Evening Star Newspaper, February 23, 1931, Page 15

FINANCIAL THE EVENING STAR, WASHINGTON, D. C. ONDAY, FEBRUARY 23, 1931 ‘A—15 e e RAILROAD CONTROL 1S CLOSELY HELD Splawn Report Shows Major- ity Ownership Centered in 15 Groups. BY JOHN F. SINCLAIR. Bpecial Dispatch to The Star. NEW YORK, February 23.—Dr. Wal- ter M. W. Splawn, under the direction of the House of Representatives Com- mittee on Interstate Commerce, has Just completed a thorough study of American railroad organizations, which is probably the most complete ever made and cost the Government less than $50,000. In the report Dr. Splawn brings out the fact that of the 160 class 1 rail- roads, representing a gross capital of $23,800.000,000, their ownership is dis- tributed through 840,000 stockholders, and the banks and broker: houses own but 5 per cent of the total voting stock. Dr. Splawn, 48, Texas born, grad- uated from Baylor University and took post-graduate work at both Yale and Chicago. Then he read law and was | admitted to the bar, practicing for sev- eral years at Fort Worth. In 1916 he went back to teaching, and began to specialize in railroad eco- nomics, finally becoming a professor at the University of Texas. During this time he was made a member of the Texas Railroad Commission. and | in 1927 became chairman of the Board | of Arbitration of Western railroads and groups of employes. Dr. Splawn i5 the author of two books on railroads—''Consolidation of Railroads” and the “Government Own- ership and Operation of Railroads.” Every business man interested in the outcome of the railroad consolidation movement should take time to read this report. Fifteen Major Groups. One of the most interesting facts brought out in the House committee’s | report is that 15 major groups in the United States control 210,000 miles, or nearly 85 per cent, of the railway mile- age of the country. The committee suggests putting the holding companies under the control of the Interstate Commerce Commission, Just as raliroads are today. Otherwise control of railroads by the I. C. C. is impossible. Eight families are mentioned as the largest holders of railroad securities— George F. Baker and his son, George P. Baker, jr.; the Vanderbilt family, Arthur Curtis James, Edward S. Hart- ness, the Harriman family, the Fahne- stock family, the Whitney family and the Widener family. ‘The committee also brings out the fact that 219 raiiroad directors now hold 2298 positions and this does not in- clude directorships in subsidiary com- pm;:s, of which they average about 10 eac] Russian Dumping. Jean Parmentier, French financier, member of the French delegation for framing the Dawes and Young repara- tion plans, has returned from Russia and says that “if the Russian dumping system is not checked it may cause an economic disturbance without parallel in_the history of the world.” ‘Mr. Parmentier thinks the Soviet plan of impo: vast amounts of machinery and skilled labor, paid for by credit se- cured from the forced sale of Russian goods abroad, is likely to sucoeed. If #0, Russian iron production is likely to Teach 17.000.000 tons annually. Of that amount between 9,000,000 and 10,000,000 tons will be exported—double the amount that Russia exported before the great war. To meet the “Russian dumping Mmenace,” Mr. Parmentier suggests the creation of a government office in each nation, “to_centralize all direct and in- direct purchases from Russia, and resell them at the market price, 0 a8 not to break down the price level in the vari- ous countries.” Russia then will be dumping her surplus into the laps of the various governments. These governments. in turn, would make vast profits seiling t‘ihnfi;n pto thetlrbmle, and at the same reven ess and commercial chaos_within the various nations. “i\{ Pa;m?’n:,lsr thln‘:fi the world must e such action as is necess: 1 Is 100 late. iy e League of Nations and the In- :;I;A‘Itl:ndfl’ Chnt;ln‘:rr of Commerce are studyin, “Russia = peoblers. g n dumping’ Business Recovery. Victor M. Cutter of Boston, 49, presi- dent of the United Pruit Co., Aay&pt.hal the return to prosperity cannot be ac- complished by “splendid isolation”; neither can the world-wide depression be cured “by means of local spending, tariff walls or by artificial stimulants. Julius H. Barnes, chairman of the national business survey conference, makes an even more important state- ment. Here it is: “The only safe equalizer of supply and demand—the only prevention #gainst cumulative destructive surpluses —is the control through the influence of free play in price, representing the informed and inflexible judgments of the world, made effective through What free trader could state his business philosophy more comprehen- sively, in a paragraph? More and more American business leaders are recognizing that to be suc- cessful international trade must both ways, and that the less chstruc- tlon to international trade in the proc- ess the better for all concerned Commodity prices are still on the| decline, according to the report of the Department of Labor for January. The report says that 550 commedities stood at 77 during the first month of 1931, compared with 78.4 in December, 1930, and 934 in January, 1930, (Copyright, 1931. by North Amer News- paper Alijance.) Rayon Industry Grows. By the Associated Press, Rayon, one of America's newest in- ies, says the Department of Com- merce, attained deg: self-sufficiency kno 1930. There was a heavy decline in i ports of the article during the year, while domestic production and exports were relatively well maintained Although domestic yarn production is shown to have declined from 122,000.- 000 pounds in 1929 to 110,000.000 in 1930, or 10 per cent, imports fell off from 15.950.000 pounds to 5,813,000 pounds, or 63 per cent, in the same pe- it has ever By the same token rayon yarn im- ports in 1930 dropped to only a little more than 5 per cent of the domestic | cutput. as compared with 13 per cent , 124 per cent in. 1928 and al- most 20 per cent in 1927 1930 thus became the smallest for any year since the beginning of the industry in this country except for 1928, which can be discounted in view of the fact that fmports in the last half of 1930 dwindled to almost insignificant pro- portions. Census of Distribution. By the Assoclated Press. Records of the Census Bureau show the construction section of the census of distribution has received 149,698 re- SM’M from contractors in the United tates. Of this number 34, or 23.2 per cent, reported construction work dur- ‘The ratio for | Public Utilities BY GEORGE T. HUGHES. Eastern Gas and Fuel Associates. (This is the twenty-elghth article of & series on the sub: public_ utilities covering the principal operating an holding companies, giving their history, nd_an analvsis_of Mr. Hughes will Well a8 stocks, but will present the ‘facts” without any 3 {o Fecommend purchase or sale of spe- eifio’ securities.) A comparatively new organization, Eastern Gas & Fuel Associs , is de- serving of investment consideration be- cause of the record of its subsidiaries. The present company is a voluntary association, not incorporated, formed by the Koppers interests of Pittsburgh. It owns practically all the stock of the Massachusetts Gas Cos., which, in turn, owns all the capital stock of the Boston Connecticut Coke (ig e:;’ld lgflln(éel- any also controls O] ony Gas Co., tp:on}r:ecblcm Coke Co. Co. and Philadel- phia Coke Co. Eastern Gas & Fuel Associates has no funded debt of its own, but there are outstanding $70,551,000 in bonds of sub- sidiaries, all of which rank high as in- vestments. The most important of these are the 51; per cent lssue. due 1946, and the 5 per cent issue, due 1055, of the Massachusetts Gas Cos. In recent markets each of these two bonds sold to yield a trifle over 5 per cent. Eastern Gas has three classes of stock, a prior preference 42 per cent cumulative, a preferred 6 per cent cumulative and a common. The two former are of $100 par and the latter is of no par. Dividends are being paid at the regular rate on both classes of preferred, but hothing has been paid so far on the common. The primary market for all of these stocks is on the Boston Exchange, and at recent prices the prior preference has been selling to give over 515 per cent, and the preferred to return over 6l per cent. Both of these dividends ate well protected by earnings. At this writ- ing resuits for 1930 are not available, but in 1929 not was equivalent to $17.09 a share on the prior preference and $9.02 a share on the preferred. The common iz, of course, a speculation. At the height of the bull market in 1929 it sold above $55 a share, and at the low of the bear market in 1930 it sold at $15 a share. The company, through its subsidiaries, furnishes the city of 20,000,000 U.S. HOMES USING ELECTRICITY 70 Per Cent of Appliance Market Unsold, Says Report of Engineer. attemi of Special Dispateh to The Star. NEW YORE, February 23.—In the 20,000,000 homes in the United States which are row wired for electrical energy use, only 30 per cent of the electrical appliance market has been sold, says Davis M. Debard, Stone & Webster engineer, writing in the cur- rent issue of “Electrical Light and Power.” Mr. Debard, in an article en- titled “Room to Grow,” has presented an exhaustive analysis of the possibili- ties for expansion of residential, com- mercial and industrial uses of electrical energy, estimating, under conditions existing today, that they are now 62 per cent short of full development. In spite of the fact that industrial and commercial uses of electrical energy are constantly increasing, especially since the railroads have begun electri- fication on a tremendous scale, the au- thor points out that it is possible to develop the market for electrical Pnergy use in the home 8o as to expect 0 per cent of the power companies’ rev- enue from that source. “The average kilowatt hour use for service in the home in the country as a whole is now less than 550 per an- num, and many localities are far from this figure. Cities such as Detroit will soon exceed the 600 mark. Beattle re- ports in excess of 1.000 largely result- ing from an intensified sale of ranges. One or two companies are reporting in excess of 1,600 kilowatt hours per an- num for average home use, but in this case there is a considerable range and water heating load. A recent survey shows only 3 of the 12 major time and labor-saving devices in general use and only one of the seven principal health and comfort devices in more than one- third of the 3,000 homes covered.” It is estimated that all but 5 per cent of the wired homes are equipped with electric irons. g CITIZENS PUT NEW ROAD PROJECT UP TO BOARD Fort Myer Heights Association Ac- quires Right of Way for Entire Distance to Bridge. By a Btaff Correspondent of The Star ARLINGTON COUNTY COURT HOUSE, Va., February 23.—Having ar- ranged for a free right-of-way for the entire distance, representatives of the Fort Myer Heights Citizens’ Associa- tion were to meet with the Board of County Supervisors this afternoon in an attempt to persuade that body to take over Washington street from the intersection of Wilson boulevard and Court House road through to the new Arlington Nemorial Bridge. Officials of the citizens’ body have been at work on the project for the past vear and announced today that they obtained & 60-foot right-of-way would make a direct connection | the bridge to serve the Falls Church, Ballston, Clarendon and Cher- | rydale. FINANCIAL MARKETS CLOSED FOR HOLIDAY By the Associated Press. NEW YORK, February 23.—Wall Street was on & holiday today. Following the usual custom when & holiday falls on Sunday, the financial community today observed Washington's birthday. ‘The New York Stock and Curb Exchanges, the banks and all of the commodity markets were closed. New Crop Cost Method. NEW YORK, February 23 (Special).— A survey conducted by the American Agricultural Chemical Co. &s to the costs of farmers to grow their crops has revealed that less than 5 per cent of American farmers know what it costs them to grow their crops. In conjunc- tion with the survey the American Agricultural Chemical Co. com- pleted a simplified crop-cost method, which will be furnished to the farmers through its 16 sales offices in the principal agricultural sections. sl fiew Project to Supply Work. NEW YORK, February 23 (Special) — Work on the first unit of the Metro- politan Life Insurance Co.s new office building will give employment to be- tween 2000 and 2,500 men in the 16 months which will be required for its construction and, on completion, will provide quarters for a clerical force of l{vpmxlmluly 8,000. It is being constructed on ‘the east half of the block bounded by Fourth and Madison avenues and Twenty-fourth and Twen- ty-fifth streets. ‘The estimated cost of the first unit is $9,000,000. NETHODS A€ SED Chain Stores Adopt Plans to! Increase Volume of Trading. BY J. C. ROYLE. ‘There is no closed season on the re- tail sales dollar. That was the way one of the leading merchants of the coun- try outlined the merchandizing situa- tion today. He declared that while the game was scarce, as compared with some previous years, those hunters who used skill and proper equipment were bringing in plenty of game. New strat- egy and new weapons, he added, were being constantly developed, both by the chains and by independent merchan- dising units. Neither one, he declared, was likely to put the other out of busi- ness, and added that merchandising success now was dependent on upsto- date policies and efficiency of personnel and management. In most instances the chain stores have reached the point where their profits no longer can come from the mere addition of new units. The chains are therefore turning their tention to bringing greater volume of possible cus- tomers to those units now owned. This is exactly the problem which the inde- pendents must face. Four out of each ten chain stores are grocery stores, yet the national and sectional chain stores in Chicago do only about 4 per cent more of the total business of the coun- try than the independents. In the drug stores the independents there do about 24 per cent more business than | the chains, while in all Chicago retail | stores the independents do 50.56 per | cent of the business, as against 19.86 | per cent of the chain stores. | Naturally one of the first weapons employed by the merchants has been the reduction of prices. Purchasers in general hardly realize how extensively these reductions have been in the last year. Retall prices of 800 different article® of dry goods have shown a drog of over 20 per cent, as compared witl this time last year, according to figures of the Commerce Department. Another comparatively new method, which is being employed especially by the department stores and mail order houses, is the budget account service. Stores employing this service sell coupon books calling for total purchases as high as $1,500 on the installment nlan with 20 per cent down and a carrying charge of approximately 3 per cent a month until the coupon book is paid for. This 1s operated entirely separately from the regular charge account and the deferred payment account departments. Stores which hdve used the method declare that bad debt losses amount to less than one-fourth of 1 per cent. ‘The bargain sale has always been a favorite weapon of the independent re- merchants. Now, however, the mail order houses are adopting this method of attracting customers. Onc of the large mail order houses in its latest catalogue covering a period of 24 weeks, | }n’ov‘lucs for weekly specials, one good or each week of the 24. ‘This plan is designed to induce customers to refer to the catalogues more frequently Some of the chain grocery stores are adventuring into the delivery field That 18 they are delivering otders to| customers direct from their local ware- houses instead of restocking the stores and forcing the customers to carry home their own groceries. ‘The chain stores have been taking drastic measures to rid themselves of non-profitable units or to turn weak units into stronger ones. Some chains e closed as high as 400 stores in the last year. Others have made many changes in location when they found that the units were not well placed frem a retail distribution standpoint. This ten- dency is especialy marked in the grocery meat, drug and cigar store chains, GAS UTILITY SALES DECLINE DURING 1930 Association Report Indicates Slight | Decrease in Business for Year. Special Dispatch to The Star NEW YORK, February 23.—A slight decrease in gas utility sales for the 12 months ending December 31 is indicated by the comparative operating reports of manufactured and natural gas utilities to the statistical department of the American Gas Assoclation. Reports from companies representing over 80 per cent of the manufactured gas industry indicate sales of 353,832,- 087,000 cubic feet during 1930, as com- pared with 354,268,765,000 cubic feet during the year previous, s decline of | 1-10 of 1 per cent. The revenues of | thess companies totaled $376,885.239 | for the year, as compared with $376,- 682,611 during 1929. ‘The declining trend in water gas pro- duction continued during 1930, produc- tion averaging nearly 5 per cent under | the previous year. The quantities of coke over gas produced and purchased, however, increased 4.4 per cent. Natural gas companies representing more than 85 per cent of the public utility distribution of natural gas. re- port sales for the year in excess of 572 | billion cubic feet, a decrease of 1.4 per | cent from the year 1920. The revenues | of these companies aggregated $258.- | 209,100 during 1930, compared with | $264,296,075 during the preceding year. For comparison with other fuels, the production of bituminouscoal during 1930 | declined by nearly 14 per cent from the preceding year, anthracite coal produc- tion dropped more than 5 per cent, crude petroleum output was down 11 per cent, coke production down nearly 15 per cent, while the production of electric power declined by 1.8 per cent. e PR Columbia Gas & Electric. NEW YORK, February 23 (Special).— The Columbia Gas & Electric Corpora- tion and subsidiary companies report | for the year ended December 31 con- | solidated net income of $26.498.753, | equivalent, after preferred dividends, to | $1.76 per’ share on 11,684,220 shares | of common stock outstanding as of December 31. This compares with consolidated net income of $32,161,139, or $249 per share adjusted to give ef- fect to subsequent split-up and stock dividend on 10,596,530 shares of com- mon stock outstanding on December 31, 1929. Gross revenues for 1930 to- taled $96,129.808, compared with $100,- 328,875 in 1929, CHECK TOTAL INCREASES. By the Associated Press. Checks cashed on individual bank accounts in 263 cities of the country | increased 6 per cent during the week ended February 13, as compared with the previous period, the Federal Re- serve Board reports. ‘The week, in many centers, included but five busi- ness days. Total debits for compara- ble weeks follow: Week ended ry 18.... $10.215,003.000 Tevious week . 9, .000 ame week last year 15,370,769,000 , : Cotton Consumption Gains. By the Associated Press. Consumption of American cotton is on the upgrade, both in domestic and PARIS BOURSE PRICES. PARIS, Fchruary 23 (#).—Prices were weak on the Bourse wdlx. 8 francs 10 ing 1929 amounting to $25,000 and more. ‘l‘%e copstruction figures also show there in cen! Three per cent rentes, centimes. Five per cent loan, 101 francs 60_centimes. Exchange on London, lafi’nnu 96% ‘The dollar was' quoted at times. 85 francs 51% eentimes, foreign markets and prospects are for a better showing the latter half of the season, according to & survey by I. V. Shannon in the current issue of Trade Winds, published by the Union Trust | when business is resumed tomorrow. Co. of Cleveland. The study points out that reduction of cotton” acr and increase consumj two major problems tumm the trade 12 prices are to regain normal levels, INEW RETAIL SALES STOCKS DECLARED ON BETTER BASS Market Is Now Believed in Position for Further Sub- stantial Rise. BY CHARLES W. STORM, Editor the News Service of WAl Street. | NEW YORK, February 23.—A bigger and better stock market is expected The terriffc pace at which the mar- ket continued to advance to new high levels for this movement Saturday again emphasized the increased demand for stocks and directed the attention of the professional bears to the fact that the upward movement was continuing, notwithstanding their assertions that prices could not maintain the mo- mentum that had been shown earlier in the week. The market was called upon to absorb a large amount of profit-taking, many speculators being unable to refrain from taking profits by reason of the rapidity and size of the advance in quotations the last week. ‘Week end industrial and trade news continued favorable. A slight increase in the weekly business index was re- ceived with much cheerfulness in that it indicated that business is beginning to show some benefit, thus warrant- ing to some measure betterment in prices of seasoned stocks. Big Public Interest. The Btrect closed the week more cheerful than for months, due to the fact that the general public is rapidly coming into the market as a buyer of stocks. The skeleton working forces with which the big commission houses have been going along in recent weeks are being severely taxed and cries for additional help on part time have al- ready gone out from many brokerage houses. Radio Corporation of America stock was again a spectacular performer and advanced on an enormous volume of trading to a new high figure. The big pool existing in Chrysler Motor has been slow in getting under way by reason of its bulk, but on Satur- day it was going in fourth speed, mov- ing forward into new high ground for this advance. Motors were also stimu- lated by further reports of increased activity among the motor manufacturs m&mmmnkm otor accessory shares had a sympa- thetic upward movement under leader- ship of Trico Products, which last year made a most unusually good showing. Its activity, however, was due largely to the entrance of new speculative and investment interests in the market for the shares. Rubbers Moving. For the first time in a month rubber shares came forward with a burst of strength and activity under the leader- ship of U. 8. Rubber. Stock of the latter company has been accumulated for more than a year by the Du Pont and Raskob interests, and their holdings are reputed to be very large. Many new and strong groups have been encouraged to become active in issues which have been dormant for months, but whose business has turned for the better. This is particularly true with regard to Automatic Voting Ma- chine shares, in which a strong group has become active because of a mate- rial change for the better in the busi- ness of the company, and because the State of Pennsylvania will shortly re- ceive bids for 1,100 of the company’s machines, Durant is reported to have become heavily interested in Industrial Rayon, while interests friendly with the Mor- gans are gnmflg' to start activity in Standard Brands. (Copyright, 1931. by North American News- i paper Alliance.) CONTROL OF UTILITY FIRM IS IN BALANCE Proxy Committee Is Swamped With Votes in Twin City Company Fight. Special Dispatch to The Star. NEW YORK, February 23.—The Proxy Committee of Twin City Rapid ‘Transit Co. worked feverishly today as proxies came tumbling into its head- quarters at 39 Broadway by air mail or telegrams. Meanwhile, officials of the company, representing the management which the proxy group seeks %o oust at the annual meeting at Jersey City on Tu day, were speeding eastward from Min- neapolis by fast train in an effort to reach this city early tonight. One of the largest 8t. Paul stock- holders and at least one qualified Ca- nadian shareholder will be on the slate which the Proxy Committee plans to nominate for the board of directors. No additional Minneapolis stockholders will be nominated by the proxy group, as two incumbents seek re-election. This gives Minneapolis 6 of the 11 directors. This proportionment the Proxy Com- mittee_considers unfair, since twice as much Twin City Rapid Transit stock is owned in St. Poul as in Minneapolis. Workers at the proay headquarters were probably unaware that the site their bullding occupies was the resi- dence of oenr;r Washington during his first term as sident. Indeed, one of the curious things about the financial district today is that the brightest lighs twinkled in two buildings once asso- ciated with Washington. The assay office also was brightly lighted, though officially that office was closed. It was on that site that Washington, on a bal- facing what today is the office of Morgan & Co., took the oath of b S | office as first President of the United States. (Copyright, 1931.) RIVERDALE SCOUTS HOLD RALLY AT HYATTSVILLE Signaling and Other Contehts Par- ticipated in by Troop No. 1186. Bpecial Dispatch to The Star. RIVERDALE, Md., February 23.—A rally of Troop, No. 116, local Boy Scouts, was held in the gymnasium of the Hyattsville High School. ‘The speaker was Harold J. Crully, newly elected deputy Scout commission- er of Prince Georges County, who gave the boys a contest in signaling, knots, fire by friction and first aid. Those re- ceiving the highest rating were Al Bolz, who won signaling set; Richard Lutz, friction bow drill; Sammy Townsend and Andrew Beveridge, who tled for flint and steel set. Others taking part were Clyde Balch, John Starr, Victor Venemann, Billy Bush, Richard Bal- linger, Aloysius Wisegerber, Jesse Geiser and Karl Krause. Judges were local Scoutmaster Jack Holliday and his as- sistant, Vincent Fitssimmons. ‘Troop No. 116 meets every Friday evening at the Hyattsville High School and for the first time the; ing & basket ball team ti are sponsor- year. PIUS SEES FATHER WALSH VATICAN CITY, February 23 (P).— Pope Plus yesterday received Father Emund Walsh, vice president of George- town University at Washington, and | conversed with him for, re than two hours. Father Walsh's the Catholic Near East Welfare tion was especially LOWEST DISCOUNT RATE QUOTED BY FRENCH BANK By the Associated Press. ‘The Federal Reserve Board reports that the lowest discount rate of any central bank on February 1, last, was that of France and Switzerland, shar- ing with the Federal Reserve Bank of New York & 2 per cent rate. Belgium and the Netherlands were next with the 215 per cent rate which s enjoyed by the Federal Reserve Bank of Boston. ‘The 3 per cent rate exists for the Bank of England among the central banks, shared in this country by e Federal Reserve Banks at Clevel , Atlanta, Chicago, 8t. Louls and San Francisco, The remainder of the Re- serve banks in this country have a 3'5 per cent rate, a charge that applies abroad to Denmark and Sweden. The greatest rate of any important central bank is 9 per cent, shared by Bulgaria, Ecuador, Greece and' Ru- mania. Soviet Russia has an 8 per cent rate, while that of the German Reichs- bank is 5 per cent; Bank of Italy, 51 per cent, and the Bank of Japan, 5.11 per cent. MISSING GIRL FOUND AFTER LONG SEARCH Winchester Miss Located at Work in Philadelphia—Returned Home. Special Dispatch to The Star. WINCHESTER, Va., February 23— Found in Philadelphia several days g0, after relatives and detectives had searched in a dozen or more Eastern States, Miss Mary Lee Hicks, attractive Handley High School girl, who disap- peared from the home of a sister here last November, returned Saturday night, accompanied by her grand- father, E. M. Hicks of Frederick Coun- ty. It was learned that she was lo- cated by Philadelphia detectives, after & long search of the city. They had 8 description of the girl and it was Iargely through that information that she was found. When Miss Hicks, popular in her school and classes, disappeared rela- tives sald it was as if she had van- ished, as no trace of her whereabouts could be followed. The family, one of the most substantial here, tectives on the case, month or two they were called off. Some weeks ago her grandfather re- celved a letter from her, postmarked in Philadelphia, saying she had gone there with a man and wife and chil- dren she had formed an acquaintance with and that, as they were planning 8 trip to Europe, she was going along a8 governess. However, she did not go, but says she remained in Philadelphia, where she had some employment. Her mother is dead and her father mar- ried again and she was living with & sister when she went away. Pl CHANGES IN CHARTER Alleged Discrepancies in Docu- ments to Come Up at Mt. Rainfer. By a Staff Correspondent of The Star. MOUNT RAINIER, Md., February 23. —Alleged discrepencies between pro- ed amendments to the town charter ndorsed by the Mount Rainier Citizens' Association, and the ones submitted to the Legislature by the mayor and council are slated for discussion at the monthly meeting of the association in the town hall tonight. The discrepencies are said to have occurred in regard to the proposal to pay salaries o the mayor and council- en. ALEXANDRIA, Va, February 23| (Special). —John W. Tullock, managing | editor of the Alexandria Gazette; his| wife and baby narrowly escaped injury yesterday afternoon when the auto- mobile in which they were riding was struck by a hit-and-run driver on Tele- aph road near Pullman's store, in irfax County, & short distance south- west of this city. o E. A. Drum of 813 Quintine place northwest and his wife, Mrs. Hazel Drum, were slightly injured yesterday when their automobile collided head-on with a car driven by George Lucas, 31, colored, of 739 Harvard street north- west, Washingion. Mr. and Mrs. Drum were treated at the Alexandria Hos- pital. Lucas was arrested by local police and charged with reckless driving, colliding and disorderly conduct. Police here say he was dri: on the wrong side of the street when the crash occurred. Robert Bishop, 21, of Chille, Va., was charged with carrying concealed weap- ons; Jack Carver, 19, of the same place with being drunk, and Harry Houchens, 22, also of Chille, with possession of one pint of alleged whisky following their arrest here early this morning by Pa- trolmen Watkins and W. Bayliss. Dr. A. M. Showalter, grand master of Masons of Virginia, will be the principal speaker at the corner stone laying exer- clses at the new Post Office and Federal Building, under construction at Prince and Washington streets here, this after- noon. The famous George Washington trowel will be used. The ceremony will be in charge of Alexandria-Washington Lodge, No. 22, A. F. and A. M., and ‘was arranged by the local Chamber of Commerce. Among the items to be placed in the corner stone will be a bronze plate with the names of Warren G. Noll, architect, and Willlam Y. Brady, United States construction engineer, and the date 1930. A list of officers of the Chamber of Commerce, by-laws of Alexandria- ‘Washington Lodge of Masons, a booklet entitled “Lodge of Washington and His Masonic Neighbors.” a certificate of the officers of the United States Treasury and a list of the personnel of the local p&st office will also be placed in the stone. Mrs. George Warfleld was elected del- egate to represent the Sarah Franklin Chapter, D. A. R, at the national con- gress to convene in Washington in April, at the last meeting of the chap- ter with Mrs. George Simpson and Mrs, William Ogden. Mrs. Rose Dodd Mul- care. the regent, presided. The alter- nates are Miss Belle Browning, Miss Mary Abraham, Mrs. Carlton Crymes, | Mrs. John Maxwell, Mrs. John Graham, Mrs. Wade Elgin, Mrs. W. E. HofTheins, Mrs. Milton Johnson, Mrs. Florie Barr and Miss Agnes Merchant. ‘The chapter will be entertained at luncheon at the March meeting by Mrs, .lYohn Marshal and Mrs. William O'Neal. First Mortgage Loans Lowest Rates of Interest and Commission Thomas J. Fisher & Company, Inc. ‘ Maryland Pen:nl B:l;e:l, INC. 08 Gpptnes Al hatpns M INCREASE IN TRADE PROFITS PREDICTED Cleveland Bank Sees Improve- ment in Earnings During Present Year. Special Dispateh to The Star. CLEVELAND, February 28—Impor- tant adjustments in the industrial sit- uation which have taken place in re- cent months have laid the foundation for improvement in business profits in 1931, according to the Union Trust Co., Cleveland. Even if the total volume of business does not greatly exceed that of 1930, the bank believes there is & possibility that net earnings will increase. Among the factors favorable for im- rovements in industrial profits the ank cites the following: 1. Accumulation of a deferred de- mand for merchandise. 2. Completion of the downward re- adjustment of retail prices and its ef- fect upon the purchasing power of those now steadily employed. 3. Readfustments in producing ine dustries with respect to material prices and volume of operations. ‘'The first of the factors which we believe may exercise a favorable effect upon business profits this year is the fact that 1930 consumption definitely exceeded production, the result being an accumulated demand for goods,” says the bank in its business maga- zine, Trade Winds. “During 1930 there was & wide variation in decline of con- sumption among vatlous types of mer- chandise. “A study of the figures shows that the American public during 1930 con- trived to buy from day to day the or- dinary necescaries of life. Sugar con- sumption for 1930 fell off only 3.64 ! Ffr cent. Gasoline consumption actual- y increased. Chain stores showed an increase in tonnage of merchandise distributed. “There is no question but what un- employment has been and remains serious. However; at least 75 per cent of the persons normally gainfully em- ployed are at regular jobs and at steady wages, most of them receiving the same incomes from their work as th!;td}‘:"“ th;apuh, G not been sufficiently empha- sized that the purchasing powel?h:f those who still remain on a steady in- come basis is greater today than at any time in the past 12 years. This has been brought about by price re- ductions. “The significance of this situation lies in the fact that the increased pur- chasing Power of the great majority of the public still employed on old salary levels may well offtet to a great extent the decreased purchasing power of the unemployed in terms of volume of mer- chandise sold. ~Businesses, therefore— and retallers in particular—who have succeeded in adjusting themselves co; pletely to present lower price levels, may able to regain what they con- sider & normal volume more rapidly than they had expected. “There are many companies which showed a loss in 1930 which might have shown a profit had ft not been for the necessity of writing off high-priced inventories, both as with respect to Taw materials on hand and finished merchandise in storage. Even if these companies can secure only the same volume of business in 1931 that they did in 1930 their earnings record should show_substantial improvement. gle Premium Life Annuities Income from 6% to 103 SAFE Roger M. Stuart Life Insurance Co. Phone Nat. 3926. REAL ESTATE LOANS Made at Low Interest Ra TYLER & RUTHERFORD Applications invited on high - elass dw . and partfco- properties, o1 0 sears. if so 1520 K St. N.W. Money to Loan Becured by first deed of trast on real estate. Prevailing interest comm| 3 Joseph I. Weller 4%, % Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. SALESMEN Several desirable men to sell high-grade invest- ment sccurities, Pre- vious experience not ab- solutely necessary. Excellent Opportunity Robert C. Jones & Co., Inc. Investment Bankers, Shoreham Building ANNUITIES MAXIMUM SECURITY (Assets Over $600,000,000) PLUS HIGHEST RATE OF INCOME AGE 65 Males Females Monii iy b cpnih 93% Send Date of Birth for Tilustration and Information Regardi; CASH REFUND ANNUITIES Woodw: LE Roy GoOFF 1dy 1036 a1 0340 Insurance Ex 20 Years LOANS ON D. C. Property at 69 Interest FINANCIAL |DECLINE IN COKE TRADE IS REPORTED CHECKED By the Associated Press. January marked the first definite check in the progressive decline that has featured both the coke and pig iron industries since last April. The ave: dally rate of pig iron pmdv.u:t.lmn“i:S of 0.5 per cent over December. ‘Total production of by-product coke for January was 3,002,153 tons, an aver- ? 99,367 tons daily. Although this is & slight improvement over the De- Cember average, it is 26.3 per cent less than in the corresponding month of Iast year, when the average was 135,344 tona. [ . BREAD PRICES DECLINE IN CANADIAN MARKETS By the Associated Press. Retall prices of a 16-ounce loat of bread in Vancouver now rangs from 5 cents to ala cents, the lower figure being quo by independent bakers, the Commerce Demrmmt 1s informed. Although the er price was not recognised by the Master Bakers' Asso- clation of &rnur Vancouver, smaller firms not affiliated with that organiza- tion were quo 1. The reductions were sald to be due to_competition. The average price of bread in Van- couver and surrounding districts is 6.9 cents, which is the same as the aver- ags charge throughout the Dominion, says the ers’ association, which states the cost of transporting flour here amounts to 50 cents a barrel more than in Eastern Canada. LENTEN SERVICES SET AT ST. LUKE’S CHURCH Visiting Clergymen to Preach at Rites During Religious Period at Bladensburg. Special Dispatch to The Star. BLADENSBURG, Md, February 33.— Rev. Patrick Murphy of Washington will preach Thursday evening at 8 o'clock in St. Luke's Protestant Epis- | copal Church here. | Other clergymen will preach in St | Luke's Thursday evenings during Lent | at 8 o'clock as follows, it is announced by Rev. M. W. Derr, rector: March 5—Rev. Dr. C. Ernest Smith g St. Thomas Church, Washington, March 12—Rev. Clyde Brown of Pinkney Memorial Church. ttsville. March 19—Rev. Ronalds Taylor of 8t. Andrews Church, College Park. M Reginald Hall of areh 26—Rev. Bellhvfllle.s“ n All-Saints Chapel, Benning, D, O, also & part of St. Luke 7, A . Shilling_of Seat Pleasant will preach next Friday evening, with Rev. Patrick Murphy officiating March @ and Rev. Alfred Cheetham of Silver Spring March 13. Preachers who will fill the pulpit March 20 and 27 will be announced later, — Dietetics Authority Dies. LONDON, February 23 (#).—S8ir Rob- ert Burnet, one of the best known Yhyllcllnl and authorities on dietatics in Great Britain, dled today at the of 79. He had been physician to the royal household from 1910 to 1919, National Metropolitan Bank 14—Oldest National Bank in the Distriet of Columbia—1931 15th St., Opposite U. S. Treasury imposes distinct obliga- tions. Uniformity of service standards is invariably main- tained at The Metropolitan, irrespective of extraneous conditions. Tit's to yowr advantage to have such banking connec- tions. on Savings Organized 1879 JOHN JOY EDSON, President See Us If You Desire | | Y a home, refinan prive your property. courteous attention. Widie: Y- Tl profitable What your money Equitable C o-Operativ dg. Ass. Sist YEAR COMPLETED WALTER 8. PRATT, Jr, Secretary | Subscription for the 100th Issue of Stock Being Received [ a Loan on Real Estate or to Take Up First Mortgage E have money available if you desire to purchase Ce your present indebtedness or im- Applications receive prompt and Loans Repayable Monthly No Brokerage . . . No Commissioné 915 F St. N.W. ars ancl Safe earns is important. The safety of the medium is paramount. First Mortgage Notes secured on properly selected and appraised Washington real estate are a afe s any security can be. An interest yield of 6% per year is as high as can be hoped for when such safety is considered. The notes we are now offering are avail- able in denominations of $100.00 and up. HANNON: & LUCH National 2345 FIRST 1435 K St. N.\W. MORTGAGES PUT THE RIGHT VALUATION ON SAFETY No matter how much or how little you are going to invest— one paramount question should be considered—SAFETY. Our ‘The tremendous success of Loan Flan. and the m o8 offe: investigation of anyo Open Daily 9 to & Saturdays Until Noon NAtional 1381 BUILDING ASSOCIATION b NINTH 6%, FIRST MORTGAGES offer that indisputably—for you have behind them the security of improved Washington real estate. But in addition, you likewise enjoy this most liberal interest— definite in amount and period of payment. May be purchased in amounts from $250 up. F.SAUL €0. National 2100 925 15th St. N.W. Over a Third of & Century Without a Loss THERE IS N§ SUBSYWWTE FOR SAFETH