Evening Star Newspaper, December 7, 1930, Page 73

News of Markets Pages 1 to 5 Part 6—12 Pages MORE TRUST FUNDS TERMED BEST WAY 10 PROTECT HOMES Gilbert” Stephenson Urges Closer Unity Between Insur- ance Leaders and Bankers. A. B. A. OFFICIAL REVEALS NEW FIDUCIARY IDEAS Prominent Guests Present at Joint Forum Meeting at Willard Hotel Last Evening. BY EDWARD C. STONE. Closer co-operation between the trust eompany and the life insurance com- pany will do wonders in the better rtection of the family and the home, fi the opinion of Gilbert T. Stephenson, the District Life Underwriters’ The Epeaker, %ho is sise vics president er, Wl ice ni of the Equitable Trust Co. of Wilming- ton, Del, enthused 150 of the bankers and insurance men of the city, the joint meeting being arranged by B. L. Colton and John H. Snyder, chair- men, respectively, of the fiduciary and insurance organizat ons. “It must be quite apparent,” Mr. asserted, “that the head of house, the life insurance company, the t:-\u“t;u mmywh.l.'. ‘1: ique part Pl of the f . _The head must, after all, provide for the mill. He must pay the 45 of both the life insurance company the trust company. The life in- surance company helps him at once to mndz for the financial protection of family in case he should not be able to create an estate ing and : TRADING IS QUIET GILBERT T. STEPHENSON, Head of the trust company division of the American Bankers’ Association, who urges greater co-operation between bank- ers and insurance men in all fiduciary matters, in order to give American homes _better protection. OND.C. EXCHANGE Three Bond Issues Added to Unlisted Group—Divi- dend Voted. Trading was quiet on the Washington Stock Exchange as the week ended yes- terday, but three bond issues appeared for the first time in the unlisted de- partment. Capital Traction closed at 48, Com- mercial National Bank sold at 223 and Potomac Electric Power 6 per cent pre- ferred came out at 111},. Mergenthaler Linotype opened at 87% and closed at 87. Bonds, which had been in pretty good demand earlier in the week, were neglected. Following action by the board of gov- ernors, Mayflower Hotel 6s, National Press Building 5%s and Wardman Real Estate ies 1931 6145 were added to the unlisted securities. ‘The market closed with a bid ot 58 bid and 68 46 for Mayflower 6s, Press Building 51:s an asked for National and 55 bid and 65 asked for War Real Estate Properties 614s. The board of governors state in reply many that the u;xcl:nnge otations on both stocks and bonds. ey are called off every Saturday and prices the | the bid and asked the | date. In some instances in the past policies in different companies, pre- venting unified administration of an estate unless some one person is desig- administer the G. C. Murphy Co. Y €8 | 1or” saics. o 1n |pared with ies. The head of not always realize that his general estate are ble for distribution until the xecutor’s Jau- Medmwhne. expenses continue and some- increase. Trust officers are saved embarrassment and families relieved of want when life insurance companies sell insurance for the specific purpose ©of meeting immediate needs. ‘When the life insurance company broadcasts its slogan, “We Protect the Family”; when the trust company lays the same high function; when of the house intes to , “But, am I not the protector of own family”; i Mr. Stephenson, who is a lawyer as well as banker, gave a host of illustra- flan‘linorde'r'nmlkehilfllkprlc- tical. For several irs local bankers and insurance men have sought greater | th unity and the A. B. A. official’s address hmny new lun'.:, ‘;r ;‘;\n b?'; done in Washington abou ‘the.trust depariments of the Jocal to trust ents of for administration. . Colton presided at the joint meet- and dinner was served before the Mr. Snyder brought greetings Acd 3 MoGuuade. Brsh ‘Bankers' local securities not listed on any ex- change have been sold at a figure 25 points under the price which they were called upon to pay in case of a pur- chase. The exchange listing protests putting a damper on such Commerce Dividend Declared. Directors of the Bank of Commerce & Bavings have declared the regular semi-annual dividend of 5 per cent, ac- cording to announcement by John M. Riordon, vice president. The Chevy Chase Savings Bank has just its ninth anniversary. On the day it opened for business its de- posits were about $25,000. Following the last bank call they were reported as_$1,168,608.61. The November decline in Bank clear- ings in Washington showed not such 8 percentage decline as did the coun- try as a whole. Total bank clearings at 125 cities for November this year as reported to Bradstreet's were $35,- 756,941,000, & decrease of November a year ago. Chain Store Earnings Gain. e} for Novem- $1,579,476, as com- $1,463,872 in November, 1929, an increase of $115,604, or 7.9 per cent. For the 11 months ending November, 1930, sales totaled $14,327,- 676, as compared with $13,080,288, an increase of $1,247,388, or 9.5 per cent. P. & W. Grand-Silver Stores, Inc., reports for November sales totaling $3,176,266, as compared with $2,894,851 in Nove: T, 1929, an increase of $281,~ 414, or 9.72 per cent. For the 11 months ended November, 1930, totaled $31,666,894, as compared with $25,288,975 in 1929, an increase of $6,- 377,919, or 25.22 per cent. \UTILITIES REDUCING COST OF OPERATIONS - |Companies Sell Preferred Stocks to Raise Revenue for Many Improvements. pal Dispateh to The Star. KANSAS CITY, Mo, December 6.— Whatever the situation of the purely agricultural activities, the utilities of e interior are continuing their devel- opment as rapidly as possible. The movement toward decrease of strictly municipal power and plants and the elimination of mutual telephone ex- changes is steadily advancing. The unified systems of power plants are not only reducing the cost of cur-: rent to consumers, but are rebullding | their rties into modern efficiency. | This is furnishing a vast amount of | employment and improving the service. To finance these operations the sale | E of preferred stocks is pushed, though | - | with much less success than during the past half decade. The investment d | funds are limited, and when stock is il i £7 | urchased it frequently means a reduc- lon of bank deposits. Mostly the com- panies have cut their dividend rates to 6 per cent, though some are still offer- ing 7 per cent stock, non-taxable in the | have been - | week. FINANCIAL AND CLASSIFIED he Sunday Star ~— T WASHINGTON, D. C, SUNDAY MORNING, DECEMBER 7, 1930. "Clansilbeid: ks Pages 5 to 11 STOCKS DEPRESSED ON SMALL VOLUME INWEEK'S TRADING Steady Liquidation Forces|™ Many Issues to New Low Levels. AVERAGES HOLD ABOVE YEAR’S MINIMUM POINT Securities Apparently Lagging Be- hind Business, Which Shows Slow Gains. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, December 6.—It has not been its volume but the persistency of the liquidation that has caused discour- agement to investors in one of the dull- est weeks of the year on the Stock Ex- change. Many new low prices have been established. The average of the market still holds well above the bot- tom level of a month ago. n for the new outbreak of sell- ing may be discovered in another nzte banking situation that was “taken care of” this week and was quite unexpected; in lack of response to the advance in iron and steel prices; in the increased number of dividend reductions; in cum- ulative effects of over a year of depres- sion exhibited in statistics of car load- ings, pig won production and chain store and merchandising companies; and in tax selling that has been revived since the suggestion was made that the capital feature of the income tax law be repealed. Nervousness over political conditions in Germany and in France, and with res| to the economic situation in 1 also served to unnerve investors and provide the professional bear ele- rent with arguments for lower prices. Business Outpaces Stocks. ‘There is rather more of a sibly this is due to the fact that, in the Nov};mber rally, stocks outpaced the in- dustrial recovery that had begun to show at that time. There have been 50 many false starts this year that Wall Street is suspicious of every sign of im- provement that lasts through three market sessions and carries more than five points in the averages. December is an inopportune time to promote a bull movement; more so this year than werdvt;mnmmq-e is such a long dally record of e: on cotg:rn- tion earnings of nearly 16 months of mntncug production and falling com- modit; ces. Ths’;odmunul of the selli in- dicates the d to_which ited. This is fempha- lifig by the reduction in brokers’ loans, which has carried over into the tenth sitive to small offering in the way that bonds have been for the three months. Transactions in securi- ties that have experienced the widest fluctuations recently have frequently been of nominal amount. Technically, the market becomes stronger as the liquidation proceeds and the liabilities of Wall Street are reduced. There is too much timidity, however, to gain advantage on that score. Nor is there leadership at the present time to make capital of it. Wall Street has never been so weak in organi- zation to meet a crisis as in the present one. Nor has it ever had such a lack of ltmn& men to guide it and give commands. same past Raiiroad Situation. 1t is difficult, for instance, to conceive of such a situation as has developed in the Eastern railroad world, involving the Pennsylvania’s holding of the Lehigh Valley and continuing through Prices of stocks are highly sen- | posi Trade Trend and Outlook William C. Redfield Believes Causes Which Brought on Business Depression Have Now Disappeared and Way Is Cleared for Recovery. BY WILLIAM ©. REDFIELD, retary of Commerce the president of Brookiyn ank and formerly president American Manufacturing Export ~Asso- ciation. As Told to-J. V. FITZGERALD. (Copyright, 1930, by North American News- paper Alliance.) I believe that the causes which led to business depression in this country have worksd out their full result and that there is no sound economic reason for the further continuance of the con- stricted state of business. Indeed, it seems to me that there are obvious signs, hére and there in different lines of “business and in separate places throughout the country, of the &fln- ning of the end of distress, Take for instance the recent survey of industrial conditions in 18 States that was made by the National Asso- clation of Manufacturers. It revealed a general business improvement and a slight pick-up in the unemployment situation. _California, Colorado, Indiana, Illinols, Kentucky, Massachusetts, Mis- sourl, Michigan, New York, Oklahoma, Ohlo, Rhode Island, New Jersey, Con- necticut, Pennsylvania, Georgia, Utah and Washington were included in the survey, Gist of Reports. Of these States, 12 showed improve- ments in present business, two business statiohary and four reported decline. The reports from 14 States expressed confidence of better condi- tions by Spring at the latest. One looked for no change and the other three considered the situation unfavor- able. These three were mining, agricul- ture ane lumber States. Certainly such reports as these should serve as gloom chasers and to imbue business men all over the country with the spirit of conservative %lenm. Mills are slowly returning to full time operation and ess will be well on e road back to normal before we realize it. ‘We can hardly look for a rapid rush of recovery, despite the encouraging signs, and that is a good thing, in my opinion. I hope that the imznd.ln! improvement will be deliberate an continucus rather than quick and spasmodie. It would be vastly better for us all, in the long run, if we could grow out of our recent difficulties surely but steadily and so escape the tempta- tion to ;xcul i - Our temperament as a cer- tainly plays a part in the exaggerated swings of our business cycle. It seems to act in business matters by recurring stages of enthusiasm and depression. At one point in the cycle we touch the heights of imism. From this ‘we drop to the th of pessimism. Plight Largely Mental. ‘We have been in the latter stage for some months now, and at the present time I should say that our plight is largely a mental one. We are suffering, more or less, from the momentum of thought and from the speech. We have got attitude, and in so doing avoid its te. Otherwise we might very well pass from this needless depression to gx artificlal prosperity that would not lasting. In other words, we are not in need likely to grow in proportion as it is the result of steady growth instead of any- thing even a boom. I ness who would seek to bring about a revival in undue haste. ‘The improvement in conditions that is making itself felt should be & matter of that will be steady and perhaps slower even than some of us might wish, but moving step by step into sounder conditions. Perhaps an analogy in nature may be found in the fact that the animals which have the longest infancies are the longest lived. I do not think there need be any recognized movement toward prosperity until it shall have advanced rather far. weeks of stubborn and unreasonable refusal of compromise, had the elder Morgan and the elder Schiff been here to deal with it. Not a little of the faith that investors have lost this year is due to the mess that those to whom they entrusted their money have made obligation, and this includes quite & long list of those who were supposed to possess sound business Judgment. It will take some time for this dis- trust to wear off. This is one of the reasons for delay in approaching - ities that are obviously liquidated and whose yield and ability to continue present dividends make of them invest- ment opportunities in which investors will take pride a year or two hence. It does not often happen that sound com- mon stocks may be purchased to return from 6 to 9 per cent, nor have there been many occassions in recent years when second grade bonds of the best American corporations were available on a 5% per cent basis. (Copyright, 1930.) —_— INITIAL DIVIDENDS PAD BY 524 FIRMS Eleven Months of 1930 Find 200 Corporations Increasing Special Dispatch to The Star. NEW YORK, December 6.—Initial dividends were pald by 524 corpora- tions in the first 11 months of 1930 and extras were declared by 996 in the same period, according to the Standard Statistics Co. Payment was resumed by 27 corporations and in- creased by 200 in the 11-month period. Detailed fg:m covering dividend changes in first 11 months of both years follow: Increased . Resumed xtra. Initial Stack Decres CHICAGO DAIRY MARKET. CHICAGO, December 6 (#).—Butter, lds are thern-Central Staf to hundreds of towns that e es reac! g:lo. Already lines are 6,700 tubs; easler; creamery e: 321! standards, 31%5: extra : rren 3 ; ordinary current re- ceipts, 20-21; refrigerator, firsts, u'-Z; refrigerator, extras, 19%2-20. WA B DIVIDEND PAYMENTS. NEW YORK, December-6 (#).—Ini- and | rations in the first 11 months of tial dividends were paid by 524 eu{r’;‘; e in th Co, re- Payments. | this In my judgment it will be a matter of individual recognition that the day of booms is passing. Here or there a man, or a concern, vrllll awaken to 'f.:e hl:ct that the depression seems ve passed, One and another individual and firm will then take courage and step ahead. The movement will be more normal if it thus arises out of the individual habit of gloomy | is to abandon that WILLIAM C. REDFIELD. vision of men in many positions grow- ing gradually into the general accept- ance of the fact that the dawn of better days is here. Sees Brighter Prospects. Developments of the last month should indicate to every thinking busi- ness man that we are on the threshold of better times. Apparently the down- ward trend of business has been ar- rested. It seems to be traveling a hori- zontal course at preesnt preparatory to beginning its upward swing. Operations in certain instances have been speeded up on a sound basis; in- ventories have become so greatly re- duced in many cases that the needs of consumption will soon be demanding increased production. Textiles have shown an improvement recently. Many will see a very en- couraging sign in this condition, for will be remembered that it was the textile industries that led the way to recovery after our last slump in 1921. Our banking structure is sound, thanks to the Federal Reserve system. Money is plentiful for all enterprises that are sound. Savings accounts have shown an enormous 'g:wth in the last seven or eight months. We have the wealth in this coun- try, the men and the commodities to work out of the present situation. We did so in 1893, 1903, 1907, 1914 and 1921. We uny;l:w:fih:n -\:ledw win our way es an on o Higher lovels of prosperity. Fhess nothing in this depression to indi- cate there will be any result other than ©op-|as indicated in our past economic his- ut in reaching the normal ways of business again we are to need a reasonable amount of faith and old-fashioned confidence in ourselves. We will need to get our feet on the ground and keep them there. In this we might pattern after the French people. Here we are inclined to think proaching . It the French most temperamental, but would be a ll':lpfl/-ll‘hhd friend of busi- | the; 'y are not given to rising to such heights of enthusiam and then sinking to such cepths of despair in business matters as we are in this country. They have their ups and downs of emotion, but they are the most severely logical of men. They are quick to recognize business facts, which, perhaps, is one of the reasons that France has been so little affected by the world-wide busi- ness depression. Let us look the facts in the face also. I do not mean to minimize in the least the adverse business conditions through which we have been passing, but there are no economic facts to justify the mental state into which so many of our people have worked themselves. We have been through the worst. Improve- ment already has set in. Have faith ;n:l wlmgm in your business and its uture gains now apj t on the surface will soon be noml;n to all. (Copyrisht, 1930, by North American News- paper Alliance.) MARYLAND FARMERS’ MORTGAGES SMALL —_— Debts Slight Compared to Those in Southern and Western States. Special Dispatch to The BALTIMORE, December 6.—Mary- land’s farm mortgage debt, compared with that of many of the Southern and Western States, is relatively small, and the interest burden on the average Maryland farmer is not such this year, despite the drought situation, that many farmers would run the risk of foreclos- ure, Volosko Vaiden, president of the Federal Land Bank of Bulul;:!.bm:d this week in commenting on ability for farmers to meet their mortgage debts “As a class, Maryland farmers” he ald, “are mortgaged for about 16 per cent of their value. Accol to the latest census res available value of all farm land and buildings in Mary- land in 1925 was $341,000,000, whereas the total farm mortgage debt in 1928 ‘rhe_highess’ morigage debt, s found e m‘ Towa where it is u.coo.o&o,oog. Nlen Illinois, Wisconsin, Minnesota an - braska it is about a half billion dollars in each State. In North Carolina eorgla o $100,000,000; Kentick: $125,000,000, and Tennessee, $108,000,- 000. “Of the total farm mortgage debt of land FISHING CREW RESCUED Ten Men Drift Four Days Before 5 of them colored, comprising the crew of the' fishing launch. U-11, were _rescued uu/rdr:r mile and a oft lly men were all well, trying A ‘They d the attention of per- WA & pair of as o distress signal. (PR BT EXTENT OF DECLINES IN EARNINGS SHOWN in | satisfs afternoon a | Al Beach. despite their | i 718 Companies’ Net Drops 24.3 Per Cent in Nine-Month Period. Special Dispatch to The Star. NEW YORK, December 6.—Earnings of 718 corporations for the first nine months of 1930 were 24.3 per cent low- er than ta the com-#zdln' riod last year, according an l.nx::ym g Moody’s Investors Service, which stresses the fact that the decline is less than might have been expected in view of the extent of the current depression and the contrast with the record profit levels reached in 1929, Moody’s points out that, although 348 industrials showed a drop of 36.0 per. cent for the first three quarters, the general average was lifted by a fl.ln of 2.7 per cent recorded by 95 ight, power, gas and traction com- panles, and a decrease of only 1.7 per cent for 103 telephone and telegraph companies. “The picture for the industrials is, of course, very discouraging, on the basis of third - quaster " the survey states. ‘“Twelve industrial groups showed losses in excess of 50 T cent, as compared to 1929. A few lustries, however, reported relatively actory results. Among these were amusements, with an actual gain of 6 per cent (partly due to capital expan- sion); cement with an increase 23 per cent for two companies, and food products, which showed a decline of only 14 per cent from the third qu: ter of last year, several companies mak- ing actually new high records.” NOMINATION SURPRISES Filipinoes, However, Will Co-oper- ate With New Vice Governor. Hoover's nomina Butte of Austin, Tex,, as General of thl‘:hll.l sald i gy ‘The appointee, ittorne commissioner at R caused the news to be favorably re- R S 0 IFOREIGN INDUSTRY QUIET, BUT SLIGHT UPTURN IS NOTED Wage and Unemployment Sit- uations Are Still Disturb- ing Factors. BRITISH MARKET PRICES MOVE IN NARROW RANGE Overdue Deflation Cycle Beginning to Make Appearance in France. Spectal Dispatch to The Star. NEW YORK, December 6.—Cable dispatches to the Business Week give the following survey of business abroad for the week ending December 6: Business remains quiet, with the basic trend one of very gradual improvement except in France. Price formation par- ticularly shows greater stability. Prices, as reflected on British markets—which are the largest open markets in the world and consequently the-most rep- [ resentative—continued to seesaw during November, but within narrowing limits and with a greater upward trend. Of & total of 75 commodities recorded, 32 (compared with 47 in October) declined in price, though only 2 (in contrast with 5 in October) dropped more than 10 per cent. The prices on 20 com- modities (compared with 16 in October) remained uncg:.uged. On 23 (October only 13) the price increased. Prospects Unsettled. Immediate general prospects are un- settled. Wage issues and coal strikes have broken out in Great Britain fol- lowing application of the terms of the coal act before preparations had really been completed. Attention in Germany is focused on the reaction of the Reichstag to President Hindenburg's promulgation by emergency decree of Bruening's fiscal reform without first submitting the reforms to Plflhmenh This measure was dictated by ties are hesitant to assume_respo: sibility for public support of Bruening’ emergency decree, since this would al- lamentary majority dubious. The same parties, however, are equally hesitant to assume the responsibility of reject- ing the President’s signature to the emergency decree since this would al- overd is beginniny gal is occasioning a n% of French foreign balances and renewed gold movements and exchange oscillations with result- ant twitchy tightening on the money market. No actual stringency, however, is anticipated on the principal markets, notwithstanding year-end settlement re- quirements. Belgium has concluded a 4% per cent loan for 19,000,000 with a Swiss and Dutch banking consortium, the proceeds destined to liquidate an 8l per cent loan held in the United States since 1921. Is again remarked, notwithstanding in- ternal capital congestion. Developments affecting already estab. lished cartels and the formation of new ones are a feature of the current sit- uation. The European steel, wire and rail cartels are meeting in Paris this week. The simultaneous visit to Europe of the presidents of the three leading American rayon companies is believed to signify a resumption of discussions of the possibilites of stabilizing the world industry. During November, a 3-year accord was reached between tween the wood pulp interests of Ger- i a7 prol T men by Austria, whereby production will be limited to 85 Fr cent of 1929 volume. Upon the steel cartel meeting depends 'l'l;;l renewal of production quotas for Scotch Coal Strike. London.—Business is overshadowed by the wood gulp interests of Ger- already in a strike of 92,000 Scof miners. There is still some fear that others will walk out. The whole diffi- culty is due to the change in statitory hours according to the new Coal Act without first reaching an agreement be- tween miners and operators on new wage rates. According to the new law, miners will work only sejen and a half hours a day. o'nl;‘n‘ faced wm‘:e dcpruslo:, are demand! Yropqmom wage cuts. The Miners’ Union refueses flatly_to ac- cept any cut. A lasi-iniaute appeal by the gevernment, which’ re- sulted ‘a a temporary agreement by South Wales miners and which other English and Welsh mining districts decided to follow, is all that prevented & general stoppage throughout the in- dustry on December 1. Negotiations for wage agreements are now under way between operators and workers. Despite these labor difficulties, op- timism is still marked. Iron and steel are dull, but there is some increase in the demand for semi-manufactured products and a brighter tone on the London iron and steel exchange. Paris.—Activity in industry is falling with accelerated rapidity. October iron and steel production was down by sub- stantial amounts for the third consec- utive month, and reached 1928 levels. Short-time unemployment is. becoming widespread. Stringent_control of labor immigration was established this week, and repatriation of foreign labor now ‘The Wi n Loan s | recently announced the her instead of lower than a year ago, labor naturally is resisting the move strenuously. Due to several factors, it is improb- that France will experience a crisis mass ot depression Goustier Tg of most other ion countries. financial industries, will the country to live from its own fat L] flmnm: for December 6 (#).—President nonotu«:omonfl. ] Vice Governor | since cover for e French abstention | turn, , | trusts and estates confided to its JOHN POOLE, President of the Federal-American Na- tional Bank & Trust Co., who has just been elected for a third term on the Federal Advisory Council to the Federal Reserve Board. The council is made | up of one banker from each of the 12 | districts, Mr. Poole representing the fifth district, which comprises Wash- ington, Maryland, Virginia and West Virginia, North and South Carolina. Business News Retrospect Unfavorable Comparisons of Earnings Are Likely to Cease with Turn of Year, and Precedent Shows Present Dullness Will Bé: Bollowsd: by Tiada Pickup. BY L A. FLEMING. It may be a satisfaction to know that henceforth the comparisons of earnings of railways, industrial corpo- rations and public utilities will be with the lean year 1930 and not with the fat year 1928 and the decreased clearings, reduced dividends lve 10' wve been L A Fieming. 3 - Looking over the investment fleld one finds small' com- fort as to the indications for cal remv::y. for the of the industrial dullness and for the return of the big men of Wall Street to the market. One even wonders what the big men can be doing with themselves, if there are really any big fellows left on the Street; what the investment trusts are doing and how much further the decline must go before the final Eventually Orders Must Come. Tson’s guess is good as another’s, per- g:pl a E:Lle better. Gradually trad- ing has moved into narrower lines as room traders, who must do something, keep pegging away trying to make an honest penny. One finds tips less numerous, but none the less dangerous as many a person will bear witness. Money continues in great supply and comparatively little demand from in- terests that are entitled to borrow. Security loans are off nearly five mil- lions, evidencing the fact that the oper- ations today in stocks are more of the scalping order and not cumulative, One of these days there will be steel and car orders coming into the market Irom railroad companies that have been holding off against better times, like- wise scores of other manufacturers will find that the buying movement, slow as it may have been, has necessitated the replenishment of supplies and the movement will spread for much better times, less unemployment and eventually some recoveries in stocks and bonds. All records of the past will be broken if they do not “come back.” The Sinking Fund. What a splendid thing the sinking fund is. It matters not for what pur- pose it is arranged, although the gen- eral term usually applies to provisions for the retirement of a bond issue at maturity, . If every bond issue provided for a Alnkmq fund of sufficient amount to pseT na‘urity bonds would be more saiaL.. ano their would be fewer foreclosures. If a mar would establish a sinking fund to take care of his ob- ligations at maturity there would be fewer suits, fewer requests for curtail- ment renewals. Maturities sneak up on one like a thief in the night, with- out warning, and in doing so arrive before expected and unless prepara- tlon is made for the reception, one muTs}t‘ ask favors or default. ere was a time in Washington when 1t was a by-word that demand note would never be paid off—just re- newed and renewed again. HIGH WAGE LEVEL - INDORSED AS PROP 10 BUYING POWER President of Indiana Stand« ard 0il Company Comments’ on Depression Relief. SAYS NEW INDUSTRIES MAY AID UNEMPLOYED finite Plan for Work Better Than Temporary Relief, He Declares. BY JOHN F. SINCLAIR. Special Dispatch to The Star. g NEW YORK, December 6.—Edward G. Seubert of Chicago, president of the Standard Oil Co. of Indiana, is another great employer of labor who believes in keeping wages up in times like the pres- ent. an “It has been the great achievement fo American industry that with few ex+ levels have Been maine dustry has endea to prevent that lessening of buying power which can only delay a return to PR In studying umemployment, ¥4 u unemployment ofl executive does not quite see the oA trigaie to hald.empl t up “The st employment has not been so successful. Ind of course, to a large extent at the of the consuming puklic. When the mand for commodities falls off, more severe, more drastic steps course be taken to offset it.” Remedies Suggested. “What, in your opinion, can be done that is not being done to solve the un- employment problem, so acute at the present time?” he 'l‘ll asked. initistéd “The measures ready col lons of lating a return to conditions which will increase the demand for workers,” Mr. Seubert replied. “Looking to the long tuture, however, there is need of some definite means of additional employment. Possibly the solution will be found in some invention that will dis- | cre: any radi- | has been It has come to the place where one | ret: TRADE IS NOW NEAR TO HOLIDAY PEAK Significant Changes Lacking, but Yardsticks Show Business * Holding Jts Own. Bpecial Disbateh to Thie Star, NEW YORK, December 6.—The bee cant change the stagnant situation, and few indications that change is in early Business Week in i the week ending December 6. thing only may be sald with some assurance, which is that the level at ch business activity is running ign of going much lower, probably can’t and probably won't unless some has happened to the world that statistical yardsticks never had to measure before. . The business ‘index ‘still fluctuates around a level 80 cent below nor- mal, dropping sligl t}y from 80.8 cent to 80.3 per cent for the week cnp?-. ing November 20. In th @ year zgo (e iadex stood at 102 per cent. trial activity is still slop- ing down, as usual, to th but from a low leve reflected in merchan CHAIN STORE SALES. NEW YORK, December 6 (#).—Gross sales of 22 leading chain nwreml ferent now. Some of our banks will not make demand loans, insisting on time loans with definite date for pay- ment, curtall or renewal, as the case may be. l{'l Jjust another way of paring for evemuul!.lu—thru{ Anmmt ex- penses. Investment Department. & Trust formation an investment department. If is one thing a trust company n more than another it is a department to look after the interests of its clients and care for its own investments, for a trust company must select all in- vestments for itself no less than fc e Hundreds of customers have um" to the banker for advice and of it T, R P @ decrease of 14.3 per cent from for the like month a year ago, pilation by George H. & sh lhr’ u“thm“ 11 months sales for the same systems to- m $1,611,388,828, a decrease of 4.3 per cent for the corresponding of 1929, Part of the decline bly was due to lower retail pr&l. for November aggregated $152,129,317, figurgs of an estate; uniform system of n and distribution; a new bill of property and intestacy; wider grants of power of sale of real estate to exequtar and _trust and simplified procedure for fiduciaries. New Status for Women.