Evening Star Newspaper, April 4, 1930, Page 12

RETAIL TRADE OFF [N ATLANTA AREA Sixth District Report Also Shows Wholesale Status ‘Lowest in Seven Years. Bpecial Dispatch to The Star. ATLANTA, April 4—The volume of retail trade i the sixth district in- creased in February over January but was smaller than at the same time last year, and wholesale trade decreased for the fourth consecutive month and was at the lowest level in more than seven years. Commercial failures declined in number compared with the month before, and with the same month last ear, and liabilities were also less than or January but somewhat greater than for February, 1929. Building at Low Level. Building and construction activity in the district continued at a low level, contract awards in the district as & whole being 8.9 per cent less than in January and 12.7 per cent less than in February last year, and permits at 20 Teporting cities showing decreases of 1.3 per cent compared with January and gé.z'.; per cent compared with February, | note: Consumption of cotton in the cotton States declined in February compared ‘with January and was less than at the same time last year. Production of cot- ton cloth by reporting mills in this dis- trict was smaller than during either of those periods, and output of yarn de- clined in February, but was slightly greater than in February last year. Production of soft coal in Alabama and ‘Tennessee averaged smaller in volume than a year ago. Output of pig iron in Alabama was somewhat smaller in total volume than in January because of the smaller num- ber of days, but the daily average in- creased, and there was an increase over February, 1929, Activity in the naval :;grfa industry is at a seasonably low el. Savings Deposits Increase. There were small declines in dis- counts by the Federal Reserve Bank of Atlanta ~between February 12 and March 12 and in its investments in United States securities and holdings of bills bought in the open market also decreased. Holdings of purchased bills and of United States securities were ater than at the same time last year, t discounts were less than half as large. Cash reserves on March 12 were the largest in nearly two years. Loans and investments of weekly re- porting member banks also declined during this four-week period and were smaller than a year ago, and borrow- ings by these banks from the Federal Reserve Bank were the smallest on March 12 in nearly two years. Bavings deposits reported by 73 banks increased 1.5 per cent in February over the month before and averaged 1.3 per cent greater than at the end of Febru- ary, 1920. Debits to individual ac- counts declined 15.8 per cent, compared with January and were 8.8 per cent than in February last year. DIVIDENDS DECLARED NEW YORK, April 4 (#)— unhr Company. Rate Taian: 5¢ Q June 28 125 & June 38 Hldre. of record. June 16 June 16 ' R. pfd.. rtis Lighting msco Der. & Grand ynch_Glas: Lyneh, Glass Mach. Bacr clay Bro Polyeraphic ©ons. Pub. Berv......25¢ .. Apr. 35 Reduced. Can Brewing, Ltd.....25c Q Apr. 15 Mar. 31 Ravens have recently been raidin, flocks in Wales and killing many llmbs‘ ——ee Beserve District N REPORT OF, coNn' RN Park Savm gs Bank Washington, Dmnu of Columbis, close of business on March 27, 1930, 8. i RESOURCE! Loans tl 1 145,884.83 131,707.97 4,882.51 328,405.53 21.282.22 2,395.16 ,744,808.77 . Other assets Total .... $100.000.00 . Due to banks, including i tifled and cashiers’ checks outstanding Demand depos Time depo: TUNZ, vice president lnd e above-named banl o e EO ‘RT 8. ETU. ¥ & NZ, Vice President and Cashier. Subscribed and et B g 1 bbore e T c"“‘"oi DO};C:I{I A o waun.n’: i A F. JORSS, JOSEPH W. COX, Directo REPORT OF_CONDITION OF THE National Savings and Trust Co. Of 15th St. and New York Ave. N.W., Wash- insfon, District of Columble,” at the close ©of business on March 27, 193 RESOURC 1,010.63 Other boi 1,034,769.99 1,448,648.43 359,094.27 Cash and due trom b-nn 2,535.096.66 3 Outside | check items 57.277.61 16. Other assets 2,433.20 Total $15,788,056.30 $1,000,000.00 2,500.000.00 '463,041.36 aid banks, l:chldln unga and cashiers’ outs g checks R, trens the sbove e-dummnt % "Eie o the best of my knowledge and belief. G Tre ’“ bed, and sworn o before me this Nota Pnbll 3 commission expires October ‘23, 1934. D Hoover, Woodbury Bla 3 ry Blair, ‘Btetson, 2°A. H. Chur 1dS: Biitdekoper. 1. Rozier Duianys Ir.. . Clephane, 2 4 ind D ? m’; Corporation News NEW YORK, April 4—The following is today’s summary of important cor- poration news prepared by Standard Statistics Co., Inc., New York, for the Assoclated Press. . News Trend. Financial and trade news of the day is mixed. Brokers' loans ln the week ended April 2, as reported by the Fed- eral Reserve Board, mcreued $148,000,~ 000, the largest expansion of any week since September, 1929. Wholesale com- modity prices registered & further slight increase in the week of April 1. Of the eight groups making up the annal- ist index, four advanced, three remain- ed unchanged and one, metals, declined because of the sharp reductions in finished steel and zinc. Automobile production in March is estimated at 400,000 units. This tota' represents an increase of 18 per cent over the Feb- ruary oulrut but' 36 per cent lower than total production in March last year. Building permits in Mnrch in 125 “key cities,” as reported by 8. W. Straus & Co., were 55 per cent greater than total issued in February. This is the first month in the past five months that an increase has been shown com- pared with the preceding month. The Companies. American Coal Co. of Alleghany County earned $3.63 on common stock in 1929 vs. $4.04 in 1928. Caterplllar Tractor directors approve sale of $10,000,000 five-year convertible . Central Railroad of New Jersey, sub- sidiary Jersey Central Transportation, with Reading Transportation Co., to establish new interstate bus service be- tween New York and Philadelphia. Engineers’ Public Service February net operating revenue up 23 per cent; 12 months’ net 43 per cent above year 2go. gP‘lrst National Pictures to expend $17,500,000 on 40 pictures in 1930-1931 period. General Motors’ Oldsmobile unfilled orders now on hand total about 5,000 cars. Stocks of new cars on hand equivalent to 30 days’ supply. Expect to build 10,500 cars in April. Reported negotiating for control of Omnibus Cer- poration. Opel Works, German sub- sidiary, produced 8919 cars in first quarter 1930, against 8,456 in like period of 1929. Packard Motor Car announced Pack- ard Diesel engines hereafter will be optional equipment on Ford transport planes, which are regularly powered by Wright J-8 engines. Pennroad Corporation owns 100,000 shares New York, New Haven & Hart- ford Railroad stock and 168,000 shares of Boston & Maine Railroad stock. Phillips Petroleum Co. announces acquisition of Beard Oil Co., operating 11 service stations, 50 retail outlets and warehouse facilities located in Fort Smith, Ark., and vicinity. Pullman, Incorporated, subsidiary Pullman Co. to reduce rate for a section occupled by one passenger 22 per cent. Ritter Dental Manufacturing earned s'l,dsp;sn common stock in 1929 vs. $5.99 in 1928, Southern Grocery Stores sales four | weeks ended March 20 up 12.6 per cent from year ago; three months’ sales up 23.9 per cent. Had 408 stores and 188 meat markets in operation on March 29, 1930, vs. 400 stores and 181 meat markets a_year ago. Sterchi Brothers Stores, Incorporated, earned $1.02 on common stock in 1929. In 1928 constituent companies earned $3.01 on common shares. Stone & Webster, Incorporated, plan CAPITAL, SURPLUS and UNDIVIDED PROFITS $242,409,425.19 Cash in Vault and in Federal Reserve Bank. Due from Banks, Bankers and U. S. Treasurer. Loans, Discounts and Acceptances of other Banks . United States Government Bonds and Certificates .$160,777,500.00 State and Municipal Bonds. . . Stock in Federal Reserve Bank. Other Bonds and Securities. ... (lncludln(!nkolhllfl. Bank Buildings............. Items in Transit with Branches. THE EVENING STAR, WASHINGTON, D. C, FRIDAY, APRIL 4, 1930. USE OF TELEPHONE INCREASES EXPERT ON EXTINGT SECURITIES DEAD Roland M. Smythe Had In- teresting History in Bro- erage Business. Bpecial Digpatch to The Star. NEW YORK, April 4—The story of the doctor who papered his den with worthless bonds and later sold the wall paper for $14,000; the wealthy man Whose estate contained $55,000,000 in valueless securities; the man who bought “40 or 50" poundx of old stocks and bonds to put on a campaign—all these and many more anecdotes of Wall Street have been recalled through the death of Roland M. Smythe, pro- prlewr of & unique business. Smythe, once a member of the swck Exchange and a partner in sev- eral Stock Exchange houses, died at 76, after achieving fame as an expert on extinct and worthless securities. All big financial houses and banks consulted Mr. Smythe when assets of estates were found to contain securi- ties on which no information was avail- able. He once offered a man $1 for 700 shares of an old, extinct company. The holder refused to sell and a_ few months later, something having hap- pened to bring the old concern to life, he sold his stock for $280,000. That is a world's record appreciation—from $1 to $280,000 in a few months! A Yonkers doctor wanted to paper his den with bonds. Mr. Smythe sold him a few million dollars’ worth of worthless bonds of a Pennsylvania coal company for $40. Later more coal was found on the old property and the doctor sold his wall paper for $14,000. Mr. Smythe bought securities worth $55,000,000 at face value from the es- tate of a man who had died possessed of,many more millions in sound invest- ments. They cost the buyer $3,000. He spent $1,000 in invem{ltlnw them, but was able to realize only $2,000 on their sale. ‘The aged dealer in aged bonds would never have a telephone in his office and for years carried on a battle with the telephone company trying to force them to list him in the directory as “Roland M. Smythe, 2 Broadway, no telephone.” STEEL MERGER DEPOSITION. YOUNGSTOWN, Ohio., April 4 (#).— James A. Campbell, chairman of the board of Youngstown Sheet & Tube Co,, testified in a deposition today that pressure had been brought upon him to merge with Republic Iron & Steel Co., that he “did not like the Iidea” and consequently negotiated a merger plan with Bethlehem Steel Corporation. erection of 73-story building in New York financial district. ‘Thompsan-Starrett Co., had $40,000,- gm'll D%flnmmi business on books April United Securities Trust Associates liquidating value of stock on April 1, 1930, reported in excess of $49.50 vs. $46,32 on January 16, 1930. ‘Warner Brothers Pictures, Incorpo- rated, to build motion picture theater in Newark, N. J., with seating capacity of 4,500 and costing $3,000,000. including RAPIDLY DURING LAST YEAR ‘ BY J. C. ROYLE, ‘The old-time city directory now has given place to the telephone book. There is no mystery about this change, in view of the fact that G. Bfilnley Shoup, chief of the communications lel:uon of the Transportation Division of the Department of Commerce, de- clares today that in the year there last was an average of 64,173,144 Im‘l!vldull N telephone calls a day, an -ver-ge of one call for every two people in the United States. ‘The installation of telephones in late years has practically revoluuonlud American business and social life. has speeded up the pace of business to & greater extent than any other factor and made possible the consummation of negotiations which in the past would have required days and weeks to com- plete. Growth of Industry. ‘The rate of growth of the telephone industry and the speed with which a ditional subscribers are being added in- dicate that its progress has only begun. In the last year approximately 900.000 telephones were installed in homes, of- fices and other bulldings. This is the largest number ever put into commis- sion in one single year. In addftion to the progress of telephony in the United States, there has been a remarkable e: tension of international communica- tions, both to foreign countries and to shipe at sea. At the beginning of 1930 the total number of telephones in the world was approximately 34,500,000, of which 20,- 000,000 and more were in the United States. It is estimated that 86 per cent | 3 of the world’s telephones can be reached from the instrument of any subscriber in the United States. The average time for completing a long-distance connec- tion has been halved in the last five years. The reduction has been from approximately 7', minutes to , 22-5 minutes. Errors in local calls in the PORT OF CONDITION OF THE McLachlen Banking Corporation Of Washington, in the District of Columbia, at the close of business on March 37, 1930. cash items 415000000 48,101.81 20,277.85 tifled and cashies outstanding 30.769 40 and dey 1,124:341.00 968.6: 32,492,142 ‘ashier of the above- named bank, do solemnly swear that the above statement s true to the best of my knowledse and belief. JOHN A. MASSIE. Cashier. Subrcribed, and” sworri to before me Thts 3rd_day of April, (Seal. EVELYN E. Tot District of Cclumb I, JOHN A\ MASS] Noary Pasi eomu—mefiz s uc’ % ANTER P McLACHLEN, HORNER, A MeLACHL!N THOMAS R. HARNEY, EDWIN H. ETZ, Directors. The National City Bank of New York Domestic and Foreign Branches ASSETS rporation Inc.) Other Assets. . Total..... LIABILITIES $7,104,102.82 Condensed Statement of Condition as of March 27, 1930 $174,667,500.29 162,872,862.71 $ 337,540,372.00 1,197,209,705.73 22,411,790.00 6,600,000.00 246,803,392.82 8,000,000.00 37,608,378.79 11,344,334.90 150,116,686.23 7,128,743.95 .$110,000,000.00 110,000,000.00 22,409,425.19 Accrued htoro;t. Discount and Mh.u Unearned Income Taxes, Dividends and Accrued Expenses, ot cetera 9,450,410.11 Liability as Accepter, Endorser or Maker on Accep- tances and Foreiga Bills flc-'lu“l:l:fl of (M Clly Bank Farmers Trust C'- e ewmed panies are not inclu $ 242,400,425.19 6,981,752.66 7,787,670.48 24,210,893.22 257,602,289.22 99,365.00 1,471,507,701.79 Figures of foreign offices which are included herein are as of March 15, 1930 ,630.44) and The National City Com e Stocknolders of The National A in the above Statement. ta] $10.000.000, hvrlu' and U-dlvmd mpes: éc;r oy 5,000,000, Surpl ) are NewSors. The Frpibeadlg City Bank Farmers Trust Company (Affiliated with The National City Bank of New York) Head Office - 22 William Street - New York Temporary Headquarters - 43 Exchange Place FIFTH AVE. at 415t ST. 42nd ST. at MADISON AVE. 181 MONTAGUE ST., BROOKLYN LONDON, 11 WATERLOO PLACE, S. W.1 Condensed Statement of Condition as of March 27, 1930 Surplus Undivided Profits .. ASSETS mumm—u.r.wm.‘m-.mmm T $35,269,005.61 1,401,515.02 8,319,000.00 12,534,066.17 3,673 73 1,1 $10,000,000.00 10,000,000.00 3,014,630.44 36,543,658.73 1.36 last year have been substantially re- duced from the average of 2 in 100 calls for 1928. It no longer requires the extended period in order to get a telephone in- stalled which was the case even a year or s0 ago. The average now is 2.7 days from the time of receipt of the order. This is a reduction from 4.7 days in the last five yehrs. Formerly it was necessary for the subscriber who made a long-distance call to hang up the phone and wait untfl notified that the call had been completed. In the last year more than 70 per cent of the long-distance calls were handled while the subscriber re- mained at the ‘telephone. The differ- ence in making a connection between Reserve Distri nr oF c't!{r: istrlet No. 8. Northeast Savmgs Bank Of Washington, in the District of Columbia, at the close of business on March 27, 1930, . $748,800.97 352,08 1,000.00 752,675.00 120, . Cash snd due Trom banke . 11709558 800,367.81 CIW 000,00 00 ,\7 407.52 b5 300 35148 . Time deposits 1,206.314.06 Totai Washington, District of Columbia I, W. REGINALD LEWIS, caslh f the aboveriamed banke 4o solcmly swens. tha} the above statement Is true (o the best of my Knowledse and belies. W. REGINALD LEWIS, Cashier. Bubscribed and sworn to before me this rd day of Avril, . b. RATCLIEFE. Notary Pubile. My commission expires July 23, 1931. Correct—Attest: FERCIVAL HALL. H, ERN] R 826, %, Hoover. Directors. “Almost 700 Money- Saving Drug Stores from Coast to A 35c Liggett’s Tooth Brush with chaseofatubeofRexall Magnesia Tooth Paste at the regular price of 39c. Milk of 74¢c Value Both for FOR THE BABY long-distance and local calls was hardly noticeable in the last year. New Construction. ‘The six eomp-nlu reporting to Department of° Commerce spent ‘ 000,000 in '.he construction of new tele- phone plants and $45,000,000 for the construction of new manufacturing fa- cilities. In 1930 approximately $700,: 000,000 will be spent for construction. During the last year two sadditional 3 3 short-wave transatlantic radio tele- phone channels were put into operation, making one long-wave and three short- lee radio telephone lanes. Work rogresses on the new transatlantic ulephone cable, and additional short- wave channels are to be opened between the “hc!flc Coast and transpacific poin ‘The trend to dial telephonés making nuwmntlc connections is still in evi- United States Savings Bank Of Washington, in the District of Columbia, at the close of busi; n March 37, 1930. ESOURCES. $2,017,872.19 1,031.19 521,982.05 xtus 26521 84,265.21 . Real estate owned other than banking house . 6, . Cash and due from | Other assets ... LIABILITIES, Gapital stock paid in s 150/000.00 152,374.10 ivided ' prof Reserves for axvldenan, 20,077.32 con- . Time d!lml ts .. 32,922,544.82 Digtriet 01 Culumm-. 58 LASHMUTT, cashier of the abGveLnAmed ‘Dnk g orcainy Ewear that the above statement Is true to the best of my knowledge and belief. R. DE LASHMUTT. Cashier. Subscribed anid sworn to befdre me this £ April, 1930. THOMAS E. PETTY, Notary Public. Wm. D. Barry, W E. G. Penny, - Davis, . de Lashmutt, Directors. sl Correct—_Attest: Wm. Hooldamith, W, Socar Basim: dence. About 4,000,000 telephones, or 26 per cent, in this country are now on a dial basis, and it is predicted in 1934 lbwt 60 per cent will be so operated. (Copyright, 1930.) .. TBEASUBY CERTIFICATES. Wledflll & W l.lilfmlllco Ms turit; A B June 16, Tos0 mox‘o{-':'x 1003°32 100 5 Decem 100 s Deumber u\ 1930.. 1001°53 100333 el During a foot ball game at West Ham, England, recently, a Spectator re- leased a duck, which was chased across the field by policemen, causing much merriment. " REPORT OF CONDITION OF THE Potomac Savings Bank of Georgetown, D. C. Of Washington, in the District of Columbie, at the close of business on March 27, 1930. .92,607,660.76 : 14083 S 520,146.63 94.663.73; and fixtures, 161,761.50 . Real estate ownm other than banking hou . Cash and due Trom banks. . Outside checks and oth cash items . .$3,824,931 87 L1 . ‘Capital stock paid in . Surplus . . Undivided profits—net . Due to banks. includi; tified and cashiers outstanding 'mand deposits 3. Time deposit; 26. Bills payabl . Other liabilities Total District of Columbla. ss 1 C. HOEMAKER. cashier of the aBovehmmed Davk. do. solemily sweat thAL the above statement is true to the best of my kuowledse and bellef. . SHOEMAKER, Cashier. “"? nnd sworn to before me this 1st C. IRVING WOOD. Notary Public, D. C. Correct—Attest: HENRY W, OFFUTT, A M. BAI 8 A SoWies. $140.000.90 100.000.00 70,621.68 Subse dapof, (Beal Directors. SIXE Bayer’s Aspirin Tablets, (100’s) Pape’s Diapepsin Pape’s Cold Compound Resinol Ointment each pur- Baume Bengue Pertussin + » Cuticura Ointment s « Bell-Ans Tablets 39¢ Bisodols s s Hill’s Cascara Quinine s s SIZX 65c¢ S.M.A. Baby Food 25c Johnson’s Baby Powder Mellin’ 25¢ Lacco Castile Soap Dextri Maltose 5 Cod Liver Oil, Puretest, 16 0z. » 65¢ Dryco s Cod Liver Oil, Puretest, 8 oz, 2.50 Dryco, 3 lbs. Robinson’s Barley, lb. 1.00 Ovaltine ' 16 og. Horlick’s Ma!ted Milk 1.50 Eskay’s Food Food, large » Glycerin Supposi- . tories, Puretest o 90¢ Nestle’s Food » 50c $2.39 89¢ 49¢ s 50c . $1.89 29c 72¢ 68¢c $1.19 3 for Ibs. Freezone . SIEE 1.00 Danderine Hair Tonic » 60c Mulsified . Cocoanut Oil s+ 50c Newbro’s Herpicxde .75c Stacomb s o_.. 1.40 Pinaud’s Eau de Quinine TONICS SIZE 1.35 Gude’s Pepto Mangan 1.00 Mile’s Nervine s 1.50 Fellow’s Syrup Hypophosphites 1.00 Ovoferrin® » 1.50 Gray’s Glycerine Tonic Russell’s Emulsion . 98¢ 12¢ 99¢ 79c FOR THE HAIR 60c ~ g FOREIGN EXCHANGES. (Guotaticns turnighed vy W 8. iy value (or & Slockholm, crown London women are refusiny some of the Paris Spring styles. wwm Reserve Dist g REPORT GF céN ifisg, Mo Moant Vermm Savings Bank Of Washington. District of Col Close ‘of businéss on March 31 165000 RESOURCES, Loany and discounts Overdrafts United States’ Oovemmpm securities owned ....... 43340038 a\f 1,000.60 Vi Purniture and fixtures Real estate owned ... : Cash and due from ban! checks and other ash ftein: Othier asset Seoum » wme Gutsiae 34,606,874.0 00.000.00 72,177.51 21,610.86 D Due_to banks, inciuding ‘cer- tified and cashiers’ checks outstanding ... . Demand deposits . Time deposits .. . Other linbilities . Digtrict m Simbia ROBERT anove anmed Bink, nly swear the above statement s true to the best of my knowledke and belief. OHERT T, HIGHFIELD, Cashter, Subscribed and s¥orn to before me. this 2nd ay of April. 1930. Geal) HATTIE A. LITTERAL. Notary Pubiie. Correct—Attest: Claude H_Woodward, L. Rinehart, Richard C. Zantzing- J;rmo Hewitt, 60c Size Castoria 25¢ Size Cascarets 21c 50c Size Phillip'sMilk of Magnesia 3lc 30c Size Hill's Cascara Quinine 18¢ 1.00 Size Danderine 60c 35¢ Size Pape’s Cold Compound