Evening Star Newspaper, March 9, 1930, Page 73

FINANCIAL AND CLASSIFIED he Sunday Star Classified Ads Pages 5 to 11 Part 6—12 Pages NATURAL GAS LINE INTOD. C. BELIEVED EARLY POSSIBILITY Pipes Have Been Laid Within 100 Miles of Capital in Year. PROPOSED EXTENSIONS WOULD RUN NEAR CITY Product of West Virginia Fields Easily Available to Wash- ington Consumers. BY EDWARD C. STONE. ‘The possibility of natural gas being brought to Washington and distributed to customers through the mains of the ‘Washington Gas Light Co. is growing by leaps and bounds. Natural gas is being piped closer and closer to the Na- tional Capital every year, unusually ¥apid progress having been made dur- ing the past 12 months. Pipe lines are already m existence along the boundary line between Mary- land and Pennsylvania, which means that they are less than 100 miles from ‘Washington, The present lines run from near Morgantown, W. Va., gen- erally eastward through the southern of Pennsylvania into the concen- ated industrial area of that State, a distance of 285 miles. These enlightening facts are brought out in the annual report of the Colum- bia Gas & Electric Corporation, just issued, for the year en December 31, 1920. The pipe lines referred to were formerly used for the transportation of oil and were acquired by this company during the latter part of last year. o'gas "tud that 1 ihe ‘company's in , an company's in- lt.ufi:::. Proximity to Washington. Probably the nearest point to Wash- ington along the above-mentioned pipe is Littlestown, Pa., only a few miles from Westminster, Md. It also passes through Greencastle, Pa., just a short distance from Hagerstown, Md. line runs along the Maryland boun- eastward to the Delaware line and terminates close to Wilmington. a few weeks ago it was reported New York that another big utility s | ‘est Virginia and Kentucky fields east- d to Norfolk, Va. Such a transmis- line, the report stated, would prob- g0 near or into Richmond, so that carrying out of that project would natural gas only a little more 100 miles from Washington on south. ‘The same mains can be used for the transmission of natural gas as are used for artificial gas. Natural gas is a much drier gas and special moisture has to be placed in the artificial gas mains. Otherwise it absorbs the tar and other substances in the pipe joints and causes eonsiderable S bfl_‘lflhil In other places the original lines have been sup- Pplied with all the moisture needed and distribution led on most success- T Sully. How much cheaper natural gas would be to Washington consumers is mot known. The reduction in cost to consumers, however, would be the only for it here, as the ar- uzmm,"n“f'fi} e y . But an era of tremendous expansion among all the com] the stocks are tho Seaders o5 the New York rounding areas will not be forgotten. Trading On D. C. Exchange. ‘Twenty shares of stock of the Mer- ehants’ Bank & Trust Co. sold at 125 the Washington Stock Exchange yesterday, against the last previous sale 8t 131. The stock closed 125 bid and 140 esked. rty shares of Merchants’ Transfer & ‘Btorage changed hands at 112, three points above the last sale at 109. Chevy Chase Dairy preferred came out at 102 and 20 shares of Lanston mflu week at 116. President Robert N. Harper of the District National Bank entertained the officers, directors and employes of the at a dinner at the Mayflower 1 & few evenings ago. Col. Harper come to make this an annual cus- and this year's banquet was per- the best one yet held. Practically employe of the bank was present, party occupying the Chinese room. head of the bank made some timely remarks, and some of the other officers were also heard from to excellent ad- vantage. National City Scores Mergers. ‘The disadvantages of wholesale rail- road consolidation outweigh the advan- tages, accordi to the National City Co. In a brochure received in Wash- ington the company contends that the chief reason for consolidation has passed since the transportation act was passed in 1920, and it suggests that uni- fications be authorized only where the rallroads and the public would be bene- fited. Similar views have been ex- pressed recently by several big rail systems. Bell System Holds Record. ‘The annual report of the American ‘Telephone & Telegraph Co., showing total assets of $2,477,023,551, places it second only to the United States Steel Corporation, which had assets of $2,- 637,957,642 on September 30, Btandard Oil of New Jersey, says the New York Times, ranks third, with $1,572.267,610 on December 31, 1928. Considering the Bell system as a ‘whole, however, it represents the largest corporate structure in the world, with assets of $4,228,430.088 at the end of last year. Since the report was issued, however, the parent company has sold | $150.000,000 of bonds and received $40,- 000,000 through conversion of deben- tures, placing the system's assets at more than $4,418,000,000 at present. —_— STEEL OPERATIONS. NEW YORK, March 8.—Due largely to the decreased demand from the auto- motive industry, industrial of the steel companies in the Youngs- town, Ohio, district next week will be at about 69 per cent of rated capacity, & decrease of 3 per cent from this week. It aiso will be the third successive week that operations have fallen off. Several ©of the companies specializing in certain steel products, however, are expected to | continue at their present rate of oper- stions. ‘Water Plant Contract. NEW YORK, March 8 (#).—Ulen & Co., international engineering organiza- tlon of New York and Lebanon, Ind,, has received & contract for the con- struction of the substructure and su- perr-ructurs of the new water purifiea- 1929, | operations | DR. STEPHEN I MILLER, Executive manager of the National As- sociation of Credit Men, who addressed the local association last night. He sees the United States leading in trade and predicts great interest savings by shortening of credit periods. TRADE LEADERSHIP OF U, S, FORECAST BY CREDIT EXPERT Dr. Stephen 1. Miller Sees Nation Maintaining World Commercial Supremacy. “The United States is already well advanced in a second industrial revolu- tion which seems destined to maintain it n a position of world commercial leadership for the next 100 years, Dr. Stephen I Miller, executive manager of the National Credit Men's Assccia- tion, told a splendid turnout of mem- bers and friends of the local associa- tion at the annual Midwinter banquet and ldnnc: last night at the Willard posed to run natural gas from the | goe) “Just as the sweeping changes in productive processes which economists call the first industrial revolution made England dominant in world trade throughout the nineteenth century, the new industrial order is rapidly trans- ferring that leadership to the United States,” Dr. Miller said. “Intensified application of machinery to produetion, a tremendous expansion of credit, sweeping changes in the sys- tem of distribution and the unpre- cedented development of mergers and consolidations are some of the things which set our period apart from the first industrial revolution,” he said. Sweeping Changes Noted. Dr. Miller said that the first phase of the new industrial revolution is already passing. This early phase, he said, was marked by an increase in real wages and an improvement in the gen- eral standard of living, despite an in- crease in general price levels. “The second phase of the new in- dustrial era which is now beginning is, first of all, a period of greatly in- creased productivity. It may be also a period of gradual decrease in price levels, or, conversely, of increasing value of the dollar. I expect it to be a period of greater elasticity of credit. “The very nature of our present in- dustrial order, based on large-scale operations and mass production, de- mands that we find larger foreign mar- kets for our products. Trade no longer follows the flag or the battleship. It follows investments. We shall have to put more and more into foreign in- vestments if we are going to build up our foreign trade.” Shorter Credit Periods Seen. Dr. Miller said that means would have to be found for adjusting the credit structure to the requirements of the new industrial era. It will un- doubtedly be necessary, he said, to de- velop an increased elasticity and mobil- ity of credit. ““The credit executive, in making his daily decisions, will do well to keep in mind these detalls of the larger eco- nomic picture,” he said. “As a guardian of the commercial credit reservoir, he should direct every possible effort to- ward cutting down the average period 1 accounts are outstanding. “The world credit structure is based on a strictly limited supply of gold, and the expansion of credit seems to be proceeding faster than the increase in the gold supply. Shortening the credit period would result in large sav- ings of interest, and would have the | effect of pumping credit back into the reservoir of general purchasing power at shorter intervals.” i, From the standpoint of the individual | business, he said, this shortening of the credit period would amount simply to an increased rate of turnover of \wnrklnn capital, and could be expected | to have the same stimulating effect as an increase in working capital. Watts Presides at Banquet. T. Lister Watts, president of the local association, presided at the dinner and William E. Leahy was toastmaster. The affair was in charge of the following | ommittee: R. Jesse Chaney, chairman; John N. Auth, H. T. Bisselle, E. T. Burdette, P. J, Eichhorn, William B. Garrison, Mrs, E. J. Hess, L. M. Hew- lett, W. R. Little, Harry S. Moyer, John A. Reflly, E H. Ruark, Miss F. E. Thompson and L. T. Watts. E Paul Phillips, Eastern manager of the national association, brought brief | greetings from headquarters. The en- tertainment, furnished by profession- | als, was foliowed by dancing. | ! EARNINGS REPORTED. NEW YORK, March 8 () —Net profits of the Timken Roller Bearing | Co. and subsidiaries for 1929 amounted 10 $14,155,414, equal to $5.88 & share on 2407.824 shares of common stock, compared with $13,730,145, or $5.70 & | share in the previous year. The Homestake Mining Co., ended 1929 with net earnings of $1,044,070, cqual to $4.16 a share on 251,160 com- mon shares, as contrasted with $1,473,- 547, or $5.86 a share in 1928. The 1929 operations of the Barnet Leather Co. of Boston, Mass., and Lit- tle Palls, N, Y., resulted in a net loss of $1.133.764, as ngainst a net loss of $302,759 in 192, CHICAGO DAIRY MARKET. CHICAGO, March 8 (#).—Butter firm; receipts, 9,573 tubs; creamery extras, 36; standards, 36; extra firsts, 35835 ; firsts, 3214834, seconds, 30a3 Eggs, steady; receipts, 36,395 cases; LY WASHINGTON, [ADVANCE IN STOCK MARKET IS HELPED | BYEASEINMONEY 'Recovery During the Week Pushes Price Average to New High Level. |REVIVAL OF INVESTMENT DEMAND NOW FORESEEN Reparations Loan Would Be Aided by Increasing Strength in Bonds. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, March 8—It may be well to go back over the events of the four months that have elapsed since the November panic and briefly point out the market trends and their causes that have culminated' this week in the highest average of industrial and pub- lic utility prices in the present recovery. Investment buying on the greatest scale ever witnessed in this country, draining savings banks, insurance com- panies and commercial banks of their funds and drawing down the call loans of corporations and individuals by as much as $100,000,000 within a month advanced prices to a on December 9 that encouraged a great deal of profit taking by pools and others who had been able to accumulate securities when the entire world seemed to be selling them. Subsequently heavy liquidation partly for income taxes and partly to relieve those who had been carried through the bad times of Octo- ber and November brought a secondary reaction which continued for nearly a month. About the middle of January signs appeared on the business horizon indi- cating the beginning of a recovery from depression that had started in September and had been intensified by the November crash. The specific in- stance of revival was in the iron and steel trade, which expanded rapidly with the ratio of expansion doubling between the middle of December and the end of January. Other industries reflected a better sentiment if larger orders and stock went on _gaining throughout the first half of February until both industrials and rails had gone through their previous high point in December. Then the situation in commodities became an active one from day to day, leading to a series of trend- less markets and small daily volumes up to the first of March. Money Ease Aids Stocks. ‘The present situation is one in which Wall Street admits that stocks had overdiscounted a business recovery that is proving to be slower than indicated in January and apparently have shaven off the effect of a commodity price dis- turbance, but may be just beginning to reflect conditions in the money market that ordinarily would mean a great deal to bonds but are now being used to greatest advantage in stocks. ‘With the public so strongly stock- minded, it is not unreasonable to expect a greater expansion in stock buying and in stock transactions under low interest rates than in fixed interest obligations. Judging from all the evi- dence at hand the November panic did not cure the public of its desire for junior securities. It believes in them. It will buy them as it is able to ac- cumulate funds for this p and irrespective of the present temporary Tull business, which may produce a crop of quite unfavorable corporation reports for the first six months of this year. From the bears’ standpoint, easy money is one of the toughest nuts to crack, as it overbalances the influence of other unfavorable factors in the speculative situation. t has been quite logical therefore to see stocks advancing with so many proofs of reaction in the business world figuring in the daily financial and com- mercial reports. This week we have “street loans” at 3 per cent, 90-day loans at 4 per cent and a succession of declines in bankers' bills. le brokers’ loans have increased $225,000,000 from the low point of last Autumn the borrowing of the Federal Reserve member banks have declined to the lowest point since 1925. Compared with the high figure of last July they are down more than 75 per cent. Al- though the Federal Reserve Bank in New York disappointed Wall Street on ‘Thursday by not reducing its rediscount rate to 3%, per cent such action cannot long be delayed in view of the uni- versal trend to a lower level reflected in the lowering of rediscounts by five ;emral banks of Europe in the past 48 ours, Investment Revival Foreseen. Credit conditions throughout the world are obviously shaping themselves for a strong revival in investment securities even if they do not have as great an effect on relieving interna- tional trade as might be hoped of them. The downward trend of interest rates in this country and in Europe reflects not only the absence of demand for money for speculation but for business. In such a situation it is natural that fixed interest rate securities should benefit. The application of this to the repar jtions loan is quite pertinent. This floan will probably be timed with the season of normally eastest discount ; rates here and abroad. It is already being foreshadowed in the steady im- provement in the prices of those dollar bonds that most nearly represent the quality and terms of the new issue, (Copyright, 1930.) DEPOSITS SHOW GAIN IN BALTIMORE BANKS At the close of business January 31, 12 mutual savings banks in Baltimore had_eggregate deposits totaling $190,- 250,263, in comparison with $189,048,745 on December 31, 1929, and $187,929,960 on January 31, 1929. Time deposits in 58 repcrting member banks also increased last month and reached a level above that of the corresponding date last year. Time deposits in the 58 member banks totaled $240,177,000 on February 12, compared with $235,- 410,000 on January 15 this year and $239,668,000 on February 13 iast year, according to the Federai Reserve Bank of Richmond. TOBACCO GROWERS GET $500,000 FEDERAL LOAN The Maryland Tobacco Growers' As- sociation, Baltimore, has been granted & supplemental commodity loan not ex- ceeaing $500,000 by the Federal Farm Board here, This loan will enable the association to make advances on additional member-produced tobacco that are not practicable under its pres- ) I SUNDAY MORNING, MARCH 9, 1930. Heads Bank Chain THOMAS R. PRESTON, President _of the Hamilton National Bank of Chattanooga, former president of the American Bankers’ Association, who has been placed at the helm of a group of 14 banks in small towns in Tennessee, Alabama and Georgia known as the Hamilton National Associates. Mr. Preston announces that the chain will have $20,000,000 capital stock, $4,000,000 surplus and total resources, including trust funds, of $50,000,000. Hoover’s Influence In Promoting Trade Is Eagerly Watched Business Men Wait for Effect of President’s Latest Statement on Conditions. BY J. C. ROYLE. Business men gathered in Washing- ton did not find great encouragement in President Hoover's statement that the worst phase of the unemployment situation resulting from the stock mar- ket crash would be over within 60 days. They are waiting eagerly to hear how the statement is received throughout the country. They point out that a return to normal in 60 days would mean that business had been under severe depres- sion for at least six months since the big break in the stock market in late October and early November of 1929. That is a longer count than even Gene Tunney was credited with having re- ceived in his fight with Jack Dempsey in Chicago. The statement by Secretaries Lamont and Davis that employment in the country has increased by 600,000 to 1,000,000 workers since the low point at the beginning of the year also has brought little encouragement. The spread between 600,000 and 1,000,000 is 50 wide that the accuracy of the figures is seriously questioned both by business men and labor leaders. It is generally believed, however, that there has been some increase in the number of em- ployed in the last month or six weeks. ‘The President’s statement recites that unemployment is pressing in but 12 States of the 48. But business men point out that the larger part of the industrial employment in the country is centered largely in those 12 States. The President said that the railroad, public works and utility programs of the country have done much to stabilize conditions in building, but business men note that there has been a big falling off in housing construction which has nullified some of these benefits. The President stated that the pledge to maintain wages has been upheld, but | labor leaders today said that pledges to | maintain employment had not been universally fulfilled. Money is avail- able at lower rates but credit is not so freely extended and real estate men complain bitterly on this account. Business, according to representative | business men, is not discouraged or alarmed at the situation. These men say that the depression, such as has ex- isted, has been in the industries whose position was weakest. No complaint is coming from steel or electrical equip- ment makers or farm machinery manu- facturers. Although they hesitate to express this view, what most business men really hope for is a resumption of activity, one way or the other, in the stock market. They admit, in spite of the views of legislators and officials here, that the stock market has come to be a busi- ness barometer. There is plenty of money for operations in the market but bankers say that just as in many other lines, buyers are holding off hoping to “buy at the low.” This reluctance is only equaled by the disinclination to sell at the high. (Copyright, 1930.) CASUALTY BENEFITS TOTAL LARGE SUM Payments of $367,215170 Re- ported in 1929 by 271 Companies. Special Dispatch to The Sta NEW YORK, March 8.—During 1929, the American public has benefited to an_extent well over $336,000,000 in claims paid by casualty insurance com- panies. Reports made by some 271 casualty companies to the Weekly Underwriter and the Insurance Press, based upon the sworn statements made by these companies to the State insur- ance departments demonstrate to a surprising_degree the extent of these benefits. When all returns are in this figure is expected to exceed $375,000,000. These payments to the public by the casualty companies were made under policies of automobile insurance, includ- ing all the miscellaneous assortment of coverages thereunder—property damage, personal injury, collision, etc. They in- clude payments for personal injuries covered by workmen'’s compensation in- surance, as well as health and accident claims and disability claims under life policies. 'This figure includes claims paid under burglary and theft policies, indemnities for damage suits of all sorts covered by insurance, the replacement of broken plate glass windows, losses oc- casioned by the defalcations of dis- honest employes, and the fulfillment of contracts undertaken by builders, and completed by the surety companies. In short, this type of Insurance, known technically as “Casualty and Miscel- laneous” insurance, touches practically every phase of human endeavor, and comes closer to the pocketbooks of the individual than almost any other ~lass COMMODITY PRICE SLUMP CONTINUED DURING PAST WEEK Ten Out of 15 Indices Lower, Three Unchanged and Two Higher. BUYING POWER REDUCED IN FARMING DISTRICTS Industrial Trend Also Declines. Weekly Car Loadings Show Decrease. BY H. N. McGILL, Editor of McGlll Commodity Service. AUBURNDALE, Mass., March 8 (/). —Commodity price trends during the past week were again sharply down- ward. Out of 15 individual commodity indices, 10 were lower, 3 unchanged and 2 moderately higher. Business activity was less pronounced. The upturn from the December low was too rapid to hold. Car loadings, cor- rected for seasonal, have again turned downward. However, the latest business index volume figure is only 5 per cent below normal, compared with 7 per cent below in February. All commodity prices have declined, led by textile, agricultural products, hides and leather, non-ferrous metals and industrial prices. Declining com- modity prices are being experienced in foreign countries with equal rapidity. Industrial Prices Break. Industrial prices broke sharply enough to cause alarm. Profits are impaired and confidence shaken. The industrial price trend Is following out the long- swing downward movement which oc- curs after every war upheaval. The decline since early 1920, the last great peak, represents 48 per cent. Agricultural products are also sharp- 1y lower, due principally to cotton and wheat. Purchasing power in both the South and the West has slackened. The statistical position of wheat is not criti- cal, as the world reduction is around 400,000,000 bushels. Textiles sagged to a new low, led by cotton. Silk prices were forced to the lowest level since 1916. Total supply of all textiles largest on record for this period. Broad price slashing fea- tures finished goods market. Non-ferrous metals depressed, par- ticularly lead, tin and zinc. Mine pro- duction of copper is still diminishing. In other nen-ferrous metals the slump in demand has been greater than the cut in output, Iron and Steel. Iron and steel prices, one of the most reliable barometers, were moder- ately lower. The revision upward in the production schedule since Decem- ber was too rapid, and last week new orders fell off. There is no production problem, while competition is increas- ing. Lower prices are principally an act to encourage greater demand. Hide and leather reached a new low, largely a seasonal affair, caused by in- ferior takeoff. Statistically, hides and leather are one of the strongest of all groups. Other . commodities—building mate- rials, paint materials, coarse fibers— also declined during the past week. The situation in fuels is particularly critical. Petroleum and its products, upset by the failure of successful pro- ration schedules in California and bituminous coal, subject to a marked r?vmon downward in production sched- ules. Groups which remain unchanged during the week were chemicals paper and pulp and fuels. The two limited increases, out of all groups, took place in live stock and vegetable oils. Most Important Price Changes. Previous First 829 1 951 7 3. 1043 BUILDING PICKS UP IN NEW ENGLAND First Perceptible Gain in Value of Contracts Reported Since Last July. All_commoditie Industrial Specia) Dispatch to The Star. BOSTON, March 8.—The total value of building and engineering contracts awarded in January was $323,975,000, an increase of 2 per cent over the pre- ceding month. The significance of this relatively small rise of $7,600,000 over .| the December figure is that it occurred in a month which is normally lower than that which precedes it and, fur- theremore, it is the first perceptible gain in the total value of contracts since the unexpectedly large July record. Since the decline in the value of new industrial contracts more than nega- tived the rise in commercial contracts, the high volume of public works and utilities contracts was _responsible for the January gains. Residential con- tracts were at the lowest level in re- cent years. The first quarter of the year s usually not particularly active as far as residential construction is con- cerned. The increase in the value of total contracts awarded in New England during January was 12 per cent, as compared with December, The January total of $17,860,000 was the lowest Jan- uary since 1927. Residential building, however, in contrast to the report for the 37 Eastern States, was the most active, with a total of $5.846,700. In square feet, new residential contracts during January were the lowest since February, 1923. BUSINESS INSURANCE OVER 92 YEARS OLD Although the wide adoption of the use of business insurance is a comparatively recent development, the idea originated at least 92 years ago. This fact was brought out by the discovery among the family papers of Edward R. Wood, jr., of Philadelphia of a booklet published an insurance and annuity company in 1837, which dealt in part with “business insurance. WS TR DAIITY‘ GOLD MOVEMENT. NEW YORK, March 8 (#).—Today's daily gold movement statement of the New York Federal Reserve Bank shows a net decrease of $8,000,000 in the amount of gold earmarked for foreign account. It also was dnnounced that $450,000 in gold had been received at San Francisco, of which $300,000 was SARGENT'S FRIENDS PLEASED AT HIS PROMOTION IN A. B. Former Washington News- paper Man Is Appointed Deputy Manager. Becomes Secretary of Trust Company Division in New Field of Work. Appointment of Henry E. Sargent as deputy manager of the American Bankers’ Association and secretary of the trust company division, was noted in Washington with wide satisfaction, as he is a former local newspaper man and also a native of this city. Mr. Sargent has been with the Ameri- can Bankers' Association since July, 1928, as associate editor of the Ameri- can Bankers' Assoclation Journal, with offices in New York City. While engaged in newspaper work in Washington he served as chief correspondent of the New York Journal of Commerce. He was also at one time on the repor- torial staff of one of the local news- papers and was connected with the Washington bureaus of the Associated Press, United Press, Wall Street Jour- nal and Baltimore Sun. He lived in Washington 10 years except for a year in the Army. Mr. Sargent is a graduate of Prince- A HENRY E. SARGENT. —Underwood Photo. ton University and the Law School of the University of Virginia. He succeeds Reuben A. Lewis, jr, well known in ‘Washington, who has resigned to be- aome a second vice president of the Continental Illinois Bank & Trust Co., Chicago. Mr. Lewis assumed his duties in Chicago March 1. BANK CONVENTION COMMITTEE NAMED George 0. Vass Announces List of Workers for Annual Meeting June 5-8. Announcement was made yesterday by .George O. Vass, chairman, of the appointment of the following as mem- bers of the general convention com- mittee to arrange the plans for the twelfth annual convention of the Dis- trict of Columbia Bankers’ Association, to be held at the Grove Park Inn, Asheville, N, C., June 5 to 8. All of the member banks are repre- sented on the committee and it is understood that a meeting is to be held soon to recelve reports from the sub- committees, which are already hard at work on the convention plans. Much interest has already been manifest in the annual conclave. The nnel of the general com- mittee follows: General Convention Committee. George O. Vass, chairman; F. P. H Siddons, vice chairman. Corcoran Thom and Howard Moran, American Security & Trust Co. (] Maurice Otterback and W. L. Koontz, the Anacostia Bank. Raymon L. Schreiner, Bank of Brightwood; Maurice D. Rosenberg, Joseph Sanders and John M. Riordan, Bank of Commerce & Savings. Frederic E. Farrington and J. Ezra Troth, Chevy Chase Savings Bank. Frank J. Stryker and Arthur N. Mitchell, Columbia National Bank. Wade H. Cooper and Laurence A. Slaughter, Commercial National Bank. Eugene E. Thompson and Thomas W. Brahany, Crane, Parris & Co. J. T. Exnicios and Charles E. McCoy, Departmental Bank. Robert N. Ha: and John F. Maury, District Natic Bank. John C. Yost, Lewis Flemer and S. Wiison Earnshaw, East Washington Savings Bank. John Poole, Wilmer J. Waller and g’“;‘“ B. Lyddane, Federal-American ank. John B. Cochran and Thomas P. Hickman, Franklin National Bank. W. B. Hibbs, Karl W. Corby and W. W. Spaid, W. B. Hibbs & Co. John R. Waller and Austin C. Waller, International Bank. B.!.kcnnlbe'rtl. International Exchange nk. George O. Walson and E. J. McQuade, g . Davis and James A. 3 Linm National Bank. Lanier P. McLachlen and Archibald McLachlen, McLachlen Banking Corp- oration. Peter A. Drury, R. E. Bolling and Frank P. Harman, jr., Merchants’ Bank & Trust Co. BnBc;(m-nm Chesterman, Morris Plan nk. Claude H. Woodward and Emmett C. Davidson, Mount Vernon Savings Bank. Wilton J. Lambert and C. H. Pope, Munsey Trust Co. Clarence F. Norment, George L. Starkey and J. Frank White, National Bank of Washington. George W. White and C. F. Jacob- sen, National Metropolitan Bank. H. H. McKee and H. C. Stewart, National Capital Bank of Washin K Willlam D. Hoover and Frank Stet- son, National Savings & Trust Co. ‘Theodore Michael and George Clagett, North Capitol Savings Bank. L. P. Stuart and W. Reginald Lewis, Northeast Savings Bank. George E. Walker and Robert S Stunz, Park Savings Bank, Henry W. Offut and B. A. Bowles, Potomac Savings Bank. Charles C. Glover, jr.; Robert V. Fleming and Avon M. Nevius, Riggs National Bank. Samuel J. Prescott, V. B. Deybar and Frederick W. MacKenzle, Second National Bank. Maj. Julius I. Peyser and Frank G. Addison, jr., Security Savings & Com- mercial Ba August H. Plugge and John D. How- ard, Seventh Street Savings Bank. Edward J. Stellwagen and Edson Olds, Union Trust Co. W. R. de Lashmutt and Wilbur H. Zepp, United States Savings Bank. John Joy Edson, John B. Larner and ; H. G. Meem, Washington Loan & Trust Co. Ezra Gould and C. F. Burton, Wash- ington Mechanics Savings Bank. Thomas E. Jarrell and J. D. Leonard, Washington Savings Bank. Study Tobacco Contracts. RADZIGH, N. C, March 8 (—A subcommittee to recommend a type of | contract to be offered tobacco growers in the proposed State-wide co-opera- tive marketing association has been ap- pointed by the organization committee. It will work with representatives of the Federal Farm Board and its division of co-operative marketing. Rubber Trees Thrive. TALLAHASSEE, Fla, March 8 (#).— Brazilian rubber trees, planted in ex- rimental tracts in South Florida, ve wn rapidly and have reached & height of 15 feet or more, reports Dr. . P, of the Department of Agri- K B.|Coale had pleaded INVESTMENT BOND MARKET IMPROVES Easier Credit Conditions Aid in Upward Tendency—U. S. Group Advances. Special Dispatch to The Star. NEW YORK, March 8.—Money rates provided the impulse the past week for the investment market. The lowering of the time money rate to 4a4ls per cent for short term and 415 for periods up to six months proved the best stimu- lant bond prices have had in weeks. Naturally, this movement, which was paralleled by a reduction in bankers’ bill rates and the lowering of the Bank of England rate from 4% to 4 per cent, was expected to result in a cut of the New York Federal Reserve rediscount rate to 3¢ per cent, but the rate was not_changed. The volume of bond sales turned sharply upward and in the last half of the week reached record proportions for the year, with convertible bonds providing an unusually small portion of the total trading. U. 8. Group Strong. ‘The most emphatic upturn was in | high-grade securities, especially United States Government obligations. The long-term Governments were much in favor because $450,000,000 of Treasury certificates were offered at 3% per cent. This compares with 33 per cent se- cured by the Treasury in its quarterly financing in December. The eight active long-term bonds averaged 103.859 at the close of the week, compared with their previous high levels of 103.507 for 1930 and 103.882 for 1929. At the same time, high-grade rail bonds improved until the average price of 10 stood at 96.375 at the end of the ;!’eggs com] with their high of of the year. Ten public utility bonds advanced to 99.437, compared with their high of 10005 and a low of 97.85. The week's political developments abroad, where some degree of optimism for the eventual success of the Naval Conference returned, combined with cheaper money to bring continued strength to foreign dollar credits. A group of these ended the week with an average of 1019, compared with their 1930 high of 102.5 and low of 99.7. New Offerings. In other ways it was a good week for the senior market. The amount of new offerings totaled about $90,000,000, compared with $65,485,000 last week and $66,452,000 two weeks 8go. The increase does not bring the weekly total of offerings to the proportions reached in January and early February, which gives the market a chance to digest some of the new issues. There was less than $10,000,000 of municipalities brought out in the week and with the cheapening of money rates dealers found themselves able to mark up the prices of unabsorbed issues. ‘The largest single issue put out was for $50,000,000 American and Foreign Power 5 per cent debentures. In ac- cordance with the policy of other Elec- tric Bond and Share debentures, the term was set at 100 years. The public offering price was 90. It was the larg- est piece of financing in the power and light field since the beginning of the year. Australian Loan. An interesting flotation was $5,000,- 000 City of Sydney, N. 8. W., 5!2s. This is the first time Sydney has borrowed in this market, although some of the Australian states have loans outstand- ing here. The bonds were offered at 90. A new South Wales issue of 5 per cents put out here in 1927 at 964 is currently quoted around 85, compared with the best price for the year of 90. (Copyright, 1930.) e — BROKER SENTENCED. BALTIMORE, March 8 (Special).— F. Austin Coale, 35, head of the invest- ment brokerage firm of Austin Coale & Co., Inc, was sentenced to three years in jail yesterday by Judge H. Arthur Stump in Criminal Court. guilty to three charges of larceny, involving $11,543, from a number of clients in Maryland and neighboring States. Coale was sentenced to three years on each indictment, but Judge Stump directed that the sentences were to run concurrently. INVESTMENT TRUSTS. NEW YORK, March 8 (#)—Over- the-counter market: Am. Ins Stocks .. Am. Railwey Trusi'. Am: Utll & Gen. B, Assoc. Stand. Oil St British Type Inves Ch tes Bid. Asked. 1% rE Nat. A s Combined Trust Shares Crum & Foster, Inc., 7 bId. rum & Poster, Tnc., '8 pid Eauitable Invest. Units Eauity, Investo 3 58 we s e Incorp. Investors Investment Fund of Investment Trust Investment Trust Jackson . S S 1) s 8 E e &F pared and low of 94.862 since the open- | Goss! TIGHTLOANPOLICY IS DECLARED GAUSE OF SLACK BUILDING Kansas City Planner Says Financial Circles Hesitate to Advance Money. FARMING COMMUNITIES ALSO FEEL CREDIT PINCH Renewal of Notes Almost Impos- sible in West, He Says. BY JOHN F. SINCLAIR. Special Dispateh to The Star. NEW YORK, March 8—1J. C. Nichols * of Kansas City, whose accomplishments in the fleld of city pl are known, says that there is a de- mand at the present time for larger homes in many cities, but that there are e':mm forces holding back develop- ments. “And those forces—what are they?” I asked. “The failure of many of our larger insurance companies and other lending companies to continue making loans. Many of the loan companies throughout the Western parts of the country are not lending as generously as they -did and are concentrating the larger per- c‘etx;un of their loans in the Eastern cities.” “How about the farm loan situation?” “The attitude of many insurance companies in trying to curtall their farm loans, particularly those that are refusing to make renewals or are im- posing such conditions as make it im- possible to accept a renewal loan, is creating a very disastrous situation among the farming communities, and if this policy is continued it will affect national prosperity and greatly affect the insurance companies themselves. Many insurance companies profess that they are not curtailing their farm loans, but this is not a fact. They are im- | posing such rigid restrictions, even in making renewals, that it is almost im- possible for farmers to obtain renewal of the loans. “Farming conditions have been so bad that few farmers have been able to pay off their loans or make reduc: tions. They are fortunate if they have been able to pay their interest and taxes, and the present aititude of the larger insurance companies in relation to loans on farms is adversely affecting all the agricultural sections of the | country.” Such a statement, made by so re- sponsible an individual as Mr. Nichols, is worthy of serious attention. Needs of Columbia. For buildings, $9,500,000 and $30,000,~ 000 extra for endowment. This what Columbia University now needs, according to report made to President Nicholas Murray Butler by six.well known American cit~ izens, who made an exhaustive study of the resources and requirements of mnlglun?"emltyd. trengthen the profes “Dignify and stre n j- |sion of the teacher and the research worker; give the teacher a fair income upon which he can live simply and comfortably and out of which he can protect himself against the hazards of old age; give a full professor $12,000 a ear.” Y The committee, consisting of Be;nml ready has resources of $100,000,000. Of this sum about $67,000,000 is income- producing, but only $33,000,000 of this amount provides income whose use is non-restricted. Columbia spends a little more than $10,000,000 a year and has an income from endowment‘ogxm and student fees of about $9,500,000. The amount needed, $39,500,000, may seem large, but that it will be given promptly by New York citizens is con- ceded. Rich New York is liberal to the causes its likes, And this is one of them. Standard of Indiana. s ‘When Edward J. Seubert, the Standard Ofl of Indiana, anncunced that the net earnings of his company in 1929, after providing for reserves and taxes, amounted to $78,499,000— equal to 8! .37 a share on the total out- standing stock for the year—he showed that, in spite of the difficulties of over- production, well managed oil companies are making money—and plenty of it. The Standard Oil companies, how- ever, have never specialized in publicity. They have rolled up millions without the accompaniment of brass bands. Companies in other fields, more mod- est in results, g!‘v:n receive vel m;:: space in papers than mor:nypnof the powerful Stan oil up. sr?:nl:uider Radio-Keith-Orpheum Co., which reported net profits of $1,144,000 for 1929, as against a net loss of $1,180,~ 000 for the year preceding. Hiram S. Brown, president, who re- signed the presidency of the United States Leather Co., to head the com- is already showing satisfactory results, And yet it would take the e-rnlnq. based on the 1929 figures, of nearly 70 such compantes ‘as ‘Radio - Keith, to équal the eamings of the Standard Ol Co. ‘of Tudiana. * Vet more mewspaper space is given to the Radio-Keith activities than to _the Standard of Indiana. Mechaaical Refrigeration. No industry has felt competition any more keeniydtn mfi nt g"eln than that bf mechanical refrigeration. Probably half & dozen products are widely advertised, backed up by strong national sales organiaztions. The business of mechanical refl’lf; eration is growing, but competition the fleld is also becoming very severe, because several companies are now shifting from radio and other mechan- ical equipment enterprises to that of de- veloping new refrigeration units and at- tem) to market them through sales organizations already developed for other things. Reports from the various companies !indicate that, while the business has jdropped since November, suffering somewhat from the trade conditions, the installation of mechanical refrigeration in household units is in excellent de- mand. “Earnings of mechanical refrigera~ tion eem'plunles. broadly considered, have been at a low ebb in the last sev~ .| eral months, and the majority of con- re likely to have difficulty in ::‘x;mvinll esn,uht:mry returns in the present half year,” according to Stand- ard Statistics. 3 (Copyright, 1930, by North American News~ waper Alliance.) ‘The drop in tourists’ expenditures in Switzerland this Winter, because of the mild weather. has ben felt keenly by [