Evening star., 1933-05-08
GAIN
| NOTED IN SURVEY.
Improvement Reported for
T.. Fifth District by Rich
mond Bank. IM
BY EDWARD C. STONE.

Uc al xtCCCA VIC o04lh Va 4eASAA-
inond reports improvement in employ
ment during the past few days. This
will naturally expand the spending OF
money in this territory in the near fu-
,ture. The Fifth District includes the
District of Columbia, Maryland, Vir-
ginia, West Virginia, North and South
Carolina.
Retail trade in the early part Of May
has also shown expansion, especially
in retail lines, according to Richmond
reports. Both wholesale and retail col
lections have shown favorable increases.
The tobacco factories have recently
called back hundreds Of workers and
textile plants are now running near
capacity. The agricultural situation Is
reported as favorable, although planting
has been somewhat retarded by wet
weather.
The adjoining district to the south,
the Sixth District, also reports i'm
proved conditions. The Atlanta Reserve
Bank reports marked improvement in
several lines, especially in the depart
ment stores in the automobile trade.
The advance in cotton prices has
already been reflected in a great deal
more buying in the farming sections.
In reviewing the situation in all IL
Federal Reserve districts, the New York
Times says that the past weeks reports
have been unusually optimistic. They
have nearly all mentioned Improve
ment," pickup" gains" and ''recov-
cry" Sales that had been reported as
fair are now being reported as good in
,many parts of the country. The ad-
vance in grain prices has been the big
factor in the Middle West
In New England the textile and shoe
industries are leading in notable bet
terment. In Philadelphia there was a
gain of S27,000,000 in bank clearingS
last week.
!. Loew's, Inc, Reports New Profits.
Loew's, Inc, and subsidiaries report
for 26 weeks ended March 16, 1888 net
profit of S2186,531 after depreciation
,and taxes, but before subsidiary pre-
.ferred dividends, equivalent after SUBJ
iSidiary preferred dividends and divi-
dend requirements on $3.50 preferred
stock of LoeW's, Inc, to S1.04 a share
ION 1464205 shares of no-par common
stock. This compares with $5,264, 729
or S3.13 share on common for the 28
weeks ended March II, 1882.
e Report Of Virginia Public Service Co.
.for year ended December 81, 1882,
.shows net income of S1,013,497 after
. depreciation, taxes, interest, amortiza-
tion, etc. equivalent to $l0.38 a share
.ltpar S100) on combined 42,172 shares
apar $l0O) of per cent preferred and
.55,445 shares of 6 per cent preferred
stocks. This compares with net income
in 1881 of ST 1,444,022, equal to $l490
share on combined 42,172 shares of
per cent preferred and SAITH shares of
per cent preferred stocks. The COM
mon stock is all owned by Seaboard
Pllh1ic Service Co
Insurance Men to Eject Officers.
The District of Columbia Life Under
writers Association will hold its annual
election of officers next Thursday, fol-
lowing the regular luncheon at the
Washington Hotel.
Reports of the officers and the COM
1nittee chairmen will also be made at
this time Three new directors will also
be elected, according to President John
P. Lynch.
At the April meeting, the following
six members of the association were
duly nominated and have expressed a
Willingness to serve as directors if
elected: P. L. Rogers, Acacia Mutual;
Herbert 0. Mclean Provident Mutual
George T. Black, Sun Life of Canada;
F.. George Clendaniel, Northwestern
Mutual Earl D. Krewson, New York
Life; Joseph A. Marr, Penn Mutual.
Stock Exchange Extra Active.
Business was exceptionally good on
the Washington Stock Exchange today
when the weeks trading opened. The
first sales were in Potomac Electric
Power 5l2 per cent preferred, the issue
opening at 1868, dropping "a and
closing at LOG. The days sales totaled
81 shares.
Washington Railway g. Electric pre-
ferred stock moved at 1912 for single
share. Mergenthaler Linotype came
out at Is, four 10-share lots changing
hands
After call, Potomac Electric Power 6
per cent preferred stock appeared on
the board, Z shares selling at the strong
price of 1093a.
Washington Gas IS. Series B, opened
the bond trading, 5000 selling at lO41s.
Georgetown Gas SIS registered a $1,000
sale at 103H. Gas IS again appeared
on the board, $1,000 moving at 1929.
: Washington Railway g. Electric As
came out at 84l4. in $4,000 and $4,000
sales.
The market closed with 20 shares of
Washington Railway g. Electric pre-
terred stock commanding 3D.
Heard in Financial District.
E. Wallace Schreiner of Alexandria,
was receiving hearty congratulations
today over his victory in the debating
contest among members of the Ameri-
can Institute of Banking.
- He competed Saturday evening with
representatives from Maryland, Vir-
Einia, New York, NortD Carolina, New
Jersey, Pennsylvania and West Vir-
ginia.
:. The young local banker will now at
tend the institutes national convention
in Chicago and compete for the Gian-
mini prizes, the highest of which is $500.
Consultation of all railroads into a
limited number of systems was advo-
Gated by Gen. w. w. Atterbury, presi-
sdent OF the Pennsylvania Railroad, as
IA remedy for present plight of the car
-riers. Gen. Atterbury's suggestion was
made at luncheon of the Chamber of
Commerce of the United States at the