Evening Star Newspaper, February 22, 1930, Page 13

> ‘"FINANCIAL. SERMON 70 DEPCT " FRST PRESIDENT Dr. Pierce Will Preach on “In- - spirations From Wash- ington’s Life.” At the Pirst Congregational Church, | Tenth and G streets, tomorrow morn- ing Dr. Jason Noble Pierce will speak on “Inspirations from Washington's Life.” He will have as his pulpit guest Rev. William C. Bell, agricultural mis- ry to Angola, West Africa. Dr. wig‘ speak t‘)filefly of his work . Plerce will speak at night on “Problems Alexander Hamilton Faced” @nd his address will be illustrated by ae motion picture “Alexander Hamil- ~& Pollowing the church night supper and prayer meeting Thursday, Dr. Pierce will speak in the auditorium on “Making"Good,” and his address will be illustrated by the photoplay “The River of Romance.” There will be a motion picture enter- tainment Saturday, at 8 benefit fund for the neety. All departments of the Sunday school meet at 9:45 a... . Sunday. The Senior Society of Christian Endeavor will have a tea in the Sunday school room at 5:50 p.m., wr' h will be followed at 6:30 o'clock by their regular meeting Dr. Miaso Suzuki will lead the meeting and the topic for discussion will be “The Value of the Christian ‘Nations.” The Young Peo- ple's Society of Christian Endeavor will meet at 6:30 p.m. tomorrow in the East Parlor of the church. Tudor Whiton will lead the meeting and the topic for discussion will be “The Privilege of DR. EARLE WILFLEY ANNOUNCES TOPIC Vermont Avenue Christian Pastor Invites Juniors to Service. *For the Love of it,” will be the sub- 303'. of Dr. Earle Wilfley’s sermon at 'he Vermont Avenue Christian Church tomorrow morning. This service will be attended by the members of the Junior church, boys and girls from 7 to 12 years of age under the direction of Mre. Richard C. Marks and Miss Ida MeMillan. In the evening Dr. Wilfley will give an illustrated lecture-sermon on “Jericho and the Jordan,” in the series he has been giving for the past 1l months on “A image to B Lands.” At the opening service of the church school all classes and departments will meet together in the church auditorium for a worship program led by Mrs. Helen M. Turley. 'fiknle No. 4 of the Woman's Council meet Tuesday at noon with Mrs. Henry G. Hanford, 3706 Military road, with Mrs. Fannie M. Foster and Mrs. H. L. Shepard assisting. ‘There will be a reception Wednes- day evening at the church with Senator and Mrs. John M. Robsion of Ken- tucky as honor guests. Senator Rob- sion for several years has been a teacher of the Everyman Bible Class, together wit hthe tor, Dr. Wilfley, and Mrs. Robsion has frequently ‘taught the National Woman's Bible Class. ‘The monthly meeting of the Church School Workers’ Council will be held | y evening. iy s % SRS g ADDRESS TO BIBLE CLASS. Representative Stalker Scheduled p.m., for khE] Bible for Non- | STOCK AND BOND By the Associated Press. High (1930) Low (1930). Total sa BUSINESS UPTURN GATHERS STRENTH Trade Reviews Report Con- tinuation of Advance Despite Setbacks. Special Dispatch to The Star, NEW YORK, February 22.—Although there are further evidences of better- ment in business, attributed partly to the return of warm weather through- out the country and the consequent re- lease of goods previously ordered for the coming open season, the trends still remains varied, according to the weekly commercial reviews. A wide- spread and decisive recovery from a major recession has yet to be wit- nessed, it is stated. Renewed weakness in the prices of raw materials, par- ticularly wheat and cotton, is listed as an_unfavorable factor. R. G. Dun & Co.’s weekly review of business says in part: “‘Complete uniformity of movement is scarcely to be expected on any occa- sion, but the irregularities, the sharply contrasting tendencies of the present period of readjustment are unusually prominent. Those phases, however, are not unnatural after a speculative con- vulsion of great intensity, time neces- sarily being required for the removal of restraining forces and influences making for hesitation. With a lual modification of the different obstacles to progress, the way is being opened for a more general advance, and con- fidence in the longer future is universal. “Current barriers to a more rapid commercial recuperation include the continued unsettlement in commodity markets, with renewed depression in the principal farm staples, and buyers are disposed to press their advantage while quotations are in an unstable position. The limiting of purchases to actual needs as they are disclosed is an al- most invariable result of uncertainty as to prices, with numerous commitments apparently being held in abeyance until the outlook in this respect becomes clearer. Steel Prices Now Firmer. “The downward trend in iron and steel appears to have been arrested. The best showing continues to be made by that industry, both in the matter of firmer prices and revival of production, and some additional gain has developed in the textile trade, considered as a whole. Prospects for an extension of the improvement in business are in- creased as Spring draws nearer, while retailing has been helped recently by more favorable weather over a wide area. Statistical indices still reveal to Talk at Local Church. Church, 1238 Thirty-first | ins street, tomorrow at 9:45 o'clock in the auditorium of the church. His subject will be “Recruiting Christian Workers.” F. J. Dixon will have charge of the lesson and give a short talk on it. The pastor, Dr. H. A. Kester, will preach at the church services 11 a.m. and 8 p.m. His subject in the morning will be “The Presence of God,” and the evening “A Cure for Troubles.” DINNER IS PLANNED. #Hit-and-Miss” Affair Being Staged by Eckington Presbyterians. Rev. Henry B. Wooding, pastor of the Eckington Presbyterian Church, North Capitol street corner Florida avenue, will speak tomorrow at 11 o'clock on the theme “The Romance of the Church,” and in the evening ;‘l 8 o'clock on the topic “Jesus the eacher. “Hit-and-miss” dinner will be served Thursday at 6:15 o'clock by the workers of the church. EVANGELISTIC SERVICE. Chicago Minister on Duty at Gospel Tabernacle. An evangelistic campaign is being conducted' by Rev. Ben Hardin of Chi- cago at the Full Gospel Tabernacle, North Capitol and K streets, and will continue next week. Services will be held nightly except Baturday at 7:45 o'clock and Sundays at 11 am. and 7:30 pm. He will speak to the Young Crusaders tomorrow eve- ning at 6:30 o'clock. Divine healing ice Tuesday at 7:45 p.m, PRAYER SERIES. The series of sermons on prayer will be continued at the Highlands Baptist Church with a sermon by Rev. N. M. Simmonds on “Does God Answer Prayer?” and in the evening, “Does God Call Men?"” ‘The women's circle will meet with Mrs. Alexander, 901 Rittenhouse street, Wednesday. Mrs. Alexander and Mrs. Yeager will serve as hostesses and pro- vide the lunch. The morning will be given to White Cross sewing and at 2 o'clock there will be a missionary pro- gram under the charge of Mrs. East. DR. DAUGHERTY PREACHES At the Memorial United Brethren Church, North Capitol and R streets, tomiorrow the pastor, Dr. S. B. Daugh- erty, will preach in the morning on #All and In All” and in the evening on “The Lost Christ.” The Christian Endeavor Societies will have special features in the evening. Pastor to Discuss Delusions. At Second Baptist Church, Third pastor, Rev. J. L. 5. Holloman, will ch tomorrow at 11 am. on “How Christian Religion Makes Life Suffi- cletitly Rich” and in the evening on - Delusions of the World.” Bible school, 9:30 am.; B. Y. P. U, 6 pm. i o e SR “Life’'s Golden Hours” Topic. At Northminster Presbyterian Church, a avenue and Kalmia road, tomor- Tow at 9:40 am. the church school will meet. Dr. Oito Braskamp, the pastor, will preach at 11 am. on “Life's Gold- en Hours.” Intermediate Christian En- leavor, 6:30 p.m.; Young People’s So- ety, 7 p.m.; prayer service, Thursday, losses from the highly satisfactory rec- ords of a year ago, yet comparisons with the low marks during last Decem- ber reflect distinct recovery in several tances. “Following the trend of most other statistical records, returns of this coun- try’s merchandise exports in January showed an extension of the decline that began in November. Preliminary offi- cial data recently released placed last month's exports at $417,000,000, or about $9,600,000 below December’s total inland $25,000,000 under the amount for November, The January figures are, in fact, the smallest reported sinee last August and fell off $71,000,000 from those of a year ago. “Contrasting with the decrease in exports, last month’s imports increased, although only slightly. Thus, the pre- liminary estimate of $312,000,000 com- pares with $309,800,000 in December and is, with that exception, less than the imports for all months since Feb- ruary, 1927, The contraction from the aggregate for a year ago was practi- cally $57,000,000.” > Situation Among Textiles. Bradstreet’s state of trade says, in part: “In the textiles the successive breaks in cotton to a point nearly 25 per cent below a year ago have tended to react on sales of manufactured products, but Spring cotton goods are selling better. ‘Wholesale trade notes a little more life in several lines, but orders are almost universally of the small though fre- quent class. Cotton mill curtailment is still in evidence at a number of centers, “Large sales of raw silk have fol- lowed price concessions made to move stocks. The bathing suit manufacturc industry is, as heretofore, one of the conspicuously active lines. | “In woolen goods the feature has | been a revision downward of opening prices of leading makers’ goods for Fall, this having been made possible by the lower trend of wool noted some time agol. Rayon and silk mills are generally active. Break in Wheat Prices. “Governmental activity in the wheat market creates an uneasy feeling. In some respects it tends to check short selling, which naturally would leave the markets without support from that class of traders on breaks. Export buy- ing and clearances are disappointing. Wheat prices in Winnipeg had a seri- ous break early and at one time during the week May wheat sold below the same delivery in Chicago. Argentine holders are competing with each other in European markets, with Argentina underselling all countries, The Cana- dian pool, however, has sold consider- able high-grade wheat and has been helped out by that government assist- ing the banks. | “A general view of the situation still | Teveals a reduced movement in indus- try and trade as compared with & year ago, but holds promise of resulting in better reports from now on, in out- door operations at least, and infer- entially aiding the ultimate throwing off of Winter dullness in a number of lines.” SERMON TOPIC GIVEN. Dr. Reynolds to Preach on “What Is Unpardonable Sin.” At the 11 o'clock service tomorrow morning at Wesley Methodist Episco- pal Church, Connecticut avenue and Jocelyn Dr. Fred C. Reynolds, w! “What Is the Unpard ‘The subject at the evening service, at 7 o'clock, will be “Jesus and the Law,” being a continuation of the series of u‘:fi‘:sm'y)&t b M" series, ne: un evening, | developed methods of THE EVENING STAR, WASHINGTON, D. C., SATURDAY, FEBRUARY 22, 1930. MARKET AVERAGES 5:30 Edition, Washington Ticker BY CLINTON COFFIN, Associated Press Stafl Writer. Marked differences of opinion over procedure have served to hold back for several days the launching of the spe- cial investigation into Federal Reserve, credit policies and possible banking legislation which the House of Repre- sentatives has ordered, but effective compromises were finally arranged this week. It is now expected that, begin- ning next Tuesday, the House banking and currency committee will be able to proceed with the inquiry. Much of the delay was occasioned by the suggestion, which came to the com- mittee members from administration quarters, to the effect that the investi- gation would be facilitated materially if an advisory board could be infor- mally set up, including W. Randolph Burgess, assistant Federal Reserve agent of the New York Reserve Bank; somc higher officials of the Treasury, John H. Pole, controller of the currency, and one or more members of the Reserve Board. In executive discussions the House committee finally voted down propositions to create such a body, but did agree to summon and hear first in the inquiry from the group of peo- ple described. % The direction of the executive dis- cussions rather clearly outlined the two branches of inquiry with which the committee sessions will have to cope. On one hand, the investigation will be called upon to consider whether the Federal Reserve control of credit during the last two years has been adequate and proper, with some digression into the international aspects of rediscount rate changes in the American banking system. The second branch of inquiry will relate to proposals to reconstruct national banking law in such fashion as to permit widespread establishment of branches. “There is no question but that we shall bring out the extreme variance there is in opinion as to both these matters,” said Representative Strong of Kansas, who is a senior Republican member of the currency committee and an outspoken opponent of extended branch banking. “Personally, I want to see the law forbid the growth of branch banking and of chain banking, which iatter system seems to me a merely temporary phase of banking merger, the operators of which intend in the long run to set up branch sys- tems. It is rather significant that the growth of chain banking organization in the Northwest has been so marked that in one State—Wisconsin—some 300 independent unit banks are now associating themselves into a single group, and considering ways and means of co-operation that will let them main- tain individual character, and yet com- pete with the special advantages of the chain institutions. “Further, some of us still have the opinion that the reserve board should take responsibility for stabilizing the purchasing power of the dollar by ma- nipulating iscount rates; indeed, that this should be the principal duty of the board in the conduct of the institution. That issue will doubtless come up as the hearings proceed.” In refusing the Northern Pacific and Great Northern Railroads permission to unite unless they divest themselves of their present joint ownership of the vll';!lfl important Burlington system, which was the decision announced yes- terday by the Interstate Commerce Commission, that body has again dem- onstrated its intention to cling to its program in the matter of railroad con- solidation. These three lines have maintained a very substantial degree of joint organization ever since the late J. J. Hill evolved methods of mutualiz- ing their operations, nearly 30 years ago. The two Northern roads each own half of the Burlington, and the 25,000 miles of trunk line the three operate is a dominant element in the rail system of the West, | In drafting its general plan for na- tional railroad consolidation last Fall the commission proposed to cut up the established grouping of the Hill roads, even though the three roads composing 1t were on record with a hard-pressed application for authority to merge their present corporate organizations. The Government scheme calls for an inde- pendent Burlington system, and the commission yesterday made it clear that this would be insisted upon, even though the Northern Pacific and Great Tolrthem ‘were themselves permitted to join. Hardly anybody in the railroad field expects the Northern lines to accept that part of the tommission’s finding which proposes to have the Burlington divorced from the partnership. The three systems long have functioned to- gether in dealing with Northwestern and transcontinental traffic, and have supplementing each other’s facilities on an important scale. Protracted resistance is confi- dently anticipated if the Government follows up the commission decision sug- gesting the separation of the three. January figures of American automo- bile production, as worked out by the Commerce Department, showed that the industry began making rapid strides in 1930 to recover from the slump in which it closed 1929. The actual num- ber of machines manufactured during the month was 273,089, or considerably more than double the December output of 120,004 cars and trucks. It was, however, substantially less than the production of January last year, which amounted to 401,037 cars and trucks. Reports indicate that the February performance of automobile plants wiil be even better than that of January, though it is unlikely that the high pro- duction records of 1929 will be equaled in the Spring months this year. In spite of the long established pres- tige of French preparations of that class, American makers of rouge and lip | sticks, customs records disclose, are able to find a substantial market for such products right in France. The latest monthly compilation of export figures shows that France is the third best na- tional customer for American rouge and | lip sticks, and is only exceeded by Great Britain and Canada in its imports. In the matter of the more innocuous talcum powder, however, American cos- meticians are less successful in meeting French favor. Though large exports of talcum are shown by the month’s rec- ords as going to the Phflé))plnes. tn In- dia and to the West Indies, the ship- ments from the United States to Buro- pean countrjes are practically negligible, Sunday Is Lecture Topic. “Sunday in the New Testament” will be the subject of the lecture by Dr. B, G. Wi n, dean of theology of Washington Missionary College, tomor- row evening in the L’Alglon audito- | rium, Eighteenth street and Columbia Rangoon, India, UTILITIES HOLDING FIRM SHOWS GAIN North American Co. Issues Report Revealing Increase in Net Income. BY EDWARD C. STONE. Details from the preliminary report of the North America Co., heavy owner of stock in the Washington Railway & Electric Co., for the year ended Decem- ber, 31, 1929, shows net income of $28,- 806,824, after in- terest, ” taxes, de- preciation, prefer- red dividends of subsidiaries, ete., equivalent after 6 per cent preferred dividends, o $5.03 a share eafned on 5,361,602 average number of no-par common shares outstanding during the year and $4.82 a_share on 5.603,- 839 common sheres outstanding at _the end of year. This compares with $24,- 402,753, or $4.68 a share on 4,820.476 average number of shares outstanding during 1928 and $4.50 a share on 5,011,- 960 common shares outstanding at end of that year. Preliminary consolidated income ac~ i‘mmt for year 1929, compares as fol- lows: T. J. Manigan Jr. 1929 1928 Gross ..$147,779,869 $135,551,899 Op. exp. & tax 76,451,59: 71,152,647 764,399,252 4200936 $68,690,188 18.243,609 9,961,983 1,807,179 14,274,664 _'20‘402.753 1,820,032 Net from op. §7 Other income. . Int. chgs., etc.. Pf. divs. subs., Min. int....... Depreciation .. 18,630,754 10,463,963 2,360,812 15,619,678 Net.income. . $28,806,824 Prd. divs. 1,820,034 Com. divs. 5,353,019 4,806,549 Surplus ..... $21,63: $17,776,172 Mangan Manages New Office. Another New York Stock Exchange | house has added a Washington ofice to its list during the past week, Hemp- hill, Noyes & Co. having installed the translux service and other equipment in the new Shoreham Building. Thomas J. Mangan, jr., is manager of the office, assuming the duties of the position after several years’ affiliation with the investment field in Washington. The members of his staff are also well known in local finance, while the office is the twenty-fifth branch which the company g;s established outside of New York y. C. & 0. Makes Fine Showing. Local stockholders in the Chesapeake & Ohio Railroad were commenting t day on the road’s fine showing in Jan- uary. While many roads have reported decreased returns the C. & O. reports an increase in both gross and net re- ceipts, compared with January, 1929. The road’s gross revenues increased $222,000 and net income after all charges made a gain of $688,000. The earnings follo 1930. 1929, January gross...$10,861,878 $10,639,199 Net oper. inc.... 3,364,432 2,851,906 “Surp. after chgs. 2,940,524 2,252,556 *After sinking fund appropriations, Huge Gain in Estate Values, Gross value of estates as shown by Federal tax returns for 1928, which have just become available, mounted to three and a half billion dollars, a gain of 12 per cent, or $381,000,000, over the 1927 total, Joseph S. McCoy, United States Government actuary of the Treasury Department, said at the New York trust conference, in present- ing an address replete with new sta- tistics. His subject was “The Growing Field for Trust Service” and the fig- ures he gave develo] his topie with- out the necessity for explanation of their meaning. Savings Conference Program Out. ‘Topics to be discussed at the coming regional savings conference in New York on March 20 and 21 have been announced by the American Bankers’ Association. They include advertising, persopal loan department, cost account- ing and audit control, pension and bonus plan, interest from day of de- posit and open end utility mortgage bonds. Local bankers declare that this is sure to be one of the best confer- ences of the kind ever held. ‘Washington will send a large dele- gation. The banquet on the second night will be a feature, the chief speaker being Julius Barnes. of the local bankers’ association is plan- ning to mail further details about the | S meeting to members. As previously an- nounced, Howard Moran, vice president of the American Security & Trust Co., is on the banquet committee. Gleaned in Financial District. ‘The banks and brokerage houses in the Capital paid tribute to Washington wt{ay. the financial district being very quiet. Over 70 out-of-town guests will at- tend the A. I. B. banquet at the Wil- lard this evening. Officers of the local chapter will give them a breakfast Sun- day morning at the Manor Club. L. A. Yerkes of New York, president of du Pont Rayon Co., and a director of E. I du Pont de Nemours & Co., has been elected a director of Seaboard Alr Line Railway. Pennsylvania Railroad in 1929 earned $8.82 a share on 11495128 shares, against $7.35 on 11,233,479 shares in 1928. J. C. Penney Co., which has a chain of stores in Virginia, reports 1929 earn- ings $4.66 a share on 2,399,661 common shares, against $14.12 a share on 667,888 shares in 1928. Plans are being prepared by the Fed- eral Rescrve Bank of Richmond for the | & enlargement of its present main build- |Chase ing at Ninth and Pranklin streets, in | Ghs! Richmond. The new structure will cost approximately $1,000,000 and will oc- cupy a space 75 by 120 feet. Insurance Officers Elected. At the annual meeting of the trus- tees of the Mutual Investment Fire In- | Lebs surance Co. of the District of Columbia, held at the company’s office in the |y ‘Washington Loan & Trust Building, the | Vielrose following officers were elected for the fifth consecutive term: Vincent L. Toomey, president; M. Frank Ruppert, vice president; Frank- lin P. Nash, treasurer, and Horace L. Beall, secretary. ‘The directors declared the annual dividend and reported the largest amount of insurance in force in the history of the company. BUILDING CONTRACTS. By the Associated Press. ‘The daily average of new contracts let for building construction last weck |[Bk NY & T, in territory east of the Rocky Moun- tains, as reported through the Census Bureau and compared: with preceding weeks, 1s as follows: Week ending February 15, $8,739,000; preceding week, $9,737,000; same week last year, $13,670,000, Market Holiday By the Assoclated Press. NEW YORK, February 22—Today being Washington's birthday, a legal holiday, the New York Stock Exchange. 1 2] Curb Exchange, securities market of the New York Produce Exchange and all other leading ty and com- President Waller |F | INCOME TAX —] Taxpayers are advised by the Bureau of Internal Revenue carefully to pre- sent their claims with regard to deduc- tions for losses. To be allowed, such losses must conform closely to the wording of the statute. Losses are de- ductible if incurred in the taxpayer's trade, business or profession, in any transaction entered into for profit, or from fires, storms, shipwrecks or other | casualties, or by theft, if not compen- sated for by insurance or otherwise. The term “transaction entered into for profit” means any kind of business proposition. For example, a.taxpayer purchases automobile to be used for business purposes, which he sells at a loss. As this is a business proposition from start to finish, the loss sustained is deductible. But if he had purchased the automobile to be used for pleasure or convenience, the deduction would not be allowable. It was not a transaction entered into for profit. Business losses result, usually, from the purchase and sale of merchandise. | Such losses usually are ascertained by means of inventories, which are re- quired whenever in the opinion of the commissioner of internal revenue their use is necessary to determine the in- come of any taxpayer, IGLEHART ANALYZES MARYLAND UTILITY A special analysis of Consolidated Gas, Electric Light & Power Co. of Baltimore was published today by the statistical department of J. A, W. Igle- hart & Co. Founded in 1816, the Con- solidated now serves a territory of nearly 1,400 square miles, and is the Jargest public utility in this section The company ras recently extended its gas service southward as far as An- | napolis and is now extending its pipes 15 miles north to Reisterstown. According to the analysis, the Con- solidated is constantly acquiring new business and has signed valuable con- tracts with the Western Electric Co., the new aircraft plant of the Glenn L. Martin Co. and others. Besides ex- panding its power output, the company is rapidly developing both its steam business and its gas business. At the same time, the analysis points out, the company during the period of 1923 to 1929 has called all of its high coupon bonds and curtailed its cost for fixed capital to a marked degree. In addition it has called all of its 8%, 7% and 61t % preferred stock and charged off the entire cost of this financing to current earnings. Val- uable rights have been given to the holders of the company’s common stock and, at the same time, several reduc- tions have been made in rates to co: sumers, ‘The analysis states that interest on all of the company's bonds is earned more than three times and that ce tain of the senior underlying obliga- tions show interest earned more than 20 times. A comparison of price-ear ings ratios with 10 other major utili- ties is made in the analysis. WESTERN MARYLAND RWY. BALTIMORE, February 22 (Spe- cial).—Earnings of the Western Mary- land Railway Co. continue to show sub- stantial increases over those of a year | ago, according to the weekly. statements issued by the carrier. Estimated earn- ings for the week ended February 14 totaled $368,922.77, an increase of $2,619.42 over the same week last year. For the two weeks ended February 14 estimated earnings amounted to $735,- 67179, a gain of $3,065.09. Total earnings for the current fiscal year to date aggregated $2,293,189.37, an increase of $60,959.55, or 3 per cent E over the corresponding period a year ago. L B e S BANK CLEARINGS. Bank clearings this week at all lead- ing cities in the United States, as re- ported to Dun'’s Review, amount to $10,- 853,919,000, and_show a decline of 21 | per cent, from those of a year ago. At New York City, clearings of $7,118.000,- 000 were 25.9 per ¢ent lower, while the aggregata for the principel centers out- | side of New York of $3, ,919,000 was | 9.5 per cent below last year's. The losses continue large, but this week’s return is slightly better than any since the early part of January. At nearly all of the leading centers bank clearings are still lower than 'at this time last ye: Outside of New York losses are particu- larly heavy at the West and South. Clearings for the week, as reported to R. G. Dun & Co., and average daily bank clearings for the last four months are compared herewith Week b. 20,1030, 000 00 NEW YORK BANK STOCKS. NEW YORK, February 22 (Special) — Yesterday's bid and asked prices on | New York bank and trust company | stocks follow: Bid, Asked. America . 12813 132 1287 13 arriman . Industrial Anon Lefcourt Prisco State Public . Seward Sterling. Yorkville .... Trust Companies. Bankers' Eulton . Juaranty Hibernia Interstate Internationai Int Ger Lt EZR225853! £ rving . Law Tle'& Manutactul PENNSY NET IN 1329 ATNEW HIGH MARK Income of $101,360,971 Is Gain of $18,943,595 Qver 1928, Report Says. The Pennsylvania Railroad's net in- come for 1929, according to an official statement received here yesterday, reached & new,high record of $101,360,- 971, an increase of $18,943,595 over the 1928 figures. It was the' fourth suc- cessive year the company had achieved a new high record in net income. The volume of business handled in 1929, while greater than that of 1928, it was stated, was not as large as that moved in_the peak years of 1925 and 1926. “The record-breaking net in- come earned last year it was an- nounced, “was the direct result of an intensive program of efficiency and economy in every phase of operations and the heavy expenditures made in recent years to improve and extend the company’s transportation property.” The net income earned in 1920 was equivalent to 17.64 per cent on the $574,756,400 of outstanding capital stock, as compared with 1496 in the previous year. The net income each share of stock in 1920 ($50 per value), was $8.82, as compared with $7.35 in 1928. Dividends paid in 1920 amounted to $46,835,965, the largest yearly dividend disbursement in the company’s history, and an increase of $8,664,343 over 1928, The railway operating revenues for 1929 amounted to $682,702,931, an in- crease of $32,125,614 over the previous year, Freight revenue increased $25,602,005, but passenger revenues decreased $1,- 596,106, reflecting, the company says, the continued effect of motor vehicle operations upon rail traffic. “The per cent of decrease in 1929, the company says, “was by far the lowest recorded in the last three years, indicating the | probability that the company's rail pa%u-nger business is becoming stabil- ized.” Railway operating expenses showed an advance of $12,978,958, the increase resulting largely from heavier trans. portation and maintenance expendi- tures. While the rallway operating revenues increased 4.9 per cent, ex- penses advanced only 2.7 per cent. Non-operating income, chiefly divi- dends on stock owned and interest on investments, totaled $48,791,499, an in- crease of $4,255,841. The Queen of Denmark has become an_amateur motion picture enthusiast. Real Estate Loans Made Linkins Co. First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 806 15th St. N.W. Phene National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Wm. Gordotfn Buchanan Councilor & Buchanan Certifieg FPublie Acseuntanta National 611061116213 (Telephone Directory Omission) Secured by first Veevalfioe "fnterent acea Joseph 1. Weller ENTERFRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W. 63rd Issue of Stock Now Open for Subscription Shares of Stock, $1.00 Each Payable Monthly James E. Connelly James F. Shes President Secretary Secured by First Mortgages Safe—Conservative Make your saving: 42 Years' and surplus ful Experience work for you the highest inter. in finaneine homes and in the est rate consist- sale of these se- curities. Wm. H. Saunders Co. Inc. REALTORS Dist. 1015 1433 K Investment Securities A Common Stock_earning $3.50 a_share. paving $2: yields 9% present Curb market. COURTLAND NIXON, 1518 K St. Nat. 1926 For the man who real- izes- that a reserve fund of well secured invest- ments will yield a steady secondary income over every up and down fluc- tuation of business » We Recommend First Mortgage Notes With a Safe and Prompt Yield of 61/2 70 New York. Pacific orerron Priei i 58 SRR 4 aza State T & Times Sauar: Title Guar . Graeharists 2555 E HANNON. & LUCH| 1435 K St. Nat. 2345 FINANCIAL, 3 NEW YORK, February 22.—The fol- lowing is today’s summary of important corporation news prepared by Standard Statistics Co., 'Inc., New York, for the Assoclated Press. News Trend. Trade reviews of the week end note a marked betterment in a number of lines with the advent of warm weather. Shipment of materials and supplies for use in the coming open season have been increased substantially, trade in lighter weight goods has been enlivened and Spring work has received consider- able impetus. The general industrial and trade situation continues to reveal reduced movement, but gives promise of better progress, especially in outdoor operations. Bank clearings for the week ended February 20, continue sharply below a year ago. Total clearings in the princi- pal cities of the country amounted to $11,334,754,000, an increase of 28.8 per cent over last week, which included a holiday, but a decrease of 20.5 per cent from the like week of 1929. New York City clearings aggregated $7,118,000,000, ago. Business failures for the week of February 20, number 560, which com- pares with 572 in the previous week, and 403 in the like week of 1929. Agriculture, llinois Grain Corporation, organized to operate in conjunction with Parmers’ National Grain Corporation, in the di- recting grain into channels of co-oper- ative marketing. Coal. Benefiting from a high level of in- dustrial activity, the bituminous coal Industry experienced moderate earnings improvement in 1929. Evidence on hand indicates, however, that not only will this profits increase be checked during the Initial quarter of 1930, but that returns are unlikely to reach those of the ltke months of last year. As a result of the less satisfactory general business conditions prevailing, demand from industrial consumers of coal is suffering curtailment. Production, on the other hand, is being maintained at a substantial rate, which suggests the possibility of accumulation of excessive stocks. | market has already weakened sufficient- ly to check seasonal price improvement and prospects are that the Spring re- duction in quotations may be more se- vere than normally, oil. Nineteen twenty-nine domestic crude oil production is estimated at 1,006,000,- 000 barrels, an increase of 12 per cent |over 1928." World production for the | year is placed at 1,488,604,000 barrels, up 12 per cent from 1928. Of the total a decline of 25.8 per cent from a year | ‘The statistical position of the | A—13 world production the United States produced 67.6 per cent, as against 68 }::t cent in 1928 and 71.4 per cent in The Companies. Buckeye Pipe Line earned $5.76 on common stock in the yeaf 1929 vs, $6.03 in 1928, Commonwealth & Southern earned 75 cents in the year 1929 vs. 58 cents in 1928. Electric Household Utilities estimated common share earnings, $4.35 for the year 1929, vs. $245 in 1928. Goldblatt Bros., estimated 19290 earn- i‘r;gs’, $3.85 a common share, vs. $1.85 in Grand Rapids Store Equipmen earned $2.04 a share in 1929 vs. in 1928, Honolulu Consolidated Ol e $2.33 on common stock in year t Co. $1.23 arned 1929, vs. $2.49 in 1928, Midvale Co. earnings, year 1929 (pre- liminary), $6.84 on common stock vs. $4.90 in 1928. Quaker Oats declares extra dividend of $4 and stock dividend of 20 per cent in addition to regular quarterly dividend of $1 on common stock. Richfield Oil of California reported negotiating for acquisition of Pacific Western Oil Corporation. Sheffield Steel to sell $1,500,000 first mortgage 5'; per cent bonds, series of 1928. Proceeds to pay off bank loans and accounts payable for construction. Stutz Motor Car bondholders organ- ize protective committee to represent interests in reorganization of company. Swedish Match earned $5.38 on com- ‘r;\‘m;g;;'nck in year 1929, against $4.86 ‘Tri-Utilities Corporation earned $3.52 on common stock in fiscal year o No- ‘vember 30, 1929, J. 8. Young Co. earned $12.21 on common stock in year 1929, against $15.40 in 1928. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. First Trust Money Available JAMES F. SHEA a Ave. N.-W. Consult Us Regarding . Your Maturing Mortgage. LONG-TERM REAL ESTATE LOANS Home: Mort, FIRST THE BETTER PART WE MAKE FIRST MORTGAGES ON Apartments and Busin District of Columbia and Nearby Maryland and Virginia RANDALL H. HAGNER & COMPANY, INC. 1321 Connecticut Avenue Properties in the Decatur 3600 Loan Correspondent New York Life Insurance Company MORTGAGES OF VALOR. Indications this year point to a bumper crop of discretion. Right now many investors are going over their holdings, sup- planting weak securities with sound values. A simple rule for improving your investment purchases is to include a proper proportion of our safe 6%,% FIRST MORTGAGES They will be first mortgages on improved property in Wash- ington secured by land and buildings which have been con- servatively appraised. May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. NW, IS NO SUBSTITUTE FOR SAFETY ver a Third of a Century Without a Loss THERE How Is YOUR Financial Ballast? MERICA'S financial stability is shown by the remarkable recovery from what threatened to be a panic only a few months ago. And those with the best financial ballast survived the storm without a penny’s loss. They were the ones who had their savings in safe and high- grade investments such as the First Mort- gage Notes sold thropgh Swartzell, Rheem & Hensey Company. These First Mortgage Notes do not fluctu- ate in value. They make the best founda- tion for a sound financial structure. The notes yield 6 per cent income annually and in more than sixty years since the founding of this Company not a penny has been lost in either principal or interest to any investor. You may purchase these First M age Notes in denominations of $100, $200, $500 and upwards. SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET N.W. / WASHINGTON D.C.