Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-02
BANK STOCKS SHOW
DOWNWARD TREND
Leading Issues Sell OF Dur
ing Month of August.
Trading Light.
BY EDWARD C. STONE.

New York bank stocks, which are so
widely held by Washington investors,
again displayed a downward trend dur
ing August, but the decline was slight
compared with earlier months OF the
year, according to averages compiled by
a we'll known New York financial house.
Trading was light and the high and low
range was the narrowest for any montn
thus far in 1881. The average TOT 10
share on August is, a low CT 81 on
August IS and ended the month with
an average of IS.
Two stocks were strong and active
during the month and moved against
the trend Manufacturers Trust rose
from AVA to 4634, closing at 40 I2' q net
gain of 4l4 points Guaranty trust,
after touching high OF 45A, cropped
to 42S and then recovered to AL, net
gain of 10 points from the low.
Insurance stocks, according TO the
averages, showed little change, ranging
between an average of SO and 81 during
the entire month and closing at the low
levels.
Business Upturn Forecast.
While Washington fnanciers are pre-
Improvement after Labor day. Tore
cast made by Slaughter, Anderson "
Fox of New York Is timely. The Stock
Exchange firm says:
Commodity prices throughout the
world have been and are thoroughly
Inundated England, through It's emer,
sency cabinet, has solved It's hnanclai
troubles. which makes for more stable
E,Irone We are more dependent upon
their prosperity than most people mere
care to admit.
"Our own condition is bad, but 1t has
heen as bad before, but on each re-
covery. this country has reached new
heights in prosperity and there is no
reason to suspect that 1T Will not 40
it again. hoe ~e.cbed a
point where no matter what the news
Is il does not break. Consequently, IL
has every appearance of being thor
o,,ghly sold out. With any return OF
confidence. good companies, with active
management, will be most prosperous.
only about once in 10 years 90 m
yestors have an opportunity such as is
offered today"
CITY Landed as Sales Mart.
Washington and surrounding Terri
tory is grouped with New YORK, Cncaeo
and Boston as one of the Nations equal
survey based on an analysis OF ~ ousl-
ness factors obtained by marketing eX-
merits. whose findings are supported py
TTnited states Government reports,
chambers of commerce statistics ana
other trade indlces.
This city Is called one OF America
markets of first importance in the sur
vev which was prepared by F. K. An
derson and L. j. Mccarthy, director ana
associate director of the marketing
division of the International Magazine
Co. The business factors which were
studied in its compilation include popu-
lation. bank deposits, personal income
returns and volume OF business;
The survey shows that from 90 to ~
uer cent of the Nations consumer
Strength is concentrated in GAL cities
of the country.
Today's Trading ON Exchange.
Bonds again we're the most popular
during today's session OF the Washng-
ton Stock Exchange. Potomac aaecsric
Power Consolidated SIS opened trading
with a ST 900 sale at 10434. There were
two 81 OO0 sales in Washington Gas IS
at lot, and two 81 900 transfers IN cap
ital Traction IS at 80. Gas 6s, series b,
came out at 105.
Potomac Electric Power per cent
preferred stock moved today at 1l21s
and the same corporations 5i2 per cent
stock sold at Ill. Merchants Transfer
a. Storage preferred sold to the extent
of 90 shares at 81,
Forty shares of Real Estate Mortgage
g. Guaranty preferred appeared on the
board at 61a, and 10 shares OF Norfolk
a. Washington Steamboat stock came
out at 1876.
next Monday, Labor day.
Financial District Gleanings.
w. w. Keck, assistant treasurer OF
the American Security & Trust Co, has
returned from a three-week motor trip
to Niagara Falls, Montreal, quebec, ana
several other places in Canada.
George A. Garrett, resident partner
of F. B. Keech & Co.. has returned from
q visit with William Woodward at New
port, r. I.
Edmund S. Wolfe, president of the
national bank division of the American
Bankers Association, will preside at the
trust conference to be held at Grand
Rapids, Mich, September II and ID.
Mr.. Wolfe is former cashier of the
District National Bank in this city and
now head of the First National Bank,
Bridgeport, Conn.
H. Kenneth Murray of the local office
of Hemphill, Noyes & Co., has returned
from his vacation, passed at Ventnor,
N. j. and Lawrence r. Leeby, connected
with the same firm, has gone to North
Dakota for visit with relatives.
Several Dividends Declared.
The local office announces that Swift
q Co. has declared the regular quar-
terly dividend Of so cents per share,
payable October / to stock of record
f;eptember 10.
National City Bank declared regular
quarterly dividends aggregating 81
share, payable october / to stock of
record September S.
Remington Rand, Inc, has declared
the regular quarterly dividends of 50 on
the second preferred and SITS on the
first preferred stocks, both payable Oc-
tober to stock of record September 9.
Directors of Bankers Trust Co. have
declared the regular quarterly dividend
of Tie per cent, payable october to
stockholders of record September II.
Washington clearing house figures for
today S3 7Q1 60A rs