Evening star., 1934-05-02
MEETING CALLED
BY |. B. A. CHIEFS
TRANSACTIONS ON THE NEW YORK STOCK EXCHANGE
Board of Governors Plans
White Sulphur Session
May 19 to 23.
BY EDWARD c. STONE.


be at White Sulphur Springs May 1s
to %. inclusive, Robert E. Christie,
jr., president of the association, an
nounced today. In issuing the call for
the meeting Mr.. Christie asked the
chairmen OF the associations 20 stand
ing committees to hold committee
meetings in conjunction with the
board of governors sessions.
The investment bankers code" he
said, has injected new significance
into the activities of all the commit
tees of the association. It will be
highly constructive to bring these
committees together, in the light Of
the provisions of the code"
The associations committees have a
total membership of 248, representing
investment banking organizations in
all sections of the United States and
Canada. The board of governors
numbers 80 and also is nationally rep
resentative of both countries.
Loft Sales Reveal Jump.
Loft, Inc. reports net sales for the
first quarter 1884 totaped S3,27O,-
03007. Before depreciation profit
amounted to Sl85.6l758 and after
charging off S12433678 depreciation
and amortization a profit of S61,-
2808O.
This compares with the first quar-
ter of 1888 of net sales of S29ll,-
41495 and a profit before deprecia-
ton of Sl45, ,358.15 and after charg-
ing off S12l, ,5l1 IS depreciation and
amortization, profit of $23,846.50
Construction figures for the fifth
district in March we're the best in a
year, although still far from salts
factory. The number of permits issued
was l Asa, with a valuation of S1867,-
246, as compared to 1910 amounting
to s951 982 in March, 1888.
The final week of April held up
we'll in retail lines and there will be
gain for the fourth consecutive
month in spite OF last Aprils Easter
business. Wholesalers also report their
business holding up we'll
Retarding Forces Pointed Out.
Undoubtedly the lag in heavy in
dustry is the result of uncertainty as
to future governmental policies and
the restrictions upon the raising of
money for capital expenditures. says
the American Bankers Association
Journal in its monthly review such
was the declaration of a committee of
the code authorities Of heavy indus
tries appointed by the latter at the
Washington code conference in March
which published its report in mid
April. Every known element in the
situation supports the views therein
expressed.
Whether a modification of the
securities act, as has been suggested
by this committee, would result in the
early unemployment of so many as
100000 or 100000 workers may be
debatable. but there is no question
that the financing of heavy industry
and especially of the buyers of durable
goods is retarded by the securities act
and the various proposals for the con-
troll of security exchanges.
Nor can there be any doubt that
heavy industry and long range plan
ming Of every sort are retarded by the
political situation in Washington in
volving such issues as increased in
fation by the silver route or other
wise. increased taxes, the tariff
soldiers bonus, unemployment relief
under the latest scheme. municipal
bankruptcy, loans of Government
funds to industry, a revision of the
N. r. A. and codes under it and a
revamping of the agricultural aid
program.
Comparisons with recent months,
duly weighted for seasonal and other
changes, show steady increase which
Is estimated to have brought depart
ment store sales to substantially the
level of last August This was the
highest since February, 1882 As in
February and March, the chief in
creaseS in sales and the movements of
goods into consumption generally were
in the South and Central West, again
rejecting the distribution of Govern
ment funds to farmers and increased
activities in industries depending upon
the farmer trade"
Bank Receiver Moves Assets.
John F. Moran, who was recently
appointed receiver of the remaining
assets Of the Departmental Bank, sue
ceeding w. B. Altman, who took over
moving the assets today from the
original Office to the old Park Savings
Bank at Fourteenth and Kenyon
streets. Mr.. Moran is receiver for the
Park Savings Bank and was assigned
by the Treasury to add the Depart
mental Banks assets to his list.
The Departmental Bank was located
at 1925 Pennsylvania avenue north
west for years. 1t owned the building
in which it transacted business This
building is now to be sold, Mr. Moran
states.
The original bank was only a short
distance from the West End Branch
OF the Washington Loan & Trust Co.
and the uptown Office of the Lincoln
National Bank. 1t is unlikely that the
building will again be used for bank
ing purposes.
Trading on the Washington EX-
change today was confined largely to
bonds. Washington Gas issues. Wash
ington Railway & Electric issues and
Capital Traction SIS were in good de-
mand at recent levels. Washington
Gas Light stock appeared on the board
for the first time in many sessions,
ii shares selling at 81. Potomac Elec-
trio Power 5l2 per cent preferred
again sold at 11034
Secretary of the Treasury Morgen-
thau announces that tenders for the
two series of Treasury bills, aggregat-
ing SIPS 100000, on which bids were
asked last week, resulted in a total
offering OF 1891, 775,0OO of which
$125, 900 was accepted.
Heard in Financial District.
The Insurance Club of Washing
ton, Philip M Baldwin, president,
holds its monthly meeting at the Ham
nton Hotel this evening. The guest
speaker will be Rev. DR.. Allen A.
Stockdale.
The annual meeting of the LanSton
Monotype Co. takes place tomorrow
noon at Alexandria, as the company
operates under a Virginia charter.
j. Thilman Hendrick of this city is
chairman of the board
Hosts of different views on the