Evening Star Newspaper, March 31, 1931, Page 12

ADVERTISING HELD GREAT TRADE HELP Frank B. Amos Quotes Other Authorities in Stressing Good Marketing. The need of intelligently directed world-wide advertising is greater today than ever before in the history of Amer- ican merchandising, according to Frank B. Amos, who addressed the Illindis Manufacturers’ Association Foreign Trade Convention recently. at Chicago |, - on this subject. Mr. Amos pointed out that, while full- est consideration should be given to the various markets of the world which so far have proved quite productive in volume of goods purchased from Amer- ican manufacturers, the greatest op- portunity offered today for absorbing America’s overproduction is u-nonf the approximately 1,000,000,000 le in the more backward countries el China, India, Africa and many portions of Latin America. Certain few American manufacturers have proved that these territories can absorb a tremendous volume of Amer- ican manufactured goods, and more concentrated attention on ways and means to assist in the economic devel- opment of these countries and in the intelligent distribution of American- made products, along with the kind of advertising that will reach even Lhe most backward lnd illiterate peoples, is one of the greatest needs as well as opportunities of American Sosises 10- day. Mr. Amos, who is director, of the overseas division of George Harrison Phelps, Inc, an international advertis- ing_orpanization of Detroit, Cleveland and London, England, substantiated his beue( by %lonng rrom luch authorities Young, lenn_Frank, mdmt of the Unlwmcy ol ‘Wiscon- sin, and Dr. Julius K.l ein. BETTER SILVER ER PRICES AIDING CHINA’S IMPORTS By the Associated Press. Gradual stiffening of silver exchange, stock depletions and seasonal demands, are stimulating import trade in gl:.lcu!u'ly in the Shanghai area. de advices to the Department fo Commerce, however, say instability in exchange remains the chief deterrent toward ncrmal recovery of trade. Con- tinued rebellion and bnndlt.ry in Cen- ml"chlm also were sald to be deter- of commodity T the sutomotive market as_stationary, with sales y to low-priced mod- BROADER DEMAND FOR BONDS EVIDENT DURING LAST MONTH Although Market's Gain Has Been Only Small, Signs of Better Inquiry Have . Recently Been Apparent. Special Dispatch to The Star. NEW YORK, March 31.—Notwith- standing the investment market's fail- ure in March to put on the buoyant upturn which has been freely predicted for it in recent qmonths, encouraging signs of the approach of a broader de- mand for bonds are in evidence. The market’s improvement, it is true, has been slight. Measurad by Standard Statistics' index of 30 bonds, there nu:auc a fractional gain in the past mont But trading has been in some- what heavier volume than in either January or February, and such new issues as were offered in March were quickly distributed. These last were mostly of & high order of investments, but, nevertheless, their weedi' absorp- tion revealed a demand for long-term bonds somewhat 'Fnur than the mar- ket has seen in'the past 12 months. The influence of the stock market has been more or less negative, except in so far as its periodic advances have radiated a new optimism, based on the temporary improvement of commodlty markets in midmonth. It was also s nificant, toward the end of the mont that, stocks were not sharply depressed by the break in wheat. Ancther lndlcl- tion of the new sentiment was the much greater emphasis laid on the small ad- vance of copper prices early in the month, as against the indifference of the security markets to the cut in the third week of March. Long-Term Outlook. ‘The long-term outlook for invest- ments remains bullish. Every argume:s. that can be mustered points to a higher level for- Benior securities. Inventories all over tie world are at almost un- recedented low levels. Produce in the Ennds of the publlc such as automo- biles, clothing, furniture and other ne- cessities o( ll(e. which in times of de- pression has been used to a Yar greater degree than would be the case in more cheerful days, is near the replacement stage, and pubuc buy\ni on a moderate scale, at least, can be anticipated for the immediate future. There is an abundance of money. It is back now, in so far as call and time rates are concerned, to the low of the year after having had a slight tighten- ing, owing to the Government financing early in the month. As a matter of fact, though ths Government deficit proved much larger than the market antici- pated, it is not now considered likely that there will be any increase in taxa- tion. The Government's financing early this month revealed the heavy demand for short-term Government paper and also for long-term bonds up to 10-vear maturities. With such demand still in existence, Secretary Mellon must in- evitably follow the line of least resist- ance and the between reve- nue and expendlmre ith more short- term financing. Recent Issues. . ‘The success of New York City with its $100,000,000 of “‘hfi cent 50-year corporate stock, on it received a premium of nearly $2,000,000; the rapid dispersal of the New York Central and Pennsylvania Railroad issues and of the ucoooooo Port of New York issue and the comparative ease with which cer- hinese | tain junior bonds were absorbed just BANK STOCKS AFFECTED BY SLUMP IN SECURITIES IS :‘bouv. reflected the temper of the mar- It is true, of course, that the ab- sorption of the new issues was not ac- complished without some depressive ef- lect on the ontstanding list, but this erely temporary and only served to show that investors still view the long-term market with a great deal of conservatism. Another sign of the recovery soon to be found in m:u action of has | sufficlent to cover fixed charges, only with their lugpon that it will be hfted to Iev:u at ‘which investment buyers might be lu.ucud. ‘There is plenty of room in thi p for im- provement. y'ifl\les are !ellmg at leun commonly known as receivership evels. Some have had actual defaults in interest payments. Others have de- faulted sin| fund service. There are some in which earnings have not b!e’nb ut many, even of the worst cases, could show a 20 to 40 mm improvement on even a small pes of improved earn- ings or a hllhcr plane of industrial ac- tivity. Forelgn Conditions. As to the foreign situation, the first two wecks of the month saw a broad improvement. The South American group gained 10 to 25 pomu German, Austrian and other Central Euroj credits mmed to their best levels of the year. -grade foreign dollar bonds moved llr to new high levels. Many of these improvements could be traced to the new attitude of the Bank of France toward international loans. The granting of credits, not only to France’s allies, but to other European nations. was hailed all over the world as France's recognition of her renewed status as a creditor nation. Then the Bank of International Settlements -aopv-d a &)flcy of new int-rnational -term ancing and backed up its dec aration by offering its own funds. It is true hold in their grip such that pomlcnl troubles still countries as China, Australia, Peru and Spain. It is also true that there has been llltle or no improvement—apart from tem rary flurries—in the world's comm \ty markets. But astute observers see in the widespread exhaustion of materials a factor necessitating the immediate resumption of active buying of all com- modities, and such bullish news as has been reported has been hailed with emphatic reflections in the bond list. During the month bonds issued in this market amounted to $644,902,044, compared with $194,732,122 in February, 1931, and $697,754,217 in March, 1930. Por the three months of 1931 to date new offerings totaled $1,443,016,323, against $1,867,096,957 in the like period of 1930. February’s total this year, of course, was the smallest for that month for some years, and during the earlier weeks of the year the market did not show any disposition to absorb new of- ferings of any kind, owing to the sol- diers’ bonus situation. But March’s record cannot be construed as other than a hopeful sign that the investment market is on the verge of the upturn | g thlt traditionally heralds the recovery of business. ' —_—— SCHWAB IS PREPARING TO DEFEND BONUS PLAN |5} By the Associated Press. NEW YORK, March 31.—Charles M. Schwab, chairman of the board of the Bethlehem Steel Corporation, has writ- ten to stockhoMers asking them to re- voke proxies in favor of the Protective Committze, which is attacking the cor- por-tlon: bonus system. Schwab has assumed full responsibility for the sys- tem. Schwab urged that all stockholders attend the annual meeting of the com- pany April 14, “where the whole gub- Ject will be considered at luch le h as the stockholders shall desir A minority group of lwckholdm suing for a refund of “any part of the $31,000,000 in bonus p-ymcnu to offi- cials of the corporation which the courts muht deem exoeulve. is seck- injunction flroad bonds, the ad-|ing an justment issues of one or two urrter systems whose earnings have shown ide declines, obl!utlonl of industrial .| companies whose 1930 earings were off from 30 to 50 per cent and foreign dol- lar bonds all revealed the operation of Locomotive Order Placed. NEW YORK, March 31 (#).—Ingersoll Rand Co. has received an order from the Bush Terminal Co. for seven ofl- electric locomotives. WASHINGTO: TRUSTS AFFECTED BY DIVIDEND CUTS Trading Policies Recalled as Many Stock Issues Show Price Declines. BY CHARLES F. SPEARE. Special Dispatch to The Sta NEW YORK, March 31.—There is un- derstood to have been some slowing up in the distribution of fixed trust shares recently, owing to unsettlement in the stock market and to the large num- ber of dividends that have been passed or reduced on the shares prominently listed in the portfolios of these trusts. It was announced yesterday that one of the newer fixed trusts had eliminated from its portfolio the stock of the Texas Corporation and replaced it with Proctor & Gamble stock. Thll substitu- tion was in conformity the contract, which compel agency. Regarded as Good Investment. ‘Texas Corporation has long been re- garded as one of the hlzhest grade members of the oil group. By many it was ranked close to the Standard Oil Company shares in point of credit. There is scarcely a fixed trust portfolio with a diversified list of stocks that does not include Texas Corporation shares, while a number of fixed trusts that spe- clalize entirely in the securities of ofl producing and refining companies it represents a high unit proportion of the entire holdings. Among the older fixed trusts there were d! that became effective when a stock re- duced or passed its dividend. In some instances, 1t was necessary to sell the |3 stock and distribute the proceeds to the shareholders in the corporation. There has been some variation in the interpretation of the .phrase “regular [ ROUD: dividend” in connection with the atti- tude of a trust toward a member of its | - portfolio whose dividend was reduced. It has been found that the term “regu- lar” applied more to the date of pay- ment than to the amount of payment, and that 5o long as a dividend was paid on the same date as previously the stock affected was retained in the portfolio. Stocks that prominently in nearly all of the fixed trusts with a di- versified portfolio and which have re- duced or passed their dividends in the last six months are Anaconda CDPDCI’ American Radiator & Sanitary ration, Westinghouse Electric, Mont» gomery Ward, Lehigh Valley, Delaware, Lackawanna & Western, Baltimore & Ohio, New York Central, National Cuh Regisur. Kennecott Copper and Rock Newer Trusts. I The newer fixed trusts, or those T Tl T 58 titution or elimination of mberu of their pon.follos than are the older trusts. Their managements have accom- modated themselves to the vicissitudes of business and markets and have given themselves opportunities to get out of securities with an unpromis! future and into others that have a more fa- vorable outlook. There has been a position to compromise between v.he ext treme latitude given to the nage- ment of the strict investment trusts :ndnn rigidity of the original fixed rus Consequently, there are many differ- ent kinds of fixed trusts operating at present. Quite a number have been formed slmply to take ldv;nmce ol '.he present in securities the mecullon t.hlt‘ ‘within two or th’!e years, these trusts may be liquidated and their shareholders realize a sub- stantial -ppreclulnn on their invest. ment. One trust formed a few menths ego in which l.he provision was made that a stock that h-d appreciated i per cent might be sold immediately nd that it must be sold if it showed an increment of 140 per cent. There ‘were a lot of low priced shares that rose from 100 to 200 and 300 per cent be. tween the bottom figures of last cember and the peak of this year's mar- ket in February. Not many of them, however, were regarded as proper candi- %% u BUY ALL THESE ADVANTAGE. ----- UNITED STATE TIRES BAILEY TIRE STORES There'’s a Bnley Tire Store in your neighbor- hood—each is equipped to render the same prompt, courteous service. Each is ready and glad to allow you marvelous terms and low down payments on United States Royals—the champions of the road. Installed While You Wait! Tires Mounted FREE! 1234 14th St.N. W. 2250 Sherman Ave. N. W. 9 Srest OLite BATTERIES Lowest Mile. Greatest Comfort. Safety at Any Speed. Steering Ease No Tire Worry. Smart Appearance Credit Without Red Tape. Credit With Imme- diate Installation. 15-Month Uncondi- tional Guarantee. Liberal Allowance on Old Tires. Cost Per , Riding 624 Pa. Ave. S. E. 3228 Ga. Ave. N. W. t | 1amb, to eliminate any stock that had had its | ., it | rating lowered by a prominent rating erent kinds of arbitrary policies | 298¢ ; m fo*admission into a well-regulated nnd trust family o{ securlties. ‘The most serious situations are those !uln‘ the flxed u-um mo.“mva lvl- urmumso(nm lnbot.h weug;mwo 18 supplemented now Ineoma.ume luolml'hlv 1081) Washington Produce Butter—One-pound prints, 34a35; tub, 3212a33%. Eggs—Hennery, 20a21; ceipts, 20, Poyltry, alive—Turkeys, young, 30a32; old, 25a2’ ‘Winter chickens, 30a3! Spring brollers, 38; Leghorn broilers, 34a35; hens, heavy, 23; small, 21; Leg- horns, 18a20; roosters, 16; ducks, 1 keats, and young, 60a65; old, 25a30. Dressed—Turks ung, 38a4 old, 30a32; Winter chickens, 38a: Spring brotlers, 45; hens, heavy, 24a2! Leghorns, 23; capons, large, small, 32a33; ducks, 24a35; :?’a‘t;n 16; keats, young, 70a80; old, a45. Meats—Beef, 13l2a15%;; veal, 13a15; 18a20; pork loins, 20; fresh 19; fresh lho\fldmlunl smoked in pack- Live stock—Hogs, heavy, 7.00a8.50; medium and smll 8.25a8.50; pigs, 7.50 a8.: loughs, 4.0086.00; calves, 6.00a 10.00; Bpflnl lambs, 10.00a13.00. Prults—Strawberries, 30a35; oranges, Florida, 4.00a4.50. California, tOOM.Bfl; grapefruit, 2.75a3.50; pineapples, 4.50a 5.00; grapes, Argentina, 20-pound boxes, 4.50; honeydews, Argentina, 2.5082.7 pears, 4.50; apples, per bushel basket, .00; per box, 2.00a3.00; limes, per 100,1 1.75a2.00; rhubarb, 5-pound boxes, 65a75. Vegetables—Potatoes, 120-pound sacks, 2.60; Idaho bakers, 100-pound sacks, .00; new potatoes, per bushel, 00; sweets, 1.10a1.25; asparagus, CWI .50a5.¢ current re- caulifiower, 2.00a2.50; cabbage, old, 90- pound sacks, 1.50; new, hampers, 1.5 Summer squash, 4.50; mushrooms, 75a 00; parsnips, 1.25a1.50; carrots, per 2.5082.75; beets, per crate, 2.50a cucumbers, hot house, per dozen, 2.00. brocooll 6.00; celery, 3.50; onions, 100-pound sacks, 1.50. Sees Good Business Year. NEW YORK, March 31 (#).—Joseph Kaltenbacher, president of Seton 300,600 NEW AUTO PRODUCTION SEEN Estimates for March Indicate Plants Have Held Increas- ed Schedules. BY EDWARD MORRISON. Epectal Dispatch to The Star. DETROIT, March 31.—Interest of the motor industry has been diverted within the past few days by reports of the production in Germany of a low- priced front-drive car. Germany is not so close to home, it is true, but there has been so much dpemllflm on the ibilities of intro- lucing the {ron!- ve pnnclplz into the low-priced newed the OM queutlon the front drive down to the le a man’s pocketbook in America? ‘That such a car will arrive within the next three or four years is almost universally conceded in the industry. ‘The manufacture of this German model, which is to be known as the D. K. W. almost certainly will speed the daj Production Estimate. ‘These German cars will sell as low as $420 for the roadster model. They are attracting additional interest becaust the conventional axle has been dis- pensed with and replaced with semi- elliptic springs, with only a stub to re- ceive the wheel. As March draws to a close every in- dication points to the production of ap- proximately 300,000 passe cars and trucks for the month. m various parts of the country come repom that sales have been sporadic, possibly due to the belated rance of Winter weather. As a whole, however, manu- facturers have been able to adhere to their schedules. ‘The 300,000 concedes a tion of almost 125,000 units to Motor Co., or more than 35 the total. Activity at the luc- Ford T cent of plants in Detroit, as weil as throughout the | 520 country, have shown a slight increase 1ates for the month. Production for the first quarter of the year will show slightly more than 700,000 units, in all probability. Such a figure does not stack up well along- side the 1,000,000 units turned out dur- ing the corresponding period of 1930, but few expected 1931 production would be more than 70 per cent of last year's Leather Co.’sald he expects 1931 to | goial gurove one of the company's best years th in sales and pro Plants have been operating at capacity since March 1, he said, for the first time since Mly‘ 1929, and at present the company has more diversified buying of its products than for several years past. April Schedules. Schedules for April will call, no doubt, for a total between 350,000 and 375,000. This will not compare favorably with last year's April production of 468,281 units. April last year, however, was a General Motors units have been equi ped for a number of years with Cana- dian facilitles. Other automobile ma! assembly plants or virtuall the fleld, since the new 80 per cent are prohibitive. saw_production of the one millionth Ford in Canada, an indication that the fleld cannot be easily disregarded. Reports are heard—and given not $ | too much credence—that For will dis- continue its policy of selling f.0.b, | Detroit, and establish a base price at each of the assembly points. le move would be the tunlene of lprleen- a ts well removed sembling and driving away cars from points close to the consumer, has always been an item of profit to ma facturers, like Ford, who assembled af phnu '.hrvughom. the country. Parts chuvly. yet the auto- mobfle buyer freight on a 1. o. b, already quoue dellvery prices. Firm to Liquidate. Scarcely a ripple was heard after the announcement a few dl‘ya ago_that the Gardner Motor Louis would liquidate. Well removzd from the center of the industry, Gardner had not been an active factor in recent ears. Veterans were quick to recall, owever, that Russell E. Gardner was the father of one of the most success- ful of the General Motors companies today—Chevrolet. Gardner, one of l line of buggy and carriage makers, inized the chevmln Co. in 1915 lnd snld it to General Motors three years In the ing of the Gardner car it is sllnlmt that the company had been on the decline for several years and its demise did not come d.h-ectly as a result of the current business depres- sion. The motor industry, in fact, has shown its robust qualities in the face of business difficulties everywhere. De- !'Kite its intensely competitive nature, the industry has suffered no outstand- ing mortalities. (Copright. 1931.) ing 50 large pnunnr The Egyptian State Railways is buy- || Building . | A Colony of Notables 68 mHE directory of the Shoreham Building is a veritable Who"” of the important “Who's personages in business and the professions lo- cated in the National Capital. They have chosen this building for its superior accommodations and service — appreciating, too, the prestige they share with their neigh- bors of contemporary prominence in the world of affairs. Investigate the available space and contemplate the com- pany you'll be in. MSKEEVER £ GOSS . Representative cf the Owners Shoreham Investment Compsny . Rental Office, Room 520 15th at H National 5643 | as feeders to its rail lines. THESE POOR LITTLE ORPHANS— Are big and little furniture “fellows” left behind during some of our busy sales; one and two of a kind, brothers and sisters that will help to make your home bright. to sensational prices to get them out quickly! “Shoved Aside” lots that are marked down Hundreds of beautiful and useful “orphans” not mentioned below at “giveaway” prices! We consider it good business to s We must make room = Living' Room ORPHANS . “I am & fine-looking 3-piece liv- ing room suite, covered all over in Persian mohair with loose spring cushions. I promise to wear and wear for years. No one s ‘wanted me at $119, “Here is a little secret, my usual price is $129, but now you can but I won't stay buy me at & fraction of my for- long at ... mer price. Iam a love seat with a chair to match in beautiful blue bro- catelle, for ....... “Could you give me a nice home? 1 am an expensive bed davenport suite, with loose ons and I open up to a full size bed. Instead of $169, they have s made me a big fea- ture for only...... “sBmebody ht both chairs and left me a ‘settee orphan.’ I am upholstered in a beautiful grade of green -shaded broca- telle, with loose spring - filled cushions. I tried to be bought st s $149. You can now have me for.... “Why do they want to send me away? If you ever sat on me, you could not imagine that there was s0 much comfort in the world. I am a great big over- stuffed handsome 3-piece living room suite with unusually fine tapestry covering, and, the mon comfortable cushions made. for $495. They are lnxiwl to let nd of me, m tor . “I am two handsome living suite pleces, with a buuumx carved frame and legs in serpen- tine design. I am upholstered in an unusually pretty velour, And all cushions are reversed in im. ported genuine linen frieze. I ll- $495, now they offer me A Small -Dm“ Holdl Any Purchase No Charges :*199 Summer merchandise! ms of this kind at cost and less than ‘More Orphans at Amazingly Low Prices—See Each One “Look for us, too; 29 all-cotton felt mattresses. We'll make ycu comfortable and make you sleep well, too. We sold 38 regularly for but -.re “They nld the rest of my fam- ily, and I am all alone in the world. A beluwul large dresser, in genuine walnut veneer, with pl:my o( dnver space, I unyl iEi]gm c-n hnve me “You have never seen a bigger bargain in your life. I am a guaranteed coil spring and will give you worlds of comfort. I never sag nor give you any hnd- ships. I sold reg- ularly for $18.75. s You can now ‘ have me for.... e “I would prefer being in a home rather than in a store. I will give you comfort and rest when you want it. I am a studio couch with a fine felt mattress and coll spring. I sold regularly for $24.50. $15:= Take me to your home for ........ “We are a lot of neglected or- phans and I can, certainly ren- der fine service in your home. See me early. I am a double size day bed that opens up with a felt mattress and nh:e ends. I sold regularly for s $34.50. I am ' yours for.... = “You will hate to get up if you adopt me. Oh, I am so com- fortable. I am a genuine inner- spring mattress. A super vuue for $24.50. I and all my broth. :em and IJ?- s are of- fered wflh a s 95 guarantee for “Surely you have a place in your home for me. I am well braced bridge table that folds up, and takes very little room, and Il say I can improve your bridge game. Al- though I sell for me for ......... “I belong on the floor in some- body’s home, and my six sister patterns are all beautiful. I measure: 6x9, and will fit most rooms. As a felt-base rug, I have always_sold lor $4.95, but as I beadopted. Any- body can have us You will love our cheerfulness. I am a wrought-iron bridge lamp for $1.98, but you “Can you imagine a beautiful date features being offered to $29.50, poor 1 8 75 hml:li bemt here ong. I must s 1 59 !or . “We belong to the Sunshine Club. with a paper parchment shade. We always sold can have your choice for . kmhen cabinet in green and grey enamel, with all the up-to- you for so little money. My brothers and sisters sold for me, I am of- fered to H-M-/HAPIRO € GUARANTEED FURNITURE 425 SEVENTH. ST- W. Directly Opp. Lumburg’s—;}ore Opens 8 AM DiningandBedRoom “We are fourteen innocent ‘Bed ." Never annoyed any one. Our keeper has ordered us out, because we are samples and he wants others in our places: ‘We are perfect. Some of us have cane p-mu 30me &re decorated, and some lined. All solfl from $14.75 to $22.50. Adopt any of us for... . “I am desirous of a good home. A hl!h-mde bed room suite in genuine mahogany veneers. Built on beautiful lines for service and durability. My s price was t198 Now reduced to.. »I am happy, and you will be happy, too. Can ,fi imag- ine an English oak bed room suite, of unusually large pro- Wiih e "pieces, that stware ive pleces, t sold for $3952 Now they = "'"' me to get out. Who will s give me a home for. “I have been ‘cooped’ up in crates in the store roon: for three months, Just discovered me, & dining room suite of 10 pleces, in beautiful walnut veneers, the blue ribbor feature for to- $ day, reduced from $239 to.. “Who wants me. I lold Tegu- Jarly for $675. 1 am the most magnificent 10-piece dining room suite that you ever saw. It will take to accommodate "Benuu!hnubem!nuum for 60_days, I got out’ Iama gorgeous silk uk two-glm llvln: room suite, nenuinu down-nll tons. I always Free Ile!w Within 100 diles sold for $295, you can adopt All Sales Final me for.......