Evening Star Newspaper, January 25, 1930, Page 21

FINANCIAL -ADVANCE ON CURB FEATURED BY OILS roup Reverses Its Recent Trend on Reports of Cur- tailment Plan. BY JOHN A. CRONE. 4 Bpeclal Dispatch to The Star. NEW YORK, January 25.—Olls nosed utilities out of the spotlight in today's active and strong curb market. Re- sisting realizing, ofl stocks reversed their recent irregular trend following Houston dispatches indicating ofl lead- ers had reached an agreement that ‘would prove beneficial to the trade. Advances were made by ofl, natural gas and pipe line securities, some of ‘which long have been oversold market- ‘wise. United Gas at one time was up more than 3 points and Houston Gulf Gas, a subsidiary, also gained. Other Gains. ¢ ,, Missouri-Kansas Pipe Line, National ‘Transit, Humble, Standard Oil of In- diana, Ohio Oil, Standard Oll of Ken- tucky, Cities Service and Indian Ter- ritory Illuminating shared in the ad- ‘vance. Not all of the gains were main- tained to the close. United Gas Improvement will acquire 64,009 shares of Midland Utilities com- mon and 28336 shares of American Public Utilitles. Electric Bond & Share was active, resisting ruux!ng.u The suit of De Forest Radio against Ken-Rad Lamp Tube, involving patents, caused some selling of both stocks. Crocker Wheeler Electric Manufactur- .4ng opened slightly higher as a result of its favorable earnings report. Anglo-American Oil Co., Ltd., whose certificates of deposit are being ex- chan, at the rate of 55-9 shares for ne s of 5 per cent non-voting pre- ferred Standard Oil Export Corpora- tion, came out in several large Llocks. This exchange offer expires January 31. Orlenll A!l;nticmfs l]’“t?flqcl’Tfufio“]wr opening up 2 points, lost 43; following news of coffee price cuts. Deere & Co. opened up 4 points, and other imple- ment shares were higher, indicating the better trade outlook for that industry. A. O. Smith Corporation opened up 3 points at 14014, Radio Secur ties. United Car Fastener rose fractionally and United States T:n Foil was active it ad Pilot Radio Tube was ong - ufacturing securitizs, as a result of ex ‘anadian Marco! insion plans, and C n the communizations. ¢ RISE IN TOBACCO SALES. Knoxville Reports 5,715,776 Pounds Brought $1,461,118. KNOXVILLE, Tenn., January 25 « ~—Tobacco sales on the Knox- the current season hm!'l"’a; pounds, with Yeac! ,715," 3 s cash return of $1,461,118, as selling for the ided today. NEW FINANCING. NEW YORK, January 25 (#)—New 43 2 i i RO ] 0 3.. 882 BERERE S am) & REE -«gocffign -~ { Eess sEEnys: ‘:_ggassaa:s I aE Clma i s » :;:s?é:::s i ) 4 1 38 ” S goe: R EL) S85rsse L RO & §§E§ £ 223 < as e L 583 P35 232 %o & & e 0000000, 73 KNG EESPIEMIRRRE (8% S o H ssists = € o i u.. fhh g e = 'lg’ o 3 e SEE e 5kl Bog § 23RBS 2RRBIE333:! 35 BEaTS BBt R en S busuebeaBrrtfonaBnelub o nsvmmeuon B, 22222 ARE RS 155‘»115,:5" RIS ANSIRRRB, i 290U, TR =200, 383 BRI “"Esgsggsg . e 9"322:: Gt CEt 5 2 sgfldqfl £ ' g0, SREEE 2 ——— e oy 2 : § ) 2, ] 708 Fig s oo H oo s ore ra900 e NEW YORK CURB MARKET ~Prev. ock and ien Low Dividect Base. 8% 14 Aeronautic Ind war. 22% 5% AeroSup Mfg B All Amer Gen Corp.. Allied Mills (60¢)... Allied Pow & Lt.. ... Alu Co of Am pt (6). Am Brit & Cont....... Am Cit P&L A (a3). Am C P&L B (b10%) Am Cmwith Po war. Am Cwith PA b10%. Am Cwith PBb10%* Am Control Ofl Flds. Am Cyanam B (1.60) Am Gas & Elec (31). Am Equities Am Invest Inc B Am Superpower (1). Am Superpow pf (8) Am Yvette (new) wi Anglo-Am vot rg 73c Ang-A n-v.cod r 73c. Anglo-Am o (73¢). by Atlantic Lobos Oil pf Atlantic Sec Corp. ... Axton-F Tob A 3.20. Bahia Corp... Bancomit new Blue Ridge Corpe. Blumenthal (8). Bulova ev pf (3% Burco, Inc cv pt (3 Burma Corp (t31c).. Butler Bros (1.20)... Cab&Wire LtdA rots Cab&Wire LtdB r Can Marconi. . Cent Atlantic § Cen States El (340 Cent PSv A (al.75). Chain Stores Stock Childs Co. pt. (7) 10s Cities Service ($30c) 105 Cities Serv pf (6)... 4 CitSP&Lpf (7). Clark Lighter A..... Clev Tractor (1.60).. Colgate-Pal-P (2%). Colon Ofl....... Columbia Pictures. Com'wlith Edison (8) 60s Comwith Pow pf (6). 2 Comwlith & Sou war. 66 Com'with& Spt (6). 4 Com Wat Ser (b6%) 1 Cooper Bess pfA(3). N e - ANHARBHBORO Cosden Oil. . Creole Petroleum...: Cresson Cons (8¢)... Crocker Wheeler.... Cumb'ind Pipe L(4). Curtiss Wright war.. 5% Detroit Aircraft Cor. Dres(SR)Mfg A3%. Dubiller Cond&Rad. . Duval Tex Sul w.l.. ., East States Po B(1).. Eisler Electric (1%) El Bond & Sh (b6). .. El Bond & Sh pt (6).. Ele¢ Pw Asso A (1).. ElP& Loptwar.... Elec Sharehldg (31).. El Sharehold pf (6).. Empire Fire Ins. ... Employ Reinsur 1%. Fairchild Aviation. ., Fajardo Sugar. . Federal Screw (3). Fiat Stk deb rts ret. Fokker Afreraft... Ford Motor Can A. Ford Motor Can B. Ford Mot of Franc Ford Motor Ltd. .Fourth Nat Inv, Fox TheatClA... Franklin Mfg (2). Galena Signal. Garlock Pkg (1.20) General Baking. General Bak pf (8) Gen E Ltd rets (50¢) Gen Empire Corp.... Gen Gas & El (A). Gen Rity & Utilities Gen Theat Equip vts Gen W W&E A (2).. Gilbert (AC) (1)... = S Loa e - Se . = & - an=Bluronsnr n@nSatrvarmN toHas Y o w o - Groc Stors Prod vte., Ground Gripper (1). Gulf Ofl of Pa (1%). Hartman Tobacco. .. Mining (1).... Houston Gulf Gas... Hudson Bay M &S Humble Ol (2). Illinois P L (20) Imp O1l Can reg(50c) Indian Terr Illum. .. Ins Coof N Am (13). Insull Ut Inv(b6%) . Intercontinent Petn. Intl Petrol, n(62%¢). Int Safety Raz B 13.. Intl Superpow (31).. Iternatl Ut A (3%).. Internatl Ut B...... Intl Util pt pt (7 1 Internatl Util (war). Irving Alr Ch (1.50). Italian Superpow A.. KenRT&LA (1%). Kirby Petroleum. ... Knott Corp (2.40). .. Kolster-Br (Am 8h). Lackawanna Sec(4). Lefcourt Real(11.85) Lefcourt Real pf (3) Lehman (The) Corp. 1 Leonard Oil. . 85% Lerner Stores (2).... 124 Lily T Cup (150).... o 3 OF 0oV ON B s B O 80 3 BOON IO 01 O e RO RO N 8 19 0310 19 03 B RO B9 =1 DISCOUNTS RESULTS OF BREAK IN STOCKS National Income May Not Be Affected, Says the Girard Trust Co. ‘The beginning of each year unfail- ingly brings a deluge of business fore- casts. Uniortunately, events do not al- ways bear out the prophecies of the forecasters and business men are prone to look with a certain amount of dis- trust on predictions of coming business GS. Yet every business Girard Trust Co. of Philadelphia, whether or not he approves of the forecasts of others, is compelled to make one of his own when he lays his glu for the year. Every merchant, vestor or manufacturer in making his commitments does so on the basis of ;mn he expects the year to ‘While hesitat to say that the busi- ness trends of 1930 will be thus and so, :‘nuldnnotbevonhwmle(wmh man, says the and (both physical and psychological) with a view of determining whether an opti- mistic view of the future or the reverse justified? is § the most ‘s ibted; t of 1929 was ter of Bales— stock- | Vie THE EVENING STAR, - WASHINGTO! se. 1% 8l 1 N Y Tel Reynol Shefr" Tri-Util ‘Wenden Baltimore annudl payment *Ex-dividend. 1Ps stock low. Dividend Lion Ofl Refin (2)... 1 18% 18% 18% Lone Sta Long Isl Light(80e). Louisiana Lan & Ex. Mangel Store: Marine Mid C; ) Marion Steam Shov. Marland of Mexico.. Mavis Bottling. Mayflower As . Mesab Iron. Middle Wst U(b8 % Mid Royalty cv pf 3. Midl Unit (b1%%).. Min Corp of C (25¢).. Mo-Kansas Pipe L.. Moody's I S pt pf (3) Morison Elec (31)... Mount Prod (1.60).. Nachman Spring (3) Nat Amer Co (3)..es Nat Aviation. . Natl Fam Strs (1.60) Nat Food P, B(b2%). Nat Fuel Gas (1).... Nat Investors (new) Nat Pow & Lt pf (7). Nat Pub Sv A (1.60). Nat Steel Corpx W.. Nat Transit (1). Nat Union Radio. Nehi Corpn (1.30. Neve Drug Store.... New Jer Zincn (t4). Newmont Min (34).. Newpor#Co (2) . N Y Auction (1%) NY Invest (1.20)... 2001 Rocklans Lt&P(92¢). Rolls Roy Ltd rets Ross Stores, Inc. 9% St Lawrence Pap M.. St Regis Paper (1).. Stfeway S war (2d). Schulte Un bec-$1 St.. Seeman Bros (3) Selected Industr Sel Ind allotefs 5% Shattuck Den Min. .. Pen (WA) (2) Shenandoah Corp... Shenan Corp pf(a3).. Silica Gel ct. . Smith (A O) (2) Snia-Viscosa. Sonora Products. So Col Pow A (2). Southern Corp. . Southland Roy (1) Syrac Wash M B (1), Tampa Electric (33) ‘Teck Hughes (60c) Tri-Continental Cor. Tri-Cont Corp pf(6). Tub Art Silk B (10).. Ungerleider F Corp Unit El Ser pur war. United Gas Co...... Unit Lt&Pwr A(80e) U 8 Dairy (A) (5)... U S Finishing ($2).. USFoll B(1).. U S Gypsum (1.60).. U S & Interntl See.., US&InSctt (2%).. U S Lines (50c). United Stores. . Utility Pw & Lt(al). Utility & Ind Utllity Equities Vacuum Of1 (14%).. Venezuela Ptm(20e). Vick Fin Corp. Walgreen Co Walgreen Co Wayne Pump. Wil-Low Cafete: Willlams R C (1.40). Winter (Benj) . Worth Inc A.. Zonite Prod (1.60)... RIGHTS. Crocker Wheeler . So. Cal. Edison....Apr. .18 .07 Trans Corp.. ividend rates in dollars based on Received by Private Wire Direct to The Star Office Belse— Add 00. Oven. High. Low. Close. 18% 36% 0% 8% 15% 88% 1% % and Rate. ow ( 35% Pr(83%).. Niagara Hud P(40¢) Niag Hud Pw A war Niag Hud Pw B Nipissing (30c). .. Noranda Mines (3) North Am Aviatio; Novadel Agene (2) 1% Ohio Copper.. Ohio Ofl (2). Otis Elevator new... Outboard Motor (B). Pac Comm Co (1.40).. Pac G&El 1stpf 1%.. Pac Pub Serv (1.30)., Pantepec Ofl. . . Param C Mfg (2.40). Pennroad Corp. ..... Petrol Corp (1%4). ... Ple Bak of Am A(2). Pilot Rad T A (1.20). Pitney B P n (20c).. Polymet Mfg (31)... Pratt&Lambert (15) Premier Gold (24e).. 4 Prince & Whitely... Prince&Whitely pfs. Prudential Inv...... Pub Utll Hold war... Radio Products (2).. Railway & Lt 8 (15). Red Bank. .. Red Warrior. Reynolds Bros Inc e E3<t=} - s Met n 2.40. S - [PPYOPSIOPITE - {STF- 1V THSPRUIVTRIPTITSTRP IS FOIN - ooy JTDIVISE (S TRICOTOTSS: JOL-4 - FORUTOpSPN PR | PRQREme 15 - Cor (31.20 @ 3 - o 2 e AN AR ©ON BeBum o~ Coppe: Expire. & Ohlo..Feb. 1 W 1% 2 T R e R e 18 .06 .08 .05 .06 last quartezly or semi- 1 1 Mar. § cash O GOtk b Payabls 1o siotk. | @ Farebie b Dreferteq sioek. viduals lost real money as well as paper profits. The cheerful outlook of busi- ness men in general theretofore held was serlously disturbed and many doubtless considered curtailing their i’upfls‘r'.lnlu of expansion. So much for evil. On the other hand, let us remember that the stock-market debacle was not a war, nor an earthquake, nor a tidal wave. No property was destroyed, no territory lald waste. Remembering that the total annual realized income of the people of the | Posed United States is estimated to have in- creased 36 per cent in the last decade, be considered doubtful if this yet been serlously affected by the decline of stock-market quota- tions alone Ex-Messenger Sentenced. ST. PAUL, Minn., January 25 ().— Frank Keeler, former messenger clerk for Paine, Webber & Co., brokers, who absconded with cash, checks and se- curities worth $97,000, yesterda; sentenced from one to ten years tyn‘:;: St. Cloud Reformatory. FOREIGN EXCHANGE. (Quotations furnighed by yaius (o DANVILLE TOBACCO SALES SHOW INCREASE Special Dispatch to The Star. % DANVILLE, Va., Janu 25.—] res of the Danville ’.l‘oblcu“z Anmrm for the week ending with sales of Thurs- day showed that 3,034,480 pounds of tobacco sold here ti ‘was he past week for $534,633.73, an & .62, Sal les y were light with lpyrox].ml .brygxy o:w.m pounds being dis- ‘noon. Theoulocuclon'l r?fln shows that to date this season 43,416,014 pounds of leuh-,'beennldhm(or-mu.\ox &lfll.‘ ‘.,eit.:h:h:w f::'l'lu:t. million rage is slightly lower, l:f“beh“; avel 3 'y $19.35 for last year, the crop bringing total ,973.77. ‘Will Quit Brokerage. NEW YORK, Jan 25 (). —Mer» rill, Lynch & Co., members of the New York Stock Exc! and specialists in chain store financ! from the turning that to E. A the development of its investment banking business. CHICAGO DAIRY MARKET. CHICAGO, January 35 (#)—Butter steady; receipts, 9,263 tubs. Prices un- Eggs—Unsetiled; 12,739 cases; extra firsts, 38; firsts, 37; ordinary frsts, 34a3s, % | upon purchasing power through D END OF BUSINESS RECESSION 1S SEEN Gage P. Wright Points to Re- cent Increased Activity in Steel Industry. A better defined sentiment is observ- able to the effect that the worst of the current intermediate recession in gen- eral business is nearer a thing of the past, and that gradual improvement may now be expected, according to Gage P. Wright, New York economist and president of the Business Economic Digest. “Although this attitude does not jus- tify undue optimism,” continues "Mr. ‘Wright, “it does represent a certain amount of tangible evidence that some psychological relief has taken place, ‘The change possibly acquires some ex- 13 | aggerated prominence on account of the contrast with complete results of December, which showed a more dras- tic decline in business as a whole than had been anticipated. “The increased activity in the steel industry just now is at least encourag- ing and constitutes one of the signs that decided betterment may be fairly imminent. Unfilled orders of the United States Steel Corporation have increased, and the fact that steel and iron scrap prices have strengthened recently is considered of more than’ passing im- portance. The railroads are contribut- ing & major amount of stimulation for steel production. Automobile Industry. “The automobile industry affords in- dications of generally increasing pro- duction, although it is yet too early to accord to this quarter a definite quick- ening influence for general business. New models and innovations in the latest products of motor car manufac- turers appear thoroughly provocative of a buying demand, and it is believed m-‘e purchlcsht:‘ wm‘:n 'l:; ::et; isfactory volume as year proj ', although on & lessened scale than last year. “Bearing upon the subject of credit, almost all indications are for relative ease in _money rates for some time ahead. The gold export movement has diminished to negligible Proporuom. which, with the further lowering of some European bank rates, would lead to the conclusion that a practically world-wide favorable credit situation promises to exist. Such a condition tends to stimulate business in countries abroad, with greater demand for United States products as a result. Buying Power. “A rather unfavorable per- vades employment and pay rolls, speak- ing broadly, and, although some im- provement would be brought about as the automobile factories took on a sub- stantially greater amount of help, the extent of the inroads llreldyugl;g' ployment is not easily measurable. It can be fairly certainly expected, how- ever, that until the full scale to which the stock market decline impaired con- sumptive wer is revealed, buying power is likely to be somewhat of an unknown quality and be reflected in spotty buying of merchandise for out~ let through retail trade channels. “Qur weighted average of authori- ties’ opinions continues to indicate that the current recession in general busi- ness will not exceed an intermediate movement, which will probably termi- nate by Spring.” . CHICAGO STOCK MARKET. By the Assoclated Press. CHICAGO, January 25—Folowing is the complete official list of transactions in stocks on the Chicago change today: 308 Alled Mot 100 American Colort 450 A m Com Pow 10 Am Pub Util P A dio. . 9 B 50 Brown Fe & Wi 8500 Burnham Trading .. 100 Butler Bros 900 Ceco f 43 Chicago ¥ Mfx 400 Chicago Investors 490 Chicago Tnves pf 20 Chi No 8h & 1080 Cities Service 1300 w _Edf 900 Foote Gear & Mach, 278 Gerlach Barklow pfd 100 Gleaner t Lal Grunow e Hershey A oudaille Hershey B 850 Inland Utllities ... 1950 Insull Util Invest 100 In Ut In pt 2nd ron Fireman 280 Jefferson Elec 150 Kalamazoo Stove Katz SSRBSRLRE.L 81T i ogesiEsees, uNce: SR SF SiTTFE F 283w T SualS. & Sess = T et T P R 8. = & WS e o & F ’“-“—232-—{%:-;&:!&8 B85 ! o s pub _In 100 Nat, Becur Tnveii cii 150 National Terminals. National Union Radio 100 Noblitt-Spark! 200 North Am Oa e SEESSEE 2, 2SR S 5 85,508 s e, g g 88 s58E.ce 3 = T ’E;==.s I Mot 3 S SREE 2L TR W Sl 88a5 5 .==:==E=§;=§«s. .... 2 28588525583258582 835228 TR S 8 ] = P P bt FEEF l::ura that federal SATURDAY, JANUARY 25, 1930, FINANCIAL STOCK AND BOND MARKET AVERAGES sales (par value), (Copyright, 1030, Sta RAILROADS DERIVE BENEFITS FROM “HIDDEN BY CHARLES F. SPEARE. Bpecial Dispatch to The Btar. NEW YORK, January 25.—The extra dividend of $3,500,000, which the Northwestern Improvement Co. has just declared and whose benefits accrue to the Northern Pacific Railway, calls at- tention to the “hidden equities” of many. of the large raf systems of the country from which they derive a substantial annual income. The Northwestern Improvement Co. has been paying a regular dividend of about $1,000,000 a year into the North- ern Pacific treasury. Owing to the fall- ing off in traffic this road would have shown smaller earnings per share of stock in 1929 than in 1928. With the “extra” of $3,500,000 from its subsidiary the return on the stock will be about 8.75 per cent against 8.52 per cent the year previous. The money really goes from one pocket of the corporation to another, but it gets into that one which is of most benefit to stockholders in the operating concern. Other Companies. Other railroad companies that de- pend regularly on their subsidiaries for income to pay their own dividends and which are in a position to call on the former for extra allowances in times of emergency, are the Pannzlvnnh. New York Central, Baltimore ©Ohio, Southern Railway, Union Pacific and Erie and Atlantic Coast Line, its most profitable investment. this reason it is expected that there will be strong opposition on the part of its management to the Interstate Com- merce Commission’s that it turn this road over to the Wabash to form a part of the new Wabash-Nor- folk & Western-Seaboard Air Lint group. Dividends on Norfolk & West- ern common stock have been generous :30 Edition. ndard Statistics Co.) EQUITY™ ASSETS for many years and have helped the Pennsylvania Railroad also to main- tain a liberal dividend policy. Recently other subsidiaries of the Pennsylvania that for a long time had not produced income to the holding compény have been found able to add their portion to the “other income” of the latter and assist it in maintaining its present return to its shareholders. ) - L AID FOR INVESTOR URGED BY EXPERT Thomas T. Hoyne Shys Pub- lic Ownership of Stocks Should Be Encouraged. Special Dispatch to The Star. DETROIT, January 25.—The small investor and speculator is the founda- tion of America’s economic progress and should be given every encouragement, the members of the Detroit Stock Ex- change were told by Thomas Temple Hoyne, nationally known as the econ- omist and financial writer. Mr. Hoyne indicated that it was only justice that the people whose labor had built up American industries now should become part owners and added that “there can be no finer and surer guar- anty of the magnificent economic fu- ture of the United States than their will and eagerness to do s0.” Sees End of Panic. Several recommendations were made by Mr. Hoyne, who was the speaker at the annual dinner of the Detroit Stock Exchange, to enco e this growing tendency of the small investor and speculator. He said that the mg priced or “blue chip” stocks would split up into constantly smaller units and urged that the Federal Reserve The Union Pacific for many years has had a large return on its invest- ments which_were purchased during the reign of E. H. Harriman and sup- rlled a very considerable percentage of he total income applicable to common stock dividends. The most profitable of these investments has been the New York Central. By subscribing to the various new issues of stock on which dividends have been increased from $5 a share to $8 a share in recent years the Union Pacific has established an equity in an outside property that is a_ strong backlog whenever its own operating revenues decline. Third System Benefits. The New York Central is a third sys- tem that has been able to draw on its subsidiaries from time to time when it wished to make a more liberal dis- tribution to its own shareholders. It has several properties that are classed as “gold mines” from the standpoint of their individual earnings, including the Pittsburgh & Lake Erie and the Michi- gan Central. The latter is now pnpnl & dividend of 40 per cent into the New York Central treasury and two years ago paid a 100 per cent cash extra. The investment of the Baltimore & Ohio in the Reading, which was made years ago, has built up not only a strong income producer for it, but a traffic ally of the first rank. Baltimore & Ohio has, however, increased its own dividend without askin share in the profits of the Read { than it had been semn:. In the even that the proposed consolidation plan goes_through it is quite probable that Reading would pay a higher return to the Baltimore & Ohio than in the past. for a larger UPTURN IN BUSINESS IS SEEN IN CANADA Present Recession Expected to Be Brief—Activity Above Three-Year Level. Special Dispatch to The Star. MONTREAL, January 35.—Although the wheels of industry in Canada have not turned quite as actively as at this period ho.!‘ year, business and banking the that the upturn will begin in the not distant future, according to the monthly business summary of the Bank Montreal. It is pointed out that the current level of business has seldom been exceeded, and that it remains much above the level of two or three years ago. \ ‘The main reasons for beuavms recovery in business it not far ] and cial gov- ernments have P! of la expendittures on public worke, railway executives will proceed with construction of branch lines and gen- eral ummu':'zfi.l mlmpol‘"!ldnb L"l'l:r power projects carried out, min- ing development profises to be carried on with unabated vigor, and buil operations will be extensive even below the high record of 1929. Speaking of unemployment and gen- eral business conditions, the bank says: “The unemployment situation is far re- moved from the distress point, being confined to & few larger cities, where idle labor congregates. Official figures report 7,197 firms employing 1,038,880 persons on December 1, or 20,000 more than at the corresponding date in 1928, and throughout the year recently ended employment was at a her level than ever before. Construction, manufac- and to these agencies of employment no check has been given. “Bullding permits issued in Decem- ber were only 3.2 per cent less in value than in the correspor riod of the preceding year, and projects are under way to ed while major industries, such as mining, news t, iron and steel, well mantain output. The motor car industry, quies. cent d recent months, is gradually increasing in activities.” enoug] SAFE FFRS'T Over a Third of o Century Without a Loss 6%% est o tional National 2100 THERE of | Carolinas, DISCRETION IS THE BETTER PART OF There are no uncertainties attending investment in our Your security is in the sound- proved real estate in the Na- DUKE POWER FIRM | TO DOUBLE CAPACITY |North Carolina Headquarters An- nounces Plan for Important Expansion. Special Dispatoh to The Star. CHARLOTTE, N. C., January 26.— With the proceeds of last Summer's financing, the Duke Power Co., with headquarters at Charlotte, N. C., is t | plann! 2 a program of development vlhlchmglfimlaly wi et b s A L i e company’s cal 3 Industrial growth in t{w Pm::ont , served by the Duke Power Co., has been phenomenal in recent years, many textlle and other mills moving to that territory to obtain ad- vani of labor conditions, more favor- able climate and cheaper power. Dur- ing the past 12 months 72 manufactur- ing plants have moved into the Pled- mont Carolinas—an average of one every five days. The section’s per capita wealth has increased three times faster during the past decade than that of five of the Nation's richest States. Earnings of the Duke Power Co. have increased steadily every year, having been $6.48 on the common stock in 1927, $8.65 in 1928, and estimated at approxi- mately $11 in 1929. The Piedmont Carolinas lie within a 600-mile radius of most of the large cities East of the Mississippl. HUGE TOTAL REACHED According to statistics published in the Commercial and Financial Chron- icle, public utility financing during the year 1929 comprised 21 per cent of the total financing in the United States, amounting to more than $11,500,000,000, as against a ratio of 25.7 per cent of the grand total in 1928, a ration of 30 per_cen in 1926. In 1925 the ratio was Sltgfl‘ cent. It should be noted, however, that in 1929 the flotation of investment trusts and similar issues reached the ltl“el’ln‘ total of $2,223730,808, while in 1928 it was only $790,670,670. Money to Loan {m‘uc ler MORTGAGES VALOR FIRST MORTGAGES f tangible assets — im- IN UTILITY FINANCING |3 t in 1927 and of 26.5 per cent|| Board amend its rules to permit dis- counting of securities loans in order to make stocks and municipal securities more attractive. “Take care of the small investor and speculator,” he said. “Give him every assistance and advantage possible, “The average intelligence of the pub- lic in financial affairs is continually rising and the day will come when such a panic as we had last Fall will be im- possible unless it is founded on some real cause, like a national or interna- tional disaster. “To deride a small investor or a speculator who has lost money in the stock market is a hangover of arro- 5:“ stupidity from the days when ance was supposed to be mysterious, esoteric, exclusive. Today ridicule of any man who has lost money in the market because his original capital was small, or because his experience in financial matters was still restricted, is not only bad taste; it is unjust. “The time may be comis shares of the so-called “blue chip” cor- porations will be split up so that each new share will have a value of only a few dollars and thus be within reach of outright ownership by the investor. Millions and _millions shares would then in fluctunuml’lme from year of all probability to year. a savings Suggests Change in Law. “The Federal Reserve act should amended to make it possible to redis- count loans on State and "“"":3’" bonds up to 80 cent of their value and on stocks listed on exchanges in' any city of more than 500,000 popula- t‘.,l-oln. up to 50 per cent of their market lue. “Such amendment would two important results. It mmmm State and city financing easler to ac- complish without locklx? up, even tem- porarily, vast sums of frosen credit. Stocks listed on big exchanges would be made more liquid to the -dvnn? of their owners. Thus in times de- pression, excessively frenzied se! in the stock market would not take . Prices would not be driven down through sheer weight of offerings. 2R v GRAIN MARKET. CHICAGO, January 25 (8 The wheat market was lower used by weakness in Resting orders ) — un- Live der further liquidas used by break in wheat. March, 87; May, 91; July, 93%. ‘13:“ sold off. March, 45%: May, ‘were lower with hogs. NEW YORK COTTON. NEW YORE, Jamuary 28 (Spectal, '—Though _professi el March to lowest levels of the past two trading 3 and cover- weeks d early market devel Tes| with & day. istance ing operations left final nin of 1 to 4 points on New York ruléd relatively stronger than New Orleans, the between prices on the two excl and New Orleans ended with a loss on theleay. Spots were advanced 5 points open, 7. 7. 7. V¢ 7. 1. 7, 3 First Mortgage Loans faoesy oyy e Commonwealth Investment Co., Ine. 808 15th St. N.W. Phone National 2628 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Councilor & Buchanan Certified Publie Accountants Wm. Gordon Buchanan Tower Bullding National 611061116218 1 Values, Inyit| ourtlan 1518 K St. N.W. ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. NW. L Shares of Stock, $1.00 Each Payable Monthly b iy Capital—and the interest is doubly attractive, because it is definitely assured. May be purchased in amounts from $250 up. B. F. SAUL CO. 925 15th St. N.W, IS NO SUBSTITUTE FOR SAFETY First Mortgage Loans Lowest Rates of Interest and Commission' Thomas J. Fisher & Company, Inc. First Trust Money Available