Evening star., 1932-05-04
BONDS FEATURED
!. ON D. c. EXCHANGE
Only One Stock Issue Traded.
i Bankers Council viii
RI Meet.
HY EDWARD c. STONE.

nv EDWARD L. SIONE'
Bonds again drew practically all the
attention during today's session OF the
washington Stock Exchange. Inc
market opened with $500 Washington
Gas Light SIS selling at 1907. Wash
,neton Gas IS. series B, appeared IN
S5on cole at 1O2. Trading then turned
n Washington Railway & Electric 4S'
in which two 81 900 TRANSACTIONS "eie
After call washington Gas IS, series
a appeared on the board, seluIls ~
98s4. Only one stock came ouC 'ou oa1t
potomac Electric Power 5i5 per CEN cetiC
1,referred moving at 1902 for single
share. e .,,o rost
Tn the moderate trading OF the paSC
au,o weeks the senior issues nave peeA
much more popular than local STOCKS
II. G. Bankers Council Meets
Following today's midweek lunche0n, on
{he Council of Administration OF Iiie
district Bankers Association noIoS ICS
regular meeting and will dispose OF sew
eral routine matters 49, &c
The Insurance Committee OF the as
ISOLATION of which Frederick H. Cox,
ceehier of the Commercial Natlonal
rank is chairman, will meet late TINS
afternoon. A new insurance policy lor
+he protection of banks has recently
I,eep brought out. It has already oeen
anrroved bv the American Bankers
Association and its strong points were
Gown for discussion at todays meeting
president Robert V. Fleming OF the
Riggs National Bank will be the cniel
sneaker at the Spring meeting OF tne
sDistrict Bankers Association tomorrow
afternoon in the American SecuIlty
BuiIding. The meeting will be deVoteo
Utmost wholly to vital legislative mat
ters now before Congress. G. II. Pope
will preside. .,
The local associations standing COM
,,,ittee chairmen are now busy prepar-
ing their annual reports to be presented
Of the annual convention at Hot Springs
in June.
Trade Pickup in South.
r.+oe+ renorts from the IL Federal
Reserve districts show that business
Increasing in the Atlanta area more
than in most other sections OF the
country. Special sales have done mucn
to stimulate trade in the past lew days
several commercial and highway build
inp projects have just been started
F1Irniture sales are on the increase ana
wholesale trade is improving.
While behind last year, Richmond re-
ports improved sales during the last
half Of April Employment OF ABOUT
600 workers in the Ford plant at Nor
foIk is the leading recent fifth district
develonment. The building trend is still
downward.
Retail trade is better in Philadelphia;
New England reports conditions as
Quiet; Cleveland conditions are un-
changed; while the weather has recently
marred trade in St. Louis and Kansas
CITY. Trade is better in Texas.
] Minneapolis, Chicago and San Fran
cisco report very few changes in business
conditions in the past few days.
Banks Earning Assets Increase.
Comparison of the April IS, 1882,
figures with those of April Is, 1881,
shows an increase of $22 ,877 600 In the
Reserve Bank of Richmond's total earn
ing assets, chiefly due to an increase Oh
S1467800O in rediscounts Tor memoef
banks. The portfolio of open market
paper increased $2,351, 900 during the
year. and holdings of Government Sc
curities rose by $5,848,00O.
The volume of Federal reserve notes
IN actual circulation rose by S17,593,0 ,0OO
between April is last year and this, the
increase being due in large part 10
boarding of currency. Member oanK
reserve deposits at the Federal reserve
Bank of Richmond decreased S14, 4,407 ,O0O
during the year, a smaller numDer oA
member banks and reduced deposits tns
year requiring lower reserve oepoSnS.
Cash reserves of the Richmond Bank
declined sl9.447. 900 between April 10,
1891. and April Is, 1882. and the ratio
of cash reserves to note and depoSlt
liabilities combined declined l6.8 points
during the year.
SteagaII Sees Lower Interest.
Farmers notes, offered to the Fed
eral intermediate credit banks for DIS
counts or loans by local financing in
stitutions and warehouse receipts ana
other paper rendered to these banks by
farmers cooperative marketing asso-
Citations. should bear a lower rate OF
interest in the future If the NorbecK-
SteagalI bill, making the debentures OF
these banks eligible collateral for loans
from Federal Reserve banks to banks
which are members of the Federal Re
serve System, becomes law" ms as
surance is given by Henry B. Steagall. /.
chairman of the House Banking and
Currencv Committee. in the forthcom-
ing issue of the Fifth District Banker.
The bill has passed the Senate ana
has been reported favorably by the
House Banking and Currency Commit
tee and is likely to be voted upon by
the House in the very near future
ID. C. Banks Free With Loans.
Local bankers insist that the claim
that New York banks are delaying the
business recovery by too tight M ioan
policy does not apply to the banking
institutions in this city. 1t is stateo
that the banks here are constantly
making loans for the purchase OF SOUND
securities and are also making many
loans to meet business needs.
A good many Washington people be-
Heve that sound securities are now al
bargain prices, even if they continue tc
20 lower. For the purchase o. such
Securities, with proper collateral. the
banks are perfectly willing to MAKE
Jeans.
The demands for money for business
purposes are light at present, officials
say, but add that the mercantile situ-
alton here is not being held back by
lack of funds.
Heard in Financial District.
George L. Starkey, president Of the
National Bank Of Washington, is on 9
Today trip TO Atlantic City.
A. c. MAYER of this city was elected
president of the Maryland, Delaware
and District of Columbia jewelers. AS
sociaticn at the final session Of it!
eighteenth annual convention at th'
MayfloWer Hotel.
DR.. Robert Thompson, who recently
addressed local bankers at the Colum
bia Country Club dinner, was to give {
talk before the officers and employs
of the Riggs National Bank, afte
banking hours today.
Oscar A Thorup of the Remington
Rand Co. is back in the financial dis
trict after his recent severe illness.
Bradstreet's reports five fewer fail
ures in the South Atlantic States dur
ing the week ending April than for tn
week of April 81.
..,There is q hiIVer for. every Shar!