Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-11-11
TRADING IS RUSHING
IN RIGGS WARRANTS
SWartzelF With Firm for Half
Century-CommerCe Head
Sees Business Gains.
By EDWARD C. STONE.

Washington Stock Exchange reache,
NEST unusual proportions yesterda,
when there were 81 separate trans
actions in Riggs National Bank war
rants alone.
Quotations on the full warrant
opened at 3l5, the figure at which the,
left off on Friday. Later in the session
however, they advanced to the new
high mark of 800. In addition to thu
the regular stock came out at $40, the
highest quotation for the stock since
trading in the warrants commenced.
Sanitary Grocery preferred, which
scared points to $50 Friday, fig.
ured in one sale yesterday at 161. Capt
tai Traction closed the week at 1867
on turnover of 80 shares. Washing.
ton Railway & Electric preferred moved
at 1904, Potomac Electric Power, 81;
per cent preferred. opened at 100 anc
closed an eighth higher. and so share:
Of Commercial National Bank stock
sold at 258.
Bond sales were confined to Capita
Traction SIS at 102, Washington Gas
IS at 103, Gas IS, series A. at 104, anc
Potomac Electric Power 6S at 108.
Swartzell 50 Years With Firm.
Luther A. SwartZell, president Of
Swartzell. Rheem g. Hensey, mortgage
bankers. located at 727 Fifteenth street
northwest has been with the firm just
so years today. To him it does not
seem like half a century since, as a
young man, he walked into the Office
took a minor position and started to
learn the business. It hardly seems
half that time. While he has always
been a hard worker yet the five de-
hi
and the anniversary finds him in eX-
cellent health and primed for many
more years of business activity.
Mr.. SWartzell was born near Milroy
Pa. but came to Washington when q
young man. His father, John Swartzell
was county surveyor and a leader in
civic affairs. NJ F. F. SwartZell, q
teacher in the Washington public
schools, is one of his brothers and
another was the late G. w. F. Swartzell,
for whom the SwartZell Methodist Home
was named. In fact Luther Swartzell
succeeded his brother as president of
the banking firm on the latter's death
seven or eight years ago.
Oficers associated with him at pre-
sent are Edmund D. Rheem, vice presi-
dent and treasurer; John N. Swartzell,
vice president and secretary; John H.
It f.
Hunt, assistant secretary, and j. New
ton Brewer, director of the new bust
ness department. Under his leadership
. the firms business has steadily ex-
panded. On his return from Harris
burg, where he is spending the week
end, he is sure to receive a host of
congratulations.
Under the caption Hoover and Smith
agree" one of the largest trust COM
panies in the city has a folder which
cleverly presents the thrift views OF
Herbert Hoover and Alfred E. Smith.
in the folder Mr. Hoover says:
Il have never seen any road to indie
pandance except by saving. A man with
only 81 OF assets has to take the first
Joo offered him. The man with 81 900
ran take the choice of several A man
nth $4,000 saved can go a long way
oward debating who is to get his Serv-
ices. I went through this mill myself"
The views Of Gov. Smith on the same
eubJect are expressed in this manner:
The person who does not put away
scme money to meet the possible day of
need may be preparing himself to be at
sHme time or other the object of public
MARTY. All should practice thrift as It
5 an insurance against adversely"
John POoIe's Idea Is Spreading.
John Poole's original idea of caceless
counters for banks is spreading SO
rapidly that it may even BE- adopted
in Australia before long. Mr.. Poole
now has applications for patent rights
on hle in % countries. It will be re-
called that he obtained rights in the
United States Patent once some time
ego.
The National City Bank in New York
HTnhAhlNy hn IAG =
institution in this country which is
using these counters. Not long ago a
banker who is connected with the Aus
tralian government called at the Federal
american Bank to see hte counters in
operation. While he was in this coun-
try Tor another purpose, he had heard
81 the counters and wanted to look at
them. -O0A az
Several Canadian banks are interested
IN the idea and an inquiry reached the
inventor the other day from Lima,
Feru. II is an old saying that inventors
iose money and that some one else gets
ule hnanclaI Dement'S. but friends insist
INA. CnlS mas not been true in Mr.
time. ~ VAC pAe'en:
Local bank clearings are following I'm
the advantage they gained in October
when they smashed all records for one
month in the history Of the washing
ton Clearing House Association. For
the week ending November cheeks
passing through the local clearing house
totaled s2s,450,000, compared with
S26,607, 900 for the previous week. AND
an increase of 7.9 per cent over the
corresponding week In 1927.
Richmond showed a loss, clearings
tor d the week ended November being
S44,216,000, against the much larger
ngure OF 500, 100000 in the previous
week and decline over the same week
year ago. Baltimore also reported a
decline, the total being $88, 948. 900
against $sl,779,0o0 for the week ended
November /.
Norfolk, another city in the fifth
Federal Reserve district, showed a gain
over the previous week, but a decline
ever year ago. The country as a
whole had a gain over the previous
week. but was below the total of the
corresponding week of last year.
Whiting Sees Business Advances.
Business in the United States will be
strengthened considerably as the result
II the election, William F. Whiting
Secretary Of Commerce, believes.
During october business and indus
try in the United States showed the
LATEST activity on record, the Secretary
stated The foundation of the present
acuvIry is sound. and there are strong
indications 1t will continue, he added
The iron and steel industry is reported
very active. with good demand, espe-
aDy from the automobile and con-
struction industries Building contracts
for October were about $4,000 000
higher than in September. This is q
factor toward high employment through
cut the Winter. the Secretary states.
Car loadings, which the Secretary
considers to be indicative of prosperity
have shown an increase for October
and for the third quarter are in excess
CT any previous quarter.
Mr.. Whiting reports that the cotton