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-GAIN IN AIR TRAVEL [ IS FORECAST SOON •Rlckenbacker Believes Public f Will Increase Patronage • of Planes. 4 ; BY JOHN F. SINCLAIR. « ffiMeial Dispatch to The Star. V NEW YORK. March 12 —Watch air this Summer! It will reach the high tide—far outdistancing any pre • •▼ious record! T,' This Is the prophecy of Capt. E. V. ’ Rickenbacker, the American ace, now J ”Tioe president of the Fokker Aircraft • Capt. Rlckenbacker believes that the ; "aircraft companies made a mistake in I*. thinking that the time-saving element, which so appeals to big business execu ■ tlves could be made the basis for the charges sufficient to warrant a large business. But directors of business en- j terprises hesitated to become air-mind- I ed. Many refused to sanction air-travel | e- by their officers. Because of this, air- . plane companies have turned from high j - rates and the high rate customers to '.low rates and the more lowly customers, v' The new slogan “tell it to Sweeney, • the Astorbilts know” is the basis of a "new and growing business, according to | - Capt. Rickenbacker. The Fokker Co. is speeding up pro w ductlon of its 32-place planes with all j the resources at its command. The demand for these planes is expected to j be followed by. a demand for the smaller "planes, for feeder lines. “Criss-crossing from Cleveland to i ' Los Angeles and from Spokane and I Winnepeg to San Francisco and El Paso I today, finds planes crowded. Commer- ( _Cial travelers, woman tourists —just the , •average sort of folk you meet in every day Pullman cars.” says the war ace. The luxury rat- days are over. The new emphasis is placed where it will be ! most effective—with the great mass of • Americans. \ One hears much about the “big three’’ • in the motion picture field, but there - are more than a dozen motion picture ' companies doing a national producing and distributing business. ’ In the field of production, the first 12 companies rank about in the order ■ named: Paramount-Publlx Corporation, . Warner Brothers, Fox Films, Metro • Ooldwyn-Mayer, First National Pic tures. Radio-Keith-Orpheum, United Artists, Universal Pictures, Pathe Ex ; change, Educational Film Exchanges, Columbia Pictures Corporation and Tis • fany Productions. Today no one company controls the '•entire distribution field. There are more ; than 400 chains of theaters, of which only five are actually affiliated with film companies. Paramount’s chain is oper ' ated by its own subsidiary company— LPublix Pictures—while Fox’s movie houses work under the Fox Theaters » Corporation. Loew’s, in which Fox has a 41 per . oent stock interest, is strong in New York City, while United Artists and ; Radio-Keith each have a number of theaters throughout the country. Universal, which specialis'd on coun try theaters, and at one time operated •* several hundred, has been reducing its . number in the last few years. Brazil's problems center around cos ” fee. United States' in cotton and wheat, .Canada’s in wheat and Japan's in silk. • Japan's foreign trade is largely built ..around silk. Today her slim market is •glutted. There's more silk in the world ..than there is demand for. Since last May, the price of silk has been slipping down. The. real reason, outside of the rise in the yen, is the sudden drop in •American buying. Why? Let’s put the blame on the November stock market ■break. ’ Then to add to Japan’s difficulty, -Italy has increased her production of " silk. Europe bought only 9,174 bales of Japanese silk from July, 1928, to Feb ruary, 1929. as contrasted with 22,487 bales during the same period the year before. 8o 250,000 employes in Japanese silk factories are working only part time. Getting away from percentages, what do things cost anyway? In New York City, where 6,000,000 consumers live. No. 2 hard wheat sold last week for $1.12 % a bushel, as against 91.23 a month ago and $1.39% a year ago. No. 2 yellow com sold at 97 cents a bushel, as against $1.04% a month ago and $1.16 a year ago. Coffee, No. 7 Rio, sold at 10% bents a pound,, as against 18% cents a year ago. creamery extra butter sold at 36 cents a pound last week, as against 50 cents a pound a year ago. First fresh eggs at 35% cents a dozen, as against 38% cents a year ago. So much for foods. Now let's look at the textiles. Cot ton. middling, brought 14 cents last week, against 212-3 cents a year ago. Raw silk, white, 13-15. commanded $4.97% a pound, as against $5.67% » j year ago. Fine Montana scoured wool I commanded 79 cents a pound, as against 91 07% a year ago. What about rubber and hides? Rib smoked sheets of rubber brought 15% cents last week, as against 25% cents a year ago. ’ Calfskins, 9 to 12 pounds, commanded $2.45 each, as against $3 a year ago. Pennsylvania crude oil, $2.70 a barrel last week and $4.10 a year •go. Take metals. Spot lead was 5 17-20 cents a pound last week, as against 7% cents a year ago, and prime West zinc was 5 cents a pound last week, as •gainst 6 7-20 cents a year ago. Thus, in the field of foods, textiles, metals, rubber, hides and oil, we find a big drop over those prices prevailing a year ago. Still, lower prices are not an unmiti gated curse to all classes —to the unem- S toyed and to those with small incomes, ) name only two groups. Change reorganization more change! Such is the law of life. It’s the law of business, too. Dr. Willis A. Gibbons, research chief cf the United States Rubber Co., puts in a boost for research. His example is a striking one. In the year 1913 a comfortable suit of clothes cost $25. A rubber tire, good for 2,500 miles, cost also $25. Today a suit of clothes costs SSO, while a tire, which is guaranteed now for 15,000 miles, can be secured for $lO. The price of a suit of clothes equaled the cost of 2,500 miles of tire travel in 1913, as compared with 75,000 miles to day—a 30-fold increase. The Gibbons conclusion is that re search has done far more in the field of tires than it has in the field of clothes. There are many leaders in the cloth ing industry that will not object to that statement, for they know it is correct. (Copyright. 1830. by North American News paper Alliance.) GOVERNMENT BALANCES ARE AT LOW FIGURES By the Associated Press. Cash balances on hand of the Gov ernment are now showing some of the lowest figures ever recorded in modem times. The latest dally statement of the Treasury, which gives conditions at the end of the business day March 10, placed the Government’s cash balance on hand •t $4,478,138.92. Ordinarily any amount on hand of less than $100,000,000 Is a small balance for the Government to carry. • However, the smaHness of the present cash balance is regarded as a matter for self-congratulation by the Government’! fiscal officials rather than one to be de plored. The March 15 payment of In come taxes, the largest single source of Government revenue, is approaching and the smallness of the balance on hand as the date comes nearer Is evi dence of the closeness with which the Government is matching its Income and expenditures. Amusement Stocks Assume Leadership In Market Advance I VariousMembersof Group Show Strength at Re cent Sessions. BY LEMUEL F. PABTON. NEW YORK, March 12—Caesar Augustus had been around the Roman world a lot and knew pretty well what people wanted. When times got hard, the Senate proposed bread and circuses. There Is no shorthand record of Caesar s reply, but Sallust paraphrases it some thing like this: "You've got it the wrong way about. Give them circuses and bread, rather I than bread and circuses. In fact, if we I give them plenty of circuses, the bread ; will almost take care of Itself.” Those who have been selling human nature short are covering today. Amuse ment stocks are up in front in the market come-back. Three have made new highs for the year. Reeent Advances. Even Fox Film, In the midst of a big ; receivership dog fight, is close to its j peak for the year and has more than , doubled its low of 16%. Warner Brothers hit 72. a new top for all time, in Monday’s trading. Radio Keith Orpheum was up 3 points for the day, and Radio 2%. Eastman Kodak touched a new year’s high, reaching 229%, topping its previous high of 228, after a climb from 175%. Paramount hit 71%. only one-fourth of a point below its previous high for the year. Reynolds Tobacco touched 57%, a new high for the year. In fact, Monday market gains re flected almost entirely the more frivolous side of life. Nobody seemed to be yearning for steel, gas, copper, power, transportation or much of anything else in the "bread” category. In the index of popular Interest and demand circus es properly came first. Os course, there are a tot of folks who have more time to blow smoke rings or go to a show than there were a few months ago, but it Is by no means the unemployed who make up the bulk of the heavy theater patronage in New York just now. One of the big movie show shops here hit a new high of slll, 000 last week. Several others crowded up around SIOO,OOO. There are two current hits in the legitimate theater and the demand for seats at dizzy prices is such that the waiting line is apt to stretch clear on down through the next few years to the old folks' home. Herbert Hoover's committee on recent economic changes, in its report to the President's conference on unemploy ment, seemed to incline to the theory that the circuses come first, although they did not *o back to Caesar Au gustus. Food Standards Higher. “The committee,” said the report, “finds, from study of the fact-finding survey on which this report Is based, that as a people we have become stead ily less concerned about primary needs —food, clothing and shelter. We have long since lost all fear concerning our food supply, and so we can no longer look on food as a luxury or as a pri mary source of pleasure. “American food standards have risen, but we hear little of the 'high cost of living,’ and the ‘full dinner pail’ is ob solete. We wear less clothing: more rayon and silks, less cotton and wool. Our wants have ranged more widely and we, now demand a list of goods and services which come under the category of ‘optional purchases.’ “Few of the current economic de velopments have made such widespread changes in our national life or promise so much for the future as the utilisation of our increasing leisure.” Os course, one might be cynical and point out that leisure is increasing a bit too rapidly here and there, but one finds that leisure, in the modern equa tion. is more definitely a corrective for certain economic ills than it waa In Ro man days. For instance. Eastman Kodak rides on up with the amusement stocks, and Eastman Kodak, therefore, continues to be the largest user of metallic silver in the world. Thus amusements stimulate the use of “goods and services,” as the President’s com mission puts it, remotely connected with the industry. (Coprright, 19*0.) WARM SPELL LOWERS COAL DEMAND IN U. S. Special Dispatch to The 3U-. NEW YORK. March 12—Warm weather over the greater part of Febru ary resulted In abrupt slackening of business in the bituminous coal markets of the United States, Coal Age reports. Domestic demand was the hardest hit, with some few markets reporting an al most complete stoppage. Carried back to the mines, this situation resulted in material curtailments in production in most of the fields. Prices slumped sharply along with the decrease In ac tivity, falling considerably below the I general level in February of last year. February coal production is estimated at 39,615,000 net tons, a decrease of 10,163.000 tons from that of January and of 8,285,000 tons from February a year ago. Coal Age index of spot bitu minous prices (preliminary) for Febru ary was 146%, against 153% for Jan uary. The corresponding weighted average prices stood at $1.77% last month and $1.86% in January. Due to the high temperatures prevail ing over much of last month, conditions in the anthracite markets were dull. Inactivity characterized business in the domestic sizes, with consumers and deal ers still manifesting a reluctance to lay in stocks. Chestnut, as in January and the preceding months, was the favored size and was scarce over the whole of the month. Pea was the next size most in demand. Announcements by a number of the leading operators that Winter prices would be maintained until May 1, in stead of ending on April 1, failed to In terest the market or stimulate demand. OIL PRICES ADVANCED. NEW YORK, March 12 UP). —The Standard Oil Co. of California has ad vanced the price of crude oil 25 cents a barrel for the higher gravity oil. The prices for lower gravity also have been advanced, the 14-degree gravity oil be ing increased 5 cents a barrel. DIVIDENDS DECLARED. NEW YORK, March 12 (IP).— Begalar. _ Pe- Pay- Hldrs. of Company. Rate. rlod. able. record. Am Encaustic T Lte SOc Q Mar. It Mar. 14 Am Salamandra. Ik O Apr. 1 Mar. *0 Bus Nias IPpr p 40c Q Apr. 1 Mar. IS Chain Store env pf37%c o Apr. 1 Mar 20 Clnn Ball Crank pf ste Q Mar. *1 Mir is Clorax Chem A ... SOc o Apr. 1 Mar. 30 Do 8............ SOc Q Apr. 1 Mar. 30 Davenport H Mill*. SOc O Apr. 15 Apr 1 IMS ® Apr. 1 Mar. 30 Elec B A 8h pf . . *I.BO Q May 1 Apr 10 Flour Mil of A pf A $2.00 Q Apr. 1 Mar. 15 Pllnt A •• „Mr Q Apr. 1 Mar. 17 3, > c Q A ® r - 1 Mar. 17 Oen wt . wk *Bl A SOc O Apr. 1 Mar. 20 „>>>• Pf,- *1.75 Q Apr. 1 Mar. 20 Holly 611. . 25c Q Mar. *1 Mar. 18 Incorporated Inv .. 26c Q Apr. 15 Mar. 22 Inter Pow nf Ltd.. 11.75 o Apr. 1 Mar. 15 Island Creek Coal.. *I.OO Q Apr. 1 Mar. 20 . ? f ALV« -■ •• *}•*? Q **"■■ 1 Mar. 20 Joliet A Chi R R $1.75 Q Apr. 7 Mar 28 Kan On * Wee pf 1%% Q Apr. 1 Mar. 17 L° rd „ - * I 8 ° <» Apr. > Mar. 17 No Am Cons 0H... 10c M Apr. 1 Mar 20 Northweatern Yeast *3 00 Q Mar. 15 Mar. 12 Penn Fed pf...... *1.75 Q Apr. 1 Mar. 20 Peoples Nat Bk.. *91.00 Q Apr. 1 Mar. 11 Second Inter Sec A SOc Q Apr. 1 Mar. II Do. Ist Pf.. 75c Q Apr. 1 Mar. 15 Do. 2d pf....... 76c Q Apr. 1 Mar. 16 Standard Dredge pf 50c Q Apr. 1 Mar. 15 Western Union Tel. *3.00 Q Apr. 16 Mar. 31 Initial. Consol Pr Ltd (ord) SOc Q May 1 Apr. 16 Increased. Calsary Power *1.50 Q Apr. 1 Mar. II Beeaasad. Ktrsch Co SOc Q Apr. 1 Mar. IS Accumulated. Inter Products pf.. *3 00— Mar. 31 Mar. 11 Omitted. Kermatb Mil 36c Q Due Apr. L * THE EVENING STAR, WASHINGTON. D. C„ WEDNESDAY. MARCH 12. 1930. STEEL PRODUCTION UNEVENLY DIVIDED Ingot Output Declines in Ag gregate, but Some Dis tricts Show Gain. By the Associated Press. NEW YORK, March 12 —The steel market presents a confusing picture with business ufievenly distributed geo graphically, and with demand for dif ferent finished products showing sharp contrasts, Iron Age will say tomorrow in Its weekly review of the iron and steel industry. “For the country as a whole,” the re view points out, “ingot production has declined from 78 to 75 per cent of (rated) capacity, but specifications have shown no further recession. At Chi cago. on the other hand, output is holding at 95 per cent and bookings are the largest in five weks. Produc tion at Birmingham also exceeds 90 1 per cent, with finishing departments , handicapped by the shortage of ingots. ••Steel makers with diversified pro duction are faring better than those specializing in flat-rolled products. The Steel Corporation average, although down a few points to slightly more than 80 per cent of capacity, is still con siderably higher than the rate of manu facturers whose output is limited mainly to light forms of steel. This fact helps explain the corporation’s gain of 11,- 038 tons In unfilled orders In Febru ary, In the face of high rate of opera j tlons during that month. • ' ■ FOX FILES INJUNCTION SUIT IN STOCK TRUST By the Associated Press. NEW YORK, March 12.—A suit for an injunction to restrain John E. Otter son and H. L. Stuart from voting stock j holdings in Fox Film & Fox Theaters ' Corporation which he deposited with j them under a trust agreement last De cember was begun In United States j District Court yesterday by William Fox. The suit is similar to the State Su preme Court action decided last Wed nesday, the day of the stockholders' meeting, in favor of Mr. Otterson and Mr. Stuart. In that action Justice Aaron J. Levy held that the trustee ship was valid by law and that the stock was being held in escrow by the Bank ers' Trust Co. He denied the petition of Fox to be named sole owner of the stock. Oft* Thursday, March 13th, we start a Special 9-Day demonstration of the new Frigidaire H Y D R AT O R u i your ' : f KH about the marvelous new Frigidaire Hydra tor. On Thursday, March 13tb, we start a x ttlll isl special 9-day demonstration—one of the most interesting ever held in our show* We will show the Hydrator in actual F*h* I use—just as you would use it in your Sslrl **7&4 home. You will see how lettuce is made ju ; <| BBBHBBBHBHESia^ifiiiiia«iiiaa« tender and brittle by the Hydrator’* v ;S*J| Actual photograph of stalk of united celery before moist reviving cold. You will see how tfN #. I'«tlin being placed m the Hydrator. Tbit calory it celery take on tomatoes stay firm | 9 M You see how flßß|^B|^^^J£BHßßii» k _ M M|BBlß|H^|l||ppHHßHßß to keep all your vegetables in one com* . „ , >f;\ pact compartment—how the Hydrator how this device freezes ice cubes faster— cooking expert will prepare and serve saves shelf space. how it permits you to make scores of unusual salads and delicious frozen des* ;Jf * - fl Fastfreezing exhibition _ , , 6 onstration. We have also arranged to The latest household cabinets in Porce- Free dessert and salad rectpe books distribute two souvenir recipe books— lain-on-steel will be on display. The And we’ll give you an opportunity to both filled with new and different recipes I / famous "Frigidaire Cold Control” will taste the better dishes made possible by you’ll want to try. f be demonstrated. You will be shown the Hydrator and the "Cold Control.” A Will you be our guest? SPECIAL OFFER Saturday, March l&BK We are prepared to make a liberal special about our easy payment plan. Come in at -fl Hi °ur 9-day demonstration. Let us tell evenings until ten o’clock every dav of v about this offer. Let you the demonstration. n I I A I I** The same celery as it came from the Hydrator tba B*® I ■ mem 111 w\. I wm* H 1 following morning. The magic action of the I | M | | M JmJL I fV I Hydrator bos restored the celery to its original THE FAMOUS "FRIGIDAIRE COLD CONTROL" I IXI I # \ | | \ state-jmb, crisp, delicious. FRIGIDAIRE SALES CORPORATION, 511 14TH ST., OPPOSITE WILLARD HOTEL I ; ■ """' ”' "" 11 11 ■ • 11 . *—— 8. KAJtN SONS COMPANY COLONY RADIO BATTERY SERVICE THOMAS ELECTRIC CO. L. T. STEUART. INC. HOUSE ft HERRMANN Sth ft Market Seat* N.W. 4ASS Oa. At#. N.W. Ills Sth St. N.W. IMI ltth St. N.W. Ith ft Eye Sta. N.W. THE HECHT COMPANY DULIN ft MARTIN WM. E. MILLER Ftiß rn P S. HARRIS CO.. INC. MITCHELL HARDWARE CO. Ith ft P Sta. N.W. Cenn. Ay*, ft L St. Ith ft E Sti. B.W. ttm ltth St. N.W. MNM Wlicansln At*. L. C. BROOKS CO.. INC. VECTO STORES WOODWARD ft LOTHROP O. W. YOUNGBLOOD DRESSEZ'S BATTERY ft SERVICE lilt Cana. A»e. N.W. S4S H St. N.E. 11th ft G Sta. N.W. Ml CaAar St.. Takema Park. MS. 11th ft Pa. At#. S.E. BROOKLAND HARDWARE CO. LANSBURGH ft BRO. HUTCHINSON'S. INC KLOMAN INSTRUMENT CO. CARL W. DAUBER ' 1 ltth ft Menree Sta. N.E. Ith ft E Sta. N.W. MU uth St. N.W. f>lt ltth St. N.W. SSt« Mth St. N.W. I ' I I • ... I mi-.-. ' -' '■" ' I ..1■ I I 11. I ■ I ALEXANDRIA. VA. ROCKVILLE. MD. MTATTaviLLE MD CLARENDON, VA. «J ■-..- „ '■*.a.««i», «J,.i.u“c.«L . I*!* -1 w Ju r * SMALL UNITS IN STEEL TRADE COVETED IN MERGER PLANS , Only Few Companies Remain in Ranks of Independents —Y oungstown Firm One of Best. BY PRESTON S. KRECKER. Special Dispatch to The Star. NEW YORK. March 12.—Steel mer gers of the last few years gradually have asborbqd so many of the more djpairable Independent units that com petition for those not yet snapped up bv the big fellows is becoming very keen. That fact has been strikingly proved by current developments in the Industry. , | A few days ago the Gulf States Steel , Co. became a bone of contention be tween opposing groups, one of which. aims to merge it with the American I Rolling Mill Co., while the other is equally determined that the Republic I Steel Corporation, recent creation of the Cleveland capitalists headed by Cyrus S. Eaton, shall get it. Now the Republic Steel group is re vealed as competing with the Befhle- I hem Steel Corporation for the Youngs town Sheet Sc Tube Co., one of the most desirable of the independents still at large. Apparently authentic reports have it that the terms of a merger with the Bethlehem Steel Corporation al ready have been approved by the heads of the two companies and are to be submitted to the respective full boards of directors on Wednesday. Rely on Stockholders. If those boards approve the plan, terms of a proposed exchange of stock will be announced, but indications to day were that the deal will never get that far. On the surface Indications were that the whole matter had been “sewn up.” It is learned, however, that Republic Steel Interests, undismayed by the turn of events which threatens to rob them of one of the units which they plan to ! consolidate with their own company, : felt that stockholders will have the I last word in the matter and indicated ; confidence in their ability to block a i Bethlehem deal. That would mean a fight for proxies such as Otis Sc Co., the bankers for the Republic Steel Cor poration. are now carrying on in the Gulf States Steel Co. As In the case of the Gulf States fight, the Cleveland financiers own a large block of stock of the Youngstown Sheet Sc Tube Co. through their control of the Cleveland Cliffs Corporation. Just how much stock is thus under their control has never been revealed, but it Is known to be materially larger than the 15 per cent popularly credited to them, and may be In excess of 20 per cent. Youngstown interests outside the management group are understood to j control about 20 per cent. On the face of those figures the opposition could muster a total vote of approximately 40 per cent, for Youngstown people do not want Easterners to get their com pany. Twe-Thirds Vote Needed. Such an opposition vote would be I more than sufficient to defeat the pro posal. Inasmuch as a two-thirds vote of ! stockholders is required to ratify sale of the property. Victory for the Eaton group, now in dicated. would probably mean eventual absorption by the Republic Steel Cor poration of the Youngstown Sheet Sc Tub? Co. That would result in mak ing the Republic approximately as large a steel organization as Bethlehem, with a possibility that it eventually would outstrip the latter through absorption of the Gulf States Co. The creation of a huge steel com pany In the Mahoning Valley is one of the dreams of Cyrus S. Eaton, who recently said that he envisions the State of Ohio adjacent area as a great in land industrial empire with boundless ore reserves to the north and unlimited coal reserves to the south. (Copyright, 1030.) COPPER STOCKS INCREASE. NEW YORK. March 12 (/P).—Stocks of refined copper In North and South America on March 1 were 233.123 tons, an increase of 29,719 tons over the amount recorded for February 1 and comparing with 55.213 tons on March 1, 1929. according to the American Bu reau of Metal Statistics. Total stocks of refined and blister copper on March 1 were 497,912 tons, as against 473,613 tons on February 1 and 439,726 tons on January 1. NEW COMPANY FORMED. NEW YORK, March 12 (JP).— The First Detroit Co. has been formed by the Detroit Co. and the First National Co. to take over active operation of the bond departments of the Detroit Sc Se curity Trust Co., its affiliate, the De troit Co., and the First National Co. The new company will become the In vestment unit of the Detroit Bank ers Co. Public Utilities I , BY GEORGE T. HUGHES. It nerds only a casual Inspection of the stock table to discover that the 6hares of the public utility corporations sell on a lower yield basis than any other group. In many instances the return on these stocks at current divi dend rates and prevailing market prices is lower than that to be had on high grade bonds. This is the condition which obtained so conspicuously in the bull market of last Summer, and 1 it has been restored, in part at least, by the recovery since the break. The reasons for this preference shown by investors to the stocks of the electric light and power, of the gas and of the telephone companies are not hard to understand. This is the one class of securities on which earnings show con tinuous increases, all the benefit of which goes to the common stocks. The return on the bonds and on the pre ferred stocks is fixed, and the larger margin of income accrues to the com i mon, and to the common alone. The first explanation, then, is the steady upward trend in earnings. Sec ond comes the profit to the shareholder due to the raising of new capital in so large a degree by the offering of rights either to subscribe to new stock or to convertible bonds. If these rights are sold at the market, they increase the dividend yield by that much, and if they are exercised they increase the capital account. Figured in that way, the yield on American Telephone Sc Telegraph stock, for instance, is comparatively generous. Third is the fact, whether realized or not. that the public utilities will not suffer from downward readjustment of commodity prices. They have no in ventory problem to solve. They sell services and not goods. Finally, we have a situation with regard to public relations which compares favorably with that in any other industry. It is these considerations which offset the low yield on these stocks at the market. — BUILDING CONTRACTS. NEW YORK. March 12 (A*).—Build ing and engineering work contracted for in the 37 States East of the Rocky Mountains during the week ending March 7 amounted to $73,068,700, F. W. Dodge Corporation reports. This com pares with $133,899,500 for contracts let in the preceding week, which was an unusually heavy construction week. The total for the corresponding week of last year was $90,445,500. Contracts awarded since the first of the year total $714,- 096,900, a daily average rate of about 18 per cent below the rate of activity dur ing the same period of 1929. -• • -■ ■■ ■ TREASURY BALANCE. Br the Associated Press. Treasury receipts for March 10 were $9,516,283.95; expenditures. $14,836,- 994.67; balance. $4,478,138.92. NEW SECURITIES. IfBW YORK. March 12 :New security offerings tqday Include: American Commonwealths Power Corporation. $10,000,000 0 per cent con vertible gold debentures, dated March 1, 1930. and to mature March 1, 1940, priced at 98.16 and accrued Interest to yield 6.25 per cent: offered by E. H. Rollins & Sons. Albert E. Pierce & Co. and others. The Laclede Gas Light Co.. $5,500,- 000 first mortgage collateral and re funding 30-year 5*4 P* r cent (fold bonds, series “D.” due February 1. 1960. and priced at 100 and Interest; offered by Halsey, Stuart & Co. The Chicago. Milwaukee, St. Paul * I T ! for the placing of your investment funds ... for more than forty years the H. L. Rust Company has been making first trust loans on improved properties in the District of Columbia and adjacent Maryland suburbs. Investors have found the notes SAFE in the abundance of the security—CONVENlENT'in their de nominations—PßOFlTAßLE in the highest interest yield consistent with a conservative investment. 6% FIRST MORTGAGE NOTES ♦ H. La Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 - - ! Pacific Railroad. $4,260,000 4*4 X** 1 cant equipment trust certificates, aeries i "L." dated March 1, 19S0, and maturing $284,000 annually- from March 1, 1931. ! to March 1. 1945. inclusive, and priced ! to yield 4.50 to 4.f5 per cent, according to maturity; offered by the Interna tional Manhattan Co. and Balomon ' Brothers Sc Hutzler. The Autocar Co., $1,071,200 8 per cent cumulative SIOO par preferred stock, priced at par and accrued divi dend: offered by Prince & Whitely and | others. • Since the beginning of the prohibi tion era the U. S. Coast Guard has become the sixth largest navy of the 1 world.