Evening star., 1928-05-16
TRADE KEEPSPACE
WITH 1927 LEVEL
Industry Has Regained Lost
Ground. Federal Reserve
Board Reports.
BY EDWARD C. STONE.

Regaining lost ground, industry and
trade has reached about the same vol
ume as year ago, the Federal Re-
serve Board states in a review of busi-
ness for the first of the year.
The output of manufactures the
board said, increased rapidly during
the quarter eliminating in produc-
ton in March that exceeded any month
during the Is years existence OF the
Federal Reserve system.
THE present high level of manufac-
turing is due almost entirely to in
crease in the steel, automobile. food
and paper industries. as other import
ant groups, notably the textile and
leather industries have been less active
during recent MONTHS the review con-
tinued.
steel production, which declined
sharply during the last half OF 1877
to the lowest levels since 1924, has
risen even more rapidly since Decem-
Der, and sin March the output OF steel
ingots was only slightly smaller than
that for March of last year, which was
the largest ever recorded.
Record Automobile Output.
Particular activity also has been
noted In the automobile trade, the board
said, adding that within recent months
the Ford and other companies have M
creased production with the result that
the output OF automobiles, which In De-
cember was the smallest for any month
since 1922, totaled in March about 4l3,"
600 cars. the largest number ior any
month since August, 1926.
Building activity increased. espe-
cially in February, and contracts award
ed during the quarter slightly exceeded
awards in the corresponding period
of last year." the Review added. The
volume of mineral production on
the other hand, has not changed mucn
for several months and has continued 10
be considerably smaller than during the
early part of last year.
distribution of goods through whole
sale and retail channels. taking the
country as a whole, was slightly larger
in the first quarter of this year than
in the same quarter Of 1927, partly IN
consequence of larger purchases this
year than last by residents OF agricui-
furial districts, but in part also because
of recent improvement in industrial dis
tricts.
Larger Bank Credit Demand.
"The expansion of industry and trade
was accompanied in February. March
and April by an increasing demand for
bank credit and an increase by more
than the usual seasonal amount In COM
mercial loans of member banks in lead
ing cities" the report said. In Marcn
and April loans made by these banks
on the security of stocks and bonds. m
Guiding loans to brokers, increased rap
idly to the highest level on record.
Loans and investments increased BY
S700. 900 600, and were in April nearly
$3.50. zoo. 900 larger than at the begin
ming of the year, and considerably
larger than at any previous record.
Somewhat less than half OF the recent
large increase represented a rapid
growth in February, March and April IN
commercial loans.
";There has not been at this same
time, however, any sustained increase
in the demand for currency for circula-
ton, which was late in April at level
but little higher than two or three
months before, and continued. as IN
other recent months. To be more tnan
SIPS 900 900 below the level Of the cor
responding month year ago..
Mergenthaler Elects New Head.
Norman Dodge, son Of p. ], Dodge.
who has been president Of the Mer-
genthaler. Linotype Co. for many years.
the directors yesterday. His father re-
uuested to be retired on account OF
iii health and was made chairman OF
the board. The new president has been
vice president and general manager
OF the company.
The board also elected Frederick ID.
McKenney of this city TO the execu-
tive committee. The regularly quarter
ly dividend of SIPS per share was de-
clared. as was the usual ascent extra.
both payable June Is TO stock OF
record June 6.
Legion Savings Ciubs Arranged.
Announcement of plans for the for
nation of American Legion savings
clubs for attending the tenth national
convention Of the organization, 10 be
held In San Antonio. Texas, October
8 TO IL, was made here today by Robert
N. Harper. president of he District Ma
tional Bank member OF the Save-to-
Travel Association. a national organiza-
ton cooperating with the legion in the
organization of these clubs
Local World War veterans are urged
to start their clubs so that they viii
have ample funds for attending the
convention. Special railroad rates OF
a one.way fare for the round trip have
been granted by all the railroads.
Two New Peaks In Local Market
Twenty shares Of Peoples Drug Stores
preferred sold at ll6 for the first time
on the washington Stock Exchange to-
day. while a single share OF Lanston
brought i19.
Railway a. Electric preferred sold as
10Oss. Traction moved at 1882, Po-
tomac Electric 5l2 per cent at lllBA
and the per cent at 1874. One share
OF Riggs Bank stock registered 525. Dis
trict National Securities Co. preferred
sold at 1903. and 100 shares OF wash
ington Mechanics Mortgage Co. at Ii.
Bonds we're strong and quite active
A $4,000 Gas 6. Series A, sold at io6M
and a $4, 900 bond an eighth lower,
Railway As brought 90 and Washing
ton Arcade 6las, 100. Gas u bonds sold
at l08 and i077s.
Heard In Financial District,
II. r. Offterdinger, Howard r, Nor