Evening star., 1932-01-03
Final Disbursements on Local
Securities Add to Funds
for 1882 Investment.
RESERVE BANK REPORTS
GAIN IN EARNING ASSETS
Building, Debts and Deposits Are
Also Reviewed in the Fifth
District.
BY EDWARD c. STONE.


Nearly 40 different stocks and many
bonds listed on the Washington Stock
Exchange paid semi-annual or quar-
terly dividends yesterday, it being esti-
mated that total disbursements amount
ed to more than $l,500,O00. Added to
this were innumerable checks from all
parts Of the United States bringing re-
turns on investments which have no
connection with Washington Securities
but which give a tremendous boost to
funds for reinveStment or deposit in
the banks here.
Some of this money will be used for
household or other expenses, but much
of it will be invested soon. Now that
selling to establish tax losses is over,
Yuletide demands are past and count
less other calls for money have been
temporarily satisfied, it is anticipated
that the investment markets will get
more attention, particularly on the buy
ing side In the past this new demand
has made itself felt in a substantial
way and local bankers, brokers and inz
vestment dealers believe it will do so
again this year.
First trading in 1882 was recorded
on the local exchange yesterday.
Transactions were too light to indicate
any trend. Washington Railway 81
Electric preferred sold at Sc, Federal
Storage preferred at 100 Mergenthaler
Linotype at 55 and Columbia Sand and
Gravel preferred at 99l2. This latter
stock is expected to be called shortly
due to move now on foot to dissolve
the Columbia Sand and Gravel Co.
and redeem the preferred stock at par.
Bond trading yesterday was confined
to Washington Gas IS, series B, which
moved at 1907. The weekly checking
of quotations in the unlisted department
revealed but one change, the bid on
Mayfiower Hotel IS being raised from
IL to l3 and the asked price from
IS to IT
Richmond Bank Assets Gain.
A comparison of the figures on the
statement for December Is, 1881, with
the figures for December IS, 1880,
shows an increase of sI2,238, 900 in the
Federal Reserve Bank of Richmond'S
total earning assets this year, due to an
increase of $l2,764 900 in holdings of
Government securities. There was also
an increase of 100000 in miscellane-
Gus earning assets, but rediscounts held
declined by 1858, 900 and the portfolio
Of open market paper decreased by
s26S, 900 during the year
Federal Reserve notes in circulation
on December Is, 1881, totaled $7,195,-
900 less than notes in circulation a
year earlier and member banks re-
serve deposits at the Federal Reserve
Bank Of Richmond declined by $5,197,
900 during the year. Lower circulation
figures this year are partly due to un-
usually high figures in December. 1880,
when several serious bank failures had
caused member banks to accumulate
currency in their vaults.
The reduction in member bank re-
serve deposits this year is due in part
to lower deposits against which re-
serves are carried These changes in
the statement, with others, resulted in
a decrease of S24, ,904 900 in the Rich
mond banks cash reserves, and a de-
cline Of 1925 points in the ratio Of
cash reserves to note and deposit La
bilitles combined.
Debts TO Individual Accounts.
Further details from the Reserve
Bank Of Richmond's report, made yes
terday, covering debts to individual
accounts, show that among the "a re-
porting cities in the fifth district. 9
Ialled TO have the usual seasonal increase.
Portsmouth, Va, showed the great
est percentage increase, PIT per cent:
Roanoke ranking second with an in
crease OF 1877 per cent. Richmond
gained 81 per cent during the later
period, but Baltimore and WASHINGTON
hgures both declined a small fraction
of l per cent.
In comparison with debts totaling
sl,206, $4,000 reported for the four
weeks ended December 10, 1880. the
total for the corresponding four weeks
IN 1881 showed decrease OF S233l5O.-
oOO, or 1873 per cent A part of the
feouction Is due to lower price levels in
some lines this year. but a generally
lower level Of business activity probably
accounted for most of the decline.
only one city reported a higher figure
Tor the 1881 period, Raleigh reporting
gain OF l2.7 per cent. The three
largest cities reported materially lower
ngures this year, Baltimore declining
$50 per cent, Richmond declining Is
per cent, and Washington declining
~ per cent, the report states.
BuAdlng inspectors in 80 fifth dis
trict cities issued 1888 permits in No
Nemoer this year, compared with 2.37l
permits issued in November last year
Estimated valuation figures last month
totsIed S4,l22,775, a decrease of 3l2
per cent in comparison with S5,99O074
valuation for November 1880 Nine of
the 81 cities reported higher valuation
figures for the 1881 month. Raleigh
making the best record of the month in
proportion to population.
Contracts awarded in November for
construction work in the fifth district.
Including both rural and urban pro-
jectS, totaled $l9,644.O97. compared
with Sl5,067 ,295 awarded in November
1880, and 2287026l in November.
1929. according to figures collected by
the F. w. Dodge Corporation OF the
awards in November this year. S3,79I.-
522 was for residential work. compared
with S3,72l ,005 for this type of work
In 1880, the review shows.
Savings and Time Deposits.
Time deposits in SO regularly report
Ing member banks in this district
totsled 1921, ,769 900 on December 8,
1881, IN comparison with time deposits
aggregating S238, ,204 900 on November
IL this year and $245, ,375, 600 on De-
cember 10, 1880. Some decline in
savings and time deposits occurs
in most years during November
and December, due chiefly to with
drawals for holiday shopping, but the
decrease reported for member banks
between November II and December
was somewhat larger than usual.
Twelve mutual savings banks in Bal
timore reported total deposits at the
close OF business November 80. 1881
amounting to S2l2.948, TAO, a slightly
lower figure than S2l37l008l of de-
posits at the end of october this year
but higher figure than sl98, 8,623,-
463 reported for November 80. 1880,
the bulletin announces