Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-12
CONFERENCE HOLDS
BUSINESS INTEREST
ProgressiveS' Meeting Here
Attracts Notice Through
out Financial World.
BY JOHN F. SINCLAIR.

OUT FINANCIAL world
BY JOHN F. SINCLAIR.
Special Dispatch TO The Star.
NEW YORK, March 12..-American
business men are closely watching the
conference Of the Progressive Democrats
and Republicans now in session in
Washington under the. Craftsmanship of
Senator George w. Norris of Nebraska.
new Senator-Edward p. Costigan
of Colorado-one-time member of the
United States Tariff Commission, made
a strong speech against high tariffs,
which, in his opinion, have been pow
erful factors in keeping down the for
eign trade of the United States. Sena-
tor Costigan, Democrat, is considered
q strong addition to the Progressive
forces in the Senate.
In spite of the open query of Senator
Watson of Indiana, to Senator Norris,
asking for reply on IA points, the
conference, which closes tonight, will
probably stick pretty close to the flve
subjects mentioned in the letter of IN
vitation the confereeS sent out.
]. Unemployment and industrializa-
ton. g. Public utilities. g. Agriculture.
4. Tariff. 5 Return to representative
government.
If these growing Progressives forces
are able to unite on a program dealing
with these five problems, there may
arise in the next Congress new force
much more powerful and potent than
any bipartisan combination heretofore
worked out.
American Tobacco Company.
George w. Hill, president of the
American Tobacco Co, is all smiles to-
day as his thousands of stockholders
are reading his annual report, which
shows the net earnings of this gigantic
company for 1880 amounted to $43, 345,-
370-the largest in its history-and an
increase Of 43 per cent over the net
earnings Of 1929. In addition, taxes
paid to the Federal Government alone
are more than $150,000.000.
For those who are statistically mind
ed it means that this company, which
manufactured 1910 per cent of all
cigarettes made in the United States
last year, earned 1855 per share in
1880, as against s5.76 in 1929.
It's the increase In cigarette smok-
ing. particularly among women, that's
responsible for this sensational 1880
statement Of earnings.
THE history of the tobacco business
during the past generation shows a
constantly growing tendency toward
cigarettes" said Mr.. Hill. THE recog-
milton of this fact has been a broad
decisive policy In the success of the
present administration of the COM
pany"
Mr. Hill has been president of this
company since 1925.
Building Industry Awakens.
For years tagging behind other in
dustries in the adoption of modern
merchandising methods, the building
industry has suddenly awakened. Stun
ned by the announcement of one large
mail order house of a unique scheme
for financing home ownership, retail
lumbermen have recently launched q
counter plan to combat mail order COM
petition.
This plan, sponsored by the Associ-
ated Leaders of Lumber and Fuel
Dealers, sets up for the first time in
history q mortgage corporation con-
trolled and operated by the lumber in
dustry, embracing both retailers and
manufacturers. With this powerful
weapon OF modern Observation-Disclosures
deferred payment plan-retail lumber
dealers win not only improve their own
business, but will help business In scores
OF related lines. Contractors, dealers
manufacturers, railroads and the whole
gamut, from the forest to the front
door, VIII profit by this new and COM
prehenSive plan of consumer financing.
The sleeping giant seems to have
awakened-at last.
Nation Of Readers.
The United States is a Nation of
readers!
The combined circulation of all morn
ing and evening daily papers Is a little
more than 10000, 900, while the Sunday
papers circulation is $4,000 900, accord
ing to the latest issue of the Index,
published by the New York Trust Co.
The circulation OF magazines and
periodicals Is much larger, with an es-
timated aggregate circulation in excess
OF 10000 ,000-one magazine for each
person In the country. Newspapers and
magazines in 1929 paid nearly $780,
100000 in salaries and wages to the
l33,797 persons employed In this in
dustry.
Who pays most into the newspaper
the advertiser or the subscriber? This
has always been an interesting Ques-
ton. In 1914 newspaper subscribers
paid IN $99,542,000, while advertisers
paid to the same papers during the
same year $1S4,047, 900.
In 1929 newspaper subscribers paid
In S272,674,000, while advertisers paid
IN SIS1yolA,UOO.
There are 1,949 daily newspapers in
the United States, Of which approx
mately one-sixth Tor more than 300
newspaperS) are operated by some go
groups or chains. Group-owned news
papers have entered ~ cities of more
than 100000 circulation. In fact, there
are only Is cities of more than 10O, 900
that have not been invaded by the
group owners.
British Wage Board.
Great Britain has a National Wage
Board which decides on wages paid In
the various lines Of industry. Sir Josiah
Stamp, president of the London g. Mid
land Railroad, said, in his annual mes
sage last week, that wages could not
continue to be maintained at their pres
ent level In that country.
Last Friday the National Wage Board,
after a careful survey, ordered a re-
duction Of II per cent on all railway
wages, and a further reduction of az
per cent on all wages in excess Of SO
weekly-a substantial wage IN Great
Britain.
The rail men demanded a minimum
wage Of SIS week for all adult work.
ers. But the board refused this and
declared that as long as four separate
groups Of railways continued to exist in
Great Britain no wage increases could
be expected.
Further railroad consultations, in
Great Britain, therefore, are looked for
this year.
(CopyriRht, 1881 By North American News
paper Alhanee)