Evening star., 1933-04-25
TRADE GAINS HELD
IN FIFTH DISTRICT
Retail Business Since Easter
Has Shown Firm Trend,
Bank Reports.
BY EDWARD c. STONE.

enough along TO get an exCellelI llOl-
cation of what the whole month Will
show and the results to date have been
gratifying, Richmond bank ofnclais
state.
Agricultural conditions in the fifth
Reserve district remain favorable, the
banking situation is showing continual
Improvement in this territory and an
increased feeling of optimism is noted In
the five States and the District OF Co.
lumbia.
Present production of coal is ahead
of the seasonal average. An improve
ment in railroad car movements is also
reported At present the building situ-
alton seems to be the most unsatisfac-
tory of any line in the fifth Reserve
area
Reports from the Atlanta area show
gains in retail trade, volume comparing
well with the same period a year ago.
Atlanta also reports gains in employ
ment, in factory pay rolls and some 5
to 10 per cent salary increases The
demand for building materials has also
picked up during the past few days.
Junior Bankers Hold Debate.
In the annual public speaking contest
held by Washington Chapter. American
Institute of Banking. last night at insti-
tute headquarters, E. Wallace Schriner
of the First National Bank, Alexandra,
captured first place.
j. Earl McGeary of W. B. Hibbs Co.
won second place, and Alice G. Whittcn
of the First National Bank OF Alexan-
dria was third
The other contestants were Henry w.
Evans of the American Security & Trust
Co, Ralph G. Whitton of the First Ma.
tional Bank of Alexandria, Richard
Ctri,,nFo11Ou, Of tho Cnl11r1hiQ National
Bank and William Blum Of the Riggs
National Bank.
Mr. Schriner was awarded the bank
presidents trophy for one year and will
represent Washington Chapter in the
district contest to be held here on May 6,
in which members from chapters in
Delaware, District of Columbia, Mary
land, New Jersey, North Carolina, Penn
sylvania Virginia and West Virginia will
compete for the honor CT representing
this district in the finals at the Chicago
convention in June for the A. P. Gian
mini educational endowment prize.
Treasury Notes Payable in Gold.
Notwithstanding the talk of dollar
devaluation, announcement OF the
Treasury offering of $500, 100000 27s
per cent notes, due April Is, 1896, CON-
tanned the usual statement that prin-
cipal and interest of the notes will
be payable in United States gold coin
of the present standard of value"
A feature of the statement is that
the Secretary of the Treasury reserves
the right Ito increase the offering by
an amount sufficient to allot in full all
subscriptions up to $4,000" Matur-
ing certificates also will be allotted in
full if offered in exchange for the
notes
Books will be kept open several days
for receipts of subscriptions up to
$4,000 Purpose of this move was
explained at the Treasury as enc CIV
ing individuals and small investors
every opportunity to invest in their
Government 1t is also believed that
the administration hopes to reduce
boarding somewhat by this procedure.
Banking institutions which have been
licensed to resume their normal bank
ing functions are permitted to handle
subscriptions in the usual manner. Un-
licensed banking institutions are au-
thorized to accept applications for sub
scribers and to hold in segregated ac-
counts funds rendered in payment pend
ing transmittal to a Federal Reserve
Bank or branch.
Virginia Bank Joins Reserve.
The Planters Bank & Trust Co. of
Farmville, Va, with a capital of $4,000,
has been admitted to membership in
the Federal system, according to a
Treasury announcement. This state
ment follows Saturdays report that
the American Security & Trust Co. of
this city had been admitted to Reserve
membership. These two banks bring
the number to Al which have joined
the system since the national banking
holiday
Local bankers continue to follow
every move in connection with the
Glass banking bill with the greatest
interest Senator Glass states that
some form of insurance on bank de-
posts will remain in the bill. He made
this statement after talking with Presi-
dent Roosevelt. The branch banking
provision was also discussed, he said.
Senator Glass feels that the chances
of passage of this bill have been given
a real boost by the conference between
the subcommittee of the Senate Bank
ing and Currency Committee and the
President.
Trading on Local Exchange.
Washington Railway g. Electric As
opened the trading on the Washington
Stock Exchange today. One $500 and
three $1,000 sales were recorded at 85.
After call, $1,000 Washington Gas
Light IS, 1858, came out at 81 Y. Bid
ding then turned to stock. Ten shares
of Mergenthaler Linotype moved at
231s. 10 more at 1884 and 4 more at
"a fiat
The days final sales were four 10
share lots of Washington Railway &
Electric preferred, all made at 80.
The Washington Stock Exchange will
soon go on the Summer schedule, the
daily session taking place an hour ear
lier than at present. The change takes
place next Monday, when the New York
Stock Exchange also changes its time.
Commodity Prices Break Record.
Wholesale commodity prices, last
week, showed the largest weekly gain
in several years according to the index
of the National Fertilizer Association.
This index advanced II points during
the latest week. During the preceding
week there was a gain of 3 points and
two weeks ago there was also an up
turn of 3 points. The index has ad-
vanced II points during the latest
three weeks, the largest continuous gain
in more than two years. The latest
index number, 58.2,' is at about the
same level as at the first Of 1888. A
year ago the index stood at 61.s.
New Delivery Permit Urged.
The Pennsylvania Railroad filed with
the Interstate Commerce Commission
an answer to a petition to suspend the
tariff, now in the hands of the COM
mission. covering the collection and de-
livery of freight in New York City
and the metropolitan district of New
Jersey, in which, it is argued that dis
cussion will not contribute toward the
solution of the problem a fraction of
what would be learned by experiment.
NEW YORK BANK STOCKS