Evening star., 1932-07-11
WASHINGTON STOCK
LIST RULES. FIRM.
Power Company Issues Fea-
ture Trading-Richmond
Scores Savings Gain.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Prices were steady on the Washing
ton Stock Exchange when the week
trading opened today. The first sales
were in Potomac Electric Power per
cent preferred. which changed hands at
I07i2. The same corporations 5l2 per
cent stock figured in a small sale at l03.
WASHINGTON Railway g. Electric preferred
appeared on the board three times. SELL
ing at 77l4. The only bond sale was
in Washington Gas Light 6S. baby
bond being sold at 100l.. No sales were
recorded in Capital Traction stock. the
market closing with 5i2 bid and asked.
Richmond Savings Deposits Up.
Reports from Richmond state that
savings deposits have increased more
than 80 per cent in the past six months.
The same report states that all deposits
have gained IL per cent in the same
period or between the bank calls CT
December 81 and June 30.
The Richmond Reserve Bank reports
that a better tone is nCted in the fifth
Federal Reserve District as the second
half wear opens. Retail trade in several
large cities in the first week of July was
above the levels noted during June.
Labor conditions are improved slight
". with the resumption OF operations
bv plants in scattered sections. Indus
tries locking up are shoes and rayon.
Building continues at the lowest level
in years. While architects report con-
siderable work on the boards. all de-
pends on a general business improve
ment.
Rain has helped crops in the field,
but prices continue TO sag. Tourist
travel over the holiday was good, but
not in the volume expected.
Credit Conditions Better.
Continued improvement through the
second quarter of the year in Latin
American collection and credit condi-
tions is revealed in the current analysis
Of the Foreign Credit Interchange Bu-
reau OF the National Association Of
Credit Men. covering 81 nations. I'M
provsment in credit conditions is noted
in u countries while American export
erS note collection gains in IA nations.
w. S. SWingle head of the bureau.
commenting Cn the improvement in col
lectionS, said that 1t is probably due
to exporters who confined their ship
mentS TO companies well able TO take
care of payments, and TO customers
who are in position 10 obtain exchange
and get payment rerittanceS. In some
countries, also. technical settlements OF
bills were effected by buyers making
payments in foreign currencieS held
abroad awaiting exchange remittances.
The most pronounced improvements
in credit conditions are reported frCm
Panama, Argentina, Brazil, Costa Rlca,
Haiti and Nicaragua say reports to
the Washington office.
Bright Spots in Trade Areas.
Latest reports frcm the various Fed
eral Reserve districts indicate that there
are some bright spots in business con-
dition throughout the country, although
the Summer lull is very noticeable.
Philadelphia reports trade steady. In
the Atlanta area building shows con-
tinued Improvement. and there has been
a marked gain in the number of build
ing contracts let recently. The first
shipments of Georgia peaches are also
helping TO improve conditions.
Many steel plants in Cleveland have
been recalling men recently. and the
Kansas City district reports important
advances in livestock prices and the
prospect of advance in oil prices. The
Minneapolis district is also being helped
by the better returns on live stock, as is
Chicago.
According to the New York Times re-
view the weekly report of the Kansas
. CITY Federal Reserve Bank showed an
increase of more than $3.50 900 900 in
Federal Reserve notes in circulation,
partly due to the beginning of the new
wheat movement. with the total of S89.-
25O00O, S26,0OO,000 more than year
ago.
The tax on bank checks, too. may
have been a factor in the increase.
Discounts OF member banks increased
sl.750OOO Gold reserves increased
S4,COC 900 to a total Of S78.O00,000.
Noted in Financial District.
The recent movements in American
Telephone stock have aroused intense
interest in the local broker Offices and
also III the banks. where so much Of
this stock is held as collateral on leans
The stock has long been rated as one
of the best stocks ON the New York
exchange and IS very widely held by
Washington investors AS it approached
rs it held very firmly for several days,
but was almost down to 10 today
shortly after the opening.
A resolution has been introduced into
the Baltimore City Council requesting
the Chesapeake & Potomac Telephone
Light & Power Co. TO make voluntary
reduction in their rates SO as to place
such rates on a par with the existing
prices of other commodities and services.
Postal receipts for June at so Sc
lected cities totaled S22,. ,.096,142, de-
crease Of 1913 per cent from the total
of S26.442, 305 in June of last year and
compares with receipts of S22,62l, 478
in May of this year.
Nine distributions OF dividends to de-
pOSitOrs of closed banks in Pennsylvania
were announced by DR.. William D. Cor
6on. secretary Of banking, in the amount
of S1146389.
LoeW'S Boston Theaters Co. has de-
clared the regular quarterly dividend of
Is cents, payable August l to stock of
record July %.
Seeks I. c. c. Loan Authority.
The Maryland & Delaware Seacoast
Railroad has asked Interstate Commerce
Commission authorization to issue S87.-
600 of its $50 par common capital stock
in connection with its acquisition of
the properties of the Maryland & Della
ware Coast Railway, which were pur-
chased in foreclosure proceedings. The
predecessor company operated short
line of railroad betWeen West Denton,
Nd, and LeWes, Del.
WALL STREET WATCHING