Evening star., 1932-03-30
BUSINESS IS QUIET
IN FIFTH DISTRICT
Federal Reserve Bank Of
Richmond Reports Little
= Change in Conditions.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Latest reports from the IL Federal
Reserve districts indicate that business
conditions are still spotty. Richmond
reports little change in the past few
days, except that 1000 railroad workers
have been put on a five-day schedule
instead of four days. 1t is now said
that March trade will be about the
same as February. About the best trade
reports right now are coming from the
Atlanta district.
Philadelphia was much pleased with
Easter trade. New England reports an
increase OF 4.8 per cent in February
Jobs over January, and Dallas is cheered
by higher prices for crude oil. San
!. francisco reports a pickup in shipping.
The Kansas City area expects better
March trade totals than February, while
Minneapolis notes a slightly better en-
ploymerlt situation.
Bad weather hurt Easter sales in the
st. Louis Reserve district. Very slight
Improvement was noted in drug, chem
ical and shoe manufacturing. Chicago
retail trade at Easter was much upset
by a blizzard. Bankers, however, re-
port sounder conditions.
ESSaTy AuuIeSScS DOHu SiuDs
J. Fred Essary, Washington CORE
spondent of the Baltimore Sun, was the
guest speaker at the monthly meeting
of the Washington Bond Club, at the
National Press Club. He was intro
duced by the president of the club,
Lawrence M. Proctor.
Mr.. EsSary devoted more Of his
speech to politics than to finance. He
has been through all the leading cam
paigns for the past 20 years and gave
the bond men some intensely interest
ing political information.
The speaker reviewed the present po-
litical situation in detail and added
some glimpses of what may happen
between now and the presidential cleo
ton in November One of the leading
political writers in the country, his ad-
dress this noon was greatly enjoyed by
an excellent turnout of the Bond Club
members and several guests.
American Stores Co. Buys Chain.
The American Stores Co. Of Phila-
delphia, operating in the District,
Maryland, Pennsylvania, Delaware and
New Jersey, yesterday purchased the j.
w. Crook Stores of Baltimore. The
Crook chain will go under the new
management April IL. In business 46
years, the Crook firm has more than
$50 stores in Baltimore and Maryland.
The American company entered Balti-
more in 1922, building warehouse
there in 1927. A $250,000 addition is
now under construction, and exclusive
of the Crook chain, the American has
325 stores in the Baltimore division.
The purchase Is of special interest to
Washington, where the company has a
large number of stores, bought when
the concern took over the Old Dutch
Market units several years ago.
Rapid Transit's Report Filed.
The February statement Of operations
OF Washington Rapid Transit Co. filed
yesterday with the Public Utilities Com
mission continues to show recessions in
net income In the item for the month
8 deficit Of $7,885.98 Is revealed, as con-
trasted with one of $3,087.49 for the
month last year. For the two months
of 1882 there is deficit of $17,046.38,
as against one Of $6,534.35 for the COM
parative period Of 1881.
In its report to the Interstate Com
merce Commission, the Chesapeake &
!, Ohio Railway shows current assets of
s$16, ,929, ,918 as of January 81, 1882, COM
: pairing with $2e 500, GIL at end of
2 January, 1891, and current liabilities
were ,$12,031 ,281 against S12 2,23S, ,582.
Cash was 1851 300 comparing with
S7,864, SAB. Investments in stocks and
bonds, etc., other than those of afiliated
companies, amounted to $663, 1926 on
January 81, against $84l, ,448 at end Of
January, 1881, and funded debt matur-
ing within six months was $4,273,000,
against the same amount in preceding
year.
Ruling PIeases Traction Officials.
Holders of Capital Traction stock and
also of Washington Railway & Electric
issues were deeply interested In the
court ruling announced yesterday up
holding the order of the Public Utilities
Commission to have meters on all taxi
cabs. The matter may be delayed still
further in the courts, but if it eventu-
ally becomes a city law it should prove
of great assistance to the street railway
companies. 1t is expected to make taxi
cab rates somewhat higher.
Competition with private automobiles
and busseS has hurt the street railroad
business in Washington for years. But
it was the unrestricted taXicab COM
petition that hit the car lines with par
ticular force during the last half Of
1881. Should this condition be changed,
officials believe that the last half Of
1882 will tell a more favorable story
of traction earnings. Both officials and
shareholders are at present engaged in
''watchful waiting"
So far as net earnings are concerned,
the final outcome Of the taxi situation
is more vital to Capital Traction than
to Washington Railway & Electric on
account of that company's Potomac
Power affiliations.
Heard in Financial District.
Today's trading on the Washington
Stock Exchange was confined wholly to
one issue. Five l0-share lots of Poto-
mac Electric Power 512 per cent pre-
ferred sold at 105
Col. Leonard P. Ayres of the Cleve-
land Trust Co met many friends in the
city yesterday while here to testify
against the Glass reform banking bill
which he objects to for many different
reasons.
; Thomas H. Preston of Chattanooga,
former president of the American Bank
S2ers' Association, also gave testimony
yesterday on the Glass bill. O. Howard
Wolfe of Philadelphia, now president OF
lthe Reserve City Bankers Association
who has made several bank addresses
IN this city, has also attended the
bearings.
- M. H. Calman. vice president anc
.zcashier of the Liberty National Bank
as back at his desk after 10 days illness
.t. The National Fertilizer Association
index for the past week showed the
largest decline in wholesale prices ir
several weeks-flve fractional points.
4 ~
y POTATO MARKET.
- CHICAGO I'll March an fdo1 fr1,;+aI