Evening star., 1932-04-12

years. kA2&
THE increases - W
In certain freight
rates authorized by Fairfax Harrison.
the In terS a tie
Commerce Commission will, it Is eSt1-
mated. produce for the company an in
crease of 100000 annually in gross
revenue" Mr. Fairfax said. The
wage adjustment, together with reduc-
ton in the wages and salaries OF unor-
ganized employees and officers. will re-
suit in decrease in payroll expense OF
approximately $4,000, 900 during 1882.
industrial expansion in the South
has slowed down, but has not entirely
stopped During the past year go new
manufacturing plants were located at
points served by the Southern Railway
system and additions were made to SIS
previously existing enterprises, the
greater part of this expansion being IN
the textile industry. The activity of
Southern cotton mills, measured by
spindle hours, was per cent greater in
1881 than in 1880. The year witnessed
the continued growth of the knitting
industry. using cotton, silk and rayon
yarns"
April Bankers Bulletin Appears.
The District Bankers Association
April Bulletin has made its appearance
and is devoted largely to the coming
annual convention, tonight's meeting
at the Columbia Country Club, the
moving of association headquarters into
the Bond Building and various matters
pertaining to the activities of the Amer
lean Institute of Banking. There is also
a special article on The Glass-Steagall
Act, Amending the Federal Reserve
Law" written by Frank M. Perley Of
the American Security & Trust Co.
So Bank Stocks Still Above 1881.
The New York City bank stocks,
which are widely held in Washington,
during the past week established a new
low record for the current year, but the
average is still above the 1881 low, ac-
cording to records compiled by Holt,
Rose & Troster The aggregate market
value of the Is leading issues was
S1408, 10000, as of April 9, against
S157852 900 on April 2, a decline of
s108 per cent for the week. and 1881
low of 81 1920, ,489 900 on December II.
The average yield was 8.88 per cent.
Business Still Retarded
Reports from the IL Federal Reserve
districts during the past week indicate
that uncertain factors are still holding
business back Boston and Philadelphia
made the best reports, noting several
highly encouraging signs. The Rich
| mond Reserve area shows little change.
Cotton manufacturing continues to hold
up well and there is much activity in
the tobacco industry. The Atlanta area
is maintaining its recent improvement
| in many lines. Trade is reported very
/ spotty in most of the other Reserve
| districts. A turn for the better is re-
ported in the Minneapolis district, where
clothing prices are at the lowest levels
! in years,
Bank Loses Valued Director.
In the death of William E. G. Penny,
the United States Savings Bank has
I lost a most valued director. He has
/ not only been on the directorate for
9years, but he was also one OF the Or
ganizers of the bank, which has been
a thriving institution from the start.
Members of the board are to pay him
tribute by acting as honorary pail
bearers at the funeral Mr.. Penny was
a native of Maryland, had lived in
Washington 40 years, and was an in
spector4n the District Highway Depart
n1ent.
Todays Trading on Exchange.
Trading was quiet on the Washing
ton Stock Exchange today. The market
opened with $1,000 Potomac Electric
Power Consolidated SIS selling at 1905
After call another sale in the same
amount was recorded at the same price.
Capital Traction was the only stock to
appear on the board, two 10-share lots
selling at 16, a new low on the present
move. Traction stock closed 16 bid and
IT asked. While Capital Traction stock
is very low, yet there has been COM
paratively little trading in it recently,
nf hn cfn ly
awaiting the outcome of the present
merger proposals before Congress.
Financial District Notes.
Local brokers are much interested in
the denomination for a third term of
Richard Whitney as president of the
New York Stock Exchange. Warren B.
Nash has been renominated on the
Exchange for the thirteenth term
Z Marshall o. Exnicious, manager of
the washington Office of the Chase
Harris Forbes Corporation, announces
the removal Of the Offices to the Amer
lean Security Building. This concern
is an affiliate Of the Chase National
Bank, New York.
The Security Club of the American
Security & Trust c.. will present its
eleventh annual Spring play on tomor-
row evening. April 13. at the Gordon
Junior High School. This Thing Called
Love is the title of the play. The cast
includes the following members Ct the
American Security staff: Clara L.
Gainor Margaret J. Buckley, Margaret
z. Reed. Ruth H. Gochenour. Helen
Harris Joseph Haltigan, L. R. M Big
low, Edward N Williams and Granville
Longerbeam.
The wholesale price index of the Ma
tional Fertilizer Association advanced
six fractional points during the last
week to 622; compares with 1876 in
the like week year ago
Arthur K. Schulz assistant controller
of the Chase National Bank, will address
the District Bankers Association audi
tors section at the meeting Thursday
evening, the Baltimore Association being
guests.
Richmond Chapter wen the debate
Saturday night with Washington Chap
ter, American Institute of Banking.
keeping its string of victories still un-
broken