Evening star., 1941-10-02
Transit Man New President.

x. M. Pardoe. assistant purchas-
Ing agent of the Capital Transit Co.
was elected president of the Ameri-
can Transit Purchases and Stores
Association at the Goth convention
nj Atlantic City yesterday. Mr. Par
doe has served the association as
vice president during the past year
and succeeds James K. Hall of Co.
lunbus, Ohio.
Washington is included in the list
Of 10 cities in which recent business
improvement has been outstanding
says the October issue of Forbes
Magazine. Business is said to COM
pare more favorably with the same
time last year than on any previous
occasion since August. 1886.
The other cities are Baltimore. San
Francisco, Newark. Birmingham
town, N. Y, and Wichita Falls. Tex
Real Estate Bonds Climb.
Real estate bonds again advanced
In September for the 18th consecu-
tive month, according to the Amott.
Baker Averages which include sew.
eral Washington issues among tht
200 on which the figures are based
The average gain was l per cent
bringing the rise for nine months tt
51.4 per cent.
The average dollar price per 81 00t
bond is now 1913 compared with s281
on December 81, 1910 The advance
was not as large as the 90 per cent
In August but included every class
ifcation. apartment house issues
leading the way with a rise of 1.e
per cent.
In the 80 days II issues gained. 75
kept the same levels and 49 declined
the report states.
Lower Banking Costs Urged.
Louis w. Bishop, Richmond bank
er, led a forum discussion at the
A. B. A. convention on cutting bank
operating costs.
Mr.. Bishop showed that expenses
Of insured commercial banks from
1885 to 1910 have been increasing
at a faster rate than gross income
despite the fact that there has
been a considerable decrease in in
terest paid on deposits. The reason
for this. he declared. is that oper-
ating expenses have shown ar
enormous increase
Noting that the Wage and Houl
Law places a premium on rapic
operation by bank personnel, il
was declared that banks cannot
afford to operate with outmodec
equipment which might cause 6
clerk to work overtime due to some
error which could have been pre-
vented"
Savings banks pass books came
into the discussion when the idea
was advanced that it was more
economical for such an institu.
ton not to have the rules of the
bank printed in the book. 1t wa'
pointed out that change in rule'
necessitated calling in the book!
and elimination Of the changed
rule.
This was time consuming task
Mr.. Bishop said. and, further, sucf
changing of rules printed in s
pass book could not be done il
an entirely satisfactory manner.
Today's Trading on Exchange.
The Washington Stock Exchange
opened today with a small sale IL
Potomac Electric Power per cen
preferred at lis, off IA.
board again today, 10 shares sellinl
at 70.
BY far the heaviest trading wa
In the Garfinckel issues. Fift,
shares of preferred sold at 90,
new high on the present move, whil
30 shares of common came out a
11ss. off fractionally.
The market closed with IS share
of Washington Railway & Electri
preferred registering ll6l2, a frac
tional gain.
Financial District Gossip.
Home mortgages totaling 469 an,
amounting to Sl,222l27 were mad
by Virginia insured building an,
loan associations during August. O
which 1T were for new Residential
construction with a dollar volum
OF $366,440. the Federal Saving
and Loan Insurance Corp. report,
The total dollar sales volume @
new passenger automobiles for tn
first eight months of 194l was 4
per cent larger than in 1940 tn
Commerce Department announce,
Columbus Day, October 13, Wi
give the Washington brokerag
houses day off as the New Yor
Stock Exchange will be closed. Tn
banks, however will be open a
usual.
Several Washington bankers ha
very high personal regard for Ale
r Ryland, Richmond banker, VIII
died recently. Vice president c
the First q Merchants Nation;
Eank, he had heen connected wit
the institution for AZ years,