Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-30
EMPLOYMENT GAIN
NOTED BY RESERVE
Richmond Bank Finds Sea-
sonaI Pickup in Fifth Dis
trict Worker Total.
BY EDWARD C. STONE.

ing reports. While no large private
projects are being started right now in
the fifth district, numerous small plants
are resuming operations and the Spring
seasonal pickup is helping to add to
the number of employed workers.
The Richmond Bank states that the
Virginia Public Service Co. has an
nounced a budget of $4.600,000 for i'm
proven1entS and betterments in its
Statewide system during 1881. The
company is to place a new $3,500,000
electric plant in operation in a few
days.
The Atlanta Federal Reserve Bank
reports that retail stores are enjoying
a heavy Easter trade in the sixth dis
trict and that business will probably
exceed the totals of year ago. Whole
sale distributors Of foodstuffs report
extra good business. The Birmingham
district reports marked upturn in steel
business.
Philadelphia Trade Improves.
March has witnessed a steady and
broadened gain in business generally
throughout the Philadelphia district, an
advance which promises well for the
coming month. Seasonal demand for
attractive Easter goods has been up to
expectations, being stimulated by Of
ferings at prices which appear to pre-
sent special value.
The movement has encouraged man
ufacturers to speed up operations and
production has been increased mod
erately, while another effect has been
to stabilize wholesale prices, which are
holding steady. The Easter period will
end with stocks Of merchandise much
reduced and a general restocking viii
be necessary.
outdoor operations are being pushed
with greater vigor. There Is a wide
range in bid prices for big contracts,
the low bids being very much to the
advantage of State and municipalities.
The Pennsylvania Railroad has let
contract for excavation for its new pas
senger depot, the low bid being $780,
600. The Reading Co. will start operat-
. ing its newly electrified suburban sys-
tenn on July /.
Exchange Meeting Due Shortly.
Following the rule laid down in the
constitution and bylaws, the members
of the Washington Stock Exchange will
meet soon to elect a president to fill
the vacancy caused by the death of
George o. Watson, who was serving his
third year in the office.
The constitution calls for five-day
notice after the intention of calling such
a meeting has been declared. No action
has yet been taken, so the matter nat
urally will not come up before next
week.
The other officers of the local Ex-
change are Edward L. Hillyer, vice
president; c. j. Gockeler, secretary, and
James M. Johnston, treasurer.
Mr. Watson took unusual interest in
the affairs of the Exchange. and his
leadership will be greatly missed. For
years he and the late Charles j. Bell
sat together at the Exchange sessions
Lor 5I,r ,,af~c q
day.
When first asked to take the presi-
dency of the Exchange Mr.. Watson hest
tated over accepting the honor. In the
ether old days it was felt that a broker
should be president, that bankers should
not be too closely connected with any
stock exchange.
The old idea that a bank official
should not be an official in the Stock
Exchange has passed. and Mr.. Watson
was prevailed upon to take the office.
But he would not accept 1t until after
he had consulted Mr.. Bell, who de-
clared that there was no sound reason
why he should not serve. Mr.. Bell him
self was a former president Of the Ex-
change.
Sources of Trust Business.
The securing of leads, says Trus.
Companies Magazine, is not much Of a
problem in well organized and smooth
!. " working institution. The principal
sources are as follows:
Ca) From the banks own officers. de-
partment heads and employees;
OBJ From the branch managers and
employees;
fc) From the banks own depositor
or customer records;
I'D From satisfied persons previoualy
sold:
(e) From friendly insurance ren;
81 From the banks own stockholders.
(g) From news items.
Trading on ID. c. Exchange.
Trading was quiet on the Washington
Stock Exchange today. The market
opened with three transactions in Fed
eral-American National Bank g. Trust
Co. totaling so shares, selling ex-divi-
dend at so. After call Is more shares
sold at the same figure.
Federal-American Co. common also
appeared on the board, three 25-share
transactions being recorded at 23i4.
The final sale was a 81 900 transfer in
Capital Traction SIS at 81 10.
Stock of the Prince Georges Bank g.
Trust CO. has been added TO the rather
extended list Of issues now being quoted
ex-dividend.
Financial District Comment.
Albert S. Galley, vice president Of the
Lincoln National Bank, recently COM
pleted Al years active service with the
institution. He has also been treasurer
Of the District Bankers Association for
more than two decades. his splendid
work in keeping substantial surplus on
hand, always meriting his reelection.
Joshua Evans, jr., president Of the
District National Bank, is back at his
desk after e trip TO Florida.
The Treasury Department announces
that the contract for the Boston Fed
eral Building has been awarded to N
p SEVERN 81 Co Of Chicago. under a
supplemental bid Of S4.648 900.
The interior of the International EX-
change Bank Is now being redecorated
This is the bank TO which Joseph
Schiavone recently returned as presi-
dent and Fernando Cuniberti became
chairman Of the board.
The weekly news letter Of @. M. P
Murphy 81 Co. publishes report that
the Chase National Bank in New York
now controls 81 per cent OF the stock
OF the Corn Exchange Bank. as com
pared with Al per cent at the end OF
the year.
In connection with the offering today
OF BIAS. 900 City Of Chicago 4 per cent
gold bonds, the bankers announce that
rs per cent Of the bonds have already
been sold.
FURNITURE INDUSTRY