Evening Star Newspaper, January 25, 1931, Page 59

News of Markets Pages 1to § T Part 612 Pages FINANCIAL AND CLASSIFIED he Sunday Staw WASHINGTON, D. C, SUNDAY MORNING, JANUARY 25, 1931, Classified Ads Pages 5 to 11 BANKMANAGEMENT | [siua mccion ] PTREND IN STOCK GONFERENCE STIRS CAPITAL'S INTEREST Chairman McKee of Program Cor!\mittee Soon to Report Speakers and Topics. RIGGS NATIONAL AMONG LARGEST BANKS IN U. S. Magazine s 110 Institutions According to Profits, Surplus and Deposits. BY EDWARD C. STONE. Henry H. McKee, president of the National Capital Bank, who is chair- man of the program committee for the Middle Atlantic States Bank Manage- ment Conference to be held in this city February 26 and 27, will soon announce the speakers and thelr subjects for that important meeting, All committees are actively in’the ! - y enxlxeedn. e preparations, the the general idea of all of them, the Bankers' Magazine has this to say: “While much attention is being be- stowed upon the large annual number of bank failures, less publicity is given to the efforts to improve the country's standards, and perhaps for Teason that these efforts lack the sen- sational quality supposed to be an es- sential ingredient of news. But one who devotes much study to recent banking devel its cannot fail to be impress- ed by the fact that in many sestions of e, ave being mads Teobig wos o are m: g to a de- cided improvement in banking stand- 1t is true that some of these attempts are rlt::er one-sided. They are aimed Vital Topics Discussed. “Recently a New England Bank Man- agement Conference was held at Bos- ton, and here topics H W'Rmuwbmwf ‘Per- 3 5 - sonhnel and Accounting tion Accounts and eof the Washineton Asso-iaticn for the coming year. has been active in the financial district for years and is a former president of the local bankers’ association. BETTER CRUDE OIL MARKET INDIGATED Hopeful Sign Is Seen in Offer of Refiners to Purchase Supplies. . BY L. M. LADET. Special Dispatch to The Star. TULSA, Okla., January 24.—Possi- bility of a larger market for crude oil in several of the fields of the mid- continent region is indicated. Several refiners during the last week have promised producers pipe-line ccnnec- tions to some of their properties which heretofore have been lacking in outlet. ‘This trend, although quite a reversal from recent developments, is the re- sult, it is believed, of the serious con- traction in production in Oklahoma and Kansas as well as the more favorable crude oil market to the buyer. Oil Purchases. Relief was expressed over the atti- tude of such companies as Magnolia Petroleum and White Eagle, subsidiaries rd Oil Co. of New Yol:‘ d sul PIGES FOREGASTS BETTERU.S. TRADE Feeling of Confidence Replac- ing Fear in Financial World. CLOSE OF LIQUIDATION IN MARKET IS NOW SEEN | 1 With Many Issues Lend- ing Fiat. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 24.—The grow- ing opinion that business in this coun- try has touched its low level and that, while it may be at d center” for time, it will begin to point definitely up- ward in the Spring, has been supported this week by the action of prices for stocks. Pronounced strength has been exhibited in sessions that were sub-nor- mal with respect to the volume of trans- actions. One after another of the unfavorable reports on corporation earnings for 1930 have been analyzed, and in nearly every case Wall street has come to the con- clusion that they were discounted in the December low stock average. Additional failures of investment houses, interior banks and manufacturing companies have made no impression on minds that brooded deeply over such events a month ago. The absence of any definite signs of improvement in the industrial world, except such as would represent the minimum for the season, has not pro- duced the anticipated discouragement among investors. Jenuary, in fact, is passing out with a calmness and confi- dence in banking and business circles greatly in contrast with the universal fear prevailing all through the month of December, End of Liquidating. This change of sentiment coincides with the end of the liquidating move- ment in securities four weeks ago. It was later strengtbened by the remark- able exnibit of cash and other liquid ass:ts in the statements of banks and trust companies published early in Janu- ary.. Then it found encouragement in the optimistic outlook into the future taken by such men as Paul M. War- burg, Albert H. Wiggin and Charles E. Mitchell, to be later supplemented by equally strong _convictions from in- | { | dustrial leaders like President James A. Farrel their preparations for th lor consumption of motor fuel which ordi- narily begins within the next four to six weeks. They will unquestionably ‘more crude oil during the next visable to Depletion Item. ‘There is also the item of depletion of several of the largs flush flelds to consider. While the oil potentiality of the country is reaching dazzling heights, it has become increasingly noticeable that recent gauges of many of the operties in the newer areas have suf- ?erl'ed a considerable decline. On the gauges that are now being taken in Oklahoma City a larger number of properties have declined some 20 per cent from the previous month. It is - | difficult for any one but the technologist it. in;P;‘x?‘ is essential to m.f:lu!b.nk- , but making a service charge on ac- counts, however justifiable and neces- frequently of less importance have the management . A defective s po! than efficient of ex- is to or statisticlan to understand potentials, as the recovery of ofl is oftentimes overlooked during the presentation of an array of figures fictitiously repre- senting the daily possibilities of an area. The Oklahoma City pool, although considered as shut in because of the than | small production as compared with the it will lose in a year by carrying ac- counts with inadequate balances,” the magazine concludes. Nation’s Largest Banks Listed. ‘The Riggs National Bank of this city the one hindred and sixth bank in in the United States, according to capital, undivided profits and surplus deposits. American Banker prints & copy- righted table showing the 100 largest in the country. To this list are banks “which may some this appended list the Bank of of California, Los 7 Bank & Trust, New Orleans; tential, is nevertheless two years old 2nd already produced 45,000,000 barrels of oil. A dozen propertizs have produced more than one million Is of ofl, of which two have exceefied 2,500,000 barrels. While no further price cutting in the crude ofl market has occurred, there is | a differential of 2 to 28 cents a bar- rel on oil produced in Texas and that which is being produced in Oklahoma and Kansas, It may be that crude oil buyers are awaiting the outcome of the Oklahoma City wrangle. By a vote of two to one '.{2 operators are seeking a revision of the corporation - sion to 10 per cent of the ntials. ‘This would increase the production of the pool to 500,000 barrels a day. Storage Facilities. In view of the limited storage facili- 48| ties, production of such an amount of It is interesting to note that the banks that werz 101 and 102 in the list last year are among the first 100 this year. The Marine Midland Trust Co. moved from 102 in the list to 87, e National of Tulsa, it year, is 100 this Chase National at Top. As is generally known, the Chase Na- tional Bank, New York, is now the largest bank in the United States. The National City comes second, while third and Security-First National, les, ‘e'rhe Chase National, at the head of the list, has of $2,073,775,923, capital of $148,000,000 and and undivided its of $136,364,145. that there are 7,000 na- nd 28,000 banks of all United States, it is of iterest that s of the Norfolk & Washing- have been informed oil would create a very large quantity of distressed oil which would temporarily affect the market. Therefore any ad- justment in the crude market at this time certainly would invite further revisio later on should such a development mi terialize, For a crude oil buyer seeking stabili- zation the current situation presents many erratic turns. It was not aided by the appointment by Gov. W. H. Mur- ray of an oil legislative committee, composed of nine members, of whom the majority is ainst proration. The Governor ni;l t ‘he would "f&‘l’ lho-m lutely safe in urging passage by the Legislature of any remedial bills this committee can agree on.” (Copyright, 1931.) Wheat Estimate Cut. CANBERRA, Australia, January 1l of the United States Steel tion and Owen D. Young, who believe that a turn has come. The miore recent analysis of the Federal Reserve confirms their views. itions whose business it is to probe into the facts of corvoraticn the pulse of business is beating a little faster, but that it | will require a period of some manths more of rest before industry can stand strongly on its feet. Not all, however, are confident that the stock market can escape another substantial reaction before finally throwing off the effects of a year and a half of depression and moving stead- ily forward. The trend at the moment is toward the cheiper classes of ndus- trial shares, say those ranging from $10 to $40, which have been reduced as much as 65 to 80 per cent from market values in 1929, still pay divi- dends and yield an average of around 8 and 10 per cent. Rails Back in Favor, It is not imprcbable that we may see lower quotations in the relatively high priced shares coincident with & stable or rising market in the cheaper arieties. So far as railroad stocks are concerned, they appear to have definitely shaken off the ill-faver that formerly attached to them. As there have not been nor are likely to be many changes in their dividend rates, the rails continue to offer the highest average return at the lowest average risk cf any single group. They also show the traditional tendency to follow along in the wake of a rising market for senior securities. ‘Treating the stock market’ from the technical standpoint, it may be said that it has & decidedly sold-out ap- pearance. At no time within the memory of the present generation of brokers until now has the entire New York Stock Exhange list of shares been quoted flat or at a premium. This condition has prevailed for over three months. In large measure, it is an evidence that many people have sold what they did not own and what, some day, they will have to deliver promptly or pay the penalty. RAILROAD I;RESIDENT SEES BUSINESS GAINS Norfolk & Western Head Says Road Spent $21,000,000 in I Betterments During 1930. By the Associated Press. NORFOLK, Va., January 24—A. C. Needles, president of the Norfolk & Western Railway, said today that while he did not anticipate any marked in- crease in the business of his railroad in the near future, he looked for a gradual improvement within the next year. “Judging from the traffic moved into and out of the Norfolk area by the Nor- folk & Western the indications are that the port of Hampton Roads is holding its own as one of the greatest ports in world in a year of business depres- ,” Mr. Needles said. “The Norfolk & Western has spent almost $7,800,000 for 1enen.| expansion of its Tidewater facilities during the past five years. Within the past year and & half the railroad has authorized the expenditure of more than $1,000,000 for additions and improvements to its port facilities. “We know,” continued Mr. Needles, “that the structure in our 0| territory rests on solid foundations, and in- NEW 4m_‘}"#~ that business along the railway has held better than in many other sections Swiedge, the rallroad b ot only knowl X not only not curtailed , but has car- ried on an extensive program of im- provements, expending approximately $21,000,000 for new ent, addi- tions and betterments to its property in our own and other SILVER QUOTATIONS. YORK, January.3¢ UP).—Bar » 0k List Presents Sold-Out Appem-mwe| DR. DAVID FRIDAY, Widely known Washington economist, who is to address the District Bankers’ Association tomorrow night at the Wil- lard on “The Outlook for Profits, Prices and Interest Rates.” Before the Illinois Bankers’ Ascociation recently he took a very optimistic view of lBll:lohbDlflu‘ FARMERS ORGANIZE IN POLITICAL UNIT Former Head of Non-Partisan League Active in Farm- ing “Party.” Special Dispatch to The Star. | KANSAS CITY, Mo, January 24— | Coming from the Wheat Belt, wher: dissatisfaction with the price level of | the premier product has been simmer- ing for months, are reports of efforts to organize this unrest into political ac- tion. “Th: National Producers Al ance” is the title of the latest addi to the many farmers’ organizailons that | has becn offered in the interior. Its slogan, “to produce crops at cost plus a profit,” has a taking sound, though tiere is apparently no part cu- lar system divulged by which it is to b2 done. The meetings are held in coun- try schoolhouses; memberships at $10 each; hundreds of “joiners” to a county are claimed. Secret grips and pass- words are a part of th> paraphernaiia, and it has much of the sam> working tools as the old Non-Partisan League. Townley Is Guiding Spirit. The literature comes from Minne- apolis, and A. C. Townley, head of the league in North Dakotz when it was in its ascendancy, has been traveling through Nebraska and Kansas starting the movement. Several of his former assistants are in the field, While its urpose is claimed to be economic, it z quietly put forth as litical with the purpose of securing the control of one of the political parties. This may or may not be important, but it is interesting as the first indica- tions of a farmer movement through special organization since the deflation of prices of foodstuffs less ‘than a year ago. When it is remembered that in Kansas at the last election a country doctor, whose /license had been taken from him by ‘the State Medical Board for irregular practices, used a radio sta- tion to promote his own candidacy for Governor and polled 188,000 votes to the winning candidate's 212,000, it has some significance. The radio station is still going, urging the farmers to rise in their mite and smite the old parties. Trade More Hopeful. Mercantile trade conditions reveal a somcwhat more hopeful atmosphere, possibly engzndered by the relatively liberal turnover of the holiday season and the special clean-up sales following. | But a notably mild Winter with ab- sence of snow or other moisture has been unfavorable to expansion of sea- sonable demand for retail merchandise. Wholesalers report a lagging trade, and are waiting for the upturn which ac- companics opening of Spring. status of employment is little improved in cities the influx from farms is ad- ding to the complexity of the condi- tions. States are working on methods of carrying on until the beginning of the crop season. (Copyright. 1031.) 'BONDS IN FAVOR ON LOCAL EXCHANGE | American Security & Trust Stock! Also Attracts Attention in Saturday Market. Washington Raflway & Electric 4s| | and Georgetown Gas 5s were especially { popular on the Washington Stock Ex- change yesterday. The volume of trad- ,ing in the stock division was led by the American Security & Trust Co. Sales were: Washington Gas 6s 200 at 102. Washington Gas 6s “B"—$100 at 106. Washington Rwy. & Electric 4s—$500 at 87, $10,000 at 87'%, $3,000 at 87%, $5,000 at 87%, $1.000 at 87%2 American Security & Trust Co. a 346, 1 at 346, 10 at 345, 10 at 345. Lanston Monotype—10 at 105, 8 at 105. Mergenthaler Linotype—S5 at 89, Real Estate Mtge. & Inv. at 614, Ter. Ref. & Whrs. Corp.—10 at 45, 10 at 45, Washington Rwy. & Elec. 45—$2,000 at 87 Georgetown Gas 55—$7,500 at 104 National Press Club 5%25—$1,000 at AMERICAN VESSEL AND BRITISH BOAT HIT Two Liners Damaged by Collision. President Hayes Reaches Hongkong. pta—12 By the Associated Press. HONGKONG, January 24—The American liner, President Hayes, while proceeding on its round-the-world voyage yesterday outside of Amoy, China, ran into the British steamer, Kumsang, bound from Calcutta for R S o s, | simistic CONTINUES QUIET DURING LAST WEEK Disturbed Political Outlook Influences Course of Trade in Europe. PRICE OF COMMODITIES SHOWS LITTLE CHANGE Indications of Capital Exodus From England and Ger- many Seen. Special Dispatch to The Star. NEW YORK, January 24.—Cable dis- | patches to The Business Week give the | following survey of business abroad for the week ending January 24: Europe.—Conditions are unsettled. ‘The Midwinter lull has set in and busi- ness momentarily is little more than marking time. The lack of economic vitality and the disturbed political out- look have tended to sour sentiment. Commodity prices are irregular, but so far have held fairly well. On the other h: tock markets, especially in Ger- many, have sagged throughout the week. Money markets and exchange rates like- | wice have been disturbed by tie exigent movement of funds and heavy with- drawal of dollars. The Australian pound has suffered a further drop. ‘We’sh coal miners have gone back to work pending arbitration on the wage dispute, but the lockout of 250,000 weav- ers over the “more-looms”’ issue has taken effect in Lancashire, and unless | it is quickly scttled will soon embroil the spinning section. Following final agreement between the various sugar exporting countries, Thomas Chad- bourne, originator of the plan, is nego- tiating to extend it to include stabiliza- tion of production in non-exporting countries, as well as in Russia, the Brit- ish Dominicns and Peru. Commodity Prices Irregular. Commodities are uneven with steel prices cut. The general trend of busi- ness, though it shows no material loss of ground, so far hes failed to bring the revival expecied in the new year. The course of commodity markets indicates that consumption is still within hand- to-mouth volume. Selling pressure, mo- mentarily but probably only temporarily, has eased on grains and cotton. Noi ferrous metals have continued their tapid fluctuations, sometimes over a considerable range, which has been characteristic of recent weeks, though generally they have sustained higher rather than lower levels. Silver, how- ever, has lost about half of its recent recovery. There are indications of an exodus of domestic capital fre Eny d, and pecially from Ge: -y due to fear of 8 further increase in ta: ation; from Germany, due to increasing national discontent. As a consequence, sterling again is skirting the export gold point against dollar exchange, so also the Reichmark against the dollar and leading European currencies, thus suggesting the prospect that there will be gold losses from Europe to the United | States. It is notable in this connection that the Reichsbank since Christmas already has lost 65 millions from its foreign exchange reserve, of which only 25 millions are due to reparations pay- ments. The reserve is exactly cut in two. Punds are not moving to, but from, higher to lower bank-rate instancing the impotency of bank to exercise normal regulatory functions under existing conditions. London.—The business tone is gen- erally poor. Though the coal strike has come to an end on temporary terms dictated by the owners, final settlement awaits a decision from the National Conciliation Board, which is endeavor- ing to find some basis for economy other than wage reductions. Lancashire, meanwhile, is faced with 200,000 new unemployed cotton workers who were locked out by employers unwilling to meet workers’ demands to return to a four-loom system. Shipping figures disclose that laid-up tonnage, as expected, exceeds the high- est record tor last year, which was 900, 000 tons idle. World tonnage, excluding the United States Shipping Board ves- sels and tankers, is 1,047 vessels, a total of 4,500.000 tons. British launchings during the last quarter of 1930 were down 82,000 tons, to a total of 297 000. Tonnage started, even including the giant new Cunarder, was down 29,- 000 tous, to a total of only 132,000. Paris.—Business has not yet grasped the seriousness of the announcement of the finance minister that the current fiscal year will close with an estimated national treasury deficit of 60 millions. Some anxiety already had been caused by declining tax revenues, but no deficit of such proportion was anticipated. The immediate loss can be covered from pre- existing treasury surpluses, but the con- dition of government finances in the coming year now appears to be dis- tinctly serious. ‘With business now shouldering more than one-half of the total tax burden, the prospect, not only for the coming year, but for the year after, give cause for justifiable concern, though business and public opinion are not yet alive to the urgent need for budget deflation. That consciouness to price inflation is now fully awake is indicated by the storm of opposition to proposals of the agricultural minister, M. Boret, who pro- poses to raise and stabilize domestic wheat prices at $1.75 a bushel by in- L creasing the present duty of 87 cents, already the highest in the world, to $1. Berlin.—A stagnant stock exchange succumbing to the sales pressure of re- patriated German stocks with new low records since the beginning of the de- [_Gorst penker_| FOREIGNBUSINESS | [ Trade Trend and Outlook President of New York Edison Company Predicts Period of Greater Prosperity to Follow End of Business BY MATTHEW S. SLOAN, President New York Edison Co., as told to J. V. Fitzgerald. Special Dispatch to The Star. NEW YORK, January 24—T am not a prophet nor the son of a prophet. I will not undertake to predict when an upturn in business is coming, though I have a feel'ss which I know a good many others shure, that this year will bring a general improvement in con- ditions. This much is certain. The United States has passed through a number of depressions as bad as -this one, or worse. It has come through them and gone on to periods of greater prosper- ity, with the benefits more widely dis- tributed than ever before. No person of sound sente can doubt that this will come about again. I don't believe the most depressed and despondent business man you can find is willing to bet against the future of the country. And why should he? Bad times, as the phras: goes, are world-wide right now. Yet of all the countries feeling this business depr:ssion, ours is the best off. We have much unemployment and serious suff<ring, it is true. We have also business concerns, big and little, which have kept their people on the pay rolls when they were losing money by doing so, and w2 have a population which has given generously for relief of the uncmployed and will | pa: give more if it is necesary. Expansion of Facilities. We have busin‘sses which, with full confidence in the future, made last year large expenditures and will make large expenditur-s this year in building ahead to meet the business demands of tI coming years. The electric utilities made new capital investm'nts of about $850,- 000,000 last year and this year's ex- penditures will probably be $750,000,000 or $800,000,000." The railroads and the gas utilities also made and are making verv large capital investm-nts. The United States has huge funds 1 of ¢éapital. Its banks are full of money, and interest rates are now low. Savings banks deposits gained heavily last year. The agencies of production—the fac- tories and shops and mills of the coun- try—were probably never in better con- dition physically and never before had they in support of them greater re- sources of scientific research in engi- neering and chemistry, In spite of all we have heard of over- oroduction, there is no general surplus of goods, "Inventories ate small. B pluses, where they exist, are in raw ma- terials, which means that when people again begin to buy freely factories will ave to rush production, with increases in employment and in money in circu- lation, Just when that will come to pass, no- body can say with accuracy, but it is bound to come. We Americans had one grand spree for a while. Now we suffering from a headache and a dark rown taste. We are gloomy. We are depressed. We are overcautious. Those of us who have regular jobs and unim- | be naived incomes are ing. Warns Against Another “Spree” ‘That is bad judgment, but it is nat- ural, T suppose. However, it won't last long. One by one, b which have been hesitant will put on a little more power and find can make sales. By tens and twenties and hun- dreds people will to buy the things they wani and can afford to pay for, as well as those things they can't do without. Then some morning we will all wake up, find the sun shining and suddenly realize that the depression is broken and business is looking up. ‘When that happens, we will be at the beginning .of another period of pinching and par- Depression. MATTHEW S. SLOAN. American prosperity, with sales in. creasing, annual statements showin good profits and the standards of liv- ing improving. Let's hope that we shall ve sense enough then not to run our good times into another spree. New York City, it s’ems to me, has been overpessimistic since the market crash and has been somewhat responsi- ble for a bad mental state of mind among business men in many 1o of the United States. But, after all, business hasn't been so bad in the metropolitan area, certainly not bad enough to warrant New York business men in being overpessimistic. While some lines have shown a decided drop, business in the aggresate will show fair comparison with figures for the l;g;ake year before th: m times of Take for instance the business of | selling” electicity in New York City. While it is nct as good as it has been, it distinctly is not bad. The clectric output of the five companies in the New York Edison system for 1930 was 6.5 per cent ahead of 1929. We calculate on an increase of about twice that in a good year. Equipment Sales Gain. | Moreover, the sale of electricity-using equipment by our’ companies showed & big gain last year. There was an in- crease in this phase of our busin:ss in 1930 of 40 por cent over 1929, and that doesn’t count more than $8,000,000 worth of electric refrigerators sold by our companies in co-operation with the manufacturers of four leading All this equipment will be using electric current this year and the years to come, increasing our output steadily. Electricity enters so vitally into all as & ness conditions. test, our figures go to show t. the metropolis is bad ol with es) es. ness in com| . And this, it seems to me, applies with equal force to other sections of the | country. Statistics show that the electric utili- ties of the country did a business of $2.200,000.000 in 1930, or 3 per cent above that for 1929, although rates for residential service d on the average 5 per cent. How business looks to business man depends after all entirely on where he sits, Isit I bad to (Copyright, 1931. by North American News- Ppaper Alliance.) _busi- by where must say that it does not look me CORN PRICES DROP AS SELLING GAINS New Low-Price Record Made on JIncrease in Shipments. ‘Wheat Irregular. By the Assoclated Press. CHTCAGO, January 24.—All deliv- eries both of corn and rye outdid to- day the season’s low-price record. At the bottommost level May corn was 735 cents a bushel under last week's top. Expectance of increased ar- rivals of corn in the near future acted as a persistent weight on values. Corn went to the lowest price level reached on the present movement be- fore resting orders to buy were met with and declines were checked. Chi- cago arrivals of corn were 122 cars, compared with 118 a week ago and 247 at this time last year. Indiana advices sald offerings to arrive were increas- ing, that there were good sized stocks on farms and that the open Winter had curtailed feeding demand. Primary arrivals of corn totaled 698,- 000 bushels, against 799,000 a week ago and 973,000 on the corresponding day of 1930. Bears reported keen competi- tion from substitutes for corn, together with cheap offerings of Argentine corn in Eastern markets, making shipping ca’. here slow. Minneapolis messages sald country selling overnight had somewhat increased. Oats followed corn, although oats receipts in Chicago were less than half of the quantity a year back. Corn closed nervous, 1 to Vs cent lower than yesterday’s finish; wheat ir- regular, 33 off to 4 up; oats, ! to 3a down, and provisions at 5 to 15 cents decline. Corn— March, old . March, new High. Close. e July' September pression, and the heavy decline in the | M Reichsbank holdings of foreign bills are dominating factors determining the pes- tone during the past business week. It is further supported¢ by un- satisfactory sales figures just released by the steel trust, and the continued down- ward trend of other business indicators March, old May. old . May, new .. July’ ... ‘The reassuring statements from finance | M minister, Dr. Dietrich, regarding the condition of federal finances at the open| of the budget debate in the Reichstag, and the favorable returns on 1930 foreign trade with the remarkably high export surplus, fail to outbalance the depressing influence of adverse MUST KEEP PREFIX BERLIN (#).—Once a “von” is always a “voi in Germany, even under the blic. n%‘ refix is now considersd by law to be a mere syllable of name, but it cannot be dropped at will. A former t, W) a once noble | tle of Filling Station Proprietor Awaits Probe of Anti-Freeze Drinking. ASHLAND, Ky, January 24 (#).— Marjon C. Collins, 42, gasoline station proprietor, was held yesterday pending investigation into the deaths of five men who drank anti-freeze solution. Wil- liam Bates, 17, station attendant, was released after an inquest. Two men who they drank a lit- the solution but not neough to nH‘.l‘; them 111, testified davit m of the victims had a it filled three REACTION IN COTTON FOLLOWS ADVANCES | Recent Buying Movement Believed Factor in Weakening the Market. By the Assoclated Press. NEW YORK, January 24.—Recent advances were followed by reactions in cotton today under week end real- izing and Southern selling, which was attributed partly to hedging in the March and May positions. Unfavorable 1abor reports from Lancashire and rela- tively easy Liverpool cables may have contributed to the decline, while the market showed signs of an easier technical position after the recent buy- ing. May contracts eased off to 10.56, or 15 points net lower, and the market closed barely steady at net declines of 14 to 15 points. The opening was steady 7 to 8 points lower in response to the relatively easy Liverpool cables. There was some further covering and trade buying, but the demand was quite readily supplied and prices worked gradually lower dur- ing the morning. The demand was less active, as if buyers had been earlier in the week and comparatively light offerings were sufficient to send prices off to 10.33 for March and 10.78 for July, while the new October de- clined to 10.99. Closing quotations were at the lowest of the day. Liverpool cables attributed the de- cline there to local tion. cloth was po Manchester for the British home trade and India, but_the Bhlnfl‘hll auctions were said to be disappointing. Egyptian cotton in the Alexandria futures market was 14 to 51 points lower and may have Y 15 | been one of the factors in the Liver- pool decline. The selling here, however, aside from a little more Southern he g, attributed chieflly to realizing. amount of cotton on shipboard await- ing clearance at the end of the week was estimated at 89,000 bales, against 125,000 last year. Close. Low. 1033 1033 MORE CROP DIVERSITY tionalzation ‘of the. farming -progrer a) n A of the South, according to Charles J. Brand, executive secretary and treas. urer of the National Fertilizer Associa- tion, in a let In view of the fact that an affirma- tive program is always more successful than a negative one, Mr. Brand en- closed a slogan, as follows: '.:‘ Sound PENSION SYSTEM STUDY 1S STARTED BY TRADE LEADERS Present Plans in Effect In- clude Less Than 1 Per Cent of Workers. STATES MAY SEEK WAYS OF AIDING UNEMPLOYED Contributory Method for Retire- ment Pay Is Gaining in Favor. BY JOHN F. SINCLAIR. Special Dispatch to The Star, NEW YORK, January 24.—Thomas H. McInnerney of Chicago, president of the National Dairy Products tion, must feel greatly satisfied with the work of his company for 1930. When the sales of this immense or- ganization went over the $300,000,000 mark for 1929, and made a net profit of $21,576,000 during the , it ‘when the Wall ré‘!‘l‘ !?L‘:llkm ee er waiting for a chance to ask them lt; 1.000,?‘00 to develop the dairy in- $ dustry. $25,000,000 In Profits. The story can be told in a colorful way only by Tom Mecinnerney himsei. But the substance of it is that the New York bankers did not believe that €Ot was that it was “beneath their loan money in any such way.” But Mr. Mclnnerney stuck to it. He got his million then, and has secured ne profits were $25,000,000, or approxi- mately $4.07 a share on the 6,150,000 shares outstan the affairs of life today, both home and | dust busines, uate istered and will do much toward the of industry of plans in ‘their pm%u ‘The lan, as far uki’;’ ciudes This"is"s Fian whereby. cvery employe pays a certain percen mmuy;:nmwmmmm company, too, pays & certain percent- twe Joining hands age, the two together to give, upon retirement, that economic independence which every worker de- es. Unfortunately, the number of such experiments in the United States is pitifully small, less than 1 per cent of the workers. Unless 1 business fleld during the last 10 years it is almost certain that the State will set up syme plan designed to protect the vast majority of workers. Bankers’ Code of Ethics. In the code of ethics of the Amer- ican Bankers' Association is found this ‘“‘;Tn% should er accept per- % ould neve the bank's in the New York bank inquiry, ng:d,- ing the operations of the defunct Bank of United States, indicate that some of the directors and officers of that bank the bank’s funds for stock speculation. Stocks of these various affiliated companies wer: thrown around and juggled, like 's business. John C. Flynn, student of banking, reviewing the situation in the New Re- P ke Droposals of hank superintend - of su) - 3:‘:" to prohibif from It banks ir stocks with those of pretty well supplied on the advances | f! rule sl a tional banks.” " Her<'s. a_subject for the careful con- sideration of the Glass Committee, now fimunung banking and credit con- European Economic Union. M. Briand, French f minister, and impressive 3 over ths outlook for lm.: European political or economic un! He has worked for it, talked about it, written about it—almost prayed for it for over a year. Now at Geneva, an attempt is being made to work out a skeleton plan, But no one there really believes it can be brought about. Italy and Ger- many raised ob to it early on the ground that Russia and Turkey were not asked in. Germany’s critical position has caused Dr. S s 's ms: successor, Dr, Curtiss, to modify his lost much prest; Prance, to the rise of a new radical conl ‘Tarift URGED THROUGH SOUTH |35 ter to Southern bankers, | EUr0