Evening star., 1934-07-30
TRADE IMPROVES
IN FIFTH DISTRICT
Wholesale Volume OF Halt
Year Is 31.6 Per Cent
Above 1888 Mark.
BY EDWARD c. STONE.

per cent better than In the correspond.
inR period q year ago. according 10 the
latest report from the Federal Reserve
Bank OF Richmond.
Hardware. which YVES in especially
fight demand during the first half OF
1898. showed a remarkable pickup
and stood at the top of Sl1s fzvs lines
which the report covers Dry goods
sales made a close second
As July ends, II is expected that the
month viii make a favorable retail
sale comparison with the like month
last year. II Is now believed that the
crop situation in the flfth district Ia
sufficiently favorable 50 that FGu buy
Ing viii be satisfactory.
Last week, In spite Of the hsst, saw
q steady demand for goods IN almost
all parts of the district which in
eludes Washington. Maryland. Viz
ginia, West Virginia and North and
South Carolina
Large Banks Raise Deposits.
The rs largest banks In the United
States In their statements OF condition
as OF June 80 showed deposits OF SI3,-
3s7, $50 800, or SO per cent OF the total
deposits In commercial banks OF the
country. according to compilation Of
The American Banker This compares
with $ll .5e7. .753 400 on December 80.
1888, when deposits in the rs largest
banks constituted 35 per cent OF the
country's total commercial bank de-
posits.
During the first six months Of the
year bank deposits throughout the
country rose s2,500 ,060. 900 to a total
Of $35, SOC, 900 900, according to the
compilation. II is pointed out, how
ever. that the gains in deposits OF the
large banks largely reflect gains in
deposits of hundreds Of other banks in
the country which redeposit in New
York. Chicago, San Francisco Boston,
Philadelphia, Los Angeles and other
financial centers.
Bankers still complain that in spite
Of their efforts TO make more loans,
good LJrrowers are paying of old
notes and not asking for new ones.
The report shows that the Chase
National is stjll the largest bank in
the country, with the National City
second and the Guaranty Trust third.
War Talk Held Overdone.
Gable advices received by the Wash
ington office Of Hartman g. Co. from
abroad reflect the belief in London
financial circles that our market has
been scared by political statements in
opposition 10 the administration, and
also by sensational statements In re-
gard to a possible European war"
According to the firm, there is little
or no probability OF international
fighting, judging from this foreign
viewpoint. Moreover, the cables state
that market values must be judged by
earnings and dividends. with Yields
abSurdly high In America, judged by
their standard, 1t has been stated
that British brokers are recommend
ing purchase of American equities and
1t is believed that undoubtedly in the
last day or two good eeal of busi-
ness emanated from abroad" says
the firm.
Laudick Resigns as Partner.
An important announcement was
made IN brokerage circles here today
when it was stated that Louis w.
Laudick, who has been a resident
partner in the firm of Fenner g.
Beane, viii retire as a partner in the
New York Stock Exchange concern on
August /. He will remain actively
connected with the firm, however, the
Washington manager, Richard X.
Davis, announced. Mr.. Laudick has
long been prominent in the brokerage
business here. The Fenner g. Beane
Offices are located In the Woodward
Building.
New York City bank stocks regis
tered further decline during the last
week, moving in sympathy withs the
securities markets in general. The
aggregate value of Is leading issues,
according to records compiled by Holt,
Rose a. Troster, totaled $l.424, l0l 900
on July 27, as compared with 1884
$4,000 at the close of the previous
week, a decrease Of $ll0,2l4,000, or
7,l8 per cent.
Chairman Kennedy of the Stock
Market Control Commission has an
nounced that there can be no present
inquiry into the reasons for last
weeks break in the market. The
commission has no authority to make
any such investigations until Septem-
Der l. There are no indications that
any action will be taken at that time
One thing the commission win not
attempt to do is to fix securities
prices.
Holders Of Western Maryland Rail-
stock ir, this Tr1larh
pleased with the six months report
which showed earnings Of $S.03 a
share on the per cent first preferred
stock, against only % cents share
In the like period year ago.
More Trading On Exchange.
Trading showed improvement on
the Washington Stock Exchange to-
day after last weeks light business.
The opening transaction was in
Washington Railway g. Electric As
with $1,000 selling at 97A.
Capital Traction was down to %.
several small lot sales taking place
at that figure. 1t closed with 2l =
bid and 22l2 asked. Capital Traction
bonds also appeared on the board to-
day. $500 SIS moving at S3S.
Washington Gas SIS, 1858, came out
today in a 81 900 sale at par The
remaining sales were in stocks, Poto-
mac Electric Power 5lg per cent pre-
ferred moving at 1l3% and 46 shares
of Real Estate Mortgage 81 Guagantee
preferred at ?.
Washington Gas Light, Emerson S
Bromo Seltzer and Corcoran Fire In
Surance Co. stocks still being quoted
without the dividends TO be paid soon
Financial District Notes.
I ]. Roberts, one of the assistant
cashiers of the Riggs National Bank,
was back at his desk today after a
two weeks vacation passed in and
around Washington.
Irving Zirpel, secretary and assistant
Atust Officer of the Union Trust Co.
is taking his annual vacation.
Frank Stetson Of the National Saw
ings & Trust Co. is another veteran
banker who has been taking his va
cation