Evening star., 1932-01-09
BIC ISSUES HOLD
1882 IN BALANCE
Success in Adjustments to
Decide Years Progress,
Bankers Declare.
BY EDWARD c. STONE.

SLC Ol Inc ulOSI interesting anu COH'
servative forecasts for 1882 in finance
has Just been presented in the Guar
snty Survey, published by the Guaranty
Trust Co. The three biggest problems
for 1882 are outlined as follows:
The new year will bring with ii
many unSolved problems that will af-
feet its course The solution of these
problems will take time and effort. The
financial stabilizing Of Europe, the bal
ancing Of our national budget and the
restoration Of confidence are perhaps
the outstanding tasks before us, but
they are attended with many other
problems involved in the situation. In
ternational debts, high tariffs, inf1a-
ton and political uncertainties are de-
torrents to economic progress that must
be reckoned with; and still the process
of readjuStment to new standards Of
value must go on. The efforts Of the
Government to strengthen bank, rail-
road, industrial and real estate credit
bid fair to be helpful; and it may be
that the worst Of the crisis is over,
both here and abroad. But only the
developments Of 1882 can reveal that.
Independent Recovery Possible.
In this connection, it is interesting
70 note, the survey continues, that
American business, after the severe de-
preston of 1921, was well on the way
toward recovery in 1922 despite the
chaotic condition in European finance
at that time. The United States en-
ioyed a distinctly good year in 1928,
and went through only a minor recess
sion in 1924: yet 1t was not until the
Spring of 1925 that Great Britain set
the example for other European nations
in returning to the gold standard.
There is, therefore, nothing unreason-
able In the belief that American busi-
ness may experience some improvement
during the coming year, even though
monetary conditions abroad remain un-
settled.
Easier Banking Position Seen.
An increase Of 1922 ,O0O, 900 in cur
rency in circulation during the first
three weeks Of December was the prin-
cipal cause of firmneSs. bringing total
currency outstanding on December 20
to q new peak Of s5,733,00o,0o0, This
increase is in accordance with the
normal holiday currency requirements,
says the National City Bank, and is
not to be interpreted as evidence Of
increased boarding Nevertheless, the
necessity for paying out currency re-
gardlesS of the purpose has tended to
increase the difficulties Of many banks
not favorably situated as to liquid assets,
and doubtless has been factor in in
creasing the number of bank failures
Hence 1t is encouraging to consider that
from now on until the end of January,
barring an extension Of boarding, the
seasonal trend Of currency requirements
will be sharply downward, which
should materially ease the banking
position, the review adds.
Depression Laid to World War.
Melvin A. Traylor, former president Of
the American Bankers Association,
who was in Washington recently to
testify before the congressional COM
mittee, does not believe the depression |
in the United States was due to a |
shortage Of gold
Those who hold this belief are unfair |
TO the gold standard, Mr.. Traylor de-
clared, pointing out that the United |
States with the largest gold supply in
the world, has suffered as severely In |
its drop from the peak of prosperity as
any other country with or without gold |
The Chicago banker thought the de- |
preston grew out Of the destruction Of |
5000, 600, 10000 of capital during the
World War and the increasing debt and
tax burden that has been placed upon
the world since the war
He stated that the level of prices at
the gold standard, as many of the gov
ernmentS had gone of the gold stand
ard during the war, and that to say
that the gold standard should have
supported that price level in postwar
periods is unthinkable
Gravel Company to Dissolve.
At special meeting of the stockhold-
erS Of the Columbia Sand & Gravel Co.,
hal In af+
1t was voted to approve a resolution
adopted recently by the firms directors
favoring dissolution of the corporation.
The company has been controlled by
the Smoot Sand e. Gravel Co. for the
past year. having been bought for these
interests by the Arundel Corporation of
Baltimore.
The preferred stock, which is listed
on the Washington Stock Exchange,
will be redeemed at par. After the COM
pany is dissolved the stock will be re-
moved from the exchange.
Contractors have expressed much re-
gret over the passing Of the Columbia
company. In the old days Of competi-
ton between the two firms the price of
sand and Of gravel was much lower
than it is now. The Columbia and
Smoot firms have adjoining plants on
X street, in Georgetown.
Building Association Elects.
Reelection Of all officers and di-
r. rectors Of the American Building AS
81 soclation was announced yesterday fol-
@ lowing the annual meeting Of stock
# holders. They are: William A. Het-
R# finger, president; George w. Slater,
Ne vice president; Charles H. Kindle, Sec
SSFetary; Guy M. Neely, treasurer; Francis
zE. Smith, Charles Kattelmann, Julius
# Egloff, John E. Mergner Clarence F.
sDonohoe, Chatham M. Towers, Thomas
8MS. Sergeon and Charles A. RoSsiter, di-
rectors.
Heads All Company's Agents.
p. D. Sleeper general agent Of the
@ Aetna Life Insurance Co, Washington
M Virginia district received a telegram
n yesterday from the home office in Hart
MI ford Conn, that one Of his men led
III all the Aetna representatives in the
M United States in volume sold in 1881.
III His coworker is Chan G. Mason, who
. has led the Aetna field men practically
I'll every month in the year. He is mem
i'll Der of the Million Dollar Round Table
for 1912.
Cleaned in Financial District.
As the time draws near for closing
the Christmas savings account commit
ments for this year, banks report IN
creasing numbers of accounts being
started with the prospect OF passing
the record of 1881. Clubs close In all
banks on January IS
Richard D. WyckofT, founder Of the
Magazine of Wall Street, was the guest
yesterday at A. r. Towner, market
analyst for Auchinclaus. Parker 6 Red
path, brokers Of this city.
Stanton Griffs, member of the firm
Of Hemphill, Noyes g. Co, visited the
local ofices during the week, and Cliff
foro Hemphi.l senior partner OF the
firm, is spending the weekend in this
city.