Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-09
CAPITAL TRACTION
STEADY IN TRADING
ON D. c. EXCHANGE
Stock Holds Above so as
Week EndS-LanSton Drops
on Small Turnover.
FRIDAY SEES NEW PEAK
IN PROFITS DURING 1892
Savings Deposits Show Gains in
Other Cities-Trade Increase
Predicted Here.
BY EDWARD C. STONE.

Capital Tractlon GREW the mOSI Az
tention of any issue on the Washington
Stock Exchange in yesterdays trading.
Eighty shares changed hands in To-
share lots at SOFA. the same as Fridays
closing price. The stock hit SO during
the week, an all-time low mark, but
very few shares were sold at that price.
Holders seem unwilling to sell the local
issue around the present price in any
thing but small amounts.
The years trading in the stock has
now reached 7,o77 shares, including yes
tercay's transactions. At present prices
the stock Yields practically 8 per cent.
The financial statement for October is
now being awaited by the stockholders
and should be out shortly.
Lanston Monotype sold at Its low
point for the year in yesterdays mar
ket. Two 10-share lots appeared on the
board. both selling at 100 The last
previous sale was at 1857. At yester-
days sale price the stock yields ex-
actly 8 per cent.
other transactions included q small
lot sale in Carpet Corporation stock at
22Ls, 20 shares of Federal American Co.
common at 80 and small sale in Po-
tomac Electric Power 5i9 per cent pre-
Bonds were neglected, 81 900 Potomac
Electric consolidated IS changing hands
at l0SN. In the unlisted department
the quotations on Park Savings Bank
stock we're changed to 50 bid and n
asked and Raleigh Hotel Co. to As
bid and so asked.
Fleming Commences Sixth Year.
Robert v. Fleming. who became presi-
dent of the Riggs National Bank on
November Q, 1925, viii start his sixth
year of service when the bank opens
its doors tomorrow. During the past
I'VE years the institution has made
some unusually interesting strides. A
glance at the records shows that when
Mr. Fleming took charge the Riggs
Bank had deposits OF about So, 100000
Deposits today, are $56,000,000, gain
Of $19O00.O0O or So per cent in the
i've years.
Five years ago Riggs had capital,
surplus, net profits and reserves for
contingencies amounting to 81. 381 1927.
That figure has since been raised to
81, 812,155.55, an increase OF $780,
262.4 AZ. Total resources at this time in
1925 were $39,815 ,859.89, while today
this figure stands at $60, 229 400 O6, an
increase Of $20,413,6391T.
The above figures are sufficient to
indicate the growth of the bank under
the present administration. During
this period the bank expanded its terri
tory by the addition of two branch
ofaces, the Farmers g. Mechanics Ma
tional Of Georgetown and that insti-
buttons Friendship branch, giving Riggs
q total Of seven banking Offices in the
city.
New 1882 Profit Peak Seen.
81 believe profits will go on increasing,
and that we viii see decidedly higher
profits between now and the end of the
decade than we have seen yet" says
David Friday in Trust Companies
Magazine I'VE viii see higher profits
earlier In the decade than we have seen
yet. Probably In 1892 we win see new
peak for business profits of all sorts
America Is the only country in the
world where % per cent Of the people
produce enough food and textile 11bers
to supply al our people. said that
another 100000 or 100000 people
would be leaving the farm, 50 we win
have only 24,oOO,O0O or $4,000, 900
people on the farm by 1910 If our popu-
iation grows by 16,5O0,O00 or so. BY
1910 we VIII have less than 20 per cent
Of our people engaged in producing
food and textile hbers. We are leading
today and win lead for many decades
to come. because we have put the in
vestment into education which enables
and New York economist declares.
Savings Up in Other Cities.
The report during the week that saw
inRs deposits In 20 Washington banks
gained nearly $1,000 000-to be exact
S7,e0o, O00-since October 1929 is fol-
lowed by the interesting report that
large increases in savings deposits are
are being recorded In the New York
Federal Reserve district.
The deposits of 80 representative saw
ings banks In the second Federal Re-
serve district have risen 8.4 per cent
from the low point Of last December.
and on october 10 showed an increase
over year ago OF ga per cent, as COM
pared with an increase Of only 81 per
cent In the preceding year when q di-
version Of funds to security trading was
reported, and with an average increase
of SIS per cent In the preceding four
years.
IA deposits Of IS representative savings
institutions during the year ended Oc-
tober 10 amounted to 7.3 per cent, and
In the 10 months from the low point Of
December, 1929, totaled 9.8 per cent. In
the IS representative banks In the dis
trict outside of New York City, the
growth in deposits during the past year
has been much smaller than IN New
@OAAs bIhA8 80 eN4~ e@~-o~~r-N- -
per cent.
Bankers explain that the savings
record is not quite as good as it looks at
first glance Many big corporations
and wealthy individuals are keeping
large sums in the savings banks 70
have 1t in readiness for the next real
business advance.
Local Business Prospects.
Washington bankers expect business
20 show steady seasonal improvement
from now until after the Christmas
holidays. The Government payroll =
expected to make trade here much
larger, proportionately, than In most
other cities In the country.
Business everywhere Is In q
trough" said local banker yesterday.
1t Is swishing back and forth, az
1ected one day by favorable news and
the next by unfavorable news
After the first Of the year earnings
reports win look a great deal better
The comparisons will then be with fig-
f'--~ - -se- ago that were also un-
saG.S-.-.s.a., ~ rake ths fig..a 90
look far better and have ID To dc
with helping sentiment.
Remember that somebody buys every
share Of stock that is sold" said local
broker. It Is always the darkest iusi