Evening Star Newspaper, January 7, 1931, Page 12

RECORDINBANKING SHOWN BY REPORT Chase National of New York Resources Gain $48,000,000 : in Six Months. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, January 7.—The re- markeble record of the Chase National Bank as shown in its statement for De- cember 31 has been the talk of Wall| Street for several days. Here's one bank whose total resources have reached mearly $2,700,000,000—an increase of a little over $48,000,000 since the statement of June 30 last—an all- time world banking record. But even more remarkable is the, ing of its total deposits, which amount to $2,073,000,000, an increase of $221,000,000 since September 24 last. ‘The combin>d capital, surplus and un- divided profits of this bank have reached the stupendous total of $357,000,000. For the last six months of 1930, when bank earnings in New York, as well as throughout the United States, were badly shattered, the Chase tional sarned $13,273,000, equal to $1.79 a share on_its 7,400,000 shares outstanding. Probably never before in banking his- tory have the New York banks—in spite of the closing of the Bank of United States and the Chelsea Bank & Trust Co.—been in so liquid a position. A study of the December 31 figures show | ta this to be the case. Bank Stocks Strong. The stock market closed yesterday Wwith most of the leaders impressively up for the day. One financial expert says that it has cwitched from a low into neutral. Whether it will now go into gear is another question. The bank stocks especially were strong, due largely to the clearing up of the situation in the Manufacturers' | M- Trust Co., and the strong support which has come to it by the addition of Harvey D. Gibson, former lent of the New York Trust Co., and his powerful finan- cial supporters. Many of the wisest stock traders, how- ever, are on the sidelines, especialy those in Floride, California and Europe. ‘They are waiting for a definite sign of i.mproviment. whlchI so mhh:: gnl shown perceptibly throu mfiuds. ¥ " gl Sir Henry Armstrong. ‘When Sir Henry Armstrong, British consul general of New York, retires from his office to take it easy, as well- to-do Englishmen are wont to after quitting active life, he will .be sorely missed in New York. Sir Henry, now 70, has had a varied a . It covers a wide range—from the army to the stage, to business and to public life. Born in Ireland, he early joined the army, but quit after a few years, be- cause it was a dull and uninteresting life to him. 8o for several years he mm; e an actor. But this, too, he q In 1891 he landed in New York for the first time. He mu-: during g train Yet to LAW T0 REGULATE ACENTS PRY VALID = e :.| Supreme Court Decision May other night to find out what can be done about '.h:‘muent business depres- sion without ing so much about it. While the meeting was behind closed doors, it was re] ed that nearly every man there favored the plan of dol something—rather than talking aboul doing something. This is a new note, and, if carried out, a most hopeful one. (Copyright, 1931, by North American News- paper Alliance.) REAL ESTATE LEADERS TO ADDRESS CLASS ‘The first lecture in Washington Chap- ter's new real estate course introduc- ing the real estate business in its rela- tion to the banker will be given by John A. Petty, executive secretary of the ‘Washington Real Estate Board, who will conduct the class throughout the A. I. B._semester. ‘The remaining topics to be discussed during the course, as well as the vari- ous lectures are: “Estates in Real Es- Roger J. Whiteford, attorney- a ‘Real Estate Conveyancing,” by James J. Becker, president of the Real Estate and Columbia Title Insurance by G. Bishop, president of the Dis- trict Washington Lawyers Title Insur- ance Co.; “Landlord and Tenant Re- lations,” by G. Percy McGlue, attorney- ‘Taxation,” by Willlam P. Rich- ards, assessor for the District of Colum- Bowie, vice president of H. L. “Evolution of Home Buildi rly Taylor, realtor-build al Estate Financing,” by William J. Flath- 2 “Real Es- tate Appraising.” by H. L. Rust, jr. chairman of the appraisal comm{gtéee n. gage “Zoning and City Planning,” by C. W. Eliot, 2d, director of planning, National Capital Park and Planning Commission. CLOCK PLANTS RUNNING ON FULL SCHEDULE Special Dispatch to The Sta: NEW HAVEN, January 7.—The plants of the New Haven Clock Co. operated at capacity during November and De- cember and the high rate of production is now being continued, according to officers of the company. It is further stated that sales of the electric clocks produced by the company broke all rec- ords during the recent holiday season. The prediction is made that eventually electric clocks may replace all spring clocks where electric current is avail- able, due to the low price range of the .| new in the United States for a n. American business men will be sorry Iation would protect “neithe: earrier nor the common carrier . Raiload ts don't make a hit with Mr. “It is a fact, unfortunately for them- gelves, that the nearest approach we have to the feudal lord of past eras is the railroad t,” says Mr. Pratt. “Por decades these presidents held the power of econcmic life and death over communities 2nd businesses in a fashion very similar to the power of actual life death held by the barons of older ys; and it has given them a peculiar slant on public y and the prop- erty and success and happiness of people lving in the territory which they serve. They may well be said to have laid the foundation for all the railroads’ troubles.” But the railroad presidents are wor- ried about competition. John Duffy, For quick relief and lasting” tonic effect take It costs only about 11 cents per day and 5 cents Sundays to have Washington's best newspa- per delivered to you regularly 1every evening and Sunday morn- Ing. ‘Telephone National 5000 and the delivery will start immedi- vics president of the Lehigh Valley, told commission that 25 motor bus lines and 100 truck lines are operating in competition with his railroad along its ately. The Route Agent will col- lect at the end of each month. 1930 Sales Record of . . . CORPORATE TRUST SHARES Moody's Compasite Portfolio Rating “A” CORPORATE TRUST SHARES represents an ownership interesc in deposited com. mon stocks of these Companies— Ou The volume of sales during the year 1930 clearly demonstrates that shrewd investors realize the soundnessofthisinvestmentplan. tstanding January 1, 1930 884,000 Shares Atchison Stand. Oil (New Jersey) Stand. Oil of New York 12 Sales during 1930 over ,000,000 Shares OQutstanding December 31, 1930 12,892,000 Shares The sale of more than 1,650,000 shares during the month of December is sig- Affect Others in Addition to Insurance Firms. BY ROLLIN M. CLARK. All lines of business whose prices are subject to State regulation in the pub- lic interest may be affected by a mo- mentous decision handed dn'ndl‘0£~ e . eourt, dividing 5 to 4, upheld the constitutonality of a New Jersey statute regulating the commissions payable to agents by fire insurance companies for soliciting and securing business. The statute in question provides that no fire insurance company shall allow any commission to an agent in the State in excess of a reasonable amount or in excess of that allowed to any of its agents on the same class of risks in the State. Thus, as in the present As recently as 1927 the Supreme Court declared that the German Alli- ance case “‘m: the extreme limit to which this cot has thus far gone in sustaining price-fixing legislation.” ‘This statement, emphasized by the ma- jority of the court in ‘their dissenting opinion in the present case, was made in a case holding unconstitutional a New York statute which forbade the resale by brokers of any theater ticket at a price in excess of 50 cenis above the box office price. Excessive commissions, the majority declared in the present case, may re- sult in an unreasonably high rate level or in impairment of the financial sta- bility of the insurer. Moreover, the court said, lack of a uniform scale of commissions might encourage unfair ‘The public has no interest in the agency contract, the minority contended, g that all expenses of insur- lnuwmunm‘donwmmu’nu for pens and ink, must be met from premiums and “therefore, in some sense, n;nyhbe said to affect the necessary rate of charge.” 4 Last month the National Convention of Insurance Commissioners, a volun- tary organization of the insurance com- mfihl;e& lo( '.'l,:‘e. 48 States and th‘e. lmu:- trict of Columbia, adopted a spect - vestigating committee's report on the commission costs of the fire and cas- ualty mu&:ma business, which de- clared, wil respect to agents and brokers, that “the defense and justifi- cation for the commissions paid to them was well made.” At the same time, |larity. maximum fire insurance rates. (Copyright, 1931.) beock, Rushton & Co.—We believe the general recovery in stock 1is likely to go further ters another period before the of irregu- DEMAND FOR HARDWARE IS DECLARED MODERATE Special Dispatch to The Star. NEW YORK, January 7.—Current activity in the hardware trade is mod- erate in character, as is usual following inventory and during the post-holiday to reports recelved market _centers, m Age Y say tomorrow in bulk of the merchandise em- braced by current orders consists of which are and seasonal enjoying a fair Colder weather, season, from the prin booked in fair volume. nsus of opinton in the trade that the worst is past and that improvement can be expected in distant future. ‘many have issued new price 1, most revisions which are sections, the average, in view of general con- is considered satisfactory. VIRGINIA BANK 0 TO MEET AT WINCHESTER Special Dispateh to The Star. WINCHESTER, Va., Jantary %— Group No. 3, Virginia State® Bankers' Association, will hold its annusl esa- vention here January 19, which will be & legal holiday, the birthda; R. E. Lee, lna’:n .Myd was . McFaden, pastor of Street Presbyterian Church, s to_speak tory of Group No. 3 embraces cities and counties between Alexandria on the north and Staunton and Charlottesville on the south. Hornblower & Weeks.—The technical action of the market would indicate a cember before profit-taking heavy enough to stop the upswing. Consider these outstanding Chevrolet values The Phlemio.on-oo.oo-.510 The Roudster...........475 S Roadst ml',;tnru:;;l: a::t ssee .'495 e NI ¥ |1 Coach e 830 Standard Coupe-.......... Standard Fi Window Coupe.. . . . . . A3 Sport Coupe with rumble seat . « « Standard Sedn_n.......u Special equipment estra. All prices f. 0. b. Flint, Michigan Before investing your money in a new automobile, you will find it worth while first to learn what Chevrolet has to offer. Each of the nine new models is a fine car—a quality product throughout. Each is designed, built, finished and equipped to standards that are entirely new in the low-price field. Yet Chev- rolet’s reduced prices are not only the lowest in Chevrolet history, but are among the very lowest in today’s motor car market. Consider, model by model, the generous value represented by today’s Chevrolet cars. Check each body style carefully against the new low price at which it sells. Consider, too, the large number of quality- features that Chevrolet gives for the small price you pay—the beauti- ful Fisher bodies, the modern six-cylinder engine, the advanced, fully. -equipped, full-size chassis, the many detailed refinements both inside and out. Come in. See the new Chevrolet Six. Drive it. Check the prices—and you will realize why Chevrolet is called the Great American Value. R. L. Taylor Motor Co. (] I 2333 373 r633 LY e T e See your dealer below Owens Motor Co. 6323 Georgia Ave. Wolfe Motor Co. 14th and T Sts. NW. Makely Motor Co. East Falls Church, Va. Coale-Sansbury Chevrolet Sales Lustine-Nicholson Motor Co. Hyattsville, Md. Upper Marlboro, Md. Boyer Motor Sales Capitol Heights, Md. Montgomery County Motor Co., Inc. Rockville, Md. S Banfield Chevrolet Co. Ave. 6708 Wisconsin Ave., Bethesda ALSO DEALERS IN CHEVROLET SIX-CYLINDER TRUCKS, $355 to $695, f. o. b. Flint, Michigan Price at Market about 6% per share Descriptive circular on request GraHAM. PARSONS & Co. 1422 WALNUT STREET 48 WALL STREET PHILADELPHIA NEW YORK 300 SOUTHERN BUILDING—WASHINGTON Telephone : District 9310 Silver Spring, Md. Ourisman Chevrolet Sales Co. Aero Auto Co. SIS o K. st., Al dria, Va. nmsnu&uumuu.. 1101 King 0. on, V. Wilson Blvd. and Holly St, Clarendon, Va. Barry-Pate Motor Co. Stohlman Chevrolet, Inc. 1218 Comnecticut As 3307-11 M St. N.W. 2525 Sherman