Evening Star Newspaper, November 23, 1930, Page 69

News of Mark:ats Pages 1 to 4 Part 6—12 Pages RETAIL SALES GAIN | 1S ABOVE SEASONAL \ Program Chairman IN'LOCAL DISTRICT Federal Reserve Bank Says Some of 34 Stores Have Moved Ahead Rapidly. TRADE IN WASHINGTON PASSES OCTOBER, 1929 Woodward Named Chairman of Program Committee for Next D. C. Bankers’ Convention. BY EDWARD C. STONE. Retall trade in 34 department stores in the fifth district, according to the Federal Reserve Bank of Richmond, made & somewhat more than the usual seasonal gain in October in comparison with September and averaged 1.8 per cent_more in aggregate amount than rtelg”'m‘ l;lAmou%r‘xw only hfi Tepo! er es month, while 22 fell below their Octo- ber, 1929, sales. However, says the reserve bank, of the declines this year were while some of the city stores ‘went ahead considerably, chiefly as the Tesult of sales which were put | on earlier this year than in most years. Cumulative sales for the first 10 months of 1930 averaged 1.8 per cent less than total sales in the first 10 per_cent over stocks on has earlier, September lw‘ }:30,“?“1; l:ler- aged 9.3 per cent less sel value . on hand on October 31, Part of the decline in stocks year is of mwum dufmw year many lines stores. The Hi January 1 stocks e ther Ses1 times higher figure ¥ turned in the corresponding of 1929, the report says. Local Sales Reveal Gains. uring October in 33 of {“reporting stores showed o sea- £ i i E- : 8 g Amtm‘.l tstanding reulvon{;lz oul 3 > report shows that sales in ‘Washington stores in October were 2.3 per cent ahead of October, 1929, were up 4.1 per cent in Baltimore, but off 46 cent in a group of other cities district. October 1929, showed a_decline of 99 cent & Washington, 8.4 per cent in timore axd over 10 per cent in other cities, the Reserve Bank reports. ‘Woodward Made Proxram Chairman. 'Bv wmwmwx t of Moynt Vernon 3 been appointed by President Lanier P. lul‘cg\’e% of the District Bankers’ As- sociation to act as chairman of the Program Committee for the 1931 con- vention to be held at Hot Springs, Va. ‘Widely known in the financial district, Mr. Woodward became vice prisident of the savings bank in May, 1927, and was elected president of the institution in January, 1928 He has been an active worker in the District Bankers' Association. In 1927 he was & member of the Protective, Committee for the annual convention. In 1029 Mr. Woodward was a member of the council of administration, vice of the Advert] Commit- tee, and chairman of the porta- tion Committee for the Montauk Point Convention. Again this year he served as chair- man of the Transportation Committee for the convention held at Asheville, N. C. He is on the council of admin- istration and chairman of the Pub- licity Committee which has charge of the bakners’ monthly bulletins. Out- side of the banhking fleld, he has been a power in the Washington Kiwanis Club, being a past president, and gov- hrm ofntg’: Clpith:h(an':mme em- aces ware, ry) Virginia and this city. 1917 to 1924 Mr. Woodward Bethesda. Incidentally, he is a member of the Board of Trade, Better Business un! ub ang an Spri Golf Club. ki< Bonds Favored on Exchange, Local bonds were popular on the Washington Stock Exchange yesterday #s the week's trading ended. The market opened with $1,000 City & Suburban 5s selling at 80, followed by $1,000 Washington Gas 6s, series A, %, and $500 Washington a :?5 Rallway & Elec- CLAUDE H. WOODWARD, President of the Mount Vernon Savings Bank, who has been placed at the head of the committee to secure speakers for | the next annual convention of the Dis- trict Bankers' Association, the appoint- ment being made yesterday by President L. P. McLachlen. Banks Strengthen Cash Reserves as Assets Show Gain Position of Sound Institu- tions Is Declared Best in Years. BY J. C. ROYLE. Cash reserves and quick assets are higher for the banks of the country in general than they have been in years. That is the answer level-headed = territories directly affected. Bankers make it plain, while there 1s bly more money in banks of Nation than ever be- fore, it is not in fewer banks. The ex- in the number of banks has large. In fact, it has almost par- alleled the expansion or overexpansion of production in agricul: some of the = tural and industrial flelds which now are feeling the efects of depression. Banking Practices. Many bankers have not hesitated to that there are more banks than is profitable business for. This was even before the increase in m announced & former controller of the currency, declared there were one-third nu:: can o(ltll The situation of some banks at the moment is attributed to a combination of bad banking, hard times and frozen assets. One banker here spoke feeling- on the subject of frozen assets. He them to meat in cold storage. He pointed out that while freezing di not harm the quality of the meat, even if it made it difficult to cook at a mo- ment’s notice, a plece of tainted meat, even if preserved by freezing, was value- less when thawed out. He differenti- ated sharply between good assets and bad assets, even though both were in cold storage. Many Improve Position. ‘The banks of the country have had to clean house and revise their thaw their frozen assets. have taken advantage of in a stronger position than Moreover, the Federal Re- i Hif S il lore give rise to alarm. The major in the country are sound. A perecentage of the minor banks are in strong positions. The only dan- f:r to the depositor in general today that he may have picked a bank whose policies are not wisely directed. are few and far between. The only danger the well run bank faces is panic on the of depositors. There is no cause “for panic and no cause for alarm by depositors, except in the most isolated cases. (Copyright, 1930.) STONE & WEBSTER EARNS $3.70 A SHARE IN YEAR Bpecial Dispatch to The Star. NEW YORK, November 22.—For the 12 months ended September 30. Stone & Webster reports net consolidated earnings, including those of subsidiary companes, of $6,201,714, equal to $3.70 per share on the average of 1,677,742 shares outstanding during the period. In addition, a profit for the period of $794,844 realized from the sale of se- curities acquired on organization from the predecessor company was carried direct to surplus. Total earnings for the 12 months, in- cluding this profit, amounted to $6,996,- 558, or $4.17 per share on the average shares outstanding during this period. Of the 12 months’ earnings of $3.70 per share, 92 cents per share was earhed in the quarter ending September 30 on the : § erred came out at 997%. ac Power 515 per cent x dividend at 107. listed securities were done every Saturday, on North Capitol Sav- H ; H i 2 i average of 2,100,837 shares outstandin during the quarter. g BANK MERGERS PLANNED. ‘The National Bank of Kentucky, Louisville, and the Louisville Trust Co. will merge on December 1. Combined deposits will be in excess of $50,000,000 resources about $70,000,000. ‘The N tern Title & Trust Co. and the Industrial Trust Co. both of Philade] Iphia, will consolidate under the Industrial Trust Co. Total bed Fourth of that city. ational is now the second largest bank in the South, with 5 com- resources of $85,734,527. ere being about 92,000 to signed and properly ad- in membership this was 4,496, but a ‘wayside however, that, | Those FINANCIAL AND CLASSIFIED he Sunday Star WASHINGTON, D. C, SUNDAY MORNING, NOVEMBER 23, 1930. ADVANCE IN' STOCK MARKET CONTINUES DURING PAST WEEK List Displays Better Re- sistance to Selling Despite Unfavorable News. INCREASE IN 0DD-LOT PURCHASES IS FACTOR Improvement in Business Sentiment Has Accompanied Higher Commodity Prices. BY CHARLES F. Speclal Dispatch to The Star. NEW YORK, November 22.—There is no occasion this week to revise the oglnlon earlier expressed that the prob- able low point in the stock market was reached on November .10. e prices have not gained much in net since last Saturday, public and professional respect for securities has been in- creased by their ability to resist un- favorable outside influences, such as a | succession of important bank failures rand a crisis in the American and Canadian grain markets that had in it the posdblflrty of far reaching financial troubles, | Sentiment in the business world, meanwhile, has been steadily improv- ing. A month ago a few timid voices proclaimed the end of the downward movement in'trade. Now there is a daily chorus by the optimists in dustry, who are predicting a slow but sure upward turn from the Autumn depths of depression. The country is in a different mood and willing to listen to reasonable argu- ments in favor of improvement. No | influence has contributed to this change so much as the stabilization of SPEARE. in the reconstruction of business equal to a similar, but less positive turn, in the market for commodities. Stocks Well Liquidated. Judging from its action this week, the o h; its hgu’:! 'lenu ments. mwwm’fig most familiar with its undersurface conditions say that it is 90 per cent liquidated. In this re- spect it is stronger technically than it has been in two years. In other ways it is equally well forti- ainst further attack. It is esti- of stock in odd lots have been bough paid for and taken “out of the street. Inasmuch as & comparatively small proportion of the 5,000,000 odd-lot pur~ chases of the October-March period g has heen resold, and as cash ying in units from 100 to 1,000 shares has been active, it must be obvious that the flmtm: lup‘gly ou{ stocks is diminishing at a rapid rate. Another phase of the same situation is the short inteyest. Just how the size of this is estimated when so many individuals are a party to it cannot be explained. Brokers who lend stocks probably make the best guesses. their belief that the bear position is more extended today than it has ever been. .As a large part of this was contracted when prices were much higher, the sellers see no reason why they should hasten to cover. They argue that the market has not dis- counted the poor corporation statements for the last quarter of the year and the dividend reductions that are likely to be associated with them. There is also the potential short interest grow- ing out of the sales of stocks to estal lish losses for income tax purposes This week signs have appeared that such securities were being replaced, and that more will be repurchased before the 30-day limit expres next month. Buying for Yields. Prices have not advanced enough in the past 10 days to check buying based primarily on the high income return available to the investor. In fact, there is a “considerable element of the blic that would prefer to pay more gll:m the current quotations for stocks if they were assured that the market had definitely turned, rather than to start accumulating them in a period of unsettlement. It is significant that a of new fixed trusts ha broughit or are about to bring out of ferings of unit shares on the assump- tion that the separate issues in their portfolios have about reached bottom prices. (Copyright. 1930.) 1931 TRADE STATUS STILL INDEFINITE Better Buying of Bonds by Banks Held One of Hopeful Signs of Improvement. Special Dispatch to The Star. NEW YORK, November 22.—The visibility is very low and does not in- crease as week by week we come nearer the veil that seems to shut off a clear view of 1931 prospects in business, commodity or security markets, says the Business Week in its report cov- ering the week ending November 22. A haze of uncertainty hangs ovet the efforts being made to stabilize com- modity prices and to secure effective international financial co-operation toward restoring confidence in- long- term investment. Better buying of bonds by banks and apparent accumulation of cheap stocks by large interests are hopeful signs of financial markets, to discount 1931 business improvement. Beyond the turn of the year all that Iu.n be seen with reasonable certainty is improvement in steel under increased railroad and automotive demand, and |in automobile production as deferred buying power comes into the market with the new year sales appeal. The holiday trade will test general purchasing power and in face of cur- tailed production during the rest of the year will probably provide the basis for {‘meul gulckenmx of industrial ac- vity ly next year. e DIVIDEND VOTED. NEW YORK, November 22 (Special). ~Directors of Railroad Shares Corpo- ration have declared a dividend of 12% cents per share, payable December 15, to stock of record November 25. On a8 opasis of holdings as of October 22, 1930, estimated net income will be $62.453 for the period from October 22 to January 1, 1931. Adding this to present sur: A et M et 44 on lmnry" . : taxes and expenses and December 15, 1930, dis | 198 1Q.4100.93, . securities. This has an importance | ¢ sy de dle of September nearly 2,000,000 shares | Trade Trend and Outloo Bruce Barton Believes Steady Upward Trend in Busi- ness Will Be in Evidence by Next Spring—Sees Distribution of Products as Chief BY BRUCE BARTON, Writer and Advertising Man, Author of “The Mt Wi irman of the an Nobody Kno i Board, Batten, Barton, Durstine & Oborn, Inc., as told to J. V. Fitz Gerald. ‘When the depression of 1920 hit the country our advertising agency was ly a year old. I had never been in busi- ness for myself before, so this was my nlx:c experience with a major depres- slon. One day at luncheon I talked with an older man who had ucu;?luhh':: e try was then, and still is, head of a large chain of stores and a director of the Federal Reserve Bank. “When will your business be good again?” I asked him. % He answered: “In 18 months. Being young and full of optimism, I thought that my friend was too con- servative. That is the prediction of a middle-aged man, I ought. But the prediction turned out to be true, and I never forgot it. Therefore, when the present depres- sion started I sald to my associates: “These major depressions are an 18- months’ proposition. We ought to tighten up our belts and prepare for 18 months of hard work.” Thus far I have seen no reason to change this opinion. Sees Traditional Recovery. If by next Spring, when the weather arms up and the robins return, we are not on the up, then I shall begin to fear that this depression is differen from all those which have preceded it. But until that time I am going continue to believe that the situation | 15 working itself out according to tra- ditional schedule. Somebody summed it up in & bright comment by saying: “These depressions | find the average man in possession of | two suits of clothes. So the duration | jofa deprmlon'h mz':.lured by the life of two pairs of " Last Fall, wh&nthz inventories of orporations were low, the inventories of individuals were g:oblbly higher than they have ever in history. We had enjoyed many years of pros- perity, each of us had on hand more shirts, more shoes, more automobiles than he had ever had before. For more than a year we have been using up these inventories, and buying noth- ing mew. We are pretty close to the bottom of our bureau drawers; when Spring comes we shall have to outfit ourselves all over again. Inventories Are Low. Advertising has suffered less in this 'Sun in any previous one, . PFirst _of all a far &feuh:gi situation than in 1920. Then they | big inventories and no cash; this time the; had no inventories and plenty of ‘The second reason is that the Amer- fcan business man is now thoroughly sold on advertising, not as a luxury to be indulged in times, but as an l.nvu'gnent ‘whic] ku j\;srt h.l: :l:c::l- sary as the T upkeep . % Pmp;, realize Lhn':, in ad- vertising you are not talking to & mass meeting; you are talking to a parade. Every day men and women, who know all sbout your product and service. pass out of the picture by death. And every day boys and girls are born who never ':le“d of {oou llillfl h"whom you ust tell r story all over. mAdverUlg: is never done. The story which you told yesterday must be re- told todsy and tomorrow and as long as you have goods to sell. Business men now realize this. They no longer suppose that by cutting their adver- tising appropriations they are merely ‘saving money.” They realize that they are sacrificing momentum and relax- ing their grip on the market which ever new, ever changing. Modern accounting, which has de- | veloped so rapidly in the last 10 years, | has given management a far better con- trol of business. As this control widens and becomes perfected it ought to be possible for us to reduce the severity of these periodic ups and downs. I doubt if we can ever eliminate them entirely because they have their roots very deep in the frallties of human nature. Instinct to Achieve. We are born with the instinct to flzh: to achieve. We are a bundle of and our friends. These wants drive us forward. We gather momentum, and -14’:} a few years of good times ambi- tion becomes tinged with greed. We set our sales quotas higher and higher; we are no longer satisfied with the returns | that once looked more than satisfac- tory. Then comes the crash and for a long period we are knocked flat. We have to lie there and sober up, and re- vise our habits and our ambitions and r plans. O Petent deal of wholesome thinking goes on in times like these. We look back to the period of the boom and | wonder how we could have been so foolish. We get a new grip on funda- mentals. We spend more e with our families. We say to ourselves: “What the use of all this rushing? Since we have so short a time to live why should we crowd ourselves to death?” We be- gin to get our mental and spiritual order. ; ug;‘rini: these last few months & friend of mine has been seriously ill. . He has had a very rich life, existing over 70 years. He has enjoyed perfect health, having been in bed hardly a day. He [hu been very active, and was full of lans. 4 It never occurred to him that he could possibly be sick. When his ove worked heart rebelled he was very im- patient. He argued with the doctors and disregarded their instructions. He was sure that he could lift himself by his bootstraps, that by sheer will power he could compel himself to get well quickly. He must get well. He had so to do. [l m‘i‘;hthh futile rebellion he wasted his strength, becoming steadily weaker. Finally he could resist no longer. He realized at last that he must submit, and that he must revise his whole plan for the rest of his life. He is now re- covering, but he has a very different jdea than he had before he became sick. When he gets up and around again it will not be with any idea of driving himself to work. He will' be content and grateful just to live, and enjoy {leisure and do very much less work. Case Held Typical. % 1 sometimes feel that his case typical of the whole country and, in- deed, the whole world. For years we have been intoxicated with health and P ty. We have driven shead on uction; the best minds of the world ve been concentrated on how to pro- duce more and more things. Suddenly we are lfi'lckkém FOlt a ',V’V“e :'epl;:b.fl and to ourselves. e wmtg artificial restoratives. We think to | its wants, wants for ourselves, our families | quartes Problem of Industry. BRUCE BARTON. and greedy again. We will spend more time with our families; we will enjoy ;‘l:emg{arld more; we will not drive so It remains to be seen whether this mood will last over into the next period of-good times. We ought to hope de- voutly that it will. The world has solved macl ry we can make all the goods that can be consumed, and we can do it in fewer hours per day, fewer days per_week. ‘There is not the same reason for the terrible drive which has always been necessary if mankind was to keep a step ahead of famine and cold. Our problem from now on is not how to produce more but how to distribute more equitably and how to train our minds and souls to enjoy the leisure which we can hl‘v: if we are wise A New Problem. ‘This is & new problem for the human race. It requires a new philosophy. The idle rich, who have achieved leisure, are not very encouraging examples to us. They have a tough time trying to keep from being bored. The problem of the human race for the future is how to combine some work and some leisure in & way to make a fuller, richer life. If we do not solve this blem, but ge driving ahead as in the past, we shall merely be making re: for an- other depression. If we do solve it, the luction problems. With modern | tured Improved Sentiment Is Noted in Financial Centers of Europe. OCTOBER TRADE GAINS ARE WIDELY REPORTED General Commodity Situation Stronger—Move for Easier Credit Aids Outlook. Special Dispatch to The Star. NEW YORK, November 22.— Cable dispatches to the Business Week give the following survey of business abroad for tne week ending November 22: Underlying conditions, prospects for the business future and l,xu'elenz sen- timent in most lines of business con- tinue gradually to improve. Here and there improvement has already been translated into actual gains, though busitess as a whole is quiet. The brightest feature in the entire outlook is the marked increase in October for- eign trade in all foreign countries which have so far reported. This en- eounnngyplckup of trade is distin- guished large raw material imports, with a few gains in export of manufac- goods. Except for the weakness of copper after the recent price spurt, commodity markets range from quiet to strong, as in the case of rubber and wool, with jute significantly firming. Tae coal and metallurgical industries are still at low ebb, but manufacturing is somewhat more active. Textiles, rub- her and engineering industries are lead- ing in this new move. Money markets are momentarily fea- tureless. France has ceased withdraw- als of foreign deposits, which has helped the easing of money on German mar- kets. England is marking time await- ing further developments respecting the e war loan conversion. Ex- changes are quiet. The only important loans are the Kreuger & Toll loan of $32,000,000 to Poland against the 20. France. ankers look on this initial loan as the forerunner of a more sub- stantial farm mortgage loan to Rumania. Credit Extension Move. ‘The most significant financial devel- opment of the week is the move which the lonal depressions ought to be much less se-| .. vere, and ultimately disappear. (Copyright, 1930, by North American News- paper Alliance.) AUTOMOBILE TRADE IN BETTER POSITION Factory Heads Are Adjusting Production to Volume of Sales. Special Dispatch to The Star. DETROIT, November 22.—Watchers of the automobile fleld have noted a continuance of favorable dfl‘ point- ing toward improvement. getting under way on new models for 1931, shipments are in progress and the working forces of factories are being recalled as operations expand. ‘The course from now until the end of the year is being carefully plotted and progress is, therefore, slow in com- parison with other years, but it is never- theless steady. The factory heads, guided by fleld surveys, are keeping production within the actual needs of distribution. They believe the down- ward trend soon will give way to cumu- lative demand. In spite of third-quarter reports that upset the earnings position from the showings of the same period one year ago, the plant officials are maintaining the forward outlook. The extent to and , is shown in esti- mates that the 1930 output of all plants not exceed 3,500,000 cars. This wide distribution situation is seen in a compilation which showed that new cars in the hands of all dealers during October were approximately 350,000 cars, compared with 540,000 in the cor- responding 1929 period. From that is deduced the fact that output resulting from the Summer seasonal introduction of new models has been absorbed, leav- ing the fleld in a position to stock up against later requirements. (Copyright. 1930.) CANADIAN NEWS PRINT SHIPMENTS INCREASE Special Dispatch to The Star. TORONTO, November 22.—Shipments of 221,748 tons of Canadian news print in October constitute the most encour- aging feature in the pulp and paper situation here since Spring. With the exception of May, when total shipments amounted to 239,034 tons, the October sales have been the highest for any month in the year. Production of news print by the Canadian mills in October amounted to 213,817 tons, as compared with 195,490 tons in ber and 251,914 tons in October, 1929. The Canadian mills be- gin the first month of the fourth quar- ter by operating at 67 per cent of rated capacity, as compared with 66.8 per cent in September. EXPORT GASOLINE DROP IS LAID TO COMPETITION By the Associated Press. NEW YORK, November 22.—Lower prices for export gasoline have resulted from the open competition for busi- ness lounw& oot Witk of the export the recent withdrawal petroleum association’s schedule of prices, the Price recessions are third | budget through certain central from days t0- four and five months. Obviously this move is intended to bene- eastern Europe, where credit facilities are limited to ninety days, term credits are badly needed. In Spain, another strike has broken out, the strikers espousing the cause of democracy in opposition to dictator- ship and the monarchy. Diametrically opposite is the movement which reached its maturity in nd this week, where farcical elections established Marshal Pilsudski in virtual control of the par- liamentary machinery. On the whole, business is inclined to welcome this strong central authority in Poland as a 8 for the good. Since the re-estab- ent of Poland as a nation and a republic, its essential weakness has been its failure more rapidly to realize on its immense natural resources. This, it is recognized, has been due to internal political disintegration. Whatever- Pil- sudski’s methods in placing himself in power, his administration is expected to be directed toward internal economic consolidation and firm, but moderate policies - toward Germany and Russia and toward the problems of national minorities within the country proper. It is interesting to note that Pilsuds] achlevement of control coincides with the expiration of the services of Charles Dewey, for six years American financial adviser to Poland. and. Chanceller Bruening, in Germany, is affording the finest display of national ludenh!p of any statesman in :urog He is forcing consideration of his 30 in- terlocking bills, designed to establish uilibrium, before the Senate 80 that they may be presented to the Reichstag as a co-ordinate whole when that body reconvenes on December 3. Meanwhile, remarkable progress is being made in reducing nternal prce levels, which are to be followed by proportion- ate reductions in wages and, it is hoped, in the inconsistently high farm tariffs. Germany's Position. If successfully carried through, this will constitute the first example in modern history of a co-ordinated scal- ing down of relative values by deliberate design and imposed management rather than by a destructive interplay of un- controlled economic forces. In the case of Germany such achievement strikes to the very roots of German well being since, under the post war reparations irdens, Germany is more than ever dependent on her competitive export ability. England is facing this same issue of real versus monetary wages. Rail wage agreements expired November 12. Re- duced hours in the mining industry be- come effective December 1. Both rail- way managers and coal operators claim that wage reduction is <sseential. Labor is expected to resist, to point out that living costs -are down but 5 per cent below a year ago though the wholesale average has dropped 18 per cent. In France, the Tardieu government has met and successfully survived the long gathering itical crisis. France is unquestional of the world shows signs of valescence. The second economic conference has opened at Geneva with 26 European and 6 foreign nations represented, but whereas many commerce ministers at- tended the first conference, the present delegates are primarily secondary of- ficials. The object of the conference is to promote agreement on the tariff truc> and treatment of foreigners. Or- iginal conventions were drawn up last Spring, but are still unratified by the majority of Of equal impo: from the of iting freedom action of individual countries would appear the | premature. NEW BANK OFFICERS. R. W. Dlnlelhllob‘elu elected chair- trade | they at least will sleep well nights for the tion. e Classified Ads Pages 5 to 11 NORMAN DODGE, Former Washington man, who has just been returned to his post as head of the Mergenthaler Linotype Co. He has made a brilliant record with the big corpora- tion. A large amount of the stock fs held in this city. Business News in Retrospect Washington Stock Exchange List Contains Attractive Equity and Bond Issues for Prudent Investors, Who Are Disposed to Shun Highly Speculative Trading in Wall Street. —_— BY L A. FLEMING. Capital Traction's clipping of 3 per cent from its annual dividend rate and | the dropping of the 25 cents a share | extra by the Mergenthaler Co. have been the only im- n A a cut from 7 per cent to when aided by the adve) of the door-to-door salesmen referred to last week, caused a decline in the stock. A shmts m&hldy of the table, Wash- ington e for 1930, will readily show the wisdom of local interests and local e making conservative selections from this list where speculation never runs rampant, where brokers worry neither the Fed- elr'u Reserve Board nor the dignitertes o . Naturally when there has been such a smash-up as Wall Street has ex- perienced during the past year, with investors and speculators working over- time to save something, with general ‘unemployment and poor business, prac- tically all stocks and bonds have sus- tained losses, but not the awful doses that have been met and taken on ac- count of trades on Wall Street. Our bank stocks have suffered more than any other group of locals and for that situation there is offered the fact that these shares are generally held too high, and for the last two years have been quoted on prospects and in- | fluenced by special reasons rather than on thelr capability as dividend earners. And the very rich call money market in New York aided in inspiring these high figures. Money Has remained idle in vaults too much of the time. It is likely that there will be a clipping off of extra dividends with the, January distributions. Capital Traction at its present price around 50 pays a larger dividend than when the distribution was 7 per cent, as it is selling on an 8 per cent basis. Its sister stock, Railway preferred, has not varied but a fraction, holding close to par right along. paying 5 per cent, as it has since the original date of issue. - Washington Gas is another teady dividend earner and payer, w. h a future under what gives evidence of belng an aggressive, energetic manage- ment. Average 60 Point Drop. On tre average, bank shares in this city have reacted in the last fourteen months some 60 points, but in the same period the shares of banks and trust companies in New York City have split wide o] and, with the exception of the t National and one or two have dropped hundreds of points. Bankers all over the country—that is, the conservative managers—are carry- ing large reserves against deposits, par- tially because they cannot place safe and paying-rate loans in sufficient vol- ume and also for the reason that the lack of confidence and unrest at the present time demands careful prepara- tion for eventualities. Seeds of the Florida bank failure fever have been blown all over the States, and just at present an epidemic of the disease is rampant in Kentucky, with K:mmmn in other sections. Like- wise, cyclone is no longer an exclu- sive product of Florida, but bloweth “whither it listeth.” ‘The five-day law may save some of the Kentucky institutions, just as the four-year frozen assets law has saved many banks in Florida. A Strong Bank. George O. Walson contributes a state- OF EARLY UPSWING INU.S. INDUSTRIES Radio Manufacturer Believes Turning Point Has Now Been Reached. SAYS LIVING STANDARDS MUST BE MAINTAINED United States Business Should Set Pace for Stock Market, He Declares. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, November 22.—A. At- water Kent of Philadelphia, radio manufacturer, believes that business Tecovery is close at hand and he is getting ready for it. That Mr. Kent understands business is sho fact that his plant has gr'g:m”fm"’l.i two small second-floor rooms and two employes into a model plant covering 30 _acres of land, with 5,000 emmoyu. Last year the country was the throes of overproduction, but this year we are afllicted with overpredictions,” sald Mr. Kent to me in reviewing the present business outlook. “And having been fortunate enough to have been one of those who not overproduce and having, therefore, escaped = the problem of moving ‘distress stocks, I am equally desirous that I shall not N Kt 1s . Kenf esser - turer—an lnventar::“n’ m‘ m‘:nulmu His abilities are primarily in the fleld of organization, not salesmanship. He is forever seeking the source of trouble, lndH'.he: a to meet the A e not fluent—; quite diffident and modest. gl‘“fl:: he was® oy thise pecvens i % on, burst upon‘the‘ world. 3 Py ‘Wages and Prices. radio manufacturer spends a day in his laboratory. over to others He doesn't This ‘hours MY B heE to our present difficulties?” was my nex. S ithout the _propriety o uf on of short selling, as raised by your ques- tion, I venture the opinion that a con- siderable part of our present distress might have been avoided if the stock War, settled “In’ wl;}imrémen ““l ., and be- came & mani of for the wool industry. s Young Atwater -received a public Cnaincering vt the Boresstes Bolee: enginee: orcester - nic Institute. He -showed hhpomlmxde in school by a.-series of its with batteries and learning never appealed to him. Prac- tical experiments did. So he left the institute without completing the course and entered the factory of Kendrick & Davi#, at Lebanon, N. H., manufactur- ers of electrical motors and watch tools. In 1902 he moved to Philadelphia, and turw%mhha:nphnbmal . inter- communicating home 0 7 S —— automol dustry ded, his factory entered the modum of motor equipment, including switches, timers and open circuit ignition systems. Some of his methods of ignition are still in use. Enters Radio Field. By 1911 he had 125 employes. Dur- ing the war his plant was taken over by the Government for Government 5 the At Kent Manafosiomian s wai ent Man T S e made t five tubes. It was a modanorfltlg", looking a it from the electric type used today. And while four years later he manufactured more radios every day than he did during his entire first year of 1923, his major interest seems to lie in the broadcasting fleld, in which, since 1925, he has spent better than $500,000 a year in high-grade rnuaic‘ l:n:;‘ zheuh:::u of the Nation throug wel Derformanses, own Sunday night (Copyright, 1930, U 2 B i New- e SHIPMENTS INCREASE. ONEW YORK, November 22 P ment from the First Security Bank of Pet that it T deposits e from re- the com- its. ficials may not satisfy shareholders, but untry will show it. b, hard tim in the tem; Ryan, general sales m: sald October' shipments of the ing board division of the Chis ard Lumbcr Corporation per cent gain over Sej substantial increase, cated for November, MiL £