Evening Star Newspaper, January 25, 1930, Page 20

REFRIGERATING C0. * BUSINESS GAINS Brown Is Re-Elected Presi- dent and Norment Chair- man of Beard. BY EDWARD C. STONE. ‘The board of directors of the Termi- mal Refrigerating and Warehousing Corporation, at its organization meet- 4ng held yesterday, re-elected Clarence F. Norment, chair- man of the board, and Wrisley Bdm"fl. president and gen- eral counsel. The other officers elect- Johnson, secretary; Robert D. Marshall, controller; Morris ‘W. Bennett, ditor, and Francis J._Becker, cashler. President Brown yeported an excel- Clarence F. Norment. lent year's bus ness. This company has $1,000,000 capital, the stock being listed on the ‘Washington Stock Exchange. The par wvalue is 50 and the last sale was made at that figure. It pays 3 per cent dividend. B. & O. Bonds Stir Interest. ore & Ohlo stockholders in WM@ are greatly interested in the coming bond issue. Preferred and common stockholders will receive rights to subscribe to a hew issue of $63,031.000 of 41; per cent convertible bonds, due on February 1, 1960, at a price of 95. Stockholders of record February 2, 1930, may subscribe for the bonds in an amount equivalent to 20 per cent of their stock hogdlnn. ‘The offer will ex- ire on March 11. . Proceeds from the financing will be used to provide funds for additions and betterments to the property, for the | scquisition of additional properties or securities regreunutlve thereof, when such acquisitions are approved by the Interstate Commerce Commission, and or other corporate purposes. 3 The offering, made subject to approval of the Interstate Commerce Commis- sion, has been underwritten by Kuhn, ., Speyer & Co. and the Na- tional City Co. The bonds will be con- wvertible into common stock at any time from February 1, 1931, to February 1, 1036, at $120 a share: thereafter to February 1, 1941, at $125 a share, and thereafter to February 1, 1948, at $130 & share. Junior Bankers Talk Education. ‘mem| . _The spoke at considerable length of the work of the chapter. Chairman Lacey, in booming the membership drive, has sent the follow- ing letter to a host of junior bankers: more complex each with the rapidly changing ::nmn::l:mh of us %;gt be con- stan ving himself. ho = wl‘!’v\md"e must forward Shaticaily slip packward T2 The second semester classes will be- ,tn on Monday, January 27, and we feel sure that you will find a course offered that will be of in the e work Money Leaving New York Market. According to officers of large New zork banks the money which was ed on call for out-of-town banks When rates were high is now rapidly going into bankers’ bills, Government itles, commercial paper, home or is being lent at short term to municipal governments. ‘The old basis upon which city banks Pollected a fee from out-of-town banks for lending their money on call was 5 r cent of the interest received on uch loan, which is $250 on a basis of $100,000 Joaned at 5 per cent per an- fium. Now the fee is $500 on a trans- #ction of this kind, which is equivalent call rate of 10 per cent on the old is. Lower charges, says the New York Bun, doubtless would help to save or the proportion of bank money, distinguiched from corporation funds, the call market. Heard in Financial District. ‘Washington cleared $27,018,000 this fweek, against $27,134,000 last week, Wwhich 15 & decrease of 6.2 from the $ame week in 1929. Maj. Gen. Kenzie W. Walker, chair- of the board of Standard Col- iteral Shares Corporation, is in New Jork conferring with the trustees on the matter of the dividend to be paid February 156 to holders of common Btock shares. The Interstate Commerce Commission terday authorized the Chesapeake & hio Rallroad to acquire control of the Chesapeake & Hocking, a 63-mile line ¥rom Gregg to Valley Crossing, Ohio. The House has adopted the Parker Fresolution providing for an investigation f railroad holding companies by the ouse interstate commerce committee. The production of small cigarettes luring December amounted to 8261,- 56,533, against 7,515,100813 in De- mber, 1928, according to Bureau of nternal Revenue. Production of large igarettes was 602,210 in December, 920, against 687,782, Other Tobacco Reports. In order to determine how college tudents spend their money, a ques- onnaire was recently circulated among e students of Washington University, Bt. Louis, Mo. The average monthly expenditures of women students in- uded $3 at movies, $2 at other the- , $3 for candy and ice cream, $4 jor tobacco products and $3 for mis- ellaneous entertainment. One of the surprising results of the questionnaire Mas the discovery that girl students :?:nfl more money on tobacco than boy idents. — PUBLIC SERVICE CORP. TO SPEND $41,000,000 @pecial Dispatch to The Star. =4 NEW YORK, Janua: 25— mgm f N * P;yb“c d > O jew Jersey and sul sidiary companies have declared a quarterly @lividend of 85 cents a share on the stock, placing the shares on a 2.60 annual previously paid. 279% 98y 66% 125 145% 105 Baltimore & Ohio (7) 1103 8% 81% 15 56% 441n 42% 50 22% 192% 121% 136% 61% 491 98% 654 467 91 9% 59% 360 120 44% 68% 108% 47% 143% 36 75% 135 F’»‘D annual dividend basis, against —_— N all the suto freight and pas- %hmnhlvcwmeun- control of the rallway companies. THE EVENING § p_.s * FINANCIAL. , M WASHINGTON, D. C., SATURDAY, JANUARY 25, 1930. = FINANCIAL. e (ILRANSACTIONS ON THE NEW YORK STOCK EXCHANGE Stock and Sales— Dividend Rate. Add 00. High. Low. 34i Abitibl Power & Pap. 27 Am Bosch Magneto. . 4% Am Brown Bov Elec. 49% Am Brown B E pf(7) 50/ 86 AmCan (4).. 16 Am Chicle Co (12%) 20 Am Com Alco(n1.60) 23 Am European See. .. 50 Am & For Power...., 231 Am Hide & Lea pf. .. 40~ Am Home Prod(4.20) 29% Am International (3) 90 ~ Am Locomotive (8)., 111% Am Loco pt (T)....n 142 Am Mach & Fdy (7)., 6414 Am Pow Lt (31). 72% Am P&L pf A 8t (5) . 28 Am Ra&Std Am Safety Razor (§) 17 Am Beating (2) % Am Ship & Com. Am Shipbuilding 62 AmSm & Ref (4). 110 Am Steel Fay pt 40 Am Stores (2)......; 99 Am Sugar Rfg pf(7). Am Tobacco (8)..... 160 Am Tobacco (B) (8). 114% Am Tobacco pf (6).. 50 Am Water Wks (nl), 15% Am Woolen pf.. 46 Anaconda W&C (3).. 25 Anchor Cap (2.40) 5% Armour Il (A) 2% Armour Ill (B) 6% Arnold Constable. Atlas Powder (4). 120 Auburn Auto (§4). 3% Austin Nichols 15 Baldwin,Loco (1.75). 6 40 12 1 16 1 10 . ¢ 28 26% 3¢ 82% 383 334 % %% % ~ 26% 123% 125% 126% 20% 20 20 29 2% 24 8 T 10% 9% 20% 26% 99 98% 2 121% 121% 121% 121% 10 56% 55 554 66 1 118% 118% 113% 113 1 217% 217% 217% 217% 58 AmNatGaspf(7).. 20s 67 67 67 4 1 1 1 12 14 109% Baldwin Loco pf (7). 50s 93% Bamberger pf (6%). 55 Bang & Aroos (3%).. 20 Barnsdall, A (2).. ) 95 Bayuk Cgr 1st pf(7). 50, 12% Beacon Oil. 69 Beatrice Cream (4).. 14 Brockway M 40 Bklyn-Manhat 7 Brooklyn & Qu 248% 99 Bklyn Union 16% Bruns-Balk-Col 4% Bruns Ter & Ry 14 Bucyrus Erfe (1) 26% Bucyruscv pf (23).. 8% Budd (E G) Mfg (1). 50 Byers (AM).... 1056 Byers (A M) pf (7) 73% Calumet & Ariz (10). 256 Calumet&Hec(aé). 29 Campbell Wyant (2). 45 Canada Dry G A (5). 265% 185 Canadian Pac (10)... 17 Capital Adm (A)..... 130 Case (JI) (6)....... 50% Caterpillar Trac (3).. 31 Celotex (3)..eeuvsss 27% Cent Alloy Steel (2). 240 Cent RRof NJ (+13) 52% Cerro de Pasco (8).. 18 Checker Cab (4.20) Ches & Ohio (10) 4 Chi & Alton. lg% Chi & Alton pf. tn pf. . 16 ChiMill St P&Pac... 28% Chi Mill St P&Pac pf. 76 Chicago & N'W (5) 21% Chi Pneu Tool. .. 101 ChiRI1& Pac (7) 21% Chi Yellow Cab(3 44% Childs Co (2.40). 26 Chrysler Corp (3). Coca-Cola (4). Collins & Afkm: 27% Colo Fuel & Iron 86% Colo & South (3) 65% Colo & Sou 1st pt 52 ColGas&El (2).. 997% Col Gas & E1 pf A(; 16% Columb Graph (87¢). 105 Columbian Carb (16) 18 Com Credit (2)...... 28 Comm CreditA (3).. 20 ComCreditpf (1%). 70 Com Crd 1st pf (63%) 28% Coml Inv Tr (g1.60). 9 Com Inv Trst war... 20% Comm Solvents (1).. 10 Comwlth&Sou(60c).. 11 Congoleum-Nairn... 43 Congress Cgr (15%). 40 Consol Cigar (7).. 10 Consol Film (2)..... 15% Consol Film pt (2).., 80% Consol GasN Y (4).. 92% Consol Gas NY pf(5) 45 Consol RR Cub p£(6) 8 Consol Textile...... 12 Container Cor A 1.20. 3% Container Corp B. 26% Contl Baking A. 4% Contl Baking B..... 79% Contl Baking pf (8).. 40% ContlCan (234)...40 20% Contl Dia Fibre (3).. 46% Contl Insur (2.40) 5% Continental Motors. . 18 Contl Ofl of Del..... 28% Contl Shares (1) Denv&RG W pt. Detroit Edison (8) Devoe & R. A (2.40 Diamond TP Dupond de Nem (4). Eastman Kodax (18) Eaton Axle &S (3).. 86% 20% El Pwr& Lt (1) 109% 98 140% 118 9% 31 El Pwr & Lt pf (7).. EP&Lpf 60% pd 4.20 Eng Pub Serv (31).. 98% 41% Erle RR. seesne: 66% G55% Erle RR 1stpf (4).. Y 1o mVamN AULO ki34A). 10s 8 67 s s 9 128% 2 85 681 6 30 117%3116% 117% 116% 1093% 109% 109% 108% 68 671 68 67, 11 115 22 10 1 708 408 50 1 41 124 28 1 13 23 6 28% 182 108% 1 100 1 46 100 1’ 656 189% 36% RR% 110 4 5 100 8 80s 26 35 1 1 58 108% 131% 45 59% 621 2 00% 66% 84 3% 4714 1124 111% 47% 4T% 106% 106% 22 22 223% 220 220% 215 221 216% 120% 120% 934 31% 6 2% 116 114 20% 98 16% 70 374 34 % 26% 256 117% 116% 28 274 614 61 35% 36 9 8% 3 94 9 143% 143% 24 24 21% 27% 179% 178% 28% 29 2 38% 224 24 9% 79 2% do% 12% 114 29 14% 16% 49 52%4 21% 34% RRLy 108 5 108 .107% 181 134 444 4B 44n B58% 59 58% 62% 621 62% ' a. . an 3 57% ' 8t Low. Dividend Rate. Add 00. 22% Exchange Buf (1%).100s uu 22 17% 3% 158% 116 39% 146% 584 1% L 220 181 16% Fairbanks Co pf.... 250s Fash Park Asso (2% 10 Fash Pk Assopf (7). 1 Fod Lt & Tr pf (6)..: 30s Fed Water SerA240 6 Federated Dept Strs. 2 . 1 Foster Wheeler (2). Fox Film A (§4) Freeport, Texas Gabriel Snub A. Gen Am Inv pt (6). . Gen Am Tnk Car($4 Gen Asphalt (4).. Gen Bronze (2). Gen Cable, Gen Cigar (4). Gen Electrio (16)..., & Gen Electric (new)., 375 Gen Elec spec (60c).. 1 Gen'l Food Corpn (3) ‘246 Gen Gas&EI A (fe2). 8 GenG &ELpf A (7)., 108 Gen Mills pf (6)..... 2 Gen Motors (13,80)., 117 Gen Motorspf (7)... 1 Gen Public Serv (b6) 10 Gen Ry Signal (5)... 13 Gen Ry Sig pf (6)...170s Gen Refactories (4). Gillette Saf Raz(n). Glidden Co (h2)..... Gobel (Adolf). Gold Dust (234). Goodrich B F (4) Goodyear Tire (5) Gotham Silk H (2%) Graham-Paige. Granby Copper Grand Union p Grt North pf ct (5) GtNctfsOP (a3% Grt West Sug (2.80). Grt West Sug pt (7). Grigsby Grunow (2), Guantanamo Sugar., Hahn Dept Sto: .. Hahn Dept S pf(6%). Hall (WF) Ptg (m1) Hanna (M A) 1st (7) 30s Harb Walker Ref (2)120s HartmanCorpB1.20 1 Havana Elec Ry. Hayes Body.... . Hercules Powder (3) 1 Hocking Val (10)... 140s Holland Fur (et2%). 1 Hollander & So Houdallle Her B (2). 187 Household Prod(t4). Houston Oil...ecaen Hudson Motor Hupp Motor (£2) Illinois Central (' Independ Oi1 & G ( Ind Motor Cycls Indian Refining. Indian Refining Inds b5 Inspl Insur: Interboro Rap Tran., Interlake Iron (1). Int Combustion, Inter Comb En, Intl Harves! - - e 28T anmn Int Nickel of Can (1) 101 Intl Pap & Pwr B 2 Intl Pap & Pwr C, Intl Shoe (3).. Int Tel & Teleg (3) Investors Equity (2. Jewel Tea (4).0o..0n 1 Johns-Manville (3).. 756 Jones & Laugh pf(7) 208 Jordan Motor Car. 8 Kayser Jullus (4). 13 Kelly-Spring Tire. 13 Kelly-Spring 6% pf.: 50s Relly Spring 8% pf. 1208 Kelsey Hayes (2)... Kelvinator Corp. Kennecott (5) Kimberly-Clat Liquid Carbonie Loew's, Inc (3)... Loft, Inc..... Ludlum Steel (2). McGraw-Hill (2). MelIntyre Porc M(1 McK'port T P (1434). McKesson & Rob (2) Mack Trucks (6).... Macy (RH)&Co(nt3) Mariin-Rockwl t43 . Manati Sugar. .. Man Elec Supply Man Elev mod (d5).. Marmon Motor (4) Martin-Parry....... Mathieson Alkili (2). Mathieson pf (7).... May Dept Strs (n3). Maytag Co (12)..... Maytag Co 1st p£(6). Mengel Company (2) Mexican Seaboard. ..’ Miami Copper (4). Michigan Steel (2%). Mid-Continent P (3). Middle States Ofl et.. Miller Rubber. » Py R0 @ e 00 0 8 Missouri Pac pf (). Mohawk C Mills (3).. Monsanto Ch (g1%). Montgomry Wrd (3). Mother Lode (40c) Motor Meter G & B, .; Motor Products (2).. Motor Wheel (3) Mullins Mfg...... Mullins Mg pf (7). .1 MurrayCor (b2%stk. 242 Myer(FE)&Bro (2). 8 Nash Motors (6) Nat Acme (13%). Natl Air Trans. ... Natl Bella Hess (31). Natl Biscuit (7). Nat Bis n (p2.80) Natl Biscuit pf (1) Nat Cash Reg,A(t4). TR TR LT - TSP PRSP S8 uerad Nat Distillers (3). Natl Pwr & Lt (1)... Natl Radlator, .. P 104 North Am (b10% stk) Northern Pac (5) North Pac ct (5) 5 Northwestn Tel (3). 10s Norwalk Tire & Rb. . Oliver Farm Equip. . Olivr Fr Eq ev pt( Omntbus Corp, Otis Elevator (6) Otis Stee] (2%). Pacific Lighting (3). 20a32; % | 30; 59 , Motor Car.. Penick & Ford (1) Penney (JC) (23%) Penn Dixie Cement.. 2 Pennsylvania RR(4). 121 Pero Marqpf (5).... 1 Pere Marq pr pt (5). Pet Milk (1%). . Phillips Petrm (n2 Plerce-Arrow A. Plerce-Arrow pf Plerce O11. P Rican Am To (A)7. P Rican Am To (B).. Prairie O&G (12%).. Pral Pipe L (15).. d Steel Car, Pressed St1 C pf (7).. Proc & Gamble (2).. Prod & Refiners. ..., Prophylactic Br(2).. Public Serv, NJ 3.40. Pub Sve NJ pf (7, Pub Svo NJ pf (8)... Pub Sve E&G pf(6).. Pullman Corp (4). Pure Of1 (1% Purity Bakeries (4). Radio Corp. . Radio pt B (5) Radio-Keith-Crph A Raybestos Man 2.60. Reading (4)... R Rels (Robt) & Co pf. Rem Rand (50¢)..... Reming-Rnd 24 (8).. Repub Ir & Steel (4). Rep Ir & Stl pf (7)... Revere Cop&B pf(7). 50s Reynolds Spring.... 215 Reynol ob A (3).. 108 Reynolds Tob B (3).. 123 Richfleld O1l (2)..... 88 Rio Grande Oil (3).. 59 Rossia Inc (2.20).... Royal Dutch (a3.: Safeway pf (6).. Safeway Strs pf (7). 50s St Joseph Lead (13).. 5 StL-San Fran (8)... 38 St L Southwestern, Savage Arms (2) Schulte Retail Strs. . Seaboard Afr Line. .. Sears Roebuck ($2%) 17 Second NatlInv..... Sec Natl Inv pt (5) 123 36 4 1 2 7 60 1 19 3 Shell Unfon (1.40)... 12 Sh Ucmevpf (5%) 2 Shubert Theatr: Stmmon: (g2) 28 Simms Pet (1.60).... 4 Sinelair Con O1l (2).. 286 Skelly Ofl (2)... 24 Sloss Sheffield Steel.. So Por Rico Sug (2).. Southern Cal Ed (2). Southern Pacific (6). Spalding(AG) (2).... Spang-Chalfant, Sparks Withngt: Spear & Co Spicer Mfg. Spicer Mfg pf (3). Stand Brands (1% 1 Stand Gas & El (3%) & Stand G & E pf (4) Stand Invest Corp. Stand O of Cal (2% Stand OII N J (12). Stand Of1 N Y (1.60. Starratt (L 8) Co(2) Sterling Sec A...... Sterling Sec pf(1.20) Sterling Sec ev pf(3) Stewart Warn (J3%) Stone & Webster (2). Studebaker (35)..... 8 Studebaker pf (7)... 40s % Submarine Boat..... 5§ 5% Superior Ofl. . 15 Superior St ELEGTRIC POWER IN GOOD DEMAND Production Running Ahead of Same Period in 1929, Con- ference Is Told. In a statement made in behalf of the electric light and power companies to the National Business Survey Confer- ence in Washington, M. S. Sloan, presi- dent of the National Electric Light Association, sald: “Production of electricity in the month of November, 1920, was 6.3 cent higher' than in the corresponding month in 1928. Increase in electric power to large industrial users was § per cent, to small industrial business users 12.5 per cent and to household users 15.4 per cent. “The December production of elec- tricity was 6 per cent above that in De- cember, 1928. Analysis by classes of users is not yet available. “Telegraphic reports from represent- ative companies throughout the coun- try and covering the first two weeks in January, 1930, indicate that electric ’1’90;6" though recession in , 8 rec mand by some industries is indicated. “Production of electricity is a valu- able criterion of general business and industrial activity, because -electricity is increasingly the essential wer source for manufacturing and mining; the service reaches practically all com- munities regardless of size, every busi- ness is a user and 70 per cent of house- wer de- % | holds are served. “More complete information as to expenditures by electric light and power companies during 1830 for construction of new facilities indicates that the esti- mated total of $865,000,000 reported to the President’s conference be ex- ceeded.” Baltimore Markets Special Dispatch to The Star. carrots, 100, 3.00a4.00; crate, 1.50a2.50; celery, crate, 3.50a6.00; eggplants, crate, 3.00a5.00; lettuce, basket, 2.2523.00; kale, barrels, 1.25a1.50; onions, 100 pounds, 1.50a1.75; peppers, crate, 3.50a6.00; parsnips, bas- ket, 50a65; spinach, bushel, 1.75a1.90; squash, crate, 2.00a2.50; tomatoes, crate, 2.506.00; turnips, hamper, 30a40; apples, bushel, 75a2.75; cranberries, box, 5.0085.50; grapefruit, box, 2.50a4.50; " | oranges, box, 2.10a4.75; tangerines, box, 1.2582.50; strawberrles, quart, 35a55. Dairy Market. Poultry, allve—Turkeys, pound, 32a 35; old toms, 23a35; S chickens, horns, 22a25; old hens, 20a ugxiac‘xm 23a325; and thin, 178 uronl. 30a 385; ducks, 16a26; geese, 18a28; guinea fowls, each, 40a60; n, pair, 25a30. Eggs—] ts, 814 cases; native anc i pullets, 35; hennery whites, firsts, dozen, 42a43; culls and dirty eggs, 25a30. Butter—Good to fancy creamery, ladles, 30a31; store process but 13 6% 6w 6y 8 25 24% 24% uction is running ahead of | ity Prev. | — 1920 — 21 % 8 TexPC&O (b10%). Texas Pag Land Tr.. ‘Thatcher Mfg (1.60). Third Avenue. 11 Thompson J R 39 39 tn AT o 4% in stock. yoar— Prod (2%) Und-Ell-Fisher (5).. Unlon Carbide (2.60) Union Oil of Cal (32) Union Pacifie (10) Union Tank Car. Utd Gas & Imp(1.20) Unit Piece Dye W (2) United Stores A..... Udt Stores pf.. s U S & Foreign Secur. USFreight (3)....0 U S Ind Alcohol (17). S Leather. S Leather A. s . §Payable Jesular rate; cash or stock. in stock. JPlus 8 st nPlus Stockand Sales— Prev. T Dividend Rate. Sales. High. Low. Close. Clase. 5% Sweets of Amer (1).. 9 8% 14% Telauto Cp (11.26). .« 9% 8% 16% 156% 15% 14 4% 13% B4 B5 B4 58% _ 59% _ 58% 10 710 T10% 15 15% 15 20% 1 20% 204 1 1K 39% 12% 12% 1% 40! Tide Water Asso 60c. Timken Det Ax 1800 Timken Roller (3 Tobacco Products Ta 341 344 109% 110% 83% 85 444 45 221 221 3 35 B50% 50% 614 62 41 52 % 56 84 14 104 U S Smelt Ref (3%).. 2 U 8 Steel (7) . 4 Univ Pipe & Rad. ... Util Pwr&Lt A (e2). Vadsco Sales Corp Vanadium (t4) Virginia-Car Chem Virginia-Car 6% pf.. Vulcan Detinning. .. WHRBRSNC. .. .o ooigee Waldort Systm (1% Walgreen pf (6%)... Walworth Co (2) Ward Baking A. Ward Baking B..... Ward Baking pf (7)., Warner Bros Pio (4). ‘War Bros P pt (2.20) Warner-Quinlan (2). Warren Bros (19)... Warren Fy&Pipe(2). Webster-Eisenlohr. , Wess Oil & Snow (2). WessO&Snpf (4).. 2 West Penn EL A (7)., 108 West Penn El pf (6). 10s West Penn El pf (7). 40s West Penn Pw pf(6). 108 Dairy (B) 2 rn Maryland, n Md 2d pt. IMPRESSIVE GAIN INSTOCKS SCORED Market Gives Good Account of Self in Short Week End Session. BY GEORGE T. HUGHES. !v;::;v Dispateh to The Star. YORK, January 25—Slow but steady and impressive p was made by the stock market today’s week end session. There was no hint of extravagance anywhere in the opera- tions, but there was a tone of quiet eonflmce ;hlch. 1t is ‘xlwt too much to say, not been equaled at an) - vlz‘)xu_x’ll time l.;n:l momhé.km 4 :“ e first hour was uj uy- ing of the lower priced tluuep-.bzew il which could be rated as in the invest- ment class. Befors the close, however, demand had broadened out, and the leadership went to stocks of a& much better grade. It was at this time that the rallroad shares came into promi x';:;:; especially the seasoned dividend Advance In Rafls. New York Central was a leader at a new 1930 high, responding to freely expressed in the Street stockholders would receive a dend. Then there was the belief, now amounts to a superstition, that When rights on a stock expire the price is sure to advance. hts on Cen- tral expire next week. December earn- ings statements were discounted as s because the compari- ber, 1928, was with month of exceptionally 'good results. Meanwhile annual regom. as for ex- ample that of the New Haven, are highly gratifying. Pennsylvania was taken in blocks ll:a ;r‘:u‘l;d the best of movement. r & Aroost it is estimated is earning over $8 a share and 5o Selling only between eight and nine times earnings, did the same. New Haven was strong and so was Mis- souri Pacific with several others not on the dividend paying list. . Another interesting development was the better feeling toward the oll stocks. Here the gains were mostly fractional, but the trend was plainly evident to eovfiryfwflnwhe; of the tape. Standard of New Jersey was the most con- n: opened unchan and fluctuated irregularly, but did b':!d- ter toward the close. General Electri: and Westinghouse Electric were higher and there was bu; of Western Union, American & P’v:rrne' Power and Columbia Gas among the utilities. The trade is skeptical about the predictions of Steel reaching a 90 per cent capacity % rate within two weeks, but it is admit- Weston El Ins (1). Wextark Radio (2) White Eagle Oil (2).. ‘White Motors (2). Wileox Rich (A) 2% Wilcox Rich, B (2) Willys-Over (1.20) Wrigley Wm (4) Yellow Truck & C.... Young Spring (3).... Young Sheet & T (5). 6% Zenith Radlo........ RIGHTS EXPIRE % Am R Mills. .June 15 % Col Carbon..Mar 11 ErieRR 64 5 N Y Cent. Dividend rates as given in the above tal pimegts baseq on the Tatem: Humrteriy Feb28 65 14 Jan3l 114 64 ual demat e ok Baia last 5% BANKS AWAIT CHANGE IN LAW BEFO RE EXTENDING OPERATIONS Chain System Seems to Have More Support Than Branch Idea—Larger Units Desired. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK. January 25.—‘Yes, we will enter the national branch banking | prisin fleld, when the national banking act is amended to permit such operation,” sald & New York banker. ‘That about sizes up the situation with many of the New York banks. They are making no effort to extend their otn»ruiom until the national bank- ing act is amended along lines suggest- ed by Controller of Currency Pole, per- mitting national banks to operate branches in a wider area than is allow- ed_today. Why is there so much opposition to branch banking? Some feel that it may build up a money trust under the domi- nation and control of a few able but possibly not too wise men. Chain banking has the jump on branch banking at present. Branch bankin, 1is more economical probably, and it has more centralized control or responsi- y. The various State bankin, ments have not control over the parent or hulAflxzfl company. They can inspect bers of the chain, but not the opera- bers of the chain, but not the opera-- tions of the parent company. is much the same problem facing railroads. The holding companies are separate and distinct companies from railroads, and, while controll various systems, they do not fall under regulations as railroads do. Hence the Interstate Commerce Commission has no control over them. New York banks up there- ive been | the intorduction of other to date, fore, have not followed the lead of the big bank holding companies of the Mid- dle wl::ti. The m‘kfi{]‘ dn'a walting to see_what Congress 0. The whole subject is so important {from the standpoint of the average man that it will be given a thorough discus- ;lo%ge{ore any definite action is taken v, "e8s. But the current trend is undeniably along the lines of larger banking units. e farm pow= to deal in futures, has started to work. It is expected to do for cotton farmers what the Farmers' National Grain Corporation, under the expert management of Willlam G. Kellogg, ex- pects to do for the wheat farmers. The Federal Farm Board has already warned the cotton growers to cut down their production or else they will not rec!e‘iv‘: ‘much rell:l.fl‘ ok A possible to rig up the market for a while, but if the technical position, rim due to o uction, remains out of line a remd 1s sure to come. peparal One way out is to get the cotton lucer to grow other commodities— alve;:gy—.nd. the mg.-z important thing, vide an adequate mar] cotton, One. communities before ha ly hwome: fib}' 5 ut a crop must be planted for which there is 8 real demand and for which proper marketing I;dlluu exist or can be d | made to exist Proper matketing facllities are ex- tremely important if the grower wants to get credit. Bankers will be to advance credit on a crop for m et - farmer support and Government depart- 17.5. is being tried out for the first time in American history. Dividend records for 1929 are sur- g. They show that corporations paid their stockholders 30 per cent more in dividends in 1929 than in 1028; roughly, an additional $1,000,000,000. Of all the groups the public utilities pald the most handsomely in dollars. They distributed $810,000,000 in 1920— about 28.3 per cent more than in 1928. Next came the railroad wmgflnm, which paid out $551,000,000, while the oil companies moved into third place with $442,000,000. The greatest percentage increase in dividends, however, last year, compared with 1928, was in the mall order e fleld. The total increase jumped 116 per cent. On the basis of percentage increase over 1928 we find this is the order: Mail order, 116 per cent; motor ment, 62; copper, 60.1; banks a surance, 52.3; chain stores, 48.3; steel, 44.6; autos, 388; food and packing, 20.4; public utilities, 28.3; railroads, Only two industries showed a decrease in dividends over the preceding year— motors, 13.6 per cent, and railroad equipment, 8.6 per cent. Fred W. Sargent, president of the Chicago & Northwestern , one of the most successful railroads in the Middle West, has been spending con- siderable time lately studying the prob- lem of taxation and its efect on pros- perity. Learning, to his surprise, that the per capita taxation in the United States has risen from $22.73 in 1913 to $76.52 in 1927 and that the manufacturing, public utility and transportation indus- tries pay about three-fourths of this amount, he says: “I cite the foregoing percentages to emphasize the burden they impose—a burden which, in my °fi,"“°°' to handicap American indust; ever-increasing intensity of world com- petmog unless some relief is promptly granted.” While in favor of the tax-reduction rogram of the Federal Government, he % | hem Steel crossed par again. ted the improvement has been greater than was anticipated. ntlnu.;eo of fourth-quarter earnings, which will be made public on Tuesday, have been re- Vvised downward in recent weeks, but, Judging from the Bethlehem Steel show- ing, they ought to be satisfactory, Close I Strong. cessory shares, including Murray Cor- poration. Lima Locomotive was bought on reports of new business and Colo- rado Fuel & Iron on the story that the New Republic Steel Co. was desirous of uiring it. best prices of the day were made ‘This Jjust before the close. was true of | Steel, New York Central, General Elec- tric and of the other leaders. Bethle~ B the Associated Press. NEW YO Jani - Cheviolet * Moters G Yearsoniain manufacturing plant at Toledo is now A blast furnace blown in at the Gary it S Bl o 85 pora makes rd to be blown the Chicago district since January 1.m Activity in zinc, at some concessions in prices, featured the market for non- ferrous metals in the past week, Metal and Mlnf;ll H"I:;nu reports. i nage 8ol ‘was e months, Lead ey lieves that is only half the job. He wants the State and local governments to follow suit. “If we are to hold and enlarge our lace in the commerce of the world, it important that we immediately take steps looking to a reduction of the costs entering into production.” Digging in a little more into local expenditures, he finds that about social awakening is peeded—one that will make men and women as enthusiastic about gov- ernment as they are about aal!. bridge, = 'uu family sports and the stock ot market. An ideal hard to attain! (Copyrisht, 1930, by North American News- paper Alliance.) TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business January 23 was $102,403,225.41. Cus- toms receipts for the manth to date were $28,999, ‘Total ditures, The L. C. L. Corfinmm has re- ceived an order for 100 drop-side con- tainer cars and 600 L. C. L. containers from the New York Central Rallroad. Th‘:’a élr the‘gnt contract fl?de for the ne op-side cars, especially designed to accommodate the commea An order for 1850 tractors, costins about $3,500,000, has been p;:'oed wltg the Allis-Chalmers Manufacturing Co. of Milwaukee, through the Amtorg Trading Corporation, for shij the Soviet Republlc.n' b ‘The New York Life Insurance Co. in- vested an average of $600,000 a business day last year. The comPnnyl total 1 vestment on mortgage loans on Janu- ary 1 last was $560,476.778, while hold- ings of bonds amounted to $671,226,343. INVEST YOUR FUNDS IN First Deed of Trust Notes Bearing 61,9, Interest w000, Do0oA" A4 81 860,00 Consutt. WELCH Reators Loan Specialists 15th & N. Y. Ave. N.W. Natlonal 4346 National Savings & Trust Bullding FOR RENT Furnished, One Room and Bath Non-house- keeping Apartment, with maid service. Reasonable Rental THE ARGONNE 16th & Columbia Road Offices for Rent in the Chandler Building 1427 Eye St. N.\W.