Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-11
new SAVINGS MOVE
| IS PREDICTED HERE
! Use of Funds for Stocks to
Be CurtaiIed-0ther
Financial Notes.
BY EDWARD C. STONE.

-. ing up of larger savings accounts.
-. The forecasts were made as common
= on the report from the American Bank
ers' Association showing a shrinkage
- $195, 900 900 in the past year in saving
accounts in the United States, parts
reasons for the falling off being as
signed as the lure of profits to be mad
in stocks and the further spread {
se installment buying.
= Bankers in Washington believe tn
M, withdrawal of savings funds for tn
purchase of stocks will be very great
curtailed in the coming months Thos
~ who have lost money in securities Wi
=, see that a permanent savings accoun
- is almost necessity and be anxious t
!, build up these thrift deposits as rapid
=, as possible, and have something 10 fal
8, back on in emergencies.
In the opinion of many local banker
the stock market crash will have a sob
ering effect on conservative people O.
limited means. Many who put saving
:. bank funds into good sound stock still
- have the stocks and have only papel
Losses. But it will be long time be-
fore these stocks can be cold to advan'
tage. In the meantime new savings &C
counts will make stronger appeal thar
ever, savings bank experts declare, and
as a result of present conditions, new
wave of thrift may be starting. which
= savings.
81 LOnsdale LaudS Advertising.
John D. Lonsdale, president of the
American Bankers Association, has this
to say regarding bank advertising:
~ Advertising is necessary to our bust
SsnesS. We cannot afford to ignore q
power that has accomplished so much
good for humanity in its short existence
Advertising is the life-giving vitamin
of modern business; the spark OF vitality
81 which contributes largely toward keep
- ing in motion the varied units OF pro-
duction; the master salesman that I'M
49, obtrusiyely enters the home or new
S,markets and stimulates a desire Tor
possession.
= I'm these days of giant merges and
consultations, when the institutions
and departments are becoming OF such
ycenormouS SIZE" LonSdale continued,
s"ths one factor which businessmen ana
bankers must safeguard themselves
against is any appearance that tndivld-
s.5ual attention will be lacking. We must
-7see to it that no matter how large we
grow we do not lose the very vital ele-
s,ments of human sympathy and lndlVld-
'cual attention"
eG New Foreign Markets Created.
(: Discussing business and world peace
-tJin a radio talk DR.. Julius Klein, Assist
ant Secretary of Commerce, said that
1.-the enormous growth of American ex-
1oports since the war had been due to
heavy sales of American specialties and
sscreatior. of new markets rather than
7texclusion Of European products, and
that the exports of both Europe and the
United States had gained in most fields.
Speaking of the so-called competition
between European and American sales
in the Far East, he pointed out that
United States exports there have gained
$50 per cent since 1918, but since the
items were american specialties, such
as automobiles, tobacco, motion pictures,
, ready-made clothing and bodybuilding
' machinery, "a trade almost unknown
: before the war;" the increase was in
almost no particular gained at the ex-
pense of Europe"
I'm the last analysis" he concluded,
a international trade under the newer
srand vastly changed conditions that pre-
vail today has become an invaluable
~ contributor to good viii and sobristy in
world relations. There will obviously be
at continued rivalry for preferred markets,
- but the resultant struggle need by no
means involve mortal combatS."
Heard in Financial District.
Red Gross workers were stationed in
all the local banks today to assist in the
annual membership campaign. In the
past bank patrons have given the Red
Cross splendid support, and early re-
ports indicated the same assistance
sagain this year.
y Quite extensive changes have been
made in the offices of Y. z. Booker &
Cos investment bankers, on H street.
In their fortnightly review, G. M. p.
Murphy & Co., discuss the ice industry
as a field for investment.
M. j. Meehan & Co., in an analysis
of the United States Corporation, pre-
dict that the company will earn over
So share for the fourth quarter, or
: approximately SIC for the current year.
David Friday, Washington economist,
Is author of an article in the current
Bankers Magazine, in which he de-
clareS that French gold boarding offers
one Of the most serious international
problems confronting the world today.
He declares that the present policy In
France is having worldwide effects
President w. ]. Waller of the District
Bankers Association is expecting to
hold meeting of the council of adj
ministration in the near future. Rou-
tine matters are to be dispatched.
Genuine Bond Market" Forecast.
In reviewing the stock market tum-
BILE the American Bankers Association
Journal comments:
"a genuine bond market promises to
IeCuTn.
-, "BuiIding should revive as funds are
: available for real estate and mortgages.
Commercial enterprise should be
stimulated by low money rates.
Men and women Will pay more atten-
= ton to business and less to stock
eN tickerS.
~ America is noted for its rapid come
back after any disaster.
Federal Reserve banks and member
banks are in strong position.
Earnings are making an excellent
showing for manufacturing and mer-
z-chandising companies, railroads and
public utilities.
: Foreign leans can again be sold to
Z our export trade"
j" Trading Quiet on Exchange.
: The Washington Stock Exchange
q opened the week with rather quiet
trading.
Three bank stocks appeared on the
= board, 81 shares of Commercial Ma
= tional changing hands at 25S, same as
= the last sale; 10 shares of Liberty Ma
z tional moving at 215, unchanged from
& the last sale, and small lot of Secur-
y ity Savings g. Commercial coming out
y lat 465, unchanged.
4 Capital Traction figured In small
Z sales at 10 and 1914 Peoples Drug
Z Stores preferred sold at 108, Mergen-
g thaler at 1929, 103 and 1027s; WASH
: ington Railway & Electric preferred at
. 95 and Columbia Sand & Gravel at SO.
There were several other miscel-
Z 1aneous stock transfers at recent levels
Bonds were in moderate. demand, with
Z practically no changes in quotations.
-