Evening Star Newspaper, August 30, 1930, Page 24

PINANCIAEL. TidE EVENING STAR, WASHINGTON, D. C, SATOTRDAY, AUGUST 30, 1930. NORE $ 0§ WAVES DESIEATIN URCED World Distress Radio Cover- age Advocated by Naval - Autherity. Adeguate ‘radi6 coverage’ for 'vessels . plying the Pactfic and other remote waters by the designation of interna- tional - distress fraquénciesy in the short waves to augment’the present 500-kilos cycle "interpationally recognized S O 8 wave is advocated in a statement by Capt. 8. G, Hooper, director of naval communications. In discussing ghe existing condition, Capt. Hooper detlared theré are areas in the Pacific so far distant from shoze stations that the signals transmitted on the® intermedjate channel”of 500 kilo- cycles caanot be heard during daylight 1 — . ‘because pf the variable conditions gov- |& ernjng the earriage of radio impuises. These conditions are at their worst dur- ing’ the daylight.houss, when the maxi- | mum - coverage on the #00-kilocycle channef is in the neighborhood of 500 miles, he said. s N « Ia the Yace of this, he declared, a +vessel in méd-Pacifie. approximately “3,000 miles from anywhere,’ might never be picked up by shore stations ~if it sent out distress sighals, and its one salvation would lie in the possibility + that som> passing vessel would pwk up the signal. Cites Tahiti Example. “An- example eited by Capt. Hooper was in the case of the British steamship Tahiti, which fcundered in the mid- Pacific on August 17 last. Her 251 sur- wwvors ®ere picktd up by the Matson liner Venturg after some ship or sta- tion, which,® “fortunately, was hear enouigh o sear the distrgss call” re- layeq the message. he said. Full detafls of the radio contacts of the vessel during the emergency are not yets known,, Capt. Hosper explained, but * the occurrehce brinps to light again the possiBle Yanger which may lurk in the existing lack §f cogstant radin, coverage for every hpdy of Water on the globe. _ He said the matter wis discussed in a prelimindry way .at ‘he Washington #Radiotelegraph gonfeience ih 1927 and peobably agan® will be considered at the® fortheoming conferene in.Madrid in 19392, Y Short waves *hav. covering ° greater tha®l long or_intermediate way clared Capta Hdoper. The highe {requency, the greafer the (Sverage, it was Yointed_out. g In Capt. Hooper's opinion, the 500- kilocycle channel, whith, under inter- natbnal agreemen;, isguarded con- stantly by‘megor stitions of every coun- Yry. ashore and afloat, i rot ideally adapted .as, the. international S O S fre- quency for ships at great distance in unfrequented. waters. verage ranges from 100 to 500 miles during the gay, .while at night it has,a spread of pos- sibly 2,000 miles, he said. + “Combination” System ®ried Out. Discussing _the use cof high frequen- cles, Capt. Hodper asserted that the Navy for the past two months has ex- perimented on a “combination” system of the use of frequencies at certain in- tervals, based on the geographical sepa- ration between the ship and shore. The system has worked with success, he said. Because of varying conditions gov- erning radio, he declared, a channel in each of the various high frequency bands was designated and transmitted over at specified intervals. By follow- ing the formula, both at the transmit- ting and receiving ends, the contacts were maintained without difficuity. Through such a system a single oper- ator could guard an international dis- tress band in the high frequencies, whereas in the past one of the prob- lems has been that of devising a method whereby the services of only one oper- ator for the East Coast would be en- tailed in guarding the several frequen- cies which would have to be employed if the entire geographical range was to be covered. International adoption of such a process would require the con- stant employment of several operators for “watch” duty, with prohibitive ex- pense, he explained. Undependable Areas Cited. In the Pacific, the South Atlantic and possibly the Indian Ocean are areas which are nst greatly frequented by vessels and in which the 500-kilocycle S O S channel is not entirely depend- able, atcording to Capt: Hooper. Developments_in the radio art, par- ticularly with “respect to equipment, have been such as to make more feasi- ble the adoption of & supplemental dis- tress frequency in the short waves, ac- cording to Capt. Hooper. More and more =vessels are installing high fre- quency apparatus and the economic as- pects of the problem will largely solve themselves, he declared. - o DRY LAW MODIFICATION SEEN AS'EMPLOYMENT AID the propensity of gedgrapzical areas proves Resolution Calling for Change in Law. s By fhe Associatrd Press. BUFFALO, N. Y. August 30.~The‘ “Staie Federation of Labor “Thursday unanimously approved a résolution cali- ing for- a modification of the Volsteeg :noem tor approximately 2,000.000 per-, ns. The mogification measuce alsd w: approved by the conventiont council and will be drafted in legal form to be used in the 1931 legislative pro- gram, federation leaders said. Another resolution accepted requests President Hoover to call a special ses- .Illggmg{l)fil‘;?g{e“bw act forhrelle( of appropriatio; Government Iuhd.ly. s TYPISTS HAVE CLUB Airy Building Close to Picadilly Circus for Recreation. LONDON (N.A.N.A). — London’s youngest club, situated in an airy h?l?ll:lf ing close to Piccadilly Circus, is for the use and recreation of London's typists. For a moderate subscription, they can frequent the bright, friendly ¢ rooms, with their restful easy chairs and colorful cretonnes, use the library and telephones and- take advantage of the. bureau where expert advice as to ‘wages and conditions of living can be given to those anxious to obtain posts abroad. Upstairs there are numbers of dain- tily appointed little cubicles where at ‘her leisure and in absolute privacy a girl can divest helself of office frock and city smudges and emerge, radiant and refreshed, ready for her evening's entertainment. . 4,000 Attend Convesiticle. Nearly 4,000 people attended a con- venticle held on the quadrangle within the ruins of Dunottar Castle, Kincard ineshire, Scotland, on a recent Sunday to commemorate the 160 covenanters who were imprisoned there. For the first time in 216 years the flag of St. Andrews was flown from the battle- ments. . Devoting all har‘l?ure time in the last 15 years, Miss Bridges of Sev- enoaks, England, constructed a nine- foot model of a battleship, correct to scale in every detall its searchlights being it by tiny buibs and its chart room having & minjature engine room Salegraph apparatus ¢ -{and they issued orders act as a means “of providing employ= | A) Antigu 1of parts that'may be reclaimed (below) press (above) for the furnace. SDETROIT (#).—Virually" every part of an aged automobile is salvaged in | one way or another*by modern methods. | After five months of experimental | work, the practic¥bility of reclagning matertals from old cars has been de- termined by the Ford Motor Co. i More than 18,000 antiquated cars of | 60 different makes were purchased from dealers and put through the dismantling process before it was announced that the plan was successful. 120 Men Dismantle Cars. A force of 120 men dismantles these | discarded automobiles, salvaging many | parts in their entirety, converting | others inlo useful articles, and und\ng" { the remainder through the smelters to reclaim the steel and convert it again | into_an up-to-date motor car. “Derelict” autos are bought from dealers at a fixed price of $20 a car, regardless of make. age or condition. The ears are brought to the company 'd machines from “graveyards” of cars (inset) now are dismantled ISALVAGING MATERIAL FROM OLD AUTOS IS FOUND PRACTICABLE before being flattened out by 22-ton plant_on trailers, or are towed there by other cars whose capacity for loco- motion has not. yet been spent. Thus far salvaging has been confined to the Detroit. area. At present three conveyors are used in dismantling operations. One is used for Ford cars and one for those of other makes. The third carries scrap to open hearth furnaces, and salvaged material such as batteries, tires and floor boards goes to waiting trucks. Everything Salvaged. Everything on the derelict car is salvaged, and even greese is saved. Hubcaps are reclaimed for aluminum, ignition wire for copper, oil cups for brass, bushings for bronze and other bearings for babbitt. Many of the tools originally used to make some of the cars now are used to tear them down. Just before the skeleton of what once was an automo- bile reaches the furnace a 22-ton press flattens it out and its journey is done. PRINCE STANDS IN WELL WITH MODERN “BUNYAN"| Wales' Position Entitles Him to Favor of Man Who Directs Golf Pilgrims on Way. times when the heir to England’s throne Prince of Wales, rare as these may be. For instance, he is, without any other necessary qualification, a_bunion man. By which I do not mean that the Prince has any tendency to swellings in the region of his toes. The catch phrase “Are you a bunion man?” simply means “Are “you high in the favor of Mr. I Bunvan?” This modern Bunyan directs the golf- ing pilgrims’ progress, for he is the starter and the most important man in the place. If you are not “in with” Mr. Bunyan, you may have to wait all hours has a weakness for the autographs of the great, the Prince may start when- ever he will. 5 During his recent visits the Prince have seen notices pinned up outside his door giving delightfully informal in- structions, such as “Gall me at 8 o'clock. car at 10:30." Since these were in the Prince’s owne handwriting, they would have been an asset to any collection. Lots of golfexs have affected gray and orange mow that Edward P. has made these colors popular. His own Le Tou- quet plus fours were. of a big gray check pattern and he wore his orange jumper tucked in. (Copyrigh’y 1930. by North American News- paper AH)‘M‘!,\ VIENNA ROUTES TRAFFIC AWAY FROM COMPOSER Richard Strauss Complaing to Au- thorities Against, Heavy Vehicles " » Using His' THoroughfare. VIENNA (N.AJSA.)—MNo one can say henceforth that any city values the arts mpre than Vienna. Richard Strauss complained recently that his work was | being inter;erzd with by the roar of New York Labor Federatiodf Ap-’ the traffic passing ‘down his street. Al considefations of traffic organization tell away before the Viennese author- ities’ concern for the composers work, that light vehicles only might use the thorough- fafe in which he lives. Strauss is de- lighted, but the residents in the streets to “which lorries and heavy cars have been diverted are bereft of musical | sympathy. (Cobyright, 1930, by North American News- pader Alliance.) —_—s | Roman Buildings -Found. | Plans for bulldings 'different from ,any previously discovered have just | been found at Caerleon, near the Wales border, during excavations of the cen- {tral zone of a Roman fortress. They jare the residential and administrative | quarters of the Roman garrison. A | magnificent cobbled veranda facing on a paved courtyard with rounded edges was also unearthed. ‘When a_bid of $1,250,000 was made at the recent auction for Norfolk House,” London, the Georgian home of eight successive Dukes of Norfolk, the mansion was withdrawn, the auctioneer announcing that the Duke of Norfolk had received much higher offers. y the Asso Today Previous day Week ago Monte ag Year ago.. Two years ago Three years ago, High, 1930 Low, 19: 0. 5 Two years ngo || Three years ago, weekly ! High. 19 e LE TOUQUET (N.A.N.A.)—There are | must find it a fortunate thing to be the | to get started, but.since that gentleman | AND BOND AVERAGES From Yesterday's 5:30 Edition. STOCKS. Visiting Motorists Invited to Break Martinsburg Rules Special Dispatch to The Star. MARTINSBURG, W. Va.’ August 30.—"Courtesy cards” are being handed visiting motorists by officials of this city, welcoming them to the city, inviting thew to make them- selves at home and park anywhere except near fire plugs and to disre- gard the traffic laws except that cov- ering speed. The officials were carefu! to point out, that the invitation to ignore traffic laws did not apply to visiting commercial trucks. Washington Produce | Butter—®he-pound prints, 441;a45'; | tub, 421504315, o E5¥s—Hennery, 32; current receipts.| a27. | Poultry, alive—Spring chickens, large, 27228, medium, 25a26. small, 24a2: fowls, heavy, 22a23: medium, 18a19’ | Leghorn fowl; ™ 14al5; roosters. 14al6: | ducks, 15. 2 Home dressed—Spring chickens, heavy, 33a35: medinm, 30a32; | small, 27a28; fowls, heavy, 28a30; me. | dium, 24a25: Leghorn fowls, 27a28; roosters, 18a20; ducks, 22a25; turkeys, 32a35. | “Meats, fresh killed—Beef, 19a22; veal, | 18a22; lamb, 35; pork loins, 38: fresh | | hams, 25: fresh shoulders, 22: smoked hams, 28; smoked shoulders. 20; bacon, 28; !ard, in bulk. 15 1-pound packages, | 16. | | . Live stock—Calves, 9'2; lambs, 9':a | 10. Pruits—Watermelons, 25a60: | loupes. Rocky Fords. flats, 1.25a150; | nearby, 2-peck baskets, honeydews, 1,25a2.00: hone; | 4.00: Persian melons, 1.25a1 |5.50a8.00; - lemons, 5.50a6. grape fruit, Caban, 7.00a7.50; appies, 75¢1.50; | box stock, 2.75. pears, Bartletts, 2.25a | 3.00: grapes, Malagas, 1.75; Concords. 1.00a1.50; Thompson seedless, 1.50a1.75; | plums, 2.75. | Vegetables—Potatoes, 3.25a3.50; sweet potatoes, 5.00a6.5¢ h, 2.25; New | Zealand type, 1.50; 100 bunches, 5.00; -carrots, bunches, 5.00; cucumbers, Long Island, 2.5023.00: nearby, 2.50; corn, 5-dozen sacks, 2.00a2.50: string beans, 2.50a3.00; | lima 'beans, 4.00: peppers, 1.00: okra, small baskets, 1.50; turnips, 2.00: egg- plant, 2-peck baskets, 75: caulifiower. cabbage, per barrel, 200a2.25; to- matoes, 2-peck baskets, 1.00a2.00. RESCUE PLANE STARTS Goes to Aid of Capt. Burke and Stranded Passenger. ATLIN, British Columbia, August 30 ().—A rescue plane took off Thursday to bring back Capt. E. J. A. Burke and a passenger who were sighted Wednes- day on the shores of a small lake about 125 miles northeast of Teslin, after disappearing on a flight more than a week ago. W. A. Joerss, pilot of the rescue ship, dropped food and cigarettes to the stranded men, but was unable to land because his machine was heavily loaded with supplies and gasoline. They waved a greeting, he said, and appeared uninjured. clated Press. 1075 108.7 04.5 106.0 1008 Statisties Co.) 1 as a Southern bank on the stree FLORIDA FINANCIER SEES TRADE GAINS). Tampa Banker Points to Signs of Better Business in Future. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, August 30.—Nothing seems to discourage some business leaders. Peter O. Knight, Florida banker, lawyer, president of the Tampa Electric Co,, is one of these. When the clouds look blackest, Col. Knight always sees the silver lining. “Florida, owing to a contraction of its credit because of a multitude of FINANCIAL. l Rail Stocks | BY GEORGE T. HUGHES. (Thi, the thirty-sixth of a series of brief analyses by Mr. Hughes on railroad urlties. The intent is not to recommend 3 ation as sale of a the investor such inform le him intelligently to chart his St. Louis Southwestern. In the latest Interstate Commerce Commission’s consolidation plan, St. Louis Southwestern was placed in the system headed by Illinois Central. Very recently, however, Southern Pacific has made application to the commission for sanction of its purchase of a control- ling interest in the “cotton belt” road. Southern Pacific has acquired and has under option enough common and pre- ferred St. Louis Southwestern to give ltwg;er 57 per cent of the outstanding Although a comparatively small road, operating about 1,700 miles, St. Louis Southwestern has in recent years de- veloped important earning power. No dividends have ever been paid on the common stock, but net available for the junior shares between 1920 and troubles, is almost on a cash basis,” he informs me. “And as soon as confidence is restored, which is rapidly being done, the possibilities of increased business are magnificent.” Concerning the greatness of Florida's future, he has not the slightest doubt. “No State in the Union has ever been subjected during the same length of time to as many disasters and troubles as Florida in the last four and a half years; and it has successfully passed through them ali,” says this Tampa business man. “Florida has stood the acid test. And it shows how fundamentally strong the State really is. Its productivity per acre is greater than that of any other State. That's why business conditions are better in Florida at the present time than in any other place in the United States.” Col. Knight uses three barometers of business to prove his point: “The Tampa Electric Co. shows larger net receipts for June and July of this year than for the same period of last year. “The Lyons Fertilizer Co., which does business with farmers, receives 70 per cent of the purchase price of its fer- tilizer in cash upon delivery to the growers. This could happen in no other part of the United States. “The Exchange National Bank of Tampa has larger deposits now than at any time last year. It has no bills payable, has no bills rediscounted with the Federal Reserve Bank, and has, more cash resources than at this time last year.” So Col. Knight concludes: “We are definitely now on the upgrade, and I see nothing but sunshine ahead.” Merger Rumor Grows. Should the Chemical National Bank and the National City Bank of New York merge (and the rumor gets more insistent every day)—Percy H. John- | ston, president of the Chemical National is bound to loom large in the picture. This Southern banker came from the Citizens' National Bank of Louisville 13 years ago to accrpt a vice presi- dency in the Chemical, and was made its president just 3 years later, at the age of 39. : Now, at 49, he is recognized as one of the half dozen strong men in the New York banking field. 2 Mr. Johnston was born at Lebanon, Ky. and after graduating from the 1928, inclusive, varied between $14.71 to $4.68 a share, the larger amount in 1923 and the smaller in 1928. Last year there was a sharp recession and earnings on the common were only 64 cents. This year even with the cur- rent traffic slump the road has dorte better than it did in 1929 and it is| estimated that between $1.50 and $2 will be shown on the common by De- cember 31, 1930. This common stock | is, of course, a speculation, but on this | showing an interesting one. ‘The preferred stock, which is 5 per cent non-cumulative, has been receiving its regular rate since 1922. The price range this year has been roughly be- tween 85 and 95 or a yield of about 5.9 to 5.3 per cent. The shares are not| without investment merit though ob- viously not high grade. The road is heavy carrier of petroleum and petro- leum products and its future is more or less bound up with that of the oil trade, which is something to keep fn | mind when making commitments in its securities. The bonds are all sound | investments. (‘ INTEREST RATES LOWER IN NEW YORK DISTRICT| NEW YORK, August 30.—The month- Iy 1eview of credit and business condi- | tions of the New York Federal Reserve Bank shows that the average rate| charged by the principal New York City banks on commercial loans to customers | declined to 4 per cent at the middle of August, the lowest rate in many years, and compares with 6 per cent in Au- AUTUMN BUSINESS GETS GOOD START Seasonal Upturn and Better Tone Noted by Weekly Reviews. Special Dispatch to The Star. NEW YORK, August 30.—With the approach of Autumn, wholesalers 'and jobbers notice a quickened demand, while a better undertone is observed in business generally, the weekly re- views of the commercial agencies re- port for the past week. “The first stirrings of seasonal Fall buying, noted in Midaugust co-inci- dent with the numerous ‘market weeks’ and other similar gatherings held in many cities, are noticeably more visible this week at New York and Chicago,” says Bradstreet's. This agency's spe- clal census of New York City trade this week shows a “gain over last week In the moving up from the quiet to the fair grade of additional lines not reported in last week's issue.” Bradstreet's also reports that there “has also been, in addition to the ordinary buying at reduced price of Summer goods, an awakening of the usual seasonal buying of children's clothing and school supplies, prelimi- nary to the opening of educational institutions in September, which may need normally cooler weather to swell to larger totals.” “The net trade expansion, while visible when compared with the quiet of July and early August, is as yet regarded as mainly seasonal, as is also the reported moderate expansion in sales of merchant iron and pro- duction of ingot steel,” Bradstreet's continues. Anxiety Over Crop Outlook. “In a wide area of the country the crop situation is still a matter of con- cern, judging from the reports that rains fell too late to save a large part of the corn crop and that other areas report rainfall as yet as insufficient to improve late crop conditions. The ad- vance of 10 cents in corn futures in August, following gains of 14 to 17 cents in July, would seem to indicate that the trade leans to the minimum estimates of mid-August rather than to the official estimates of the first of that month.” “As August closes and with the last have fallen enhances the likelihood of & more favorable trend. Divergence of opinion as to the probable degree and scope of the Autumn uplift is natural | in the present confused situation, but conservative views predominate, and expectations of rapid revival remain | the conspicuous exception. & Wide Economic Transition. “The far-reaching ramifications of the economic transition have been evi- denced in various forms, with problems arising out of the extension of old in- dustries and the establishment of new enterprises, methods of production and of distribution changing in many in- stances, difficulties in agricuiture hav- ing developed, and other factors com- bining to lengthen the process of com- mercial recovery. “After months of adjustments, how- ever, and with numerous weak spots eliminated, a stronger basis exists, and some response to the requirements of another season is being counted upon as a normal phase. Among the specifically promising portents this week, the additional small gain in steel output and the larger transactions in cotton goods have been stressed, while the slackening of the decline in whole- sale commodity prices also is a he ful sign. The latter movement is di: closed in Dun’s comprehensive list, the | current excess of declines being nar- | rower than has been witnessed for a | considerable period. | “Broadly appraised, the outlook has | brightened and financial markets have reflected the moderately improved pros- ‘ pects, with the advancing tendency in bonds regarded as constructive in its bearing on the future.” | OIL MERGER AWAITING 0. K. OF STOCKHOLDERS By the Associated Press. TULSA, Okla,, August 30.—The pro- posed consolidation of the Phillips Petroleum Co. and the Independent Ofl and Gas Co., creating a producing, re-. fining and marketing organization with’ assets of more than $316,000,000, today awaited ratification of stockholders. Company officials, in full agreement, regarded the necessary stockholders’ ap- proval as routine. The consolidation would be on & basis of exchange of In- g;pend!n'. stock for that of the Phillips —— OYSTER SEASON DELAYED. Special Dispatch to The Star. BALTIMORE, August 30.—The oyster season, which opens in many pars £ Maryland Monday, will be deferred until September 15 in Southern Marylana counties adjacent to the Potomac River under an agreement with the State of Virginia, State Conservation Commis- sioner Swepson Earle said today. Mutual legislation affecting the oyster fields of the Potomac was passed by Maryland and Virginia for the Potomac. Another mutual measure prohibits use of sunken anchored gill nets at any time and use of gill nets, floating, drift or staked, at all times, except in the herring and shad season. e Fines collected for using radio receiv- ing sets without a license in England in the last fiscal year totaled nearly $6,000. and nearby Maryland and Home Apartment MORTGAGE LOAN 1321 Connecticut Ave. First Mortgage Loans On improved Real Estate in the District of Columbia year terms on your 5,9 o Apply RANDALL H. HIAGNER & COMPANY NEW YORK LIFE INSURANCE COMPANY Virginia for 3, 5 or 10 CORRESFONDENT Decatur 3600 gust, 1929. involves review said. Despite a fairly easy con- dition in the money market, the review said that there was an increased de- mand for funds from two sources—de« mand for currency and gold for export. Currency in circulation showed an in- crease of $40,000,000 in August over the low point reached in July. dinarily this early seasonal expansion in currency cir-ulation marks the be- | ginning of a seasonal continues with only minor interruptions | until the end of the year and which | steadily increasing require- ments for- Federal Reserve credit,” the “Or- increase which | public schools began his banking career at 16 in his home town as a clerk with the Marion National Bank. For 10 years he worked there. Then he ,was appointed nstiorial bank examiner in 1907 and in a short time became chair? man of the examiners in all of the Southern States south of the Ohio River and east of the, Mississippi River. o This position he left six years later to become cashier of the Ciiizens' Na- tional Bank of Louisville! Ky. > In addition to his banking work, Mr. Johnstén, known to be one of the rich- est of big bank executives, is a director in the New York Life Insurance Co. | the Electric Auto-Lite Co., the National Sarety Co. United States & Foreign | Securities Corporation and ttie Waldorf- | Astoria, Inc. The Chemical National Bank is known be- cause of its large number of ofiicers from the S*uth who domipate its policy. Business Increase, Business picked up slightly during the week which ended August 23 if bank debits, outside of New YorkeCity, are any indications. The increase was aboyt 7 per cent over the preceding week, but the volume was considerably lower than for the corresponding period of 1928 ‘Wholesale prices, however, receded a little under the low of the preceding week. Also they were considerably lower than for the same period a year ago. Bank loans and discounts 6f Federal Reserve Member Banks were slightly smaller than for the preceding wuek of the same period of 1929. of stocks and bonds reported advances in both over the preceding period. As compared with a ‘ear ago, bond prices were higher and stock prices were low- er. Money continues to bt a dsug on the market, with interest rates for both call money and time money down over both the week before, and the year before. Business failures, too, were fewer dur- ing the past week than during the pre- ceding period. . Business, for the period which ended August 16, was quieter than for the preceding ‘week in the steel mill activi- ty, lumber output, petroleum production, and the value of building contracts awarded. Cattle receipts and the price of wheat at Kansas City, as well as bituminous coal production, showed increases over the week preceding. From this Government survey, one could infer that it was neither a good week nor.a bad week—just another “of those weeks” 30 common this Summer,l Foreign Trade. The National Industrial Conference Board, in a recent study on foreign trade, says that “the doctrine of iso- lation. although still popular as a politi- cal sentiment, is no longer practicable nor desirable economically.” The board concludes that “the United States must increasingly look to foreign countries for raw material for certain of its in- dustries.” It cites several—rubber for automobile tires, silk for clothing, tin for many lines of industry. The Conference Board foresees a larger share of our foreign trade going to Latin America, with imports from Canada remaining about the same. “American enterprise has promoted copper mining in Canada, Mexico and Chile; tin mining in Bolivia, petroleum extraction in Mexico, Venezuela and Colombia: lumbering and paper manu- facture in Canada, rubber growing in the East Indies and Liberia. * * ¢ In- dustrialists in the United States are turning actively to the problem of in- suring for themselves supplementary foreign sources of supply.” . Not only the fight for markets, but also that for raw materials is growing more intense each year. (Copyright, 1930, by North American News- paper Alliance.) FIRM ACQUIRES PATENTS. BALTIMORE, Al:fusfi 30 (Special) — Crown Cork & Seal Co. has acquired valuable patents covering rubber closures to be used with metal cans in sealing food products containers, and will immediately inaugurate large-scale production on the new closures, ac- cording to F. E. Fusting, vice president. “During the past year,” Mr. Fusi , “our company acquired valuable patents coverli g rubber formulae to be in connection used with a seall me- dium on I -size closures for food products. ‘e are now about to en- gage on a Iarge scale in of such metal top: to the food packing industry.” ‘Tourism has become the main indus- try and prime source of income of Switzerland. Bub the price | By the Associated Press. » The financial district, with the ex- | | ception of the banks, closed its doors | | 1a® night for a three-day holiday over | | Labor day. The New York Stock Ex- | change, Curb and other exchanges and | the commodity markets will be closed | until Tuesday morning. Officials of Loft, Inc., Candy Store Operators have announced the purchase |of a controlling interest in the Happi- | | ness gnd Mirror Candy Stores from the | | Uniteu Cigar Stores of America. | The sale carried with it the resigna- tion of all Mirror and Happiness officers | and directors and the election of Loft | The combined | companies operate 155 stores, employ | more than 6,000 workers, and transact | sales in excess of $18,000,000 annually, | | officials said, . N — CONSTRUCTION GAINS. By the Associated Press. | _Construction gained last week over the previous week, but still showed a decline from_the. corresponding period last year, The following figures for | comparabie periods are for building contracts executed in the region east of the Roeky Mountains: | yeek ended August 23 | Bevious wek -.... | Same week last ‘vear {executives t their post. Mexico to"Reduce Army. MEXICO CITY, August 20 (#).— Eight infantry and eight cavalry regi- ments, numbering about 5.000 soldiers, will th disbanded, under the war de- | partment’s program of economy for Tiext year. | The department’s budget is being cut | by about $7,500,000, as compared with | 1930. | — | Forty-five steamship companies now | make regular calls at Singapore, Straits | Settlements. N I'm holding for the his stock will go up amazing profit. The ‘“Long Pull”’—for the Short-Sighted MANY an owner of speculative stocks is saying these days, “Oh, I don’t expect to get anything out of it now— Which means, in plain English, that this man is content to let capital lie idle in the hope that at some time in the future holiday of the Summer pending, it is possibie to discern a better undertone in business,” says Elan’s Review. “There is no disposition to magnify the im- portance of the change, yet the more cheerful sentiment is encouraging, and it has the support of increased activity in certain quarters. Any turn in the right direction at this time, however slight and although not generally mani- | | fest, is considered significant as an indi- cation of the further gains to come. | “If precedent is to be followed, at least some measure of trade expansion is foreshadowed now, and the unusually low point to which operations already Money to Loan Secured by first deed of trus Prevailing_ interest First oflgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 08 15th 8t. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America First Mortgage Loans Lowest Rates of interest and Commission Thomas J. Fisher & Company, Inc. 6% LOANS ON HOMES and Other Property Run for 5 Years Without Curtailment | Wm. H. Saunders Co., Inc. Founded 1887 District 1016 1519 K Loan Correspondent for the Provident Mutual Life Insurance Company of Philadelphia lengepull®™ . . . and give him an —Wise investors, on the other hand, consider the present-day facts in an in- vestment—they look for a steady, un- failing return on their capital—and they demand absolute safety for their prin- cipal. That is why so many of them have placed their funds in the 6 per cent First Mortgage Notes Swartzell, Rheem & No matter how long sold through Hensey Company. or short the pull, these Notes have been at par for over 61 years and the steady and regular. interest payments Especially in times like these, you should keep your funds earning in such investments as these. RHEEM & H MORTGAGE 727 15 STR SWARTZELL, ENSEY Co BANKERS EET N.W. / WASHINGTON D.C. SIATE E FHIRASHE MORTGAGES GENUINELY SAFE AND GENEROUSLY PRODUCTIVE The two desired elements in an investment — safety and Ower a Third of a Century Without a Loss B. F. National 2100 THERE IS ' NO liberal return — are features of our 6% FIRST MORTGAGES Their safety lies in the fair appraisement of the improved real estate securing the loan, and the 6% is continuous through- out the period. May be purchased in amounts from $2350 up — upon our con- venient Partial Payment Plan. SAUL CO. 92571 5th St N.W. SUBSTITUTE FOR SAFETY The Shoreham Building assures prestige 1 addition to its strategical loca- tion in the very heart of the Na- tional Capital’s activities, the prac- tical planning of suites and single rooms, with their sensibly luxurious finish and equipment—there is that important asset of prestige, enipha- sized by the high standard of its tenant personnel and the discrimi- nating care exercised in the leases executed. Individual ideas and business may dictated in the finish- ing of selected accom- special quirements modations. Six swift and safe elevators are con- stantly in commission, giving rapid transpor- tation up and down. re- be MSKEEVER £ GOSS . Representative of the Owners SHOREHAM INVESTMENT COMPANY Rental Office Room 520 Fifteenth at H National 5643 Center of Commercial and Professional Washington