Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-06
TRADING INCREASES.
ON J! D. C. EXCHANGE
Weeks Transactions Show
Gain-Turn in Business
Is Seen.
BY EDWARD C. STONE.

Exchange showed substantial improve
week, September ushering in some
much-desired activity. The month of
August proved to be one of the dullest
periods in the local exchanges history,
the volume of business during some
sessions being almost to the vanishing
point.
September is seeing a turn, as was
predicted. The attendance is better,
since several members have returned
from their vacations and much more
interest is being manifested in both
local stocks and bonds. A reasonable
amount of Fall business is now believed
TO be certain.
Capital Traction is probably the most
talked-about stock on the list right
now. The first report of earnings under
the new fare schedule caused great
deal of comment among local market
observers. But the l0-cent fare was in
effect only a small part of July. so that
the returns for the month were pretty
poor barometer of what the higher fares
will really mean over long period.
There were also two other factors
which probably were more important
to the traction company'S earnings
the cut-rate taxis. The intense heat
kept so many visitors away from Wash
ington that the number of tourists is
said to have been the smallest in sew
eral years. This, of course, made a
marked difference in the number of
street car passengers.
The cut in taxi fares is reported by
railway officials to have been a still
greater factor. They insist that the
competition from this quarter is not as
keen now as it has been. but in July it
was about at its height. Drivers passed
along by the street car platforms and
picked up good many passengers in
this way. How many fares the COM
pany lost is not known. The August
accurate line on the trend in earnings
under the new street car rates.
People Increasing Savings.
The Lincoln National Bank, in its
monthly outline of business, quotes from
recent report by Controller Pole which
stated that despite the depression in
business and shrinkage of security val
ues the people of the country still are
able to increase their financial reserves
Time deposits-which are largely saw
ings-in the national banks of the
country increased by $436 ,000, 900, or So
per cent, in the year just ended and
III SOSoA va GIL ASPOcAIo AOoC 94y ~, tSOi-
900.
Life insurance, the bank adds, is an
other form of accumulation which con-
tinues to grow in spite of adverse con-
ditions. New business written by lead
ing insurance companies in July totaled
IN excess of 100000, 900, with sales
Tor the first seven months of the year,
aggregating $7,749 493, 900, or is per
cel-t above the previous record mark of
1854 $4,000 set in the corresponding
period of 1929
Dividend and interest payments,
which to date total Is per cent larger
than in any previous year, continue to
give strong and timely support to the
national pocketbook, as we'll as furnish
convincing evidence of the sound finan-
cial position of American business as a
whole
Balancing the favorable and adverse
factors as they now appear, the bank
continues, 1t is admitted that the Au-
gust showing as a whole will hardly
satisfy the more optimistic expectations
which looked for a decided turn of the
tide at this time. On the other hand
nothing Is seen in the record to disturb
the belief that the Fundamental stu
atoms are steadily being laid for a re-
turn to satisfactory conditions at no
distant date.
Nearby Farms Suffer Most.
AS hard as Illinois, Indiana and Ohio
have been hit by the drought Virginia
Eastern West Virginia and MARYLAND
have been still more severely stricken
In many sections of the Middle West the
motorist drives through miles and miles
OF prairie where the corn crop has been
tremendously damaged. Only small
crops can be expected even If rain
should fall during the rest of the grow
ing season. The farmers are a discour-
aged lot, as they see so much of their
years labor gone for nothing. Their
purchasing power will be reduced to a
painful minimum, and many say they
will be unable to meet their taxes.
Yet in these three States, where the
corn yield will be so short, there is a
good growth of corn stocks, which can
be fed to the cattle this Winter. But
in the State nearby Washington the
ground has been so baked that the
fodder crop is almost worthless, not to
mention the low yield. In some places
the corn is too burned up even to har-
vest
And in these Eastern States other
crops have been lost which farther
West have for some reason been able
TO withstand the drought and return
a fair yield.
Bottom of Depression Passed.
On the whole, it becomes increasingly
probable, says Hempell, NoyeS e. Co..
that We have seen the bottom of our
trade reaction, which has now lasted
approximately IA months and which is
slightly longer than previous recessions
Fear is giving way to hopefulness and,
while only moderate seasonal Fall re-
covery seems to be in prospect. there
are increasing signs of commodity sta
bilization and improved sentiment and
mill
shortly be forthcoming.
One of the most surprising trade fea-
lures is the fact that inStallment re-
possessions, which it had been feared
would be very large, have proven to be
comparatively small and finance COM
panieS report that accounts are coming
through the depression without serious
impairment, Indebtedness having been
paid up to a surprisingly large extent,
although the repayment of this debt
under existing conditions has. in all
probability, tended to restrict new sales
on the installment plan.
Sales of merchandise have shown no
such decline as has manufactured out
put, and shortages must be in the max
ing. Col Ayres states that in the first
Ave months of the current year we only
produced about the same volume of
gooGs as we produced in the first five
months OF 1925. whereas, since that
time, population has increased by
1000, COO, the review says.
Financial District Notes.
The Riggs Bank Club of Riggs Ma
tional Bank employees will hold an out
ing today at Greenbury Point Club, on
the Severn River near Annapolis Md.
Members OF the club will leave the bank
at 3 o'clock by bus. There will be a
water carnival. miniature golf tourna-
ment and field events Dinner at the
~ ,tn hn fnilcu,nd HI,