Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-18

ing directors LOT James L. Sherwood
the coming year:
H. @. 'Althoff, L. L. Anderson, Julian
F. Belheld, r. John Boehs, N. T.
Chaconas, Allen E. Cowles J. d. Dono-
van, w J. Dow, A. L. Foster, Frank
NJ. Hatley, Thomas P Hickman, Alfred
Jeffery, John L. Knopp, j. A. Open
shaw, James E. Payne. John B. Rublno,
James l.. Sherwood j. L. Sherwood, jr,,
Roy l.. SwenSon, Schuyler S. SymonS,
william S. Torbert and N. j. Ward.
The following report as to the con-
dition of the ASSOCIATION for the fiscal
year was submitted Total assets $685.
IT'S: an increase of $66,9l3 over pre-
vious year; increase in real estate loans,
$59.200; increase in stock accounts,
$76.0l9; dividends disburSed for the
year, $25,385; added to surplus, $72l;
total surplus, $l4,OS4.64.
Richmond Cuts RediscOunt Rate.
The Federal Reserve Bank of Rich
li1ond has reduced the rediScount rate in
this district to 3l2 per cent, the Federal
Reserve Board announced late yester-
Cay. The previous rate was 4 per cent,
which rate had prevailed since shortly
after the Wall Street crash last Fall.
The rate is still well above New York,
which reduced the charge to 2la per
cent recently, the lowest rate since the
Federal Reserve Board was established.
Cuts have been made in practically all
the other Federal Reserve Districts in
the more recent past. y
In all these cases the aim has been
TO bring money down to lower levels in
order to help stimulate business and
speed up the country's financial recov-
cry.
Traction Ends Week at so.
Capital Traction stock wound up the
weeks trading at go on turnover of
only 20 shares Washington Railway
g. Electric preferred figured on 40
share turnover today at 90, Potomac
Electric 6 per cent preferred came out
at 1llIz and closed at 1909, while
the 5l9 per cent issue registered 1919
and l07h. Steamboat rights sold at
Is, and $50 shares of National Mort
gage g. Investment preferred sold at 5,
Bond trading was light, the most i'm
portant sale being in Washington Rail-
way g. Electric As at 86i2
Waller Takes Optimistic View.
John r Waller, president of the In
ternational Bank, Jackson Place, has
sent out report to stockholders in
which he sees much better conditions
during the next six months. 1T is
about time for the pendulum to swing
back and the remaining part of the
year gives evidence of improvement with
better sentiment developing gradually"
he says.
THE capital resources of the Nation
are larger and more liquid than ever
before, and the dollar has a greater
purchasing power than at any time
since the World War. Lower prices for
raw materials will ultimately increase
industrial prosperity and result in
wider distribution of products, although
temporarily the buying power has been
impaired by poor business conditions.
Six months ago the business world was
speaking in optimistic terms Of the
Hoover program" and it is now agreed
that an additional period Is necessary
TO make it effective. The real need
today is a return of public confidence.
There 10 every reason to believe that
Washington will be the first large GEN.
ter to return TO normally, and we are
already feeling the effects Of improved
local conditions" Mr.. Waller concludes.
The banks twenty-second semi-an-
nual statement shows resources of
S2.377 ,S84, cash with other banks, 1872
996: bonds and investment securities,
$l,lSl,9 46; accounts receivable, $780,
76l; interest and dividends earned,
S74,147; authorized capital. $4,000 900;
stock outstanding, $l,246, 400; surplus
and profits, 100000.
Booker Review Notes Upturn.
The monthly review of Y. E. Booker
q Co. notes q better feeling regarding
improvement. The chief factors are
shown in the indexes of car loadings,
automobile output, electric power pro-
auctions and steel operations. A re-
newal of buying in most lines of bust
ness is expected by Fall. The review
draws these conclusions on the present
business picture:
THE depression has now run about
year, which is about the average
length as compared with previous
cycles. The decline in farm prices has
been accompanied by decline in farm
labor costs and in commodity prices, so
that the faFmer's purchasing power
may not have been badly impaired, ex-
cept for current losses. The stock mar
ket is substantially liquidated. Volume
of retail sales is only slightly below
last year. Unless wages are cut, de-
creased prices will mean increased pur-
chasing power by the masses.
I'm May factory wages in % in
dustries throughout the United States,
expressed in terms of purchasing power
for food rent, clothing, etc, was Is
per cent greater than early in 1921.
New foreign financing may lay the
basis for eventual recovery in exports.
CORPORATION earnings do not compare
unfavorably with earnings prior to the
abnormal year, 1929.
money for legitimate enterprise Is
cheap. Savings bank deposits and In
surance sales show a healthy increase.
We therefore remain optimistic that
industry will begin real recovery IN
the Fall months, or, at the latest, by
the end of-the year"
More Banking Courses Likely.
Additional courses TO be conducted by
Washington Chapter. American lnSu'
tute of Banking, were considered at Q
meeting of the educational committee
last evening, Chairman Aubrey Q
Dooley presiding More classroom space
is to be provided this year and If the
classes get too large there is posi-
bility that some of them will be divided
It is believed that the overcrowded con
ditions will be eliminated this Fall by
the many changes now being con-
sidered
The new tuition changes recommend
ed by the District Bankers Association
at the last convention will be adopted
They are S. for all first-year courses
$40 for more advanced courses and 81;
for the highest courses offered.
Makes European Connections.
It was announced by F. B. Keech
Co. at their Washington office todaI
that the New York Stock EXchang
firm has made Messrs. de Saint-Phall
e. Co. their correspondents in Europe
At the same time it was stated that
B. Keech e. Co. will be the correspond
ents in the United States for the Euro
pean firm. Both firms believe they hav'
made very advantageous business ar
rangement, according TO George A. Gar
rett resident partner and manager o
the local Keech Office.