Evening Star Newspaper, May 13, 1930, Page 12

A2 Tiii By Lt ivg Ne AL Pul st ¥, MAY 13, 1550. CANADIANS RESENT HIGHER U. S. TARIFF Dominion in Mood to Retal- jate Against Schedules in New Bill. BY JOHN F. SINCLAIR. @pecial Dispatch to The Star. NEW YORK, May 13.—A dis- tinguished Canadian made this state- ment recently: “No people are more friendly than Americans—none more generous. But collectively—politically, if you please— & real weakness appears. Your form of government allows the minority to dominate—to override the majority. Take your tariff fights; they always follow political, not economic, lines.” This business man, a former Cana- dian cabinet member, went on to say that one of the troubles of American Government is that nobody has any authority. “You go on the theory of checks and balances; we go on the theory of con- fidence. We rely on the individual; you rely on mass opinion. We cut Ted tape to the bone. You have much more red tape than any other nation. You ask vouchers for everything. We rely more on the public officials’ hon- esty. Divided responsfbility, overwork- ing your checks and balances theory, gives undue weight to the minority— that's what makes business so uncer- tain in the United States.” This Canadian’s comment is candid ot least. There are two ways of doing busi- ness. ‘The United States has been working on the tariff for many months. Thou- sands of words have been written about the schedules. Nothing definite so far has been decided. That's the American way. ‘The Canadian way is different. On May 1, without taking the trouble to give Parliament any information re- garding the sweeping changes in her tariff, Finance Minister Dunning an- nounced that the new schedules would fi'lnw effect at 9 o'clock on the fol- ing morning. All this before the budget bill, in which these wide fundamental changes occur, had been passed. Pending the adoption of the budget, the customs duties collected will be sub- gct to any later changes by Parliament. ut the new schedule of tariff dutles is mnow in force. Canaga’s new tariff is based on re- sentment, against the tariff bill now ding in Washington. The Canadians, | shq, America’s best customers, believe that many adverse rates have been incorpo- rated in this bill for the sole purpose of keeping their products out of the mar- kets of the United States. One particu- 1ar evidence of this retaliatory spirit of the Canadians is shown by the fact that while rates on American products are raised, good. from the British Empire are given preferential duties. American producers naturally are dis- turbed over the prospect of losing $225,- 000,000 worth of Dominion business. As many as 216 items from the British Empire have been placed on the free list by Finance Minister Dunning, and trade between Canada and the other Domin- fons of the British Empire will be in- creased by approximately $200,000,000. To keep pace with this new competition, American exporters will have a special- ize on service and quality of goods. Countervailing duties are distinguish- ing features of this new tarifl. Canada places the same rate on certain farm lucts and other items as we impose upon identical products imported from Canada, if that rate is higher than the regular rate. Agricultural machinery and fresh fruits and vegetables are free from all British sources. Is this the beginning of a general tariff retaliation? Australia, France and other countries are threatening to take similar action. Sir Joseph Flavelle, chairman of the Canadian Bank of Commerce, discussed ot length with this writer some of Canada’s business problems last week. “The people of Canada and the United States have been friends for five generations. No battleships, no srmies, no navies on the 3,000-mile border—never any trouble. “We have never consciously hurt the United States; neither has the United Btates consciously hurt us. But you have, unconsciously, hurt us in your constant tariff revisions. Perhaps be- cause the American tariff is formed on political, more than on economic, grounds. It hurts us all the more be- cause our politics in the past have been modified by your policies, “But Canada, a land of immense - sibilities, has reached the point where she must watch her own best interests. ‘We want to do business with America. We always have ‘done business with America. We always will; we hope to an increasing extent. But if the Amer- NEW YORK, May 13.—The following is & summary of important corporation news_prepared by Standard Statistics Co., Inc,, New York, for the Associated Press. News Trend: Domestic crude oil production showed another increase in the week ended May 10. Preliminary estimate of daily aver- age output is 2,507,441 barrels, an in- crease of 8411 barrels over average of the preceding week. Copper producers yesterday made two price advances of one-quarter cent each. Domestic quota- tion is now 13 cents and export 13.3 cents, c. 1. 1., base ports. Corporation news consisted .argely of earnings statements. Companies mak- ing particularly unfavorable March quarter showings included checker cab; Chicago, Burlington & Quincy Railroad, | New Jersey Zinc and Pittsburgh Termi- | nal Coal. Rossville Commercial Alcohol & General Industrial Alcohol were announced com- pleted. | Associated Laundries of America omitted quarterly dividend of 5 cents on common stock due at this time. The Companies. Allis Chalmers Manufacturing had $16,770,000 unfilled orders on April 30 vs. $15,570,000 on March 31 and $12,- 872,676 on December 31, 1929. American Solvents & Chemical ar- rangements have been completed for merger and reorganization of Rossville Commercial Alcohol and General In- dustrial Alcohol with American Solv- Arrangements for the merg- | B ing of American Solvents and Chemical, | ents. Andes Copper Mining earned $3.11 on ?glznsmon stock in 1929, against $1.10 in Associated Laundries of America omits quarterly common dividend of 5 cents due at this time. Callahan Zinc-Lead had deficit of $5643 in March quarter (before de- preciation _and depletion), against deficit of $25,572 in 1929 period. Checker Cab_earned $1.05 on com- mon stock in March quarter, against $4.78 in 1929 riod. Chicago, Burlington & Quincy Rail- road earned $3.39 on common stock in March quarter, against $5.01 in like 1929 period. Chile Copper earned $4.94 on com- e stock in 1929, agalnst $4.52 in 1928. Crown Cork International earned 28 cents on class B stock in 1929, General Electric (Germany) A. E. G. to acquire substantial interest in Sachsenwerk, largest industrial enter- prise in Saxony. Hudson & Manhattan Railroad Citi- zens' Union urges that city recapture two-track Hudson & Manhattan line under Sixth avenue, from Ninth to Thirty-third street, for use as link in new Sixth avenue line, Imperial Tobacco Co. of Canada, Ltd., has made share exchange offer to Tuckett Tobacco Co. minority stock- holders of 30 of its shares for 1 Tuckett re. Interborough Rapid Transit requests transit commission approve issuance $40,000,000 5 per cent bonds, which, it estimates, will be necessary to carry out order to purchase new cars costing about $14,000,000. Mortgage requires $10,500,000 6 per cent notes to be re- tired before other bonds can be issued. Additional bonds would be floated at 60, thus raising $24,000,000 for cars and retirement funds. Kroger Grocery & sales 5 weeks ended May 3 off 4.9 per cent; 17 weeks’ sales 3.4 per cent below year 2go. National Family Stores April sales up 48.7 per cent; 4 months’ sales 19.5 per cent above year ago. New Engiand Power Association net before depreciation up 33 per cent in 12 months to March 31. New Jersey Zinc earned 85 cents on common stock in March quarter, against. $1.03 in like 1929 period. New Orleans Great Northern Railroad had deficit of $82,687 In 1929, against net income of $128,907 in 1928, equal to $1.72 per common share. Noblitt-Sparks Industries unfilled or- ders totaled $1,912,372 on May 1, against $846,451 year ago, Pittsburgh Terminal Coal had deficit of $216,653 in March quarter, against $96,647 in 1929 period. Simmons Co. April sales, includin subsidiaries not owned in 1929, were 5.’ per cent above year ago; excluding sub- sidiaries, sales were off 7.2 per cent. John R. Thompson Co. April sales off 59 per cent; 4 months sales 1.5 r cent below a year ago; had four less units in operation in April, 1930, than year ago. United States Steel subsidiary acquires National Metal & Wire Products of Havana. —_— LEAD PRICE ADVANCED. NEW YORK, May 13 (#).—The American Smelting & Refining Co. to- day advanced the price of lead from 50 to 5.60 cents a pound. ican Government persists in increasing tariff walls so we can't sell ow. goods to them, she must not be disappointed if our business interests turn gradually to En(llm'l’ and countries who will buy our goods, (Copyright, 193 by North American News- r Alliance. o You buy securities of low yicld with the lively expectation of appreciation? Do you buy securities with the hope you will have the sbility to determine when to sell, and the courage to act by selling out lacer to someone else who wants to buy as the higher price? Or, are you saving and investing in high in- come producing, statistically sound, favorably known, Public Utility Preferred Stocks nd Bonds? There are some now available at ateractive prices. Should you desire to align yourself with the savers and investors buying securities for current income and yield, we will be glad to send you a short list of desirable Public Utility $tocks and Bonds yielding 5% to 7%, traded in on the New York Stock or the New York Curb Exchanges. Write for Folder E-305. Public Utility Investing Corporation 61 Broadway New York City 3 Now is the time for the conservative, far-sighted in- wvestortobuy PublicUtility Bonds and Preferred Stocks. ' NEW SECURITIES NEW YORK, May 13 (#).—New se- curities offered today include: City of Detroit, Mich., $20.350,000 43 and 41, per cent bonds, to yleld from 3.50 to 4.35 per cent, by syndi- cate beaded by Guaranty Co. Mead Corporation, $9,500,000 6 per cent bonds, priced at 97, by National City Co. and Fileld Glore & Co. City of Wilmington, Del.. $1,500,000 415 per cent bonds, to yleld 4.05 per cent, by First National Bank and syn- dicate. ‘Town of Greenwich, Conn., $960,000 4% per cent bonds, to yield from 3.75 to 4 per cent, by H. L. Allen & Co. Supercorporations of America, fixed trust shares, priced at market, by S. W. Straus & Co. FOREIGN EXCHANGES. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks oday. London, pound Paris, franc Worsaw. zI0ty........ Copenhagen, crown. 0. Stockholm, & Co) (Reported i Qter 100 8-32 by J. & W. Seligman LA Bid. o ) Built by the L ORIGINATOR BY CHARLES P. SHAEFFER, Associated Press Financial Writer. The Federal Trade Commission Is complling a complete history of the chain store industry in the United States. The study had its genesis in a Sen- ate resolution which directed the com mission to go thoroughly into the situ- ation to ascertain the extent, if any, to which consolidations in the industry have been effected in violation of the anti-trust laws, if at all; the extent to which consolidations are_susceptible to regulation under the Federal Trade Commission act or the anti-trust laws and what legislation should be enacted for_the purpose of regulating and con- trolling chain store distribution. Officials of the Trade Commission de- clare the survey will be particularly in- teresting, as it will offer a comparison of the advantages or disadvantages of chain store distribution with those of other types of distribution, as shown by prices, costs, profits and margins, qu: ity of goods and services rendered by chain_stores and other distributors, or resulting from integration, managerial efficiency, low overhead or other similar causes. Then, too, it will go into the question of how far the rapid increase in the chain stdre system of distribution is based upon actual savings in_costs of management and operation and how far upon quantity prices available only to chain store distributors or any class of them. To date more than 100,000 question- naires have been distributed to the dustry. These ask for the financial and operation results for a series of years, as well as service features, discounts re- ceived, consolidation and combination, price policies and other managerial details. The commission estimates it will take several months to complete the study, as usable returns have been received from but 10 per cent of the industry to date. Public hearings on the commission’s investigation of cotton-seed prices will begin on May 26, when growers, crushers, ginners and assoclation ex- ecutives will be heard in an effort to ascertain whether certain .large cottonseed ofl mill operators have acquired control of cotton gins in order to destroy the competitive market for the seed, at the same time depressing prices paid to growers. This inquiry is_the result of resolu- tions introduced by Senator Heflin of Alabama. The committee on merchant marine and fisheries has been hearing repre- sentatives of the State Department, Shipping Board, steamship companies and seamen on amendments proposed to the so-called seamen's act. ‘The effect of these amendments would give the master of & vessel certaln dis- cretion to withhold from a seaman wages demanded At & port where a ves- sel may load or discharge cargo en route if the seama:: has misconducted himself at a previous port. The State Department placed before the committee a great deal of data which had been gathered at forelgn ports showing that abuses by seamen of shore privileges are increasing and that some corrective measure should be en- cted. The ship owners signified wi lingness to have any refusal on the part of & master to grant wages by réason of misconduct reviewed by tne American consul at the port, but representatives of the scamen appeared unwilling to sanction any control of this character, contending consuls give more consid- eration to the ship owners’ needs than to those of seamen. Under the present law seamen can demand half wages due at every port of call at'not less than five day intervals. It was pointed out by shipowners that under this agreement many men desert when their ship salls and the vessel is not only unable to require them to con- tinue the voyage, but oftentimes, months afterward, is called on to pay hospital expenses and repatriation costs. Final- ly it was contended the Government and vessel owners should not encourage such indiscretions by giving seamen oppor- tunity to commit them. ‘The next biennial meeting of the In- ternational Chamber of Commerce will be held in this city in the Autumn of 1931 the Chamber of Commerce of the United States announces. This conclave was Inaugurated in 1919 and now boasts a representation of 48 countries. The program for the forth- coming meeting has been given a little thought but only outstanding world economic problems will be discussed. Approximately 2000 delegates are ex- pected to attend, with the foreign con- tingent touring principal American cities, after the business meeting is con- cluded. ‘Thomas P. Lamont is chairman of the American committee. The Federal Reserve Board's condi- tion statement of member banks for the week ended May 7 shows decreases, in She NEW restone BALLOON P Vpeed with Sulety " WILL MY CAR DO 75?” You haveasked yourself that question. Many cars on theroad today can be pushed to 75. Some will go even faster. All the newer cars will go atleast 60 ... Every owner does not want to speed, but he wants a reserve of speed—to know what his motor will do in an emergency. And therein lies one great danger. LEADERSHIP Firestone brought out Jor entomobile use: The first straight-side tire. demountable rim. —The first commercial —The first patented .I;{E ROAD may be smooth, open and beckoning for speed, but be- fore his foot presses on the gas the driv- er must ask himself what every racing driver asks: “Will my tires stand the pace?” AT ANY speed above 40 miles am hour, a tire failure is not merely in- convenient—it is a rendezvous with death. If the motor fails to make the speed, nothing happens. If the tires fail to make the speed, everything happens. The real question is: “Will my tires do 757" RESERVE engine power is perilous—unless there is reserve tire power. Firestone Tires always have re- serve power because Firestone designs Gum-Dipping process. —The first rebber non- skid tread. —The first balloon tire. PERFORMANCE Pirestone Gum-Dipped Tires. ~—hold all world’s records on road and track for safety, mileage, speed and endurance. —for ten consecutive have won the 500- Indianapolis En- years mile durance Race. —were on winning cars in Pike’s Peak Race— where a slip meant death. —were on the Stude=- baker car which on a board track at Atlantic Gity in 1928 went 30,000 ance record. miles in 26,326 minutes. —ran 71,351 miles on a Detroit tasicab, before the first tire wasreplaced. —uwere on the G. M. C. truck carrying a two-ton load that hung up the Coast-to-Coast Endur- ~—for 10 years have been sold on a mileage cost basis to tazicab and bus lines in greater volume than any other tires, and now equip the world’s largest taxicab fleet and world’s longest bus line. and builds them well in advance of principal eities, of $108,000,000 in loans and investments, $254,000,000 in net de~ mand deposits and $45,000,000 in Gov- ernment deposits. Time deposits for the period increased $24,000,000, and borrowing from Federal Reserve banks rose $5,000,000. American metal-working machinery is successfully invading the home mar- kets of its chief competitors. This statement is borne out by the Depart- ment of Commerce ‘in announcing th: Europe, second largest producer, im- ported a total of $25,200,000 of the ma-~ chinery. during 1929, representing a gain of 25 per cent over the previous year and 73 per cent over 1927. ‘The department also announces silver imports into India during the week ended May 7 totaled 515,000 ounces, of which 390,000 came from London and the remainder from Marseilles. Cur- rency in reserve on April 30 totaled 1. 072,200,000 rupees, a slight gain for the ‘week. Apartment 1321 Connecticut Ave. First Mortgage Loans | On improved Real Estate in the and nearby Maryland and Virginia for 3, 5 er 10 year terms on your rict of Columbia RANDALL H. HHAGNER & COMPANY MORTGAGE LOAN CORRESFPONDENT NEW YORK LIFE INSURANCE COMPANY Decatur 3600 automobile requirements. Firestone design and construction made practical the speeds of today. ERESTONE originated the bal- loon tire in 1922 and offered it to the public a year later. Developing the bal- loon made necessary a new tire con- struction—lighter, more flexible, yet tougher. The new tire required a new flexible tread. When factory angd.yoad tests were finished and a tire built worthy of the name Firestone, a set was fitted to the car of a famous auto- mobile designer. He gave the tires every test he knew and when he was through he said: “You have forced us . 10 redesign the automobile.” : THE AUTOMOBILE has been redesigned. Most of the manufacturers have since then at least doubled their horsepower to gain speed. They could put speed into their cars because: Firestoue balloon tires formed a cush- fon between the car and the road and made high speed more comfortable . .. the Firestone non-skid tread gripped theroadandmade high speeds safe from skidding .. . the Firestone Gum-Dipped construction made high speeds safe from tire failure. N OW, Firestone announces another new tire;—again built in advance of today’s car requirements. This new Firestone Heavy built. reasons for Firestone leadership. BATTERIES ~ Duty, Gum-Dipped Balloon surpasses in strength, toughness, traction and wear-resistance any tire even Firestone has ever WITH these tires, you need no longer ask:“Will my Tires do 75?” You have a wide margin of safety at any speed. At every Firestone dealer’s you can recognize them by their mag- nificent construction and by the gold stripe that stands out against the ebony black sidewalls.... Let this tire give you the BRAKE LINING