Evening star., 1933-04-11

last quarterly divi-
dend paid was at
rr,rt e Rurrourb. the rate of SO per
share, and al
though earnings are substantially in
excess of dividend requirements, 1t was
considered prudent and SCI banking
policy in view of existing economic
conditions, to conserve the earnings OF
the bank, in order that reserves might
be built up even beyond any actual
needs which could not be foreseen.
It was learned today that the new
assistant vice president, Mr.. Burrough,
has been with the Riggs National Bank
since 1918. During that time he has
held many important positions and dis
played marked banking ability. His ad-
vance has been steady and he received
many hearty congratulations today on
his latest promotion. He was born
hn6 reared in Washington.
Reduction in the Riggs dividend will
cause little surprise in the financial
district. Several other local banks have
taken similar action and there have
been a great many dividends lowered
by banks in other parts of the country,
the aim being to conserve assets amid
the present unusual conditions. The
board meeting was held late yesterday.
Latest information from the Federal
Reserve Bank of Richmond states that
Apri. retail trade has shown marked
and a decidedly better feeling is noted
in most parts of the territory.
Fertilizer sales have made the oest
Improvement recently, the report says
Weather for planting has been excel
lent and farmers believe the danger OF
damaging frosts is now past.
Railroad passenger traffic in the fifth
district is reported as showing improve
ment The railroads are now fighting
for business by reducing fares and
giving the busses the keenest competi-
ticn they have ever had to meet. The
outcome of the present passenger tests
Is being awaited with the greatest
possible interest, as the results mean
so much to the future of the railroads,
not only in this territory, but all over
the country.
The Atlanta area also reports better
business conditions. Retail trade has
made further gains Bank clearings
gained substantially last week and were
nearly up to the same week year ago.
Many Other Trade Gains Reported.
Business conditions in Federal Re-
serve districts are summoned up in
this way by the New York Times:
Trade Heartened in New York"
''Sales Better in Philadelphia"
''Upturn. in New England"
Cleveland Steel Output Rises"
Trade Rises in Chicago"
"St. Louis General Business Lags."
Trade Gain in Texas District"
Rising Trend in Atlanta and South"
Richmond District Is Optimistic"
More Activity in Kansas City"
West Coast More Optimistic"
More Advertising Advocated.
Advertising, properly employed. should
play an important part in assisting re-
covery by accelerating the sale of
products for which postponed buying
during the depression has built up a
latent need, according to the Index,
published by the New York Trust Co.
Furthermore" the Index says. many
large advertisers are reported to be pre-
pared to increase their advertising ap-
preparations Immediately upon signs of
any sustained improvement in business.
Since advertising closely reflects the
state of trade, it may be expected to be
among the first groups to benefit from
recovery.
"The prospects for advertising appear
to be particularly bright If those con-
trolling its policies consider it in rela-
ton to sales and take full advantage
Of their opportunities to rehabilitate and
stabilize distribution.
Although no fundamental changes
appear to have taken place in adver-
tising during the depression, certain in
tereSting trends are noticeable, such as
the movement to control exaggerated
claims made for products, more inten-
sive study Of markets, reduction in ad-
vertising costs through adjustment of
rates, more careful selection of adver-
tising media, use of less display space,
employment of more direct selling copy
and greater fiexibility of advertising
appropriations"
Good Trading on Exchange.
On the Washington Stock Exchange
today, the first transaction was a $500
sale of Capital Traction SIS at 40.
Interest then turned to Washington
Gas Light SIS, 1858, 81 900 and three
$500 sales taking place at 8512. Wash
ington Gas IS, series B, came out in a
$500 turnover at 104.
The days best trading was in Wash
ington Railway & Electric As. $500,
hands at 84la, practically the same
price as in other recent sales.
The only stock sales today were in
Washington Railway & Electric pre-
ferred, a total of 25 shares changing
hands at 1914.
Financial District Comment.
Local brokerage Offices had standing
room only when the New York Stock
Exchange opened today. Stocks opened
higher
Erie Railroad has asked approval OF
Interstate Commerce Commission tc
borrow $1,500,000 from Reconstruction
Finance Corporation and in this con-
nection to issue and pledge $4,000 ,00C
additional of its refunding and i'm
provement mortgage per cent bonds.
Prices for farm products, principally
wheat, corn, cotton, lard and butter
advanced the wholesale price index oi
the National Fertilizer Association dur.
ing the latest week When computed
for the week ended April 8, this lnde,
showed a gain of 3 points.
Federal Reserve notes and nationa
bank notes are gradually replacing golc
money which is being drawn out o
circulation by the Government to boil
ster its reserves, the monthly circula
ton statement of the Treasury De
partment showed.