Evening star., 1936-01-20
MARKET RECOVERY.
HELPS BORROWERS.
Fleming Points Out That
Many Have Been Able
to Liquidate.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
IN his annual report to the stock
holders Of the Riggs National Bank,
President Robert v. Fleming touched
on one Of the most interesting phases
Of the recovery period when ne Stateo
that the continued rise in values IN
the stock market led many borrowers
during the year 1885 to take advan-
tage Of the higher prices to liquldate
their obligations"
He also stated that there was quite a
marked upswing in business In WASH
ington during the year, particularly IN
the retail trades and in the construc-
lion of small homes. At the same time
bank deposits reached peak for this
community
This upswing in business brought
about an increase in loans for financ-
ing home building particularly under
provisions of Title 2 of the national
housing act. While the increased ac-
tivity In retail trades resulted in some
demand for loans. it was mainly from
smaller establishments. as the larger
organizations either financed them
selves by taking advantage OF the ex-
tremely low rates at which they might
sell their paper to commercial paper
brokers, or did not need bank credit
to finance their increased volume OF
business, Mr.. Fleming saiG.
The report showed larger current
earnings than in 1894, reviewed the
dividend payments during the year.
and mentioned special efforts made to
extend credit on a sound basis. When
ever loan applications were presented
in unbankable form. Mr.. Fleming said,
every effort was made by the officers
to place such applications in bank
able form and in many instances these
efforts met with success.
Thrift Efforts Encouraged.
I'VE have continued to encourage
thrift" the report added, by paying
the maximum rate of interest permit
ted under Government regulations
upon the great volume OF accounts
which we believed represented true
thrift funds, but due to inability to
properly employ interest bearing de-
posits. we have felt it to be sound
policy to restrict the rate of interest
paid on accounts Of such size as
would indicate the depositor could
avail himself of other means OF IN
vesting his funds"
The report shows that there were
more holders of the common stock
than at the end of 1884. Exclusive
of the preferred stock held by the
Reconstruction Finance Corp, there
was also slight increase in the num-
ber Of preferred stockholders. These
facts are interesting in connection
with the general revival in bank stock
activity reported all over the country
during the past year.
The printed report also includes
four charts which present a graphic
picture OF assets and deposits, capital
funds, net earnings and dividends.
as well as the assets of the trust de-
partment. for the 10-year period from
1926 to 1885. inclusive.
In concluding his report. Mr.. Flem-
ing states that the year 1896 marks
the Tooth anniversary of the found
ing of the banking house which is now
the Riggs National Bank. In 1886
william w. Corcoran. who had been
employed in the Washington branch
of the Second Bank of the United
States. at the expiration of the banks
charter. laid the foundation Of the
banking business which later was to
be known as Corcoran g. Riggs, Riggs
d. Co.. and in 1896 became the Riggs
National Bank.
d. c. Tops Advertising List.
Retail activity. based on the news
paper advertising placed by retailers
in 50 cities. was 25 per cent higher
for the first week of 1896. compared
with the first week of 1885 and SIS
per cent higher for the second week
Of 1886, compared with the same week
Of last year. Advertising Age reports
In copyrighted tabulation today.
washington, the publication reports,
exceeded these national totals by a
considerable margin, with a gain of
80 per cent for the first week of 1896
and gain Of go per cent for the sec
ond week.
The amount of advertising placed
In newspapers by retail merchants is
the most accurate and speedy index
of retail business activity, Advertising
Age asserts, because retailers must
get immediate action from their ad-
Vertising, and the speed with which
newspapers are printed enables them
to change their commitments from
day to day and almost from hour to
hour
Total retail advertising volume in
the newspapers of the 50 cities meas
ured was l1,414,169 lines for the week
ended January T. 1886. against H.
l38,676 lines for the week ended Janu-
ary 5, 1885. For the week ended Janu-
Ary IL, 1886, the total was 13068. 125
lines, compared with l2.385,209 lines
for the week ended January IL, 1885.
H. O. L. C. Bonds to Be Paid.
Announcement was made today by
John H. Fahey. chairman, Federal
Home Loan Bank Board, that the en-
tire issue of Home Owners Loan Corp
bonds, designated as series c. 11a per
cent bonds, due August Is, 1886,
amounting to $49, 100000, would be
paid of in cash at maturity.
P. H. Whaley. president of the Wha-
iey-Eaton Corp. will discuss the "Out-
look for Banking" before the Midwin-
ter meeting of the District Bankers
Association at the Raleigh Hotel to-
night.
~Oficers. members Of the faculty and
eonsuls of Washington Chapter. Amer
tcan Institute of Banking, will have
the second semester dinner tomorrow
evening at the Raleigh Hotel. About
30 institute enthusiasts are expected
to be present.
The American Security g. Trust Co.
and the Munsey Trust Co. are due to
hold their annual stockholders meet
ings tomorrow, the last of these ses-
sions scheduled at this time.
Today's Trading on Exchange.