Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-23
SMOOT IS ELECTED
TO C. S. & C. BOARD
Closer Cooperation of Build
ing Materials Firms
Here Seen.
BY EDWARD C. STONE.

Lewis e. Smoot. president of the
smoot Sand g. Gravel Co., has been
elected a director in the Columbia
Sand & Gravel Co. This means that
the two local corporations dealing in
building materials, which have been
such strong rivals, have now become
closely AFFILIATED.
The Arundel Corporation of Balti-
more, enc OF the largest construction
concerns in the country, recently an
nounced it had acquired the Columbia
Sand & Gravel Co. of this city by pur-
chase of the common stock. Mr..
Smoot'S election to the board at a
recent meeting Of the directors indi-
Gates that the Arundel Corporation
acted for Washington interests.
The two sand and gravel companies
have adjoining locations on K street in
Georgetown along the river front. They
are both big plants doing very large
business. Clyde B. Asher is president
of the Columbia Sand & Gravel Co.
Following the announcement that the
Arundel Corporation had acquired the
Columbia Sand g. Gravel Co, the prices
on sand and gravel were advanced
caused O considerable stir among local
contractors, but 1t is stated by officials
OF the companies that prices are still
lower than before the price war" was
started between the two firms some two
years ago.
Directors of the Columbia Sand &
Gravel Co. recently declared regular
quarterly dividend of S1.75 per share on
the preferred stock. This stock is listed
on the Washington Stock Exchange and
is now selling around 96. The Smoot
Sand & Gravel Co. is privately owned,
so that the stock has never been listed
on the local exchange.
Fewer Bank Failures Noted.
Bank failures sIrank in February as
compared with January, the Federal
Reserve Board reported yesterday in its
monthly review.
The boards tabulation showed there
were 70 failures last month, against 1919
in January, 344 in December and a total
Of 1,345 during 1880. The decrease bore
out the boards statement q month ago
that the 1880 depression had the effect
of adjusting the banking business and
Of Treasury ofi1cialS that the year had
seen the elimination of most of the
weak banks Of the country. The board
said the banks were now in a strong
position.
Banks In February had deposits of
SAL 1868 900, while those that failed In
December and January together had
total deposits of S122,696,000, while
those that failed in 1880 had deposits
Of 1884,, Tl5,O00.
The board said that Reserve bank
credit outstanding showed further de-
decrease in member banks reserve ball
ances, together with an inflow Of gold
from abroad.
Toward the end Of February the
board found that the volume Of Reserve
bank credit outstanding declined to
$500, 900. 900, the lowest since 1924, with
the decline between December and the
latter part of February totaling S4To,-
600 1000, rejecting chiefly an increase of
S70,000,0 900 in the stock Of gold and the
return flow Of $320,000,000 Of money
from circulation.
N. & w. 1880 Revenue on.
The Norfolk g. Western Railway Co.
reports for 1890 that the operating
revenue amounted TO 500. $50, 458, the
lowest since 1924, and. a decrease over
1929 of s17,1o1 ,2s3. Earnings per share
amounted to S2l97.
Freight revEnue decreased 14.01 per
cent, and passenger revenue, 2430 per
cent.
The operating expenses we're $50, 675,-
T25. the lowest since 1917. and q de-
crease over 1929 Of $6.375,522.
investors Losing Interest.
Secretary Mellon today called atten-
ton to the fact that of SI,109, 900, 900
81 per cent Treasury notes, series A
and B, 1930-32, called for redemption
on March Is, 1881, some 100000 900
have not yet been presented for re-
demption. The holders of these notes
should understand that all interest on
them ceased on March Is, 1881, pur-
suant to the call for redemption. In
their own interest they are urged,
therefore, to present them for re-
demption.
Trading on d. C. Exchange.
Trading In Washington Railway g.
Electric As led transactions on the
Washington Stock Exchange today.
Railway e. Electric preferred stock also
appeared on the board, selling ct 9834
Union Trust Co. stock figured in a
10-share sale at 220 and a single-share
sale at 210. There was a 120-share
turnover In National Mortgage g. In
vestment preferred at Az. Capital
Traction IS and Washington Gas Light
bonds made up the rest Of the days
business.
When the directors Of Woodward &
Lothrop recently declared the regular
quarterly dividend of Sl.75 per share on
the preferred stock, they also voted q
30-cent dividend on the common. This
was the first time the dividend had
been fixed on the common since the
stock was listed, not long ago. The pre-
ferTed has been on the board for years.
Cleaned In Financial District.
George o. Watson, president of the
Liberty National Bank and of the
Washington Stock Exchange. is back
from week end visit in Philadelphia.
p. P. H. Siddons secretary of the
American Security & Trust Co, at
tended the regional savings conference
IN New York while in Gotham on
business.
Building operations in fifth reserve
district cities were 40 per cent greater
in February than in the same month
last year, the Richmond. bank reports
The total permits for February were
S9,269, 1872. compared with $6,621 BOT.
Final checks for $1,000 members of
the defunct Tobacco Growers Co.
operative Association in Virginia and
the Carolinas have been placed in the
mail, the distribution amounting 70
4612.813. The release of this money
comes at time when the farmers need
II most to finance Spring planting.
The Richmond Reserve Bank reports
that several small plants at scattered
points have resumed activities. The
$500 600 plant of the Southern Min
eral Products Corporation In Nelson
County, Va is expected TO go into pro-
ductton this month, giving employment
TO several hundred workers.
Highway activities are on the increase
In the district, giving employment to
more laborers.
TOBACCO COOPERATIVE