Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-15
BANKS AGAIN SHOW
GAIN IN CLEAR|NGS
D. C. Institutions Reveal
Continuing Increase Over
Previous Figures.
BY EDWARD C. STONE.

vealed during the past week, when
checks were Cancelled to the amount
Of $29,150,000, in comparison with the
much lower figure Of s22 ass, 900 for the
week ending September 5, which in
cluded q holiday. This was also an in
crease of So per cent over the corre-
spending week year ago, and is con-
sidered by leading business men here
to indicate that business is getting an
unusually good Fall start. Local bank
erS also express the opinion that some
new retail store sales records may be
established in the Capital between now
and the end Of the holiday season.
Bank ,clearings for the country as q
whole also revealed Q flne increase for
the week ending September IL. Clear
ings reported to Bradstreet's totaled
$14,035, 272,000, against something over
$1l 500, 100000 in the previous week and
. still lower amount for the corre-
spending week in 1928. These figures
show at Al per cent gain over the pre-
vious week and 23.9 per cent increase
over the same period last year.
Baltimore had a substantial gain
over the previous week and also the
previous year: Richmond reported an
increase Of over $4,000, 600 over the pre-
vious week and So per cent advance
over the corresponding week o year
ago. Norfolk reported q good gain
over the previous week, but q decline
OF 10 per cent in comparison with a
year ago.
Heavy Farm Loans Reported.
Farm co-operatives Of the United
states are obtaining loans from the
Federal Farm Board at the rate of
$4,000, 900 monthly to assist them in
marketing crops on a basis that will
yield the highest profit to the growers.
Since its organization three months
ago, the board has authorized loans ag-
gregating $30,33o, 900, and Chairman
Alexander Legge said it plans to con-
tinue its liberal loan policy toward CO.
operative associations until its $780,
100000 appropriation Is entirely utilized.
Congress authorized an appropria-
ton OF 10000, 900, Of which the board
has obtained only $150,000 0OO The
board said 1t expects the present
$1S0,000 900 to last at least until Christ
mas. when Congress may be asked for
an additional amount
Cotton growers, who have been au-
thorized to receive loans aggregating
$4,000, 900, are the largest beneflCiarieS
OF the Federal Farm Board.
Wheat co-operatives have received
about 100000 and the grape indus
Try similar amount for marketing
their respective crops. Florida citrus
fruit growers obtained approval Of q
100000 loan.
Riggs Stock Past Performances.
Riggs National Bank stock was the
talk Of the financial district during
the week just ended. It's recent lump
Of Al points to 1921 per share has called
attention to some of the stocks past
performances.
The records show that the old stock
sold as high as $500 per share as far
back as 1901. In 1905 the stock sold
still higher, the high mark for the
year being $3.50 q share Those sales
were also made when the banks CAPT.
talization was only $500 00O
In 1925, before the capital was
doubled, the old stock sold at $685. a
share. The new stock sold somewhere
around $500 in the latter part Of 1923.
In 1924 1t sold of little. The present
sudden advance has taken place since
the banks capital was increased fol-
lowing the acquisition Of the Farmers
& Mechanics National Bank, In George
town, and its branch In Friendship.
Some local market observers figure
that the value Of the stock was en-
HANGED about $50 per share by the dec
laration the other day Of an extra
dividend Of az per cent. The recent
advance indicates that certain bank
stock investors hold o similar view. At
any rate, the week closed with Riggs
bank stock taking its place as the
highest priced security on the local
exchange, with the exception Of WASH
ington Railway & Electric common,
which last sold at $3.50 share.
Institute Courses Announced.
The educational program for the
eest semester Of Washington Chapter,
4 I. B., Is being mailed to members.
According to Frank M. Perley, chair
man of the educational committee. two
new instructors have been engaged for
the Fall term. The class In invest
ments will be conducted by James G.
Dulin. jr., assistant treasurer OF the
Charles s. Richardson will take charge
Of the course In public speaking.
Mr.. Richardson has conducted SIM
liar courses at the University Of Mary
land and in Baltimore Chapter. A. I. B.
The other instructors will be Eliot H.
Thomson, Of the washington Loan &
Trust Co.; Raymond B. Dickey. Boil
tina j. Laws, r. j. Donohue and e. j.
McQuade.
The booklet announcing the courses
contains q message from President VIII
mef ]. Waller TO the District Bankers
Association, calling attention to the
increasing need for special training In
the banking field.
Advertising Plans Favored.
Considerable favorable comment was
heard yesterday on the elaborate ad.
vertising campaign which the District
Bankers Association committee on adj
vertising has just outlined to the men,
bers. The idea Is to bring all the
services the local banks offer patrons
to the closer attention Of the public
through the newspapers and the radio.
The campaign would last for six
months. beginning well in advance Of
the Christmas Savings Club drive. The
committee also suggests an essay con-
test and the distribution Of informative
literature through the local banks.
at the last convention at Montauk
Point and final action on the scheme
will be taken at a special meeting
called for next Friday afternoon.
Somewhat similar campaigns have
recently been conducted by the Mas
Sachusetts Bankers Association and the
bankers of Detroit. Both campaigns
were considered highly successful. The
local committee iss made up Of most
excellent bankers and they have nj.
ready given the matter q great deal OF
time and thought.
Franklin Branch "Open House."
The Connecticut avenue branch Of
the Franklin National Bank viii be
thrown open to the public tomorrow ct
q am. Many invitations have been
issued by the oficialS for inspection OF
the new quarters. The new banking
rooms present O most attractive ap-