Evening star., 1932-02-05
BUSINESS UPTURN
NOTED BY BANKERS
Observers in Six Federal Re-
serve Districts Report
Improvement.
BY EDWARD c. STONE.


eral business conditions in January-aS
compared to the preceding quarter-iS
reported by investment bankers in six
Of the II Federal Reserve districts, ac-
cording TO replies to a queStionnalre
circulated at the end Of January by the
research department of Lawrence Stern
g. Co of Chicago.
The reports of improvement came
from the Boston, Philadelphia Chicago,
ST Louis, Atlanta and San Francisco
districts In the other Federal Reserve
districts conditions were reported as
unchanged or slightly less favorable.
The increased optimism shown by in
veStment bankers in some localities may
be partly due to seasonal influence, since
the Stern queStionnaire revealed that a
considerable majority of security houses
enjoyed an increase in bond distribution
in January, which is traditionally one
Of the most active months in the year
for investment dealers
There is an increase in reports OF
tight credit conditions, only about 40
per cent Of the dealers reporting easy
money in their localities. Some OF the
reports of tight money come from the
larger urban CenterS which have here
tofore reported generally easy credit.
Retail distribution of bonds in jan
uary was definitely better than in the
Immediately preceding months, accord
ing to the ma jority of dealers. In some
instances this improvement wsS slight,
and in others it ranged as high as SO
per cent.
Help National Organization.
The Columbia Building e. Loan Asso-
citation, 7l6 Eleventh street; the Wash
ington Permanent Building Association,
629 F street northwest the American
Building Association. 800 Pennsylvania
avenue: the District Building e. Loan
Association, l Thomas circle, and the
Mutual Building Association, 3O6
Seventh street southwest today received
their credentials as sustaining members
Of TIE American Savings, Building &
Loan Institute The institute IS the
educational and research unit Of the
country's home financing industry as
embodied in the HIT building and
loan associations with nine billion dol
lars in assets.
Joins Baltimore Exchange.
John c. Legg ir., member of the
firm of MaCkubin. Goodrich & Co,
Baltimore with local Offices at 1913
H street northwest has bought seat
on the Baltimore Stock Exchange and
has been admitted to membership 1t
member of the New York Stock EX-
change. having owned seat since
1916 Members Of the MaCkuoln,
Goodrich firm now hold three Balti-
more exchange seats.
Merrick Heads Investment Office.
The Guaranty Investment Co. OF
Charleston. w Va, has opened an
Office in the Woodward Building in
this city. in charge of Lieut.. Col. Henry
S. Merrick who recently completed a
four-year detail in the Military Bu-
reau of the War Department
For many years before and after the
World War, Col Merrick was engaged
in the investment business, being par
ticularly interested in bonds and also
active in banking He is a native of
Iowa and is one Of the leaders in the
Iowa State Society here. His record
with the National Guard is long and
highly commendable.
The Guaranty Investment Co. was
organized under the West Virginia
laws governing corporations Of this
character, and writes an installment
annuity contract, a type of investment
said to be growing steadily in popu-
larity. The company has also estab-
lished an Office in Baltimore.
Treasury Bills Far Oversubscribed.
Secretary Mellon announced today
that the tenders for SIS 100000 Of 93-
day Treasury bills, dated February 8,
1882, and maturing May II. 1882, offered
on February /, were opened at the Fed
eral Reserve banks on February 4.
The total amount applied for was
sl96.673,00O The highest bid made was
80 $50, equivalent to an interest rate Of
about 2l3 per cent on an annual basis.
equivalent to an interest rate of about
PA per cent on an annual basis. The
total amount of bids accepted was S76.-
399 900. The average price Of Treasury
bills TO be issued is 993l4. The average
rate on bank discount basis is about
2.65 per cent.
Today's Trading on Exchange.
The opening sales on the Washington
Stock Exchange was $1,000 washington
Railway g. Electric 4s at 80.
Capital Traction figured in one small
sale. but the stock was stronger than
earlier in the week, registering 10.
Mergenthaler Linotype also maintain
ed its recent stronger tone, small lot
changing hands at 81
After call. Railway & Electric As
again appeared on the board. showing
an upward trend two $1,000 sales TAX
ing place at 81 d.
The market closed with two small
lots of Potomac Electric Power per
cent preferred stock selling at the
strong price of Ill.
Financial District Notes.
January chain store reports are now
coming out. S. S. Kresge reported
decrease of 80 per cent. compared with
January, 1881. MCCrory sales we're of
s. per cent. while WOolworth reported
a decrease Of 6.5 per cent. The month
had 25 instead of 26 business days as in
January, 1881.
George O. VaSS. vice president and
cashier Of the Riggs National Bank, has
reported the raising Of ll0 per cent
quota for the Community Chest among
the employees of the local banks. Mr..
VsSs was chairman of the committee
in charge of this work among the banks
and deserves great credit for such
splendid record.
According to latest reports, the Gov
eminent is going TO render compare
lively little service in the banks this
year in correction with the income tax.
II will be necessary for bank patrons
to go to the Government tax Office for
assistance in making out elaborate tax
returns.
The Council Of Administration of the
District Bankers Association will hold
a regular meeting late this afternoon.
A number of routine matters await the
attention Of President C. H. Pope and
his assistants.
President Harry J. Haas of the Amer
lean Bankers Association has been in
the city this week He was guest at
the bankers weekly luncheon at the
Willard on Wednesday. receiving a
most cordial greeting His home is in
Philadelphia.
IIpTIIPN IN Dill 0IME