Evening star., 1932-04-05
BUSINESS OUTLOOK
HAS BRIGHT SPOTS
Reports From Several Fed
eraI Reserve Districts Note
Hopeful Factors.
BY EDWARD c. STONE.

In several OF the II FEDERAL Reserve
districts the business outlook is con-
sidered brighter. The efforts of Con-
gress to balance the national budget
and the expected improvement in auto
mobile sales as hot weather approaches
are held as two particularly vital
factors.
Orders for residential construction
are improving in Philadelphia. 1t is
also estimated that two-thirds OF the
dwellings in the Quaker City need
painting and repairs, something that
cannot be put off indefinitely.
The Atlanta district reports con-
siderable improvement in retail sales
over the same period last year. Auto
mobile and furniture sales have been
better and wholesale trade has also
been pointing upward.
Kansas City reports that dollar oil
Is cheering to that section and that re-
tail trade has improved. Chicago re
ports better retail and wholesale trace
conditions. but Boston notes Spotty con-
ditions. Cleveland is reported as more
hopeful, Minneapolis has witnessed little
change recently and bad weather has
slowed up business around st. Louis.
Less boarding is noted in San Francisco
but business expansion is slow.
THOMPSON to Address Bankers.
DR.. Robert Thompson, author and
newspaper correspondent, who is con-
nected with the National Education In
stitution in New York, has accepted an
invitation to address the members OF
the District Bankers Association at the
annual Spring dinner at the Columbia
Country Club, next Tuesday evening,
April II. This announcement was
made today by Lanier P. McLachlen,
chairman of the Dinner Committee,
and Thomas M. Brshssny, head OF the
Entertainment Committee.
DR.. Thompson has wide reputation
as a speaker. His subject at the COM
ing meeting will be Looking II Months
Ahead" 1t is a subject in which
flnanciers are supremely interested.
In the past the association has been
addressed along the lines of glympses
at the future by such noted economists
as DR.. Irving Fisher of Yale University
and DR.. David Friday. DR.. Thompson
does not intend to take all his time
explaining what is likely to happen in
the next wear, as he will also speak of
the characteristics of some of the great
men he has met.
1t is the purpose of the committee
to have one more speaker who will be
announced in a day or two.
Local Debating Team Announced.
In connection with the debate to be
held between Washington and Rich
mond Chapters, American Institute OF
Banking, here next Saturday night, it
is announced that the local team will
be composed of Arthur E. Meade, De
partmental Bank; Miss Constance D.
Fogle, Riggs National Bank, and A. w.
Sherman, American Security & Trust
Co, and George r. Flemer, National
Metropolitan Bank, alternate. Rich
mond Chapter will defend the negative
side and will be represented by Earnest
L. Martin, American Bank g. Trust Co.;
Franklin Foy, Federal Reserve Bank,
and Archie Berkely, Morris Plan Bank
of Virginia. alternate, and Moncure
Patterson, State-Planters' Bank & Trust
Co.
Washington Chapter has been for
tunate in securing the following judges:
Jesse G. Adkins, associate justice, Su-
preme Court of the District of Column
bia; Maurice D. Rosenberg, president
Bank of Commerce & Savings, and
Henry G. Roberts, assistant professor
public speaking, George Washington
University.
Safeway Stores Sales Up.
Consolidated sales of the Safeway
System for the four weeks ended March
rs, 1882, based on continuing stores,
are reported at $18,575 ,087.76, compared
with S13,130, ,50122 in the previous four
weeks period ended February 81, an
increase of 2.45 per cent.
Sales for the II weeks ended March
26. 1882, were reported at s55, ,265 .901 .88.
Number of continuing stores in oper-
alton at the end of March, 1882, was
3,527.
While business failures, in both num-
bers and liabilities. exceeded any other
March on record, there is some conso-
lation in the fact that the monthly
failures index of Bradstreet's Magazine
showed a slight falling off. This in
dex, which is adjusted for seasonal
variation, registers 1872, as against
1875 in February and 1885 in January.
It is thus to be seen that, relatively
speaking, the failures record for March
has improved slightly from the first Of
the year.
The greatest increase was made by
the Northwestern section, amounting to
over SO per cent while the smallest in
crease was made by New England, with
Slightly less than IA per cent.
In the South Atlantic section, there
was not much difference in numbers,
242 being recorded in March. 1882,
against 228 in the like 1881 month.
New S25,O00,OeO Note Issue.
A new issue of S25,O00,0OO A per
cent collateral trust debentures of the
Federal intermediate Credit Banks is
being offered by Charles r. Dunn fiscal
agent, on per cent basis. The de-
bentures will be dated April Is and
due in three, four and five months.
Although the Reconstruction Finance
Corporation has offered to take all or
any portion of debentures remaining
unsold on the issue dates, Mr.. Dunn
states that the demand from institutions
and other investors has been sufficient
each time to absorb the entire amounts
offered heretofore.
ID. c. Exchange Trading Active.
Business was considerably more lively
on the Washington Stock Exchange
than for several sessions. Potomac
Electric Power So per cent preferred
opened the market, selling at los. Ten
shares of Federal Storage Co. preferred
again sold at 30 while Capital Traction
figured in several small sales at 1914.
closing at 1872.
Both type stocks appeared on the
board, a small amount of Mergenthaler
Linotype moving at 40 and a small
sale in Lanston Monotype being re-
corded at 81. Attention was then turn
ed to bonds
Washington Gas 6s series A, opened
at par, selling later at 9934. while the
series B BONDS moved at lO01s. The
Gas B bonds closed with a 1000 sale
at 1925. Washington Gas 5s regis
terei a $500 sale at SO.
Washington Railway & Electric Is
also appeared on the board, two $1,000
sales taking place at 6112.
Heard in Financial District.
The j. w. Crook Stores Co. pre-
ferred stockholders have approved sale
of the firms assets to the American
Stores Co.
The Interstate Commerce Commission
has authorized the Western Maryland
IN l.