Evening star., 1932-05-02
BONDS FEATURED
ION D. c. EXCHANGE
Several Local Companies
= Mail Dividend Checks.
Bankers to Meet.
BY EDWARD c. STONE.

I $1,000 sales in this issue. all made
4 at 801a.
\ One other small bond sale was also
: recorded during the session, Washington
: Gas IS, Series A, recording a S100 sale
/ at 80. After call, one small lot trans
I. action took place in Potomac Electric
I Power 6l2 per cent preferred stock at
I 1o71a.
I Several local stocks paid regular divi-
\ dends, the checks being received in the
l mail this morning Capital Traction
and several bank stocks were among
the issues making these payments.
- Bankers Association to Meet.
It was announced today that the regu-
lat Spring meeting Of the District Bank
ers' Association will be held next
Thursday afternoon at O'Clock in the
American Security Building in the
board room of the American Security g.
Trust Co. The announcement sent out
by Secretary F. P. H. Siddons states
that important matters now pending be-
fore Congress will be considered at the
meeting.
President c. H. Pope announces that
Robert V. Fleming, chairman OF the
Legislative Council Of the American
Bankers Association, will make report
on the recent council meeting at White
jr., who represented the District Bank
ers' Association at the White Sulphur
Springs sessions, and Howard Moran,
member of the executive council OF the
savings bank division of the A. B. A,
will also speak. Representatives OF all
tfie local banks are urged to be present.
Urges Balanced United States Budget.
The United States is being watched
closely by the nations of the world in
its budget balancing efforts and un-
less the American budget is balanced
there will be likely exodus OF
European capital from this country, in
the opinion of Henry H. Heimann,
executive manager Of the National As
sociation of Credit Men, in his May
review of business being sent to the
associations $4,000 members today, in
cluding the Washington Association.
Summarizing the general business |
situation, Mr.. Heimann states that
''the past month has been so full OF
major uncertainties that any SubStan- |
tial business recovery could hardly be |
expected There have been some ev1- !
dences of increased buying, especially |
at retail in certain lines such as wear |
ing apparel and furnishings. During
the latter past of the month some OF |
this increase was reflected IN the |
wholesale markets as well. Even though |
most OF the purchases were OF small
lots of merchandise and even though |
the buying is largely OF seasonal ma |
ture, any increase is helpful under /
present conditions.
Auto Dealers Pushing Sales.
'"The automobile companies continue |
among the leaders in aggressive seeking |
of new business While the immediate |
results of this aggressiveness are some |
what disappointing, it is likely that the |
spirit shown in the face of adversely, |
plus the effect of long continued de- |
probation of millions Of automobiles, |
may cause this industry to be one of the |
e arst to profit from a return of more
: normal buying.
"It is more and more apparent too |
that one of the essential prerequisites |
to any substantial business recovery |
must be more liberalized bank credit. |
If bank credit can be extended without
an unreasonable sacrifice of the neces-
sary safety, such credit can be the
basis for payment Of merchandise OBJ
legations to an amount many times In
excess of the actual amount of bank
credit extended"
Fifth District Building Permits.
The Federal Reserve Bank of Rich |
nond reported today that building per- |
mits issued In March in 80 fifth district |
cities provided for much less work than |
permits issued in March, 131. Last |
month 2, ,403 permits were issued for all |
classes of work, compared with 2,8e9 |
permits issued in March last year. Total !
valuation figures for March, 1882, |
amounted to only $3,657 ,988, decrease |
of $3,585, ,072, or 49.5 per cent under the !
total of $7,243,0 900 for permits issued !
in March, 1881.
Only seven Of the 80 cities reported |
higher valuation figures for March this |
year and several of these increases were |
due to unusually low figures in March |
last year, rather than to large volume |
of work this year. Salisbury, Md, re- |
ported relatively large figures for March,
but the three largest cities, Baltimore, |
Washington and Richmond, reported |
low totals.
Contracts awarded in the fifth reserve |
district in March this year totalled $12,- |
1885, 5,023, compared with $30,6l5,813 in |
CONTRACTS awarded in March, 1881, and /
S43 ,220,110 in March, 1880. OF the |
March, 1882, contracts, S4,716,778 was
ffor residential structures, compared with !
FS9, ,767. .128 for residential work last year
and $lo,356,81o in March, 1890
Insurance Men to Speak.
agencies of the Connecticut Mutual Life |
Insurance Co., and George F. B. Smith, |
agency assistant, will meet here tomor- |
row with the John L. McElfresh agency, |
Washington representatives of the COM |
pany. Mr.. Cofin will discuss 'Motiva |
@tion in Selling" Mr.. Smith viii talk |
sa0n Planning Sales in 1882"
@ @sM Mr.. Coffin went with the Connecticut |
Mutual last September from a position |
mr1sY -
Mutual Of Philadelphia. He was for |
smerly in charge of the insurance train |
3pg class at New York University. Mr. |
smith Is graduate of Amherst Col /
91ege. class Of 1925, and is an expert |
~enced life insurance man.
Leans to Farmers Reported.
Assets and liabilities of the banks !!
tsader the jurisdiction of the Federal |
: Farm Loan Board on March 81 bal |
sknced at S2,087 ,899 044, while net mort |
sEage loans and other loans and dis |
counts outstanding at that time totaled |
c$l, ,775,e ,e35, ,108, the board states.
The Federal land banks, in which the |
Treasury has recently subscribed $685.
243, TAG in capital stock, had total assets |
and liabilities Of $l,335. .319, $50 and net |
mortgage loans of $i,150,293, ,499.
During the three months ended March |
81 the land banks closed loans amount |
ing to $5,507. 600, as compared with |
$l5,80s,4o0 for the same period last |
year.
Heard in Financial District.
Moving Of the Offices of the District |
Bankers Association into the Bond
Building will take place later this week. !
The Business Week reports that April |
afforded some evidence of inherent /
economic vitality and convalescence. |
The decline in important business in
dfcators and in commodity prices
Slackened and in some cases ceased.
Taxation Of national bank shares on
the same basis as State banks is con-
, templated in a bill favorably reported
! to the Senate by Chairman Norbeck Of
the Banking and Currency Committee.