Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-25
RAIL SECURITIES
FIRST IN VALUE
Gas and Electrical Companies
Follow Other Leading
Stocks.
BY JOHN F. SINCLAIR.

Special Dispatch to The Star.
NEW YORK, September 25.-For
every 500 of market value of the 1900
stocks listed on the New York Stock
Exchange the borrowings on the stock
by members of the New York Stock Ex-
change amounted to but $8.79.
This looks like very low figure, yet
1t is the official figure furnished by the
statistical department Of the New York
Stock Exchange.
On September the total market
value of the shares listed was $89, $685.
600 900, while the borrowings against
these securities totaled but $7,88l,-
100000.
What industries lead in the market
value of their securities listed on the
New York Stock Exchange? Railroads
are first, with a market value of all the
shares totaling, September /, $12,777,-
600 900. They are closely followed by
gas and electrical companies with So
$40, 900, 900.
Oil stocks are third, with $780,
600 900, closely followed by chemical
stocks, which had market value OF
$7,ll2,000,000. Automobiles and acces-
series are next. with S6,16l 100000.
Other leaders in the order of their
Importance are: Communications (cable,
merchandising and electrical equipment
manufacturers.
After these come steel, iron and coke
at $4,403 100000.
Two figures stand out. Listed stocks
of United States companies operating
abroad have a market value of 1851,
900 900, while the stocks Of foreign COM
panies on the exchange were worth ST.
$50, 600, 000-that is to say, nearly S.
900 ,0OO,0 900 Of market value is repre-
sented in stock securities now. Fifteen
years ago 1t could scarcely have been
thought of.
No industry is important or big
enough to stand still and let the pro-
ceSsion pass.
Henry L. Doherty. president Of the
Cities Service Co., the pioneer-really
the original pioneer in oil conservation,
years-objects to the California gas
conservation law. not because it is too
strict In its application, but because it
is not strict enough.
Just before leaving for Europe he dis
cussed the situation very frankly and
declared that the California law. which
became effective in September, did not
make adequate provision for putting
the gas back into the ground.
I'm no case does the law contem-
plate putting back into the ground the
dissolved gas" said the oil magnate,
and no measure that does not provide
ter than a halfway method Of meeting
the problem"
It was Mr.. Doherty who proposed a
plan of unit development of oil fields.
When asked whether he considered that
plan still feasible and practicable, he
replied: Il have followed conservation
for years. consider the unit method
the only proper method of oil develop
ment and the only way in which a
maximum production can be obtained"
When Mr.. Doherty returns from a
visit to France and Spain. he expects to
take up his business again, after being
i'll for three years with arthritis and
neuritis.
The United States is the original
home of ice cream. Its popularity has
never decreased. But in nearly every
nation now one can secure a good dish
of it at a reasonable rate.
This was not so Is years ago. Even
in England it was hard to get then.
The great American department store
of Selfridge's was the first to introduce
it there.
The United States today is consum-
ing about 100000 gallons Of it day,
and the per capita consumption last
year was a record.
From reports based on 2.258 ice cream
factories in the United States one learns
that the total consumption in the
United States last year was 348 ,04S,0O0
gallons, an increase of over 12,000,00O
gallons during the year.
Formerly ice cream was In Dig de-
mand In the Summer time. but In the
Winter very little was sold. Now that
line has been fiattened out, and Winter
use. while not as great as Summer, is
expanding rapidly.
The per capita consumption 20 years
ago was 1.04 gallons. Ten years later
it moved up to 2.49 gallons, and last
year it reached 200 gallons.
States Department of Agriculture, show
that ice cream today is nearly three
times as popular, based on the per cap
ita consumption, as it was in 1910.
Is business more important than cul-
ture? Einstein. German mathematical
genius, thinks not.
Sherwood Eddy, world traveller from
New York. met Prof. Albert Einstein a
few days ago.
Europe" said Einstein to Eddy, "has
held tradition of force, but India
should choose a path of peace. Let In
dia win her intellectual, her moral,
spiritual and cultural freedom. Then
her economic freedom. France and Ger
many and the people of Europe in gen.
eral, unfortunately, think that fighting
is a matter of national honor"
"Einstein presented a striking per-
sonality." said Mr.. Eddy in a letter to
this writer, "a child spirit with giant
brain. Long white hair, like musician,
full oval face, large luminous eyes, sun
brown skin from a life spent out of
doors in the country.
HE is modest, humble, kindly. humor-
GUS and, above all, human. He is no
freak, but normal, poised, interested in