Evening Star Newspaper, January 20, 1931, Page 13

TUESDAY, JANUARY 20, 1931 FINANCIAL. FINANCIAL. THE EVENING STAR, WA-SHINGTON, D C, h AL FIRMS ElEBT DIRECTORS Amdrican Security and Mun- sdf’l‘rust Companies An- nounce Board Members. SBY EDWARD C. STONE. George A. G. Wood, president of the * Washington -Gas Light Co., and of the Georgtown Gas Light Co., was added to the Board of Directors of the American 4 Security & Trust Co, at the annual stockholders’ Charles A. Carry, who is engaged in the real cstate business, and whose father was a member of the board at _the time of his death, was also elected to the directorate. The complete board, elected today, is as follows: C. A. Aspinwall, Harry K. Bos George W. Brown, Charles A. Carry, Willilam M. Coates, William S. Corby, William W. Everett, William J. Flather, Jr.; M. G. Gibbs, James M. Green, Cary T. Grayson, Gilbert H. Grosvenor, J. P. Herrmann, James F. Hood, Joseph Lei- ter, G. Percy McGlue, Edward B. Mc- William Montgomery, Howard , Clarence F. Norment, Newbold Noyes, Howard S. Reeside, B. F. Saul, James F. Shea, Corcoran Thom, Ben- Jamin W. Thoron, John F. Wilkies and George A. G. Wood. Munsey Officers and Directors. Stockholders of the Munsey Trust Co. held their annual meeting this noon and elected the same Board of Directors; which organized at once. The directors include: W. W. Chiswell, Charles Denby, Wil- Ham T. Dewart, C. T. Dixon, Charles B. Hawley, J. H. Himes, G. T. Hodges, jr.; Willlam E. Horton, Harry M. Key- ser, Arthur G. Lambert, Wilton J. Lam- bert, C. H. Pope, C. D. Ratcliffe, Frnnz P Schneider, jr.; Alfred P. Thom, jr.; R. H. 'l‘lmfl‘lngwn, Fred A. Walker, T. C. Wiul& George A. G. Wood and R. H. n. '!'he board elected the following offi- cers for the coming year: William T. Dewart, president; Wilton J. Lambert, vice’ president and general counsel; C. H. Pope, vice president and treasurer; C. D. Ratcliffe, vice president and as- sistant treasurer; T. C. Willis, secretary # @nd assistant treasurer, and P. J. Mc- Mahon, assistant treasurer. New Mount Vernon Director. Stockholders of the Mount Vernon Savings Bank at their annual meeting today elected one new director, G. M. Bugniazet. Mr. Bugniazet was formerly & member of the same board. He is secretary and treasurcr of the Brother- hood of Electrical Workers and also and_treasurer of the Union Co-Operative Insurance Co. The com- plete board follows: & _ James H. Baden, G. M. Bugniaz:t, E. C. Davison, Charles P. Ford, Harry W. Hahn, Fred Hewitt, Robert T. Highfield, wnu-m H. Johnston, Dr. E. F. Koss, Frank W. Lee, William Muehleisen, H. Glenn Phelps, H. 8. Walcott, Arthur O. ‘Wharton, Claude H. Woodward and R. C. Zantzinger. National Savings Re-elects Board. At the annual meeting of the stock- holders of the National Savings & Trust Co. late yesterday the old board of di- rectors was re-elected as follows: James J. Becker, Woodbury Blair, William A. H. Church, Walter C. Clephane, H. Rozier Dulany, jr.; Franklin H. Ellis, H. Prescott Gatley, Willlam D. Hoover, Walter B. Howe, Reginald S. Huide- h)per Victor Kauffmann, Edmund D. . Rheem, Frank Stetson, William H. Walker, Willlam B. Willard and Harley P. Wilson. After the meeting of the stockholders the new board convened and electtd the following officers: Willlam D. Hoover, pretident; Woodbury Blair, first vice president; Frank Stetson, second vlce president and trust officer; Charles . Lamborn, treasurer; E, Percival Wil- wn secretafy; Frank R. Ullmer, as- * sistant treasurer; Bruce Baird, assistant trust officer; David Bornet, assistant trust officer; John W. Calvert, assistant treasurer; W. Hiles Pardoe, assistant treasurer; A.'J. Fant, assitsant secre- tary; John M. Boteler, assistant secre- tary, and Audley /. P. Savage, auditor. meeting held this noon. | Oulahan Joins Brokerage House. Richard O\Ihhlm son of Richard V. York Times, h: jo( eudt tgt ;Ihe l'lNew a8 join e Washing- ton staff of Fenner & Beane, }‘?ecw York Stock Exchange brokerage firm, John D. Mothershed, local manager, snnounced today. For the past four years Mr. Oulahan has been manager -of the Knoxville office of Bauer, Pogue, Pond & Vivian, former members of the New York exchange. He was born and reared in Washington and had his pre- ratory school work here. During the forld War he was retired as a cap- tain of Infantry owing to injuries re- celved in action. The young man re- turns to his former home here with wide training in the financial field. Declares New Era Has Begun. Norman E. Towson, economist of the ‘Washington Loan & Trust Co., declares that a new economic era started with the new year. He says: “The beginning of a new year be- comes important. The Bache Review points out that January 1 represents only a bookkeeping line, which might well be ruled on any other date. at is true. But New Year day rep- resents, also, a new set of statistics, new comparisons and a resuscitation of courage; a new lease on life and a y ‘new determination to make the imme- diate future brighter than the imme- diate past. “These are some of the reasons why 1931 represents the beginning of a new | economic era. It would, of course, be folly to set a period to the depression. The economist. would be brave indeed who would point to a date on which prosperity will magically return. Eco- nomic_cycles do not go according to the calendar in that way. Mr. Towson goes on to quote the ¢ ‘opinions of noted economists that early in the present year conditions will re- vert toward normal. He also notes that the depression has now passed through all its stages of falling com- modity prices, falling stock prices, fall- ing money rates, rising bonds and in- | creasing demand for credit. In con- clusion, he says, “it seems not unrea- sonable to believe that we have entered, or are about to enter, a new economic Today's Trading on Exchange. Capital Traction opéned at 41 today on the Washington Stock Exchange and sold off to 40%: during the session. The day's turnover was 66 shares Merchants Transfer & Storage com- mon sold at 100, Potomac Electric Power 55 per cent preferred at 109 and Mergenthaler at 882 The largest bond sale in_some time was an $11,000 transfer in Washington Rallway & Electric 4s at 87%. Busy Week at Institute. ‘Washington Chapter, American Insti- tute of Banking, is taking registrations this week, every afternoon, prepara-| tory to the opening of the second I semester next Monday. ‘The Membership Cvlnmltm meets wnkht at the chapter rooms at which Fred English will outline plans for a d.rlve to get new members for the second half year, ‘Tomorrow evening the Banquet Com- for the Washington's b | NEW YORK STOCK EXCHANGE Received by Private Wire Note—All stocks are sold in one hundred-share lots excepting those Mn-w by the letter s (80s) (250s), which shows those stocks were sold in odd lots. Individual sales compiled to noon—complete in 5:30 Edition. ~Prev.1930— Stock and Sales— High. Low. Dividend Rate. 424w 8 ADitibi Pow & Paper. 2 37% 14% Adams Exp (1.60)... 25 34% 24 Addressogr Co 1.40 1 % Ahumada Lead...... 4 87% Air Reduction (1415) 18 Airway ELAp (60c). 4 Ajax Rubber | Alaska Juneau m»c] 338 Alleg Corp. 44 Allog Cp $40 Wiv Allied Ch & Dye (n§) 21 Allis Cialmers (3). Alpha Port Cmt 1").. s Am Agr Am Bank Note ( pf(). Am Car & F Am Chain (3). Am Chain pf (7). Am Chicle (13) . Am Comel Aleohol . Am Am & For Power. Am & For Pw pf (6). Am Hawatian Am THome Pr (4.20) Am Ice (3) iy Am Internat Am Locomotive (2). Am Locomot pf (7) Am Meh & F Am Mach & Am Met & Min (1). Am Nat Gas pf (7).. Am Pow & Lt ($1). Am Pow & Lt pf (6). Am Rad & St San (1) 43 & S S pf (7).1008 Am Republics 1 Am Safety Am Ship & Com. Am § Am § Am Tel & Cable Am Tel & Tel (9). Am Tohacco (5) Am Tohacco B (5) ... Am Tobacco pf (6).. Am Type Fdy pf (7). 108 Am Water Wks (3) [ Am Woolen. Am Woolen pf Am Writ Paper ctfs, Anaconda Cop, (2% ) ‘Andes Copper (1) .. Archer-Dan-M (2 Armour of Del pf (7) Armour of I B Armour of 111 pf ( Asso Appl Ind (4) Asso T (2%4). Atch To & 8 Fe (10). Ateh T & S Fe pf (5 Atl Const Line (110, Atl Refining (12). Atlas Powder pf (6) . Atlas Stores (n1)... Auburn Auto (f4)... Aviation Corp of Del Baldwin Loco (1%). Balto & Ohio (7). Barker Bros (2).... Barker Bros pf (674) Barnsdall (A) (1) Beatrice Cream (4) Beech-Nut Pkg (3).. Bel N Ry pt pt + Bendix Aviation (1). Best & Co (2). Bethlehem Steel (6). Bethlehem St pf (7). Blaw-Knox (13). . Bohn Alum & Br 1% . Borden Co (k3)..... Borg, Warner (1 Boston & Maine (4 Briges Mf (11.6215). Briggs & Strat (2)... Frockway Mot Trk. . Bklyn-Man Tr (4) Bruns Ter & Ry § Bucyrus (1).. Bucyrus ev pf (2 Budd Wheel (1) Bullard Co Bulova Wi Burns Bros B. Burns Bros pf (7). Bur Add Mch (+114). Bush Terminal (2 Butterick Co. .. Byers (A M) Byers (A M) pf (T) 4 Calif Packing (4). Calumet & Arizona. . Calumet & Hecla. ... Campbell Wyant (2). 4 Canada Dry G A (3). Can Pacific (2%). Cannon Mills (1.60). Capital Admin A Case (J 1) (6 se (J 1) pf ( Caterpillar Trac (14) Cent Aguirre As1%. Cer de Pas Cop (2) .. Checker Cab (T50).. Ches & Ohio (235) ® i BT B TN I r T £ T SEPU VI VP » < S 24 » Seor SmanananZnahiemmn *hilds Co (2.40) Chile Copper (2) er Corp (1) Ice & F I (634) Stores... Colg-Palm P pf (6). Coliins & Aikman., Collins & Aik pf Colonial Beacon Colo Fuel & Iron Col Gas & Col Gas & EL pf A (6) Col Graphoph (a%) . Columbian Carb (16) 4 Comcl Credit (2).... 4 Comel Credit A (3).. 4 Comel Cred pf B (2 Comel In Tr (£1.60). 3 fomel I T cv pf (€6). 508 “omel Solvents (11). 4 *mwith & Sou (60c). 31 Jongress Clgars (4). *onsol Film (2). *onsol Film pf (2). » [ETTYS - IPEH T “ontainer A (1.20).. “ontainer B. ‘ontl Baking A. “ontl Baking B, “ontl Baking pf (8). “ontl Can (2%). “ontl Dia Fibre (1. “ontl Insur (2.40) ‘ontl Motors. ... “ontl Oil of Del. ‘ontl Shares (1). Corn Prod (133%). Corn Prod pt (A).... oy © S NEaNsAmoa=Se ?w.._ {ble Steel (5) . ible Steel pt (7). 70 Cuba R R pf (6) Cudahy Packing (4). Curtis Publish (17) . Curtis Publish pf (7) Curtiss Wright Corp. Curtiss Wr Corp A.. Cutler-Ham (3%).. Davison Chemical Deere & Co pf (1.4 Delaware & Hud (9)+ Del Lack & Wn (6). Denver & R G W pt, Diamond Match 8258 ). % Duluth 8 8 & A 80% Dupont de Nem (4) 123 . 4% D“P“N“Dl‘“. - .S-e-.ma_sn.-_u:m- Add 00. High. Prev. v ' Cloee Close. 91y 9% 18% 22 ) 9314 8 91 56% 26 31% 16% 86% 84 86U BIK 120% 120% 120% ‘140% - - Direct to The Star Office. ~Prev.1930~ Stock and Sales— figh. Low. _ Dividend Rate. Add 00, High. 2384 142} Fastman Kodak (18) 13 114% c Auto Lite (6). 9N 2% 103% 34% 8% aT% 31% el Pow & Lt (1 ec Pow & Lt pf e Stor Bat (5). Office Bldg (234)+ ans Auto Loading. change Buf (13%). irbanks Co pf shion Park Asso. . 1 Wat Sv A (2.40) isk Rubbe: Fisk Rubbe vort, Tex (). Gamewell Co (5 en Motors pf »utdoor Ady en Refractories (4) Gen Theater Equip. . Gillette Saf Raz (4). Gillette imbel Bros. . Gold Dust (21 Goodrich (B ¥ Goody Grah Grt North pf (5) Grt Nor Ore (2). Grt West Sug pf (7) 4 Grigsby Grunow Gult Mobile & North. Hahn Dept Stores. .. Hall (WF) Pr Co (2) Hanna pf Harb Walk Ref (2).. Hartman Corp (B). H Body Houdaille Hershey . . Household Fin pf (4) Housten Ofl........ Houston Ol (new).. Howe Sound (4) Hud & Man Ry (3.50) Hudson Motors (3).. Hupp Motors. .. Ilinois Central (7). . 1llinois Cen 1s In (4) Indian Motor Cyck Indian Refining. Tngersoll Rand (6) . Inspiration Copper. . Insuranshar Del 40c. Ins ctfs (Md) (60c). Interlak Int Bus Mach (n6).% % Int Carriers (25¢) 4 Int Cement (4) Int Combustion. .... Int Comb Eng pf.... Int Harvester (23%). Int Hydro El A (e2). Int Match pf (4) Int Merc Marine ic Int Paper & Pow C Int Pap & P pf (7) Int Printing Ink. Int Tel & Tel (2) Inter Dept Strs ( Investors Equity lowa Central Jewel Tea (15) Kans City Sou (5) Kelvinator Cor Kennecott Cop Kolster Radio. . Kolster It Kroger Groc&Bak(1) Leh Valley Coal. Lambert Co (8). Leh v (3% Lehman Corp (3). Lib Ow Ford Glass Liggett & My L k Myer B (15) Link Belt (2.40). Loew's Inc (3) Loft Inc. AlcKessoni& R McLellan Stores. .. Mack Trucks (4). Ma, Mad Sq Garden (80¢) Man Elev mod g (d5) rine Mid (1.20) Market St Ry pr Motor C; Mathieson Al May Dept Strs (n2). Maytag Copf (3). Met-Gold pf (1.89)... » Midland Stect (3. Minn Moline Pow . Minn Moline pf (61%) Minn & St Louis. b JO N o PSS~ T PTG O T e O I SO e Ry oy wl Missourt Pacific. Montgomery Ward. . Morrell & Co (4.40) s Mother Lode. ... Motor Wheel (i Munsingwear (3). Murray Corp. .. Myer (F E) & Br ( Cash Motors (4).... at Acme (80¢)..ues t Bella He: t Biscuit (2.80) t Cash Reg A (3). t Dairy ( t Dept § Nat Dist Prod (2) - ) ~Befoel vrernmonlia aa Copper (1).. ewton Steel North Amer pf (3).. North Am Ed pf (8). Northern Pacifie (5) 4 Ohio 011 Co (2). - Omnibus Corp. Oppenheim Col (3) Otis Elevator (2% Owens 111 Glass (3) Pacific Gas & El (2) s Pacific Lighting (3). lu Pathe Exchang: (Continued on Page 1§ 120% 1201; .sion and exchange of STOCKS IN ADVANG ON SHORT COVERING Statement of Steel Corpora- tion Head Is Factor in ‘Recovery. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, January 20—Still on light trading, the stock market today staged a recovery which took it back over all the ground lost in Monday's session. As far as could be seen the improvement was due almost entirely to short covering. At the op:ning there was little in the way of tangible evidence of change in the industrial outlook. Importance was attached to the statement of President Farrell of the United States Steel Cor- poration to the effect that in his opin- ion the low point of the depression had been passed 30 days ago, but of this there was no statistical confirmation. On the other hand, the announce- ment by the General Electric Co. of a crease during the fourth quarter of per cent in orders from the same oriod a year ago unfavorable, par- ticularly ‘when it was set alongside of a_decrease for the full year of only 23 per cent, showing that the falleg off in business had been accelerated in the last three months of the year. In addition Auburn_Auto reported for the quarter ending November, 1930, a net loss_after charges, against the profit of $3.80 a share in the same period of 1929. The market reaction to these items| was a slightly lower initial quotation for General Electric, only a small frac- tion above the extreme low, and then a recovery above the preceding close | which secmed to show that the news had been discounted for the present. Auburn Auto advanced briskly despite the poor showing in earning Another significant feature of the trading was the moderate strength in the railroad shares in the face of the certainty that the December reports will show further losses in both gross and net over December, 1929. During the first two hours New York Central ran up over 2 points and Chicago & Northwestern over a point. The market was plainly “fed up” on dismal proph- ecies and more inclined to rally than to react when the prophecies proved correct. CONSTRUCTION AIDS | WILL BE CONSIDERED Meeting of Committee Is Prelim- inary Step to Encourage U. S. Industry. By the Associated Press. The first step in bringing related | groups in the construction fleld to focus upon major problems confronting the entire industry was taken here last | week at the meeting of the Executive Committee of the national conference at the United States Chamber of Com- merce. The meeting was called jointly by Secretary of Commerce Lamont and Julius H. Barnes, chairman of the Ex- ecutive Committee. Secretary Lamont explained that the | purpose of the meeting was to organize the conference as a continuing agency | through which the construction indus- tries themselves might deal with their | intergroup problems. To that end, the organization will provide for representa- tlon of business and other groups whose activities lie in this general field. Four main purposes of the confer- ence were review of the outstanding common problems of business and other interests | identified with public and private con- structiort: selection of a limited number of problems of the above type which will lend themselves, step by step, to constructive intergroup action; devel- opment of the necessary factual studies of such problems, and agreement upon recommendations to be made to the co-operating_agencie: private, looking toward solution of such problems. Several months of informal discus- leaders in the oconstruction industries preceded this first meeting of the com- mittee. During this time plans were liad for the organization of the confer- ence, the scope of its activities and its method of operation. The membership of the committee includes men identified" with the major divisions of the construction field— general contractors and subcontractors, architects, engineers, producers and distributors of building materials, ce- ment, clay products, lumber, structural steel,” realtors, building and loan insti- tutions, investment, and mortgage bank- ers, insurance, utilities and railroads. PARIS BOURSE PRICES. PARIS, January 20 (#).—Trading was dull on the Bourse today Three per cent rentes, 86 francs 25 centimes. Five per cent loan, 102 francs 40 centimes. Exchange on London, 123 defined. These included a| both public and | ideas among | francs 89 centimes. The dollar was| quoted at 25 francs 52 centime: | STEEL OPERATIONS GAIN ] . NEW YORK, January 20 (#).—The number of blast furnaces active in the Chicago steel district has been increased to 13 with the blowing in of a furnace at the South Chicago works of the Illi- nois Steel Co., a United States Steel Corporation subsidiary. There are 36 furnaces in the district. United States Steel now has 9 of 27 in the district in operation, four each at Gary and South Chicago and one at Joliet, Il Inland Steel has two in operation, Wis- consin Steel Co. and Youngstown Sheet & Tube Co., one each. POTATO MARKE'—I'. CHICAGO, January 20 () (United States Department of Agriculture).— Potatoes, 87; on track, 233; total United States shipments, 612; steady: trading slow; sacked per hundredweight, Wis- consin Round Whites, 1.45a1.60; mostly 1.50a1.55; Minnesota Round Whites 1.35; Idaho Russets, No. 1, 1.80al.9! mostly 1.85a1.90; No. 2, 1.50a1.60. Moriey to Loan « Secured by first deed of trust on real estate. Prevailing interest and commissi Joseph . Weller nm:“.?)’c’hll Capital Wanted for Expansion Opportunity for Exceptional Income Company with headquarters ‘here, doing business elsewhere in a prime commodity, now carning over 35% on small capital, can materfally increase its earnings with larger capital. Low over- head; strong reserve; no indebt- edness. Share in control and management. Executive positions open. “Ground-floor” opportunity to get into a lifelong, profitable business. Address Box 112-J, Star Office Money on Hand to Loan on First Deed of Trust 6% Interest Reasonable Commission and Prompt_Replies to Applications JAMES F. SHEA 643 Louisiana Ave. N.W. On our liberal 20 monthly repayment plan. No indorsers required. A strictly dignified and confidential service. Z Maryland Personal Banken, ver Spring, Md. Fhones Shepnera voon 53' % 2277777 G % Shoreham Building OMBINED spacious rooms, flooded -with sun- light and fresh air, are features of finish and: factors in service which make the Shoreham Building different from any other —and there- fore outstanding in its popularity, You'll find your office requirements complete- ly met in the accommo- dations offered here— whether in single rooms or ‘extensive suites. with Inspection _at your conveniencé—apply at Superintendent’s office, There is prestige to tenancy in the Shore- ham Building. MEKEEVER £ GO$S$ % Representative of the Owners SHOREHAM INVESTMENT COMPANY Rental Office, Room 520 15th at H National 5643 Representative Wanted There is an opportunity with a large Life Insurance Company for one man to sell a new plan of Life Insurance. This plan has made it possible for our men to earn a substantial income in their first year. If you can furnish reference, have sales ability with a business background and are interested in your own future, reply stating age and other qualifica- tions. All replies will be treated strictly confiden-" tial, Address Box 324-J, Star Office B. KEECH & COMPANY Members of New York St 'k Exchange Other principal stock And commodity exchanses. —— This is a good time to analyze your investment holdings, and our Statistical Department will be pleased to furnish a detailed report on any listed securities. Orders handled promptly on all the principal stock and commodities exchanges, both domestic and foreign. i CORNER 17TH ST., N. W., WASHINGTON NATIONAL o5 First Mortgage Loans On lmpfoved Real Elht the District of Columbia and Nearby Maryland Virginia for 3, 5 or 10 year terms on your RANDALL H. HIAGNER & COMPANY MORTGAGE LOAN CORRESI'ONDENT New York Life Insurance Company 1321 Connecticut Ave. Rounding Out Another Year of Service N the 22nd inst., this in- » stitution will complete its sixty-fourth year. That's a worthy service record, and one that has rewarded us with the confidence of over 53,000 customers. Deposits invited in any amount —Same Rate of Interest Paid on accounts, large and small, NATIONAL SAVINGS & TRUST COMPANY The Oldest Savings Institution in the District of Columbis, 64th Yr. Corner 15th & New York Ave. G.M.-P. MURPHY & CO. New York WASHINGTON Philadelphia Baltimore Richmond London MEMBERS New York Stock Exchange Washington Stock Exchange Richmond Stock Exchange New York Produce Exchange New York Curb Exchange Copy of our “Fortnightly Review” on Request 1510 H Street Connecticut at K National 9600 PROPERTY MANAGEMENT Apartment House MANAGEMENT SUCH problems as securing desirable tenants; keeping things in good order; main. taining service; saving un- necessary expense through ex- perienced management—are features you will enjoy when you place your apartment house properties under our charge. B. F. SAUL CO. 925 15th St. N.W. Nat’l 2100 MORTGAGE LOANS Investors Syndicate Paid to its Certificate Hold $3,256,825.47 PROMPTLY AS AL\VAYS UPON MATURITY Resources of Investors Syndicate increased $6,603,777 to a new total: RESOURCES DEC. 31, 1930 $38,810,115.81 Capital, Surplus and Reserve Increased $1,189,836 to a Total of $5,206,492.92 The Resources of Investors Syndicate have increased every year for 37 years o\ SYNDICATE FOUNDED -1894 'Ml IMNG" M lonsigvabiondiap Ty