davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
NEW SPRING DIRECTOR.

NEW YORK, January II (Special)
AT q special meeting of directors of
the Reynolds Spring Co., A. N. Town
send. chairman of the board of the
Raybestos Co., was elected director of
Reynolds Spring.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
CHECKS SHOW GAIN
IN u. S. BUSINESS
Department Of Commerce Survey
Reveals Increase in Paper
Payments.

Commercial transactions during the
week ending January 4, as measured
by the volume of checks presented to
the banks for payment, were sub
stantially larger than during the previ-
Gus week, although less than year
ago. according to the weekly statement
of the Department of Commerce. Steel
plants were operating at lower level
than in the corresponding period of last
year. Receipts of wheat, cotton and
hogs at the principal markets were
smaller than for the corresponding
week of 1928. while receipts of cat
tie exceeded those of a year ago. The
distribution OF goods, as indicated by
the volume Of freight-car loadings for
the latest reported week, was lower than
in the same period of a year ago.
The general index of wholesale prices
was fractionally less than during the
preceding week and considerably lower
than a year ago. Cotton prices also
declined from the previous week, while
the price Of wheat increased and was
also considerably above last years level.
Interest rates on time money re-
manned at the same level as during
recent weeks, but rates on call money
were considerably above recent levels.
Bond prices increased fractionally, but
were substantially lower than year
ago. Business failures were somewhat
more numerous than during either the
previous week or the corresponding
week of last year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
What Fixes
Bond Prices
BY GEORGE T. HUGHES.
Yield VS.. Risk.

The time-tested rule Is that the
greater the yield on a bond the greater
the risk. Various influences affect yields
besides the risk, such as familiarity or
unfamiliarity of the investing public
with the security, investment fashions
Of the moment, ETC., but the principle
is well established. Other things being
equal the warning that high yield i'm
plies should be taken more seriously
when the bond is Of nearby maturity
than when 1t has a long term TO run.
For purpose of illustrating we may
take an actual case, as it existed late in
1929. An industrial company, fairly
we'll known, which had operated under
difficulties all the year because Of con-
ditions in the trade represented. had
two bond issues outstanding actively
dealt in on the exchanges.
One of these was per cent mort
gage secured issue with II years to run
and the other was a S per cent deben-
ture, unsecured, maturing In IL months.
The z per cent mortgage bond at the
time was selling around 80, which Is a
maturity yield of over 10 per cent. That
in itself was indication of a situation
unsatisfactory, to say the least, but It
was not so arresting signal as the
market for the per cent notes. The
latter sold at so, which Is $500 for a
$1,000 par value denomination. This
debenture, as stated, falls due in year.
In other words, an investment of $500
made then would return 81 900 in II
months besides $50 in interest.
Meeting Principal.
To express this in per cent would be
fantastic, and bond tables do not carry
out yields to any such ridiculous
heights. Obviously neither buyer nor
seller believed that the bond would be
paid of at par at maturity. They fear
ed, If not receivership, some form of re-
organization, and this fear was expressed
more in the market for the short term
low coupon note than in that for the
longer term higher coupon mortgage
bond. It is not that the interest was
In danger so much as that difficulty
would be met in meeting the principal.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
BONDS IRREGULAR
IN QUIET MARKET
Trading Remains in Narrow
Range-Price Changes
Are Small.
BY F. H. RICHARDSON.

Special Dispatch to The Star.
NEW YORK, January 11.-While the
trend of bond prices today was irreg-
ular, there was increased interest mani
fest in railroad bonds and some prog
ress was made by worthwhile issues.
The market withstood a moderate
amount of selling-probably occasioned
by the cashing of securities to buy new
issues recently brought out at advan-
tageous prices-without losing more
than fractionally, and then only in a
scattering of bonds.
There was higher range in the
prime list in Baltimore & Ohio first As,
New York Central As, Pennsylvania gen.
eral Alps and Union Pacific first As.
Second grade rail bonds went along,
the most activity being in St Paul ad-
justments and Erie general liens. The
selling affected Florida East Coast IS,
down a point, and st. LouiS-San Fran
cisco 4l2s, Texas g. Pacific &C. IS and
Boston 81 Maine SIS.
Speculative descriptions such as Chile
Copper IS, Anglo-C Chilean Nitrate rs,
and industrials like Goodyear SIS, Ma
tional Dairy Products 51zs and u. S.
Rubber IS were lower. Oils also sagged.
fractions were strong.
Foreign dollar credits were affected
by some special buying for foreign ac-
count. This was chiefly apparent in
japanese and German issues. Japanese
6ks were active at a new high level
for this year and last. In the South
Americans, Brazil 61as 1925 were
strong and active, Colombia IS advanced
a point, and so did Antioquia "a" rs.
Norway SIS, Copenhagen IS and Finland
IS improved.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11

The annual statement of A. G.
Spalding e. Bros. shows net earnings
Of $4,000, 446.63 for the year ended
October 81. 1929, as compared with
$l,845 ,535.l2 for the preceding year.
The directors reported the company
entirely out of debt to banks for tine
first time In 81 years as q result OF
a new issue Of $4,000 shares of common
stock last February by which 1t acquired
S3,050,000 additional capital.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
BANK CLEARlNGS.

Bank clearings for the first week OF
the new year continue to make an I'M
favorable comparison with the returns
for the corresponding period Of 1929,
although they are substantially the same
as the amount reported for this period
two years ago. The total for all leading
cities in the United States for this week
as compiled by Dun's Review, OF
sig 1925, 693 900 is $50 per cent smaller
than that for last year. At New York
City, clearings of $3.50. 900 900 show a
loss of 1879 per cent. while the aggregate
for the principal centers outside Of New
York Of s3,s55.6s3, 900 is 81 per cent
less than last years. The daily average
for the first seven business days this
wear of $2,207, 7S7, 900 compares with
So, TAP. sos 900 for the corresponding
period last year. and $222l 1854, 900 in
1928. Losses still predominant at most
of the cities of the country, and at
many of them. especially in the West
and South, they are quite large.
Figures for the week, as reported to
r. G.. Dun &, Co.. and average daily
bank clearings for the year to date, are
compared herewith:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
SCHULTZ STORES SHOW,
SHARP SALES GAIN
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 11.-Reporting
consolidated gross sales of $685., 101
for 1929, Schultz United SC to 81
Stores, Inc which began operations a
little more than a year ago, achieved
place among the 10 largest chain store
companies engaged in similar business.
Sales for December, 1929. totaled So
9I1,O50. compared with $500. 483 for
December 1928, which marked the COM
pany's first full month of operation.
Based on monthly sales for December,
the company ranks seventh In size
among the Junior department store
chains.
Rapid expansion during 1929 brought
the number of stores in operation at
the end of the year to Ill, compared
with about Sc actively operating at the
close of 1928. This includes stores in
Canada and stores of Miller's, Inc, OPP
Grated independently Of Schulte-United
units
While the company increased the
number of its stores rapidly, It achieved
at the same time larger percentage
increase In sales, indicating that each
new store had its efficiency hettered.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
Unlisted Department.

Announcement that the freight rate
war" among the British steamship
companies had resulted In the smallest
December exports from the African
gold coast in six years. caused a firmer
tone for coco futures on the New York
Coco Exchange during the past week.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
MORE INDUSTRIAL BOND
ISSUES LIKELY THIS YEAR
ecial pispatch to The Star.

Special Dispatch to The Star.
NEW YORK, January 11.-Describ-
fng the outlook for bonds as encourag-
ing, the j. Henry Schroeder Banking
Corporation states that new industrial
bond issues may be expected to appear
in the market in some volume when the
outlook for industry in the United
States becomes more certain, and that
upon settlement of industrial and po-
litical conditions abroad high-grade
foreign bonds may be expected to par
ticipate in the revival of investment in
terest in bonds.
After citing reasons for expecting
relatively low interest rates during 1890.
the firm States that as yet there has
been no overwhelming diversion of in
vestment interest from stocks to bonds.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
First Mortgage Loans

Lowest Rates Of Interest and Commission
Thomas J. Fisher & Company, Inc.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
SECURITY FINANCING m 1929
WAS LARGEST IN u. S. HISTORY
More Than Thirteen Billions of Dollars
Represented in Sales of Bonds and
Stocks, Survey Shows.

New security financing in 1929 was
the largest in history, aggregating more
than Is billions of dollars, according
to the annual investment review of Law
renee Stern & Co., investment bankers.
of Chicago and New York. OF this
amount about nine and a half billion
dollars was publicly offered in the form
of stock. bond and note issues, while the
remainder represents an estimate OF the
amount distributed in the form OF rights
to stockholders and other methods OF
private subscriptions.
Public stock offerings showed an in
crease of more than billion dollars
over 1928, but this was offset by dras-
tic decline in the volume of bond issues.
The outstanding feature of the large
volume of financing during the year
was the emergence of the investment
trust as a new major classification. In
vestment trust offerings totaled more
than two and quarter billion dollars,
which was about 25 per cent of the total
volume of all publicly offered investment
issues comprised about Al per cent OF
the total volume of new issues.
Comparative Statistics.
Statistics showing the volume of new
publicly offered financing in 1929, as
compared with 1928. follow:
1929 1928
Stocks ........ s452s. 100000 1925 2ss 900
Bonds ......... 4.87s,953,Ooo 6,ssT655'ooo
Total ,...... se,4O3, 5000 ss.s22, $4,000
Of the total volume of public financ-
ing during the year. New York invest
ment bankers underworld 81, 469, TAI, 7O2
including 1868 stock issues totaling ST.
304. 096, 900 and 289 bond issues totaling
$2.165, 646, 600. Chicago houses placed a
combined total of 81, 142,894 ,530-com-
prising 90 stock issues totaling $519,-
100000 and 235 bond issues totaling
$622, $4,000.
The volume of stock issues publicly
offered during the year was the largest
in history, showing an increase OF more
than 80 per cent over 1928. All CLASH
fications, with the exception Of rail-
roads, showed substantial gains over the
previous year. Industrial financing was
second in importance to investment
trusts, aggregating 81 ,426, 1874, 900, COM
prising about 80 per cent of all stock
financing. Public utility issues totaled
$7S1, 442, 900; foreign, $91,s1s,ooo; real
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
Charter No 1876. Reserve District No. 5.
REPORT OF CONDITION
of the
Federal-American
National Bank

OF Washington. in the District of Columbia.
at the close of business on December 81, 1929.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
REGULAR AND STOCK
DIVIDENDS DECLARED
Special Dispatch to The Star.

NEW YORK, January 1.-THE d.
rectors Of Dictaphone Corporation have
declared the regular quarterly dividend
of 50 per share on the preferred stock
and regular quarterly dividend Of rs
cents per share on the common stock
Of the corporation. Previously the
quarterly dividend on common stock
was SO cents per share.
In addition, the directors declared a
stock dividend on the common stock
Of / share for every 10 outstanding.
All dividend checks and stock certifi-
Gates will be sent March l to stock
holders of record February IA.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
.s4,879, 953,944 s4,523,lO7 1903
New December Offerings


New December Offerings.
The survey showed that new stock,
bond and note issues publicly offered
in December aggregated $673, 107, 912, as
compared with $178,237,275 in Novem-
Der and the huge total of $1,051 1886 lost
December, 1928. This drastic decline
from a year ago was due to the heavy
loss in stock offerings, which totaled
but $50, 798,000, as compared to $685.
305,98 registered in December, 1928.
The volume of bond and note offer
ings in December aggregated $685.
309,912, as compared with total OF
1884 ,990.353 in December a year ago
and with the total of $141 ,610,o25 in
November.
In December New York investment
bankers underworld % stock and bond
issues aggregating $241 .444,750, and
Chicago houses distributed II issues
totaling $58,742, 500. Boston was third,
with total of $28, 131 900. followed by
Hartford, Conn.,, and Los Angeles.
Canadian Financing.
The survey said that new Canadian
offerings during 1929 aggregated $685.
754,302, as compared to s440,414,519 in
1928, gain Of approximately 81 per
cent. OF the total this year, 1882, 573,-
802 was sold in Canada, $236,854,500 in
the United States and $26,326o00 in
Great Britain.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11

estate, $112,75o,oOO, and railroad, s4,-
100000.
Public bond and note financing dur
ing the year comprised 1922 issues ag-
gregating S4,879.953 000 which is "a
per cent less than the 1928 volume of
$6.397 ,655, 900. All classifications in the
list, with the exception of tax exempt
and railroads, showed substantial losses
from year ago.
Tax exempt bonds constituted the
largest class-the Bond Buyer of New
York reporting offerings aggregating ST.
443008,693, comprising about 80 per
cent of the entire bond total. Public
utility offerings aggregated S1,01O,611,-
600, industrial $794,712,000, foreign
$3.50, $685. 900, railroad $463, 100000 and
real estate $407 $4,000.
Monthly Offerings.
The following table compiled by Law
renee Stern & Co. gives the month-by-
month total of stocks and bonds pub
licly offered in 1929:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-11
Washington Stock Exchange
SALES.

SALES.
Capital Traction SSH 900 at 92X,
$4,000 at e214.
Washington Gas IS A-$400 at 1919,
500 at 1914, $1,000 at 1914.
Washington Gas IS B-S5o0 at 1857.
Potomac Electric SO pfd.-5 at Ill.
Washington Gas Light-20 at 96ia.
Riggs National Bank at sic.
Merchants Transfer & Storage CON-
10 at 11e, at 11S.
Peoples Drug Stores pfd.-6 at 104H.
AFTER CALL.
Capital Traction Colo at 82I5.
Commercial National Co. pfd.-10 at
05, 10 at e5.
Milford chronicle., 1930-01-03

because the mortality is nil and the
morbidity reports are very mper-
feet and difficult to collect. Could
the sum total of suffering, inconVe-
nience, complications and the eco
nomic loss resulting from common
colds be obtained, it would at once
promote these infections from the
trivial into the rank of serious dis
eases.
Common colds are perhaps most
contagious during the early stages.
If persons would isolate themselves
by remaining in bed during the first
three days of a cold, they would not
only greatly benefit themselves, but
would largely prevent the spread of
the infection.
The prevention of colds consists,
first, in avoiding the infection, and
secondly, in guarding against the
predisposing causes. Contact should
be avoided with persons who have
colds, especially in street cars, Of
fees, and poorly ventilated places
where the risk of persons coughing
or sneezing directly in ones face is
imminent. Contact with the infec-
ton may further be guarded against
by a careful self-education in sani-
tary habits and cleanliness. Colds
like other diseases conveyed in the
secretions of the nose and mouth
are often transferred by direct or
Milford chronicle., 1930-01-03

not be emphasized too strongly. In
fectiOn spreads from one bird to
another quite rapidly and the long
er the infected ones go without
treatment the harder it is to restore
them to normal condition.
Worms cause a two-fold damage.
First of all, they grow and thrive ON
food that should go to the birds
growth and to make eggs. In addl-
tion to that, they throw off poison
ous substance which pollutes the
digested food matter and is absorb
ed with it into the blood. rms
causes digestive disorders, loss OF
flesh, lowered vitality and loss OF
ability to resist disease. 1 am con-
vinced that, directly or indirectly,
at least 1870 of all diseases, ana
losses among chickens are caused
by worms.
The most practical, cheapest and
most effective remedy 1 have been
able to find is nicotine. 1t is most
accurately and benef1cially given 10
mature and nearly mature birds IN
the form of pills. Feeding powdered
tobacco in the mash is no longer Ia
vored by most competent authorizes
as many of the fowls which aeeG
treatment worst refuse to eat 1t ana
the others may suffer from nicotine
poisoning.
In the case of serious worm IN
fection. as with most other poultry
troubles, sanitation is a most e1tec-
five weapon. The eggs OF round
worms are laid in great numbers
and passed out with the droppings.
Other fowls eat them with food and
water. then they hatch and grow IN
the intestines. These eggs retain
their ability to hatch for many
months. Strictly sanitary conditions
should be maintained in house ano
yard.
Lime should be spread over the
ward. turned under, and quick
growing grain planted each month
Houses should be thoroughly spray
ed with a strong dip and dislntec-
tant solution. Droppings should De
removed every morning, or drop,
ni1r boards should be protected
with wire mesh. Feeding troughs
and drinking vessels and the IKE
should be arranged or protected II
some way so fowls can not roos'
above them or get into them WITH
thc.r feet. Dampness and wet Spots
in the yards should be eliminated
If possible, baby chicks should DC
raised on new ground or on ground
where no chickens have run for two
or three years. One of the CHIEF
benefits from raising chicks on
floors of one-half inch wire mesh Is
the prevention of round worm infec.
tion. If they must be raised on ole
ground, they should be given some
poultry form powder containing
nicotine in the form Of powdered TO-
bacco after they are from four tt
six weeks old.
Copyright, 1929
BY DR.. L. D. LEGEAR, V. S.)
Milford chronicle., 1930-01-03

AS everyone knows who reads
he newspapers, the criminals OF our
arge cities run like the wolves their
ayage natures resemble, in packs
r gangs. Singly they would do
comparatively little damage and
would soon be put out of business.
Working together, however, they
,ause untold loss of life and prop
brtv with a freedom from danger to
themselves that is truly amazing. A
-ather striking parallel to this dis
base of society, the modern GRIM
nal "gang" is to be found in all too
many poultry yards.
I refer to the alarming prevalence
of warns in every section OF the
country, of which there are some 80
varieties known to veterinary
science. Only three need be men
toned in this article. OF these, tape
worms will be treated in a separate
article. The other two are the large
Round Worms which are found in
the small intestines and the Small
Round Worms or Pin Worms which
inhabit the Caeca or Blind Pouches:
The former is from one to four and
one-half inches long when full
grown: the latter measure only one
half to three-fourths of an inch in
length.
Both young and old birds are
commonly affected. When very
Young chicks are wormy, growth IS
usually stopped. This is the most
common cause of runtiness. Lay
ing hens are sometimes infected to
such a degree that laying falls Off
materially. There may be an un-
thrifty condition, dullness, dropping
of wings, loss of weight-paleness
of face, wattles and comb-and very
often lameness. There are also
many cases which show no external
symptoms. ,.
The only positive way to detect
worms is by postmort I'm examl-
nation. When fowls are killed for
table use OF marketing, the bowels
NAV be examined by Sitting them
omen from end to end. Any fowls
that die should be examined in the
same way. Then if worms are pres
ent proper treatment should be
started at once.
The necessity for prompt etfec-
tive treatment of wormy fowls can
Milford chronicle., 1930-01-03

indirect contact through lack Of hy-
gienic cleanliness and a disregard OF
sanitary habits. Kissing, the cGm-
mon drinking cup, the roller towel
pipes, toys, pencils, dirty fingers,
food and other objects contaminated
with the fresh secretions will trans
NIT the disease.
Take special pains to keep up the
vitality of the body. If you are in
good physical condition, you will
not take cold nearly as readily. If
you have an annual health audit
your general condition will help
safeguard you.
The old adage of "starve a fever
and stuff a cold" is an exploded
idea. Next time you take cold, lie
in bed for three days, eat nothing
but grapefruit, oranges or other
fruit, drink lots of good fresh water
and three or four times day take
a teaspoonful of common baking So
da in a glass Of water. You will be
greatly surprised at the result.