Evening Star Newspaper, May 12, 1930, Page 12

THE EVENI FUKIEN REDS OPEN PROPAGANDA DRIVE U. S., Britain and Japan Ac- cused of Interfering With Domestic Politics. By the Assoclated Press. AMOY, China, May 12.—Chinese Com- munists of Southwest Fukien Province today launched a propaganda campaign against foreigners in China. The Reds sccuse the United States, Great Britain and Japan of interfering with China’s domestic politics and of supporting va- rious Chinese factions against others to gain privileges and extend their influ- ence, The Communists charged that the for- | elgners sought to extend the spheres of | their influence throughout China. The official publication of the local Com-| munist organization contained a sharp | foreign editorial, accusing Great Britain and the United States of supporting Feng Yu-Hsiang and Yen Shi-Shan, Northwestern China allies, against the Nationalist government and the Kuo- mintang “in order to increase their in- fluence and obtain trade privileges in Northern China.” A second article accused the United States and Japan of extending assist- ance to various factions in Southwest China for the same reasons. Communist activities in Fukien Prov- ince are steadily increasing, and evi- dence has been given that the Reds ap- rently are attempting to_consolidate eir interests throughout Fukien, Ki- | angsi and Kwangtung Provinces. It is| widely belleved they are preparing a concerted move against some major city within that area, perhaps Swatow or even Canton. STEEL CO. EARNINGS ARE CALLED G0OD Small Decrease Over 1929 First Quarter—Well Above Two Previous Years. @oecial Dispatch to The Star. PITTSBURGH, May 12.—Steel eom- rny earnings in the first quarter of he year were not poor by any means, owing a relatively small decrease from a year previous and a large in- crease over two years previous. ‘They had a good tonnage in the first quarter of 1928, but prices were Telt to be low, having been engaged in declining throughout the preceding year. As a matter of fact what little recovery they had subsequently was all lost by early this year, and the larger earnings than two years previous can be ascribed only to further reduction in costs. . The unfortunate thing about earnings in the first quarter of this year, is that they represent water that has passed the dam. It is merely history, for prices have continued to decline and there is no chance of tonnage being materially higher this quarter. ‘The United ; States Steel unfilled tonnage as of A 30 decreased 216,- 433 tons from the total of March 31, according to the statement released today. ‘There was the formal reduction of nearly $4 a ton in pipe prices, dated April 1, and sheets, bars, shapes and Dlates are all easier than in the first quarter. As to the reduction in prices of wire and wire products announced a ‘week ago by the Steel Corporation were subsidiary, that was almost entirely a tion of a market previously ex- , but the new prices are distinctly lower than the average prices of the first quarter. Waitress in Grand Opera. Miss Myra Liebrick, 20-year-old daughter of a coal miner and who has been a waitress in Nottingham, Eng- land, is to sing in grand opera. She was born in India, where her father then held an appointment, but not until the family went to England was it dis- covered that she had a soprano voice of remarkable power and range. Prizes for _churchgoen. Prizes are being given by a church hear Glasgow, Scotland, to those who attend most regularly. On prize-award Washington Ticker BY CHAS. P. SHAEFFER. Assoclated Press Pinancial Writer. The most ambitious movement ever attempted in this country to check the cancerous growth of transactions in fraudulent securities will be started at ' the national conference on prevention of such practices to be held at United States Chamber of Commerce herc May 22 and 23. The magnitude of the menace con- fronting the conference is reflected not only in the estimates of losses sus- tained by American investors in fraudu- lent stock operations, ranging from $500,000,000 to $1,500,000,000 annually, but in the fact that the amount, in the spite of preventive measures now car- ried on, is increasing. ‘The purpose of the forthcoming con- ference is primarily to co-ordinate ef- forts to check securities swindles, to devise new measures for suppressing the evil and to extend public knowledge of sound investment. A powerful array of national organi- zations will co-operate in the conference, including: Affiliated Better Business Bureaus, Inc.; American Association of Personal Finance Companies, American Bankers' Association, Associated Stock Exchanges, Boston Stock Exchange, Chicago Stock Exchange, Investment Bankers’ Association of America, Mort- gage Bankers' Assoclation of America, National Association of Owners of Rail- road and Public Utilities Securities, Na- tonal Association of Real Estate Boards, National Association of Securities Com- ! missioners, National Better Business Bureaus, Inc.; National Conference of Commissioners on Uniform State Laws, New York Curb Market and the New York Stock Exchange. > A special problem of major impor- tance which will attract the attention of the conference is interstate transac- tion. Practically all of the States have laws to protect their citizens against se- curity frauds, but these laws cannot reach the unscrupulous vendor who makes his offerings from without the States through the use of the mails or by telephone or telegraph. Another problem to be discussed is that of improving the exchange of in- formation upon specific cases between the various public and _voluntary agencies now engaged in fraud pre- vention work. Others will be considera- tion of the problem of law enforcement and the developing of essentials for good investors’ protective work by voluntary agencies, ‘While other problems connected with fraudulent securities will uire atten- ence undertakings will prove of practical benefit. ‘The Government's program of esti- mated State and local highway and bridge expenditures for 1930 will be e: ceeded substantially, according to pre- liminary figures received here by the American Road Builders’ Association. Figures received from 1,066 of the 3,078 countles of the country indicated an expenditure program of $293,570,557 for these local authorities alone. This compares with the Federal estimate of $663,667,000 for the entire local system for the year. In exp'aining the increase the association calls attention to the fact the Government's forecast was made previous to congressional enact- ment, which increased Federal aid from $75,000,000 to $125,000,000 yearly. This fund is in the custody of the various State highway commisisons, and applied by them. Grand total expenditures estimated by the Department of Agriculture on both State and local roads will approximate $1,601,167,455, of which total $937,500,- 455 has been apportioned as the State roads’ quota. Department store sales in April were 8 per cent larger than in the corre- sponding month of last year, reports filed with the Federal Reserve System by 520 leading stores indicate. ‘The increase reflected in part the fact that Easter buying this year fell in April, while in 1929 it occurred the lat- ter part of March. Com of sal in March and April of both years, so to include Easter sales, shows a de- crease of 2 per cent from & year ago. ‘The importance of the Philippines as s customer for American products is emphasized in a report just received here from the trade commissioner at Manila. The report reveals 1929's im- ports into the islands totaled $147,160,- 000 of which 63 per cent or $92,600,000 was supplied by American manu- facturers. While this amount is not impressive when compared to the total export trade of the United States, it assumes magnanimous proportions when it is realized the average income of the 12,000,000 people of the Philippines is approximately $35 a year, and that per capita imports amounted to $12.25, while the average consumption of American goods was valued at $7.70. Canada’s sutomotive exports during day the procession of winners is among the strangest to leave a house of wor- ship. On a recent SBunday one woman carried & pair of parasols, while others had tin kettles, mugs, baskets and va- rious other articles. March gained 17 per cent over the preceding month, having a total valu- ation of $2,044,413, the automotive di- vision of the Department of Commerce announces. The month's production numbered 20,730 units, almost double TODAY’S THE DAY - to buy RCA Radiotrons with new, live RCA Radio- trons... the quality vaco- um tubes ... standard of by engineers and manu- facturers everywhere. . RCA Radiotron THE HEART QF YOUR . RADIO SET the number manufactured in January, and 33 per cent greater than February's output. At the close of the State legislative sessions of the year 1929 zoning laws speeifically permitting munici) control the use, height and area of buildings by districts or “zones” were in effect in 46 States and the District of Columbia, the Bureau of Standards re- ports. The development of zoning legislation in the United States has occurred within a period of 30 years, the report states, and the most rapid development has oc- curred since 1923, in which year “a standard State zoning enabling act” was prepared and issued by the bureau. The recommendations set forth in this pub- lication have been used in whole or large part by the Legislatures of 35 States in le enactment of 54 zoning laws. Strange Fish Puzzles. Scotch fishermen, who have handled thousands of tons of many kinds of the finny tribe, are puzzled over a large fish of unknown species which was caught in a net in Moray Firth, 20 miles off the BanfIshir coast, recently. The old- est fishermen say it is unlike any they have ever seen. It was still alive when ilanded, hours after its capture. e Women Resent Cafe Ban. Many woman societies of London re- cently held & meeting to protest against the practice of many restaurants and cafes of refusing to serve women unac- companied by men. Speakers declared that the ban is humiliating to women and implies that they are inferior. Lord Balfour of Burleigh presided and Mrs. Cecil Chesterton was a speaker. . Cow Gives Weight in Milk. Setting a new milking record for her breed, Dumpling, a Shorthorn cow owned by John Day of Shepton Mallet, England, has in 14 days given milk having a total weight of 1,42614 pounds, which is approximately her body weight. In one day she gave 10 4-5 gallons. TAKE a tablet of Bayer Aspirin, and your suffering from head- ache ceases. It relieves promptly. It does not depress the heart. No after effects to fear, if you have bought the genuine tablets stamped Bayer. So there’s no use in waiting to see if a headache will “wear-off.” No use to endure pain when you can have such quick comfort as Corporation News NEW YORK, May 12.—The following to|is today’s summary of important cor- poration news, prepared by Standard Statistics Co., Inc,, New York, for the Associated Press: ‘Weekly News Review. ‘The securities markets, aftcr reacting moderately on Monday, moved irregu- larly higher during the remainder of the past week and closed on Saturday at their best levels. All groups partici- pated in the recovery. Utilities, which had been more severely affected than any other group on the decline, re- corded the largest gain. Our index of this classification closed the week 19.0 points above the level of the Saturday preceding. The industrial group recov- ered 9.4 points and the rails 3.6 points. Brokers’ loans, reflecting heavy liquida- tion on the part of margin traders, de- creased by $200,000,000 in the week ended May 7. This is the sharpest de- cline shown in any week this far in 1930 and brings the total borrowing down to $4,074,000,000, the lowest level since April 9. The latest reported loan figure represents a drop of about one- half of 1 per cent from the 1930 peak, Our composite index of May 6 was 9 per cent under the best levels of the year. Call money on the Stock Exchange ranged between 3!, and 3 per cent, the latter rate prevailing most of the week. Interest rates in general were lower. Time money softened to 3-3% per cenf brokers’ acceptances declined to 25 2, per cent, with the Federal Reserve buying rate of 2!, per cent for short and 2% for distant maturities. Prin- cipal changes in the Federal Reserve consolidated statement for the week of May 7 were decreases of $34,400,000 in holdings of bills bought in open mar- ket and $1,700,000 in Government se- curities and an increase of $4,000.000 in holdings of discounted bills. The Reserve ratio advanced to 83 per cent, against 82.5 per cent in the previous week and 74.3 per cent a year ago. Drastic declines are revealed in sev- Relieve that NEEDLESS PAIN Headaches Colds Rheumatism Neuritis Bayer Aspirin. To men who must work on, in spite of evestrain, or fatigue, or a cold; to women who suffer regular systemic pain, Bayer Aspirin is a blessing. Take advan- tage of it! Carry the pocket box. Keep, the economical 100-tablet bottle in home and office. Read the proven directions enclosed in the package and learn the various uses. ASPIRIN tains elbow the clouds aside and the pine forests lift their arms to a bluer sky, you'll find the vacationland of your dreams. You'll go cantering off for 2 day on winding mountain OUThcre, where the moun- trails—and surprise yourself with your horsemanshipl You'll whi) a singing mountain stream for great big trout—the kind you've scen only in pictures . . . You'll shoot 2 snzppg golf course, where tl mental hazard . eighteen on a2 mountain-bordered e sheer beauty of the scenery is a Take your choice of these enchanted vacationlands . . . Glacier Park; Mount Baker and the Puget Sound country; Rainier National Park, with the great mountain; the Columbia River country; Alaska . . . Superb hotel accommodations . . . and Northern trains to take you. The new gala(ial Great mpire Builder; the luxurious Oriental Limited. New illustrated booklets, rates, and all information from your Great Northern agent; or 'phone, write, or visit GREAT NORTHERN TRAVEL OFFICES 504 Finance Bldg., Philadelphia, Pa. Phone Rittenhouse 3275-6 Tune in on she Greas Northern Empire Builders Program over the N B C chain o evening. Your maress _ very Monday stations are W] Z, New York and K DK 4, Pistsburgh— - 9:30 PM.E. 8. T, The New EMPIRE BUILDER ‘The Luxurious ORIENTAL LIMITED NG _STAR, ‘VASHINGTOI‘i', D. C., MONDAY, MAY 12, 1930 FINANCIAL eral of the important industrial groups. ‘The comparatively favorable showing of General Motors limited the decline in the motor group to 41.9 per cent, which otherwise would have shown (for 12 companies) a reduction of 73.3 per cent. Automoblle parts and accessory com- {peny earnings declined 48.7 per cent; mining and smelting, 34.6 per cent; mis- cellaneous manufacturing, 29.7; copper and brass, 28; office and business equip- ment, 21.8, and tobacco products, 21.1. The last named decline was the result of reduced returns for cigar manufac- turers; most of the leading cigarette producing companies are experiencing record - breaking = earnings. Slightly lower reductlons occurred in at least seven other important groups. Large offsetting increases in net income were registered in_ only three industrial groups, viz: Paper, railroad equipment and theaters. The gain registered in the Jast named group is by far the most impressive and most likely, it is believed, to be continued throughout the year. ‘While the 21 utility companies report a reduction in net of 4 per cent, losses have been minimized by the stability of American Telephone & Telegraph oper- ations, without which influence the de- cline would have amounted to 22.2 per cent. Electric power and light compa- nies, however, continue their uninter- rupted uptrend of earnings. The Companies, Allen industries earned 71 cents on common stock in March quarter vs. 54 cents in like 1929 period. Bethlehem Steel subsidiary awarded $10,000,000 shipbuilding contract by United Fruit Co. Commonwealth & Southern April electxic output off 3.4 per cent: four months, off 1.3 per cent; 12 months, up 6 per cent. April gas output, up 1.5 per cent; four months, up 3.3 per cent; 12 months, up 10 per cent. Evans Auto Loading earned 37 cents on common stock in March quarter vs. $1.45 in like 1929 period. Johns-Manville Corporation has ac- quired assets and patents of Stevens Sound Proofing Co., off Chicago. Kawneer Co. acquires for cash the Coleman Architectural Metal Works of Chicago. Vadsco sales subsidiary, V. Vivaudau, Inc., ordered to divest iiself of stock- holdings in A: H. Smith Co., and Par- fumeries Melba, Inc., by Federal Trade Commission. Proceeding based on Clayton act. Western Union Telegragh to spend $45,000,000 for land-line construction, improvements and other plant ex- penditures in 1930. American Solvents & Chemical earned merger negotiations are pending _with General Industrial Alcohol and Ross- ville Commercial Alcohol. National Power & Light stockhold- ers to vote on redemption of $7 pre- ferred stock, 140,295 shares of which are outstanding. ‘Women Race Over Snow, Ice. ‘Women in Sweden had a new thrill in the late Winter in long-distance road trials over snow and ice. In one event four Swedes and an English woman competed. The Swedes were able to hold to the roads, but the outsider, after a few “ditchings” had a skid into a telegraph pole which put her machine out of use. First Mayoress Chairman. By reason of her Scottish birth, the lady mayoress of London was chosen chairman of the 115th annual festival of the Royal Caledonian Schools in London recently. In accepting, she made history, for it was the first time London’s lady mayoress was a chair- man and her husband, the lord mayor, Was a mere guest. > Maj. Bapty, & member of a British team shooting at Bisley, England, re- cently scored 21 consecutive bull's-eyes at 200, 500 and 600 yards. S S ST Sand Boxes Don’t forget the kiddies these warm days . . . Many hours of healthful . outdoor recreation will be made happy for them by sand boxes to play in, see-saws, and many other things easily made at slight cost . . . If you prefer, we can make them for you . . . sand box 4 ft. wide and 4 ft. long, with bottom, and filled with sand costs only $9.50 delivered . . . Come in and ask us about them , or call North 1343, Delivery Service—All Orders Given Prompt Attention J. FRANK * « HARDWARE - - COAL * * PAINTS BUILDING MATERIALS ~gila 2101 GEORGIA KELLY . LUMBER & MILLWORK AVE. 2§aS JESTER WILL SPEAK AT ANNUAL MEETING Water Engineer to Address Con- ference on Sanitation at Hagerstown, Md. Special Dispatch to The Star. BALTIMORE, May 12.—J. M. Jester of Hyattsville, water engineer of the ‘Washington Suburban Sanitary Com- mission, will be one of the principal speakers at the fourth annual confer- ence of the Maryland-Delaware Water and Sewerage Assoclation, Hagerstown, tomorrow and Wednesday. Mr. Jester will talk on “The Signifi- canceé of Necessary Tests at Small Wa- ter Works Plants,” and other papers will be presented, as follows: “Garbage and Refuse Collections,” C, K. Allen, Baltimore; “Requirements of the Na- tional Board of Fire Underwriters,” A. C. Hutson, assistant chief engineer, Na- tional Board of Fire Underwriters; “Sewage Treatment Problems. at Ha- gerstown,” William C. Slee, city engi- neer; “Automatic Water Works Pump- ing Stations,” Leon Small, Baltimore; “Reclaiming and Disposing of Baltimore As Mortgafie City’s Trash,” Warren Viessman; “De- termination of Oxygen Demand by the Direct Oxygen Method,” Edward O, Cromwell: “Regular Supervision of In- stitutional Water and Sewage Treat- ment Plants in Maryland” A. W. Blohm, assistant engineer, State Depart- ment of Health; “European Methods of Sewage Treatment,” C. E. Keefer, Balti- more; “Maintenance and Operation of New Potomac River Water Plant,” J. C. Brewer, Hagerstown. In addition to the conference sessions, arrangements have been made for in- spection trips to the Potomac River water plant and the sewage treatment plant at Hagerstown. ‘The officers of the assoclation are Carl A. Hechmer, department engineer, Washington suburban sanitary dis- trict, Hyattsville, president; J. G. Pat- rick, Luke, Md., and S. T. Powell, Bal- timore, vice presidents; F. W. Caspari, Maryland State Department of Health, secretary, and Edward S. Hopkins, Bal- time, treasurer. Art of Nations to Be Shown. Following the success of the art ex- hibit sent specially from Italy last Win- ter, London plans three other national exhibitions. ‘The next will be of Per- slan art and that will be followed- by one from France. Then will be one by British artists. Substantial Sums RE available to us to loan on Real Estate in the Dis- trict of Columbia and nearby Maryland and Vigginia. Lonn COI‘!’G' spondent of the Metropolitan Life Insurance Company we are always ready to serve you. « Consult EAVER BRO W REALTORS 809 15th St. N.W. District 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company $50,000,000 5%% GOLD BONBS (Total issue in the United States $71,000,000) Dated May 1, 1950 Interest payable May I and November 1 in New York in dollars and in London in Sterling as set forth below. end accrued interest, of Bonds called by lot. Coupon Bonds in denemination of $1,000. Imperial Japanese Government i EXTERNAL LOAN OF 1930 THIRTY-FIVE YEAR SINKING FUND Due May 1, 1965 o cumulative semi-annual sinking fund, with payments beginning May 1, 1935, and calculated to be sufficient to redeem the entire issue on or before maturity, is to be applied to the purchase of Bonds if obtainable at or below 100% end accrued interest, or, if not so obtainable, to the semi-annual redemption, commencing November 1, 1955, at 100% Not redeemable prior to May 1, 1940 except for the sinking fund. Redeemable, at the option of the Government, on May 1, 190, or on any interest payment date thédeafter, upon three months’ published notice, at 100% and accrued interest, but, except for the sinking fund, only as to the entire issue. Juichi Tsushima, Esq., Financial Commissioner of the Imperial Japanese Government in London, Paris and New York, has written us a letter under date of May 9, 1930, with reference to this Loan, the finances of the Imperial Japanese Government and present economic conditions in Japan. 4 copy of this letter, from which the following paragraphs are quoted, may be obtained upon request The Imperial Japanese Government is issuing in the United States of America $71,000,000 of its External Loan of 1930 Thirty-Five Year Sinking Fund 514%, Gold Bonds, and contemporaneously is issuing in London £12,500,000 Bonds of its 514% Conversion Loan of 1930. The Bonds of these Loans are te be direct external obligations onds of the United States issue, 350,000,000 Bonds a 321,000,000 Bonds are to be exchanged for bonds of the Imperial Japanese Imperial Japanese offered for public subscription and Government. Of the 371,000, f the to be Government 4%, Sterling Lodn of 1905, due January 1, 1931, now under control of the Japanese Government. Of the £12,500,000 Bonds of the Sterling issue, £2,500,000 Bonds are to be exchanged for ;:nds of the Imperial Japanese Government 4% Sterling Loan of 1905, due January I, 1931. Prlnczl and interest of Bonds of the United States issue will be payable in New York City at the office of The Yokol ma Specie Bank, Limited, in United States of America gold coin of the standard of weight and fineness existing on May 1, 1930, or in London at the office of The Yokohama Specie Bank, Limited, in pounds sterling at the fixed rate of $4.8665 to the pound stertin or future. Principal and interest of Bonds of the Sterling issue will be payable in London in New York in dolla t the fixed rate of $4.8665 to the pound sterling. Paymen issue in Sterling or of the Sterling issue in dollars shail not be obligatory unless in either case without deduction for any Japanese taxes, present unds sterling the principal of least one month’s written request in the United States shall have been made and the holder shall have complied with the reasonable regulations of the Government to assure presentation for such payment. The proceeds of such of the Bonds of these Loans as are not exchanged for bonds of the Imperial Japanese Government 4%, Sterling Loan of 1905, due January 1, 1931, will be applied to their payment at maturity. The 4% Sterling Loan of 1905 was originally issued in the amount of £25,000,000 of which £1,553,680 bonds have been retired, and £23,446,320 bonds are now outstanding in the hands of the public or under control of the Japanese Government. THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTIOXN, SUBJECT TO THE CONDITIONS STATED BELOW, AT 90% AND ACCRUED IXTEREST, TO YIELD 6.20% TO MATURITY. Subscription books will be opened at the office of J. P. Morgan & Co., at 10 o’clock A. M., Monday, May 12, 1930. The right is reserved to reject any and all applications, and also, in any case, to allot a smaller amount than applied for. All subscriptions will be received subject to the issue and delivery to us of the Bonds as planned and to the approvel by counsel of the form and validity of the Bonds and of the relevant documents, proceedings and authorizations. & The amounts due on allotments will be payable at the office of J. P. Morgan & Co., in New York funds to their order, and the date of payment (on or about May 27, 1930) will be stated in the notices of allotment. Temporary Bonds or Interim Certificates, exchangeable for definitive Bonds when received, are to be delivered. Payment for Bonds allotted may be made in the bonds of the Imperial Japanese Government 49, Sterling Loan of 1905, due January 1, 1931, with unmatured coupons attached, which will be accepted, up to an aggregate principal amount mot exceeding £8,509,000, at 10047, and accrued interest (viz., $99.47 per £20 of bonds of said 4%, Sterling Lean if peyment is made on May 27, 1930) equivalent to approximately & 3.16% interest yield basis computed from May 27, 1930 to Jenuary 1, 1931. If payment is to be made in this manner, J. P. Morgan & Co. must be so adgised on or before May 20, 1930. J. P. MORGAN & CO. THE NATIONAL CITY COMPANY New York, May 18, 1930. KUHN, LOEB & CO. FIRST NATIONAL BANK, New Yeork THE YOKOHAMA SPECIE BANK, LIMITED