Evening star., 1925-06-03
RICHMOND DISTRICT
TRADE IMPROVES
Banks in Strong Position and
Credit Available, Says
Federal Review.
BY CHAS. P. SHAEFFER.

Favorable factors pervade the pres
ent situation in the fifth federal re.
serve district, it is asserted in the
monthly review of business and agri-
cultural conditions published by the
Richmond Federal Reserve Bank
Banks are in a strong position, gen
orally speaking, and credit is await
able for any legitimate needs that ap,
pear likely to arise, the report states.
The labor supply and demand is
practically balanced, except in agri-
cultural lines, where the shortage
OF workers is less marked than la
1924. Cotton consumption and e2s,
ports continue larger than in 1924
ana there will be no disturbingly large
carry-over into the new cotton year
which begins on August /. Prospects
Tor this years tobacco crop are good
Retail trade in April exceeded the
volume of trade in April 1924 in spite
of the earlier Easter this year, and
stocks on the shelves are comparative.
ly low. Wholesale trade during tire
frst four months this year exceeded
trade during the same period Of 1929
in groceries. furniture and drugs. but
declined in dry goods. shoes and hard.
ware. Finally, construction work is
holding up remarkably well, and the
number of pvojects under way and
planned assure employment in the
building trades and good business for
building supply dealers for some
months to come.
Made Munsey Director.
Joseph H. Hines, former Repre-
sentative from Ohio. has been added
to the board of directors of the Nun
sey Trust Company.
ha, .
business since his exit from politics
lie is best remembered as the pur-
chaser Of the Transportation and Will
Ins buildings, and as the first presi
dent of the Congressional Country
Club. He is now a member of A 4
Houseman & Co. of New York, and
previous TO his election to Congress
was general manager of the Carnaha =
Tin Plate and Sheet Company of Can
ton, Ohio.
Tel. and Tel. Income Grows.
April operating income of the Amer
lean Telephone and Telegraph Com
pany increased to $3,184,2T5, compared
with $2,6l5,226 the same month of last
year. Gross revenues gained more
| than $3.50 900.
Operating income for the first four
months this year reached $12, 2,557. AZ
against S1o,503,55O a year ago. white
the gross increased nearly S3,000,000.
Clearing House Meeting.
A regular meeting of the Washing
ton Clearing House Association com
| mittee will be held late this afternoon
for the discussion of routine matters
Equipment Orders Drag.
Railway equipment manufacturers
| experienced in May one of the dullest
! periods in the industry, only about 50
| locomotives. 5000 freight cars and 81
passenger cars having been ordered
Orders in May. 1924, comprised 1853 10.
| comotives, 143 freight cars and I6I
! passenger cars. Pending inquiry was
said to be unusually light. -
Trading on Local Board.
There was little demand at current
prices for securities on the local board
today, resulting in a dull and uninter-
| eSting session.
| Railway preferred stock sold in odd
lots to the extent of 10 shares at it's
| current level, S3. while Gas was
steady at Sc. National Mortgage and
investment preferred was firm at 81
as was Merchants Transfer and Stor-
age Co. at 12o. Gas 6s brought 1903.
Cars in Better Shape.
| Class l railroads, on May -, had
S2I216 surplus freight cars in good
repair and Immediately available for
! service. the American Railway As
| sociation announced this morning
| Surplus coal cars in good repair tbs
same date totaled 1869. a decrease
| of 6,5S9 within approximately a week
while surplus box cars totaled 142.
$50. an increase of 2,677 during the
same period.