Evening star. [volume] (Washington, D.C.) 1854-1972, 1936-01-26
STORE SALES RISE
SLIGHTLY DESPITE
COLD WAVE HERE
Gain 81 Per Cent in Week.
Total 24.1 Per Cent
Above Year Ago.
ADVANCE IS GENERAL
OVER FIFTH DISTRICT
Capital Bank Clearings and Value
of Building Permits Also
Increase Substantially.
BY. EDWARD C. STONE.

BY.EDWARD c. STONE.
In spite of bitter cold weather.
slippery streets and sidewalks. retail
trade in Washington during the last
week recovered somewhat from the
previous week with a gain of 81 per
cent and scored an increase of PAL
per cent over the corresponding week
in 1885, the Department Of Commerce
reported yesterday In its survey OF
business OF 80 leading cities Of the
country.
Washington bank clearings were
also higher, with an increase Of about
5 per cent over the previous week and
of 36.6 per cent over the comparative
week q year ago. The value Of build
ing permits continued its upward
trend in the Capital, being 80 per
cent greater than in the previous
week and more than four times
higher than in the corresponding pc
riod last year.
These important indices prove that
business here is getting away to very
fine 1896 start. Business all over the
fifth Federal Reserve district was also
ahead of last year, although the
Washington reports led those from
other cities. Richmond bank debts
were far ahead of the previous week
and last year. Norfolk trade kept up
with last year and clearance sales
sustained the volume in Baltimore,
where bank clearings were Is per cent
above the same week year ago.
Bank Farley Great Success.
Robert v. Fleming, president Of the
American Bankers Association and the
Riggs National Bank. considers the
Philadelphia banking conference a
notable success. There were $500
bankers present from IA Eastern
States and the District Of Columbia;
Is leading bankers in the delegation
from Washington.
The discussions were devoted largely
to legislative. managerial, operating
and public relations problems. It was
plainly evident from the speeches that
the banks intend to make it easier
for the Government TO relinquish
many of Its emergency financial serv-
ices, according to summary made
at the conclusion Of the sessions.
Bankers must now decide which of the
activities now being handled by the
Government can be properly and
soundly taken over by the banks in
their respective communities.
One Of the outstanding addresses
was made on 1.-THE Banking Act of
1885," by o. Howard Wolfe OF Phila-
delphia. He reported 48 places in
the act where discretionary power is
given. He praised the Federal De-
post Insurance Corp. and the Federal
Reserve Board for their patient work
in getting the best banking thought
on all the moot questions which have
arisen"
Another speaker said the banks
must demonstrate that they are not
only able but willing, to take over the
sound credit risks now being carried
by the Government and show there is
no longer need for Government par
ticipation in the lending business.
New Margin Rules Discussed.
The Federal Reserve Boards new
margin rules were the chief topic of
conversation in the brokerage houses
here yesterday. The advance from As
to IS per cent in margin requirements
was considered no cause for alarm.
The better. or rather safer, class Of
margin traders will cave little diff
Guilty IN meeting the new requirements
when they go into effect. The higher
margins were considered yesterday to
be q stabilizing influence. In the past
the thinner the margin, the quicker
have spectators thrown stocks on the
market when quotations turned down.
ward.
While the new rules evidently caused
selling at the opening yesterday, the
action Of the big board list later indi-
Gated that there were other factors
beng given greater consideration. Sew
eral times it was announced that "tae
ticker was behind the market two
minutes or more"
Notices were placed in the board
rooms yesterday. stating that the New
York Exchange will not open until II
O'Clock next Tuesday, the day Of the
funeral Of the late King George. as q
special tribute to his memory.
Merxanthaler Market Feature.
Mergenthaler Linotype featured
trading on the Washington Stock Ex-
change during the past week. Bids
were even more interesting than the
sales, yesterdays final bid standing at
43%, with 46 asked. The Washington
market Is following the Boston market,
where the stock sold Friday at IS, the
highest price since the depression
started and higher than the stock has
sold here.
The reason for the sudden demand
for the stock has not been explained.
Aoody's stock survey called attention
70 It . few days ago. stating that it
has "long-range appreciation poten-
ttalities." capitalization u simple and
financial position strong, said the sur
vey, adding that the sole capital liabil-
ity Is 256,00 shares Of stock, wofirlnt
capital g Of September 80, 1885. ng-,
urinR at $3.50 per share. The re-
view also discusses possible faatsMe
earnings and recalls that the stock, l
formerly earned So and 50 per share.
Trading on the Exchange yesterday
included $1,000 and $500 sales In
Capital Traction SIS ct ok, . 10
share sale in Potomac Electric Power
8 per cent preferred at ll1h and sales
In Capital Transit stock ct IAN and
14h. Holders Of the stock are now
awaiting the annual report due this
week. ss
In the financial district yesterday |
The ticker tame called attention to the |