Evening Star Newspaper, February 24, 1930, Page 12

D STEYR FACES. MONEY TROUBLES Bank Failure Cripples Auto . Plant, Austrian Town’s Industrial Heart. Bteyr, Austria, faces fiscal difficulty Pecause a bank falled which controlled | Austria’s largest automobile plant, situ- | ated there. The plant was the indus- trial heart of Steyr. When the “heart” recently stopped beating hundreds of employes were thrown out of work and the city’s finances suffered. “Steyr is a city of about 22,000 peo- | ple, located about 40 miles south of the | Czechoslovak border and about 90 miles | west of Vienna. For more than 800 years the city has made weapons; more Tecently it has manufactured automo- biles and bicycles,” says a bulletin from | the National Geographic Society. “In spite of modern smokestacks from factories in its suburbs, Steyr has man- aged to maintain its rank among the picture towns of Austria. The main portion of the city occupies a tongue of land with the Enns Rive washing | its suoth ‘sea’ wall, and the Steyr River, Special Dispatch to The Star. DETROIT, February 24—In spite of slackened sales, which have held down production since November, executives of the automobile companies expect that March will usher in the usual rush to buy new cars, the more so because severe Winter conditions are believed to | have created a backlog of deferred pur- | chasing that will manifest itself with the coming of favorable weather. 1 The hoped-for upturn will find the | distribution end well stocked up and | dealers will welcome an opportunity to | work off surpluses of both new and used | cars_that have been accumulating for | the last four months. This possibility, it is calculated, has to be counted against first quarter | operations, the scope of which will be | determined largely by the March out- put. The January total, according to the official figures of the National Automobile Chamber of Commerce, amounted to 208,325 and showed & drop of 30 per cent from the production of January one year ago. February may show somewhat bet- ter, but increases are likely to be cred- ited to the lowest-priced division, The total for all makes will receive its big- gest bulge from the Ford jump, which was from 5,500 to 7,000 daily during the first week in February. . There has been no further change in the factory volume in the last week.! Excepting Ford and the low-priced division, cars are being turned out at a rate figured to be slightly above one- third of capacity. COMPOSERS PROTEST | NEW COPYRIGHT BILL | % | “Performing Rights” Imperiled by Measure in Commons, They Say. LONDON, January 11 (#).—A protest against the musical copyright bill pend- AVIATION INDUSTRY OUTLOOK HELD GOOD Analysis Declares Firms Have Now Passed Through Period of Readjustment. The period of readjustment which the | aviation industry of the United States Automobile Producers Expect Increase |SHOE PRODUCTION In Sales Total During Spring Months SHOWS GAIN IN U. S. Reports From Manufacturers Re- veal Stepping Up of All Schedules. Optimism is growing among the shoe manufacturers of the country. Retail- ers have made their purchases on a hand-to-mouth basis since January 1, but stocks are very low and shelves must be replenished shortly in anticipa- tion of the Summer trade. The fact that Easter comes late this year is holding back some orders, but production, ac- cording to Government reports, is in- creasing steadily. One unmistakable trend is making itself apparent in the industry. That is the determination of manufacturers to establish their own retail outlets, It is worthy of notice that the shoe manu- facturers who have made the largest and most consistent profits in recent years are those which have their own retail stores. Business from the chain stores hea not been entirely satisfactory. The chains, buying in large quantities, have demanded that makers fiil their orders practically at the purchaser’s price. As a result, some manufacturers are turn- ing down business of this character, They declare some chains have re- duced prices so low at retail as almost to reach the factory cost level. These factory price levels are now fessor St. other cougl time, Mrs. B. W. Hoppe of 2289 Pro- Cleveland, first tried REM over five years ago as an experiment--but the Hoppe family has not exl:erimrmcd with any remedy since that “I found there’s nothing waiting the chance to give you the that etops a cough like REM, says Mrs. Hoppe, “and it’s plea- sant to'take, too. The children get coughs at times, for they’re always outdoors all winter long. And I et, coughs also, but REM’s never }niled to help any of usin all the time we've been using it.” It's time for you, too, to stop expes menting and come to REM. It's same quick relief that so many others testify to. Be sure to get REM-—the blue package with the orange circle, Every druggist hasit First Mortgage Loans Lowest Rates of Interest and Commission ! Thomas J. Fisher & Company, Inc, Investment Securities paptne B Tl B preans “Corh marhet s : COURTLAND NIXON, 1518 K St. Nat. 1926 ENTERPRISE SERIAL BUILDING ASSOCIATION 7th St. & La. Ave. N.W, 63rd ,.t‘:r :-l‘nl Now Open Shares of Stock, $1.00 Each Payable Monthly James E. James F. Shes President Secretary First Trust Money Available JAMES F. SHEA 643 Louisiana Ave. N.W, Announcement CULL & CULE | The Home Title Insurance Co. OF THE DISTRICT OF COLUMBIA Jupson T. Cur Juosox T. OULL, JR. OHALMERS F. Grorr its north wall At the end of the ‘tongue’ bridges connect the city with Ennsdorf, a suburb on the opposite side | of the Enns and with Steyrdorf, across the Steyr. | “The railroad station is in Ennsdorf. | A 10-minute taxi ride from the station | to the public square, the center of life | |ing in the House of Commons, which, pretty well stabilized. Leather and other raw materials and labor show few changes in price status. Leather pur- | REM'S exclusive formula :I}!‘:‘SFS hndvt"b'en reduced to bare neces- | I l f sities_an 3 ¢ with- . e e TATEStE s 5 o explains its splendid they say, will “deprive the composer | 2% €xperienced during the past nine President Sec’y & Treas, Asst. Secy. and Treas, of his iast remaining effective source Months, ifl the opinion of Hornblower & | of income, his performing rights,” has| Weeks, is comparable to the conditions | been .made by prominent British com-| which existed during the early years of | y 3 POFhe statement, whioh is signed by the development of the motor car in- w | dustry. In a survey on the outlook for Announce the Removal of Their Offices From the Equity Building, 319 John Marshall Place, drawn from the hide markets. As a re- sult, stocks of leather are low and this Frederick Austin, composer of the new has brightened the outlook for the hide in Steyr, discloses a medley of medieval | and modern sights. For about 3 of the Jast 10 minutes the auto passes a spa- cious parkway with shaded walks. Castle and Cathedral Dominate. ! “Another minute or two is consumed | erossing the Enns Bridge, under which | swarm small river boats. Then come streets that take one back to centuries before America was discovered . Steep- | bled houses of three and four stories | line the clean, cobbled streets. Above | them rises the graceful tower of & gothic cathedral. and_the bulk of its nave. Steyr Castle (Schloss Steyr) is situated near the end of the tongue. “The square gradually opens for a| block and then its sides run parallel for two or three blocks. so that a bird’s-eye view suggests the sharp end of a stubby pencil. Milk “Maids” at 65. “The square, too, is hemmed in by fine old buildings. Here is a gem of the fifteenth century, its weatherbeaten facade adorned with a sign extolling the quality of lobsters served in a res-| taurant on its first floor. Next door is | a laundry where proprietors admit, in | large letters, that they use strong| chemicals to clean your clothes. Fre- quent rows of kegs, piled in front of curtained dows, indicate that pro- hibition ha8 not touched Steyr. “Hotels in the square furnish com- fortable rooms and interesting pano- ramas. From the windows of upper stories one may look down upon urban, suburban and rural Steyrites. The peasant men wear clothes like those seen in the streets of Vienna, but now and then a peasant will appear in gar- ments of a bygone fashions Modern styles adorn some of the women folk, but there are milk ‘maids’ (some are ‘maids’ of 65 years) in voluminous, sole- | length skirts. These women are often seen between the shaft's of diminutive | dog carts, but more often they are directing their canine charges. Industrial Suburb Is City's Pulse. “The Rathaus (city hall) has stood, notwithstanding the haranguing of city fathers in its great council chambers, for nearly two centuries. Facing it is the Lowen Wirtshaus (Lion Restau- rant). Nearby is the Dominikanes Kirche, built 300 years ago. Its pres- | ent interior was adorned while George | Washington and his army nearly froze at Valley Forge. “An architectural gem of the city is the Parish Church, begun nearly half a century before America’s discovery and completed 100 years later. “All these historic relics of Steyr oc- cupy the Enns side of the ‘tongue. Nearly half of the old town bordering the Steyr is a parkway. “Steyrdorf, across the Steyr, is the manufacturing suburb and pulse of the city. Steyr was first mentioned in his- toric documents in 985. By the twelfth century its fine swords and other made from fron mined near were shipped to all parts of Mysterious Stone Shown. A stone which turns from black to red when subjected to heat and causes a red rash if kept in continuous contact with the skin was displayed for the first time recently by Dr. Holub of | Prague, Czechoslovakia. When placed | under electric light, it became orange red. Dr. Holub bought the stone from a miner. who obtained it from the ruby mines of Central Australia. It is be- version of the “Beggar’s Opera”; Capt. | Harry Graham, who wrote the “Maid of | the Mountains,” and H. Fraser Simson, another well known composer, says thlt’ composers have been hard hit by the gramaphone and radio broadcasting. “It is proposed in this bill,” says the statement, “that by paying the ridicu-| lous sum of twopence {0 cover the per-| forming rights (of which sum the pub- | lishers would naturally take a share) | the purchaser of a piece of copyright | music would be at liberty to perform | that music in public, and apparently as | often as he pleased, while it was in his| possession. “Are Shaw, Barrie, Galsworthy and | the rest of the playwrights whose work 1s issued in printed form to be re- quired to deliver the right of public performance of their plays to any chance purchaser on similar terms?” TALKIES IN ENGLISH RESENTED BY FRENCH “We Can't Understand, Money Back!” Is Cry After Ameri- can Offerings. By the Associated Press. PARIS, January 11.—French re- sentment at American talkies in Eng- lish reached its height at the first few showings of the Moulin Rouge, just converted into a movie house. ‘The incidents are cited by newspapers as evidence that talkies in a foreign tongue won't go_there. A%:)ut all the French got was a series of chapter headings, long dialogues and fast, laughable repartee. These were frequently covered by a single sentence in French, flashed on the screen after the fun was over. “Translation! Give us a French show! ‘We can’t understand it; Money back! were cries that disturbed several per- formances, and on one occasion started a small riot. Police were called and some spectators arrested. Two rows of seats were broken. Sabotage by rivals was charged by the Moulin Rouge manager, Pierre Fou- cret. Four of those arrested, he said, a row. tried to get a French talkie, “but there was none.” A poster now warns the only subtitles in French. Electric Light Hastens Wheat. The Canadian Agriculture Depart- is conducting experiments in the direc- tion of improving the wheat crop of and producing hybrids it is hoped to produce hardier varieties and possibly a grain which will grow two crops a year. tric lights have resulted in the produc- tion of the hybrids in one-half the usual. time. Thus experiments which usually require eight years are being done in four. The element of time in this work is very important, Burma produced 262,000,000 gallons lieved to contain some unknown ray. of oil last year. | process, that has placed the leading| admitted they had been hired to start | A It also was explained that the theater | public that the talkie is in English, with | g; ment at the Ottawa Experiment Station | G the country and by crossing the grain |N. Y. Some trials of stimulating the growth | g of the seed by the, use of banks of elec- | S the aviation industry the bankers say! in part: “The aircraft industry has, since the middle of last year, been undergoing a period of readjusiment and consoli- dation, a weeding out and solidifying companies on a sounder basis than has héretofore existed. The market collapse of 1929 was additionally responsible for the low prices of stocks of the strong aeroplane manufacturing companies which, as represented by market condi- tions today, as well as the outlook for business for the coming year, obviously do not reflect the real status of the outstanding units in the industry. “Further readjustment will undoubt- edly be witnessed this year, but it should prove generally constructive to the in- dustry and particularly so, we believe, with respect to the prices of the sound- est aeroplane manufacturing securities. If we learn anything from the history of the automobile industry, it is that the early readjustments were no less severe than the realignment going on today in the aircraft industry, and that out of it all grew General Motors, Ford, Packard and other companies of tower- ing strength, great earning ability, and predominant position. We venture to predict a parallel development in aviation.” Pierce-Arrow Motor Co. BUFFALO, N. Y., February 24 ().— The Plerce-Arrow Motor Car Co. today issued its annual report for 1929, show- ing net profits of $2,566,111, as com- pared with losses of $1,293,025 sustained in the preceding year. The report covers the first complete year's operations of the company as reorganized with ex- panded resources under the control of the Studebaker Corporation. Net sales amounted to $27,962,857, as compared with $19,436,672 in 1928, a gain of 43.8 per cent. Dividends on the 6 per cent cumulative preferred stock of $352,500 were paid, commencing June 1, and the remaining net profits were added to surplus account, which showed a credit of $3,306,512 at the close of the year. SHORT-TERM SECURITIES (Reported by J. & W. Selismag & Co) Allis-Chalmers 5s lum. Co. Pa. 5s Humble Oil 5iss 1932. 10, Internatl. Mateh Corp. 55 1947, 65 1932 1 8 Ry. 55 1931.. 99° R. 1932, 1 United Drug Co. 55 1955, Western Eleciric Co. 5s 194 Wheeling Steel Corp. 5155 10: Wheeling Steel Gorp. 1 -~ i Mrs. Margaret N. Waddell, who died recently at Largs, Scotland, at the age of 101, is survived by six sons and three daughters. and leather end of the industry. The | tanners are perhaps in the most unsat- isfactory position. They were unable to check production as promptly as the other sections of the trade, for skins could not be withdrawn once their processing had started. Since about 75 per cent of the leather tanned is used in the making of shoes, cuts in shoe production have a drastic effect on the tanning industry. How- ever, the outlook for cattle slaughter- ing is favorable to the leather industry in coming months. The growing im- portation of leather is a more serious menace. Over $45300,000 worth of foreign ‘leather was imported into this country in 1929 or $994,000 more than American exports to other nations. This is the first time imports of leather ever exceeded exports, Yol ~ INCOME TAX| Provision is made in the revenue act which allows a taxpayer who sustains & net loss in a trade or business reg- ularly carried on by him to deduct the amount of such loss when computing his net income for the succeeding tax- | able year, and if such loss is in excess of the net income for that year, the excess may be carried over and deduc- ted in computing the net income for the next succeeding taxable year. When computing a net loss under this provision of the act there may be in- cluded losses from the sale of real estate, machinery and other capital assets used in the trade or business, but does not include losses arising from trans- actions not connected with the.business except to the extent of the amount of gross income derived from such outside transactions. That is, if an individual had a taxable income from outside sources of $2,000, and sustained a net loss from his trade or business of $8,000, and also allowable deductions outside of his business of $4,000, for 1928, he | would be allowed to carry over $8,000 as a deduction in computing his net income for 1929, —_—— Yokohama, Japan, has a population of 543,500, aecording to a recent esti- mate. The Netherlands is just recovering results. Economical, too! ADVERTISENENTS f RECEIVED HERE Rivc offl Morgan Bros. Pharmacy 4231 Wisconsin Ave. Is a Star Branch Office If you have some article of furniture that you want to dis- pose of, a properly worded and Classified Advertisement in The Star will put you in touch with those interested to buy. Leave the copy at any of The Star Branch Offices. No mat- ter where you live, in town or the nearby suburbs, there’s one handy. There are no fees in connection with Branch Office service; only regular rates are charged, THE ABOVE SIGN s DISPLAYED BY AUTHORIZED STAR BRANCH OFFICES The Star prints such an over- whelmingly greater volume of Classified ~ Advertising every day than any other Washing- ton paper that there can be no question as to which will give you the best results, “Around the Corner” is a Star Branch Office from the effects of the stock crash there. Remember how he bor- rowed Uncle John’s hat ... and took from it a rabbit + +.+a guinea pig . . . and yards and yards of paper?... Marvelous ! Yet YOU lift a telephone receiver to your ear and a wire wizard takes your mes= sage and shoots it through space in the twinkling of an eye . « « The magic of communication! To the Columbian Building 416 5th St. N.W, We Solicit the Rental Management of Your Property Whether Apartment, Residence or Business Prompt Collections RENTS REMITTED THE DAY RECEIVED Our Rental Department is Most Complete and Efficient. We offer co-operation at all times in the solution of Ownership Problems, such as refinancing your mortgage, repairs, insurance, etc. RANDALL H. HAGNER & COMPANY, Mortgage Loan Correspondent New York Life Insurance Company 1321 Connecticut Ave. N.W. Phone Decatur 3600 m Equitable Co-operative Bldg. Ass'n Organized 1879 JOHN JOY EDSON, President Assets $5,662,549.55 50th YEAR COMPLETED WALTER S. PRATT, Jr.,, Secretary Surplus & Profits......$1,705,130.78 Subscription for the 98th Issue of Stock Being Received If You Want to Progress Financi- ally—SAVE The most successful method of saving is to adopt a systematic plan. Join the Equita- ble and save as you varn, 2.5 Per Shar, 915 F St. N.W. —_—- National Metropolitan Bank 1814—Oldest National Bank in District of Columbia—1930 15th St., Opposite U. S. Treasury There Is Prestige —for you in associa- tion with such a bank as The Metropolitan. A business man is rightly gauged by the company he keeps. fI'Your account vited. is in- 3% on Savings a forerunner of baldness SHENANDOAH CORPORATION and BLUE RIDGE CORPORATION E have available for distribu. tion @ new descriptive ! circular, based on the Annual Reports of the sbove Corporations. The circular summarizes the position of each Corporation on December g1, 1929, and includes details as to the important holdings of each Corporation on that date. We shall be glad to supply copies to those interested and to discuss the attractive position of the preference and common stocksof the Shenandoah and Blue Ridge Corporations and CRANE, Parris & Co. Investment Bankers 821,15th St. N.W. Washington, D, C. Phone National 0591 N itching scalp means that the baldness producing germ is at work—gradually and painlessly lead- ing you to complete hair-loss. You must rid your scalp of this germ to- prevent baldness and re-growthe hair which you have already lost. Whflt ;11agician can produce a trick as surprising, as ef- fective, as utterly incompre- hensible as the magical tele- phone which habit has taught you to use so casually ? No matter where you ecall, it transports your voice, your person- ality, YOU, instantly. Distant cit- ies are only a few minutes - - and a few cents - - away . . . by TELEPHONE ! World’s Leading Hair and Secalp Specialists — Over 45 Offices . The THOMAS’ : The Chesapeake and Potomac Telephone f 1333 F Street N.W., Adams Bldg. \ Men—Suite 502; Women—Suite 501 Conpn-y HOURS—9 AM. to 7 P.M. SATURDAY to 3:30 P.M. Write for Free Booklet, “How Science Conquers D-lduu.o” To insure the complete extermina- tion of this baldness producing germ within the shortest possible time,con- suit The Thomas’, World’s Leading Hair and Scalp Specialists. Do not gamble with general cure-all reme- dies which merely dissolve surface dandruff and spread the germs over a wider surface. The 15-year proved Thomas’ treat- ment goes to the source of your own specific trouble. It is the most perfect method known to modern science for stopping falling hair, eliminating the baldness producing germ and You, oo, can have a good head of hair dandruff, and growing hair on the thin and bald spots. You, too, can have a good head of hair. Call at the nearest Thomas’ office today for a free scalp examina- tion, and learn what this reliable treatment is doing for others and what it can do for you. We are prepared 0 execute orders for both the com- mon and the preference stocks at the market,