Evening star., 1932-05-17

,Iam6SLOWD, ~ L -
Tex, more than John Poole.
make III for the
ioss of Flint in the good column. AS
was the case in the previous month,
M, city in the country reports sales as
being good, while the slow and far
classifications claim approximately ou
Der cent each of the reporting cities.
Supplementary reports from the cor
RESPONDENTS are, however, not TOO en-
eouraeing. Some sections report that
customers are unable to borrow from
banks to pay their bills and very little
money is available for building loans.
Buyers are only buying from hano 10
mouth. There is no sign OF seasonal
pickup, which is due now. the survey
concludes.
rs Revenue Provisions Scored.
Capital gains and losses provisions of
the revenue bill now pending In the
Senate were criticised yesterday In
report of the board of governors OF the
Investment Bankers Association OF
America, at White Sulphur Springs.
1.-The associations Federal Taxation
Committee stressed particularly what
It said was the bills tendency to pre-
vent sales in high market and to m
crease sales for tax losses IN low
market. 1t asserted this would add to
Initiation in prosperous periods ana ac-
centuate deflation in bad times.
"The report recommended that If the
capital tax is retained and restrictions
p;aced on deducting losses, the proVls-
ions not be applied to bonds.
The board adopted resolution urg-
t1g amendment to the bill recon-
mended by Secretary of the Treasury
Ogden Mills to this effect.
III. John Poole Notes Birthday.
yJohn Poole, president of the Federal
American National Bank & Trust Co.,
was receiving hearty congratulations
today on the occasion of his birthday
anniversary. Mr. Poole is one OF the
best known and most active bankers In
washington He has been a bank
president for the past 19 years and
was active in the banking business
long before that time. He engineered
the merger of the Federal and Ameri-
can National Banks and later of the
Federal-American National Bank with
the Merchants Bank & Trust Co.,
which formed the institution as it now
stands.
He is former president OF the Dis
trict Bankers Association, former pres
ident of the Stockholders Association
of the Federal Reserve Bank OF Rich
mond and is now member OF the Fed
sral Reserve Boards Advisory Council,
representing the fifth Federal Reserve
district. In addition to his efforts IN
the field of finance, Mr.. Poole has de-
voted a vast amount of work to civic
Interests, the Community Chest being
the most recent example.
Building Association Head Honored.
President James Berry of the Per-
pStual Building Association was paid
srectial honors by the directors yester-
day in completing Is years at the head
of the institution and 80 years as one
of the directors He was given hand
some clock by his associates, who In
clude Arthur G. Bishop, vice president;
Marvin A. Curtis, treasurer; Edward c.
Baitz, secretary; Raymond K. Espey, as
sistant secretary, and these directors, IN
addition to the officers: Franklin W.
Harper, Vernon G. Owen, John c. Scho-
field and William G. Schafhirt.
Assets of the association, now 81 years
old, are in excess Of S27 100000, ac-
cbrding to announcement at the last
annual meeting of stockholders, this
total representing a gain of S2,750000
during 1881. The association is one OF
the largest financial institutions in the
city, the twelfth largest association In
the United States Building and Loan
League and the seventeenth largest as
spciation in the country.
IT was organized in 1881 and its first
Quarters were in the second story Of
building on Twelfth street northwest
near F street. In 1914 it moved its
Offices to building on its present loca-
Eon, at the northwest corner OF Elev-
enth and E streets northwest.
! The association in May. 1881, an
rscunced the acquisition of the four
story building Immediately west of its
location, at 1107 E street. giving $500
square feet for it's future expansion
next to its present fine building.
Virginia Faces Tourist Boom.
That the tourist business has come to
be an important asset to Virginia. ana
one that is steadily growing is shown
by the report that gasoline tax collec-
tions in April increased 5 per cent over
the same month last year, although au-
tomobile registrations during the month
were per cent lower than year ago.
The difference is laid to substantial
gains in the tourist business. More and
ninre tourists are visiting the State
every year, as the various shrines are
constantly improved and brought more
clearly to public attention.
The Federal Reserve Bank of Rich
mond reports little change in business
conditions in the past few days. While
fifth district trade was well ahead Of
the other IL Federal Reserve districts,
the first four months of the present
year, it was not up to last year.
Industrial activity is slowing down
somewhat and coal production is nat
ufaIly falling of as hot weather ap-
proaches.
Stocks shared in the light trading on
the Washington Stock Exchange today.
ptnferred moved at 1922 and closed at
1925 Washington Railway & Electric
preferred came out on two 10-share
sales at 70, ex-dividend.
In the bond division $500 Washington
Gas 6s, series A, sold at 97lz and $500
Washington Gas Light SIS came out at
1917. The bid on Capital Traction
stock was advanced from 12l2 to 1924
and the asked price from II to 1712.
Postal savings deposits at the close
of business on April 80 amounted to
S7l3,866,5 ,528, an increase of S16,586, ,783
over the previous month, and compar-
ing with $313,774, ,608 on April 80 1881,
according to Post Office Department
Increase of SIG 6,586, 783 in April COM
pares with an increase of Sl3,652, 1888
insMarch, $25, ,545. .923 in February, $62,-
417,2l3 in January. and the largest
mpnthly increase, one Of $e6,2l5,l23, in
october, 1881.
Heard in Financial District.
Governors of several Federal Reserve
banks are meeting here today with the
Federal Reserve Board. The purpose OF
the meeting has not been made known,
but the governors probably will review
with the board the easing policy adopt
ed by the Reserve System.
The Commonwealth of Virginia will
receive bids June 2 OH S2,440,000 30
year refunding bonds and sl,000,000
six-year certificates of Indebtedness.
Bidders are to name the rate This will
mark the first sale of Virginia obliga-
tions since 1927 when 81 AIS 600 per