Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-11
BUSINESS OUTLOOK
HERE IS IMPROVING
Second Half of 1890 Is Like
Iy to Better First, Local
Bankers Believe.
BY EDWARD c. STONE.

bI EDWARD &. STONE.
Business in Washington during the
last half of 1880 should show improve
n1ent- the outlook being considered
more favorable than in the first six
months OF the year.
At least such is the belief of some
of Washington's best known and most
conservative bankers. The situation
is hopeful" as one banker puts it.
Nobody predicts any sweeping up
turn in the near future, but confidence
is expressed in banking circles that
the trend win be steadily upward.
furthermore, conditions in the Capital
are expected to continue to be more
favorable than in most other large
cities in the country. This assertion
is. of course, based on the steady Gov
ernment pay roll.
Robert V. Fleming, president of the
Riggs National Bank. is one of the
local banking leaders who looks for inn
provement
with the passage Of the District
appropriations bill" he said today. the
city has S3,000,000 more than last year
to eXpend. While the expenditure of
this money is, of course, of no startling
importance yet it will be helpful in
the present situation. 1t is conStruc-
tive factor.
Building Here Helps
Continuance of the Governments
big building program will further help
to improve conditions in the Capital"
Mr. Fleming added. This factor, how
ever, is overestimated in its value by
many residents of the city. So many
of the contracts and even sub-contracts
have been let to firms outside of
Washington that the benefit of some of
this construction work is more indirect
than direct.
Projects like the one now being
started bv the Potomac Electric Power
Co. will be beneficial to Washington
later in the year. The erection of
new Office building and much other
work will involve the spending of sew
eral millions. The work will be well
under way by October and should have
its effect in helping out the business
situation here.
Reports also indicate a Slight i'm
provement in the real estate situation.
Any real turn for the better in real
estate will mean a great deal to the
business and financial interests of the
city.
And so far as the banking situation
is concerned Mr. Fleming concluded
81 believe that the washington banks
are better managed now than they ever
have been. The bankers here are dis
playing remarkable cooperation in
working out their common problems"
Lanston Votes Two Dividends
The directors of the Lanston Mono
type Machine Co. declared the usual
extra dividend of 25 cents per share
and the regular quarterly dividend of
sl.75 share at meeting in Philadel-
phia yesterday, Chairman j. Thilman
Hendrick, presiding. Both dividends
are payable August 80 to stock of record
August 20.
1t was announced at the meeting that
for the first four months of the present
fiscal year sales decreased only $23,0 900.
Orders on hand, but not shipped, up to
June 80, are said to have been SUFFICIENT
to warrant the statement that business
was really on par with last year.
1t will be recalled that the annual
report showed that the company earned
s14.37 a share last year, against 1888
share in the previous fiscal year. The
company'S stock is listed on the WASH
ington Exchange and is very widely
held here.
Credit Bureau Head Selected.
Mrs Marjorie Tucker, for many years
connected with one of the local banks,
mas been selected as manager of the
District Bankers Association Credit Blu
reau.
This action was taken by the council
OF administration which followed the
recommendations of the associations
Crecit Bureau Committee, of which c.
+. Jacobsen. cashier of the National
Metropolitan Bank, is chairman.
At the Asheville convention it was
voted to secure a special manager for
the bureau. ard relieve Miss Grace NJ.
Bromley, assistant secretary, of the adj
ditional duties. 1t was stated that the
Secretarial work of the association was
too much for one person to handle.
Mrs. fuckers long experience in the
banking field is, considered to make her
especially well fitted to take charge IF
the bureau.
Potomac Electric in Demand.
Potomac Electric Power 5l5 per cent
preferred came to the front on the
Washington Stock Exchange today.
During the session 211 shares changed
hands, all transfers being made at l08.
District National Bank stock sold at
Alb, Lanston at lis, Merchants Trans
fer & Storage common at l03iz, and
so shares of Carpet Corporation at 23J5.
Merchants Transfer 81 Storage pre-
ferred sold at 96. Steamboat rights
again registered Is.
Bond trading was confined to Wash
mgton Gas SIS. series A and B IS, Capt.
tai Traction SIS and Chesapeake & Poe
tomac Telephone Of Virginia SIS, recent
prices prevailing.
Heard in Financial District.
The directors of the International
Exchange Bank yesterday declared the
regular semi-annual dividend of per
cent, payable to stockholders of record
on June 80.
The Treasury's offer of $50. 900 900
notes mas been oversubscribed, reports
today state. The Treasury bills will be
Gated July IA and mature September
is, 1880.
Officers of the Acacia Mutual Life As
ISOLATION report that June saw the
amount of insurance in force reach the
new total of 1852, 000,0oO Business in
the flrst six months of the year reached
S35,500,000, which is in excess of the
corresponding period in 1929.
The monthly bulletin Of the District
Bankers Association was expected to
appear late this afternoon This is the
frst number issued under the new ad-
f1iniStratiop