Evening Star Newspaper, June 7, 1930, Page 13

FINANCIAL. CURB SHARES EASE || NEw YORK CURB 'IN BEARISH ATTACK o Leaders Recover Slightly at Close After Severe Wave of Short Selling. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, June 7.—The Curb Market today finizhed somewhat above its lows for the day, after meeting & big wave of short selling early in the session. Selling was directed against leading issues, but was only partially #uccessful in bringing out long hold- ings. Electric Bond & Share, after moving down about 3! points, rallied slightly. Cities Service "lost 13 points, then turned upward. Standard Oil of In- diana, Standard Oil of Kentucky, Niagara Hudson Power and United Light & Power A behaved similarly. Transcontinental Air Transport eased fractionally, following Washington dis- patches quoting officials as denying that & merger with W tern Air Express was contemplated. 1 ~_two companies, at the suggestion of Postmaster General Brown, have been talking co-operatively about mail contracts. United Light & Power, which has contemplated expansion in the natural gas field, reacted following official de- nial that it would acquire a controlling interest in Lone Star Natural Gas. Lone Star, however. continued to nego- tiate with' American Natural Gas. Du- quesne Gas was one of the early strong spots on the announcement that its new well was flowing 700,000 cubic feet of gas daily. Two other wells are near- ing completion and seven are being drilled. Hudson Bay Mining was lower in early dealings, despite ratification of capital increase and creation of a debenture issue, proceeds from which @are to be used for expansion. CHICAGO LIVE STOCK MARKET CHICAGO, June 7 (#) (United States rtment of Agriculture) —Cattle— Receipts. 700 head; compared pre-holi- day trade fed steers and long yearlings 60 lower; light yearlings steady to 25 lower; fat she stock mostly 50 off, in- stances 75 lower on fat cows and heavy heifers; bulls weak to 25 lower; vealers about steady; receipts excessive; ‘week’'s run second largest for season; more low-priced streers and she stock in Tun; killing quality generally medium to good; extreme top fed steers, 14.00; little above 13.00; best long yearlings. 13.40; light heifer yearlings, 11.75; bulk fed steers and yearlings, 10.25812.00; replacement cattle very scarce: light stockers up to 11.25; mostly 9.25a10.75. Sheep—Receipts, 5,000 head; nomi- nal; directs, 4300 head; by the week, 58 doubles from feeding stations, 37,000 head direct; compared week ago fat lambs 50 cents or more lower; under~ grades, 2.00a2.50 lower; yearlings around 25 off; fat ewes unevenly Jower; mostly 50a1.00 lower; strictly sorted native lambs, ea-ly, 13.00a13.50; late, 13.75; common throwouts, 8.00a 8.50; choice Washington early, 13.50: Oregons. hu 13.00; a load of uneven Idaho: vearling, top, 10.75; bulk, 975!1025 nflvy ewes, late, 3.50 24.00; choice, 4.50; early sales, -5.00a 5.50: choice 63 Washington feeding lambs, early, 10.00: shorn Cl]“omll feeder lambs, 8.5029.00. Hogs—Receipts, 10,000 head, includ- ing 9,000 direct; very low trade, mostly 10a15 lower than Friday's average or steady with the close; compared with late last week's most- ly steady to 15 lower; hogs scaling under 240 pounds showing the decline; shippers took 200 h: overs, 2,000; bu.che i choice, 250-300 pounds, 9.85a10.25; 200- 250 pounds, 9.90210.30; 160-200 poundl 9.90510.30; 130-160 pound! 9.75a10.30: packing sows, 9.0029.65; pigs, medium to choice, 90-130 pounds, 9.25210.00. BONDS ON THE CURB MARKET. 3 Alaama Pw_ 425 1Am Cmwih 3Amer G & 1Amer P & [l 40 9 £5s 0 S Lss nw 1078 15 Garlock Packg 6s 3 33 Gaitnesn Pow 55 36 2 Gatineau Pow 6s 28 Georgia Powcr 85 ' 1Guif 8t UMl s A 36 38 Hous G G {2 How GG ¢ 1Penn P & 1 Phila Elec 5'28 §Biuts Steel 65 § potomac £d, 53, E 38 75, . ‘ac Chl B'as '31103'% POREIGN BONDS, 10 Buenos Aires 615 (81 813 1 Westy 3Ital Sup Pow 6s ' 5 Medellin Col 7s ! 86 Prussia P 109% 356 13 18% ry 105% Alu Co of Am 275 Aluminum Co 7% Am Br B 1d s 7% Am Capital (B). 32 Am Capital pf (3) 14 AmCP&L(B)(10%) 284 Am Com I'(A) b10% 2% Am Co'with Pwr war 24% Am Cynam B 3 Am Dept 15% Am Equitle 46 Am For Pwriwat). 2 113% Am Gas & Elec (31). 147% 126 0° 184% 155 38014 134 Bin 162% 113 153 9% L 4% Am Invest (war. 10 Am Invest, Ine l')-. 67% Am Lt&Trac (n) 1ta Am Maricabo. 7% Am Natural Ga: 23% Am Superpwr (1)... 87% Am Superpwr pf (§). 3% Am Thread pf(26c). 10% Am U&Gen B vie ¢ 5% Arkansas Nat Gas... 8% Ark NatGas (A).. Elee Ind (30¢). 0 Gas & Elec 0 G&E (A) 12.40, As80 Gas&El ctfs(8) 9% Asso Hayon pf (6).. 24 Asso Tel Util (b8%). 16 AulCoast Flsh(1.40) 6% Auto Music A(11.05) 4% Auto Voting Mach.. 24% Aviation Corp of Am 2% Bahia Corp.. 46 2% Burmna CorD ('llc) - 3 Cable Raalo T v.t.c.. 1 Cubie&Wire (B) re 314 Canada Marconi 31y Cent Atlantic § 25% Cent Pub Sve. D 53% Cent P S (A) (a1.76) 1y Cent States klee 3400 2% Chain Stores Dev... 19% Chat Ph Al n-v(50e). 194 Chem Nat Asso n-v. Cheeseboro Mg (15) 14% Chicago Corp (Lhe). Cltles Service(33vc) 8 Citles Srve pf (6)... 84 Cit Sve pf B (60c).., Cit Sve BB pt (6).... Clev Kl Lilum 11.60). Clev Tractor (1.60).. Cohn & Rosen, Inc Colts Pat Fire A (2 c. 42t Colum Plc v.t.c. $1%. Com with Edison (s, #1y Com'wlth & Sou wi 124y Comm Wat Serv 16 Consol Alrcras % Consol Auto Merch. . 5 Consol Coppe 90% Con Gas, Bal10(3.60) 213 Con Gus Util A 2.30,. 4 Consol Instrument. . 10 Consol Laundries. .. 28 Cooper Bessemer(2) 5 Copeland Prod.inc A 8% Cord Corp. 12 Corroou & Reynolds. 45 Cusden Oil. 5% Creole Petr 18% Crocker Wheeler 11 . Crown Cork IntlA. 34 Cueno Press (2%) 1% Curtiss Wright war, 7w Darby Petroim (1) 8 Dayton Alr & Kng... Deere & Co (11.20)., 215 De Forest Radio. ... 5 Detroit Alrcraft. 12% Douglas Alr 175¢). 31 Dresser(SR) A(3%). 38% Dresser (S R) B 12). 41 Driver Hariis(new), 5 Dubilier Cond & Rad 16% Duguesne Gas (new) 33 Durant Motors 254 Eastn G&F Asso 18% s T Eastn U] inv (A).. 134 Eisler Belectrict] %) 92% El Bond&Sh pf wi(5) 203, K1 Bond & Sb (b§). . % Elec Pwr Asso (1).. 225 Elec Pwr A330 A (1) 28 Eles Pwr & L op war 154 Elec Shareholdgit1) 82 KFSharenold pf (§). 19% Emp Pub Sv A(1.580) 16% Kurop El, Ltd A (60c) 5 Euro iecdeb riw. .. 2 Evans Wallow Lead. 2 Fabrics Fininshing 2% Fagol Motor. 15 Fanny Farmer C (1), 9 Fedders M{g Co(A). 17% Fiat receipts (1.26). % Film Inspect Mach. , 13% Fokier Alrcfafi. . 16 Fuote Br Gr M 11.20) s Ford Mot, Ci 10% Ford Mor 24 Fox Thea ‘2% Galena Oil Corp. 20 Garlock Pkg 64 Gen Alioys 2% General Baking 3% Gen Baking pf (3)... 10% Gen B, Ltd rets(50c) 21 Gen Empire Corp. .. 80 GenG&Eocv pf B(6). 8 Gen Indus Alcohol Laundry Magh Gen Petroleum w.i.. Gen W W&E(A) (3). Glen Alden Coal §... 11% Globs Underwriters. % Gold Cotn 3 Golden Cente: & Goldfield Consol. 27 Goldman Sachs T C.. 2% Gold Seal Elec new.. 11% Groe Stores Prod vte 36' Guard Fire Assot2). 27% Guenther Law (2).. 131k Gulf Ofl of Pa(13%). 19% Houston Oil of Texas 54 Hudson Bay M & B.. 78 Humble O 12), 375 Hydro Eles 10" Hygrade Food Prod. 22% Imp Oll. Can. n(50e). 22% Imp Tob GB&L(1%). 33' Ind Terr 1llu Ofl (A) 33% [nd Terr Illu Ol 4B) 17 Ind Fin ctfs(b10% ). B4% Insull Ut Inv(b6%). 82 Insull Ut In 2d pf(6) 17 Insurance Sect1.40). 18% Intercoast Trade (1) % Intercontinent Pet n 49 Intl Salt (new). 4214 [ntl Superpwres 21 Intl Tetbook (75 34% Int! Ut 6% Internat) 79% Intl] Utilities of(7). 1% 1intl Utilities (war) 9% Intl Uthl war (new). 10 Irterstate 10w 40% interst Eacv n 12 irving Air €n 6 irving Air Chute war 9% Italian Superpwr A. 5 Itaan Super war 14% Lefcourt Real(t1 85) 17% Lily Tullp Cup 1%, . 18% Lion O Refin 12) A% Loew's Ine (war) 34's Lone Star Gas.n (1), Light (60c) o mow - - - SeafomSonunBueian --.»:S.-..m-u.....u..-. HETON N St - s R e P &e enloxunose o= P T L T 9% 9% 109% 109% 1094 ”1 207 297 10 01 10 "I 3% 18% 53t THE EVE MARKET ‘D‘Ml‘a‘u n na Synd Man-Bowman(A)1% Mapes C Mfg (13%). Marine Mid (1.20). Mass Util Asso. . Mavis Bottlin, Mayflower A: % Mead Johnson(1334) Memphis Nat Gas Mesabi Iron. ts Pet v.t.c. Mid Sts Petv.tc. B Mid W Sts Ut (1%).. Mid Wst Util(b8%). Mid Wst Uti] A war. Mid Royity ev pf(2). M1d 8t) Prod. n (2) Miller & Sons (2) Mo Kan P L (b10%). MissKPLv.te.. Moh H P 1at pf (7).. Moody's I 8 pt pf (3) MtgBk,ColAm sh 3.82 Mount Prod(1. Natl Amer Co. 8% Natl Aviation Natl Bond*& S (25c 3 PSPPI L TTTTTN - TP » & Natl Invest pf (514) Natl Pwr & Lt pf (1) Nati Pub 8v A(1.60) Natl Screen Svei2).. Nat 8h T Sec A 150¢, Netl Steel x-war(2). Natl Transit (1). Natl Union Radlo. Nebel Oscar 1% N J Zine (12%) Newmont Min (14) Newport Co (2).. N Y Rio&Bu Air hlll Hud Pwr(new). »E S~ EETOTST- SR TSI 1Y - Niag Shars Md (40¢) . Niles-Bement-P t3% Nipissing (30¢) randa Mines r&Sou Am Corp A No Am Aviat A war. 2% Noth Euro 0il Corp Nor Sta Pwr A(8) Ohlo Copper..... Ohio Of1 (4) . Ohio Ofl pf new (6).. Ollstocks, Ltd A 1506 Outbd Mot(A)(1.80). Outboard Motor (B). Pac G&E] 1t f 1%. Pa¢ Pub Sve (1.30 P-c Western Ofl. P NN AR RN RN N Nm e~ Pa Water& Pwr(3).. Peoples L&P, A a2.40 Perrvman Elec..... i Pilot Ra T(A)(1.20)., Pitney BP,n (20c). Pitts & Lake Erfe(5) 50. Prince & Whitely 1 Prince & Whit pf| Prudential In Pub Util Hold Pure Oil pf (§). Quaker Oats (4). Radio Productsl.... 2 Ratlroad 8h Cp(26c). 2 Railway & Lt 8(15). 1508 RY & Utll Inv (A)... Rainbow Lu Prod B. Raymond Conerete 4. Reiter-Fostert40e) . Reliance Int Corp(B) Rellance Manag. ... Reynolds Invest. Rocklans Lt&P(92c) Rossia int] Corp... .. Russek’s 5th Av 1.60. & St Anthony Gold.... St Rexis Paper (1). Salt Creek Prod (2) Seaboard Utilit Seg Lock & H (50¢). Selected Industries. Sentry Safety Cont Shenandoah Corp. ... Shenan Coro pf (a3). Sierra El pf (6) Silica Gel Ctfs Sisto Finance Corp Smith (A O) (2) Solar Refining. South Penn O1i(17%) Southern Corp. o S o s PIPTYY S =1 TSP PP SISTPT- P ot TP TP A SO ey oy e Stand Oil Ind (23). Stand Oil. KY (11.80) Stand Pwr & Lt (2). Stand Pwr&Lt B (1), Starrett Corp. Starrett Corp of (3). Stein Cosmeties .. Stern Bros (A) (4). Stutz Motor Car Sunlnv.... Sun Inv pf (3). Kunrav Ol (40e) . .. Sunset Stors pf (34) Superheater «+33) .. Swift Internatli2%) Tampa Elecrric (12) Technieolor Ine. ... Teck Hughes *60e) Tohacco & All Rtks. Tobacco Pr Exix Transamer ¢11 80). Tran Con Afr Tran. . Tri-Cont Corp +war) Tri Utiiitiesit1 20), Tubxize Chatel (B). . Twin States Nat, G A Ulen & Co Union Am Invest, Univn Tobacco Unt* Car Faflnrllflc) United Chem f (3). United Cotp ‘war). . Unitt Dry Dock. Unlt El $ve pr wa Urd Kounders:b2.35) Inlted s Co United Gas Co rnew) (nited Gar (war) Cnited Gas pt <7 Unfred Gas Corp etfs Utd Lt & Pwr Adl). . USDary«B). . . (S Elee Pwr cwar), U 8 Klec Pwr (war). LN EON B, U S & Iwi) Secur. ... U S&ntl Sve 18t U S& Overseus war Uniied Stores Utah Apex (50¢ Utiliry Pwrat. Ul P&L B ctfs (a ) Ottty & Ina .- Jtil & Ind %)L Utility Eauities. ... Vacuum O1 (4% ). Venezuela Petroim. . Viek Financial Corp, Walker (H) (1) Watson «J W) Co. Wayne Pump Wenden Copner White Sew M db rt Wil Low Cafeteria. ., Williams R C(1.40). V" O1 & Gas . W Zonite Producta (1) KiGHTS Onle — Clties Service. ...June 16 Hud Bay M&S July1s Int Salt.... July 21 Ins Co of N A .Oet 1 Lone Star Gas. . July 3 Mo Kan Pipe .. June 25 Newport Co. June 20 Dividena raten in dollars annua) payment *Ex-dividena tPartiy extra tPius In eash or stock b Payable in stock. o S H p gart o e PR ARN NAONA R B e » R L T Ter S epa, T T Expire 1% 27%| 24 154 4@ 46 3% Recsived by Private Wiss 19% NM 49% 35% 8 2 66% 70U 17% % 1% 1% 1o7u 1071% 444 e 10 10 8u 8% 15% 16% 43 43 104% 104% 161 16% 37w 37% 17% 174 84 "84 111 . 111 24 24 321 821 143 141 661 661 19 19 e 8 8 74 4 114% 114% 32 82 14% 3 167 167 % % 6% 5% 105 105 14% 120 39% 17% 22 2% 98 98 218 218 14% 7 80% 40 17% ol buying of importance 17% ! 67 19% 5 2 3ty e 81 4% 4w ] % % L iast auarterly or semi- 3iy % extra in stock. d Parable in preferred a Favabie tock rel, 9 | paragus, dozen, 7523.00; 3 | 1.00a1.50; carrots, hundred, crate, 2.50a4.00 cucumbers, hampe 2.75a5.50; 2.5024.50; Special Dispatch to The Star. BALTIMORE, Md., June 7.—Potatoes, white, 100 pounds, 2.2582.75; new, bar- | sweet potatoes, barrel, 3.0004.00; as- beans, hamper, 50a1.00; celery, corn. bushel, 2.50a3.00; 1.50; kale, bush- yams, barrel, cabbage, hamper, 3.00a5.00; \ el, 40a60; lima beans, bushel, 4.00a5.00: hamper, 90a1.00; green, crate, 3.00a4.00; peas, bushel, lettuce, pounds, peppers 1.5082.7 spinach, 7581.26; #9.00; Poultry, pound, 25a40; Leghorns, roosters, 13a15; old hens, 22a2: bushel, 70a75; squash, bushel, tomatoes, crate, 50a2.75. Apples—Bushel, fruit, box, 2.7086.00; oran pineapples, strawberries, quart, 11a25. horns, 14a18: 25a75; onions, 50 100, 75a1.25; radishes, 100, 1.0023.00; Butte: 152" C); gray box, crate, 3.5084.0 (Reorted by J Dairy Market. Rute R alive—Chickens, Springers, 20030; old i Leg- ducks, 20a22; guinea fowls, each, 50a75; pigeons, pair, 25. Eggs—Receipts, 1403 cases; nearby frsts, 2214; hennery, white, firsts, 2314, r—Good i pound, 33a35; ladles, 24a: 25; process, 29a30; store packed, 19. TREASURY CERTIFICATES, n & Co.) Gter. 3-32 3 & W. Seligm Bid. 00 1-32 | Mav Slocknoim, crowi 2 'WEEKLY BUSINESS TREND IS UNEVEN Trade Reviews See Some Signs of Betterment—Re- tail Sales Gain. Special Dispatch to The Star. NEW YORK, June 7.—Trade paper summaries of business this week contaih a tinge of optimism. Real Summer weather is pointed out as a cause of & slight increase in the retail trade re- ports and sympathetic cheerfulness in ‘holeule and jobbing lines. to this, however, it is pointed out that the weather, which has h!lped mmdoot activity, has lessened the des supplies from other lines of mmufu:- ture. It is stated that a clme -mlylla ot the situation shows that the Aru continues to be in forces mnk- eventual revival rather than in -cmu present gain. R. G. Dun & Co.'s weekly review ol business says, in par “Nothing has occurred to alter the conservative opinion that business recovery would be at a measured pace, each week's surface results being largely of an indecisive character. Instances of expansion are net absent, yet there are counterbalancing movements in _the opposite direction and the general level of activity reflects comparatively littie variation. “Seasonal factors now have both & stimulating and a repressing effect, giv- ing impetus to retail trade and to out- door work, but tending to restrain operations in some manufacturing branches. Those phases are common to this period of year, although the ex- isting irregularities are accentuated by the readjustments which are a natural concomitant of an era of economic transition. “Action to place production more nearly in line with consumption is pro- ceeding in numerous industries, the in- ventory position is being gradually strengthened, and the elimination of weak points that have appeared is con- tributing toward a more solid founda- tion for the future. Ease in Money Rates. “Similarly, c6hispicuous ease in money rates, while partly an outgrowth of re- stricted commercial needs, is expected to ald in business recuperation, and other constructive elements should ulti- mately have a more decided influence. “The course~of commodity prices which ‘has been one of the unsettling aspects, has not definitely improved but certain markets are giving signs of a firmer undertone. “Aside from the stimulation of re- tall trade through higher temperatures in many localities, the general textile situation .is' without essential new fea- ture. The warmer weather of the week gave a distinct impetus to demands for lightweight apparel, and in this respect the situation reflects genuine betterment On the other hand, there has been no change frqm the cautious attitude toward making' forward com mitments, buyers still manifesting a strong disinclinatoin to operate Deyond needs actually in sight. With that rollcy of purchasing, and with a sharp- defined tendency to prevent exces- sive production, it is not surprising that mill schedules have been reduced substantially. Improvement in Collections. Bradstreet's says, in part: “Real Summer weither with tem- peratures in or above the nineties in wide areas, is responsible for a slight pick-up visible in retail trade reports and an access of sympathetic cheer- fulness in wholesale and jobbing lines. Collections reports, too, were a shade more cheerful, and crops, although re- pcrlm, rain needed, held nearly all of their former promise. “Industrial reports for the week, on the other hand, showed some evidences of the quieting. down noted in late May, as, for instance, in iron and steel, automobiles, lumber and cotton, being carried over into June. “The downward movement of com- modity prices in- May as shown in Bradstreet's index number was ap- parently not checked.” NEW YORK COTTON { NEW YORK, June 7 (Special).—A further decline occurred in cotton prices today as pressure was resumed, particu- larly in the July delivery. Interests having surplus stocks of raw material have been selling July of late, planning to deliver the cotton, and this, with good weather in the South, weakened the whole market. New October sold within 3 points of low records of the year and the list closed gt the bottom, with a loss of about 15 points on the day. Spots were reduced 15 pmnta to 15.70. Cotton range: Low. Close. cembe; January, January. new March i sggshansel ssusyEneed BEEREsEE P GRAIN MARKET | CHICAGO, June 7 (Special) —Prices , worked a little lower in quiet trade on the Chicago Board of Trade today, in- | fluenced by the weakness in stocks, Most ! of the selling was local, while the only s against in- demnities. Early firmncss in Winnipeg | induced temporary support but that was | withdrawn when the Canadian market | wealkene Clasing prices were % to % lower and for the week 2 to 27 lower. July, 11406‘4 to 1.06'4: September, 1.09; to 1.09'%; December, 1.133; to 1.13%. Corn had a heavy tone, affected by the action of wh-at and also by selling | induced by beneficial rains over much | | of the belt. Buying against indemnities checked the decline. Closing prices | were 12 to % lower and for the week {1 higher to 1% lower. July, 81% to 817%:; September, 8114 to 81%; Dscem- ! ber, 78% to 751 ipping sales were only 26,000 bushels. Receivers book:d ! 55,000 bushels to arrive. Oats were easier with other grains. Shipping _sales’ amounted to 45,000 bushels. The close was unchanged to Y, lower and for th: week % to % higher. July, 40 to 40%; September, 397 to 40; December, 43. Provisions«were quiet and easler’ with hogs. Closing prices were unchanged to 5 lower. INVESTMENT TRUSTS NEW YORK, June 7 (#).—Over-the- counter market: Bid. Asked Digersified Trustee Shares A... 237 " ¢ | Federated ”ma Ame Gor Nationwide Triser Stand Ol 'S Do B | United Ini Trust iy United N Y Bk & United OiTrst S S Elec Li & Por ‘Others un: o prrust shuus Al . s %} Shis o Shares B. anged. FOREIGN EXCHANGES. | tQuotatigns turnished by W B Hibs & Co.) Nominai soid Selling checks pes. Denso Prague, crown (nom.) Warsatw. 7oty : Copenhugen. ~ crown Oslo. 26.8c 1 268c 20 8dc Snails have been used as very ancient times. food from 1382, top through the sales ends. ul NG STAR, WASHINGTON, D. C, SATURDAY, JUNE 7, 1930. AND BOND AVERAGES By the Atsociated Press. BATURDAY, JUNE 7. High (1930). l"" (1930) . 9 104.5 (Copyright, 1930, Mahdard Statistics Co.) AGE IS DECLARED NO HANDICAP TO EXECUTIVES IN BUSINESS List of Outstandmg Leaders in U. S. Industry Shows Largest Number Are Between Sixty and Seventy. —_— BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 7.—Is age a bar- rier to leadership? Do, advancing years lessen the effectiveness of an executive in_constructive work? No, says a large industrial corpora- tion, and sets forth facts and figures in_proof. It even goes so far as to say that “the years when large leadership ca- g:c_;tél&s came to fruition are from 50 Men who direct the largest industrial corporations in the United States—99 of them—were used in this interesting compflation. the group only two men are in the 30 to 40 year class; 9 are between 40 and 50; 32 are between 50 and 6 35 between 60 and 70. Eighteen a still going strong as national leaders although between 70 and 80, and two are more than 80. One has reached 90. Educational Advantages. How much education did these busi- ness leaders receive in early life? Thmy-one had a high school educa- nd 12 went mno further th gr-mmn- school. The 56 remaining at- tended universities, and three of them took advanced degrees. ‘The number who began as “white collars” equals the number who began in “blue shirts. Changing positions didn’'t seem harmful. Ten per cent stayed in the same company or allied Ine in which they entered as young men; the rest moved around untii they found the jobs which appealed to them. The two youngest of the big exec tives arre F. B. Patterson, 38, president of the National Cash Register Co., and David Sarnoff, 39, vice president of the Radio Corporation of erica. Mr. Patterson received his education in pub- lic school and college and started his business life as a helper in a foundry. Mr. Sarnoff received some public school education and a special éourse in elec- trical engineering at Pratt Institute, Brooklyn. He started in business as a messenger boy in a cable company. The 40-50 Group. In the next age group we find Bror G. Dahlberg, 40, president of the Celo- | tex Co., who was educated in the pub- lic schools and ran an elevator to pay his way through law school. Clarence Dillon, 48, member of Dillon, Read & Co., received his B. A. at Harvard and started business life as a pay-roll clerk. J. H. Rand, jr., 44, president of Reming- ton-Rand, Inc., is another Harvard graduate who started his business career as a bench worker. Victor M. Cutter, 49, president of the United Fruit Co., is a college man who, beginning as a fruit merchant, has climbed to the top of the largest fruit company in the world. Walter 8. Gif- ' ford, 45, president of the American Tel- ephone & . Telegraph Co. is a_ college man. He started as a clerk,” then be- came assistant secretary and treasurer of the Western Electric Co. in Chicago. Edward A. Cudahy, jr., 45, had a com- paratively easy background. After grad- uating from college he entered his father's business, rising to the chair- manship of the Cudahy Packing Co. Edward E. Shumaker, 48, president of the Victor Talking Machine Co., en- tered business college after graduating | from the public schools. He spent a short time as a teacher, then dived into business, John D. A. Morrow, 49, president of the Pittsburgh Coal Co., entered the coal business when he was grauated from college. C. R. Palmer, 43, president of Cluett, Peabody & Co., is a college man who battled up to the Among important executives between | 50 and 60 is H. F. Alexander, 51, presi- | | dent of the Pacific Steamship Cos who | ! after graduating from high school be- gan his business life as a wharf agent. Edgar S._Bloom, 56, president of the Western Electric Co. graduated from the University of Pennsylvania and started telephone work in the traffic de- partment of the New York Tclephone; Co. Walter P. Chrysler, 55, chairman of the board of Chrysler Corporation, had only a high-school course. = After grocery clerking, he apprenticed him- self to the mechanical department of a railroad, | Grace as Crane Operator. Irenee du Pont, 54, vice chairman of the board of the E. 1. du Pont de Nemours & Co, is a Massachusetts In- stitute of Technology graduate, with B. S. and M. S. degrees. He started with the company right after gradua- tion. Eugene G. Grace, 54, Drrslden(‘ of the Bethlehem Steel Corporation, | | gan, 63. J. P. Morgan & Co.; began with the company as a stenog- rapher. From Cotton to Automobiles. Albert R. Erskine, 59, president of the Studebaker Corporation, is & college graduate. He started his business ca- reer with the American Cotton Co. David A. Crawford, 51, vice president of the Pullman Co., i5 & coueze-bl‘ld man. He started as assistant secretary with the American Car and Foundry Works. John N. Willys, 57, retired president of the Willys-Overland Co., and now the United States .envoy to Poland, re- ceived little elementary education. He started as a laundryman. Alvan Macauley, 58, president of the Packard Motor Car Co. soon turned from law to business. Roy E. Tomlin- son, 53, president of the National Bis- cuit Co., a college man, started with the company and stayed there, and Stephen Birch, 58, president of the Kennecott Copper Corporation, also a college man, started with that company. P. D. Block, 59, president of the Inland Steel Co., with only a high-school education, be- gan his career in a steel mill. H. M. Dawes, 53, president of the Pure Oil Co., started in the gas and ofl business after a four-year college course, Several ofl executives seem to have been drawn from law. Axtell J. Byles, 50, president of the Tidewater Oil Co., was graduated from Princeton and Pittsburgh, and practiced law before going into the oil husln Philip D. Wagoner, president of the Underwood Elllon F‘L!h:r Co., was garduated from college and started his business career in the shops of a Brook- Iyn street car company. With no more than a grammer school education and newsboy experience, Charles B. Van Dusen, 59, has become president of the 8. 8. Kresge Co. Norman F. 8. Russell, 50, president of the United States Cast Iron Pipe and Foundry Co., was graduated from college and started as a clerk. Myron E. Forbes, 50, president of the Pierce-Arrow Motor Co., started in the shops of the com- pany after graduating from college. The 60-70 Class. The largest group of executives is composed of men between 60 and 70. Seventeen of these received a college education, while 17 received, at best, high-school training. The college men are Pierre Samuel duPont, 60, chairman of the board of E. 1. duPont Nemours & Co.; Gen. James G, Harbord, 64, presi- dent of the Radio Corporation of Amer- ica, who started as a soldier; Samuel McRoberts, 62, chairman of the finance committee f Armour & Co.; J. P. Mor- Charles A. Stone, 63, chairman _of the board, Stone & Webster & Blodgett, Inc.; James G. White, 69, president of J. G. White Co., Inc.; Charlées M. Schwab, 68, chairman of the Bethlehem Steel Co., who started his business life in a grocery store; Earl D. Babst, 60, chair- man of the American Sugar Refining Co.: Simon Guggenheim, 63, president of the American Smelting and Refining 'Co William H. Woodin, 62, president he American Car and Foundry Co.; Takard 3, Corniah, president of the National Lead Co.. Otto H. Falk, 65, president of the Allis-Chalmers Manu- facturing Co.; Robert P. Lamont, 63, president of the American Steel Foun- dries; D. C. Jackling, 61, president of the Utah Copper Co.; Charles Hayden, 60, chairman of the Cuba Cane Sugar the William Wrigley, §i James A. Parrell, 67, chairman of the board of the United States Steel Cor- porltlon Louis F. Swift, 69, Pruldent of Swift & Co.; Charles B. Seger, 63. formerly chairman of the board of the United States Rubber Co.; Clarence M. Woolley, 67, chairman of the American Radiator Co.; Edwin P, Brown, 62, pres- ident of the United Shoe Machinery Co.; Harvey B. Firestone, 62, chairman of the Firestone Tire and Rubber Co.; Charles A. Whelan, 67, president of the Whelan Drug Co., and Henry Ford, 66, chairman of the Ford Motor Co. From 70 to 80. The 70 to 80 year old class are strongly a college group. The collegians are Gilbert Colgate, 72, president of the Colgate Co.; Samuel *Insull, 71, chalr- man of the board of the Middle West Utilities Corporation; Robert W. Kelley, 77, chairman of the board of the Amer- ican Ice Co.; Darwin P. Kingsley, 13, president of the New York Life Insui ance Co.; John H. Kirby, 70, preside; of the erhy Lumber Co.; Heury H. ‘Westinghouse, 77, chairman of the board of the Westinghouse Air Brake Co.: Cyrus H. McCormick, 71, chairman of the International Harvester Co.; E. Herr, 70, president of the Westinghouse Electric Corporation; Robert S. Bradley, 15, chairman of the board of the Ame: ican Agricultural Chemical Co.; Wil- liam L. Saunders, 74, chairman of the Ingersoll Rand Co., and Samuel Vau- clain, 74, president "of the Baldwin Lo- comotive Works. The non-collegians are C. D. Hast- ings, 72, chairman of the board of the Hupp Motor Car Co.; Bernhard H. Kro- ger, 70, Kroger Grocery Corporatiol George Eastman, 76, chairman of the board of the Eastman Kodak Co.; Charles S. Woolworth, 74, chairman of the F. W. Woolworth Co.; Arthur L. Humphrey, 70, president of the West- inghouse Air Brake Co.; James H. Post, 11, chairman of the Cuban-American Sugar Corporation, and John A. Top- ping, 70, chairman of the Republic Iron and Steel Works. Neither of the two executives of more than 80 is a college man. They are Cyrus H. K. Curtis, 80, president of the Curtis Publishing Co.,- who went to grammar school and then sold news- papers, and E. T. Bedford, 81, président of the Corn Products R{flnln‘ Co., who went to an aeademy. ‘The dean of them all in this compila- tion is George F. Baker, 90, chairman of the board of the First National Bank of New York. He had little schooling before starting out as a grocery boy. If the age figures of these executives are a fair index, they would seem to indicate that the flower of American leadership reaches effective bloom be- tween 50 and 70. Of course, some ex= ceptional executives reach the heights in their 30c and 40s. Just as excep- tional as are those above 70 or 80 or 90 who continue to lead and dominate. (Copyright, 1930. By Morth American News- paper Alllance.) UNION CO-OPERATIVE INSURANCE CO. EXPANDS The Union Co-operative anul’lnc' Association, with its home office at 1200 Fifteenth street northwest, announces that it has taken over the business of the John Mitchell Mutual Life Insur- ance Co. of Hazleton, Pa., reinsuring all the outstanding policies. The Union Co-operative i a District of Columbia corporation and has dOh‘l‘ business here since November, 1924. ‘The Union Co-operative has recently increased its capital stock to $200,000 and has entered the State of Pennsyl- vania, where it has not previously been operating. By reinsuring the business of the John Mitchell the Union Co-operative adds nearly $3,000,000 insurance to its present amount of insurance in force, and the combined activities of the two compannies will therefore continue with the following excellent finanecial position: Amount of insurance in force over $86.000,000. Annual premium income over $1,250,000. The John Mitchell agencies in Penn- sylvania will continue operation for the Union* Co-operative. The John Mitchell Mutual Life In- surnce Co. operated only in Pennsyl- vania, while the “Union Co-operative operates in about 10 States. CHAPTER XIV, lConv.mued _From Yesurdny s Star) RUNNER from battalion head- | quarters led Raleigh up a long | narrow lane, paved with duck- | . boards, or, in places, with | branches from larch trees, old | sacks stuffed with ~mpty tins, or rubble | from the ruins of some nflxhboflng farm. - “It ain't nothing to write ‘ome ahout, | sir, this communication trench,” re- | marked the runner, “but it's more ‘ealthylike than the open country. Jerry’s decent, on_the whole, in this sector, but 'is machine gunners always graduated from Lehigh University as an electrical engineer, and started with| Bethlehem as.an electric crane opera- tor. John D. Hertz, 51, president of the Yeilow Cab Co., received only & public school education, and started out as a Chicaga’ office boy Charles R. Kettering! 54, president of General Motors Research Corpora- | tion, is an Ohio State graduate, with, M. E. and E, E. degrees, He smwa} with the Star Telephone Co. Another college man is Paul W. Litchfield, 55, president of the Goodyear Tire & Rub- ber Co., who never worked for any other concern. A lawyer who turned to business is Hugh Morrow, 57, president of the| Schloss-Sheffield Steel & Iron Co. James C. Penney, 55, chairman of the board of the J. C. Penney Co., got no farther than high school. Gerard Swope, 58, president of the General Electric Co., after graduating from the Massachusetts Institute of Technolegy, worked as a helper in the General Electric shops. Adolph Zukor, 57. pres- ident of Paramount-Publix Corporation, received only an elementary school edu- cation in Hungary. He started in busi- ness as an apprentice to a merchant in Budapest. Walter C. Teagle, 52, president of the Standard Oil of New Jersey and a col- lege man, has always been a Standard Ol employe. Owen D. Young, 56, chair- man of the board of the General Elec- tric Co., graduated from college and yer. Alfred P. Sloan, jr., 55, started as a draftsman, and has become chairman of the board of Gen- eral Motors Corporation. Edson White, 57, president of Ar- mour & Co., received only a public school education. He started as a helper in the packing business. Ken- neth R. Kingsbury, 54, president of the Standard Oil of California, graduated from college and then started with the Standard Oil Co. in Philadelphia. An- other Standard Oil man is George H. Jones, 58, chairman of the board of the Standard Oil Co. of New Jel’le{. who received his education in public schools and from private tutors, angd | rock. ‘as insomnia. Jest carn’t keep quiet.” \ At Bovington Camp they had dug | communication trenches which ran | breast deep through the heather, and | of which the sandy walls were as clean | cut as though they had been hewn fromi | Their flcors were kept as spick | and span as the tidy front-line trenches, with their neat and regular | traverses and firesteps. Out here it | was' difficult, even in the light of the | trench flares, to see very clearly, but Raleigh /as overwhelmed with the patchy untidiness of it all. Unexpected pieces of timber, bits of old stiffened webbing equipment, sandbags that were so dirly and edraggled that they seemed not to belong to the same species as the clean sandbags they used at home—these made up the walls of the communication trench. At one place something shone from between two sandbags with a dull silvery glow. “What's that?” he asked in as casual a voice as he could produce. “Phosphorescent, sir. That one’s only a bit of wood. I noticed it just now and looked.” Then the runner added an - afterthought: bones, There's lots of Frenchies buried hereabouts.” Here and there other untidy trenches branched out to right or left. “Unused support trench,” the runner informed hlm, or “C. T. to Company,” or “men’s latrines.” It was all such a muddle, and so little like his precon- ceived ideas of trenches, that he felt he would never be able to find his way about. And all these Very lights gave the place an exciting 5th-of-November atmosphere, The sharp crack of bullets was very distinet now—it was almost as though they were being fired from a yard or two away—but they were some- how not at all frightening. The communication trench suddenly ended in a cross-trench filled with men. They looked at him curiously as they made way for him to pass, and he feit almost as awkward as un his first day at school. These must e fellows from “C” Company—some of them might be socn under his own command—and he knew they were summing him up. He “Generally it's [ ' could not help wishing that he looked a little older. “Where's ‘C’' Company 'eadquarters, sergeant?” the runner asked. 'Ne‘ officer come to join 'em.” “‘Cood evening, sir,” said the aer[unL “T'll show you the way.” The runner saluted, and disappeared into the night before Raleigh had time to thank him. He followed his new | guide, more conscious than ever that | the men were watching him and sizing him up. “Here's headquarters, sir,” said the sergeant, “down them steps,” and he polnted to the entrance of a dugout. “Oh . . . thanks” Raleigh paused moment wondering what to do. “Better go down, sir,” advised the sergeant gruffy. “Oh, vyes. Righto. Good sergeant.” He felt his way carefully down the | few steps that led to the dugout. The place was low and dingy, lit by three or four candles thrust into the necks of bottles, or stuck on to thin slats of wood pushed in between two sandbags. The light flickered on a tangled mass of equipment hanging from the wall, & whisky bottle on a rough table made out of packing cases, a jumble of papers and an officer with short, iron-gray hair, who sat on the, edge of a bunk studying a map. He looked HD with interest when Raleigh appeared. “Hullo!” was his greeting. “Good evening,” said Raleigh, and then, noth.‘lnz the other’s gray hair, he added: “Sir.” “You the new officer?” “Er—yes. I've been to battalion heldqulfltl‘l. They told me to report We've been expecting you. Sit down, won't you? I should take your pack off. Awkward things to sit around in.” “Oh, right. T think I will, thanks.” He struggled out of his equipment, feeling a little more at his ease. This old chap was obviously a decent sort. What wjth him and ¢Dennis Stanhope, the comfbany ought to be good fun. And it was odd how those few steps cut him off from the war. The sound of ma- chine guns was no louder than the faint, insistent tapping of a finger nail lgnlx;at a «tloor. fll,ng &e earthy walls of the dugout muffied the nolsy e: of ‘shells. 1t would be fun %o meer Dennis again, and to see his surprise! He would have liked to ask this other officer about him, but did not dare to do sc yet. Instead, he examined the dugout with care, while he sought for some ‘non-ccmmittal, bright remark which would keep the conversation golng and n::’how much he was al- a night,