Evening star., 1934-05-01

opera v e
nues in March of u ss n2ssa.. = -.
$237,423, in COM ~ ''
parison with $2O6, 1850 in the like 1888
period.
incorporating income stood at
$176,40 against $149, ,568 a year ago
Gross totaled $l76,669 compared with
S150,357. Deductions required S20,582,
as against $25,824 last year. leaving
the aforementioned substantial ip-
crease the balance before dividends
There was a net increase of TIA
telephones in Washington in March,
bringing the total up to 18l 1924. The
general increase in business in this
city, as well as convention activity, is
reflected in the 81 ,203, 900 calls made
during the month, against 1925, 900
during the same month in 1888.
; Balance before dividends for the
three months of 1884 was $478,94l
as compared with S93,O86 in the first
quarter of 1888, an improvement of
.$85,255. Operating revenues were
, So, AIS ,442, in comparison with S2,276,-
199. Operating expenses were higher,
being $l,685, ,656, compared with ST.
635,2l4, leaving a net operating in
come after taxes, ETC., of $542, ,36l,
against $468,677 year ago. Phone
calls numbered 60,216,0O0, contrasted
with 56,3o6,0oo last year.
= Galley Takes Bank Presidency.
H. Prescott Galley assumed his new
duties as president of the National
Savings & Trust Co. today, while
William D. Hoover, for IS years head
of the institution, became chairman
of the board. Mr. Galley took Mr..
Hoover's Office and Mr. Hoover took
another spacious Office on the same
floor so that both will be easy to find
by their friends and patrons of the
bank.
Mr.. Galley has been a director in
the trust company for several years
and has also served on the Executive
Committee. He has also been counsel
for the bank so is already in close
touch with the banks affairs. He re-
sceived many congratulations today and
his desk was decorated with a hand
some bouquet of flowers. A like trib-
ute was paid to Mr.. Hoover.
a Mr.. Galley is member and former
president of the District Bar Associa-
'tion. He is member of the Metro
politan, Chevy Chase. Lawyers and
other clubs, and lives in Chevy Chase.
One of the first to welcome him to
the ranks of bank officials today was
his brother, Albert H. Galley, execu-
tive vice president of the Lincoln Ma
tional Bank.
Fifth District Sales Soar.
The Federal Reserve Bank of Rich
mond issued quarterly review today
which showed that retail sales in this
territory in the first quarter scared
271 per cent over the 1888 record.
The Reserve Bank reported general
Spring business in March and early
April as above seasonal levels" the
statement covering the District of
Columbia, Maryland, Virginia, West
Virginia and the Carolinas.
The three months record was des-
cribed as splendid" by Chairman
William w. Hoxton. Thirty of the
fifth districts leading stores showed
a 81 per cent sales gain over March
of last year and 8.3 per cent over the
1882 period Time deposits in member
banks are larger than a year ago,
while a decrease Is reported in insol-
vencies.
The bank reported, however, that
1.-THE suspension of G. w. A. work in
creased unemployment in the district.
with relatively few workers thus re-
leased being absorbed in private in
dustry."
Building permits issued in 81 fifth
district cities in March, 1884, showed
some progress from the very low
figures reported in March last year."
the report said showing an increase
of lib per cent.
Best Month in Two Years.
The current issue of the American
Bankers Association Journal. which
got out such gloomy review month
ago, has turned optimistic. 1t says
today:
THE general condition of business
and banking in the United States be-
came more definitely clarified in the
month of April than in any month
In the past two years. Two controlling
factors have come to the surface,
clearly defined and easily explained.
1.-THE first is an increased and
strongly maintained demand for con-
sumers' goods in nearly all parts of
the country, free from holiday or
other special seasonal stimulus. The
second is increasing Identification and
appreciation of the influences which
are causing the failure of the durable
goods industries to respond to the
quickening impulse of better general
business conditions in anything like
the same proportion if, indeed, they
are responding at all.
Better retail trade has not only
been promptly reflected in wholesale
lines and in the industries dependent
upon them, but the latter also report
satisfactory orders for future delivery
indicating a confidence on the part
of dealers in consumers goods that
the improvement in business shown in
the trade of the first four months of
the year is expected to continue.
"The distribution of this trade is
such as to indicate that it is largely
the result of Government spending
in agricultural aid, public works and
relief of unemployment, and a re-
Election of better conditions in the
industries most directly affected by
such expenditures Much, possibly
most, of the improvement is artificial,
but there is enough of sound residue
to demonstrate actual, fundamental
Improvement"
Today's Trading on Exchange.
Sale of $1,000 Capital Traction IS
at 81 opened trading on the Washing
ton Stock Exchange today. Later in
the session another $1,000 Of the same
bonds sold at 81A, the advance show
ing the strength in this issue.
Potomac Electric Power per cent
preferred stock sold at Ill again today
on a turnover of three small lots. The
5h per cent preferred moved at 110%
for Is shares. Merchants Transfer &
Storage preferred was out today, Is
shares changing hands at 80.
Saturday sessions of the Washington
Stock Exchange have been discon-
tinued until the first Saturday in Oc-
tober, according to announcement by