Evening Star Newspaper, February 24, 1930, Page 14

o A—14 ®xx WORK AND THRIFT © AS PROSPERITY AD Los Angeles Banker Says Nation Will Progress With Industry. $pecial Dispatch to The Star. * NEW YORK, February 24—"“Pros- perity, in the final analysis, is governed by just two things—work and thrift,” says H. D. Ivey, Los Angeles banker. “There mever has been a»time and there never will when we shall lack prosperity, if our 120,000,000 people hold fast to the determination to be industrious and to practice thrift, which is but a sensible application of fore- sight.” Some time ago a statement was made in various newspapers that some bank- ing groups in the East were planning to enter the branch banking field in California, and this statement was a tributed to Mr. Ivey. The statement ‘was inaccurate. ‘What Mr. ‘Ivey, who is president of the Citizens’ National Bank, did say was that_business opportunities were such in California that some of the Jarger Eastern industrialists were plan- ning to invest a considerable amount of money in the southern part of California. “No banking institution incorporated outside of the State of California can enter the banking business legally in the State.” says Mr. Ivey. University presidents today are pri- marily executives. Scores of American universities have from 500 to 1,000 fac- ulty members. In State universities presidents are often selected for their ability to get along with State legislators. Where en- dowments are small—as they are in State universities—political ~tact in ‘dealing with the tax-spending authori- tles is necessary. What is the average age of uni- versity presidents today-in the leading centers? Nicholas Murray Butler of Columbia is 67, A. Lawrence Lowell of Harvard, %3; John G. Hibben of Princeton, 68; Livingston Farrand of Cornell, 62; ‘William W. Campbell of the University of California, 67, Samuel Wesley Strat- ton of the Massachusetts Institute of ‘hnology, 68. Te'f‘hz }:fdydle West seems to have the youngest presidents. Glenn Frank of the University of Wisconsin is 42; E. H. ‘Wilkins of Oberlin, 49: Lotus D. Coff- man of the University of Minnesota, 55. C. C. Little resigned as president of Michigan at 40, to be succeeded by Alexander O. Ruthven, 47. And Robert M. Hutchins, University of Chicago, the youngest, president, is 30. Here are the ages of a few of the others: Rufus B. von Kleinsmid of the University of Southern California, 52; ‘William P. Few of Duke, 62; Walter Dill Scott of Northwestern, 60; David Kinley of the University of Illinois, 68; Josiah H. Penniman of ";‘esutii;:rfl!}; of Pennsylvania, 59; Joseph S. es of Johns Hopkins, 65; Ray Lyman Wilbur of Stanford, 52, and James R. Angell of Yale University, 60. President Lowell of Harvard is one of the few college presidents who first ‘went out into the business world, prac- ticed law, then re-entered the ranks of education. Seek Copper in Africa. British interests are exploring Africa these days with the aim of locating deposits, as well as a lot of other 3 T:tsr of their expeditions are about to ‘begin surveying Rhodesia and the Sudan, ~ where nearly 100,000 Sq;:.l’;e m“sbp:é unmapped territory are maj and photographed. A photographic map, using about 15,000 photographs, constructed on a scale of four miles to an inch, will be pieced together by these a part of the survey job. 1t will take fully 18 months to do the work. In the days before airplanes, at least 15 years would have been required. H ‘The Rhodesian survey is expected to i reveal the outline of a very rich copper | district, British interests in Africa are already producing much copper, but this new survey is expected to show other rich deposits. American copper interests, which con- trol a vast amount of copper in the United States and South America, are ‘watching the expansion of British cop- per production with more and more interest. Canada’s War Debt. Canada has buckled down to pay her ‘war debt. Her 10,000,000 of people have heavy taxes for current expenses, each year her total funded debt shows a slight decrease over the pre e Year. For the calendar year just closed the funded debt was decreased a little more than $58,000,000—from $2,362,852,000, at which it stood December 31. 1928, to , $2.304,594,000 at the close of the last : calendar year. : The figures furnished by the Canadian * department of finance show that there . were increases of nearly $20,000,000 in ‘Dominion notes and nearly $9,000,000 in government annauities, insurance and su- : perannuation funds, as well as a de- 't erease of about $3,500,000 in the deposits * of post effice and Dominion government ; savings banks. # Canada’s credit ranks among the best * in the world’s market centers. (Copyright, 1930. by North American News- Ppaper Alliance.) CHICAGO LIVE STOCK MARKET CHICAGO, February 24 (#)—United States Department of Agriculture—Hogs ¢ —Receipts, 63,000 head, including 14,000 direct; market 10 to 25 cents lower than Saturday; weighty butchers show- ing most decline; top, 11.50; bulk, 160~ 250 pounds, 10.85a11.40; 260-300 pounds, 10.40a10.85; butchers, medium to choice, 250-300 pounds, 10.25a11.10: 200-250 pounds, 10.65a11.40; 160-200 pounds, {10.85a11.50; 130-160 pounds, 10.00a 11.40; packing sows, 8.75a9.85: pigs, medium to choice, 90a130 pounds, 9.25 210.75. Cattle receipts, 14,000 head; calves receipts, 2,500 head; general trade i steady to 25 lower; very slow; dressed trade bearish weaking live market; best steers, early, 14.25; slaughter classes, steers, good and 'choice, 1,300-1,500 pounds, 1275 to 15.25; 1.100-1,300 pounds, 12.75 to 15.75; 950-1,100 pounds, 12.75 to 15.75; common and medium, #50 pounds up. 8.75 to 12.75; fed yearl- ings, good and_choice, 750-950 pounds, 12.75 to 15.75; heifers, good and choice, 850 pounds down, 1125 to 14.2 mon and medium, 8.00 to 11.2! zpod and choice, 7.25 to 9.75; common @nd meawm, 550 to 7.25; low cutter apd cutter, 4.25 to 5.50; bulls, good and ehoice (beef). 7.75 to 9.00; cutter to snedium, 6.50 to 8.25; vealers (milk fed), 200d and cholce, 10.00 to 14.00; medium, .00 to 10.00; cull and common, 7.00 to 9.00; stocker and feeder steers, good and choice, all weights, 10.75 to 11.75; com- mon and medium, 8.00 to 10.75. Sheep—Receipts, 19,000 head; no early sales; bidding 25¢ or more lower; early indications bulk lambs, 10.75 to 11.00; best, held above 11.50: fat ewes and feeding lambs steady: lambs, good and choice 92 pounds down, 10.00 to 11.75; medium, 9.75 to 10.50; common, 9.00 109.75; medium to choic, 92-100 pounds, 9.00 to 11.00: ewes. medium to choice, 150 pounds down, 4.75 to 6.00; cull and common, 2.00 to 5.00; feeder lambs, good and choice, 9.50 to 10.50. FOREIGN EXCHANGE. tions furnished b B. Hibbs & Co.) (Quota! e ar). A 8665 34.86 : ‘03614 303 387 23V 2913 -FINANCIAL. NEW YORK STOCK EXCHANGE (Continued From Page 13.) Stock and Lot Dividend Rate. Add 16% Mexican Seaboard. 26% Miami Copper (4) 53 Michigan Steel (23). 24 Mid-Continent P (3). 1 Middle States Oll et.. 37 Midland Steel Prod. . 3% Miller Rubber..... MStP&SSM. l M StP & SSM11 (4) 46% Mo Kan & Texas...., Mo Kan & Tex pf(7). Missouri Pacifie. . Mohawk C Miils (3).. 38% Montgomry Wrd (3). 414 Motor Meter G & E. 265 Motor Wheel (3). 46 Munsingwear (14) 18 MurrayCor(b2%stk. 35% Myer(FE)& Bro (2). 121% Nash, Chat&StL (7)., 51% Nash Motors (8) 1 71 Nat Bisn (p2.30).... %3 NatCash Reg,A(14). 27% Natl Enameling (2) 137 National Lead (18).. 13% NatlLead pfA (7).. 32 Natl Pwr &Lt (1) 1% Natl Radiator. . Natl Radiator pf. 43 Neisner Brother: 27% Nevada Copper (3).. s 100 N Y Steam pf (6). 16% Norfolk Southern.... 1 93% North Am(b10%stk) 34 51 North Ampf (3).... 2 100% North Am Edpf (6). 1 84% Northern Pac (5). 33 821 North Pacet (5).. 31 42 Northwestn Tel (3). 10s 9 Norwalk Tire pf.. 13% Oliver Farm Equip.. 301 OtisStee] (234)..... 50 Outlet Co (4). . 200; 52% Owens il Glass(n4). 17% Pacific Coast 1st pf.. 20s 52 PacificGas& B (2).. 7 72 Pacific Lighting (3). 21 Pacific Mills. . Pacific Oil stubs. Pacific Tel & T ( 15% Packard Motor (1 50% Pan-Am Pete B, 48% Paramount. 25 Park & Tilford (33). 2% Park Utah. Tra: 6% Penn Dixie Cement. . 30% Penn Dixie Cemt pf. . 72% Pennsylvania RR(4). 18% Pet Milk (1%)...... 38% Phelps Dodge (3). 50% Phila Co 6% pf (3).. 11% Phila & Read C&1..; 30% Phillips Petrm (n2). 1 Plerce Oil.... - 24 Pierce Petroleum. 45 Pirelll Co A (2.38) 60 Pittsburgh Coal 27% Poor & Co (B) (2 12 P Rican Am To (B 97 Postal Tel & C pf(7) 48 Prairie Oil & Gas(2). 58 Prairie Pipe L (16).. 7 Pressed Steel Car. 52% Proc & Gamble (2)..) 6% Prod & Refiner; 81% Public Serv, NJ 3.40 106% PubSve NJ pf (6) 121 DPub Sve NJ pf (7) 824 Pullman Corp (4). 21% Pure Oll (1% 112% Pure Oil pf (8) ki 34% Radio Corp 19 Radio-Keith. 25% Rem Rand (50¢)....; 92 Reming-Rnd 1st (7). 10% Reo Motor Car (.80) .. 72% Repub Ir & Steel (4). 107 RepIr&Supf(7)... 102 Revere Cop&B pf(7). 4 Reynolds Spring.... 49% Reynolds Tob B (3) 21% Richfield O1l (2).. 16% Rio Grande Oil (2).. 37% Rossia Ine (2.20). 49% Royal Dutch (23.20) 96% Sateway Stores(es). Safeway pt (6). ay Strs p! 48% St Joseph Lead (13) EUTS =P » I3 » PR 1 T Y- LT s 22% Seaboard Air Line p! 9% Seagrave (el.20).... 82% Sears Roebuck (32%) 9% Second Natl Inv..... 58% Sec Natl Inv pf (6).. 21 Seneca Copper 7% Servel Inc. . 17 Sharp & Dohm 54 Sharp & Do pf (3%).. 36% Shattuck(FG)(t1%) 43% ShellTranspt(a2.41). % 21 Sheil Union (1.40)... 101 Shell Un Ol pf (6%) 8% Shubert Theatres... 65% Simmons Co (g3)... 21% Sinclair Con Oil (2) 28% Skelly Ol (2) 5% Snider Packin; 23% Snider Packing 95% Solvay Am Inpf5% - lonranad Sales— 00. High. Low. 90 20% 19 THE EVENING STAR, WASHINGTON, D. C, EMONDAY. FEBRUARY 24, * 1930. Prov. Close. Close. W Sales— Dividend Rate. Add 00. High. So Por Rico Sug (2).. Southern Cal Ed (2). 4 Southern Pacific (6). 25 Southern Rwy (8)... Southern Ry pf (5).. Sou Ry M&Oct (4). Spalding (AG) (2) Spalding 1st pf(7). Spang-Chalfant. . Sparks Withagtn(1). Splcer MIg...oovone Splegel-May-St (3).. Stand Brands (1%) Std Brands pf (1) Stand Com Tob (1).. Stand Gas & El 68 34) Stand Invest Corp. .. Stand O of Cal (2%) Stand Oil Exp pf (5). Ste 175 140% % Tide W cacccace Tide Wat Asso pf (6) Timken Det Ax 180c ‘Timken Roller (3) Tobacco Products. % Tobacco Products A. “Cranscontinental Ofl Transue & W (1).... Trico Prod (23).... Twin City Rp T (4) Una-Ell-Fisher (5 Union Oil of Cal (32) Utd Aircraft&T pf 3., Utd Carbon (2) Utd Cigar Stores. United Cigar Strs pf. Utd Corporation, Utd Corp pf (3) Utd Dyewood. . United Elec Coal. United Fruit (¢). Utd Gas & Imp(1.20) Utd Paperboard United Stores A. Udt Stores pf. U S & Foreign Pipe & Fary (2) Pipe 1st pt (1.20) Plpe&F zd pf 1.20 Realty (6). Stanley Co of Amer.. Starratt (L 8) Co(2). Sterling Sec A...... { Sterling Sec ev pf(3) t-War (h3%). Stone & Webster (4). Studebaker Co (5). . s Sun Ol pf (6. Superior Oil Superior Steel Symington (A). Telauto Cp (11.26)..s Tenn Cop & Ch (1 Texas Corp (3). Tex Gult Sul (4) Texas & Pac (5)... 4 Tex PC&O (b10%) Texas Pac Land Tr. Thatcher Mfg (1.60). Thompson J R (3.60) Thompson Prod..... Thomp-Star pf (31%) TP 4 ter Asso 6Uc. - B PR A - 9 ® e - 8 . E2aliBrnanlrendl nrniuntany . Smelt Ref (3%4).. U S Smelt Ref pf 3%. U S Steel (7)... U S Steel pt (7). U S Tobaceo (4)... Univ Pict 1st pf(8).. % Univ Pipe & Rad. Util Pwr&Lt A (e2) Vadsco Sales Corp. Vanadium (14). Vick Chemical (334) . Virginia-Car Chem. Virginia-Car 6% pf. Va Iron Coal & C pt Vuican Detinning. .. Vulcan Detin pf (7). Wabash pt, A (5).... Waldort Sysum (1%4) Walgreen pt (6%). Walworth Co W @) Penn Kl pf (6). West Penn K1 pf (7). 308 West Penn Pw pf(6) 10s Balto & 10:30 AM.. 1 or Y% % 103% 103% of stockholders. White Motors (2) White Rock M 8 ( White Sewing Mach. White Sw Mch pf (4), Wilcox Rich, B (2).., Willys-Over (1.20) Wilson & Co... Wilson & Co A. Wilson & Co pf. Woolworth (2.40) Worthington Pump Worth Pump B (6) Wrigley Wim (4)., Yellow Truck & C Young Spring (3). RIGHTS EXPIRE Am R Mills. .june 16 26 134" Lig & Mye: Sales of Stocks on New York Exchange. 1.671,400 Dividend rates as given in payments based on- the latest 8UDIL of trading less than 100 % in_stock. § Payable in scrip. i Plus 9% in —no regular rate. b Py able 1 stock, _{ s b Plus 2% in stock. j Plus m Plus 6%% in stock. nPlus 5% m s West Penn Pw pf (1) 1us Western Maryland. Western Md 2d pt. Westinghse A B (2) Westinghse k&M (5) 159 Westhse &M pt (6). bUs 1684 Bo% bty 27 - 0l i E RN s R OR O~ 60 T 82 68 19% 4 1% 5 1% W 4% Ohio.Mar 11 37 o -Mar12 219 14% 344,200 12:00 Noon. .....1,104,600 2:10 P.AL + 1,795,000 the above tabie are the Quarierly oF hait yearly deciaration: shares. 1 Partly extr stock. a last in stock. d Payable when earned. 0% 1n_stoc) Pl Plus 1 . & Plus 8% 8% In stock. k Plus 1 lock. > Bubiect (e Sppres able i k. vai Washington Ticker BY CLINTON COFFIN, Assoctated Press Financial Writer, Internal Revenue Bureau efforts to check up on the use of claimed stock market losses to abate income tax pay- ments are being markedly increased this year as a result of recent specu- lative history. Treasury Department specialists are prepared to concede that the Government is bound to lose a lot of revenue because of incomes reduced by the smash in security prices last Fall, but they llM‘)nll’e lw::l of a dl.!; ition among income taxpayers of tpl: less scrupulous class to manipulate figures of speculative transactions in highly dublous fashion after any such price reversal as that seen on stock exchnn&es. Consequently, the income tax audits will be tightened. up. ‘The first installment of the 1930 in- come tax payment, due next month, is being awaited with considerable in- terest and concern by officials who have to deal with Federal expenditures, since it will show for the first time what the effect of the stock market fall has been on Government revenues. Though the income tax rate cut granted in December is estimated to reduce the income tax yield by $160,000,000 durin; 1930 from 1929 figures, the effect o id Selling che Selling checks | the stock market performance in the 'lley ‘o( occasioning further reduction in the yield has not been predicted. The first analysis of income tax re- o onduing dhat absut 17 per cent at al t’)‘;rfll I.neo:e“ for taxation in meet the absolute statutory require- ments. In the face of a decline in passenger traffic on rallroads last year, which the Bureau of Railway Economics estimates to have brought carrier receipts from passenger service down to the level of 20 years ago, a number of important systems are planning to increase their struggle during 1930 to regain the busi- ness. The ‘rall executives know where the business has gone—to the highway by private automobile and public bus— and the endeavor to regain it is taking two most diverse characters. On one hand, nearly all important carriers, East and West, are multiplying cut-rate week end excursions this year, which depend on moving large numbers of people d equipment at hours when tracks and terminals are clear of scheduled trains. Cheapness of movement rather than comfort is the advantage offered the public, and busi- ness developed, particularly in the East, is reported as fairly satisfactory. By the second method of combati the passenger loss the existing stand- ards of comfort and luxury in train travel are being amazingly heightened. Thus J. J. Bernet, operating head of the Van Sweringen lines, has ordered the installation in March of new de luxe passenger trains over the Chesapeake & Ohio, Pere Marquette and Hocking Valley systems to connect Detroit, Ohio cities. points between and Hampton Roads. The special equipment under construction for the service is delil erately planned to lavish space, con- ;fi.",“““a"&“‘" and novelty on u‘r:t'n TS AN up a passenger traf- fic for systems which have been dis- posed to minimize. that year arose from speculative profits, and it is generally assumed that the 1930 reports must indicate some failure to keep up that ratio. However, the Internal Revenue Bureau is undertak- ing to see that “wash sales” of de- preciated securities do not add to the Government's -tax losses unless they President Bernet believes that the luxury method will pay and has some experience to show for it. While in charge of the Erle system, which he reconstructed before going to the Chesapeake & Ohlo, he got a de luxe Chicago-New York passenger service going for a railroad which was never seriously in that field before, and the figures of its first year's operations showed that the expense, heavy as it was, had been justified by actual earn- ings attained. Incidentally, the Chesapeake Corpora- tion, the holding company which owns the Chesapeake & Ohio system, field its annual report today for 1929 with the New York Stock Exchange, and revealed 8 marked progress made during that year in concentrating control of the car- rier. As a December 31, the Chesapeake Corporation was shown to hold 214,600 more shares of Chegapeake & Ohio com- mon stock than it held one year ago, and FINANCIAL. BONDS ARE STEADY | (== == BONDS o sews] RON TRADE INDE Market Abserbs Accumula- tion of Orders Over Holiday. Trading Dull. BY F. H. RICHARDSON. Special Dispatch to The Star. NEW YORK. February 24.—Once the accumulation of orders over the week end had been disposed of, today’s bond market returned to the dullness that has characterized it of late and prices fluctuated irregularly within narrow limits. Investors seeking bonds are having no difficulty in satisfying their needs with new flotations, and there is & corresponding lack of interest in out- standing bonds. New issues today included one of $9,400,000 Canadian National Steam- ships, Ltd., a line entirely owned by the Canadian government. The bonds are 5 per cent and, because of an un- conditional guarantee as to principal and - interest by the Canadian govern- ment, sold at par. There was also a $1,200,000 Albany County, N. Y., issue of serial 41,5, at par for the immediate maturity and a slight premium for the long-term maturity. Prices of prime bonds were little changed. ' Fractional advances were made by Canadian National 5s, Chesa- peake & Ohio 4!2s, Duquesne Light 458 and Columbia Gas 5s, and there were declines of a similar nature in Atchison general 4s, St. Louis-San Francisco A 4s, American Telephone 5158, Philadelphia Co. 5s and Western Union 5s (1951). Convertibles dropped off rapidly in early trading, but later quieted down, with partial recoveries. The heaviest trading was in American Telephone 4158, International Telephone 4'5s and Commercial Investment Trust 5. United States Government obligations were quiet, first and fourth 4l5s of the Liberty group making small gains. There was some interest manifected in Green Bay & Western Railroad “B” debentures as a result of the 1929 earn- ings report of the company, showing net income after taxes and charges of $435,212, against $379,278 in 1928. The company's earnings have shown a steady increase for the past eight years. The “B” debentures have no maturity date and they only participate in earn- ings after 5 per cent has been paid on both the capital stock ($2,500,000) and the debentures, of which $600,000 are outstanding. It is one of the few bond issues in existence that rate after the common stock of the company. U. S. WEALTH ESTIMATED AT 360 BILLIONS IN 1928 By the Associated Press. NEW YORK, February 24.—A report of the National Industrial Conference Board, made public yesterday, placed the national wealth of the United States in 1928 at 360.1 billion dollars. The per capita wealth of the country was $3.000. The report showed that the 1920 wealth was about 40 billion dollars greater than that of 1922 when the most recent census estimate was made. In 1912 the census estimate was 186.3 billions, while 10 years later it was 3208 billions. “Considering the amounts 1912 and chasing power, so as to eliminate the differences in price levels of the pre- war and post-war periods for the pur- pose of comparison,” the report said, “the nominal increase of 93.3 per cent during the 16-year period 1912-1928 becomes a real increase of 37 per cent. The report defined the term ‘na- tional wealth” as being applied to tangible, physical assets, only credits and currency being excluded, Three- fourths of the total wealth of the Na- tion, the report said, is in ‘“fixed assets,” devoted to use as dwellings or to industrial and transportation enter- prises. Washington Stock Exchange SALES. { Barber & Ross 645—$1,00 at 89 Mergenthaler Linotype—6 at 108: ~ AFTER CALL. enthaler Linotype—20 at 1083, Washington Gas 55s—$500 at 1001, ‘Washington Gas 6s A—$2,000 at 108, $100 at 102. Washington Rwy. & Electric pfd.—10 at 9615, 10 at 961;. Federal-American Co. com.—1 at 30, Bid and Asked Prices. BONDS. PUBLIC UTILITY. Amer. Tel. & Telga. 4%s '33 Amer_ Tel. & Telga. 4'as ' Am. Tel. & Tei. c Anacostia & Pot. R. Anacostia & Pof. guar. 5§ ©C. & P. Tel. of Va. 5 Capital Traction K. R. City & Suburban 55 Geo_getown 1 Potomac Elec. Cor Y. st 55. ns. 5° Electric 65 1953 lex. & Mt Vernon Balto. & Annaj Washington Gas 5s. Wi w Barber & Ross, Inc., 6 Cham-Vanbit. 58 D. C. Paper Mfg. 6s. Pot_ Jont Stock Ld. W. M. Cold Storage 5s. Wash. Cons. Title 6s STOCKS. Amer. Tel. & Tels Capital Teaction Washington Gas Light N. & W. Steamboat Potomac Elea ' Polgmac Wath. Rwy. & Elec. Wash. Rws' & Eiec. pid. Balto. & An Baito. & Annap pfa NATIONAL BANK. National Capital. Columi DANtAIEY .l Federal-American Liberty n National Bank of TRUST COMPANY. American Security & Trust Co. Continental Trus Tust. . p Washington Loan & Trust Bank of Bethesda..... Commercial & Saving: hington. . in addition, it held 19.500 shares of Pere | East Marquette 'common. Most of the in- |5 creased holdings of Chesapeake & Ohio resulted from subscription to a stock dividend, but a large block was pur- cl d oh the open market. Taking current market prices of its rall stock holdings into consideration, it was said in behalf of the Chesapeake Corporation that its assets represented ing | a worth of $136,937,000, or a liquidating value of $76.05 per share for its own stock. This is one of the companies into whose domination of rallroads congres- sional inquiry is pending, though the confinement of its holdings to securities of a single rail system has made it less conspcicuous than some other holding investment units, Receives Airplane Order. NEW YORK, PFebruary 24 .—The | Me United Aircraft xan:’: lncifl!mim Ni sales United Afrcraft of the & Trans) Corporation, has re- celved an order for 26 airplanes and 15 | 565 extra , valued at approximately | Th e $850,000, for shipment to Peru, Part of the equipment is for the Péruvian army. Other planes will be used in passenger and mail service, e SN, Swarms of locusts have been doing damage near Gaza, Cameroon, ates. 4 Washington Mechanicy, : FIRE INSURANCE. American s Corcoran Firemen's " National Uiiio TITLE INSURANCE. Columbia Title > Real Estate Titl Title & Inv. Co. MISCELLANEOUS, Barber & Ross. Ine., com. 3 Emerson Bromo Sell Federal Storage p! American Co.com. Federal-American pfd. Lanston Monotype...... Merchants' Trans. & Sit a5 8. Eegtsusueseis * &= ical Bidg. Co: Sadwara & Lothrep Pl VR dividend: P Liverpool claims to have the largest clock in England in a timepiece hav & face 30 feet in diameter, — i N NARRDW RANGE 8 101 25 1018 10 104 UNITED STATES. (Saies are in $1.000.) Sales. High. 35 9916 9910 99 10028 100 1016 101 104 104 FOREIGN. Sales. High. Low Close. 10 97 % 24 12 T 10 Bank of Chile 6%s. 3 Bolivar 7s 68 Bolivia Ts et Colombla Con Pow Japan 7s. . Copenhagen bs et. . Cuba 6%s.... Czecho 88 1951 DET6%s Mch 52, DEI6%s Nov b El Salvador 8s 4 Finland 6% Finland s t Finland 7s. Frameric: French 7: French 7% German Bank Irish Free State bs. Italy Ts. 36 Italian Pub 8 7, Karstadt 651943.., 3 Kreuger&To' 6s ct. 17 Lyon: Marsellle 6: Mex 43 190 Mexico 5s Milan 6%s. Montevid Netherlands Norway 68 1963. Norway 5%s. Orient dev 53 68... Orient Dev'mt 6s 5i Paris-Ly-Med 6; Paris-Ly-Med Peru 63 1960.,... 61 1928 in terms of dollars of equal pur-|E! Rio de Jan 85 1946 Rio Gr do Sul 6s Rio Gr Do Sul Rome 6%s. Sao Paulo 851936, Sao Paulo 1950. .. Saxon (PW) 7 Seine 75 42 ‘Toho El Pow 6s32. 16 Toho El Pow 7; ‘Tokio 6%s 1961. Utd Kingm 5% Vienna 6s 52 Yokohama 6 Abitibl Pa&P 58 '53. Ajax-Rubber 8s Alleghany Cp Alleghany 65 49 Am Beet Sugar 6 8 Am Int Cor 6%s 49 12 Am Nat Gas 6143 42 i Am Tel&Teleg 55’65 83 Am T & Teltrbs.. Atlantic Bell Tel Pa 63 B Bethlehm Stl pm 68 Beth Steel rf 6 Bklyn Edison Certn-Td 5%s rets. Chile Copper b Colon Ofl 65 38 Col G&EI 58 M Com Invest 5% Com Invest 684 ConGasN Y 6% Consumers Pow 5. Cuba Cane 8s. Cuban Am Sugar s Den Gas 6s Det Edison Humble O & R 5%s T11 Bell Tel 6 Inland Stl 4% Int] Cement Int] Match bs 47 Int Mer Mar Int Tel & Tel 4% Int Tel&Tel 4348 0 1345 Intl Tel&Tel b 30 Lackawanna Stl 5s. Laclede G 63%n 62. Lautaro Nitrate Lorillard (P) Lou Gas & El s 52. Midvale Steel 6. Montana Pow 43.. Montana Pw deb 5s. Mor's & Co 1st ¢% s Nat Dairy 5%s. ... New England Tel 6+ N Y Edison 6s44... AN RaR RS e E wne LS e A e 984 9Ty 97% 974 82% 82 88% 103% 103% 941 3 1015 78% 9% 103% 103% 125 20% 9015 100% 106% 85% 854 1041 9% 101 4 103 102% 881 9815 103% 0% 100% 106% 86 95% MISCELLANEOUS. 8314 s 1024 102% 101% 10214 104 102 102 98% 984 Low. Close. 84 103% e Sales. High. Low. PRTT & Read 6549, 18 954 Phillips Patro 6%: Pillsbury Postal Tel & C5%w 1 Pub Serv G 414s Pure Oll 534837 Remington Ar 6532 2 Rem Rnd 6% wa: 1 Richfleld O1] 6 44, Sinclair O11 Sinclair O1l 6%s. Sincl: 16 29 8 3% 961 6 94 & 4 96% 1 97 96% r oMl 17 92% | Sinclair Crude 6% Sin Pipe Lin Skelly 01l 634 South Bell T Southwest B Stand Ofl N J Stand OLIN Y Tenn Cop 63 B 44. Tenn ElecPowés 41 Tex Corp ov b5 1944 97 977% 89 95% 100% 1064 100% 93% 86% i 100% 74 874 89 84% 101% 100% 102% 100 100% 94 a5 Utilities Pow 6%, Walworth War Quinland Western Elec 6, Westn Union bs 51. White Eagle 05%.. Win Repeat Ar 7% Youngstn 8 & T 5 RAILROAD. Atchtson ad) 4 2 89 Atchison gen Atch deb 4% Balto&Oho gold 4s. B&Ocy 4% 6 89 92% 136 92 99Y% 101% 76% 29% 96% 100% 110% 109 92 100% 194% | Bang & Aroos 4 Boston & Maine Bklyn Manhat 6 Can Nat 4% '57. Canada Natl bs. Can Nor 4% 8 1936.. 102 105 ChI&E 111 gn 68 51.. Chi Gt West 4s 59, Chi MilSP&Pacts CMSP&Pac adj5s03 Chi & NW gen 4 103% 103% 125, 20% 9074 100% | Cyj T . bs. 106% | Chi Union Sta 63 44 85% | Chi Union Sta 6%8. 851 | C & W 1con 4s. 104% | C& W I6% 97% | Clev Term b 101% | Colo & Sou 4% 103% | Cuba R R 58 102% | Cuba Nor &% 884 | Del & Hud1st rf 48, 98% | Del & Hud 7s 30 1031 | Den & R10 G en ds. . 10514 | Den&R G W 435 36 75 |DRG & Wst bs 65, 7415 | DRG & Wi 93% | Erfe 1s( cons 4s. Erleconv ds A. Erie conv 4s B. Erte Gen 4s. Frie cv 68 67. Erie conv £x 16.... Erie (Pa) elt tr 4s.. 80 9514 101 101 58 104% Gt Nor zen GreenB& W i Hud & Man ref 111 Cent 4% Int & G Nor adi fs. Int & G Nor 1st int Rapld Trans 7s. nt Rvs C A 6%sret Towa Cent 1st 5s... Kan City Ft § 4s. Kan City S 3s. Kansas City 8 Kan City Term Lake Shore 4s'31 LehiVgen 4% 200 Long Isrf 4s 49. 101% | Long In 58 37. . 101% | L& N 4% 2003 Louts & Nash 7. Market St 7s 40, Mill El Ry&Lt Ml El Ry & L 63 Minn & StL ref 4 M 6% BaBHnm AanS powRonAS- 151 101% 1081 MK&Tprin X Mo Pacific gen 4s.. Mo Pac [ @ k3 100% 1028 101% ) 103 | 104 NYT&MG5Ys N Y Cendeb 4s.... N Y Cenrf N ¥ Cent deb 6s. Cen LScl 3% 95 SR nZala whRBalennalae szzzzzzzz PRPEPEPE §zzoflaan FELE L =t 2o z Y NYW&B4%s.. Norfolk & W cn 4 Nor Pac 35 2027 Nor Pac 4s. . Nor Pac 438 2027.. Nor Pac bs Nor Pac rf Penna 4% = 63. Penna gen 5: Penn 55 '64. Penna 6% Penna Gold 7s. Pa Ohfo & Det 415. Pere Marq 15t 58... Philippine RR 4s. .. Port EI P L 63 Port RL&F Port RL& P Reading gen 4% A, Reading J C 48 51 Rio G West ¢l 4. RIArk &L 4% | StL 1M&S gn 63 310 1 I3 2 2 2 = e 2% amoonne BT St L & San Frin bs. S&L&SF gen 6831, 107% 100% Tol Tr L&P 6 Union Pae 4 Union Pac 4% Un Pac 1st ref 5s. Vy Ry &P 6 0 100% Whbash ¢%s 78 rets 10 9114 Use of Danish butter in the United States last year was 50 per cent greater than in 1928, Olose. 95 95 90 40 103% 104 315 9614 100 kLl 96% 95 4 102% 98Y% 4 105% 107% 6% 99% ARED FAULTY * Federal Reserve Economist | Says Industry Is Not Safe as Barometer. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, February 24 —Carl Sny- der, economist of the Federal Reserve Bank of New York, takes issue with those who believe that any one indus- try—like pigiron, for example—can be a safe barometer of trade. e " barometer, says Mr. Snyder, was “one of the worst that could have been found, misleading as to time, violence of movement and effect.” Mr. Snyder thinks of trade in terms many times broader than pigiron, with “trade that covers the making and sale of products, reaching in value maybe to :mo.om:inoo,om; ol"'nllon and involving ransactions of not less thai 1,000,- 000,000,000.” B ‘The Snyder barometer, therefore, is measured by “the total exchange of all , services, securities and property In & Nation whose total tarde is possibly greater, measured in money transac- tions, than all of the rest of the world put wfi":'.her. measuring the relations of credit and trade the Snyder yardstick is a vastly different thing from pigiron™ complex. Gold Supply. <We should be suffering from a veri- table gold famine were ft not for the economy practiced in this country and some other gold standard countries,” says Reginald McKenna, British banker, This question of a sufficient gold sup- Ply to meet the demands for it in the use of currency and arts has become a + | probiem of world-wide importance. Many bankers and economists, - ever, hold the McKenna belet i economy through the central banks is the solution of the problem. The con- centration of reserves in central banks has made for a greater proportion of ribution. subst th;r\uew ‘;“L!Ah P"fkeyr zfl]!s. PR A ng er of Yale, i B 2 Y, apmit oo ?Q":r":fil (:;:l; the I:D}d situation, mm(l & gold famin then 'rnA;‘b,: tdl;t,?nt fumree.m" i uf T n, chai Chase National g‘:flk ln‘lmm‘r'ltheuo‘ '.hl: a?no:‘"eh mmn the' world to do the legi- 8S. th com- fortable rates of ‘l’nteree . While there are flic about it, the We‘(h:mol ogln the view that no gold famine is near, S0 Refrigeration. 0 Industry has felt competif more Keenly in Tecent years. than {het of mechanical refrigeration. Probably half a dozen products are widely advertised backed up by strong natlonal sales organizations. The business of mechanical refriger- ation is growing, the field In becsminy Sio, ompetition in new condition has radio and other mechanical enterprises to that of developi refrigeration units and attemptin flnuok:t. t{nrem through sales s a o eady developed for Reports from the various com indicate that while the buslne-nl;:’: dropped since November, suffering some- what from the trade conditions, the in- stallation of mechanical refrigeration in hoyuhold units is in excellent demand. ‘Earnings of mechanical re: ation companies, oadly considered, have been at a low ebb during the last sev- eral months, and the majority of con- cerns are likely to have difficulty in :::w;nq‘mmncwry returns in the pres- alf year,” accordiny statistics. ok e The ice companies seem to be doin, better. For ice is regarded now, mr! than ever, as a necessity. The significant thing with reference to ice companies is that the seasonal demand for ice is becoming less marked every year. All classes of le demand ice today not as a luxury, but as a e necessity. This has resuited in a steady upward demand with Winter and Sum- ‘;mé:mgg.sinsu getting nearer together in No one would have predi Tesult 10 years ago. s <. ol Germany's Trade Position. Gerard S ', 57, presid genenll flectr c Co., szeu oinr:'n:;yu.n: e real international mevy‘:":‘& i business rival of 2 e Young plan in effect Ger- many would offer much more severe competition industrially than ever be- fore, even before the World War,” the General Electric leader. “Germany is now in poor condition industrially, but the sentiment of the Young plan ;?ggthfm.d%l::mn olh.iu measures will mediate enhancemen! T commercial status.” v This American executive is a firm be- llever in mergers and cartels for Eu- Tope, on the ground that they are ren- dering a real service in the elimination of wasteful competition. While Euro- pean industries will thus be enabled to come together and agree on restrictive programs, such mergers and cartels in many cases would be outlawed in the United States because of Sherman anti- trust provisions, The General Electric Co. of Ger- many is partly owned by the American General Electric. Its directors are Owen D. Young, Gerard Swope, Clarke Mir- rior, Arthur Baldwin and J. Edmonds. Also, 1t has an interest in Siemens & Halske, a leading German electrical company, and recently took over $10,- 000,000 of participating debentures of that company. Of recent weeks the General Electric has co-operated in the formation of the European Electrical Corporation, Lim- ited, a substantial international v::gc utility holding and management e ny. And so, leading American companies, such as General Electric, are becoming more vitally interested in the welfare of European nations than casual com- ment would indicate. Sees Better Business. Eugene M. Stevens, president of Con- tinental Illinois Bank & Trust Co. of Chicago, the only billion-dollar bank under one roof in the United States, is inclined to belleve that in most lines of business the low point has been reached and that an improvement in business and industry ffom now on may be_expected. Replying to my question concerning credit conditions in the Middle West he says: “‘Credit is plentiful in Chicago for commercial business :urpous and there has been a considerably easier tendency in loaning rates. The banks are out of the Federal Reserve Bank and have ample money for the demands of business, which are expected to increase over the next few months.” “And the business outlook?” I in- uired. “Unless something unforeseen hap- pens we are looking forward to a good year in 193 Copyright, 19%0. by paper SILVER QUOTATIONS. NEW YORK, February 24 (#).—Bar silver, 43. Mexican dollars, 32, North American News- Alliance.) TREASURY CERTIFICATES.