Evening Star Newspaper, January 3, 1931, Page 17

.FINANCIAL. WASHINGTON BANK DEPOSITS LARGER Gains Shown on Controller’s Call Despite Year-End Payments. BY EDWARD C. STONE. Substantial gains in deposits in Wash- ington banks on December 31, in com- rison to the last controller’s call on ber 30, 1929, and also over the be ar ago, were ay. Controller Pole issued a call today ember 31, asking for the con- dxtlan of all banks in the District of Co- lumbia and of all national banks in the United States. Pirst figures obtained showed an ex- cellent increase in local deposits in the . past three months, the reports being particularly gratifying in face of heavy payments in connection with the Christ- mas savi club funds, the usual extra withdrawals for holiday shopping and other year-end demands and withdraw- als for the December 15 tax payments. The American Security & Trust Co. reported deposits of $30,487,247 on De- cember 31, compared with $29,885.619 in Septéember, a gain of over $601,000. ! Riggs National reported deposits of $53,923,961, a gain of $2,130,000. The Washington Loan & Trust Co. reported a substantial gain, as did the National Savings & Trust. Other banks also reported gains, and those that re- ported a falling off in deposits since the last call ascribed the slump to the heavy Christmas savings payments which they made. Fifth District Bank Deposits. Further details from the latest re- port_of William M. Hoxton, agent of t{x!’!'eden;l Reserve Bank of Richmond, state: “Twelve mutual savings banks in Baltimore reported total deposits at the close of business November 30, 1930, amounting to $198,623,483, a slightly lower figure than $198,704,801 of de- posits at the end of October this year, but a higher figure than $187,526,332 reported for November 30, 1929. “Time deposits in 54 regularly re- porting member banks totaled $245,- 375,000 on December 10, 1930, in com- parison with time deposits aggregating $256,825.000 on November 12 this year and $233,107,000 on December 11, 1929. “Some decline in savings and time deposits occurs in most years during November and December, due chiefly to withdrawals for holiday shopping, but the decrease reported for member banks between November i2 and De- cember 10 was larger than usual. the month between Novem- ber 12 and December 10 total loans and discounts held by the 54 report- ing banks decreased by $6,672,000, loans on_securities declining: $2,975,000 and commercial and agricultural loans de- clining $3,697,000. A decrease in loans at this time I year is seasonal, espe- clally in commercial and agricultural loans, sales of farm products and Fall merchandise putting farmers and mer- chants in funds with which to liqui- date at least part of their obligations. Data on Wholesale Trade. “Wholesale trade in the fifth Fed- eral Reserve district was poor in N Yember, a large majority of 67 report- ing firms in five leading lines showing smaller sales than in either October this year or November, 1929. Part of the decrease in comparison with Octo- ber was seasonal, and part in compari- son with November, 1929, was due to e levels this year, but the de- t month were greater than can be accounted for by these two influ- ences. In cumulative sales since Jan- uary 1, lll five lines show lower than in the same period of 1929, making the smallest decrease, with 6.1 per cent, and dry goods the largest de- crease, with 17.2 per cent. “Stocks carried by the repo: firms in November, and at the end of the month were lower in all lines for which data are a l lable than at the end of November, 1929. “The percentages of collections in November to accounts receivable on the cept shoes than tte percentages in No- vember, 1929. “Contracts awarded in November for construction work in the fifth district, including both rural and urban pros- pects, totaled only $15,067.295, com- pared with $22,870,261 awarded in No- vember, 1929, and $33.621.418 in No- vember, 1928, to figures col- lected by the F. W. Dodge Corpora- tion. Of the awards in November this year, $3721,005 were for residential work, compl-red ‘with $7,830,381 for this type of work in 1929. Insurance Speaker Secured. A. R. Jaqua, assistant editor of Dia- mond Life Bulletins, Cincinnati, has been secured as guest speaker for the next meeting of the District of Co- lumbia Life Underwriters’ Association, John H. Snyder, the president, an- nounced f{odsy. - The meeting will take place next Thursday noon, starting with the usual monthly luncheon Mr. Jaqua is sald to be unusually interesting and will take for his subject, “Life Insur- ance as An Investment.” ‘The Underwriters’ Association is now mnm- to take week program on ‘The May sales’ conference is also en- gaging attention, as this is the most important event of the kind booked for 1931 in Washington. Financial District Notes. W. A. Spaid of W. B. Hibbs & Co., is spending a few days in Savannah, Ga. He is expected back Monday. A number of bankers will be among the guests entertained at lunchcon to- day on board the S. S. Southland. The luncheon is given by Raymond Riordon, president of the Raymond Riordon School Corporation, to the officers and directors of the Norfolk & Washington Steamboat Co. The Riordon School of Highland, N. Y., has chartered the Southland and shortly will embark th» entire student body on the vessel for an extended cruise to historic points on Chesapeake Boy and its tributaries. BUSINESS LEADERSHIP NEEDED, SAYS ERSKINE | B the Associated Press. | NEW YORK, January 3.—A. R. Erskine, president. of the Studebaker Corporation, believes that the country needs leadership which will establish confidence in existing prices In a telegram to S. A. Miles, general manager of the 1931 New York Auto- mobile Show, Mr. Erskine, who also is a member of the Show Committee of the National Automobfle Chamber of Com- merce, said that whenever consumers and investors have,convincing evidence that prices have reached bottom in- creased buying will begin and the ma- chinery of production, distribution and employment will function in a more normal manner. “Practically all producers, distrib- utors, consumers and investors have been demoralized from continuous liqui- dation of prnpeny t sacrifice price the telegram said, “and this debilitating process must cease before prosperity can return.” Canadian Insurance Sales. Ordinary life insurance paid for in Canada in the nm 11 months of 1no THE EVENING Recelved by Private Wire Direct to The Star Office. nm—m-mn-nmommn ndred. Dividend Rate. 8 Abitibl Pow & Paper 36 Abitibl P& P of (6).. f. 87% Air Reduction (t43%) 6% Alrway El Ap (60c). % Alax Rubber.. . 4% Alaska Juneau(40c). 5% Alleghenv Corp. 364 Alleg Cp $30 ww 5 374 Alleg Cp $40 ww 5% 170% Allled Ch & Dye(n6) 120% Allied Ch & D pf (T) 31% Allis Chalmers (3) 11% Alpha Port Cmt (2 161 Ame: 1% Am Agricul Chem. 17% Am Agrienl Ch of. 45% Am Bank Note (13).. 6% Am Rrown Bov Elec. 38 Am Brown B E pf (1) 104% Am Can (15).. 2414 Am Car & Fdy (6)... Am Chain (3).. Am Chicle (13) Am Com Alcohol. Am European Secur. Am & For Power.... Am & For Pw of (6). Am & For Pw nf (7). 5% Am Hawaiian § 8 24% AmIce (14)...... 16 Am Internati (2) 18% Am Locomotive (2) 6814 Am Locomot pf (7).. 20% Am Ma & Fy (11 Il). 3 AmMach & M 13's Am Metals&Min . 20 Am NatGasof (7).. 364 Am Power & Lt (r1). 90 Am Pow & Lt of (6). 4% Am P & L pf A st (5) 15 Am Rad&Std San(1) 5% Am Republies . 28 Am Roll Mill (n2)... 52% Am Safety Razor (5) 35 Am Shipbuilding (5) 37% Am Sm & Ref (4)... 93% Am Sm&R 2d pf (6). 35% Am Snuff (13%).... 2 Am Solv & Chem 23% Am Steel Fdy (3) 5 Am Sumatra Tob 170% Am Tel & Tel (3 99% Am Tobaceo B (5). 120 Am Tobacco of (6). 47% Am Water Wks u) 5% Am Woolen. 15% Am Woolen 1% Am Writ Pape 3% Am Zine Lead & Sm. 25 Anaconda Cop (2%). 24 Anchor Cap (2.40)... 10% Andes Copper (1) 13% Archer-Dan-M (2). 60 Armour of Del pf (7) 2% Armour of Il (A) 1% Armour of Ill (B) 95% Atl Coast Line (110). 168 AtchTo &S Fe (10). 103 16% At Refining (12). 60% Auburn Auto (34) 2% Aviation Corp of Del 19% Balowin Loco (1%). 84 Baldwin Loco pf (7). 55% Balto & Ohlo (7).... 70% Balto & Ohio of (4).. 8% Barnsdall A (2)..... 62 Beatrice Cream (4).. 24 Belding-Hemingway 14% Bendix Aviation (1). 30% Best&Co (2).. .... 47% Bethletem Steel (6)., 112% Bethlehem St pf (7). 23 Blaw-Knox (1%).... 15% Bohn Alum&Br(1%) 60% Bnrdonco(kl)i ( 124 Briggs MIg(11.62%) 15% Briggs & Strat (2)... 10 Bruns-Balk-Col..... 5% Bruns Ter & Ry 8. 11% Bucyrus (1)... 21 Bucyrusevpf (2%). 107% Bucvrus pf (7) 55 £ 20vur 104% 19% 567 8¢ 2% 28% 1367 3 Budd (EG) Mfg.... 6% Budd Wheel (1) 9% Bullard Co... 813 Bulova Watch (3)... 25'% Burns Bros (A) (8) Burns Bros (B).. Bush T Bldg pf (7) 10 Butterick Co, 33% Byers (A M). 413 Calif Packing (4) 28% Calumet & Arizona. 7% Calumet & Hecla. . 10 Campbell Wyant (2). 3013 Canada Dry G A (3). 35% Can Pac new (2%). Caterpillar Trac(14) Celotex Co..... Celotex voting etfs. . 18 Cent Aguiire As1%. 21 Cerrode Pasco (4).. 14% Checker Cab (1.80). 32% Ches & Ohlo (2%)... 32% Chesapeake Corp (3) % Chic & Alton. .. % Chic & Alton pf 4% Chic Great Western. 12 Chicago Great Wn pf 4% Chic Mil St P & Pac. T4 Chic M1l St P & P pf. 2815 Chi & Northwn (4) 7% Chic Pneu Tool. . 22% Chi Pneu T pf (334).. 45% Chic R1& Pac (7)... 81 ChicR1&Ppt(6).. 92 ChiR1& Pacpf (7). 2014 Chi YellowCab (3).. 101 Chickasha Cotton Of 227 Childs Co (2.40).. .. 19 Chile Copper (2). 14% Chrysler Corp (1 79 City lce & F pt 215 City Stores (50c) 133% Cox ia (6 44 Colgate-Pal-P (23). 12 Collins & Alkman. 8% Colonial Beacon. 18% Col Fuel & Iron (1).. 30% Col Gas & El (2). 99 Co!Gas&EIpfA( 7% Columbia Graph. 65% Colurablan Carb (16) 15'; Comm Credit (2). 30's Comm Credit A (3) 21% Com In Tr (g1.60)... 14 Comm Solvents (11) 7% Comwith & 8o (80¢c). 8614 Comwith & So pf 6) 6% Congoleum-Nairn. 18% Congress Cigars ¢4 55 Consol Cig prpf 6%. Consol Film (2). 12' Consol Film pf (2 8% Consol Gas N ¥ (4).. 99'3 Cons Gas N ¥ ot 30 Cons RR Cub pf (6).. A (1.20).. 16% Contl Baking A. 2 Contl Baking B 62 Contl Baking pf ( 43% Contl Can (234). 9% Contl Dia Fibre (1).. 37% Contl Insur (2.40)... 21 Contl Motors. 7% Contl O1l of Del 814 Cont) Shares (1 65 Corn Pr Ref (14 714 Coty Inc. 31 Crosley Ra 4% Crown Zellerba, 50% Cruetbie 8t 85 Curtis Publish (7). 112 Curt 1% Curtiss Wright Corp 3 Curtiss Wr Corp A.. 57% Drug Corporat 6 Dunhill Internatl. 80% Dupont de Nem (4) .. 6 Eastern Roll Mills. . 142% Esstman Kodak ¢18) 120% Eastman Kod pt 11% Baton Axle (1.60). 33 Elec Auto Lite 2% Flectric Boat. Dates— Add 00. Il;’n. u". 2 x 40 284% 86 5 13 17 228 N’l- 25 2 3 118 16 35 2 508 75 1 2 2 42 2 9 80 184% 182 184% 24 109% 1085% 109 1 124% 124% 124% 52 60% 60% ™ 17 T4% 21% 2 2 7 5% 315 55 908 10 1 Bamberger pf (6%). 200s 68 4 6 g w5 LN AR AR BOE RS ST N IA T - 2 1 308 200 60n 7 3%, 3 12 150% 149 3% 28 234 120 37% 36% 37T% 6 101% 101 101% 106 8% 8% 8% 31 83 'llox 103 102 35% 34 ™ Th 19% 2% 674 49% 10% 435 314 10% 9% 814 13 163% 129 129 24 15% 16 16% 88 66% b4U 54% 3 3L 3K « 119 43 42k 43% 163% 129 129 ~Prev 1930~ High. Low. 1 84% 47% El Storage Bat (5). rant (B) Eng Pub Serv (2.40), Beoo Blag (1%4).. 1 Exchange Buf (1%). 10s Fairbanks Co.... Fairbanks M pf (1) Fed Motor Tr (80¢) Federal Screw (1) Fed Wat Sve A 2.40 Federated Dept Stri Fid Ph Fire In ( Fifth Ave Bus ( Filena's pf (63 Foundation Co. Fourth Natl Invest. Fox Film (A) (4 Freeport Tex (15) Gardner Motor...... Gen Am Investors. .. Gen Am T’k Car (34) 4 Gen Asphalt (3) Gen Bronze. Gen Cable. Gen Cable pf () Gen Cigar (4). 4 Gen Electric ( Gen Elec spec Gen Food Corp (l)... Gen Gas&El A (e30¢) Gen G & El cv pf (8) GenG&EIpfA(8). 1001 Gen Mills (3).. Gen Motors (3. lfl). Gen Motors pf (5) Gen Outdoor Ad 276 & Gen Pub Sve h6% Gen Ry Signa) (5) Gen Realty & Util... Gen Refract (t4%).. Gen Theatrs Equip. Gillette Saf Ras (4) Gimbel Bros.. .... Gimbel Bros pf (7).. Glidden Company. .. Glidden pr pf (7). Gobel (Adolf). . Goodrich (B F). Goodrich BF of (7). Goodyear Tire (5) Goodyear 1st pf (1) Graham-Paige...... Granby Consol (2).. Grand Silv Strs(h1). Grand Union. .. % Grant (WT) (1), 214 10% 614 5% 175 2% 774 128% 116% 109 70 831 26% 5 108% Gr North of (5), Great Nor Ore(+: Great Western Sugar Gr West Sug of (7). Greene Cananea Co; Grigsby Grunow. Gulf Mobile & North. Fahn Dept Stores. .. Hahn Dept 8 pf (§34) Haves Rodv.... Helme (GW) (17) Hercules Pow bt (7). Hershey Choo (5)... Hersh Choe pf ¢45).. Holland Furn (12%) Hollander Son; 5 Houdalile Hershey.. 4 Houston OIl. . Houston Ofl (new).. Howe Sound (t4% Hudson Motors (3). Hupp Motors. Illinots Central (7). Indian Motor Cyel 3 Ind MotorCycle pf...290s Indian Refining..... 96 4 Indian Refining rets. 25 37 4 123% 117 85% 34 13% 4n 14% 4 Losw’s, Inc (14) 4 Mack Trucks (4). % Mad Sq Garden(60c). 4 Manhat Shirt (1). % May Dept Strs (n2).. % Montgomery Ward. . 116 106% 98% 35 41% 13 32% Indus Rayon (4).. Ingersoll Rand (16).. Inspiration Copper. . Insuranshar.Del 40c. Ins ctfs (Md) (80¢) Intl Carriers (50c). . Intl Cement (4)..... Intl Combustion Intl Harvester (2%). Intl Hydro El A (e2) Intl Mer Marine (2). Intl Nick of Can (1). Intl Paper & Pwr A.. Intl Pap & Pow (C).. Intl Pan & P of (7) . Intl Printing Ink. Int Print Ink of (6 Int] Salt (3). Int Shoe (3). Intl Silver pf (7). Intl Tel & Tel (2). Inter Dept Strs (2 Investors Equity Island Cr Coal (4 (45) 8% Johns-Manville (3), Johns-Manv pf (7).. Kans City Sou (5) Karstadt (R) (1.08) Kayser Jullus (3%) Kelvinator Corp Kennecott Copper (2) Kolster Radlo. ... Kresge (S8) Co 1.60.. Kreug & Toll (1.60) . Kroger Gro&Bak(1). f.ambert Co (8). Lehigh Port Cmt (1)’ Lenizh Valley Coal.. Tehman Corp (3). Lehn & Fink (3) Libbey O Ford Glass LIg & Myers B (15) Lima Locomotive. ... Liquid Carbonla (4).. 18t (1) Lorillard (P) Co. Lou G & B (A) (1 anFrmnnassanlalanaBarnna Ludlum Steel p! Mac And & F (1. McCrory (B) (2). McGraw-Hill (2). Mclntyre Pore M (1) McKeespt Tin P1(16) McKesson & Rob (1) McKes & Rpf (3%).. McLellan Stores. .. s Macy & Co (nt3). Magma Corper (3).. Man Elev mod g (46 Marine Mid (1.20) Market St Ry pr pi Marlin-Rock (15%) Marmon Motor Car. . Marshall Bield (2%) Mathieson Alkall (2) a [ PTAINS SHOPIRPION TP PR PAINII-PAUPN— o P Melville Shoe (2). Mengel Co (2).. Mexican Seaboar Miami Ceppe: Michigan 8tl (h2 '/l) Mid-Cont Pet (2).... Midland Steel (3) Midiand Steel pf (3). Min Hon'w Reg (14). Minn Moline Pow. Mo Kan & Tex (3) Missour) Pacific. Mohawk Carpet., Monsanto Ch (g1%). Morrell & Co (4.40). . Motor Meter G & El. Motor Products (2). Motor Wheel (3). Murray (B) (2% atk) Myer (FE) & Br (2). Nash Motors (4)... . Nat Acme (80¢c) Nat Bella Hess. .. Nat Bella H pt ( Nat Biscuit (13. M © Se Nnm: Products(2) Nat Pow & Lt (1)... o m-...!.n-q!#mmu STAR, WASHINGTON, NEW YORK STOCK EXCHANGE City 16% | Bitth Averiie 79 D. C., SATURDAY, STOCKS IRREGULAR AT SHORT SESSION Rail Group Featured in Trad- ing—New Highs Made on Recovery. BY GEORGE T. HUGHES. Special Dispatch to The Btar. NEW YORK, January 3.—Further advances were scored in the early trad- ing in today's week end stock market, but only partially held, as realizing made itself felt in the second hour. Volume, however, was much larger when prices were, rising than when they were reacting. ‘The jmportant overnight news was of course the submission of Eastern trunk line \consolidation plan to the Inter- state Commerce Commission for ap- proval, with the disposition it announced for various subeidiary lines. The mar- ket's reaction was higher prices and not accompanied by the activity which fea- tured other railway merger markeu! two or three years ago. Rail Group Advances. One of the strong carrier issues was Delaware & Hudson, up 7 points from the last sale. Whether the proposition for joint control of this line by the four ‘systems will be acceptable to the commission is not so sure, but on earn- ings and yield Delaware & Hudson was entitled to sell higher. The known strong cash position was another argu- ment in favor of the stock. Other raflway stocks to improve in- cluded Baltimore & Ohio, Northern Pa- cific. New York Central and Southern Railway. In Southern, the short in- terest is still large. New highs on the recovery were made by such important stocks as United States Steel and American_Telephone & Telegraph. Steel was taken in large blocks, one lot of 5400 shares coming out at 143, up a point net. American Telephone crossed 183, up almost 7 points from Priday's low. The ch: acter of the stocks chosen for I ership inspired confidence in the mar- ket and accelerated short covering. Motor Group Firm. Motor stocks were firm throughout under the leadership of General Mo'ors, at a new high on the movement. This is one stock which has given a con- sistent performance, even during the tax selling of the last week in Decom- ber, a performance that suggested cumulation by a strong group. Better demand was in evidence for stocks which have reported good earn- throughout the depression but which were ignored during the general market weakness. An example is In- ternational Cement, on ' which 1930 earnings are estimated at over $7 per share and which sold today to yield was also buying of stocks which give an_abnormaily high return reasonably tinental Baking preferred. (Copyright. 1931.) Public Utilities BY GEORGE T. HUGHES. American w-m Works & Electric Co. (This is eighteenth article of a seties on'"the subsect of Bublic vHilith o covering _the principal ope:ating Foldine: comparmes. “gavine their Ristorys le'd of operstions and an analysis of the capital ct Hughes will bonds i as stocks, but will Sreace: Tog facts withont an sattempt to recommend purchase or sale of specific securities. Originally interested mainly in water supply service, American Water Works now derives the greater part of its in- come from th- sale of electric light and power. It still controls the largest pri- vately owned water works supply system, and income from that source is stable, out in recent years it has benefited from the rapid expansion of the elec- tric industry. Like other large public utilities its gross and net income have been affected by the current business de- pression. Up to and including April, 1930, electric output in kilowatt hours was larger than the corresponding months of 1929, but since that time there has been a falling off. For the first nine months of 1930 gross rev- enues were up from those of 1929, but net was nughny lower. per share the Expressed in earnings amount available for the $6 preferred during the first three-quarters of the year was $36.17, against $37.24 in the preceding year. For the common stock the corresponding figures were $3.47 for 1930 and $3.60 for 1929. Fixed charges were covered during these nine months 147 times in 1930 and 1.51 times in 1929. This was a good showing con- sidering the industrial situation. " The market price.of the.36 pmemd at this writing ranges around par. common stock has long been a Lrldlns favorite on the New York Stock Ex- change and its 1930 range has been over 75 points. In general the market, us is the case with ciher util‘ties, capi- talizes earnings ifberally. The sub- sidiaries of American Waicr Works have a large funded debt, amounting to more than $160,000,000, and preferred stocks of more than $30,000,000 par value, interest and dividends on which come ahead of the interest on the bonds of the parent company and of the divi- aends on its stocks. Bonds of the holding company con- sist of a short term issue maturing in 1934 selling to yield around 41, per cent and two long-term debentures ma- turing in 1975, one with a 6 per cent coupon _and one with a 5 per cent cou- pon, selling to yield around 5.9 and 5.6 per cent, respectively. Call prices of the long-term issue are far enough away from the present quotations to rmit considerable price appreciation m a normal bond market. CLASS PASSENGER FARE PLAN MAY BE EXTENDED By the Assoclated Press. CHICAGO, January 3.—George J. McGuire, secretary of the Western Pas- senger Association, said today Eastern raliroads probably would follow trans- Mississippi lines if their experiment with day coach rates of 2 cents a mile is successful. Until June 30 travelers can buy tickets from Chicago, St. Louis and all other points west of the Mississippi to the Pacific Coast and some parts of Western British Columbia at S'l‘l 20 for standard fare, $65 for tourist accommo- dations or $50 for day coach seats, McGuire said Eastern roads are anx- jously awaiting the result of the effort to compete with motor bus and private automobile competition. He said the three-class system was tried success- fully in the Spring and Fall of 1929 | and 1930. NEW YORK BANK STOCKS NEW YORK, J: the-counter marke! Banks. America Bank of U hase Fimt mwoul New ' York. JANUARY 3, 7%, per cent on the $4 dividend. There | 1., | Joseph L. sty [ J03€P 193 JCFAL. 4 OUTLOOK FOR AUTOMOBILE INDUSTRY HELD ENCOURAGING Trade Leaders Expect Good Year—Inven- ™ o 5000000 Is Shown tories Have Been Reduced as New Models Appear on Market. BY DAVID J. WILKIE, Associated Press Staft Writer, NEW YORK. January 3.—An en- couraging outlook is afforded by the automobile industry on the eve of the national automobile shows, according National Automobile Commerce. In a statement Mr, Macauley said that prospects for an early resumption of increased buying activity are strengthened by facts and not sentimental cptimism. Any substantial improvement in business conditions, Mr. Macauley sald, in the motor car industry. The in- dustry, he added, will occupy a position of increased importance in world busi- ness when it emerges “from the trying experiences of the last 14 months.” Importance of Industry. “The industry,” Mr. Macauley said, “is under the microscope. Economists who appreciate the vast extent of its influence upon other industries are scrutinizing the motor business closely for indications which, they agree, must precede any substantial improvement in current conditions. “That the motor car industry should assume responsibility for such leader- ship follows naturally when one con- siders the automobile’s role in industry and commerce. “It was not to have been expected that the record production of more than 5'2 million vehicles in 1929 woul be duplicated again the following year. “During the year car makers have acquired a new conception of the im- porance of their dealer organizations. They now. appreciate the necessity of gearing production to consumer de- mands, and it is not likely they soon will forget this lesson. As a result of manufacturer supervision, current in- ventories of both new and used cars have been reduced to a healthy condi- tion, which will enable the industry to take immediate advantage of trade revival on short notice." Referring to what he termed the “long debated hypothetical saturation point of the motor vehicle, market,” Mr. Macauley said: Instaliment Selling. “The evidence denies the possibllity population of the world continues t~ grow, its standards of living are main- tained and as long as cars wear out. “Highway transportation has attached itself inseparably to the American man- ner of living—has become an economic necessity in the lives of most people.” Col installment sellmg of mo- tor cars, he Alid well protected by earnings, such as Con- & = NEW ENGLAND FIRST IN SAVINGS DEPOSITS | Massachusetts Wins <-~ecul Men- tion in Report of Con- troller Pole. By the Associated Press. The State of Massachusetts and the region of New England are designated as the most thrifty State and section of the country in the annual report of the controller of the currency covering the fiscal year ended June 30 last. The calculations, on the basis of sav- ings deposits, shows the commonwealth with per capii: deposits of $640.09 as against a grand average of £199.66 for the tot1 United States and possessions, while the New England -ection as a whole boasts per capita $579.90. Total Eastern States has the ne\z highest sectional ranking. with per | capita savings of $403.96. The Pacific States come next with $242.22 per cap- with $177.73. Total Western States come next with $67.71 with the South- ern area last with $53.57 per caplta. The grand average is greatly dimin- ished by the poor shcwing made by out- side possessions of the United States which show & per capita savings of but 3554 “This inciudes the Philippine - lands which have but $1.57. The leader by States is followed by two New England neighbors, Vermont with $569.87, and by Connecticut with D! Total savings for the en‘ire Unitcd States and its possessions on Jrne 30 were $27.245543,000, which inzludcl $71,005.000 shown by Alaska, the terri- tory of Hawali, Porto Rico and the Philippines. DIVIDENDS DECLARED NEW YORK, January 3 (P).— R--ular. Pe- Pay- -Hldrs. of record. pi % Birtman Elec . . B Bon Ami Co Do. 6% 50 Merciles “Powd i i1.75 Hershey Cho Corp.$1.23 . conv pf 1 1 8 " SHRRE vl Bua53555550000 050! b1 7 Missouri Riv ‘Siou; City Bridge pf Monroe Calcul Po. i Moniana Pow'Co Nat Flec Pow 5c Oii Rovalty 1mm 10¢ Oliver Filters A.... 50c Pitts United pf.. Surety_Credit Co P Tyblie Chaii " Cors, % 3175 Unifed Reiail Ch D 87t4c Westein' Pow Li & woik um{u‘.’mi L 15’ 5 000 O £ unDDR00000 nnnoo:zz:;zzzconaooon First Mortgage Lonna uwm Rates of anterest and Commission Thomas J. Fisher & Comp-ny. Inc. First Mortgage Loans In Arlington County and Alexandria, Virginia Commenwcalth Investment Co., Inc., %06 15th St. N W. Phone Nationai 2628 Mortgage Loan Correspondent for The Prudential Insurance Co. of America Money to Loan : o e T y 'w.h 0:. nI. L. : Trlll Regular Delivery Over 100,000 families read The Star every day. The great ma- Jjority have the paper delivered e o at a o cents daily and 5 cents Sunday. egu! this low rate, nlcphone National now and service will start to Alvan Macauley, president of the ' Chamber of | wide must be preceded by an upward turn | | i | | | of a fixed saturation point so long as the | c.vings of ita, followed by the Middle Western area | “During the period of depression we have wltnmd the long-i lnnclp(ed test of installment selling. The result is gratifying, showing only a slight in- crease in reposs2ssions and a far greater percentage of lent than bankers and other students of economics had ever considered ible.” Pointing out that despite the world- depression, 561,000 Ameri- can-made motor vehicles were sold in foreign markets during 1930, Robert C. Graham, chairman of the Export Com- mittee, of the National Automobile Chamber of Commerce, said there ex- ists a conviction within the automotive industry that “exports in 1931 will be again on a satisfactory basis.” Tax Bill Large. “If the upward turn comes in 1931, as those qualified to know seem to think it will, automotive exports will be the first to respond,” he said. “Not only do indlvidulh find the au- tomobile indispensable, but nations as well have become dependent for reve- nue upon the hundreds of millions of dollars brought to them annually through taxation and customs.” m added that analysis showed that nearly 3750000 000 was the tax bill paid directly last year by the automobile and its owners in Asia, Africa, Europe, Oceanica and all parts of the Western Hemisphere south of the Rio Grande. “This estimate,” he said, “includes registration and license fees, import du- ties, gasoline taxes and other direct taxes. It does not take into account the taxation of automobiles in the United States and Canada, but it does prove conclusively that the governments of the world cannot.ignore or restrict such a source of revenue.” B--5 BROKER LOAN TOTAL - GAINS DURING WEEK by Federal Reserve Bank Report. Special Dispatch to The Star. NEW YORK, January 3.— v str.:":mem of the Federal mn‘ s 20. :o%’fago was the rec- A year This week's increase follows 13 vgn of continuous decline, which amount to $1,302,000.000 since September fl Loans for own account were $1,321- 000,000, compared with $1,262,000,000 for'the week ended December 24; loans for wt~or-town barks were $235,000,000, against $294,000,000, and loans for ac- |count of others were $370,000,000, com- pared with $363,000,000. Of the total, demand Joans made up $1,446,000,000, against $1,408,000,000 a week ago, and time loans were $480,000.000, compargd | with 3512 000.000. 'OUTPUT OF ELECTRICITY SHOWS SLIGHT DECREASE By the Associated Press. Production of electricity by the elec- tric light and power industry of the Nation amounted to 1,646,346,000 kilo- watt hours during the week ended De- cember 27. Due to the Christmas day holiday, the output was less than the week before and 3.4 per cent less than the total for the corresponding week of last year, according to calculation of the National Electric Light Association. The Atlantic Seaboard showed an in- crease of 2.2 per cent over the same week last year, but the great central industrial region, outlined by Buffalo, Pittsburgh, Cincinnati, St. Louis lnd Milwaukee, continued to show. whole, a decrease of 5.4 per cent hekw last year, while the Pacific Coast shows A decrease of 1.7 per oent. First Mortgage Loans On Improved Real Estate in the District of Columbia and Nearby Maryland and Virginia for 3, 5 or 10 year terms on your Hore Apartment RANDALL H. HAGNER & CoMPany MORTGAGE LOAN CORRESPONZENT New York Life Insurance Company 1321 Connecticut Ave. SAEE F L'R:S$ T Decatur 3600 L MORTGAGES PLANNING FOR THE FUTURE FINANCIALLY Foresight will make it easy to do what you want to do, when ou want to do it—and an investmeat in our : 6 cr a Third ol how Century Without a same will provide an investment that no matter large or small you make, it enjoys exactly the same rate of interest—with precisely the FIRST MORTGAGES the money. Here safety for the principal— and upon which you can figure Loss ness. for any objective with definite- May be purchased in amounts from $250 up. B. National 2100 THERE F. SAUL G@. 2515th St. N IS NO SUBSTITUT Lazing Money re-investments, the funds from RESTING lazily while you consider securities maturing in January will be forced to shirk their duty—to lose for you the benefit of interest- bearing days—unless you consider now re-investments which will give you the assured safety and unfailing returns you desire. Our organization is so planned that we can keep your money invested and re- invested in First Mortgages on ime proved Washington real estate, so that your principal is earning for you with- out intermission. These Notes may be had in convenient denominations of $100 and upward and vield the attractive return of 6 per cent. . Ask for List of January Offerings SWARTZELL, RHEEM & HENSEY CO. MORTGAGE BANKERS 727 15 STREET .w./ /ASHINGTON D.C.