Evening Star Newspaper, January 31, 1931, Page 11

FIN BRORERAGE HOLGE TOMAKE PAYMENT Prince & Whitely Counsel Says Offer of 25 Cents on Dollar Is Planned. BY EDWARD C. STO) Creditors of Prince & Whitely in Washington, as well as all over the country, are to be offered 25 cents on the dollar, according to a New York dispatch received here today, while the | hope is expressed that the remaining 75 per cent can be paid later by the New York Stock Exchange house which closed its doors several months ago. ‘The firm maintained local offices in the Washington Building and clients have i been awaiting the terms of settlement | ‘with keen interest. | A plan of composition will be offered to creditors of the firm of Prince & ‘Whitely within the next few days, ac- cording to Garey & Garey, counsel for the firm. The plan probably will in- clude a cash offer of 25 cents on the dollzr, and participation certificates in & liquidation corporation which may eventually yield the remaining 75 per cent. While the quick ascets now avail- able are insufficient, liquidation of the securities under any substantial im- provement in the stock market might meet the full liabilities of about $16,- 000,000, Mr. Garey of the counsel said | today in New York. | Collection Managers Confer. The “collection managers' confe: ~ ence” of the eastern division of the Na- tional Association of Credit Men is| in session today in the Hotel Mayflower | with approximately 40 representatives | present. Thomas Scheckell, secretary-manager | of the New York City Credit Men'’s Adjustment Bureau, is presiding over the sessions. Discussions centered around new policies and methods to be pursued in collection bureaus. ~Ad- dresses of welcome were delivered yes- terday by Charles W. Clayton and John A. Reilly, president and secretary- manager, respectively, of the Washing- ton Association of Credit Men. The principal speeches were given by ‘Walter C. Foster, director of the adjust- ment bureaus, and Samuel Ardron, jr., Eastern division manager, both for the New York headquarters office of the tion. The meeting follows ses- sions for the past two days of inter- change managers from the Eastern sec- tion of the United States. Forum Dinner Plans Completed. A. E. Henze, chairman of the Forum Committee of Washington Chapter, American Institute of Banking, an- nounces that the next forum dinner meeting will take place at the Shore- ham Hotel on February 4. As pre- viously noted, Dr. Stephen I Miller, executive manager of the National Asso- ciation of Credit Men, will be the speaker. He was formerly educational director of the American Institute of Banking and has frequently been heard here. His subject, “Lifting the Roof of the Economic Structure,” is most timely and his observations made on tours around the country will be of much value. The meeting is opcn to bank officers and all institute graduates. Mr. Henze believes the meeting will be one of the most interesting yet held. { Bill Holdings Drop $15,000,000. | The daily average volume of Federal Reserve bank credit outstanding during the week ended January 28, as reported by the Federal Reserve banks, was | $991,000,000, & decrease of $73,000,000 compared with the preceding week and | of $220,000,000 compared with the | nding week in 1930. | On Januaiy 28 tota: Reserve bank eredit amount'd to $956.000,000, a de-l crease of $64,000,000 for the week. Thisl decrease corresponds with decreases of $49,000,000 in money in circulation and $16,000,000 in member bank res:rve bal- ances and an increase of $6,000,000 in monetary gold stock, offset in part by & decrease of $6,000,000 in Treasury cur- rency. Holdings of discounted bills decreased $15,000,000 during th> week, the’ prin- cipal changes being declines of $7,000,000 at the Pederal Reserve Bank of San Prancisco, $6,000,000 at Cleveland and $3,000,000 at Richmond, and an crease of $3,000,000 at Atlanta. Tue system’s holdings of bills sought in open mark<t declined $32,000,000, of United States bonds $14,000.000 and of Treas- ury certificates and bills $10,000,000, while holdings of Treasury notes in- creased $9,000,000. Baden Discusses Property Rights. William H. Baden, vice president and trust officer of th: Washington Loan & Trust Co., addressed the Charles County, Md., Federation of Women's Clubs yes- terday in the court house at La Plata on “Property Rights of Husbands and ‘Wives in Relation to Estates.” The trus,_company official was r<presenting the District of Columbia Bankers' As- sociation. There were about 150 Mary- Jand women present. Bill Subscriptions $327,805,000. Becretary Mellon announced today that the tenders for $60,000,000, or thereabouts, of 90-day Treasury bills, ‘which were offered on January 27, 1931, were opened at the Federal reserve on January 30, 1931. ‘The total amount applied for was $327,805,000. The highest bid made was 90.782, equivalent to an interest rate of about seven-eights of 1 per cent on an annual basis. The lowest bid ac- cepted was 99.753, equivalent to an in- terest rate of about 1 per cent on an annual basis. The total amount of bids accepted was $60,000,000, which have been equally apportioned between the two series. New Insurance Contract Adopted. A new agents’ contract of the Acacia | Mutual Life Association yesterday was given the unanimous approval of the board of directors of the association and thus becomes effective immediately. According to President Montgomery, under whose supervision the new con- tract was evolved, it “rewards efficiency and penalizes inefficiency” by paying Acacia agents in proportion to the busi- ness they service and keep in force. Furthermore, under the contract’s pro- visions the better the conservation rec- ord of the individual agent, the more he profits. | “Under our new contract,” President Montgomery explains, “the public eventually must benefit largely. This 15 s0 because th> new contract rewards the agent's efficiency in servicing the' business he has and keeping i: in force. The more and the better he serves the ublic, the more substantially he is} uilding for his own future.” Gleaned in Financial District. Edmund R. Moore, a Cedar Rapids| banker, has been recommended to President Hoover for membership on the Federal Reserve Board to succeed the late E. H. Cunningham. Final papers have been signed for the sale of the studios and certain other assets of Pathe Exchange to Radio- Orpheum Corporation. The initial pay- ment has been made thereby consum- mating the transaction. Interstate Commerce Commission has suthorized Pittsburgh & West Virginia Railway to issue $2,200,000 4} per cent short-term notes in renewal of a like amount of maturing notes. PARIS BOURSE PRICES. PARIS, Jahuary 31 (®).—Prices were firm on the Bourse today. Three per cent rentes, 87 francs 10 centimes. Pive per cent loan, 103 francs centimes. g on . London, 123 francs 90 cen! . The dollar was quoted .z‘tl francs 52%, centimes. B & are produced now in t it is known as the of the world. s phd ANCIAL. ~Prev. 1931~ Stock and High. Low. Dividend Rate. 21 Adams Exp (1.60) 87 831 Adams Exppf (5)... 108 103% 9215 Air Reduction (t43%) 16 9% 7% Alrway El1Ap (80c). 27 v % Ajax Rubber........ 3 9% 7 Alaska Juneau (40c) 32 10% 7% Alleg Corp. . 1791 153' Allied Ch & Dye (n6) 26 124 122 Allied Ch & Dof (7). 38% 32% Allis Chalmers (3).. | 26% 20 Am AgriChof Del.. | 36% 32 Am BrShoe (240).. | 11l 84 Am Brown Bov Elec. 115% 106% Am Can (15)........ | 34w :7 AmCar& Fdy (6)... 74% Am Car & Fdy pf (7) Am Colortype (2.40). Am European Secur. Am & For Power. ... Am & For Pw pf (6) . Am & For Pow 2d p Am Hawaflan SS Am !ce (3). Am Internat (2). .. . F1 & Foam pf 10s comotive (2). % Am News (jt4).. Am Pow & Lt (11). Am Pow & Lt pf (6). Am Rad & St San (1) Am Roll Mill (n2)... Am Safety Razor (5) Am Sm & Ref (4). Am Sm & Ref pf Am Solv & Chem Am Steel Fdy (3) Am Tel & Cable ( Am Tel & Tel (9).... Am Tobacco (16).... Am Tobacco B (16) .. Am Water Wks (3).. Am Woolen pf. Anaconda Cop (234). Anchor Cap (2 40). .. Armour of Del pf ( Armour of I A. Armour of Il B, Armour of Il pf (7). Asso Appl Ind (4). Asso Dry G (2%) Atch To & § Fe (10). 10215 Atch T & S Fe pf (5). 105 Ati Coast Line (10) 18 Atl Refining (2) 314¢Atlas Tack. 10114 Auburn Aut L 1 Autosales....... 3 Aviation Corp of 20% Baldwin Loco (1%). 8813 Baldwin Loco pf (7). 10s 681 Balto & Ohio (7). 8 Barker Bros (2). 1% Barnet Leath; 11% Barnsdall (A) (1). 65 Beatrice Cream (4).. 167 Bendix Aviawon (1 324 Best & Co (2) 541 45% Bethlehem Si 5 122 114% Bethlehem St pf (7). 20% Bohn Alum & Br133. 671 Borden Co (k3). . 20% Borg. Warner (1) 59 Boston & Maine (4). 16% Briges Mf (11.62%). 2 Brockway Mot Trk 58% Bkiyn-Man Tr (4)... 85% BKlyn Man Tr pf (6) 5% Bruns Ter& Ry S... 14% Bucyrus (1)... 9 Budd Wheel (1). 11% Bullard Co..... 114 Bulova Watch (3). 21% Burroughs A M t1¥% 115 Butte Copper & Zin, 375 Byers (A M). 42% Calif Packing (4) % Callahan Zinc & Ld 87 Calumet & Arizona 8 Calumet & Hecla 297% Canada Dry G A (3). 1881 Can Pacific (236).... 17% Cannon Mills (1.60). 81% Case (JI) (6)...... 26% Caterpillar Trac (t4) 35 5% Celotex Co. s 20 Cent Aguirre 23 Cer de Pas Cop (2) 17% Checker Cab (1.80) 3913 Ches & Ohio (2%). 40 Chesapeake Corp ( % Chi & Alton. . % Chi & Alton pf. 5% Chi Mil St P & Pac. 9% Chi Mil St P& P pf.. i & Northwest (4) 7T City Ice & F pt (615) 308 2% City Stores TR 30 24% Cluett-Peabody (3). 157% 142% Coca-Cola (6) . 47 Colgate-Pal-P (2%). 9 Collins & Atkman. .. Colo Fuel & Iron (1). 37 33% Col Gas & El (2).. 105% 100% Col Gas & E1 pf A (8) 9% 7% Col Graphoph (a% ). 95 7315 Columbian Carb (16) 29% 25 Comcl In Tr (£1.60). 18 15% Comcl Solvents (31). 10% 8 Cmwlith & Sou (60c). 37 9114 Cmwlith & Soupf (6) 3 6% Congoleum-Nairn... 5 54 Consol Cig prpf 6% . 80s 9% Consol Film (2)..... 1 8214 Consol GasN Y (4).. 25 Con Gasof NY pt(5) 4 % Consol Textile. . 13 17% Contl Baking A 21, Contl Baking B 51% 47 ContlCan (2%). 13% 10% Contl Dia Fibre (1). 48 41 Contl Insur (2.40). 31 3 Contl Motors. . 11% 9% Contl Oil of Del. 11% 8is Contl Shares (1) 8213 76's Corn Prod (13%) 11% 8% Coty Inc 30 27 Cream of Wht (f 36% 31 106 103 5% 3 35 2215 Cuban Am Sugar pf. 43% 41 Cudahy Packing (4). 11435 113% Curtis Publish pf (7) 4% 2% Curtiss Wright Corp 45418 Curtiss WrCorpA.. 3 35 Cutler-Ham (3%). 13% Davison Chemical. .. 141 Drlaware & Hud (9). 14% Diamond Match..... & Dia Match pf (1.50). 8% Dome Mines (1)..... 1414 Domn Stores (1.20).. 611 Drug Corp (4).. 834 Dupont de Nem (4).. 6 118% Du P de N deb pf (6) 160% 143% Kastman Kodak (18) 15 17 18% Eaton Axle (160)... 3 561s 50% Hlec Auto Lite (8 150 3% 2% Elec Boat. . i 4 504 38% Elec Pwr& Lt (1)... 187 9l 86 [lec Pow & Ltpf (6) 4 104% 100 Elec Pow & Ltpt (1) 1 58 507 Elec Stor Bat (5).... 4 1% 1 EmersonBrantA... 1 6% Emporium Capwell.. 108 40% Eng Pub Sy (2.40)... 1 3213 Eq Office Bldg (23%). 2 28 Erle RR s e 4% Evans Auto Loading 20% Exchange Buf (1%). 508 2215 Fairbnks Morse 1.60. 1 22 Fed WatSv A (2.4v). 22 46% Fid Ph Fire In (2.60)213s 58 Firest T& Rpf(6).. 6 13 Fisk Rubber 5 14 Follansbee Br 41% Foster Wheeler (2 47 Foundation Co 22 Fourth Nat Invest.. 26% Fox Film A (4). 281 Freeport. Tex (4) 50% Gamewell Co (5). 1% Gardner Motor...... 57% Gen Am T Car (34).. 24% Gen Asphalt (3).... 98 Gen Baking pf ( 6% Gen Bronze. .. 46 Gen Cable pf ( 34 Gen Cigar (4) 41% Gen Elec (1.60)..... 11% Gen Elec spec (60¢c). 47% Gen Focd Corp (3).. 4's Gen G & El A (e30c). 54 GenG & Elcv pf (8). 44% Gen Mills (3). 35% Gen Motors (3)..... 95 Gen Motors pf (5). 7% Gen Outdoor Adv 14% Gen Pub Sv b6% stk, 68 Gen Ry Signal (5). 5% Gen Realty & Util 40 Gen Refractories (4) 64 Gen Theater Equip. 21% Gillette Saf Raz (4) 4% Gimbel Bros. 4 Gobel (Adolf. 31% Gold Dust (2% P, 4 1388 3 17508 3 S 2 %) 1 Cr Cork & Seal 2.40.. 5 36 Crucible Steel pf (7) 1208 103's Cuban-Amer Sugar.. 1 108 101y 181, Note—All stocks are sold in one hundred-share excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. lota Prev. Low. Close. Close. 19% 85% 94% 9 ) 84 9% 156 124 354% 241 34% 2% 100% 20% 85% 94% % 20% 86 26 % % 815 9% . 1031 Low. Dividend Rate. Stock and Bales— Add 00. High, 7 16% 40% T 4 15% Goodrich (BF)..... 38% Goodyear Tire (5)... 4% Gotham Silk Hosiery 3% Graham-Paige. /. 156% Granby Consol (2).. 191 Grand Sil Strs (h1).. 36 Grand Union pf (3).. 20 Granite City St (3) 5815 Grt North pf (5). 19% Grt Nor Ore (2) Grt Western Suga Grigsby Grunow. Hahn Dept Storés Hall (WF) Pr Co (2) Harb Walk Ref (2).. Hav Elec Ry pf (8) Hersh Choc pf (15). . Holland Furn (12%) Hollander Sons. .. .. Homestake Min (17). Houdaille Hershey. . Household Fin pt (4) Houston O11 Houston Ofl (new).. Howe Sound (4).... Hudson Man pf (5).. Hudson Motors (3).. Hupp Motors Iinois Central (7). . 11linois Cent LL (4). Indian Motor Cycle ndian Refining Ingersoll Rand (16) Inland Steel (4). . Inspiration Copper. Interb Rap Transit.. Int Cement (4). Int Combustion Int Combust pf ctfs. Int Comb Eng pf.... Int Harvester (2%). Int Harvester pf (7) int Hydro El A (e2). Int Match pf (4). Int Nick of Can (1 Int Paper pf (1) Int Paper & Pow C. . Int Pap & P of (T)... Int Salt 3). Int Tel & Tel (2). Inter Dept Strs (2) Island Cr Coal (4)... Johns-Manville (3). 102 Johns-Manv pf (7).. 40s Jones & Laug pf (7). 20s Kelly-Spring Tire... 1 Kelly-Spr T 8% pf.. Kelsey Haves (2) Kelvinator Corp Kennecoft Cop (2).. Kresge (SS) Co 1.60. Kreuger&Toll(1.60) . Kroger Groc&Bak (1) Lambert Co (8) Lee Rubber & T Leh Valley Coal Lehman Corp (3 Lib Ow Ford Glass. Liggett & Myer (15). Ligg & Myers B (15) Loew's Inc (3)...... Loew's pf xw (615) . Loose-Wiles (12.70). Lorfllard «T) Co. ... Lorillard (P) pf (7). Louisiana O11 LouG&EA (1%). Louis & Nash (7).... Call Corp (2%4). McGraw-Hill (2) Mclntyre Porc M (1) McKeesp T P (14%). McKesson & Rob (1) McKes& R pf (3%). McLellan Stores. Mack Trucks (4 Mad Sq Garden (60c) Manati Sugar pf. Man Elev mod g (d5) Marine Mid (1.20). Market St Ry pr pf Marmon Motor Car. . Marshall Field (234) Martin Parry . Mathieson Alkall (2 May Dept Strs (n2) . Maytag Co 18t pf (6) % Mexican Seaboard. Mid-Cont Pet (2 Midland Steel (3) Minn Moline Pow. Mo Kan & Tex (a3).. Mo Kan & Tex pf (7) Missouri Pacific Missour| Pac pf (5). Monganto Ch (21%). Montgomery Ward Maqther Lode. ... Motor Meter G & El. Motor Wheel (3) Munsingw Murray Co! sh Motors (4). or Am (b10% stk). North Amer pt (3).. North Am Ed pt (6). orthern Pacific (5). Northwest Tel (3).. Ohio Ol Co (2) Oliver Farm Eq Omnibus Corp. .. Otis Elevator (21 Pacific Gas & El (2). Pacific Lighting (3). Pack Mot Car (60c). Paramount Pub (4) Park Utah Parmelee Pathe Excharg Pathe Exchange A. Peerless Motor Car Penick & Ford (1).. Penney (J C) (3) Penn Dixie Cement Penn Dixie Cmt pf. Penn RR (4).... Pere Marq pr pf (5) . Petrolm Cp of Am (1) Phil Read C & 1 Phillips Pet (2). Pierce-Arrow A (2). Pitts Steel pf (7).... Poor & Co B (2). PRAM Tob A (3%). rostal T & C pf (7).. Prairie Oil & Gas (2) Prairie Pipe L (15).. Proct & Gamb (2.40 4 Prod & Refiners pf. Pub Sv N J (3.40). Pub Sv N J pf (5). Pub8vNJpf(6)... PubSvE &G pf (6). Pullman Corp (4)... Punta Alegre Sugar. Pure Oll. .. Radio Corp.... Radio Corp B (5 Radio-Kelth-Orp Raybestos Man 2.6 Rem Rand (1.60) Rem-Rand 1st pf Reo Motor Car (80c) Republic Steel...... 4 Republic Steel pt. ... Revere Copper & Br. Reynolds Metals (2). Reynolds Spring. . .. Reynolds Tob B (3). Richfield Ol ..... Rio Grande O . Rossia Insur (220).. Royal Deh(m1.3404). Safeway Stores (5).. Savage Arms (2) Schulte Retail St Seaboard Air Line. .. Sears Roebuck $2% . Second Nat-Tnv Servel Inc. .. Sharp & Dohme Shattuck F G (11%). Shell Union Oil Shell Un Oil pf (5%) Simmons Co. ....... Sinelair Con 01l (1).. Sinclair Oil pf (8). Skelly Oll. .. . Snider Packing...... SolvAmprwwb%.. Sou P Ric Sug (1.40) South Cal Ed (2)... RPummTonn~toaa w3 eS8 ome & = - e e SRR REN RO 50 264% Spicer Mfg pf (3). 2 16% Stand Brands (1.20). 162 (Continued on Page 12.) ¥ - ’ THE EVENING STAR, WASHINGTON, D. C., NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Prev. Low. Close. Clt 15% 39% Ty 41 164 21% 38 22 6814 38, 378 26% 178 28% 604 123% 120% 1% 15% 24% 107 23% 26% 224 109% 33 28% 2214 T4 15% 34 38l 5l 514 341y 221 SATURDAY, STOCKS IRREGULAR | N SAGGING TREND Market Sells Off Further After Strong Advance of Previous Day. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 31.—A narrow and irregular price movement, but with a downward trend, featured today’s week-end stock market. Price changes, however, for the most part were without significence either as to the situation of the particular corporations concerned or as to the longer-term prospect for the market as a whole. The Street was divided into two camps, one still dubious about the effect of the proposed veterans’ compensation legislation, if enacted, and the other stressing the sold-out condition of the market and the certainty that business * | recovery would come sooner or later regardless of political developments. ‘There was even a small minority which took the position that a large disburse- ment of cash to former soldiers would, through the temporary inflation pro- duced, mean higher prices for stocks Selling Side Stronger. For th> moment the controlling fac- tor was the weakened technical situa- tion brought about by Friday's spec- tacular demonstration against the short interest in industrial specialties. That display made a bad impression on the more conservativ: element—an im- pression which* was heightened by the fact that the investment issues did not participate in the upward movement. Today, therefors, the selling side was favored. United States Steel, opening unchanged, dropped back a point an hour later and similar losses were registered in most of the more impor- !n%:weks. volatile issues, inclu Auburn, Worthington Pump, J. I dé‘:‘se and A. M. Byers, sold off for larger declines, as was to have been expected. th - day’s rise and today’s setback were the result of prof:ssional operations. It is doubtful whether there was any public buying stimulated by the advance and it is equally doubtful whether there was any public liquidation produced by the decline. In these stocks, at least, the market is in the control of a group of restless speculators. 4 The other side of the story was the striking stability manifested by stand- ard stocks of industries which are operating under difficulties. The copper metal market, for example, is in a most unsatisfactory condition. Export prices were reduced today to correspond with the cut in domestic quotations Friday, and yet the copper stocks sold off only fractionally. 0il Situation. Nothing could be more discouraging than the situation in the oil trade. Atlantic Refining in its preliminary statement published overnight, showed net for 1930 equivalent to $1.02 a share, against $6.79 a share in 1929. The stock was down a little over a point, but very inactive. late considerable selling of Standard Oil of New Jersey on the theory that the market price was too high, although earnings will not be known for several months. But the stock has been well taken by investors looking to the longer future and willing to hold the equity in the leading factor in the industry meanwhile, Railroad stocks were better supported than industrials today. Norfolk & Western made a new high for the year and Union Pacific duplicated its pre- vious high. Commodity Price Trends of Week BY H. N. MeGILL, Editor. McGill Commodity Service. AUBURNDALE, Mass., January 31 (#).—Commodity prices during the final week in January made an unsually poor showing. Not for a period of many months has the price decline proven so pronounced as regards the | number of groups affected. During the past week, out of 15 individual com- modity groups, 11 declined, 4 remained unchanged and not one advanced. As long industrial activity remains at a critically low level, accompanied with stagnation in the stock market, widespread unemployment and im- paired purchasing power, there is little basis for confidence in commodity prices. There are two principal reasons why consumers are not covering ahead {at present despite the fact that prices are low. First, is the fear of loss by a further general price decline, and, sec- ond, demand for finished F)od.! con- tinues sharply under normal and con- sequently stocks now held, although low, appear large in terms of consump- tion. Much reference is being made to the long-swing trend of prices, it being generally agreed that fundamentally the underlying trend is still downward. A review of price records for the past 70 years clearly shows that in addition to the complete price cycles of from three to five years’ duration, there are also broader movements of from 10 to 30 years' duration. Broad movements up or down are constantly subject to interruptions of importance. There- fore, the statement that the underlying trend of prices is still downward means that during the next decade, whenever a business recession sets in, commodity prices will probably be forced down to a new low, just as the price level today is lower than in 1921. All Commodities. Noting specific price changes in all commodities, the average sagged ma- terially during the past week. The principal grades that were lower were industrial products, icultural prod- ucts, live stock, chefficals, hides and leather, non-ferrous metals, paint ma- terials, textiles (fine and coarse) and vegetable ofls. Industrial Products. After showing considerable resistance to a downward trend for several weeks, industrial products were forced to a new low, largely due to the price weak- ness in non-ferrous metals and textiles. One of the most important develop: ments in January was the disinct halt in the upswing of raw materfal inven- tories, and in many instances a mod- erate revision downward. I Agricultural Prices. There has been of | JANUARY 31, 193t IMUCH MACHINERY | 15 BEHIND TIMES Modernization of Equipment Would Be Thrift Move, New Survey Indicates. Radio discussion of the general sub- ject of out-of-date equipment in Amer- ican factories by Dr. Julius Klein, Assistant Secretary of Commerce, will serve to focus public attention on op- portunities for reduction of manufac- turing costs and elimination of waste which exist in industry at the present time, according to Kenneth H. Condit, editor of American Machinist. Sum- marizing an industrial equipment sur- vey just completed by that publication, he stated that 48 per cent of the 1,400,000 machine tools in use in our metal-working plants today date back to the war or pre-war period and have been outmod by advanced designs. The machine tools in use represent an investment of more than $2.000,000,000. Studying equipment obsolescence by regions, the editor said, it is found that the Pacific Coast area, with 37 per cent of old equipment now in use, tops the list for the whole country in industrial modernization. Forty-one per cent of the machine tools now in use in the Midwest area are more than 10 years old. In New England, wherein are lo- cated the oldest industrial centers, 63 per cent of equipment comes in_the “outmoded” classification. The New York area, including Connecticut, scores 44 per cent in total of equipment more than a decade old, and the Ohio- Michigan region scores 51 per cent. The Pennsylvania area, which includes West Virginia, Del survey purposes, scores 48 per cent. dustry in the Southeast has in use equipment 53 per cent of which is more than 10 years old. The score for the South Central States is 43 per cent. Percentages reckoned by industrial divisions show that the automotive plants hold the lead in modernization, scoring but 28 per cent of old equip- ment for motor vehicles and 23 per cent for bodies and parts. The newest American industrial venture—aviation manufacture—has only 4 per cent of its manufacturing equipment more than 10 years old. Two di ilar divisions— railroads and office machinery manu- facture—score 73 per cent each, the largest proportion of old equipment in use, Percentages of old machine tools in plants making other metal products, Mr. Condit pdinted out, include textile | machinery, 62 per cent; hydraulic, min- | ing and oil well, 40; agricultural imple- ‘ments, 55 per cent; iron and steel prod- | ucts other than machinery, 47; non- ferrous metal products, 44; pumps, fans and compressors, 42; engine and water- wheels, electrical equipment, 46; | foundries, 52; paper and printing ma- chinery, 47 per cent; woodworking ma. chinery, 57; food machinery, 46; con- | struction equipment, 52; conveying and transmission equipment, 51; jobs shops and miscellaneous machinery, 43. | “Modernization of industrial equip- | ment,” said Mr. Condit, “benefits both the manufacturer and the ultimate consumer, since it reduces production costs and enables the finished product, whether it be motor car or electric re- frigerator or other product needed by the consumer, to be delivered to him at great savings in cost. Modernization of | equipment stimulates business through greater economies and more intensive marketing opportunities and reduces unemployment. Through the elimina- tion of obsolete equipment units in in- dustry waste is eliminated, with result- ;nt gain to the manufacturer and the uyer.” . May Cut Interest Rates. NEW YORK; January 31 (#).—Sev- eral New York Clearing House banks are considering a reduction in the in- nated as “thrift,” “special interest" or “compound Interest” accounts, effective on or about February 1, it was learned today. The reduction, it was said, probably will be from 3 per cent to 2% per cent. Gasoline Price May Advance. NEW YORK, January 31 (#).—Wall Street reports state that several of the major distributors ar: considering ad- vancing gasoline prices 1 cent a gallon on both bulk and retail quotations in New York and New England. BE Money to Loan Socured by firat deed of trust on real estate. Prevailing interest and commission. Joseph I. Weller 50" % & Wt e ——————— ————— ¢ First Mortgage Loans In Arlington County and Alexandria, Virginia Commonwealth Investment Generally weaker, -iflculmnl prices reflected the inability of demand to cope with burdensome supplies, not only in this country, but throughout the world. As long as the Federal Farm Board sub- sidizes any crops, production will re- main high. The drought and low prices should help materially in reducing acre- age this year, Live Stock Prices. Live stock prices were also forced to a new low during the past week. Poor quality cattle and hogs are rapidly be- ing eliminated, which should pave the way for better conditions later in the ar, particularly as feeding costs are low. ‘Textiles. ‘Textile prices lost all of the ground gained during the third week in Janu- and are now comparable with the P level in the m! of the month. Co., Inc. 806 15th St. N.W. Phone National 2623 Mortgage Loan Correspondent for The Prudential Insurance Co. of America First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. ESTABLISHED 1898 INVEST YOUR FUNDS IN First Deed of Trust Notes Bearing 6149, Interest of Consult Loan Specialist 15th 2 d N.Y. Ave. N.W. Nailonai suvinws' & Troet On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. | Maryland Personal Bankers, INC. S48 Goorsia Ave. Silver Spring, Md. The Irving-Holmes 3020 Dent Place N.W. ° Four Rooms, Kitchen and Bath terest paid on accounts variously desig- || Reasonable Rentals Telephone. National FINANCIAL, PIPE LINE INTERESTS FIGHT LEGISLATION Committee Named to Oppose Sug- gestions for Regulation of Carrier Systems, By the Associated Press. NEW YORK, January 31.—Leadersin the petroleum industry have declared open war against what was described as “the proposal of the Assoclation of Railway Executives to divorce pipe lines from oil company ownership.” W. R. Boyd, jr., executive vice presi- dent of the American Petroleum Insti- tute, announced appointment by organization of a committee of execu- * A—11 tives to handle the industry's fight, “The proposal,” sald Mr. Boyd, "; nothing more nor less than an’ effort’ strangle by regulation the transporta- tion of petroleum products and natural gas by pipe lines, 4 “While-the petroleum industry is in sympathy with every properly devised plan for increasing railroad earnings to maintain as efficient agencies of , it agree the carriers are entitled to destroy other forms of transportation merely because they render, competitively, the serivce at lower cost.”” TU. S. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of busi- ness January 20 was $150,021,950.43. Customs receipts for the month to date were $26,347,837.97. Total ordi- nary expenditures, $5,860,088.03. irst Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland and Virginia for 3, 5 or 10 year terms on your Home Apartment 51,6p i, RANDALL H. HHAGNER & COMPANY MORTGAGE LOAN CORRESFPONDENT New York Life Insurance Company 1321 Connecticut Ave. Decatur 3600 WE ANNOUNCE the Association With Us of Mr. Roland $. Robbins and Mr. Edward R. Keenan at Our Washington, D. C., Offices WRIGHT, SLADE & COMPANY Washington, D. C. Mayflower Hotel Telephone Decatur 0780 Member of New York Stock Exzchange F- I RS T LISTED AS A DEPENDABLE INVESTMENT Inquiry of conservative in- vestors, those who know the value of keeping at least a por- tion of their capital safely at work in fixed dividend-paying investments, finds they favor Over a Third of a Century Without a Loss lative real estate loans—the kind repre- sented by our 6%, FIRST MORTGAGES The selection is obviously a wise one for there is no specu- element involved—both interest and security being loss- proof. May be purchased in amounts from $250 up. { F. SAUL CO. National 2100 925 15th St. N.'W. Capital_and_Surplus $3,500,000.00 Deposits invited in any amount. ipen Until 5:30 P.M. Making Personal Prosperity Permanent Many are out of work—you, too, may face unemployment some day. But a few dollars promptly banked Every Payday will help make pros- perity permanent, for you and yours. {IThis time-tried bank is furthering the thrift efforts of over 53,000 patrons, and invites YOU to become a depositor, Same Rate of Interest Paid On Large and Small Accounts R AUDLEY A. P. SAVAGE DIRECTORS: JAMES J. BECKER Sl Bih