Evening Star Newspaper, March 27, 1931, Page 13

|/ BANK DEPOST AN TOTALS HUGE SUM Washington Institutions Re- veal Heavy Increases in “Last Few Months, BY EDWARD C. STONE. Substantial increases in bank deposits in Washington banks since December 31 are shown following the call issued to- day by Controller John W. Pole asking for the condi‘ion of all local banks on March 25, 1931, ‘The first call of the present year re- veals unexpectedly large aggregate gains among the local institutions during the first quarter. It had been expected that be aepm'wd, but not in could be reached before press time, showed that 21 of the 25 had larger deposits on March 25 than on Decem- ber 31, 1930. And the others reported only moderate declines in deposits, partly due to/the withdrawal of some svethlh accounts for one reason or an- other. Riggs National reported the largest gain, On December 31 this bank re- ported deposits of over $53,000,000. On March 25 deposits had increased to more than $59,000,000, & gain of almost $5,500,000. Several others banks, in praportlox; ns of the banks in the city, which will soon be available, will probably show the largest total deposits on record. \ Reasons for High Deposits. One reason for the substantial gains is that people are investing but compar- atively little money right now, leaving be available when speculators got out of the stock market e carporstions dre_also leavin a are a g their money in the banks instead Tg{ e get from the funds are naturally left mgdewtnmu ashington bankers do not believe that much s-idier bonus money has been withdraw: from the and placed in'~he banks. sider the above reasons, ity mau-dm Capital Traction registered dividend on a very small sale on the ‘Washington Stock Exchange today. t quoted ex dividend, as have Fed- eral-American Co. common and prefer- red stocks. B. &%0. Earnings Show Slump. Net of the Baltimore & Ohio m!m February were re- ported today showing a net railway op- eraung income of $801815 against $1,097,241 in February, 1930, a de- crease of $1,187,395. ‘The reports for the first two months % were also summarized, showing net rallway operating income for January and Pebruary of $1830,957, against $4,040,463, a decline of $2,209,506. Yesterday's reduction in the B. & O. dividend indicated that today's earn- ings report would reveal a falling off in earnings. STOCKS ARé.APPRAISED CLOSELY BY INVESTORS Special Dispatch to The Star. NEW YORK, March 27.—The query in the minds of many investors is whether prices of stocks have made suf- ficlent adjustment to the change in the dividend status of these stocks. The answer depends a good deal on whether the indications point to an upturn in business which will permit the companies that have reduced their dividends to make a larger return to their share- holders at some time within the next year. If such evidence is not forth- coming, it is illogical to believe that stoeks whose rates have been cut from $1 to $2 a share should hold above the prices at which they sold when they were paying the higher dividends. It is to be borne in mind also that dividend Increases come slowly and - that once a rate has been lowered be- cause of poor earnings it is frequently t1wo to three years before directors are willing to re-establish their stocks on the former dividend basis. ity s s Fail NEW SECURITIES NEW YORK, March 27 (#)—New securities offered today include: City of Los Angeles, Calif., $13.486.- 000 4 per cent, 4% cent and 4% per cent bonds, due 1932 to 1971, priced to yield 2.50 to 4.10 per cent, by a group headed by Harris, Forbes & Co. S .CONFERENCE ON COPPER. By the Mnfl:.l:‘d nm& Representatives copper _minin, l"l.\l meet in informal eon! ference with members of the A ELie uss b the commission of the 182% 124% 42% 18% 23 29% 62% % 28% 29% 208% 178% Atech To & 8 Fe (10). 107% 102% Atch T &S Fe pf (5). 103% Atl Coast Line (110). 120 39 28% 54 13% 2% 104% 80% 25% 46% T0% FINANCIAL. Dividend Rate. Abitibl Pow & Paper. Abitibi P& P pf (6) .. Adams Exp (1.60 Adams Millls (2) Adv Rumley (new) 4 Alr Reduaetion (t4%) 71 Air Way Elec Appl. . ”: Alaska Juneau (40 Albany Wrap Paper. Alleg Corp. . Alleg Cp 3§31 5%. 147% Allled Ch & Dye (né) 122 Allled Ch & D pf (7). 32% Allis Chalmers (3).. 15 Alpha Port Cemt (1). 17% Amerada Corp (3)... 21% Am Ag Ch of Conn pf §4% Am Bank Note (13).. 214 Am Beet Sugar...... Am Brown Bov Elec. Am Can (15). Am Chain (3).. Am Chain pf (7)..... Am Chicle (13) . Am Colortype (1.40). Am Comel Aleohol, Am Encaustio (1). Am European Secur. Am & For Power.... Am & For Pw pf (6). Am & For Pw pf (7). Am & For Pow 2d»f. Am Hide & Leather. . Am Hide & Leath pf. Am Home Pr (4.20) Am International. Am Mach & Metals Am Metal Ce . 2 Am Nat Gas pt (7)..170s Am Pow & Lt (31 2 AmPow & Ltpf (6). 2 Am Rad & St San (1) 34 1 Am Safety Razor Am Sm & Ref (4).... Am Sm & Ref pf (7). Am Solv & Chem. 0 50 154% 152% 123 128 X 6% 35% 16% 15% 20 19% 24 24 58% 68 4% 4K 9% 9% 127% 124% 150% 150% 33 33 38 37 82% 82% 46% 46 19% 8% 13% 31% 43% 2 8% 8% 195% 193% Am Water Wks (3) Am Wat Wks cfs (3. Am Woolen.... Am Zinc & Lead pf. Anaconda Cop (1%) Anaconda W& C (1). Andes Copper Archer-Dan-M Archer-Dan pf (7 Armour of Del pf (7) Armour of 111 A, - Armour of Ill B. 3% Arnold Constable.. 19% Asso Apparel (32). 22 AssoDry G (2%) IR A0 T R 81 Atl Gulf & West Ind. 18 Atlantic Refining (1) 4“ 8% 3 261% 101% 110 % 3 Aviation Corp of Del 10 20% Baldwin Loco (1%). 26 88% Baldwin Loco pf (7).110s Balto & Ohio (5). 6 Bang & Aroos (3%4) Barnet Leather. .... Barnsdall (A) (1)... 4. 2% Belding-Hemingway Bel N Ry pt pf 15.51.. 78 16% Bendix Aviation (1). 2 32% Best & Co (2 .. 3 45% Bethlehem Steel (6). 153 3 128% I;:u Bethlehem St pf (7). 4 170 50% 17% 10% 324 45% 109% 100% Col Gas & El pf A (8) 16% 111% 234 35% 24% 34 0 21% 12 100% 109% 104% 101% Con Gasof NY of () 16% 1% 4% 12 142% Cocoa-Cola (1734). Blaw-Knox (1%). Bohn Alum & Br 1% Bon Ami (A) (4). TS Briggs Mfg (11%)... 42 Briggs & Strat (2). % Brockway Mot Trk. Brockway Mot pf. . Bklyn-Man Tt (4)... 85% Bklyn Man Tr pf (6). Bklyn Union Gas (5) 1k-Col (1%). Burroughs A M t1%. 1 23% Bush Terminal (23%) 42% Calif Packing (4) % Callahan Zinc & Ld 36% Calumet & Arizona. 26% Caterpillar Trac (t4) 10 5% Celotex Co. s 414 Celotex vtc ctfs. 22Y% Celotex Co pf 19% Cent Aguirre As 22% Cer de Pas Cop (2). 2% Certain-téed Prod 12 Checker Cab Mfg. 39% Ches & Ohlo (2%). 40 Chesapeake Corp (3 6% Chi Great Western. 19% Chi Great Wi 5% Chi M1l St P & Pac 9% Chi Mil St P& P p 33 Chi & Northwest (4. 9% Chi Pneu Tool..... 47% Chi R 1 & Pact! 5 84 ChiRI&Ppt(6) 94 Chi R1& Pacpf ( 10% Chickacha Cotton Of) 25%; Childs Co (2) 26 Chile Copper (2). 15% Chrysler Corp (1). 35% City Ice&Fuel (3.60) 77% City lce & F pf (6% ) 1004 2% City Stor UeHARAANABROR®D » S © cxadelurvnonsansa 47 Colgate-Pal-P (2%). 9 Collins & Afkm: 9 Colonial Beacon. 21% Colo Fuel & Iron (1). 33% Col Gas & El (2). 7% Col Graphoph (a% ). 731% Columbian Carb (16) 18% Comel Credit (2). 34 Comel Credit A (3) 21% Comel Cred of B (2). 25 Comm Inv Trust (2). 82 Comcl I T cv pf (e6). 16% Comm Solvents (1) 3 Cmwith & Sou (80c) . 91% Cmwith & Sou pf (6) 32 Conde Nast Pub (2). 6% Congoleum-Nairn. 254 Consol Cigars (5) 6414 Consol Cigar pt (1) 54 Consol Cig pr pf 6%. 9% Consolidated Fiim . 16% Consol Film pf (2) 824 Consol Gas N Y (4) s B - & LT 16 Consol Laundries (1) % Consol Textile. 5 Container Corp (A).. 1% Container B. 17% Conti Baking A RTINS Py °5N~fln'~— S4 Contl OIl of 117 116 119% 118% 108% 108% 70% 69% 68 9 4% 3 14% 117% 112% 46% d4% 18 12% 1% 10% 2% 32 % 161% 160% 48% 47% 15 14% 102% 102% 15 15 PL LY b 2% 19% 2% 7% 59% 14% ban-Am ugar. . % Cuban Dom llln:‘-). 7 . 2 8% 41 Cudahy Packing 113% Curtis Publish pf (7) 1 Cui Corp. 1 Cutler Hammer. Davison Chemical. Deere & Co (1.40. Drlaware & Hud (9). Del Lacka & Wn (4). Denver & RG W pt.. Diamond Match..... Diamond Mtch pf 1% Du P de N deb pf ( Eastman Kodak (18) Eaton Axle (1.60)..., Eitington-Sehild.... Elec Auto Lite (6).. Elec BoAt........c0n Elec Pwr & Lt (1)... Elec Pow & Lt pf (6), Elec Stor Bat (5).... Eng Pub Sv (2.40) Evans Auto Products Exchange Buf (13%). 30s Fairbanks Co pt. Fairbnks Morse Fashion Park As pf.. Fed Min & Smelt.... Fed Wat Sv A (2.40). Fid Ph Fire In (2.60) Fifth A Fire Firest T& R pt (6).. Fisk Rubl Fisk Rubber 1st pf. Florsheim Sh A (3).. Foster Wheeler (2).. Foundation Co. . Fourth Nat Invest..: 8 FoxFilmA (4)...... 76 281 Freeport-Texas (3).. 19 65 Fuller Co 2d pf 16.77. 208 50% Gamewell Co (5) 57% Gen Am Tank Car(4) 24% Gen Asphalt (3). % Gen Broni Gen Cable A. 41% Prr 11% Gen Elec spec (60¢) . 47% Gen Food Corp (3).. 42 4% Gen G & El A (e30c). 14 64 GenG&Elcvpf(s). 4 GenG&EIpf A (T).; 308 Gen Mills (3). Gep Out Adv A (4) Gen Pub Sv b6% stk. 1 4 2 . 9 8 Guif States Steel. 2 Hahn Dept Stores... 76 Hahn Dpt St pf (6%) 3 Hall (WF) PrCo(3) 1 Harb Walk Ref (2) 2 Hartman Corp (B) 3 5 4 s Hercules Pow pf (7). 30, Howe Bound (3)..... Hudson & Man (3%). Hudson Motor (1)... Hupp Motors. . 3% Indian Refining. Indust Rayon (4 Ingersoll Rand ( 9% Inland Steel (4). Inspiration Copper Int Bus Mach (n6).. Int Carriers (37%c). 780 Int Cement (4) . 18 Int Combustion. 3 Int Comb Eng pf.... Int Harvester (2%).. Int Hydro EL A (e2). Int Match pf (4)..... Int Merc Marine (2). Int Nickel (§0c). Int Paper & Pow A. Int Paper & Pow B Int Silver pf (1)... Int Tel & Tel (2).. Investors Equity.... Jewel Tea (4). Jordan Motor Car. Kayser Jullus (2% Kelly-8pring Tir Kelly-Spr T Kinney (G R) pt Kolster Radio. Kolster Radlo etfs Kresge (S8) Co 1.60. Kreuger & T (21.60). Kroger Groc&Bak(1) Lambert Co (8). Rubber & T1 Valley (23%) » Loew's Inc (3)...... 0 pLxw (6%).. LOTEEN0. ..o oovonvee Loose-Wiles (12.80). Loose-Wiles 1st (7). %3 mErarSeormBennasnmna Louis & Nash (7). Ludlum Steel... McCrory Stores A(2) Mcintyre Pore M (1) Mack Trucks (3) Macy (R H)&Co(n3).. Mandel Brothers. ... Man Elev mod g (46) Manhat Shirt (1).... Marine Mid (1.20)... Market St Ry prpf. ., Marlin-Rockwell (2) Marmon Motor Car. . Mathieson Alkall (2) May Dept Strs (2%). Maytag Co.. Maytag Co pf (3). o (P I S O A T TSP 4% Minn Moline Pow... 18% Mo Kan & Texas....; 70 Mo Kan & Tex pt (1) Missour! %) 15% Montgomery Ward.. 207 (Continued on Page 14.), - wanomnaB=See THE EVENING STAR, WASHINGTON, D. O, % ATH 116% 4% 7 111 29% 19 r ] rates were either cut or passed entirely, 9% | nearly three tions. In ISTOCKS IRREGULA IN SAGGING TREND Adverse Dividend Actions Re- sult in Selling—Special- ties Supported. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, in special stocks affected by adverse dividend action, a sagging tendency in the general list and support, sometimes effective and sometimes not, for pool- m: issues, went to make up to- day's stock market. The two stocks under greatest pres- sure in the early trading were Ana- conda Copper and National Cash Register. The cut in the Anaconda dividend had been known at noon FRIDAY, MARCH 27, 1931 BROKER LOANS DROP $6,000,000 IN WEEK Total on March 25 Reported at $1,908,000,000—Demand Loans Gain. Special Dispateh to The Star. NEW YORK, March 27.—The weekly statement of the Federal Reserve on brokers' loans showed & decrease of $5,000,000 during the week ended March 25, to a total of $1,908,000,000. This compares with a total of $1,913,000,000 March 37.—Weakness | for the totaled ‘with $294,000,000, e account of others Thursday, but the market evidently still { tim had considerable liquidation to meet. Anaconda lost another point and at midday was down over 10 points from the high of the year and only a little more than 3 points above its extreme low. ‘Weak Spots. News of the omission of the dividend on the National Cash Register class A stock came out overnight. The stock was offered in large volume at the opening and broke almost four points. Other stocks sensitive to selling in- cluded United Fruit and Goodyear Tire & Rubber. There was no rally in the ofls. On the contrary, Standard of New Jersey, Standard of New York, and Texas Cor- poration, three of the leading units in the industry, went to new lows for 1931, ‘The losses were only fractional, but they made a bad impression. High priced industrials ylelded easily, in- cluding Allied Chemical and Eastman Kodak. It had been widely advertised that the shorts in the latter were to be “squepzed.” but if so the operation was postponed. Other Changes. Influenced by the trend elsewhere, United States Steel, General Electric, General Motors and American Can were off more or less, although the last named came back rather emphatically. The only resistance was in thaf small group of stocks whose fortunes were in the hands of a determined band of speculators for the rise. Auburn Auto jumped around, but not as energetically as in previous sessions. It managed, however, to hold above the preceding close. Shorts in J. I Case were not allowed much leeway and the same was true of Vanadium. The feature in the railway list was the weakness in Delaware & Hudson, which broke 3 to 4 points on light offer- ings. 'This may have been a reflection of uneasiness aroused by the cut in the Lackawanna dividend. Delaware & Hudson has been making & better show in earnings than the other anthra- cite carriers. The utllities were heavy but not weak. They have the speculative muawinun the long side and they have the t earnings - ground. Trading opinfon was that if any group could rally the list, it would be the electric light and power stocks. Early Market Irregular. Weakness in stocks whose dividend support for the pool-managed - ties and a sagging tendency elsewhere in the list made up early trading. The feature was the heavy selling of Anaconda, which opened on 6,000 shares at 337, a new low on the move- ment, and which subsequently added to its loss. National Cash Register slumped ints on heavy transag- tion to these moves, motz or less pressure was exerted againsi ar Rubber and United Fruit, while in the high-priced list Allled 1 and Eastman Kodak registered good-sized losses. American Telephone, United States Steel and American Can were slightly lower, but Auburn Auto, McKeesport Tin Plate, Vanadium and Worthington Pump were either unchanged or higher. In the rails the only important incident was the new low for Delaware & Hud- son. Trading in the carrier stocks was in small volume. —_— Nearly 70,000 people are employed in the motion picture industry in Britain. REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Applies lass vited on farly located busin ¥or ’8."8 or 10 years. if w0 desir 1520 K St. N.W. National 0475 Members of This Association Share in Its Profits . ) showed a sum in cess of Pive Million Dolla: in active 5. we placed to_the credit of our members Two Hundred Forty- four Thousand Dollars as their share of the profits for the year.. This Assoct many distinct ads its members. Open Daily 9 to § Saturdays Until Noon National 1381 BUILDING ASSOCIATION 949 NINTH ST, NW. un I TREASURY, DER SUPERVISION OF U.S! Public Service éarpon ion of New Jersey Dividend No. 95 on Com- mon Stoc! Dividend No. 49 on 8% Cumulative Preferred Stock Dividend No. 33 on 7% Cumulative Preferred Stock Dividend No. 11 on $5.00 Cumulative Preferred Stock The Board of Directors of Publie Service Corporation of New Jersey has declared dividends at the rate of 8% er annum on the §% Cumulative erred Stock, being $2.00 per share; a the rate of 1% per annum on the 1% Cumulative Preferred Stock, being $1.76 ; at the rate of $5.00 per an- the non par value Cumulative Preferred Stock, being $1. per share, and 85 cents per_share on the non par lue Common Stock for the guarter , 1931. All dividends ‘e payable March 81, 1931, to stock- lders of record at the close of busi- ness, March 2, 1931, Dividends on 6% Cumulative Pre. d_Stock pavable on the last Public Service Electric and Gas Company Dividend No. 27 on 7% Cumulative Preferred Dividend No. 25 on 6% The Board of Directors of Publio lorm-“‘m:‘:zmn nn?m.domm, uh.‘vl decla o ar_quarter! - dend on the ?{"m’ “‘% W’ Stock of that Comunly. Dividends are payable March 31, 1931 to stockholders of record at the close of business, March 2, 1931, ‘W. Van Middlesworth, Treasuref, trict rediscount rate e nt remains at 2 per P Rl i Employment Increases. March 27 7 per cent in Money to Loan Seeured of trust on real estate. and commidsien. Joseph L. Weller .77 % % T Money on Hand to Loan on First Deed of Trust Year Loans On Improved Real Estate ™ RBY MONTGOMERY COUNTY ~AND THE DISTRICT OF COLUMBIA BOss=rHeLpS| L John” Hancock Mutual Life nsurance Co. 1417 K St. National 9300 The Capital of the United States Is a Sound Spot for Real Estate 6% First Trust Notes —on_ well located D. C. real estate are a safe and sound investment, Denominations of $250 Up Monthly Payments if Desired Real Estate Mortgage and Guaranty Co. 1610 K St. N.W. Phone Nat. 1403 with January, the Silk Asso- of America reports. Narrow |in looms declined 13 per cent and spinning spindle employment Equitable’(;"o-Operative' Bldg. Assn. JOmN 30F EDSON, Presdemt WALTER 8. PRATE JorSeoetary Subscription for the 100th Issue of Stock Being Received We Make a Loan on Real Estate’ or to Take Up First Mortgage REMEMBER, we have money available if you desire to purchase a home, refinance your presgnt.indebted.ntll or improve your property. Applications receive prompt and courteous attention. Loans Repayable Monthly No Brokerage . .. No Commissions 915 F ST. N.W. After 70 Years We Continue to Specialize on Decorative Offices We Now Offer “Through One Department Floor Coverings, Curtains, Business and Institutional Furniture at Contract Prices W. B. Moses & Sons BUSINESS FURNITURE DEPARTMENT every factor in the Metropolitan Life Insurance Company Real Estate Loan Plan before you finance or refinance your home. We know its many attractive features will prove valuable to you. Long Term—Low Interest Rates Construction Loans in Any Amount Washington Building istrict 9486 Mortgage Loan Correspondent « Metropolitan Life Insurance Company Loans made in the District of Columbia and nearby Maryland and Virginia Associated Electric Company 4%% Gold Bonds due 1953 Attractive Features Market and Yield Well seasoned, active on the New York Curb, selling around 92 to return about 490 currently or approximately 5.10 to maturity. Earnings Net over 242 times all interest charges before depreciation and 210 times after depreciation. Revenues 75% of gross revenues derived from electric and gas operations. Gross earnings, 1920-1930, increased 849%. ..... Net earnings before depreciation increased 159%. Ratio of net to gross increased..........eevuen. Growth «.from $15,447,932 to $28,576,978; ...from $ 4,698,087 to $12,170,340; ..from 304% to 42.5%. Territory Well established, diversified industrial, agricultural and residential areas in Pennsyl- vania, Kentucky, Tennessee, Ohio, Indiana and other States, as well as the Philippi Islands. Cities included are Johnstown and Erie, Penna.; Bowling Green, Ky.; Ports- mouth and Ashtabula, Ohio; Richmond and Terre Haute, Ind.; Bloomington, Iil.; and Manila, P, L Protective Clauses Underlying debt and preferred stocks may not exceed 50% of principal amount of bonds issued under this indenture. Additional bonds may be issued only (a) to refund the same principal amount of bonds issued under this indenture or prior liens, including subsidiaries’ preferred stocks and (b) for not to exceed 75% of the cost or fair value of additions and acquired property. The protective provisions and restrictions place these Bonds in a position substantially similar to that of the better first and refunding mortgage bonds of operating properties. Equity The equity for the $75,000,000 bonds of this Company, which are outstanding, is repre- sented by 6! 50,000 shares of capital stock (without par value) having a stated value of $65,000,000, and by surplus of over $15,500,000. Financial Policy To eliminate all prior debt and underlying eharges except a moderate amount of highest savings bank quality, leaving Bonds a first claim upon many of the properties and nearly so upon others. Priorities are nowonly 21.2%, of total debt and equity combined. Management The management and supervision of the various operating companies are under the direction of the experienced public executives who have been responsible for the successful development of the properties to their present high standards. Tax Refund Federal 2% income tax; Pennsylvania 4 mills; Massachusetts 6% on income. gal in the opinion of counsel for Life Insurance companies in New York State.« Circular with full details on request. Price at Market . GENERAL U’II‘ILITY SECURITIES 61 Broadway, New York _/elep corporated BOwling Green 9-3957