Evening Star Newspaper, October 15, 1930, Page 14

‘l".XN'AN‘CIAL'. "FINANCIAL. CURB ISSUES FRM | NEW YORK CURB MARKE STOCK AND BOND AVERAGES AR — By the Assoclated Press. TUESDAY, OCTOBER 1. Received by Private Wire Direct to The Star Office ~Prev. 1030.— Stosk and share Sales— g o Low. Dividend Rate. Add 00. Open. High. l(m—All stocks are sold in one IN ACTIVE MARKET Leading - Stocks Well Sup- ported—Merger Rumors Aid Utilities. BY JOHN A. CRONE, Bpecial Dispatch to The Star. NEW YORK, October 15.—The Curb Exchange opened actively and mod- erately higher today and held its gains fairly well. A rather widespread belief, which lacked official confirmation, that shorts may soon be forced to cover, stimulated early trading. ‘The market leader, Electrlc Bond & Bhare, after opening up 3 on a block * of 6,200 shares, eased more than a z;int but around midday rallied. Amer- n Superpower, American & Foreign Power, Cities Service, which is ex- dividend today, and Goldman Sachs likewise braced. Strength in foreign markets, especially in London and Paris, brought buying into international securities. This move- ment was furthered by the absence of selling from such centers and by rumors ©of mergers, especially in the utilities. Brazilian Tractor, Light & Power, which was heavily sold on political news from Brazil and payment of dividend in stock instead of cash, was one of the first international issues to advance. It soon was followed by International Superpower, Italian Superpower, Hydro- electric Securities, European Electric A and others. International Petroleum, a subsidiary of Standard Oil of New Jersey, showed a stronger tone following remarks of the former company’s president that he saw no justification for fears of the present dividend. Vacuum Oil turned active on the announcement of its acquisition of a controlllng interest in Queen City Products Co. of Cincinnati. The lower-priced coppers, such as United Verde Extension, slumped to new low levels as the trade reported further price concessions in the red metal. United Gas new turned active and a lflg‘lm those designated by thl l!tt!‘l' s (ml;u(%’fil) shows "w"a .Iwgh P ~ tock and High, Low Dividend Ra 13" 4% Acetol Prod A. T ) 15% Aftiliated Prod 1.60 9% 2 AlrInvestorsvte.... 1 5% 21 Alleghany Corp w: 1 9% 3 Allegheny G 1 175 Aluminum Co . 1051 Alu Co of Am pf (6). 4 Amer Austin Ca Am Book (7). Am British & Cont.. % Am Br B fd shars. .. 60 Am Cigar Co... 8% AmC P&L B (10%). 34 11 30s 10 AmCyanamid (B).. 64 11 4110 Am DT NJev pf (7). 914 Am Equities. 22% Am For Pow (war) 95 Am Gas & EI (1) 104 Am Gas & El pf (6) 5% Am Invest Inc (B). 21 Am Invest (war). 49% Am Lt & Trac (2%). Am Maricabo 59% Am Meter (new).. 15% AmStPS A (1.60).. 14% Am Superpow (1)... 87% Am Superp pf (6)... 5 AmU&G Bvic40c. 5% Anglo Chil Nitrate.. 6 Appalachian G 56% Apponaug Co (2). 1% 1% Ariz Com Mining T Arkansas Nat Gas. .. T4 -Ark Nat Gas (A).... 2% 5 Art Metal Works (1) 5114 22 AssoGas& Elec. ... 46% 21% Asso GEE A (at240) 147% 89% AssoG & El cifs (8). 11% 2% AssoG&E (A) dbrts 8 4% Asso Elec Ind (30c). 60% 38% Asso Rayon pf (6) 14% 5% Atlas Util Corp. 55 24% Aviation Cor of Am. 157% 146 Bell Tel of Can (8) .. 73 56 Bigelow San Cor (6).175s 30% 13% Bliss (EW)Co (1).. 3 15% 3% Blue Ridxe Cp (40c). 16 1. Blue Ridge cv pfas.. 16 0% Brazil Tr & Lt (h2).. 99 7 Brillo Mfg (30¢) 24 BUMN&EP pf (1.60). 1% Burco Inc (war) % Cable Radlo T vic. 2% Canada Marcont % Carib Syndicate, 16% shade higher as traders heard that the parent company, Electric Power & Light, which is an affiliate of Flectric Bond & Share, has virtually completed an extensive reorganization and ex- pansion program, which may be an- nounced any CONSTRUCaTION INDUSTRY NOW ON BETTER BASIS By the Associated Press. ‘Transformation of the construction industry from on: of haphazard growth to a key trade functioning on sound and carefully worked out: economic principles, the Associated General Con- tractors announced tollowing the regu- lar Fall meeting in Rye last week, is npm.ly being accomplished nuhm“tgd at the meeting show, without doubt,” the association says, “that solutions to the majority of the problems that have plagued the construction industry for years are now beln{ definitely worked out and suc- cessfully applied, and that from now m benefits to the buijlding ubflc and 'n business in general may expected.” ‘The association found ' that definite pregress has been made i1r securing na- tional recognition of the economic im- portance of the function of general sontracting, not only in the construc- vion industry, but also as a factor af- fecting national economy in all its phases, and that the three major pro- grams for assuring to the public skill, integrity and responsibility in construc- tion operations have been greatly ad- vanced during the last year. DA LRI w BANK CLEARINGS. NEW YORK, October 15 (Special). ~New York bank clearings, today, $1.- 710,000,000; a year ago, $1,964,000,000. New York bank balances, today, $260,000,000; & year ago, $251,000,000. New York Federal Reserve Bank eredits, t%io-y, $202,000,000; & year ago, INVESTMENT TRUSTS NEW YORK, October 15 (4).—Over- the-counter market— Amer Founders 67 bt artered Invest cotporated Equities ' 3 rporated Investors Investment Trust Assoctaies ... Jackson & Curtis Invest Assoc son & Curtis Sec Cor pf xd wmu Bank Wi nd Amer Trus Shares . DOMESTIC BONDS. ama Pow 5s -':gl?g‘l lfl,‘l 10!’«- agl‘\rl’- 10"- lO 101% llll’q lDl’ 2 29 10154 191% w-‘ 108%, 108%, IM‘ 5 54 8 Ryerzon & Son 5s ' B P 8 53 B 20 Swift Co 8 Texas Electric, % il 5x i : = 34 190, 10026 131 19 Cent Pub Sve A al75 39% 12 Cent St EI (k40c 55% 25 Cent States El (w 32% 224 Charis Corp (13).... 1 25 15% Chat Ph Alnv (50c). 29 19 4414 22y Cities Serv (g30c) 9 93% 88 Cities Serv pf (6). 2 93 48% Clev El Illum (1.60). 4 ~ % Colombia Syndicate. 5 21 5% Col Oil & Gasvte.... 5 8 33515 234 Com Edison (8). 6% 2% Com & Sou war. +19% 8% Com WatSv (b8%). 1% % Consol Auto Mlmh.. 8% 2 Consol Copper. 9 7 Consol Dairy Prod. . 90% Cons Gas Balt 13.60). 17. Cons Gas Util A 2.20. 10 Consol Laundries(1) 1% Cons Theaters 12 Cont Chicago Corp. 37% Cooper Bess pf A u) 4% Cord COrp. ......... 612 Corroon & Reynolds. 5% Cosden Ofl. 1 Cresson Consol (4c). 914 Crocker Wheeler. . 10 Cross & Black (334). 814 CrCork Int A (1). % Curtiss Wrjght war. 6% Darby Petrolm n (1) 2% Dayion Alr & Eng... 531 Deete & Co (m1.20).. 2% De Forest Radfo. 21 Detroit Aircraft 14 Diamond Match new. 24% "Dia Match cu pf (n), 10 Dixie Gas & Util. . 12% Douglas Air (76¢) 49 Dow Chemical (2). 37 Driver Harris new. . 134 Duke Power (§15)...1008 6 Duguesne Gas Cp wi. 1% Durant Motors. . 2 Duval Tex Sul wi. . East G & F Asso. . % Eisler Electric Corp. 117% 53% El Bond & Sh (b6)... 109% 103% £I Bond & 8h pf 6). 98% 91% El Bond & Sh cu pf 5. 39% 163 Elec Pow A8s0 (1)... 37 15% Elec Pow Asso A (1) 78% 27 El Pow & Lt op wa: 82% 12 Elec Sharehold (11). 84 4 Empire Corporation. 3% Engineers Gold..... 8% Europ E Ltd A (60c) 2 Burop Elec deb rts. . 1% Evans Wallow Lead. % Fabrics Finishing. .. 5% Fageol Motor....... 2% Fairchild Aviation. 24 Fairey Av Ltd (12c). 4% Federal Baking Shop 0% 50 Ferro I am A t435.. 22l 11 Flatrets (1.25)..... 6 1% FinancialInvNY.., 27% 10 Flintkote (A) (1%). 16 105 100 Florida PELpf17).. 3 101 18% Ford Mot Can A t1% 34 30 Ford Mot Can B11% §0s 6t Ford Mot France 28¢ 10% Ford Mot Ltd 37 %c. 214 Fox Theater Cl (A). 50 Franklin Mg pf (7). 26s 8% General Aviation. 2 (eneral Baxing. 27 Gen Baking pf (3):.. 9% Gen E Ltd ret (50c). 2 Gen Laundry Mach. . 75 Glen Alden Coal (8), 9 Globe Underwriters, % Gold Coin (new) & Golden Center. . 912 Goldman Sach TC .. 1% Gold Seal Elec new.. 180 GrA&PTn-v(5) 90 Grief & Br pt X (7). 21 Guard Fire Asso (2). % Guardian Invest 20 Guenther Law (2) B9 Gulf Oil of Fa (1%). 24% Hires (CE) (A) (2).. 11% Houston Oll of Tex. . 5% Hudson Bay M & S.. 74% Humble O11 (2). 5 Huyler Strs of Del 26% Hvdro Elec Sec 12). 2% Hygrade Food Prod. 16 Imp Of1 of Can (50¢) 54 InsCoNAm(13). .. 715 Insurance Sec (1.40) 5% Iat Holding & Inv Co 50% Intl Hydro cv pf 3%. 258 13% int Peiroleum ¢1)... 61 9% IntSaf Raz B (12%) 25% Internat Super (f1).. 6% Internat Util (B). 3 Int Util war tnew).. 15 Interst Ka v pf (3) 5% Interst Pow pf (7 4%x ltalian Superp (A). % Kolster-Br (Am 8. 5 825 womeSamne a BTSSP Je Y 8% 1 Land Coof Florida. . 11 Lefcourt Real 1.5 19 Lefcourt P 30 Leh C& Nn (1. 1 Leonard Ofl.... 34% Lerner Stores (2) 11% Libby McNell & L. .. 9% Lion Ol Ref (2).... h64'06. Open. Mig. 6% 6% 4 16 T2% 3% 3t 6 175 1 108% 4 3 83% 3 4268 65 15% Am Com P A (b10%) 27 18 268 111 T 10% 1008 149% 23% 16% 24% 911 49% % . 4 Plerce Gov (1%).... . 908 265% 224 2% 10% High. 20% 55% 3% Loew's Inc war).... 28% Lone Star Gasn (1). 96% LaP&Lpf(6). % Magdalena Synd i Md Casualty (new. % Mass Util Mavis Bottl Mead Johnson (14%) Mesta Machine (2). . Met & Min Ine (1.20) Met Edison pf (6)... 3 5 Mexico Ohio Oil. ... W % 4 Mid St Pet vtc A Mid West Ut (b8%). % 17 3 Midld Nat Gas A 1.20 Mo PL(b10%). Mo Kan P L vte. Moh H P 1st pf (T).. 1M- 1osu. Mount Prod (1.60) Nat American Co Nat Aviation Nat Fam St b Nat Fuel Gas (1). Nat Investors. . Nat Screen Sv (2)... Natl S T Sec A f50e. Nat Sugar N J (2) t Transit (1). uheim Phar pf. New Brad o1l r50c).. NJ Zine (123%). .. Newport Co (2). NY & H Ros (11% N Y Pet Royalty Niag-Hud Pow ( Niag-Hud Pow A w. Niag-Hud Pow B w. . Niagara Sh, Md (40¢) Niles-Bem-Pnd t2%. Nipissing (30¢) Noma EI Corp (80¢). Noranda Mines (2).. No Am Aviat A war.. NoAmL &P (b8%). Nor Am Uti] Sec. . Nor & So Am Corp A. Nor Europ Ofl Corp. . Nor Ind Pwr Sve(6). Nor St Pow A (8). Nor St Pow pf (7). N W Engineer (2)... % Ohlo Copper........ Outboard Mot (A)... Pac G&F 1st pt (1%) i Pacific Invest Corp. . Fac Pub Sv (1.30)... % Pac Western Ofl. ... Paramount Cah Mfg. Pennroad Cp (20c). -Penn Wat & Pow (3) % Philip Morris Inc. Pie Bak of Am A (2). Pitney B P n (20c) 2 Plymouth Oil (2). Polymet Mfg (b4%). Premier Gold (24c).. ¢ Prince & Whit (25¢). Prince & Whit nf (3) Prod Royalty (1) Prudential Invi Pub Ut Hold (5 Public Util Hold war Pure OIl pf (6) R R Sh Corp (25¢).. Reliable St (b5%) i Reliance Int (A). . Reliance Int Cor lB) Reliance Manag. Reybarn Co. Reynolds Inv Rhode Isl P S pf(2). Rike Kumbler (2.20) Roosevelt Field Inc.. Rossia Int Corp. .... St Regis Paper (1).. Sally Frocks, Inc. ... Salg Creek Proa (2). Saxet Co....... 4 Schulte Un 5¢-$1 St.. Sel Ind all ctfs(4% 54% Select Ind pr (534).. 2 Sentry Safety Cont.., Shenapdoah Corp. Shenandoah Cp (a3). 4 Silica Getetfs. ..... Sing Mfg Ltd (23c). Smithi (A 0) (2).. Sou Penn Ofl (12%). SoCal Fdpf A (1%). 8o Cal-Ed pf B (134). So Cal Ed pf C (1%). Southern Corp...... SouthldRoyalty (60c) * Spleg M St pf (6%).. 268 28 Stand Inv nf (5%s8).. 508 70 Stand 011 Ind (2%4).. 80 41% Stand Ol1 Ky, (t180) 19 2614 4 Stand O Ohio pf (7). 1008 110’ Stand Pow & Lt (2). 1 Stand P& LB (2)... Stand Screw (8)..... Starrett Corp pf (3). Stein Cosmetic Strauss Roth. . Struthers Wells T, Stutz Motor Car. Sunray Oil (40¢) Swift & Conew ( Swift Intl (13%) Tampa Electrie (32). Technicolor Inc..... Thatcher Sec Corp i Todd Shipyard (4) Tran Con Afr Tran.. Tri-Cont Corp (war) Tri Utilities (21.20). Tung Sol Lamp (1). Ungerlelder F Corp. . % Utd Car Fast (60c). Utd Chem pf (3) Utd Corp (war)., Utd Dry Docks % Utd Found b2-35 sh 4 Utd Gas Co (new). 1% =/ ON PACIFIC GOAST &l 109 Employment and Building Gained in September, Review Reveals. Special Dispatch to The Star. LOS ANGELES, October 15.— Sep- tember continued to show improve- ments in most industries and strength- ened the forecast of August for the coming Fall season. The industrial employment index % | stepped up 2.6 points, with those lines l’m‘ actually ahovllng increases stand- ing firm; ilding permits showed an increase of 1 per cent over September of last year—the first time this year that permits have topped last year's flluand 2 g:: cent over the pre- ceding tal receipts exceeded Beptember 19" by under 1 per cent, i?fll;a second consecutive increase over Bank debits fell below August; stock exchange transactions were much more active, showing 51 per cent greater total than during August. Retail sales for August registered little improve- ment over the several previous months and were lower in volume than during August, 1929. Wholesale volume ad- vanced somewhat over the previous ;r;:;r;ms. but was still below September, Among the important industries, con- struction, as reflected in the building permit records, had the most active month in some time, with public pro- jifi already let starting active work building material prices rising in practically all branches. Wearing ap- parel, in spite of the set-back of the local strike, which affects women's coats and men’s suits, is working satisfactory volume on Fall orders, ex- panded production units in the industry being kept busy. Miltinery v, also, is producing at about capact due to volume buying of retailers in ali rice ranges. Furniture factories are with Fall orders and thz moticn picture industry is under way cn large production schedules. While agricultural conditions are satisfactory, the market is unusually slow, with resulting setbacks to grow- ers’ returns. The live stock situation in this district is not altogether sutis- factory, due to low prices for both Sy el ing States report quiet busi- nesf conditions, largely influenced hy the lowest copper price in years, but an upward trend !n coml.ruetion. SENTIMENT IMPROVED IN HARDWARE TRADE Special Dispatch tc The Star. NEW YORK, October 15.—There are encouraging signs to be found in reports from leading hardware and housefur- nishings markets as trade sentiment is certainly improving, and early interest in Christmas merchandise is fairly good. It is true that October volume to dat: shows but little improvement over September, and that these good signs |iN8 may be based largely on the hopss of what may develop during the remainder of the year, Hardware Age will say to- morrow in its weekly hardware market summary. The movement of seasonable goods is subnormal, due in most sec- tions to the short durations of the cooler spells. It is believed that pro- longed cooler weather will stimulate the sale of Fall goods. At the przsent time radio, electrical appliances and certain sporting goods lines are active. Building is, of course, very spotty and generally not of a nature to bring any direct benefits to th: hardware field. Taking the agricultural situation as a whole, net results may be better than early adverse reports suggested. The darkest spot in the entire. hardware pic- ture is the unsatisfactory collection situation, due very likely to the con- tinued general unemployment found in all important trading areas. Drinking too much tea leads to men- tal irritability and excitability, and somgtimes also to giddiness and im- paired digestion, declares a European scientist. Two years ago Three years ago, weekly aver Two years ago.. Three years ago, weekly aver High, 1930. Low, 1930 High, 1929 Low, 1929 (Copyright, 1930. Standard Statistics Co.) AMERICAN BANKERS TO BEAR BURDEN OF FINANCING REICH Special Dispatch to The Star. NEW YORK, October 15.—With Eng- land, France, Belgium and Switzerland, all participants in the Young plan bond issue of last Spring, now, for individual financial and political reasons, refusing to go along with the $125,000,000 loan to Germany, the burden of sustaining the credit of the Reich is piaced on the shoulders of American bankers. They have some small assistance from Swed- ish and Dutch bankers, with German institutions taking a moderate portion of the new issue. It was recalled today that when the French franc was on the decline four years ago and the financial crisis in Prance was most acute, American bank- ers gave France a substantial credit and that this practical support helped her through her troubles. It was not neces- sary for her tc use much of this loan. The psychological effect of it, however, was a most valuable aid in her recovery. There is strong feeling here, as well as in Europe, that France in the pres- | ent situation is ducking her responsi- bilities and that while the great bulk of | the loss of gold and of capital by Ger- many has been the means of increasing the already burdensome total of gold at the Emk of France, French bankers are not w ng to assume the natural busi- ness risks that arise betwesn debtor and creditors. It is also a matter of com- ment that Switzerland, which has bene- fitted greatly from the export of capital from Germany, and a considerable por- tion of which Swiss banks have reloaned to Germany at profitable rates, is also one of the counl.rles which has drawn a good customer when her credit is beln; attacked. ‘The $125,000,000 credit to Germany, arranged by American bankers, will go mairly into the portfolios of the prin- cipals in this loan and their close bank- associates. The public will not fig- . _Obviously, the time is not opportune for asking investors generally to absorb additional amounts of Ger- man credits after the depreciation that has occurred in what they already own and with the political outlook in Ger- many at the moment so uncertain. ‘The part that the Bank for Interna- tional Settlements has played in the negotiations for a German credit and in the effort to devise ways and means for supporting the mark brings it for- ward in time much in advance of ex- fecuunm when it was organized as an influence in international financial a! fairs. Here also the role of Americans has been prominent, for Gates McGar- rah, the president of the bank, and his assistant, Leon PFraser, have had much to do in drawing the heads of the cen- tral banks of Europe together for a conference in this emergency. It is known that both men have confidence in the ultimate recovery of Germany and ‘that there is no question whatever in their minds as to the ability of Ger- many to meet the principal and inter- est on all of the oans of a govern- mental or quasi-governmental charac- ter and on municipal d provincial loans, as well as those contracted for large German industrial and public utility ‘corporations. It _has not been felt necessary for the Bank of International Settlements to make any official statement, as has been suggested, ten: to give support to the Young loan. There has been a steady flow of funds lnw the bank all through the Summer and more recently which are applicable to the required payments under the Young plan. This includes the proper proportion of the semi-annual interest on the Young 5! per cent loan payable on December 1. (Copyright. 1930.)" o eimeerie v et BALTIMORE LIVESTOCK EXHIBITION IS OPENED | Special Dispatch to The Star. BALTIMORE, ®ctober 15—The sec- ond annual Baltimore Livg Stock Show opened yesterday at the Stock Yards and will continue #atil Friday. The show is under the management of W. R. Harvey of Corbett, Md. One of the features of the show will be an open class for individual steers. No 4-H Club entries are !U‘ibl! in this class, which is d¢ for farmers and cattle feeders mxmnmthuchnwmhenmm at the halter. The object of the class fs to give an opportunity to farmers and feeders who cannot get into the other classes. The steer winning first place will compete with the winning 4-H cmb nzém the fh'%m - for fat and fat Jambs are also provided. Money to Loan W:‘lmfiudu-a-nu-uu Joseph | Weller . momm & REAL ESTATE LOANS Bids ¥b & ’ l" Made at Low lnterest Rates TYLER & RUTHERFORD Py for 3. & or 10 vears. if so desired 1520 K St N.W. National 0475 THE COMMERCIAL NATIONAL BANK Let us serve In all banking mdflmhrymmn. e day ot Canada. D:ccmber old opened ’l'l% to 773%; new, 78 to 781;; to 81%; hew, 813;: May, u",.. After the first half hour, ber, old 773: new, 78l3: March, !I;i; new, 81%; May, h 831%; mew, was lower with -nnt. Doo'n ber old opened 80 to 7934; M: 80%; new, 80 Mny. old, m, wax. B urlsmu}r'e“u.:g our, ml :9;3 new, oola May, old, 82%; new, Oats were lower with other December, old, opened 36 new, s March, old 38 ? May, old, 397 to 39%: new, 39%;. After the first half_hour, December, old, 3615 mw 3615; March, May, old, 39%: new. 391 were huher — POTATO MARKET. CHICAGO, October 15 (#).—(United States Department of Agriculture).— Potatoes, receipts, 102 cars; on track, 508 cars; total United States shipments, 1.036 cars; about weldy trading ll.lo" ‘Wisconsin round flmeg 165; few fancy, 1.85; Minnesota, D-katl sacksd Red River Ohios, l 55‘ 1.70; ordinary. lower; round whites, 1.40a1.60; South Dakota sacked Ohios, 1.50a1.60; Icaho sacked russets, 1.75a2.00; few fancy, higher; rado sacked Brown Begnuue 1.70a FIRST MORTGAGE LOANS Consult us if, you need money! First mortgages may be secured on imptoved Wash- ington real estate at a very nominal rate. REAL ESTATE FIRST MORTGAGE « « the doubly protected investment. Capital Resources, $3,800,000 24 JACKSON PLACE INDUSTRIAL BANKING It is not necessary to have had an Account at this Bank to Borrow EASY TO PAY - THE MORRIS Resources over $19,000,000 WADE H. COOPER, President Mth and G Streets PLAN BANK Under Supervision U. S. Treasury 1408 H Street N.W. ANSWERING A LETTER FROM A MINISTER DEAR Sm: A minister, living in a community not served by the Associated System, questions the correctness of statements in regard to cheapmess of electricity in am aduvertisement of the Associated System. The following letter was written in answer: I have read with keen interest your letter of Septem- ber 11th, and wish to thank you for We are interested in knowing what people think, whether they represent 2 majority or minority. ‘We need and welcome things to make us think, and when people have doubts or criticisms regarding our Company or our business, we are glad to have them say so frankly and intelligently. We do not believe the public utilities of this country It cannot be denied that in the rates which make larger fixed service charges and lower big-user rates.” I do not know what your experience “has been, but the general statistics indicate clearly that the average rates are decreasing, not only for the business as & * whole, but to the residential customer class as well. The number of rate increases made in recent years is negligible, and the reductions have been numerous. course the consumers are finding increased uses for elec- 95 Koppers G&C pf (6). 150- 102 “r02| 61 28 Lake Superior Corp, 8% Utd Ret pf(7) Utd Gas (war) . Utd Lt & Pow A (1) Utd Lt & Pow B (1) Utd Lt & Pow pf (6). Unit Mollasses Ltd. . Ch pf (3%). Int Sec 1st (5) Lines pf (1).... 4 U S & Overseas ctfs. U S Radiator (2) 915 Util Pow ) 21 Utll P&L Bctfs (a. 9 Utility & Ind 20 UUI& Ind pf 6% Utility Equit! 97% 4% 6514 vacuum o (1. 1% Venezuela Petrol 9% 6% Vie Finan Cor (40c). 13% 15% 55 30% 1w 08 2212 nee alh | cam 10 Stod 13| 8% . gBlus L Plus 11% | 8% in stock Walgreen Co. Wilson Jones (3) 2% Winter (Ben)). . [Pividend rates tn dollars based on last auarteriy or semi-annual Ex dividend. tPai T _pavasis extra IPlus 4% 1 - x . 0t d. { Plus % in stock b 0% 'Tn “tlock. "m Plus 3% In “sieek. n‘&u‘: IMPROVEMENT IN SILK TRADE IS PREDICTED ;Puhhc Is in Polman to Take Ad- vantage of Drop in Prices. Special Dispatch to The Star. 8 18318 16805 18 e By 8 gal el gt FOREIGN' BONDS. risbane Clty € %0 NEW YORK, October 15.—The buy- ing public is now reaping the benefits of this year's decline in raw silk prices and is able to obtain decldedly attrac- tive values in uon refimc today in its uuny-nm annuali | ¢ yur'nderemo conditions consumer, are pointed out as being de-! cidedly encouraging hcw%-nd should | stimulate demand. despite Whe effect on | the silk industry of the general business depression. A 4 per cent decrease in total raw silk imports during the fiscal year, as| compared with & 3.9 per cent inciease In the previous fiscal year, is reported. rts of re v silk from J-?m were | 43 ,649 bales, 11.5 per cent than last year. Ceaton imports were 34,322 bales, an inc.ease of 23.7 per cent over last year. Imports from S nmug “- 803 bales, including tussah in- silk prices reached their pre-war levels during the year. Cautious buying of raw silk, curtailment of broad silk manufacturing and a decrease in raw silk imports resulted throughout the in- dustry, Gradual, but steady, improvement in conditions is expected, according to the silk association, with even more con- sumer preference given to silk over other fibers, in view of the fact that better values are obtainable than ever creased 62.8 per cent, and nupom "trom to see Europe, 19,264 bales, increased 167 per cent over last year. Considerable uneerh\nly Was exyefl enced in the silk market, the silk asso- ciation states, as a result of the decline o 4 nl le‘nele in Japanese raw markets and of im of Chi have much to apologize for. some mistakes have been made. In a.business so vast it cannot be expected that every company and every indi- vidual will act wisely in every instance; but we believe that the utilities have done a huge task and that they have done it well. Criticisms of their actions seem for the most part to emanate initially from those who seek thereby to gain political or some other ulterior advantage. By telling only half of the story, apparent justification for such criticism is circulated; and it is a problem which gives us much concern how to offset such distorted state- ments by bringing to the mass of honest citizens the com- plete facts, so that they may realize the problems which the utilities are obliged to solve in making available to the millions of users the service which will best promote their convenience and comfort. You mention the “great expendn(uu in improvements and increasing rate-base investments.” This is a matter of the gravest concern. to public utility executives. 1 may assure you that they do not pour money (and it has to be literally poured) into improvements and additional facilities without the most careful consideration, and without being convinced that it is either necessary in order to deliver the constantly increasing volume of high quality service which the consumers require or that the resultant economies will justify the expenditure. ¢ The increasing ratio between dollars invested and dollars of annual revenue is something which we would like to avoid, but it seems to be inherent in the wider extension of service and in the modern development of the art which makes the construction of large new power plants and the building of great transmission networks more efficient than the small and isolated systems of the past. The ratio is also influenced .by the decreasing prices at which the service is sold. This brings me to your comment about “The steady increase in the bills which we have to pay and in shiftings tricity, and with increased consumpuon it is to be expec!btl that the bills will somewhat increase, although it is note- worthy that the cost per customer has increased little, if any, notwithstanding the considerable increase in use. We know of few, if any, increases in “fixed service charges.” The establishment of rates with fixed service charges is the result of careful study and a sincere (ind we believe successful) attempt to make it possible for the ordinary consumer to use increased quantities of electricity to his great advantage at a’favorable price. By making the fixed charges to compensate the company for the fixed expenses which it is obliged to incur, the additional energy may be sold at a low rate per kilowatt hour so that the consumer may increase his use as much as he has need for on an extremely reasonable basis. As far as the Associated System is concerned, and we believe quite generally among other groups, the establish- ment of rates of this type has been carried out in such manner as not to increase the bills of anyone, but to de« crease the bills of many and to make possible increased use at a very low rate. Ienclose a small *pamphlet which deals with this subject and which I hope you will find of interest. I do not think we are under any misapprehension as to our function or as to our duties. We realize that we must deserve the business if we are to retain it. We know that we must give the consumers the kind of service which they want and at prices which are fair and reasomable or we cannot hope to continue. : ‘We know also that we must pay taxes (which munici- pally owned plants do not), that we must meet our operat- ing expenses, and that we must pay the investors in our securities a fair rate of return or they will not continue to provide the money necessary for carrying on the con- stantly expanding functions for which we are responsible. I hope that you may find this letter half as interesting and helpful as yours has been to me, and I can assure you that frank and honest words of either criticism or praise will always be welcome. * The pamphlet referred to may be obtained by writing for pamphlet P-194. Associated Gas and Electric System