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‘Washington Chapter Plans for Big- gest Event of Social Year in February. 1. J. Roberts, assistant cashier of the Riggs National Bank, who is chair-| man of the committee in charge of the Washington’s birthday banquet to be given by Washington Chapter, Ame fcan Institute of Banking, at the Wi 1 has announced the his assistants. These Aubrey O. Podceral-American National Trust Co.; Miss Mildred C. . American Security & Trust Miss _Catherine M. Bank; assistant Ci ford, Mc- secretar, Lachl ert H. Lac Commit ) jonal Bank. willard G. Bar- H. T. Bisselle, Trust.; Miss S. Wini- Metropolitan; Natior John Strect_Savil ial Nationa 1 nercial > Hagge W. B. Hibl <imball, American W. Lee, Tt Lee, Lin- Leith, _Se- : J. Earle Eugene 1ton Mehler. Richard Ralph Norton, :|the United States 1 Mount | © By the Assoclated Press. The United States strengthened its position as the leading gold-holding country of the world during November with an excess of imports amounting to $35,151,000. Trade figures of the | Commerce Department indicate the | month's movement of the metal re- | Shited in shipments of $5,008,000, with receipts of $41,159,000. The balance in favor of imports for the 11 months ended with November was $247,344,000. The Federal Reserve Board says | heavy receipts of gold are not unusual | at. this season of the year, when ex- | ports of American products are in large | Volume and dollar exchange is at a | premium. | "The total stock of monetary gold in | the United States at present is approx- imately $4.588,000,000, an amount onk’ about $96,000,000 ort of the peek reached in May. 1927, when the entire stock was $4.685,000,000. Botween May, 1927, and June, 1928 st $580,000,00 gold as the result largely of a lower level of money rates in this country than prevailed in other parts of the world, ‘This movement W following the rise in rates which b early in 1928, and by October, th country’'s stock of gold had sed by $280,000,000, most of oming from Canada, England, Ger- many and Argentina. Gold imports in the first 10 months of 1929 were on & large scale and were due to movements of funds to the United States caused by the prevailin high level of money rates, the increas ing participation of foreigners in the American stock market, and the dim- inution in foreign capital flotations in this country. The fall in security prices “|in October of last year, accompan onal; Miss A . Whitton, First National, Alexan- o Willl Winstead, Na dria, a tional Metrop American Security Committee chairmen Miss S. Winif d dinner— v the rapid decline in money rates. | was reflected in an outward movement Richard A. Norris; entertainment— Dil- Bark floor—Miss Mabel V. H s—J. Pred English; publicity—Henry F. Kimball; recep- tion—T. Hunton Leith; seating—James A. Sop THE EVENING STAR, WASHINGTON, D. C., THURSDAY, DECEMBER 18, 1930. BANKER NAMES AIDES |U. S. TIGHTENS GRIP AS LEADER * FOR INSTITUTE FETE| AMONG GOLD-HOLDING NA’I'IONS ’of gdold. particularly to France and Eng- and. ‘The net effect of gold movements during this year on the United States has been to increase its stock, mainly due to the declining value of cxports and the absence of the usual borrow- ing from abroad, leaving foreign coun- tries no alternative other than to cover their unfavorable balance of pay- ments through the export of the metal. ‘The United States and France con- trol the gold situation of the world, accounting for about 60, per cent -of the total. This country alone has slightly less than half. CITIES SERV!E)E REPORTS GAIN IN SHARE EARNINGS By the Associated Press. | NEW YORK, December 18.—Citles | Service Co., for the 12 months ended | November 30, reported net to common stock_and reserves amounting to $42,- 503,959, or $1.43 a share on the average number of shares outstanding, against ,982,813, or $1.14 per share, in the preceding 12 months. Net to common stock and reserves November this year amounted to 802,665, against $3,177,73¢ in No- vember last year. The company announced declaration of monthly dividends of 2% cents in cash and one-half of 1 per cent in stock on’the common stock, 50 cents a share on_the preferred stock and pref- erence BB stock and 5 céits a share on the preference B stock, all payable February 2 to stock of record Janu- ary 15. Screen Firm Names Officers. TAKOMA PARK. Md., December 18 (Special) —Judge A. L. Wilson of the local Police Court Wasgelected vice pres- dent and director of the Amber Pro- | jection Screen Corporation, a $1,000,800 Delaware corporation, at a meeting yes- terday. Fraser D. Head was re-elected president and Maj. W. E. Dove, U. 8. A, retired, secretary-treasurer. The Board of Directors include the following: F. "D. Head, Maj. Dove, A. L. MacBeth, inventor of the Scr}eiend Judge Wilson ea This Cwistmas CHARGE YOUR GIFTS at Genuine Double Head CAMEO! $] 450 The smartest thing that you can give & man — whether he is fastidious or desires more conservativ gifts! You can't go wrong on this double~ head cameo FRANC'S Policy No. 1—No Do Pallcy No.2—Any, Merchandse Can e I ) Revolutionary New Policies! Policy No. 5—A Written Guarantee Money Required wn on Any Pur- chase. Exchanged _Any Time Within 30 Days. 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A this will surely win her appreciation. Special Terms Policy No. 6—A Complete Line of De Policy No. 7—During Periods of Ill- Policy No. 8—A Cash Be Mad A birthstone TEXTILE INDUSTRY SHOWS MARKED GAIN Housecleaning Puts Trade in Bet- ter Position—More Workers Employed. BY J. C. ROYLE. The textile industry, especially in the silk and cotton lines, is showing marked improvement. ‘The significance of that for the general public lies in the fact that there are more ,workers engaged in the industry as a whole than in any other field of industrial endeavor. For some years the textile industry has been in the dumps. It is pulling itself out by its boot straps at a time when other lines are experiencing de- ression. % Industrial experts declare that this is because it has “cleaned house” and put itself in a strong statistical posi- tion. The industry has been overmilled and this situation has been met not only by holding production close to consumptive demand, but by finding s for cloth and new outlets for For years the cotton, silk and wool textile ‘men bemoaned the fact that short, skirts had curtailed codsumption of fabrics. Then they found that if prices and quality and design were right women bought more short-skirted dresses and really used more fabric. Now the irts are long again and this trend is still in full swing, for prices and quality and design have been made right. Experlenced woman _shoppers say that not in many years has it been pos- sible to buy fabrics of such high qual- ity and beauty for so little. (Coy 1ght. 1930.) PAersiBOURSE PRICES. PARIS, December 18 (#).—Dealings were restricted on theJBourse today ow- ing to the initial appearance of the Steeg Government before Parliament. Three per cent rentes, 86 francs. Five per cent loan, 101 francs 5 centimes. Exchange on London, 123 francs 61 centimes. The dollar was quoted at 25 | francs 443; centimes. b ) on Every Watch. Nationally Known Merchandise in Every partment. ness or Unemployment Adjustments of Terms ‘Will Gladly Be Made. Refund Will le If the Same Jewelry Can Be Bought for Less_for Cash! Your PRIME BOND LIST HOLDS FIRM DURING RECENT LIQUIDATION Special Dispatch to The Star. NEW YORK, December 18.—The re- cent weakness in bond prices has had little effect on the highest-grade issues, which have followed a broad upward trend since the stock market panic in 1929, according to Moody's Investors’ Service. ‘The accompanying chart shows the behavior of 4 different grades of bonds over the past 5 years and, on @ yield basis, illustrates the compara- tively steady improvement during the last 12 months of bonds with the pre- mier rating. Since November, 1929, bonds rated AAA, AA, and A have advanced in price (their respective yields declining 5 per cent, 2.8 per cent and 0.4 per cent in the 13 months). BBB issues, however, with the fourth highest rating, have actually declined in this period (the average yield showing a gain of 7.2 per cent). “The contrast with the peak of the bond market at the end of March, 1928, is equally striking,” Moody's states. “Only a small change is shown in the price level of AAA and AA issues, the yields increasing 2.7 per cent and 4.7 per cent. The decline in A bonds has been somewhat greater, as their yield increased 9.4 per cent during the period, while BBB bonds have suffered a sharp drop in price, with the average yield climbing 25 per cent.” ‘The review adds that tbis action demonstrates that no general lack of faith exists concerning the soundness of basic conditions and that serious instability has been present only where Tahcb({llesflon of security is somewhat in oubt. PENNSYLVANIA RAILROAD PLANS BIG STEEL ORDER Special Dispatch to The Star. PHILADELPHIA, December 18.—The Pennsylvania Railroad announced today that it will ask immediately for bids from American maufacturers for 200,- 000 tons of steel rails for delivery dur- ing the year 1931. At current rail prices, the Pennsylva- nia’s order will total over $8,500,000. Attachments for laying this amount of rail, including frogs, switches, splices, tie plates, rail anchors, bolts and spikes F St. at 7th will increase the year’s expenditures for laying new rails to more than $15,000,- 000. ‘The Pennsylvania rail order for 1931 will be utilized in pushing the railroad’s improvement program, which calls for constant extensive renewals and for the substitution of heavier rail in all main line tracks. Standard rail, weigh- ing- 130 pounds to the yard, is rapidly replacing in main line tracks all lighter weight rail on the Pennsylvania Rail- road. The 1931 order will consist al- most entirely of this weight of rail. Steel rail orders authorized by the Pennsyl- vania Rallroad during the last 10 years totalled 1,758,000 tons. Public Utilities BY GEORGE T. HUGHES. People’s Gas Light & Coke Co. (This s the eleventh article of & Dital structure. M. discuss bonds as well as stocks. will present the facts without any at- tempt to recommend purchase OF sale of svecific securities.) Another Chicago public utility in- vestment in the capital stock of which has always proved profitable is the People’'s Gas Light & Coke Co. Supply- ing gas to the City of Chicago with- out competition, with the exception of the period between 1918 and 1922, in- clusive, the company has paid dividends regularly at one rate or another for many years. Since 1925 the rate has been $8 a share annually,*but that has been only a part of the return to share- holders. In 1925 and in every year since rights to subscribe to additional stock at par have been offered and the mar- ket price of these rights has ranged between $1 and $15 a share. Over these six years the low price for the rights has averaged $6.25 a share, which, added to the regular cash div: dend, gives a total of $14.25 a share annually and, capitalizing this amount at 6 per cent, a value for the stock of $237.50 a share. This is the explana- tion of the high market price of the stock and the low return it gives on the cash dividend. ‘Whether expansion can keep up at the same rate and whether the market will continue to anticipate the future are questions to which no exact answer can be give) ‘The point is that Peo- w2 Tuc Heceurt €. & ,' The Store of Practieal Gifts ple's Gas stock nua on its record &s & ’ E""‘ inves! in a steadily grow- enterprise. = The capitalization is well balanced and simple. Total funded debt outstanding is $60,465,000, with guaranteed bonds an additional amount of $12.590,000. The stock is of one class, of $100 par outstanding to the amount of $62,163,900. So far the curent business - sion has had nd unfavorable effect on earnings. Net income for the nine months ending September 30, last, was 84.927,41%0;"@1 $4,832,686 in the same pe: a year ago. On & per share basis net for''the first nine months this year was $8.09 a share, against $8.53 a share in 1929 on a smaller number of shares. AUTO BUSINESS MAY PICK UP EARLY IN 1931 Special Dispatch to The'Btar. NEW YORK, December 18.—Horn- blower & Weeks in their December In- vestment Review state that they are “‘optimistic as to the probability of a moderate improvement in business early in the new year which may quite possibly be stimulated by increased activity in the automobile industry, a most important factor in the present situation.” They add, “We maintain a constructive attitude toward high-grade equities, particularly from the longer term outlook.” As to the bond market they emphasize that the recent course of bond prices clearly reflects the nervousness attend- ant on the business outlook. They be- lieve that in the case of many securi- ties, prices have been depressed to levels which appear entirely unwarranted. —_— Cigarette smoking in China is in- creasing so rapidly that many cigarette factories are operating to capacity. 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