Evening star., 1934-02-20


houses in Washington. Comments
galore are being sent out by Wall
Street houses, both to branches and
to clients. Fenner & Beane have
sent hundreds of letters to customers
asking their efforts in preventing the
legislation from being made too
drastic, at the same time admitting
that certain abuses should be cor
rected
1T would be ridiculous to assume
that the administration does not de-
sire higher prices for securities, re-
turning to the public a substantial
part of the potential buying power
destroyed by three years of depres-
sion markets." says Eastman, Dillon
& Co.
There are persistent rumors to the
effect that Mr.. Roosevelt does not
favor a regulatory measure which
will do more than prohibit outright
abuses. Until his views are known,
it will be impossible to determine the
nature of the eventual law.
Whatever the result may be, actual
manipulation of prices, misleading in
formation, and lack of Government
control of markets, undoubtedly will
be the first items to receive attention.
Minimum margin requirements may
be set by law.
I'VE do not believe that even Con-
gress can keep the public from specu-
latng or from using poor judgment at
times in it's investing"
February Trade Holds Up.
The Federal Reserve Bank of
Richmond reports that retail trade
in this area in the first half of this
month compared favorably with the
gains noted in the last three months.
February started off with trade
spotty but business has picked up
since then. If the present pace con-
tinues during the rest of the month,
Washington retail sales will be over
10 per cent ahead of the like 1888
period and the whole district will re-
port an average gain of over IA per
cent
Speaking of trade conditions, the
first "a chain store systems to re-
port for January showed an aggre-
gate gain Of l4.2 per cent in sales
compared with the turnover in jan
uary, 1888, according to Lehman
Brothers.
Specially and department stores,
1916 per cent; mail order houses, 36.2
per cent; shoes. only one company
reporting, 36.1 per cent; five and ten
cent to dollar stores, ia per cent;
drugs, 13 per cent. and groceries, ST
per cent.
The best individual showing was
by the M. H. Fishman Co., with a
gain Of 52.7 per cent, followed by
Montgomery Ward, whose sales rose
45.9 per cent; G. c. Murphy, 37.6
per cent, and the Schiff Co., 36.1
per cent.
Francis NJ. Savage Mourned.
Many regrets were heard in the
financial district today over the pass
ing Of Francis M. Savage, aged 78
years. Mr.. Savage retired from the
banking picture years ago, but is still
well remembered He organized the
Northwest Savings Bank and sold it
to Riggs National. Later he founded
the Central Savings Bank, on Four
teenth street just above G., and sold
that to the Security Savings & Com
mercial Bank, which made it the K
Street Branch.
Mr.. Savage was bitterly opposed
to branch banking. He declared ex-
tension of branches meant the ruin
of ambition and initiative of young
bankers. He made many speeches
condemning the policy. But he saw
the trend and during the last years
Sf 1i cot &11 1,
a love for organizing banks and
formed many outside Of this city.
He was real world traveller Africa
was very familiar to him. He had
been around the world more than
once. Only last Summer he visited
Russia and wrote The Star about
changes since a previous visit 20
years ago. About his travels he told
many fascinating incidents. He had
a great deal in his mind besides
finance.
Capital Traction Again at "a.
Capital Traction stock sold up to "a
again today on the Washington Stock
Exchange, after opening at 2324. That
is the high mark for the stock this
year and last Twenty shares changed
hands. The remaining trading was
confined to Mergenthaler Linotype,
five transactions involving 35 shares
taking place at 81.
On account of the improvement in
business, the governors of the eX-
change voted today to resume Satur-
day sessions, beginning next Satur-
day. It has been nearly two years
since Saturday sessions have been
held. The exchange will close Thurs
day, washington's birthday anniver-
sary.
The Pennsylvania Railroad reports
earnings of s1.46 a share in 1888,
against s1.03 in the preceding year.
Several New York bank stocks made
new high marks for the year during
last weeks trading
Financial District Notes.
Directors of Peoples Drug Stores,
Inc, have declared the quarterly divi-
dend of Is cents a share on the COM
mon stock and S1621a on the pre-
ferred, both payable March Is to
stock of record March l.
Robert v. Fleming, president OF
fIlSBS NdIlOlldl bdIlk, ID passing
two weeks vacation in Florida at
Palm Beach.
Chester w. Lockwood of Hemphill,
Noyes g. Co., brokerage house, has
gone to Florida for a short Winter
outing.
Melvin A. Traylor, late Chicago
banker, left his family 26 life in
surance policies, comprising the bulk
Of his estate. Dispatches add that
one policy for $750,00O was purchased
through the Penn Mutual in 1881.
Only 800 national banks remained
unlicensed to February II, last, and of
this number, 81 per cent, or 269, had
received approved reorganization
plans from the Government, j. F. T.
O'Connor, controller of the currency,
reports. These 269 represent frozen
deposits of s266, LOT 900 and will re-
open Immediately upon completion OF
conditions approved, Mr.. O'Connor
added.