Evening Star Newspaper, March 30, 1930, Page 77

FINANCIAL, GIANT DO-X BEING GROOMED FOR OCEAN FLIGHT B e it "YOUNG PLAN BANK | HAS LARGE SCOPE International Institution Ex- pected to Be Big Dealer in Foreign Exchange. BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK, March 29.—Provision | for the creation of the Bank of Inter-| national Settlements, under the so-| called Young plan, was probably, next to the settlement of the German repa- rations question itself, the most strik- ing achievement of the commission headed by Owen D. Young. brilliant ¢hairman of the General Electric Co. ‘The primary function of the bank, of course, will be to collect and dis- tribute the reparations. Its operations at the start, and presumably for some time thereafter, will be restricted rather closely to that work. The institution, however, has other important powers, which eventually will be exercised ex- tensively. Some of them should be of particular interest to Americans. Foreign Exchange Operations. One of the most important of those | eorollary functions will be operations in foreign exchange. The Bank for Inter- national Settlements will find it neces- sary, in the process of collecting p: ments of reparations from Germany and transferring them to the cred-| itors, to buy and sell foreign exchange | in large amounts. As a result of such operations it in time will probably at- tain a position of great influence in the exchange market. Its efforts, | naturally, would be along the line of | stabilizing rates, in order to facilitate the necessary transfers of reparations. As an outcome, the influence of the Bank for International Settlements will be in the direction of stabilizing inter- national commerce, which is always af- fected adversely by violent fluctuations in exchanges. The potentialities of the bank in that direction, therefore, are of immense importance to a great and growing American foreign trade. The Bank for International Settle- ments also has the power to buy and sell gold, either for its own account or for account of central banks. also may hold gold for its own account in central banks or, vice versa, accept gold of central banks for deposit under ear- mark. These functions offer the pros- of interesting possibilities in the 'l!"’h:' international finance. THE SUNDAY STAR, WASHINGTON, D. O, MARCH 30, 1930—PART SIX. GAIN IN NORTHWEST SECTION REVEALED Reports From Ninth Federal|} Reserve District Show Business Upturn. BY OWEN L. SCOTT. Special Dispatch to The Star. CHICAGO, March 29.—The agricul- tural Northwest, which found itself un- able for several years to share in the prosperity of the industrial sections of the country, now apparently finds the | tables turned. The report of the ninth Federal Re- serve district, representing Minnesota, North and South Dakota and Montan: paints a rather bright picture of condi: tions. It is considered typical of agri- cultural sections. ‘This summary shows that February building contracts were larger than a year ago, postal receipts about as large, electric consumption in Minnesota, North and South Dakota was larger. Car loadings were as large as last year and flour shipments slightly larger, al- though flour production and linseed shipments showed some shrinkage. The Northwest farmers themselves | had been aroused by the request of the | Federal Farm Board that they curtail the acreage of wheat, because a similar demand had not n made earlier to ‘Winter wheat farmers. Chairman Legge of the Farm Board, however, reports that there are evidences that plantings will be considerably under a year ago. The 1920 acreage in turn was over a million under 1928. Farmers indicate an intention to plant more corn and oats than last year. The Federal Reserve reports indicate that the country’s farm sections for a change are showing normal conditions while the industrial sections are having FINANCIAL. Organized in 1814 OLDEST NATIONAL BANK In the District of Columbia Worhy of Every Payday Depositor’s Consideration HE century-long service record of the Metropolitan, its prestige and financial strength, justify the consideration of every depositor desiring the best in banking. QSuch a bank will prove a most satisfactory custodian for your Payday and other cash. We invite your Checking and Savings accounts. 4 Open Until 5:30 p.m. Mch. 31st and Apr. 1st National Metropolitan Bank Capital, Surplus and Undivided Profits Over $2,300,000.00 15th St. Opposite U. S. Treasury Paid on Savings Accounts The world’s largest heavier-than-air craft, the DO-X, will fly the Atlantic early in Jul and tour North America, according to plans recently announced. The seaplane, which has pacity for 150 passengers, will carry 50 passengers and a crew of 6. Dr. Claude Dornier (inset), designer of the plane, proposed route from Lake Constance to New York. y make the aerial voyage to America. Map shows ~—Associated Press Photo. PRISONER’S CRIES PROVE UNWISE AS MANY TEARS PILE UP YEARS Wail That Jail Would Make Wife Suffer Comes to Naught as Judge Gets Tougher. ¢ | By the Associated Press. CHICAGO, March 20.—Abe Garbett has cried himself into nearly nine years in prison. A week ago, he appeared before Fed- eral Judge James H. Wilkerson on charges of swearing false afidavits. Dur- by | ing the war he told the draft board he was born in London. In a recent civil the | service examination he gave his birth- place as Philadelphia. He finally ad- mitted in court that he was really born in Russia, so Judge Wilkerson sentenced his to four months. ‘Then the tears started to flow. His wife and two children would starve, Gar- bett sobbed, if he were to be kept away that long. He made an impassiomed appeal for probation. His wife and chil- dren joined. The judge deferred sentence and or- dered an investigation which revealed that Garbett had been paroled from Joliet Prison after serving two years of & 1-to-10-year sentence for auto theft. Judge Wilkerson changed his sentence to one year and a da; y at Leavenworth; " | the State Parole Board said he would (Copyright, 1930.) | Corporation News | NEW YORK, Mar. 29 ().—The fol- lowing is today’s summary of important news Raiiroad.—Additional earnings reports for February continue the trend of the earlier statements. Net operating in- come of first 72 roads to report shows a of 29.2 per cent, while lfl;l: Tevenues of the same roads dropped 9. it the corresponding month exc) mfier sales per unit than a year ago, according to Federal Reserve Bank of then be taken back to Joliet to serve eight more {elfl after that Federal au- thorities said they would try to deport him to Russia. N. A. A. TO MOVE Headquarters Will Be Established in Riggs Bank Building. ‘The National Aeronautic Association will move tomorrow from its headquar- ters in the Barr Building to the second floor of the Riggs National Bank Build- ing, 1909 Massachusetts avenue, facing D\lgont Circle, it was announced last night by Senator Hiram Bingham of gz:necucut. president of the associa- The Barr Building headquarters have been outgrown and the move is he"l'xg ‘made to accommodate an even lai departmental expansion required by the assoclation's 1930 program of aeronau- tical development, Senator Bingham stated. The work of obtaining the new quarters and making allocation of space to the various departments has n handled by John F. Victory as chairman of the housing committee. Basin of Water Required to Cool “Flaming Youth” By the Associated Press. HARRODSBURG, Ky., March ::h—-n;o‘um “flaminy s ant Charles scnnnneuy reached for the arnica bottle here yesterday. As Charles slid into his desk in the graded school yesterday, luloid comb, which in turn ig- nited his trousers. He dashed from the room. J. K. Powell, the principal, and several boy students sent to his rescue found him in the basement sitting in a basin of water. Mexican Flyer Off for U. S. MEXICO CITY, March 29 (#).—Col. Pablo Sidar, one of Mexico’s famous “flying colonels,” Jast night was on his way to Los Angeles and Downey, Calif., where he was to acquire the airplane he will use in an attempted non-stop flight from Mexico to Buenos Aires. Ac- fi:rdln( to reports, Col. Sidar has changed his o?hm about the place for the take-off of his flight. The human heart, if working normally, expands with sufficient force 'to lift a weight of 78 pounds to the height of one foot every minute. Continental : Casualty---Assurance Companies “Complete Protection” STATEMENT their reaction. GENERALMoToRS TRUCKS ANOTIIER SENSATIONAL VALUE - NEWLY ADDED Continental Casualty Co. GENERAL OFPICES. CHICAGO. ILL. | on the 3ist day of amended June 30, | Capital stock | Oevital wiusis ve Cash in office in banl December. 1929, as re- | quired under the Djgtrict of Columbia Cod | 2. and August 18, 1911, +$3.500.000.00 £73,500.000.00 $19.000.00 758.632.12 763,320.82 | amended June 30, 1903, and August 18, i 11 Continental Assurance Co. of Chicago, Il On the st ray of December. 1930, ay re- quired under the District of Columbis Capital stock .. $1,000,000.00 Capital stock, pal 1,000,000,00 Cask: in bank 274,025, THIS GREAT TRUCK is newly added to the General Motors Truck line to provide new suitability and economy to all haulage and delivery in the 1-ton range. It is one of the greatest values ever offered by this company. It is all-truck—in every detail. Balance is perfect; load-distri- \ bution is correct; there is no ex- cess body-overhang. The modern 6-cylinder engine provides 58 ac- tual horsepower—smooth power, There’s unusual ruggedness in frame, axles, springs, and every detail of construction. For every other <apacity range there is a General Motors Truck, accurately suited, and of value just as outstanding. Thisis pare ticularly true of light duty— with 4 basic models, 8 chassis, 31 different types! Every one packed with the extra value made possible by great engineering and manufacturing leadership. See them—by all means find out | l;:l; uu(te | pei LS13.007.90 . 5 © 8858,686.31 and plenty of safe speed. A year ] : o X of special tests developed the Model T-17a . « . 6,500 Ibs. ““Straight Rating” efficient 4-wheel truck brakes. (”"ll ) ':.';;‘::"“:fl:;’:’:‘ l;‘:c)‘ eluul: Bodies are exceptionally well only, f. 0. b. Pontiac, Mich. built, roomy, and more strik- ingly handsome than any you’ve seen. Driver comfort is higher than anything in past truck- load) ... price chassis only, f. 0. b. practice. Pontiac, Michigan. (Time payments financed at lowest rates by our own Y. M. A.C) Because of the great interest shown in the 1930 General Motors Trucks since their announcement the SPECIAL EXHIBIT AT 211721 L. ST. N.W. will be held open ALL THIS MONTH [rtipes e 1938 o S. O. S. Call—Metropolitan 0505 Total ar e r . : 17.760.005.75 | 030 b TRANSPORTATION IG cied hands of agents . Interest due and accried | All other assets: Palicy Miscellaneous assets .. | Bills rec | Premiums uncollect | “hands of agents Interest due and | All other assets | Total assets . i LIABILITIES. Reterveas rsauired b serve | Sainries, Tents. expense what they offer. 3/4-TON 695 RaneE Model T-15a . . . 5,400 Ibs. *“‘Straight Rating” (total gross weight, including 3.737,557.68 221 5 $22.931,792.61 Total admitted assets LI 3 Net unpaid tl’flme"."‘m rvee as required b $5.285.402.37 8.069.012:36 #23.195.58 968,351.32 140.000.00 3.500,000.00 y 845.830.98 .500.000.00 Commissic Cash_dividends pas B Capital stock All other liabi reserve ... Misccllaneous. Total liabilities | commigsions. brokerare. ¢ | Cash dividends remaining | - paia . Capital & | A1l other 1lial | reserve . Surplus Total labilities points; fai points. Fruit and vegetable prices alone ‘were her than a year ago, the increase | amoun to 57 points. The Companies. Ameads Corporation earned $2.99 on common stock in 1929, vs. $2.40 in 1928 American Piano plan of reorganiza- tion provides for the formation of a new company, which will acquire all property rights now owned or con- trolled. Capitalization would include | $700,000 first secured 7 per cent one- | year notes, $827,084 five-year 6 per cent | | debentures, 240,000 shzr%s‘zx;grs\-:g:&rgl E‘ é‘}, Ed ¢ e e ciase B stock. 10fh dav ot Februarv. aafo. "0 L 137 duy'of Februgrs: Togo. before me this | Baldwin Locomotive Works received i SVEET. (Benl: SHoHED . awger order for 10 locomotives from Central | Commission expires January 9, 1934. Commission expires January 9, 1 ilroad of New Jersey. s mcmaolm.kd ‘Textile had deficit $926,- 869 in 1929, vs. deficit of $475632 in 1928 dley Page, Ltd., deciares extr Experienced associates, each dividend of 2% per cent and final divi . Y = an_expert in his individual dend of 5 per cent, less tax and ex- branch of insurance service ..$22,931,792.61 aracter of business transacted during h, Miscel- Character of busin ted during Chy | e dacaily: Fiaciiis and e th 920 Lite Aasi e et an i ¥ ‘and Surety. | the vear 15280 Liter \ | Amount” of Tiek- sssimsedherand Health . " $25.505,690.00 Amount of premiums written 1929 929 ... ed T e b p Total disbursements during ‘the . 4183.327. | yesr 1929 16.312.255.79 year ENGINEERS SEE0? i o 2.402828.02 | E G Tn : ; ce President. BuStirived and sworn vo before me this MME. Secretary E EB,...:"“"% 3 CK MAINTENANCE CONTROLLED 8Y GENERAL MOTORS TRUCK COMPANY MME. Secretary a TRUCK LEASES R o sy 5 pdien 8 e Sroch Steel Foundry declares extre dioitend of 25 cents and regular :\l':wfl.v dividend of 25 cents on com- OHN ué"%‘#‘m,m&mm’.‘.‘;:‘;":‘é’; SOI J 8 1 &DAMS all- monoplane with cruising e waa SOUTHEASTERN MANAGERS Onited Becurities . Trust Associates . : oy — “‘"‘.&é‘"""“ i Commercial National Bank B]dfl. Wns}undton, D.C Telephone Natibnal 9112 Agency Openings in Profitable Locations I LE - Experienced Advertisers Prefer The Star: Lease Truck Service Station Paint and Body Shop 131 Que St. N.W. — Richmond Branch And Lease Truck Service Station, 107 West Canal St. 30-38 M St. N.E. SPECIALIZING IN COMMERCIAL TRANSPORTATION Dealers COVINGTON, Va.—Wright Motor Co. REEDVILLE, Va.~R. B. Moore, Inc. ROANOKE, Va.~Hyde Truck Co. PETERSBUEG, Va—Ray Truck Sales Co. CHARLOTTESVILLE, GLOUCESTER, Va.—B. F. Weaver. g ey B SUFFOLK, Va.—Briggs Motor Co. STAUNTON, Va.—Motor Sales Co. BROADWAY, Va.—Miller-Hoover Motor Co. PHPEBUS, Va—H. M. Tessler. TODERN TRUCH NEWPORT NEWS, Va.—Sheffield Motor Truck O% Va.—Kabler's Latins Buy Instruments. FOR tviRY RSE AN PLRPOSNE Latin America bought 55 per cent of