Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-10

reports made to the
Federal Reserve "a
system by 489
stores, Increase in
total sales was re- l1zz.s1z
ported by 349
stores and decrease ii. Parker Willis.
by lao stores. o,,ortod
Increases in total sales were reporCeul
in all Federal Reserve dlstricls eAcepS
the Minneapolis district; tney welS
grestest in the Richmond, Chicago ana
New York districts. ,...u;o+ +ho
Tn the Richmond reserve district the
increase in March of this year COM
pared with March, 1928, was 81 per
cent Thirty-five stores in this area
reported a gain in total business, WINE
nine were behind the figures OF las.
YEAR. Richmond was / per cent aneao
If Chicago. the nearest competitor, ana
4 ner cent ahead of New York. Tne
percentage gain for the country as
whole was 81 per cent. At.
The month had 26 business days TINS
wear against 81 year ago. BUSINESS
was not so good in the Atlanta olsVrlct,
where the gain over March, 1875, was
| uer cent. In that district 10 depart
ment stores reported a gain ana a q
falling off in dollar safes. NeAI W
Minneapolis and Atlanta, business was
the sloWest in the San Francisco ana
st. Louis Reserve districts.
willis Scores Reserve Board.
n Parker Willis, economist and
1orrner secretary of the Federal Reserve
Hoard has Joined the ranks OF those
attacking the board, laying the blame
AT its feet for the present credit STU
ation In an article in the North
American Review Mr.. Willis charges
incomnetencv and declares that the
hoard has wandered far away from the
basic idea which caused founding OF
Mr. willis reviews the aims OF the
founders of the board and goes on IN
the magazine to explain why ne tnlnkS
present methods are to be crlticlZeo.
The article has been widely read by MS
friends in Washington.
1t will be recalled that he was mere a
few weeks ago and made Speclai ao,
dress on credit before the local BANKERS
Association. He is now professor III
Columbia University.
Finds Business Still Favorable.
The American Bankers Association
Journal in its monthly review findS that
ing the past four weeks.
"Volume of manufacturing In the
major industries is running at hgn
levels" the article says. Retail trade
is active and the movement OF COM
modities into consumption is proceed
ing smoothly. Sustained employment
in industrial centers and seasonal ex-
pansion in agricultural and other out
door work has taken up the slack IN
labor. There is no labor shortage and
strikes are conspicuous by absence:
Commodity prices have been featured
by a sharp advance in the non-ferrous
metals and declines in hides and sugar
SO the general level shows no appre-
cable change. A condition OF prosper
ity prevails and after the excellent rec
ord in the first quarter this year there
seems grounds for expecting 1929 to be
another good year.
1.-The single exception of Importance
to favorable factors is the money STU
alton. For the last year or more ex-
pansion in credit, principally on Stock
Exchange loans and on loans to indi-
viduals secured by stocks, has been al
most continuous. Bankers nave re-
garded this with increasing concern and
expressed themselves freely. The FED
eIAl RESERVE UdIlhS kIdNC 0NSO1APNO0 w
check the overexpansion by admoni-
tons and open-market operations, but
were reluctant to force higher money
rates except as a last resort, because
of the burden that would impose on In
dustry and trade"
Washington Gas Stock Breaks.
Washington Gas Light stocks broke
sharply on the Washington Stock Ex-
change today, opening at 1O9 and
closing at 81.
The first sale involved e10 shares.
Following this 100 SALE 10 shares moved
at 1887. Two 10-snare lots then came
out at l07. Bids for the stock then fell
almost 10 points, two 10-share lots go
ing at 971A, five at 9714 and 80 more
closing the days trading at 81 fiat.
Capital Traction opened with
small sale at 90 and closed with another
small sale at 9T34. Five shares OF
Riggs National Bank stock came out at
568, two points under yesterdays mar
ket. and five shares of Merchants Bank
& Trust Co. registered $50.
moved at 1Ol, 200 of National Mortgage
a. investment preferred changed hands
at 534 and five Of Peoples Drug at
1872. - p..
So per cent preferred sold at loi7s,
Mergenthaler Linotype again moved at
107lz, and IL shares of Lanston Mono
type changed hands at 124.
In the bond department Railway q
Electric As sold at So and 1854. Capital
Traction IS commanded 9e9s.
Heard in Financial District.
Vice President Thomas P Hickman
of the Franklin National Bank will at
tend the meeting of the Stockholders
Association of the Federal Reserve
Bank of Richmond at the Virginia
capital Friday.
John e. Parker of G. M. P. Murphy
e. Co. is spending few days on bust
ness at the firms New York Office.
Alterations in counter screen work in
the District National Bank, affording
greater ventilation and more working
SPACE for employees, have been COM
pIeted. Installation includes four in
diyidual cages with windows for pay
ing and receiving, and another for pay
rolls and change.
The interests of E. H. Rollins & Sons.
which firm maintains Washington
office, and Howe, Snow 81 Co., both
long prominent in public utility financ-
ing, often in conjunction with one an
other, have been merged. The future
business will be conducted under the
name of E. H. Rollins & Sons.
Customers in local broker offices were
happy today over the belief here and in
New York that the Federal Reserve
Board is planning no drastic action at
present in connection with the credit
situation and brokers loans.
J. A. Soper, I. j. Roberts and T. H
Leith attended the annual banquet OF
the A. ]. B. chapter at Newark.
The Federal-American Bank is max
ing its annual presentation of flower
seeds preparatory to next Falls annual
contest and awards for the best blooms
ChiIds Sales Improve.
The Childs Co., operators of chair
of restaurants, report March sales o.
$2.355, 693, an increase of 8 per CEN
s-.,ns qaR A0A for March 1903 Sale!