Evening star., 1936-03-20
CLIMB CONTINUED
7 BY BANK SHARES
Volume of Trading on D. C.
Stock Exchange Also
Shows Upturn.
BY EDWARD C. STONE.

the entry OF 1880.
Riggs National Bank common stock
reached 276 in yesterdays market for
the first time on the present move.
This stock opened the year at $50 and
has been advancing steadily since
that time. most every sale registering
a new peak price. The last sale in
Riggs National preferred was made
at 104. at one time this year having
sold up to l06.
American Security g. Trust Co,
stock has made a particularly good
record so far in 1886. The stock
opened the year at 230. The other
day it sold at 25434, a gain of more
than "a points in two months.
National Bank of Washington stock
Is now selling at 10814, while National
Savings e. Trust has advanced half a
point above par in the past few weeks,
changing hands on the last sale at
100l2.
Washington Loan g. Trust Co. stock
has been obtainable only at rising
prices since the beginning of 1886. 1t
opened the year at 2o334. The last
sale on the exchange took place at
225. an advance of over 81 points.
In point of volume, activity has been
most notable in Riggs preferred, with
Riggs common running second. Third
in share turnover comes Bank of
Bethesda. followed by American Sc
curity, Washington Loan & Trust,
National Bank of Washington and
National Savings e. Trust, in the order
mentioned.
1t is stated in the financial district
that several bank stocks not listed on
the exchange have also sold over the
counter recently at considerably
higher figures than during 1885.
Thus. the market in all these stocks
seems to be both broader and higher,
further advances being forecast when
double liability goes down into history.
Flood Delays Bank Service.
President High Leach of the Federal
Reserve Bank of Richmond notified all
banks in the fifth district, including
Washington, today that on account OF
the floods in Maryland. West Virginia
and Virginia, service in the Baltimore
and Richmond Offices may be con-
siderably delayed. Member banks
were told not to expect the return Of
unpaid checks or wire advices on nom
payment of items of $500 or more too
soon: that is. on the basis of the
usual schedules.
The Richmond bank has been no.
titled by the Cleveland Reserve Bank
that banking conditions in the Pitts
burgh branch are at standstill. The
Pittsburgh bank could not state yes
terday when it would be possible to
function properly.
Banking conditions in Washington
were not affected by the Potomac
flood. All danger to the Water street
branch of the National Bank of Wash
ington had passed this morning. The
water never crossed Water street.
After considerable anxiety conditions
again we're normal.
Business Pickup Expands.
Assistant Secretary Of Commerce
Draper reports SO per cent increase
IN construction contracts in the first
two months of this year, compared
with 1885: rs per cent gain in resi-
dental construction, 8 per cent in
crease in industrial production. 81 per
cent in department store sales. TT
per cent in carloadings, SIS per cent in
private construction of all types and
1914 per cent in bank debts outside Of
New York City.
He also reports encouraging progress
on the census of business in 1885
from field workers This work was
= s1fn nV1e;
ers who wished to compare the results
with those taken in 1929 and 1888.
These men helped frame the questions
being asked.
The scope includes: Retail trade,
wholesale trade, hotels. insurance bro
kers or agents. distribution Of manu-
facturers' sales, construction, truck
ing and warehousing. banking, bus
transportation, operation of non-resi-
dental buildings. broadcasting and ad-
vertising agencies.
Crowell Lauds Trade Treaties.
Chester T. Crowell, former special
assistant to the Secretary of the
Treasury has written a small book
entitled Recovery Unlimited" cover
ing the Administrations Monetary
Policy and the Current Boom" In a
most informative manner the former
Treasury official discusses the scope.
purpose. methods and integration of
recovery efforts.
He talks about the froth of the
1929 boom and says that rs per cent
Of the people IN the United States who
failed to benefit by it will share in real
recovery without any fantastic share
the-wealth' schemes. He sees much
ahead for the building industry, an
alyzes economic cycles and outlines
what he considers should be the
foundations of future security. .
Mr.. Crowell declares that foreign
trade is bound to grow. war or no war,
on account of the reciprocal trade
treaties. These, he says, are much
more important than most people
realize. One of his most interesting
chapters deals with prices and pur-
chasing power and their bearing on
the demand for goods.
Storage Firm Votes Dividend,
Directors of the Security Storage
Co., at the March meeting yesterday,
declared dividend Of sl.25 per share
on the capital stock. payable April 10
to stockholders of record April 6.
Washington Gas 5s, 1860, sold at
lit today on the Washington Stock
Exchange and Potomac Electric Power
IS moved at 1864. Capital Transit
changed hands at l41s and Riggs Ma
tional Bank common again COM
manded 276.
Reginald D Chapman has been ap-
pointed District customer service man.
ager of the International Business
Machines Corp. He started with the
firm in Cincinnati in 1922.
Eliot II. Thomson of the Washington
Loan & Trust Co., is stranded in
Charles Town, W. Va. by food condi-
tions. He is returning by motor from
O business trip to Kentucky.
President Roosevelt has warned the