Evening Star Newspaper, December 19, 1931, Page 13

FINANCIAL R E BOLLING HEADS LIBERTY NATIONAL THE EVENING STAR, WASHINGTO D NEW YORK STOCK EXCHANGE Received by Private Wire Direct $o The Star Office. D. €., SATURDAY ALLY IN STOCK MARKET RESUMES STOCK AND BOND AVERAGES By the Assoclated Press. SATURDAY, DECEMBER 19. 390,000,000 YIELD - FROM TAXES SEEN —1991— Stock and High. Low. Dividend Rate, 10% Diamond Match (1). Bates— Add 00. 10 Net. s 14 1n 100-share lots exeent these dosirmated by letter “s." e red, Bk wha <X "hlers » L b % - ot High Low. Dividend Rate. Add 00. High. Low. Olose. 2% 2% 2 3 3 14'% 2 Abitibi Pwr & Paper 2% 13% 13% Federal-American Official Is Elected to Succeed Late E. ). McQuade. BY EDWARD C. STOM e E. Bolling, vice president of the rv&frl;‘:-inix lean’ National Bank & Trust Co. and manager of the branch office at Fifteenth and H streets, will the presidency of the Libert National Bank next Monday, following his election at a special meeting of the directors y-sterday afternoon. He suc- eeds the late Edward J. McQuade, who was president of the Liberty Bank and the District Bankers' Association at the O g takes with him to his position banking experience las over a period of some 40 years, v 1ally all of his business career He entered the g field in his native town of Abin a., and after a num- jce in several dif- bec: t National Bar five years' service he was selected to g0 eign banks 1 Natonal e First “He was highly successful in getting these banks on a flourishing basis, and r two years they were bought by : now_being owned I From Panama t to the Chatham Bank & . nager of a new bra he went r Buil Former Commercial Head. r. Bolling was president of the Com- orciat Nats llx.mx in this city for 1 to go ba am Phenix, return- ter to become con= with the Mer- bank for several t he was elected on when Peter le Merchants American e president can, and kept in ng offices in the onsequently, in n be is moving e block to the was _received by other bankers to- ified, experienced and er, and comes from ws of his_election 1 enthusiasm » declared th 1 of 3, per cent, payable lders of record cashier, a » the bank he was in New Economic Order Seen. gnificant feature in its economic lization that ough a rela- ition from ation to a Per of 1l bearing is riod eco narterly has beer v book maxims ecessary re- nd lines of and experi- in th that the the rehabil- > made along the rules of er than political unless such a shall simply have gency at a later time, when some new plan of settle- ment must again be worked out, which must in turn be dependent upon eco- nomic rather than political adjust- ments for its success. These processes of adjustment from inflation to deflation throughout the bodv economic and from political to economic considerations throughout the body politic necessarily move slo: but” their rate of progress will inevi ably be the measure of a return of pro: perity or a stabilization of economic conditions. The cld post-war order has passed and a new order is in the mak- ing, the Surv e to face a More Local Dividends Declared. The board of directors of the Term- Refrigerating & Warchousing ion Fas declared the regular al dividend of $1 and a special dividend of share on the total outstan of the company at the close of busi- ness December 19. The dividend is pavable December 31. Books will be closed from December 19 to January 2 The directors the Real Estate Mortgage & Guaranty Corporation, at a recent b declared a semi-an- nual dividend of 3 per cent on the preferred stock of the company. pav- [ January 1, to_stockholders of record at the close of business Decem- ber 19 Directors of the Seventh Street Sav- ings Bank have just voted the usual semi-annual dividend of $6 per share on the capital stock. payable Decem- ber 31 to stockholders of record at the close of business December 26 Regular Quarterly Dividend. Incorporated Investors has declared the regular of 25 cents per share, v 15 to stockholders of record December 22, s is the twenty-fou ecutive ar cash disbursement made by In- corporated Investors since organization slightly over six years ago. The man- agement_states that for the full year income from h idends and inter- <h deposits has more than cov- cash dividend of $1 ng on the dividend declara- tion, President George Putnam says: “The manner in which the company has been able to maintain its income dur- ing the past two years demonstrates conclusively the necessity of continu- ous, vigilant management in the invest- ment of funds.” CANADA PU}S.BRAZIL ON PREFERENTIAL LIST By the Associated Press Brazil has becn placed on the pref- erential trade list of Canada. A report to the Commerce Depart- ment states the Canadian Department of National Revenue has issued a cus- toms memorandum extending the in- termediate rates of the Canadian tariff to imports from Brazil, when shipped direct into Canada or via countries subject to the Canadian preferential tariff A temporary trade agreement con- cluded between the two countries by exchange of notes earlier in the month granted the minimum tariff and most- favored-nation treatment to Canadian products, and provided for the exten- sion of the intermediate rates of the Canadian tariff to Brazil, pending the conclusion of the most-favored-nation agreement. The intermediate rates of the Cana- dian tariff already apply to France, Italy, Spain, Argentina, Colombia, Venezuela 2nd other pations. Imports from the United States are subject to 102 the general or higher rates. 52 Abtibi Pow & Papf. 89 Abraham&Straus 1% 2314 Adams Express. ... Addressograph (1). AMmliated Prod 1.60. Afr Reduction(t4%). Alrway Elec Appl. .. Alaska Juneau (40c) Albany Wrap Paper. Allegany Corp. . Alleg Cp pf $30 ww Alleg Cp pf x $30 w.. Alpha Port Cemt (1) Allied Chemical (6). Allied Ch&Dye pf(7) Allis-Chalmers (1).. Amerada Corp (2)... Am Agri Chem(Del). Am Rank Note (2). Am Reet Sugar pf. Amer Br Shoe (1.60). Am Can Co (1§ Am Can Co of (1) Am Car & Foundr Am Car & Fdy pf (1) Am Chain. Am Chicls Am Colortype Am Comcl Alcohol. . Am & For Power..... Am & For Pwr pf(6) Am & For Pwr pf(7). Am & For Pwr 2d pf. Am Hlide & Leather.. Am Flome Prod 4.20.. AmIce (2)......o.;m Am International.. Am Locomotive Am Mch & Fdy 1.40 Am Metal Co Am Natural Gas pf. Am Pwr & Lt (11).. Am Pwr & Lt of (6). Am Pwr&Lt pt A(4). Am P&LI pf A st(5). Am Radiator (80c). Am Rolling Mills. .. Am Safety Razor (5) Am Seating. Am Ship & Com Am Smitg&Ret (1%) Am Sm & Ref pf (1). Am Snuff (13%).... Am Solv & Chemical Am Soly & Chem pt Am Steel Foundry. Am Steel Fdry pf(1) Am Stores (12%) Am Sugar Ref (5). Am Sumatra Tob. Am Tel & Telex (9). Am Tobacco (16). Am Tobacco B (16) Am Tobacco pt (§) Am Type Founders Am Water Wks (3) Am Woolen Co.....s ‘Am Woolen Co pf... AmZinc & Lead. .. Anaconda Copper.... Anchor Cap (2.40)... Armour of Del of (1) Armour of Il (A)... Armour of Il (B)... Armourof Il pf.... Arnold Constabl A AT Metal (40¢). Assoclated Apparel Assoclated Dry G(1) Atch To&S Fe (10).. Atch To&S Fe pf (5). Atl Coast Line (4). .. Atlantic Refining (1) Atlas Powder (4)... Atlas Stores (1)... Auburn Auto (£4) 14’ Austin Nichols A 1% 2\ Aviation Corp (Del). 4%, raldwin Locomotive Baldwin Loco pt. Baltimore & Ohio. . Balto & Ohia pf (4) Bang & Aroos (3%). Barnsdall Corp'n. . Beatrice Cream (4) Beech-Nut Pkg (3).. Bendix Aviation (1). Best & Co (2). . Bethlehem Steel (2 Bethlehem Stl pf (7) Blaw Knox (50¢).... 4 John Alumn (1%4).. n Ami (A) (15). Borden Co i Borg Warner (1). Boston & Maine RR. Botany Con Min (A). Briges Mfe (11%). Briges&Stratton (2). Brockway Mot Trk., Bklyn-Man Tran (4) Bklyn-Man Tr pf (6) BiIyn&Queens pf(6) Bklyn Unton Gas (6) Bru Balks. Bruns Term & R Bucyrus-Erle. ... Budd Wheel Bullard Co. ., . Burrough A M( Bush Term deb (7).. sh Terminal pf(7) ‘anada Dry (1.20). “anadian Pacific 1% . “annon Milis (1.60). ‘ar Clin & Ohio (4). ‘ase (J 1) Co. *ase (J 1) pt (7). ‘avana ‘ent Aguirre (134).. Cerro de Pasco (1).. Certain-teed Prod Checker Cab Mrfg Ches & Ohio (2%) Chesapeake Corp(3). Chi Great Western. . Chi Great Westn pf.. Chi M1 StP & Pac... Chi Ml StP & Pac pt. Chic & Northwstn. .. Chi Pneu Tool. ..... Chi Pneu Tool pf.... Chicago R I&Pacific. ChiRT& Pac 6% pf. Chi RI& Pac 7% pf. Childs Company. ... Chrysler Corp (1) City Ice&Fuel (3.60) City Ice&Fuel pf 6% City Stores......... Cluett-Peabody (3) Cocoa-Cola (18) Colgate-Pal-P (234), 4 Colg-Palm-P pt () Collins & Alkman Colo Fuel & Iron.... Colo ¥uel & Ir pf (8) Columb G & E (1%) Columb Carbon (4) Comm Credit (1.60) Comcl Credit A (3). Comel Cred 15t(6%). Comcl Cred pf B (2). Comel Inv Trust (2) Comel Inv T war sta. Comm Inv cvpf(e6) Comel Inv Tr pf 6% 4 Comel Solvents (1), Comwlth & Sou(30e) Comwith&Sou pf (§) 6% Congolm-Nairn (1),. 6% Congress Cigar (1).. 42 Consol CRrprpf 6%. 51 Consol Cigars of (). 7% Consol Film pf (2). 58% Consol GasN Y (4).. 88 Consol Gas NY pf(5) 9 Consol Laundries(1), 10 ConsolRwys pt (8). % Consol Textlle... 1s Container Corp (B) 4i5 Contl Baking (A) % Contl Baking (B) 40 Contl Baking pf (8). 30% Contl Can (2%).. 3% Cont Diamond Fibre 18'5 Con* Insur (2.40).... 14 Contl Motors, 413 Contl Ol (Del), 'y Contl Shares. . . 361 Corn Products (3). 118 Corn Prod pf (7). 274 Coty Inc. 20 Creamof % 14% Crown Cork (2.40).. 2113 Crucible St 7% Cuba Co..uuue . 8 Cuban-Am Sugar pf. 29 Cudahy Packing (4). 25 Curtis Publish (4).. 75 Curtis Publish pf (1) 14 Curtiss Wrignt...... 1% Curtis Wright (A).. 7__Cutler Hamme 23 3% Davison Chemical... 22 13% Deere & Co pf (1.40). 167% 64 Delaware & Hud (9). 18% Del Lack & Wa (3) 195 110% Dctroh\EdINI ®). 2 9 1 2 6 2 14 2 3 3 4 19 2 2 1010s 1 116 i ).90258 6 308 7 108 1 1008 127 167 4 3 9 908 » ® Mo S NG N o (3 6% 0 23% 22% 23% 119 112% 119 _ LA+ FEE FRESERLEF iy L Gy pqg ! fodhe ot (0 anren o £ e [ R R s ++ + & N R NPT Fry FErs F Y 2 5335s P2z ¢ E —r FEEd PF R ~ FEEF FEFTE FE 19% 6% 814 11 2% 507 94 2y % 6 214 351 20 1 24 9% 32 41y 23 234 42 a2u 5 6% 5 1% 10 3%y an 11 20 854 a % s 8 15% 21y 134 28 9% 9ty 1t 2y 12! 3% 14% 1™ 151 T8 38, 9 15 21 25% 4% 31 154% b67% 24 80% 15% 1231 68 45 6 7 L 18 6l 2248 W " b S 6 20 95 5 14 29 s 1214 8T 401 1% 5 1% 8 181 1774 20% 4 14 6 3814 3% 12 2% 5 N 1% 6% 5% 3% 10% 6% 12 % 16% Diamond Mtch pf 1% Dome Mines (1)..... Doug Afrcraft(t1%) Dresser Mfg B (2)... Drug Corp (4)eeeeue Dupont de Nem (4).. Du Pont de N pf(6) Eastern Roll Mills Eastman Kodak (18) Eaton Axle & Spr(1). Eitington-Schild. Eitington-Schild p: Elec Auto Lite (4) Electric Boat. Elec&Musical Instru Elec Pwr & Lt (1)... Elec Pwr & Lt pf(6). Elec Pwr&Lt pf (7).. Elec Storage Bat (4). Endicott-Johnson(3) Eng Pub SVe pf (5). EngPSptww (5%), Erle RR 15t pf (4)... Erie RR 2d pf.. Evans Auto Prod.... Exchange Ruffet (1) Fairbanks.Mor Fed Water Service A Fed Dept Stores (1). Fid Ph Flre In(2.60). Filene's Sons pf 6% . First Natl Strs (2%) Fisk Rubber. .... Fisk Rubber 15t pf Foster-Wheeler. Fourth Nat Inv (1.1 Fox Film (A) Freanort Gen Am Tank Car(4) Gen Asphalt (2). Gen Baking (2) Gen Cable Gen Cabl Gen Cable pf. Gen Clgar (4) o Gen Electric (1.60).. Gen Elec svec (60¢).. Gen Food Corp (3). . Gen Gas&El A (e30¢c) Gen Gas&E cv pf(6). Gen Mills (3).. Gén Mills pf ( Gen Motors (3) Gen Motors pf (5)... Gen Outdoor Adv(A). Gen Public Service. . Gen Ry Signal (5)... Gen Realty & Util. .. Gen Realty & Util pt, Gen Refractortes (1) Gen Theatre Equip Glllette Saf Rasor. .. Gillatte Saf R pf (6). Gimbel Bros. ..... Gimblel Bros pf (1) .. Glidden Co. " Gobel (Adolf) Gold Dust (24). Goodrich (BF)... Goodrich (BF) pf.., Goodvear T& R (1) . Goodyear 1st pt (7). Gotham Silk Hoslery Graham-Paige.... Granby Consol (50c) Grand Silver Stores.. Grand Unfon pf (3).. Granite City Steel(2) Grant (W T) (1). Great Northern pf(2) Great Northn Ore(2) Great Western Sug. . Great Wn Sug pt (7) Grigsby Grunow Gulf States Steel Hahn Dept Stor Hahn Dpt St pf(6%) Hartman Corp (B).. Hawaiian Pineapple. Hercules Mot (80c).. Hercules Powder(3), Hercules Pow pf (7) Hershey Choe (5)... Holland Furnace (1), Hollander Sons.. ... Homestake M (7.30). Houdaille Hershey Househld Fin pf .20 Houston Ofl........ Houston Ofl (new) Howe Sound (2).... Hudson & Man (3%) Hudson Motor (1)... Hupp Motors 1llinofs Central Iilinois Cent pf (6).. Indust Ravon (4) Ingersoll Rand (4 Inspiration Copper. . Insur Sh(Del)162%e Interboro Rap Trans Interlake Iron. ..... Ini Agriculture Int Bus Machin, ) Int Carriers.Ltd 60c. Int Cement (3)...... Int Combustion Int Combustion pf.., Int Harvester (2%).. Int Hydro E1 A (e2). Int Match pf (4).... Int Nickel of Can 200 Int Nick Can pf (1).. Int Paper pf. Int Paper & Pwr (A) Int Paper & Pwr pf.. Int Rys of CenAm pf Int Salt (3)..... Int Shoe (3) Int Silver. Int Stlver pf ((7) Int Tel & Teleg (60c). Tat Dept Stores (2).. Investors Equity.... Island Cr'k Coal (3). JewelTea (t414). .. Johns-Manville (1).. Jones & Laugh pf(7) Kansas City South: Karstadt (Rudolph). K'mann Dept Strs(1) Kayser (J) & Co (1), Kelly-Spring Tire. .. Kelly-Spr T 8% pf.. Kelsey-Hayes Wheel Kelvinator Corp.... Kendall Co pf (6)... Kennecott Copper 50¢ Kinney (G R) Co pf, Kresge (S S) (1.60) Kress (SH) Co (1) Kreuger & Toll 1.61). Kroger Grocery (1). Lambert Co (3)..... Lee Rubber & Tir Leh Port Cement. , Lehigh Valley Coal Lehigh Valley R R. . Lehman Corp (2.40) . Lehn & Fink (3).... Libbey Owens Glass. Ligg & Myers B (16) Lily Tullp Cup(1%). Lima Locomot (m2). Liquid Carbonic (2). Loew’s, Inc (14). Loew’s Inc pf (6%) Loft Inc Loose-Wiles ( . Lorillard (P) (1.20). Louistana Oil..... Lou Gas&El A (1%) . Loutsville & Nash(4) Ludlum Steel....... Ludlum Steel pf McGraw Hill Pub. ... MeKeesport T P (4). McKesson & Robbins Mack Trucks (1). 13 2 5 50 169 i 2 43 13 108 1 8 3 4 343 15508 Macy (RH)& Co(n3).14508 Madison Sq Garden. . Magma Copper (50¢) Mandell Brothers. .. Manhat Elev gtd (7). ManhatElev mod gtd Maracaibo Oil Exp. . Marine Midld (1.30). Marlin-Rockwell (2) Marshall Field (23%) Mathieson Alkili (2) May Dept Strs (2%). Maytag Co... - Maytag Co pf (3)... Melville Shoe (2)..e Mengel Co. Mengel Co pf. Mesta Machin Miami Copp Mid Continent Midland Steel (3) Minn Moline POW. . .. Minne-Moline P pf. M StP & SSm 1sd (4) Mo Kan & Tex: Mo Kans & Texas pf. Missouri Pacific. .. Missouri Pacific pf. Mohawk Carpet. .. Monsanto Chem (1% - PromnawsSnn ey 0 e 13% 22 22 814 —_——— (Continued on Page: 14.), 22 I+ +i+ 144+ +4+14+ ++ +1++ # 2 2as 2 Fsssrex 2Fer Fr +4++ i * Prices Continue Yesterday’s Advance With Trading Very Active. BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, December 19.—The re- covery in the stock market was extend- ed today, subject, of course, to day’s rapid rise. In one or two stocks offerings were too persistent to be assimilated without, a price concession, but losses were very moderate, and stocks which had not shared in Friday's rally came to the front with a rush. The buying was not all short covering either. For the first time in weeks there were side interest, The feature of the spired the most confidence was th strength in the railway shares. Wash- ington dispatches referred to President Willard of the Baltimore & Ohio as assuring President Hoover that the out- look for a wage agreement between the roads and the brotherhoods was very bright. In that view the Street con- curred, The better grades of railroad stocks were very strong. Atchison advanced over 3 points, as did Delaware & Hud- son and New York Central. At its best Norfolk & Western had an ey larger gain. Reading, of which floating supply is lLimited and which during the era of extreme pessimism wa, heavily sold for short account, | jumped over 7 points without inter~ | mec market that in- active industrials i the recovery list were Allied Chemical, Un: Stecl, American Can and Eastman Kodak. As an example of a stock which made up for fts tardiness Fri- day, International Silver may be men- tioned. ver was off at the close on Friday, but advanced nearly 6 points today—an extraordinary gain for & stock selling in its price range. A somewhat similar display was made by the food shares, particularly National Da Products. Utdlit w ican Teleph held its grc sold In the ed States the exception of Amer- me & Telegraph, which nd. but did little more, wers Public Service of New Standard Gas were among k market had the support er rise in bonds and of con- tinued good demand for bank shares There was nothing disturbing in the exc 1 had opened over T exchanges exceptior the advance in the vian bills running side was still critical, b Wwas in a mood to look on the bright side whenever possible NEW YORK Stocks irreg Bonds stror strong; gains week steady: col fee higher extended C sterling rallies. CLEARING HOUSE FIGURES. on C! 12 House figures $3,944,514.92 for today SILVER QUOTATIONS. EW YORK, December 19 (P .—Bar sil steady and one-quarter cen higher at 31 cents. U. S. TREASURY BALANCE. The United States Treasury balance announced today as of close of business December 17 was §7 874.06. Customs receipts for the month to date $15.013.730.10. Total ordinary ex- penditures were $24.464,953.69. Canadian Silver Output. OTTA Ontario, December 19 (4 he Dominion Bureau of Statistics yesterday reported that Canadian silver output in Scptember was 1238741 ounces, as compared with 1553287 in | August and 2,616 ounces in Sep- | tember of last’ year | British Columbia led in September | production with 489 per cent of the | total. Ontario produced 23.7 per cent, Yukon 19.5 per cent, Manitoba 4.1 and | Quebec 3.8 per cent. | NEW YORK BANK STOCKS NEW YORK, December Over-the-counter market: 19 (P).— Asked Chase 3 Chat_Phi 1330 33 50 180 Manufacti New York By the Assoclated Press. in the corresponding week last year: Wholesale and job trade. ... Fair Quiet. Fair Fair Quiet Fair Quiet Quiet Fnllr‘ Quiet Quiet Quiet Quiet Quiet Fair Chicago Cleveland Detroit ... Indianapolis . Louisville Milwaukee . Pittsburgh Des Moines Duluth ... Minneapolis .. Omaha . St. Louls . St. Paul Baltimore Chicago—Steel capacity lowest Detroit—Auto production still Indianapolis—Retail coal sales building and materials inactive. accessories quiet. Pittsburgh—Cold weather aids Des Moines—Cold weather and products active. and flour unimproved. ©Omaha—Wholesale dry goods showing more activity; storage battery interests reports units made equal to St. Louis—Boots and shoes fair; flour production declining; house- furniture sales extremely low; building quiet. St. Paul—Confectionery and holiday lines find fair demand; mostly useful articles bought for gifts. Baltimore—Retail trade expanding: much colder weather aids heavy firm; flour quiet, $ith prices weak. apparel lines; poultry market the | normal realizing consequent upon ¥ri- | slgns of out- | n | the | with 17 Trade Reports at a Glance. NEW YORK, December 19.—Tabloid review of wholesale and retail business conditions as reported to Bradstreet's this week from the follow- ing centers, on the basis of comparisons with conditions in the same areas Comment. orders; cold weather helps sales of Winter goods. 4 Cleveland—Decline of expected auto orders curtails production; retail coal improving; oil business slightly up. units, making 11 months 30 per cent below 1930. mills and quarries operating part time; furniture production increasing. Louisville—Retail volume equal to 1930, but value less; hardware fair; Milwaukee—Leather glove manufacturers’ volume good; auto tires and interests slow; steel industry down; mills preparing for inventory. volume about equal to 1930; automobile sales low. Duluth—Holiday buying and cold weather help trade; wholesale food Kansas City—Retailers find volume about equal to & year ago; prices, however, are lower; flour mills opermng‘at 75 per cent ca(racny. Minneapolis—Coal industry somewhat improved; buil Month ago. Year ago. Three years ago.. Five years ago 931, High, 1 Low, 1929 Today.... Previous day. . Week ago. Month ago. Year ago.... .. Two years ago Three years ago. High, 1931 INCREASE IN SHOE BUSINESS PLANNED Retailers to Hear Sugges-| tions for Expansion at January Meeting. BY ALVIN RESCH. (Written for the Associated Press.) CHICAGO. December 19.—At outset of 1932 the retail shoe industry is golrg into the biggest huddle of its history It alms to formulate a sound mer- chandising policy for next year on the basis of lessons learned in 1930 and 1931 Ly this normally $1500,000,000 industr: Largely upon orders signed at the convention of the National Shoe Re- tatlers’ Assocfation in Chicago Jan- uary 4, 5 and 6 will depend the volume of Spring and Summer business to be done by the nation's shoe manufac- turers. | Between 3.000 and 4000 retailers are expected to hear diagnoses of the shoe for poli cures; of a 3 "hree” leading problems promise to resent themse! estions of price | read justmen meeting consumer re- | quirements under present conditions. ‘and how best to give maximum values at_lowest possible prices | men feel their merchandising have assumed paramount rtance, so six round-table confer- cences have been planned to deal with the economics of an | Resplts of the census of retail distribution. made i by the De- partment Commerce. will be an- nounced time. The assoc found that many retailers, who months ago established wer priced es of shoes than th ever had carried, have reduced ope ating costs in proportion to their lower sales income. The temporary rise in shoe production last Summer was at- tributed largely to this increased de- mand for low-priced merchandise. | | More than 300 lines of shoes and accessories will be displayed in con- | nection with style conferences, in ch dealers will select the most opular innovations for Spring and Summer sales i For the first time in the organiza- tion's history, the shoe men will throw their convention doors open to all! |members of the industry. Previously ch gatherings have been behind | closed doors. 'MOTOR DRIVEN VESSELS | GROWING IN POPULARITY The growing popularity of the motor driven craft in the American merchant I marine is scen in the annual report of the Bureau of Navigation | Both the gross tonnage of vessels and the number of seamen employed in this classification gained during the last fiscal year, the former from 983.688 gross tons to 1,055,005, and the latter from 39849 active seamen to | |39.995. The number of seamen employed on | steam, sail and unrigged ships de- |creased in the period, as did tonnage, |the report revealed A summary of the report on the four classes of vessels showed that 65,307 | gross tons were removed from the | American merchant marine in the r, represented by 960 vessels of 5 | |tons’ and larger. The total was 18- | 282.890 gross tons under the American flag as of June 30, last. | Tt was also shown that 161,344 sea- | in active service, compared 5 the previous period, while the number of idle seamen was 38.282 | at the vear’s close, compared with | 926 idle at the end of the previous | year. Manufacturing and {ndustry. Quiet Quiet Slow Quiet Quiet Fair Quiet Quiet Quiet Quiet Quiet Quiet Slow Quiet Quiet Collections. Slow Slow Fair Slow Slow Slow Slow Slow Slow Slow Slow Blow Slow Slow Slow Retail trade. Fair Quiet Quiet Fair Fair Fair Quiet Fair Fair Quiet Fair Fair Fair Fair Fair of year; wholesalers busy with rush retarded; November totaled 66,000 stimulated by cold weather; stone coal industry; plate glass and tile snow stimulates many lines; holiday ing quiet; wheat 1930, with prices lower. 65.9 667 814 100.8 104.9 104.7 105.7 62:3 109.8 97.3 106.0 100.8 ard Statistics Co.) 96.6 99.8 96.0 Amount Would Equal Half of Total Saved by Recent Reductions. BY CHAS. P. SHAEFFER, | Associated Press Business Writer. The administration, in effect, 15 ask- ing the public to pay back into the Treasury through, higher rates just 50 per cent of the amount saved taxpayers through reduction of taxes duiing the last 10 years. Secretary Mellon's plan of upward tax revision is calculated to yvield $900,000,- 000. Since 1921 the internal revenue laws have been revised four times—eac| time scaled downward, and in addition a temporary reduction was put into ef- fect {n 1929, The first revision in 1921 brought about a decrease in taxes of $663.000,000 per year. In 1924 the act was revised With a saving to the tax-paying public of $519,000.000. In 1926 a further duction of $422,000,000 was made, the change in 1928 saved the duced the amount of taxes $160,000.000. These reduc part of the official records of ury Department Thus the burden of taxes has been lightened during the last 10 years by a total of $1.826.000.000, which does not include the temporary reduction of $160.000,000 provided 29 After the first tax re had repealed many of “nuisance taxes,” the Gov further, and in 1924 red rates on small incomes per cent to 2, 4 and surtaxes were also re ranged from 1 per cent on net inéome in excess of $10.000 to a maximum of 40 per cent on the largest incomes. Again, in 1926, the rates of the nor- mal tax were cut from 2, 4 and 6 per cent to 113, 3 and 5 per cent, and the maximum surtax rate was cut from 40 per cent to 20 per cent. Then. in 1928, the law was revised once again, re- on in 1921 | ducing the corporation | granted add 13!, per cent to fonal porations having a over $25.000 by net | from $2,000 to $3,000 ROLFE E. BOLLING, Who has been elected president of the Liberty National Bank. He is retirin as a vice president of the Federal- American National, and is a former president of the Commercial National REVENUES OF GAS FIRMS TOTAL $537,306,395 Special Dispatch to The Star. NEW YORK, N. Y. December 19— Revenues of utility concerns engaged in the distribution of manufactured and natural gas aggregated $537.306.- 395 during the first ten months of 1931. according to reports from com- panies serving some 13.656,740 cu tomers and comprising Approximately 90 per cent of the utility distribution of manufactured and natural gas, it was announced today by Paul Ryan chief statisticlan of the American Gas Association. The manufactured gak companies eported revenues of $314.191.940 for the ten-month period, representing a decrease of 2.3 per cent from the $321.- 654,799 reported by these same con- cerns for the corresponding period of 1930. The revenues of the natural gas utilities reporting for the ten-month period totaled $223,114.455, a drop of 6.9 per cent from the same interval of 1930. For the ten months ending with October sales of the manufactured gas companies aggregated 292,992.851,000 | cubic fect, representing & decline of 2.3 per cent from 1930. Sales of natural gas reported for | the same ten-month interval totaled 549.985,192.000 cubic feet, as compared with 605.192,164,000 cubic feet during the initial ten months of 1930, a loss of 9 per cent In New England manufactured gas! sales for the ten-month period were up 12 per cent, the result in large | part of a gain of some 20 per cent in sales of gas for housekeeping purposes | during the period. In the Middle At- | lantic States, comprising New Jersey, | New York and Pennsylvania, sales for | the first ten months of 1931 totaled | 120.721,966,000 cubic feet, or substan- | the same figure reported for the | corresponding_period of the preceding vear. In the East North Central States, embracing Illinois, Indiana, Michigan, Ohio and Wisconsin, manufactured gas | sales were down 7 per cent for the ten- | | month period, the result in large part of a drop of 15 per cent in sales of | gas for industrial-commercial uses. NEW_YORK. December 19 (Spe-| cial).—Until this month New England has been free from the banking trou- | bles which have affected other sections of this country and have resulted in | the closing of mearly 2,000 institutions | this vear. Up to the first of Decem- ber only seven banks had been sus pended in New England, of which four | were in Massachusetts, two in Con- | necticut and one in Maine. This week | there have been 16 suspensions in Bos- | ton and the surrounding country and all of them of fairly substantial size Ii is understod that the primary trou- | ble has been the depreciation in real estate and, secondarily, the shrinkage | in securities. BSOS S F FOUNDING A FORTUNE It is through the sy placing of notably secure investments as our 6% FIRST MORTGAGES that financial ease is established— Over a Thwrd of a Century Without fixed and c May be from $250 and you can soon have a competency upon which to depend. The security is sound; the interest in this revision an i { allowed for tax on the sale ¢ pealed at this t1 from admissions of $3 CHEMICAL PROFITS OFF LESS THAN OTHER FIELDS Special Dispatch to The Star NEW YORK, Dece: of the chemical indust the current vear are ind only about 25 per cent 1930. as compared w decline of about 50 gregate corporat 1o a current sury Statistics Co.. which cor “The relatively satisfact this trade are a t the substantial opera ted. as well orv chemical p “In view of upply industry | chemical ; a higher rate of acti outlets. But with the ex | automobile trade, none c | consuming lines gives p appreciably larger demar near future. Present over. are that | most lines will | higher than .values on t ness: in a few cases, quotations are probable a consequence chemical company in |the ear come largely from further c costs " Money to Loan Secured by first deed of trust on real estate, Prevailing interest and commission. o Wash L. 4 Tros Joseph 1. Weller g0 wamn 1. s 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 Office Space Saul Building 925 15th St. N.W. One Large Room at $52.50 per mo. Suite of 4 Rooms at $92.50 per mo. All outside rooms. assuring abundance of light and air. Excellent service. the heart of the financial distric B. F. SAUL CO. National 2100. 925 15th St. N.W. M OR T 6ANGES stematic persistent surplus funds in such ontinuous. purchased in amounts up. B.F. SAUL CO. National 2100 THERE IS NO 925 15th St. N.'W. SUBSTITUTE FOR SAFETY