Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-04

the decrease in the zz'A 4sszzA
last six months OF Howard Moran.
1929, amounting TO
SS2 .7lO.O75. The same ratio in national
and State banks and trust companies
would mean a gain in savings for the
half wear of about S700, 0000 900.
New York led the Nation with an
increase of its savings bank deposits
amounting to S172,953, l9l between
January / and June 80. That meant
an average account of $837.04, only $40
per account under the average year
ago. And there were 177,905 more de-
positors than year ago.
Massachusetts, followed with the sec
ond largest gain representing an IN
crease of SAC, 239, 371 for the six months,
compared to loss of $6,896,72S in the
final half year of 1929. The average
per depositor was $69324, or gain OF
SIS per account over year ago.
Typical gains during the six months
In other KEY industrial States were as
follows: Connecticut, $24, 110,969; Della
ware, $1,349,161; Maryland, $6,5l8.0 l8;
New Jersey, $40, ,752; ONO, S2'fOS,,
qS4; PENNSYLVANIA, $40 ASS, 100, ana
Rhode Island, $l,338,756. Only five
States showed further recessions, and
none fthe amount was important.
Ferriss to Head Bankers.
1WentV-tWO 1OA oAAS~S
in the Investment Bankers Association
of America. selected as the regular
ticket for submission to its annual con-
vention in New Orleans, October IL 10
Is. were announced in Chicago To-Day
BY the board of governors.
The list is headed by Henry f..
Ferriss. executive vice president OF the
First National Co., st. Louis, nominee
for president Since nomination In the
past has always been equlvaient 10
election. it is expected that Mr.. FerrlsS
will take Office for the 1903 term at
the close of the associations october
meeting. He will succeed Trowbrloge
Alden II. Little of Chicago has been
named to succeed himself as executive
vice president and Sidney r.. Smal,
Detroit. and William J. Wardall, Bon
bright & Co.. Chicago, have been norni-
mated to succeed themselves as vice
presidents. The three new vice presi-
dents selected are Charles d. Dlckey,
Brown Brothers q Co., Philadelphia:
William H Eddy, Chase Securities Cor
poration, New York City, and Bernard
w. Ford, San Francisco.
William T. Bacon, Chicago, is pro-
posed for treasurer and c. Longford
Felske. Chicago, for secretary.
No Fear Over Gold Exports.
Gold exports of approximately
$40 600 900 in the past two weeks will
not result in change in the easy
money conditions, from which SO mucn
is hoped as a stimulus to business re-
covery, in the opinion OF @. M.-P.
Murphy & Co. Contrasting the pes
ent situation with that in 1928, when
gold exports contributed to Tightening
of money rates, it is pointed out that
in 1928 business as a whole was good;
the Reserve banks were attempting 10
check the rapid expansion OF security
credit and did not Offset gold exports
by purchases of bills or Government
securities
Business now is dull and the stock
market is behaving in an orderly way,
The Review says. These two differ
ences. in addition to the fact that
monetary gold stocks in the United
States are now $3.50, 100000 greater
than in April, 1923, and total Reserve
bank credit is s45O, 1000, 900 less, call for
and permit expansion of reserve credit
The operations and announcements Of
the Reserve Board so far this year in
dictate their willingness to give business
the stimulant of easy money"
MergenthaIer Leads Market.
Mergenthaler Linotype led the Wash
ington stock market in volume of trad
ing when the weeks business opened
today. The stock opened at So and
closed at 81 after turnover of 90
shares
Peoples Drug showed considerable
more activity today than in any recent
session The market opened at 1037s
and closed at 1O414 on sales of five
10-share lots and a 5-share lot.
Steamboat rights again moved at 16.
Potomac Power 6 per cent preferred
sold at 1l14 and the per cent issue
at 100. Federal-American Co. common
moved at 3l12, Real Estate Mortgage &
Guaranty preferred at 6l5 and Wash
4hgton Mechanics Mortgage Co. at 912.
The only bond transfer was $1,000
sale in Capital Traction SIS at "a. The
newly listed Columbia Medical Building
Corporation stock appeared for the first
time, with 80 bid and none offered.
Financial District Notes.
Howard Moran, vice president of the
American Security g. Trust Co. and a
former president of the District Bank
ers' Association, is on vacation trip
to Newfoundland. He went to Boston
by rail and sailed from there, the latter
part of the trip also being by rail.
Fl. T. Bisselle and B. Gwynn Dent,
assistant cashiers of the Riggs National
Bank, have started on their annual
vacations. E. NJ. Amick, another as
sistant cashier. returned to the main
Office on August l.
Frederick P. H. Siddons, secretary OF
the American Security g. Trust Co., has
returned from vacation of about three
weeks. He passed most of the time al
the Summer home of his father, JUS
tice Siddons. on the Maine coast and
the remainder in motoring.
Harry c. Miller, for the past six oil
seven years in charge of new accounts
at the same bank, has returned from q
two-week vacation.
John Poole, president of the Federal
American National Bank, passed the
week end at Atlantic City. Charles B
Lyddane, vice president of the same
bank, started on his vacation August /
The leading investment and brokerage
houses in Washington are having tho
new faster stock tickers installed. These
tickers are supposed to take care Of q
100000 share day without getting be.
hind 1t is obvious that they are hav-
ing no trouble in keeping up with pres.
ent markets.
Production of electric power by public
utility power plants totaled 7,748, ats .00t
kilowatt hours in June. 1880, compared
with 8,0l4 ,202, 900 in May and 7,76s,
300, 900 in June, 1929, according u
United States Geological Survey.