Evening star., 1935-07-11
D. c. BANK STOCKS
STAGE COMEBACK
Marked Pickup In Volume
on Exchange Reflects
Improved Outlook.
BY EDWARD C. STONE.


making comeback in market demand
and investment interest.
Bank stocks everywhere have been
considerably in the discard ever since
the Wall Street crash which resulted
in so many double liability calls on
shareholders that tremendous hard
ships we're brought upon thousands
and thousands of people who supposed
they were carrying the Soundest kind
of investments.
For the first year after the Nation
wide bank holiday there was practically
no concern in bank stocks by the aver
age investor. Bank directors have to
own a certain amount of bank stock to
qualify for service on the boards.
Many were interested only in meeting
requirements and owned no more.
Recently, however, there has been
a notable pickup in the volume of
bank stock sales on the Washington
Stock Exchange, as we'll as privately.
Banks which were reorganlzed got rlo
of the double liability clause and 1t is
now predicted that all banks will be
freed from the same drawback within
q reasonable time.
So far this year Riggs National
Bank common stock has figured IN the
largest turnover on the washington
Exchange, selling around $212 a snare.
Riggs preferred also has been in good
demand at about s110 share. The
last sale in Liberty National was MADE
at S85, Lincoln National sold at s2ol,
National Capital at S94 and National
Bank of Washington at Sl05.
American Security & Trust co.
stock has recently figured in several
transfers at S19S a share. the turn
over so far this year being next to
Riggs Common. The last sale IN
National Savings g. Trust Co. stock
was made at S100 a share. WASH
ington Loan &; Trust Co. stock has
been among the more popular issues
in the past six months, all recent
sales having been recorded on the
exchange at 5000 per share. At the
same time several unlisted bank issues
have been gaining in popularity.
June Financing Takes Slump.
State and municipal financing dur
ing June totaled $50, ,186,305, includ-
ing $4,000 of loans made by the
P. w. A. and s3,664,O95 farm refund
ing loans by R. F. c., according TO
the Daily Bond Buyer. In June,
1884. the total was S179,739,6l6, in
cluding S57.326,37O of P. w. A, loans
and S8,1460O0 of R. F. c. loans. Re-
vised total for May Of this year was
iol,
of P. w. A. financing. This total Tor
the first six months of this year was
$500, ,485,771.
George w. White, president OF the
National Metropolitan Bank, who Is
confined to his residence with illness,
Is reported in the financial district to
be improving steadily. Mr.. White. is
one of the best known and most con-
servative bankers in the Capital and
has been at the head of the National
Metropolitan Bank for about 25 years.
For many years his father was very
prominently connected with the same
institution. At the annual meeting
last January the Metropolitan Board
of Directors passed special resolutions,
or a memorial. expressing deep graft
tude and appreciation of Mr.. Whites
splendid service. Incidentally, the
bank which he now serves is 121 years
old, having been founded in 1914.
Commercial Borrowing Lags.
Commercial borrowing among the
banks in the fifth Reserve district
has recently reached a new low mark
for the present year, the Richmond
Reserve Bank reports. Several other
Reserve districts report the same situ-
alton.
The Washington Office of the Pru-
dental Insurance Co. of America re-
ports that DR.. Harold Willis Dodds,
president of Princeton University,
has been elected director.
Sales Of G. c. Murphy Co. were up
1913 per cent in the first six months
of this year over the 1884 similar
period In June they were 48 per
cent ahead of last year. The COM
pany now has 1873 stores in operation.
The death of J. P. Yort, vice preSi-
dent of the Acacia Mutual Life In
surance Co., caused wide regret in the
financial district. He had been with
the company since 1919. was a men,
Der of the American Institute of Actu-
aries and had a remarkable mind for
statistics.
:. Exchange Trading Lively.
In one of the busiest sessions in
weeks on the Washington Stock EX-
change, AnacoStia & Potomac River
Railroad IS sold up to 93 a new high
mark, Capital Traction SIS were in
extra heavy demand at 98, and Railway
Ss Electric 4s moved at 105. Capital
Transit stock advanced to 1912 on a
large turnover. There were many other
sales at recent price levels.
AS noted in The $50 Star last
evening, the board of directors of the
Washington Loan & Trust Co. has
declared a quarterly dividend of per
cent on the outstanding stock, payable
August /, to shareholders of record
July %. Transfer books will be closed
between those dates
The Maryland district of the Inter-
nal Revenue Bureau, which includes
the District of Columbia, reports an
increase of over $16,000,OO0 in COL
lections for the year 1884 over the
year 1888
Peter Grimm, New York, has been
appointed assistant to Secretary Nor
genthau He will handle matters
pertaining to real estate mortgage
loans, covering the Federal Housing
Administration, Home Owners Loan
Corp and Farm Credit Administra-
tion.
Receiver Hamilton's latest quarterly
report on conditions in several closed
banks shows substantial increases in
collections. Dates of further pay
b.