Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-23
TRADING IS QUIET
ON D. c. EXCHANGE
Savings Reveal Interesting
Gain-North American
Reports Assets.
BY EDWARD C. STONE.

washington NIdS IlBHL 0S Az 4VVf2.
Washington Gas Light IS, series B. also
figured In a small transfer at 1929.
Mergenthaler Linotype was the only
stock which appeared on the board. an
odd lot selling at g. There have been
practically no sales in this Issue since
the anntaal report was made public last
week. The balance sheet showed that
while business has fallen of consider
ably during the year, the company was
in an unusually sound financial position.
Bid and asked prices for other stocks
on the list were practically unchanged
today. Lanston Monotype, Potomac
Electric Power 6 per cent preferred and
the 5l2 per cent preferred and Wash
ington Railway & Electric preferred
and common stocks are soon to pay
dividends which have already been de-
clared.
Savings Soar in 20 Years.
Recently many comparisons have
been made concerning the length and
depth Of the present depression in con-
nection with those of 1907, 1895, 1873
and. 1887. Information as to deposits
in savings is not available covering the
whole country in any of those years.
It is illuminating, however, to look back
but 20 years and compare the financial
SOAAdAIAOAI Va b4AC PCOPlC vi OAAN SAAtSA
States in the lean year of 1911 with
that of the present period, following
. depression of 10 months duration.
If the savings in New England OF
today are compared with those of 1911,
the increase is sufficient so that every
man, woman and child in New England
has a gain of 154 per cent in savings.
In Massachusetts the percentage is
much greater than the average, run
ming to ITS per cent. In the Middle
Atlantic States the least gain in any
State is 1876 per cent and the average
per inhabitant over 1911 exceeds 204
per cent. In the Southern States, which
have borne an exceedingly heavy burden
for the past two years, the gain in
savings per inhabitant this year over
that of 1911 is 212 per cent.
New U. S. Treasury Offering.
The Treasury offers 100000 900 of
e3-day bills, dated November 80, to be
sold on discount basis to the highest
bidder. Tenders will be received up
to 2 pm November 81. The new offer
ing is to meet $80,019,0 900 of bills ma
turing November 80. With the new
issue, outstanding bills will exceed
$500 900, 900.
Despite the inactivity in the money
market during the past few days. sub
scriptionS for Treasury 93-day bills in
dictates that money conditions are
slightly f1rmer than a week ago.
The average rate on bank discount
basis that the Treasury is required to
pay for $60,182 900 of 93-day bills dated
November %, is 2.28 per cent, compared
with 220 per cent on $75, 100000 of
bills sold November IS. Total sub
scription for the $50, 100000 offered was
$l73,2l3000.
His Confidence Unlimited.
Harry j. Hass, president of the
American Bankers Association, has I'M
limited confidence in the ability of the
country to pull out of the depression
and advance into new prosperity terri
tory. In speaking of the outlook, he
says:
Our Nation has had much sor-
row in the 155 years Of its existence.
We have passed through the major de-
pressionS of 1887, 1857, 1873, 1879, 1884,
1893, 1896, 1907, 1914 and 1921 to the
present. I venture to say that in each
of these periods there were those who
had doubts of the future just as we
have them today. But what happened
after each depression? Our country
recovered and was better and stronger
than ever. Its people were introduced
to improved modes of living until to-
day. nothwithstandin the depression,
we are reputed to live on the highest
plane of material welfare OF any ma
ton in the world. Should we not judge
the future by past experience"
North Americans Assets Up.
The Statement of North American
Co. and subsidiaries as of September
80, 1881, shows total assets of $870,-
279.918, compared with 1921 ,051 POP on
September 80, 1880, and total surplus
of $156,O91, 444, against $140,773,3s7:
md
current liabilities, including accrued
taxes, interest, dividends, etc, $32, 1885,
SAB, against $50 ,746,065 and $34 444, 1853,
respectively on September 30, 1890.
President Dame reports to stockhold-
= erS the following business promotion
plans being carried out in Washington:
Load building activities OF Potomac
Electric Power Co. in Washington,
D. c., have recently included participa-
ton with appliance dealers in the city's
first electric and radio show, sponsored
by the Electric League of Washington
and in the industrial exposition, spon-
sored by the Washington Chamber Of
Commerce, In both instances the dis
play and demonstration of electric ap-
pliances attracted thousands of visitors
and resulted in increased sales by deal
ers and increased demand on the power
lines. Electric cooking is being pro-
NOTED through the company'S regular
cooking classes in the model home in
its new building as well as in the Cen
ter Market in downtown Washington
and in neighboring towns in the ter
Titory. A large potential field of new
business was opened with the Inaugural
ton on the night of Armistice day, No
vember IL, of the new system of flood
and ground lighting of the Washington
Monument, electricity for which is fur
nished by the Potomac company"
Heard in Financial District.
The District Bankers Association was
to hold special meeting this afternoon
at headquarters, in the Becker Building,
for the adoption of resolutions on the
Joseph Schiavone and Edward j. Nc
Quade. The meeting was called before
the death of Mr.. McQuade. for the pay
ment OF tribute TO the other two mem
berS.
1t was a glowing tribute that local
bankers paid Mr. McQuade at the fun
eral held Saturday. There was an I'M
usually large attendance of financiers,
floral remembrances were in great pro-
fusion and universal sorrow over his
passing from the financial district was
widely expressed.
New life insurance to the amount of
$5,l35, 900 was written in Washington
during October, according to reports
from Hartford AS already noted, this
was a Z per cent gain over the like
period last year, and was eQualled only
by the State of Wyoming.