Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-04-24

continuance of the ##$
buying wave. The A
volume of business , ~
here once more
gladde ned the Frank M Gordon.
hearts of brokers,
rushed clerks to the limit, and kept
the boardroom boys hustling every
second to keep up with the market.
Approach of the economic discus
sions gold standard action and the
chances of imitation, as we'll as the in
crease in the demand for steel, were
among the leading topics talked about
in local broker offices today The
gains in grain prices are also getting
their full share of attention.
Local dealers in high grade bonds
announced today that there has been
an improvement in the bond demand
during the past few days, or since
This increased interest in investments
has been reflected in recent trading
on the Washington Stock Exchange
which is we'll ahead of the business
transacted at the same time a year
ago.
Investment Bankers to Meet.
Frank M. Gordon, president of the
Investment Bankers Association of
America, announced today the annual
May meeting of the associations board
of governors at White Sulphur Springs,
May Is to II. The more important
business sessions of the board, Mr..
Gordon said, will be on May Is and IA
so that members wishing to return to
their business as early as possible may
do so at the end of the second day of
the meeting. Members of certain COM
mittees will convene May IL, he said,
to complete reports that they will sub
NIT to the board. Only present and
bers Of the associations national COM
mittees are eligible to attend the meet
ing.
Several Washington investment houses
are members of the Investment Bank
ers' Association and are usually rep
resented at these important Spring
meetings.
New Report on Retail Sales.
The Federal Reserve Bank of Rich
mond today reported the percentage
sales in "a fifth district department
stores in March and in the first three
months of the present year, compared
with the corresponding periods year
ago
Retail sales in Washington stores in
March were off 26 per cent from March.
1882, while local trade in the first three
months of 1888 was down 81 per cent
compared with last year. On March 81,
1888, stocks on hand in the local stores
Compared with February of this year,
stocks were .38 per cent higher.
Stocks in Washington stores were
turned over 296 times during March
and BIT times between January ! and
March 81. 1898. OF receivables DUE on
March l, 1893, 24.5 per cent were col
lected during the month, the report
says.
March retail sales in Richmond were
down 279 per cent in Baltimore 1873
per cent, in other cities 27.4 per cent
while the average for the whole fifth
district was 292 per cent. Thus, it is
seen that Washington made a better
showing than other individual cities and
better than the average for whole dis
trict.
Richmond made a particularly good
showing in collections during the
month, ISL per cent OF the outstand-
ing bills.
Banking Status Remains Unchanged.
The banking situation in Washington,
so far as the closed banks are con-
cerned, remained unchanged as the
week opened. Reports are still cur
rent that the Treasury officials are
working, on a special formula for re-
opening the closed banks in cases where
such action is warranted 1t Is limited
that some plan may be worked out
whereby depositors might get part OF
their deposits at an early date in cash
and accept deferred payments on the
remainder.
State banks in several States have
been opened on restricted basis and
later been permitted to resume 100 per
possibility of Washington banks being
permitted to reopen on any such basis
is not known. Some local bank officials
think that If a bank Is so per cent
liquid it should be allowed to operate
on that basis, or near that basis. These
officers say that If they could operate
on so per cent oasis they might be
able to thaw out the other so per cent Of
their assets.
The original plan Of the Treasury was
that all banks must operate on 100 per
cent levels when they are permitted to
start up again. This ruling forces the
raising Of new capital in many cases
at time when new capital is none too
easy to get. Some of the local banks
are working hard with this end in view
and have already received large SUBJ
scriptions.
Today's Trading on d. C. Exchange.
Mergenthaler Linotype was the most
active stock on the Washington Ex-
change when the weeks business got
under way. The first three sales were
made at 1874 and after call five more
sales we're recorded at the same figure.
The days turnover in Mergenthaler
totaled IA shares.
The weeks first sale was in Capital
Traction stock, IS shares changing
hands at 6, same as the last sale last
week. Potomac Electric Power per
cent preferred stock moved at 10834 for
a f1ve-share lot.
In the bond division Washington Gas
6s series B, came out at 1895 and
closed with a $1,000 sale at 10334.
Washington Gas SIS. 1860, brought 1922
in two $500 transfers.
The bond market closed with two
$500 sales in Capital Traction IS at 40.
At this price these bonds give the very
high return Of Is per cent.
The Washington Bankwomens Club
will hold its April dinner meeting to-
morrow evening at Parrot Tea Room,
1901 Twentieth street northwest, at 6
O'Clock, President Judith M. Fishburn
announces. The guest speaker will be
Miss Mae Helm, local attorney.
Complete returns from the 215 cities
regularly reporting to Dun & Bradstreet,
Inc, for the month of March reveal an
aggregate total expenditure for building
permits Of $17,770,874. This is a gain
of 3.5 per cent over the February total
of SIT, 16l ,943. which was the lowest on
record. In March Of 1882 the total was
$37,676,746.
Virginia Iron Coal & Coke Co. re-
ports for quarter ended March 81, 1888,
net loss Of $4,000 after taxes, interest,
depreciation, depletion, ETC.. comparing
with net loss Of $10,776 In first quarter
Of 1882.