Evening Star Newspaper, March 1, 1930, Page 26

FINANCIAL CURB SHARES GAIN | THE EVENING STAR, NEW YORK CURB MARKE Ressived by Private Wire Direct te The Star Office g & Hae. 246 00 Oven. Hign Low. g Rate. k 5™ vevink e On 16002 T Tou I ok T 9% ftallan Superpow A. 3 14% 14w 13% 1! 5 ltalian Superb wai CR A NS 41'% Jefferson Elec (3)... 1 48 48 48 48 1% Kirby Pefroleum.... 1 2 2 2 2 35% Lackawanna Sec(4). 1 40% 40% 40% 40% 22% Lane Bryant, Inc(2). 3 22 23 22 23 14% Lefcourt Real t1.85.. 6 22% 234 22% 234 29 Lefcourt Realpf (3) 2 75'% Lehman (The) Corp. 3 1% Leonard Ofl 4 34% Lone Star, ne 2 40 Long Isl L 12 3 Loulsiana Lan & Ex. Magdalena Syndicat. Mare Int M(52%e).. Marine Mid Cp (1.20) Marshall Field & Co. Mavis Bottling..... Mayflower Asso (12) Memph Nat Gas Co. Mesab iron. . . Mid Wst Util (b8%). Mid West Ut A war. Mid West Ut B war. Midland Stl P 2d pf. . Miss River F Cp war Mo Kan P L (b10%). Munielpal Service. Nat Amer Co. Nat Aviation. Natl Fam Strs (1.60) Nat Fuel Gas (1)... Nat Investors (new) Nat Leather. o Nat Steel Corp xw (2 Nat Bugar NJ (2).. Nat Transit (1) 4 Nat Unlon Radio. New Jer Zinc (14)... Newmont Min (34) N.Y. & Hond Ros 12.. ara Hud P(40c) Hud Pw A war. Niag Hud Pw B war. Niles Bement Pond. . Noranda Mines (3).. North Am Aviation. North Cen Tex (60c) North St Pow A (8).. N W Engineer (2). Ohlo Copper Orange Crush (1. 50y 69 Otis Klevator o 10% Outbd Mot A (1.30).. 49 Pac Coast Bis pf 3.50 26% Pac GEE] 1st pf 1%. Fub Serv (1.30) Pandem Oil. Pangepec Ofl. Peop L&P A (a2.40) 19% Petrol Corp (1%)... 10% Pilot Rad T A (1.20). 41 Pines Win Ftn ($1). 10 Pitney B P n (20¢).. 99% I’hil Elec Co pf.. 9 Polymet Mfg (31). 8% Prince & Whitely. .. 35% Prince&Whitely pf3. 14 Propper Silk H M (2) 14 Prudential Inv, 17% Pub Util Hold w: 99 PugSP&Ltof 00 16 Radio Prod (50)..... 25 264 25% 25% 26% 69 Rallway & LtS (1) 150s 756 % k) % 12 Ry & Util Inv (A)... 2 4% M% 14 14 8% RainbowLumProd A Z 1% 1% 11% 1% 3% RainbowLumProd B 9 % A% A% 4% 50 Raymond Cone (14). 2 B2% B2W B52% B2% 2% Reiter-Foster (40¢).. 1 2% 2% 2% 2% 16% Rel'nce Managemnt. 1 71 RepublicSteeln wi.. 1 90% Rep Steel cum pf wi. 21 22'4 Reynolds Metn 2.40. 3 26'4 Roan Antelope Min. . 1 1 1 % Ross Stores, Ine. 3 19'; St Regis Paper (1), 14 7% Selected Industries.. 28 4% Sentry Safety Cont.. 4 7% Shattuck Den Min. 1 8% Shenandoah Corp... 19 33 Shenan Corp pf« .- 26 . 2 . 3 . 1 21 4% So lce & Utilities B.. 4 9% Southland Roy (1).. .1 7% SWGasUUl....... 4 12 12 2 1 Spahish & Gen Reg. 12 2 2%, 2 2% 61 Stand Cap & Seal.. 1 61% 61% 614 61% 49% Stand Oil, Ind (2%). 14 50% 0% 50% 50% 33% Stand O1l, Ky (1.60). 1 35% 35% 35% 85% 441 Stand Ofl, Neb(13%) 1 47w 4T% 47% 47 62 StandPow&Lt..... 3 77% 77% 76- 16 1 73% 73% 3% 73% 11 28% 23% 23% 3% 1 16 16 16 16 2 28% 28% 28% 28% 4 2% 23 2% 2% 1 B% 5% 5% b% 8 44 44 4 44% 32% Swift & Co new (2).. 3 32% 82% 324 32% 54% Tampa Electric (32). 5 69% 70 69% 70 78% Technicolor, Ine.... 3 82 82 81% B1% 8% Texon Ofl & Land. 1 8% BN Bn sy 18% Thermold Co (2). 6 22% 23 22 23 28% Third Nat [nv (1) 1 41k 41% 41 41% % Tobacco Pr Expori 1 14 Ik 1K 1% 41% Transamer (31.60).. B8 45 454 44U 45 6 ranConAlr Tran.. 2 9% 11% Tri-Continental Cor. 27 4 Tri-ContCorp war.. 2 76 Tri-Cont Corp pf(8). 1 40 Tri Utilittes (31.20).. 2 24 Trunz Pork 8 (160). 1 26% Ungerleider F Corp. 7 t Union Tobaceo. ..... 30 11 Utd Carr Fastnr 120 6 14% United Corp war. 2 % Unit El Ser pur 1 WASHINGTON, D. C, SATURDAY, MARCH 1, 193 |SAYS ADVERTISING AIDS PROSPERITY Trust Company Official De- clares It Will Help Dis- tribution Problem. Special Dispatch to The Star. NEW YORK, March 1—The coun- try's chief problem now is distribution ( rather than production and its solution will be facilitated through a further de- velopment of advertising, Francis H. Sisson, vice president of the Guaranty Trust Co., told 1,000 members of the Merchants’ Association at a luncheon council. Those present included ad- vertising executives and the business heads of metropolitan dailies. Business seems to be on the upgrade, he said, and while it % not yet possible to say timt it is back to normal, the past two months have revealed notable rogress “Advertising, instead of increasing the costs of producing and selling goods, greatly decreased such costs,” he de- clared. “It is perhaps the greatest agency of natural selection in the busi- ness world. It promotes the survival of the fittest in the struggle for existence. It is a powerful weapon in the hands of the manufacturer who turns out the same product at the lowest price. Efficiency in Business. “The efficient producer quickly gets the bulk of the trade, expands his plant, becomes an industrial giant, and by his very growth is enabled to reduce his costs and his prices still further. Thus advertising facilitates the mass produc- tion, which, through its almost unbe- lievable economies, has worked hand in hand with higher wages in bringing new comforts within the financial reach of the great body of the population.” Advertising must be gotten down to & science, he said. The science of ad- vertising is the science of psychology and the science of psychology is a science of the human heart. ~Eighty per cent of successful advertising is based on psychological analyses in the realm of feeling, he asserted. The wants of the heart must be vizualized to make advertising successful, he added. Colby M. Chester. jr., president of the General Foods Corporation, predicted a tremendous increase in national pros- perity. He based his statement on sta- tistics prepared by a national business research organization, “The $400,000,000,000 of our national wealth will be $1,000,000,000,000 before men now living die, and they will see the national income of $90,000,000,000 doubled,” he declared. country now produces 70 per cent of all the oil, 60 per cent of the wheat and cotton, 50 per cent of the copper and pig iron and 40 per cent of the lead and coal of the world’s out- put, he said. America’s banking re- Sources are two-thirds of the total re- sources of the earth, and its purchasing power is greater than that of 500,000,000 of Europeans. All this, he asserted, puts a responsibility on management be enough to leave a record of increased assets and earning power, but the man- agers must enhance by every means in their power the reputations and good will of the organizations committed to { their charge. Advertising Expense. Food absorbs 26 per cent of our na- tional income, he said, and it was in- evitable that mass frodul:flon should find its way into the food industry. Hc forecast early economies in the distribu- tion of perishable food products through the use of quick free; processes so they may be sold in neat, sanitary pack- ages. Mr. Chester said that he doubted “if any executive of a national advertiser could justify mathematically his adver- tising expense to his board of directors.” “It is at best a case of feel, of intui- tion,” he added, “but we are learning each year from experience and, un- doubtedly, great headway has been made in establishing a relation between advertising and sales. true, however, that there is substantial waste. If we were to indict anything for this waste it would be competition. I mvlg:u it would be heretical to sug- gest t at some distant date competi- ly cut down. Those who would instantly brand this idea as ultra-radical have failed to appreciate place in industry. NEW YORK COTTON. NEW YORK, March 1 (Special).— The cotton market turned easier today after recovering $3 a bale the few days, and increased liguidation the last hour caused a loss of about $1 a bale. The list ended at the bottom, 20 points lower than yesterday. A break in silk to new lows of the year and an unsettled wheat market influenced sentiment. Spots were re- duced 20 points to 15,10. Cotton range; 20 520 5.56 5.65 % 46 50% US& InSett (2%) 1 14 US Lines of (1) 32 16 17% 15% 390 42% U S Radiator (2). 1 4TH 4T 4T% 5.71 11 Unit Verde Ext «4).. 7 124 124 120 9 Universal Pictures.. 1 11 11 11 Y% " Pw & Ltal 2 2 e Uttty & 10domees 5 2 By the Associated Press. 24 Uthl & Ind pf ( 4 26 A moderate increase in national 10% Utility Equitl 6 3 bullding activity took place last week, 88l Vacuum ON (14%) 2 91% 91% 91% y1% | the Census Bureau estimated today on 10 VanCamp Packing.. 4 10 10% 10% 10% | the basis of returns from all the area 374 Veeder Roof (2%).. 3 4l 42 411y 42 | east of the Rocky Mountains. Figures 21 Venezuela Ptmi206) 9 3 3% 3 3y |Which follow give the average daly to- 81, Waltt&BondB(1.40). 3 11% 1% 11 11 |!al of contracts for new construction 50 WalgreenCo....... 10 50 50 50 50 |let in the district for the week and 9 Waiker (H)(1)..... 33 9% 9% 9 ox|comparableperiods: 00000 1% Watson (J W) Co. 2 2% 2w % 2y | Weel ended February 22... $10,504, B W 5 14 141 14 14y | Preceding week. . $10,196,000 18% W 5 40% 40% 40 40 | Same week last yeai $14,944,000 2 Worth Inc A. .1 2 e 2% 24 e RIGHTS. i 5 GRAND SALES UP. % Chi R I & Pac Ry 1 P 3 e 5 F. & W. Grand-Silver Stores, Inc., b Sl % %% a % 5| for the year ended December 31, 1929, % Newport Co 8 % W W 1 reports met profit after charges and 19% Buo Tel&Tel. 220 20 20 20 |taxes of $1,812,693. This amount is A i ey 16 01 01 .01 o1]cqual after preferred dividends, to Dividena rates in dollars based on iast auarterly or semi- a ent ual Dwym *Ex-dividend tPartly ex’ia tPlus extra in stock a Pavadle In cash or stoc g b Payable in stock ~d Pavable in preferred stock. Notice—All stocks are sold In one hundred-share lots | —Prev excepling those designated by the letter s (655) (28%e), | High which shows those stocks to be sold in odd lots only o ~Prev. 1930.—~ Stock and Sales— 9% TR T L (o W w s AR o O E ; : 16 rInv Incev pr... 3 3 4 - Trading Expands as Brisk | 13ex 126" Aia Gt Soust 7)., 10 135 135" 188" 158 21 U rd Alexander Indust. A S N e e All Amer Gen Corp. 2 17% 17 % 17% pward Movement Car Allegheny Gab Cor, § e ew ek ex A : . . % Allied Aviation 1 1% 1% 1n| 23 ries Prices Higher. Allied Mot Ind(1)... 3 o AluCoof Ampf (6). 1 1% b e ey s Amchatn@3)....... B P I Am Cit A (a3). 531 T R Ao, AmCP&L B (b10%) b3 btad Special Dispatch to The Star. i AmCwlith P A b10%. 14 NEW YORK, March 1.—Utilities le Am Cmwith Po war. 1 #n active and broad curb market today. bt bt N ‘The sharp rise in power and light is- Am Eauitles. 3 sues did not get a good start until Am For Power war., 3 late in the session after holding com: e panies, radios, oils, natural gas shares ¢ Am Maracaibo. .. 1 and aviation shares had displayed a AssordkEdnm, 3 m Superpower (1). 26 BESEHS o et Am Super 1stpf (6) 1 Consolidated Afreraft and Douglas Am Yvette (new)wi. 8 Aircraft, both of which reported gains Anchor Post ¥ 42) ... 5 in 1929 earnings, led the aviation manu- Anglo-Am vot ¢730), 1 facturing companies to higher levels, Anglo-Am n-v (13e). 1 Later they were followed by Fokker and Arkansas Nat Gas... 15 Niles Bement Pond. and then by Na- Arkansas Nat Gas A, 84 tional Aviation and North American Ark Po& Ltpf (7).. 1 Aviation. The last two are Holding Art Metal Works(3) 1 companies. Asso-Elec Ind Lid. . . Pood stocks again were somewhat oot ety lower. - Several sizable ‘blocks of Gen- Asso G&E A debris. 24 eral Baking came out at fractionally Ati Coast Fish(1.40) 1 lower prices. Pacific Coast Biscuit pre- Atiant Fruit & Sug.. 2 ferred moved against the general trend. Atlas Stors Corp(31) 2 Pandem Oil Corporation advanced Auto Music (A) (1). 8 following news of the Texas Oil that AutVMcvprpt(2). 5 appeared on the tape. Aviation Credit 2 Profit-taking came into Marine Mid- | Axton-F Tob A 2 land and brought about a recession in Bahia Corp. . 2 it after its swift advance of the last Bellanea Alrcraft. 3 few sessions. Selected Industries was | Blue Ridge Corp.... 48 whirled as a result of the National Blue Ridge cv pt (a3} 0 Dairy Products-Kraft-Phenix Chee: Blumenthal (8)..... 1 merger, the company holding consides « Brazil Tr& Lt(2).,. 22 able of the latter stock. and the an- % Bulovacvpf(3%).. 1 nouncement of a new wallpaper made | Bunker H&S (16%).. 2 of aluminum, which is to be put out by | Buller Bros (30c).., 3 Reynolds Metal Co., a close associate of | % Can Marconl. .. 211 Selected Industries. Can Pacific(new)w.l. 14 050 RN N Cent Atlantic States. 1 Cent Public Service. . 6 831 ELECTRICITY CHEAPER G ERL i Cen States £l (140c) 86 785 Cen States El war... 2 267 THAN TEN YEARS AGO Cent Sta El ov pf(6). 258 39%, Cent & Southw Util. 52 1 Centrifug Pipe (60¢) 3 4 Cities Service (30e) 187 13% Increased domestic consumption of Cit Serv pf B (60c).. 1 16% electrical energy during 1929 was at- CitServ BB (6).. 1 35 tended by an average decrease in the Clev El lllum (1.60). 2 281 cost per unit, according to a statement Clev Tractor (1.60).. 1 184 issued by the statistical research de- Colzate-Pal-P (2%). 23 425 partment of the National Electric Light Colon Oil. LT 15% Association. Comwlth & Sou war. 15 100 In 1918, according to this statement Com Wat Ser (b6%) 3 15% the average houseliold in the United Consolidated Aircrat 3 10% States used 272 kilowatt hours per year, Consolidated Coppet 4 38% for which it paid 8.3 cents per kilowatt CAMCoctfs....... & 195 hour. By 1924 this average household Con Gas, Balto(3 60) 1 19% Wwas using 378 kilowatt hours, and in Con Gas UL A 1 22% 1928 this had increased to 459 kilowatt Cons Instrument z 100 but by this time was only paying Cons Laundri 10 254 a rate of 6.55 cents per kilowatt hour. 4 Continenta] O 1 ko reduction in rates was accom- Copper Range 1 14% plished in spite of the fact that the cost Cord Corp. 20 145 of living and the cost of all items en- Creole Petroleum 7 T tering into the construction and oper- % f;-Cresson Cons (8¢)... 2 51 ation of utility service had steadily in-| 28% .18% Crocker Wheeler 2 3 creased during the same 10-year period. 8% 1% Curtiss Wright war.. 6 22 In 1929 the average American home | gy 7w Darby Pet (1)... 1 8% used more than 500 kilowatt hours.and | 223 18% Davenport Hos (2) 1 95% m an average price of 6.2 cents per 8% 3 Dayton Alr & Eng 5 28% watt hour. 131% 113 Deere& Conew w.l.. 4 83 e — 5% 2% De Forest Radio. 1 24% PEHSIA HA DOP % 5 Detroit Aircraft Cor, 4 10 S A TED 1T% 10% Dix Gas & Utilitles.. 3 2% GOLD M 19 16 Doehier Die Casting. 2 26% ONEY STANDARD| '’3 '°% Doiores ksperanza. 10 Tou 101 98 Donner Stlistpf (6) 1 Owing to the fluctuations of silver in | 37 3, Doutiis Aircrart 156 9 ol the world market the imperial Persian| .1 31 Dres(SR)Mfg A 3%, 1 188 government has decided to change its| 3. gy Dubilier Cond&Rad. 11 43% monetary system from silver standard 00 145 Duke Power (35)... 100s % to a gold standard, according to a cable | “7 ' 4x Durant Motors. 1 19 e s %y the Sursian Jogation. Unill 25% EastGas& ¥ Asso.. 2 2 the change of gold standard is accom-| 35 Sts Pow B (1) 4 % plished the Persian Parliament has| 28% e : 15 stern Util Inv A. 2 T passed a law giving the Persian gov- - > r y 21 14 Eisler Elec (1.50)... 165 16 ernment authority to supervise the - e 5 D 1 £l Bond & Sh (b6)... 655 15% buying and selling of all foreign cur- Post il 1) 4 P rency in Persia, the cable to Minister Bl 62% Meftah said. -4 riog 10 37% Elec Sharenidg (31). 30 484 El Sharehold pf (6).. 3 9% Emp Pub Sv A(1.80) 5 Eng P S opt war. 9 Europan Eiec (Thi 0 Favries Finishing. 17 um; Fairchild Aviation.. i Financial Inv N Y. 2z §7 amat b Fokker Afreraft.... 17 S0 3 Amer Roll Mill 35 Folus Fischer Corp. 2 T Ford Motor Can A... 14 82 TR0 G & B e Ford Mot of France. 7 8 o3 Asso Gas & E1'S Ford Mot Ltd (50¢).. 8o :2 % Foundation For 5 $ 2% et St Fourtn Nat iny 9 4 ‘3 Bell el Can 58 ¥ox Theat Cl A 11 1% i g"f,”“:;"‘,‘l:‘;}:‘m‘ Franklin Mfg (2) 1 i n Garlock PKg (1.20) § “ 33 canad, Pacific Bs "4 Generat Baking..... 159 i 30 Cent Siat Elec s i General Bak pf (6) 4 83% SN L B 99 Gen £ Ltd rets «50e) ¥ 4T G RT&E 5 9 Genumsaki(A)... 6 26 s ) 7 Gen Laundry Mac! ot R R . Gan Petrd) Corp wi . i JRET B hh o By Bl n e ey st g 16 = “ s en 3 =§ gr:;:n'f g’;.fué"i'. A % W | s 21 Gleaner Com Harc2). 1 ey W) ler . 3 21 B 88 3 i 87| au 2% GodSeal El 9 6y Ay s 108410 7 3 Golden Center 5 22 " Goidman Sachs (b§) 95 7 % 92 M ’g g‘?&:fi’}é‘é&;} %8 ?o-. E;i 23-. Goth Knltback Mach 1 s % 901 903 raymur Corp...... 2 1 Gaiock Pacek 8¢ 138 1000 10311 20w, | GrA&PTnv(6).. 308 18MRE For o0 B f B Greenncla Tapkbie, 3 D% . . 2 ireenfleld Tap. e, dEE R R R L0 B Gttt ] . 11 Georgla Power 55 ‘67 97% Ui'a 97% | 27% 24 Ground Gripper1).. 1 L S O Shi%se a6 "00e 10014 001 | 307 8% Ground Gripuf3).. ¥ :;% 23 Gios 43 ww 785 719 78'2 | 144 181y Gulf Oflof Pa 1), 1 10 43. 80 18 80 29 28% Gunther Law i2)... 1 24% A 66 61 66 ; 24% 47 Tnsull Utilities 88 *40 10675 10615 208 i :::::l;:.',,fnn‘r?;‘,” 3 :g," » . 2 297 I TR b K 8T % Hollinger Gold (60e) 1 18% - § udson Bay 1. | $Ropp S5F &L '?§§ H Humble Ol (2)..... 1 i lenien 'S 6 A 2036 1o Hydro Elec Serv «2) 5 A 5 Imp Of1. Can (50¢)... 7T 14 indiana P L. n(t2%) 1 61 indian Terr tlum... 47 11 Ind Finetrs (b10%). 6 3% Insuli Ut Invib6% ). 6 14% Iusull Ut kn 2d pf 6.. £0s 4z insCoof NAm(13). 5 3 Insurance Sec 1 40) 2z nent Petn 4 1% g&iny 10e. 4 ® ‘etroln (1). b % erpow (1) 6 & 68 24 tuternat UL B 4 10 Interstate Equities.. 35 Interest Eaev of (3) 9 K 33 Lron Cap Copper. ... 1 2% 2 2% 61 BaL 65 A 2075 yw 1 4 S & %0 4% Bt g | Wholesale Market TEandard £ &L 65 51 98 3M1a P TODAY’S STO 58un Oil 5% 39.... 102 1022 ln'-” 1 City Gas 35 ‘6. 83 " 'g1as '§%is | Butter—One-pound prints; 381%a39}; - & L5 86 97 910 91 (ub, 361,a37%; store packed, 18a20. | 5Unt 15 5 i * [} H ! Barpoana o o5 Eggs—Hennery, 28; current recelpts, | 3 L 35 '39 ww 831s 8 ' 85v,| Poultry, alive—Turkeys, young, 32a| 3 Wara o T e . 195, 104, | 33; old, 28a30; Spring brotlers, 37a3: g SnTets 80100, 35ir 1%, ! Winter chickens, 32a35; fowls, 27a28; 36 Wester Pw 8ios A '37124 120 Leghorns, 30; ducks, 15a18; capons, 32a FWer" Oiton 'rel % ‘8010174 101 * 10142 35; keats, 60a65. Dressed — Turkeys, FOREIGN BONDS. young, 35a38; old, 32a35; Spring broil- B B Winter chickens, 37a38; @ s Leghorns, 32; ducks, 30; 87', 87% | capons, 35a40; ducks, 30; keats, 8090, | 86 81 | Meals, fresh killed—Beef, 20a23; veal, | 100 100 |28a30; lamb, 23; pork loins, 28; fresh 85 5 | hams, 26, fresh shoulders, 20a23; $3'» | smoked hams, 28: smoked shoulders, 84 |22; bacon, 28; lard, in bulk, 13; packages, 13. Live stock—Calyes, 8a13; lambs, 10a 13; Spring lambs, 20a25. | s R | Liquidating Dividend. ! NEW YORK ‘aarch 1 (#).—Direc- tors of W&i: Ste. Claire, Inc, have declared. a_liquidating dividend of $6 a | share on the first preferred stock, pay- able March 17. 12 P 2 Rumania Inst Ts 5 s 45 Jnited 7 6 Unt: Indust 6125 '41 89 w t With warrants, Vithout warrants. w. Total sales, 3.209,510 sha # New 1930 high. (Copyright. 1930, Standard Statistics Co.) CK AND BOND AVERAGES By the Associated Press From Yesterday's 5:30 Edition. STOCKS. 30 Industrials, 166.5 res. BONDS. $4.04 a share on the 381959 shares of no r value common stock. In 1928 combined net profit of F. & W. Grand 5-10-25 Cent Stores and Isaac Silver & Bros. Co. amounted to $1,390,939, or $3.64 a common share, based on pres- ent capitalization. PARIS BOURSE PRICES. PARIS, March 1 (#).—A neavy tone prevailed on the Bourse today. * ‘Three per cent rentes, 87 francs 40 centimes. Five per cent loan, 101 francs 35 _centimes Exchange on London, 124 francs 27 centimes. The dollar was quoted at 25 francs 563 centimes. NEW YORK BANK STOCKS. NEW YORK, March 1 (®).— Banks, Bid. Asked. Ametica ... 129% Bk of U § Un! 82 84 Broadway Nat 100 15 Chase_ Natl. . 161 183 Chat Phenix Nati'. ' 128 129 City Natl. 243 244 Fifth Ave 3250 3400 First Natl 5550 8650 Harbor Stat: e 18T Harriman Nati. 1400 1500 Trust Companies. Bankers > us 149 Cent Hanover 349 Chemi Bk & Ti 80, 811, Corn Exch 2007 212 County .. 235 242 Equitable’ "] s a7 Guaranty | 38 40 rving . . 5712 58 Manufacturer 1762 148 New York 0" 274 United States. 3400 Manhat Co.. 131 ¢ here under auspices of its members' | best product, or who turns dut the | which has no counterpart in industrial | history. To meet it. he said, it will not | It still remains ' the great moral uplift that has taken past | EXPORT DEBENTURE BATTLE | (lower right). BY FRANK 1. WELLER, Assoclated Press Farm Editor. ‘The mantle of politics closing around the tariff bill indicates that House of Representatives conferees probably will shoulder responsibility for the export debenture when the tax measure goes to_conference. Necessarily three Republicans and two Democrats, the conferees are ex- pected to be Representatives Hawley, Oregon; Treadway, Massachusetts, and Bacharach, New Jersey, Republicans, with Garner, Texas, and Collier of Mis- sissippi, the Democrats. Circumstances pointing to their im- +pending battle revolve around the ques- | tion of whether the House desires a | record vote on the debenture. 1 Hoover Opposed Debenture. If. it does, there is a probability the | conferees will be instructed on the posi- tion they are to take when they meet the Senate group. If it does not, the conferees must decide for themselves | whether to accept the export debenture jor demand it be stricken from the bill. | The House sought to escape a record ‘v’o(e during the effort to include the debenture in the farm relief bill. Its | conferees were not instructed, but they | elected to stand in opposition’ to it. ! The Senate refused to surrender the Representatives likely to be named conferees on the export debenture’s in- | clusion in the tariff bill are J. W. Collier (upper left), W. C. Hawley (upper right), A. T. Treadway (center), Isaac Bacharach (lower left) and J. N. Garner LOOMS IN HOUSE CONFERENCE‘ clause until & poll of the House show a majority of the members against it. A | hurried roll call was taken and the de- benture lost. Immediately plans were laid to incor- porate it in the tariff bill. Many mem- bérs of the House insisted it rightfully belonged there. . President Hoover objected to the de- benture. The House, controlled by “ad- ministration” Republicans and a rule from the rules committee providing that no amendment be offered from the floor, kept it out of the tariff bill writ- ten in that branch. In the Senate, however, the Pro- gressive - Democratic coalition had wrested the balance of power from ad- ministration leaders. They succeeded, by three record votes, in writing the de- | benture into the Senate draft. Coalition’s Position. If the coalition retains its strength, there is a probability Senate conferees will be instructed to stand by the de- benture and for a second time demand a record vote in the House if House conferees fail to acquiesce. It is yet to be decided whether the coalition will set aside the usual man- ner of selecting Senate conferees and name, instead, conferees from its own members. Usually three ranking Re- publicans of the finance committee and the two ranking Democrats are chosen. | | INCOME TAX | ‘The cost of capital assets, such as building and machinery, less deprecia- tion and salvage, may be deducted from gross income if their use in business 'suddenly is terminated. Usually such assets must be sold or |a loss. However, there is an exception. | If, for example, property has been dis- | carded by reason of some unforeseen | cause, such as change in the manufac- ture of a product to which machinery is especially devoted, or where new | legisiation makes the continued profit- able use of the property impossible, the otherwise disposed of, in order to claim | taxpayer need not have parted perma- i nenily with the property in order to claim a loss. But if use of propenyi was abandoned because of depreciation | or obsolescence, the taxpayer must" have parted permanently with it if a |loss 1s claimed. Loss due to the voluntarg removal | or demolition of old buildings, the | scrapping of old machinery, equipment, ete, due to renewals or replacements, | is deductible. But if a taxpayer buys as the site of a new bullding, land upon which an old building is located, demolition of the old building is not considered a and therefore is not deductible. The value of the real estate, | exclusive of the old improvements, is| presumed to be equal to the purehase price of the land and building, plus the ———— Buys Site for Plant. NEW YORK, March 1 (#).—A 30- acre site for $3,000,000 assembly plant | has been purchased near Seattle, Wash , for the Ford Motor Co. | i 1435 K St. “MONEY" It may be for a new house—a college edu- cation for your chil- dren. It will be avail- able when you need it if you are willing to make a little sacrifice .now. Save pers; ently—invest safely in Nat. 2345 SAFE FIRST witho —are Owver a Third £ lofra Century invest Without a terest Loss I National 2100 THERE BUY MORTGAGES. They offer an investment 61,9 FIRST MORTGAGES valued improved Washington real estate. Interest starts the day you larly twice a year. May be purchased in amounts from $250 up. B. F. SAUL CO. 1S NO SUBSTITUTE MORTGAGES ut worry, and our fortified by competently vour money and the in- check is mailed yoiregu- 925 15th St. N.W. FOR SAFETY FINANCIAL., cost of removing the useless building. | | Secured by FARMER IS FACTOR IN TRADE OUTLOOK Recent Slumps in Wheat and Cotton Are Dark Spots in Situation. BY J. C. ROYLE. ‘The position of the farmer again has Ibecome a major factor in American business conditions. The slump which ! took place this week in wheat and cot= ton took the banks out of the fore- ground of the financial picture and splashed in the Federal Farm Board in | the position of prominence. The announcement of Chairman Legge of the board that the organiza- tion is not trying to hold up the entire wheat market aroused tremendous in- terest. So did his statement that farm- ers who belonged to co-operatives or intended to belong were assured against- loss on_their wheat. Mr. Legge made it clear that while the grain stabilization corporation, formed to function under direction of the Federal Farm Board, had bought between 5,000,000 and 6,000,000 bushels of wheat, it had bought almost entire-_ ly co-operative wheat. The board, he continued, could raise the entire wheat market to the price pegged by the board, but it was felt that it would not be wise to do this since the expense in such operations would go largely into the pockets of others than farmers. Depression in Cotton. Opponents of the Farm Board, how- ever, point out in connection with Mr. Legge's statement that since prices are low, foreign buyers may be counted on to enter the market, that if low prices were necessary to iron out the surplus in wheat, it would seem to have been inadvisable to hold up prices artificially. Cotton also has been subjected to de: pression and it is believed that form tion of a cotton stabilization corpora- tion will not be long delayed. ‘The Federal Reserve System is mot likely to take any immediate action to ald other industries. Some —Treasury officials feel that, now that the first .- scare is over. industry can be count- on to take care of itself. It also is pointed out that where the real need of an industry calls for reor- ganization from within, it seldom does lasting good to give financial assistance from without The lines of industry which have been doing well are doing better. Stee!, for example., is in a most favorable position. Automobile sales are proceed- ing at a fine rate. Building has not at- tained the momentum it should have, }f)llth’the weather has been a deterrent actor. . Aviation Industry. ‘The aviation industry is showing the stimulus of recent " passenger and freight rate reductions. “Sales of planes recently have been good. Radio is cleaning house of excess stocks, but the carryover was so heavy that in most cases makers have not yet started to put sets of 1930 manufacture on the market. They expect to do so within a fortnight. - Sales of apparel at wholesale are showing fair volume and while retail distribution also is good, competition n the department store field seldom has been so severe. This has been of bene- . fit to publishers, however, since in many cities it has increased advertising. In many towns the as amount being ‘g:nb for ad is rising | above 3 per cent on the dollar of * gross sales mark. Complaints of unemployment are be- coming more audible. This devel ment was predicted two weeks ago by some laber authorities. (Copyright, 1930.) TREASURY BALANCE. 95 the Associated Press. 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