Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-30
BETTER TREND SEEN
|NBANK CONDITIONS
Crop Outlook and Demand for
Bonds Are Also Held
Good Signs.
BY EDWARD C. STONE.

established magazine known as Invest
ment Banking:
Banking conditions in this territory
are improving rapidly and a decided
trend toward more normal conditions
is seen in the reopening Of number
of institutions which suspended opera
tionS in the cloSingS which started
shortly before the end of 1880. A num-
Der of banks have again thrown open
their doors, and banking officials see
a continuous upward movement as new
confidence is gained and as the pendu-
lum of optimism begins its upward
swing A decided change has been
noted in the lowering of bank interest
rates on savings accounts and time de-
posits.
Crop conditions appear encouraging.
A mild Winter has done much to bring
about an excellent condition Of the soil.
Because of existing circumstances crops
are being produced at much reduced
cost, with little or no improvement in
prices for staples. Economy in produc-
ton will go long way to protect the
planter against further decline in COM
modify prices.
The strawberry industry in the
South continues to expand. 1t has been
estimated that the South will produce
approximately 54,667, 600 quarts OF
Strawberries, or per cent more than
last year. This crop annually brings
several millions of dollars into the
Southern States.
Although the timidity of the inves-
tor is still apparent, there has been a
good demand for municipal issues, re-
sulting from the extensive road build
ing programs.
IAN indications point to the fact that
public confidence is being restored and
that the people generally are willing to
join hands in building upon safe and
sound basis"
Ludington Line Officers.
At the annual stockholders meeting
of the Ludington Line yesterday the
following directors were elected for the
year: c. T. Ludington, N. S. Ludington,
w. L. Morgan, w. W. Kellett and r. S.
Saltus, jr.
At the directors meeting Immediately
thereafter the following officers were
elected:
c. Townsend Ludington, chairman of
the board; Nicholas S. LudingSon
president: Eugene L. Vidal executive
vice president; Paul F. Collins, vice
president; Amelia Earhart, vice presi-
dent; Walter l.. Morgan, treasurer; r.
S. Saltus, jr., secretary, and N. B..
Sangree, assistant secretary and treas
urer.
A. B. A. Membership Lower.
The chairman of the American
Bankers Association Membership Com
mittee, Gilbert L. Dame, president of
the Grand Rapids Savings Bank. Grand
RAPIDS, Mich, advised the council re-
Gently that membership in the associa-
ton as of August 81, 1880, numbered
1875 out of 27423 eligible institutions
and on March 81, 1881, it was 1888
out of an eligible total of 25,91l. In
percentages the membership on March
81 of this year represented 692 per cent
of the eligible total, compared with 69.8
per cent a year ago. The net loss in
membership for the year was reported
as 1.548. Mr.. Dame asked cooperation
in the task of selecting State vice presi-
dents willing to give the necessary time
respective States.
Bank Failure Plague Subsiding.
The epidemic Of bank f. lures which
prevailed last year in various sections
of the country, and particularly in
small and agricultural communities,
shows marked signs of ah1ting. The
turn Of the year has shown decided
reduction says Trust Companies Mag
azine, in the number of bank suspen-
sions or insolvencies.. In December last
year there were 344 suspensions. In
January of this year the number drop
ped to 1919, in February to 10 and
March the total was 80. This is dis
tinct change for the better, showing
that the drastic process of eliminating
weak banks Is about over Another
source of encouragement is the fact
that considerable proportion Of closed
banks have reopened for business, while
the merger and absorption movement
continues most active.
b. & o. Hits Eight Year Low.
1t was necessary to turn back the
financial files to 1928 to find time
when Baltimore & Ohio had sold as
low as it did yesterday when price
of 40 was licked off On the New York
tape. Winding up the session at so,
the price of this rail stock was ham,
rnered down As for the day.
At yesterdays depressed level, Bal
timore g. Ohio was getting back where
it was when the stock was of the
dividend list, though it still had some
distance to tumble before the price
zone of the 1921 depression would be
reached.
The drop in Baltimore g. Ohio was no
more than proportionate, however, to the
decline suffered by the earlier group In
general Volume of transactions in the
stock was not especially large, totaling
1000 shares.
Arundel Breaks All Records.
An increase of $5,676 or "a per cent
in net income of the Arund-l Corpora
ton after depreciation for April was
announced yesterday in Baltimore by
Frank A. Furst, chairman of the board
Total net income for the month was
S239,s85 as compared with $234,309.
In the four months ended April 80
net income was $646, 124 compared with
S629,823. gain of S16.S60 or 2.5 per
cent. Net income for both April and
four-month period was the best in the
corporations history.
Dividend requirements were covered
by a substantial margin. The balance
sheet showed current assets Of $S,707,-
400, as against current liabilities OF
$4,000, a ratio Of about ii to /.
Clean in Financial District.
The Street was quiet today with every
bank, broker office, and investment
house closed for Memorial day.
President Robert v. Fleming Of the
Riggs National Bank is passing the
week end and holiday on a motor trip
in Pennsylvania.
The auditors section of the District
Bankers Association has examined the
Washington High School banks and
found them In excellent condition.
American National Bank 81 Trust Co.
recently gave a very interesting talk
before the auditors section on "Ccst
Accounting for Branch Banks"
During April 1875 establishments in
At industries reported wege rate de-
creases, according to Bureau Of Labor
statistics. These decreases averaged
1O.1 per cent and affected 22,543 en-
,'icyes. In March ITS establishments
in SO industries reported decreases
averaging 1913 per cent and affecting
22,502 employees.
G. M. p. Murphy g. Co., members of
the New York Stock Exchanges, an
nounce the opening of an office in Bos-