Evening Star Newspaper, February 6, 1930, Page 12

A—12 BUSINESS ORDERLY INDALLAS AR Reserve Beard Report Shows Important Readjustments in Financial Quarters. K] Epecial Dispatch to The Star. DALLAS, Tex., February 6.—Orderly readjustments in finance, business and | industry were the outstanding develop- | ments in the eleventh Federal Reserve | organization to deal with employme jess may result in the co Washington‘ Ticker BY CLINTON COFFIN, Associated Press Financial Writer. A collection of bills presented to both House and Senate, all of which| propose to give the Federal Government | greater responsibility and more of an| constitute a new phase of congressional | reaction of the business situation. | Senator Wagner of New York State.| Representative Mead, Democrat, New | York, and Representative Cable, Repub- | lican, Ohio, are among the Sponsors| of the measures, and are all interested in trying to get them through commit- tee stages of consideration, which proc- | truction of | a single legislative proposal incorporat- | ing the practicable portions of the | present ideas. | “While the United States Government rvice, d@istrict during December. Most notable | smong the readjustments the one | fn_ financial quarters. Member bank ! borrowings at the Federal Reserve Bank, | which during the current year reached | the highest point since were | réduced from $30.876,816 on November | 39 to $13.200.916 on December 31. While there a_temporary in- €fease after the turn of the year, Fed- éral Reserve Bank loans had falien to $12.943,005 on_January 15, and on that | date were $7,353.579 less than on the same date in 1929. The high level of these loans during the Fall months, which consisted principally of borrow- ings of Reserve city banks, resulted| from the cumulative effects of financial | developments in Eastern markets. The easing of money rates in these centers, the increased demand for com- mercial paper and bankers’ acceptances and the improved bond market enabled these banks to rearrange their port- folios, to reduce their indebtedness at the Federal Reserve Bank and to place | themselves in a position to meet the normal demands for credit during the coming year. It must be borne in mind, however, that member bank de- | posits reflected a further slight decline in December and were considerably | smaller than a year ago. | There was a further curtailment of | production in the district’s industries | 1o prevent the accumulation of stocks and to make possible a better alignment | between demand and output. The vol- | ume of construction activity, as evi- denced by the valuation of building permits issued at principal citics, was larger than in November, but was con- | siderably below December last year. RECOVERY IN STEEL INDUSTRY IS RAPID Reports to Iron Age Show Snap. ping Back of Production Schedules. rel By the Associated Press. NEW YORK, February 6.—The rapid | recovery of the iron and steel industry in January reflected a snapping back of demand to a level in keeping with ac- tual conditions, Iron Age will say to- morrow in its weekly review of the in- dustry, adding that in their extreme caution in November and December buyers underestimated their require- ments after the turn of the year, with the result that these were immediately translated into orders. 2 “Now that this readjustment of de- mand in production has been made, the review will state, “the trade is more conservative in forecasting further im- provement. In -Chicago, where steel ingot output has reached 88 per cent of capacity, additional increases in oper- ations are predicted, but in other im- portant produeing districts the ‘outlook for February is for a very gradual rise at the most. “The general rate of steel ingot out- put is now 76.7 per cent of capacity. ‘The returns, which came from com- panies accounting for more than 75 per fcent of the country's output, showed rates varying from 55 to 90 per cent, with all but two producers reporting 70 per cent or better and only one more now maintains an employment se; Representative Cable remarked, largely dependent upon voluntary co-| operation of States and communities in | he maintenance of offices. There are | a number of States into which 1fs| service does not extend. The theor back of the legislative proposals bear- ing upon the matter is to make Fed- eral efforts to reduce unemployment Nation-wide, particularly to serve the needs of migratory laborers who fill the demand of seasonal industry.” Francis I. Jones, director of the pres ent Government employment service, ¢ plained that while it has offices in 32| out of the 48 States, some of these| represent donated and causal aid to| its functions. “Community organizations, such as chambers of commerce and occasionally city governments, associate with our regular staff in extending the service We are now able to offer,” Mr. Jones said. To fllustrate what the new bills would do, it might be said that our appropria- tions for the employment service during the coming fiscal year to maintain the present form of aid will be $385.000, while some of the new bills propose to appropriate $4,000,000 for the first year of operation of an expanded service. ‘There has been some decrease of un- | employment during recent weeks and | it is probable that the low point for | most industrial pay rolls was reached in December. Nevertheless, the number of people out of work is probably greater this season than during recent years, and all of this new legislation is in- tended to equip the Federal Govern ment with additional means of better- | ing conditions.” “it is| Now that Charles Evans Hughes re- turns to the Supreme Court bench, from which he stepped in 1916 to be- come a presidential candidate, there will be much scanning of old decisions for evidence as to what may be his bent in viewing new problems of busi- ness and politics that will again be laid before him. Mr. Justice Hughes wrote a number of weighty opinions for the court between 1910 and 1916 and sev- eral of them are still regarded as land- marks for gulding governmental policy. During his previous term on the supreme bench the new Chief Justice seems to have lent great influence to the general progress of centralization of ‘Two or three commen | procedure th: o e form est. ldvane':d z;:m authority. instances most quoted arise from railroad rate litigation orig- inating in Minnesota and in Louisiana, where the .court, in opinions written by Justice Hughes, concluded that the deral Government, through the In- tersiate Commerce Commission, could | overrule States in regulating railroad | service and charges, These are now old | and settled issues, but the language and | findings used then by Justice Hughes are regarded as exhibiting him as a | strong advocate authority, of paramount Federal An Interstate Commerce Commission | action this week has administered a se- | vere check to any early progress toward | general railroad consolidation. This is | the opinion of railroad representatives | who have given preliminary study to the formal notices sent out from the | commls.sion to the railroad organiza- | tions which have definitely committed themselves to merger plans in the East- ern territory suggesting that action be sbandoned in reference to them. C. D. Mahaffie, finance director of the com- mission, has in effect notified the Che: apeake & Ohio, Baltimore & Ohio, W bash and Delaware & Hudson Co. man- agements that the separate plans they have prepared to buy connecting sys- | tems and expand their present oper: tions must all be rejected. It is probable that this ruling—if it | actually represents a ruling—will be tested out very soon by some new ap- proach of the rail organizations most interested. It sets forth the point of at has been debated since the commission announced a national plan for throwing all of the countr: rail system into 19 great consolidation: What most rail lawyers wanted to kno was whether the commission would al- low any group of systems to proceed with effecting a merger, and would con- | sider modifying its plan should there be | conflict between the actual applications and the paper schemg laid down by the | Government. Now. under Director Mahaffie's no- tices, it is becoming clear that the com- mission intends to require a general ad- vance on the problem, rather than a detailed one. It is probable there will be some sort of an appeal instituted to the commission itself from this ruling. At any rate, while this position is main- tained, advance toward rail consolida- | tion will make another of the dead stops that have been rather frequent in the | history of the policy. | Sound pictures made as much of a hit | with world theatergoers as they did | with picture fans of the United States, | it can be said, now that the export rec- ords of moving picture film for 1929 have been rounded up. N. D. Golden of the Commerce Department motion pic- ture division estimated that American film exports of 1929 reached the total of 282,215,000 feet, or about 9,000,000 feet more than were exported in 1919, which was the previous high record ye: ‘The existence of a common lan- | guage enabled the American talkies to make especlally great progress last year in Great Britain, Australia and New Zealand, while even countries using other languages were found to be will- ing to accept English-speaking pictures, “As of January pproximately 2,200 theaters in locations outside of the United States and Canada were wired for sound and dialogue pictures,” Mr. Golden said. “Of this number, about 1,500 are in Europe, 400 in the Far East and 250 in Latin America.” Several European countries have at- tempted to restrict by legislation the showing of Americaa films to their na- tionals, but Mr. Golden considers that the experiences of 1929 with these poli- cies have demonstratzd that they are relatively ineffectual in limiting the film exports from this country. He does not _expect to see the foreign campaign against the American talkies and movies pushed so hard in 1930 as it was last | year. Crude oil production of the Lion Oil Refining Co. of El Dorado, Ark., for 1920 was 3.804,645 barrels. compared with 1,261,249 barrels in 1928. The com- pany now has 198 wells, flowing approx- imately 10,000 barrels daily Consult Us RETAILER'S FIGHT PRICE-FIXING BILL Kelly Measure Declared Likely t, Raise Cost of Living in the United States. Special Dispatch to The Star. NEW YORK, February 6.—An atiack on price-fixing legislation as emboqje in the Kelly bill in Congress was ,,?a‘.,‘j yesterday by Alfred B. Koch, president of the National Retail Dry Goods Assg. clation, in convention at the Hote] Pennsylvania. At the president's break- fast to officers and members of the or. ganization Mr. Koch denounced the i) as a_“measure that would materially Regarding Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS WE MAKE FIRST Homes, District of Columbi Apartments and Business MORTGAGES ON Properties in the nd Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Mortgage Loan Decatur 3600 Correspondent New York Life Insurance Company More Than a Third of a Century’s Experience, All Annoyances of Ownership —are climinated when you give us the management of your apartment house properties. It is a feature of our business, and we are equipped to give profitable service. B. F. SAUL CO. National 2100 Service * The thrill of the most wonderful than 85 per cent. “Mill bookings in January, not in- cluding unspecified contract tonnages, were much larger than in December, but fell short of those at the first menth ! of 1929. The gain over December, -in | terms of a weighted average for 18 companies, was 45.5 per cent: the de- cline from January, 1929, was 13.25 per cent. 'All companies reported increases over December, two of them gains ex- ceeding 100 per cent and several others advances of 60 to 80 per cent. Only one showed a gain of less than 20 per cent. The comparisons with January, 1929, were mixed, although most of them showed declines varying from 4 to as much as 40 per cent. *The quick rebound of production is indicated by blast furnac> returns for | January. With 19 stacks blown in and 3 put out, there was a net gain of 16. but two-thirds of the furnaces lighted | were put into_commission after Janu- ary 19. On February 1 173 furnaces were producing at the rate of 96,755 tons per day, compared with 157 stacks making 88,250 tons daily January 1.” C. & 0. LETS CONTRACTS TOTALING $30,000,000 Tomato Soup ever made! By the Associated Press. RICHMOND, Va.. February 6 (P).— | Contracts were awarded by the Chesapeake & Ohio Railroad lines for equipment to cost $30,144,000, President J. J. Bernet announced. 1 | The contracts provide for the build- | ing of 11,350 cars for the Chesapeake & | ©Ohio, Hocking Valley and Pere Mar- quette roads. The Chesapeake & Ohio will get 5,000 of the new cars. The Hocking Valley Railroad. 1,500, and the Pere Marquette, 4.850. The cars are to be built in eight plants, located along the three lines. Among the contracts are: The Richmond Car Works, 1,500 steel Thopper coal cars of 70-ton capacity; the American Car & Foundry Co.. Hunting- ton, W. Va., 3.000 flat-bottom gondolas: the Standard Steel Car Co.. Hammond, Ind.. plant, 3000 automobile box cars, and the Pullman Co.. 1.500 automobile box cars to be built at its Michigan City, Ind., plant. Prague, Czechoslovakia, recently held s most_successful auto_show. At the Sign n'flkt Moen Save on Quality Tailoring Through the House of Mertz designing and the * better clothes the s been _making kind of Established 1893 for less! 1 to 1 Reduction On Entire Stock ' of Fall and Winter Weight Woolens Suit or O’Coat Tailored to Order as low as 225 " Mertz & Mertz Co. FINE TAILORING 405 11th St. N.W. “Campbell’s Tomato Soup has always been so delicious that I don’t see how it could Campbell’s! Such magnificent color. .. such irvesistible flavor. Never has even this famous Tomato Soup ‘been so appealing! possibly be any better ! ” i We could not help but welcome such a Ever since we first announced that Campbell’s Tomato Soup is more delicious now than ever in its 32 years of triumphant history, we have heard women expressing doubt. this doubt—until they tasted the soup. | And then, what a surprise and delight! The | household favorite of many years’ standing, the Tomato Soup always considered as the “one and only” choice for millions of homes —is actually more vivid in color, more allur- ing and tempting in flavor than ever! Of course, you'll make up your mind at once to give your appetite this new delight. You’'ll serve Campbell’s Tomato Soup this very day and let your taste once more prove to you the masterly skill French chefs. 925 15th St. N.W. * Management of Campbell’s famous The finest tomatoes in a generation inspired gave them the chance to ular of all the soups in There's welcome co 6 cans at a time. Asparagus Bean Beef Bouillon Celery Chicken Chicken-Gumbo (Okra) Clam Chowder - Consommé Julienne | Camplecd’. So LOOK FOR THE RED AND-WHITE LABEL our chefs to this supreme achievement and make this Campbell’s Tomato Soup more than ever the most pop- the world. nvenience in getting YOUR CHOICE Order any of these Campbell’s Soups from your grocer Mock Turtle Mulligatawny Mutton Ox Tail Pea Pepper Pot Printanier Tomato Vegetable Vegetable-Beef Vermicelli-Tomato increase the cost of living of the Amer- ican public and would constitute the first attempt to break down the Sher- man anti-trust laws.” Mr. Koch pointed out that this legis- | of committee, would, sell their products, regardless of merit of the product or the cost of production and_distribution. The members which has been active in oppos [ assertion that passage of the measure “would strike at the very fundamentals of -our anti-trust legislation.” ASCO Store. Small 8 to 10 Lb. S u 25¢ Large Meaty ROASTING CHICKENS Lb. 38c FIS Santa Special! Reg. 21c ASCO Asparagus ASCO or Del Monte Asparagus Tips 15¢ Vandyk’s Pitted Dates Pkg. Renault’s Wine Jellies. . ... .. Orienta Coffee. . ... House of Lords Tea. .. Reg. 15¢ Butter Taste It! The Finest Butter Richland Butter. . . . Homemade Style Milk *# Fine Table Salt. Y "t Matches K Safety Matches BANANAS— You ai ad, HALIBUT STEAK.... Ib, 35¢ FRESH CROAKERS. FRESHCOD. ...... Freshly Shucked Standard Opysters........pint, 35¢c 's Choicest Fruit. Pappy’s Guava Jelly............. %" 25¢ Wilkins Coffee.......% ™ 20c; 1 ™ 39¢ Ve ™ 23 LOCAL INSURANCE FIRM HAS 75TH ANNIVERSARY | At the annual meeting of the Mutual | A. H. Church, president; lation, which has just been reported out | Pire Insurance Co., this city, the fol- | Boteler. secretary, serving 35 years as among other | lowing managers were re-elected, this things, give manufacturers the right to | being the company's seventy-fifth an- fix the price at which retailers must | niversary: W. A. H. Church, B. F. Saul, C. ettelman, Brandenburg, of the association, | Arthur L. Pierce Boteler, E. C. Carr. The managers Frank A. Johnson and were ) Ing price- | authorized by the policyholders to apply fixing legislation, applauded Mr. Koch's | to Congress for certain amendments to the charter for the purpose of enlarg- ing the objects and operations of the |mn Church in honor of his completion of 35 years of service as a manager. Next week will occur the election ot ‘The present officers are® W. L. Plerce | officers. an officer of the company; C. Kette! mann, treasurer, and William Reed MacGill, assistant secretary. A Acceptance Rates Reduced. NEW YORK, February 6 () —Bank- ers’ acceptance rates have been reduced 7% of 1 per cent for all maturities. Tho new rates are as follows: 30, 60, 90 and 120 d " to_3% per cent; 150 and Flowers were presented to Meat Market Specials! izes Satisfaction—or Money Back! It is our aim to give you complete satisfaction every time you shop in.your nearest If at any time you should be dissatisfied with a purcha: (4 assured that we will make it right. Satisfaction or money back is our guarantee. Shop with confidence in the ASCO Stores. Where Quality Counts Your Money Goes Furthest! , please feel QUALITY MEATS AT ECONOMY PRICES FRESH HAMS | SMOKED HAMS Kingan’s “Reliable” } w27 Fancy Tender STEWING CHICKENS ..Ib., 20c .Ib., 25¢ Fancy Large Clara Prunes Fine Flavor. ASCO Finest Cooked Pumpkin Easy to Make a Pie—Little Bother ASCO Tender Cut Red Beets 2 Med. Cans 25(: Ready to Serve FILLET OF HADDOCK. . .1b., 28¢ FANCY PAN TROUT. .. .Ib., 18¢c TILE STEAK... DELICIOUS TENDER STEAKS SIRLOIN STEAK 1b. 42c | ROUND STEAK ib. 39c PORTERHOUSE STEAK . . . Ib.,, 45¢ CHUCK ROAST 1b. 25¢ | BREAST of LAMB1b. 15¢ RIB ROAST . . 1. 33c | BOILING BEEF . 15¢ SLICED BREAKFAST BACON Ib,, 35¢ Long Island DUCKLINGS Lo 99¢ ...Ib., 25¢ 229¢ 3 27c ASCO Breakfast 2 15¢ Our Producer-to-Consumer Plan of Merchandising Brings You Big Savings! SCO | A Victor Blen A Mild Acme Brand Coffee Heavy-Bodled Bl ! A Full, .....5* 19¢ | Lipton’s Tea ™. 45¢ | Chipso . Ja ™ e Princess Cocoa Save Five Cents The Stores Where Quality Counts A re “Butter and Egg” Headquarters! EGGS The Pick of the Nest! Selected’Fresh Eggs. .. .. .%= 45¢ in America s 408 Serve Plenty of Victor Bread for Every Meal Victor Big Pan Loaf Be Rolls. ......." 10¢c Bags or Pkgs. 1503 10c Big vos Boxes loc 3 P 25¢ Pkg. of 12 boxes Friday and Saturday—Special ted to visit the ASCO Sto 39¢—29¢=10c Saved Sunshine Krispy Crack Gold Seal-Macaroni or Spaghetti, 3 Pkss: Assorted Chocolates. Delicious Hard Candies.........}5 ™ » whether you wish to purchase or not. Coffee w. 20¢ d Coffee .. ...lb. 25¢ Blend—the Choice of Many Ib. tin 35¢ Save Money on These Special Items! 24c 19¢ 20c 23¢ 15¢ 10c 25¢ G M ..;.....pk" ers .hl’" Pkg. P B Big Cans 2 C Twelve Special! Reg. 9c Princess Jellies 2 = 15¢ Assorted Flavors Reg. 15¢ ASCO Pure Jellies 2 1o 25¢ Made in Our Own Kitchens GREEN PEAS— . . . . . . 2bs.,23c TEXAS CARROTS— . . 3bunches, 19¢ . . Doz., 23¢c Come in, look [J