Evening Star Newspaper, February 21, 1931, Page 13

| FINANCIAL. BUSINESS SHOWING RISING TENDENCY February Maintains Mild Up- turn—Chain Store Con- vention Planned. BY EDWARD C. STONE. Business changes from week to week are still slight and not uniformly up- ward. On balan:e January averaged a little better than December, and the first three weeks of February have shown a resumption of the rising tend- ency, says the B >ss Week for the week ending today. The business index has risen from 7.5 per cent for the week ended Feb- ruary 7 to r cent for the latest week ‘This compares with 906 pe cent in the corresponding wee! Stecl activity 0 slowly the re: shown a fairly distinct improvement, and mer- di loadings are going a little in are somewhat ost. other sta- negative or seem the 4 es steadier this week, b tistical ato a non-com 1 C disposed to fair chance ing on a rea ast two months, and the shorts are far ess sure of ti lves than in a long time. The odds will be pretty clearly against them for the next two months unless the bull a much more rapid busincss improvement than s probable at the mom The congr 2 but the foreign e stil on must prece commercial activit Chain ¢ “The third annual convention of the National Chain Store Association will be held in Washington, at the Mayflow- er Hotel, cn Octcber 8, 9 and 10, it was announced today by R. W. Lyons, executive vice pre e ing of the Executive Committee of the essociation in New York. It will be the first meeting of the assoclation in the Capital. The two pre conventions | were held in Chicago. The national assoc years old. It was orga in the Fall of 1927. now includes most of the large store systems and numerous smaller chain organizations all over the United States. Because of the interest in the chain store situation in many parts of the country it is expected that the ‘Washington convention, Mr. Ly id, will be the most important ga the industry has ever held. Albert H. Mc sident of the Kroger Grocery & Baking Co. of Cin- cinnati, is president of the association. Acacia Starts Fellowship Fund. Establishment of a permanent good fellowship fund was voted yesterday at an assembly of employes of the Acacia Mutual Life Association, held =t the home office, First street and Indiana avenue northwest. This fund, the out- 4 d to which n Here. tion is only zed at Memp Its membership Acacia employes co! e mas time to remember those workers away because of illness, aroused 8o much interest that it was decided to make the work permanent. President Montgomery that for each dollar ra ploves, the association W & like am The assembly was ad: dition to President Montgomery, David Crouch, Ella L. Purks and Burt Langhenry. American Stores Analyzed. In an analysis of American Stores Co. stock, Standard Statistics, among her thing:, has this to say: c‘“F:nanmal position at end of 1930 is believed to have been stronger than at| close of 1929, when cash and marketable | securi‘ies were 18 times current liabili- ties. Distributions on common at Tate of $2.50 per annum (including $0.50 ex- tra) are aTply covered by current earn ings. sole ca consists of | 1,516,717 no par n share “Operates over tail groce and meat s located meinly in Pen: sylvania, with a sc surrounding States. were added during 1930; expansion program likew lowed during current reported to be ne; nounced by the em- d contribute which & ganization ope First Upturn in Nine Months. General during the first to hain of 254 stores nomic Digest “As might > goes on cted at this state | nd of activ- forecasts of | the mont for seaso of December. Financial District Notes. Al houses change GENERAL MOTORS STOCK | 1S WIDELY DISTRIBUTED By the Associated Pres NEW YORK mount 0 stock avallable ses, as THE EVENING STAR, WASHINGTON, D. C, SATURDAY, EBRUARY 21, 1931 NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. 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. ~Prev. 1081 Hieh, 121 47 23 514 2014 ~ 10415 % 9% 12% 461 o 391 21 29% 91g 311 13 5414 2314 197% 1164 11818 105 T1% 7019 120 2 1304 114'y 62's 5 1041 Prev. Low. Close. Close. 10% 398 22% 4 19% [ 102% 914 8lg Stock ana Low. Dividend Rate. 9 Abitibi Pow & Paper. 39 Abitibi P& P pt (6).. 164 Adams Exp (1.60)... 2% Advance Rumley.... 11'%% Advance Rumley pf. % Ahumada Lead £ 921 Air Reduction (14%) 7% Airway El Ap (60c). 7 Alaska Juneau (40c) 58 9 7% Alleg Corp... L 144 12y 40 Alleg Steel (+2.80) 1 48 15314 Allied Ch & Dye (n6) 110 178 327 AllisChalmers (3).. 63 29% 15 Alpha PortCmt (2). 1 17% 1714 Amerada Corp (2)... 6 20 20 Am AgriChof Del... 12 29% 54% Am Bank Note (13).. 8 61 24 Am Reet Sugar...... 5 4% R Am Brown Bov Elec. 16 12 45% AmBrBEpf (7)... 908 61 106% Am Can (15). . 471 128% Am Car & Fdy (6). S 36 Am Chain (3) 29 40 Am Chicle (13 45% Am Colortype ( 9 Am Comel Alcohol 19 Am Furopean Secu: 26% Am & For Power. ... 74 Am & For Pw pf (6). £5% Am & For Pw pf (7). 67's Am & For Pow 1015 Am Hide & Leath pf 477 Am Home Pr (4.20).. 23% Amlce (3)....... 1815 Am Internat (2 *x Am La Fr & Foamite Am La Fr & Foam pf 1008 20% Am Locomotive (2). 2 Am Locomot pf (T).. 1 21 Am Mch & Fdy 1.40.. 46 16% Am Metal Co. 8 895 Am Metal pf (6). 1 22's Am Nat Gas pf (7)..220s 45 AmPow &Lt (31).. 45 80 AmP&LpfAst(5) 1 15'4 Am Rad & St San (1) 98 Am Republies. . 11 Am ol M1l (n2)... &9 Safetv Razor ( 12 nies— Add 00. High. 991 6 42 17 23% 49 am 5 19% 5 ) 170 10734 16 104 14 m& Ref (4)... 2 Am Sm & R 24 pf (6) 213 Am Solv & Chem. 6% Am Solv & Chem pf.. 25 Am Steel Fdy (3).... 85 110 Am Steel Fay pf (7). 308 42% Am Sugar Ref (5). 4 15% Am Tel & Cable (5).. 108 176% Am Tel & Tel (9).... 75 104 Am Tobacco (16).... 6 104% Am Tobacco B (16).. 81 90 Am Type Fdy (8) 2 53% Am Water Wks (3).. 31 54 Am Wat Wkscfs (3) 10 1011 Am Wat W 1st pf (6) 2 67 Am Woolen......... 3 21 Am Woolen pf. 1 4% Am Zinc Lead & Sm. 19 26 AmZinc& Leadpf.. 2 29% Anaconda Cop (21%). 248 27 Anchor Cap (2.40)... 28 13% Andes Copper (1). 15's Archer-Dan-M (2 102 Archer-Dan pf (7). 3 Armourof Il A. 2 Armourof Il B, 80 Armour of Il pf 3% Arnold Constable. ... 24% Asso Appl Ind (4)... 22 AssoDry G (2%) 18 1781 Atch To & SFe (10). 24 10215 AtchT& SFepf (5). 1 18 Atlantic Refining (1) 103 455 Atlas Powder (4)... 2 97 Atlas Powder pf (6). 208 101'5 Auburn Auto (f4)... 157 3 Aviation Corp of Del 32 20% Baldwin Loco (1%). 38 8813 Paldwin Loco pf (7). 108 68 Ealto & Ohlo (7). 50 72% Balto & Ohlopf (4).. 1 561 Bang & Aroos (31). 1 1% Barnsdall (A) (1)... 48 65 Beatrice Cream (4).. 6 50 Beech-Nut Pkg (3) 7 167 Bendix Aviation (1). 177 32% Best&Co(2)... 23 45% Bethlehem Steel (6). 193 15 Bethlehem Stpf (7). 1 121% Blaw-Knox (1%).... 43 29 % Bohn Alum & Bri1%. 6 34% 60 Bon Ami (A) (4). 1 63 1% Booth Fisheries 1 e 6713 Borden Co (k3) 16 744 20% Borg, Warner (1).... 55 29 16'; Briggs Mf (11.6215). 98 21% 1613 Briggs & Strat (2). 3 23% 2 Rrockway Mot Trk 7 4% 58% Bklyn-ManTr (4)... 3 63% 103 Bklyn Union Gas (5) 9 119 14% Bucyrus (1).. 2 19 4 Budd (EG) Mfg. 4% 9 Budd Wheel (1). 11% Bullard Co. 11% Bulova Watch (1%). 2115 Burroughs A M t1%. 231 Bush Terminal (2%) 1 Butte & Superior 12% Butterick Co. 37% Byers (A M)... 42% Callf Packing (4).... % Callahan Zinc & Ld.. 8 Calumet & Hecla mp W&C Fy(1)... nada Dry G A (3). n Pacific (234) 9'; Capital AdminA.. 30 Capital Admin pf A.. ®1% Case (J 1) (6).. 111 Case (J 1) pf (7). 108 114 267 Caterpillar Trac «t4) 28 51 23 Cavanaugh-Dobbs pf 20s 23 11 Celanese Corp z 13 51 Celotex Co 10 415 Celotex v % iy Century Rib Mills. 6% 59 Cent R Milla pf (1).. 608 69 2215 Cerde I'as Cop (2).. 14 28% 21 Certain-teed Prod. 1 am 17% Checker Cab (1.80) 103 22% 3 Ches & 10 (2%)... 5T 4b% Chesapeake Corp (3) 21 50'y 4 Chi & Alton..... 1 6ix Chi Great Western The 19'¢ Chi t West pf... « Chi 9'; Chi Mil SUP& P pf Chi & Northwest (4) 413 Chi Pneu Tool. 47% Chi R 1 & Pac (T) £4 ChiRI&P pt (6). 2543 Childs Co (2.40). Chile Copper (2) ... 508 " Chrysl . b47 City Ice&Fuel (3.60) 3 City Ice & F pf (813) 1508 81 City S 1 3% Cluett-Peabdy pt (1) 30s 101y 5 165 58 198 125% 2 23 ctfs 10 23 10 11 37 14 slonial Beacon . )10 Fuel & Iron (1) a1y aphoph (a% ). nhian Carb (16) el Credit (2).... Comcl Cred pf (1% ). 20 315 Comcl Cred 18t (6'4) 2 Conim Inv Trust (2). Comel 1 T cv pf (6). 4 Comel Solvents (31). 5 Cmwith & Sou (60c). 915 Cmwith & Sou pf (6) 6% Congoleum-Nairn. .. 22 Congress Cigars (4). 251 Consol C; 54 Consol Cig 9. Consol 15% Consol Film pf (2).. K21a Consol Gas N Y (4).. 9 102 Con Gasof NY pf(5) 25 10; 12% 19 106 ~Prev. High. 9815 104% 1% 173% Sales— 1931 Add 00. High. Low. B3l Stock and Dividend Rate. Dupont de Nem (4).. 55 984 Duques Lt 1st pf (5). 8 1041 Eastern Roll Mills... & ustman Kodak (18) 66 ton Axle (1.60).... 16 tington-Schild pf.. 6 ec Auto Lite (6)... 123 Auto-Lite pf (7).. 108 ec Pwr & Lt (1)... 292 ec Pow & Lt pf (6) ec Pow & Lt pf (7) 3 ant A. ... ohn (5)... ohn pf (7) ng Pub Sv (2.40). .. q Office Bldg (2%). 3608 1081y 421y 32 3814 42' 12w Tiy 18% T4 14% 29 55% 9 91 17% 614 53% vans Auto Loading. Fashion Park As pf. Fed Motor Tr (B0c).. Federal Screw (1). Fed Wat Sv A ( . A Ph Fire In (2.60) fth Ave Bus (fic).1008 enes pf (615) . ... 37 T&R (1), Firest T & R pf (6).. First Nat Strs (23). Fisk Rubber. .. Fisk Rubber 1st pf orsheim Sh pf (6 Jllansbee Bros. ¥ i Fires 13 100% 17% 64 »urth Nat Invest. x Film A (4)...... eeport. Tex (4). abriel Co A rdner Motor. . n Am Investors en Am T Car (34) en Asphalt (3). Gen Bronze. . Gen Cable Bf (T).. r(4) 208 40 170 Motors (3) Motors pf (5). Pub Sv b6% stk, Ry Signal (5)... Realty & Util. Gen Refractortes (4) Gen Theater Equip. . Glllette Saf Raz (4). Gimbel Bros. Glldden Co. ... idden pr pf (7) Gobel (Adolf) Gold Dust (214) . Goodrich (R F) Goodrich B F pf (7). Goodyear Tire (5)... 140 Goodyear 1st pf (7). 3 Gotham Silk Hosiery 10 Graham-Palg 16 Granby Consol (2).. 19 Grand Sil Strs (h1).. 4 Grand Union . . 10 Granite City St (3).. 7 Grant (W T) (1 19 Grt North pf « 3 Grt Nor Ore (2). Grt Western Sugar. . Grt West Sug pf Grigsby Grunow Gulf Mohile & No Gulf Mobile & No Hall (WF) Pr Co (2) Harb Walk Ref (2).. Hartman Corp (A) Hartman Cos Hershey Ci Holland F\ Houdallle Hershey. . Household Fin pt (4) Houston Of1 Houston Ol (new) Howe Sound (4). Hudson Motor (1). Hupp Motors. .... Illinois Central (7). w Indian Motor Cycle. . & Indian Refinin Indust Rayon (4).... rsoll Rand (+6). tion Copper. . nshar Del 40c. rs Md(40c). Interb Rap Transit.. Intercont Rubber. Int Agricultural. . Int Agricul pf (7). Int Bus Mach (n6) Int Cement (4). Int Combustion Int Harvester ( int Hydro Int Match Int Int int Int Paper & Pow. Int P t Stiver..... Tel & Tel iter Dept Strs (2)., vestors Equity. . ullus (23%). 58 -Or pf (7). 1 30 108 1008 4 120 10s 2 Kendal Kenneco Kresge ( Kresge De Leh Port .eh Val ( _ehman Corp L Lib Ow Ford Glass Liggett & Myer (15). Lizg & Myers B ( Lima L. Liquid ¢ *s pf xw (6% Loft Inc. e Wiles ( ard (1) Co. . na 01l 11 Corp ( cCrory A (2).. McCrory B (2).. McKeesp T P (1433). cKesson & Rob (1) & Co (nt3) ad Sq Garden (60c) Copper (3) y Manati Sugar Mandel Brothers 104's 11% 175% 18% 65 65 108% 564 9515 1074 63 11 361 10815 42'y 82 3814 Prev. . Close. Close. 98 98U 1048 11% 172 18% 65 64% 108% 21 814 554 73 ISTOCK LIST RISES 10 NEW HIGH MARK :All Groups Participate in Ad- vance During Active Short Session. BY CHARLES F. SPEARE. Special Dispatch to The Star NEW YORK, February 21.—Addi-| tions to the list of new high prices for the year were made today, in each one of the important groups of stocks. | The average of industrials and public utilities was further advanced and now exceed by several points that level toward which they had been working for .:'\me time and finally passed on Thurs- ay Many issues that have been hanging | back throughcut th> recent broadening of the market were tzken up today and pushed into new high ground. In spite of the fact that the Stock Ex- change will be closed on Monday, there was only a moderate amount of profit- | taking, which gi good promise for favorable developments with the re- opening of business next Tuesday. Gain Has Been Steady. The strength of today’s market was due chiefly to its past action. Its best asset at the present time is its steady gain_“om day to day and its ability to ab .rb the supply of stocks offered by ir :itutions, pools and to a consider- able extent by the short interest. The public has undoubtedly been impressed by the sustained strength of leadirg 1ssues, especially since the flagrant ma- nipulation of some of these shares was bandoned a few days ago. ‘Transac- ns today were the largest for a half- | day scssion in some time Prominent among the public utilities for activity and strenath were Interna- tional Telcphone, United Gas Improve- ment, United Corporation, American & Foreign Power, American Power & Light and Consolidated Gas. ail of which sold at best prices of the vear. The copper stocks were helped by higher quotations abroad. Anaconda broke through 40 and Kennecott through 30. United States Stecl went fractionally above its previous high price. So did General Electric. Radio Is Feature. There was heavy trading in Radio Corporaticn stock at a level 10 points above the low of last December. Gen- eral Motors was dealt in close to its re- cent high price after having during the week shown considerable sluggishness and a reaction of 2'. points. which has now been recovered. About half a dozen cf the low-priced automobile stocks joined the list of those reaching the best figures of the year. * Ralls were quiet in anticipation of the January statements, which will be filed next weck, but Baltimore & Ohio and New York Central practically exceeded their former high prices. A new group to follow the general trend was that composed of the rubber and tire com- pany stocks. Although the leading ofls were backward, there were twn members of this group, Houston and Mexican Seaboard, which reached 1931 highs. RAILRCAD éQUIPMENT PURCHASE IS PLANNED| | Bs the Associated Press. NEW YORK, February 21.—Henry A. Scandrett, president of the Chicago. Milwaukee, St. Paul & Pacific Railroad, seid that the road will buy 23.000 tons of rail this year and, although it has made no provision in the budget for ing_additional locomotives Excluding the probability of the pur- chase of locomotives. the road’s budget for additions and betterments this year will amount to approximately $15,000,- 000, he said. Pointing out that the budget for 1930 was much larger, he said that last vear, as well as in the two preceding vears, it was necessary to purchase sub- stantial amounts of equipment. “Our rolling stock is in such good condition that we will not buy additional equip- ment in 1931, even if conditions were normal.” Mr. Scandrett said. “We have a firm hold on expenses.” Mr. Scandrett said e recelved from an inspection trip through the West, Far West, West and East was “that pessimism was | becoming somewhat less.” U. S. TREASURY BALANCE. The United States Treasury balance, announced todav as of close of busi- ness February 19, was $160,374.275.02 were $17,693.437.52. Total ordinary ex- | penditures, $§,592,312.26 | FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal gold Selling checks | per cent issue maturing in 1939. | too, such a purchase, it is considering buy- | the impression | Middle | Customs receipts for the month to date | Public Utilities BY GEORGE T. HUGHES. INTERNATIONAL TELEPHONE & TELE- GRAPH CORPORATICN. (This i the twenty_seventh article of & series on’ the subject of public utiiities, covering the ‘principal operating and holding compan #iving their history, field of operations and_an analysis of the capita! structure. Mr. Hughes will discuss bonds as well ocks. but 11 Dresent the facts without any attempt to recommend purchase or sale of specific securities.) The present shares of the Interna- tional Telephone & Telegraph Corpora- tion during the year 1929 soid at a high of 149!, and at'a low of 53, a range of more_than 96 points. In 1830 the high was 773 and the low 171, a difference of almost 60 points. At the clase of the vear the stock was quoted not far above its low. This sweeping downward readjust- ment in market price is explainable. first, by the natural reaction from the absurd heights to which all public util- itles were bid up when the speculative mania_was at its peak: second, by the general business depression, from which this company has suffered in common with nearly all other enterprises. Lastly, the political disturbances in Latin America, where International Telephone has_its largest stake, have had an un- settling effect on investment sentiment. Under the circumstances the stock must be rated as a speculation suitable only for those able to take the risk involved. A better case can be made out for the bonds. In 1929 fixed charges were earned nearly three times over, and in the first nine months of 1930 they were covered two and two- tenths times, which is a highly satis- factory margin. The most interesting f these bonds is the convertible 41s These. have had a hectic market career, selling in 1929 as high as 224, reflect- ing the privilege of conversion into stock which they carry, but they have a sound investment value aside from this privi- lege. At this writing they are selling on an investment basis to yield nearly 6 per cent. The con jon “price is now a little over $64 a share, obviously no immediate value, but with pos: ities if and when business returns to normal. There are two other bonds which are also dircct obligations of the corpora- tion, but lacking the conversion fea- tures Al three issues are debentures rating equally as to security. The higher price which the market is will- ing to pay for the 4125 of 1939 is a premium on the speculative possibility that the stock will advance enough to make conversion profitable. There is no difference as to investment quality of the three bonds. |PUBLIC IS IN('IREASIi\IG MARKET COMMITMENTS Special Dispatch to The Star. NEW YORK, February 21.—The in- crease in brokers’ loans in the past two weeks of $56,000,000 is one of the evi- dences of a growing public interest in the stock market. It suggests that stocks are being bought on margin again, though not in sufficient degree to affect what has been the strongest technical market feature, namely, its liquidated position. Commission houses have found many of their customers anxious to follow the upward trend after having been quiet for months. They are not en- couraging them, however, to ride along with the market in a promiscuous way, but to be very selective in their pur- chases and to take profits from time to time. There is still a strong under- current of suspicions of the rise and| fear that too great an advance might have the sequel of another sharp de- cline, This is something Wall Strest. more than anything else, wishes to avoid. COTTON SPINNING. By the Associated Press. The cotton-spinning industry was re- ported by the Census Bureau today to have been operated during January at 80.8 per cent capacity on a single-shift basls, compared with 76.1 per cent in December and 100.3 per cent in Janu- ary last year. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. Money to Loan D.C.Real Estate 6% Floyd E. Davis Co. 733 12th St. N.W. Just Think of It— The Star delivered to your door every evening and Sunday morning at 1%c per day and 5¢ Sunday. Can you afford to be without this service at this cost? Telephone National 5000 and de- livery will start at once. | FINANCI PRINCE & WHIELY ASSETS 16880 Irving Trust Puts Liabilities at $16,462,253 in Letter Sent to Customers. Special Dispatch to The Star. NEW YORK, February 21.—The Irv- ing Trust Co., receiver for the firm of Prince & Whitely, which falled on Oc- | tober 9, 1930, is sending statements to the customers of the firm, except those | of the Chicago office, which declares in part: 1. Statement of customers’ accounts with Prince & Whitely showing transac- | tions, if any, from September 30, 1930 (the last date as of which regu monthly customers’ statements sent out by Prince & Whitely including October 9, 1930, the date of | the filing of the involuntary petition in bankruptey in New York: and (2) state- ment showing the liquidation value of the account as of Qctober 9, 1930, which is the amount, if any, for which the customers appear as creditor or debtor | of the firm. This statement is referred to below as the “liquidating statement In connection with these statements the, customer’s attention is called to the account which were registered in the | customer'’s name and unindorsed, or which were registered In cther name: and assigned to customer or nomir have been shown separately on | liquidating statement and have not been | included in determining the liquidation value of the account; (2) all other se- curities long in this account, if any,| have been valued on the b ket prices prevailing at business on October 9, 1930, as mined by the receiver's accountants; if | no value is stated, no quotations for | such securities were obtainable; (3) the values of securities short in each ac- count, if any, have been debited in the customer’s liquidating statement on the basis of market prices prevailing at the close of business on October 9, 1930, as determined by the receiver's account- ants; (4) securities which were set aside by Prince & Whitely in a separate vault for specific accounts have been desig- nated in the uidating statements by the legend “SK"”; (5) only such divi- cends, if any, the record date for which was on or before October 9, 1930, have been credited to each account, and (6) deliveries from and other adjustments in each account, if any, subsequent to ZQctxlvgg;‘ 9, lQ.’ilfl and prior to January 5, » are shown on your liqui statement. . e Irving Trust states in the letter that it does not feel justified in attempting to estimate how many cents on the dollar may be ultimately realized by general creditors on their claims, since it is impossible to foretell how many | securities now in the receiver's posses- sion will be reclaimed by customers, or to estimate the amount that will be realized from securities to be sold, etc. Total assets and equities are placed by the receiver at $11,698,832 and lia- bilities at $16,462.253, making a defici- :25)‘, subject to realization, of $4,763,- tollowing: (1) Any securities long in the | ¢ DROP IN EARNINGS. NEW YORK, February 21 (#).—Ag- | gregate returns of 537 large corpora- tions which have reported 1930 earnings to date show a level of income equal to 66 per cent of the high total re- ported for 1929, a compilation by Stand- ard Statistics Co. shows. For 423 of these companies, the survey says, com- parable figures are available for the past four years, and, combining these units, of 1928 levels and 88 per ce: total for 1927 G sy Money to Loan Secured by first deed of trust on re Prevailing interest and commi; Joseph I. Weller Blaeewn s b Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 1930 returns amounted to 77 per cent AL, * A—13 BREAKS OFTEN EXD EARLY N THE YEAR Nine Depressions in Past 50 . Years Have Turned in February or March. Specinl Dispatch to The Star. CHICAGO, February 21.—Nine of the 12 notable depressions in the past 50 years have ended definitely in either | February or March, or have shown & decided upward trend in that period, says a survey by the Standard American Corporation, which points to the special significance that may be attached to any signs of business revival coming at this time. With only one exception, continues the survey, every major depression since 1880 has shown reassuring signs in cither or both of the months. The upturn which ended the severe depres- sion of 1884 is typical of this fact, while the Jong depression of the ninefles turned abruptly into a period of prosperity in February, 1898. The World War depression reached its extreme low point in January, 1915, and climbed back towards normaley with surprising speed in the two months following.” the survey relates. “Along somewhat similar lines, the post-war degression seemed to enjoy its most recovery with the first signs of ng in 1921, the case of the present depre: sion, the oniy real improvement of con- ditions in 1930 cccurred in February and March. The impetus at that time, however, did not seem as strong as at present and the effect was not lasting enough to end the depression. “B ably the most significant fact bout this apparent ‘weak spot’ in de- n movements is that it seems to decided and natural in- e in optimism over the prospects pring—plus the usual seasonal That this same optimism may now be at work in commerce, industry and finance is shown by the recent spurte of the stock market under conditions which at the time hardly seemed to warrant such active price changes. This general uplift in tone, however, 1s quick to result in increased buying on the part of the public and a general improve- ment in the whole business structure. Furthermore, after periods of limited byying on the part of the public, the general need for new clothes, new fur- nishings, new automobiles, and other procucts of every-day use is particularly keen at this time of the year. “All of these facts contribute o the belief that the coming weeks may wit- ness & substantial rise in activity in business and finance,” the survey con- cludes. Auto Installment Sales. By the Assoclated Press. Automobiles sold on installment last year were estimated by the Commerce Department to have numbered 2,995,622, and to have entailed a credit extension during the Four Rooms, Kitchen and Bath Electrical Refrigeration THE ARGONNE 16th and Columbia Road Reasonable Rentals The COMMERCIAL NATIONAL BANK 11th and G Streets all of its phase 7 - /m,jf/dfl"’u State Superviston BB e e likaraian monthly repayment plan. No indorsers required. A strictly dignified and confidential service. Maryland Personal Bankers, 8405 Georgia Ave . Phones She; iver Spring, M&. d 2854-83. 643 Louisiana Ave. N.W. Home Apartment 1321 Connecticut Ave. AT RS Put can surely both 7 % - First 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 5107 s, RANDALL H. WIAGNER & COMPANY MORTGAGE LOAN CORRESPONDENT New York Life Insurance Company Decatur 3600 MORTGAGES IDLE MONEY IS WASTE it to work—which you soundly safe and profitable—in our 6% FIRST MORTGAGES ENTALS . =« lavge; Heht rooms and suites . . . building open on four sides . . . six high- speed ele\(ators iy and— brokers’ | It’s a good investment for sur- 50 per cent in | plus funds—your own; or those you are holding in trust—be- cause the security makes the principal safe—and you have fixed return for a period of years. represented by names, decrea: the year ended J: During the same pe mate number of cc increased As of Ja shares in brc 800, or 6.1 D« standing, 11.8 per cer February 15, 1930. per cent The number of held by in-| vestors as of January 31 was 40 844,200, or 93.9 per cent of the total outstanding, an increase of 2.467,400 si or 64 per cent over a total of 38,376,800 shares February 15, 1930 | ‘Common stockholders as of January | 31 approximated 269,151, an increase of 50,759. 40 34% Consol RRCpf(6).. 1 40 4 Consol Textile. . 2 Container A (1.20).. A Container B. '« Contl Baking A. « Contl Baking B. 4 Contl Baking pf ( Contl Can (2%)..... 4 Contl Dia Fibre (1). Contl Insur (2.40) 4 Contl Motors . « Contl Oil of Del..... » Contl Shares (1).... : Corn Prod (13% « Cot % ‘ream of Wht Cork & Seal Cuban-Amer Curtls Publish (17). ~ Curtiss Wright Corp rtiss Wr Corp A.. 95 Cushmans pf (8). £ 30% Cutler-Ham (33%) Interest Payment Passed. 13% Davison Chemical 141 Drlaware & Hud (9). BALTIMORE, February 21 (Special) 80 Del Lack & Wn (6).. ~Semi-annual interest, due March 1, 13 Devoe & Ray (1.20) on the Washington, Baltimore & An- 4 Diamond Match lis Electric Railway Co.s first 55! 74 Dome Mines (1) 1 not be paid, it was officially an- 144 Domn Stores (1.20) rounced at the office of the railway 615 Drug Corp (4) . 7 yesterday. % DuluthSS& Au't.. P Man Elev mod g (d5) Marine Mid (1.20). . tockwell (14) 10n Motor Ca a1l Field Mathieson Al May Dept Strs (214) . Melville Shoe (2) Mexican Seaboard. Atiami Copper. ... Mid-Cont Pet (2 Midland Steel (3).... Minn Moline Pow. Mo Kan & Tex (a3).. Mo Kan & Tex pt (1) 16 Missouri Pacific..... 16 Monsanto Ch (g1%). 1 Montgomery Ward.. 117 A BASEMENT CHE T R GARAGE FOR Motor Wheel 1%) 25 : lw CARS e _ H. L. Rust Company Mullins Mfg p: Agent Over a Third of a od the approxi- mon stockholders number rr{‘ totaled 2,655, 1 out- or | Century Without a Loss K Street at Fifteenth May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100, 925 15th St. N.W. 26 Munsingwear (3)... Murray Corp. . Myer (F E) & Br (2). Nash Motors (4) at Acme (80c). Nat Bella Hess Nat Biscult (2 (Omun“edflll’lfl‘e-l - - 35 1001 Fifteenth Street NAtional 8100