Evening Star Newspaper, January 22, 1931, Page 15

FINANCIAL. CURB STOCKS GAN | N QUET TRADNG Utilities and Oils Provide Leadership as List Advances. BY JOHN A. CRONE. pecial Dispatch to The Star. { NEW YORK, January 22—Brushing aside the irregularity of the opening. stock on the Curb Exchange advanced today without, however, bringing about increased trading. The suspension of | Lorenzo E. Anderson & Co. of St. Louis for insolvency had no effect on the market. Electric Bond & Share, after opening & shade lower, recovered and got above its previous final level. Middle West Utllities forged ahead, but United Light & Power A, American Superpower and Niagara Hudson lost some of their early galns. Cities Service was unchanged around midday, after fluctuating nar-! rowly. Standard Oil of Indiana, Stand- | ard Oil of Kentucky and International Petroleum advance as Gulf Oil de- clined. The activity in Cities Service and | Middle West securities today was based on their statements about profits and consumption. The former showed rec- ord high 1930 net earnings, while the latter reported a gain of 16.7 per cent in_residential consumption. Natural gas, motor and amusement res featured early transactions. Later activity came into pipe line, pub- lic utility and petroleum securities. Dealings in the forenoon amounted to 173,400 shares compared with 184,600 ‘Wednesday. Prospective mergers and expansion plans, such as announced by United Gas, attracted attention to the natural gas list. This movement was accelerated by the declaration of a stock dividend of one common share for every share held by Lone Star Gas Corporation holders of record February 2. United Gas in point of activity outdistanced all others, while Lone Star Gas rose a small fraction immediately after the stock dividend announcement. Mean- while the lower-priced issues, such as Duquesne Gas and Arkansas Natural Gas. were marked up. National Fuel Gas, which has been dormant after | considerable year-end demand, eased a amall fraction. Ford Motor, Ltd., as a result of an exhaustive analysis on it, again appeared on the tape at slightly higher levels. Activity of Auburn over on the stock exchange attracted traders to Cord manufacturing, its running mate on the Curb. Technical led the amusements with a rise approximating 2 points. It ‘was followed by Columbia Pictures, up about half that amount, General Thea- ters Equipment and Fox Theaters “A.” Missouri-Kansas Pip: Line provided the bulk of sales in that group. Natios Transit and a few others came out at fractional price changes. Manufacturers’ Finance Co. BALTIMORE, January 22 (Special). —Net earnings of the Manufacturers' Finance Co. and subsidiaries for the year 1930 were $316,058.04, according 1o the annual report just made public. This amcunt is erough to cover pre- ferred dividends of all classes. (Quotations furnished by W B Hibbs & Co.) Nominal gold Selling checks value toda London. pound SeBess 5485 13-32 P: franc. 3913c 391 25-32¢ me, Zurich, e .23 15¢ 5 Ath 5. 19.3474 TREASURY CERTIFICATES. (Reported by J. & W. Seligm: Rate—Maturity i 1ias Dec. 15, 1931 130 5, 1931 . 1531 1. . 183 1932 DOMESTIC BONDS. High Noon 142 991L 98'e 99v. 768 10314 10313 10314 55 48 9913 9913 991z & E 85 128, 99%y SAmer P & L s 2016105 2 Amer Roll Mill 55 48 97% 3 Appalach G 7 § Appalsc Gas 65 B '45 611, 11 Ao 55_'56 100 Boles thousands 4 Abbott Dairies 65 1Alabama Pow 5s 105 35, 5 10 East Utilit Iny 55 ‘34 38'2 Edis El Bost 55 A ‘33102%2 & L 58 30 8 lin P & L 5'28 § Indnap P&L 55 A ° 5 Inter Pw Sec 3 Intersta Power Sy Co 55 A '47 44 ww 1034 7 s 9714 6 Nor Ind P8 5 C 861021, 1 No Ohio P&L 5'zs ‘51 101% 5 Ohlo Edis 58 wi. 1005 4 Ohlo Pow 4lus D '56 97% 3Pac G & E 5% C '50105 2 Pacific Pw & L 58 '55 967 51 59 99 FOREIGN BONDS. 2% Co 813 A ‘53 xon Pub WK 58 '32. 3 8tinnes s '36 xw.... n—New. Wi—When lssued. NEW YORK CURB MARKE Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. 8tock and Dividend Rate Afiiated Prod 1.60.. Alleg Gas...... 1 Allied Aviation. ... Aluminum Co of Am. Alrminum,Ltd Bwar Alum Goods (1.20) .. Am Austin CAT...... Am Capital B. f Am Capital prpf 5% AmCIgAr Co. ...t AmCity P&L B b10% VP A (b10%) Am Cyanamid B Am Dept Stores. ~Prev. 1930.—~ Sales— 2 13 2 e 2 5 60% 60 L 10 6% 1% Am Invest Inc B Am Invest war M Am Superp 1st (6).. Am Superp pt (6). Am Transfor (1.40). Am Ut&G B vie( ec M ( Appalachian Atl Secur Corp Atlas Plywood (2 Atlas Util Corp Auto Vot M ev pt pt. Bickford's Inc pt 2 Blue ltidze Corp. 26 1 Brit Am O0il C (80¢). Br Am Tob 1.17 8-10. Burco Inc. . . Burco Inccv pt (3).. Cable Radio T vt Canada Marconi..... 8 16 W Util(b6%) 10 d G&E (80c), 1 ‘ent 111 Pub S pt (6). 108 Sent PubSv Del..... 4 ‘ent Pub Sv A al.75. Cent St El (kdve). Cent SUEL pf xw (). 16 41 Add 00. Open. High 4 14% 2% 1 b8 148 THE EVENING STAR., WASHINGTON, D. C. THURSDAY. JANUARY 22, 1931 BROKERS HOLD WICKERSHAM REPORT NO FACTOR IN MARKET ~Prev. 1930.~ High. Lew. 26's & 37 16% A% 29 643 207 65% 107 5 Low. Close. 14% 14% 2% 2 145 C 2% Loew » TLoew [y 149% 148 24% 101 59% MacMa Me; Stock and Dividend Lefcourt Realty 1.60 Lefcourt Real pf (3) Leonard Oil 1.ion Ofl & Refining Mass U 4 ntile Strs (1) Received by Private Wire Direct to The Star Office Bales— ate. Add 00, . Low. Close. 1010 214 214 o % 66 64 inc deb rts. Inc war. . LoneStar Gasn (1) Lonz Iscu pf B (6). Louisiana Lan & Ex. 50 rr Stores (1), il Assoc Mid St Pet vie B.... Mid W St Ut (1%). 4 Mo Kan P L vte t American at Aviation. t Bond & Sh (7T 4 Nat Fuel Gas (1). at Investors. . 46 451 | wll Nat Ru l‘l’“ Nat 8h ew Je Nat Mfes & Stores. . Nat Pow & Lt pf (6). bher Mach. .. Tr SecA(50¢) at Transit (1) ehi Corp (1.30). ew Brad Ofl (40c). ew Eng Pow pf (6) ew Eng PS prin7.. Zine (13) ewmont Min (4) s Y Tel pf (615). g-Hud Pow (40c) ~Hud Pow A w Niles-Bem-Pond oranda Mines. ... r Am Aviat A war, r Am Util Sec. ... or Ind Pu or St Pow pf (6). Novadel-Ang (t4). pf (6) Ohio Copper. . Oilstocks I.td A Outboard Mot A Ovington Bros pt pf. Tac G & K 1st pf 1%, Pae Western Of] Pandem Ol. . Paramount Cab Mfg. Pender D Gr A (31%) 100s PenderD Gr B Peop 1, &P Aa2d0.. Perryman Electri Phil Co new (+1.15) Philip Morris Inc Phillip L Inc B 1.60 Ple Bak of Am A (2). Pilot Rad Tube A Polymet Mfg. . . Premier Gold (12c) Centrifug Pipe (60c) Chat Ph Aln.v. (1).. Childs Co pf (7). Cities Serv (g3ve) Cities Serv pt (6). Colombia Colon Uil Col Vil & Gas vie ‘ol Pict vte (f1 *mwith JKdison (3).. ‘mwlth & Sou war om Wat Sv (b6%) . “onsol Auto Merch. . Prince & Whitely Prince & Whitely pf. Producers Roy Corp. Prudential Invest. .. PS of N 111 (8)no par 75 Pub Ut Hold (50¢). . % Pub Util Hold war. . Pure Oil pf (). Rainbow Lum Pr B Reliance Manag. Reynolds Invest, Roxsia Int Corp Rubberoid Co (4) “onsol Copper. ... “onsol Gas Balt 3.60. “onsol Laund (1)... nsol Retail Stores., Consol Trac N J (4). Contl Share cv pf (6) Coon (W B) (2.80) Cord Corp. Corp Sec Ch (b6%) .. CrCork Int A (1).... Cuneo Press pf (813) Cusi Mex Mining Dayton Air & Ei Deere & Co (g1 De Forest Radio Deisel W Gilb (1'3). Detrolt Ajrcraft. . Doehler Die Casting. Dresser Mg B (2 Driver Harris new.. Dubilier Cond & Rad Duke POW (5)....... 258 Duquesne Gas Cp wi. 44 Durant Motors...... 10 Durh Duplex pr pf East St Pow B (1).... Eisler Electric Corp. Elec Bond & Sh (b6) Elec B & Shcu pf 5. Elec B & Sh pf (6).. Elec Pow Assoc (1). Elee Pow Asso A (1) Flec P&L2d ptA 7.. Elec Sharehold (1). . El Sharehold pt (a6) i Emp Corporation. Emp Corp war...... EmpG & F cu pf (8). 4% Emp Pub Sv A al.80. Emp Steel Corp..... Europ Elec deb rts. . Evans Wallow Lead. Fiat Stock deb rts Fischman & Sons. 4 ¥oltls Fischer Corp. Ford M Can A (1.20). Ford M Ltd (p37%4). Foremost Dairy Pr.. Foundation For Shs. Fox Theater Cl A. Galena Ol Corp. Gen Baking. . . Gen Baking pf (3) Gen Baking N Y wi. 0).. » M R oot eei i o e B 3 Ltd rt (p70c). pire Cor (1). 1 n G&E cv pt B (6) 1008 en Thev pf wi(3). 66 Glen Alden Coal (8). obe Underwriters Gold Seal Elec new Golden Center Goldfield Consol Goldman Sach T C. . Grt A&P Tean.v.(5). Gulf Oll of Pa (1%). Happiness Candy Hollinger Gold( 2 Hudson Bay M &S .. Hydro Elec Sec (2).. Indus Fin cv pf (7). Insull Inv (b6 ) Ing Co 0fNo Am +2 Insurance Sec (10¢c) . Intercontinent Petn. Int Petroleum (1) Int Superp (11.10). Int Utilities B. . Interstate Equit Interst Eq cu pf (3). ng A Chute war. fan Superpow A. Italian Superp war. . Lackawanna Sec (4) akey Foundry i Safe Ca rH&L (8) St Anthony Gold . St Regis Paper (1). Schulte Seg Loc Un 3 'k & H (50¢) . Selected Industries. . Sel Ind (full p stpd) . Selected Indus pr pf. Sentry Safety Cont. . Shattuck Den Min. .. Shenandoah Corp Shenan & Smith ( South ¥ Corp pf (a3). AO)(2)..... *enn Oil (2) South CEd pt B 1% South C Edpf C 1 South ¢ South SWG “ol Pwr A (2). SOED. . ... s Uthlitie Spagish & Gen rets Stand Oil Ind (233).. Stand Oil Ky (13%).. Stand Oil Xeb (23). Stand Oil, Ohio (5).. 4 Starrett Corp pf (3). Stromberg-Carl (1). Stutz M Sunray otor (new). . Ofl (b5 % Swift & Co (2). Swift Internat (3) Syracuse W Mach B. Taggart Corp (1) Technicolor, Teck Hughe: Texon Oil&] Tobacco PrExports. Tran Con Air Tran. . Trans I Lux DL P Tri-Cont Corp war. Union Oil Assoc ( Unit Chem pt pf (3 Unit Corp war. Unit Dry Docks . Unit Elec Sv (p1.41). Unit Fou (b2-35 sh). Tnit Gas Corp. ‘nitGaspf (7)...... t&Pwr A (1). 1 Unit Gas wa 1 1 1 (B) (30c). 5 Gypsum (1.60) 78 & Inl Secur S & Intl Sec S & Overseas war. S Play Cards (4) it Stores. . Init Verde Ex Ttil PR Lt(at1.02 ‘tP&Lcf Batl.02 Tl &1 nd Util & Ind pf (115) Utility Equities % Vacuum (4). Vene: Vie Fir Va Pub Walgreen Co. . & Walker (H) (1). Walker Watson (J W) Co Wil-Low Cafeter pf. Wilson T RIGHTS. Com Edison..Feb 2 Pacific Gas & Elec. .. Pub Srv N 11i..Feb. 2 Sou Calif Kdison. ... Dividend rates in dolia 10% 18% % annual | stock. | ment dividend. | 1% in stock. wl 1% 3 Plus CORPORATION REPORTS TRENDS AND PROSPECTS OF LEADING ORGANIZATIONS NEW YORK, January 22.—The fol- lowing is a summary of important cor- poration news prepared by the Stand- ard Statistics Co., Inc, New York for the Associated Press. News Trend. Cigarette production, after declining 000 units during December. Cigar out- put was again lower by about 61,000,000 units, but tobacco manufactured in- creased moderately. For the year as & whole it is estimated total cigarette out- turn approximated that of 1929, while aggregate income of the leading manu- facturers was somewhat In excess of 1929 results, in reflection of higher wholesale cigarette prices, lower raw material costs and reduced ccst of opera- tion. Cigar mapufacturers, with the ex- ception of 5-cent cigar producers, in- curred inaterial withdrawal declines during 1930 and earnings are believed to have dropped sharply. Manufactured tobacco earnings were also affected by smaller withdrawals over the full year and rmflh probably suffered propor- tionately. | for 1930 than in 1929 during past day, include Public Service of New Jersey, Mclntire Porcupine Mines and Cities Service. Baltimore & Ohio R. R. passenger train service reduced, because of de- creased revenues, decline since 1920 es- timated at 50 per cent. Bethlehem Steel, court overrules mo- tions for new trial in suit enjoining merger with Youngstown Sheet & Tube. Cities Service December net available for common dividends and reserves off Zonite Products (1). a Payable in cash or £Plus 8% in rela Petroim n Corp(40c) Svpr(7).... 25 17 8% 1 1% 21% 3% 135 201, 84 Mining Jones (3 13 Expire. 29 13% 55 2 2 2 3 21% 214% 221 2 26 1% based on last quarterly or semi- tPartly extra. iPlus 4% in b Pavable © Adjust- & Plus h Plus 2% In stock. kPlus 10% in stock. m Plus in stock. ?ARMY AIR CORPS LETS I $1,190,397 CONTRACT | By the Associated Pre. Award of alrcraft and engine con- |tracts aggregating $1,190,397 for the | Army Air Corps was announced today by Assistant Secretary Davison of the War Department. One was to the Curtiss Aeroplana & Motor Co., Garden City, Long Island, N. Y. for 30 observation planes cost- ing $366,495. ‘Two, aggregating $855,574, went to the Wright Aeronautical Corporation, Pat- | heifers; lgod and choice, | ber 31, increase 97,500 during 1930. | 234 per cent; 12 months, up 40.8 per |ersom N. cent; had 438,000 stockholders Decem- | for 118 engines for planes. Fashion Park Associates, Inc., Decem- ber net sales off 182 r cent; 12 for several months increased by 400,000,- | L months, off 21.3 per cent. Hartford Gas 1930 share earnings |$4.07, against $4.69. McIntyre Porcupine Mines, Ltd., net before depreciation, nine months to De- cember 31, $1,570,819, against $1,462,831. Packard Motor Car reported 1930 net at least $9,000,000; cash and market- able securities December 31, $18,350,- 000, against $17,910,661 year before. Pittston Co. subsidiary buys control of Thomas Ward Coal, New York re- tafler. Public Service' Corporation of New Jersey 1930 net income, $30,163,302, against $29,544.617. ‘Tobacco Products Exports initial cash dividend, 10 cents, to be pald only on the capital stock. England’s law closing butcher shops on Sunday exempts re- tail dealers in meat for Jews or for Companies reporting better earnings ships, = \ PACKARD MOTOR EARNINGS. | _ NEW YORK, January 22 (Speclal) — Preliminary figures of the Packard Mo- | tor Company for 1930 show earnings of ment yesterday by Alvin Macauley, president. This is equivalent to 60 cents a share, the current dividend rate, on 15,000,000 shares of outstand- ing_capital stock. ‘The company set aside $250,000 each month in 1930 in contingency reserve. Part of this amount was used during the year, but the pet balance in the reserve account at the end of 1930 will stand at $2,000,000 or better, agal $893,059 at the close of 1929. indicates an increase of $1,1 the reserve, which, if added earnings, would bring total net profits to above $10,000,000. Cash and Government bonds and other marketable securities totaled $18.- 350,000 at the close of 1930, which will compare with $17,910,561 at the end of the previous year, o at least $9,000,000, according (o a state- | USHGE OF ELECTR POWER INCREASG |Gain in Consumption of Cur- rent Indicates Upturn in Industry. BY J. C. ROYLE. The curve of electric power con- sumption has again turned upward. This reflects accurately the improve- ment in industrial operations since the use of current for domestic use has been subjected to only seasonal varia- tions. The question of the expendi- tures by the current producers for ex- pansions and betterments in 1931, how- ever, continues to be held down by the fear of legislation unfavorable to the industry. For the first three weeks of the new year the public utility financing has been fairly heavy, the total offered the public in securities exceeding $200.- 000,000. The major part of this, how- ever, is not for new plants and addi- tional machinery. It is for refinancing purposes. The corporations are taking advantage of the present low money rates to reduce interest charges on out- standing funded indebtedness. This does not mean that the programs of the big utility company have been abandoned. The North American Co., for example, expects through its sub- sidiaries to expend some $51,000,000 in 1931 for plant additions and better- ments. Long-Range Requirements. The companies engaged in producing and transmitting electric power realize that they must give service which is thoroughly adequate and they will ,not cease to spend money for this purpose, but the long-range requirements of their territories are being given less attention than would be the case were “power” not a political as well as an industrial slogan. ‘The head of one great utility com- pany said frankly that the business of the Nation depends on the electric light and power industry to provide enr- ployment for thousands of men, but that whether the industry can do so depends entirely on the investors. If the latter are intimidated, he adds, the cortxstrucuon projects cannot be carried out. Despite the depression, the owner producers look forward with assurancé to 8 satisfactory year. Discussion still is rife over whether the industry fur- nished more or less power in 1930 than in 1929, but it seems sure that the gross revenues for 1930 exceeded $2.000,000,- 000. Leaders in utility circles feel that this sum will be thoroughly outdistanced in the next 12 montas. There are now some 25,000,000 customers in the United States for electric current. This num- ber increased 14 per cent in 1930 and is likely to make a similar advance this year. H. C. Hopson, vice president of the Associated Gas & Electric Co., d that while 1931 may be another “hard- boiled” year, it will reward those who conduct their businesses with courage, vision and aggressiveness. He points out that there is expansion due in the fields of railroad electrification, the lighting of highways and airways and in domestic use. There still remain more than 10,000,000 homes without wiring and farm electrification is on the in- crease. Steam Generating Plants. A brighter viewpoint is seen by many utility executives in the emphasis which has come to be placed on the steam gen- erating plants. It is from this source that the larger part of the current is _% | derived, they say, and such plants prob- ably will not be classified with the hydro-electric plants, drawing power from natural resources, in any attack on the industry. According to the Geological Survey the total combined capacity of steam and hydro-electric plants in 1931 will be 33,403,281 kilowatts, of which 24,- 266,312 will be made possible by steam plants. Construction of steam plants this vear is expected to involve expendi- ture of over $70,000,000 (Copyright, 1931) CHICAGO LIVE STOCK MARKET CHICAGO, January 22 (#) (United States Department of Agriculture).— Hogs—Receipts, 45,000 head, including 18,000 direct; slow; steady to 10 lower; top, 8.25; bulk, 130-210 pounds, 8.00a 8.25; 220-320 pounds, 7.25a8.00: pigs, 7.7588.15; packing sows, 6.40a6.75; light light, good and choice, 140-160 pounds, 8.10a8.25; lightweight, 160-200 pounds, 8.00a8.25; medium weight, 200-250 pounds, 7.50a8.15; heavyweight, 250-300 pounds, 7.10a7.60; packing sows, me- dium and good, 275-500 pounds, 6.40a 6.90; slaughter pigs, good and choice, 100-130 pounds, 7.65a8.25. Cattle—Recelpts, 6,000 head; calves, 2,000; mostly steady on short fed steers: such ' kinds predominating; choice of- ferings absent; bulk today selling at 7.7529.50; best around 11.25; very slug- gish trade on fat cows and butcher slaughter cattle and vealers; steers, good and choice, 600-900 pounds, 9.50a13.50; 900-1,100 pounds, 9.50a13.50; 1,100-1,300 pounds, 9.50a13.50; 1,300~ 1500 pounds, 9.50a13.35; common and medium, 600-1,300 pounds, 6.00a9.50. Heifers, good and choice, 550-850 pounds, 7.00a11.00; common and me- dium, 5.00a7.00; cows, good and choice, 4.7586.50; common and medium, 3.75a 475; low cutter and cutter, 3.00a3.75; bulls (yearlings excluded), good and choice (beef), 5.0086.25; cutter to me- dium, 4.00a535; vealers (milk fed), 9.50a12.00; _medium, 7.7589.50; cull and common, 5.0087.75; stocker and_feeder cattle, steers, good and choice, 500-1,080 pounds, 7.0029.00; common and medium, 5.50a7.00. Sheep—14,000 head; early market mostly steady to shippers and city butchers; choice lambs to same inter- ests, 8.75a8.90; few sales to packers, 8.2588.50; fat ewes, 3.50a4.50; lambs, 90 pounds down, good and choice, 8.25a 9.00; medium, 7.00a8.25; all welghts, common, 6.2587.00; ewes, 90-150 pounds, medium to choice, 3.00a4.50; all weights, cull and common, 2.00a3.50; feeding lambs, 60-75 pounds, good and choice, 7.25a8.00. Brokerage Firm Suspended. NEW YORK, January 22 (#).—The New York Stock Exchange today sus- pended Lorenzo E. Anderson & Co. of t. Loul Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. Associated GasandBlectricCompany Board af Directors has ed the following quarterly payable March 2, holders of record 19313 Dividend No. 24 86 Dividend Series Preferred Stock—$1.50 per share. Dividend No. 21 r Dividend Series Preferred Btock— 1.62% per share. Dividend No. 10 95 Dividend Series Preferred Stock—$1. r share, payable h 16, 1981 ders of record February 16, 1931. M. C. O'KEEFFE, Secretarp, January 22, 1931, lares | Special Dispatch to The Star. NEW YORK, January 22.—The Wick- ersham report proved to be a dud mar- ketwise, so far as Wall Street was con- cerned. For weeks brokerage effices, bears and bulls, wets and drys, eagerly asked for facts about the report, but with that document ‘“‘pleasing” every- body and confusing a good many, the Street decided to forget about it. “The Wickersham report.” commented Shields & Co., “was a matter of inter- est, but of no influence. Had it made any definite recommendations for the curis of the evils of prohibition, it would have been of benefit to both busi- ness and the stock market.” K. D. Steere, writing the letter of Paine, Webber & Co., said: “There is a tendency to interpret the Wickersham report as slightly favoring a modifica~ FINANCIAL. tion of prohibition and therefore bullish on the general business situation. 1 doubt if it produces any greater result than to confuse a question which is ex- tremely difficult of solution.” “The immediate stock market effect,” in the opinion of Redmond & Co., “ap- parently was negligible.” Benjamin, Hill & Co., observed: “The ‘most significant feature of its reception is that it has been practically negligible as a market factor.” “We look for no important market re- percussions,” says Jackson Bros., Boesel | & Co., “from the report in the imme- diate future.” Hornblower & Weeks said: “We feel the Wickersham report is of minor sig- nificance marketwise.” Samuel Ungerleider & Co. “The results may be considered value- less from & market standpoint. BUSINESS AUTO NEEDS GOOD PUSH' Trade Will Recharge Own Battery Once Move Really Gets Under Way. BY JOHN H. VAN DEVENTER. Since 1880, we have had six major declines in business, not counting the present depression. Measured by the per cent of drop from peak to valley, three of them have been more severe than the present one and three of them less. This is on the assumption that we have now reached our low point, or have possibly passed it by a few weeks, a belief that is shared by many business authorities. ‘The drop in business activity, from the 1929 peak to the present has been about 31%; per cent. The three depres- sions of ‘greater decline, of 1882, 1893 and 1907, averaged a drop of close to 35 per cent over an average period of 17 months. The recovery period, or time required to get back to normal after the corner was turned, averaged 15 months. ‘The three depressions of lesser sever- ity, of 1895, 1903 and 1913 averaged a drop of 25'; per cent from peak to val- ley of business activity. The periods of decline averaged 13 months and recov- ery back to normal averaged 12 months. On the basis of past performance, it | should require between 12 and 15| months to bring business activity back | to a normal basis. This period may be | shortened because of the beginning of recovery coinciding with the normal seasonal pick up usually displayed in the | first quarter of the year. An additional | | push of this sort is helping in m-;n ting up speed. American business may be compared | to a motor car with plenty of gas in the | tank, but with the self-starter battery run down. It is up to business men and manufacturers, big and little, as well as consumers, to add their push to that of normal seasonal pick up during the rext three months in order to get the car moving. Once the car of busi- ness is under way it will recharge its own battery and we can all jump in and ride again. (Copyright by United Business Burezu of Economics \WESTERN SENTIMENT SHOWS HOPEFUL TURN Special Dispatch to The Star. NEW YORK, January 22.—Wall Street men who have been in the West recently have found sentiment there much more optimistic than in the neighborhood of the New York Stock Exchange. Some of them have come back feel- ing that New York is too much in- fluenced by fluctuations in securities and that the further one gets away | Publishers' | MACHINES HARVEST SUGAR CANE CROP New Invention Does Away With Large Number of Cutters in Florida Everglades. Special Dispatch to The Star. CLEWISTON, Fla., Ji . the first time in history a crop of sugar |cane is being commerclally harvested |by machine. Just as the combines slash their way through the wheat flelds of the Northwest, seven newly perfected cane harvesters, the first ever used commercially, have begun the gi- gantic task of harvesting $4,000,000 worth of sugar cane from 20,000 acres of rich, black Florida Everglades muck |land. Within a week eight more ma- | chines will be in operation, a total of 15 in all, each doing in a day the work of about 200 cane cutters with the tra- | ditional machete. The machine, which it is predicted will | revolutionize the world cane sugar in- | dustry, is the invention of Ralph 8. | Falkiner of Australia and is the result of 19 years' continuous research and experimentation. Under an arrange- | ment with Falkiner the Dahlberg in- | terests built one of these machines last [Summer and tested it out on the Southern Sugar Co.'s properties here. NEW YORK, Janu: 22 (P)—] securities offered I,ot.il;r!l,m:lulfleln e Canadian National Railway, $50,- 000,000 25-year 4'. per cent bonds, bearing the unconditional guaranty of Canada, priced at 981, and interest, by i dicate headed by Dillon, Read 0. Buffalo General Electric Co., $20,- 00,000 4'. per cent general and re- funding bonds, series B, due February 1, 1981, priced at 101 to yield 4.45 per cent tp maturity, by a syndicate headed by J. P. Morgan & Co. State of Missouri, $5,000,000 4 per cent road bonds, maturing April 1, 1944 ;;‘r]g:&t lgcluslve. pnfi:d to yield 3.80 | nt, by a grou A cg group headed by Harris, U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business January 20, was $174,869,508.25. Cus- toms receipts for the month to date were $17,910,020 88. Total ordinary ex- penditures, $5,688,243.64. the government of the Dominion of | RETURN 70 SOUND BUSHESS 5 SEN New York Banker Believes Depression in Trade Has Been Completed. By the Associated Press. NEW YORK, Januai Johnston, president n? & Trust Co., f principles where wealth is created by work and endeavor and not by the process of marking up values over- night.” . Johnston, who sald he shared the opinion of “many thoughtful peo- ple who believe that the present de- pression has about run its course,” told the bank's sl meeting that “The Nation has had a costly and sad lesson, but we are con: fident it will profit by past mistakes and in the end will emerge stronger n ever before.” “Fortunately,” he commented, “we are a creditor Nation and our great banks are in a sound and liquid posi- tion and are amply fortified to meet the new and expanding needs of busi- ness that will inevitably come.” A by-product of the economic ad- Ll:xlment has been a large number of nk failures, causing hardship and discomfort to many sections of the country and has emphasized, he said, that banks must be managed by com- petent financial engineers. “The 107 years’ history of this bank has taught us that for a bank to op- erate successfully it must operate con- servatively; it cannot put the money of Peter into the speculations of Paul." e bank's statement as of December | 31, 1930, showed total assets of $478.- | 635,356 and deposits of $360,689,016, an increase of $21,583.356 over the cor- | responding date in 1939. 22.—Percy H. the Chemical PLANT ACTIVITY DROPS IN MONTH OF DECEMBER Special Dispatch to The Star. NEW YORK, January 22.—Manufac- | turing operations in the United States in December declined 5.8 per cent from November and 14.8 per cent from De- cember, 1929, it is revealed in figures .compiled by Electrical World on electrical energy consumed in more than 3800 plants throughout the emmh{. For the |12 ‘months of 1930, industrial activity fell 14.6 per cent from the level estab- lished in the year 1929. | 1f allowance is made in each industry | for seasonal characteristics, the average shows almost no chang?; the reduction was not more than normal. Standing out against the general decline, the automobile industry, including the manufacture of parts and accessories, gained 3.8 per cent. The gain carries significanc: because a sharp reduction in operations normally occurs at this time of year. The 12-month average for the industry in 1930, however, re- mains nearly 32 per cent less than that for 1929. Activity in metal working plants also advanced in Dec°mber. Instead of the usual seasonal recession, the industry gained 4.6 per cent over November. In iron and steel the normal 10 per cent decline in operations was replaced by a rise of 0.5 per cent. The rubber indus- try did not fare so well. It now stands 11.5 per cent lower than in November and 22.2 per cent lower than in De- , 1929; the yeaf’s ave: , how- down only 14.2 per cent STOCK AND BOND AVERAGES By the Associated Press. Prom Yesterday's 5:30 Edition. | STOCKS. 50 Industrials, 21.2 from the financial district the less dis- | - couragemient is noted among business men. On the other hand, those who have been in the South find the mood of the people there deeply affected by the epidemic of bank failures and the low prices at which all Southern com- modities are now selling. NEW YORK COTTON NEW YORK, January 22 (Special).— | Cotton prices registered sharp advances at the opening today, continuing Wed- nesday’s upward movement. Initial quotations were 11 to 17 points higher than the previous close. There was active covering by shorts and a good de- mand from the trade, while contracts | continued scarce. ket was steady. Opening prices were: January, old, 10.37, up 17; 10.68, up 11; ‘The Liverpool mar- Mareh, 10.45, up 14; Ma; July, 1091, 12; December, 11.3 October, 11.13, up | Three years ago. High, 1930-31. Low, 1930-31. High, 1929. Low, 1929. 89.6 89.4 Low, 1929.. 10 Industrials. SOUTHERN BUILDING has . . . an excellent location. . . . well proportioned rooms with high ceilings. wide corridors. . . . new high-speed elevators with automatic levelling de- vices. . . . atenant roll of prominent names that reflects the estab- lished character of its occu- pants. . . . andis under management whose first aim is service and satisfaction to the tenants. RENTAL RATES THAT ARE SURPRISINGLY REASONABLE H. L. RUST COMPANY 1001 Fifteenth Street National 8100 Agent