Evening Star Newspaper, October 11, 1930, Page 13

FINANCIAL. MORE ADVERTISING URGED BY BABSON| Faster Money Turnover Best Way to Speed Business, Says Noted Economist. High. 94 BY EDWARD C. STONE. Roger. W. Babson, noted statistician and economist, believes that the need of the hour in the business world is ‘°I increase the circulation of money. The economist recently declared that the 86% 378 34% four best means of bringing this about are:"Reducing overhead by moving men from the office into the field: giving better measure to customers; discover- ing new products and new uses for present products; spending more money on advertising. And in amplifying these four suggestions, Mr. Babson said: ‘Would Reduce Overhead. “1. Reduce overhead. Industry and merchandising are today handicapped by useless and unnecessary overhead expenses, which are a great drag in the present situation. “2. Give better measure. To stim- ulate consumption it usually is neces- sary either to reduce the prices or to increase the value of the products. “3. Increase research work. We all know how many employes the automo- bile industry uses today and the various | direct and indirect ways that it gives | employment. Every new invention tends | to hasten the circulation of money. The rate at which money circulates depends far more upon the work of research Jaboratories than upon the work of banking institutions. Research work finds new uses for present products and new products to supplement pres- ent products. Urges More Advertising. “(4) Advertise more. Now is the time to increase advertising appropriations. During the past two years I have con- sistently refused to recommend in- creased appropriations for advertising. In taking this stand I have incurred the ill will of a few newspapers, magazines ‘and the outdoor advertising interests. ‘What, however, was the sense of in- creasing advertising when there was a shortage of goods, a shortage of labor «a&nd a shortage of money, when the rail- roads. were jammed with traffic, labor inefficient and money loaning at 7 or 8 119% 81 51% 3% m cent? Now, however, the situation entirely changed and I feel very different. “Advertising today is performing a wery important economic function. More advertising can now render a great and need service connection with Speeding up the circulation of money. I believe that all business concerns can help themselves and help the country as a whole by today increasing their ad- vertising appropriations, Newspaper ad- vertising, magazine advertising and out- door advertising can now perform a very patriotic service from which every one may benefit. Hence advertising is the fourth definite suggestion as to how the circulation of money can be speeded up and prosperity be brought back. “‘Of the four above concrete sugges- tions, perhaps advertising is the most important factor of all,” Mr. Babson concludes. New A. L B. Enrollment Record. The Board of .Goverhors of Wash- ington Chapter, Amq Institute of nking, announces a hew rawm {or cnrollment for the first T, Dooley, chairman of the Edncltwnal Committee, - reports that 361 students dlready have registered, compared with 367 at the same time last year. ever, 11 more already reserved Fotmer Heurta Wil e Sefpacecd by ot Tes <se a least 5 st‘aents o o J. Fred English, chairman of the Memberlhtp Committee, also has made a splendid report. He announces 106 sustaining memberships and 364 ac- tives, making a total of 470, in contrast to October last year, when the number . is an increase of 110 ttee reports aroused much enthusiasm at the board meeting and show a great deal of hard work. ‘The executive council of the Ameri- can Institute of Banking, which is the educational section of the American Bankers' Association, has fixed June 8-12, 1931, as the dates for the next convention of the institute, which will be held at Pittsburgh, Pa. Auditors Hold Initial Meeting. Seventeen Washington banks were represented at the flmm‘ of the year yesterday of the section of the District of Columbia Bankers’ As- sociation. Chairman Ralph Endicott, assistant treasurer of the Washington Loan & Trust Co., presided. ‘The section took action upon three matters that have been under consider- ation for some time, two of them of especial interest. ‘The first was the adoption of a reso- lution aimed at the prevention of the use of cashiers’ checks. New York drafts or certificates of deposit for fraudulent purposes. The second was a resolution providing for a study of the costs and proper charges to be made for issuing bills of exchange, drafts,”etc., for non-custom- ers. ‘The third was the appointment of a committee to arrange a joint meeting with the Baltimore Conference of Bank Auditors at an early date, 'WEEK;Y BANK CLEARINGS. Bank clearings this week at leading cities in the United States, as reported to Dun’s Review, of $9,654,927,000 are 31.0 per cent below those of last year. At New York City the amount is $6,- 685,000,000, or 34.8 per cent under that of a year ago, while the aggregate at leading centers outside of New York of $2,969,927,000 is 204 per cent less. Clearings this year continue very much under those of last year, settlements through the banks in October a )’el.r 80 being far in excess of any previous record on account of the unusual activ- ity in the stock market at that time. Going back to October, 1928, there is a reduction for the month to date this year of 8.6 per cent. Losses now pre- dominate even in the comparison with that year, in which there was consider- able activity, with bank clearings above those of preceding years. Clearings for the weeék, as reported to R. G. Dun & Co, and average daily bank clearings for the last three months are compared herewith: as . Bep Franci Portiand Beattle . INVESTMENT BANKERS. BALTIMORE, October 11 (Special).— Indieations point to an attendance of about a thousand delegates at the Nin teenth Annual Convention of the Ii v"e‘sunem Bankers’ Association of Amer- ., who secretary and treasurer of the local up. %vlflom have been by 29% 8274 8% % 65 13% 28% 464 5014 242% 108% 175% 51% 106 263% 7 30 10% 81% 9% 38 116 122% 84% 110% 8415 T8% 98% 6614 178% 33% 31% 43 112% 114 7% 89% 28% 30 5% 22 4 106 THE EVENING STAR., WASHINGTON, D. C. NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Stock and Low Dividend Ra 50% Abitibi P& P pf (6). 19% Adams Bxp (1.60)... 85% Adams Kxp pf (5). .. 29% Addressosr'ph (13%). 5% Advance Rumley.... 15 Ahumada Lead. 97 Air Reduction(4%). 10% Alr Way El Ap (1%) 4 Ajax Rubber. 48% Allegheny St(12.53) 200 Allied Ch & Dy (n6). 3914 Allis Chalmers (3).., 21% Alpha Port Cmt (2). 18 Amerada Corp (2)... 2 Am Agricul Chem... 22% Am Agricul Ch pf. .. 65% Am Bank Note (13).. 224 Am Bosch Magneto. . 37 Am Br Shoe (2.40).. 8% Am Brown Bov Elec. 1% 1084 “Am Can (15 38 Am Car & Fdy 38 Am Chain (3). 861% Am Chicle (13) Am European Secur. 37% Am & For Power.... 92 86 Am & For Pow 2d pf. 491 Am Home Pr (4.20).. 284 Am Ice (14)... ' Am Internatl (2)..., 3014 Am Locomotive (4).. 85% Am Ma & Fy (11.65). 31; AmMach & Metals. .. Am Pow & Lt ($1). .. AmP&LPLA (3%). 80 AmP&LpfAst(5) 20 AmR & StSan (1%) 381 Am Roll Mill (n2). 5214 Am Safety Razor (5) 134 Am Ship & Com. 51 Am Sm & Ref (4). 314 Am Solv & Chem 31 Am Steel Fdy (3).... 40 Am Stores (2)... 40 Am Sugar Ref (5)... 7% Am Sumatra Tob. . 16 Am Tel & Cable (5).. 192% Am Tel & Tel (9).... 108'% Am Tobacco.... . 109% Am Tobacco (B).... 120 Am Tobacco pf (6).. Am Type Fdy pt (7). 74% Am Water Wks (n1). 714 Am Woolen 19% Am Woolen 3% Am Writ Pa 6 Am Zinc Lead & Sm.. 34% Anaconda Cop (23%). 34% Anchor Cap (2.40)... 15% Andes Copper (1)... 17% Archer-Dan-M (2)... 71% Armour of Del pf (7) 3% Armourof Ill (A)... 2% Armourof 111 (B).., 52 Armour of Il pf (7), 5 Arnold Constable 22 Art Metal Const (2).. 25 As=o Appl Ind (4).... 28 AssoDryG (2%). 194 Atch To & S Fe (10). 102% Atch To & S F pf (5) 1231 Atl Coast Line(110) 22% At Refining (12). 62 Atlas Powder (4).... 78 Auburn Auto (§4).... 2 Austin Nichols. ..... 19 1% Augosales. 37 A Strap Saf R(3) 3% Aviation Corp of Del 19% Baldwin Loco (1% ). 104% Baldwin Loco pf (7). 84'% Balio & Ohlo (7). 78% Balto & Ohlo pt ( . T9% 106% Bamberger pf (6%4). 100. ms l 62 Bang & Aroos (3%). 15% Barnsdall A (2) 951 Bayuk Cig 1st pf (7). mo- 18% Bendix Aviation (2). 31% Best &Co (2).. 69% Bethlehem Steel (6 1‘2[2% Bethlehem St pf (7). 4 20 Bohn Alum&Br(1%4) 2 Booth Fisherie; 60% Borden Co (k3) 164 Borg Warner (3).... 1% Botany Con M (A)... 12% Briggs Mfg Co. . 4 Brockway Mot Trk. 58% Bklyn-Man Tt (4) 84% Bklyn-Man Tr pf 53 Bklyn &Qu Tr pf(5). 110 Bklyn Union Gas (5) 124 Bruns-Balk-Col. 29% Bucyrus l:v pf 2%). 26% Bulova Watch (3)... 26 Burr Add Mach (1).. 28 Bush Termmal (234) 109% Bush T Blag pf (7).. 1% Butte Cop & Z (50c) .. 1% Butte Superior. . 12 Butterick Co 49% Byers (A M . 108 Byers (A M) .. 52% Calif Packing (4).... 38 Calumet & Arizona.. 9% Calumet & Hecla.... 18 Campbell Wyant (2). 50 Canada Dry G A (5). 6% 165% Canadian Pacif (10). 524 34% 362% 19“ 84% 87 110 9915 3T 40 Can Pacificnew..... 19% Cannon Mills (1.60).. 118% Case (J 1) (6). Caterpil Tr (13 Celotex Co. 18% Checker Cab (4.20).., Ches & Ohlo (2%)... Chesapeake Corp (3) 1% Chic & Alton. 1% Chic & Alton pt. 6% Chic Great W 26 Chic Great West pt. . 8% Chic Mil St P & Pac.. 13% Chic Mil St P & P pf.. 46% Chicago &N W (5).. 9% Chic Pneu Tool, 76% Chic R 1 & Pac (7) 24% Chi YellowCab (3) 15% Chickasha Cotton Oil 374 Childs Co (2.40) 161 Chrysler Corp 88 City Ico & F (k3.60). 81 City I Fpt (6%) 3% City Stores (50¢).... uvn..m- 12% Collins & Atkman. 73 Collins & Atk pt (7). 32% Col Fuel & Iron (2)., 68% Colo & Sou 18t pf (4) 43% Col Gas & E112).. 104% Col Gas & EI pt A (6) 91 ColG&EIptB (5).. 10% Colum Graph (a%).. 98 Columbian Carb (16) 21 Comm Credit (2).... 21% Comm Credit A (3) 22 Comm Credit pt B(2) 27 Com In Tr (£1.60) 8 Com In T cv ot (e 17% Comm Solvents (31 10 Comwith & So (60¢c). 99 Comwlth & So pt (6) 8% Congoleum-Nairn.., 664 Consol Cig vr pf 6% 12% Consol Film (2).. 16% Consol Film pt (2 94 Consol Gas N ¥ (4) 99% Cons Gas N Y pt (6). 35 Consol Textile. .. 11% Container A (1.20). 3% Container B, , 18% Contl Baking A 3 Contl Baking B. 47 Contl Can (2%) 11% Contl Dia Fibre 46 Contl Insur (2.40) “10% Crosley Radio. ,... 7% Crown Zellerb's fl) 93% 63% Crucible Steel (k5).. Crucible Steel pt (7). Cuba Cane Prod,.... 125% 105% Curtis Publish (17).. 121'4 114% Curtis Publish pf (7) 14% 19% 4% Curtiss Wright Corp. 6 Curtiss Wr Corp A, 1 Austin Nich pr A (3) lw- Blu'thal & Co pf (7).100s 82% 82% 9 .180s 67% 66 Note—All stocks are sold in one hundred-share lots excepting those designated by the m 8 (80s) (2508) whlch shows those stocks to be sold ~Prev 1030— in odd lots ODIY le.— aanm Low. Close. c’lon 1 3 a0 108 87 1 81% 81% 1 6% 6% 15058 W 62 10414 101 311 10% B 5% 8 1% 80 50% b0% 21% 22 87 864 317% 82 6% 5% % 101 11 % 5% 6 8 8 16% 17 80 89% 80 85 49% 48% 203 212% 41% 42 504 21 87 106 1 % % % & 1 Asv 21 212% 203 20 42% 41% 23 23 231% 2% 264 661 11 2u 12% 42! lleh 115% 116% 1181 391 393 39% 38l 465 Am & For Pw pf (6).100s 108 0 167 200 195% 195% 3118 111 111 74 118% 112% 112% 4 127 127 127 20s 112 112 112 111 82 5% 176 8 8% 8w 8% 6 20% 19% 20y 1 3% 3% 3y 5 6% 6% 6% 98 371, 36 36N 15 32 804 31 12 16 16 16 8 18% 18% 18y 2 73% 13 3% 7 3% 3% 3% 22 2% 2% 2% 1 52% b52% 524 6 6% 6% 64 i A TS 5 26% 26 26% 12 30% 304 30% 17 205% 200% 202% 2 106% 106% 106% 1 128% 12815 1231% 10‘4 20 ll 71 6‘1‘ 63 % 4% 40 28% 27 208 107 107 7 8% se 79 108 63 63 17% 17% 95% 95's 951 26 20 19 19% 20 45% 42% 434 180 75% 72% 731 4 1273 1264 1273 821 I 20 19% 19% 2% 2% 2% 84 T0% 6€8% 687 8 19% 18 18 1 2 2 z 36 14% 13% 14 45 6% B b4 47 71 68% 68% 3 92% 91% 924 1 58% B8N 56% 2113 112, 112 13 % % 15% 15% 4 30% 29% 29% 30857 = Dnigly o 10 9% 8u 9y 11 21% 20% 3 29 20s 115 115 2 X 1% 1 1% 1% 1% 10 13% 12% 12% 90 56% 60w 50% 60s 110 109 109 1 b56% b56% b56% 40 115 % 2 174\4 171 4 20 95°128 120% 121% 42% 42% 9% 94 9% 10 25 25 36 36 5 13 b5 283% 22% 22% 65 44 4ln 41% 6 51 50 650 .2 2 1% 1% Th T e ] 9 9% 14% 14% 49 49 10% 10% 8 18 25 26 15% 16% 40 40 17% 18 38 38 82 82 4% 4% 26 26 26% 3 168% 168 168% 162 62 b2 13 12% 13 856 83% 85 15 36% 35% 35% 20- 8 78 78 4T% Ad 44% IOI 2 2 1 109% 109% 109% 100 11% 98 22% 37% 243 28 3% 24% 29 83% 83% .84 18% 18% 19% Z'IB 10% 10% 10% 5 1019& 101% 101% 101 15 8% 8% 8% 67 67% 37 14 12% 13% 14% 7 18% 17% 174 16% 186 99% 954 95% 99% 4 mm Wfih lOB‘x 1oau 70. 1 16% 16% lsv. 4 28 34 48% 13% 49 2% 13% 13'% TT% 10% 30 11 'm 1 zufi 2‘( 18 3% 3 48% 13% 49 2% 13% 13% % 106 107 1 118% 118% 118% 118 67 4% 4 4% 4% ol 24 6% 6 6 ! 1 B6% B65% B56% 56 ~Prev.1930—~ h. Low. 9 14 Gulf States Steel Stock and Dividend Rate. Denver & RG W pf.. Dom Stores (11.20).. Drug Corporat (4)... Dunhill Int (1)...... Duplan Silk pf (§) Du Pont de N (14.70) Du P de N deb pf (6). Eastman Kodak (18) Eaton Axle & 8 (3) Elec Auto Lite (8 Fl Pow & Lt (1). El Pow & Lt pf ( El Storage Bat (5) Elk Horn Coal. Endicott-John (5) Eng Pub Sv pf (6%). Equit Office P1dg (3) ErleR R Erie RR 24 pf (4) Evans Auto Loading. Fairbanks Morse (3) Fed Lt & Tr (11%).. Fed Motor Tr (80¢).. Federal Screw (3). .. Fed Wat § A (e2.40). Federated Dept Stra. Fid Ph Fire In (2.60) Filene's pf (6%4).... 208 Firestone T& R (1), 1 First NatStrs (2%). 12 Fisk Rubber. Fisk Rubber 508 Fisk Rub 1st pf cv... 308 Florsheim Sh A (3).. 1 Foster Wheeler (2).. 14 Fourth Natl Invest.. 4 Fox Film (A) (4)... 446 Frank Simon pf (7). 50s Freeport Tex (16)... 24 Fuller pr pf (17.94).. 30s Gabriel Snub (A) n.. Gamewell Co-(5).... Gardner Motor Gen Am Invest Gen Am T’k Car 3 4 2 N PTTISTI- RPN - P TEI Gen Clgar (4)....... i Gen Electric (1.60).. 725 Gen Elec spec (60c). Gen Food Corp (3).. n Gas&Fl A(e30c) Gen G & El cv pf (6). Gen Ital Ed (a2.62).. Gen Mills (3).. Gen Mills pf (6). Gen Motors (13. !0).. Gen Motors pf (6)... Gen Outdoor Ady, Gen Out Adv (A) Gen Pub Serv (b6).. Gen Ry Signal (5)... Gen Realty & Util... Gen Refract (t4%).. Gen Theatre Equip. . Gillette Saf Raz (n3) Gimbel Bros. .. Glidden Co (1.20). Gobel (Adolf). Gold Dust 12%)..»-. Goodrich (BF). . Goodyear Tire (5)... Goodyear 1st nf (7) Gotham Silk Hoslery Graham-Paige. . Granby Consol Grand Unfon........ Granite City Stl (4).. Grant (W T) (1) Gr North of (5) Gr Nor ctf Ore Gr West Sug (1.40).. Grigsby Grunow. Gulf Mobile & North, Gulf Mob & N pf (6). 18 46 50 " e Boeomm®BH S arp Hahn Dept Stor Hahn Dept § pf Hall (WF) Pr Co (2) Hamilton Watch 1.80 Hamilton W pf (6).. Harbison W pf (6) Hartman (A) (2).... Hartman Corp (B) Hershey Chog (5). Hersh Choe pt (15).. Hershey Ch pr pf(6). Houdaille Hershey. . Household Fin pt (4) Houston Ol (b10%). Howe Sound (t4%).. Hudson Motors (3) Hupp Motors, Illinois Central (7).. Independ O & G (2).. Indian Motor Cycle.. Indian Refinin Ind Ray (95% stk).. Inland Steel (4)..... Inspiration Copper. . Insurance Sh (45¢).. Ins ctfs (Md) (60c).. Interboro Rap Tran. Interbor Rap T c.o.d.. Int Agricultural ¥ Int Agricul pf (7). Intl Bus Mach (n6) Intl Carriers (25¢) Int] Cement (4)..... Intl Combustion..... Intl Harvester (23%). Intl Hydro EL A (e2) Intl Match pf (4).... Intl Nick of Can (1). Intl Paper pf (7).... Intl Paper & Pwr A.. Intl Pap & Pow (C).. Intl Printg Ink (214) Int Print Ink pf (6).. Intl Salt (3).... Intl Tel & Tel (2). Inter Dept Strs (2).. IntertypeCorp (2)... Investors Equity (2). Jewel Tea (14)...... Johns-Manville (3).. Johns-Manv pf (7).. Jones&Laugh pf (7). Jordan Motor Car. Kans City Sou (5)... Karstadt (R) (1.03) Kayser Julius (2%). Kelly-Spring Tire. .. Kelly-Spring 8% pf. Kelsey Hayes (2). Kelvinator Corp Kend Co pf (6.37).. Kennecott Copper Kolster Radlo. Kresge (SS) Co 1. Kress (SH) Co (p1) Kreug & Toll (1.60).. Krog Gr & Bak (nl).. Lambert Co (8). Lee Rubber & Tire Leh Port Cem pt (7). Lehigh Valley Coal. . Lehigh Val (143%) Lehman Corp (2). Lehn & Fink (3).. Lib Owens F GI (1). Lig & Myers B (15).. Lima Locomotive. ... o 4 Liquld Carbonic (4).. Loew’s Inc (2). . Loew’s Inc pt (6% Lorlilard (B) Co 4 Louisiana Oil... LouG&E (A) (1% Louls & Nash (7).... Ludlum Stee McGraw-Hill (2). MclIntyre Pore M (1). McKeespt T P(15%). McKesson & Rob (1), McKes& R pf (3%).) McLellan Stores. Mack Trucks (6). Macy & Co (nt3 Manhat Elev gtd Man Elev mod g (45) Maracaibo O1l Exp. .. Marine Mid (1.20). .« Marlin-Rock (15%) Marmon Motor Car.. Marshall Fleld (234) Martin Parry. Mathieson Alkali (3)° May Dept Strs (n2).. Maytag Co 1st pf (6) Meiville Shoe (2). Mengel Co (2) Metro Gold pf (1.89). Mexican Seaboard., . Miami Copper. . Mid-Cont Pet (2) Midland Steel (3) Minn Moline Pow Mo Kan & Tex (3). Mo Kan & Tex pf (7 Missour) Pacific M uri Paoc pf Mohawk Carpet, . Monsanto Ch (g1% Montgont Ward (3) Moon Moto! Mother Lo Motor Meter G & Il Motor Products ¢2) . 30s 391 15% 3% 10% 105% 103% 120% 194% 19% 38% 541s 100 391 15% 39% 15% 72% 10% 1054 99% 120% 188 18% 35% 1047 1T% Bales— Prev. Add 00. High. Low. Close. Close. - 16% 2% ISTOCKS IRREGULAR AT SHORT SESSI0 Market Shows Wavering Tendencies Following Re- cent Break and Rally. BY GEORGE T. HUGHES. Special Dispalch to The Star. NEW YORK, October 11.—The usual waverjng tendencies that follow a severe break and a rapid rally in stocks characterized today's market. The, market_started off moderately steady, with United States Steel at one time 6 points above Friday's low- est apd resisting during the greater part of the first hour the effort to force it again below 150. Some of the industrials and rails were able to ad- vance from fractions to a point or more over the previous day's closing, but the public utilities did not act so well and eventually slumped from 1 to 3 points. The turnover in the first half hour ‘was only half as large as In the same period Priday and during the short session there was less activity than of late and a disposition to hold off from trading on account of the holiday Monday. It was apparent that the market was feeling around for a foundation on ‘which to rest after the violent fluc- tuations of the past few days. The action of some of the higher grade issues also ‘indicated that these were being sacrificed in order to take care of commitments in securities of poorer quality and with a low degree of marketability. This accounted for some of the extreme declines in the so-called “blue-chip” shares in spite of the fact that there has been substantial invest- ment demand for them recently. A survey of commission*houses today indicated that they were doing a larger the June break. Wall Street Briefs By the Associated Press. of Los Angeles through & new corpora- for preferred stock in the new com- pany. reported by the raiiroad in Se last year. will run behind October, 1929, but should be ahead of last month. Mrs. John T. Dorrance has been elected a director of the Campbell Soup Co. to fill the vacancy caused by the death of her husband. Dr. George M. Dorrance was elected chairman of the board, a newly created position. Merger of Western Exploration Co. and Consolidated Royalty Ofl Co. through exchange of 2% shares of Western for 1 share of Consolidated has been declared effective, more than 51 per cent of Western Exploration shares having been deposited. September_shipments by the Baldwin Locomotive Works showed an increase over the ke month last year. Ship- ments for September this year totaled $2,980,000, against $2,560,000 in Sep- tember, 1929. Shipments for the first nine months totaled $26,150,000, against. $17,370,000 in the corresponding period of 1929. New bookings last month to- taled $580,000, against $2,230,000 in September last year. Unfilled orders as of October 1 totaled $8,803,000, suf- ficient to maintain an average monthly rate of shipments of $3,000,000 for the balance of the year. David K. Bruce, associated with Fed- eral Aviation Co., has been elected a director of the Union Pacific Railroad and its three affillated lines. Lew Hahn, president of Hahn De- partment Stores, Inc., said today that the company’s earnings to date were larger than last year and that July 31 inventories showed a decrease of more than $3,000,000 from the figures of a year previous. Consolidated Retail Stores reports September sales of $2,093,632, a de- crease of 5.1 per cent from $2,206,563 for September last year. Sales for the first nine months aggregated $16,082,- 487, an increase of 3.3 per cent over s;sl,g;z;.sus for the corresponding period o E ‘The weekly statement of the 'New York Federal Reserve Bank showed im- ports of $1,566,000 in gold, of which $1,015,000 was from Colombia and $553,000 from other Latin. American countries. Exports during the period consisted of $10,000 consigned to Ger- many. A Nation-wide group of investment dealers, headed by Bancamerica-Blair Corporation, is offering cumulative t; shares, a new fixed trust, the portfolio of which contains stocks of 34 com- panies, Associated ‘Telephone & Telegraph has declared an extra dividend of $1 a share on the $4 class A stock, payable November 1 to stockholders of record October 17. A statement said that earnings of the company and prospects for the future seem to justify p-y:ng $2 extra each year on the class stock. A similar extra was declnred in July. ‘Wall Street estimates place the amount of copper producers have on their books as sold but undelivered at between 650,000,000 and 700,000,000 pounds. This is, roughly, equal to the amount of stocks of refined copper as published by the American Bureau of Metal Statistics a month ago, Standard Public Service Co. has closed a contract for acquisition of Greenup County Home Telephone Co., serving Russell, Ky, and four adjacent communities with a combined estimated population of 15,000. Under the terms of the contract ‘acquisition is provided for through the exchange of. securities, o public financing being necessary. Money to Loan Beeu: t deed of t Frevaling lnteress st e Joseph L. Weller 7%k & ¢ Toe First Mortgage Loans Lowest Rates of anterest and Commission Thomas J. Fisher & Company, Inc. First Mortgage Louu In Arlington County and Alexandria, Virginia Commonwealth Investment Co., Inc. 808 I5th St. N.W. Phone National 2623 Mortgage Loan Correspondens for dential Insurance Co. of America 3 Rooms, Kitchen $65.00 The Montana odg-lot business than at*any time since |0( Mr. Lawrie, resulting in heavy capi- NEW_YORK, October 10.—Directors | production of 1928 163,000 ounces. of U. S. Rubber Co. have authorized —’},,, slver ,Mucuo:y of Canada in acquisition of a controlling interest in |1929 was 1,244,000 ounces greater than the Samson Tire & Rubber Corporation |in 1928, and in Australia-and New tion to be formed. The plan calls for [ 000 ounces, with small variations oc- an exchange of Samson common Ktock | curring in other producing countries. Do, Jones & Co. cstimates that the | 1920, when ' total of 1,917,693,000,000 ¢ | September net operating income of the | cubic feet was produced and_marketed. Chicago, Burlington & Quincy Railroad [ This represents, the United States Bu- will total $2,800,000, against $3,577,132 |reau of rMines says, & gain of 22 per tember | cent over 1928 and compares with an The estimate says the cur- | average annual increase of 10 per cent rent outlook is that the October gross |for the last 10 years. SATURDAY. OCTOBER 11, 1930. Wn‘:hington Ticker BY CHAS. P. SHAEFFER, Associated Press Financial Writer. Notwithstanding the increased pur- chasing power of gold since August, 1929, and ht,h-u‘more t‘-vonhgdlllbnur‘ conditlons e prin! produc centers, the world's produmm declined fmnm!!lm in 1928 to $403,366,000 in 1929, a drop of $2,972,000, or 0.7 per cent. These statistics, and those that follow, are the latest available, bei complled by H. N. Lawrie, memlur:i expen, for the mineral industry. Mr. Lawrie believes it probable that 1929 marks the beginning of a pro- gressive but gradual decline the world’s production of gold. There have been few new discoveries, and had it not been for economies in operation R:oductlon in 1929, he says, would ve been considerably less. The more active development of large low-grade gold deposits may moderate the de- cline in future production. ‘With the exception of 1928, the 1929 gold production is the highest since 1917, it is still $67,000,000 less than the record of 1915. Increases in the 1929 output of the Transvaal of $1,036,- 000, West Africa of $1,342,000 and of Canada of $759,000 were not sufficient to offset declines in other countries, the most _important of which occurred in the United States, $2,175,000, in Mexico $977,000 and in Australia and New Zealand $851,000. Rather anomalous, in view of the steady - decline in the price of silver in 1929, is considered this metal’s increase in world production from 257,273,000 ounces in 1928 to a record of 262,598,000 ounces in 1929, an amount of 5,325,000 ounces, or 2.7 per cent, However, the value of the world's silver production declined from $150,831,728 in 1928 to $147,212,439 in 1929, an amount of $3,619,288, or 2.4 per cent. | Confronted by declining silver and | base metal prices, producers have been compelled, at -least temporarily, to in- crease the volume of output in order to maintain ofer-nom and this may ac- count, in large measure, for the un- precedented silver production of 1929. Thls policy, however, cannot long be continued without prematurely ex- hausting ore reserves, in the opinion 1 losses. The low base metal prices now prevailing, coupled with the lowest silver price level in history, probably will result in a substantial decline in the silver production in 1930. The production of silver in the United States in 1929 increased 2,475,- 000 ounces. Mexico increased its Tecord Zealand the increase was nearly 1,000~ 'rhe steady xrowv.h of the natural industry was maintained during ‘This unusual growth, the bureau says, resulted pflrm.rfi; from the completion of a number of new distributing sys- tems - entering several States and reaching many towns and citles not pre- viously served with gas. The bureau has no data as to the exact number of new towns and cities served with natural ‘I.l but from the standpoint of domestic consumers, or meters in domestic service, there was an increase of 772,000, or 18 per cent, in 1929. Deliveries of the natural product to Canada and Mexico increased irom 160,- 000,000 cubic feet to 242,000,600 cubic (eet which, when deducted from the total production in 1929, gives 1,917,- 451,000,000 cubic feet as the total con- sumption in the United States for the year. Of this, 19 per cent was applied for domestic purposes with the re- mal 81 per cent being utilized for industrial pi s. Domestic _con- sumption was valued at a total of $223,- 172,000, ‘or ‘art average of 62 cents per 1,000 tubic feet, the same as the aver- FINANCIAL. tric light and power indusf of the United States for the week led Octo- ber“4 is ‘given as 1,695,072,000 kilowatt hours by the National Electric Light As- sociation. This is 5.1 per cent below the figure for the corresponding week in 1929, but still 315 per cent above the figure for 1928. Although the decline from the same week in 1929 is the largest decrease re- corded by the industry since September, 1921, it is to some. extent explained by the fact that last year the week was one of fog and storm along much of the Atlantic seaboard, whereas this year the weather has remained exceptionally mild and clear. United States exports of industrial machinery, for the first eight months of the current year, tered a decline of only 2 per cent from the record trade of the same months in 1929. The totals, according to the Department of Commerce, were $164,531,000 this year, as compared to $168,275,804 for last year. Exports of metal working, well and refinery and construction machinery have held up remarkably well and stiil » A3 show substantial gains for the period, decreased activity during July August. Shipments of metal-work- ing machinery have shown outstandis activity, Ann hold a lead of nurly per cent over the eight monun of last {:u. Exports of engine and turret thes are 35 per cent and milling ma- chines 48 per cent above last £ The | trade in drilling machines was 65 per cent ahead of the 1929 period. ) Silver stocks in Shanghai on October 4 totaled 206,000,000 taels, of which 400,000 lnd 125, ixofl,l)s“ uel.! respec tively, on September Sycee and silver b-n were valued at 105,000,000 taels on October 4, 3,000,000 taels less than the previous reporting date. Total number of silver dollars in Shanghai on October 4 was 138,200,000. A A bureau of temporal industrial has in rationalization been opened Japan. First Mortgage Loans On improved Real Estate in the District of Columbia and rby Maryland and Virginia for 3, 5 er 10 year terms on your SY%2% RANDALL H. 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