Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-10
FEDERAL RESERVE
LOANS SHOW DROP
Decrease of $26, 600, 900 Re
ported for Week Ending
March d.
BY EDWARD c. STONE.

member banks in leading cities on
March shows decreases for the week
of $26, 000,0 900 in loans and investments
$l00,000,000 in net demand deposits
and S5l 5000 in Government deposits,
and increases of $14,00,000 in time de-
posts and $5,000,000 in borrowings
from Federal Reserve Banks.
Loans on securities declined $36,000,-
600 at reporting banks in the Chicago
district. $l2000000 in the San Fran
cisco district and $40,000,000 at all re-
porting banks. and increased 100000
600 in the New York district.
All other" loans increased $11 ,000,-
900 in the Boston district, SO 1000 900 in
the San Francisco district, $6,000,000
in the Philadelphia district and ST.
100000 at all reporting banks, and de-
clined 100000 in the New York
district.
Gas Bond Issue Details Out.
Financial details regarding the new
$6,500,000 Washington & Suburban
Companies 51a per cent collateral trust
gold bonds were announced today by
Harris, Forbes 81 Co. and the four other
financial houses in the syndicate plac-
ing the issue on the market. The bonds
are priced at 81 and interest, making
the yield over $50 per cent
The new bonds will be dated March
!, 1891 and be due March /, l941, in
terest payable semi-annually. Accord
ing to the circular, the Washington &
Suburban Companies is a Massactu-
sets common law trust, formed under a
declaration of trust, combining liability
to the trust assets. The new firm takes
the place of the Seaboard Investment
Trust which was formed two years or
more ago to take over control of the
Washington Gas Light Co.
The washington 65 Suburban Co. S
states that it owns "a per cent of the
common stock of the Washington Gas
Light Co, and will own the entire capt-
talizations of the Alexandria Gas Co.
and of the Washington Suburban Gas
Co., which operate companies adjacent
to Washington in Virginia and Mary
land. The issuing company states that
it will also own 80 per cent of the non
voting participating preferred stock and
approximately 9 per cent Of the common
stock of the New York g. Richmond Gas
Co., which furnishes gas to the Rich
mon section of New York City, a part
of Staten Island.
The circular SAYS that the new bonds
viii be direct obligations of the WASH
ington & Suburban Co.'S and be Sc
CURED by deposit with the trustee OF
about IS per cent, or los, 196 shares, OF
Washington Gas Light common stock,
as well as the stock of the above mem
toned suburban companies. The circu-
lar comments on the dividend record Of
the Washington Gas Light Co., divi-
dends having been paid for the past SIS
years on the common stock.
While the issue caused surprise In the
local financial district, it has been
generally understood that the Seaboard
Investment Co. would eventually turn
over its interests to some other holding
company. 1t was organized TO secure
control of the Washington Gas Light
Co., this aim being carried out success
fully.
Peoples Drug Sales Gain.
Peoples Drug Stores sales for Feb
ruary, reported today, totaled 81 1852, 909
against 81 ,300,837 in February, 1880,
an increase of S62,072 or At per cent.
Sales for the first two months OF the
present year are 7.6 per cent above the
same period in 1880.
Sales of American Stores Company
for the four weeks ended February %
declined IS per cent to 81, 1851 from
S1l 342, $40 reported for the like period
last year Sales for the eight weeks
ended February 20 showed decrease OF
Is per cent to $23, 662.781 from $24,-
269 ,233 reported for the corresponding
eight weeks of 1880.
The report of National Dairy Prod
ucts Corporation and subsidiary COM
panies. Including the washington units,
for year ended December 81, 1880 Gin
Guiding results of operations for entire
year Of companies acquired during the
year and Of companies held under firm
contracts at December 81, 1889, and
since acouired) shows consolidated net
profit of SIG, 1897 1916 after depreciation,
interest. Federal taxes, ETC., equivalent
ZfNyfE INF q
on preferred stock of National Dairy
Products Corporation and subsidiary
companies preferred stocks outstanding
at end of year, to S4.10 a share on
6,202,177 no-par shares OF common
stock This compares with consolidated
net profit in 1929 Of $21 ,576,176, which,
computed on similar basis, was equal
to s404 a share on 5,l35,645 common
shares.
TOday's Trading on Exchange.
Trading was more active on the
Washington Stock Exchange today than
on Monday. Washington Gas SIS were
the most active in the bond depart
ment, selling at I04 and 1044. Both
Washington Gas 6s, series A and series
p, were out at recent levels. Capital
Traction SIS figured in four sales, open
ing at 81 IL and closing at 8lss.
Capital Traction stock appeared on
the board, figuring in several small lot
transactions and closing at 1914. Po-
tomac Electric Power 512 per cent pre-
ferred sold at 10.
One share of Washington Gas Light
stock changed hands at 125, the same
as the last sale, and Mergenthaler
Linotype figured in tinsy sale at 81.
Heard in Financial District.
Directors Of the Riggs National Bank
at their monthly meeting late yesterday
afternoon voted the regular semi-annual
71a per cent dividend on the capital
stock, payable April IS to stockholders
of record March 81.
G. Bowie Chapman, resident partner
of Hartman g. Co, members Of the
New York Stock Exchange, left Wash
ington Yesterday for New York from
where he sailed today for Europe on
an extended vacation.
Application of directors of Pathe EX-
change, Inc, to dismiss suit brought
by one of the stockholders asking for
appointment Of a receiver for the COM
pany and that directors be liable fer
damage sustained in recent sale of as
sets TO o-Keith-Orpheum, denied
in Supreme Court
Terence T. Cunneen, manager Of the
insurance department Of the Chamber
Of Commerce Of the United States, ad-
dressed the managers section OF the
Life Underwriters Association of Wash
ington at luncheon today at the Hay
Adams House Mr.. Cunneen is rec
ognized authority on insurance ad-
ministration.
It was announced today by President
I.anier p. McLachlen of the District
Bankers Association that the associa-
tons annual pre- convention dinner Will
take place on April %, at the Column
bia County Club The committee in
charge consists of c. H. Pope, vice
president Of the Munsey Trust Co,