Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-09-06

University Of Southern Call1ornla,
has served in his present capacity for
eight wears. He is well known to local
bankers, having addressed Washing
ton Chapter on numerous occasions.
Other speakers will be Charles H.
Doing, president of the District OF
Columbia Bankers Association; Ray
mond B. Dickey dean of the local
faculty. and j. Earle McGeary, Paul
j. Settler and B. Bruce Frantz, ofn-
GERS of the chapter, will talk about the
program for the year. Edward M.
Blackjack. chairman of the Educa-
tional Committee, will preside at the
meeting.
Loans and Discounts Lower.
Agent William W. HoXton OF the
Eederal Reserve Bank of Richmond,
reports that during the year between
August IS, 1884, and August IA. 1888,
the % reporting banks reduced their
loans and discounts by S19,395.OOO,
loans on securities falling by S7,343 900
and all other loans decreasing by sl2'-
O52,000.
On the other hand, investments In
securities, chiefly Government issues,
rose by S18,826 900. Reserve balance
of the reporting banks at the Federal
Reserve Bank of Richmond rose So
717.OO0 during the year, and cash IN
yaults was higher by S674,000 or the
1895 date.
Aggregate deposits rose by S24,558,-
moo between the middle Of August last
wear and this, of which S22,o73, oOO was
in demand deposits and only S2,l85,-
600 in time deposits. None OF the re-
norting banks was borrowing on the
dates mentioned.
In the fifth Reserve district the
BANKRUPTCIES in July, 1885, totaling 80,
were fewer than either 43 in June this
wear or 81 in July last year. Liabilities
last month followed an opposite treno
from those for the United States,
s6O1. e23 involved in July failures IN
the district exceeding s27l,650 for
June. 1885, insolvencies. but falling
far below sl,7l8,339 involved in July,
1894, failures, the Richmond Review
states.
Real Estate Bonds Climb.
Real estate bonds continued to adj
vance in market value during August,
although falling slightly behind the
pace which has been typical OF the
month-by-month market movement OF
this type of security since the first
of the year, it is shown by the Amott-
Baker realty bond price averages.
The average gain for the 200 Eastern
issues considered in the averages was
IA per cent, as compared with 2.6
per cent advance for July. On an
eight-month basis, however, the ap-
probation is we'll ahead OF the pace
set In 1894, the gain being 24.8 per
cent, as compared to 1876 per cent
advance for the entire II months OF
last year.
Housekeeping apartment issues which
set the pace with a 4.3 per cent gain
in July were also the market leaders
in August, the average appreciation
for the month being Of per cent.
CIearings Lead U. S. Average.
Bank clearings in Washington for
the week ending September scored
q gain of 294 per cent over the cor
responding week last year, better
advance than that reported by any
Of the % largest cities in the United
States. The average gain for the
whole country was 222 per cent. New
York came next to Washington with
o 26.7 per cent gain, while Detroit
was third with Jump of ISL per
cent. On account of Labor day, the
records covered only five business
days instead of six.
Total cash subscriptions to the
Treasury's offering of s5o0,000,00o of
~ per cent notes were in excess
Of S1,270,000, 1000. Subscriptions in
amounts up to and including $1,000
were allotted in full and those over
$4,000 were allotted 40 per cent. Sub
scription books on the exchange offer
ing of notes and az per cent bonds
for Fourth Liberty bonds will remain
open until further notice.
Controller of the Currency j. F. T.
OConnor and Charles r. Gay, presi-
dent of the New York Stock Exchange,
are among the speakers who will
address the Financial Advertisers con-
vention at Atlantic City. which opens
next Monday for a three-day session.
T. Financial District Gossip.
Robert v. Fleming president of the
Riggs National Bank. is taking a few
days vacation at Rehoboth Beach,
Del.
Frank P. Harmon, jr., assistant vice
president of the Hamilton National
Bank, is enjoying his annual vacation.
passing most of his time at Blue Ridge
Summit.
Lanier P. McLachlen, president of
the McLachlen Banking Corp, is back
in the city after a short business trip
to Philadelphia
The Federal Reserve Bank of Rich,
mond reports that agricultural pros
poets in the fifth district are the best
for a number of years in both per
acre and total yields. Present prices
indicate that farmers will have ma
terially increased purchasing power
this Fall with which to support gen.
eral business.
More confidence and optimism is
being expressed right now by Wash
ington bankers than has been voiced
for many moons. They also cite
many statistics to back up their
more cheerful views With present
stock market activities and higher
prices local brokers are naturally
Feeling much better"
d. C. Market Session Tomorrow.
The Washington Stock Exchange
will resume the first Fall Saturday
session tomorrow after being. closed
for week ends all Summer.
Trading on the Exchange today was
light. 1t opened with $1,000 sale In
Washington Market Cold Storage 81
at, 97A.
Capital Transit stock figured ir
one small lot transfer at II, I'M