The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1928-06-02
ESQ RE GIs / R
TQR BANK
RIB
81 RICHARD HATTON


with more than go requests
Ii the hands Of Chairman Lau'
renee A Slaughter. of the trans.
portation committee, yesterday and
with the final days count vet
ton Of the District 81 Coltlnbia
Bankers Association Is already wen
over the top III the matter Of at,
Tendance. conservative estimate
gives the number which will board
the all.steel special Pennsy Iyania
train at Union station next ANedlles-
day evening Tor the night run
10 M0ntalilS Beach Long IslaTsL
Is At least $50. This Is nearly
SO more than ever have been regis.
tered for any Of these on sofstoagIl
conventions.
Officials Of the association yes
terday gave especial pralSe 70 the
kunckionlng Of the several cont.
naittees ii charge Of arrangenlents,
especially 10 the chaIImei Mss0
have been Intiri1g IN their et.
forts Is promote the success of
tie meeting That the wisdom
Of selecting i Northern location
Tor the convention Us an innOva.
ton was well founded Is evidenced
BY the exceptional iilfefest AMI
the large attendance. Every cori-
mittee chairman hns been working
overtime the last week with the
result that practically every de-
tail OF the huge convention pro-
gram has been snloothea CIT ana
there remains nothing bit to board
the train next "Wednesday prepared
FOR feast Of financial wisdom
and fiesta of spcrting events
SURPRISING any previous effort nor
t. mention Thomas Nv Brahany s
Greatest Show on Ea1th.
Check Payments
Measured BY the volume pc check
payments. business dsIi'ilsg lie week
ended May &c, alflacltsh lower than
in the previous week. VS. EfeaEef
than year ago. aecosdihg Ut lie
weekly statement IF tkle Depal;t-
nIeak Of CoInfnerce 0perations n
steel plants showed snaalleg activity
than ii the previous week hut were
On the same level as III the cor
responding period q 1927. Tie
volume 81 new building contracts
awarded was greater than in either
the preceding week or the same
week last year. wholesale prices,
ah measured BY The general index,
deciineds from the preceding week
but were still well above the level
Cf last year Prices Tor cotton and
iron and steel were generally IoweF
than ID the preceding wees pit
cotton prices were higher than 3
yeaf. ago. Prices FOR wheat averaged
lower than III the previous week
but were higher than year ago.
Loans and discounts Of Federal
reserve member banks aserasea
lower than III the previous week
but were higher than g year ago.
Loans fo brokers and dealers BY
New York city Feceded from the
high point Of the previous week.
stock prices averaged lower than
ii the previous week but were con
siderablyt higher than year ago.
Interext rates on time money aver
aged higher than IA either the pre-
viOus week or the same week of
last year. while bond prices. re-
fIecting higher interest rates. aver
AGED lower than In the preceding
week but were sim above the level
of last year. Interest rates on call
loans averaged higher than II either
prior period.
Summer business. the United BUSH
ness Service says. depends upon q
combination of the general business
momentum and the weather.
For the seasonally active lines.
such as resorts. hotels. beverages.
etc. the weather IS probably more
important than any other considera-
iton. although they are affected
also BY the public buying power
and buying disposition that general
business conditions create. Accord
ing to the best information avail
able on weather probabilities, e hot
summer - forecast which will be
good for the summer lines Of bust.
Activity in key industries Is hold
ing up surprisingly well. Building
contracts In April broke all previous
monthly records, and the May rec
ord III way ahead of last year. Steel
production Is decreasing. but by a
less amount than the normal sea.
nonaI. Current production Of passen-
ger motor cars II running about IL
per cent ahead of q year ago. Pc.
froleum, meat packing, shoe ana
leather lines. the consumption Of
electric power. and a number OF
Others show improvement over a
year ago. A few lines, among them
cotton goods, are behind. But the
balance is favorable.
The banking and credit condition
alone is qnfayorable. Until loans on
securities are reduced. this situation
will continue to cast 4 shadow over
the otherwise favorable outlook.
Once this difficulty is cleared up,
money rates should ease off again.
In spite OF this, however, and the
disturbing possibilities of 4 political
campaign. we expect good summer
business with less than the usual
summer slump.
Daughter Graduation
President Thomas e. FARRELL, OF
the washington Savings Bank, Is
visiting Swarthmore, Pa, where with
Mrs. farrell he win attend the gradu.
alton OF their daughter, Miss Theresa
FARRELL, student at the Mary Lyons
College.
II -