Evening Star Newspaper, January 13, 1931, Page 13

FINANCIAD GAS CONSUMPTION INCREASES IN D. C. Head of Washington Com- pany Reports Steady Gain Has Continued Since Jan. 1. BY EDWARD C. STONE. Consumption of gas in Washington during 1930 showed a huge increase over the amount of gas consumed here in 1929, Frank A. Woodhead, vice president of the Washington Gas Light Co., announced today. In actual figures the volume of gas produced in 1930 measured 6,646,397, 000 cubic feet. In 1929 the figure was 6,387,418,000 cubic feet, or 258.979,000 cubic feet below the 1930 registering. A steady gain also was shown in the first 10 days of the new year, with the consumption up to date registering 256- 184,000 cubic feet, or 37 per cent higher than the same period of 1929. For daily production the average has 0 25,618,000 cubic feet, as compared with 18,708,000 cubic feet for 1930. Vice President Woodhead also an- nounces that the gas light company wishes to_increase its capital stock in ! the near future. The company has not added to the capitalization in 34 years. * The officials consider that the company should have additional stock, explaining * that the present bond structure is al- .+ most “topheavy.” The new stock would be distributed among customers so far . as possible, all the utility companies having become great belicvers in the customer ownership idea. Permission for the authorization of an increase in stock is before Congress {in connection with the bill asking for the right to merge the Washington, Georgetown and Rosslyn gas companies. 135w Note—All stocks are sold in one hundred-share lots excepting those designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. Individual sales compiled to noon—flnolnc in 5:30 Edition. —~Prev 1930~ Stock and High. Low. Dividend Rate. 42% 8 Abitibl Pow & Paper 2 37% 14% Adams Exp (1.60)... 13 94 80'% Adams Exp pf (5)... 10s 84% 24 Addressogr Co 1.40. 2 23% 24 Advance Rumley.... 1 1% % Ahumada Lead.... 156% 87% Air Reduction (14%) 55 36 6% Airway El Ap (60c) 1 214 % Ajax Rubber,.... 7 9% 4% Alaska Juneau(40c). 99 5% Allegheny Corp..... 35 371 Alleg Cp $40 ww53%. 1 170% Allied Ch & Dye(n6). b5 120% Allled Ch & Dpf (7). 1 31% Allis Chalmers (3).. 10 11% Alpha Port Cmt (2) 16% Amerada Corp (2). 1714 Am Agri Ch pf ctfs. Am Ag Ch of Del. 45! Am Bank Note (13) 60% Am Bank Note pf (3) 30s 214 Am Beet Sugar. .. 2 30 Am BrShoe (2.40).. 1 118 AmBrSh & F pf (7) 1008 64 Am Browr Bov Elec 1 38 Am Brown B E pf (1) 508 104% Am Can (45)... 240 140% Am Can pt (7) 10 8215 244 Am Car & Fdy (6) 514 35 Am Chicle (3). 30% R® Am Encaustic (1) 101% 25 Am & For Power. 101 73 Am&F‘oernf(tl. 11113 84 Am & For Pw pf (7). 100% 63% Am & For Pow 2d pf. 69% 464 Am Home Pr (4.20).. 41% 24% AmIce (3).. 16 Am Internatl (2)... 1 Am La Fr & Foamite 29% Am Mch & Fdy 1.40.. 3 AmMach & Metals. . 20 Am Nat Gasof (7)., 361 Am Pow & Lt (11) 90 Am Pow & Lt pf (6), 741 AmMP & Ltpf A (4).4 74% Am P & L pf A st (5) 15 Am Rad&Std San(1). 5% Am Republics...... 28 Am Roll Mill (n2) 99% 343 126% 68 424 311 23% 97% 66 12 54% 128 21% 84 15614 1507% =2 o S awwBe As Mr. White Looks at 1931. George W. White, president of the . National Metropolitan Bank, has this to say in the Bankers' Association Bulletin + about the outlook for 1931: “With the adyent of 1931, I believe » that confidence has been restored to _some extent and that from now on ! there will be a gradual, though very . gradual, rise in business and that profits will result therefrom. It is to be - hoped that the eventful, sure return to prosperity will be slow, as that will make it more sound. The nearer we can get to the supply equaling the demand, or vice-versa, the better for the country and every one. If each one will do his share toward helping the present and not keeping his eyes focused too far in the future for sudden and easy profits then prosperity will surely return.” In the same issue President Corcoran ‘Thom of the American Security & Trust Co., President F. G. Addison of the Security Savings & Commercial, Presi- dent John Poole of the Federal-Ameri- can and President Robert V. Fleming of Riggs, express confidence that there will be steady improvement during the year. Building Association Elects. Closing its thirty-ninth business year successfully, the Mutual Building As- sociation reelected the following officers and directors last night: Thomas P, ‘ Brown, president; Joseph F. Marsden, « vice president; Thomas E. Petty, secre. tary; J. Walter Stephenson, treasurer; Joseph Dant, Joseph P. Burke, Joseph * 'T. Fitzgerald, Max Kohner, William T. . Pinn, Percy C. Brady, Sheehy & Sheehy * were renamed attorneys. ; _The organization was started in South Washington to aid people with - funds for buying homes. It has made @ fine record. 3 Bank Stocks Quite Active, American Security & Trust Co. stock sold at 350 on the Washington Stock Exchange today. Riggs National came out at 460 and National Bank of Wash- ington registered 225. Capital Traction opened at 43 and closed off Y5, on a very light turnover. Potomac Electric Power 5'z per cent preferred stock moved up to 109%. Mergenthaler opened at 87 and closed at 8635 on a 40 share turnover. Potomac Electric 6s came cut at 108, ‘Washington Railway & Electric 4s at 87', and there were several small sales "in Washingtqn Gas Light 6s, series A, at 102. Committee Is Completed. Frederick P. H. Siddons, chairman General Convention _Committee of * District of Columbia Bankers Associa- i tion, today announced the following members of Sports Committee for the convention to be held at Hot Sprin 4n addition to H. G. Hoskinson, chair- iman, vice president of the Riggs ‘National Bank and B. A. Bowles, as wice chairman, vice president, Potomac « Bavings Bank. ' Clyde B. Asher, Liberty National .Bank; Ralph P. Barnard, District Na- tional Bank; Ezra Gould, Washington . Mechanics Savings Bank; Bynum ‘'E. Hinton, Chevy Chase Savings Bank; Herbert T. Shannon, National Metro- litan Bank, and Robert S. Stunz, k Savings Bank. Financial District Notes. Directors of the Lanston Monotype Co, have declared the usual extra divi- dend of 25 cents per share, and the regular quarterly dividend of $1.75 a share, both payable February 28, to stock of record February 18. An interesting formal dinner will be given in the palm room of the Shore- ham Hotel, tomorrow evening, at 7 o'clock, by the Life Insurance Club of Washington. Members of the club include Philip L. Bald%in, Dan J. Harrison, George B. Farquhar, Howard J. Jack- son, John P. Lynch, James A. Maloney Laurance H. Riggles, Prank D. Roach, Russell Shelk, Graham E. Wilson, L. J. Myers, M. 1. Walter, Alton G. Grin- nell, Charles S. Sinclair, G. Lea Stabler, Guy Withers, Larry V. Lamp- son, J. E. McCombs, Herbert Barlow, Prank E. Amick. Pzul Hammack, J. Mitchell Owens, R. Clyde Smith, Roger M. McCullot , Paul H. Primm and Raymond V. Shipler Five new directors were elected at the annual meeting of the Lincoln National Bank today, this being the largest num- ber of ne members elected by stock- holders at any of tod ann meet- | ings The list of new and old directors | appears elsewhere in today's Star. Bank clearings in Washington week totaled $31,845,000, comp $21,147,000 the previous we increase of 2.5 per cent over responding week a year ago. NEW SECURITIES NEW YORK, January 13 securities offered today include International Match Corporation, $50,- 000,000 10-year 5 per cent convertible | gold debentures, priced at 96 and ac- crued interest, to_yield over 51, per cent, by a group headed by Lee, Hig- ginson & Co. Puget Sound Power & Light Co., $9,- 000,000 one-year 41, per cent secured notes, priced at 99%, to yield 4.75 per cent, by a syndicate headed by Stone & ‘Webster & Blodget. Inc. Tennessee Electric Power Co., $7,- 000,000 first and refunding mortgage 5 per_cent bonds, due 1956, priced at 99 and interest, to yield over 5.05 per cent, by Bonbright & Co. Texas Power & Light Co., $4,000,000 first and refunding mortgage 5 per cent bonds, due 1956, priced at 99 and in- terest and yielding about 5.07 per cent, by a:yndluw headed by Harris, Forbes mmn Gas & Electric Co., $25,000,000 sast | red with | < and an | the cor- | 52'4 Am Safety Razor 35 Am Ship & Com..... 37% Am'Sm & Ref (4).... 93% Am Sm&R 2d pf (6).) 131 Am Sm & Ref pf (7). 35% Am Snuff (13%) ...+ % 281 Am Steel Fdy (3).. 110 Am Steel Fdy pf (7) 5 15 Am Tel & Cable (5) 170% Am Tel & Tel (9). 9815 Am Tobacco (5) 99% Am Tobacco B (5) 120 Am Tobacco pf (6).. 47% Am Water Wks (3). 515 Am Woolen 15% Am Woolen 1% Am Writ Paper otfs. 10% Am Writg Paper pf.. 25 Anaconda Cop (2%). 19 Anaconda W &C (1) 24 Anchor Cap (2.40)... 13% Archer-Dan-M (2). 60 Armour of Del pf (7) 2% Armour of Il (A)... 1% Armour of Il (B). 25% Armour cf Il pf (7). 315 Arnold Constable. .. 43 Artloom Corporation 20% Art Met Const (1.60). 464 20 Asso Appl Ind (4)... 50% 19 AssoDry G (2%)... 95% 85 AssoD G 1stpf (6). 24215 168 Atch To & S Fe (10).. 108% 100 Atch To & S F of (5). 80% 33 AtIGuIf&WI(3).. 51% 16% At Refining (12) 106 42 Atlas Powder (4). 37 7% Atlas Stores (n1). 263% 60% Auburn Auto (f4). 10% % Autosales...... 25 3 Autosales pf. 9% 2% Aviation Corp of Del 38 19% Balawin Loco (1%). 116 84 Baldwin Loco pf (7). 122% 55% Balto & Ohlo (7).... 110% 103 Bamberger pf (63). 8415 50% Bang & Aroos (3%). 116% 106% Bang & Aroos Df (7)., 20% 8 Barker Bros (2)..... 91 58 Barker Bros pf (63%) 34 % Barnsdall (A) (1)... 70% 46% Beech-Nut Pkg (3).. 851 76% Bel N Ry pt pf 15.51. 57% 14% Bendjx Aviation (1). 56% 30% Best & Co (2).. 110% 47% Bethlehem Steel (6). 134 112% Bethlehem St pt (7). 41% 23 Blaw-Knox (1%). 29% 16% Bloomingdale Bros 69 15% Bohn Alum&Br(1 78 59% Bon Ami (A) (15) 90% 60% Borden Co (K3)...... 50% 15 Borg, Warner (1)... 25% 12% Briges Mfg(11.62%) 224 1% Brockway Mot Trk. . 78% 55% Bklyn-ManTr (4)... 98% Bklyn Union Gas (5) 10 Bruns-Balk-Col.. 11% Bueyrus (1).... 21 Bucyruscv pf (2%). 3 Budd (EG) Mfg.... 9% Bullard Co.... 81 Bulova Watch (3) 18% Burr Add Mach t1%. 1% Butte Copper & Zinc. 4 Butte Superior 33% Byers (A M)., 41% Calif Packing (4). % Callahan Zinc & Ld.. 28% Calumet & Arizon: 7% Calumet & Hecla. 10 Campbell Wyant (2) 301 Canada Dry GA (2). 35% Can Pac new (2%).. £3' Case (J 1) (6)....... 22 Caterpillar Trac(t4) 114 Cavanaugh-Dobbs. 17% Celotex Co pf.... 3 Celotex voting etf: 2% Century Rib Mills 21 Cer de Pas Cop ( 2 Certain-teed Prod. 2% Ches & Ohio (234) 32% Chesapeake Corp (3) % Chic & Alton. . % Chic & Alton pf. 4% Cnic Great Western. 12 Chicago Great Wn pf 4% Chic MIIStP & Pac, ¢ 7% Chic MiiStP&Ppf. 6 2815 Chi & Northwn (4).. 10 140% 101 Chi& N W pf (7). 37 7% Chic Paeu Tool. 5 2214 Chi Pneu T pf (3%).. 4 Chic R 1 & Pac (7). 2 Chi YellowCab (3).. 227% Chflds Co (2.40) 1414 Chrysler Corp (1) 79 Clty fos & Bt (6%) 18% 4 Cit 60 1 Cluett Peabody (3). 191% 133% Coca-Cola (6). . A, 481: Coca-Cola A (3) 12 Collins & Alkma 8% Colonial Beacon 18% Col Fuel & Iron 100 Colo Fuel & Ir pf (8). 10s 30% Col Gas & El (2).... 48 99 Co'Gas&EIntA6) 3 91 ColG&EIpfB(5).. 1 T4 Col Graphoph (a%). 26 65% Columbian Carb (16) 5 1515 Comm Credit (2) .. 1 3013 Comm Credit A ¢2) 2 20% Comm Cred pf (1%). 30s 21% Com In Tr (£1.60) 14 Comm Solvents (1) 2 7% Comwith & So (60¢). 865 Comwlth & So pf 16) 6% Congoleum-Nairn. 18% Congress Cigars (4). 7% Consol Film 12). 12% Consol Film pf (2) 784 Consol Gas N ¥ (4).. 10 99 Cons Gas N ¥ of (5). 1 55 Consol Cig pr pf 63 . 30s 53 Consol Cigar pf (7).. 30s 30 Cons RRCubpf(6). 1 % Consol Textlie. 6 5% Container A (1. 2 Container B 16% Contl Baking A. 2 Céntl Baking B 62 Contl Baking pf (8). 431% Cont) Can 2%)..... 93 Contl Dia Fibre (1).. 87% Contl knsur (2.40)... 2% Contl Motors. 7% Contl Oil of Del 85 Contl Shares (1). 7% Coty Inc , . 65 Corn Prod™(133%) 31 CrCork & Seal 2.40., oumkrabalews EaaB2. a5389% o a meBal 51% 29% 82% 8% 4% 65 18% 20% 28% 1780s 67 43 98% first and refunding mongue 4!, per cent bonds, series F, due 1960, priced at 98 u\d Intere by a syndicate headed by the N-uo City Co. ? i .S mfl’ BALANCE. United States Treasury balance, Agoday as of close of business , Was $229,182,833.69. Cus- the month to date Total ordinary ex= m.’W 479.17, 30% Crown C&S pt(2.70). 4% Crown Zellerback. 93% 50% Crucible Steel (5. 70 83 Cyba R Rpf(6). 9 2 n-Amer Sugar. . 4 2% % Cuban Dom Sugar... 3 48 . 38% Cudaby Packing (4). 1 126% 85 Curtis 121% 112 Curtis Publish pf (1) 5 14% 1% Curtiss Wright Corp = 34 19% 3 Curtiss Wr Corn A.. 10 120 98 Cusbmars of 100 blish (7). 3 10% 18% 84% 224 3% %, 97U 3 109% 12 14% 25 4% 15 12% 22% 1% 1% 42% 8% 5% 101 38 10% 18% 84% 22 3% 954 27 24 88 185% 104% 3615 201 49% 9 102% 14 2% 3% 211 93 76% 105% 58 118% £ 5% 101 3% 10% 18% Prev. A“m High. Low Close. Close 1% 18% 85 22 2% 96% 100% 3314 61% 10 10614 70% 821 38 105% 19 47 10414 9674 1021 4 Gen 4 Tllinois : Kinney (GR) (1) Stock and Dividend Rate. Davison Chemical. Delaware & Hud (9). Del Lack & Wn (6) .+ Devoe & Ray (1.20) .. Devoe & R 18t pf(7).. Diamond Match Dia Match pf (1. . Dome Mines (1)..... Domn Stores (1.20).. Drue Corporat (4)... 4 Dupont de Nem (4) Duques Lt 1st of (5). Eastman Kodak (18) Eastman Kod pf (6). % Baton Axle (1.60) Elec Auto Lite (6).. Electric Boat. El Pow & Lt (1) El Pow & Lt pf (6)... El Pow & Lt pf (7). 714 Bl Storage Bat (5)... Emerson Brant (A).. Eog Pub Serv (2.40). g Offic Bldg (2%).. orie R R. Erie RR 18t pf (4)... Fureka Vac Cleaner. Exchange Buf (1%). Fairbanks Copf. ... Fairbnks Morse 1.60. Fed Lt & Tr ($1%). . Fed Lt & Trac pf (6) Fed Motor Tr (80¢).. Fed Wat Sve A 2.40. Federated Dept Strs. Fid Ph Fire In (2.60) Filene's pf (6%)... Firestone T & R (1) First Nat Strs (2%). Fisk Rubber. . Fisk Rubber 1st pf Follansbe Bros (1) Foster Wheeler (2).. Fourth Natl Invest Fox Film (A) (4).... Freeport, Tex (4) Gabriel Co (4).. Gen Am Investors. Gen Am T’k Car (34) Gen Asphalt (3)..... Gen Baking pf (8)... Gen Bronze. Gen Cable pf (7). Gen Cigar (4) ctric (1.60) Gen Elec spee (60c). Gen Food Corp (3). Gen Gas&El A (e30e). Gen G & El cv of (6). Gen Ital Ed (a2.62).¢ Gen Mills (3). Gen Mills of (6) Gen Motors (3) . Gen Motors pf (! Gen Outdoor Adv Gen Pub Sve b§ %stk. Gen Ry Slgnal (5)... Gen Ry Signal pf (8) Gen Realty & Util... n Refractories (4) Gen Theatre Equip. . Gillette Saf Raz (4). Gillette Saf R pf (5). Gimbel Bros pf (7) Glidden Company. ... Glidden pr pf (T).... Gobel (AdoIf)....... Gold Dust (2%) Goodrich BF pf (7) Goodyear Tire (5). Goodyear 1st nf (1).. Graham-Paige Granby Consol (2). Grana Stlv Strs(h1). Grand Union. ant (W T) (1), Gr North of (5) Grt Nor Ore (2) Great Western Sugar Gr West Sug of (7).. Grigsby Grunow. ... 4 Guantanamo Sugar Hacken pf A (1%).. Hall (WF) Pr Co (2) Harb Walk Ref (2) Haves Body. . 4 Holland Furn (12% Homest Min (7). Houdaille Hershey. 4 Houston Oil........ Houston Ofl (new’ Howe Sound (4) Hud&Man Ry (3. Hudson Motors (3) Hupp Motors. ... Tlinots Central (7) “en 1s In (4 Indian Motor Cycle ndian Refining. . Indian Refining rets. Indus Rayon (4). Ingersoll Rand (18).) Inland Steel (4)..... Inspiration Copper. Ins ctfs (Md) (80c).. Interboro Rap Tran. % Int Agricul Chem... int] Bus Mach (ng) Intl Carriers (50¢). . Intl Cement (4). ... Intl Combustion. ... Int Comb Eng pf. . Intl Harvester (2%). Int Harvester pf (7). Intl Hydro El A (e2) Intl Match pf (4 Intl Mer Marine (2). Int] Nick of Can (1), Intl Paper pf (1) .. Int] Paper & Pwr A.. Intl Pap & Pow (C).. Intl Pap & P pf (7) IntPPrinting Ink. ... Int Print Ink of (6).. Intl Sait (3)... Int Shos (3) . Intl Silver pf (1)..., Int] Tel & Tel (2) Inter Dept Strs (2) IntertypeCorp (2)... Equity Island Cr Coal (4). Johns-Manville (3).. Jones&Laugh pf (7). Kans City Sou (5)... Kans City Sou pf (4) Karstadt (R) (1.03).. . Kayser Jullus (2%). Kelly-Spring Tire. Kelly-Spring 8% pf. Kelsey Hayes (2). Kelvinator Corp Kendall Co pf (6) Kennecott Copper(2) Kolster Radio....... Kresge (SS) Co 1.60., Kreuger & Toll (51). Kroger Gro&Bak(1). Lehigh Port Cmt (1) 4 Leh Port Cem pf (7). Lehizh Valley Coal. . Leh Valley Lehman Corp (3) Lehn & Fink (3) Libbey O Ford Glass Lig; & Myer (15). Lig & Myers B (15)... Lima Locomotive Liquid Carbonic (4). 1 Inc (3) W 70).., Loose-Wiles 1st (7). Lorillard (P) Co. . Lou G & B (A) (1% Loufs & Nash (7) Ludlum Steel Ludlum Steel pf. all Corp ¢ ory (A) (2) ory (B) (2) ory pf (6)..... Melntyre Pore M (1) Mekeesp T P (14%) . McKesson & Rob (1) McKes & R pf (314). Mack Trucks (4) Macy & Co (nt3).. Magma Corper (3).. Manati Sugar. .. Manati Sugar pf.. Man Elev mod g (d5) Maracaibo O1l Exp. . Marine M1d (1.20)... Market St Ry Market St Ry pr pf. . Marlin Rockwell (14) Marmon Motor Car.. Marshall Fleld (2%) Mathieson Alkall (2) May Dept Strs (n2).. Maytag Co pf (3).... Mexican Seaboard. .. Mid-Cont Pet (2). Midland Stee) (3) Midiand Steel pf (8). Minn Moline Pow. MinnMoline pf (6%). Minn & St Lou! . Mo Kan & Tex (a3) .. Alissouri Pac pf « Monsanto Ch (g1%). Montgomery Ward. . 4 Mother Lod: Motor Meter . 150 Sales— Add 00. High, Low. 5 14 2 144 3 91 1 16 108 104 16% 24% 9% 16% 14 144 87% 16 104 16% 24% 9% 15 635% 864 102% 151% 130 14% 50% a 41% 891, 103 52% 1 44 34 29 o 2 YO CPURRE S ) e FronmFonmma e @on 59% 28 1047 10 208 & 1047% 6114 37 43% b 11% 19 9 e ponEaa=E S a e an 1081 1081 6 6% 44 42% 7% Th 4 26% 68 44% 9% 74N 414 3314 64 A% 42y 82y 82 % 4 16 16 21% 21 11 11 295, 27 6414 62w 20 19% 914 A 9274 3% 3y 1 1 28% 28% 16% 164 391 13 68 45 10 4% 64 25% 2% 150 10% 50 2% 27 150 10% 51 21 30 224 161 61% 1203 40 567 59 120! 39 567% 21% 19% 17 100 6 8% 59 18 17 100 ..110s 108 26% 254 30% 304 19 12 15% 22 85 4% THE EVENING STAR, WASHINGTO., Prev Close. Close. 14 144 91 16 104 16% 24% 9% 16 65 861 1027% 153 130% 14% 51 3 42% 891, 14% 144% 96 17% 1035 | financial REACTION IN STOCK D. C, TUESDAY, JANUARY 13, 1 HIGH COMMERCIAL E FINANCIAG. 1o NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. Mitchell Expects Constructive Era MARKET CONTINUES| MORTALITY SHOWN] 'n Stock Tradine Leading Issues Decline to New Lows as Selling Persists. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 13.—Under persistent but moderate pressure, to- day's stock. market. sustained another reaction, with practically all of the leading issues making new lows on the movement. Among_ the distributing influences, the ofl_situation received much atten- tion, The statement to the effect that the Texas Corporation had earned barely half of its dividend in 1930 made a bad impression, which the assurance as to the continuance of the disburse- ment this year did not remove. Then. today came reports of an impending cut in Midcontinent and in Texas Crude, together with intimations of similar action in California. Oils Freely Offered. It was free offerings of the oil shares, with a new low on the re- action in Texas corporation and losses of greater or lesser extent in other ac- tive members of the groups, including Standard Oil of New Jersey. Professional operators for the de- cline kept up their attack on Westing- house Electric and that stock, too, made a new low for the movement and for the bear market. Vanadium was singled out for selling by the bear crowd and the price gave way, drifting under 50, where it was down over 4 points from Monday's high. The decline was ac- companied by disappointing estimates of earnings last year and questioning as to the action of the directors on the The res {next_dividend, American Telephone & Telegraph soid off rather easily. A semi-official statement that no bond financing w contemplated in 1931 and that sto financing was improbable did not serve to check the decline, because it is the rights sharcholders receive when such financing is done that give the stock one of its chief attractions. Other Losses. Elsewhere in the list United States Steel weakened, taking with it Bethle- hem Steel, American Can and’ many specialties, Rails moved with indus- trials, one of the largest losses being that in Delaware, Lackawanna & West- ern. Solely on the expectation of ben- efits to come from the consolidation plan, Lackawanna had been bid up rap- idly last week and was without nearby support today. All through the weakness the best showing was made by the motors. They sold off but their losses were slight. To a less degree this was true of the cop- per res. The December statistics, which came out during the day, showed production down fiom November and shipments up, which was satisfactory as far as it went. Aside from the natural reaction which the market might have been ex- pected to register after its rise since the first of the year, today’s session was in some degree a test of its abil- ity to face the facts as to unsatisfactory industrial operations and profits in 1930. Much more of this sort of thing is to come and it remains to be seen how far prices can resist these dismal financial statements. ~Everything con- sidered, the result today was encourag- ing rather than otherwise. Quotations did give way but as a rule the losses were held to small amounts and volume was still low. Pressure on the pivotal shares at the opening lightened as today's session progressed. Trading, however, was at an increased pace, sales in the first half hour amounting to 285,500 shares, com- pared with 246,900 Monday. Call money renewed at 11: per cent. United States Steel, after opening at 14114, lost 33 and then rallied. West- inghouse was off a point at the open- ing, but regained a fraction of this loss. Vanadium started at 51%, up Y, but after absorbing considerable selling it fell to 49 RECOVERY IN SILVER DEPENDS ON TRADE ‘White Metal Expected to Advance With Revival in-World Business. Special Dispatch to The Star. NEW YORK, January 13.—The price of bar silver here yesterday was 207 cents an ounce, up !5 cent, while in London 1t was 13 15-16d up 1-16d, con- tinuing the recovery that set in at the week end. - Wall Street, however, in view of comments on last year's silver market, both here and abroad, as well as remarks about the proposed international silyer loan, is not in- clined to expect any marked upturn in the price of the white metal. Cables from London indicated the market there was virtually void of sup- port and that silver would decline further, its fall being checked only by lessened output and a revival of world trade. Paris did not regard the fall of silver as important in the present situation. Shanghai cables stated that China was cold to the pro- posed plan for a silver loan aid, Finance Minister Soong being quoted as say- ing that: “If China should accept such a loan, China in effect would be paying for losses incurred by American silver interests. A recovery in silver can be expected with a world trade revival and the Far East will increase its use of silver when business and internal conditions there improve, according to the annual review of Handy & Harman. (Copyright, 1931.) DIVIDENDS DECLARED NEW YORK, January 13 (#).— Rezular. Hdrs. of record. Jan. Jan! Jan. 2 Jan. n! Mar. Pay- Comy Bens any. He Peet pf...... De. Forest Grosiey Radio Co Ltd. Dominion & Scott Inv Ltd Dt 21, Federal Elec Co nc 7% pf... Hall (W F) Big. 50c Hatrisburs Base Co.700 Jan. Jan. Jan. Jan. Do p Hawallan Lid Homestake Min Co..900 Do pt.. Con Mich Gas & El pf. ‘l 50 Do pr lien, .,....$1.73 Mich Cent RR... Niagara Pire I Noma Elec. North N Y Raymond Concreie Bile 53 pf. 5¢ Sigpsons’ Ltd ‘A, Do _pf.... Sun’ IRt 3 B, Bun Realty Co pf..i%c United Amuse Corp A +50¢ BE mmonm Gmelaen 0l r pi. pr opf.. RZZ po 00000 00OWOLO co‘:c @mod © O A DWEOY, s Cockshutt Plow Lid.15¢ Q@ Interim. Royal Duteh NYS H....513004 .. Inter Sugar. Omitted. Schlet & Z $3.50 LTI Q Bun Realty... Dun’s Report Gives Extent of _Failures During the Last Year. Special Dispatch to The Star. NEW YORK, January 13—An ac- centuation of the unusually high com- mercial mortality in the United States during December was not unexpected, for even in settled times the closing month of a year invariably is marked by an upturn in the insolvency totals. Exclusive of banks, failures in the United States last year, as reported to R. G. Dun & Co., numbered 26,355, comparing with 22,109 in 1929, and the liabilities were $668,283.842, as against $483,250,196 in the earlier year. Thus, the numerical increase was 3,446 défaults, or 15.0 per cent, and the rise in the indebtedness was about $1 000,000, or 38.3 per cent. Those per- centages show that, the expansion in the liabilities was especially marked, the amount being swelled by an unusual number of large insolvencies. Even the previous maximum of _indcbtedness, which was represented by the $627,~ 400,000 of 1921, was more than $40,000. 000 below last year's aggregate, while the former record number of failures the 23,842 of 1928—was fully 2,500 under the 1930 figure. - At $25.357, how- ever, the liabilities per default for 1930 were cxceeded in several preceding years, notably by the 30 of 1920. The failure report compiled by R. G. Dun & Co. is compared below, ¢o ering a period of 16 years: Year: Assets Liabilities, 1930 799,681 36 107,357,995 409,038,316 198,504,114 67,03 101,63 103464805 1131599.026 183/453,383 A further reflection of last year's higher business death rate appears in the percentage of insolvencies to firms and individuals engaged in commercial pursuits, The ratio rose sharply from 1.04 in 1929 to 1.21 in 1930, the latter percentage being unequaled back to 1915. In that ye the ratio was 1.32; has been above 1 per cent in each year since 1924. In the four years 1917-20, the figure was well under 1 per cent, with the low level reached in 1919, at 0.38 per cent. Supplementing the detailed record of commercial failures by States, a table has been compiled showing the per- centage changes by georgraphical sec- tions. These data reflect the countr: wide rise in the business mortality, al- | though in the Central West the numer- ical increase was trifiing. Both the South Atlantic and the Pacific Coast sections also mede relatively favorable comparisons, defaults in _these groups comparing fuite closely with those of 1929. Elsewhere, however, the number of insolvencies was appreciably larger in every instance, particularly in the Central East, the South Central division, the Middle Atlantic States and in the Western_section. Establishied 1598 MONEY TO LOAN At 5%4% and 6% Interest Before Placing or Rencwing Your Ist and 24 Trust Consult WELCH Realtor ESTABLISHED 1398 INVEST YOUR FUNDS IN First Deed of Trust Notes Bearing 63 Interest In Denominations of $250.00, Consult 5300.00 and $1,000.00 WELCH Reateor Loan Specialist Ave. N. National 4346 mgs & Trust Building On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. Maryllnd Personal Bankers, / INC. 8105 Georgia Ave., Silver \ Phones Shepherd \ Peoples Personal Bankers, pring, Md. 4-53. In the Shoreham Building You are assured not only accommodations that are exceptionally at- tractive in point of con- venience and facility, cheeriness and comfort —but this building is serviced with the utmost concern for efficiency. Every member of the corps of attaches is in- spired with the spirit of the management — to make this Building in its operation, what it is in plan and construction— the outstanding Office Building in the National Capital. rrangements can be made to fit desir- able space to your special needs, There is prestige to tenancy in the Shore- ham Building. MEKEEVER & GO$S%. Representative of the Owners SHOREHAM INVESTMENT COMPANY Rental Office, Room 520 15that H | National 5643 Special Dispatch to The Star, NEW YORK, January 13.—The re- marks of Charles E. Mitchell to the stockholders of the National City Bank today were read with much Interest for the analysis which Mr. Mitchell made of the causes of the depression and his views on the outlook. It was noted that he was not quite s0 concrete as either Paul M. Warburg or Albert W. Wiggin on the subject of future conditions and that his only comment on the securities market was contained in the following sentenc “A new state of mind also will be de- veoped, more sane and constructive than that which ruled th the boom period. This attitude is likely to be re- flected in the bond and security mar- kets even before the industrial recov- ery is perceptibly under way.” SILVER QUOTATIONS, NEW YORK, January 13 (#).—Bar sliver, 301 Money to Loan Secured by first deed of 1 on real estate. Prevailing_interest and . Joseph I. Weller 4 e Blds., 9th & F N.W. Home Apartment MORTGAGE LOAN 1321 Connecticut Ave. 1508 H STREET WASHINGTON, D. C. Complete A and Brokerage Service Copy of Our “Fortnightly Review” Furnished ow Request 1510 H Street New York Richmond holdings listed securities, New York Clile: Philadelphia Palm Beach Miami PROPERTY Apartment House Winkinigtom iosanies ashington | Savings Bank Of ‘Washi in the District of Colt o edloserer iu?u-: S Becember SErTo: Banking turnifure and fixtur ik Real estate’ owried oiher’ than g 10.345.74 29351763 Other assets . . Capital stock paid in. ! Surplus . . Undivided " profi Reserves for dividends, tingencies. etc. .. Due to banks, including cer- tifled and cashiers' checks outstanding Demand _depo: Time deposits,. con< 892,032.35 1 1,910:874 37 .$3.087,794.30 of Washington, ss: . F. BURTON, Cashier of the above- named bank, do_solemnly swear that the above statement is true to the best of my knowledse and bellet L o ) Subscrived and sworn_ to Petore e This 10th day of Jenuary. 1981, (Seal.) "BENGAMIN ROBINSON, Notary Public. Correct—Attest: WALTER K. HACHRACH, EZRA GOULD. E.'F. PICKFORD, Directors. 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 SYo% =) RanpaLL H. HAGNER & COMPANY CORRESPONDENT New York Life Insurance Company Decatur 3600 Mackubin, Goodrich & Co. Established 1899 BANKERS Members New York and Baltimore Stock Exchanges eAssociate Member New York Curb Exchange REDWOOD & SOUTH STS. BALTIMORE, MD. Investment G. M.-P. MURPBHY & CoO. Members New York Stock Exchange Connecticut at K WASHINGTON Telephone National 9600 Philadelphia Baltimore London F. B. KEECH & COMPANY Members of New York Stock Exchanre Other pHncipal stock e dity exchanges, This is a good time to analyze your investment , and our Statistical Department will be pleased to furnish 2 detailed report on any Orders handled promptly on all the principal stock and commodities exchanges, both domestic and foreign. H CORNER 17TH ST, N. W,, WASHINGTON NATIONAL 0245 Brookl; rookivn -y Frovidence Ormond Beach WINTER OFFICES Beach MANAGEMENT MANAGEMENT SO many questions of policy and expense are con- stantly arising in the conduct of an apartment house which affect its successful manage- ment that you’ll find it profit. ablc to place these propemu our hands—and be rid of the annoyances and the sponsibilities.