Evening star., 1933-03-21
BUSINESS PICKS UP
IN FIFTH DISTRICT
Demand for Spring Goods
/ Reflected in Better Re-
+ tail Trade.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
The Federal Reserve Bank Of Rich
mond reports that business in the NTH
district has shown an encouraging
pickup in the past few days since the
majority of banks have been reopened
on a normal basis. Retail stores IN the
territory announce that a demand for
Spring goods is already well under way.
The upward trend In cotton prices
has already helped the Southern sec
tion of the fifth reserve district, the
report adds. The improvement In grain
prices is expected to help the farming
areas. Agricultural work is well started,
but acreage is to be drastically cut,
partly because of the inability of farm
ers to buy seed and fertilizer The
building outlook looks better. Highway
construction is slow.
With the lifting of the banking hoii-
day in the sixth reserve district around
Atlanta, trade has revived on vastly
improved scale. Bank deposits have
increased and retail sales are reported
as the best for several months.
From the other 10 Federal Reserve
districts come reports that the lifting
of bank suspensions has given sentt-
ment a big boost. The administra-
tion's efforts to reduce Government ex-
penses and balance the budget have
also turned the views of business men
and financiers on the outlook. The
New York Times, however, says that
the improvement so far has been
greater in sentiment than in the
figures.
ID. c. Accountants Laud Steel Move.
Certified public accountants in Wash
ington are elated over the action taken
by the United States Steel Corporation
toward having independent accountants
audit their annual reports. For several
months the New York Stock Exchange
greater publicity in connection with
annual reports made by companies
whose stocks are listed on the big
board"
In connection with the steel corpo-
ration's annual meeting, article calls
for the election by the stockholders Of
independent accounts. This Is the most
striking move yet attempted along this
line It is believed that no other big
corporation has put a matter OF this
kind up to the stockholders and car
ried it so far as to ask Tor the election
OF the accountants.
1t is now expected that the plan will
spread to other big firms and that the
annual statements in the future will be
far more accurate than many have been
in the past. Independent certified pub
lie accountants are expected TO take
nothing for granted when making up
the annual financial statements, but to
check up on every item over per1oo
of wears the new method should prove
of great value to shareholders. local
accountants declare.
Boris Baiessky, chairman OF the Com
nittee on Co-operation With Investors
of the District of Columbia Institute
of Certified Public Accountants, has
lust made an extended report OF the
steel corporations action to the local
association, praising the action very
highly.
Wider Branch Banking Urged.
Branch banking by national banks
extended to Federal Reserve district
limits is overwhelmingly favored by the
economic Credit Council Of the Ma
tional Association of Credit Men, ac-
cording to a survey just completed oy
Henry H. Heimann, executive manager
of She National Association OF Cleolt
Men. and received by the washington
Office. ~,
In presenting the results OF this Ma
tion-wide research of opinions from
the banking, commercial and financial
fields in which the council has mem
bers Mr.. Heimann declared that out
of the present banking situation Will
emerge sound banking legislation and
a new banking technique. The per-
manent banking legislation should be
given thorough study and enacted only
after a comprehensive survey OF leg1s-
lative needs. Banking needs from the
industrial and commercial angle snouio
be given more than usual consloeratlon
49, tho honkipo LEGISLATION Is finally
enacted.
The banking interests in the past
presented such conflict OF interest
and division of opinion that 1t should
be a safe conclusion that the new leg
islation will issue largely from the de-
liberation and study of those without
the industry. 1t is doubtful whether
unanimity of opinion on bank legis!a-
ton can be developed within the bank
ing industry itself, in view OF so many
conflicting points Of view held by
bankers"
Only 7 of the 64 members Of the
council are opposed to branch bank
ing in any form. OF those favorably
inclined to the extension Of branch
banking, numbering 81, all but 5 spe-
Gifted the limit for this measure. -Four
members favored extension to city
limits, nine asked for Statewide branch
banking unrestricted by State laws, ten
felt the need of State restrictions on
Statewide branch banking. Individ-
ually and collectively these groups were
outvoted by the advocates Of branch
banking to Federal Reserve district
limits, who numbered 20, or Sc per cent
of the councils membership.
Local Dividends Are Declared.
Directors of Woodward g. Lothrop
have declared a dividend of 30 cents
per share on the company's common
stock and the regular quarterly divi-
dend of 134 per cent on the preferred
stock Both dividends are payable
March 81 to shareholders OF record
March 81.
The directors of the Security Storage
Co. have declared a dividend of SIPS
a share on the capital stock of the
company, payable April 10 to stock
holders of record at the close Of busi-
ness April 6.
The Chesapeake & Ohio Railway re-
ports for two months ended February
%, 1888, net income Of $3,266,514 after
taxes, charges and sinking fund appro-
priations, equivalent after allowing for
dividend requirements on 61a per cent
$3.50 on 7,662810 shares of common
stock This compares with $2,667 ,099,
or "a cents a common share, IN the
first two months of 1882.
February net income was $1,677,277
after taxes. charges, etc. against net
income of $1,470,462 in February, 1882.
Today's Trading on d. C. Exchange.
Trading on the Washington Stock
Exchange today was confined to Poto-
mac Electric Power 5la per cent pre-
ferred stock On e very small turnover
the stock changed hands at 105h.
The governors of the exchange added
Woodward & Lothrop common and
preferred stocks to the trading list,
yesterday. At todays session 81 was
bid for the common and los for the