Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-04-10

march 0RuTeS
had the same number Of business days this
year and last year.
Economic Recuperation Seen.
'It is true" the latest National City
Bank review says, that prices Of some
commodities have recently shown weak
ness, but with q few notable exceptions
the declines have not been great, and
most quotations are already so low that
they seem hardly likely to go much
lower. For all commodities to reach
point of stability at the same time
would be good deal to expect, and the
significant thing is that for over q
month composite price index curves,
both in this country and abroad, have
out. In short, economic conditions, de-
spite much that is discouraging, display
many symptoms characteristic of the
early stages of recuperation. 1t looks
as though the low point had been
passed, but progress on the upgrade is
likely to be Slow
Morris Plan Banks Report.
Morris Plan Banks and companies
operating in "a States made 833, 11S
loans, totaling sos. 368. 800, during the
year ending December 81, 1890, as COM
pared with loans Of $206, ia, $50 during
the preceding year, and. consolidated
annual statements for the period showed
total net earnings for these iIlstitu-
tons Of $2,604.51l, as compared with
$3,129,773 a year ago, regarded as q
highly reasonable record in view Of con-
ditions, it was announced today by the
Industrial Finance Corporation, the
founding company of Morris Plan
Banks. The loan volume for the year
Is exclusive Of trade acceptance business
financed by subsidiary companies, 1t
was stated.
In commenting on the years opera
tions, Arthur j. Morris, founder Of the
Morris Plan said that increases in sur
plus and undivided profits in these In
stitutionS and gains in paid In capital
reflected a commendable conservatism
in the disbursement of dividends and
a general strengthening Of capital
structure.
Surplus and undivided profits in 10s
Morris Plan Banks and companies
whose branches bring their total num-
Der of Offices to 185 increased 10 per
cent to S12,476,553, while average paid
In capital rose per cent to $685.
1888. Their average percentage Of earn
ings to paid in capital was 14.3l per
cent
Philadelphia Reduces Interest.
The Philadelphia Clearing House As
eociation has reduced maximum inter-
est rates, effective today, by Il Of
per cent on various classes Of deposits.
New rate for demand deposits of other
banks, trust companies, individuals and
corporations is l 4 per cent, against the
2 per cent rate which was established
February ! this year. New rate on
demand deposits Of mutual savings fund
associations is 2 per cent, against 212
per cent. New rate on time deposits
is 2l2 per cent, against 3 per cent
previously.
The cut of y of l per cent in the
interest rate on demand deposits is just
the same reduction as voted by the
Washington Clearing House only a few
days ago, but no action was taken
here on interest on savings deposits.
r. j. Ridgway Of Minneapolis, presi-
dent Of Investors Syndicate, has been
visiting the Washington ONCE, accom-
panied by C. E. Albeit, Eastern sales
manager whose headquarters are In
New York. The syndicate now controls
q subsidiary mortgage companies In
the United States. The members of the
Washington Office staff, j. M. Sheriff.
manager, rendered Mr.. Ridgway a din
ner, at which he spoke Of the firms
recent growth.
Capital Traction Sells Lower.
Capital Traction stock hit a new all.
time low mark on the Washington
Stock Exchange when considerable stocl
from some estate being settled I'D. OF
from some individual holder, was throw
on the market.
During the session 210 shares changed
hands. The market opened with a small
sale at 1914. 1t then dropped TO 80 OF
two sales, to 321z up to 324. The mex
sale was 100 shares at 321a. This wa
the low point of the day and the fina
sales Of 40 shares were made at 32%
The final bid was 80 Is, with 33A asked
Lanston came out at 104 and closeC
at lo334. Carpet Corporation figured
in l25-share turnover, closing at "a q
Mergenthaler reported a lo-share sal,
at 80.
The only bond sale of the day wa.
In Georgetown Gas Light IS at l04.
Heard in Financial District.
A delegation OF Washington banker
is In Richmond today attending tn
annual meeting of the Stockholders
Association Of the Federal Reserve Banl
OF Richmond.
Members Of the washington Ticker
Club are TO have q dinner this evenini
at the Chevy Chase Club as guests O
the president, A. Chester F1ather.
william Knowles Cooper. partner fl
Crane, Paris & Co., addressed the an
nual meeting of the Lynchbufg Boar
of Trade last evening. Business men Il
the Virginia city report that severs
factories have recently expanded opera
tons and have practically wiped out a.
unemployment.
A talking motion picture on corporal
trust shares will be presented at tn
willard this afternoon by A. P. Osteer
1ield representative of Ross BeaSon 1
Co., New York. The picture presents
new idea In the merchandising Q
= securities.