by 1 " 4 Ark N G em pf (60c) 15% Art Metal Works(3) Asso-Elee Ind Lid. .. G & E A (12.40) 0 G&E A deb rts. 14 Asso Laund (320¢).. 304 Asso Rayon pf (§) & Atiant Fruit & Sug.. 14% Atjas Strs Corp (1).. 16% AutV Mevprpt (2). 20 Aviation Corp of Am 12 Aviation Credit. 4% Bellanca Alrcraft. 14t Bickfords, Ine (1) Knox Co (1) Co (EW) (1).. Ridge Corp. Rdg cv pt (a3). % Botany Mills. . 314 Brazil Tr & Lt (2)... 3t Burma Corp (t3le).. 13% Butler Bros (1.20) 4 Bwana M Kubwa.... 3 Cab&Wire LtdA rets 1% Cab&Wire LtdB rets. 3 Can Marconi.. 1 Carib Syndicat, # 30 Carnation Co (31%). 80 Celan Cor 1st pf (7). 6 Cent Atlantic States 20 Cent PSv A (al.75).. 12 Cen States El (340¢c) 40% Cent Sta El cv pf(6). 4l Centrifug Pipe (60c) 9 Chain Stores Stock. . % Clark Lighter A..... 2 - Club Alum Uten. ... 40 Colgate-Pal-P (2%). 4 Colon Oil 16'% Columbia Pictures 449% 210% Com’with Edison (8 124 1% Comwlth & Sou wa 95% Com'with & S pt (). 93% Comwith Pow pf (6). 124 Com Wat Ser (b6%) % Comstock Tunnel. % CA MCoectfs. . 4 Consolidated Copper. 12% Con Dairy Prod (32). 2% Cons Instrument 10 Cons Laundries 2% Consol Royal ( 7 8 the Bureau of Mines per cent. The ratio has fallen from a maximum cent for 12 months ending .4 per cent for 12 months’ fg?.fl- CRANFORD CO. ELECTS OFFICERS AND DIRECTORS ‘The same officers and directors of the Cranford Co. were re-elected at the , t’ secretary; C. A. Warthen, F. F. Schondau, R. J. Hartigan. BANK CLEARINGS. NEW YORK, January 22 (Special).— New York bank clearings, today, $1,036,000,000; & year ago, $1,690,000,000. New York bank balances, today, $153,000,000; a_year ago, $134,000,000 New York Federal Reserve credit balances, today, $138,000,000; a year ago, $125,000,000. Stock Offer Planned. NEW YORK, January 22 (#).—The Crocker-Wheeler Electric Co. is plan- ning to offer common stockholders one additional share at $15 for each.four shares held on record February 3. "BONDS ON THE CURB 52 2 2220 33335 pRERE e 8 P ssasiganesiitandinasily e, 5 0m0900004 19429 53 00 e d s ek G B Q000001 3m3%E H ssas3zaess3enstan: i Qu3sio BreE 8 » ik RN B AN S oS ne e~ % Crown Cent Petrol 4 CrystalOil......... 2% Curtiss Airports vtc. 1% Curtiss Wright wa: 1% Cusi Mex Mining. ... 6% Darby Pet (1)... 200, BT 34 Driver Harris(new 20 4 Dubilier Cond& Ras 324% 120 Duke Power (15) 20 3% Durant Motors. 22 14 31 7 Duval Tex Sul Eastern Util Inv A. . 56% 22 KEastGas& F Asso.. 17 East States Po B(1)., 15% Edison Bros Strs(1). 10 Eisler Elee Corp. 50 ElBond & Sh (b§)... 00 El Bond & Sh pf (6).. 15° Elec Pow Asso (1)..; 10% EIP& Lopt war.... 3% Elec Sharehldg (31) Emer Bromo Sel A 2 Empire Fire Ins. . 14% Emp Pub Sv A (1.3 5 Empire Steel Corp 189 108% 1 92 R B F PN SIS 3 Fedders Mg A (2).., 29% Federal Screw (3)... 20 Federated Metls (1). 15% Fiat Stk deb rts rets. 4% Finan Invtst, N Y... 8 Fokker Alreraft. . 7% Foltis Fischer Corp. 15 Ford Motor Can A. 3 Ferd Mot of France. 104 Ford Motor Ltd. 3% Foundation For 20 - Fourth Nat Inv. 4% Fox Theat ClA. 21 Franklin (HH) M 18% Garlock Pkg (1.20).. €% Gen Am Invest new. 70 Am Inv pfn (6). 2% General Baking. 45 General Bak pf (6). 7% Gen E Ltd rets (50¢) 13% Gen Gaad El (A) ... 10 Gen Indus Alcohol 10 Gen Laundry Mach. 9 Gen Rity & Utilities 60 Gen R & Util pf (8).. 24 Gen Theat Equip vts 14 Gilbert (AC) (1)... 35% Gilbert (A C) (3% 80 Glen Alden Coal (10 11% Giobe Underwriters, % Gold Coin. » Ao e 'Y 2% Golden Center. Goldman Sachs ( Graymur Corp. ..... GT A & P Tea pf (7). Greenfield Tap&Die. Groc Stors Prod vte., Ground Gripper (1). 9 Gulf Ofl of Pa (1%). 30% 24% Gunther L @2). 5% % Happiness Candy. 70% 14% Hazeltin rp (1).. 34% 23% Hires (CE) A (2) 6 Hudson Bay M &S.. 74% Humble Oii (2). .. .. 27 Hydro Elec Serv (2). 340% 260 Illinois P L (20). 22 Imp Oil Can n (50c). 6% Tmp Tob GB&1(1.25) 26 Ind P Lnew (12%) 5 @Indian Terr Illum Ind Fin ctfs (b10%). Intercoast Trade (1) Ins Co of N Am (3). Insurance Sec (1.40) Intercontinent Petn, 12 Intl Petrol, n(623e¢) Intl Superpow (21).. Iternatl Ut A (3%).. Insull Ut Inv(b6%). Interstate Equitie: > S e AR Koo AT 9 S Sermmr Fagogyen e 2sz2SpyeerEiss 14 3 L e s s Parana i T ;‘r 58 4] Prussia P 8 85 52 E Basin Co 7 7 8aar Bustn o 15 SESE2IRS88RT5RS Ye Interstat H M (1.40). Italian Superb war. . Johnson Motor Co. Kan City Pub § vte Kerr Lak Bt e mnmea Sales— Add 00. Open. 5 664 258 235 Am Superpower (1). 2 3 13 20 Citles Service (330c) 100 284 54 7 31 31% ) 108 239Y% 239% 239 70 4 4 4 2% 2% 2% 549 549 525 52:“ 3% 3% 5% 1% 1% 11% 11 7 14 —Prev. 1020.—~ Close. | High. Low. 8 45% 80 Lacka a9 13 39 High. Low. 8 [} 8% 8% 15 16% 5 1 13 1% 47% 8% Y% 2804 107 4 110% 16% 24% 23 63 kLl 18 2 ™ Long 1 2% 20% 1% T 01y 5% atl N N 114% 3C% 9% 12 10 4 2 24% 12% % L 31 31% % 239% 4 2 1% 8 Stfeway 3% * St R B% % 5% 5% M% 14 14%, he 16 84 04 25% 17% 84 104% 25% 31% 5% 104% 1 % 25% 32% 19% 32 14% 19% 12% 1 o <44 U 8 Sha " 58 15 5 50 u% 2 A3 Dividend annual payme: *Ex-dividend. or stock. b P 3% & 2% % 3% - 2 [ 3% * 2% % cash 3% * 2% % 1P a7 THE EVENING STAR, NEW YORK CURB MARKE Stock and Dividend Rate. Lake Superior Corp. 1% Land Co of Florida. . Lefcourt Real pf (3) Lehman (The) Corp. L’Air Lig Liberty By Lion Ofl Refin (2) Loews Inc war. Loews Inc deb r Long Isld Lt pf (7). 100; Louisiana Lan & Ex. Mae Marr Stores. ... Magdalena Syndicat. Marine Mid Cp (1.20) Mavis Bottling. Mayflower As: Memph Nat Mesabi Iron Met Chain Stores. ... Middle Wst U(b8%) Mid W Ut cv pf xwé. Mid Royalty cv pf 2. Mo-Kansas Pipe L. . Mock Judson Voe(2) Moh H P 1st pf (7).. Morison Elec (11) Municipal Service. .. Nachman Spring (3) Nat Amer Co (2). Nat Aviation. at E1 Po A (1.80).. 'am Strs (1.60) Nat Investors ( Nat Mfrs & Stores. . Nat Pow & Lt pf (7).5004 \at Pub Sv A (1.60). at Sugar NJ (2)... Nehi Corpn (1.30)... Nehi Corp pf (5%).. Nelson (Herman)(2) Nevada Cal Elec. ... Newberry (JJ)pf(7). New Eng Pow pf (6). 208 New Eng T & T (8). 1008 ew Jer Zinc n (14). w Mex & Ariz Ld. Newmont Min (24).. Y Invest (1.20)... N Y Pet Royalty (1) New Quincy M (10c) N Y Rio&Bu Alres. . N Y Tel pf (6%). 11% Niagara Hud P(40c) 2% Niag Hud Pw A war. 2 Niag Hud Pw B war. Niagara Shares(50¢c) 21% Niles Bement Pond Noranda Mines (3). North Am Aviation North Am Cement. 9114 North Ind P S pf(7). 20 Novadel Agene (2). % Ohlo Copper, 64'% Ohio O11 (2)........ 20% Orange Crush (1.50). 58% Otis Elevator new. .. 3% Outboard Motor (B). Pac G&EI 1st pf 1%.. 'ac Western Oil Penn Mex Fuel (2 Penn Ohio Ed($1%). Penn O Ed pr pf(17). Penngoad Corp. Peo L'& P A (a2. Petrol Corp (1%) Philip Morris (A) Philip Morris Ine. .. Pilot Rad T A (1.20). Pitney B P n (20c).. Plymouth Oil (2)... Polymet Mfg (31)... Pratt&Lambert (15) Premier Gold (24e).. Prudential Inv. Pub Uil Hold wi Railway & Lt S (15). RainbowLumProd A Reliable Strs (b5%). Rel'nce Managemnt. Reynolds Met n 2.40., Richman Bros (3)... Roosevelt Field, Ine. Roof Refining. . Ross G&T (3). Ross Stores. Inc. egis Paper (1).. Sel Ind allot ofs 5% Select Ind frid ry Shattuck Silver King Coal(1). Singer Mfg Co (126) Sonora Products. ... SoCal Ed pf A(1%). So Cal Ed pfB(1%).. SEP&Lpf (7). Southern Corp. Southern fce Util A. Southland Roy (1). . S W Bell Tell pf (7). 8 W Dairy Products. Stan Gas & El pf (7) Stand Oil Expt pf(5) Stand Oil, Ind (2%) Stand Oil, Kan (2) Stand Oil, Ky St 01l of Ohio Stand Pwr&Lt(new) % St Pow & Lt pf (7).. 4008 Stand Pow & Lt Stutz Motor Car. Sunray Oil (40¢). Swift & Co new (2) Tampa Electric (32). Taylor Milling (t3).. Teck Hughes (§0¢) Thermoid Co (2). Third Nat Inv (1). Thomp-Starrett. ., Tobacco & All Stks, Todd Shipyard (4) . Transamer (31.60 Tran Con Afr Trans Air Trans Tri-Cont Corp war. . Tri-Continental Cor. Tub Art Silk B (10). Tung-Sol La'p pt (3) Ulen &Co...... Ungerleider F Corp Union Amer Invest Union Tobacco. Utd Carr Fastnr 1.20 United Ch pt pf (3).. United Corp war. Unit El Ser pur war. United Gas Co. Unit Lt&Pwr A (6 Utd Lt & Po pf (6 Unit Molasses Lt United Public Ser Unit Rt Ch pf (3%) % United Stores U S Dairy B U 8 Finishing US&InSectf (234).. U S Lines (50c) rde Ext (4) Utah Apex (30c). Utility Pw & Lt(a1). UHIP&L B ctfs (al). Utllity & Ind...... Util & Ind pf (13) Utility Equities. Vacuum O11 (14%).. Venezuela Ptm(20c). Vick Fin Corp...... Yukon Gold. . Walker Mining. Watson (JW) Co. Welch G Juide 11%. % Wenden Copper..... West Air Exp (60¢c). Wil-Low Cafeteria. Wilson Jones (3) Worth IncA... RIGHTS. Erie Railroad Co...Jan. 16. Johnson Motor. So. Cal. Edison. 07 Trans Corp... WASHINGTON, Received by Private Wire Direct to The Star Office Seles— Add 00. Oven. High. Low. na Sec(4). 3Th 3T dTh 14 2 30% TT% 74 5 18% 5 17% 40% 109% 3% 23y% * 334 3 ide. ... ing Corp. Light(600). Frumamnloman POGIIN- 155 115 [ P Op o w) 109 23% 30 9 74 27% 6915 (PPQUIOPOIo) TPy o ey - oS omanannS ] & 0). )ee 0). amanSaanannm mann P » mammaZannms RonnneBoEa S war (2d). 208 a3 pr(5%).. Den Min Elec (2).. FTommannpamesm~ s g . BT onBanron Ry a2 3 508 4 (1.60). (23%). - 3 oo PRTOE-JRTO - - FOTUIP ST UTRp oo BB Biea oz ) Fin BonnamSasnacs on® 42 .Jan.27 52 2 53 .04 nfstes In dollars based on last quarterly or semi- Iy extra in st oo 4 Ha NEW YORK COTTON. NEW YORK, January 22 (#).—The cotton market opened steady at un- changed prices to an advance of 7 points, with the active months showing net gains of 4 to 7 points during the first few minutes on covering together with a little trade and commission 1 house buying. ‘This may have been en- couraged hy relatively steady. Jdverpool cables, but the market was qui wgfle oflerltnu ‘lere bu;h&.pflg; m off a point or two end first half hour under realizing. e of continued cold w it the South, comment in relation to the probable survival of boll weevil, .but were not a factor of apparent importance, Liverpool cables reported local buying and covering and said there was an increasing cloth de. mand from India, with fair sales to - Egypt and South America, JOINS CASUALTY BOARD. Erwin Rankin, president of American General Securities Corporation, and vice president of American Founders Cor- poration of Hartford, Conn., has been elected a director of Maryland Casualty Co. of Ealtimore. This action is con- firmatory of statements that the found- ers group would take more active part in insurance eomplnlg: in which it has E% J to choice, 10.00 to 11.00; medium to Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., January 22.— Poultry, alive—Turkeys, pound, 32a38; old toms, 25a27; Spring chickens, 26a30; | Leghorns, 22a25; old roosters, 17a18; ducks, 16a25; old hens, 25a29; Leghorns, 20a23; geese, 15a22; Guinea fowis, each, 40a60; pigeons, pair, 25, Eggs—Receipts, 314 cases; nearby firsts, 42Y; pullets, 35; hennery whites, firsts, 45; culls and dirty éggs, 25a30. Butter—Good and fancy creamery, pound, 33a39; ladles, 30a31; store packed, 20: rolls, 25a28; process, 34a35. Vegetable Prices. Potatoes, white, 100-pdund sacks, 2.25a3.15; sweet potatoes, barrel, 2.00a 3.00; yams, barrel, 1.50a2.50; beets, crate, 3.00a3.25; beans, hamper, 3.08a 4.75; cabbage, hamper, 50a75; carrots, 100, 3.00a4.00; caulifiower, crate, 1.25a 2.25; celery, crate, 1.50a2.25; lettuce, crate, 3.50a5.50; kale, barrel, 1.50; onions, 100 pounds, 1.75a2.00; peppers, crate, 4.00a26.50; peas, crate, 4.00; pars- ni} basket, 50a65; spinach, bushel, 1.25; apples, bushel, 75a2.25; cranber- ries, box, 3.00a4.75: grapefruit, box, 2.50a4.75; oranges, box. 2.15a4.50; tan- gerines, box, 125a240; strawberries, quart, 35a50. Live Stock Market. Cattle—Receipts, 75 head; light sup- ply, market steady. |~ Steers—Choice to prime, none; good ! [ to”choice, 13.00 to_1325; medium to good, 11.75 to 12.75; fair to medium, 10.50 to 11.50; plain to fair, 9.25 to 110.25; common to plain, 8.25 to 9.25. Bulls—Choice to prime, none; good to choice, 9.25 to 10.00; medium to good, 8.00_to 9.00; fair to medium, 7.25 to 7.75; plain to fair, 6.25 to 7.00; common to plain, 5.00 to 6.00. Cows—Choice to prime, none; good to choice, 8.00 to 9.00; medium to good, 7.50 to 8.25; fair to medium, 6.75 ‘o 7.25; plain to fair, 5.50 to 6.50; common to plain, 4.00 to 5.00. Helfers—Choice to prime, none; good good, 9.00 to 10.00; fair to medium, 8.00 to 9.00; plain to fair, 7.00 to 8.00; common to plain, 6.00 to 7.00. lbmh cows and springers, 60.00 to Sheep and lambs—Receipts, 25 head; light supply, market steady; sheep, 2.00 to_6.50; lambs, 7.00 to 15.00. Hogs—Receipts, 300 head; light sup- ly; market lower; lights, 10.75 to 11.00; ivies, 1078 to 11.00; medium, 11.00 to 11.25; roughs, 7.50 to 8.30; light pigs, 10.60 to 10.80; pigs, 10.65 to 10.90. Calves—Receipts, 25 head: light sup- F;yéo market steady. Calves, 7.00 to Hay and Grain Prices. ‘Wheat—No. 2 red Winter, spot, 1.265; No. 2 red Winter, garlicky, spot, 1.25% January, 1.25%; No. 3 garlicky, no quotations. Corn—No. 2 domestic, 1.03; cob corn, new, 4.65a4.70. ?lts—No. 2 white domestic, spot, 5412; No. 3 white domestic, spot, 53%,. e—Nearby, 90a1.00. y—Receipts, none. Season for old hay is about over. A little new crop is arriving, but hardly enough upon which to establish quotations by grades. Where in good order new hay sells at irom 14.00a17.00 per ton, according to its quality and condition. CHICAGO LIVE STOCK MARKET CHICAGO, January 22 (#) (United States Department of Agriculture). — Hogs—Receipts, 45,000 head, including 15,000 direct; market mostly steady to 10 cents lower; top, 10.25; bulk 140- 210 pounds, 10.00 to 10.20; 220-260 pounds, 9.75 to 10.00; 270-300 pounds, 9.60 to 9.75; packing sows, 8.25 to 8.85; butchers, medium to choice, 250-300 pounds, 9.25 to 9.90; 200-250 pounds, 9.60 to 10.15; 160-200 pounds, 9.75 to 10.25; 130-160 pounds, 9.50 to 10.25; packing sows, 8.10 to 8.85; pigs, me- %uol: to choice, 90-130 pounds, 9.00 to Cattle—Receipts, 10,000 head; calves, receipts, 2,000 head; largely a steer run, lower grades predominating; weak to 25 ‘cents lower, with heavy steers showing most downturn; practically nothing done on heavies; early top yearlings, 15.00; prospects steady on choice steers and yearlings, all ‘weights, supply scarce; slaughter classes, steers, good and choice, 1,300-1,500 pounds, .00 to 15.75: 1,100-1,300 pounds, 12.25 950-1,100 pounds, 12.50 to mmon and medium, 850 pounds up, 875 to 12.50° fed yearlings, good ;:gs choice, 750-950 pounds, 12.50 to Heifers, good and choice, 850 pounds down, 12.25a15.00; common and me- dium, 7.75a12.25; cows, good and choice, 8.00210.50; common and medium, 6.50 00; cutters and cutter, 5.25a6.5¢ lls, good and choice (beef), 9.50a 10.00; cutter to medium, 7.25: 5; veal ers (milk fed), good and choice, 14.00a 17.50; medium, 1 a14.00; cull and common, 7.50a11. stockers and feed- er steers, good and choice, all weights, :I;I.(;’-gan.& ; common and medium, 8.25 Sheep—Recelpts, 17,000 head; market opening slow; fully 25 cents lower; early sales fat lambs mostly 13.25 few loads of choice, 13.50; top to out- siders, 13.75; fat ewes steady at 6.50a 7. e lambs nominal; Lambs, good and choice, 92 nds down, 13.00 813.85; medium, 11.75a13.00; common, 10.50a11.75; ewes, medium to choice. 150 pounds down, 5.50a7.25; common, 3.00a5.75; and choice, 11.65a13. NEW YORK BANK STOCKS. NEW YORK, January 22 (Special).— Ba yellow, new, 0, Americs .. mer Union . Bank U, Yorktows B'way Nat'l. Brya et 8 50 3885 R =2858us’ SHNST 4EPaB2855NN 238830 meBEEER TS § Yorkville Trust Companies. Bankers, new . Banca 3 5 Bink of sici D. 'C, WEDNESDAY, JANUARY 22, 1930. FINANCI STOCK AND BOND MARKET AVERAGES Prom Yesterday' ‘s 5:30 Edition. By the Assoelated Press. STOCKS. Low (1929).. .14 Total salés, 2,233,230 shares. 10 Industrials. 92.3 92.6 92.7 95.3 97.4 95.7 95.3 4 Today .... Previous day. Week ago. Year ago. Two years ago. Three years ago, weekly aver. High (1929 Low (1929] Total sales (par v: BY CHARLES F. SPEARE. Spectal Dispatch to The Star. NEW YORK, Januiry 22.—The two schools that have been voicing their opinions on rallroad consolidation for several years are, first, that which ad- vocates the merger of railway systems in order to promote a higher degree of service to the public and, second, the one which regards service now' being rendered as nearly up to maximum and developed in the past decade independ- ent of the type and scope of consolida- tions such as has been proposed in the r:cent Interstate Commerce Commission an. 3 Members of the second school are to be found among shippers, the traveling public, State railway commissioners and even among members of the Interstate Commerce Commission itself. Their views seem be borne out by the sta- tistical record of efficlency presented from month to month by the Bureau of Statistics of the Interstate Commerce Commission. Latest I. C. C. Figures. No stronger evidence has been pre- sented in proof of the fine accomplish- ments of American railroads than that in the latest figures published by this agency of the Government. They cover the month of October, when traffic ordinarily was at its “peak” and the difficulties of operations are increased by the forcing of all kinds of traffic onto the lines of the carriers and exact- ing for it prompt movements. In Octo- ber six new high records were reached by American rafiroads. These included miles T train mile, gross ton miles train B our, car miles per day, car miles 1,000 gross ton miles. ‘The greatest achievement and the one that in its development since 1921 has done most to relieve the chronic car shortages, of which shippers in the past bitterly complain, is that of bringing day by a freight car to 36.3 miles. The average for the year 1928 was 31.3 miles, with the gain made in the first 10 months of last year greater than in any 12-month period since the railroads came out from the control of the Gov- ernment. In 1921 the average mileage run each day by each freight car was only 22.4 miles. When the tof mileage of all the routes of the country is taken into account, it can well be real how much advantage there has been to the ship- per of freight to have his goods mov- ing at 36.3 miles per day instead of the slow pace of 22.4. Along with this has been the increase not only in the average trainload of the American carriers, but in the average load per car. Equipment Improved. ‘The records show that the condition of all equipment has improved and that in recent months the percentage of un- per train mile and pounds of coal per | Specul up the average of miles traveled each |also serviceable cars and locomotives to the total of all such equipment has been at the lowest since the war. The effects of this high standard of operation will be shown in the monthly 716 11th (three years S35, 8255 &5 1001 152 Street The special stockholders’ meeting of the Midland Steel Products Co., called to vote on a readjustment of the capi- talization, has been adjourned untfl January Columbia Building Association Pays 5% 20 Years' Successful Business Without the Loss of a Dime oo : $1 or More Will Start Your Thrift Account See Us When You Want a Real Estate Loan R Lt (Under Government Supervision) & 2 BONDS. ~ lue), $7.052,000. (Copyright, 1930, Standard Statistics Co.) RAILROAD EXPERTS DIFFER ON I C. C. MERGER PROPOSALS statements for December, which will begin to appear this week. In a ma- jority of these there will be de: creases and a net that would have been “shot to pieces” if the managements of American roads had not previously raised their operating efficiency to such a high point that a considerable part of the public is willing today to let the roads operate as they have been doing so well, rather than force them into mergers of an unnatural character. GRAIN MARKET. CHICAGO, January 22 (#).—Fresh upturns in wheat values here took len.“ early today, owing a good deal to indi- cations of large export bu of North American wheat overnight. ere were advices that wheat offerings from Argentina to Europe were small. Open- ing unchanged to cent higher; Chicago wheat afterward showed a rise all around, but then reacted somewhat. Corn and oats were likewise firmer, with corn starting unchanged to !4 up, ‘m“lgmmnmwmu’ holding near to the 5. Provisions declined. Friends of higher prices for wheat received encouragement at times today not only from signs of an improved ex- port outlook, but also from attention given to radical differences pointed out between market conditions at present as compared to some months ago. Ac- cording to a statement issued today by one of the large grain houses here, the gross ton miles per train mile, net ton |P! lators are largely bearish despite cash wheat being in a strong position to respond to any increased demand, Meanwhile today, announcement’ of export purchases of more than 1,000,~ 000 bushels of Canadian wheat at- tracted sharp notice here. There was talk current that fully 500,000 bushels of wheat in Chicago had been ordered out of store here this week. In addition, the export basis for domestic wheat at the Gulf of Mexico was said to be the best yet this season, with Greece stated to have bought another cargo of United States hard Winter wheat today. Manufacturers’ Finance Co. BALTIMORE, January 22 (Special). —The Manufacturers' Finance Co. re- ports net earnings for 1929 after divi- dends on preferred stocks and reserves for losses and contingencies of $357,738, equivalent to $4.47 a share on the out- standing common stock. This compares with ll!"l.leldi, or ;hgue ecrnnuln 1 - ring year com) = chased $91,193,047.15 of lmnp‘o.'u‘,’mwm. etc, and collected $87,372,907.83. Of this volume 72 per cent was represented by commercial accounts having an n:emu maturity of l“ days; 17 per ul:t of company’s volume was represente ed by motor lien paper and the remain- ln' 11 per cent by other instaliment obligations. Compounded Semi-Annually St. N.W. AT LOW COST | First Mortgage Funds “or longer) % LOANS on residencesand business buildings, in District of Columbia and nearby Maryland suburbs . . . Ample funds, lower interest, prompt approvals, valuable prepayment privi- leges—and the competent counsel of over forty years' experience in this field. * H.L.Rust ~ ESTABLISHED 1889 ~ Company National 8100 Loan Correspondent for * The Prudential® slightly less Ihlnp:! &l 928. AL, Fer A_15 KEEN COMPETITION -INBUSINESS SEEN New Sales Methods Separate. “Getters” From “Order Takers.” Business men are likely to be sharply divided into classes by the keen com- | petition which is in prospect between now and April 30, Big executives of retail and whole- sale establishments, seeking data here today on which to base their p; 3 say the period will serve to establish pretty clearly which are the “business getters” and which the “order takers. The latter, they say, are likely to ha a somewhat disapointing first quarter. In the first class are those who a out to get business if business exists and to make business where it does not exist. They are studying out new methods and are as ready to scrap old policies as they are to scrap obsolete machinery. Most of them seem willing to admit that profits are not to be ex- pected from a marked improvement in prices. Wholesale. prices are lower ap- preciably than they were a year ago { and the purchasing power of the dol- lar is now 106, with the prices of 1926 taken as 100. Raw Materials Higher. It is noteble that raw materials gen- erally are higher, while the declines have come in the semi-finished and fin- ished lines. All in Qll. prices have been well stabilized. In the last two months 86 commodities out of 550 showed gains, 162 showed losses and 302 regis- tered no change in price. Higher net earnings, therefore, must come from reduction in costs of pro- duction and distribution. The latter angle is the one most stressed, since cutting of production costs has already gone as far as possible in some lines. The “business getter” class, therefore, is keeping awake nights planning dis- tribution savings. Consolidations offer one method, and it is likely that sales forces will be redistributed and com- bined in many instances, Advertising is another method whose use is likely to be widespread. Up-to- date business men know that it 1 wise policy to spend money to make money, Advertising space will be used to bet- ter advantage than ever before. Advertising Plans. National advertisers anticipate spend- ing approximately $206,000,000 in may azines in 1930. According to data sup- plied at l.hten Burellilkol the cqnuul. newspaper | |&e is ely to approxi- mate 1,320,000, lines, g The farm magazines expect to draw 3 rograms may involve as high as $25,- ,000 for the use of facilities alone, not counting expenses for talent. There is in prospect a sharp red: bution of sales territory. Markets, which cost more to serve than they paid, are being abandoned. More territory i be- ing given individual salesmen and the quality of the sales personnel is being built up. Products will be more tho- roughty diversified and stocks will be kept small. (Copyright, 1930.) S As a protest against an increase in the price of gasoline, taxi drivers of Bucharest, Rumania, recently went on strike and the government had to in- tervene. Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan Tower Bullding National 611061116213 (Telephone Directory Omisston) We Specialize In PROPERTY MANAGEMENT E. S. Poston & Co. Ofletg: 'g’l’\:’l-," A::'g:l Jultus National 0760 1616 K St. N.W. Light Company House Heating Division National 8280 First Mortgages insure a steady dependable in- come—the most consist- ently reliable form of in- vestment known. FIRST MORTGAGE NOTES Yielding6 1//2Per Cent Prompet Payment HANNON: 1435 K St. Nat. 2345