Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-04
SATURDAY TRADING
SESSIONS RESUMED
ON D. c. EXCHANGE
LanSton Monotype Center of
IntereSt-LeSS Stock Is
Offered for Sale.
CLOSES WEEK AT 70 IL;
OTHER ISSUES QUIET
New Bond Rating Indicates Util-
tiles Growing in Favor.
Local Notes.
BY EDWARD C. STONE.

Opening on Saturday for the first
time since last June, the Washington
Stock Exchange recorded light trading
yesterday. Interest centered in Lanston
Monotype, which developed heavy SELL
ing during the week in connection with
the reported settlement of an estate.
Over 500 shares changed hands on
Thursday and 400 more were sold Fri
day, but selling had apparently dried
up yesterday, as only so shares came
out. -Four 10 and share lots sold az
1012, against a final sale Friday at
70at. The market closed with 70s4 bid
and IS asked
Other sales yesterday included a
$4,000 turnover in Capital Traction SIS
at "a and two small transfers in Wash
1ngton Gas IS, series A, at 100 The
hnal sale in the stock division was in
, Potomac Electric Power per cent pre-
ferred, which again moved at Ill. Capt.
tai Traction stock, in which there is
such wide local interest, did not appear
on the board. but closed the week with
27 bid and 90 asked. Practically none
Of this stock has been sold in the past
few days.
A summary of business on the local
exchange in September shows that sales
held up unusually well. Quotations
Lave also held up better than on most
OF the other exchanges in the country,
the market not having been called upon
TO absorb any large amounts of stock
except in the case of Lanston. Although
prices have been lower, as a rule they
have been firm.
Funds Kept Largely in Banks.
Signs indicate that there is probably
more money hidden under mattresses,
in vases on the family mantelpiece and
un1er loose bricks by the fireplace than
at any time in history, according to
study by the Investors Syndicate of
Minneapolis
The regular Federal Reserve figures
showing the amount Of c. sncy in cir
culation now stand approximately Is
per cent above the average for the past
five yearS-or $1,000, 100000 above
MOI MAJ. With such a large amount of
currency outstanding. yet with business
Subnormal, it is c-sar, that where a
dollar bill changed hands 10 times dur
ing day in 1929, it is carried around
1881.
In past depressions, this boarding
has been one of the last developments
before a general upturn. With such
large amount of currency in the hands
OF the ultimate consumer. it takes only
small increase in the speed of circula-
in trade" the survey says
Some reports similar to the above
regarding boarded money have been
heard in this city Extensive inquiry
among safe deposit guardians in the
local banks proves that very little money
Is being kept in this way. While safe
deposit box holders say little about what
they place in the boxes, any such prac-
tlce would soon become known Their
money is on deposit in the banks and
Is one reason why such a good deposit
showing Is expected on the controllers
next bank call.
Utilities Bonds Gaining Favor.
Rejecting major alterations in eco
nomic conditions, as well as changes in
the type of new offerings over the past
few years, only 36.7 per cent of the
aggregate value Of corporate bonds listed
on the New York Stock Exchange are
now given the highest rating of AAA by
Moody's Investors Service, 1t was an
nounced yesterday. Five years ago, on
July /, 1926, the AAA classification en-
braced 44a per cent of the total, the
compilation shows.
The most striking changes in the FIVE
year period, Moodys states. are the
improvement registered by bends of pub
lie utility companies and tAe removal
of many railroad issues from the pre-
mier group. The AAA rating is now
held by 40.6 per cent of the utilities as
contrasted with only 24.6 per cent in
1925, while rails in the AAA class now
comprise only 43.4 per cent of the total,
as against 59.4 per cent in 1926.
These changes in quality have vari-
Gus causes" the survey adds. The gain
by utilities is due in part to the large
11otation of high-grade utility bonds
during recent years. Many railroads,
on the other hand, resorted to financing
by means of junior issues during the
boom period, thus aiding in lowering
the general standard of the rail list"
Cleaned in Financial District.
Local bankers are looking forward
nth keen interest to the American
Bankers Association which opens at
Atlantic City tomorrow. The local
attendance will not be as largs. how
ever. as when the sessions are he'd on
the West Coast and when prosperity is
little more abundant.
The Washington Loan & Trust Co |
has published pamphlet on European |
Economic Stability written by Norman
E. Towson. assistant treasurer. It con-
tains some most instructive facts on !
the whole reparations problem.
Gov. Eugene Meyer of the Federal
Reserve Board announces the appoint |
the board succeeding Walter Eddy who
resigned on account of i'll heath. Mr.. |
Morrill, has been secretary and general
counsel of the Farm Loan Board.
Electric output Of subsidiaries of
North America Co. for the third quarter
this year was about 212 per cent below
that for the corresponding quarter in
1890 This compares with decreases of
Al per cent in the first quarter and
per cent in the second quarter this
year. Output for the nine months was
of approximately 42a per cent.
A. M. Nevius, vice president Of the |
Riggs National Bank, returned a few
days ago from his vacation spent In |
New Hampshire
Washington clearing house figures for |
Saturday, $4,939, 049.94.