Evening Star Newspaper, February 21, 1930, Page 15

.~ SURB ISSIUES M -IN MIXED TRADING Market Volume Drops as Leading Issues Move in Narrow Range. BY JOHN A. CRONE. @pecial Dispatch to The Star. i NEW YORK, Pebruary 21.—Turning from an active and irregular market at | the opening to a slow and steady one @8 trading progressed, the Curb today Fecorded the smallest volume of trans- actions this month. The utilities attracted most attention in today's typical pre-holiday market, with ofls, investment trusts, miscellan- eous industrials and rails contributing their share of the business. Electric Bond & Share backed and filed until midday, thereafter tending to point upward. This was also true | ©f American Superpower and American | & Foreign Power warrants. United | Light & Power A and Middle West Utllities, however, turned downward. Cities Service and Indian Territory ©Oil moved within a fractional range, with the general trend pointing lower, while Standard Oil of Indiana moved alightly upward. Mayflower Assoclates, with a gain of $ points in the first few hours, featured trading corporations. The movement followed the declaration of an initial quarterly of 50 cents cash and payment of 4 per cent in cash, in connection with which the company announced the mar- ket value of its portfolio had risen more than $4,000,000 since the first of the ar. North American Aviation was the early leader in the air shares, moving | up more than a point within a few minutes in pge-noon dealings. ‘The company recently acquired Ford Instru- ment and plans to take over several other companies. e NEW YORK BANK STOCKS. NEW YORK, February 21 (#).— Manhattan TRUST COMPANIES. M ntral Hanover emical Bank & Trust.. Exch: ; DIVIDENDS DECLARED. NEW YORK, February 21 (#).— Regular. Pe- Company. Rate.riod. s P Cem pf..31.75 E’%flve of Hs.zt AR TGl s aiiigs e Feri Pay- Hidrs. of able. record a T Harvester..§2 Drus Strs, . i * 5 AFainaa 000000000002000POO0D! £ £2%c Q May 1 Omitted. W Sylvan pf (Phila).$2 @ DubJan.1 Pibalesay INTEREST RATES. By the Assaciated Press. Interest rates on collateral loans last week, as averaged out by Census Bu- Yesu reports from money centers, re- merined undisturbed at moderate levels expor-nred during recent weeks. > ures for the week and comparable periods low: Time money. Call loar eek ending February 15.. 8% 4 &:«m. week. . week last yea: BONDS ON THE CURB MARKET. i i - = Sualonauane % 238 22 S 9999000! 9332292 9909, Eirestone ire s restone Tire Fla P LF‘; . atineau Pow Gatinesu Pow 65 Gen Wat Wk 6s =e3aSg-eSEneges: & & & tandard PAT, 6 51, 985 380 - . 100% 1000 5 98% wift Co b i 1004 11 332! SR 32WIPI2=29292 s 4 FINANCIAL. excepting those designated by the Stock and Low. Dividend Rate. 44 Acme W Co vto (13). 21% Ainsworth Mfx $3%. 16 All Amer Gen Corp.. 4 Allegheny Gas Corp. % Allied Aviation. 14 Allied Mot Ind(1). .. 21% Alumin Goods (1.20). 36% Am Arch Co (3)..... 7% Am Br B El fd shs. 37 Am Chain (3).. 37% AmCit PAL A (a3). 14 AmCP&L B (b10%) 204 Am Colortype (2.40). 23% Am Cwlith P A b10%, 25% Am Cyanam B ¢1.60 ~Prev. Hizh. 52% 27% 1930.~ 6% 3% 10% 59 14% 20% 4% Am Investors (war). 1% Am Maracaibo, . 7% Am Natural Gas 551 Am Salamandra (3) 10 Am Solvents Chem. . 24% Am Sol Ch ev pf (3). 18 Am St Pub S(A)1.60 23% Am Superpower (1). 87% Am Superpow pf (6) 94% Am Super 1st pf (6) 3% Am Thread pf (25¢). 5% Am Yvette (new) wi. 11% Anchor Post F' (2)... 8% Arkansas Nat Gas... 8% Arkansas Nat Gas A. 2 asso-Dyeing & Ptg.. 644 Asso-Elec Ind Ltd. .. 264 Asso G & E A (13.40) 26 32u 94 98% 3 T 14% 14% 3% - 15% Atlantic Sec Corp. .e. 2213 Atlas Plywood (3) Auto Musie (A) (1 V M cv prpt (2) fon Corp of Am ation Credit T4 Aviation Securitiel 122 Babcock& Wilcox 9., 214 Bahia Corp 3 3214 28 Bickfor Inc pf (214). 30% 234 Bliss Co (B W) (1).. 1% 40% 4 © k3 o B e L L L L 1t -T T - O AP PP 2% Bridgeport Machine. 14'% Brillo Mfg (1.20).... 24% Buf Nlag&EPpf 32% Bulova cv pt (3%) 8 Burco. Inc 3 Burco, Inc (war) 40 Burco, Inccv pf (3). 3% Burma Corp (t31e).. 11% Butler Bros (30¢). ... 5 Bwana M Kubwa.... 3 Cable Radio T vte... 1% Cab&Wire LtdB rets 3% Can Marconl.... % Carib Syndicat 14 Celluloid Corp. Service (130¢c) 88 Citles Serv pf (6). i L % Cl 18 Clev Tractor (1.60).. % Columbia Syndicat 3% Comwlth & Sou war. 1 123% Com Wat Ser (b6% ) 14 Comstock Tunnel. ... % CAMCoctfs....... 5 Consolidated Copper. & Consol Cortez Silver. 21% Con Gas Ut A (2.20). 13% Con Dairy Prod (32). 0) 11% Cord Corp. . 12% Corroon & Reynolds. 39% Coty Soc Anon rcts. 5% Creole Petroleum. % Cresson Cons (8¢)... 184 Crocker Wheeler. . 1% Curtiss Wright war.. 1% Cusi Mex Mining 7% Darby Pet (1). . % 3 Dayton Alr& Eng... 123 Deere & Conew w.L... % 214 De Forest Radio. 5 Detroit Afrcraft Co Dixon(J)Cruc (8). 16% Doehler Die Castin, 31 Dres(SR)Mfg A3%. 41 Driver Harris(new). 8% Dubiller Cond&Rad., 145 Duke Power (15) 4% Durant Motors. 18% East States Po B(1).. 7% Eastern Utll Inv A.. 80% E1Bond & Sh (b6). 103% EI Bond & Sh pf (6).. 24% Elec Pow Asso (1).., reh 99% Emp G F cum pf (3). 40 Empire Pwr Corp(2) 19% Emp Pub Sv A(1.80). 22% Employ Reinsur 1% . 16 Eng P Sopt war...., 2 Fabrics Finishing. .. 8 Fairchild Aviation 9 Fedders Mfg Co (A). 22% Federat Metals (11). 3% Financial Inv N Y. 13% Fokker Alrcraft, 29 Ford Motor Can 36 Ford Motor Can 104 Ford Motor Lid..... 9 Foremost Dairy Pr.. 33 Fourth Natlav,.... 2% Fox TheatCl A 20 Garlock Pkg (1.20) 2% General Baking. 38 General Bak pt (6) 1l Gen E Ltd rota (50e) 13 GenGas&El (A)... 8 Gen Laundry Mach.. 9% Gen Rity & Utilities. 69 Gen R & Utll pf (6) 20 Gerrard (8A) Co 11% Globe Underwrit: 60 Goldbg Stores pt Goldman Sachs (b§). 235 GrA&PTnv(5).. 22% 20 Gram'ph'ne rcts 2.91 89 31% Graymur Corp...... 14% 12% Groc Stors Prod vie. 27% 24 Ground Gripr (11%), 29 28% Gunther Law (2).... 183 Guif Ollof Pa (1%). 15 Hall Lamp (1.50)...: 5 Helena Rubenstein 45% 145 Humble O (2)...... 37% Hydro Elec Serv (2). 305 Illinots P L (20).. 6% Imp Chem (Ird) 23% Imp Oll. Can (50e) 20% Indian Terr Hlum. .. 17 Ind Fin ctfs (b10%). 60 Indus Finev pf (7).. 4% Insull Ut Inv(b6%) .. 69% Ins Coof N Am (13). 17 Insurance See (1.40) % Intercontinent Pet n. 17% Intl Petrol, n(62%e) 67 Inter Prod pf (6).... 11% IntSafety Raz B 13.. 82% Intl Superpow (31). 6% Internatl Ut B, . 104 Interstate Equity 40% Interest Eq cv pt (3) 12 Irving Air Ch (1.50) 5 Italtan Superb w 9% Italian Superpow A.. 28% Johnson Motor Co... 6 Kellog Switch & Sup. 86% Lackawanna Sec(4) 75% Lehman (T 1% Leonard Ofl. 32% 17% Lily T Cup ( NEW YORK, February 21.—Machin- ery and machine-tool reports from all parts of the country indicate that while conditions show steady improvement, the volume of orders placed is not yet all it should be, American Machinist reports, Inquiries, in most cases, still ® R R T L T T TSP THE EVENING STAR, WASHINGTON, I"’NEW YORK CURB MARKET it oo Notice—All stocks are sold in one letter which shows those stocks to be sold in odd lots Snles— Add 00. Open. 1 ~Prev. 1930.— High. 22 33 hundred-share lots s (85s) (285s), only . Low. Close. 50% 51% 25 16% 6 0% 89% 53% 5 24% L NY NI 183% 1% 83% % 14% b3 snnusl payment. % 1% ) o 19% 19% 1%i4eauh or exceed orders and pending business is good. ‘The Westinghouse Electric Co. of South Africa, Ltd., has been formed to handle the sales of products of Wuun{htmn Electric & Manufacturing Co. in that country. Directors of the Southern Surety Co. will meet February 25 to mm“ ans for merging with the Detroit lelity & Burety Co, Stock and . Dividend Rate. Lion Ol Refin (2) Loews Inc deb rts. L Unit El Ser pur war. Utd Founders (b2-35) United Gas Co . 4 Unit Lt&Pwr A(60¢) Utd Lt & Po pf (6)... United Milk Prod. .. Unit Sh Mch (1334)., U 8 Elec Pwr ww. US&InScte (234).. U S Lines pf (1) U S Shares Fin, Unit Verde Ext (4).. Utility Pw & Lt(al). Utility & Ind........ Util & Ind pf (1%).. Utility Equities, Vacuum O1l (t43%).. Van Camp Packing. Venezuela Ptm(20e. 3 E 3 Vogt Mfg Co (2).... 2 Walgreen Co. Walker (H) (1) Wenden Coppe: West Alr Exp (60c) West Mass Co (2) Wil-Low Cafeteriy Winter (Benj) Worth Ine A’ Zonite Prod (1,60) RIGHTS 8% Con Gas El L&P..April % Crocker Wheeler % Elsler Electrie. i .01 Trans Corp. Dividend rates tn dollare based on last Received by Private Wire Sales— Add 00. Oven. High. Long Isl Light(60e). ¢ Loulsiana Lan & Ex. Mac Marr Stores.... Magdalena Syndicat. Marine Mid Cp (1.20) 4 Marshall Field & Co.. Mavis Bottlin; Mayflower Assn Memph Nat Gas Co.. Mer Chap & Mesabi Iron Mid Wst Utl . Mid West Ut A war., Mid West Ut B war. Midld St1 P 2d pf(2). Mo Kan P L (b10%). Mountain & Gulf 8¢). Mount Prod (1.60).. Nat Amer Co. Nat Aviation....... Natl Fam Strs (1.60) Nat Food Pr A (2%) Nat Food P, B(b2%) Nat Fuel Gas (1)... Nat Investors (new) % Nat Pub Sv A (1.60). Nat Rub Mach (2).. Nat Steel Corp xw (2 Nat Transit (1). Nat Union Radlo. 1.60).. ) Nelson (Herman) (2. New Brad Ofl (50c) . New Eng PS pr.L(7) % New Hav Clock t1% N Y Pet Royalty (1) Rio&Bu Alres. . Niag Hud Pw B war., Niles Bement Pond.. Noranda Mines (3). North Am Aviatio: North Cen Tex (60e) North St Pow A (8).. Ohlo Copper. . %16 1 Otis Elevator new. Outbeard Motor (B). 4 Pac Comm Co (1.40).. Pac Pub Serv (1.30).. Pac Western Oil Pandem O1l. Pantepec Oil % ram C Mfg (2. nroad Corp. .. Penna Wa & Pwr. Peop Drug Strs (1).. Peop L&P A(a2.40). Petrol Corp (1%) Philip Morris Inc. .. 4 Pllot Rad T A (1.20), Pitney BP n (20c).. 9 Polymet Mfg (31) 4 Prince & Whitely. .. Prince&Whitely pf3. Prudential Inv...... Pub Util Hold war. . Quincy Mining. Radio Products (2).. RainbowLumProd A RainbowLumProd B Reiter-Foster (40¢).. Reliable Strs (b5%). Rel'nce Managemnt.. Republic Steel n wi., Rep Steel cum pf wi., Reynolds Met n 2.40. Rich Oil Cal pt (1.75) Rike Kumbler (2.20). Rocklans Lt&P(92¢), Roosevelt Field. Ine. St Anthony Gold.... St Regls Paper (1).. Salt Creek Prod (2).. % Schlet & Zan (13%).. Schulte Un 6c-$1 St., Selected Industries.. Sel Ind allot cfs 5% .. Select Ind pr (5%).. % Sentry Safety Cont.. Shattuck Den Min. .. Sheaffer Pen (12%).. Shenandoah Corp. .. Shenan Corp pf(a3).. Sterra Pac Elee (2).. Silica Gelet. ' Singer Mfg L Singer Mfg Co (126) Sonora Products. South Coas South Penn .. So Cal Ed pfB(1%).. Southern Corp Southern Ice Util A., So Ice & Utilities B. . So Pipe Line (12)...1 S W Gas Util. . Spanish & Gen Reg. . Stahl-Myer (1.20) Standard Motors..., Stand Oil, Ind (2%). Stand Oil, Kan (2) Stand Oil, Ky (1.60) St Oil of Ohio (2%) Stand Pow & Lt. ... Stand Pwr& Lt. B Starrett Corp pf ( Stein Cosmetics Inc. Stern Bros B ctfs Strauss Roth. 4 Stutz Motor Car.. Sun Inv pf (3).. Sunray OIl (40¢).... Superheater (13%). Swift &Co (8)...... Swift & Co new (2). Swift Intern’l(2%).. % Tampn Electric (32). Technicolor, Inc. ... ‘Teck Hughes (60c). Thermold Co (2), Third Nat Inv (1) %« Tobacco Pr Expor Transamer (31.60).. ‘Tran Con Alr Tran. . Transcontl Oil (30c¢) LuxDLPS (A). Tri-Cont Corp war. ., Tri-Continental Cor. Tri-Cont Corp pf(6). Tri Utilities ($1.20) . riplex Safety Glass Trunz Pork S (1.60) . Tub Art Silk B (10), Tung-Sol Lamp (2)., Ungerlelder F Corp Un N G Can (11.60 Union Oil Assn (2).. Union Tobaceo. . 674 * 179% 179% PEHARDD HEARHONAN B A - DR a0 o) =s PPPPNE L FSPE o e @ * D e B n o i 5 e 0 001 i B B e SO0 DN G e BB S 09 88 e I 8 0 3 15% 8 124 22% 21% 2714 16 91 10% a 22 504 10 22 50t 10 * 39% 643 8 5 2% 19 * 38 4% 8 2% 19 18 A% 4% 4% CAET T W% U 3% 8% 03 .02 or semis 'Bx-dividend. tPartly extra. tPlus extrs in §tock s Payable in stoek. b Ps: n stock. lwhwur‘n'nul Beatrice Creamery Co. NEW YORK, February 21 (#).—The Beatrice Creamery Co. has acquired two ice cream companies and one pro- duce company, operating in the Middle West. The new acquisitions are the Union Ice Cream Co. of St. Louis, Kirkwood Ice Cream Co. of Kirkwood, Mo, and the Hawkeye Produce Co. of Chariton, Cordyon, Oak and Ot- tuma, Iowa, o | manager of the Washington agency of D. C, FRIDAY, FEBR PART-TIME AGENTS OPPOSED BY CLUB Insurance Speaker Urges| New Plan Here—Special | Committee Appointed. ————— A meeting of great importance to the life insurance yraternity was held | by the Life Insurance Club of Wash- | ington at the Willard last night. With | one exception, the entire membership | of the club was present to greet the guest speaker, Thomas P, Morgan, ir., the Mutual Life Insurance Co. of New ork. In introducing the speaker, President John P. Lynch, stated that Mr. Morgan | had been in charge of the Washington agency since 1906, either as assistant manager or manager, with the excep- | tion of two years when he was manager | at Philadelphia. Mr. Morgan succeeded | his father as Washington manager. | Thomas P. Morgan, sr., was a home office official, serving as supervisor of agencies in_the United States and Canada for 35 years, Part-Time Agents Opposed. In his address, Mr. Morgan stated that the time has come when the part- time life insurance agent in banks, real estate offices, Government depart- ments, etc., must be eliminated. The so-called life insurance counselor who represents himself as able to place his prospect in any company also must be_eliminated, according to the speaker. Mr. Morgan expressed doubt as to whether life insurance business should be accepted from the full-time broker who is licensed to write all kinds of in- | surance, leaving the disposition of that | subject to a future conference with the club. ‘The speaker went on to say that the money and time spent in training part- | time agents was not justified by their business production. He felt that the prestige of the full-time agent was seriously impaired by the fact that al- | most any one can get a license to write | life insurance. The public is entitled, said the speaker, to that kind of serv- ice which only the experienced full-time life insurance underwriter, who repre- | sents one good company, can give. He | was particularly opposed to placing part-time agents on probation because this system, if generally continued, would leave a loophole for a wide- | spread licensing of part-time men. { Special Committee Named. ‘The speaker suggested that a com- mittee be appointed to draw up an agreement on the subject under dis- cussion. Upon motion adopted by the club, the following members were ap- pointed on the committee: G. Lea Stabler, New York Life, chair- man: James A. Maloney, Equitable As- surance Soclety of New York; Herbert L. Barlow, Prudential; Philip L. Bald- | win, Northwestern; J. E. McCombs, Mutual Life Insurance Co. of New York, and John P. Lynch, president Life In- surance Club of Washington, member ex-officio. Larry Riggles of the Phoenix Mutual announced that his company for some time had employed only full-time agents with good results to the agents, the company and to the insuring public. It was also announced that the local agency of the Sun Life of Canada can- celed all part-time contracts on Janu- ary 1, 1930. POTATO MARKET. | 21— (United | g slow; market dull; Wisconsin | sacked round whites, 2.45 to 2.60; Mln-( nesota sacked round whites, 2.40; Idaho | sacked russets, 2.95 to 3.15; few 3.25. | the market on such a large scale last | UARY .21, 1930. FINANCI STOCK INCOME YIELD REVIVES MARKET FOR JUNIOR SECURITIES BY CHARLES F. SPEARE. Special Dispatch to The Star, NEW YORK, February 21.—That the factor of the income yield on common stocks in creating & public market for them is still an important one is evi- denced by the slowing down of the type of investment buying which came into| October and November and was respon- sible for the absorption of many millions of shares which had to be sold by those whose margins were exhausted. ‘The advance in junior securities from the low levels of last November has com- pletely changed the income yield status | ol many of the popular “equity” issues. | One of the constantly bearish arguments | last year was that the average return on common stock Was so much under the yields on bonds that the former were no longer attractive to the investor. Yield Basis Better. ‘This situation impelled one large New York trust company to send a letter to its clients suggesting the wisdom of re- ducing their holdings of common stocks because of their current low yields. Later, after the market had its break, this same institution recommended that, as the yleld basis for junior seourities had become so satisfactory, it seemed to be an opportune time to purchase them both for income and for appreciation. From the point last Summer where the average return on common stocks was below that on bonds there was a reversal within two months which estab- lished common at a slightly higher average yield than fixed interest securities. Now the situation has again changed and as ‘“equities” have ai vla';‘wsd the ylelds on them have de- clined. Meantime, there has been relatively little change in the average return on bonds which again is higher than that on representative common stocks. Therefore, there is no longer the in-| ducement to the average investor which was held out to him in the latter part of 1929 of withdrawing funds from savings banks which paid him 41, per cent or borrowing from life insurance companies at 5 per cent in order to buy stocks whose current yields at that time were above the general earning power of money elsewhere invested. A few illustrations will show con- cretely how conditions have changed. Take, for instance, American Telephone & Telegraph capital stock, which is the premier public utility investment in the United States and held by more investors than any other issue. Its dividend rate is 9 per cent. Change in Conditions. When the stock sold at 3101, last September its return to the holder of it was around 3 per cent. When it dropped to 197 in November the yield was 4.60 per cent. With a subsequent rally of over 40 points the net return to the investor is mow 3.75 per cent. Atchison common pays a dividend of 10 per cent, and selling around $300 share last year gave a yleld of about 3.30 per cent. Later it dropped to 195, where the return was over 5 per cent, which may be as satis- factory for a swock wl investment position is generally considered to be nearly equivalent to that of a high- grade preferred issue. The present vield is 414 per cent. General Eiectric, old stock, sold at 404, and with the cash dividend being paid at that time returned only 113 per cent, when it was costing the in- dividual who borfowed money to buy this stock over 10 per cent to carry it. Later at 16§ the yield was 3.60 per cent. Now on the new stock it is slightly over 2 per cent. An extreme instance of high price for a low dividend-pay stock is that of International Telephone & Tele- graph, which at 149 last year, gayln: a 2 per cent dividend, returned only 1.35 per cent. This was undoubtedly the cause for much lquidation, with a subsequent yield of 4 per cent when the stock touched 53 and a current return of 2.60 per cent. (Copyright, 1930.) GRAIN MARKETS. CHICAGO, February 21 (#).—Wheat prices here took a decided uward swing early today, influenced a brisk un- expected jump in quotations at Liver- pool. It was asserted that lurofm importers had accepted all available wheat tendered from this side of the At- lantic overnight, but only after the Canadian growers' pool had completely withdrawn its export offers. Opening 115 to 21, higher, Chicago wheat future deliveries afterward scored additional gains. Corn, oats and provisions rose also, with corn starting % to 1 up, and subsequently holding near the initial figures. Accompanying today’s gains in wheat values here were advices that a big ex- | port business in North American wheat had been done since yesterday. In this connection it was pointed out that as a rule whenever, as was the case yester- day, the Canadian growers' pool tem- porarily withdraws its export offers an upturn in Liverpool quotations follows and that demand abroad widens out. Further domestic Winter wheat crop damage advices were also at hand, no}t:hly éror;\ Missour. eports of purchases of flour in New York for -m',’;mnc to Great Britain were likewise among today's additional developments tending to encourage friends of higher prices for wheat. —_—m—m— . STOCK AND BOND MARKET AVERAGES By the Associated Press. From Yesterday" 30 Edition. STOCKS. 1838 .166.5 Total sales, 3,661,070 shares. 50 Industrials. BONDS. Today Previous day. Week ago. Year ago.. Two years Three years High (1930). Low (1930) ‘Total sales (par % Revised figures, 10 Industrials, 2.9 . 9 value), $9,939,000. (Copyright, 1930, Standard Statistics Co ) Larger cities served by Associated System in above arca shown by heavy-faced type ochester Nearness to markets ranks first in the location and relocation of in- dustry. Rochester, served by the Associated Gas and Electric System, is the center of a 350-mile area in which are 40% of the country’s re- tail outlets.This area, comprising 7.14% of the nation’s land, supports 36% of the population, which receives 46% of the national income. — 3rd Industrial Center of the 1st Industrial State Rochester, the world’s largest producer of photographic and optical goods, has 1700 manufacturing establishments. It offers to industry skilled labor at reasonable wage scales, transportation by 5 important rail lines, the Barge Canal and the Port on Lake Ontario. Dependable power, lighting and heating facilities are available at attractive rates. Famous for its diversified industries, high grade workmen and the quality of its products, Rochester ranks equally high educationally and culturally. It has beautiful residential sections and 60% of the wage earners own their homes. Ezxecutives interested in a strategic location within easy reach of one-third of the buyers in the country may obtain furthee information by addressing our Industrial Department. Associated Gas and Electric System 61 Broadway @ New York City e e AL. GROWTH IN TRUCK JOBBING IS Ritr iPrompt Shipment of Food- stuffs Under New Plan Aids Sales. Tk A—]S BY J. C. ROYLE. Truck jobbing, an outgrowth _of wagon retailing, although a newcomer in the wholesale fleld, has become so mm a factor that Government au- rities look toward it as a means by which much of the future distribu- tion to the Independent retailer will be accomplished. When the so-called “hand-to-mouth ! laid firm hold of the retalier s a permanent policy, the jobbers iound many of the outlets closed to them. They have now turned to the truck Jjobbing field, and there are now some 10,000 wagon jobbers in this country operating between 35,000 and 40,000 wagons and trucks. Most of these jobbers are operating in the food and grocery fields, the movement is spreading to other lines. It is said that the system gives the food products manufacturer an op- portunity to be his own wholesaler with consequently la: profit to himself and lower prices to his customers. This been a big tion in view of the recent consolidations in the food products manufacturing field. Once the routes are mapped out the trucks move with what is almost a railroad time table regularity. With assurance that the jobl 1 be on hand at a certain hour on a certain day, the retailer is able to wait till the last minute before stocking perishables and semi-perishables. The new system has built up a de- mand for drivers who not only are mechanics and chauffeurs, but who are salesmen and even sales councilors and advertising specialists. The value of mer: of this type has been clearly proved in the laundry and dairy industries. Statisticlans have been surprised in many cases of dairy and laundry con- solidations when business fell off in- stead of increased after the merger. In- mtl{:mn showed that the milk wagon and laundry wagon drivers had a firm hold on their individual customers and trade followed the driver and not the consolidation. (Copyright, 1930.) o NEW YORK COTTON. NEW YORK, February 21 (#).—Cot- ton opened steady at a decline of 6 to 8 points today under rather heavy sell- ing of old months by trade in- terests and liquidation or scattered sell- ing promoted by relatively easy Liver- pool cables. March liquidation continued, but it was largely in the way of switching, and the initial offerings were absorbed on the decline to 15.48 for May and 15.88 for October. 173 Complete in- stallation Dur- ing This Month in 12 Hours’ Time No Delay or Discomfort Terms to Su™ You! Phone or Write Washington Gas Light Co. Mouse Heating Divi National §280 We Invite Applications for IRST TRUST LOANS on Improved Property n NEARBY MONTGOMERY CO. D THE DISTRICT OF COLUMBIA Periods of 3, 5 or 10 Years i b C dent & Rutual Lite rance Co. National 9300 Guaranty First Mortgage Bonds are entirely safe invest- ments. ‘These non-fluctuat- ing securities issued to yleld 62 % are se- cured on improved real estate in Nation's Capital, and backed by our $3,800,000 re- sources. Place your investment funds in Guaranty PFirst Mortgage Bonds and enjoy the maximum istent with absolute safety. tions as low as $250 Monthly Payments if Desired Send for Booklet f “The Success Plan” » MORTGAGE & GUARANTY CorPORATION Capital Resources $3,800,000 24 JACKSON PLACE