Evening Star Newspaper, February 3, 1930, Page 15

FINANCIAL TRUSTEED SHARES the 1 Bl R e funds and funds of o;‘t.llh“flll. Sold in Lots—$100.00 Up Call or Write Standard Collateral Shares Corporation on apartments and busi- ness property in Washington, nearby Maryland and Virginia Randall H. Hagner & Company, Inc. 1321 Conn. Ave. N.W. Detatur 3600 Mortgage Loam Correspondent New York Life Insurance Co. Secured by First Mortgages Safe—Conservative Make your savines 42 Vaorg' and surplus funds work for you at Experience in finaneing the highest inter- est rate consist- ent with absolute Nomes and in the curities. Yo Dkt REALTORS Dist. 1015 LEADERS In American transpor- tation, public service, industry, commerce and finance are on the boards of directors of fifty corparations whose stocks are rep- resented in Diversified Trustee Shares Series C Full information will be sent on request. Waggaman, g:lwur & Co. Investment Bankers 1700 Eye Street N.W. Washington, D. C. Metropolitan 3560 ' Loans Made on Real Estate Money to loan on improved real estate is a special function of our service. Loans are made for a speci- fied time, and, if de- sired, payments may be made monthly under our partial pay- ment plan. Applica- tions for loans receive prompt and courteous consideration. | | Consultation with Our “ Real Estate Officers Is | Cordially Invited 1 | Washington Loan & | Trust Company F Street at Seventeenth Street at G A Invest Your Money Where Safety Is Guaranteed There’s absolutely no element of risk in Guaranty First Mort- gage notes and bonds. These non- fluctuating securities are secured on income-producing properties in Washington, and backed by our $3.800,000 resources. Issued to Yield 6%2% We have a selected list of first imortgages issued to yield 6%4% fwe should like to submit for your {approval. In denominations as low as $250 Stop in, or Send for Booklet “The Success Plan” .- REALESTATE MORTGAGE & GUARANTY & CoRPORATION i Capital Resources over $3,800,000 1 24 JACKSON PLACE S CURB SHARES GAIN IN HEAVY TRADING Utilities, Oils and Industrials Featured in Active Session. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, February 3.—Public utilities, oils; industrials and rails in noon session of the curb market this year. Propelled by activity and pre- dominating bullish sentiment, most stocks moved higher. Big blocks of leading power and light issues, such as 7,200 shares of Electric Bond & Share, 7,500 shares of Amer- fcan Superpower, 5,000 shares of Ni- agara Hudson Power and 8,000 Com- monwealth & Southern warrants fea- tured the opening. Accompanying this upswing were oil issues like Cities Service and Indian Territory Illuminating, each up more than a point at times, and such indus- trials as Aluminum Co. of America, Aluminum, Ltd., Great Atlantic & Pa- cific Tea Co. and A. O. Stith Corpora- tion. NEW YORK COTTON. NEW YORK, February 3 (#).—The cotton market opened steady today at a decline of 14 to 19 points in response to renewed liquidation which followed relatively easy Liverpool cables. Houses with Liverpool connections were sellers here and the selling became more ac- tive as prices slipped off after the call. March declined to 16.34, and October 0 16.73. These figures represented net the order named led the biggest fore- | losses of 25 to 29 points and the mar- ket was still rather nervous and un- settled at the end of the first half hour. Apparently the covering of late last week had eased the technical position to some extent, and there also appeared to be reselling by recent buyers for a rally, Liverpool cables reported some Bombay buying in that market, but said the demand had been supplied by hedging and continental liquidation; also that business in cotton cloth and yarn was restricted. GRAIN MARKET. CHICAGO, February 3 (#).—Large increase in the amount of wheat on ocean passage, - together with Russian selling to Great Britain, caused sharp setbacks in wheat values early today. Export business in North American wheat over the week end was nil. Ogening at 135 to 2%a23; off, Chicago wheat later dropped a little further and then rallied somewhat. Corn and oats were also weaker, with corn starting 3 to % down, and subsequently continu- g to sag. Provisions advanced. Putting a heavy weight on wheat val- ues today was announcement that sup- plies of wheat afloat for Europe are now 2,000,000 bushels larger than a week ago, making a total enlargement of 9,500,000 bushels in the last month. Furthermore, export offers from Russia and France were asserted to be con- tinuing, and additional purchases of Russian wheat by Great Britain were confirmed. Official advices that the amount of wheat remaining on farms in the United States is 50,000,000 bushels less than the total a year ago failed to act as a counterbalance. Latest Russian sales of wheat to Great Britain are stated to have been at a price apparently below that of Argentine wheat and of No. 2 hard Winter wheat from the United States. However, the Russian wheat is sold on sample, and a correct gauge of the equivalent 1s difficult. Meanwhile, stocks of wheat at Liverpool today although slightly less than last week, are given as 17,864,000 bushels, compared with 1,520,000 bushels at this time last year. NEW SECURITIES. NEW YORK, Fel ry 3 ().—New securities offered today includ General Public Utilities Co. $4,000,000 two-year convertable secured 6 per ment gold notes, vriced at 99, to yield 1 6.60 per cent, offered by a syndicate composed of others. Seml PARIS BOURSE PRICES. PARIS, February 3 (#).—Prices moved irregularly on the Bourse today. Three per cent rentes, 89 francs 95 centimes. Five per cent loan, 102 francs 70_centimes, Exchange on London, 123 francs 97% centimes. The dollar was quoted at 25 francs 49%; centimes, E. H. Rollins & Sons and NEW YORK BANK STOCKS. NEW YORK, February 3 (#).— Bid. Asked. American 3 136 e First National New Harriman Nation: Manhattan™ Co.. ’ TRUST COMPANIES, Pankets ..ol Fork. Guaranty Irving Salesin DOMESTIC BONDS. Wousands -, High 1 Aluminum Co 5s '52. 102 2 Aluminum _Ltd 5s "48 98, Am G 38... 041 ) 0 G 8 5 200 e 0 650100 3 100 0 0 003 03 215 s ‘38 108 43 ww 1021, 847 92 50 NG 65 O & R Sias '42 Gen Rayon 65 A '4 51 Gen Thea Eq 65 '44. 5Gen Vend 65 ‘37 ww. Sou Cal Ed 85 '51. 18ou Cal Ed 55 '52.. G 65 44 '39 *87 1197 REIGN BONDS. 1Com’ Priv Bk 5145 37 1EME 618 A 53 w 5 Prankfort 6'ss ‘53 5 Hamburg El 518 86° 10Ital Sup Pow ‘65 '63 7 2RI 48 '8, . 2 Ruhr G Co 64s A ‘33 18ear Basin Con 75 '35 9! Selected Industries, Inc., reported a net income of $2,826,0864 from Decem- ber 15, 1928, to December 31, 1920, [l excepting those 3% 50 153 68 28% 8% 39% 40% 41 1 3% 15 28% 17% 98% 10 4 97 266 5 4 128% W 6 Notice—All stocks are sold in one hundred-share lots by the letter s (65s) which shows those stocks to be sold in odd lots oni, Sales— designated Stock and Dividend Rate. 21% Ainsworth Mfg 32%. 1261% Ala Gt Sou pf (17)... 50 16 All Amer Gen Corp. . 4% Allegheny Gas Corp. % Allled Aviation...... 12% 854 4 % 276 106% 108 21% 26% 82 Allied Mills (60c). .. Allied Pow & Lit. .. .1 Allled Pwr&Lt pf(3) Allison Drug StA... Aluminum Co of Am. Alu Co of Am Df (6).. Aluminum Co, Ltd. . Alumin Goods (1.20). Alumn Ind, Inc(1%). Am Book (7) Am Chain (3). Am Cigar Co. . ..3501 ). Am Cit P&L A (a3 Am C P&L B (b10%) Am Colortype (2.40). AmCwith P Abl0%. Am Cmwlth Po war. Am Control Ol Fids. Am Cyanam B (1,60) Am Dept Stores Am Equitfe; Am For Power war., Am Gas & Elec (31) Am Invest Inc B.. Am Investors (war) . Am Laund Mch(4).. Am Lt & Tract (10). Am Lt & Trpf (6)... Am Maracatbo. ..... Am Natural Gas. 24% Am Sol Ch v pt (3). 28% b3 1% 16% 16% 16% 1674 Am Superpower (1). AmeSuper 1st pf (6). Am Yvette (new) wi. Anchor Post ' (2)... Anglo-Am vot (73¢). Anglo-Am n-v (73c). Anglo-Am vot rg 73¢ Ang-A n-v. cod r 73c. Andre Citreon B rets. Arizona Com (50¢). Arkansas Nat Ga 3 Ark Po & Lt pf (7).. Asso-Dyeing & Ptg. . Asso-Elec Ind Ltd. .. As50 G & E A (12.40) Ass0 G&E A deb rts.. Asso Rayon. .. ) Asso Rayon pf (6) Atlant Fruit & Sug.. Atlantic Sec Corp. Atlas Stores( 1) . Auto Music (A) (1).. Aut V Movprpt (2). Babcock&Wilcox 19. 1% 18 COrP.veeosnns Bancomit new (1.60) Bell Tel of Can (8).. - Bohack (HC)"(2%). Co (E W) (1).. Ridge Corp. ... Blue Rdg cv pf (a3). Brazil Tr & Lt (2)... Burco, Inc cv pf (3). Brill Corp A (1%) Brill Corp B. . Brillo Mfg (1.20 Brit Am Tob B t1.20. Brown F&W (A)2.40 Bunker H&S (16% Burco, Inc. wiva Burco, Inc (war). ... Butler Bros (30c). Cab&Wire LtdA rets Cab&Wire LtdB rets. Can Marconi. . - Celanese Corp. Celan Cor 1st pf (7). Cent Atlantic States. Cent & Southw Util. Cent PSv A (a1.75).. Cen States El ($40c) Centrifug Pipe (60c) Chain Stores Stock. . Ches & Ohio (new).. Cities Service (330¢) Citles Serv pf (6).... ¢ Clark Lighter A, . % Club Alum Uten, 6 19 % b % 8 2% 10% 16% 8% an 18% 25% 3 Colgate-Pal-P (234). Columbia Syndicate. Colon Ofl....0uuuens Comwith & Sou war, Com’with & S pt (6). Com'wlth Ed1s (8) Comwlth Pow pf (6). Com Wat Ser (b6%) CAMCoctfs....... Consolidated Aircraf Consolidated Copper. Consol Cortes Silver. Con Gas, Balto(3.60) Con Gas Ut A (2.20). Cons Instrument. ... Cons Laundrie: . Con Retail Strs (1).. Cord Corp.. Cosden Oil. . Courtaul Ltd (70¢) .+ Creole Petroleum. Crocker Wheeler Crown Cent Petrol. ., Curtiss Flying Serv Curtiss Wright war. Darhy Pet (1). De Forest Radlo Deere & Co new Detroit Alrcraft Cor. Dix Gas & Utilities. . Doehler Die Casting. Dubilier Cond&Ra Durant Motors. Duval Tex Sul w.i. East Gas & F Asso. . East States Po B(1). Eastern Util Inv A. . Eisler Electric (1%) E1 Bond & Sh (b6). .. El Bond & Sh pf (6). Elec Pw Asso A (1), Elec Pow Asso (1) EI P & L opt war. 51 P&L 2d pf A (7). Elec Sharehldg (31). Sharehold pf (6). ner Bromo Sel A 2. npire Pwr Corp(2) 4 Emp Pub Sv A(1.80) Eng P S opt wa Eureka Pipe Line(4) 250 Evans Wallow Lead. Fabrics Finishing. Fageol Motor Fairchild Avt Fajardo Sugar Falcon Lead. . . Fanny Farmr C (1).. Federal Screw (3)... atStikdebrts..... As Phil (234)... thote A (1.50). .. Florida P&Lt pf (7). Fokker Alrcraft..... Foltis Fischer Corp. Ford Motor Can A 4ford Mot of Franc Ford Motor Can B Ford Motor Ltd. Foremost Fab (2) Foundation For Shs. Fourth Nat Inv..... Fox Theat Cl A. % Fren Line B (2. Garlock Pkg (1.20).. 4 General Baking. .... General Bak pf (6).. Gen E Ltd rets (50c) Gen mpire Corp. ... Gen Fi'proot (12%). Gen Gas & El (A)... Gen Indus Alcohol. .. Gen Print Ind (21%). Gen Rity & Utiliti Ga Power pf (6) Gilbert (AC) (1)... Glen Alden Coal (10) Globe Underwriters. Goldberg Stores. . Goldman Sachs (b6). Gorham Mfg vte(2).. Goth Knitback Mach Graymur Corp...... GrA&PTnv(5).. GrA&P Teapf (7). Groc Stors Prod vte. Ground Gripper (1). Guardn Fire Assn(2) Gunther Law (2).... Gulf Oll of Pa (1%). Hall Lamp (1.50)... Happiness Candy. Hecla Mining (1). Helena Rubenstein. Hires (CE) A (2)... 4 Houd-Her cv pf. 8% Hudson Bay M & 78 Humble Ol (2). 1 £33 s 5 4 1 16 48 1 O et 0010 00 1 et 8B 60 2 24 1 2 - R 8 PaloaurraZlarBaranubun arrmmarnnn S N [FRCTOIET A I - JOP G Y ot - O eI 20 e PP OTO -~ ~SOEIOV ot eBhkmaTan ro - 0 ornBeSalnanmmana e 23 S P - aBe=Rmar o 3% 6 (283s), ly. . 1930.~ Huylr S,Der cm p£ 7. Hydro Elec Serv (2). Hygrade Food Prod.. Illinois P L (20).... Imp O1l Can n (50¢).. Imp Tob GB&I(1.25) 4« Ind P L new (12%).. Indian Terr Illum. .. Ind Finotfs (b10%). Insull Ut Inv(b6%).. Insull UtIn2d pf 6., Ins Coof N Am (13). Insurance Sec (1.40) Intercoast Trade (1) Intercontinent Petn, Intl Holdg&Inv 10c. . Intl Petrol, n(62%e). Int Safety Raz B 13., Intl Superpow (21) Iternatl Ut A (3%) Internatl Ut B, Internatl Util ( Interstate Equit] Interest Eq cv pf (3) Interstat H M (1.40). Irving Air Ch (1.50). Italian Superpow A.. Italian Superb war.. Jer. Cen. P&L pf (7) 100: Johnson Motor Co. Jonas & Naumburg. . Kirkland Knott Corp (2.40)., Knox Hat Inc (6) Lackawanna Sec(4).. Lake Superior Corp Lakey Fy&Mch (11). Lang Unt Bak A (2). Lefcourt Real(11.85) Lefcourt Real pf (3) Leh Coal & Nav (4).. 14 Lehman (The) Corp.. Lion Ofl Refin (2 Loews Inc deb rt Loews Inc war. Lone Star, new (80¢) Long Isl Light(60¢). Long Isld Lt pt (7).. Mac Marr Stores. ... Magdalena Syndicat. Marine Mid Cp (1.20) Marion Steam Shov. Marland of Mexico Mavis Bottling. . Mayflower Assn. Memph Nat Gas Co.. Mer & ML S A (1.50), Mer Chap & $(1.60)., Mesabi Iron, Met & Min Inc (1.20) Met Chain Stor Mexico Ohlo Ofl. Mid Royalty cv p! Mid Wst Util (b8% Mid West Ut B war.. Mid West Ut A war.. Miss River F Cp war Mo Kan PL (b10%). 1 Moh H P 1st pf (7) Montecatini deb rt: Mount Prod (1.60).. Nachman Spring (3) Nat Amer Co. .. Nat Aviation. ... Nat Leather. .. Nat Mfrs & Stores. . Nat Pow & Lt pf (7). Nat Pub Sv A (1.60). Nat Rub Mach (2). Nat Steel Corp xw (2° Nat Sugar NJ (2)... Nat Union Radlo. . Nebel (Oscar) (14). 4 Nehi Corpn (1.30)... 4 Nelson (Herman)(2) Nevada Cal Elec. ... New Eng T & T (8) New Jer Zine (4). Newmont Min (34) N Y Invest (1.20) N Y Rio&Bu Afre N Y Tel pf (6%). Niag Hud Pw A war. Niagara Hud P(40c) Niag Hud Pw B war, Niagara Shares Md.., Niles Bement Pond.. Noranda Mines (3) North Am Aviation. . Northam W cv pf(3) Northern P L (15).. North St Pow A (8).. 4 N W Engineer (2). Novadel Agene (2) Ohio Copper., % Ohio Ol (2) Otis Elevator new. Outbd Mot A (1.80).. Outboard Motor (B). Pac Pub Serv (1.30).. Pandem O1l Penn O Ed pr pf(7).. Pennroad Corp. . Penna Wa & Pwr (3) Peop Drug Strs (1).. Peop L&P A(a2.40). . Pepperell M{g Co (8) Petrol Corp (1%).... Philip Morris Inc... Pilot Rad T A (1.20). Pitney B Pn (20¢c).. Pitts & L E (5).. Plymouth Ol (2) Polymet Mfg ($1)... Powdrell&Alex(3%) Premier Gold (24¢).. Prince & Whitely. Prince&Whitely pf3. Propper Silk H M (2) Prudential Inv., Pub Util Hold war. RainbowLumProd A RainbowLun Prod B Red Warrior Reeves(Dan'l) (1%). Relter-Foster (40c). Rel'nce Managemnt. Republic Steel n wi. Reynolds Bros Inc. . Reynolds Met n 2.40. Richman Bros (3). Rike Kumbler (2.20) Roan Antelope Min. . Rocklans Lt&P(92¢c) Rolls-Roy of Am pf. Roosevelt Field. Inc. Ross Stores, Inc..... Ryan Consolidated. . Stock and Sales— Dividend Rate. ~ Add 00. Oven, High, Low. Close. 3 13 2 50s 4 4 3 216 - PRE-ARRANAON AN B ' s S - = 5 moSensneem sl o RanEnn onE BrarSunoneBenalenEan Folcwe i namamne mom no - 183 1 . 1 10s 49 .2 Sufety Car H & Li(8) 250s 208 2 Stfeway § war (2d). St Regis Paper (1) Salt Creek Prod (2 Schulte Real Schulte Un be-§ Seg Lock & H (50¢).. Selected Industries. . Select Ind pr (5% ) .. Sel Ind allot efs 5. Sentry Safety Cont.. Shattuck Den Min. .. Shenandoah Corp. Shenan Corp pf(a3).. Selberling Rubber. .. Silica Gel et. Sisto Fin Corp. South Coast. . . South Penn 01l (2) SEP&LpL (7). . SoCalEdptC(1%). So Col Pow A (2)..., South Cities Util Southern Corp. » So Ice & Utilit! So Pipe Line (12). Southland Roy (1) S W Dairy Products. SW Gas Util..... Spanish & Gen Reg.. . Standard Dredging. . Std Dredg cv pf (2).. Stan Gas & E1 pf (7) Stand Oil Expt pf(5) Stand O11, Ind (2%). 4 Stand OIl, Ky (1.60). Stand O, Neb(1314) Stand Pwr & Lt. B. .. Stand Pwr&Lt(new) % Stein(A)& Co (1.60). Stein Cosmetics Inc. Starrett Corp . Starrett Corp .. Strauss(Nathan)13 Strauss Roth 4 Stutz Motor Car. Sunray Ol (40¢) Swift & Co (8. Swift & Co new (2).. Swiss-Am El pf (6). Syrac Wash M B (1), Taggart Corp (1).... Taylor Milling (13). ‘Teck Hughes (60c).. Thermold Co (2) Third Nat Inv (1)... Thomp Prod (new). . Tobacco & All Stks. Transamer ($1.60) o -1 1 o S AR ENA R A e IAN RS SO S e S @ 5 o E TS L Lk it At 1T TR ey R4 1 80 42 104% 2915 104% 29% 2% % 80 42% 10% 308% 26% 25% 40% 35 18% 63% 92 kil L1930~ Stock and Sales— Low. Dividend Rate. Add 0. ‘Tran Alr Tran.. 1 4% Trans Alr Trans cfs. 18% Transcontl Oil (30c) 4% Tr-LuxDLPS (A). Tri-Cont Corp war. Tri-Continental Cor. ‘Tri-Cont Corp pf(6). Tri-Util Cor ($1.20). 14 Triplez Safety Glass 1 ‘Tub Art Silk B (10). 270s Tung-Sol Lamp (2)., 1 Ulen & Co...... Ungerleider F Co: Union Amer Invest. . % Union Tobacco. . Utd Carr Fastnr 1.20 United Corp war. T% United Dry Dock: United Elec Ser. Unit El Ser pur war. United Gas Co...... Unit Lt&Pwr A(60¢) United L&P, B (60c). Utd Lt & Po pf (6) United Milk Prod. .. United Ret Chem A, Utd Ret Chem B ctf. Unit Rt Ch pf (3%).. Breanciwcaan oot 2 2] 4 4 65% 664 e . - FINABCIAL) Prev. 1930.—~ Low. 4 18% 6 % 15% 82% 44% T 144 Stock and Dividend Rate. U 8 Radlator ctfs(3) U S Rubber Reclaim, Unit Verde Unity Gold. Utah Apex (50 Bales— Add 00. Open. High. 1 46 45 UtIP&L B ctfs (al) Utllity & Ind. Util & Ind pf (1%). 21 Utllity Equitl 20 . Vacuum Of1 (14%). 32 Venezuela Ptm(20¢! Vick Fin Corp Walgreen Co. Wi 32% el 1% 13 12% % 19% %| 8 % M 3% 2% 1 21% 10 .01 T Dividena 7% o8 ancusl Davmen 5% 46% Worth Inc A. Wright Hargreav 2 2 Zonite Prod (1.60). RIGHTS. Crocker Wheeler ..Feb. 24 Liggett & M. New Eng. T.&T, So. Cal. Edison Trans Corp..... es in dollars based on last Quarterly ~dividend. 1P; L cash oF H1OCk. b Pasable in siotk. d Fayabis b wreferteq stock. 8% 601 9% M - % % % ‘Wes Auto Sup A (3). 35 35 West Air Exp (60c).. 32 32 100 A% 2 100 4% 3 18% 18w 18 18% Expire. 3 % % Wow 14 12% 12% 12% 12% 7 T ™ ™ ™ 2 3 3% 3 a4 .Mar 5 36 .03 02 04 or semi- Washington Ticker BY CLINTON COFFIN, Associated Press Pinancial Writer. Profits from short-turn speculation realized by Americans in 1928 and re- ported in their 1929 income tax returns ctually amounted to $2,943,000,000. ‘They constituted more than 10 per cent of the total individual income on Treas- ury-collected taxes last year and ex- %) ‘ U S Radiator (2).... pressed the first result of the great speculative boom in which the country engaged prior to last Autumn. ‘The figures became available today when the Bureau of Internal Revenue set out its initial comprehensive set of statistics as to 1929 income tax collec- tions. total given is that which individuals reported for income tax as- sessment, as “profit from the sale of real estate, stocks, bonds, etc., other than assets held more than two years.” On the sale of securities held more than two years reciplents of large in- come are entitled to report stock mar- ket profits as gains of capital assets, on which a lower rate of tax may apply than on straight income. Thus there is some ground for placing the total of reported stock market profits of 1928 at a much higher figure than the total derived of the short-term speculation alone. During 1928 large income tax yers reported $1,843,339,000 as profits gom e sale of assets held more than two years and this made up 62 per cent o(fche total American income re- ported for 1928. In round figures, the addition of the sums reported as capital gains to the sums reported as profit from short-term speculation makes the 1928 speculative gains amount to $4,700,000,000 and con- stitute 17 per cent of the $28,499,000,000 reported as taxable fncome. ‘Who got the 1928 speculative profits is also disclosed in a rough sort of way by the statistics. The taxpayers with less timn $5,000 of gross income for the ear took about one-tenth of the short- rm speculative profits, or $294,599,000. ‘The tax incomes ers between pays $5,000 and $10,000 for the year reported speculative profits of $360,000,000, or between $700 and $800 apiece. There ‘were 265,000 persons last year who paid income tax on incomes above $10,000 and under $25,000, and this was rela- tively the luckiest group in the market, having total speculative profits of $699,038,000, or better than $29,000 apiece on the average. This last group owed one-fifth of its total income to speculative profits, above the $25,000 in- come mark, the capital gains element— which also presumably involves specula- tion—became the largest factor in 1929 lections. This is a record of the harvest the individuals of the country—and the tax collector—reaped from speculation at the period of its highest historic tide. For 1929 and 1930 the main value of such calculations from future income tax statistics will be in estimafion of the speculative losses taken, Food purveyors are frequently con- fronted with the business fact that total consumption of their products in a country like the United States is sus- ceptible only of a limited degree of stimulation, whereas curtailment of con- sumption of a given product can al- ways become sharp. Experience of California peach packers during the last crop year and ensuing marketing season, as it was brought out before the con- vention of the National Canners' Asso- ciation recently, is a case in point. It seems that the 1929 crop of Cali- fornia canning peaches was cut in half, making the pack run to 7,500,000 cases, against perhaps 15,000,000 cases in a normal year. This had the effect of running up average retail prices for the canned product about per cent. ‘With the increase, the movement of canned peaches into consumption slowed down almost to a sf It may pick up, but for some weeks this Winter the American people seemed entirely willing to dispense with the use of what had beer. a standard food product. Episodes of this type rather tend to keep executives of the food industries mind- ful of the danger of excessive expansion of operations. During 1929 about eight billion cans of food products were put up in the United States, which about me® the consumptive demand, and there is definite sign that the canning in- dustry considers that a similar produc- tion in 1930 will meet uirements. That seems to be the best j ent ex- ressed, founded on the inescapable ?lct that while human beings may de- mand multiples of costumes, automo- biles and houses to satisfy desires, their stomach requirements remain stable, Cigarette-smoking habits among the feminine portion of American popula- tion, widely spread as they now are, are still on the increase. This is the con- clusion Treasury officials read into pro- saic paragraphs of monthly tax collec~ tions entering into Government ac- counting. Returns now show that the Government in January collected $52,- 454,000 in internal revenue, against $48,- 727,000 received from the same source in the same month last year, and it is pretty well understood that tobacco makes up nearly all the internal reve- nue tax. “All of this increase in internal reve- nue arises from increased cigarete con- sumption,” Ogden Reid, Undersecretary of the Treasury, commented on the month's figures. “That expansion In cigarette use has been continuing now for years, only partly being balanced off by decline in cigar and smoking tobacco output. All our inquiry leads to the conclusion that the expanding figures of cigarette output and attached Gov- crnment tax receipts can be attributed to the persistent spread of smoking hab- its among women, “LIGHTNING ROD GAME” AGAIN TRIED IN WEST By the Associated Press. CHICAGO, February 3.—The banker is the fellow financially wise who warns his customers against confidence games and swindles—— And, according to the Illinois Bankers' Association, the same banker is one who falls for confidence games. The last warning scnt members is ainst concerns of doubtful merit which send blanks requesting informa- tion about the bankers' institution to be used in directories. “The acceptor signs the form which seems innocent enough, and then it de- velops it binds the to a contract amour , to $500. “It 1s the old lighting rod game, says the association. We Invite Applications for FIRST TRUST LOANS on Improved Property b TART MONONEEE €0, Periods of 3, § or 10 Years BOSs=EE(pS m'-"‘é::m'ééfl Lite H17 K st tional 9000 HE panic of 1907 had hit« business a severe blow. Industries were halted . . . credit was “frozen.” But, un- derneath the surface depression, America’s huge population was working and prospering. perimenters were the automobile Ex- perfecting and courageous and often dusty pioneers were exploring rough dirt highways in 1909. They didn’t know it—but those men were bringing the city to the country. New roads began to be provided—new lands were opened up—many proiects were started. SWARTZELL. RHEEM ano HENSEY co. MORTGAGE BANKERS 727 IS STREET.N.W. WASHINGTON,D.C. L4 Todav. sound financing still naves the way for the develop- ment of the country’s resources. Tn Washington. in 1930, there is a greater demand for new housin~ facilities. Canital will, as usval, come from First Mort- rage Notes purchased by hun- dreds of wise and conservative investors. The 6 per cent First Mort- oa~e Notes sold through Swart. zell. Rheem & Hensey Com- mnany are issued on tharenehly jnvestigntod pronerties in Wash- jngton. These Notes. throuch almost 61 vears of financial eyvrations, have never varied a nenny in value. Underneath the speculative crisis of 1929 lay a sound, stable condition—men were working, pro- ducing—but they were pouring their earnings into an orgy of stock-market speculation. Many of them found their savings gone after the stock market crash. But the opportunity for real in- vestment exists today just as it did before the crash—in Washington the opportunity for sound investment through First Mortgage Notes was never more attractive than at present.