Evening Star Newspaper, December 13, 1930, Page 13

- CLEARINGS DECLIN | - FINANCIAL. HERE DURING WEEK ' Baltimore Only City to Make Better Showings—Plans for Bank Conference. -BY EDWARD C. STO! Bank clearings in Washington for the week ended December 11 amounted 10 $26,472,000 in comparison with $28,- 110,000 in the previous week, and a de- crease from the corresponding weék last ) Yyear of 7.3 per cent, according to the E of the Washington Clearing House Association. " According to Bradstreet's report for the whole country, Baltimore was the only city in the United States 40 show & smaller decrease in clearings than this city noted. Clearings for the whole country fotaled $8,062,332,000 compared with $9,993,154,000 in the preceeding week and $12,347,933,000 in the correspond- ing week last year. This was a 19 per cent drop from last week and 34.7 per cent from the same week in 1929. Bank Parley Plans Outlined. After & conference with President Lanier P. McLachlen oldth;bbl:gtflst Bankers’ , Association, an & Fleming, committee chalrman: Frank ‘W. Simmonds, deputy manager of the American Bankers' Asscciation, has this to say about the Central Atlantic States bank management conference to be' held in Washington in February: Four sessions will occupy the two days and will give participating bankers &n opportunity to engage in an intensive study and discussion of current bank management problems. Successful bank. ers, chosen because of their qualifica- tions to present practical knowledge gained from seasonal first-hand ex- perience in bank operation, will address the delegates. The application of the best banking practices and methods to the individual bank’s requirements under conditions confronting them today will delegates will be given opportunity to engage in an interchange of ideas and experiences regarding the different sub- Jects_di “The keynote of the conference,” says Mr. Simmonds, “will be ‘better bank management,” and will have for its goal satisfactory profits for the bank, com- plete protection for the depositor and adequate service for the community. ‘The conference will present a program of scientific study and actual experi- ence—a study of conditions that con- front banks today, with conclusions that have been thoroughly tested. Bankers who have met successfully inflation, deflation and all the other situations which have called for brains, judgment, tact and discretion, will tell how they have kept their position sound. The practical side of bank management, ly as applied to country banks, be given preference.” Light on German Finance. How Germany’s rapid economic re- covery in the last 10 years has been achieved, reparations payments made and how currency stability is main- tained in spite of these heavv interna- tional payments is vividly explained in a new book, * German Reichsbank and Economic 'many,” by Salomon Plink of the College of the Citv of New York. The book, published by Harper & Bros,, contains an introduction by H. Parker Willis, former Washington econ- mist connected with the Treasury. Prof. ‘Willis considers that the author has made an unusually clear analysis of a crucial period in the history of Ger- many, involving an unprecedented series @f problems iny centra¥ banking. The author gives a picture of post- war Germany that is highly luca- tional. He has written on such sig- mificant aspects of the situation as the influence of reparations payments on the breakdown of Germany's monetary system, efficiency of the Rentenmank in stabilizing the currency, the causes of the increase in foreign loans to Ger- many, their use jn financial reparations payments, and their retarding effect upon the economic readjustment of the country. ‘It is a book that students of g:a'nlthmll finance will enjoy read- Trust Shares Offered Here. E. A. Plerce & Co. are making the initial offering of Fundamental Trust Shares a fixed investment trust. The units represent participating ownership in 40 American enterprises comprising 33 industrials, 10 utilities, 4 railroads and 3 oil companies. The average period during which the companies represented in the portfolio- have paid consecutive annual dividends is 21 years. Gas Expansion Well Along. Improvements which will enable the focal plant of the Washington Gas Light ©Co. to produce 3,000,000 cubic feet of #as per day more than the present out- put will be completed on or before Janu- ary 15, according to Walter M. Russell, eer of the company. The esent re of daily production has n reliably estimated at 26,000,000 eubic feet. ‘Work has been going on under Mr. Russell's supervision to improve and modernize the “sets,” months. To date one new set has completed, adding approximately 000,000 cubic feet to the company's ity. Improvements, for which an i e of $100.000 was provided, being made on the eastern plant of company near Anacostia-Bridge. # Gleaned In Financial District. 3 Directors of the Bank of Commerce & vings have voted to pay the usual as bonus to all employes of the | PBank again this year. + Harriman & Co., the New York Stock Exchange firm which has maintained a Washington office for many years, has fssued a statement saying that they are in no way connected with the firms in- Gludéd in the consolidation of Brown Em.hzn & Co., W. A. Harriman & Co., c., and Harriman Brothers & Co. = The Federal Reserve Bank of Rich- =mnd received $32529,000 in subscrip- ons for the new Treasury issues. Sec- Petary Mellon announces that the Rich- mond “was allotted $9,667,000. The fssues were tremendously oversubscribed I all districts, requiring some sharp Feductions in allotments. National Dairy Products Corp. has fisted 177,628 shares of common stock the New York Stock Exchange for urpose of acquiring the Western Mary- d Dairy Corp. Fox Film Corp. has declared the reg- ular quarterly dividends of $1 each on X A and class B stocks, both E{;ble January 15 to stock of record 'mber 31. ; Stockholders in Indiana State banks #re liable to assessment for double the &mount of their stock when a bank! s, the State Supreme Court ruled.! wvision for double assessment is made In constitution, the ruling says. ATLANTA BANKS CUT INTEREST ON SAVINGS Bpecial Dispatch to The Star. ATLANTA, December 13.—Four of Atlanta’s Jargest banks have made a re- duction of % of 1 per cent in their in- wvings deposits, effective +U. 8. TREASURY BALANCE. 37 100% 67% NEW YORK STOCK EXCHANGE 16 Adams Exp (1.80). 21 Adams Millis (2. 31, Advance Rumley 91% Alr Rednction (t434) 8% Alrway El Ap (80c). 4% Alaska Juneau(40c). 6% Albany Wrap Paper. T4 Allegheny Corp 1824 Allled Ch & Dye 121 Allled Ch & Dof (7 1 B! 33% Am Br Shoe (2.40). 6% Am Brown Bov Elec. 38 Am Brown B B of (1) b 107% Am Can (15) 140% Am Can pf (7 36% Am Chicle (13 9 Am Com Alcoho! & Am Encaustic (1) 20 Am European Secur. 28% Am & For Power. 9314 Am & For Pw pf 2% Am Hide & Leather Pr (4.30) 17% Am Internat! % Am La Fr & Foam! Am Power & Lt (r1). 94% Am Pow & Lt pf (6 AmP &L pt A st (5) 16% Am Rad&Std San(l). 5% Am Republics..... Am Roll Mill % Am Ship & Com 38% Am Shipbuilding (5) 79% 445% Am 8m & Ref (4) be treated from all points of view. The| 103% 97% Am Sm&R 2d pt (8) 141 52 69% 26% 2T4% 127 130% 141% 124% 20% 44% 44y 1T% 24 40 5 178% Am Tel & Tel 99 Am Tobacco (5) 100% Am Tobacco B (5). 120 Am Tobacco pf (¢ 95 Am Type Fdry (8 51 Am Water Wks (3) 5% Am Woolen . 16% Am Woolen pf. 19% Am Writg Paper pf. 4% Am Zinc Lead & Sm. Recelved by Private Wire Direct to The Star Office. S - Y- LR P AL T TP S =TT YO~ JR PO |4 T ury 43 o o e e e 23 BT 4% 31 Anaconda Cop (2% ) 38310s81 20 Anaconda W & C (1) 28 Anchor Cap (2.40). 18% Andes Copper (1) 15 Archer-Dan-M (3). 61 Armour of Del pt (1) 2% Armour of I1) tA) 1% Armour of Ill (B) 25% Armour of Il pf (7), 4 Arnold Constab! 24% Asso Dry G (2%)... 171% Atch To & 8 Fe (10). 102% Atch To & 8 F pf (5) 4 108 Atl Coést Line (110). 85% BT% 56% 110% 134 41% 60 191% 52% 1367 106% 62 2 364 AtlGulf & W I(3).. 50 AtGult & W Ipt (5) 18% At Refining (13).... 47 Atlas Powder (4). 97 Atlas Powder pf (6). 9% Atlas Stores (nl)... 60% Auburn Auto (§4) 17% Austin Nich pr A (3) 1% Autosales 3 Aviation Corp ot Del 19% Baldwin Loco (1%). 93 ;Baldwin Looo pf (7). 60% Balto & OhO (T)i. iy 75 Balto & Ohfo pf (4 1 24 208 4“ 1 106% Bamberger.pf (8%). 9508 908 Barker Bros (2) 11% Barnsdall A (2).. 67% Beatrice Cream (4) 46% Beech-Nut Pkg (3). 2% Belding-Hemingway 761% Bel N Ry pt pf $5.51. 14% Bendix Aviation (1). 31% Best&Co (3)., . 54% Bethlehem Steel (6). 115 Bethlehem Bt pf (7). 23 Blaw-Knox (1%).... 15% Bohn Alum&Br(1%) 60% Borden Co (k3). 15 Borg, Warner (1)... 50 _Boston & Maine (4).. 12%. Briggs Mg Co. 15% 'Briggs & Strat (2). 16 Brockway Mot pf (7) 57% Bklyn-Man Tr (4)... 84% Bklyn-Man Tr pf (6) 99% Bklyn Union Gas (5) 11 Bruns-Balk-Col 5% Bruns Ter& Ry 8. 12% Bucyrus (1).... .. 25% Bucyruscv pf (2%). 4 Budd (EG) Mfg.... 53 Budd (EG) pf (7). 6% Budd Wheel (1)...,. 85% Burns Bros pf (7) 18% Burr Add Mach (1). 23% Bush Terminal (2%) 108 Bush T Bldg of (7).. 1% Butte Cop & Z (50¢) 10 Butterick Co. 37% Byers (A M). 44% Calif Packing Cal 10 Campbell Wyant (2). 34% Canada Dry G A (5)u 28% Cut-rp‘llhr Trac(t4) 6% Celote: 22% Celotex Co pf. 20% Cent Agulrré Asl1%. 24% Cerro de Paseo (4).. Alton. .. 5% Chie Great Western. 19 Chicago Great Wa pt 5% Chic Mil St P & Pac. 9% Chic M1l St P& P pt, 34% Chi & Northwa (¢). Clark Equipment ( CiCC&StLpf (5. Cluett Peabody (3) 183% Coca-Cola (8) 4815 Coca-Cola A €3). 47% Colgate-Pal-P (2 12 Collins & Alkman, Comm Cred 1st (634) Com In Tr (51.60), -~ Com In T ov pf (of).. Comm Solvents (31) Comwlith & 8o pt (§) Congoleum-Naira. ., Congress Cigars (4). Consol Cigars (6) . PR onelacratnSvnkSus ~nwe Consol Cig pr pf 8% . 2000 Consol Film 1.).'.. 28% 28% Crosley Radio. Crucible Steel (kb). Crucible Steel pf (1 3 Curtiss Wright Corp 48 Curtiss Wr Corp A,. 88 8% Cutler-Ham (3%) Davison Chemical. Delaware & Hud ( Del Du P de N deb pf Eastern Roll Mills. . Bastman Kodak (13) Eaton Axle & B (3).. Eitington-Schild.... Eftington-Schild pt. 2 Elec Auto Lite (6).. 43 Electric Boat. El Pow & Lt (1) El Pow & Lt of (8).. Bl Pow & Lt of (T).. El Storage Bat (5).. 10 Endicott-John (6)... 2 Eng Pub Sv of (5%). Eq Offic Bldg (2%).. Erl R . .... & Eureka Vac Cleaner, Exchange Buf (1%).100s Fashion Park Asso.. 1 Fairbnks Morse 1.60. 2 Fed Lt & Trac pf (6) 30s Fed WatSvo A 2.40. 26 Federated Dept Strs. 3 Fid Ph Fire In (3.60) 4 T&RpPL(6).. 8 245, 18 Fisk Rubber 1t b. . 1308 Firk Rub 1st pf v, ., 2008 Florsheim Sh A (3) 1 26 Fuller 24 pf (17.40).. 90s Gamewell Co (5). ®,2508 @%n Am Investors... 11 Gen Am Inv pf (6).. Gen Am T’k Car (34) Gen Asphalt (3) Gen Elec spec (80¢c). Gen Food Corp (3). . Gen Gas&E) A(e0c) 35 GenG&Elcvpf (8). 7 Gen Mills (3). Gen Motors (+ Gen Motors pf (5 Gen Out Adv (A) Gen Pub Sve b6 % stk Gen Ry Signal (5) Gen Realty & Util Gen R & Ut pf (e Gen Refract (+4%). Gen Steel Casting pf. Gen Theatre Equip.. 26 Glllette Saf Raz (4). 38 Gillette Saf R pt (5). Gimbel Bros.. . Goodyear Tire (5) Gotham Stlk Hoslery Gould Copper. Graham-Paige. see 13 Granby Consg} (2),. 19° Grand Sily 8€fs(h1). 16 Grand Unton. . . Grand Union pf (3).. Grant (W T) (1) Gr North of (5). . Great Nor Ore(123). Great Western Sugar Grigsby Grunow.... Gulf Mob & N pt (8). Hahn Dept Stores... 25 Hall (WF) PrCo(3). 8 Har Wk Ref (12%).. 6 Hawailan Pineap (2)100s Helme (GW) (17)... 1 Helme (GW) pf (7).. 208 Hercules Mot (1.20), Hercules Powd (3),, Hershey Chos (5).... Hersh Choo pt (15).. Hoe (R) &£Co.¢iveny Holland Furn (12%). Houdaille Hershey. . Household Fin pt (4) Houston Ofl (b10%). Houston Ofl (new).. Howe Sound (14%).. Hud&Man Ry (3.50). Hudson Motors (3).. Hupp Motors. .. Illinols Central (1) S e S oRaaECeaNnNmee e - (=18 -0 Interboro Rap Interbor Rap T e.o. Intercont Rubber. Interlake Iron (1) Int Agricul pf (7) Intl Bus Mach (n Intl Carriers (25 Intl Cement (4). Intl Combustion...,. Intl Harvester (33%). 118 Int Harvester pf (1), & Intl Hydro E1 A (e3) 36 Iatl Mateh pf (4)..., 11 Intl Mer Martne (2), 3 Intl Nick of Can (1). 662 Intl Paper pf (1), .. Intl Paper & Pwr A. Intl Pap & Pow (B).. Intl Pap & Pow (C).. B55 Intl Printg Ink (3%) 1 Int Print Ink pt (6).. 30s Int Dpt 8t pf xw (7). IntertypeCorp (2)... Investors Equity (2) Jordan Motor Car. KCP&L 1stpt B . Kans City Sou pt (4) Kaufmann D 8 (1%) Kayser Jullus (3%). Kelly-Bpring Tire. Kelvinator Corp, ... 28 Kennecott Copper(2) 188 Kimberly-Clark (13) 2 Kinney (GR) of (8). 108 Kol Raadlo. 6 Lambert Co (8)...... Lenigh Port Cmt ( t‘hlll Valley Coal. Reoronm » =P LT [ e S5 STOCKS DEPRESSED ON HEAVY SELLING 2% Market Forced Into New Low ‘Ground as Commodity Prices Drop. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 13.—Stocks went into new low ground for the bear market in today's two-hour session. Volume increased on the decline and while losses measured in.points were ot large, there was little or no rallying power. One of the reasons for tite acute ‘weakness' in stocks was the continued decline in commodities. The break in the price of silver to a new low record made & bad impression because there is a theory that price movements in silver forecast the trend in other commodities. Further selling of bonds as well as the action of leading stocks suggested im- portant necessitous liquidation. During the session new lows were made by such market leaders as United States Steel, General Electric and Con- solidated Gas. Failure of these stocks to hold at their previous resistance points brought selling into the rest of the list. It was not the extent of the decline™that counted, for that was as a rule moderate, but it was the persistence of the downward movement that af- fected sentiment. Losses in the oils and coppers were {fpirly uniform. Anaconda broke into new low ground under $31 a share, down more than 50 points from the high of the year. Standard Oil of New Jersey sold under the 50 mark again and in volume. New lows were made by Stand- ard of California and Texas Corpora- tion, among others. Lower priced inde- pendent shares went along. Ralls were no better supported than industrials. New York Central made a | tim new low on the first sale and extended the loss later. Other new lows were 5% | those by Reading, Unio; ern Pacific, New Haven, Louisville & Nashyijle, Illinois Central and St. Louls- San Francisco. For a time Norfolk & Western was higher on the day. Losses in the utilities were more un- évenly distributed, but that group had its share of new l=ws, one of which was American & Foreign Power, while among miscellaneous industrials Allied Chem- ical, J. I. Case and Eastman Kodak sold at record low prices. o SEES BETTER BUSINESS. NEW YORK, December 13 (#).—W. B. Storey, president of the Atchison, Topeka & Santa Fe Railroad, said today that he belleved the coming year wiil bring improved buginess conditions, but that the recovery will be slow. He sald that the road’s betterment program for next year will be about normal, requir- ing an expenditure of from $20,000,000 to $25,000,000. Maintenancé of way and structure and equipment charges 5% | also will be about normal. FTR:ST False Rumors Cause Exchange Officials . To Institute Inquiry Special Dispatch to The Star. NEW YORH, December 13.— With Wall Street once more a Hotbed of rumors, some malicious, some exaggerated truths, some mierely foolish imaginings, Stock Exchange authorities have again turned their attention to the work of tracking down the mischief makers. The committee on business con- duct has asked that all members of the exchange turn over to it “all telegraphic communications relating in any way to the finan- cial condition of members of the exchange or financial institutions sent or recelved by them Thurs- day or Friday.” Out-of-town nfinm were ordered to do like- wise. ‘The request was a sequel to a ruling passed on December 1. It was issued by the secretary of the exchange, and read: “I am instructed by the Coth- mittee on business conduct to notify you to keep on file for at least two weeks all communica- tions sent and received over pri- vate wires, as the committee may wish to inspect them.” BUILDING GAINS. By the Associated Press. Building picked up perceptibly last week as compared with the previous period, but the total was substantially under- the same week of last year. In the totals that follow the daily average of contracts executed is given for com- parable periods, covering the region East of the Rocky Mountains, as compiled by the Department of Commerce: ‘Week ended December 6 Previous week Same week last PARIS BOURSE PRICES. PARIS, December 13 (#).—Trading was dull on the Bourse today. Three per cent rentes, 87 francs 20 centimes. Five per cent loan, 101 francs.5 cen- es. Exchange on London, 123 francs 60% centimes. The dollar was quoted at 25 francs 45%, centimes. First Mortgage Loans Lowest Rates of anterest and Commission Thomas J. Fisher & Company. lnc. Money on Hand to Loan om First Deed of Trust 6% Interest 643 Louisiana Ave. N.W. | MORTGAGES AN IDEAL INVESTMENT | FOR GROUP FUNDS | When a club, church, school or private group has surplus funds they can. be put safely and profitably at work in our 6% FIRST MORTGAGES This interest is earned defi- njtely; payable at stated regu- Quer a Third lar intervals—and with the as- of a surance of complete safety of Century the principal. Thus any finan- Withot & cial objective can be readily at- tained. Loss May be purchased in amounts from $250 up. B. F. SAUL CO. National 2100 925 15th St. N.W. i THERE 1S National Savings & T rust Co. 64th Oldest Savings Institution in the District of Columbia Year Cor. 15th and New York Ave. Capital & Surplus $3,500,000 00004000 Christmas is Always Merry for the Thrifty —because its extra demands have been amply - vided for through zealously banking something every pay day, throughout the year. “ {ISuppose you inaugurate such a plan This Fifteenth. We'll be glad to pay interest on your deposits and give them the protection of the Oldest Savings Insti- tution in Washington. * nnlo'lén: SR Open Until 5:30 P.M. Dec. 15th and 1._6'tll/ I 2000000000000 00000022222202000200000000000022¢ 000608000 0000002222222202000010 2 464400600000 43000000000 TAKOMA PARK BANK HAS NEW CASHIER R. W. Waters Is Eleoted %o Suo- R. Welr. Waters, assistant cashfer of the Takoma Patk Bank since 1024, has been named cashier to succeed the late ho hlfi‘ organization, rectors of the institution announced to- day. Mr. Waters the - & Hegri ’;lo!nod Takoma insti- Bank as a note P s St Ly small room in a dwelling nue. It had resources t:&l‘\n%:rl 039 at the time of the Septem! bank statement and now occupies a $175, building of its own. sk ELECTRIC POWER FIRMS REPORT REVENUE GAIN By the Assoctated Press. Electric Light Association reports. This is an increase of $1,403,000, or 0.8 per cent over October of last year, Of greater significanee is the fact that this year's total for Ochbe{hl:hlll.u'l.m. or 9.4 per cent the revenue for Oectober of 1928. For the first ten months of 1930, rev- enues totaled $1,647,245,000, as compared with $1,585,275,000 for the same period of last year, and with $1,453,343,000 for 1928. These figures represent an in- crease of 3.9 per cent over 1929, and of 13.3 per cent over 1928. A. & P. TONNAGE SALES AHEAD OF LAST YEAR Sales of the m&w & ‘Tea Qo. were $70,820,446 for N ber, oompared with $83,713,860 for the corre- sponding period & year ago, a decrease of $3,803,414, or 4.65 per cent. Sales for the 11-month period ended November 20 were $980,049,625, eom- pared with $940,654,424 for the same 11- month in 1929, and is & gain of 1, or 4.89 per cent. * The quantity of sold in No- vember, 1930, amounted to 399,742 tons. ‘This compares with 381,106 tons sold in November, 1929, and is a gain of e Anate” tor. the Tr ioamth, period in ‘on -mont > 1030 was 4,755,398, oo with 4,- 302,817 in the sam :f:'fi 1929, an :l::i:l- of 452,578 or 10.52 per First Mortgage Loans First Mortgage Loans On improved Real Estate in the District of Columbia and nearby }l-nhi and Virginia for 3, 5 or 10 year ferms on your 5%% Office Building Business Property RANDALL H. HAGNER & COMPANY New York Life lu-pnu Company 1321 Connecticut Ave. No Endorser: Up to "«153'00 Under State Supervision This H'oliday Season Naturally Brings a Host of Bills It is not necessary to begin the New Year burdened with fi_n-neinl cares .. . for we can consolidate your debts into one, and allow you to repay us in small monthly payments , . . arranged to conform with your income .. . without the embarrassment of securing endorsers. Our Service is Personal and Confidential, and additional information will be n‘;;alull;""‘um. < People’s rmhc 1 Bankers, Bethesda Pmml.c I Bankers, 3808 Rhode Island Ave, Mt Rainier, Md. Phones: Hyattsville 1770-111 Public Small Loan Co., Inc. Rosslyn, Va. Phope Cl uSiassaden Jee 6082 Wisconsin_ Ave. Phone Wikeonsin 1874 Maryland Personal Bankers, o 5 B S Atahualpa’s Hoard URIED in the fastnesses of the Andes for 200 years, the fabulous treasure of Ata. hualps, last of the Inca Kings, is re- ported discovered—wealth and fame awaits the man who actually unearths it. ‘Thousands of treasure -seekers have sought for this mythical “pot of gold” and many of them have lost their lives in the pertlous: hunt. For some men always follow the lure of buried treasure; while others know that the real treasure awaits the man who care fully, calmly and thriftily sets aside & certain more than sixtyone years these Notes have offered & safe and-sure method of build- ing up & resérve fund to be used in later