Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-05

the Chicago dis rrv va or.,.
trict and $1,000
100000 in the San Francisco district
All other" loans increased $44, 000,-
900 in the New York district, 10000
600 in the Boston district. 5000, 900 in
the Richmond district and $75000, 900
at all reporting banks.
Steamboat Stock Out Tomorrow.
The 1000 additional shares of Nor
folk 81 Washington Steamboat Co. stock
will be issued tomorrow, the date set
for the delivery of this issue by the d.
rectors. The par value of the stock Is
500 per share, and the stock is being
Issued in the ratio of one share of new
stock for each nine shares held. the
offer being made to shareholders of rec
ord on May 28 1880
The company has 81 900 900 author
lied capital stock, all of which will now
be outstanding. The stock has been
listed for many years on the Washing
ton Exchange and the rights have re-
Gently been in lively demand on the
local board Trading in these rights
has been extensive for several weeks:
In both large and small amounts. Some
of the smaller sales have been for the
purpose of giving the holders an even
number of shares of the new stock. In
such cases they had to buy few rights
or sell a few.
The stock last sold on the Washington
Exchange at 265. 1t pays SIP year
in quarterly disbursements. In spite
of the depression, the steamboat line
Is said to be doing an excellent Sum-
Yner's business and rendering highly
satisfactory service to the patrons.
Clarence F.. Norment, jr.. is president
of the company, and j. Allen Riordan,
general manager.
Savings Gains Called Remarkable.
Officials of the National Association
of Mutual Savings Banks point TO the
high surplus ratios to deposits as proof
positive of the savings banks sound po-
sition. That deposits capital and sur
plus ratio should increase at such q
time was held to be somewhat re-
rnarkable achievement in the field of
banking, as the savings institutions
were the first source of funds for hun
dreds of thousands of depositors after
the market went down. and have also
helped the public materially during the
period of unemployment. Between July
/. 1929, at the peak of the market, and
the same date this year, depoSitors in
creased by 1884, 83, or almost 800 900
new savers in the worst economic period
Of years. All mutual savings bank de.
positors number 12,272.956. about !
person in 10, under the new census.
Bank President on Vacation.
Henry w. Offutt, president of the
Potomac Savings Bank, has gone TO
Cape May for two or three week va
cation. Mr.. Offutt does not take all
his vacation in the Summer as he Is
very fond of going South in Midwinter.
He has been at the head OF the Po-
tomac Savings Bank for several years.
Lewis M. Thayer. a director of the
Merchants Bank g. Trust Co., Is spend
ing his vacation trolling for shellf1sh in
the Gulf Stream, with headquarters at
Mania, Fla.
Vice President and Treasurer Charles
r. Grant, Washington Loan d Trust
Co.. is back from a vacation at At
lantic City
Clarence r. Norment, ST., chairman Of
the board Of directors of the National
Bank of Washington. expects to re-
turn from Atlantic City in about
week.
Commodities Slightly Lower.
A decline of three-tenths of per
cent is shown by the wholesale price
index of the National Fertilizer Associa-
ton for the week ended August 2, an
nounced here today.
Five groups showed small declines
and five advanced slightly. OF the ATS
items, 81 declined and IS advanced. The
ldTkCI OcCilIlcS CObOOiAs oAAAt
-four, beans, wheat, rye, lambs and pig
iron. Slight advances occurred in the
prices of butter, eggs, cheese, hay, corn,
zinc, middlings and coal.
Based on l926-1928 as 100 and on 476
quotations, the index stood at ISL for
the last week and 85.4 for the preceding
week and 984 for the corresponding
week of 1929.
Trading on ID. c. Exchange.
Four $1,000 transactions in Capital
Traction SIS opened trading on the
Washington Stock Exchange today, the
first sale being made at "a and the last
at 93Is. Later g. $500 sale was made
at 1924. Washington Railway IL Elec-
trio As moved at SO and Washington
Gas series A baby bonds sold at 102
Potomac Electric Power 5l2 per cent
preferred stock sold at l09, Railway g.
Electric preferred at 90 and 9S1s,
American Security & Trust Co. stock
at 400, and Lanston at 1881. Thirty
at 97is and Norfolk e. Washington
Steamboat rights registered Is and
1914. Federal American Co. common
sold at 90.
The bid on the newly listed Columbia
Medical Building Corp. stock was ad-
vanced to 100 with none offered at
that price.
Other Financial Notes.
The American Stores Co. reports for
six months ended June 80, 1880, net
income of $685., ls9 after depreciation.
Federal taxes, etc, equivalent to SITS
q share on 1516.7l7 no-par shares of
stock. This compares with $3.0l7,362,
or $iS1 a share on ,66l, 76l shares in
first half of 1929
z. and w. Grand-Silver Stores, Inc,
report gross sales of 81 ,266 $50 for July,
against s2,284,153 for July, 1929, a
decrease OF $l7,494, or OF per cent. For
the seven months ended July 80 sales
totaled $l5,932, 49s, against $l4 ,599, 053
for the same period last year, an in
crease OF 81 1888 445, or 81 per cent.
Door Opens Automatically,