Evening Star Newspaper, April 28, 1930, Page 12

A—-12 * BARNES" REPORT ON BUSINESS CHEERS ANNUAL CONFERENCE Survey Indicates Funds Are Plentiful for Expansion of Industry—Construction Plans Given. BY J. C. ROYLE. Optimism was noticeably apparent in the attitude of the hundreds of dele- gates to the annual meeting of the United States Chamber of Commerce as a result of the survey of business conditions by Julius H. Barnes, made today. pul\‘:l]l"c Barnes is chairman cf the na- tional business survey conference, called at the instance of Prasident Hoover. This was the first direct report that tie business men of the country have had as to whether consumption and pro- duction were being maintained within a reasonable distance of each other. As- surance that they are so situated has dissipated a feeling of anxiety which has existed throughout the country. Report Is Comprehensive. e effect of the report was height- en’étg1 by the fact that it was made by the various units of industry and rep- resented the reports of men in closest touch with every angle of their own individual lines. Each submitted a re- port on_his industry for the interpreta- tion of his fellows in the craft end with the idea that the reports as a whole might give basis for a general interpre- tation. ‘The Barnes report shows, first of all, that there is a large volume of funds available for business purposes from taa commercial and reserve banks cf #ne country, but it is noted that the decline in money rates has not yet peached all classes of bank lvans or all centers of bank credit. The essential stability of credit and of the business situation is shown by the fact that more than a billion and a half dollars of new capital was obtained Ly pusiness firms during the first three monihs of 1930, a record never exceeded before. One particular factor is made evident. That is that bond issues, while imore numerous than in recent years, have individually represented smaller sums. Corporation News NEW YORK, April 28.—The follow- ing is & summary of important corpora- tion news prepared by Standard Sta- tistics Co., Inc., New York, for the As- sociated Press: Weekly News Review. Prices on the Stock Exchange con- tinued to move irregularly lower during the past week. Our composite index of 90 representative stocks declined by 3 points, the largest loss sustained in any week of the current year. The in- dustrial group registered the sharpest decline, losing 4.8 points, while the rail group dropped 2.1 points. Utilities, after receding sharply on Monday, re- covered the loss on the following two dayc and closed the week with a gain of 2.2 points. Turnover averaged about 4,500,000 shares daily. On the listed bond market the price movement was narrow, with Government bonds and convertibles showing the best strength. Bales totaled $54,170,000, against $56,~ 971,000 in the week previous. New offerings aggregated $143,757,000, compared with $98,504,000 in the pre- ceding week and $57,373,000 in the like 1929 week. Contrary to general expectations, ‘brokers’ loans increased quite sharply during the week ended April 23. The net gain amounted to $92,000,000, car- rying the total to $4,217,000,000. This is the first report issued thus far in 1930 which revealed an increase in bor- rowings during a period of declining prices. Our composite index lost 1.9 points in the four trading days, reflect- ed in the loan figures. Call money on the Stock Exchange ranged between 3% and 4 per cent, closing at the former figures; on the Curb Exchange the call rate fluctuated between 4 and 4%, per cent. ‘The principal changes in the latest consolidated statement of the Federal Reserve banks, dated April 23, were in- creases over the previous week of $45,- 500,000 in holdings of bills bought in the open market, $8,000,000 in United States Government securities and $2,- 300,000 in discounted bills. Member bank reserve deposits declined $16,800,- 000, Government deposits $1,500,000 and Federal Reserve note circulation $29,500,000. Cash reserves increased $15,900,000. Total bills and securities ‘were $56,500,000 below amount week ago. Reserve ratio advanced to 81.8 per cent, against 80.4 per cent a week previous and 74.3 per cent a year ago. ‘Trade and industrial news of the week was mixed. Operations in the steel industry as a whole were advanced to 76% per cent of capacity, against 75 per cent in the previous week and 98 per cent a year ago. A recent falling off in railroad buying has been offset by expanding automotive requirements and a seasonal increase in structural projects and in pipe line business. An order for 700 miles of line and tubing was placed during the week. Railroad freight loadings for the week ended Api 13 totaled 911,310 cars, an in- crease of 0.4 per cent over the preceding week, but 6.4 per cent below the corre- sponding week of 1929. This expansion over the previous week is about in line with the average seasonal tendency noted at this time of the year. Grain and grain products were the only com- modities to show an increase over the 1929 week. Geographically, loadings of the Southwestern, Pocahontas and Southern regions exceeded the same period a year ago, with Southwestern aggregate the largest of amy like period on record. Commodity prices evidenced furtker weakness during the week. May whem declined to $1.013, a new low price for the season. Cotton, rubber and sugar were also lower, the latter two com- modities dropping to new low points for the year. The annalist index of whole- sale commodity prices is at the lowest level since September, 1916. News of the oil industry was favor- able. Crude output in the week of April 19 averaged 2,560,900 barrels daily, @& decrease of 250 barrels from the pre- vious week’s daily average and 110,950 barrels below average in the like week & year ago. A gain in California output over the preceding week of 10,200 bar- rels daily was offset by decreases in Oklahoma and Kansas fields. Gasoline stocks were also rduced, Refineries representing 95.6 per cent of the country's total refining capacity had 53,447,000 barrels of gasoline on hand on April 19, a decrease of 432,000 barmels from the previous week’s total The first quarter earnings statcments which made up the bulk of last weck’s | corporation news revealed in no uncer- tain manner the undermining effect of the general business recession prevail- ing during recent months. Under the infiuence both of lower volum> of trade | end receding price levels, the majority of companies have experienced profits | below the relatively high leveis of carly | 3829, with sizeable declines numerous. Even among those concerns showing the most favorable comparisons, several | were aidzd more by a heavy carry-over &t unfinished business than by any Mithy condition of first-quarter de- | fhand. Excluding the drop of about 25 per | cent registered by General Motors, earnings computations of the remain- ing 96 industrial statements received | showed an aggregate sum 16.9 per cent | below that for the same organizations | in the first quarter of 1929. Individua) results varied widely, with losses rang- ing from a fraction to 100 per cent and | over. Only those companies under the | nfluence of special circumstances have | been able to report gains. | Nine utilities have published first- quarter statements to date, these con-| cerns showing a combined recession ml dncome of 3.5 per cent, Excluding the Building and loan associations have more money with which to promote building than they had three months ago. The loans made by life insurance companies, doing nearly 80 per cent of the total business of this character in the country, increased approximately $70,000,000 in the last three months, as compared with the first quarter of 1929. Savings bank deposits, which fell off 50 sharply at the end of last year, are beginning to pile up again. Bank debits, showing the general business turnover, are only slightly lower than they were at_this time last year. It has been apparent for some time that public works construction would far exceed that of 1929, but the fig- ures announced in the review made it thoroughly evident that commercial structures and home building have dropped materially. The amounts ex- pended for alterations and repairs, how- ever, have shown a striking increase. The amount to be spent on highway construction in 1930 is estimated at $300,000,000 more than the sum so used in 1929." This is calculated to give an impetus to the production of cement, crushed stone, structural steel and brick. Paint sales are showing the usual sea- sonal increase, but the glass industry still is lagging woefully behind. One | of the striking features of the com pilation is that prices for building m: terials show no extraordinary change either up or down. Farmer’s Position. So far as the farmer is concerned, he has been able to buy more new agri- cultural equipment than last year. Manufacturers of electrical eqllipm('m] are said to have sold 10 per cent more goods than in the first quarter of 1929, especially in refrigeration units. Radio equipment sales have dropped off. So has production of shoes, cotton textiles, silks, carpets and rugs. General indi- catlons were that food sales have never been better. (Copyright, ) stabllizing influence of American Tele- phone & Telegraph, however, the de- cline amounts to 11.3 per cent. The less favorable showing in this group is wholly the result of lower telephone, telegraph and traction profits; the three power and light utilities included expe- rienced a gain in earnings of 6.3 per cent. Six rallroads have witnessed a com- bined shrinkage in income of 20.7 per cent. But minor weight can be given as yet to group action, due to the limited num- ber of companies reporting to date in each classification. Those groups (where 2 or more companies have reported), so far an increase over the early part of 1929 include advertising, food products, paper, railroad equipment, theaters and electric light and power. Those which, it is believed, are most likely to hold at least a substantial portion of this gain, when all companies have reported, are food products, theaters and electric light and power. The Companies. American Commonwealth Power ac- quires gas properties in six New Eng- lnlad cities, now serving 383 commu- nities. American Power & Light earned $5.12 on average common shares outstanding in 1929 vs. $5.08 in 1928. American Republics had deficit of $194,875 in March quarter, against $83,788 in like 1929 period. Briggs & Stratton Corporation’s un- filled orders currently at about same level as year ago and 30 per cent above March 1, 1930, bookings. H. M. Byllesby & Co. class A and B stockholders to receive rights to sub- scribe to additional stock at $50 per share on basis of one share for each eight held, Chicago, Burlington & Quincy Rail- road March net operating income off 31 per cent from year ago. Three months’ net off 27 per cent. Chicago, St. Paul, Minneapolis & Omaha Railway March net operating income off 26.4 per cent from year ago. ‘Three months’ net up 67.5 per cent. Florida East Coach March net oper- ating income off 33 per cent from year ago. Three months’ net off 22 per cent. Reynolds Bros. to merge with Rey- nolds Investing Co. through share ex- change. Basis, 10 shares Reynolds In- vesting for 13 Reynolds Bros. shares. Standard Oil of New York earned $2.23 on common stock in 1929, against $2.28 in 1928. Virginia Iron, Coal & Coke had deficit of $41,453 in March quarter. In like 1929 quarter earned 2 cents common share. Illinois Central Railroad March net operating income off 14.9 per cent from yen: ago; three months off 26.6 per cent. New York Central Railroad March net operating income off 42.3 per cent from year ago. Three months’ net off 36.2 per cent. COAL PRICES. PHILADELPHIA, April 28 (Special). —Retail prices for anthracite are now at their lowest level, according to a statement issued today by Noah H. Swayne, executive director of the An- thracite Institute. Some of the large anthracite produc- ers—quickly followed by others—an- nounced yesterday the reduction of 60 cents per ton on anthracite sold at the mine’s mouth. “This reduction,” Mr. Swayne stated, “will be passed on to the consumer by the retailer. Buy Now — Save Money Handy-Mandy Self-Wringing Mop No More Wet C Hands. Makes Mopping a Real Pleasure \pproved by the Guod Housekeeping Institate HANDIER PACKAGE of Free-Running INTERNATIONAL SALT D. C, MONDAY, APRIL 28, 193 Bulk or Package Pure Lard, 2 Ibs. 25¢ Thursday, May 1st, Will Be Child Health Day Dedicated by Hon. Herbert Hoover, President of these United States, to the health of children every- where, and to parents and workers whose devotion is realizing child health and protection as a national ideal. NATIOINAL BISCUIT COMPANY ‘l Graham Crackers Fruit & Nut Cakes w 27¢ CONSISTENTLY LOWER PRICES ASSURE SAVINGS! Throughout the breadth of the land, you will find America’s executives of home affairs saving money on their food budgets by purchasing all of their needs at the neighborhood A&P Food Store. It’s the consistency of the lower prices offered at the A&P that assure them these savings every day in the year and we urge you, too, to take advantage of them. Chocolate 1 1-Lb. Pkg. 1 8c Z.3 X “WHERE ECONOMY RULES” e LTI T T CSAC I CRR RN California Yellow Cling Need a New Broom? Buy It Now and Save Hawaiian—Sliced PEACHES Halves in Syrup 39c REGULAR LOW PRICES Quaker Maid Beans ...... 21 a5, Campbell’s Beans . . ... ... 3160 as25. Campbell’s Soup “*" 10c; Tomato, 3 ™ 25¢ Encore Prepared Spaghetti. 2 15%-on cans 15 Encore Marcaroni, Spaghetti. . .3 " 20c Tomato Sauce ..........co000...™ 6c American Cheese .,..............." 33c Large Cans Nucoa Nut Margarine. . ..ccrem. . . . . 25¢ No. 6—Crown BROOMS = 29c Regular Price 35¢ No. 7—Sterling BROOMS = 49c Regular Price 55¢ PINEAPPLE | Libby’s, Packer’s Label and some Del Monte l M No. 1Y; Si | Cans i 29c HOUSEHOLD SUGGESTIONS Window Screens . . ......*" 45¢; *™ 65¢ Fels Naptha Soap .............3"* 17c P& GISoup . ... ..ol 15c Old Dutch Cleanser....... 2= 13c Double-Tip Matches ......3 ™ b= 10Qc Waldorf Toilet Paper .........3™" 17c Scott Tissue Toilet Paper. .....3™" 28¢c Wright’s Silver Cream Polish . . ..." 23c i REGULAR LOW PRICES Canada Dry Golden Ginger Ale. .>" 16¢c “C..& C.GingerAler. ... ;.....2"*25¢ Fancy Chocolate Party Mints P& °f 12 mints ¢ Hershey Chocolate Bars firin2nd 3 fr 10c . Br23c BOBCOr L e S Chocolate Brilliants Mgnee .. . . 1" P& 39¢ Best Foods Mayonnaise % 9¢; 1. 18¢c Premier Salad Dressing 3= #* 12¢; "= 33¢c Bel Monte PEACHES De! Monte | Del Monte PEACHES; APRICOTS Sliced Only From Tree Ripened Fruit Large Cans Large Can Del Monte SPINACH Clean and Free From Grit 2 = 29c Del Monte Crosby Corn .....2 %™ 29c | Del Monte Sugar Peas ......3 ™ 49c | Del Monte Pineapple . ......"% " 29¢c 1 Del Monte Raisins ..........." 10c | Rosedale Apple Butter........*" 10c | N.Y. State Apple Sauce. ....2 =™ 25¢c Pure Fruit Preserves.!™ #r 25¢; *™ 39¢ Del Monte ASPARAGUS TIPS 3 Del Monte Del Monte COFFEE ASPARAGUS TIPS »43¢ 28 49c Picnic Size Cans <7950 a 32 REGULAR LOW PRICES Shredded Wheat ............. 2% 19¢c Kellogg’s or Post Toastie S, 2 v 15¢ Wheatena ....... SHOistens b ios LSRN P Comet Rice fot Fan | . 3w 25¢ Jello and Royal %« Gelatine 2 P 15¢ Philadelphia Cream Cheese. . ... ."* 12¢ Stuffed Olives....... .. 2> Wit JQc; 6o 29¢ Plain Olives. . . ... .2 ™l ot 150, 6.0 290 BUFFET SIZE S o PR S N L e [ (- Fruit Salad ....... 0 Lot | Apricots R | ) Pineapple Tidbits .. adiieane O Cherries ........ o e g Peaches ........ Vol vandbe Grapefruit Hearts RS i oo gimasiaso e Prepared Prunes . Square REGULAR LOW PRICES Cans 8 O’Clock Coffee................"25¢ Red Circle Coffee...............™29c Bokar Coffee. . ........ . %" < 18¢c; ® 35¢ Wilkin’s Coffee. ...... . "™ P& 19¢c; ™ 36¢ Orienta Coffee ................." 39 Maxwell House Coffee ........" " 43¢ White House Evaporated Milk, 3 " = 25¢ Pet and Borden’s Evaporated Milk “! 10c can In Our Meat Markets Fancy Milk-Fed ~ VEAL Cutlets 49c¢ Loin or Rib Chops .. 45¢ Shoulder Chops 1. 35¢ Shoulder Roast 1. 25¢ Breast . 19¢ Pocket Fresh Ground } Shoulder Lamb Roast. ." 19¢ HAMBURG Breast Stewing Lamb. .™ 10c w 29¢ Lb. Lb. Lb. Plate Stewing Beef. ..." 15¢ Auth’s Smoked Franks.™ 38c 25'"BirthdaySak ELIX( One package in the bath room for silk stockings and lingerie, the other in the kitchen for dishes. Small Packages 17¢ Fresh Fruits and Vegetables Fresh Porto Rican PINEAPPLE eacn ] T | New Crop Cabbage .........2™ 15¢ | Home-Grown Rhubarb . .. 2 tmce go Tender Green Spinach......:2"™ 13¢ Ripe Tomatoes . ... b e e Iceberg Lettuce ........." 10c, 12¢ Texas Onions ..............3™ 19¢ Ripe Bananas ..............%=" 23, Fancy : FreshPeas, 2:-25¢