Evening Star Newspaper, December 11, 1930, Page 12

- FINANCING OF WAR PURCHASES PUSHED More Money Spent for Mili- tary Armaments in 1930 Than in 1914, g BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. YORK., December 11.—Frank B. Kellogg's widely quoted remark that Western civilization would not survive another world war may be true, but the world’s governments apparently do not take much stock in it, for more money | was spent in 1930 for military arma-| ments than in 1914, when the great war | began. Only told this writer needed now is last week an influential man; that what is really| a first-class war—to | “take up the unempioyment slack.” | This sounds pretty skeptical and ma- terialistic, but there are many men who | believe that a war would help—not | hurt—world business right now. exchange standard and so are no longer buyers of silver. Unquestionably, the t low price of silver—showing a p of nearly 30 per cent in 11 months—is regarded by many economists as well as bankers as one of the major causes of the present world depression. For every drop in silver means a curtailment, in purchas- lrlxg power on the part of a billion peo- ple. Bus Business. ‘The Greyhound Bus lines, the out- standing motor bus system in the United States, have carried 22,000,000 Americans more than 125,000,000 motor miles during 1930. Four years ago, the company . began operations on 800 miles of route, which touched only a few major cities. Today this company completely covers the United States with a network of over 40,000 miles of routes, stretching from the Atlantic to the Pacific and from North Dakota to the Gulf of Mexico. What has caused tnis tremendous growth? T would say that good‘paved roads and cheaper transportation are at the foundation of the growth. Then, the modern busses are comfortably up- holstered, well ventilated, and the routes work on a definite time schedule. Perhaps the great expansion in this field can_all be summed up in two words—efficient management. Cotton Acreage. ‘With December cotton down to 10.10 cents a pound—the lowest of the year— THE EVENING STAR, W. dINGTON, 223,000 standard bales—a decrease of nearly 600,000 bales under 1929. The Farm Board 15 working des- perately in an endeavor to obtain a drastic reduction in acreage. Certain banks in the cotton States are reported to be withholding credit in their eager- ness to cut down acreage by at least 10 per cent. But the wholé problem turns on the question of what the farmer can sub- stitute for cotton. CI from cot- ton to something else cannot be worked out in a minute, nor a year; for the farmer, in most cases, has little or no credit left with which to engage in other farming lines. His capital is very largely tied up in his land, which too often is overloaded with mortgages. It is easy to suggest an acreage cut, but the farmer rightly asks, “What can 1 substitute, and how?"s And in the answer lies the solution. ht, 1930, by North American News- (CoPyHIERt. 13 per Alllance) e WHOLESALE PRICES. By the Associated Press. General prices registered a very slight advance last week as their change was calculated by the Department of Com- merce. in the index that follows the aversge wholesale selling prices are given for comparable periods, based on representing 1926 levels as 100. In addi- tion, the selling price of a ton of com- posite steel products is given at like periods: By the Associated Press. NEW YORK, December 11.—Orders for fill-ins on holiday merchandise assumed larger importance in the or- ders reaching resident buying repre- sentatives, the trade reports. Active onset of Christmas shopping last week by consumers depleted retail stocks of a number of items to a fair degree, resulting in numerous mail and tele- graph orders, ‘A plan of more intensive co-opera- tion between retailers and toy manu- facturers was outlined at a meeting of representatives of the National Retail Dry Goods Association and the Toy Manufacturers of the United States of America, To encourage retailers to place earlier advance orders, the toy producers explained two major steps the industry is now taking, one the decision that no new .lines will be brought out after the toy fair held in New York in April, and the other deals with a guarantee against price declines between the time orders are placed and the retail selling season. A number of furniture manufacturers are attempting to reduce production | costs on Spring merchandise by con- centrating on & few selected patterns, reports in the trade say. Producers are now completing their lines for ex- D 7 hibition during January and Fel 3 Because of the expense involved m ting a wide variety of patterns, it was pointed out, a number of the factories have limited the 1931 styles to a half- dozen outstanding numbers. Buyers registered in the New York market during the past week showed an increase over the number listed for the previous week, but fell behind the number - reported for the same period last year, according to lists published in the New York Times. For the last week 585 buyers were listed, as against 432 In the preceding week and 695 in the corresponding week a year ago. Arrivals of buyers yesterday totaled 183, compared, with 286 reporting on the same day last wesk. The early Christmas buying of men's apparel that has appeared has revealed a somewhat unexpected interest in ex- pensive furnishings and novelties, the | executive for a large men’s wear chain |reports. He said that Christmas vol- |ume in his stores was ahead of last year's total, and that an excellent busi- ness is being done in higher priced robes, shirts and neckwear and in novelties. A severe storm in the Tientsin dis- trict of China recently lowered water levels of the Hai River {0 such an extent that all steamer movements were re- stricted and passenger, freight and mail traffic was delayed four days. THUKSDAY, 'DECEMBBR 11, 1980, Public Utilities BY GEORGE T. HUGHES. Consolidated Gas (2). 2,2 series on the bonds as well as the facts without “any’ attempt lo rec- ommend purchase or sale of specific securities.) As with Ame'dflh n '.\;l::}'tnflne & Tele- graph, the high-price gs market gives Consolidated Gas is plainable, in , at least, on the e: pectation of granting to shar ers of rights to subscribe additional ug- ital on terms profitable to the sub- scriber. The record shows that this has been an important factor in the past. ‘The present dividend rate on the common stock is $4 a share annually and up to the time this article was ten the stock had not sold this year yield as much as 5 per cent on this dividend. _ Moreover, in 1929, which hwas a profitable period for the utilities, Consolidated Gas earned only $4.75 a share on its present capitalization. However, during that year the corpora- ' tion offered new common stock for sub- scription by its shareholders in the e | of the stock. new common 1923 and in 1927. In the latter year also additional pre- ferred his original stock it will found that he fared well in the way of income, although the market value of his capital may have depreciated measured by the present deflated price It is the anticipation of similar offerings in the future that ac- counts for the willingness of buyers to Pay in the neighborhod of $100 a share for a stock returning only $4 in dividends. These expectations will be realized only if there is continued growth in the corporation and in the 'erflbl::’x;y served, but that seems entirely probable. Tennessee Tobacco Prices. KNOXVILLE, Tenn., December 11.-— Tob':ccn brought lrl;l average of 20 cents a pound at the 'ni; of the Knoxville market here. i ‘The Knoxville Tobacco Trade Asso- ciation announced the sale of 205,558 pounds. ‘The jeaf sold from 3 to 33 cents a pound. U. S. HAS FAVORABLE FOREIGN TRADE BALANCE By Associated Press. le the volume of fareign trade of the United States for the first 10 months of year presents an unfavorable comparison In contrast with the same period of last year, an analysis of these figures discloses several favorable face The gross trade for the calendar year up to November 1 amounted to $5.928,735,485, & decrease of about 37 per cent as compared with total trade Of the same 20 months last year. But the favorble balance of trade for this period amounted to $629,735,485 for 1930, as compared with but $621,109,960 for 1929. Exports from the United States for 1930 were 124 per cent of imports, while last year they were but 117 per cent, For the latest reporting month, Oce tober, exports were 132 per cent of the imports, while for the same month last year they were 135 per cent. Statistics dealing with the Soviet Russia present an interesting picture of the cultivation of this relatively new market with gross trade increasing approximately $35,000,000 for the 10 months this year, as compared with last. The favorable trade balance for 1930 is $66,970,690, as against $43,618,« 144 for the corresponding period of 1929. The major portion of this gain can be traced to the Soviet's purchascs of farmin, Hin the question of restricted cotton acreage in 1931 becomes of first importance. On December 1 the Government's estimate of the cotton crop this year was 14,- | Undoubtedly a vast majority of the ple of the world want war abolished, | m the great pow have not been able, or at least have not yet decided, to write | the word “finis” over armed conflicts. ‘While the next w: which all the Euro- pean nations seem to be madly preparing | for, may spell “universal chaos, as MT. | Keilogg says, there is nothing to indicate that the statesmen controlling the great powers of the world belle‘e that it will. | Attorney Wins Promotion. John H. Ray, former Minneapolis at- torney, has been made a vice president d a’ member of the Executive Com- mittee of the Western Electric Co., as well as general solicitor. A graduate of the University of Min- neseta, he received his degree of bach- elor of laws from Harvard and began the general practice of law in 1917 After serving a short time in the war he returned to the practice of law in Minneapolis, where he remained until 1923, when he moved to New York and entered the American Telephone & Telegraph Co. as an attorney. Many of | his_friends advised him not to enter | such a large corporation, as he would | be buried in its legal department and | never heard of again. ! But that project never occurred to | young Ray. Later, in 1923, he was made | & general attorney and two years ago, | in 1928, general solicitor. ! Now, in his early forties, he *has be- come one of the more important execu- tives of the American Telephone & ‘Telegraph Co., the largest corporation | on earth. All Commodities. Steel. . 80.7 84 . 80.6 92.7 Week ended Dec. 6. Previous week.. Same week last lear.. X After-Supper Special 4 On Sale From 6 to 9 PM. v Tuc Hecenr €o. 5 The Swore of Practieal Gifts ociety Brand Men’s Suits 100 of these wagons on Silver Price. |§ sale Thursday and Friday | Bilver has been used as_money by i ood b large more than half the people of the world n]ght:: Wood body, ! for centuries, particularly in India and size disc wheels. ina, where 750,000,000 of peop . live and work and “do business.” There- Regular $5.00 Value Teally a_world event. | Last January silver was selling at 46 cents an ounce. Since then it has con- | $inued to drop and yesterday it sold at | nts per ounce, a new low 3 And the reason: e R China has been selling her silver and | buying gold with the credit. Toddy it N » t2d “You'll Always Do Better Here “buying” side. But both of these na- | tions are trying to crawl up to a gold | BEEE A A s i as As A L ELED is @ “buyers’” market in silver—cven | more than in Januar, What can be done about it? One sug- | gestion s to devise a way to have Ching | or india come into the market on the | fore a decline in the price of silver is Cor. 8th and E Sts. N.W. Extra Special! Half of the Suits in This Sale Have Two Pairs of Trousers 18th & L Sts. N.W. North 0790 & Columbia Rd. Columbia 2900 This Newest Improved 1931 » STEWART-WARNER ADIqg DIRECT OR ALTERNATING CURRENT P 18th ...these are new suits. Fashionable styles for the season 1930 and 1931. ...Society Brand cut and style, plus the newest expressions in color and’ pattern, «..2 Seconds by Direct Ele- vators brings you to THE sale of the season. Men’s Clothing Depart- ment—Second Floor. ...included are the exclu- sive fabrics of America’s most distinguished clothing manufacturer, Tubes Complete with 8 Tubes of the Highest Quality, $94.75 That’s the Way It’s Sold A Liberal Allowance on your old Radio or Victrola Call North 0790 Columbia 2900 —and a representative will call. A TIMELY CHRISTMAS OFFER A Full Sized Radio Has All Features Powerful Dynamic- Speaker Super Screen-Grid “A Great Radio, Backed by a Great Name” Sold, serviced and guaranteed by one of Washington’s oldest radio dealers. Nine years of service to the Washington public. = Over 5,000 homes use radios from Monarch, BOTH STORES OPEN UNTIL 10 P.M.! Specify Your Own Down Payment ! < 2 Seconds-by: Direct Elevators Brings- You to- the-Second Floor -Clothing . Department ‘ | B LA R R R AR TR AR AR LR, TR AR TN Y YV YT TS S