Evening Star Newspaper, November 21, 1931, Page 15

FINANCIAL GURB ISSUES SHOW “RREGULAR TREND Market Relinquishes Early Advance in Selling Near the Close. BY JOHN A. CRONE. Bpecial Dispatch to The Star. NEW YORK, November 21.—After| Tallying fractionally during the first hour, the Curb Exchange eased off today to lévels that prevailed at the previous close, on a rather small volume of trading. Electric Bond & Share shuttled back and. forth within a half point. Cities Seryjce mest of the time was down a small fraction. Standard Oil of In- "fi"‘: was virtually unchanged blic Utilities, most of which pointed d fower; inactite issues and the ofls were | featyres of the trading. Electric Power & Light option warrants and Republic Gas, ‘were among the first to drop to new,minimum marks. Chicago. Burlington & Quincy made one “of its infrequent appearances at 135. unchanged from the last sale, which had represented a decline cf 45 points. Minneapolis Ho.eywell Reg- ulator preferred at 70 was only down a point, but at a ne low level for the T, l;t{:l:melaur. Lind, which has not appeared in several weeks, turned q active on the downside and arduid 10 shcwed a loss of 234 points awanna Securities was a shade lowgt, as was Mesta Machine. Mapes Consolidated, however, after a tape ab- sericé of more than a week, gained al 2 point. Imperial Ofl, International Petroleum, Stdndard Oll of Kentucky and Indiana !;‘rg e inclined to heaviness during 1l jod. Cord Corporation in point of ‘activity was the feature of the mo- torf. Newmont Mines was th> most active of the coppers. Swift & Co. which was sold late Priday in Chi u{g was lower today, but that was due’#o its being quoted ex-dividend. RESERVE RATIO RISES, By the Associated Press. THie ratio of total reserves to deposit and TFederal Reserve note labilities co:;'flned rose sharply during the week ended November 18. The Tatio for com- parable weeks follow, as calculated by the Federal Reserve Board: ‘Week ended November 18, 64.1 per cent”” Previous week, 62.5 per cent. Bame week last year, 81.9 per cent. DOMESTIC BONDS. High. Low. Close. 100% 100%s 100 " 100 3 “231a 2% 25% 28 470 E2 % 8844 16 14 Q' 5 {3 £t : ~2EY “* Sfifligz"fii S8IIR2BRERITISL2 ryyEs gy i B T S 9% I 1. 58 bl e fs:§§§.* Eeer 3 H o2 g oy >} E 58 A shy Backg bs 46 iahy_Pke Stas 37 h e o sn A B4 381 ny 55 ] ft B Boston 4 32 100 iton _5e 101 esasEas s 87 -Nb L&P 55 B /61 & lowa Bw & L 4133 3 Towa Pub_ Berv 4 ' w 4 alif 85 &E 5 S z 23eumsn 22,53583 y 68 A '52 & L 65 75 Ry 85 132 ub Ser 65 A '42 werin 68 '35 ww 5 Ser_53 A 46 Awes Tex Ut 3¢ A 'S7 63 .A®estvac _Chl 5'as 3 Wiscon P&L 85 F ‘58 0 6% - New. ‘ wi—When issued. | a way should be found to extend exist- | ing short-term obli THE EVENING STAR, WASHINGTON, D. C. SATURDAY, NEW YORK CURB EXCHANGE Received by Private Wire Direct to The Star Office. Stocks sold in 100-share lots except those designated by letter *'s.” Btock Bales— Add 00. Oven. High. Low. Close. and Dividend Rate. Adams Mill 18t p£(7) Ala Pow cum pt (7). 224 70 Aluminum Co of Am. 60 214 Alum Ltd Bw % Am Capital A 19% Am City P&L 2% AmCit PELBDb10%. 2% AmComP A (b10%) % Am Corpn (£30c).. #5 Am Cyanamid B. 107% Am DT NJ cv pt( 4% Am For Pow war, 1 824 5 ~Prev. 1931 High. Low. 95 b4 5 86 115% 1024 b Am Superpwr (p40e) Am Superp 18t (6)... Am Yvette (25¢). % Appalachian Ga s Appalachian Gas wr. Arkans Nat GasA... Assoc Elec Ind (30c) As80 G&EI A(b2-25). Asso Laundries vtc. . Atlas Plywood. Atlas Util Corp. ... Auto Voting Mach. . Babcock & Wilcox (4 Beneticial | L (1%). Blue Ridge Corp. Blue Ridge cv pf(al) Brazil Trac Lt&P(1) Bridgept Mch (25c). Brill Corp A (34c). Brillo Mfg (60c Brit Celanese rc Burco Inc. . Burco, Inc, conv pf. . Cable Radio T vte Cable & Wire B rc Canadfan Marcont Carib Syndicate. Celanese 1st pf (7). Cent PubSvc A b5%. ! Cent Stat El (b10%). 13 Chi B&QRR (10)... 10s Childs Co pf (7)..... 108 Cities Service (g30c). 69 Cities Serv pf (8) 2 Cit Sy pf BB (6). Cmwith & Sou wa Comstock Tunnel Con Gas Balto ( 615 1 East Sta Pow (B)... Licler Electrie...... Elec Bond&Sh(bé% ) Elec Pow Empire COrp........ Employ Reinsu 11.80 Europ E Ltd A (60c) Falcon Lead. .. . Federated Metals. Flintkote Co A... Ford M Can A (1.20). Ford Mot Ltd 36 3-5¢ Galena Ol Corp..... Gen Theat Eq cv Globe Underwr (15¢) Golden State Co Ltd. Goldman Sachs. ..., 1791 Gt At&Pac Tea pt(7) 208 Ground Gripper. ..., Guit Ollof Pa (1%). Hackmester Lind. PR s s S ane 4 7 5 5 9 Humble Ofl (12%).. 2 Hygrade Sylvania(2) 1 Imp Oil of Can (50¢) 5 Imp O Canreg (50¢). 2 Indian Ter IluOilA. 1 Indiana Pipe Line(1) 1 Insull inv (b6%)... 1 Insurance Seeurity.. 5 Intercontinent Petn. 3 Int Petroleum (1). .. Int Superpwr(11.10). 1 Int Utilitles war.... 4 Interstate Equities., 6 Inter Kqu ev pf (3).. Irving Air Chute (1) 1 Kolster-Br (Am 8h). 1 Lackawanna Sec (4) 1 1 1 A ~Prev. 1931.~ High. Low. Long Isl Los Ang. Murphy New York Auction. Niag-Hud Pow (40¢) Niag 8h Nordon Corp Ltd North European Ohio Copper. Paramount Cab M{; Pennroad Corp (40¢c) Penn Pw & Lt pf (7. Penn War & Pwr(3. Pure Ol Reliance Manag. 8t Regis Salt Creek Prod (1).. Sec Allied Corp (1).. Segal L & H (ab0c). . Slct Ind prior(5%).. Ble Indalctfs(5%).. Sentry Safety Cont. . Shenandoah Shenandoah Corp pf.. Singer Ltd rots(28c) So Am Gold & Piat. . South Penn Ofl (1). . Southid Hoyalty 20e. SW Dairy Products. . Stand Of Stand Of Stand Pwr & Lt (2) Starrett Starrett Bwift&Co (2)...... Taggart Tampa Electrie (3 ‘Technicolor ine. .. Teck HughesGM Thatcher Sec Cor} Trans Lux DL P Unit Gas Corp. Unit Gas Corp w: Unit Gas pf (7). . Unit L & Pwr pf( U S Elec U S Foil U 8 Inter Sec 1st pf. Utll P&Lt(at1.02% Ut P&L B(at1.02% Util & Ind ., Van Camp Pkg pf Walker (H) (50¢c) i Wenden W'rth (FW)Ltd (36¢) YY" Oll&Gas....... 2% 1% g " L ? > 3 1 1 Dividend 12 2 payment. 5t 5% | & Parable in cash or 1% 27% % rates in | stock § Plus 2% in *Ex dividend 1w, | dividend. fPlus 5% mm:“.' stock. n Plus 8% in siock. » Paid last ve Stock and Dividend Rate. _Add: 1214 Leh Coal & Nav 1.30.. Lerner Stores (2). .. Lone Star Gas n 88¢. d Lt pf (T).. G&E pt (6). Louisiana Lan & Bx. 1 4 K Magdalena Synd. " ) Mapes Cons Mf; 37y Mnss Util Assoc. ... May Hos cum pf (2). Mayfiower Ass0 (2)., Memph N Gas (§0e: Mesta Machine (2).. Mid Sta Pet vte B, Mid West Ut (b8 Minne-Honey pf (6. Mountalin Prod (1) £ 2% Co (1.60). 8% | the M4 (40c) S T B RN ER SN HEONOR S BRSNS ANHNENAR S RARS NEHEN S - SANINANMEENN U ~aaSava Paper ($0¢) 1of Ind(1).. 1of Ky 1.60. Corp......o Corp pf (3). Corp. 9 Pow ww. (B) (50e). » Copper. RIGHTS~EXPIRE % Rad-K-Orph..Deg21 3 % ha doliazz based on Isst quarteriy or semi-an- Partly extra. iPlus 4% in stock. stock. bPaysble in stock. e Adjustment ¢ Plus 6% i stock b Plus 1% in k Plus 10% in et0ck. m Plus 3% in =10 _regulsr rate. Everybody’s Business Wheat Traders’ Claim Truce in Manchuria Causes Set- back in Market Seems Curious in View of Pre- vious Stand. BY DR. MAX WINKLER. NEW YORK, November 21 (N.AN.A.). | __Agreement in principle by China and | Japan to an armistice in Manchuria to permit an investigation by the League of Nations was regarded ienenll as the chief cause of the marked setback in wheat in the course of yesterday's | trading. The weakness in wheat spread to other commodities and eventually to | the entire securities markets. | It is somewhat curious to find that‘ the trading fraternity, which only a short while ago-regarded the outbrukl of hostilities in the Far East as the | main reason for weakness in the mar- ket, ascribe the renewal of weakness to the cessation of hostilities. The downward movement in wheat | prices was helped somewhat by absence | of foreijgn demands for United States | wheat, by reports of rain and snow in | drought sections of Kansas and Ne- braska and by increased offerings of | Argentine and Australian wheat. Reich Must Act by March 1. Everything must be done by Germany | hetw:efi’t no'!v and March 1, when the stillhalte (standstill) agreement expires, to prepare the ground for an extension of time, according to a statement re- | leased by the Reichbank. “ Germany’s inability to meet her obli- | gations under the pact by March 1 under existing circumstances, must now be regarded as a foregone conclusion. American holders of German bonds | should, however, bear in mind that this | statement refers to the short-term in- | debtedness and not to the various se- | curities held by the investment public, | the service on which Germany has on | numeious occasions declared most em- phatically that she is willing to meet. Should Extend Short-Terms. Rather than precipitate a new crisis, tions. On July 28 they totaled 12,000,000,000 marks. Since then more, than 1,000,000,000 marks have been repaid. If given an opportunity, the entire amount will be repaid, whereas if undue pressure is| exerted great harm will accrue not only to Germany but to her creditors as well. Long-term debts—that is, obligations maturing in more than one year—are | estimated at 11,500,000,000 Reich marks, | to which must be acded direct invest- | ments in Germany amounting to about | 5.000,000,000 marks, bringing the total debt’ of Germany to the rest of the world up to about 27.500.000.000 Reich | marks, equivalent to $6,500,000,000. To what extent this amount is offset by | Germany's investments abroad is diffi- | cult to determine. An investigation is now being conducted to obtain sta- tistics relative to this point. Thornton Views Ralls. The present difficulties of the rail- roads are attributed to the prevailing general depression, to competition from other forms of transport, notably high- wa; d to the apparent inability of railways, by intensive co-operative ef- fort, to provide both defense and reme- dies, according to Sir Henry Thornton, | president of the Canadian National | Railways. | To remedy the situation, Sir Henry 'annual dividenda there is a possibility | Farm, England, has ) { upgrade in the Southwest territory, ac- STOCKS RECEDE DURING WEEK FOR LACK OF BULLISH NEWS | BY JOHN L. COOLEY, Assoviated Press Fizanclal Writer, NEW YORK, November 21—This | was a trying week for impatient se- | curity holders who had trusted that the road to recovery had been perm pently paved by the recent advance in the financial markets. That a reaction should have oc- curred was hardly surprising to Wall Street observers who believe a con- servative attitude is just as desirable toward optimism as toward pessimism. Heaviness of stocks reflected the ab- sence of stimulating news, for the spec- ulative community finds it impossible to sustain morale without frequent in- Jections of good cheer, and such stim- ulant was lacking. Dividend reduc- tlons by several railroads, weakness of commodities and the “prospects of further delay in bringing assistance to the railways had much more influence on sentiment than did reassuring statements of the central banking sys- tem. Tax Selling Gossip, Wall Street is now hearing the an- nual gossip about tax selling, to which | is added talk about liquidation by fixed | investment trusts. Both probably have | been factors in the decline; also there | has been further liquidation of bank | loans on securities. As a result stocks | have lost more than half of their gains since October 5 and the reaction has | assumed more than technical propor- tions. Business itself is hardly expected to contribute much nourishment to the speculative markets at this time save as the normal year end slump may be softened. If gains already made can be held much will have been accom- plished, bankers point out; also, if the gyrating commodity markets flatten into relative stability or make unspec- tacuiar improvement a forward step will have been taken. Far Eastern war ne: d Germany's request for an international committee to consider, under the Young plan, her capacity for reparations payments when the moratorium expires, con- tributed the chief developments of the week in foreign flelds. The Bank of France statement, which showed no change in the French gold holdings, demonstrated conclusively that the drain on our own gold was over while weak- ness of the franc pointed to the pos- sibility of imports from France to this country. America’s banking position has been strengthened to so important a degree that ~ Europe's concern over the vulnerability of our currency must have been dissipated and it is interesting to note that only the Swiss franc is now holding above parity with the dollar. Our money’s swift recovery is regarded as one of the outstanding events of the financial year. Drop in Broker Loans. Federal Reserve broker loans, falling for the eleventh consecutive week, were down to $775,000,000 as of Wednesday, a drop of more than 40 per cent since | early September and a shrinkage of 65 per cent from a year ago. About . eluhulu“ol the funds tdur:‘caz"!l’gr speculative ,urposes at the height Lfi:cmfl stock boom has nuv‘v‘bee‘;f withdrawn from the money markets. continues, highway competition with the rallways must be regulated to a point of fairness, although competition should not be eliminated. He thinks the In- terstate Commerce Commission of the United States should have power to increase rates at short notice, and that | the recapture clause should be repealed | by Congress. 1 8ir Henry further suggests the &limi- | nation of ‘expensive passenger service on railroads, the pooling of rolling stock and terminals, the consolidation of larger companies, the absorption of forwarcing establishments and improve- ment in the relations between railway companies and labor. Urges U. S. Economic Council. In order to curb the present economic erisis and restore the country to a more normal mode of operation, Henry I. Harriman, president of the Boston Chamber of Cammerce, advances a few interesting suggestions. Among these he mentions the revision of the anti-trust laws, which, he main- tains, are now obsolete and outworn; the creation of a national economic council; the balancing of production and consumption in agriculture; the correction of banking evils; the gradual shortening of the hours of labor wil the advent of increased productive ca= pacity, the betterment of international relations, and the prevention of war. Agriculture and business are on the cording to J. M. Kurn, president of the St Louls-San Francisco Raiiway OO. An tlon trip, he says, in and and interviews with mer- chants, bankers and farmers have con= vinced him that the mental attitude of American business people is changing from one of doubt to one of confidence. May Keep Dividend Record. Since many leading rails are selling that there will be no change in the Delaware & Hudson p: which is to be acted upon very y. For 28 years this road has paid $0 a share on its common. In 1928, when the road sold its holdings in the Lehigh Valley and Wabash at a profit of $21,- 500,000, stockholders expected the declaration of an extra, which, however, was not forthcoming. It is therefore hoped and expected that in order to maintain the impressive dividend record of almost an entire generation the regu- lar $2.235 quarterly payment may be or- | dered, even though the large surplus may have to be drawn upon for such purpese. Scores Senator Johnson. It would be desirable and distinctly helpful if Senators and Representatives were to take the trouble to ascertain whether or not statement they make frequently are accurate or according to facts. Senator Johnson of California has just announced that he would op- pose the Hoover debt plan when it comes up in the Senate. Mr. Johnson's view is based upon his supposition that the sole purpose of the degt holiday was to stabilize foreign th | securities held by international bankers and to enable them to collect to full their interest. In his own State thousands of the Senator's constituents could testify to the fact that the public rather than the bankers, are holders of foreign securities, and if the debt holi- day is l‘zr:?:nntdmy nna-lzah '.bte in- vestor, small, nof mer e and collected his commission at the time the sale was made. (o ewimaer” Allunce. ae.) Aericsn o Charles W. Blackburn, who worked presently at about 10 times the revised for more than 50 years at Sherwood diec; " | said M. Wright yesterday. for October dropped Expert Sees Change in Attitude of Pub- lic Toward Business. Special Dispatch to The Star. NEW YORK, November 21.—Cur- rent ecomomic opinion persists that the long depression, which began in 1929, is at an end and that in many instances business has actually un to climb back to prosperity, despite the setback experienced in security and grain quotations in_the last few days, according to Gage P. Wright, head of Business Economic Digest and New ' York imvestment counselor, who makes a weekly summary of national economic opinion. Among the various. advisory services familiar to all observers of the Nation’s economic progress, there has the current week, & courageous tendency, lacking, to discount even such usually alarming symptoms as flled present sharp decline in the s, “Even the fact that the Consolidated Index of Business Activity, compiled by the Digest from a weighted combination of varfous individual business indices, touched the low point for all time in October has not altered the outlook of the best known business eounselors,” “Our index to 63 from a level condition of business 37 per ecent below normal for this time of year; yet other consideratfons -even this ex- tremely low level of business. “The consensus of expert opinion seems to be that the continued firmness of commodity prices, together with the gradual return of confidence in finan- cial institutions as evidenced by the greater than seasonal decline in cur- rency circulation, as well as the ability of the bond market to Hold a large part of its recent gains, are factors justifying itive optimism. , accustomed to base - expert, his opinion upon the graphie plottings summaries and statistical into facts and to fnsure the return of %:"m’upemy now so strongly hoped BANK CLEARINGS HOLD STEADY DURING WEEK By the Associated Press. NEW YORK, November 21.—Bank clearings have recovered somewhat from the heavy losses of last week, although 3:“.' are n‘u‘n u;;:dmbly’ hel&w those 0. total for this week at lfl%‘ cities in the United States, a8 re to Dun’s Review, of $5,804,- 902, Wwas 29.9 per cent below that of last year. At New York City the amount was u,‘mmoao:o, a reduction int. This is especially true at most of the Southern centers, there 8 decided tendency toward betterment has appeared for some time. Losses at the West continue quite as large as heretofore reported. »s Bank elurirzn this week, as reported p-?edD:Ith Co., showing decreases comj same P period & year ago, (Totals in theusands.) WEEK, NOVEMBER 19, 1931, 3 480 sl suasund TRERHERE 353 Cleveland Cincinnati Louls, Kanss g o 3 RRRRARARTE) Omaha ... Minneapolis Richmond Atlanta . Louisville New Orlea Dallas ... Ban Francis Eortiand .. attle . Total .. New York [l Total all 5185382 s2yausansgest 3s 22 3 9, AVERAGE DAILY. November to date. 982 October ... Third auarte Second quarter... First quarter.... £EREY ¥ 144.738 . 1.433:290 4,600 CHICAGO STOCK MARKET CHICAGO, November 21 (#).—Fol- lowing is the complete official list of transactions in stocks on the Chicago Stock Exchange today: Bales. STOCKS. High. Low. Close. < 11% 17 17%% . ?5’4 86 1o 19% SatunasulS SRR Ty aa BEBLEN.T FE oF IF SaSatuaaleds - - & 7s 125; “hennery whites, P 35 L = Buwitia 2. sie 1 tex Mach .11 Stock siles foday. '$7,000 shares. 'BONDS. 11 Util 6s 1940... 53'% 5000 Honnore w W sados 114 "Bond sales today. $33,000. palmci o Steal 100 Cars Daily in Chicago. CHICAGO (P).—An & of more than 100 automobiles is 524 it Gapt. Matihew Zim in Chicago, says atthew - mer, head of 3:0 Oglm Wuu divi- slon for stolen cars. About 90 per cent, he has found, are recovered eventually —many stripped or wrecked. - Nearly all shoemaking in Shanghal, ’hina, 15 being done by hand. BETTER SENTIME ‘ ¢ | due to the decline in security and com- OVEMBER 21, 1931. RAIL WAGE REDUCTION URGED BY TRANSPORTATION EXPERT Prof. Ripley Declares Revision of Pay Scales Necessary to Enable Carriers to Meet Financial Emergencies. rlEz il EE“E’:. ii H landscape?” Prof. asks. “A : it : o e | k " FINANCIAL. i | question of the utmost gravity, it is|else for it but governme: because these car- | ton. A Harly significant use: car- riers are the largest single purchasers of goods In the country. The rel:lmn their - buying power, therefore, more in itself than almost anything else to start the of prosperity going. It is more than a matter *ger- mane to the railroads themselves: it be- cornes a matter of prime national im- Attributing high ligence to the body o Ripley nevertheless warns that “public opinion will not tolerate an exception to the general trend of economic events solely in their favor.” To effect before late the needed revision of to bring the wage scale into line wmtheml‘o(n .’mmmm ‘These of railroad employes. and the rank and file, too, well how acute is the competition from all sides thre industry from which they draw their livelihood. An alleviation, to }'mu should be immediate; not final chiefs, know the vitality of the necessarily, but it should take without delay.” effect Discussing the present inadequacy of rail income, Prof. Ripley hails the I. C. C. emergency rate decision as “a great state cocument, wise and far-see- The next logical, almost in Government regu- lation of the railroads is forecast by the Harvard expert. “In this instant crisis,” Prof. Ripley writes, “the embarrassed roads are to be carried on the shoulders of the strong companies through the pooll ing in detail.” inescapable, step ing provi- RETAIL SALES DROP DURING PAST WEEK | Fairchild Survey Says Unseason- able Weather Is Cause of Decrease. By the Associated Press. NEW YORK, November 21.—Retail sales during the week showed a slight decline under the previous week, ac- cording to the weekly survey by the Fairchild publitations. Unseasonable weather and a slight gain in pessimism modity prices was partly responsible for the less favorable retail distribu- tion. Weather conditions during the past two mcnths have retarded Fall apparel sales. Both women’s coats and men’s overcoat sales have declined sharply under 1930. The need for seasonable weather is emphasized, especially in metropolitan New York. One of the most important develop- ment in retailing was the decline in prices to a new low in the present de- flation. The decline in retail prices in October was 22 per cent under Sep- tember, the gre: monthly decline in the present deflation. Baltimore Markets Spectal Dispatch to The Star. BALTIMORE, Md., November 21— White potatoes, 100 pounds, 75a1.10; sweet potatoes, bushel, 35a50; yams, barrel 1.25a1.75; beans, bushel, 1.50a2.00, beets, per 100, 2.00a3.00; brussels sprouts, | |f per_quart, 6al15; savoy cabbage bushel, mbau carrots, 2.5083.00; caulifiower, d crate , 1.5082.75; 3.0024.50; e lettuce, crate, 3.00a4.: 2.0022.50; peppers, ham) pumpkins, per 100, 3. . per 100, 2.00a2.50; spinach, bushel, 260; bushel, 1.50a2.00; foma- toes, g boxes, 2.5082.75; qunlg:. hamper, 15a25; apples, bushel, 50a1.25. Dairy Market. Chickens—Young, 20a22; Leghorns, 17a20; old hens, 17a22; Leghorns, old, 12a16; roosters, 4; ducks, 12a19; pigeons, pair, 25a30; guinea fowls, pair, 25a50; turkeys, 18a28. Receipts, 1,366 cases; current receipts, 28a30; small pullet eggs, 23a 34a36; nearby firsts, 30a32; Western firsts, 30a32. Butter—Good and fancy, 29a34; ladles, 20a22; process, 24a. store packed, 15a16. New York Cotton Speclal Dispatch to The Star. NEW YORK, November 21.—Cotton prices were 2 to 5 opening of the marl Vel supported a well s tant positions ion-house liqui- dation was moderately heavy. Opening prices were: December, 6.05, off 2; Jani , 6.13, off 5; March, 6.33, off 4; May, 6.50, off 5; July, 6.70, off 4, and October, 6.95, off 3. Huge Reserve of Lignite. IOWA CITY, lows (#)—The supply of lignite coal in the United States ex- ceeds the total bituminous reserve by 33 per cent, and is ready for exploita- tion when the need arises, says Prof. Hubert L. Olin, coal expert in the University of Jowa's department of | i chemistry, b - entirely new of . consolidation. Question gefllnd Grave, railros y remain. un- touched as =& blntep:n the economic | ratical, Ripley his opinion, was submitt Merger Talk Revived. Prof. Ripley, author in 1921 of an Mmt&nfln‘d asserts the present crisis tus to to the “in has mmm e lication, in #3 A—15 INGREASE N ROAD BULDING PLANNED Congress and Private Agen- cies Expected to Push Construction Work. BY CHAS. P. SHAEFFER, Associated Press Business Writer. Expansion of road-building programs for the relief of unemployment will form the of nv;:.l intensive drives shortly- by ]y | Congress and by private agencies. You can suppty practically any want by ineans of a Star Classified Adv. its proper classification, you will gain the QTATE Cl,lrly‘ what you ate seeking—and with attention of nearly evetybody, throughout Washington and nearby suburbs, * w Perha copy for you’ll find it more convenient to leave he Star Classified Section at sonie one of these authorized Branch Offices. T render prompt - and efficient service, without fee; only regular rates are charged. In the Nonhwoot 1ith and Park rd.—Arm- strong’s Pharmacy. 14th and P sts. —Day’s Pharmacey. 1135 14th 'st. — Marty's Cigar & Magazine Store. 17th and Que sts. — Ken- ner’s Pharmacy. 15th and U sts—G. O. Brock. 2912 14th st.—Collifiower’ . Art & Gift Co. 3401 14th st.— Bronaugh'’s Pharmacy. 14th and Buchanan sts— 1660 o8, DA Clserpbe 1ve: —0’Donn Pharmacy. t st— Billy Shop. # 2162 California st. — Co- lodny Brothers. Wardman Park Pharmacy. 215 N. Y. ave. — Sanitary Pharmacy. 1st and K sts.— Duncan’s Pharma cy. h and K sts.—Golden- berg’s (time clerk’s desk). 7th and O sts. — Lincoln Drug Store. th and R. L ave~J, French Simpson. 11th and M sts.—L. H. Forster's Pharmacy. In the Southwest 10th st. and Va. ave. — Herbert’s Pharmacy. 316 43 st. — Harri¢’ Drug Store. 4% and L sts—Columbia Pharmaey. In the Northeast 208 Mass. ave. — Capitol Towers Pharmacy. 4th and H sts. — Home Drug Stere. el 4th and E. Cap. St—Paul's Dr? Store. 907 H st—Garren’s Musie Store; lflmnl Md. ave—Luck- s o 10' and Md. ave—Louis North Capitel and - Pharmaey, Brookland, 4th and B. L ave, ~ John G. Biggs’ Phar- Chesapeake. unction — Dr. .L'llhfifi.. Sth and U sts—M. H Hunton’s Pharmacy. Ga. ave. \ W'fl_— rmo&m 221 Upshur st — 5916 Ga. ove—Brightwood Fla. ave. and ist st~N, Reisk * in. North Capitol st. and R. L. ave, — Parker's Phar- macy. 1742 Pa. ave. — J. Louis Krick. b Columbia Drug Store. 3315 Conn. ave. — Joll‘s 5017 Comm " ave—Hi ‘onn, ave.—! Community Drug Sioflr:." wi ave, and Macomb st.—Harry C. Taft. 4231 ';luon' ;in ave.~Mor- gan Bros.' hmy. Takoma Park, 359 Cedar st. 4-Mattingly Bros’ Phar- macy. In Georgetown 30th and P sts—Morgan Bros.’ Pharmacy. 30th and .M sts—Brace’s Pharmacy. 3411 M st—Moskey’s Phar- maey. : 1834 Wisconsin ave— Haney’s. Wisconsin ave. and O st— Donahue’s Pharmacy. 35th and O sts, — Sugar'’s Drug Store. 5104 Conduit rd. — Modern Drug Store. - In the Southeast 3rd and Pa. ave~('Don- '..;r. :t'lml :lfi. —P.P.Jl’!‘r’l 11th n'l"h. a p— 1907 Nichols .—"l-ly'nhlu Store,