Evening star., 1932-11-07
BANK DATA SHOWS
RESERVE CHANGES
Hoarding and Check Tax Act
on Note Circulation in
Fifth District.
BY EDWARD c. STONE.


Marked changes in most of the Items
are shown in comparison just made by
the Federal Reserve Bank Of Richmond
of the figures in the fifth district Re
serve banks statement for October ID.
1882. with the corresponding figures re-
ported on October 10. 1881.
ReGiScountS for member banks de-
clined Sll 100000 during the year,
decrease OF 81 per cent. but the size OF
the decline was due to on unusual rlaa
in rediScountS which occurred between
September Is and october Is lest year.
The bank also decreased its portfoho OF
open market paper by $50, $4,000 dur
ing the wear. but increased its holding
OF Government securities by S25,o15.-
600 These transactions, with drop
OF S70o0J in other earning as5e,s.
lowered the to,al earning assets OF the
Federal Re.erye Bank OF Richmond b.
Sl793O. 900 between October Is. 1881, I
ard October 15, 1882
The circulation of Federal Reserve
note at the middle Of October this
year showed an increase OF S9.842,000
in comparison with the circulation on
the corresponding date a year ago,
partly due to hoarding and partly TO
the influence of the check tax which
has increased the use Of money and re-
duced the volume of checks. Member
bank Reserve deposits decreased by
S94l4oGO during the wear. partly due
to lower GaEO its i'll member banks ana
partly TO reduction in the number OF
member banks.
The changes in the stat a!nent re-
suited IN an increase in cash reserves
OF the Richmond bank during the wear
totaling S16363000. and the ratio of re-
HpnOc1t i1hi1ltlpS
combined rose to 1882 points, the sur
vey states.
d. {. Exchange Election Nov, 16,
One of the important events sChed-
uled for the local financial district
shortly after the national presidential
election. is the annual meeting of the
Washington Stock Exchange. The date
is November 16. the election of officers
to follow the regular trading session
on that day.
President Edward L. Fillyer, who
has been at the head of the organi2a-
ton during the past two years, will
make his annual report and review the
year on the exchange Business in
local securities his report will show,
has held up very well considering pre-
vailing conditions here and elsewhere
in the country during the past II
mCrJhS.
The other officers of the exchange
at present are, c. j. Gockeler vice
president; Y E. Booker, secretary, and
James NJ. Johnston, treasurer.
Two new members of the exchange
were elected recently Kenneth w.
Wales and James c. Dulln, jr.
Lukens Joins Brokerage Firm.
Charles P Lukens, jr. has become
Of
Gloss. Parker & Redpath. 719 Fifteenth
street He is a native of Pennsylvania,
having been educated in the public
schools of that State and attended
Princeton University graduating IN the
class of 1922.
Since 1922 Mr. Lukens has been en-
gaged in the investment banking busl-
ness and during most of this time has
been manager of the Washington office
of HaIsey. Stuart & Co
The association CT Nh Lukens with
Auchincloss. Parker 6 Redpath marks a
further enlargement Of the staff of this
banking house. which has grown stead
ilv since it was organized some years
ago.
Not Blowing In" Millions.
Even though there exist pessimlsts
who question the sincerity OF the pay
ment OF the preferred dividend by the
United States Steel Corporation. senSl-
bic people will realize that no sane
board of directors would blow in
$1,000 600 OF a corporations money
simply as a goodwill gesture or, as some
cynicS contend, to influence an cleo
ton. says the Financial World Inc
managements obligation to sharehold-
ers, for whom they act as trustees.
would restrain them from such care
less and futile action. The steel dl-
reCtors must have surveyed the future
of the business through scrutnlzlng
ewes before they formed their decision.
The maintenance Of the preferred dlVl-
dend carries with it the conviction that
Steel's board of strategy decided that the
long term prospects pointed to defl-
mite and consistent recovery. This IN
itself is a most reaSSurlng sign OF re-
turning confidence when 1t is most
needed to inject new life into general
industry.
Today's Trading OH Exchange.
The largest sale on the Washington
Stock Exchange today was 10 shares OF
Potomac Electric Power per cent pre-
ferred stock at the strong price CT II =.
Five shares Of the same corporations S
SD per cent preferred came out at
1861.
Washington Gas Light 6s, series A.
figured in a $500 transfer at 9954. ana
two 500 Gas 3 bonds moved at 1878.
1t was announced that the local eX-
change will be closed tomorrow, election
day
Local New York Stock Exchange Of
fees witnessed a substantial increase IN
attendance today. compared with the
las, 10 or more sessions. The majority
OF traders and investors still hold to the
vleT that the market will have some
kind Of an advance after election. re-
gardIesS OF the results. The belief is
oppressed that from now on the mar
ket Will pay much more attention to
economic than to political factors
McCory Sales Improve.
Sales of McCory Stores Corporation
for October were off 1914 per cent COM
pared with a year ago. For the first 10
months of the year. however, sales
are down only 81 per cent. They
showed an improvs ment Of about 3 per
cent over September.
Shareholders in American building
and loan associations received S2800
OUC 900 during the first 10 months of
the year, the United States Building
& Loan League reported in Chicago
today The sum included dividends
paid. matured shares, home mortgage
leans and cash leans.
Ashby C. Taylor. formerly assistant
manager of the Atlanta branch of the
Fidelity & Deposit Co.. of Maryland
has been appointed manager. Mr.. Tay-
lor succeades Fred L. Nesbitt. who has
been assigned to special field Develop
ment work.
Dow, Cuoor 0uiot