Evening star., 1935-01-07

accepted principle that the SOUND way
to limit taxes for payment of debts
is to limit the power of taxing bodies
to create debt. Parts Of the program
will be devoted to consideration of
new sources of municipal revenue and
to revenue bonds, which are payable
from revenues received by a COM
munity.
The experiences of West Virginia
and North Carolina in supervising
credit operations of municipalities
have attracted wide interest among
investors and investment bankers.
Two parts of the program will dis
cuss the West Virginia Sinking Fund
Commission and the North Carolina
Local Government Commission.
Ready for Annual Meetings.
All the national banks in the Cap
'ital and several trust companies and
savings banks were completing the
final stages today for the election of
directors at tomorrow's annual meet
ings.
Some new directors will be elected,
as is always the case, but in some
banks the old board will be returned
to Office without change. Some of
the banks will also organize and elect
officers tomorrow. Very few official
changes were anticipated today, Off
CialS said.
A number of building loan and
loan associations are scheduled to
hold their annual meetings tomorrow
Other important annual meetings are
due later this month. among them
the Washington Clearing House As
sociation and the Washington Stock
Exchange
H. H. Mckee, president of the Ma
tional Capital Bank, is present chair
man of the Clearing House Associa-
tion, and c. H Gockeler, official in
the Hamilton National Bank, is presi-
dent of the exchange
National Dairy Improves.
Thomas H. McInnerney, president
of the National Dairy Products Corp,
in letter to Washington stockholders,
reports that the company's sales Of
cheese and cream showed sizable in
creases in 1884.
The year 1884, he says, marked the
first improvement in the oversupply
condition which had troubled the in
dustry for four years Milk produc-
ton as whole actually decreased
while consumption of milk products
(but not of bottled milk increased
The resulting improvement in prices
was particularly noticeable in butter
and cheese, and average wholesale
prices for these products in 1884 were
between II per cent and 16 per cent
higher than in 1888 These higher
prices added materially to dairy farm
income
Mr. McInnerney looks forward with
some optimism, stating, 1T is probable
that there will be better adjustment
of supply and demand in the dairy in
dustry in 1885"
Changes in Bank Figures.
Twenty-eight member banks in 10
leading cities in the fifth district re-
ported material changes in items to
the Federal Reserve Bank of Rich
mond during the year between De-
cember 13, 1888, and December IL,
1884. In summarizing the reports,
the Richmond bank says:
Total loans declined $4,170,000, an
increase of $2,163,000 in loans on
stocks and bonds being more than
offset by a decrease of Sc, 1888, 900 in
all other loans. Aggregate deposits
in the % banks rose by $43 3,504,000
during the year, demand deposits
gaining $38 8,059, 900 and time deposits
rising $5,445,0 900.
The reporting banks were unable to
lend these additional funds to COM
merce and industry, and therefore
they increased their investments in
securities by $25,386,0O0 during the
year, and also raised their reserve
deposits at the reserve bank by $17,-
433,OO0.
Higher prices for agricultural prod
ucts and increased demand for money
$4,000 in cash in vaults between
December 13, 1888, and December IL,
1884.
Lands to Explain Rules.
Rules and regulations of the Sc
curities and Exchange Commission
governing practically all phases of
permanent registration statements
will be interpreted by James M.
Lands, member of the commission, at
meeting of the New York State So
ciety of Certified Public Accountants
to be held at the Waldorf Astoria
Hotel on Monday evening, Janu-
ary IA.
The Wall Street journal reported
today that the late Harley p Wilson
owned 1,204 shares of the per cent
preferred stock of the North American
Co., and 10,540 shares of the common
stock, on September 80 last. He was
a director in the Potomac Electric
Power Co. and in the Washington
Railway g. Electric Co., as well as
being on the board of the North
American Co.
Prices Steady on Exchange.
Capital Traction SIS opened the
weeks trading on the Washington
Stock Exchange today with $4,000
and 81 1000 bond sales being recorded
at 90. This was the days only bond
trading.
National Capital Bank stock ap-
peared on the board today, 10 and
share lots changing ownership at 80.
The next sale was small lot of Mer-
genthaler Linotype which moved at
80, the price prevailing at the close
of last week.
After call, Potomac Electric Power
51a per cent preferred stock came out
in three 10-share sales, all made at
Ill, price unchanged and strong.
Stocks on the exchange which will
make dividends In a few DAYS include
American Security & Trust, Norfolk
e. Washington Steamboat Co., Secur-
ity Storage and Terminal Refrigerat-
ing & Warehousing Corp. Carpet
Corp. also pays 25-cent quarterly
dividend shortly.