Evening Star Newspaper, December 14, 1930, Page 81

News of Markets Pages 1 to 4 Part 6—10 Pages ' FINANCIAL AND CLASSIFIED he Sunday Star WASHINGTON, D. C, SUNDAY MORN NG, DECEMBER 14, 1930. Classified Ads Pages S to 10 FRT SALES NOTE INNEW BAN STOCK ON . . EXCHANGE Federal-American Issue Sells | at $53 Per Share During Saturday Trading. TWO COMMITTEE HEADS NAMED FOR CONVENTION Schreiner and Exnicios to Serve Association—District National Votes Dividend. BY EDWARD C. STONE. | First sales in the newly issued Fed- | eral-American National Bank & Trust | Co. stock were recorded on the Wash- ington Stock Exchange yesterday, fol- lowing Friday's listing. This stock takes the place of the old Federal- American and the old Merchants Bank & Trust Co. stock, has a par value of $20 per share, and figured in a 50-share turnover at $53. It closed at $53 bid and $63 asked. Capital Traction sold ex-dividend yesterday in two very small lots at 4412, a new low, and closed at 45, also on a small-lot sale. The stock is now selling without the regular quarterly dividend of $1 per share which was declared a few days ago. Other sales in local issues were about equally divi- ded between stocks and bonds and were | as follows: Capital Traction 55—$2,000 at 85. Capital Traction Co.—5 at 44, 5 at 4415, Norfolk & Washington Steamboat Co.— 1 at 201. Potomac Electric 6% pfd—5 at 1103%, 5 at 110%. Potomac Electric 5'2% ptd—10 at 107, 7 at 107. Federal-American National Bank & Trust Co—10 at 53, 40 at 53. American Security & Trust Co.—1 at 350, 1 at 350. District National Bank—100 at 215, 50 at 215. Washington Gas 55—$1,000 at 102%. Georgetown Gas 55—$1,000 at 1021;. Columbia Country Club'53s—$2,000 at 100%. Washlnfwn Rwy. & Electric 45—$2,000 3 at 87%;. Columm: Country Club 5135—$1,000 at 100%;. Capital Traction Co.—10 a Chapin Sacks 8% pfd.—10 106, 5 at 106. Schreiner Hotel Chairman. Luther E. Schreiner, vice president of the Federal-American National Bank & Trust-Co., has been appointed chair- man of the Hotel Committee for the next District Bankers’ Ascsociation Con- vention, to announcement by Frederick P. H. Siddons, general chair- man. At the same time appointment was announced by J. T. Exnicious, presi- dent of the Departmental Bank, as vice chairman of the Hotel Committee. Mr. Schrelner was born in Washing- ton in 1883 and attended the public and high schools here. Bank, which opened the first bank in the city. He was the first man- ager of the Northeast Branch of the American Security & Trust Co., joining the Merchants Bank & Trust Co. in 1922, retaining his position as an official and manager of the Dupont Branch following the recent Federal-Merchants merger. Mr. Schreiner has served the local bankers association as chairman of the Publicity Committee and vice chairman of the Protective Committee. He was chairman of the Convention Hotel Committee last year, of the same com- mittee in 1927, and chairman of the Sports Committee in 1928. He also served two years as a member of the Entertainment Committee. Incidentally, he is a member of the Congressional Country Club. ‘With Local Bank Since 1921. Joseph T. Exnicios, the vice chair- man, has been with the Departmental Bank since 1921. He is a native of New Orleans, but came here when a young- ster and attended the public and high schools in this city. Before entering the local banking field he held a Gov- ernment position. Mr. Exnicios is also ::‘membel’ of the Congressional Country ub. He has already served on many of the Bankers Association’s standing com- mittees. This year he is vice president for the District of Columbia of the State Bank Division of the American Bankers’ Association, having been elected to the same office at the convention two | years ago. In other years he served on the standing committees on Standard Bank- ing Forms, Publicity and Press, Com- mercial Trade Activities, and the Pro- tective Committee. In connection with revious conventions, Mr. Exnicious has n a member of the Transportation, Hotel, and Entertainment Committees. Howland With R. C. Jones & Co. Announcement is made today that John Roche Howland has become secre- tary-treasurer of Robert C. Jones & Co. , investment bankers, in the Inves ment Bullding. Mr. Howland, who is & graduate of the Naval Acad:my, is & native of Chicago and the grandson of former Mayor John A. Roche of that city. After early training with the Tllinois Merchants’ Trust Co. of Chicago he was sales manager for L. L. Davis Co., and came here rec-ntly as Wash- | ington manager of G. L. Ohrstrom & Co. He is a member of the University Club and has a Summer home at| Kennebunkport, Me. Keller with Fenner & Beane. Paul D. Keller, who has been in the brokerage business here for many years, has joined the stafl of Fenner & B-ane. With the exception of 8 years in New York, when he was connected with the firm that is now Dillon, Read & Co., he has always worked in Washington. Formerly associated with Hambleton & Co,, he was in the local office of Prince | & Whitely when that firm's failure was | announced in New York. Mr. Keller is| a native of West Virginia and 45 years t 45. at 106, 10 at In and Out of the Local Banks. Directors of the District National Bank have declared the regular quar- terly dividend of 2 per cent, payable lders of record bonus for all employes has also been ‘Washington Chapter, American Insti- tute of Banking, will have a Christmas party next Thursday evening st the rooms in the Becker Building. There will be dancing and miniature golf on the course on the second floor. Miss Mildred C. Woodcock is chairman of the Women's Committee which is in charge of the party. J. E. McGeary is golf chairman. LUTHER E. SCHREINER, ce president of the Federal-American National Bank & Trust Co. who has been placed in charge of room accom- modations for the next District Bank- ers’ Association convention at Hot Springs, Va. Investment Firms Will Be Affected By Merger Deals Many Houses Expected to Figure in Readjustments Before January 1. Special Dispatch to The Star. NEW YORK, December 13.—Between now and the end of December, there are likely to be more changes among firms dealing in investment securities than normally occur at this season of the year. Mergers of houses. that have been identified with the underwriting and distributing of bonds and preferred stocks are now being negotiated. Ar- rangements are also being made for the closing out of the business of other firms whose profits have been steadily reduced from a two-year dullness in the bond market, followed by a period of very great shrinkage in the price of new issues. New Methods Likely. At the same time it is believed that new methods must be adopted in order to bring back the investment market to the position it held prior to 1929. Present conditions reflect heavy overproduction of both domestic and foreign bonds in the last few years and failure to ereate new markets in pro- portion as the supply of issues in creased. Salesmanship must also be established on a higher ne of in- telligence than that exhibited during the years when the main argument of the bond salesman to his customer his | was that the new issue would show an immediate profit over the purchase price. It is felt also that there will have to be a closer regulation of the supply of new bonds to the capacity of the market to absorb them when they are brought out. Competition for new is- sues has been increased by the great number of houses that went into the business of underwriting and distribu- ting bonds when the public, and espe- cially the banks, were eager to make investments in interest-bearing securi- ties, both of domestic and foreign origin. Many of these firms have quietly folded up their tents and dis- aneared during the past year. Con- ditions now favor co-operation between the remaining houses much more than they have for some time. A great deal of the grief that the bond buyer has experienced in the last 12 months from a depreciation ranging from 20 to 30 points on American is- sues to 30 and 50 J»mu on foreign bonds can be charged to those who of- fered these issues at prices greatly out of line with the general market, and on the basis of enthusiastic circulars that cannot be read today without painful emotions and some question of the com- petence of certified public accountants. New Financing. ‘The outlook is for very moderate is- sues of new corporation securities in the next few months. This will assist in clearing up the market where it has been congested and give an oppor- tunity to stabilize old issues whose price and yleld fix the issue price for new underwritings. It is believed that the liquidation, which has been more violent in bonds in the last two months than for any similar period in years, is coming to an end. (Copyright, 1930.) MORRIS PLAN OBTAINS TWO ASHEVILLE BANKS Special Dispatch to The Star ASHEVILLE, N, C., December 13.—- Purchase of the Asheville Industrial Bank and the Biltmore Industrial Bank by the Morris Plan Bank of Asheville was announced today. The purchase unites the three largest industrial banks of Asheville into a single unit, with resources of $500,000, to operate as a subsidiary of the Richmond Morris Plan Bank. CHICAGO DAIRY MARKET. CHICAGO, December 13 (#).—But- ter—Receipts, 10,358 tubs; easy; cream- ery extras (92 score), 31; standards (90 score car lots), 29%%; extra firsts (90-91 score), 29';a30; firsts (88-89 score), 27a28; seconds (86-87 score), 25':a26. Eggs—Receipts, 2,930 cases; steady; extra firsts, 28; fresh graded firsts, 25: fresh current receipts, 23a24; ordinary current receipts, 20a22; refrigerator firsts, 15%; refrigerator extras, 17!2a18. TOBACCO REPORT. DANVILLE, Va., December 13 (Spe- cial).—The Danville Tobacco Associa- tion’s weekly report issued yesterday shows that to date this season 30,744,- 689 pounds of leaf have been sold on the local market for $3,421,336.72, the average being $11.13. nesday evening. This affair usually draws 1,500 members and 0] Frequent Switching. John says, “there is nothing to inside information and the tendency to change investments frequently is a DURING LAST WEEK IS LAID TO BANKS Institutions of Interior De- clared Anxious to Improve Cash Position. RAIL ISSUES BEAR BRUNT OF HEAVY LIQUIDATION “Racketeers” in Securities Are Reaping Profits From Droop- ing Market. BY CHARLES F. Special Dispatch to The Star. NEW YORK, December 13.—This has been & week of .more critical events and tendencies than any in the past year of depression. Fortunately, both have been held under control and their influence modified as the support that Wall Street had expected to appear earlier, but which was persistently with- held, was finally granted when the acute phase of the situation developed. It is now known that much of the mysterious liquidation of stocks and of bonds during the past month originated with banks in the interior of the coun- try that were compelled to improve their cash position, though it was in greatest volume from New York in- stitutions that have had facing them for some time, the conditions culminat- ing in Thursday's closing of the Bank of United States. Fear had overtaken the banking world. This was communicated to those in touch with it. The tension at times this week has been greater than since 1910 and 1907. Today it is greatly lessened. People are again beginning to regard securities in the light of what they are actually worth and not from the standpoint of what they might bring at auction. Rails Lowest Since 1926. It should have been a harvest time for those with funds to invest. (The answer to this will possibly be that no one thinks of gathering crops into barns in the midst of an electrical storm.) Standard railroad shares have been de- clining month by month until this week they reached an average the lowest since the Spring of 1926. Since Sep- tember, 1929, the market value of the entire rail group listed on the New York Stock Excnange has declined 50 per cent, or roughly about $5,000,000,000. In the years 1924-29 the carriers had shown a surplus in excess of dividend requirements of over $2,000,000,000. This may be reduced by from 10 to 15 per cent when the net results of this unfortunate year are cast up. Among the. following 10 railroad stocks there is none whose dividend is likely to be reduced in the next nine months, if at all next year. Yet this week the yield on Baltimore & Ohio was 11.75 per cent, on Louisville & Nashville, 7.50 per cent; on Great Northern, 8.60 per cent; on New York Central, 7 per cent; on Pennsylvania, 17.30 per cent; on Chesapeake & Ohio, 5.50 per cent; on Atchison and on Union Pacific, 5.70 per cent; on Southern Pa- cific, 6.30, and on Norfolk & Western, assuming the present “extra” will be continued, also 6.30 per cent. The average return on these shares is well over 7 per cent. “Blue Chip” List Shrinks. In the palmy days of 1929 a stock that did not sell above $100 a share was nothing for the speculator to look at. He was always in a hurry to place his borrowed money in the “blue chips” that soared in the realm of inflated values. In order to be in the “who's who” of stock status a e of at least $200 had to be establ , with the blue bloods ticketed at $300 and $400. Today there are just 20 common stocks that now appear regularly on the New York Stock Exchange list at over $100 a share. The same people who could not buy $200 and $300 issues fast enough are saying that $30 to $50 prices now are extravagant. ‘There has, for instance, been a deeper bearishness this week on the public utility holding company junior issues than in months, in spite of the fact that the average price of American & Power, American Power & Light, American Water Works, Electric Bond & Share and United Corporation has dropped to $37 a share from $148 a share last year. Here is a 70 per cent average shrinkage in the common stocks of properties whose gross earnings are in excess of those a year ago and whose dividends are so far undisturbed. “Racketeers” in Securities. There is enough in all this to suggest two possibilities. One is that the pub- lic has lost all sense of values. At such times the shrewd investor lays the foundation of a fortune. The other is that the New York Stock Exchange is not following as carefully as it might the operations of & band of “racketeers” in securities who take advantage of every critical corporation and banking situation to increase their profits. Almost every broker tells the same story; namely, that his customers have not been liquidating to any extent, but rather have been buying stocks for cash and having them transferred to their names. All of the benefits that may come to business sentiment from Gov- ernment plans to ald business are lost on a public that has had a $60,000,- 000,000 depreciation in its securities in the past 16 months and sees a further exploitation of its misfortunes in suc- cessive market attacks. Trade Trends Encouraging. There have been some encouraging signs this week to offset partially the effects of bank troubles and the lower averages of stocks and bonds. The ad- vance in iron and steel prices is slow- ly improving the position of producers, who are confident that increased buying from the railroads and automobile man- ' ufacturers will develop after the first of the year. The drop in car loadings has been less than seasonal. Dividends that Wall Street was positive would be reduced have been declared at the old rates. | Difficulties that were rumored have not developed, nor are they likely to. Defla- tion of brokers’ loans continues until they have reached a figure 70 per cent lower than last year. Holiday trade is fair in volume, if not so satisfactory in profits. ‘There are further evidences SPEARE. BUSINESS PICKS UP. mistake. A sound investment and in- finite patience will make money oftener. investment should invest in high-grade Robert V. Fieming, T. Hunton Leith, attend Philade! pter's nn"m and m dinner next Wed- securities only and those m}‘u\nn( no worries or attention from him. His business, after all, is his biggest specu- llflonlndhelhml]d‘vmhllm and study to that.” v § 0 ‘The business man with a surplus for | busin ‘The George A. Fuller Co., a subsidiary of the United States Realty & Improve- ment Co., has booked $3,227,000 of new ess since December 1, and $17,- 540,000 within the last 30 days. finished business on the books of the company amounts to $33,500,000, as compared with $32,000,000 as of ;0'1..“‘," and $35,470,000 as of Janyary Trade Trend and Outlook President of Flour Mills Company Calls Attention to Importance of Export Business as a Factor in American BY ALBERT C. LORING. President Plllsbury Flour Mil Oe. Special Dispatch to The Star. MINNEAPOLIS, December 13.—From all angles, it seems to me that we in the inland Northwest are at least in as good condition as any other section of the United States. 1. must be ad- mitted, however, that the situation as a whole is quite serious and will require the best thought of our legislators, backed by the whole-hearted co-opera- tion of business men in all lines, to bring about a more healthy condition and restore confidence among the peo- ple. There are favorable factors, of course, in this as in other sections of the coun- try. Notable among them is an essen- tially sound and stable financial and credit position, with banking resources and reserves ample for the finamcing of the requirements of business and indus- try, not only at present, but also when trade returns to normal activity. Export Trade. One of the problems that our legisia- tors do not seem to appreciate is that with the tremendous resources of the United States and our ability to produce farm commodities much in excess of our own requirements we must main- tain an export business. Build a wall around the United States and refuse to permit the interchange of goods on some equitable basis and you will stifie the activities and energies that are essential to our prosperity. We must not only be able to transport man- ufactured goods to other countries, but we must also be willing to accept from them such con.modities as they have to sell on a fair basis. This not only will permit our farms and factories to maintain production at higher levels than if we were only on a domestic basis of operation, but it also will provide for the return of shipments from other nations, without which our steamship lines cannot be operated profitably. In dealing with the tariff question, it is essential that full consideration be given to the necessities of other coun- tries, as their governments, like our own, are endeavoring to safeguard in every way the interests of their own people. While there are many elements of uncertainty which, at the present time, are restricting business, the situation is not as bad as it has been in previous periods of depression, inasmuch as stocks of goods of all kinds now are low and credit conditions are sound, with prices extremely low. Thus, I am con- vinced, we can look forward to a period of advancement in a most hopeful way. Our own industry, the manufacture Prosperity. ALBERT C. LORING. of flours and mill feeds, is operating on a basis of sound and satisfactory ac- tivity and profits. It is an accepted fact that the milling business suffers less than most other lines of luc- tion in periods of depression. The rea- son is that people all over the world consume a greater proportion of bread —the great staple food—in their daily diets in dull times than under condi- tions of general prosperity. But the flour industry has kept pace with American progress, steadlly in- creasing its production efficiency, de- centralizing its operations, so as to take advantage of both sources of raw ma- terial and of major consuming markets, and in improving its distribution meth- ods. Here again, however, we find that the present American tariff policy is curtalling our export markets. In any consideration of business con- ditions and prospects, we must bear in mind that prosperity never can be con- fined to any one class or industry. Labor cannot thrive unless industry and agriculture are prosperous. Wholesale and retail trade cannot reap maximum profits unless the manufacturers are making money and maintaining employ- ment at good levels. Thus the efforts of men in all lines of endeavor must be concentrated on the solution of basic problems common to all of them, and not centered merely on the upbuilding of their own industries. _ (Copyright, 1930, by North Aimerican News- paper Alliance.) SALE OF CIGARETTES SHOWS BIG INCREASE Tobacco Manufacturing Industry Has Enjoyed Best Year in Its History. BY J. C. ROYLE. Nearly 130,000,000,000 cigarettes will be produced in the United States be- fore the end of this year, and most of them will be smoked here. This will give the tobacco manufacturing indus- try the greatest year it has ever known. The establishment of this record was | due primarily to remarkably efficient sales promotion and widespread adver- tising. But there is no doubt that, just as in war time, the anxiety and worry which business men and :l;rkers operated to inerease tobacco es. In the period from January to Octo- ber, inclusive, there were 103,004,924,000 cigarettes made. This compared with 101,745,129,000 for the corresponding period of 1929, which up to that time was the record-breaking period. Sales just about equaled production, for it is not customary to pile up big stocks in storage. The leading interest made profits never before approached by the company. This was forecast to some degree about this time last year, when the leading interest made known fits intention of increasing its advertising appropriation materially. ‘The increase in sales of cigarettes has been -a domestic rather than a foreign development. China, which is a splen- did market for American cigarettes, has been in the throes of political unrest and has had its buying power terrifi- cally curtailed by the drop in silver quotations, Other foreign countries which provided markets have suffered from depression, but in the United States the tobacco manufacturing in- dustry stands out as one of the bright spots of the business year. (Copyright. ~1930.) SILVER QUOTATIONS. NEW YORK, December 13 (#).—Bar silver, 32%%. HOW IS B Order for 500 Taxis Will Furnish Work Until Next Spring Bpecial Dispatch to The Star HAGERSTOWN, Md., December 13.—The M. P. Moller Motor Car Co., which put several hundred unem- ployed men to work several months ago when it received an order of 500 announced receipt of another order of 500 cabs from the Paramount Taxi Co., New York City, which will keep the workers engaged until next Spring. A $350,000 sewerage project is ex- pected to be started shortly by the city. The approval of the State De- partment of Health for a bond issue for this amount is awaited before bids can be received. INDUSTRY REACHES TOWARD NORTH POLE Within a few hundred miles of the North Pole a fish canning factory has recently been established, manned en- tirely by Eskimos. The plant, financed by the Danish government, is located in Holstenberg, Greenland, & town be- yond the Arctic Circle. Modern in every detail, the factory makes use of electric power derived from the swift running rivers of the vicinity and employs up-to-date dyna- ‘mos and oil engines to cope with emer- gencies. It is operated mainly by Eskimo women. ‘whole population of the district, numl approxi- mately 250, is devoted to and the new industry. motor_fishing boats, recéntly shipped from Denmark, keeps the establishment supplied. Halibut are the principal catch of the vicinity. The finished product is shipped to Denmark. BANK CHRISTMAS BONUS. Bank of America National Trust & Savings Association of California, con- trolled by Transamerica Corp., will dis- tribute extra compensation aggregating $570,000 to 8, employes prior to Christmas. USINESS? Showing Current Business Activity Compared With Same Week Last Year. || o [ Jossa] e Juavre] wav Javo]serr] ocr [nov] cec | yovuany ] - s ) GENERAL BUSINESS ACTIVITY for the country indicAted by bank York City. Sh: previous LEADING BAROMETERS. Showing trend of important factors. Business I-'liolhn (checks cashed) FOREGH ECONGH SURVEY DISTOSES GRADUALLPTRES Little Change Revealed Dur- ing Week—British Busi- ness Tone Good. INDUSTRIAL ACTIVITIES ARE ABOVE RECENT LOW Germany's Political Situation Proves Factor in Prolonging Trade Slump. Special Dispatch tG The Star. NEW YORK, December 13.—Cable dispatches to The Business Week give the following survey of business abroad for the week ending December 13: A fleet of modern | trade Eurepe—Immediate business condi- tions are little changed. Industrial ac- tivity, trade volumes and prices con- tinue near bottom levels. Money re- mains abnormally easy and capital ab- normally tight. Slack money is still an index of restricted business; tight capi- tal is an index, not of deficient supply, but of deficient investment confidence. If little change is apparent from week to week, the trend over the last six or eight weeks has been one of gradual progressive improvement and each new ‘week business 1s inclined to take a more sanguine view of the prospects. Bar- ring accidents—and accidents both po- litical and economic are still among the possibilities—it begins to seem that business in Europe may shake off its lethargy and hesitancy early in the new year. General Conditions Better. Even now general economic condi- tions in Europe, with the important ex- ception of Germany, are considered better than conditions in the United States. England, particularly, shows m of revival and maintains an opti~ ic business undertone notwithstand- ing immediate labor troubles and ob- scurity of future trade and tariff policies, and political confusion. Re- newed investment activity, which began in October, has continued enwurll-\x- ly and, though still restricted primarily to trustees issues, may be noticed in the growing fringe of mMvestments in industrial debentures and even in stocks. Activity among the major in- dustries still has its ups and downs, but average activity is now sometimes main- tained measurably above the previous lows, thus reflecting incipient improve- ment both in domestic and foreign de- mand. Production costs are again sub- ject to n as a factor in estab- lishing a foundation for the price structure just as security yields were studied after the stock market breaks. In Germany the immediate condition of business is grim and the internal popular feeling born of depression is becoming dangerously &ent up. It may be hoped that the Reichstag’s indorse- ment -this week of the emergency de- crees promuxn%nmenh.‘n fiscal re- | the form program prove the turning point, for it not only marks the suc- cessful rounding of the most critical immediate g)llncll issue but a new departure Germany's fiscal and economic administration. It has be- come evident that the success of the price reduction programs in both - many and Italy depends largely on the rapidity with which the programs can be carried out before the auu‘pemlnn of business in anticipation of lower price levels reacts upon industry and unemployment. Business in Italy is not good but could be worse. In Spain conditions are relatively fair. Prosperity in France is declining and a further decline is in prospect, but the fall of the Tardieu government and the uncertainty of its successor so far have been without ap- preciable effect. New Cartels Planned. The week has been characterized by the year end meetings of existing car- tels in an effort to form new ones. The continental iron and steel cartel, sub- Ject to ratification by its members, has been renewed until June 30, 1931, with certaln rather important modifications. 3 1 ered from recent ir- regularities. Hemgmh active . Vegetable ols, g stagnant, are steadler and in wider demand. Trade in hides and leather is quiet and un- changed. Textile cotton buying was suspended when raw stuffs sagged, but new year prospects are considered brighter. Price reductions on pig iron betar Setivity fon somp e, UG T ac y for semi-manufacti has been maintained. nol:g?-lll stores hlv&thmce!:d & “buy capaign on can plan, with the plea that prices are gmm from 10 per cent to 15 per cent, Paris.—The fall of Tardieu’s “pros- perity government” was the most sig- nificant event of the week, despite the l‘l‘tfi]‘ it disturbed business surprisingly e. NEW DEALINRADID FELD TO NGREASE SCOPE OF SYSTEN Columbia Network Will Ben- efit by Activity of Con- cert Bureaus. PALEY SEES BUSINESS IN RAPID DEVELOPMEN? Says Industry Will Continue t» Benefit by Scientifle HENRY W. OFFUTT, Research. Who was again chosen president of the Potomac Savings Bank at the annual meeting of the directors. He has been BY JOHN F. SINCLAIR. head of the institution for several years. Special Dispatch o The Star. NEW YORK, December 13.—When W. 8. Paley, youthful president of the Columbia Broadcasting Co., announced 8 few days ago that seven of the largest concert bureaus in America had been merged into the Columbia Concerts Corporation and that this corporation would be closely associated with the Columbia Broadcasting Co., he sounded a mew note in American broadcasting. For the Columbia system has grown in the last few years into an international radio network of 76 stations, with WABC in New York City as the key susum;,. uch Metropolitan Opera stars as Jeritza, Ponselle, Argentina, and Pai Robeson’ will be brought into the fleld of radio, and others like Galli Curci, Lawrence Tibbett, Menuhin, and the bflrdvlohnm, Ricel, will give the radio fleld a new crop of stars. Better Programs Planned. In June of last year Mr. Paley and BY L A. FLEMING. * m&., representing the Com‘ Overproduction stands clear], - lcasting ., sold a - flctedwbefore the whole world zu ‘L:e Interest in their institution to the 5 mount Publix Corporation and thus prime cause of the present world un-|joined hands with an outs! lead- rest, unemployment, depression and|er in the amusement field. com- or less neglect of the security |bination brought to the Columbia chain markets; Moreover, the indlctment m& of the stars of the amusement will not be quashed. Such a development is distinctly an Wheat farmers were warned a year | American achievement. ago, two years ago, to reduce acreage| T '“E,.m"‘n"m.t it I had stayed h: in wheat; cotton planters were urged | Birul deveiomasnis of e oy to follow suit; the sugar market gave ;‘l:own in music and song, wou.h:m nelv‘er ve been unusual,” T, o o s P |l et R 2 great reception which the ar The “housing problem” long since l”‘}‘u’i‘m-m:lc bm.ds lcasts of og.g:)(ny::k passed the acute stage and reached harmo: ymphony hestra has the point where stores and apartments received, led us to see that there was o were too numerous, but more were 'm "egmm‘{nm&'& to l-un“trl':l- S oer omes Were vecated. and Tany | eerne opSsedlo udlences betir pro older ones were ang 3,dollar of invested capital has ceased | irists o the o o ‘productive. This dark-complexioned man of 3" At a sugar conference in Brussels|whose climb to the heights of succe Thomas L. |stands out in an age of Business News in Retrospect Obhinsoduaiisnobl Comnsodl ities, Disregard of Warnings, Is Apparent Reason for Pres- ent Conditions ness World. in Frequent in Busi on Thursday of last week Chadbourne of New York, a Cuban-|seated American delegate, startled the dele-|floor of his own building in New Yc gates with a speech in which he de-[City. He discussed his business frec ong other things that the|and with evident confidence in the fi "mpiulllu: ”mk’:‘(l 'on trial at t\ll'ew’|m present res| of sugar pro-| I took up this matter wif duction) meeting.” Something bigger | the court mtnlnlp'l ughout (o successes, W in his office on the twenti- thro and of world-wide ce. oF foun them to act wisely in the matter | 1y . of it, you may set an enxgple that, if wise, will be f lowed by other industries and will|the ;:t;buah production on a balanced |good singing. 4 Changes Are Rapid. Mr. Chadbourne then went on to “Whaj, about the future in the amu show the enormous amounts of surplus | . -Wha broadcast ion that o sugar in the hands of producers. The present Congress will undoubt- edly be of an investigal turn of R mind and is likely to undertake a solu- i u tion of the amazing difference between | 91 after another. scien the prices paid to the producers and Tesearch will continue to be ou: the chal for the same materials by | BTeatest friend. Mankind is ever chang the er, and there is certainly a|Ing. s Jeiceiwe BayTor.peoy lific dee in . mj"t fleld for D digging this lmsHv'hy pr oy And iy chay l—for the better, I think.” May Be a Partial Remedy. : l-mmmtm ‘;.th concert ;n-m.ers Many people who at first looked upon | musical TS e radio broadcast: the agitation for & five-day wesk as an | €78 Will result in'a new impetus to ul- attempt of union labor to take ad-|tural entertainment by avail- vantage of a situation now give the |able to the vast radio public diver- matter more serious consideration and |sified recital and -concert talent. It will are not prepared to say that it may | 8150 make available, on the other hand, not be the very brake needed on pro- the artists themselves, a wider audi- duction and an open sesame for larger | ©1Ce, both in person employment of man-power. (ORI, et it A five-day week is not such a radical as might seem at first glance. Saturday morning workers are always in a hurry and clock-watchers par excel- lence. A five-day week would be ex- pected to bring concessions to employers. DIVIDENDS IN 1930 s PASS. 1929 TOTALS It might bring harmony between em- plogers and employes and mitigate | Disbursements of Big Corporations against the bugaboo of “extra time.” : ‘Electrical w%:.m are winning the in Past Eleven Months Show 5.9 Per Cent Gain. in th rapidly that it's ji et and over the air. th- American five-day week on this basis. In New York City they suggested the matter to contractors on removing the big trans- formers from Eighth avenue in prepara- t‘klen for the subway building to be built Te, Leaders of the electricians offered, in reply to objections, to “stagger” the week without the usual regard to the opening or closing of the week, and without making “after hours” an issue Special Dispatch to The Star. NEW YORK, December 13.—] the first 11 months of this year cor- porate dividend disbursements. have totaled $3,470,300,000, compared with a total of $3,123,700,000 for the same months of t year, an increase of For once, business in France is in the grip of economic rather than political conditions. Prices are too high; do- mestic consumption is contracting. Ex- ports are falling off, new orderséscarce. Competition is severe, profit margins narrow, unemployment spreading. | Berlin.—Germany has settled back with a sigh of relief since the Reichstag voted to reject the motion for repeal of the emergency decree. The period of extreme agitation in German politics seems to be at an end and business is looking forward to several months less disturbed by political troubles. The Reichstag is expected to adjourn at the end of the week until early Fepruary, when it will resume work on the budget bill which has now passed its first reading. Meanwhile the Bruening cabi- net can devote all its energies to carry- ing out the provisions of the emergency decree, completing the price reduction campaign, and fighting unemployment which, at the end of November, had oimmk.‘ new peak, with 3,700,000 out worl e PHILADELPHIA BANKS KEEP INTEREST RATE Special Dispatch to The Star. PHILADELPHIA, December 13.—It is announced that savings banks in nterest paid on deposis Tor 1691 s on for 3 five savings banks in the city, last $346,600,000, or 11 per cent. Interest ts this year amounted to $3,- ‘The wheat farmer, the cotton planter, | PRyments : the textile maker, the sugar planter, the | 3 g o0 oo Seinst & distribution of automobile . manufacturer, "etc, ete. | $3,18.600.000 last have had bitter experiences, just as the stock market interests have had. Increased consumption would be the at all. The result was an agreement. ,000, & gain of $405,300,000 or 5.9 per cent over total best remedy. interest and dividend’ payments ot g Predict Lower Prices. 882,300,000 for- the first 11 months Prices of cl have sustalned a 5 ke . bl g, T things of cotton, |, This record contrasts favorably with Tt o e SPERS O | Tr i e G old- efsw.unm 1-lluhlmzme el . ing' to the of prices is indicated immediately after 3 the holidays, whe hants will Alexander Hamilton Institute’s current e ahalves To ey b iis™ | weekly. Corporste. divideams: i cle the . SR theto anatvess (o diaw BOcL | 10 S semiot i Stock Market Situation. lowing year they declined to $922,400,- If “hope deferred” actually “maketh | 000, a decrease of 6 per cent. Industrial the heart sick” there must be many | companies distributed some $60,000,000 cases of heart disease among holders|less in dividends in 1921 than in 1920 of securities, that patient group of |and railroad dividends were reduced men and women who are carrying their | nearly $2,000,000. ' ‘The total decrease burdens of high-priced shares and |in dividend and interest payments from waiting for the long-promised “come | 1920 to 1921 amounted to $73,200,000, back.” And yet there doesn't seem to[the total for the - former year being be anything to do but have faith and |$3,415,200,000 ‘and ' for' *1931 $3,342,- hang on. ?:05 e Thengm WaS equivalent Henry Clews Co.s Views. The mflnl for this year is note- One of the oldest houses on the Street in another respect. 1ll.le. up the market situation as fol- o Dlvldeng