Evening Star Newspaper, August 18, 1930, Page 15

GURB SHARES DRIFT TOLOWER LEVELS llarket Sags on Light Vol- *‘Ume of Trading—Utilities Taatured. ..4 0 RBY JOHN A. CRONE. Bpesial Dispateh to The Star. 'NEW YORK, August 18.—After open- ing irregularly the Curb Exchange list drifted lower today. Trading volume ‘wes down about 15 per cent. Klectric Bond & Share at times show- d losses of more than 2 points, but each time the decline tppmxumted that lJevel the stock rallied. Cities Service moved within a half-point range. United Light & Power A rapidly rose a filn!. only to lose that gain with equal Wlnm Brothers Picture Corporation enjoyed the distinction of the largest arnmg sale as 8,800 rights came out 13, Ford Motors, Ltd., was ac- ve, but lower. Stutz Motors hit a new low for the year. Fard Motors of Canada A and Durant Motors also were in emy dealings as cord manu- roved. chfl.’nlcfla 'er! the first Industrial p to display weakness. Newport ), 8t 20 was off 73 and equal to its g;vlonl minimum quotation. American namid B was down about a peint. Vacuum Oil was down 2 poinfs in forenoon dealings despite the announce- ment of its exchange offer to White 8tar Refining shareholders, under which 921 Vacuum shares would be ven for each 100 White Star shares. e latter sold in the week of July 19 &t 74%, at which level they showed a met gain of 2215 points. Buckeye Pipe Line, which be used hy the Gulf Oil Corporation in its ex- pansion plans to pipe oil from Glen- , Okla, to Cincinnati and Pitts- h, rose fractionally from its record low of 5434, National Baking preferred, which 113 points to 70, a record high the year, featured food shares, ich generally moved im[ulnrly National Sugar Refining was up a small fraction, but Hygrade Food was off a point, and Willow-Cafeterla was off about half that amount. Great Atlantic & Pacific Tea fell 5 flu on its first few sales. Lehigh & va!gltlon new was 23 points States Tin Foil was up a American Hard Rubber cracked 10% :nu to a record low price of 57%%. tional Rubber Machinery by a small fractional decline moved into new low and Seiberling Rubber was down t 5%, which was merely !4 ahove the previous um level. The curb admitted to listi today the J. P. Bemberg Co. lnfl Insull Utility the first of the investment com- 5‘."‘5’ doah prefe declined about a point Investments_Ine. lelmd !mlulmu prlor preferred issues ta record a new low level. Blue e preferred and Shenan- in early dealings as their common shares Temained unchanged. T sooaepi L) 1) T 52 9 223 5 & osZed = aad PO §§g= =l 99! o3 3 '-E i . 20 5 2, | B, SH B T, = & 22832823282 222! .Efz_' 28 2 B E3usessazaiyeiteens E & FER sod 3 o e 13 “a! 285, -] 2 28, g § RS e ':Sss._ FBuEolusuesasvmaShEensans ! TLies :: 1 lg s - - e oS e e 1 S g b 528 42255, Cent Bk Co_6s 81 §Chile Mg BK l; lDlnIll\ Cu ’1: '5! N 1 Eur El Cp 6's 65 x g 2 Buroj a7 891, 3 Finid Ind 5 14410005 1Pinld RM i er Cons 89 10013 81 Note—All stacks are seld in ene exeepwul th&n designa Etocs and Dividend Rate. Allegheny Gas,. . % Allled Aviation 109% 1055 Alu Co of Am af (8] €% Amer Austin Car eg (31 15 1 60% Am Hard R'bb!rll) 1508 527 Am Lt& Trac (2%).. 1% Am Ma 59% Am Meter (new) 20% Am Suverpwr (1). .. % Am U&Gen B vie 400 6 Anchor P F (h10%), 15% Anglo Chil Nitrate.. 81 Annalachian Gas % Ariz Glohe Copper, $14 Ark Naf Gam (A} . A4 Asso Gas & Dlee 304 Asso GAE A (at2.49) 2% Asso Rayon... % AtlantieFrult & Su 2% Au--umm.nnn. 8 6 Aull n Mot Co Ltd 24 Aute Mus Inst (A) 124 Aviation Credi 2% Bahia Corp. . 614 Blue Ridge Cp (40e). 33% Bjue Ridge cv nf(a3) 23% Brazil Trac & Lt(h2) 54a Buekeve P L 24% Buf.NAEP of 1 Busza Clark. Ia % Cable & Wire A ret 3% Canada Marcan! 60 Celanese 15t nf (71 ) 12 Cellulold Corp. .. ... 254 Cent Pub Sve. De} .. 5 Cent PS (A) /a1 76) 19 Cent States El(k4e) 2% Chain Stores Dev. ... 17% Chat Ph Al nv (500), 17% Chem Nat Asso n-v, 2434 Cities Service(g30c). 93% 88 Clties Srvo pf (6) 21 6% Col Ofl & Gas vig,, .« 335% 234 Com'with Edison(8). 6% 3% Com'wlith & Sou war. 11% Comm Wat Servbe% 15 Consol Afreraft..... 4 Consol Auta Merch. 3% Consol Covper, DS 1509 10—t 14 10 20 1t = D 53 3320 01 o s -y 00 513 e 200N -3 268 77 . Bk . Corroon & Reynolds. 31% Coaden Oil. 6% Creole Petrolenm 1% Curtiss Wright war. €5% Deere & Co (m1. ZB). . 4% 8% 194 8% Doehler Die Casting, 234 12% Douglas Alr (750).. 200 140 Duke Power ({15), 17 7 Duquesne GasCpw. 2% Durant Metors. . 25% Fastn G&F Asso. 93% Eastn G&F As pf (§) 18% Eastn Sta Pwr B(1). 921 El Bond&Sha eu pf(§ 1T 704 BN Fond & Sh (b 109% 108% B Bond & Sh of (6). 89% 19 Eiee Pow Asso (1).,, 37 16% Elee Pwr Asso A (1) 15% Elee Shareholdg(t1) 6 Empire Corporation. 16% Emp P Ser A (a1.80). % Engineers Gold. - 3% Euro Elec deb rt-‘ .- 1% Evans Wallow Lead. R Fairchild Aviation. EOI 159 2 1 3 3 66 4 % Film Inspect Mae! 18 Flintkote (A) (1%) 18% Fokker Afroraft. . - WIS RSB BB 1 13BN 2% Fox Theater Cl (A). 6% Gen Alloys (80¢) - 180 GrA&PTuo-v(k 29%° 2% Guenther Law (2) 166% 115% Gulf Oll of Pa(1% 85 18% Haseltine Corp ()., 14 8% Hoala Mining (1), 8% Hel 7 Hudson = 13 xas M&s,, Humble O1] (2) % Hygra 18% In‘p lll). 26% Ind Terr lllu O‘II ‘A) 15 srance Sea(1.49). coast Trade (1) % l-nrunllvlwt Petn 17% Intl Petroleum (1).. 80% Internatl Superf (1) 12 Irving Air Chute (1). 3% Lakey Found 'S 13% Lefcourt Real(+1.85) 26 Lefcourt Real nfll\. 80 Leh C&Nl n!w(l 40) 1% Leona leecosesm 20 lelrly Dllry Food. #4% Lone Star Gas. n (1), 2 Louisiana Lan & Ex. % Magdalena Synd. ... 8 Marcon! 1 Mar (38¢c) . The letter 3 (bon) i -u-n-.n.'nu’-.u e enly, m-m Aien 4 1 lM'b 1004 6% 6y 3 4 4 1 118% 113% 2 i3 3 7% s 10734 i hundred-si " " NTEw ©hio O11 Pandem ¥ kil T% 9 2% 5% * 1% 1% % 34 4 8y 19% Vn lssh ected 23 21% 174 6 % Twin St Watson Wenden 8% 1% Warner Dividend 7ates in 1 paym h in sl e Adjustment dividend. Mountain&Gulf(se). unieipal Serviee Nat! Amer €q...,.00 Natl Baking pf (7) 7% Nat Fam Stra (3%).. :'fl Investers, Nat Sh Tm Ses(fi0c) Nat) Sugar. NJ ¢2).. T & Lt N ¥ Teol pf (§ Niag.-H. Power (40¢) Niag.-H. Pwr A war.. Noranda Mines (2).. NoBae s North tad P 8 pf (7) Nor 8ta Pwr At8), ©Ohilo Ol (4% Ohlo Ofl (2). Outboard Mot (A Qutboard Metor s Pac Western Oll. Parke Davis (11.55) . Pennroad Corp (20¢) # Peoples L&P, A a2. % Petrol Corp Philip Morria, Rainbow Lu Prod A« Rainbow Lu Prod B.. Reiter-Foster. Repetti Candy. '« Rubberoid Co (4. Schulte Un So-$1 8t.. !uboll’d Util (50e). ur Corp Glfl(‘“) Lock & H erling Select Ind pr(5%). Shenandoah Corp.... Shenan Coro pf (a3). Sing Mfg Ltd. rets ' S W Dairy Products. S WPwr&Ltpf (7). Stand O11, Ind (2%). Stand Ofl, KY (11.80) Steln Cosmeiica. ... Strauss Roth. . Stuts Motor Car. Swift Internatl(2%) Technicolor. Ine. 'rmmgu Co nl (l) Trans Lux DL PS. .. Tri-Cont Corp (war) Tri Utllities(21.20).. Ungerleider F Corp. Unll.od %;:nf;‘ Utiliey (a1). Utility & 1nd. ... Utility -.hltlfi..- Vacuum Qi1 (4). Venezuela Petrolm. . ‘Vic Finan Corp (40e) Walker (H) (1). Wayne Pump. Westn Alr Exp(6 White Sew M db rt. Wil-Low Cafeteria, “Y” 01l & G4 Zonite Products (1), HIGHTS. e less than 100 shares yably a YN Troanaw ~o~aBammem—an = 3 ™ _5....=§§..~_—m- Roomos oo o m it pfn on. - - 10089 D9 08 1k e N0 0 D1 5300 50 B e (500) .. Rubber. .. ndustries., P s NGAptl). Rrorpmm qeen—E © MR~ OO % 1 (J W) Co. Boatvul ~aBumara Copper. B orrem H ¥4 8% 8k 8h 1% 1% 1% 14 Quarterly or semi- Ry, axtee S e "t Prus 5% in stock. ®Plus 6% in stock. Oct Bros Pic. l!nl 15 218 dollars based on last h Plus 1% in stock. Plus 2% in stock. k Plus 10% ia stock. m Plus 3% in stoek. n Plus 8% In stoek. % | level for a considerable period. CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS. NEW YORK, August 18.—The fol- lowing is today’s summary of impor- tant corporation news prepared by Standard® Statistics Co., ls:r. New York, for the Associated Press. Weekly News Review. The stock market's price movements last week were distinctly erratic and largely under the {nfluerice of profes- sional operations. Stocks sold off in the early part of the week on publica- tion of the Government crop report, which indicated that most agricultural areas had suffered consideraly from the drought and that industries dependent in large measure on the farmer for business would be adversely affected. In the latter half of week rumors off a record short interest in the .market caused some switching to the long side and sharp advances in a large number of issues ensued. As a result our 90- stock composite index recovered earlier losses and closed on Saturday 3.2 points above the level of the preceding week. Bond prices coniinued to advance. On Saturday our index of 30 prime listed | issues attained a new 1930 peak and | now stands at the highest point since June 4, 1928. Factors favorable to the further enhancement of bond values are ex) Led to vbtain for some time. Federal Reserve authorities are com- mitted to a g::llcy of low credit rates. The narrow! of the credit base through gold exports can readily be offset by open market operations o( Reserve Banks, and marked in loans against securities or to uun\l- ficturmx and trading interests is not A)rocwct ‘The commodity price sit- also is favorable to higher n.luu. as it is believed the purchasing po of the dollar, received as \nter(lt 1-! likely to hold at a comparatively higher Brokers' loans decreased $59,000,000 in the week ended August 13 to lowest level since July, 1927, Aggre- gate borrewings on that date stoad at $3,155,000,000, a decrease of $1,119,000,- 000 from the 1930 peak, and about $3,- » | 650,000,000 below the record high at- tained on October 3, 1929. The de- clinr probably reflects Hqulflll.lon of in these computations. Examination of the specific industrial groups which compose our weekly index of 404 com- mon stocks shows that of the 42 groups in- cluded, 30 have declined during the current year to levels under the ex: treme 1929 lows. had uun to rally above last year's low poin Money rates continued at their re- cent levels, with a charge of 3!, per cent for eall funds previ most of the week. Demand for it accom- modation from agricultural borrowers normally increases at this time and probably will be sccentuated this year by special requirements caused by the drought. However, it is not expected | this demand will cause any marked | change in rates from current levels. Weakness in Commodities. Further weakness was witnessed in commodity markets, with sales of cop- per reported at 103 cents and cotton quotations the lowest of the year. The Annalist weekly index declined by 0.5 per cent and yow stands 18.2 per cent below year age, ‘Trade and Industrial reports pub- lished during the week were unsatis. factory and indicated that, in severs instances, there has been a further re. duction in activity. Railroad freight- car loadings in the week of August 2 were 169 per cent less than in the like week last year and the lowest of any corresponding period since 1922. Total of 918,335 cars was also 0.1 per cent less than in preceding week. Usually some seasonal expansion is re- corded between these two periods. Steel ingot production declined to 56 per cent of capacity for the incustry, as a whole, compared with 58 per cent last year and 75 pes cent in the like period 1928. Building contracts awarded in the first week of August were 4.2 per cent smaller than in the like July period lnd 24.3 per cent below the total for the same week last year. Foreign trade :nm July fell to the lowest 1 Imports aggregated $219,- 000,000 nnd exports were $269,000,000, both totals sre more than 30 per cent tion also receded sharply, to- Hnl "'§78,835 bales of lint, compared with 405,181 consumed in June and 547,165 in JuJ last year. Cotton spindles active during the moenth num- | bered 16,464,444, egiinst 27,642,158 In June and 90,397,190 in Jyly, 1929. Industrial Activity,” ‘The general level of industrial activity in July dropped to the lowest point since August, 1924, according to our in- issues by marginal trade: of individual ve new low points for the This de~ % ' flation is not UYW the pul stock averages, \k’m lh’g more 1mport|n¢ l'orlu afe’incltded | recorded in iron eutput, wkich declined 'cent from year ago. %, dex of industrial production. Decune lmlllor than a year ago. July cotten |Upen 51.2 per cent. Automobile production fell 49.3 per cent; steel, 37.9 per cent; cotton, 30.7 cent; sine, 28.5 per cent, and bituminous coal, 14.2 per hieh is As of August 13, twenty-four groups | trial recession in 1929, to July, 1930) amounted ‘o 217 e :n iblished ments pul ur} 'l.k l.n- creased in- tion the number first half 455. Carmings eports to Aggregate income of these eoncerns, cavering every major osroup. totaled slightly less lhln $950,00 or a de- cline of 26.3 per cent below the high levels of the eerresponding 1929 period Rails, as a group, recorded the most drastic rect , 32 roads reporting a net decline of 36 per cent. Four hun- dred and four industrials reveal a drop of 29 per cent, and 18 utilities, bolstered by the electric light and power group, lhnw a gain ol 2 per cent. it returns the second quarter were relatively rnm unfa; e, as com) with 1 year ago, those initial months of the year s shown by the combined statements o! the 219 com~ panies which permit campnfl.s" = !n the first quarter these conce an aggreqate net inoome S03 per eon e below that of a year previous, but still slightly above the like period of 1928. For the second quarter, however, returns for these same companies registered a drop of 29.5 per cent from last year and were also some 9 per cent under those in second quarter of 1928. The 18} in- dustrial units included in the compila- tion were np«ulbh for the entire con- traction, th rails and utilities in the most ncent juarter were able to re- port moderate relative betterment. The Companies. Buckeye Pipe Line July deliveries off 33 per cent; seven months, 10 per cent kit Bor & Quincy Rail- lerce com) extenslon from Pampas to Childress in Panhandle sec~ tion of Texas. Cnl\lmhh Gas & Electric earned $2.05 | commen_share in year to Jume 30, ‘nguinsz ;2 31 Euvlum ear. Dupla $2.56 common share ln yclr to May 31, against $2.52 ear ago. i Gulf ou to purchase assets of Paragon Refining, excluding cash, notes and ac- counts receivable an dstock Valvoline from Ty, 1039, 31 per cent.” This s y, , 27 per cent. W verest recession, compar year of any month in 1930, ‘-m l.n.:'lu M'wlll from 1920 was Ofll, for about $10,000,000. Illinois Pipe Line Ji deliveries o 28 per cent; seven mont Rl u%fimx-‘-" ontnn -::c.; .Ivltllhll- 4 9% | Qeioper B Markets at a Glance NEW YORK, August 18 (#).—Stocks heavy; smusement shares fall 3 points. Bonds irregular; several rails and utilities touch new highs. Curb irregular; utilities fractionally lower. Fereign ex- changes irregular; Spanish peseta toughes new low hetore covering. Cotton lower; weak foreign mnhu Sugar steady; Cuban & rt. fTee easy; lower Braszilian markets, —Wheat CBIOAQO ). uuuf““lnd good 'ouhtr Onm nmnfl'ux :\,.uhk‘:h. Olttl'mbwm Hogs GRAIN MARKET CHICAGO, August 18 (#).—Big arrivals of newly harvested 8§ wheat at Minneapolis did a good deal today to promote selling of future de- liveries here and to send prices down- grade. Arrivals of wheat at Minneapolis totaled 1,250 cars and the market effect NEW YORK COTTON NEW ‘IORK August 18 (Special).— The price of cotton in both domestic and foreign markets broke half a cent or more today, reaching the lowest levels since June, 1921. Both the Og- tober and December positions broke low the 11-cent figure on the New ork Exchange under the largest vol- ume of business since the selling move- ment began 10 days ago. The market was swamped by an avalanche of contracts from the South and from speculative quarters, without adequate buying by consumers to coun- teract the pressure. Blocks of contracts were taken by the trade on scale buy- 8% | ing limits, VUt &t Do Polnt Was buying | lani power sufficient to stem the decline. ‘The list closed at the bottom. Spots were reduced 60 points at 11.00. Cotton range: ol 1 1 i ber, enuars, " ol 1 January, 1 Ma 1 1 1 1. 1 1 1 1 1 1 1 CHICAGO DAIBY MARKET. 1zt:mclmo. August 18 (#). a8, | eighteenth centuries, FINANCIAL, POPULATION GROWTH AFFECTS Y- BUSINESS LIFE OF COUNTRY [ Expansion Since End of Revolution Has Been on Enormous Scale—Economic Conditions Greatly Changed. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 18.—I was talk- ing with Frank Vanderlip after his investigation of the financial methods of European countries. “Had I been the finance minister of Germany during the I confess I do not see where I could have done any better than did the German minister,” he remarked. ‘There is a notion wi ad among business men in the United States t-hl! they are a race with super-business scumen and extraordin industrial leadership, and with greater capacity for organization than other peoples. It is this sort of assumption that sets|to this rious obstacles to a real under- ‘worl ‘Within approximately three-guarters | an of a gentury, after 1783, the entire area now embraced in continental United States, including Alaska, was acquired. So frontier, as an economic factor of m importance, came into being. No one can over-estimate the important part of the frantier in determining the econamic and cultural life of any peo- ple. u.y a great book will be written interpret the growth of cmllaum in general and the devel- opment of the very notion of culture in_terms of the frontier. The )ramlet serves always as the re- 1‘“ causes the restless, ore- element scattered through the to rtain w g‘“ o rhdn'nne' :or“x‘u of ganiza ground | T for business unrest. I for the ambitious and daring and fearless to embark on new adventure. It is a lenge to any civilization. It wu the Western frontier civiliza- tion which mahled the tndmon and process of Christiandom to be pushed effectively through East and Southeast- ern mr?e and through the Levant, in fashion from the eleventh to the n!mu-nth centuries. And in crossed at end of the- fifteenth Influx of Europeans. civilization needs and must have a frontier. North and South America alike have been in a very real way the frontier of Europe since the fifteenth century. ‘They became the salvation for Europe’s unrest . . ., the safety valve of the social order. " Just a8 America was the frontier for Europe, 80 the Western plains became the fron- tier for American life and expansion. ‘The steady influx of Europeans, growing in volume through the latter part of the seventeenth and the entire represented the volume of pressure before which the | population, no matter how hostile, had roos| 1 d\nh, lm'l' U. 8. TEEASUBY BALANCE. ‘The United States Treasury balance, announced today as of close of business August 15, was uoz:finzan Cus- toms receipts for to date were uufs.uo.u 'mmnordlury ex- penditures, $8,655, Steel Operatio NEW \'ORK. August 18 W—Yflunll- town district steel operations remaim :Fchw mla vnl at 56!z per cent CHICAGO STOCK MARKET By the Assoclated Press. CHICAGO, At the complete offic! in stocks on the % 18.—Follow! is list of transactions Stock Ex- Hish, Low. Closy. Pul %L 4 A Bub vt per Service SR SEEE BoaNEuSENEENL NEEE, Sxual tucd FEFE !a8;=§=“= Srel, Lt BN S & $=’ s e RRRERES eIy P EEEEIEDTenasNey £ 5! O-Matic st e wd-y. BB 85,100 o flxfi.wagm So th.; R Rapubiie K est, dinars South, reinforced by the growing ‘This cannot be forgotten in any seri- ous discussion of the economw forces Springs, finthnemule hl Ntk Arother ct is thal pring lation of the t, North and &0 about 1820 um 1914 there came the United States 30,000,000 adults, mostly from Europe, to work, produce, consume, grow familles and settle the | fect country. It was a great economie tonic in which all were consumers, and con- sumer: of quantities of whatever could be produced. Production was stimu- lated to such an extent that for the better part of a cemtury the United States lived ctically upon the prin- ciple t] 3‘ Droducuor had to be States lived in iw increasing demand from con- sumer over any measurable future time. This is & very important It really was n)e ued that gave tha lllll mflueunn system. upumlsmvluutmmd itates, It was a key by which people grew rich. Mass Production. Any resident of the United States could make the calculation that in a space of from three to five years the mumber of persons likely to want to use his land or services, or to purchase his commodities, from 1820 to 1914. within the region of which he was an economic unll would simply have to lnoruu’ All economip life was gauged . tolltdealo lu-wvduon Q“nchth- Y ction, | pected arrived, destined then nnldly. ‘ur g through divi of lal to which we give the term of “mass production” system. Now what does this really do to the warld? This is why quality production was left to the older countries, which had relatively large supplies of labor and relatively smaller stacks of raw ma- terials. New countries, long on mate- rw.l and with a short Ial supply, largely ignore comldonuonl of qual- m -na ity. lurabil is important. 'The econamic life of ihe United States through the nine- ueqth century was based squarely upon belie! that popuhflon wuld keep right on in is was the nat- ural thing to assume. 'mu euhu-n',h untury ld been one of high birth igration had consisted in the main of your:!oldum whose instinct for self-propaga d not but be stimulated by such a Kl eer life. The birth rate continued high through the first decade of the nineteenth century. Families of half a dozen children or ‘more were the normal thing. Expansion Stimulated. But as the wolume of adult immi- grants begah to roll up toward the middle of the nineteenth century the economic expllulon of the country a whole, ularly of the great cen- ters of !.rlbuunn situated along the Eastern Seaboard, was stimulated to an almost unwholesome extent. Thus America’s § fu of economic progress— pastoral, agricultural, commercial, in- dustrial and financial—did not, as in Europe, develop over n period of five to eight centuries, but in the short time of a century and u half. Now under the vigorous stimulation given to the American productive sys- tem by the inflow of consumers from 1820 to 1914 the United S Wdl\flmfl an economic ayaumm upon dependable certaint steady rise in the number of connuneu Let this prospect of a normal expansion cease or be jeopardized, and everything would stop with a jar. Suppose the owners of real estate bands, the investors in mortgages an the uka in, let us say, New York, :hculd concluyde suddenly that the total popu- lation of that region were destined not to increase in the next 20 years, would they not be very much agitated over ucoum they would have to face sales vlluen on thelr inves mnfi t period, as & conse- the lemnlnx in competition \h. lmce” ‘Witness the terrifi the economic life of the Unll‘d States produced in the easrly months of the World War, when every vta of property and production was m“‘ Bverything went down with a Then from the beginning of 1915 un- £i1 late 1920 the business of thc United inticipation of an al- **¥% A15 of col uduflou %( uu-m- grants was adopted in 1921, bul restricted in 192¢. Those raves mm\ which the country's earliest stock hed been recruited were specificall- diserimi- nated against through & misguided no- tion, uunllhlnll’ 1m in the day, that the stock of the num pro- war from lending e maney to mu.lry on and buy goods from the United lished compilations value” of the individual from the time of birth. One of his estimates s, in effect, that to bring an individual from birth to maturity represents an outlay equivalent to the income on an invest- = g rom & Oen- , most of uun-. ready to con- sume in adult quantities. haps most impertant :h‘: ma 1 Lo in America’s I;E e for century prec ‘Then the bars v-: Taised. And u.: ne . era, unnoted ant “um American business l!!c. (Copyrigl, 1000, 23 Pape: ITALY'S FOREIGN TRADE SHOWS BIG DECREASE Speclal Dispatch to The St ROME, Italy, August 18.—Italy's fors eign trade decreased nearly 20 per cent between the first seven months of 1929 and the first seven months of this year, it is revealed by figures issued by the director of custo: %-ulun News- ing only flu figures without percent acclaim the fact that mm have “rlfld more JM the dif-, nce in the trade d for July last year and this year being aprox- imately $100,000. The trade deficit for the first seven months this year amounted to approx- imately $168,000,000. Germany has been this country’s best Specializing in Established Business Investments JAMES Y. PENNEBAKER Nat.5291 1520K St, N.W. Fenner & Beane || -l"fl. 1..!”‘1“ her principel exchemges Telephone Number is National 7000 1430 K Street, N.W. a Frigidaire ‘Water Cooler nly $ 5-00 per month Personal comfort requires it. ciency demand it. markably low cost. Above . . . 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