Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-08
More and Larger Accounts
Object of Educational and
Advertising Move.
BONDS PROVE POPULAR
ON DISTRICT EXCHAN GE
Week Finds Capital Traction Clos
ing at 40-Yields on Stocks
Lower.
BY EDWARD C. STONE.

Financial independence via the "goot
old Savings-account route" Is TO o'
impressed upon the country by Ma
tion-wide educational and ADVERTISING
campaign just being launched by tn'
savings bank division of the American
Bankers Association.
The aim of the drive is to make
savings more popular both for the gooc
of the people and of the banks. w. r
Morehouse, vice president OF the Sc
curity-First National Bank of Los An
geles. a former president of the saw
ings banks section, is chairman OF the
committee which has the program IN
charge.
The growth in the number of savings
accounts developed a wider practice ~
the use of the credit instruments, Sucn
as checks. This in turn has been
benefit to business and makes unneces-
sary the supplying of great quantities
of currency which otherwise would be
inevitable and which is found in coun-
tries where bank checks are utilized
only to small degree. 1t would be ditfl-
cult. saws the committee, to recount AZ
the benefits which a savings account
brings, not only to its possessor, out
also to Government and business;
The advertising and educational pro-
gram sponsored by the savings bank
division has of course as its direct OBJ
iect more and larger savings accounts
AS of June 80, 1880, the number OF
savings accounts reported in banks ano
trust companies of continental United
States was 52,963,559.
Trading on ID. C. Exchange.
Bonds were in favor in Saturday
trading on the Washington Stock Ex-
change. Capital Traction IS taking the
lead. Sl1 900 selling at 86. The other
bond sales were recorded in Washing
ton Gas and Railway & Electric issues.
stocks figured in the days business
but in small lots. Lanston Monotype'
Railway g. Electric preferred, Potomac
Electric Power 512 per cent preferred
and CAPITAL Traction appeared on the
board Capital Traction ended the
week at 40 on very light turnover.
The unlisted department was given
the usual Saturday attention. few
changes being noted in quotations. Inc
asked price on National Press Building
lists was advanced ~fF0na-- W to 10
while the asked price on Arny-Navy
Club SIS was fixed at 90. The following
sales were recorded during the session:
Capital Traction SSH 900 at sc.
Washington Rwy. & Electric 4s-$l 600
at 87A.
Capital Traction Co.-10 at 40.
Potomac Electric 512% pfd.-5 at
1922, 4 at 1924, 10 at 1922.
Washington Rwy. & Electric pfd.-10
at 9814. 10 at 98A.
Lanston Monotype-2 at 106, 10 at 107
washington Gas IS "A"-S500 at l02,
$500 at 102.
Capital Traction SSH 900 at Sc.
Washington Gas IS "A"-$300 at 1919,
5000 at 1919, S7O0 at 1919.
Washington Rwy. g. Electric 4s-$500
at ST.
Washington Gas 6s "B"-$6o0 at 1o41a.
Advances Cut Stock Yields.
The average yield of 376 cash
dividend paying stocks on the New
York Stock Exchange declined from
$50 to 8.29 per cent during January,
according to Moody. Although the
movement was chiefly due to the
moderate rise in stock prices, it was
also influenced by the passing of 10
more first-quarter dividends, with the
resulting elimination from the average
Of a number of artif1cally high yields.
Among the industrial groups with
conSpicuously high yields early in Feb
ruary were coal and coke U2.33), paper
(12.28), shoes G214), tobacco other
than cigarettes G1.97) and theaters and
low the average, on the other hand
were shown by can manufacturing
(4.75), mail order (4.93), chain stores
GOD, dairy companies (6.25) and bak-
ing companies 1920. Utilities except
tractions) and the bank and insurance
classifications were also among the low
est yield groups
All but of the AZ individual groups
showed a decrease in average yield
since the beginning of January, Moodys
states. These decreases we're relatively
most conspicuous for the insurance,
bank and amusement groups.
New Financing at Low Mark.
New first mortgage real estate financ-
ing in January-traditionel a month
of large realty offeringS-declined to
the lowest level for that month in re-
cent years, according TO- the monthly
investment review of Nelson, Hunt &.
Co. of Chicago.
Statistics compiled in the review
showed that new real estate financing
in January totaled $8,737,000, the low
>. est volume to be recorded any month
since May 1880. This total represents
a decline Of more than 70 per cent
from the volume of new offerings In
January, 1880, and is Is per cent below
the December total of Sill ,9O5 900.
There were no realty stock offering:
in January, it was stated, and approx
imately so per cent of the new f1nanc'
ing was secured by residential ane
institutional properties, practically al
OF which were financed through thu
issuance of collateral trust certificate!
and gold notes.
This unusually small volume Of
January l mortgage financing" Saie
the review, lis largely due to greatly
reduced demand for new construction
Furthermore there Is little indication
that any great volume of new building
will be started before Spring The chic
demand for money today is for ref
nancing loans on completed buildings.
Cleaned in Financial District.
William J. Father, vice president o.
the Riggs National Bank, rounded on
another years service with the banl
this last week. Mr.. Father holds {
most remarkable record, having beer
with the institution more than half ;
century, starting as a me ]senger HI
4 received many hearty congratulation
from a host of friends.
The 1880 annual report OF the Wash
ington Gas Light Co. aroused wide in
terest. The fact that the company ex
banded gas sales, in spite of the slowe
business movement, was CONSIDERS
highly significant. The recent hook-ul
with natural gas has not yet had tim
to be reflected in the companys earn
| tngs.