Evening Star Newspaper, February 11, 1932, Page 13

FINANCIAL CARPET MILLS REPORT NET PROFIT! ‘OR 1931 Special Dispatch to The Star. NEW YORK, February 11.—Reveal- & net ting profit for the year 1931 l.mnum: to s:?m.m, with a net addition to surplus for the year of FEBRUARY 11, 1932 *¥x A—I13 FOREIGN EXCHANGE. DROP HITS TRADE WASHINGTON, D. C., THURSDAY, TOEKS I ADVANEE rybod' ON HEAV TRADNG FINANCIAL. BANK CONVENTION |[ NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Office. High. Low Dividend Rate. THE EVENING STAR, Stock ana Dividend Rate. Fashion Park Asso. . —1031— High. Low. Bulk of Hoarding Revealed Committees for Annual Gath- ering Appointed by General Chairman Woodward. BY EDWARD C. STONE. Additional committees were an- nounced today by Claude H. Woodward, general chairman of the fourteenth an- nual convention of the District Bankers' Association. The Entertainment Committee will be headed by Barnum L. Colton, trust officer, District Na- tional Bank, as chairman, and James A. Soper, vice president, Lin- coln National Bank and past president, ‘Washington Chap- ter, American In- stitute of Banking, as_vice chairman. Other members are W. W. Spaid of W. B. Hibbs & Co, Lawrence A Slaughter, vice president, Commercial National Bank: George O. Vass, vice president, Riggs National Bank and of the Bankers' As- sociation; Wilmer J. Waller, vice presi- dent, Federal American National Bank & Trust Co.: Michael F. Calnan, vice ident. Liberty National Bank, and dward E. Swah, assistant treasurer, American Security & Trust Co. The chairman of the committee adds the announcement that,the assistance of Thomas W. Brahany, investment banker, has been secured, which assures the success of the annual feature of the convention, “the family dinner,” which always follows the conclusion of the business sessions. The chairman of the Press and Pub- licity Committee is Eliot H. Thomson of the Washington Loan & Trust Co., assisted by Robert L. Flather, assist- ant secretary, Am- crican Security & Trust Co.. as vice chairman; Thomas P. Hickman, vice president, Frank- lin National Bank: T. Hunton Leith, assistant _ cashier, Security Savings & Commercial Bark, and Rickard Hat- ton, Washington Herald; Thomas M Cahill, Washington Post, and C. Stone, Washington Star General Chairman Woodward has in- vited the council of administration and the chairmen of the various commit- tees to a dinner at the Washington Hotel this evening. to formulate plans and co-ordinate efforts toward making this vear’s gathering a notable oc- casion. N. & W. Steamboat Election Held. At the annual meeting of the stock- holders of the Norfolk & Washington Steamboat Co. held at the general of- fices, 1120 Seventh street southwest, this noon no changes were made in the per- sonnel. The following directors were elected to serve during the coming year: Woodbury Blair. E. C. Brandenburg, Henry W. Brawner, jr.; Wrisley Brown, G. W. Forsberg, William D. Hoover, Clarence F. Norment, Clarence F. Nor- ment. jr.. George P. Sacks, Odell S. Smith and George L. Starkey. At a subsequent meeting of the board of directors the following officers were elected: C. F. Norment, sr,, chairman of the board; C. F. Norment, jr., presi- dent; G E. C. Brandenburg, second vice president and general counsel; O. S. Smith, sec- retary-treasurer, and J. A. Riordon, general manager. Better Tone in Industry. Since the first of the year a moderate quickening of activity is noted in the sensitive weekly indexes of industrial production, says the American Bankers' Association Journal in its monthly dis- cussion of business. “Although the improvement is not imp ive in size, there is reason for confidence in the fact that the busi- ness world is now taking a clearer and more realistic view of its problems than for yvears back,” the Journal says today. “Clearing away the debris of the year 1931, in the form of operating losses, inventory losses, commercial failures, bank closings, bond and stock deprecia- tion, unemployment, etc.. has brought business face to face with actual con- ditions. “Numerous steps to remedy the trou- ble and to restore an equilibrium on the lower level of prices now prevailing include, first, the efforts of the Govern- ment to free frozen credits and to care for the maturing obligations of the railroads, also to economize in expendi- tures and to balance budgets: secondly, the recognition on the part of manu- facturers and merchants that produc- tion must be balanced with current de- mand, that operating costs must be cut and purchasers must be attracted by the appeal of exceptional values; and thirdly, the co-operative attitude of labor as expressed in its willingness to accept reductions in wage scales in the interest of wider and more steady employment. “Declihing prices have been an in- fluence retarding the making of con- tracts in commodities for more than two years, but an analysis of the price movement by individual items will show that the decline in raw materials has practically ceased.” Today's D. C. Exchange Trading. Potomac Electric Power 5' per cent preferred opened trading on the Wash- Stock Exchange today. The transactions totaled about 60 les being made at 102. Po- tomac Electric Power 6 per_cent pre- ferred registered at 109. Both these stocks are now quoted ex dividend. There was a sale of $2,000 Potomac Electric Power 6s at 1037, and four $1.000 sales in Washington Gas Light 65, series A, were recorded at par. ‘Washington Railway & Electric com- mon and preferred have bgen added to the stocks now quoted ex dividend. As the New York Stock Exchange is rlosed tomorrow, the Washington Stock Exchange will also observe Lincoln's birthday anniversary with a business Barnum L. Colton. Eliot H. Themson. sudden activity on the New York Exchange today was the cause of much comment among local brokers and in- | vestment dealers today. Heard in Financial District. The Washington banks will be open &s usual tomorrow, Lincoln's birthday anniversary, as it is not a bank holi- day in this city. The New York Stock Exchange will be closed tomorrow, giving the brokers in_this city a day off. The governo: wefused to close the New York Ex- change on Saturday, however. It was announced today that four national officers are planning to attend the annual banquet of Washington W. Forsberg, vice president; | 1574 102 45% 195 23 4% Abitibi Pwr & Pa pf. 2 Abitibi Pwr & Paper. 1 34 Adams Expresi 501 Adams Exp pt (5).. 22% Adams Millis (2).. 10 Addressograph (1) 2 Adv Rumley.. 12 Affiliated prod 1.60. . 47% Air Reduction(t4%). 7 Alaska Juneau (50c) 1% Alleghany Corp..... 2 Alleg Cp pf 330 ww 1% Alleg Cp pf $40 ww. 1% Alleg Cp pf $30 xw. . 64 Allied Chemical (8). 10% Allis-Chalmers(50e) 114 Amerada Corp (2). 12% Am Bank Note (2).. 35 Am Bank Note pf (3) 58% Am Can Co (15).. 415 Am Car & Foundry. . 20% Am Car & Fdv pf () 30% Am Chicle ($3)...... & Am Comel Alcohol.. 7% Am European Secur. 6% Am & For Power. ... 10 Am & For Pwr 2d pf. 4 Am Haw St'ship (1). 37 Am Home Prod 16% Am Ice (2).. 5 Am Intern: § Am Locomoti 16 Am Mch & Fdy 1% Am Mach & Metals 4% Am Metal Co... 11% Am Pwr & Lt (31). 34% AmP&Ltpf A (5) 5 Am Radiator (40c). Am Republies. . Am Rolling Mills.... Am Safety Razor (5) Am Smit & Rfg(50c) Am Snuff (1310).... Am Snuft pf (6) Am Solv & Chemical Am Steel Foundry Am Stores (1212) Am Sugar (4) Am Tel & Teleg (9 Am Tobacco (16 Am Tobacco B ( ‘Am Tobacco pf (6§ 23% Am Water Wks (3) 21% Am Wat Wks cfs(3). 6414 Am Wat W 1st pf(6), 18% Am Woolen Co pf 24 Am Zinc & Lead ‘Anchor Cap (2.40). Archer-Daniels (1) Archer-Dan pf (7). .. Armour of Del pf(7). Armour of 111 (A) Armour of T11 (B). ‘Armour of 111 pf. Associated Apparel., Associated Dry Gds. Atch To & San Fe(6) Atch To&S Fe pf(5). Atl Coast Line (4)... Atlantic Refining (1) Atlas Powder (2)... 7% Atlas Powder pf (6). 8414 Auburn Auto (f4)... 2 Aviation Corp (Del). 4% Baldwin Locomotive Baldwin Loco pf. Baltimore & Ohio Balto & Ohlo nf (4) Barnsdall Corp.... Beatrice Cream (4) Reech-Nut Pkg (3).. Bendix Aviation (1). Best & Co (2).. Bethlehem Steel. Bethlehem Stl pf (7) Blaw Knox (50¢) . Bohn Alumn (1%). Borden Co (3)... Borg Warner (1). Briggs Mfg (1). . Bkivn-Man Tran (4). Bklyn&Queens pf(6) Brunsw-Balke. .. 1% Bruns Term & Rwys. 3% Bucyrus-Erfe. 24 Budd Wheel. . . 10 Burroughs Add(%0c) 15% Bush Terminal(2%). 50 Bush Termdeb (T % Butte & Superior.... k Co. Camp W&C Fdy (1). 10% Canada Dry (1.20)... 10% Canadian Pacific 1%. 33% Case (1 1) Co. . 53 Case (JI)pf (7). 10% Caterpillar Trac (1). Cavanaugh-Dobbs. .. Cavanaugh-Dobbs pf 40s Cent Aguirre (13%§).. & Cerro de Pasco (1).. 25 Certain-teed Prod T Ches & Ohio (2%)... 240 Chesapeake Corp(3). 28 Chi Great Western. . 2 Chi Great West pf. 3 - R e L) - 25 = 29 C : Chi & Northwestern. Chi & Northwest pf.. Chi Pneu Tool. . . Chi Pneu Tool pf.... Ch! i c i Rock 1 & Pacific. *hi R1& Pac 6% pf. Chrysler Corp (1) City Jce&Fuel (3. City Ice&Fuel pf 814, Cluett Peabody (2).. ola (18)....0s Coca-Cola (A) (3)... Colgate-Pal-P (214). Colo Fuel & Iron. Columbla G&E1(b1% Columbia Carbon (3) Comm Credit (1.60). Comel Credit A (3).. Comel Cred pf (1%). Comel Inv Trust (2). Comel Inv Tr pf 635 . Comm Invcv pf(ed). 6% Comcl Solvents (1) 3 Comwlith & Sou(3 46 Comwlth&Sou pf (6) 6% Congolm Nairn (1) 20 Consol Cigars (5) 42 Consol Cgrprpf 6%. 3% Consol Film. ... 7% Consol Film pf (2).. 57% Consol GasN Y (4).. 88 Consol Gas NY pf(5) 8! Consol 9% Consol ¥ 3% Consol Textile " C 414 Contl Baking (A) 13 Contl Baking (B) 40 Contl Baking pf ( 304 Contl Can (214) 314 Cont Diamond Fibre 18'4 Cont Insur (2 1 Contl Motor: 43 Contl Oil ( 1 Contl Shares 86% Corn Products (3) 2% Coty Inc.. 20 Cream of Wht(t2%) 10% Crex Carpet - 13% Crown C'k & 8 (1.20). 36% Crucible Steel pf (7). 7 Cuba Co. .. Cuban-Am Sugar. Cuban-Am Sugar p! Cudahy Packing (4). Curtis Publishing(2) Curtis Publish pf(7) Curtiss Wright. “urtis Wright (A 808 1 64 Delaware & Hud (9). 17% Delaware Lack & W. 33 Denver & RG W pf.. 110% Detroit Edison (8).. 10% Diamond Mateh (1) . 19% Diamond Mtch pf 13 6% Dome Mines (1)..... 11 Dominion Storest1% T% Douglas Alreraft (1) 20% Dresser Mfg A (3%) 42% Drug Corp (4).. 50% Dupont de 94 Dupont d 2% Eastern Roll Mills. n tman Kodak (5). 2% 4% 109%+15%, £ Add 00. High. Low. Olose Ches | 64 1 2 64 6w 64 + W 2% 3 Fed Water Service A 101 Fed Dept Stores (1).. 20 Fid PhFire In(2.60). 12% Firestone T& R (1).. 464 Firestone T&R pf(6) 41 First Natl Strs (2%5) % Fisk Rubber.... 4 Follonsbee Bros. 8 Foster-Wheeler. 15% Fourth Nat Inv 1 2% Fox Film (A) 134 Freeport-Texi 15 Gamewell Co (3) 45 Gen AmInvpf (6)... 28 Gen Am Tank Car(4) 9% Gon Asphalt (1). 941 Gen Baking (2) 17 Gen Branze. . s 22 Gen Electric (1.60).. 10% Gen Elec spec (60¢).. 281 Gen Food Corp (3)... 1% Gen G&E A (b6 % stk) 39% Gen Gas & ElecA(T). 1108 29% Gen Mills (3) 4 21'¢ Gen Motors (2). 79% Gen Motors pt (5 5% Gen Outdoor Adv (A) 2% Gen Public Service.. 21 Gen Ry Signal (5). % Gen Realty & Util. 12 Gen Refractories. 14 Gen Theater Equ!p.. 9% Gillette Saf Rasor... 45 Gillette Sat R pf (5). 261 Gimbel Bros pf (1) 3% Gobel (Adolf). 14% Gold Dust (2% 3% Goodrich (BF). Goodrich (BF) pf... T&R(1). ilkc Hostery Graham-Paig Granby Consol Grand Silver Stores. Grand Union. ... Grand Union nf (3).. Grant (WT) (1).... Great Northern pf(3) orth Ore(2). Great Western Sug. . Great Wn Sug pf(7). Grigsby Grunow.... e e Lo A L0 h 767 Hacken WAt pfA 1% + % 14 Hahn Dept Stores. .. 14 HahnDpt Stpf(8%). 11 Hall(WF)Ptg(a30c), 1113 Harb & Walker(50¢), Hartman Corp (B). . Hayes Body Corp. Hercules Mot (80¢) e Hershey Choe (6). v Choc pt 1 Furnace (1) Hollander Sons Homestake M 18 4 Houdaille Hershey. . Household Fin pt ¢.2( Houston Ol. ... Houston O1l (new).. Howe Sound (2). Hudson Motor (1) Hupp Motors 3 1% ™ 3% 9 1linols Central Tliinois Central Indian Motor C Indust Ravon (4). Ingersoll Rand (3).. Inland Steel (1)..... Ins Shares(Del) 50c. Interboro Rap Trans Interiake Iron...... Int Bus Machine (né) Int Carriers Ltd 50c. Int Cement (3) e Int Combustion. Int Harvester (214). Int Hydro E1 A (e2). Int Match p? (4) Int Nickel of Can 20e Int Paper & Pwr (A) Int Paper & Pwr (C). Int Salt (3).. s Int Shoe (3). Int Silver. . Int Tel & Teleg: 3 Int Dept Stores (2).. 14 Investors Equity. ... 57 24 Jewel Tea (4). . 80% 15% Johns-Manville (1).. T, Karstadt (Rudolph). 6 Kelvinator Corp..... 9% Kennecott Copper 50¢ 5 Kinney (GR) Copf. 15 Kresge (SS) (1.60).. 2614 Kress (SH) Co (j1).. 4% Kreuger & Toll 1.61., 1% Lee Rubber & Tii 8 Lehigh Valley RR 35 Lehman Corp (2.40). 1813 Lehn & Fink (3)..... 53 Libbey Owens Glass. Liggett & vers(th) Lizg & Myers B (16) 12% Lima Locomotive. .. 13's Liquid Carbonie (2). 23% Loew's Inc (t4)..... 56 Loew'sInc pf (6 2% Loft Inc. 10 Lorillard 74% Lorillard (P) pf (1). 20 LaOilpf (635) 17% Lou Gi A 204 Loutsvill 4 Ludlum 10 Ludlum 161 McCall Corp (2'8) ... 384 McKeesport T P (4) 3% McKesson & Robbins 12 Mack Trucks (1).... 50 Macy(RH)&Co(n3). 2 Madison Sq Garden. . €% Manhat Elev mod gtd 9% Marine Midld (1.20). Marshall Field & Co. Mathieson Alkill (2) May Dept Stores 1.80 Maytag C 8 Mengel Co. Met-Gold Pic pf 1.89. Miami Copper........ Mid Continent Petm.. Midland Steel (3).... Minneap Honey R(3) Minn Moline Pow... Minne-Moline P pt M StP & SSM 1sd (4). Mo Kan & Texas Mo Kan & Texas pf Missburi Pacific. . Missouri Pacific pf i Monsanto Chem 1% . Montgomery Ward Motor Products (2).. 5 Motor Wheel 8% Mullins Mfg. 5 Murray Corp 16 Nash Motors (2) Nat Bella Hess 8 Neisner Brothers. 4% Nev Con Cop (40c) 2% 2 4's N Y Air Brake. 244 N Y Central. 2% N Y Chicago & StL.. 5 NYChi&StLpf. 101 N Y & Harlem (5)... 17 N Y N H & Hartford. 52 NYNH&HpL(T).. 6% N Y Ont & Western, . 213 N Y Shipbullding. ... 10 Noranda Mines (2).. 108% Norf & tn (112). 29! 217 93 654 Norf& tn pf (4). 11 0% 60% 19% 5% 26 8% 16% 2% North Am Aviation.. 26 Nor Amer(b10%stk) 14% Northern Paeifie (3). 5% ORI 01l ... ........ % Oliver Farm Equip.. 24 Oliv Farm Eq pr pf.. 16% Otis Elevator (2%).. 8% Otis Steel..... EE | 4+ Market Bounds Upward a_\t News of Government Credit Plans. BY GEORGE T. HUGHES. Special Dyspatch to The Star. NEW YORK, Pebruary 11.—Sweep- ing recoveries were recorded all along the line in today's active and strong stock market, reflecting speculative sentiment toward the new banking pro- posals announced from Washington. measured by points, the gains were the largest in any session in months. A wild scramble to cover by shorts marked the opening. In the first half hour 600,000 shares changed hands, whereas in recent sessions something between 100,000 and 200,000 had been the rule. The pace was so fast the tape was unable to keep up With business on the floor, falling 3 minutes behind at one time. Amateur Shorts Frightened. ‘Whatever may be the ultimate effect of the plan to widen the credit base, the announcement brought dismay to the large crop of amateur shorts who have been selling stocks in small lois on this latest decline. The early ad- vance was, roughly, the greatest n the stocks that harbored the largest chort interest. Brokers said that more ex- perienced and larger bears were wait- ing to test the market before retiring | contracts on any extensive scale. How- ever that may have been, stocks like Du Pont, Eastman Kodak and Auburn by midday were up anywhere from 6 to 12 points, the larger gain in Auburn. Advances of 5 to 6 poinis were made by American Can, International Business Machines, Coca Cola and Allied Chemi- cal, among others. Lower-priced is- sues scored proportionate gains. Large lots came out on the tape dur- ing the recovery. The first burst of buying was followed by a partial reac- tion in which, however, volume fell off. % | This, too, was contrary to the action of the market earlier in the week, when 15 | activity picked up on the decline. FFErEEF FE Just before noon came the announce- ment that Union Pacific had declared the regular dividend on its common stock A reduction of some extent had been expected up to Wednesday, and the market was unprepared for the news. The stock jumped over 7 points on the covering that followed. selling ap- proximately on a parity with Atchison, now paying $6. against $10 for Union Pacific. Another favorable dividend announcement was that of Atlantic Re- fining, which also ordered its regular quarterly disbursement. ‘The improvement was well distributed between rails and industrials, but was not so pronounced in the utility list In the merchandising shares R. H Macy was the feature, up nearly § points. General Motors, selling ex-dividend, gained over 2 points. Announcement of plans for the new Ford cars was read with great interest. traders hold- ing that publication would stimulate the entire automobile industry. Gen- eral Electric crossed 20, against its recent low of under 18; J. I Case ran up rapidly and American Tobecco B recovered 5 points, with the other to- bacco stocks following along. Opening Prices Gain. Prices opened higher. Gains ranged from fractions to 6 points. A block of 2,500 shares of Auburn Auto came out at 100, up 6. American Can in a lot of 1,500 shares opened at 593, up 23,. American Telephone at 113 showed & gain of 17,. Consolidated Gas at 561> was up 2% points ProposAls liberalizing the Federal Re- serve act was the outstanding overnight development. Encouraging January trade figures bettered early London stock prices. Sterling opened at $3.43'y here, up % cents. The report of Air Reduc- tion showing $4.54 a share was better than the most hopeful predictions. Pay- ment of the J. I. Case preferred divi- dend had not been expected. Anaconda Copper and International Nickel rose fractionally. Bethlehem Steel opened up a point while Johns- Manville ran up 1%x. A block of 1500 shares of United States Stegl came out at 40%,. up 1% points. Columbian Carbon gained over a point. A block of 2,300 shares of Chesapeake & Ohio opened at 23'x, up 1!, Atchison. New York Central, Southern Pacific and Union Pacific were all up a point or more. Union Oil of California, one of the few oils to come out. opened at 11, off 1;. Columbia Gas was up 'z to 12%. National Biscuit at 395, was up 11,, making the best showing in the food stocks. Woolworth at 387; was up 1%. FILES SUIT I;J CASE OF SHOREHAM BUILDING Action Is Echo of Swartzell, Rheem & Hensey Deal Involving Released Trust. Otto Wehner, 3361 Eighteenth street, and 61 other holders of notes secured by a released trust of $2.250,000 on the Shoreham Building, Fifteenth and H streets, today filed suit in the District Supreme Court to require the Riggs National Bank to pay over to a receiver to be named by the oourt $819.29634 said to be in the hands of the bank for the benefit of the noteholders. Notes totaling $819,100 of the issue have never been paid, the court is advised. The suit sets forth the history of the purchase of the building by Harry Ward- man and Thomas P. Bones and the placing of the trust for $2.250,000, on which default was made, and the build- ing transferred to two employes of the firm of Swartzell, Rhicem & Hensey Co., who obtained from the Metropolitan Life Insurance Co. of New York a loan of $1,600,000, for which a settlement check for $1,556,645.80 was drawn on the bank to the crder of Swartzell, Rheem & Hensey Co. and Luther A. Swartzell and Edmund D. Rheem, trustees under the trust to be released. Attorneys Minor, Gatley & Drury ap- pear for the plaintiffs. = U. §. TREASURY BALANCE. The United States Treasury balance announced today as of close of business February 9, was $590,621.258.90. Cus- toms receipts for the month to date were $7,288,584.71. Total ordinary ex- penditures were $11,521,311.47, PR SILVER QUOTATIONS. NEW YORK, February 11 ().—Sil- 'ver—Futures firm; sales, 550,000 ounces. Quotations in cents: March, 29.97 bid; May, 30.32; July 30.67 bid; September, 30.98 bid; October, 31.15. Goodyear Tire & Rubber. ‘TORONTO, Ontario, February 11 (#). —Net profit of $1,702,986 for the 15- month period ended December 31, 1931, ag Among Class of Amer- jcan People Above Aver- age Means. BY DR. MAX WINKLER. NEW YORK, Pebruary 11 (N.AN.A). —As part of the campaign to induce the withdrawal of currency from hoard- ing places and putting 1t into the legiti- mate channels of commerce and indus- try, the Reconstruction Finance Corpo- ration is understood to consider the sale of debentures to the public in small denominations. ‘While statistics on this point are not available, it would be interesting to know to what extent the average per- son—that is, the ane with restricted means—has resorted to hoarding. One has good reasons to suspect that hoard. ing is being practiced on a rather ex- tensive scale by what may be called peo?le of more than average means. If this is true, it may not be very practicable to attempt to obtain the small investor's money through the sale to him of bonds with denomi- nations, While the admimistration is doing its utmost to restore confidence, stop hoard- ing and reassure the public as to_the inherent _soundness of conditions, fail- ure of financial institutions continues unabated. Seventy-one banks were sus- pended last week, as compared with 50 in the preceding week. To be sure, the banks involved are small, but this does not in any way diminish the serious consequences resulting from closings. If the Reconstruction Pinance Cor- poration could see its way to stating in definite, unambiguous terms that pro- tection would be afforded to depositors, |it would accomplish more than it does by theorizing. The country has had enough of theorizing. Something of & more tangible nature is needed and it should be forthcoming without delay. The campaign to stop the hoarding of currency is not going to be one of beautiful phrases and blue-sky stuff, according to Franklin Knox, head of the President’s Committee to Stop Hoarding. An attempt will be made, the colonel maintains, to educate people to put deposits in banks so as to expand the credit fabric of the country. Might it not be desirable to have such a campaign preceded or at least accom- panied by assurances that the people’s | deposits would be aflorded 100 per cent protection? It is announced that a policy of si- Jence §s to be pursued by the Recon- to loans applied for and granted. It is somewhat difficult to subscribe ungualifiedly to this theary. Frank dis- cussioas of the various phases of the col tion's work would be helpful rather than an impediment to the con- structive program of the enterprise. ‘What is actually needed above all is the creation of a more cheerful financial atmosphere, which would stop hoarding, increase buying and reduce and even- tually eliminate runs on and other financial institutions. Despite the soundness of certain in- Gividual provisions of the banking bill evolved by United States Senator Carter Glass, the project as a whole does not appear to be sufficiently constructive to warrant its unqualified indorsement by business and finance. The features which would appear especially objec- tionable are the limitation of bank bor- rowings on the security of their notes | backed by Government bonds and the | restriction of rediscounting facilities to banks making security collateral loans. These provisions, if enacted, are likely to result in & contraction of credit { rather than a healthy expansion, which }is admittedly essential to"a speedy re- habilitation of economic and financial conditions in the United States. The section of the bill dealing with security affiliates of banks, compelling segregation through providing that cer- tificates of bank stock cannot also rep- resent stock in an affiliated non-bank- ing corporation. is also likely o en- counter opposition. Experience covering the past few years is bound to lead to the abandonment of affiliates wherever unprofitable or undesirable. This al- ready has been done in several in- stances. It therefore would seem that each case would have to be dealth with separately. No difficulties are anticipated in con- nection_witli meeting the fixed charges of the Illincis Central or maturing ob- ligations, says L. A. Downs, the presi- dent. Moreover, he points out, the sys- tem expects to accomplish this without applying for financial aid to the Recon- struction Finance Corporation. The service on the debt for the cur- rent year, as well as maturities of about $7.000,000, will be met out of earnings and cash on hand, Mr. Downs states. Due to unseasonal weather and the corresponding decline in the consump- tion of power, the earnings of the Con- solidated Gas Co. for the past year are expected to show a slight decline as compared with 1930 figures. Per share earnings for 1931 are estimated at $4.93, a decline of slightly more than 212 per cent from the 1930 showing. This re- suit must be regarded as gratifying and speaks well for the stability of opera- tions, especially if account is taken of the fact that 1931 was a year of general business adversity and that certain rate reductions were put into effect by the Consolidated Gas System. (Copyright, 1932. by the North American Newspaper Alliance, Inc.) CLEARING HOUSE FIGURES. Washington Clearing House figures for today: $3,066,969.04. NEW YORK BANK STOCKS NEW YORK., February 11 (#).—Over- the-couater market. Bid. Asked s 38" s Chase 75 Chat_Phenix ":"! Dl Commiercial Natl 130 Nat! N'Y . 1490 Co LN ETEN n *'TRUST COMPANIES. VEST . —yeur savings I fe. Sound. C Real Estate Mortgage and Corp. Nat. 1403 Guaranty St. Will Sell —at reasonable discount $500 6%2% Federal Security & Mortgage struction Finance Corporation. Nonews | statements are to be given out in regard | $165,424, despite an increase in the charges for depreciation of $163,000, the annual financial statement of the Mohawk Carpet Mills was issued today to stockholders. It contrasted with an m&i}:‘ Joss in 1930 o(‘uoo.m and ns from IITD lor that year of $1,561,037, l/- r An_examination of that lar, during the year. Gross profit has been increased by $448,819 and expenses re- duced $461,633. figures, added to the increased 'cl for depre- clation ($163,172); show a gain over 1930 figures of 81073624, . STEEL OPERATIONS CONTUE SHALL = Ingot Produetion at 28 Per Cent of Capacity, Trade Jourvpl Says. By the Associated Press. NEW YORK, Pebruary 11.—Steel operations this week show little change from last week, with the current ingot production rate at 28 per cent of ca- pacity, says the Iron Age in its weekly Teview of the steel trade. “The minor improvement in steel busi- ness in January, which resulted in a gain in ingot output for that month of 12.2 per cent over December, is not being maintained,” the review stated, “there having been a sharp decline in volume of orders some products, notably those going to the automobile industry. “Expectations of an increase this month rely largely on prospective rail- road purchases, particularly rails. Schedules Lower. “A very definite factor In business curtailment is the slowing down of schedules by motor car manufacturers caused by lagging sales and the desire to move slowly until Ferd's plans are fully revealed. “Curtaflment is especially in evidence among units of General Motors, whose January sales both to dealers and car users were below those of December, going against the usual trend. It is now doubtful whether February output of cars will equal that of January. “The entire picture of steel industry is one of inability to make progress against conditions which restrict the mrchu.se of material on almost every nd. In bullding there is virtually no private work, ‘while lettings of fabri- cated structural steel and reinforcing bars for publi¢ projects are unfavorably affected g'jsqm and municipal budget reductions. “Bookingg of fabricated structural steel this week are only 5.250 tons, the smallest for any week since the Iron | Age has been finl this recard, and | new projects for only 7,000 tons. “A sharp drop Bas occurred in steel releases by the farm-implement indus- try, which probably will curtal manu- facturing schedules. “Although railroads seem to offer the best immediate prospect for increased steel buying, they are moving slowly. | The only rail order of size is 20,000 || tons for Southern Pacific, but distribu- | tion of 17,000 tons by the Nickel Plate | may come soon. Tin Plate Volume Small. “Tin Plate, which is counted upon || at this time of year to aid mill sched- ules, is not gaining in volume of orders or operations, owing to uncertainty of some of large canmakers as to this year's prospects, and the tin plate mar- ket is disturbed by competition from | Welsh mills, which have sold several lots in this country about $3 per base box, or $1.75 under the domestic officials’ price. Foreign competition is also becoming more severe in other steel products and in pig iron. “The Far Eastern situation has had || no important influence on steel mar- kets, though some Japanese orders have been placed in Europe and a few small orders for munitions steel of un- disciosed origin have been distributed in this country, “An impoftant step toward rallying a weak price situation is being taken by manufacturers of sheets and strips. Announcements by a few mills name minimum prices from $2 to $¢ a ton above those recently in effect on sheets. “No further downward revisions of importance on steel products have oc- curred during the week, but pig iron has declined 50 cents a ton in the val- |eyf and at Pittsburgh and steel serap is lower in the Chicago district and in Eastern Penns; ia COLUMBIA BUILDING ASSOCIATION PAYS 59 New Accounts Solicited — / No Commi Open Until 5:30 Government Pay Days 716 11th St. N.W. PROPERTY Apartment House Business of U. S. Abroad Affected by Depreciation in Currencies. By the Associated Press. The depreciation in foreign exchange is Tegarded by Government economists as the most serious obstacle confrant- tsn':“l;nure foreign trade of the mm Currency depreciation tends to de- more Tapkd Tate nbn I docs At b e oes a e, l;':l:' fiulud out. For tt?om land was cited with & pound sterling decrease of about 30 ww;nt since abandonment of the gold stand- ard last Fall. Reduced to foreign trade | application, this means that merchan- 1 price levels in Ergland, measured by United States dollars, have gone down sharply, while our pwn merchan- g::n. l.n“u:,jI unxunflsutu. measured in e pound sterling, shown a similar price advance © 0 This was said to result in stimulated exports from countries whose currency has depreciated, at the same time mak- ing it unprofitable to buy from countries such as the United States, whose currency has remained stable. Applied to England, this means it is | rendered more profitable for Americans to buy goods in England, everything else being equel, and at the sarhe time | renders it less profitable for Britons to | buy goods in this country. _Mcst of the best customers of the | United States are affected by depre- | clated currency. Tc mention a few, Commerce Department records for 1931 show our exports to England dropped from $678.100,000 in 1930 to $455,500,- 000 in 1931, while imports dropped from $210.000,000 to $135,400,000 dur- ing the same period. Shipments to the Argentine decreased from $129,800,000 in 1930 to $52,600,000 last year and im- ports dropped from $71.900,000 to $35,- 900,000. To Canada, shipments dropped off ‘from $659,300,000 to $395,600,000 and imports decreased from $402,300,- | 000 to $266,200,000. Not all of this decline, of course, is chargeable to currency depreciation, | much of it being traceable to the sharp | decline in commodity prices throughout the world and to the unsatisfactory busiress conditions tnat prevailed dur- ing 1931 in all countries. Abandonment of the gold standard, the placing of an embarge on gold ex- ports and other severe foreign exchange restrictions which have been practiced | by most countries conducting trade | with the United States are viewed by | Pederal economists as necessary steps | on the part of those countries to rem- | edy maladjusted balance of payments situation of those countries. | = == = = I il | Increase Il Your Income By Investing In 6% 1st Mortgages —on conservatively ape praised Properties in the District of Columbia and Maryland. Low Demominations May Be i | Purchased I For Purther Farticuiars Asply EAVER WEkons Washington Bldg. Di. 9486 Mortgage Loan Correspondent. Metropolitan Life Imsurance Co. BN Protect Your Office Floors with the new BASSICK Chair Casters The easiest swiveling caster ever produced. Built for life- time service. $2.00 Per Set | S TOCKETT: 'I‘ISKE CO SEERT NNy ARELEAREE TEECERERANEE RN MANAGEMENT MANAGEMENT WHY not put a stop to those endless worrisome ques- tions which arise to perplex in connection with your apartment house property? Commit the management to us—have the benefit of our experience, the advantage which accompany our organized facilities—and be free to go when and where you choose, Company Collateral Trust Gold Bond. Pay- ment of principal and interest guaranteed by Equitable Surety Com- pany of New York. Call Mr. Orem Cleveland 2302 Chapter, American Institute of Bank- ing. Saturday evening. This will be the largest official representation at one of its dinners here. W. W. Spaid of W. B. Hibbs & Co. has returned from two weeks' vacation B spent at Florida resorts. He has one 26 ElsckMusice] aeed of those expensive Winter tans that L Elec Pwr & Lt Dni;' are the envy of so many people. Earl 23 Elec Storage Bat (4) W. Corby, another member of the firm, 2314 Endicott-Johnson(3) has started on a month’s cruise to the |- 15 ' Eng Pub Sve (1.80).. Mediterranean. 18% Equit Office Bldg 3% Sales of American Stores in January EfeRR totaled $10,120,540, against $12,497,110 10 Exchange Bu i 0% #p vear ago, ease of $2,376,510, OF i TR 9% Faibanks Morse..ee il 9 per cent. vas _shown in the annual report of Goodyear Tire & Rubber Co. of Can- da. Lid., yesterday. Earnings equal per share on the common stock. certain that everything is having the best of care—with the most profitable net results for you. B. F. SAUL CO: 925 15th St. N MORTGAGE llg\‘, 102 Outlet Co pt ( fic Coast Ist pf., 29% Pacific Gas & El (2), 344 33, 35 Pacific Lighting (3). 38 3Ty 93% Pacific Tel&Telez(7) 1908 95 93% 8% Packard MotorCar.. 830 3% 3l 1 N % fls Th 1044 104% [ 20 34 2% - Iilec Auto Lite (4) & Electric Boat. . o 9o PO “Railroad King"” Convicted. NEW YORK, Pebruary 11 (#.—Jo- M. Hoadiey, once a spectacular Nat’l 2100 dgm check was Neld in $1,000 bail LOANS or_sentence February 18. He is 67 and a mechanical engineer. Srnn