Evening Star Newspaper, August 23, 1931, Page 55

Pages 1 to 4 FINANCIAL AND CLASSIFIED . he Sunday Sta | - mm—— "hfl 6—12 Pages WASHINGTON, DG SUNDAY MORNING, S 7Y AUGUST " 23, 1931 Classified Ads Pages 4 to 11 KINBALL T0 DIRECT MENBERSHP DRIV OFJONOR DANKER New Chairman Has Planned | Sharp Campaign to In- crease Enroliment. Heads Drive FOREIGN ECONOMI CLOUDS SHOW SIGN NEW CHAIRMAN OF A. L B. MEMBERSHIP COMMITTEE. Loan to Hungary and Exten- sion of German Credits Aid Situation. COMMITTEE APPOINTED TO CO-OPERATE IN WORK! An Employes From Rank of Cashier Down Eligible for Various Courses. . Henry F. Kimball of the American Becurity & Trust Co. has been ap: pointed chairman of the Membership | fCommittee of the Washington Chapter, ! [American Institute of Banking, by ! Aubrey O. Dooley, president of the éhapter, it was announced last n'ght. ! Plans for the ccmmittee are already | Being outlined, and it is evident that | , & strenuous campaign will be waged. | Mr. Kimball, the new chairmen, is a | graduate of Central High School. He| first became identified with the Wesh- | gton chapter as a member in 1916.| He subsequently won the institute sfandard certificate and ‘was later swarded special certficates for the suc- eessful completicn of several of the more advanced courses. He has served | on numerous committees, and Wwas a | delegate of the chapter at nnmmli conventions In Cleveland, Dallas, De- | it and Philadelphia. As chairmen Qom Amll:fi: Committee, 1920-30, he the first golf match with timore chapter. Mr. Kimball wes to the Board of Governors for & | year term in 1920 end lest yeaw gérved as chairmen of the Publicity | Committee. | Members of Committee. | Other members of the committee are: | Robert E. Lee, vice chairman, Lincoln National Bank; Anne P. Crawford, sec: retary, McLachlen Banking Corperation Frank C. Cook, District National Ba George R. Flemer, Netional Metropolitan | Bank; William H. Laughl‘n, Washington | Loan Trust Co.. Frank W. Lee, | Mount Vernon Savings Bank; O. Leh- shann, Security Savings & Commercial Bank; William B. Mchler, Washington anics’ Savings Bank; Stuart S.| , Second National Bank: Louis Purnell, Riggs National Bank; Paul J. Seltzer: Americafi Secur.ty & Trust! ; Ellswerih Moyer, Pranklin National | Benk, and W. Crandall, Com- | mercial Natinnal Bank. The Membership Committee has al-| itlined its campaign for the| year, and it is expected that the will get under way around| middle of next month. It is course, vital that new members be cured from year to year in order that of chapter y it is not the purpose of this co to enroll new members merely the sake of swelling the membe: . Rather, it is desired to interest | those benk men and women who want | * obtain a technical banking educa- | and are willing to devote part of spare time to active work in t in order to accomplish this. bank employe in Washington will informed by booklets, folders, posters, | of the purposes and aims of the and the proposed program of | chapter’s educationsl and social ac- | tivitles for the year. The committee assisted In this work by the b nced Commitied. | Eligibility Rules. i Events during the pest few years have | elearly demonstrated the desirzbility #nd even necessity, of a thorough tech- | mical education for those who hope 1o sdvance to higher executive positions in Banks, and membership in the Ameri-| can Institute of Banking is the quick est and surest road by which such edu- cation can be obtained, t 7 without doubt, the least expen: | All bank employes with not | 1 higher than that of cashier are eligible 1 active membership in the chapter, | and those with rank a! that of eashier, including directors, are el'gible p sustaining membership . BETAIL FOOD COSTS © SHOW SHARP DROP Bureau of Labor Reve:ls Index Is Now Only 19 Points Above 1913 Level B | alang that the salon showin; § 87 the Associated P Pood at ratail 19 per cent m war year of 191 Statistics maintai weighted index of all of July equaled 119, b when the index 2034, or tw high avera through abnor a two mair and suger & level 37-10 eugar sellix July's price: costs whis rupted since high cost of meats wa ¥ise n the price c n steak, pork chops and bacon. s iflk and eggs, causin foods to jump from 11 June. Ham continved * ¥ne of ell prinei the present price bigher then in 19 Per cent higher, on t ok chom 51 trur with s were ‘wur' levels. these being buter, larq | ™ Mlm)hpdbu aluminum tubes and un- eggs, With respe-tive deciines 7, 18 and 19 per cent, and rice, which selling at 7 per cent under 1913 . POTATO MARKET. CHICAGO, August 22 (. (U 8. De- t Agriculture) —Potatoes, 61 gn track, 231: totel U. S. shipments weak, trading slow; sacked per ‘Wisconsin cobblers, 1.15a1.25; stock, 1.00: triumphe. 1.15a135 . Bo. 3 Les1 75: cva- ; few sales, % Nebraska ‘whites, 1.25a1.30. EASING OF POLITICAL TENSION HELPS TRADE Uncertain Financial Conditions in Britain Remain as Check to General Recovery. Special Dispatch to The Star. NEW YORK, August 22.—Radio and cable dispatches to the Business Week give the following rurvey of business abroad for the week ended August Europe. — Among positive develop- ments the week brought confirmation lof the $25,000,000 18-month internat- ' tional loan to Hungary, expected to re- lieve the exceedingly acute financial y 'mitting relaxation in] rxcg::lge restrictions. It also brought the news of the initiating of the agree- ment whereby Germany's $1.250,000,¢ in foreign credits are extended to mid- Januvary. And, finally, it elicited from the Bankers' (Wiggin Committee) Con- ‘| ference at Basel a highly significant, though guarded, approval of and appeal for a real revision of German repara- tions. Conditions in Germany show some further progress toward normal, but in [Great Britain{he coming week ~will {bring to a head the budget c DETROIT, August 22—Old Man|(h"*nderying tarift issue. Judging Sunshine hss been busy in the suto- |t "WAEIYEE AT RED ontiment mobile industry the last few days. H | Loom Prosy TomOTtS, e bellel that has been spreading his rays in some of | {he "economic recovery of the United e el o i g With | gizter is possible even without & parallel e vy T v Euvrope, providing Europe ‘The brigatest piece of news that |FCCOVEry by Europe, providing Turope could come out of the Detroit factories | i 18 0¥ ene’ convy that sueh would be a statement that employment | 00, and, 10 Goe o R = was showing a sharp increase. ~That|Loincceration BES Deer cires: ains for the futur owever, bits | of ir ticn are boing ralese? that ! Tclitieal Tension Eascs. relieve scme of the dreb toncs of the| Conclusions regarding Europe appear industrial picture. | premature. What with huge foreign Sa%roogasm:cefibhns‘cregm frozen md Germ;sliiay. \;uhwii:; A advertising | land facing a budget cri and sf campeign es a part of a drive for sales |arbitrarily pti'ed, he situa- that will be carried into September. W.!tion continus cbvicusly artificially A. Blees, vice president, in cherge of |propped. It remains to be seen whether sales, belioves t = economic_conditions can now fill in the obtaine |patural foundations before Winter or ‘whemer Winter's stresses will umflr: further emergenc; ing to prevent Along comes Reo wiih the word that | a pollapse o T VPS Quring the week ended August § 86 "% | The most favorable general factor af- e Ty e on Aack Snce ihe | fecting the whole situation is the ap- been brought into the company's Na-|Parent easing of political tension: the tion-wide dealer organization. = E. A, TMOSt unfavorable the uncertain fiman- Poxson, general sales manager, is au- {8l condition of Britain with its ye- thorlly for the statement that the new | Sulting fiscal strain on many countries. lov-priced Reo “speed wegon” and the| London.—Business has been dull, new low-priced “Flyng Cloud” have | reflecting the influence of the holiday araused the interest of both dealers and ! season, more impofl-nl(liy m;m ™ consumers. juncertainty as to the dec! Pack: s o higher ! cadinet on taxation and economy. An- priced poja, TPIcsenting the b gher | ourcerents this week have cleared o with the announcement that July ship- | S0me of the uncertainty, though ments were the highest cincs Gotoser! Sl romains. While parliamentary ac- of last yeer. The total cars shipped tion on emergency proposals is eagerly reached 1,996. awaled. business men feel t‘:almgolmu e must inevitably give way eco- B e S e o nomic necessity and that the com; ‘F"?'m:u!ka. setiing & smart pace, defonds | Bsemen adene oy ons) '_'hh:n"';':m'q records with word thet retail de- | o lfveries for s re ook were the|Must go through if any measure of highest in De Scto history confidence is to be restored. In any tory event, the possibility of an Autumn re- Marmon has passed the information | vival ‘is very remote. T its 3 Giit-edged securities fell off badly . have. this week on the expectation of a tax ‘clon fixed-interest securities. This has NRY F. KIMBALL. | MOTOR INDUSTRY Stocks on Hand of Auto Deal- ers Near Lowest Mark in Hictory. BY EDWARD W. MORRISON. Special Dispatch to The Star. sler units 27, 4 ! cylinder cars in the large been well attended and exceeded expectations stances, many ib-| gdded further to the gloom in the mar- iots. Some encouragement has come from the gain in exports of manufac- tured products. Commodity Situation. Among the commodities, cotton busi- ness was restricted due to continued | falling prices; wool textiles were quiet. t.| but anticipated an improvement in the | next few weeks; rayon was & little slacker, but showing a steady flow of orders for yarns; iron and steel were | at a standstillexcept for the pig iron furnaces whose output will swell al ready substantial stocks; inquiries for Welsh coal have been small, but the demand shows a little. Berlin.—Liquidation of the credit g‘nsis 18 progrménz s]n)'l.ls(lcwflll Both iovernment and public are realizing more and more that the unavoidable Dealers' Stocks Lov. | Then to top the individual reporis e the cheerful estimat in the hands of dealers are , 23 if to c are to happier days, 1 sales are becoming more r The automobile world ge hopeful that business during tumn is going to be good. W announcement Ford has to m: way of a new car will act as a stimulus for the rest of the manufacturers, it is reasoned. The American Motorists’ Association hes just released figures showing th the average wholesale cost enger autcmobile 1930 w 0. 2gainst in price was $103.06 less whelesa’e price step in the process will be drastic tion in standards of living. This| include new wage culs, b n of cartelized prices as well as an ntensive drive The cabinet is b gency decrees he London experts' agreement has ppointed industry as far as the mat- of payments of reparations in kind oncerned since the plan provides payment of less than half of the eries on current contracts during e holiday year. D:fficulties ence tions are expected to be settied the next few days with the pos- tception of the right to dispose mark balances which Germany esti mates at 180.000.000. Germany is Te- luctant to agree to a complete release fea:ing they will be used for payment | of exports thus reducing the amount of foreign currency resulting from an ex { port surplus which in July reached rec- ord total of 70,000,000 Current indicators show little cy toward impiovement in busi- ivity. Only slow progress is mate in the defiation of prices, Pr is lagging behind the which probably constitutes damental comestic eco- nomic problem. Thanks to an increase in the customs receipts, the total July rev-' eaues were only slightly below year's, but the yicld of «sales taxes was {11 per cent below estimates, 10 per cent elow last year's, indicating the extent t duties on | of the business slowdown. The mid- manufactures. | August Bourse index was lowest in four rce Depart- | years. adhions ot NEW YORK BANK STOCKS DECLIWE DURING WEEK U ITALY l"Ca"'EL.SES DUTY ON ALUMINUM PRODUCTS @ A at higher gen- t that the conventional te of 440 paper iire per 100 kilos on | Special Dispatch to The Star. specified aluminum manufactures for | ity Dank stocks doring e 1 hus other than indust:ial use. remains in|deciined siightly, acsording effect and will be applied on imports. | Dollar-Index figures . X Rose & 21 prices, 16 company shares (/). —The | times_known ea: New York |[18.1 on Au 3 sh gl 5& iz B i i - gs Clearing House Statement. 22 the 15. shows: Total surplus ii’:wp” "’;i - vided profits, $1,204.250.700 un- lous week, changed. Total net demand deposits | book value averaged 1.38. (average), $19,358,000 . ‘Time| The yield now stands deposits (ave:age), $18,310,000 decrense. | against 4.74 per cent & Clearings week ending ., $4.371,- ' current yield 567,734. Clearings week August 5.31 per cent 15, $4,214,025,997, point for the = - i I ! Clearir and un¢ on year M (Copyright, 1931.) 4 7 A INVESTMENT MART UNDER JUNE LOW Sharp Depreciation of Rail- road Bonds Is Feature of Week. Special Dispatch to The Star. NEW YORK, August 22.—The invest- ment market this week, as mcesured by | its verages, been reviewed. 1 3 80 days of the 1920-1921 depression comparable prices for ral bonds. $9,777,159,173 Market Value. ‘The New York Stock Exchange’ |eon'_g¢unuon of all listed railroad bonds at beginning of 1931 showed them - {to have a market value of $9,777,159,173. of this month 'this ,844. This is a shrinkage 328 since the 1st of the year iverage decline of about 10 per the total investment in listed The high point reached by raflroad mortgages in recent years was at the of 1928, when the value of all ai cent of her rated rail- tion, which, : other selling ther bank fallures. | Germany, dyes, chemicals and toys. | 0Oil Price Advance Is Pushed Further In Midwest Area {Crude Product Marked ! Up to 70 Cents a Barrel by Refiners. By the Associated Press TULSA, Okla., August 22.—Midcon- tinent crude ofl prices continued to {climb today, as three of the larg- est glxn:hmu. the Stanolind Crude oil irchasing Co., the Carter Ofl Co. and the Empire Oil & Gas Co. met the 70-cent-a-barrel top offer posted yes- terday by the Texas Co. The H. F. Wilcox Ofl & Gas Co. also_adopted the same price schedule in Texas and Oklahoma. The new prices range from 46 cents for ol below 29 gravity to the 70-cent peak for g;d:‘efll 40 gravity and above. They nt advance of 14 to 30 cents a barrel. The Skelly Oil Co.. one of the largest purchases in Kansas, made the same prices effective in that State. The Vickers Petroleum Co. and the Derby Ofl & Refining Co. met the Skelly prices in Kansas. The Stanolind Co., a subsidiary of the Standard Ofl Co. of Indiana and the largest midcontinent buyer, posted the new schedule for Oklahoma, North and North Central Texas and Kansas. Normally, this company purchases about 100,000 barrels of oil daily in these areas, with about half that quantity coming from Oklahoma. The Carter Co., a subsidiary of the Standard Ofl Co. of New Jersev. made the new prices effective in Oklahoma, | where its purchases average about 60,000 barrels dally. The Empire Co.’s new prices are for | Oklahoma, where it has an extensive system of gathering lines. ‘The American &nd Dale Refining Companies adopted the new schedules in North and North Central Texas. | __The Humble Oil & Refining C | Houston, Tex., also met the increase. \CORN PRICES TOUCH | NEW BOTTOM MARK « Cther Cereals—Board Action Criticized. | By the Associated Press. CHICAGO, August 22.—Contrary to | | expectation in many quarters, corn in- | stead of wheat beoame the star per- lh:rmer in the cereal pits toda All | deliveries of corn gave way under I|h1ll!dl!lnl sales, and sold at new 1931 | | bottcms. Wheat was dragged down by | corn. Almost the only market reaction | from the Farm Board's exchangé of 25,- | 000,000 bushels of wheat for 1,050,000 bags of coffee from Brazil was to draw out caustic comments from traders. One n was that other coun- tries might offer to barter for Amer- ican wheat, England offering rubber, | China offering tea, Spain, olive ofl, and | Corn closed unsteady. down at ihe lowesi gures iea. wheat, 3-% off, oats showing l-3 decline and provisions set back 12 25 cents. T— | |a ‘Wheat Declines in Sympathy With ‘ 0. FRMSREPORT - GAIN IN EARNING "Chesapuke & Potomac Tel- ephone and Capital Traction Show Higher Profits. | Whatever tne may be do- depression ‘lnz to business generally throughout | the country, some Wi com- | panies are enj a degree of pros- | perity and fa Teports which ap- | pear to point In a distinctly upward direction. .l are two of the utilities to this month to the Pub- lic Utilities peake & d | the_Capital | mmm'otm-e:w | utilities, required monthly by commission, were both of & distinctly | Capital Traction. | The Capital Traction Co. showed & |gain in revenue for ing, the compan; mized with a sharp decrease in operat- ing expenses, which dropped from $251,825 in July, 1930, to $246,905 this July. ‘The telephone company forged ahead, with many new telephones, and an in- crease in number of calls dog.rl‘pl'r nearly $747,500 this July. The Mergenthaler Linotype dividend was good news to Was| n, as more is held In‘rthh city. of years. The company has & surplus of more than $13,000,000. | American Ice Co. The Ice Co., figuring in financial news of the week, also at- tracted attention by showing crease in m the face electric refrigerators. markable wes the announcement July was said to furnish the best show- ing for anv month in the the company, TAX APPEAL WITHDRAWN BY OTTAWA GOVERNMENT i ; i i i SILVER QUOTATIONS. NEW Y August 22 (). —Bar sil- ver-steady unchanged at 273%. iel i L IAGTION OF STOCKS|WIGGIN TAKES OVER IFOR WEEK SHOWS MARKEQABHIW’FINM Further Evidence of Sold-Out Condition Given by Pivotal Issues. UTILITIES IN SPOTLIGHT AS TRADING FAVORITES Continued Weakness in Commod- ity Prices Fail to Influence Securities Quotations. BY CHARLES F. SPEARE. Enecial Dispatch to The Star. NEW YORK, August 22—If we look for the favorable developments in the business and financial world—and this incidents as the increase of 2 per cent |nmemexmumumwunu‘ly': the declaration of the regular dividend forces. 1is not & spectacular list of events. It does, however, afford some encour- agement when set up against the Toledo failures, the new low prices in Payment of the regular dividend on American Telephone & Tel stock maintains the position that pub- lic utilities have gained for their securi- ties. Within recent months the leaders industrial and railroad field have shares eeded it of Atchison preferred, which for a long time had the distinction of selling' a he highest premium of any similar . They have also been . Instances are Consolidated Gas, United Gas Improvement and Pub- lic Service Electric & Gas preferred. High Yields on Stocks. ‘There are ately 500 issues on the New York Stock Exchange list out of about 900 traded in from week to 'n'!knthlc are on a cash dividend dividend yield at re are plenty of do- hingto than a third of the capital stock of |aj 250 | Of $378.600,000, or well over 53 per cent of Germany's total im of food- stuffs for 1930. Of the entire amount 1 Third TASKOF BOLSTERING CES OF REICH American Enters Breach Since Armistice in Order to Aid Germany. DIFFICULTY IN BORROWING HAS HANDICAPPED BERLIN Failure of Dawes and Young Plans Was Caused by Credit Restrictions, BY DR. MAX WINKLER. Special Dispatch to The Star. NEW YORK, August 22.—Albert Henry Wiggin, guiding genius of the world’s largest bank, is head of a com- mittee charged with the examination of Germany’s fiscal condition. On the basis of the committee’s findings, arrange- ments were to be proposed in regard to the outstanding short-term credits to Germany, including obligations of the Reich, the states and citiss, as well as corporations. mum amount Germany was to pay an- nually on account of reparations, with- out, however, fixing the amount. Ger- many, on the verge of economic accepted the Dawes plan, the success which depended upon the ability Germany to borrow and the willingn of the Reich’s creditors to lend. over 30 per cent are an their dividends will be this may dela, For months Pressed Shell Unloz. 21! profem Ei?gi ition mad: pul among others, for the pi short-term credits. Some cline to see in the report an intimation that reparations should undergo a dras: tic revision downward. This view is firm business to initiate a reduction of al intergovernmental debts. Whether :t is liked or not, things seem headed in that direction. The one-year mora- torium proposed by President Hoover, and accepted by all nations involved. may mark the beginning of the end of war debt payments. should cease definitely, how much have Ger- many’s creditors received to date in actual cash, exclusive of deliveries in kind, cession of territory, loss of col- onies, . -chant marine, equipment and rolling stock? An analysis of Germany's reparations payrents shows that a total of #4; 300,000 has been paid out the ermistice on November 11, July 1, 1931. This is at the annual rate , France received $1,940,800,000, or somewhat in excess of w cent. Great Britain follows, with ,300,000. Belgium is third, with $715,300.000, fol- lowed by Italy. with $293,600,000, and via, with $166,200,000. The United States holds seventh place the recipients of German reparations. with a total of $165,700,000. Rumania e