Evening Star Newspaper, October 30, 1930, Page 14

£t ‘K14 BONDS ARE ISSUED | BY CQUNTRY CLUB $225,000 Loan Authorized. New Investment Firm Is Formed in Capital. BY EDWARD C. STONE. Tt was learned in the local financial | district today that the Cclumbia Coun- | 5 try Club is to put out a $225,000 issue of 20-year 5! per cent sinking fund bonds_which have been purchased by Y. E. Booker & Co., investment bankers, and will be placed on the market No- vember 15 or December 1. The decision to issue the bonds was made at the club’s annual meeting, following de- tailed recommendations by the Executive Finance Committee. The new bonds are to b> secured by the entire property of the club and used to sover extensive improvements which have been made in recent years, tital- ing about $100,000. An $67,000 7 per cent bond paid off. Naturally the dues from | membership have not been sufficient to take care of the running expenses and also many important improvements. It was ccnsidered unfair to make any as- sessment on present members to meet the extra expenses, which at the same time have resulted in greatly enhancing the value of the property. ‘The club will establish a sinking fund and begin paying off the bonds in 1933 ying $2,500 annually until the entire gue as been retired. The bonds will be callable on any interest date during the first 10 years at 105 and thereafter t 102!5, and are to be coupon bonds £\ $1,000 and $500 denominaticns. The ‘ederal-American National Bank is the trustee. The Columbia Country Ciub owns 148 acres of land. and has been in existence for 26 years, the property having been kept in splendid condition The Finance Committee is made up of Robert T. Shannon, chairman; Clyde B. Asher, John Poole, Arthur B. Shelton, A. Y. Leach, jr.; Donald Woodward, Roger Whiteford and Karl W. Corby. All the details in connection with bring- ing out the new bond issue are now in the hands of Y. E. Booker & Co. New Investment House Starts. It was announced here today that a new investment security firm made up of three young men well known in ‘Washington is opening for business in the National Savings & Trust Building, Fifteenth street and New York avenue. ‘The members are Hugh D. Auchincloss, Chauncey G. Parker, jr., and Albert G. Redpath. The firm is already doing business, but will hold open house next | Monday and Tuesday for the reception of bankers, business men and all their other friends. Mr. Auchincloss was born in New- /port, R. I, August 2, 1897, graduated from Yale in 1920 and studied at King's College, Cambridge University, England, during 1921. In 1924 he received a degree from the Columbia University Law School and practiced law in New York until 1926. He then came to ‘Washington and entered the State De- partment, taking an important position in which he plans to remain. During the World War he served with the United States Naval Reserves. Mr. Parker is also a native of Con- necticut, born on September 4, 1897, in New London. He is a graduate of St. Paul's School, Concord, N. H,, and en- tered Harvard with the class of 1918. FINANCIAL. (Continued From Page 1: ~Prev 1930~ Stock and Sa Hig) w. 62 40% Nat Dairy (32)...... 2415 10 Nat Dept Stores (1). 58% 30 Nat Pow & Lit (1) 447 Nat Steel (2).. 106's Nat Supply f (7). 4 16 Natl Tea (1).... 9% Nevada Copper (1) 116 + N O Tex & Mex (7) 22 Newton Steel, . 35% N Y Alrbrake (3.60 135 N Y Central (8) 8415 NYChi&StL 174% N Y & Harlem (5). 88 N H & Hart (6 ¢ 116 NH&HD ()., 40 NY NY NY £0% Nor Am (b10%stk) 100% North Am Ed pf (6).. 36 No Ger Llovd (3.43). 55's Northern Pacific (5). 211 Ohlo Ol Co (2). 5 Oliver Farm Eq 2% Omnibus Corp. .. 55 OusElevn (214), 102 Outlet Co pf (7 36% Owens 111 Gla 11 Pacific Coast 1st pf.. 10: 46% Pacific Gas & El (2). 64 Pacific Lighting (3). 17% Pacific Mills. 1004 129 Pacific Tel & 116% Tel & Tel pf (6). 8% Packard Motor (60c) 46Y% Pan-Am Petrol (B), 21« PanhandleP&R.... 46% Param'nt Publix (4). 4 Parmelee Tran (60¢) Pathe Exchange. .. .. 5 Pathe Exchange (A). 9% Patino Mines. 31; Peerless Motor Car. . 26\ Penick&Ford (11%). 35% Penney (JC) (3) .. 4 Penn Dixle Cement. 647 Penna RR (4).. 11 Petrol Corp (1%) s 24Y% Phelps Dodge (3). 50% Phila Co 6% of (3 11% Phila Read C& 1. 8% Philip Morris&Co(1) 20% Phillips Petrol (n2).. 80 Phoenix Hos pt (7).. 3 Pierce Ol : 2 Pierce Petrolm(10c) 27 Pillsbury Flour (2) 33 Pittsburgh Co 15% Pitts Screw (1.40) 91 Pittsburgh Unit Corg 16% Poor & Co (B) (2) 4 PRAMTob (B).... 63% Postal Tel & C pf (7) 22 Prairie Oll & Gas (2) 27% Prairie Pipe L (15).. 24 - wemmemeN o o o 143 PubSvNJpf(8 107% PubSvE&G pt 54 Pullman Corp (4 1 Punta AlegreSugar. 10% PureOil.... 102! Pure Ol pf (8) 52 Purity Bakeries (4). 20 RadioCorp . 48% Radio pf A (3% 4912 Kadio Corp (B) (! 2 - S 44% Reading 1st pf (2) 34% Real 811k (5)... 18 Rem Rand (1.60).... 92 Rem-Rand 1st pf (7) 95 Rem-Rand 2d pf (8). 8% Reo Motor Car (30¢c). 18 Republic Steel . 54 Republic St 08 He served in the World War as a lieu- tenant of artillery with the 111th Field Artillery, through the Battle of the Argonne and afterward with the Army of Occupation. After the war he was employed by the American Sugar Re- nning Co. until 1923 when he became local manager for J. A. W. Iglehart & Co, bankers and brokers of Baltimore. In 1929 he became assistant manager of the local office of the National City Co., leaving that position to join Mr. Auchincloss and Mr. Redpath in the formation of this firm. Last year He ‘was chairman of the Dupont division of the Community Chest. Mr. Redpath, third member of the firm, is 35 years old and a native of New Jersey. He holds A. B. and LL. B. from lumbia University and is a member Phi Beta Kappa. He is & member of New York State Bar and practiced in New York City in association with Murray, Aldrich & ‘Webb, counsel for the Chase National Bank. For the past three years he has been executive assistant to Ogden Mills, Undersecretary of the Treasury, which position he leaves to join the new firm. All three partners are members of many local and New York clubs. Jones es Brokerage Firm. Robert T. Jgies, one of the co-man- agers of the Washington offices of G. M. P. Murphy & Co., has resigned and started an investment business of his own in the Investnfent Building, vlan- ning to deal in investment securities. Mr. Jones had been with the broker firm since 1926. He went into the broker- age business in 1919 and was with John L. Edwards & Co. until the death of the firm and the transfer of the busi- ness to G. M. P. Murphy & Co. Mr. Jones is a member of the Army and Navy, Army and Navy Country, Congressional Country, National Press, Beach and Tennis and Annapolis Roads Clubs, the Society of Colonial ‘Wars, Society of the Cincinnati, So- ciety of the War of 1812 and the Sons ©f the American Revolution. The local Murphy company offices will now be under the management of Charles Carroll Morgan and A. Chester Flather. Trading on D. C. Exchange. Small-lot trading in Washington Rail- way & Electric preferred featured to- day's session of the Washington Stock Exchange. Eight 10-share lots and one 5-share lot changed hands at 98'%, same as ¢ T Tecent sales Merger > ler figured in two 10-share sales at . Capital Traction recorded two 10-share sales at 503, and 5 shares of Washington Gas sold at 122 ‘Ten shares of District National Bank stock changed hands at 210. Federal- American Co. common sold at 28 and the preferred moved at 98'%. In the unlisted department District Title Insurance Co. moved at 30. Bonds were entirely neglected. The exchange 45 to be closed next Tuesday, election day, as all tickers in New York will be silent, Members of the exchange announce that net earnings of the Mergenthaler Linotype Co., for the year ended Sep- tember 30, amounted to $1,809,000, or $7.05 per share on the 256,000 shares outstanding. The company paid $6.50 in dividends and had $140,800 left over to be added to surplus. This is con- ered & very fine showing considering business conditions during the year. Heard in Fihancial District. The Washington Railway & Electric Co. has declared the regular guarterly dividend of 1% per cent on the com- mon stock, payable December 1, to stock of retord November 15 The Potomac Power Co. has voted the quarterly dividend of 1!, per vent on the 6 per cent preferred stock and 133 per cent on the 5!, per cent pre- ferred, both payable December 1 to #tock of record November 18. ) 14 Reynolds Metals (2) 2 Reynolds Spring 70 Reynolds Tob A 44 Reynolds Tob B (3).. 6 Richfield Ofl (new).. 7% Rio Grande Ofl.. 21 Rossia insur (2.20 43 Royal Dutch a3.2165. 51% Safeway Stores (5).. 28 St Joseph Lead (13).. 6415 St L-San Fran (8) 78 St L-San Fran pf ( 40 St L Southwestern 75 St L Southwn pf (5) 15% Savage Arms (2) 4% Schulte Retall St 1% Seaboard Air Line 3 Seab'd Alr Line pt. 6% Segrave (1.20).. 48% Sears Roebuck $23 1% Seneca Copper. . 4% Servel Inc......econ 10% Sharon Steel Hoop 54 Sharp& Do pf (334).. 26% Shattuck(FG)(11%) 9% Shell Unfon Ofl...... 81 Shell Un Oll pf (5%). 7% Shubert Theat 15 Simmons Co. 8 Simms Petrol (1.60) 13 Sinclatr Con Of] (2).. 106 Sinclair Oil pt (8) 17% Skelly O11 (2) 71 Skelly Oil pt . 14% Snider Packing pf... 11% Sou P Ric Sug (1.40). 47% Southern Cal Ed (2). 315 Sou Dairfes (B)..... 102% Southern Pacific (6). CISTY 11 SUPCPQUIBES PRI 0t S VIS TOTONN . PR - T e eres a3 &% RO I8 N T Buln [Se=P T 127 les— Dividend Rate. Add 00 High Low. THE EVENING STAR, WASHINGTON, D. C, THURSDAY, OCTOBER_30, 1930. NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. ~Prev 1930 ~ High Low. 136% 68% 301 1138 25 12 291, 3.) Divide Prev. Souther Close. Close a4 44N 10 3614 48 44 Spencer Stand B Stand G Stand G Stand G Stand O Stand Of Stand O 15% 704 Stand Ofl of N J (12) 4 Stand Ol tarrett Sterling Stock ana Sales— Add 00. High. 714 Prev. lend Rate. w. Close. Close. n Rwy (8)... 0% TIK TN Sparks Withing (1).. Kellog (80c). rands (13) &B(3%). &Epf (4).. & Elpf (7)., of Cal (2%). il Exp pf (5). il of Kan (2) 68 1IN Y (1.60). (L S)(1213) Sec (A)... Ster! Sec pf (120). Sterl Sec cv pf (3). Stewart Stone & Studeba Superhe: Telautoy Tenn Co Texas & Texas P tche: Third A Third N; Thomps Timken 4 Timken Transue Trico Pre Truax T Truscon Tnion Of Un Tank Utd Gas U S Pipe U S Real U S Rubl U S Smel U S Stee Vadasco % Vanadiui Wabash Wabash Waldort Warner Warner t Pe: tern Western Western Western Western Western W Westing Westvac White M Submarine Boat. . Superior Oil. . Superior Steel Sweets of Amer (1).. Texas Corp (3).. Tex Gulf Sulph (4). Texas Pac Land Tr.. hermoid Co. Tide Water As (60c) Tide Water As pf (6) Tob Prod (A) (80¢) Transamerica (1) Tri-Cont Corp. Tri-Cont Corp pf (8). Twin City R Tr (§4). Union Carbide (2.60) Union Pacific (10) Union Pacific pf (4). Utd Aireraft. .. Utd Afrcraft pf (3). Utd Biscult (1 60) Utd Biscuit pf (7) Utd Carbon (2) Utd Corp (50c).. Utd Corp of (3). Utd Fruit (4). Utd Piece Dye W (2) Utd Stores (A)... Utd Stores pt (2%) U S & For Secur.. U S & For Sec pt (6). U S Hoffman. . . U S Ind Alcohol (17) U S Rubber U S Steel (7). Univ Leaf Tob (3) Univ Leaf T pf (8).. Univ Pipe & Rad.... Util Pow & Lt A (e2) Va-Car Chem. Vulcan Det (4) Vulcan Det pf Walworth Co (2). Ward Baking (A)... Ward Baking (B) Ward Baking pf (7). Warner Quinlan Warren Bros (3) War Bros cv pf (3).. 5 West Penn EI pf (6), 4 West Penn EI pf (7). 16 12 38 4 1 -Warner (2). Webster (4). ker Corp (3). ater (13%) graph (11.40) D& Ch (1). o Do ma Pacific (5). c&oil.. ° r Mfg (1.60). venue. atl Inv (a on (J R) (3). » Det Ax (80c) Roller (3) o ouBoanmSam e Bt &W (1) od (2%) raer (1.60).. St (£1.20).., il, Calif (32). Car (1.60). o 8 e ROBARR R a Ra e e & Im (1.20) &F (2).... ty&Imp(3) ber 1t pf .. 1t & Ref (1) meluSanannman -~ 1pf (7). =% Sales Cp pf. m Corp (3). D (A) (5).. Systm (1%) Bros Pict. Bros pf 3. nn Pw f (6) t Penn P pf (7).. Dairy (B).. Ma.... Md 2d pt, Pacific. Pacific pf Union (8).. tingh'se A B (2). E&M(5).. o Chlor (2). otors (2). Wh Rock M 8 (14%) Willys-Overland Willys-Over pt ( Wilson & Co... . Woolworth (2.40). | | 169 77 32% 47 16% 674 33 10 19 Worthin; Yale & T 10:30 AM. 1:30 P.M. Dividena rates Yellow Truck. . Youngs Spring (3).. 3% Zenith Radlo........ Sales of Stocks on New York Exchange gton Pump. . lowne (2)... 4 25 12 1 10% 214 3% 4% 3% siven m_the cash payments based on the latest ai jons. s 0nit of trading I per cent in stock. §Ps a Pald t) 5014 Jlock Der eent in Dreferred st tock. n 4% 4% 105 105 105% Sub) 0 regular rate. ayable in cash g Plus 6 per cent In stock. Plus 8 per cent In stock Elus 8 e less than 100 sha: 1Partly extra. IPlus ¢ avable in scrip. {Plus 9 per cent in stock. b Payable In stock. d Payable or stock. {Plus 10 per cent in h Plus tock Der cent in stock. p Plus S0 cen o eostoval of stackboidera T Tow B CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, October 30.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc, New York, for the Associated Press News Trend. Important dividend announcements | in today's corporate news include the passing of preferred disbursement by H. G. M. H. Prankling Manufacturing, and reduction in quarterly payments by Packard Motor and International Silver. American Tobacco Co. has de- clared an initial quarterly dividend of $1.25 on the new common stocks, placing | those issues on a $5 annual basis, equiv- alent to $12.50 a share on the old stock. | Of the large number of earnings’ state- | ments issued during past day, two show higher share returns than a year ago. These are North American and United Railways & Electric of Baltimore. The New York Central Railroad has announced its intention to increase commutation fares on its lines by 40 per cent. This action follows the re- | cent proposal of the Lackawanna to in- crease rates on commutation traffic by 25 per cent to help defray cost of elec- trifying lines, While regular passenger traffic has been cut into substantially by bus competition in practically all sections of the country, commutation | business generally has been on the in-| crease. Last year commuter traffic on | the New York Central lines showed an | increase of 1465000 passengers over the preceding yea The Companies. American Brown Boveii had deficit $103,822 in third quarter, against deficit $131,586 year ago; for nine months had | net " income. beford taxes, $48.234, | against net $560,618. American Telephone & Telegraph 1930 share earnings estimated aroundi The Lanston Monotype Co. has de- clared the' quarterly dividend of 1% per cent on an extra of i per cent, payable November 29 to sl holders on November 19. . - PRGN FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks value toda: s4.8501 I W i S TR T8 b $11 share | Amer | ‘Tobacco declared initjal dividend $1.25 on new common and class B stock. Atlantic, Gulf & West Indies Steam- ship earned $3.25 common share in nmmguhz months, against $9.29 in 1929 period. Autosales Corporation had net income $21,561 in third quarter, but for first nine months showed loss $19,985. Bulova Watch sales so far this year ahead of 1929 period. “Canadian Pacific Railway September net, after taxes, up 34.1 per cent; nine months off 19.4 per cent fiom year ago. Reported had disposed of $1,000,000 4 per cent preference stock privately in year ago; nine months, $14.74, against) $14.81. | Commercial Investment Trust re- ported past due motor retail paper of company for United States and Canada | was less than one-half of 1 per cent of | total outstanding es of September 30. | Crown Central Petroleum stockhold- ers to vote on recapitalization plin calling for reduction outstanding 578,571 shares common stock to 385,714 shares through issuance 2 new shares for 3! old shares. Also will pass on creation 761 preferred shares and increase of| authorized common stock to 5,000,000 no-par shares; all preferred and 3,74 -‘ 886 shares common to be issued in con- cancellation $4.825,000 and accrued interest sideration of funded debt thereon. Crown Cork International earned 12 cents class B shares in first half vs. 52 cents in 1929 period. Deisel-Wemmer-Gilbert ~ Corporation third quarter earnings 80 cents com- | mon share vs. 96 cents year ago; nine months, $2 vs. $2,22. el H. H. Pranklin Manufacturing omits |$1.75 quarterly preferred dividend, cur- | rently due. | B. F. Goodrich Co. reported planning distribution through retail outlets of | low-priced radio sets made by R. C. A. Interborough Rapid Transit Septem- | ber deficit after charges and Manhat- | tar. Rallway dividend $131,270, vs. sur- | ly common dividend to $1; formerly. International Telephone & Tele- graph subsidiary, All-America Cables, establishes direct cable service from Long Island Railroad September net operating income off 6.5 per cent; nine months, 11.7 per cent below year ago. had deficit $4,259 in third quarter vs. | profit $110,883 year ago. Newton Steel had- deficit $238,058 be- fore depreciation in third quarter: for | nine months had net income $226,167. New York Central Railroad proposes increasing commutation fares by 40 per cent. North American earned $4.81 standing in year to September 30 vs. $4.70 in previous year. Otis Steel had deficit $233,624 in third quarter vs. net income $1.093.376 year ago: nine mon‘hs, net $956,547 vs. $3.891,774. _Pacific Lighting earned $4.50 on aver- in previous year. Packard Motor Car cuts quarterly common dividend to 15 cents; paid 25 | cents formerly. Pennsylvania Railroad to shortly be- gin work on construction of 1,500 steel cars; cost about $5,000,000. Savage Arms earned $1.70 common share jn third quarter against $1.92 a McCord Radiator & Manufacturing | on | | average numb:r common shares out- 000,000; stockholders acting on pro- | posal. Standard Oil of New York subsidiary, Magnolia Petroleum, reduces crude oil prices in Louisiana and Arkansas, rang- ing 34 to 50 cents barrel. Texas & Pacific Railway granted per- mission to reduce passenger fares from 3.08 cents to 2 cents mile between Fort Worth ‘and Big Springs, Tex., to meet bus competition. United Railways & Electric of Balti- more earned 7 cents common share in third quarter, against 24 cents year ago; nine months, 81 cents against 72 cents. — N INVESTMENT TRUSTS NEW YORK, October 30 (#).—Over- the-counter market: Bid, Asked 188 1T 2 Am & Cont Corp, .. Amer Composite Tr Shra Amer Founders Am Util & Gen Am Utll & Gen Bankers Nat In Basic Industry Shares British Type Invest Chartered t artered Corporate C A allot cti. . 5 Fixed Trust Sha Incorporated Equities Incorporated Investors . Int Secur Corp Am 6 plus $123,536 year ago. |18 International Silver reduces quarter- | paid $1.50 | '?.4 Mol 5 Nat s . Nor & South Am Corp B Power & Rail_Trustee Shares.. Sclected Am Shares 4 New York to Venezuela. | 8el Others unchanged éHOR'f-TERM SECURITIES. (Reported by J. & W. Seligman & Co.) e can 108 American | Baltimore & | Batavian Pet E Bell Tel. af Canadn Sy 1057 10 Corp. 325 1838 Rwy, 4128 1935. Ghicazo Rock Tsland 4s 1034 3 19470 Cudahy Packing Co. 5 37 9 Gen. Mot Accep. Corp. 8 1937. 10 e e age number common shares outstanding | Goady. in year to September 30, against $4.78 |G H Internat. Matcl Marland Oil 55 19: York. Chi. & Sf ips Petroleum Co Pure Ol Corp §las 1937 | 8hell Union il Co. 55 1t | Sinclair Crude OIl Co. 5tz | Standard OIl'N. Jersey 85 | Standard Oil N. York 4'3 |st'L t. & So. R: St L Southwester: of i United Drug_Co. Corp. 32 New t. Phill i s 1938 1946 Bs year ago; nine months, $1.35 against sale of prop- don. L Ehilds Co. earned $1.38 on preterrea stock in third quarter, against $6.40 ‘lg&l thern Cifies Utilitie; erties to Central Service re- ported would be made at price of $46, U. 8 Rubber 85 Western Electric Co. Wheeling Stel Corp. Wheeling Steel Corp. 4' SHIFT IN RAILROAD CONTROL REPORTED Van Sweringens Believed to Have Acquired Majority Interest in C. & E. I. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, October 30.—It was re- ported today that the Van Sweringen railroad interests have secured con- trol of the Chicago & Eastern Illinois Railway Co. and that they will use it as a “bridge” between St. Louis and Chicago for their recently-acquired Missouri Pacific Lines. This will be the second road in the same territory that has changed hands this year, each serving to round out railroad consolidation pians. Last Spring the Baltimore & Ohio was able to come to an agreement with Chicago & Alton bond holders and has since taken over the management of the Alton and expects to make it an active part of the new system, proposed along the lines recommended by the Inter- state Commierce Commission. Obtained Option. Under the Interstate Commerce Com- mission’s plan promulgated last year, the Chicago & Eastern Illinois was al- located to the Chicago & Northwestern. The purpose of this was to give the Northwestern a line to the gulf, which would have been reached from St. Louis over the Mobile & Ohio. The North- western never indicated a great deal of respect for this proposal. Last Spring the Van Sweringens obtained an op- tion on Chicago & Eastern Illinois stock held by the estate of Thomas F. Ryan, which carried with it the controlling interest. This option is now said to have been exercised. In the past there have been rumors that the Pennsylvania Railroad wanted the Chicago & Eastern Illinois. There were also rumors at one time that the Baltimore & Ohio was after it. The property includes 945 miles of road from Chicago to Evansville, Ind., and from Chicago to St. Louls. It pene- trates the soft coal districts of Southern Illinois. An important element in its value in past years has been its soft coal traffic. Latterly, this business has been at low ebb, and consequently the earn- ings of the road for a number of years have been poor. Last week the 5 per cent general mortgage bonds, which were created in the reorganization of 1921, sold as low as 36. Since then they have recovered about 10 points. The next coupon is due on Saturday. Punds available for it are in the hands of the paying agency. Traffic Exchange, It is expected that under the manage- ment of the Van Sweringens the Chicago & Eastern Illinois will receive traffic from the Missouri Pacific lines at St. Louis that will help to counter-balance the loss that has been experienced in past years on business which the road originated, and that under this arrange- ment the credit of the company will be materially improved. Little doubt is felt but that the Interstate Commerce Com- mission will give its consent to the pur- chase by the Cleveland group, (Copyright. 1930.) AVIATION IS GROWING. Too long have pessimists had their way in minimizing the progress of avia- tion, says Raymond C. Willoughby in Nation’s Business. Whatever the finan- clal situation of some elements of the industry, the strength and importance of the business of flying do not lack for decisive confirmation. For one thing, the American Air Transport Association reports that passenger-carrying air- planes are daily flying 91,361 miles in the United States, and are serving communities on 263 regular schedules. A year ago the daily total was 61,025 miles, and only 151 communities were listed in the time tables. Thirty-nine companies are included in the report as regular operators, an increase of 18 in & year. The passenger |airways system has grown from ap- “ | proximately 25,000 miles to 32,803 miles. American owned and operated mail and_passenger planes are flying over 12,476 miles of Mexican, West Indian, ; Central and South American airways. Nineteen countries are connected to the United States by air, and planes are flying more than 26,000 miles in those foreign services. More and more, air travel is becom- ing a_commonplace, as the figures of the Transport Association eloquently suggest. What is not so clear—and is just as significant—is the evolution of the fly- ing machine into a ship of the air. ‘With its progress assured by an active public and private interest, American aviation is properly unwilling to admit any limits to what may be achieved by it in advancing the safety, comfort and range of flight. BAN_ K CLEARINGS. NEW YORK, October 30 (Special). —New York bank clearings, today, $973,000,000; a year ago, $3,853,000,000. New York bank balances. today, $132,- 000,000; a year ago, $378.000,000; New York Federal Reserve Bank credits, $114,000,000; a year ago, $292,000,000. Chinese feed bean cakes, made of the meal of soy beans, to milk cows to for sale a limited amount of choice first trust notes in denominations of $100 up, bearing 6":% interest. The type of securities which please careful investors. CHAS.D.SAGER. 924-14%* StAW. on your own signature and security No Endorsers Required Strict Privacy Assured MARYLAND PERSONAL BANKERS, Inc. 8405 Georgia Ave. Phone: Shepherd 2854 PUBLIC S&ALL LOAN 7 Harlow Ave. Phone: West 2443 BETHESDA PERSONAL BANKERS 6982 Wisconsin Ave. Pilusss Belgasoe * A ER STATE | n 4374 SUPERVISION FINANCTAL. |ADVANCING PRICES FOR SUGAR DUE TO STABILIZING PROGRAM By the Associated Press. | "'A semblance of order prevatls in tne sugar industry of the country for the first time in many months. ‘This new order, which has already advanced the price of the raw product approximately half a cent from the low level of 1.03 cents a pound a short time ago. has been almost entirely due, authorities say, to the efforts of the Chadbourne Committee, appointed by New York banking interests to bring the industry out of the chaotic condi- tion caused by overproduction. This committee evolved a plan with Cuban producers whereby a total of 1,500,000 tons was segregated and re- moved from the world markets, with the revenue normally accruing from the sale being derived through the issuance of bonds of a similar amount. The market strengthened immediately upon enactment of this plan. Another potent gesture of the com- mittee resulted in the Cuban govern- ment issulng a mandate creating an embargo on cugar for the first 15 days of November, which will tend to re- strict the supply and has already evi- denced itself in a rising price level. Furthermore, Cuban authorities, which have expressed @ willingness to co- gperate to the fullest extent in any remedial measures, have agreed to cut their shipments to this country to a maximum of 2,800,000 tons yearly. a supply which, added to the production of the continental United States, will prove adequate to meet consumption. This, sugar experts say, will have a fa reaching effect constituting a measure of guarantee against increased ship- ments in the future. The primary purpose of the Chad- bourne committee is to throttle an un- happy situation which threatens to glut the markets not only of the United States, but of the world as well. Mr. Chadbourne, accompanied by two Cuban producers, is now en route to Holland to confer with owners of the rge Javanese sugar plantations for the pur- pose of devising ways and means of aid- ing the industry. It is expected the outcome of this conference will be a world congress of all producing nations to consider restricting production to actual consumption. The force of necessity has found a willingness to co-operate among the sugar producing countries of the world, and it is thought those authorizing the palicies of the plantations in Java will prove no_exception. Normally consumption in this coun- try approximates 6,000,000 tons annu- ally. With Cuban shipments restricted to 2,800,000 tons, the remainder will be derived from about 1,000,000 tons pro- duced annually in the United States, 900,000 in Hawali, 700,000 tons from Porto Rico and the balance from the Philippines. Sugar association headquarters here feel whatever fluctuations undergone in the raw market will have a negl effect on the retail consumer pi which has shown but little variation during previous periods of stringency. Baltimore Markets Special Dispatch to The Star. BALTIMORE, Md., October 30— Potatoes, white, 100 pounds, 1.50a2.00; yams, barrel, 2.50a3.00; beans, bushel, 2.7523.25; beets, 100 pounds, 2.00a4.00: cabbage, ton, 18.00a20.00; carrots, 100 pounds, 2.0024.00; cauliflower, crate, 1.00 22.00; celery, crate, 1.25a1.75; eggplant, crate. 2.25a2.50; lettuce, crate, 50a1.00; lima beans, hamper, 1.00a1.50; peppers, | hamper, 25a50; spinach, per busiel, basket, 75890; tomatoes, hamper, 75a 1.50; turnips, bushel, 1.00; apples, bushel, 65al1.75; cantaloupes, crate, 1.50a2.00; grapes, basket,'18a22; pears. bushel, 1.00a1.75; quinces, bushel, 1.25a1.50. Dairy Market. ultry, alive—Chickens, Springers, pofigd.c %1&24; Leghorns, 15a20; old hens, 17a24; Leghorns, 13a16; roosters, 13al ducks, 13a18; guinea fowls, each, 30a60; pigeons, pair, 20. Eggs—Receipts, 831 cases; nearby firsts, 37a38; hennery white, firsts, 45a 47; Southern, firsts, 35a36; current re- ceipts, 35a36. Butter—Good to fancy creamery, pound, 36a42; ladles, 28a30; rolls, 27a 28; process, 32a34; store packed, 19a20. Live Stock Market. Cattle—Receipts, 700 head; fair sup- ply; market dull. 5 ‘Steers, choice to prime, none; good to choice, 8.5029.50; medium to good. 7.0028.25; fair to medium, 6.00a6.75; plain to fair, 5.25a5.75; common to plain, 4.50a5.00. Buils, choice to prime, none; good to choice, 5.50a6.00; medium to good, 5.25a 5.50; fair to medium, 4.75a5.25; plain to fair, 4.25a4.75, common to plain, 3.7524.25. Cows, choice to prime, none; good to choice, 5.00a5.50; medium to good, 4.25 a4.75; fair to medium, 3.75a4.25; plain ‘o fair, 2.75a3.25; common to plain, 2.00a 2.75. Heifers, choice to prime, none; good to choice, 6.75a7.50; medium to good, 6.0026.50; fair to medium, 5.25a5.75; lplnm to fair, 4.50a5.00; common to plain, 4.00a4.25. Sheep and lambs—Receipts, 500 head; light supply; market lower; sheep, 1.00a3.50; lamb, 4.50a8.50. Fresh cows and Springers, 30.00a80.00. Hogs—Receipts, 800 head; light sup- ply; market lower; light. 9.60a10.00; heavies, 9.60a10.00; medium, 9.75a10.15: roughs, 7.00a9.00; light pigs, 9.25a9.85; pigs, 9.75a10.15. Calves—Receipts, 100 head; light supply; market lower; calves, 5.00a13.00. Hay and Grain. Wheat—No. 2 red Winter, export, 823,; No. 2 red Winter, garlicky, spot, October, 8234; November, 827. Corn—No. 2 domestic, yellow, old, 95a96; cob corn, new, 4.50a4.60. Rye—Nearby, 60265. Oats—White, No. 2, new, 46; No. 3, 45. Hay—Receipts, none. General hay market strengthening. Drought has serfously curtailed nearby crops, chang- ing the entire situation. = Sections here- tofore shipping are now asking for of- fers, of hay. Good clover mixed and timothy new hay will bring from 24.00 to 28.00 per ton. ‘Wheat straw, No. 1, per ton, 9.00a 10.00; oat straw, No. 1, per ton, 9.00a 10.00. . $5,000,000 FOR NEW CARS. | NEW YORK, October 30 (#).—The Pennsylvania_Railroad Co. is to begin work within two weeks on construction of new steel cars to cost $5,000,000. The construction program will give employ: ment to 600 persons, half of whom now Guaranteeing The Trade Mark Satisfaction Sturgis Posture CHAIRS MR. EXECUTIVE, when your tall, willowy stenographer =~ re- signs and you hire .that short, cute girl, do you have to buy her a new chair? Really the chair should fit. Sturgis Posture Chairs are ad- justable to height—in 30 sec- onds, without tools. They can be quickly changed to fit any work- er—both as to back adjustment and as to height. Let us send one on trial Reasonably Priced at $19.50 STOCKET FISIKE C N s WASHINGTON'-D-C ‘We Want Your Business! | P 0000 000000000000000000002000000000000000000:0000000000000000400000002 By the Associated Press. NEW YORK, October 30.—Returning to New York after a trip through the South, George A. Sloan, president of the Cotton Textile Institute, said that many of the print cloth and narrow sheeting mills already have put into effect the institute's proposal for elim- fnation of night work for women and minors. The few mills that have not plan to discontinue the night shift for them March 1. Several wide sheeting, sheet and pil- lowcase mills are understood to be working, overtime because of a large volume bf unfilled orders. Low price levels for raw silk have re- sulted in greater use of silk in weaving, says H. A. Relling, chairman of the commission throwsters’ division of the 8ilk Association of America, Inc., who reports that not in several years has the commission trowing branch of the industry been in such a splendid posi- tion as it is from the stanpoint of uantity and varieties of work at hand. Compared with the previous week, more buyers were registered in the New York Market last week, the New York Times reports, but the number was smaller than a year ago. Buyers reg- istered totaled 848, against 784 in the previous week and 913 a year ago. Selling agents report a good demand for pewter and manufacturers are en- Joying a fnuch better holiday business than had’been expected in view of pre- dictions that the popularity .of pewter had waned. An increase in the number of buy- ers in the New York furniture market was reported by selling agents, who re- cently have been complaining of slack business. Reorders fi New England and other sections ofmmt also were more numerous. Quantities ordered continued small. Upholstered furniture lines, however, are sald to average a higher volume an order than others. The Ford Motor Co. of Canada has reduced the price of Fordson tractors 3;15;0 $675 f.0.b. 8t. Johns, New Bruns- wick. Buyers in New York looking over the sfimfln‘ line of meh’s clothing and fur- nishings are purchasing a fair volume of goods, but are proceeding cautiously in their commitments, it was said. The initial purchases, it was said, will be confined to outstanding merchandise, newly designed fabrics in men's cloth- ing that might be difficult to obtain later in the season and attractive nov- elties in furnishings that also might become scarce; REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD 1520 K St. N.W. National 0475 PRICES” ‘ REDUCED! THE TREW MOTOR CO. . 1509-11 14th St. N. W, “ +oe0000e 64th Year Capital & Surplus $3,500,000 N Rt Indorsed OFFICERS: 90000000000 000000000000 . C. LAMBORN. . PERCIVAL Wi FRANK R. Ul BRUCE BAIRD. D RNE' NDER JOHN M. BOTELE AUDLEY A. P. SAVA| National Savings & Trust Co. Oldest Savings Institufion in the District of Columbia Cor. 15th and New York Ave. Than 50,000 Depositors {IThis sixty-three-year-old bank now carries on its books over 50,400 open accounts. {Service and security that have the approval of such an army of depositors cannot fail to satisfy your individual requirements. {We welcome deposits in any amount—Pay Same Rate of interest on accounts, small and large. e AUTO PRODUCTION - GEARED T0 DEMAND Industry Has Readjusted It- self to Changed Conditions. Upturn Seen. J BY DAVID J. WILKIE, ¢ Associated Press Staft Writer. DETROIT, October 30.—The correc- tive factors adopted nearly a year ago t? direct the automobile industry out of a period of virtual stagnation threatened by the overproduction of 1929 seemingly have reached the high point of efficiency today. This is shown by sales and production figures of the leading motor car manufac- turers. A year ago production was so far ahead of sales—and had been for sev- eral months—that by the end of 1929 the industry had piled up a surplus of approximately 1,000,000 vehicles, all of which had to be added to inventories of 1930. Today as the result of the corrective steps taken by the industry, it may be said there is virtually no sur- plus, and while production during 1930 has been under rigid control, final fig- ures on the year's output are expected to reach close to 4,000,000 units. Leading authorities in the industry have estimated a normal and constant demand for approximately 4,500,000 American-made motor cars annually. This figure has been arrived at, they assert, by the most thorough analyses and takes into consideration a normal world replacement demand of approx- imately 3,000,000 vehicles annually. By “constant demand” it is explained that over a given period of years demand will show a yearly average of 4,500,000 units. Admitting that the year 1930 will not show that many motor cars purchased, the industry's sales execu- tives assert that by all precedent the ensuing year or two years should see demand for the normal volume plus the slack of 1930. It has been the history of the auto- mobile industry that every lean year has been followed by an extended period of close to maximum activity. Considering every factor of 930 depression and that so far as the auto- mobile industry is concerned it has ap- proximately paralleled in length most of the previous lean years many auto- mobile executives believe optimistic forecasts concerning 1931 reagonably Jjustified. . ‘The leveling off of production to de- mand, maintaining skeleton organiza- tions in deDartments that have been more or less unproductive during the depression; retaining plant personnel, if only on part time; meeting the sales organization problem created by no little “dealer mortality,” and ap the same time trying to forestall a threat at the » export phase of the industgy are but a few of the worries brought to the motor car manufacturer this year. That the industry has been able to meet and solve all these difficulties with 0o “mortality” among the manufacturers testifies, its leaders say, to how finan- cially sound the automobile industry actually is. The automobile industry &nefllb is looking forward to the National auto- mobile shows in January as the time when a sharp upward turn in demand will come. Although the January ex- positions will introduce new models mainly in the lower priced lines, it is in these lines that a major part of the industry’s business is done, and sales executives believe many potential buy- ers are awaiting the national exhibi- tions before placing orders. One of the interesti items of in- formation brought- back from the Euro- pean automobile shows by visiting American automotive engineers is the statement that the main objective this year appeared to be an appeal to the average motorist through price reduc- tions and improved performance and appearance rather than to the buyer of expensive luxury cars. One of the cars not in the “average motorist” class was a 12-cylinder model with a six-speed gear shift in which the gear shifting is done by a vacuum driven off the transmission. 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