Evening Star Newspaper, March 2, 1930, Page 73

News of Markets Pages 1to 4 Part 6—12 Pages STORE SALES GAIN INJANUARY SHOWN FORFIFTHDISTRICT Reserve Board Report Re- veals 3 Per Cent Increase in Local Business. INVENTORIES ARE LOWER THAN THOSE OF YEAR AGO Table Indicates Drop in Business of Southern and Western Sections. BY EDWARD C. STONE. Department store sales in Jaiuary in the local Federal Reserve district were 3 per cent above the record for the corresponding month a year ago, ac- to the Federal Reserve Board's report just made public. country as a whole depart- ment store sales for January were 4 per cent smaller than in the same month in 1929, the reports to the Federal Re- serve system from 628 stores located in 275 cities in all the Federal Reserve districts reveal. The board states that inventories of the reporting department stores at the end of January were 3 per cent below the level of a year ago, according to statements from 475 stores in 217 cities. The Richmond district, which in- cludes Washington, made a notable showing, retail sales being surpassed only in the Boston district. New York made a gain of 2 per cent over last year in the same month, but was 1 per cent under this district. The nine other au';r‘:cu reported x:u:"m;“n' Off in sales. e poorest sl was reported from Atlanta, sales in that’' area de- clining 13 per cent. Retall sales in the St. Louis and Minneapolis areas were 12 per cent lower than in January, 1929. Sales Compared by Districts. ‘The E‘emenhce or increase or de- crease departme; stocks by Federal Reserve districts in January, 1930, as compared with Janu- ary, 1929, are given as follgws: monthfy For New Yorl Philadelphia Cleveland Richmond ‘Atlanta icago St. Louls. Minneapo] aouSarane ‘Lhe percentages of increase or de- crease in cities in the Southern section, in sales and stocks on hand, in Jani ;-ohllfi,:gn. compared with January, 1929, Pederal Reserve district ey Itimore of month). [RAR yesterday, 50 shares at 103,. Mergenthaler the week at 108. share of Federal-American Bank stock sold at 288 and one share of Commercial National Bank stock changed at 238, same as the last sale. ‘The trading was in bonds, ‘lr.’Olfl:d.C"y‘s& dsugul‘blwp ga chan‘ln& at and $500 Wash- 5s at 10034, There was a sale of $1,000 Potomac Electric Power consolidated 5s at 101% and of $1,000 Capital Traction 5s at 952, The week on the local exchange closed with some slight improvement in the total amount of business transacted. Peoples Drug Stores preferred is the only issue on the board now being quoted ex dividend. ‘The unlisted securities were called off yesterday and very few changes noted in the cluhu?m' Ai‘n ':he ‘Washington Base goes Spring train- , the stock is quoted 45 bid and 65 A second division club will leave it about where it is now but & cham- plonship team would give it a substan- tial advance. Folder Covers Local Securities. Crane, Parris & Co. has just issued & folder giving most interesting infor- mation on local securities. The list in- cludes such local corporations as the Capital Traction Co., Norfolk & Wash- ington Steamboat Co., Potomac Elec- tric Power Co. Washington Gas Light Co., and the Was| Rallway & Electric Co. A number of local insurance stocks are also included, as well as the most important miscellaneous issues. Nearly all the Washington bank stocks are also in the list, the local trust com- panies also receiving their full share of attention. Public utility bonds and various other local bonds come in for their full share of attention. ‘The information includes facts on the par value of the stocks, the amounts of stock outstanding, dividend rate, dates of payment, and the high and low for the year since 1925. The price on the last “sale, the present bid and asked prices, and the yields make the data more complete. The bond information states when the bonds are due as well @s the facts as to returns, etc. Lincoln Bank on Business Status. ‘The Lincoln National Bank has brought out its monthly review on busi- ness conditions. As the third month of the ylar opens, the Lincoln says, evi- dence is accumulating that business is, recovering from its recent sinking spell. ‘The improvement is moderate and by no means uniformly distributed be- tween the various components of pro- duction, finance and trade. While this upward movement still leaves current levels considerable be- low the corresponding marks of last year, this fact presents no cause for concern in the opinion of most authori- ties. Among these is Secretary of Com- merce Lamont, who points out that January and February regularly repre- sent low points in the calendar of the country’s business, and these months were exceptional in 1929. That the current u] rapid is even viewed with a degree of satisfaction by some. These recall the experience of 1924, when a sharp de- cline at the end of the preceding was followed by a prematurely rapid re- covery in tfixle first h::nm‘l.c}!;l:.d.rxnrlez- in a sf more se - u.{'cunon"rfxch lasted well into the Sum- mer. The comparatively slow, but order- 1y progress now being made is viewed g is not more FINANCIAL AND CLASSIFIED he Sunday Star WASHINGTON, D. C, SUNDAY MORNING, MARCH 2, 1930. Classified Pages 5 to 11 Ads KECK COMPLETES 37th YEAR D. C. Assistant Treasurer of Amer- ican Security and Trust Co. Congratulated. Started as Office Boy in Real Estate Department of Firm. William W. Keck, assistant treasurer | of the American Security & Trust Co., | rounded out 37 years’ service with that | | institution yesterday, his term of em- ployment being exceeded only by that of Charles E. Howe, the present treas- urer. Mr. Keck received many hearty congratulations. Born in Hamilton, Ohio, he came to | ‘Washington in 1886, attended the pub- | lic schools and graduated from Business High School. He started in with the | American Security & Trust Co. on March 1, 1893, as an office boy in the real estate department, which was or- ganized on that same day. In a short time the young man was made head clerk and bookkeeper in this depart- ment, and a few years later transferred to the banking department as an as- sistant teller, later advancing through | the positions of receiving teller, paying teller and note teller. | In January, 1911, Mr. Keck was elected assistant treasurer, so that he has held this ition 19 years. In con- nection with work as a banker he has served on several inaugural finance committees under the chairmanship of Corcoran Thom, present head of the bank. He is & member of the Independent BANKING HOUSE WILLIAM W. KECK. Order of Odd Fellows, having held many high offices in the organization. He has also belonged to the Washing- ton Country Club, Washington Gun Club and Washington Board of Trade. He holds the distinction of being a charter member of the Keller Memorial Lutheran Church. Mr. Keck has always been interested in civic affairs and is an active mem- ber of the Columbia Heights Citizens’ Association. A Republican in national politics, maintains his voting resi- dence in Ohio. During his long connection with the American Security & Trust Co., Mr. Keck has watched the bank expand from a very modest institution to its present splendid proportions. INVESTMENTBOND PURCHASING QUIET Market Continues Slow Dur- ing Week, With Values Holding Firm. Special Dispatch to The Star. NEW YORK, March 1.—The invest- ment market mflnlfld its dknw bugu‘flrm pace during past week—a p- pointment to those looking for an ex- tremely active market. h the average of 40 bonds to- day is about six points below the levels of 1927-1928, since the opening of the current year it has made a steady ad- vance until today it is nearly a point above the average of January 1. On Friday this slow pace was accelerated somewhat, with a lower rate for time money and a favorable Federal Reserve Bank statement. The diminishing stream of new offer- ings has had much to do with a little more. activity into the market. This has been evidenced more by way of increasing volume than by price improvement. The market's progress has been made despite a decrease in the amount of buying by life insurance com- panies. These companies have had an unprecedented demand for loans to pol- icy holders recently, at a time when new written has dropped off consid- erably from the high level established Just after the turn of the year. 5 Estimate of Loans. One estimate places the amount of life insurance policy holders' loans at $25,000,000 weekly, compared with a normal average of about $2,000,000. This money is diverted from the investment market. Savings banks, of course, are still buying bonds, but banks in general are not in the market for bonds in any- thing like the degree that prevailed in 1927 and 1928. The volume of loans by Federal Reserve member banks is still at a figure considered to be too high, even though it has dropped a long way | from the total which was viewed with | s0 much alarm last year. Bond sales have been running about $8,000,000 to $10,000,000 a day on the Stock Exchange or about equal to the volume last year and about $2,000,000 a | day less than that of two years ago. Foreign dollar credits have been nmlgydufln. the latter half of the week, chiefly because of a somewhat clearer political outlook in France and Ger- many. The improvement, however, has been more or less confined to the bet- ter grade issues. This buying is attrib- uted to American institutions in line with the Federal Reserve policy of pur- chasing British government securties, evldkenced on the London market this week. Much foreign money has been coming into the New York market, but accord- ing to dealers this has been going al- most_exclusively into American securi- ties, bonds and stocks. Canadian funds also have been com- ing into this market looking for invest- ment, while their own issues of late al- most entirely have been cared for in their own markets. For instance, $5,- this week bought by a Canadian syndi- cate and marketed in Canada. New Flotations. New flotations during the week to- taled about $60,000,000, against $75,- 000,000 last week and $150,465,000 the week before. A great many recent offer- ings are still largely undistributed, the evidence that this is so being the fact that many of them are still “pegged” at their offering prices on the exchange. However, the prime grade of new offer- ings have been moved out rapidly and municipals, although there have been some cases of marking down, are mov- ing in a satisfactory manner. (Copyright, 1930.) SWIFT VOTES DIVIDENDS. CHICAGO, March 1 (Special). — Swift & Co. has declared an initial quarterly dividend of 50 cents on the new $25 par stock, payable April 1 to the issue on a $2 annual basis, equiva- lent to the $8 rate on the old $100 for one. de- 000,000 Province of Nova Scotia 5s were | O. o stock of record March 10. This places | Janiar stock, which was recently split four |Octobe; The regular quarterly dividend of $2 | Dece: on the old $100 par stock was also record March 10. clared, payable April 1 to stock of |} BULDING ACTWTY SHONS LARGE AN Proposed Heavy Construc- tion Work During Week Totals $141,194,000. By the Associated Press. NEW YORK, March 1.—Big building activity for the Nation as a whole gained added strength in the past week from the announcement of a large volume of proposed heavy construction and engi- neering projects, the value of which totaled $141,194,000, the McGraw-Hill Construction’ Daily reports. “This figure compared’ with $50,706,000 in the pre- ceding . week, and with $66,350,000 in the: corresponding week last year. Residential bullding plans showed the largest weekly total since the beginning of the current year, and ital con- struction, likewise, recorded its largest week since January 1. Qutstanding among the big jobs of the Week was a $21,000,000 apartment hotel planned by the Chanin interests in New York. A close second in dollar volume was the industrial building program of | the Guif States Steel Corporation, which contemplates the expenditure of be- tween $17,000,000 and $20,000,000 on new mills, construction of by-products coke ovens, a te. BETTER BUSINESS OUTLOOK IS SEEN BY TRADE EXPERT Frank Greene Comments on Recovery in Industry After Market Panic. 4 POINTS TO IMPROVEMENT IN STEEL MANUFACTURE Says Nation's Interests Are Tackling New Problems in Period of Recovery. The greater part of the first shock to business suffered from last Fall's stock market collapse has definitely , and sentiment generally has considerably improved since the begin- ning of February, says Frank Greene in his March 1 review of business con- ditions in Nation's Business, published by the Chamber of Commerce of the United States. Cre%x: 't'fr u‘; improved buthm'fie must iven, he says, to a psy - cal experiment—the rally of ~business leaders at Washington—which took up the first strain, and after that to easing of money and credit, reflected in the creeping advance in the stock mar- ket in January and early February. “It seems possible to say, therefore,” he adds, “that the trade ship is now forging ahead on its vo and, all things considered, is making fair prog- ress in view of the severity of the storm that it successfully weathered two months or so ago. New Problems. “In some quarters a fair amount of surprise has been expressed that past troubles did not do the injury and that newer problems do not appear to hold the threats business that seemed possible some few weeks ago. In fact, the level-headed attention now being given to some new problems gives ise that these will be met and solved when, if and as they present themselves. “Two comparatively new factors forced themselves upon trade attention during January. One was the execra- ble weather in the Western two-thirds of the country, the other the coming to wide public notice of the deflation in a variety of foods or raw materials, visible some months ago in the p: compilations, but obscured or ignored by the attention bestowed on more ex- iting things. “As to lfi character of the weather in the last half of December and a good part of January,.it need only be said that in the larger part of the country it has been such as to have offered a check to business in the best of times. Only those who happened to pass through wide areas of the country west- ward from the Alleghanies to the Paci- fic slope are able to give a clear idea of the combination of unseasonable warmth, heavy rains, overflowing rivers and finally the sub-zero weather that afflicted a large area of the trade terri- tory of the United States from before Christmas to the fourth week of Jan- uary. “In the general feeling of pleased sur- prise at the market rally si in the steel industry, by which mill output d pnm:sflp:; uary and com cent in February a year ago, parently has been los! good deal tal, | January was , for at a cost of $7,000,000. The structure is to be combination residential and commercial building. Sketches have been drawn for a $6,000,000 industrial and manufacturing building in New York. By classes, all proposed jobs involved the following sums: o Industrials buildings, $33,181,000. Residential bulldings, $32,200,000. Hospitals, $31,782,000. Educational buildings, $11,990,000. Public work, $10,817,000. Commercial buildings, $9,715,000. Rallway ln‘lzvrm 000. Unclassified, $6,479,0 MD. AND PA. RAILROAD HAS EARNINGS RECORD Special Dispatch to The Star. BALTIMORE, March 1.—The Mary- land & Pennsylvania Railroad brol all records in its earnings in 1929, re- porting a net income after interest and Tentals of $159,791. This was equiv- alent to approximately $8 a share on the 20,000 shares of capital stock and compared with $107,051, or $5.35 a share in 1928. Gross operating reve- nues were $931,557, against $881,588 the year before. Commenting on the financial set-up, . H. Nance, president of the = pany, pointed out that $1,167,775 had been appropriated out of . surplus and reinvested in addition the property, retirement of funded debt and the like, leaving a free surplus of $183,973. The balance sheet shows current as- sets of 3562014, as against current liabilities of $237,213. Included in cur- Tent assets was $439,812 in cash and time deposits. NEW YORK COTTON. NEW YORK, March 1 (#).—The cot- ton Market was generally lower today under week end realizing or liquidation and scattered selling, promoted by the weakness of whe; May contracts sold off to 1529, and old October to 15.65, with the market dnulns barely steady, at net declines of 20 to 28 points. Es § ssssszsss By the Associated Press. LOS ANGELES, March 1.—State-wide curtailment of oll production, under the conservation pr industry’s comm of 15, began in California today. The curtailment order, which cuts the potential output to 608,- as giving assurance that such a mishap is ::n ely to be repeated in the pres- sent case, the bank says. - e Radio is just coming into general use British Malays. 2 955 barrels dally, will be administered by an executive committee in each field and will remain in effect indefinitely. The nine l:udlnl # :C;llll pof:::nh fields in the State, wi a dafly - tial output of 644,066 els, will be m outlined by the |Signal Hill, California Oil Conservation Program Put Into Practice on State-Wide Basis limited under the curtailment program to & daily production of 379,031 barrels as follows: Santa Fe Springs, 149,502; , Long Beach, 89,422; Ven- tura Avenue, 42,277; Elwood Terrace, 36,810; Seal Beach, 23,400; Kern Front, 12,822; Maricopa Flats, 11,400; Mount Poso, 10,032; Round Mountain, 3,306. a, | seemed to up of potential e ¢ being fa tated by the making of slight coi sions ln’prlce. which thawed out a many otherwise frozen orders. Automobile Trade. “The automobile trade, which despite some talk to the contrary seems to have imbibed some sonsolation from the well-attended shows, has bought quite freely of the lighter forms of semi- Anished steel. The backbone of the ton- ouc&x: in January, however, seems to have n past heavy orders for rails and cars. Buying of structural steel for heavy construction, the active purchas- ing by implement manufacturers—whose combined takings, added to the volume of small purchases to vide for the iad of lighter operations which use product—made up a good-sized gen- eral gate. - Ee lighter lines of industry the chief activity has seemed to be in shoe mnnufnctunnf. the output of silk and rayon and mixtures thereof with wool and cotton, which have gone into dresses, hosiery, bathing suits and a variety of other manufactures. “Building and its kindred trades, lumber, cement, brick and plumbing and sanitary ware, have been repressed even below the normal seasonable vol- ume by the combination of past over- building, bad weather and the rather slow thawing out of the money and credit situation as it affects this im- portant group of industries. The coal trade has been benefited by the weather, but. there has been apparently plenty to spare for domestic needs and for use by industries. “The combination of large stocks of copper and slackness of foreign demand has forced curtailment of production in leading Western mining centers. It is becoming evident, however, that with the passage of Winter and the recent appearance of good orders for electrical materials for Spring work, buyers and sellers. may agree on an attractive basis for business in this product, which is one of the conspicuous exceptions to the downturn in commodity prices, now the subject of much remark. Wholesale and Retail Trade. “In wholesale and retall trade the pace set suffers by comparison with that shown in the steel and some other industries. The textile trades, of course, bulk large in those branches of distri- bution. While broad silks have done .| fairly well, the weakness in cotton prices, which, like those of wheat, seem to have become entangled in the Farm Board's operations, was a bar to business, January seeing a very general shading of cotton goods prices, which check buying. Foreign domestic buying of cotton for the sea- son is now well below the like period a year ago, despite the fact that it sells 3 cents a pound below that date. Cot- ton mill curtailment over the year end was very pronounced and is e: to continue for a time, at least.” AUTO EXPORTS GAIN. Keeping pace with the gain of 8 per cent over the total export valuation for all automotive products during 1928, American parts, accessories and service appliances to overseas markets increased by 9 per cent during 1929, according to the automotive division, Thirty fields with settled productions | Commerce. Export value of these clas- and an estimated rflwnlhl of 365,420 barrels will be limited to 216,464 bar- rels daily. The Kettleman Hills output is set at 13,500 barrels. sifications amounted to $88,864,764, or 15.7 per cept of total American automo- tive shipments for the past year, compared with uufiou in 1925. Department of | May Banker Honored STOCKS MAINTAIN Market Holds Up Well During Week, Despite Bank Pool Sales. FURTHER IMPROVEMENT | IS PROBABLE IN MARCH HOWARD MORAN, Vice president of the American Security - o Mn::-b: g rrie ber of the in connection with the Eastern Regional Savings Cnnlu:olczelto be held l;s’N:‘\: York. March -21, sponsored American Bankers' Association. Many local bankers are planning to attend the sessions. 2 ELECTRICAL POWER SALE GAIN PLANNED Utilities Executives Develop- ing New Methods of In- creasing U. S. Output. BY J. C. ROYLE. Further development of the outlets for electric power is being arranged by the far-sighted utility executives of the United States. Increases in profits are in prospect for these companies from the development of wired radio and tele- vision. ‘Wired radio already is progressing fast throughout the Middle West, where re- celving sets operated in conjunction with telephones are being rented regu- larly to subscribers. Variety of Service. Radio engineers explain that it is possible to clear any number of chen- nels on the ordinary telephone circuit to enable the sets to receive a wide va- riety of broadcasting. Moreover, this can be u.omp'hsheéld;lhh onx:m a ;nml- mum expense for a equipment. Power producers have been consider- ably worried over the fact that in many buildings they have been unable to sell the customer as much power as the latter would like to buy, owing to the older methods of wiring. Some 17,000,~ 000 of the 19,000,000 homes wired for electricity are almost at capacity, so far as the lbsor'fi::n of electric current is concerned. it is, it is impossible for the current producer to furnish the necessary current over the small wires, which were placed in the older houses without blowing out fuses. This has r|Closed to some extent the fleld for heating and cooling by electricity so far as the old houses ed and has also made impossible the employ- ment of the electrical equipment de- veloped for other purposes in recent years. For the new bulldings, possibilities for the sale of power are almost unlimited. Development of additional power sales for heavy duty purposes, therefore, is dependent on the building industry and the replacement of old houses by modern wired structures, Broadcasting Talent. However, this does not apply to radio or television and it is because revenue from these sources can be increased with additional capital expenditure for fur- ther wiring that the producers are turn- ing to the combination of radio and mo- tion pictures. bum:ox the ut:utlu‘ue even now up a nucleus of broadcasting talent. This is not being done openly, since such a course would draw atten- tion of competitors, but artists are being placed under contract in various ways. Loan of their services to individual ad- vertisers, - for whom they will perform. temporarily, is keeping down expenses e it The utility expansion program, ac- cording to Matthew S. Sloan, president of the New York Edison Co., who re- ported to President Hoover on Friday, will exceed the $1,400,000,000 outlined for it. At no time in 1930 has the power production of the county been below the corresponding period of 1929. The gains in some periods rose as high as 4.5 per cent compared with the previous year. (Copyright, 1930.) BUSINESS IS BOOMING AT ROOSEVELT FIELD Special Dispatch to The Star. NEW YORK, March 1.—Roosevelt Field, Inc., organized last March to acquire Roosevelt Fleld and Curtiss Field, reports that during the eight months of operation in 1929 the sub- sidiary, which has been conducting commercial flying _activities, carried 12,893 passengers, flying 253,824 miles without injury to any one. Interest in aviation was demonstrated by the fact that during that period more than 120,- 000 persons paid admission to the fleld, even though the work of construction ‘was still under way. GRAIN MARKET. CHICAGO, March 1 (#).—Despite in- dications of future delivery buying on values averaged lower here today, espe- cially new crop contracts. Weakness of wheat prices at Liverpool and Winni- peg acted as 'a weight on the Chicago market, and Winnipeg May wheat lost ‘hicago d | its premium as compared with CI May. A feature of tntun{ operations here was buying of May w! cnm simultaneous selling of July, the representing wheat yet to be Wheat closed unsettled, bushel lower than Corn_closed unchanged to oats %a% up and provisions T. High, L% 116% grown. %al% a ’s finish. throug] "ot upturn in Marc] shipments of replacement | M 43% Adla sy K 8% T k4 Precedents Show Prioes Have Had | Rising Tendenoy in Former Years. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 1.—This week's stock market has had to face a number of influences that have retarded its progress toward a higher level. Some of them have been of a technical char- acter and grew out of the conditions within the market. Others reflect in- dustridl and agricultural situations in- imical to business and, therefore, detri- mental to securities. It has been apparent for some time that stocks had caught up with the re- covery in trade and that a substantial part of the day-to-day transactions were of a professional character, orig- inating mainly on the floor of the ex- change. Public buying, which was of such la proportions two months pre- viously, dwindled to a small total, {as the shares of corporations have again passed from the price area where they were attractive for an income or | for ‘possible appreciation. No matter how serious was the out- look for industrial earnings, the buy- ers of November and December knew that eventually they would realize sub- stantial profits on ‘“equities” then quoted much under intrinsic values. Today their attitude is that most of these same stocks have discounted ail of the trade improvement, while the uncertainty that surrounds business does not warrant adding to their in- vestments until there are further defi- nite signs of a recovery in earnings. Floating Supply Increases. Although the so-called “bankers’ pool” had no intention of making per- manent its purchase of $100,000,000 of | stocks, the fact that it has liquidated what it bought at recent price levels has been accepted as proof that shrewd Jjudges of the market also feel the re- bound has been sufficient and that the prices at the two peaks of December 9 and PFebruary 18 recognized the maxi- mum possibilities in the immediate sit- uation. From other sources controlling large amounts of stock there has been y of many market is cifcumstances it has main- tained an extremely stable position, and with & few shares making la ins, the general The- Indust average of the industrial ist late in the week was nearly back to the point from which the decline of the week previous set in. The commodity market episodes this week have been curiously like those in itumn. The Causes of Commodities Drop. There are deep economic and polit- ical influences affecting the commodity able to do. An indication of the check in the recovery in business, following the mo- mentum which it attained up to the middle of February, is given in the less favorable reports ‘this week from the iron and steel industry. This is chiefly due to a decrease in the demands from the automobile trade, whose purchases of steel this year now are estimated at on‘l'y 'lfl Dfir ce':: 0; l??’. aturally, lecline in prices of farm products, while more serious to the middleman than to the farmer, re- tards buying of agricultural implements and of general merchandise. This Is evident in-the slow recovery in the earnings of retail stores, chain stores, national distributors and is most visible in the continued decrease in the total of railroad car*loadings. The January statements of the carriers make the poorest showing in several years and will continue unfavorable for February and probably through March. (Copyright, 1930.) INDIVIDUALS OUTDONE BY INVESTMENT TRUSTS Eleven of fifteen representative in- vestment trusts showed during 1929 a smaller shrinkage than that experienced k values as a whole, says a tabu- lation com changes in value of assets of 15 trusts with that of a rep- Tresentative index of stock prices, con- tained in the current issue of G. M. P. Murphy’s fortnightly review on “In- vestment Trusts in the Market Break.” | values. “Investment trusts have demonstrated in their first big test the correctness of the basic theory of their existence —that a fund of this sort can show better results than the average investor is likely to obtain operating his own fund,” the Review says. - — NEW EFFORTS PLANNED TO REDUCE USED CARS Special Dispatch to The Star. DETROIT, March 1—With February mnlel:.u c“:.'hn lu'omg_!;ulem ulu' mmuook coun ws few h. In fact, output and sales are the lowest for years at this season. The present month, therefore, will be devoted to further clean-up and ad- Jjustment by most of the factories out- side of the low-priced fleld, to which existing activity is pretty well confined. Consequently there are to be concen- col the next 30 days. STRENGTH IN FACE OF HEAVY SELLING | Tence, the | administration: made to reduce used car | w EDWARD J. McQUADE, Vice president of the Liberty National Bank and of the District Bankers' As- soociation, who will address the bank management conference in Philadelphia on March 15. He will discuss “Banking Co-operation .Looking Toward Better Banking Practice.” NEW BANKINGTEPS TOBEDISGUSSED E. J. McQuade Among List of Speakers to Address Management Parley. ‘The bank management conference to be held in Philadelphia, March 14 and 15, under the auspices of the American Bankers' Association and the State banking associations of New York, Pennsylvania, New Jersey, Delaware, Maryland, West Virginia, Virginia and the District of Columbia, will be ar- ranged to afford an opportunity for an interchange of practical banking ideas for the benefit of all bankers in the North Central Atlantic States, accord- ing to announcement from those having the meeting in charge. Edward J. Mc- Quade of city is one of the speak- s. “Philadelphia will act as host for the most important bank management con- ference ever held in the Central At- | lantic States,” says Prank W. Sim- | monds, deputy manager, American | Bankers' Association. “In.these all phases of business it behooves the banker to keep in touch with his fel- low bankers and familiarize himself with the best in banking practices. There is a new spirit in banking—a | determination to tighten up all lpose bank machinery and gear it to the tempo of what is the best in modern business methods. Better Methods Sought. “The Central Atlantic States bank management conference will afford an unusual opportunity for meeting and exchanging ideas. prime ‘purpose is to develop a new effectiveness in Cnlir DARRIng phitcasion w1 en pi on upon 'a of increased efficiency, maximum serv- ice and larger earnings. It is'reason- the | able to expect that this conference will aid in clearing up many banking prob- lems and a marked improvement in methods.” The complete program, which Is in | charge of a committee consisting of | Harry J. Haas, vice president, First | National Bank, Philadelphia; Walter K. Hardt, president, Integrity Trust Co., Philadelphia; O. Howard Wolfe, cashier, the Philadelphia National Bank, chair- man, is as follows: First session, Friday morning, March 14, Bellevue-Stratford: ‘“Objectives of the Confe . Howard Wolfe. Loan ‘Sound Loan Policy for 8 Country Bank,” Willlam K. Payne, president, New York -State Bankers' Associaf ; “Farmer Loans,” P. H. Salmon, assistant cashier, Second Na- tional Bank, Elmira, N. Y.; “Merchant ,” Alexander Wall, secretary- treasurer, Robert Morris Assoclates, Lansdowne, Pa.; “Real Estate Loans,” Freas B. Snyder, Freas B. Snyder & Co., research director, Robert Morris Associates; ‘Credit Bureaus” A. H. Smith, president, The National Bank of ‘Topton, Topton, Pa. Washington Banker on Program, Second = session, Friday afternoon, March 14: Profit producing policies: “Analysis of General Operation Costs,” John J. Driscoll, jr., Driscoll, Millet & Co., Philadelphia; “Account Analysis,” W. M. Nash, treasurer, Haddon Heights Bank & Trust Co, Haddon Heights, N. J.; “Interest on Accounts,” W. Wal- ter Wilson, Milton, Pa., vice president, Pennsylvania Bankers' Association; “Chain Store and Other Branch Ac- counts,” C. F. Zimmerman, secretary, Pennsylvania Bankers' Association; “Chain Stores and Banking” R. W. Lyons, executive vice president, National Chain Store Association, New York City; “Co-operation Looking Toward Better Banking Practice,” E. J. M Quade, vice president, Liberty National Bank, Was! ¢ Third session, Friday evening, March 14, Benjamin Franklin Hotel: Invest- ment policles: “Bank Investments and Secondary Reserves,” Dr. Paul M. Atkins, ~ engineer-economist. Ames, Emerich & Co., Chicago, Ili; E. Rovensky, vice chal man, The Bank of America, New York City; “Call Loans,” Harry J. Haas, vice First National Bank, Phila- delphia, vice president, American Bank- ers’ Assoclation. Final Day’s Addresses. Fourth session, Saturday morning, March 15, Bellevue-Stratford Hotel: Bank tion and management: . Responsibility of Directors in Bank Management,” Thomas B. McAdams, & Trunt o, inamond: Reports 10 5 ond; “ Directors,” 8 L. Newnham, chief national bank examiner, third Federal Reserve district, Philadeiphia; “Person- nel and Accounting Safeguards,” G. Fred Berger, treasurer, Norristown-Penn Trust Co.: “Depreciation Accounts and | Conservation of Earnings” John J. jr.. Driscoll, Millet & Co., Phiadelphia; “General Conference Summary,” Cralg B. Hazlewood, vice president, Pirst National Bank, Chi . A 15-minute discussion will follow the presentation of each topic. - ; Dep.me‘:l"u!w" tIllu xin January hrmx: uf country so far reported per cent below of January, - ATLANTA RESUMES POST OF LEADER IN SOUTH'S INDUSTRY Georgia Capital Waked Up in Midst of Boom in Florida Realty. ANNUAL PAY ROLLS GAIN $29,000,000 SINCE 1925 Business Houses Increased by 594 After Four-Year Publicity Campaign. BY JOHN F. SINCLAIR, Special Dispatch to The nu; i TLANTA, Ga., March 1.—“It was th:mfldl boom that forced Atlanta to wake up! In 1925 our people were leaving to invest in Florida real estate. Our banks were feeling it. So were our business men. Out of it was born Lt an Al er to me. Atlanta has spent than $700,- 000 in the last three years—raised through voluntary subscriptions—to tell the world three things: 1—The South is America's fatest growing market and warrants careful development. 2—Industry cam no longer serve the entire United States from any one point, however centrally located. 3—Because of transportation facill- ties, Atlanta is the logical distribution center of the South. This commission surveyed Atlanta to learn which enterprises, by locating here, could make & succcss and which ones could not. Probably no city in the United States has made a more complete survey of its industrial pos it grves haa brought survey surprising re- sults. The four-year ampfl{n has re- sulted in to this city 679 es- tablishments which have added 174328 employes, with an estimated annual pay roll of $30,000,000. During this time, however, 85 firms, employing 510 peo=: ple, with an estimated pay roll of $823,« 000, have retired, quit or faled. 8o Atlanta’s net tangible results show ‘fin"éi' e x‘muubg'%m"'tfi 5 pl . e an - 191,000 to the annual pay roum' Development of Georgia. “Many nwrle do not realize that Georgia developed very rapidly from 1850 to 1860. During that time her property assessed value increased con- siderably more than the assessed value of Massachusetts property, a State then with twice the population of Georgia. It was then increasing faster in wealth than Pennsylvania, or Rhode Island and- Connecticut combined.” said P, 8, Ark- v | days | wright, president of the | of rapid changes and readjustments in | Co. ., and only recently tetired dent of the National Electric sociation. 1;‘1“: the Clvflhzlr. - 4 “Sixty years r Georgla is again | cxpanding its industries to a degree | comparable with that of the fifties. And why? It can't be the soil, or climate, or natural resources, or water- ‘ways, or even water power. Other na- tions have all of them in abundance,” lc!or‘lgnued Mr. Arkwright. “Then what “The dominant factor in America’s prosperity and in our Southern country is the lvl!hbflltf and use of power. In America we multiply & man’s produc- tivity 35 times by the use of power. Our nearest competitor is England, where they multiply it 24 times, and Dprosperity in the two countries is almost & direct ratio of 35 to 24. “Next to the Niagara section, the South is as favored by natural water~ sheds, so helpful in the water-power de- | velopment, as any part of the Nation, | Power availability is no longer a prob- 1lem in Georgia or other Southern States. We have come to regard the gleam of the transmission line in the sky as & symbol of hope of the eventual restora- tion of this area to the comgu‘un - sition it occupied . before the war E:- tween the States impoverished it.” Speaking of electrical power de - ment, Mr. Arkwright.related that Hznry"m Ford used .to .take 2,200 man-hours to make an automobile. Ee kept increas- his power until he reduced it to 13¢ man-hours for an automobile. Na & terrific reduction showed itself in & lower cost—so low, in fact, that foreign manufacturers found it hard to compete with Henry in their own countries. So a Amerfl:-m of Germans decided to come to and study Ford methods. They went to Detroit, were given every onponunlty to examine the great Ford plant, then went back and built a-plant in Germany along similar lines. But they had only 1% horsepower per worker where ford had 25, and it took them 3,500 or 4,500 man-hours per car against Ford’s 134. They tried it again in. France with less horsepower per warker, and it took them 5,000 hours per car against his 134 with the use of power. So the South, realizing what cheap power for factory and farm means in industrial development, has concentrat- ed on. its power development. The i‘t:r‘l of Ngnh and so“t:lh Carolina, ma and Georgla together repre- sent 20 per cent of the total developed water. power by public utilities of the United States. Business Leadership. Robert W. Woodruft, president of the Coca Cola Co., Motor Co. of Cleveland, reports an in- crease in both of his companies since the beginning of the year over the cor~ responding period of iast year. Mr. Woodruff, just turned 40, looks 10 years younger than that. While prob- ably no young man in the South is carrying larger responsibilities, he gives one the impression that they rest lightly on his shoulders. We talked of many things—Ilabor conditions, credit, oppor= tunities in business for young men, bus- iness success, and the general businesn sllgnfion. ur conversation repeal came back to the discussion of tmluutlu that made for business leadership, “What is the greatest need of the So'u% today?” I llhdh“him. “The same as it always been— leadership. Too many of our ablest young men have left the South for the West, the Middle West and the East, When it needed only a little encourage- ‘ment to have them . Many leading citi- Southerners have become 2ens in other parts of the United Sta Some of them national leaders. “Yes, it is leadership—the sym; thetic, understanding kind—that pre- sents the challenge to.Southern busi- ness today.” (Copyright, 1930. by North American News- paver Alliance.) SILVER QUOTATIONS. NEW YORK, March 1 (#).—Bar sil- ver, 40%; Mexican dollars, 30%. - t