Evening star., 1932-09-26
PRICES ARE FIRM
ON D. c. EXCHANGE
Bonds Take Trading Lead as
Winter Schedule Goes
Into Effect.
BY EDWARD c. STONE.

The Washington Stock Exchange
went into The Winter schedule today
and the market showed unusual ac-
tivity.
Washington Gas Light bonds started
trading Gas IS opening with $500 SELL
ing at 101 and $500 at 1919. The
series A bonds moved at 9834 and the
series issue at 10034.
Washington Railway & Electric As
twere active, figuring in four SlOOG
sales opening at 83 and closing at 69
Capital Traction stock moved at 6i2
Potomac Electric Power 5l2 per cent
preferred closed at 1O4 and Washing
= ton Railway & Electric preferred reg
lstered a small sale at go,
The New York Stock Exchange
houses also went on the Winter sched-
Ule today.
Guaranty Trust Sees Progress.
The current month has brought some
TANGIBLE Improvement to support the
rather vague optimism that has ac-
companied the recent advance in Sc
curltv and commodity prices. states
Guaranty Trust Co. Thus far the
most that can be said is that business
activity seems to be responding to the
seasonal influences making Tor eX-
panSlon.
The upturn in business activity is
indicated by numerous reports, some
of which are considerably more con-
vincing than others" states the Guar
antv. There has unqu6stionably been
a great Improvement in all the leading
branches OF the textile and apparel in
dustries. The increase in foreign trade
last month while not large, is encour-
aging. particularly the substantial rise
in the value of imports The increase
in factory employment last month Sug-
gests a revival of rather broad scope,
though of small magnitude in the rate
of industrial production
Bank Stocks Show Strength.
AS shown by the weekly bulletin OF
Waggaman, BraWner & Co.. Inc, bank
stocks resumed their upward trend last
week Average prices show an advance
of 7 per cent for the week and are
per cent under the high average
reached on September 3. National City
continues to be the leader IN quotation
gains although Manhattan shows eX-
Ceptional strength. Bank deposits are
increasing and a great deal OF interest
is being shown in the quarterly condi-
ton statements due this week.
Mabel Royce Heads Committee.
Mabel V. Royce, the Washington
Loan g. Trust Co, has been named
chairman of the Publicity Committee
of Washington Chapter, American In
stitute of Banking, by President Rich
ard E Norris the other members of
this committee being Aubrey o. DOoley,
assistant trust officer OF the Federal
American National Bank g. Trust Co.;
Norman E. TOWSOn, assistant treasurer
Washington Loan & Trust Co, and
Constance D. Fogle, Riggs National
Bank.
This committee has already embarked
upon al active campaign to bring the
advantages of the American Institute
of Banking to the attention of the Off
GERS and personnelS Of the various
Washington banks. working in conjunc-
ton with the Educational and Member
ship Committees.
Miss Royce. the new chairman, is a
standard certificate holder. graduate III
trust functions and investments, has
served on the board Of governors four
years. has been chairman of the Wom-
ems Committee two years and is now
member of the National Women's Com
mittee. She has attended several ma
ticnal conventions.
Building Associations Note Gains.
Conditions in the building and loan
field are gradually improving every
where according to current reports
from secretaries of SO State leagues OF
associations filed with the United States
Building and Loan League. These re-
ports show three definite signs Of we'll
being; namely. new money continues to
come in: greater prOmptneSS is shown
in the payment of monthly installments
on home loans and a considerable per-
centage of installment purchasers con-
tinue to add regularly to their building
and loan holdings.
H. F. Cellar-us, secretary-treaSurer OF
the United States League. points 10.
fourth condition-the heavy demand Tor
home loans. which he believes Will prlnS
further Improvement as soon as tIle
home loan banks are in operation 10
supply the associations with necessary
funds for making these loans.
Employment Outlook Now Better.
Several important developments have
occurred which improve the labor STU
alton, states the United Business SerV-
ice in its current report. First ana
most important is the indication tnaC
industrial production has stopped oe-
Ginning Second. the fact that inven-
tories of manufactured goods are snlaH
will require greater activity during the
period ahead. Third. wage scales are
now being stabilized at present levels.
In commenting On these three devel-
opments, the United Service says that
more industries are now stepping up
production from the low levels OF sum
mer. This, it is pointed out. means more
man hours Of work and gradually more
people added to pay rolls. Statistics OF
inventories of manufactured goods show
that they are extremely low, but even
these figures do not take into consider
alton the dearth of goods on retailers
shelves. Reports OF wage cuts are pc
coming fewer each month. ReadJuSt-
ment of wage scales. it Is believed, Will
be completed this year.
Heard in Financial District.
George A. Harris, president of the
Potomac Joint Stock Land Bank, who
has been i'll for the past 1dur weeks, is
reported recovering.
Wholesale trade in the Fifth Federal
Reserve district has recently shown
better than seasonal increases in thee
of five reporting lines, the demand for
shoes and dry goods being especially
good.
Cigarette production, which gained in
August Tor the first time in ID months,
is continuing we'll The Richmond Re-
sstve Bank also reCortS that labor co1i-
d.tions around the Virginia capital have
improved.
The Atlanta Reserve district reports
that retoil tr2de last week was the best