Evening star., 1933-06-01

in some cases Richard w. HynsOn
higher wages being
reported. The South Carolina mills led
all the spinning States in active spindle
hours of operation per spindle.
Business in most lines, the bank said
in its monthly review of credit, business
and agricultural conditions, showed sea-
sonal improvement in April and the
first half of May, and in some lines
there were signs OF revival more marked
than seasonal trends alone accounted
for.
The commercial failure record of the
fifth district in April was relatively gooo,
the number of insolvenc1es being tne
lowest for April since 1928 and the
liabilities involved being the smallest In
amount for any April since 1871.
Cotton prices rose further in late
April and the first half of May ana
reached the highest point since the
middle of 1881. Tobacco factories pro-
5uced more cigarettes, smoking and
chewing tobacco, and snuff In April
this year than in April, 1882.
Retail trade in department stores
during April showed somewhat more
than the seasonal increase over Marcn
trade. and wholesale trade was also peU-
ter than in recent months, but collec-
tions in both wholesale and retail lines
were materially slower than COLLECTIONS
in April last year, PROBABLY retlectlng,
the review said, the unfavorabie lnnu-
ence of frozen deposits in unlicensed
or closed banks this year.
Construction continued in very smaA
volume. but permits issued in Leading
nth district cities in April totaled more
than for any month since last Fall.
Hynson Joins FoIger and Nolan.
Richard w. Hynson, former manager
of the Washington Office of the Ma
tional City Co., has become associated
with Folger, Nolan & Co., investment
banking firm, and washington CORE
spondent of Kidder, Peabody & Co.
The local firm consists of j. G. Folger
and James Parker Nolan, with G. II.
Severance, associate.
Mr.. Hynson is a native of the Eastern
Shore of Maryland, educated in the
public schools here, graduate OF East
ern High and Washington and Lee Uni
versity. Starting his business career
in the cashiers Office of the PennSyl-
vania Railroad, he was later employed
10 years by the American Security q
Trust Co. During this time he did
special work in economics under H
Parker Willis and later graduated from
George washington Law School. While
with the trust company he became an
expert on income taxes and during
spare time did extra work with the late
J. Edward Bates.
was head of the National City Office
here. In addition to his investment
work he has been active in many i'm
portant local organizations, including
vestryman, Church of the Epiphany;
vice chairman Episcopal Home for Chill
dren, Board of the Associated Chari-
ties, Rotary Club, Washington Board
- of Trade, Cathedral Lodge, F. A. A. M. !;
Kappa Sigma Fraternity Congressional
Country, Alfalfa and Racquet Clubs,
Sons of the Revolution, treasurer of
the Washington Committee of the Ma
tional Cathedral Association and the
Bond Club of Washington.
Olds With New Investment House.
The investment firm of Brown, Good
wyn & Co. announced today that Ed
son B. Olds, jr., has become associated
with them. He is the son of Edison B.
Olds, vice president and treasurer of
the Union Trust Co. and since his
graduation from the University of
Maryland has been active In local in
vestment circles.
The members of the firm OF Brown,
Goodwin & Co. were for many years
.,
Co. and subsequently with the Chase
Harris Forbes Corporation They are
now located in that firms original Of
1ices in the American Security Building.
The members of the recently organ
lied firm Of Brown, Goodwin g. Co. are
L. Clark Brown and Wilfred L. Good
Tyn, jr.
Recently several local investment
firms have increased their stats as their
hotfpF hac
also expanded.
Baruch Sees Economic Recovery.
Bernard M. Baruch, noted fnancier,
expressed full confidence in the admin
istrations present program for economic
recovery in an address before Olgethorpe
University students at Atlanta. Ga the
other day. During his speech he indi-
Gated his belief that the worst of the
depression is definitely over, saying in
conclusion:
Bear in mind that economic progress
Is not plane surface constantly in
clined upward. 1t is an ascending noun
tain of high peaks and deep gorges
Since our beginnings, there have been
IT major depressions and, while per-
haps only four Of them could be men
toned in the same category with the
one in which we now live (perhaps
can say have livedO, I am old enough
TO remember seasons to which our pres
ent condition compares as sunshine to a
tornado"
TOday's d. c. Exchange Trading.
Potomac Electric Power 6 per cent
preferred stock opened trading on the
Washington Stock Exchange today, with
a small lot selling at 109h2. The corpo-
ration's 512 per cent preferred stock
then sold in small lots at l05A The
usual dividends were paid on both OF
these stocks today.
Washington Railway g. Electric pre-
9erred also figured in light sales during
the session, changing ownership at Sc
Capital Traction stock appeared on the
board today. two 10-share lots moving
at and five shares more at ga The
large number of Capital Traction stock
holders are still awaiting details on the
change Of stock which must take place
when the merger plans are carried out
Some statement on this offer must be
made in the near future.
Bonds were quiet on the local ex-
change today, only one sale being re.
corded Washington Gas Light SIS, 1860
came out in a $500 turnover at 101 "a
Recently declared dividends on Wash
1ngton Railway & Electric issues and or
Lanston Monotype were paid today
leaving Peoples Drug Stores preferred
as the only stock on the list now beini
quoted ex-dividend.
Financial District Comment.
Secretary Woodin has invited tender
for SIS ,000, 900 of 21-day treasury bill
which will be sold to the highest bid
der on June 5. the money to be uset
in retiring a similar sum maturing ol
June T.
The Arundel Corporation, Baltimor
sand, gravel and contracting firm o
Baltimore, reports efor the four month
ended April 80, net income of $92, ,79S
after depreciation, Federal taxes, etc
equivalent to 10 cents a share. com
pared with $493,283 or 81 a share Il