Evening star., 1932-09-07
TOTTEN WILL TALK
/ AT A. |. B. MEETING
Annual Fall Dinner of Wash.
f; ington Chapter to Be
Held Tomorrow.
BY EDWARD c. STONE.

will be the chief speaker at the annua
Fall dinner of Washington Chapter, t.
be held at Hotel Raleigh tomorrow
night, according to announcement b.,
Robert c. Lacey. chairman of the Edu'
cational Committee. Mr.. Totten has
spoken here on several previous occa-
sions and is always very interesting. He
holds an important position with the
Chase National Bank in New York. He
keeps in the closest possible touch with
banking affairs and has accomplished
a great deal in advancing the educa-
tional interests of the Junior bankers
The dinner will be attended by men,
bers of the faculty. the Educational
others. President c. H. Pope, of the
District Bankers Associations will be
among those present.
Declares Turning Point Passed.
E. B. Moran, executive sales manager
of the Bradstreet Co., declares that the
middle of the present Summer marked
the long expected turning point of bus
mess, and that while the recovery pro-
cess must necessarily be slow, it is being
built on a solid foundation.
THE progress so far made has been
really substantial. A glance at the
SltudtlOil ltNCdlS dV OllSC SCN-
eral favorable factors which are ex-
ceedingly encouraging Prominent
among these are: % Noticeably bet
ter sentiment in all sections of the
country; 90 much stronger prices of
many commodities and securities; (O
increased activity in light manufactur-
ing lines, especially textiles and shoes,
and a quickening in several wholesaling
lines; "a far stronger position of banks;
t5) the tendency to reduce debts, both
private and public; (6) brighter pros
poets in Europe due primarily to the
Lausanne agreement
"The optimism which the country has
felt for the past four or five weeks is
exceedingly important. Without 1t no
upturn could happen. But now 1t ap-
pears definite that the old despair that
things could never improve has per-
manently gone"
Fifth District Building Reviewed.
Building permits issued in July in 80
leading cities of the fifth reserve district
numbered 2,037, compared with 2,757
permits issued in July, 1881, a decrease
this year of 26.1 per cent. and estimated
valuation figures for last month totaled
only S2,275, ,028, a decrease of 75.7 per
cent in comparison with valuation fig
ures totaling ss,369,123 in July last
year. Only three cities-Bluefield, w.
Va; Lynchburg, Va, and Salisbury, N.
C.-reported higher figures for July,
1892, and the three largest cities in the
district-Baltimore, Washington and
acknowledgement relatively small
figures.
Contracts awarded in July for con-
struction work in the fifth reserve dis
trict totaled $20,e15 ,245, compared with
S17,449,1 ,102 reported for July, 1881, ac-
cording to figures collected by the F.
w. Dodge Corporation. OF the July,
1882, awards, only $2,387 ,430 represent
ed residential types of construction,
compared with $5,354, ,l57 for this class
of work in July last year. Contracts
for residential work made up only IL
per cent of all contracts awarded in
July, 1882 compared with approximate
ly 81 per cent of July, 1881, contracts,
the Federal Reserve Bank of Richmond
reports.
Trading on Local Exchange.
The first sale on the Washington
Stock Exchange today was $500 trans
fer in Washington Gas Light IS at
1O034 up half a point from the last
previous sale. Gas IS, series B, figured
In small sale at par.
Potomac Electric Power per cent
preferred stock moved in a very small
lot at 107la. Thirteen shares of Wash
ington Railway g. Electric preferred
came out at 87A, up "a from the last
sale of last week.
A number of dividends were an
ncunced today in which there is more
than ordinary local interest.
1ne
regular quarterly dividend of 40 cents
on $40 par capital stock, payable Octo-
ber to stock of record September IL.
Bankers Trust Co. has declared the
regular quarterly dividend CT rs cents,
payable october / to stock of record
September IL.
National City Bank has declared the
regular quarterly dividend of SO cents,
payable October ! to stock of record
September 10.
Loews, Inc, declared the regular
quarterly dividend of rs cents on the
common stock. payable September 30 to
stock of record September 16.
Cleaned in Financial District.
Secretary Mills announces that sub
SrriptionS have closed for the current
offering of one-year / "a per cent Treas
ury certificates, maturing September Is,
1888, and the fYe-year 314 per cent
Treasury notes, maturing September Is,
1887. The allotments will be made this
week.
, Sales of F. w. Woolworth & Co. for
August were off Is per cent from
August. 1881, and for the 1rst eight
months were down 10 per cent from the
like period last year.
The Washington Association Of Credit
Men has received word from national
headquarters that slow upward busi-
ness trend is now indicated.
c. F. Childs g. Co. has enlarged its
Offices in the Union Trust Building and
increased its wire service.
Taxpayers Halt Bond Issues.
New State and municipal bond au-
thorizations in August by the taxpay-
ers of 20 communities in II States
totaled S2.248829, as compared with
only s1.6l8,oOO during July, according
to the Daily Bond Buyer of New York
Amounts of bonds voted in August in
previous years were S4O44 700 in 1881 ..
$3.369.C00 in 1880 and $16,54O, 799 in
1929.
Banks Study Rail Problems.
Mutual savings banks for the first
time will undertake a direct part in
settlement Of the Nations railroad diff
culties, stated Wilson G. Wing, presi-
dent of the National Association Of
Mutual Savings Banks. representing 49,
432,l39 depositors. The banks of this
organization hold about Is per cent of
all rail bonds outstanding.
The newly appointed committee on
railroad investments, headed by Henry
Bruere. president of Bowery Savings
Bank New York, as chairman, has not
been inaugurated with the idea of in
jecting a further controversial element
into the complex rail investment situ-
alton" said Mr.. Wing. but rather as
body representing the mutual saw
ings banks as national group"
McM yopH phMn cTnrHc