Evening star., 1932-04-19
BETTER BUSINESS
CONDITIONS NOTED
Improvement in Building
Operations Stressed in Fed
eraI Reserve Reports.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Business reviews from the II Fedora
Reserve Districts during the past week
indicates improvement in some lines
of business and also greater stability.
The Atlanta district reports that some
stores report gains in trade and an IN
crease in building operations Is an
nounced. Automobile sales have picked
I'D. but are still far below last year.
In the local Richmond district resi-
dental construction has improved
Iow-priced merchandise is reported In
the best demand, large sales awaiting
the warm weather now expected. Bet
ter trade conditions are reported In the
northern part of the district than III
the southern. Weather conditions are
excellent for agriculture but 1t is stlIl
considered too cool Tor plantlhg,
Chicago. Boston, Philadelphia, CleVe-
land. Dallas, Minneapolis and San
Francisco report more favorable trace
signs. Shopping is brisk in Philadel-
phia and more active in Chicago. Col
lections are better in Boston. The ad-
vance in the price of wheat IS the best
news to the Northwest while the best
news in the Dallas area relates TO I'M
provement in the petroleum industry,
the same being true around kansas
City.
Forest Industries to Unite.
Rejecting the lesson of the times
that there must be greater corporation
and coordination in the industry. the
establishment of the American Forest
Products Industries was announced
here today by Wilson Compton, head OF
the National Lumber Manufacturers
Association. Vigorous promotion OF the
new organization is expected to follow
the annual meeting OF the National
Lumber Manufacturers Association, IN
Chicago May 5, 6 and Z.
The new organization is described as
being the inevitable outcome OF the
economic forces which are compelling
union of affiliated industries to plan far
ahead. to avoid useless and destructive
competition among themselves and pro-
mote their common interests in external
competition, scientific and industrial
research and commercial promotion.
The federation includes industries,
both primary and secondary, the opera
tions of which are based on the use Of
wood. and the dominating purpose will
be to restore the economic vigor of those
industries which has been impaired for
at least a decade by wasteful competi-
ton, destructive taxation and en-
croachments of other industries.
Directly and indirectly the forest in
dustries ordinarily support over 6,000,-
600 people and directly employ l,000,-
600. The lumber industry ranks second
among American manufacturing indus
tries in the number of persons en-
ployed, and third in amount of capital
invested.
Washington Fifth in Building.
The District of Columbia took fifth
place among the cities of the country
in the value of building construction
approved last month and tenth place in
the ranking of States, according to an
analysis of official reports by S. w.
Straus & Co.
Cities which exceeded the March
total of $1,258,330 for the District of
Columbia were New York, Los Angeles,
Portland, Greg, ard Austin, Tex.
Reports for last month, made by $50
cities and towns of the United States,
showed building permits to total of
$43 ,806,666. This was 81 per cent de-
cline from February, 1882, when the
volume was $44, ,745, TAT.
The 25 leading cities as a group
showed an increase during March over
February, 1882, of As per cent: de-
cline of 1876 per cent from March, 1881,
and decline of 721 per cent from
March, 1880.
A comparison of building permit fig
ures for March, 1882, with the preced-
ing month of February is interesting
New York City led the first 25 cities
during both months. Los Angeles, third
city in February, jumped to second
place in March. Austin, Tex, jumped
from fifteenth to fourth place; Wash
1ngton, D. c., from tenth to fifth ST.
Louis from seventeenth to eleventh and
Houston, Tex, from twenty-second to
sixteenth.
c. g. o. Quarter Net Holds Up.
Report of Chesapeake & Ohio Rail-
way Co. for quarter ended March 81,
1882, shows net income of S4,75O, ,346
after taxes, charges and sinking fund
appropriations, equivalent after allow
ing for dividend requirements on 61a
per cent preferred stock, to 81 cents a
share (par $3.50 on 1852 689 shares of
common stock. This compares with
$5,O16,484 or 65 cents a common share
In first quarter of 1881. March net in
come was $2,083,245 after taxes, charges,
sinking fund appropriations, etc. against
$l,762,221 in March, last year.
The Baltimore & Ohio Railroad in a
report tn tie Interstate Commerce Com
mission shows February net loss of
S840,827 after taxes and charges. COM
pairing with net loss of S1,132. .260 in
February, 1881. For two months ended
February 90, 1882, net loss was 81 ,799,-
1S9 after taxes and charges against net
loss Of $2,034, ,156 in first two months
OF previous year.
The Atlantic Coast Line reports to
the Interstate Commerce Commission a
February net income of S20,924 against
= net Of 1924 66l in February, 1881. For
the two months ended February 90, net
loss was S290,l12 after taxes and
charges against net income of 81, ,438, ,795
In the first two months of 1881
The Seaboard Air Line reports Febru-
airy net loss of s603,09 after taxes and
charges, compared with net loss Of
1894, IA in February, 1881.
Cleaned in Financial District
At the annual meeting of the stock
holders of the Richmond, Fredericksburg
& Potomac Railroad, in Richmond, the
retiring directors were reelected. Nor
NAL Call was reelected president.
Capital Traction stock sold at l3 on
the Washington Stock Exchange today,
up half a point from yesterdays close.
Potomac Electric Consolidated IS came
out at 10l. and Washington Gas B" 5s
sold at l00l4 for a baby bond,
American Telephone stock gripped at
tention in the local broker Offices today
after closing at par last night. 1t opened
at 997s Predictions as to what it is
likely to do are numerous as there are
customers in the board rooms. The ac-
tion of the stock early today was most
conservative.
The auditors section of the District
Bankers Association will meet with the
Auditors and Controllers Association
of Baltimore at Baltimore Thursday
evening. The Baltimore auditors at
tended the Washington meeting last
week
The offering Of S75,000,000 of 9l-day
Treasury bills, ennounced on April IA
was heavily Oversubscribed. tenders
totaiing S289 600 600. Of which S75,-
600, 900 were accepted, Secretary Mills