Evening Star Newspaper, April 11, 1931, Page 13

FINANCIAL " RETAIL SALES GAIN SHOWN FOR MARCH Stores Score 13.3 Pct. Ad- vance During the Month. 234 118 109% 15% 12% ARG, 59w 659 BY EDWARD C. STONE. 182% Retail sales in Washington depart-| $2% ment stores showed a substantial gain | 124% in March. | 120% The Pederal Reserve Bank of Rich- | 1501 mond reported today that sales here | gs jumped 13.3 per cent above the figures | 214 reported for March 1930. | e This was the best showing made by | ‘g any city in the Fifth Federal Reserve District. While the Richmond. Bank ascribes most of the improvement in the district as a whole to the earlier date of Easter, yet the improvement in the Capital is sufficient to indicate Teal betterment in_business conditions. Retail sales in this city for the first three months_totalled 4.4 per cent more than in March 1930, the average for the quarter not being quite equal to that of Lynchburg, Va., which scored a gain of 46 per cent. The average for the District as & whole was 7 per cent better than in March a year ago. March gains in many cities put the average for the District_for_the first three months of 1931 only 0.2 per cent behind the record for the like period last year. ' Details Contained in Report. In making public the details, the Reserve Bank of Richmond said. “Department store sales in the fifth Federal Reserve district in March, 1931, averaged 7 per cent more in dollar amount than sales In March, 1930, ‘prebably due to the earller date of | Easter this year, and total sales in the first three months of this, year aver- aged 0.2 per cent above sales for the corresponding period last year. Of T4 stores which reported for March, 41 showed larger sales and 33 showed smaller_sales than in March, 1930. ‘The Richmond district led the coun- try with its 7 per cent increase in March, the Boston and Minneapolis districts tying for seccnd place with 5 per cent increase. All other reserve dis- tricts reported lower sales this year, the national average decline in 551 report- ing stores being 3 per cent in compari- son with March, 1930 sales.” Percentage comparison of sales in periods named with corresponding pe- riods in 1930 follows: o s1% 26 Jan -Mar., Cities 1931, Asheville, X © . ? - Baitimore. Md. W. Vi rg. Other cities Fifth district. United State 1 stores — B npures won 1 mawesumi S2% Shanasnani ‘Most of the stores reporting in the | Carolinas are small, total sales in those two States making up only about 10 per cent of the total reported for the district. McKee Heads Association. | At Richmond vesterday the Stock- ( holders' _Association of the Federal Reserve Bank of Richmond, elected as president H. H. McKee, president of | the National Bank of Washington, o | succeed F. F. Peattie of Greenville, 8. | C. Other officers chosen were J. Tyler Meadows of Roanoke, Va. vice presi- H. Keesee of Rich- lowing members were elected to the Advisory Committee of the as- socia . Holmes D. Baker, Fred- Samuel C. Boittle, Was b George O. Vass, Washington, | and A. L M. Wiggins of Hartsville, 8. C. 8. H. Plummer of Newport News, was made chairman of the committee. Reports and addresses were heard by epproximately 150 representatives of member banks, -who attended the business session, which was ollot by a luncheon. CROWN CORK & SEAL. ‘BALTIMORE, April 11 (Special).- The Crown Cork & Seal Co., Inc., ports net operating profits for the year 1930 of $2.40 on 302,116 common shares outstanding after depreciation, amorti- zation of patents, Federal income tax and preferred dividends. This compares with operating profits of $2.10 reported for 1929. In common with other industries. the company's business declined in volume from $11,734,846.76 in 1929 to $9.690,- 708.56 in 1930, but the report to stock- holders pointed out that through economies of operations, made possible largely as a result of plant improve ments, it was able to show a slight crease in operating results for last year. In addition to the net profit in 1930 of $1.140,946.35, the company received s refund of taxes from the Federal Government amounting to $164,294 .96, which amount is not included in earn- ings, but was placed in earned surplus acoount. The earned surplus account at the end of 1930 stood at $3,321,840.49, as compared with $2,909,207.97. ‘The balance sheet revealed the com- pany to be in extraordinarily liquid shape, with current assets of $6461.- 41253 and current liabilities of $833.- 901.83, a ratio of 7.7 to 1. It also shows cash on hand of $1475203.11, which is more than $600,000 in exocess of current liabilities. CERTAIN-TEED PRODUCTS. BALTIMORE, April 11 (Special).— At the annual meeting of the Certain- teed Products Corporation, stockholders At the time of the is- the balance sheet, as of 31, last, the outstanding | 382300 shares of common stock was valued at $16,601,377, or $4342 a share. | The reason for the revision in the de- clared value of the common stock was | to eliminate & profi. and loss deficit of | $9,153,213 resulting from the writing | down of plants by $7]84.330 and an | operating loss for 1930 of $2468.319. ! Retiring_ directors were re-elected at | the meeting. i Floating Steel Stock Supply. NEW YORK, April 11 (£ —The floating supply of United States Steel Corporation common stock, s indi- cated by stock held in brokers’ names, decreased 43272 shares in the three months ended March 31, indicating in- vestment absorption. { ‘The total held by brokers at the end of March was 1,363,905 shares, or 15:69 per cent of the 8.696.859 shares out- standing, compared with $1.407.177, or 16.31 per cent of 8687435 shares out- standi) a8 of December 31 last. On March 31, 1930, the floating supply was 1,883,661 shares, or 22 per cent of the 8,560.876 shares then outstanding. Ho'ding of investors increased dur- ing the three months to 7,332,054 shares, or 8431 per cent of the total outstanding, compared with 7,280,258 outst 31, last year, holdings of investors totaled 6,677215 shares, or 78 per cent of the total then outstanding. e i Cottonseed Report. By the Associated Press. today by the Census Sompared with, 4410812 toris. in' ihs o e period & year , and cottonseed jon hand at I:r':h 31 was 206,926 “toms, compared with 330,052 a year ago. Note—All stocks are sold in THE KvVkX AR NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The Star Office. those designated by Btoex ana i Dividend Rate. 7 Abitibi Pow & Paper 31 Abitibi P& P pt (8 16% Adams Exp (1.60) 5% Adv Rumley (new).. 89% Alr Reduction (t43%) 7 Alaska Juneau (40c) 7% Alleg Corp. . 39% Alleg Cp $30 39% Alleg Cp $40 ww 6% 181% Allfed Ch & Dye (n6) 30 Allis Chalmbers (2). 32 Am Br Shoe (240). . 118 Am Br Sh& F pt (7). 1061 Am Can (45) 145 AmCanpf (7). 27 Am Car & Fdry (3).. A8% Am Chicle (3) . 14% Am Colortype (1.40). 8« Am Comcl Alcohol 26% Am & For Power.... 1% Am Hide & Leather. . 23% Am lce (3). 17% Am International. .. 81 Am Mch & Fdy 1.40. 215 Am Mach & Metals. . 16% Am Na' Gas pf (7) 50 Am News (13%).. 15% Am Rad & S1 8an (1) 26's Am Rolilng Mill 40's Am Sm & Ref (4) 931 Am Sm & R 24 pf ( 5 Am Solv & Chem p 23 Am Steel Fdy (3). 42% Am Sugar Ref (5)... 7t Am Sumatra Tob. 1764 Am Tel & 104 Am Tol 104% Am Tobacco B (16).. 1 53% Am Water Wks (3).. 21 Am Woolen pf 4% Am Zinc Lead & Sm. 29% Anaconda Cop (1%). 10 Archer Daniels Mid. 49 Armour of Del pf (7) 2% Armour of 111 A. 1% Armour of Ill B. 191 Armour of 1l pf. 10 Asso Apparel (32). 22 Asso Dry G (24) 170% Atch To & 8 Fe (10). 4615 Atl Gulf & W I pt (5) 17% Atlantic Refining (1) 42 Atlas Powder (4). 97 Atias Powder pf (6). 101% Auburn Auto (f4). 1 Autosales....... 3 Aviation Corp af Dal 20% Baldwin Loco (1%). 88 Baldwin Loco pf (7). 681 Balto & Ohlo (5).. 56 Bang & Aroos (3%4).. 10% Barnsdall (A) (1)... 65 Beatrice Cream (4).. 2% Belding-Hemingway 167 Bendix Aviation (1). 45% Bethlehem Steel (6) Blaw-Knox (1%).... 20% Bohn Alum & Br 1%. 1% Booth Fisheries 6715 Borden Co (k3).. 20% Borg. Warner (1). 1} Botany Con M (A). 16% briges Mfg (1% 68% Bklyn-Man Tr (4 32% Brown Shoe (3) 25 Bucyruscvpf (234). 9 Budd Wheel (1)..... 11% Bulova Watch (1%). 214 Burroughs A M t1%. 23% Bush Terminal (2%) 109 Bush T Bldg pf (7) 1% Butte Copyper & Zinc. 12% Butterick 37% Byers (A M). 354 Calif Packing % Callahan Zinc & Ld 36% Calumet & Arizona 11% Camp W&C Fy(1)... 29% Canada Dry G A «3). 37% Can Pacific (23§).... 813 Case (J 1) (6)...... 26% Caterpillar Trac (14 11 Celanese Corp 414 Celotex vtc ctfs 19% Cent Aguirre As 1%, 59 Cent R Mills 2214 Cerro de P; 12 Cheeker Ca 19% Chi Great West pf. 5% Chi M!I St P & Pac. 9% Chi M1l St P& P pf. 9% Chi Pneu Tool...... 7% Chi R 1 & Paeific (5). 84 ChiRI&Popri6)... 24 Childs Co 12.40). 15% Chrysler Corp (1). 84% City lce&Fuel (3.60). 2% City Stores. 142% Cocoa-Cola (47%). 46% Colgate-Pal-P (2%). 9 Collins & Atkman 33% Col Gas & El (2). 100% Col Gas & El pf A 7% Col Graphoph (a% ) 73% Columb Carbon (5) 18 Comcl Credit (2). 34 Comcl Credit A (3 2% Comel Inv Tr wi . 102 Comel Inv Tr pf 6%. 16% Comm Solvents (1).. 8 Cmwith & Sou (60¢c 91% Cmwlith & Sou pf (6) 6% Congoleum-Nairn. 15% Consol Film pf (2) 8214 Consol Gas N ¥ (4) 101% Con Gas of NY pf(5) 14% Consol Laundries (1) 84 Consol RRCpf (8).. % Consol Textil 17 Contl Baking A 21 Contl Baking B 59 Contl Baking pf 47 Contl Can (2%) 41 Contl Insur (2.4 27% Contl Motor, #% Contl O11 7% Cont Sha: 7614 Corn Prod (13%) 8% Coty Inc. . 14% 31% Crown C&P pt (2.70) 48 Crucible Steel. 1% Cuba Cane Prod. S s PO S DO P IR e e e N 000 38 PR BT O - 19 3 1 PR mrnanREatn~Seneihnenene = 2535 IS 4 1 22 Cuban Am Sugar pf. 140, 89% Curtis Publish (17). 2% Curtiss Wright Corp 134 Davison Chemical 181% Drlaware & Hnd . 74 Del Lacka & Wn (4). 14% Diamond Mateh..... 24% ODlamond Mtch pf 1% 8% Dome Mines (1)..... 14% Domn Stores (1.20).. 614 Drug Corp (4). 54 Dunhill Internat 834 Dupont de Nem (4).. 118% Du P de N deb pf (6) 143% Eastman Kodak (18) 13% Eaton Axle (1.60). 3514 Eitington-Schild pf.. 50% KElec Auto Lite (6).. 108 El Auto-Lite of (7). 38% Elec Pwr & Lt (1)... 86 Elec Pow & Lt pf (6) sk Horn Coal. .. k Horn Coal pf Eng Pub Sv pt (5%). 29% Eq Office Bldg (23%). 9 Eureka Vac Cleaner, 87 Fed Lt& Trpf (6 22 Fed WatBv A (2.40). 854 Filene's pf (6%).. 41 First NatStrs (2%). % Fisk Rubbe; 41% Foster Whe: 4% Foundation Ce 22% Fourth Nat In 24% Fox Film A (4) 281 Freeport-Tex: 314 Gabriel Co A 49 Gamewell Co (5) 41 Gen Am Inves 57% Gen Am Tank C: 240 Asphalt (3) 22 General Baking 6% fGen Bronze. ... 40% Gen Cable pf (7). 41% Gen Elec (1.60) 3 11% Gen Elec apec (60¢) . 47% Gen Focd Corp (3).. 4% Gen G & F1 A (e30¢). 54 GenG & E)cv pf () 96 Gen Mills pf (6). . 35% Gen Motors (3).. 95 Gen Motors pf (5). Gen Ry Signal (5). 5% Gen Realty & Util. 40 Gen Refractories (4) 614 Gen Theater Equip. . 214 Gil! Saf Rasor.. 62% Gillette Saf R pf (5) . 31% Gold Dust (2%). 15% Goodrich (B F) 38% Goodyear Tire&R(3) 4% Gotham Bilk Héglery 3% Graham-Palge; ... 7 one hundred-share lota the letter s (80s) (2508), shows those stocks were sold in odd lots. saren— Add 00. High. Low. Close. Closs. TV 7 7% 2 14% X and - - Dividend Rate. Granby Consol (2).. Grand 811 Strs (h1) Grand Unfon.... Grand Union pf (3).. Grant (W T) (1).... Grt North pf (5). N Sal Add 00. 8 Grigsby Grunow.... Harb Walk 2 Hartman Corp (A) Hartman Corp (B) Hayes Body..... Houston Ofl (new) Hudson Motor (1). Hupp Motors. . Illinols Cent LL (4) Interb Rap Transit Int Agricultural Int Bus Mach (né) . Int Carriers (37%¢). Int Cement (4). Int Combustion. .. Int Harvester (2% int Merc Marine (2). Int Nickel (60¢)..... 3 Int Paper & Pow C.., Int Pup & P pf (7). Int Salt (3).... Int Sflver pf (7). 1 Int Tel & Tel (2). Inter Dept Strs (2) Investors Equity 2 Jewel Tea (4) Johns-Manville (3). 262 Johns-Manv ptf (7)..1008 Kayser Jullus (2%3, 4 Kelly-Spring Tire 6 Kelvinator Corp. Kendal! Co pf (§) Kennecott Cop (2 Kinney (G R) pf Kolster Radio. . Kresge (SS) Co Kress (SH) Co (§1).. Kreuger & T (a1.60). Kroger Groc&Bak(1) 4 Lambert Co (8)..... Lee Rubber & Tir: Lehman Corp (3) Leh Val Coal pf (3) Lib Ow Ford Glass. . Lizg & Myers B (15) Liquid Carbonic (3). Loft Inc. ... Lorfllard (T') Loulsiana Ofl. LouG&EA (1% Ludlum Steel. . McAnd & Forbes (2). McKeespt Tin P(15). 245 McLellan Stores. ...+ Macy (R H)&Co(n3) . Man Elev mod e (d5) slaracatho Oil Exp.. Marine Mid (1.20).., Marmon Motor Ca Marshall Fleld (2% Matnieson Alkalf (2) May Dept Strs (23%) Mexican Seaboard. .. Miam! Copper ... Mid Continent Petm. Midland Steel (3)... Mil El R& Lt pf (6). Mo Kan & Tex pf (7) Missour! Pac pf (5). Mohawk Carpet Monsanto Ch W (1%) Montgomery Ward. . Morris & Essex 3%.. Mother Lode Mullins Mfg Munsingwear (3) Murray Corp. h Motors (4). = SranBpanemmnmn PER-19-3 Nat Pow & Lt (1) Nat Radlator, Nat Steel (2). at Surety (5) NYNH& Hart (6). North Am Aviatfon. . Nor Am (b104, - %), North AmEd ™" ). Northwest Tel Northern Pacitc «5), Ohto O (1).. . Oliver Farm Eq new. Omnibus Corp...... Otis Elevator (2%).. Owens 111 Glass (3).. Pacific Gas & El (2). Pacific Tel & Tel (7). Pacific T & T pf (6).. Pack Mot Car (60&) Panhandle P & R Paramount Pub (4).. Park Utah, . Fathe Excharge Pathe Exchange A. Penick & ¥ord (1)... Penney (J C) (2.40).. Penn Dixie Cemant. Penn RR (4).......0 Fetrolm Cp of Am(1) Phelps Dodge (2)... Phil Read C& 1.. Philip Mor & Co (1 Pierce-Arrow A (2) Phillips Petroleum. Phoenix Hoslery. Pierce O11 . Pierce Petrolm (10c: Pittsburgh Coal pf.. Pitts Screw (1.40) Pitts United Corp. .. Poor & Co (B)...... Postal Tel&Cable pf. Prairie Ofl & Gas (2) Prairie Pipe L (3) Pressed Steel Car Proct & Gamb (2.40) Proc & Gamb pf (5). Pub Sv N J (3.40)... Pub Sv N J pt (8) Pullman Corp (4) Pure Oll. Pure Ol p . Purity Bakerica » ET TS SSTUP SRS SN N PR ) {th-Orph A. Raybestos Man 2.60. Real Silk Hos(b10%) Remington-Rand. ... Reo Motor Car (40¢). Republic Steel...... % Revere Copper & Br. Reynolds Metals (2). Reynolds Tob A (3). Reynolds Tob B (3).. Richfield O] . Rio Grande Oil. .. Rossia Insur (2 20 Roy Dtch(m1.3404) Safeway Stores (5).: St Joseph Lead (1 St Louls & San Fr. St L-San Fran pf (8) Schulte Retail Stri Seaboard Air Line, Seab Air Line pf. Seagrave (60c). Sears Roebuck 32% .. ® e : FonmmaRiDesranean ve Sharp & Dohm . Shattuck F G (11%) Shell Union OIl. a 3 5 Snider Packing pf. .. South Port Rico Sug. Sou P Ric Sug pf (8) South Cal Ed (2).... South Pacific (6).... South Ry (8) South Ry pf (5)....e Spalding (A G) (2).. 4 Splcer Mfg pf (3)... Splegel-May-Stern. . Stand Brands (1.20). Stand G & E (334) Stand G & E1 pf (7). Stand Ofl Cal (h2%). Stand Oil of Kan (1) Stand O/l N J (12)... Stand Ol N Y (1.60). Starrett (LS) (12%) Ster] Sec ¢v pf (3) Stewart Warne 4 1 i 9 1 4 5 5 5 Int Match of (¢).... 3§ 2 6 7 2 2 . 9 1 oo . 1614 60% 125 WASHING LU Prev. Low. Close. Closs. 16% 224 164 42 56% 124 16% 2% 131 5814 244 45 % 264 46y 2614 16% % 124 16% 2% 13% 4% T4 T4% 1084 107% 107% “n “Uw 15% 22 16% 434 21% 20% 394 16% (uontinued om Page 140 3 17 224 16% 42% 36U 60 234 10% 204 ~ D. Q. BAvurbAY STOCKSRREGULIR N LIEHT TURNDVER Covering Operations Prevent Large Changes in List at Short Session. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, April 11.—Inclined to rally, but still with many weak spots, today's week end stock market fluctu- ated over & narrow range on light vol- lume. More attention was paid to the news affecting particular issues. A few stocks declined in response to unfavor- able earnings reports, but at the same time quiet covering was in evidence in the general list. ‘The leaders on the recovery were, be- sides such standard shares as United States Steel, American Can and General motors stocks which have stood out more or less firmly all through the re- action. ‘Tobacco shares were strong under the leadership of American To- bacco issues at approximately the high of the y Auburn Auto staged one of its wild advances into new high ter- ritory, up over 12 points on the day. A number of res usually inactive moved ahead briskly, including National Surety and General Baking, the stock of the new company only recently listed on the big board. There is no reason why baking companies should not profit, with wheat as low as it is at resent. Sugar stccks were a shade gleher. reflecting successful completion of the negotiations initiated by the Chadbourne committee for controlling world Eutp:h Oils s well up- rted, perhaps on the news Qvonamnn%:-n tl\’;fiut the stabilization pact, although the east Texas situation was an adverse factor. Copper stocks held well after publication of the March statistics showing stocks of refined down from last month's. On the other hand, Johns-Manville was sold on disappcintment over the showing in the March quarter, when net for the common stock was only 13 cents a share, Pressure kept up against the Armour issues, with the preferred shares of the Delaware and the Illinois companies in new low ground. West- inghouse Electric made a new low, but the large short interest in that stock held the decline within moderate limits. Ralls were inactive and irregular. Missour{ Pacific preferred made & new low and Southern Railway was heavy. but most of the seasoned dividend- paying issues were firm. Utllities did little, althcugh as a group they were higher on the day. For the moment speculation in the electric light and power stocks is at low ebb, |SMALL OUTLAY WOULD | BRING BACK PROSPERITY | BY EVERIT B. TERHUNE. ‘Would people have to spend a lot | more money to bring prosperity back | again? No, not as individuals. How much extra spending would be necessary? If each wage earner would spend 15 cents more per day, it would mean an | $2,184,000,000 and that additional sum put into circulation would make busi- ness hum. % | (Copyrisht by Unites Business Publishers ureau of Economics.) Buying for Profit BY GEORGE T. HUGHES. (This is the second of % series of ar- ticles discussing the appiication of in- v iment_prine! to, present-day con- et Dasingss and tn securitien.) We have seen that falling commodity prices and low interest rates are favor- securities on which the return is fixed. % | What is the situation with regard to equities? All during the late lamented bull market it was continuously preach- ed that common stocks, if proper di- versification was practiced, and if they were held over a period of years, were investment preferable to bonds. ‘Then came the 1929 panic, and the long heartbreaking decline in the stock market in 1930. The stock investment theory is not so popular as it was, and yet the arguments in its support are just as sound now as they were two years ago. In fact, the case is stronger for the stock now than it was then. The error was in putting the theory into practice at the height of an inflation unprecedented in stock market history. Prices for stocks are now, taking them as & whole, under the levels reached in the dark days of the collapse when the Rockefellers, among other: nnounced that they were purchasing equities be- cause they believed them to be cheap. Confidence has been shaken, it is true, because of the unexpected extent and severity of the depression, but the prin- cliple is the same. The investor in com- mon stocks participates in the profits of the business, wher2as the bondholder is a creditor entitled to the agreed upon return, but no more. In normal times every well managed corporation retains in the business a portion of the profit which, while not distributed, belongs to the shareholder and increases his equity. The problem then is to decide the right time to buy such common stocks and to choose the mediums. T P A. & P. SALES. NEW YORK, April 11 (#).—Although dollar sales of the Great Atlantic & Pacific Tea Co. for the four weeks ended March 28 showed a decrease of 1.5 per cent from the like period of 1930, tonnage sales for the same period increased 11 per cent. Dollar sales totaled $82,718,571 for the period this year, against $83,975,552 last year. Tonnage sales totaled $435,- 202 for the pe: in 1931, against $391,987 in 1930. Average weekly sales for March were $20,670,643, against $20,993,888 in March last year, a decrease of $314,245. Average weekly sales this year in- creased 10,826 to 108,823, from 87,997 in the like period of 1930. DIVIDEN[E'DECLARED NEW YORK, April 11 (#).— Extra. Pe- Pay- Hldrs. of . Rate. riod. record. Mining..51° ., .35 Apr. 20 Initial. Mitchell (J. 8) Ltd.s1 Regular, SERa Com Home: May 1 Apr. 16 . . vestors Atiantie "u'. gdw;ujsn on ) i B Ame 23t Bway Dept * Stores ot ¥, (Lag An) 175 ran’ br ? A % §a5RE5S0 © o0 Koo' DRPO RZ © :pp0 0O : s 4 ] Cooper’s “The last of the Mohicans,” in its original two-volume edition of 1826, recently brought $3,200 at auction. annual increase in our buying power of | able toward the purchase of high-grade | Araals 11, ]SEPARATE THRIFT" ACCOUNTS ARRANGED BY NEW YORK BANK { 1931. BY CHARLES F. SPEARE. Special Dispatch to The Star. NEW YORK, April 11.—With the measure sponsored by Gov. Roosevelt for a segregation of “thrift” acceunts in New York commercial banks on its | death bed, a small local trust company has announced its plan to carry out the features of such a bill. It is the first commercial institution to make a vol- untary response to the recommendation of the superintendent of banks in this State for separating “thrift” from com- mercial deposits. The bank agrees to place all interest or “thrift” monies«into & special interest fund and to invest these monies exclu- ;livelk: in securities legal for savings nks. Politics in Legislation. Unfortunately, the blll at Albany looking to a correction of some of the conditions In banking that have been extremely painful to depositors has be- come the subject of a political contro- versy, whereas it is entitled to be deait with on its economic and social merits. 1t was introduced by a Democratic Gov- ernor and is opposed by the Republican leaders of the New York State Legis ture, with the chairman of the Repub- lican State Committee throwing down the gauntlet to Gov. Roosevelt on the “shrift” deposit issue. However, public opinion has been de- veloping very rapidly on this subject in the past six months. It is one that cannot be ignored by bankers or law makers. While there 5 no prospect of accomplishing anything in its behalf at the present session of the New York State Legislature, the character of the bill is such that it will unquestionably bring about advocates to it in other States where depositors in banks have not had the protection to which they be!Il;:le tl';errlxse v!lx entitled. e solution of the question is likel: to lead in the direction of zmnun: greater facilities to savings banks for | receiving and investing their deposits, rather than in surrounding the commer- cial banks with restrictions which would make the acceptance of “thrift” deposits an unprofitable operation. It has been | pointed out a number of times in these duction in rates of deposits on ch | accounts and also on ~thrift: aceos FINANCIAL. dispatches that should commercial banks be compelled to invest their “thrift” deposits in the same limited list of securities as is employed by sav- ings banks they would not be able to maintain their present rate of fnterest and would bring about a condition of sc-rclt{ in legal bonds resulting in ab- normal price limits. During 1930, when over 1,300 State and national banks t rm’ted. In the debate in Albany Thursday on the “thrift” bill a member of the Senate stated that there had not been a failure of a savings bank in New York State since 1877. S hAmm‘ Against BilL ls argument against the bill Chairman Macy of the Republican State Committee indicated that rather than adopt the features of the measure before the Legislature it would be better “that thrift accounts be taken entirely | out of commercial banks and lodged in savings banks, where they belong.” He | also said that it would be well to face | the situation frankly “and endeavor t work lor & method whereby savings de. posits may be segregated in savings banks and commercial deposits in com- mercial banks.” This, after all, is the essence of the legislation which the) superintendent of banks and the Gover- nor of New York State have been trying to impress on their stubborn political P Bavings bank d | avings leposits In New York | in March showed .increases, but not to the extent of those in the earlier months of the year or in December, | when depositors “in commercial banks were withdrawing their funds and placing them in commercial banks. The latter are still having difficulty in find- ing a satisfactory outlet for their funds. They have large deposits in their corre- spondent banks at 115 per cent interest. At the same time they are paying their own depositors 4 to 412 per cent. The trend throughout the mrmwnrd a re- is growing. It is gaining considerable | force in New Jersey and i territory | around Philedelphia. o " ¢ (Copyright. 1931.) DECLINE IN COTTON SINCE EASTER NOTED Liquidation of 0l1d Long Accounts and Scattered Selling Re- duce Prices. By the Associated Press. NEW YORK, April 11.—The cot! market has declined since the CE(;",&X; holidays under liquidation of old long accounts and scattered selling which ha$ apparently reflected some disap- pointment over the development of gen- eral business conditions, and continued uncertainty of an adequate reduction in acreage. Weakness in the Liverpool and Alexandria markets were contrib- | uting factors on the decline, while there may also have been some selling | on the reports of clearing and warmer weather which reached here during the | earlier part of the week. The “unsettled ruling of the stock | market, no doubt, made an unfavor- able impression on sentiment as to the | rate of improvement in general busi- ness conditions, while the report of the New York Cotton Exchange Serv- ice placing world consumption of Amer- icarf lint cotton at only 804,000 bales for February, compared with 1,055,000 last year, appeared to bs something of a disappointment to holders of con- tracts, There had probably been some buy- ing earlier in the year on an idea that world consumption figures would begin to pull up on last year's monthly re- turns after the end of January, and there may have been some liquidation of these accounts. Liquidation of May contracts in preparation for the possi- bility of tenders on contract has been quite active. It Has been partly in the way of transferring contracts from May to later deliveries, and brokers who are frequently credited with operating for the co-operative interests have been among the near-month sellers. Trade interests have bought May against sales of later months at the prevailing dif- ferences. A little more Southern selling has been reported, leading to talk of a pos- sible increase in offerings of spot cot- ton from the interior with the advance of the planting season, but a good part of the week's selling has been attrib- uted to liquidation of long accounts, although there was a feeling toward the end of the week t there had also been an increase in the short interest. This view led to some covering on an | idea that the market's technical posi- tion had been improved sufficiently to | warrant expectations of week end ral- | lies. A private report was published | placing the probable decrease in acre- | age at 9.8 per cent, which appeared | to be without any effect on the market. | Domestic consumption for March | was estimated by the New York Cotton | Exchange Service at 494,000 bales, against 434,000 in February and 507,- | 000 in March last year. RUSSIAN COTTON PLANS ARE HELD THREAT TO U. S. By the Associated Press. The expansion of Russia’s cotton acrcage was regarded today by Carl Williams, cotton member of the Farm Board, as a real threat to the Southern farmer, at the same time depriving him of & customer and bringing a com- peting exporter into the world markets. ‘Willlams noted that Russia has im- ported an average of 350,000 hales of American cotton and sometimes as many as 600,000 bales a year. Recent- ly, however, Russia has exported 160, 000 bales d imported from Ameri considerably less n this amount. ‘The Russian exports have been sold at Liverpool at & half cent below world prices, he said. Discussing the domestic cotton situa- tion, Williams sald more food and feed were being planted in the South this year than ever before, and this would place that section on a more self-sus- taining basis than at any time in his- tory Such a situation, he observed, weuld tend to make the production cost of | cotton the cheapest that it ever has | been. Owners of First Mortgage Notes ON BROADMOOR SHOREHAM AND OTHERS Should See'Us at Once | We loan on Bonds, Stoeks. and other (f/ Dersonal property | BANKERS’ BOND & INVESTMENT CO. 734 Southern Building National 1506 Subscribe Today It costs only about 1% cents R:t day and 5 cents Sundays to p«"u:f'hr'n' w.' o &&.m ve: ‘ennq. evening and éunn-y ‘morn- Telephone National 5000 and the delivery will start immedi- NATIONAL WOOL SELLING AGENCY PROVES SUCCESS By the Associated Press. CHICAGO, April 11.—C. B. Denman, representative of live stock and wool growers on the Federal Farm Board, said today the National Wood Market- ing Corporation probably would handle a larger part of the 1931 crop than in 1930 and that the crop itself would be larger. “The growers are increasi the vol- ume of the yleld.” he said at the annual meeting of stockholders and directors of the wool co-operative. ‘“That shows they are satisfied with the handling and financing of the 1930 crop. The Farm Board is pleased with the progress the corporation is making toward standing on its own feet. It financed 119,000,000 pounds of wool last year, or 34 per cent of the crop, on $38.000,000. The board supplied $11,000,000, of that sum. The corporation has established its credit and may not need so much money from us this year despite the larger job of financing. They will prob- | ably be able to get it from the banks, “Wool was the most stable commodity on the market last year. It is a good | security right now. The principle of | selling wool on the market is working out well.” | Officials said 75,000,000 pounds of the | 1931 crop had been contracted for by | the co-operative to date and that the | amount was expected to exceed th: | 119,000,000 of last year. Money to Loan Secured by deed of trust Prevailing interest and cos Joseph I. Weller 29 ws EARNINGS DECLINE, DIVIDENDS RISE Aggregate 1930 Net Earn- ings of 100 Largest U. S. Banks Were Over 17 Pct. Spectal Dispatch to The Star. NEW YORK, April 11.—Aggregate 1930 net earnings of 100 of the largest banks in the United States for which comparable data are available were 17.1 per cent less than in 1929, yet total 1930 dividend disbursements by those banks were actually 5.1 per cent greater than in the preceding year and 23.3 per cent higher than in 1928. This com- parison is contained in tabulation based on reports in Moody's 1931 Bank nd Finance Manual, just published Combined profits of the 100 leading banks amounted to $188,198,556 last year, as contrasted with $227,103,161 in 1929 and $189,071,892 in 1928. The drop from the 1928 figure was only 0.5 per cent, an extraordinary showing con- sidering the industrial depression and :};e markedly lower interest rates last year. Dividends paid by this bankin ou totaled $135,720,430 in 1930 lnl‘lglxs;:;sllE tuted 72.1 per cent of aggregate earn- ings, a substantially higher ratio than the 56.9 per cent in 1929 and 58.2 per cer’}th in 1928, ere were 192 important bank mergers in 1930, Maod)"fiolhm. Al- though these conslidations undoubtedly resulted in some reduction of employ- ment in the merged institutions, 88 of the largest banks which reported the number of their employes in both 1929 and 1930 had 39,790 persons on their g:y'rgll.l at tht{ !ndll of the latter year, lecrease of only 2.5 per cent the 40799 listed 13 ‘mon mu"frog; these banks 38 increased the number of emAplo}'en :xxx' 1930%0 mong the 4,000 foreign and domestic banks analyzed in the manual there are separately tabulated 1,360 domestic banks with resources over $5,000,000. Of these §9, or 2.0 per cent of all the American banki institutions treated, ks (4.2 per cent of the total from 815,000,000 to $35.000,000 there ase listed 163 banks (4.6 per cent), while the $5,000.000 to $15,000,000 class con- teins 821 banks (26.0 per cent), LANSTON DECLARES USUAL DIVIDENDS- PHILADELPHIA, Arfi 11 (Special). Clared the usual exiva o 25 cents the regular quarterly dividend of $1.75, m;: }c;ylhle May 29 to stock of r:cord First Mortgage Loans Lowest Rates of Interest and Commission Thomas J: Fisher & Company, Inc. The COMMERCIAL NATIONAL BANK 14th and G Streets Banking in All of Its Phases First Trust Money Refinancing at 1% offers the advantages of a longer loan term, and a lower interest rate ... May we prove Loan Correspondent for *“The Prudential” to you, in detail, the sub- stantial savings possible through five and one- half per cent financing. Prompt approvals— UValuable prepayment privileges— Three-year loans on newer properties without amortization H. L. Rust Company 1001 Fifteenth Street National 8100 ESTABLISHED 1889 ONE REMEDY FOR DEPRESSION If you adopt a pldn for periodically adding to your in- vestment in our 6% FIRST MORTGAGES You steady Over a Third of a Century Without a Loss W vill have established a income” which no eco- nomic condition can interrupt. Principal is safely secured; interest definitely ‘assured. May be purchased in amounts from $250 up. B.-R. SAUL GC&¥ National 2100‘ ately. Route Agent will col- leet nmtnd'd each month. 925 15th St. N.W.