Evening Star Newspaper, January 14, 1931, Page 12

IN CURB DEALINGS Stronger Trend in Utilities Helps Other Sections of List. BY JOHN A. CRONE. Special Dispatch to The Star. NEW YORK, January 14.—Under the | leadership of power and light shares, { the Curb Exchange after early heavi- | ness today showed signs of rallying after midday. This movement of pub- | lic utilities, however, failed to bring| about a recovery in oil shares, whica | were affected from the start by price | reductions announced in Texas. In the utilities, Electric Bond & | Share, after opening lower, led the recovery. American Foreign Power, American Superpower and Middle West Utilities also improved. Cities Se as oft ‘a amall fraction during the first two hours. A slight gain in crude oil output for the week, but a further decrease in gasoline stocks, caused some selling of the oils at the opening. This situation was aggravated by the announcement | of price cuts in Texas. Humble Oil eased a point on the first sale that followed its announce- ment of lowered crude qustations. Guif Oil ‘of Pennsylvania declined as it posted a lower purchasing price for crude. Later Vacuum and Standard Oil of Indiana reacted. Standard Oil of Ohio on a few dealings showed a gain of a point. CHICAGO LIVE STOCK MARKET CHICAGO, January 14 () (United States Department of Agriculture).— Hogs, 36,000, including 7,000 direct moderately active; 10a15 lower; heavies off least; top, bulk, ' 130-210 pounds, 8.00a8.15; _220-310 pounds, 7.40a7.90; pigs, 7.85a8.25; few, 8.35; packing 'sows, 6.40a6.65; light light, good and choice, 140-160 pounds, 8.10a 8.25; light weight, 160-200 pounds, 8.00 28.25; medium weight, 200-250 pounds, 7.60a8.15; heavy weight, 250-350 pounds, 7.2027.70; packing sows, medium and good, 275-500 pounds, 6.25a6.75; slaugh- ter , good and choice, 100-130 pounds, 7.50a8. Cattle, 8,500; calves, 2,000; better grade fed steers and long yearlings, strong to 25 higher, mostly 10al5 up; others steady to strong: general trade moderately active; she stock ruling steady to strong; best yearling, 13.50; weighty steers, 12.25; medium uelgh(s 13.25; slaughter cattle and vealers, steers, good and choice, 600-900 pounds, 9.75a14.25; 900-1,100 pounds, 9.75a 14.25; 1,100-1,300 pounds, 9.75a14.25; 1,300-1,500 pounds, 9.75a14.00; commcn nnd medium, 600-1,300 pounds, 6.25a 9.7 He:lm good and choice, 550-850 pounds, 7.75a11.75; common and me- dium, 5.0028.00; cows, good and choice, 5.25a7.25; common and medium, 4.25a 5.50; low cutter and cutter, 3.00a4.25; bulls (yearlings excluded), good and choice (beef), 5.00a6.25; cutter to me- dium, %.00a5.65; vealers (milk-fed), good and choice, 9.00a11.50; medium, 7.50a9.00; cull and common, 5.00a7.50; stocker and feeder cattle, steers, good and choice, 500-1,050 pounds, 7.00a9.00; common and medium, 5.50a7.00. Sheep—Receipts, 10,000 head; steady to shade lower; decline on fat lambs; few early sales to packers, 8.00a8.25; top to city butchers, 8.60; fat ewes, mostly 3.50a4.00; lambs, 90 pounds down, good and choice, 7.8528.75; me- dium, 6.75a7.85; all weights, common, 5.5086.75; ewes, 90-150 pounds, medium to choice, 2.50a4.00; all weights, cull and common, 1.5023.00; feeding lambs, 9’(;-;'5 pounds, good and choice, 7.00a COTTON CONSUMPTION. By the Associated Press. Cotton consumed during December was reported by the Census Bureau to- | day to have totaled 406,207 bales of lint and 43,989 of linters, compared with 414,887 and 54,777 in November last r and 452,685 and 52,152 in Decem- Balesin DOMESTIC ousan: 9 Abbot Dairies 65 9 Alnbama 4125 6" 2 Aliminam Co' % - 2 Aluminum Lid 55 '48 98, G & E 55 '2 § Amer Soil a1t ss 1Amer Seat '3 2 Appalach Pow s 8 ADpalacew o 4 :nu 6 Arkans P & L Can 55 A '53 Bell Tel Can 53 C Cap A s 53 xw aterpiliar Tr 35 55 s 65 3 Firestone C M 55 6! 20 951 801 . statement in the remarks of Chairman | mp.‘: G&E 4725 E 3Pac G & E 5 20 P: o 7D 2 I~ 2 e 853 9007 | 102 3 (7R e Ot 55 A 81 86 88's FOREIGN BONDS. 13 Aur Mig Bank 7s 49 8 88, 18RIt Tndtst Guas®at ww—With warants. B Without werr, s Si-When issued. FINANCIAL. Note—All stocks are sold in one hundred-share lots pting designated by the letter s (80s) (250s), which shows those stocks were sold in odd lots. exce] —Prev. 1930.~ High. Tow. 3 11 33% 5 9% "y 3 15% 366 99% Stock and Dividend Rate. Agfa Ansco. .. . Alnsworth Mfg (1).. Alr Investors vte. Allegheny Ga Allied Aviation. Allled Milis (60 4 Aluminum Co of ATn 850. Alum Ltd cum pf 6). Alum Ltd A war. Am Capital (B) . AmCityP&L B b10 %/, Am Com P A (b10%) % 1% i 13% 28% 2813 Mo AR~ SR ann T s e 22 @ Am Founders Am Gas & Eln (i1).. 4 Am Invest Inc (B) Am Manufactur (4). 350 Am Maricabo Am Meter (3) Am Natural Gas. ... Am Superpowr (40¢) Am Supernwr 18t(6) 4 Am Ut & G B vte 20c. Anchor P F (b10%). Ark Nat Gas (A) Asso Gas & Elec. . Assoc SLA (a2). Assoc G & El war. 0 G & El ctfs (8). 53 12 50s A880G & E pf (5). Asso Rayon pf (6) Atlantic Fr & Sug. Atlas Util Corp. ..... Auto Vot M cv of pt.. Aviation Cor of Am.. Axton-F Tob A 3.20. Bahta Corp Blue Ridze - a ack (HC) (4)... &P 18t (5). Brazil Tr&Lt(h8%) BriATcouB1.17 8-10c Brit Am To 1.17 8-10. Burco Inc (war) Cable & Wire B rets. 2 Cable&W pf rets 19¢c. Canada Marcont.... Carib Syndica . 42 Cent Il Pub S pf(6). Cent Pub Sv Del < Cent Pub Svc A 81.75 Cent St El (k40c) . Chat Ph Aln.v. (1).. Cities Serv (g30¢c)... Cities Serv pf (6).... Colombia Syndicat: Colon Oil. ... Col Oil & Gas vte Com Edison (8). Com & Sou war. Com Wat Sv (b6%). Consol Copper. . Cons Gas Balt (3.60). Cons Gas Util B vtc. Consol Laundries(1) Consol Retail Stores Consol Royal (30¢). . Contl Share cv pf (6)225s Cont Shares pf B (6) 200s Cooper Bessemer (2) 1 Cord Corp. ..... 34 Corroon & Reyno! 1 Creole Petroleum. 8 Cresson Consol (4c). Crocker Wheeler. Curtiss Wright war. Cusi Mex Mining. ... Dayton Air & Eng.... Deere & Co (£1.20) De Forest Rad} Detrolt Afrcraf Dixie Gas & Ut Doehler Die Casting. Dubilier Cond & Rad Duke Pow (5 % Duquesne Gas Cp wi. Durant Motors. ...... Durh Duplex pr pf East Util Assoev. ... East Util Asso (2)... Eisler Electric Corp. Elec Bond & Sh (b6) . El Bond & Sh of (6). Elec Skareholdg (1). Emer BS An-v (2).. Empire Corporation. Emp P Ser A (21.80 Europ Elec deb rts. . 4 Fabrics Finishing... Federated Capital... Film Inspect Mach. . Foltis Fischer Corp Ford M Can A (1.20)., 4 Ford M Ltd (p37%). Fox Theater Cl (A). % ‘Jeneral Aviation, General Baking. Gen Baking pf (3) .. Gen Baking N Y wi.. i Gen E Ltd rt (p70c). Gen G&E cv pf B (6) Gen Laundry Mach. . Gen Th cv pf w.1.(3). Gen W W&E A (2) Gleaner C Harv new. Globe Underwriters. Golden Center. . Goldman Saeh TC .. Greenfield Tap & Die Groe Strs Prod v.tc.. Gulf Otl of Pa (1%). Hand P p pf(p25e). . Hollinger Gold (65¢) ' Hudson Bay M & S.. Humble Oil (+2%) .. Hygrade Food Prod. 1mp Of) of Can (60¢) Ind Ter 111u Ol (A).. Ind Fin ctfs (b10%). Intercontinent Pet ‘nt Petroleum (1) (tallan Superp war.. Kolster-Br (Am Sh). Lakey Foundry..... Leonardoil Lion Ol & L.one Star Gi Lou: " oo o= - N 2 B R RO R I NG HA DR DR AN - o B arpm R RnHAms RS aneSRnanBuen nl). na Lan & Ex. Sales— Add 00. Open. High. Low. Close. 9 [ 9 THE EVENING STAR, WASHINGTON, KET Stock and Dividend Rate. 4 Magdalena Synd. 1y Mavis Bottling, Memph N G Co (60c) Mer Ch &S (1.60). ... Met & Min Inc (1.20). Mid W St Ut (1%)... Mid West Ut (b3%). Mid Roy ev pf (2). .. Mo Kan P L (b10%). Mo Kan P L vte. Moh H P 2d pf (7 Mount Prod (1.60) Nat American Co. Nat Bond & Sh(75¢) . at Investors. . at Rubber Mac!] at ShTr SecA (50¢) etsner Bros pf (1). New Eng PSprin7.. New Eng Pow pf (8) New Jersey Zinc(t3) N Y Tel pf (6%).... Niag-Hud Pow (40¢) Niag-Hud Pow A w.. Niag-Hud Pow B w.. Niagara Sh, Md(40c) gErev. 1930~ Produ Prince & Whitely pf. ers Royal (1). Prudential Invest. .. Pub Sve. Nor 11(8)., Pub Ut Hold (50c). . Public Util Hold war Pub Ut Hold xw 50c.. Radlo Products (2) iilroad Sh (30¢) nbow Lum Pr aymond Con pf (3 Reiter-Foster. Relfance Int ( Reybarn Co. i Reynolds Inves! Richfield Oil. Cal pf.. Rossta Int Corp. Rubberold Co (4 Ryan Consolidated. . # StAnthony Gold. St Régls Paper (1).. Salt Creel-Prod (2).. Saxet Co..... Schletter & Zapde; Schlet & Zander pf Schulte Real Esta Schulte Un 5¢-31 8 Schulte 5¢c-$1 St pf. . 4 Sex Lock & H (50c).. Selec Ind (full pd). . Selected Indus pr pf. Shattuck Den Min. .. Shenandoah Corp. ... Shenan Corp pf (a3). Sherwin Will (+434). So Am Afr Lines 1st.. Southern Corp. ... SouthldRoyalty (60c) U S'Fintshing. . U S Foil Co B (50¢c) US Lines pf (1).... Utd Stores. .. Utd Verde Ext (2 Util P & Ltat1.02%. Utility Equities. . . Util Bquit pf (5%). Vacuum (4)........ Van Camp Packing.. 1 Venezuela Petrol . Vie Finan Cor (40 Va Pub Svpr (7). Received by Private Wire Direct to The Star Office Mn:o Ovsn Mien. Low. Closn. 3 10‘4 14% b 21% 19% 10\ 6%k iles-Bem-Pond (2) Noma E] Corp (80c) or Am Util Sec or Ind Pub S pf or St Pow A (8). Ohlo Ofl n cu pf(6).. Outboard Mot (B)... Pac G&E 1st pf (1%) Pac LIght pf (6).... Pac Western Ofl. ... Parke Davis (11 Penuroad Corp 5 Penn Wat & Pow (3) 4 Pie Bak of Am A (2). Pitney B P n (20c). . o 0 R T i B 8 O N30 G DRSS IO ISR 1O 1S Oh 50 B it 1 =T 00 e 38 ® ® & Stand Of) Ind (23%) % Stand Oil Ky (1%). 4 Stand Ofl Ohio u%) 200s Starrett Corp.... 5 Starrett Corp pf (3). Stein (A) & Co (1.60) Steln (A) Co pf 6. Stein Cosmetics. Strauss Roth. Stutz Motor Car n llivan Machine. 3 Swift Internat (3). Tampa Electric. Technicolor Inc Texon Oil&Land (1). Thatcher Sec Corp. . Timien Det A pf (7) 100, Todd Shipyard (4)... Tran Con Air Tran.. Trans Lux DL F 8. Tri-Cont Corp (war) Tri Utilities (31.20) Tubize Chatel (B) Twin St N G pt (A Union Oil Assoc (2). Unien Tobacco. . - Unit Chem pt pf (3). Utd Dry Dock: . Utd Found b2-35 sh. Utd Gas Corpn. Utd Gas (war). Utd Gas pf (1) Utd Lt & Pow A 2100 i 10 1 110 RO 20 1S RS VRS NS bbb e D 'fi 18 2 10 258 Walker (H) (1).. 5 West Afr Exp (60c). 12 Vil-Low Cafeterias. Wil-Low Cafeteria p1 Zonite Products 1), 13% Dividend annual payment. stock. ment dividend. 1% in stock. E Pub Srv N 111 rates in dollars based on *Ex _dividend. a Pavable in cash or stock. f Plus 3 Plus 2 2 2 1 3 .Feb. 2 20% last quarterly or semi- tPartly extra. iPlus 4% in b Payable in stock. e Adjust- g Plus 6% in stock. h Plus kPlus 10% in stock. m Plus % in stock. in stock. MITCHELL REPORT STRESSES LIQUID POSITION OF BANKS Cash Reserves Have Been Increased to! | declines he siates that these have been Highest Level Since 1907, but Earn- ings Have BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, January 14.—From a banking standpoint, the most important | Charles E. Mitchell to shareholders of | the National City Bank of New York | had to do with the liquid position of the institution during the past year. Mr. Mitchell indicated that the ag- regate of cash, Street call loans, bills igible for immediate rediscount and |bonds eligible for borrowing at the | Federal Reserve Bank had averaged over 67 per cent of net demand and thrift deposits of the bank. He fur- thy stated that in no single month during 1930 had this average at the head office and in domestic branches fallen below 623; per céht. This has been in line with the general banking practice of building up cash reserves during a period of business. and later of banking unsettlement, to the highest | level since 1907. Earnings Affected. It has been obvious that possession 1of such a high proportion of low-earn- | ing assets has affected the earnings of | all banks. Their directors have, how- ever, been primarily concerned with fis" | maintaining a high degree of liquidity. It is expected this practice will continue for some time to come. | The report of Mr. Mitchell indicates | that the sum of $20,000,000 was trans- ferred in 1930 from surplus to a reserve for contingencies. The comment on this policy was that it “was considered a wise precaution, in view of the world- wide economic ' disturbances.” 1t was % | further stated that in closing the books for the year “advantage had been taken of the existence of reserve to write down the value of assets to a peint from Declined. CHARLES MITCHELL. which substantial recoveries may be expected as more normal conditions re- assert themselves.” In dealing with general economic con- | ditions, Mr. Mitchell devotes consider- | able space in his remarks to a com- parison_between those obtaining today and in 1920-22. He finds satisfaction in the fact that, while the revulsions of the two periods were alike in some re- spects, we now have a stronger situ tion than a decade ago. He maintains that the business structure of the coun- try is on & Srmer footing than in n Pius 8% in stock 1920-21 or in any previous crisis. He also feels the same regaraing the busi- ness situation. He says “the Federal reserve banks are liquid whereas in 1920 they were loaned up practically to the imit.” Commodity Prices. On the subject of commodity price less than in the last previous depres- sion; also that inventory losses have been smaller and capital impairment in regular business less. He also feels that unemploymer?t, is no greater than in 1920-21 and that the business organiza- tion “is ready to function more promptly and with greater efficiency than after any other major crisis.” Mr. Mitchell is inclined to follow the line of reasoning presented last week by Paul M. Warburg in believing that one of the main causes I-r the depres- sion is that of overproduction. He says on this subject: “The Btate of conges- tion in commodities and unremunera- tive prices to producers is variously de- scribed as resulting from overproduc- tion or underconsumption, but is more accurately described as Gue to dispro- portionate or unbalanced production.” According to Mr. Mitchell, “The cur- tailment of expenditures of all kinds, on the part of consumers, distributors and producers, was very pronounced. The first effect of these economies was to intensify the depression, but the intent of each individual has been to strengthen his position, and if everybody accom- plishes this, the ultimate effect mus! be to strengthen the general situation. Business Volume. In conclusion Mr. Mitchell feels, judg- ing by past experience, the volume of business has fallen as low as it is likely to go and that replacements may be ex- pected at least to maintain the present levels, Mr. Mitchell did not discuss foreign conditions and made only a slight com- ment on the security markets. These, he thought, would reflect a mowe construc- tive frame of mind cn the part of the public even before industrial recovery is under way, (Copyright, 1931.) o U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of busi- ness January 12 was $219,512,786.33. Sere $10,183.836.15. Total ordinary ex- were $10, . .73, o ex= penditures, $16,035,830.69. * | siderably under United States prices and + [supporting orders on the breaks. " | seeded last Fall in this area. ™| United states probably will » | market. | sympathize with t. D A PITTRADERS SEEK | .| STRONGER MARKET Absence of Bullish News Has Acted as Bar to Higher Prices. BY FRANK 1. WELLER, Assoclated Press Farm Editor. ‘There seems to be little to encourage new buyers of wheat and the market still is seeking a fresh bull incentive. ‘The corn market will be influenced, it is believed here, by the attitude of coun- try holders and whether further de- clines attract commission house buy- ing. July wheat reached 67% last week, the best levels of the month so far, and Winnipeg prices have risen almost 9 cents from the season’s low. But world prices evidently are feeling the pres- sure of offerings from the Argentine. Liverpool July wheat again is con- March wheat is under July wheat here. ‘Therefore, sale of cash wheat from this country on the basis of domestic July prices for either wheat or flour is unthinkable and easily 10 to 15 cents out of line. Larger Shipments Expected. ‘The weather in the Argentine is clear and movement of wheat to the seaboard scon will be underway in volume with the resulting increased pressure to sell. Pressure of Canadian offerings and 'arge Australian shipments to the United Kingdom are aso depressing factors in tne English markets. Pros- pects of very small world shipments 1or the week and a furiher decrease in passage stocks seemed to be without market influence. Apparently any incentlve for active buying of wheat will have to come from foreign developments. The present dis- count of July wheat of 15 cents a bushel under May is the outstanding reason for the forced movement of do- mestic wheat. Still, there doesn't seem to be sufficlent demand to sustain the market. Some reports say there is a better tone among the majority of speculators and traders and that there is less pres- sure to sell domestic grains except on sharp bulges. The market runs 1n{o July wheat is sald to be viewed by most op- erators as a buy on the breaks, since there is too much uncertainty as to crop conditicns in the Winter wheat section. Winter Wheat. Winter wheat is largely without snow cover in the Ohio Valley and adjacent States, but the condition is fairly good, although it is beginning to show signs of deterioration in Illinois, due to con- tinued dryness. Wheat is very good to excellent in the Southwest. Conditions are mostly favorable in the Pacific Northwest. States which felt the full effect of the record-breaking drought in 1930 generally report that there is a lack of subsoil moisture, and the need of rain is becoming more insistent. Around 10,000,000 acres of Winter wheat were However, it is difficult to create a ; crop sczre at this time of year. It usually |is in May, before prices reaet to fore-| casts of crop damage. Besides, the have a carry-over of 300,000,000 bushels of wheat, and the 1931 crcp, theoretically. would have to be only about 350,000,000 bushels to take care of home consump- tion. Although elevators are well filied in North America, some believe _these stocks may be moved before Spring, since holders appear willing to sell whenever possible without affecting the Large quantities of Russlan wheat still 2re in store in Naples and Genoa, and the Russians are still shipping de- spite previous reports to the contrary. Stocks of wheat in England at the pres- ent_are quite large, due principally to the fair amounts of Russian wheat still remaining and which millers are able to get at 603; cents a bushel. Corn Prospects. The present dullness in the domestic wheat market is turning attention to corn. Traders seem to have confidence in higher prices for corn later and favor purchases on all breaks. Corn is con- sidered by all interests as the real live market with most professionals friendly to the buyinz side. Their opinions are based on light receipts and moderate country offerings, although holders in Tllinois are seiling on every good bulge, whicn necessitates increased absorption of futures by the pit element as well as by strong professionals. Generally, corn traders are inclined to wait and see what is the country’s reaction to higher price levels. If Te- ceipts do not increase soon, it is likely that many wili be encouraged to renew buying Corn has a great deal of | merit “since all other cereals naturally GRAIN MARKET CHICAGO, January 14 ().—Despite sharp downturns in" Liverpool quota- tions, wheat here advanced today to new high levels for the present move- ment. Scarcity of offerings was a brac- ing influence, togcther with reports that the main domestic Winter wheat belt had become bare of snow. Corn sagged, owing largely to announcement that thP number of cattle on feed in corn belt Stats was 10 per cent smaller than a year ago. Starting % cents off to % up, Chi- cago wheat afterward showed general and subscquently rallied. Helping to lift wheat in the face of Liverpool price setbacks were official reports that the Argentine government would use gold reserves immediately to support exchange rates. Breaks in the | Liverpool wheat market were ascribed to weakness of Argentine exchange and to predictions of consequent increased | pressure of Argentine wheat abroad. Reports from Indig told of continued drought. Nebraska was the only Corn Belt State where an increase of cattle on feed was rgported. Five corn States East of the® Mississippi showed a de- crease of 15 per cent. The belt, as a whole, reported the number of cattle on probably the smallest since 1916. Oats ! sympathized with corn. Provisions were responsive to down- turns in hog values. NEW YORK COTTON NEW YORK, January 14 (Special) — Initial cotton prices today were vir- tually unchanged, the market interpret- ing the Government report on cotton consumed about as expected. The Cen- sus_Bureau reported cotton consumed in the United States in December as cember and 452,685 in December, 1929. Consumption for the five-month period | ending December 31 was 2,012,244 bales, Sgains, 3,738, 185 in the same 1929 period. Opening cotton prices were: January, new, 9.95 off 1; March, 10.13, un- changed: May, 10.37, off 1; July, 10.57, off 1; October, 10.71, up 1; December, 10.87, unchanged. CHICAGO DAIRY MABKET CHICAGO, January 14 (#)—Butter, 3770 tubs; firmer; creamery extras (92 score), 27; standards (90 score carlots), 2 extra firsts (90-91 score), 26a 261,; firsts, (88-89 score), 24128251, seconds (86-87 score), 23a24. Eggs, 19,037 cases; easier; exira firsts, 24%a 25; fresh graded firsts, 2215a23%; or- frlnlr}'.nrm. 19-21; pefrigerator ex- as, 18, gains. Corn opened %a7y cents lower |{| ] feed was the smallest since 1921 and || 406,207 bales. against 414,887 in N|7<| WEDNESDAY, JANUARY 14. 1931. STOCK FINANCIAL AND BOND AVERAGES By the Associated Press, Prom Yesterday Two years ago. Three years ago. High, 1930-31. Low, 1930-3 Low, 1929 (Copyright, 1931, Sta D. C. BANK BOARDS ELECTED FOR YEAR Officers Also Named as Many Local Institutions Or- ganize for Year. __(Continued From Tenth Page) _ elected: James J. Becker, president; W. Spencer Armstrong, Edgar M. Mayme, vice presidents; Charles E. Marsh, secretary and treasurer; Edward S. McKnew, Harry J. Kane, jr., assistant secretaries; George W. Brown, Wil- liam J. Flather, George E. Fleming, Wiliam D. Hoover, Harry L. Rust, Charles C. Glover, jr.; J. Leo Kolb, Christian Heurich, Leon Tobriner, Wil- liam C. Miller, Morton J. Luchs, Cor- coran Thom is a new director. Prudential Building Officers. Prudential Building Association of- ficers and directors re-elected are Lu- ther C. Steward, president; Frank A. Birgfeld, vice president; E. J. Carl- son, secretary-treasurer; John B. Col- poys, Hugh Reid, T. Howard Duckett, Curtis. Walker, Harvey L. Cobb, direc- rs. Home Building Association. The Home Building Association elect- ed these officers and directors: Fred L. Vogt, president; R. L. Quigley, C. Ed ward Beckett, vice presidents; James Morris Woodward, secretary; William K. Reeve, treasurer. Directors: Alfred B. Baker, Charles G. Flemming, Luther W. Linkins, A. Lynn McDowell, Dr. George B. Roth, Parker H. Sweet, 3d. Otto Hermann- was named assistant secretary, a newly created office. The annual report showed a gain o( 14 per cent in assets during the pasf year. at 5 per cent per annum compounded monthly. American Stores Sales Up. ‘The American Stores Co., which op- erates many stores in this city, did al- | most as good business in 1930 as in 1929, according to the figures just made | public. over December, 1929. The company reports sales for the month of December, 1930, of $13.287,- 826, as compared with $13,137,730 for the corresponding month in 1929, an increase of $150,095, or 1.14 per cent. Sales for'the year 1930 were $142,- 770476, as compared with sales of $143,346.156 in 1929, a decrease of $575.680, or 0.40 per cent. Transfer Firm Votes Dividend. Directors of the Jacobs Transfer Co. have declared a dividend of $5 a share on the outstanding capital stock. The officers are Willlam E. Humphreys, president; James L. Evans, vice presi- dent; Lindell W. Mason, secretary-| T treasurer, who, with John D. Howard, president of the Sevnth Street Savings Bank, and C. A. Gunther of Baltimore, make up the board of directors. Traction Maintains Strength. Capital Traction stock maintained its recent strength on the Washington Stock Exchange today. The stock opened at 43, climbed to 43 and | closed at 431, the day’s sales 85 shares. Potomac Power 51, per cent preferred advanced to 109’4, Washington Railway & Electric came out at 983, Merchants’ The board fixed the interest ruu 7 December showed an increase D 5:30 Edition. ndard Statistics Co.) REALTY LEADER SEES BETTER TIMES IN U. S. By the Associated Press. ATLANTA, Ga., January 14.—Leonard P. Reame of Detroit, president of the National Association of Real Estate Boards, said here: “This Nation-wide depression is over and prosperity has started its march homeward.” Mr. Reame spent several hours in Atlanta while en route to St. Peters- burg, Fla.,, for the Midwinter conven- tion of the national real estate body. “The depression which has reLarded business for a year or so is over, In my opinion,” he sald. “That applies, not only to the real estate market, but to business generally. R. J. REYNOLDS CO. WINSTON SALEM, N. C., January | 14 (#)—The annual statement of R. J. | Reynolds Tobacco Co. reports earnings of $34,256,664, a new high record, as compared with $32,210,521 for the previous year. This is equal to $3.42 per share for 1930, against $3.22 per share in 1929. The ratio of current assets to current liabilities, the statement says, are more than 12 to 1, with no bank debt, no outstanding bonds or preferred stock and with only the nominal sum of $1 assigned to its brands, trade marks and good will, Automobile Orders Gain. NEW YORK, January 14 (#).—N. E. McDarby, director of sales of Auburn Automobile Co., sald orders from dis- tributors and dealers for Auburn models received during the New York Automo- bile Show totaled 5,200, against 2,390 in the like period last year., Production has been increased, he said, and by January 27 the Connorsville plant will be pro- ducing around 300 new Auburn models daily. He added that the Cord plant at Auburn will be at capacity productidn by February 1. INVESTMENT TRUSTS NEW YORK, January 14 (#).—Over- ihe-counter market: & Gen Secur. & Gen Secur Founders 6% pf Founders 7% bl Founders conv i cifs. Assoc d Oil Shi Bid. Asked. Bl - i | At | Bast | | r_Corp i St Collat Trusteed Shiares. State Street Invest Cori 2 Trusiee Stand Invest Sh: Trustee Stand Iovest Shares D Ultcd O Truss Snares . ‘Others unchanged. NEW YORK BANK STOCKS the-counter market: America hase Transfer & Storage common sold at |gjey 103, and Peoples Drug Stores preferred | at 981,. Mergenthaler opened at 87% | and closed at 88. Bonds were in particularly good de mand, sales being the largest in several months and prices around recent lev: els. Georgetown and Washington gas issues, Potomac Electric Power and Waeshington Railway & Electric bonds led the day’s transfers, Fernando Cuniberti, who has just been re-elected president of the Inter- national Exchange Bank, gave a dinner to his officers and directors at his Georgetown home Monday evening. ankers roadway Piaza. Lent Hanover Chelsea_Bk & Chem Bk & Tr Corn Exchange County . Guaranty Irving Manufacturers New York. United States Westchester Title NEW YORK, January 14 (#).—Over- | UNWIELDY SURPLUS, 1S DRAG ON TRADE Business World Co-operating in Effort to Cut Down Oversupplies. Evidence that the business world is co-operating through international agreements to deal with the unwieldy surplus now existing in some important commodities is cited in & report made public here by the American section offin!nmnw Chamber of Com- 'rhe report, prepared by H. C. Mac- Lean, American representative at the Paris headquarters of the interna- tional chamber, enumerates a number of international co-operative efforts that have recently been entered into for the purpose of removing unpuc- edented excess stocks from the path of trade recovery. These include agree- ments among the world cane and beet sugar producers in Amsterdam, Brus- sels and Paris; London negotiations among the coal export competitors of Gr!l'. Britain, Germany and Poland: Paris agreements of European steel producers, and a score of other inter- national meetings of large and small industries, varying from Arctic whaling companies to South African diamond producers, Sales Promotion Effort. International action, Mr. MacLean reports, is even being extended to sales promotion effort and the opening up of new markets for particular products. “In some of the hardest hit, as well as In some of the. most prosperous industries,” he points out, “construetive sales campaigns are bringing new mar- kets to coffee, rubber, non-ferrous metals, steel, chemicals, paper pulp, ce- ment, cotton and many other product.< Even the apparently bilities of diamond market hln been explored and new sales memodx discovered for the alluvial Namagqualand. “One of the most striking aspects of the present trade situation is that com- mon problems have brought together business interests which were formerly effectually separated by political fron- tiers. In the Balkans, former enemy states are cordially co-operating in common marketing plans which may in the present yzar be applied to tobacco, grains and other Balkan products here- tofore £old on a competitive basis. Uni- {orm ading standards for certain Bal- arm products and co-operative method.s of financing, which urgently require farm credits, are also the sub- ject of inter-Balkan discussion. “German and Polish coal producers have at last agreed upon the division of Central European coal markets. Poland and Soviet Russia, political contrasts, have agreed upon credit terms for monthly shipments of 25,000 tons of Polish Silesian steel to Russia, which brings relief to this hard-pressed Polish industry. “One dominant conclusion,” he “emierges clearly from any -survey of greum conditions. Business must find ow to distribute more widely and effi- clently the rapidly increasing volume of wealth produced. It must discover new methods of enjoying the benefits of present veritable revolutions in produc- tion costs of old industries and in the rapid growth of new ones, without the present menace of disastrous conse- quencss. . tional Problems. “Current world underconsumption and unprecedented stock of commodities everywhere, the catastrophic unemploy- ment of millions of men, and the de- predatwn of bllllonl of dolhn ol up‘- tal invested in enterprises are tional problems, susceptible of wluuon which are engaging the earnest att:n. tion of leading business men of the world. At the first general interna- tlonal economic conference, to be h:&l an endeavor will be mM!e wm structive contributions toward the solu- tion of these problems.” and &l.duy to Baltimore :«; and including February Good returning on 1 This veteran bank, the largest customers, dispatch and fidelity. OPEN UNTIL 5:30 P.M. THURSDAY, JANUARY 15th A A SN A Loyalty of Depositors HE Metropolitan continuously ever signifies much for the keep customers loyal has been doing business since 1814, a fact that service and security which a lifetime. while having facilities for is none the legs ready to serve Payday and other small depositors, with One dollar or more is all that’s needed to become a SAVINGS DEPT. patron National Metropolitan Banlk apital, Surplus & Undivided Profits Over $2,300,000.00 15th Street, Opposite U. S. Treasury OLDEST National Bank in the Disi \ olumbia