Evening star., 1936-03-17

-fror, caorge & ~
Washington Uni
.versity in 1882 and completes a course
in National University Law School
this year. He has been in the finan-
cial district since graduation from
George Washington, practically all
the time with George M. Ferris.
Mr.. English is the second new
member to be added to the exchange
roster this year the other being
Bernard j. Nees of James M. Johnston
& Co. Business on the exchange so
far in 1886 is much better than a
year ago, this expansion having in
creased the demand for seats.
Textile Industry Picks Up.
- The textile industry in the fifth
Federal Reserve district increased op-
'efations in January, and consumed
more cotton than in December or
January last year. The three cotton
textile manufacturing States in the
,district used 282, ,76o bales of cotton
in January, 47.8 per cent of national
consumption totaling 59l,3 ,309 bales.
North Carolina mills used Isl, ,845
bales last month. South Carolina
mills used 1928 bales, and Vir-
ginia mills 1852 bales. all higher fig
.ures than those for January, 1885.
In December. 1885, the fifth district
used 234 sos bales, or All per cent
of the United States total, and in
January. 1885 the district consumed
251,lS6 bales. or ass per cent of the
national total. January. 1886, con-
sumption of cotton in the fifth rose
1875 per cent above January, 1895,
consumption, while national conSump-
,tion rose only IA per cent during the
same period. the Federal Reserve Bank
of Richmond reports in its latest re-
view.
ID. c. Business FORCES Ahead.
The gain of over s16.O00,O0O in bank
deposits in Washington banks between
December 81, 1885, and March 4,
1886, was the chief topic of CONVEX
sation among bankers today. AS noted
following the controllers call yester-
day, deposits in the banks here are
now the highest in the history of
the Capital What to do with the
money is the big problem. While
bankers are very proud of the record
deposits, they are taxed to the limit
to find places to put in out to ad-
vantage, as the demand for good COM
mercial loans is still far below what
1t was in the good cid days"
The new peak in bank deposits re-
fleets the steady business advances
which have taken place here so far
In 1885. A glance at the best known
business barometers shows bank clear
1ngs have been far ahead of last year,
a total of Sl65,01507l in the two
months comparing with $13O, O,523 ,2O4 a
year ago. Telephone service reported
by the Chesapeake &, Potomac Tele-
phone Co. has been substantially
ahead of last year.
At the same time retail sales have
bounded forward. the two months ad-
vance being 1873 per cent above the
like period in 1885. Postal receipts
have also made sizable gains over
last year, while another excellent busi-
ness barometer, killowatt-hour sales of
electricity ran far beyond the same
months last year in January, Febru-
ary. Other indicators tell the same
story and all help to explain the soar
Ing figures in bank deposits.
Leach Here for Conference,
Hugh Leach, newly elected president
OF the fifth district Federal Reserve
Bank, is attending a conference of
Federal Reserve Bank presidents now
In session here with the governors of
the system. President Leach's new
appointment at Richmond is to run
until February %, 1941, Frederic A.
Delano announces.
Kenneth R. Popham of the Fidelity
Il Deposit Co. of Maryland addressed
the Insurance Women's Club of Wash
lngton last evening. giving a most in
structive talk on bonds. Miss Mabel
Royce, club president presided.
Hemphill, NoyeS & Co.. Shoreham
Building. participated in the 81. 900, 900
Sharon Steel Corp. bond and stock
Offering. The bonds sold at premium
right after they we're placed on sale.
CdlCS ImpTOVB.
Daily average sales of general mer-
chandise in small towns and rural
areas for February were about 90
per cent higher in dollar volume than
for February, 1885. and were Is per
cent above those for the same month
Of 1884. These changes were re-
vealed by preliminary estimates of
the Bureau of Foreign and Domestic
Commerce, based on rural chain store
and mail-order sales.
Sales for February increased about
512 per cent from January, or less
than the usual increase at this sea-
son Of the year. The seasonally ad-
Justed index, therefore, receded to 90
for February, on the basis of 1929
81 as 100, from 961a for January
and 1l0 for December. Sales for the
first two months of 1886 were per
cent above those for the correspond
ing period of 1885.
Federal Housing Administrator
Stewart Mcdonald told a Senate
Banking and Currency Subcommit-
tee that the work of the Federal
Housing Administration in insuring
loans for financing modernization and
repair was largely completed. He
was testifying on bill to extend title
one of the Federal housing act to
December 81, 1886. 1t now expires
April 1.
Today's Trading on Exchange.
Capital Transit stock sold at Is on
the Washington Stock Exchange to-
day on two 10-share sales. Potomac
Electric Power 6 per cent preferred
came out at Ill and the 51z per cent
stock sold at ia. Washington Rail-
way g. Electric figured in several sales
at Ill. Mergenthaler Linotype
showed more strength, three l0-share
lots moving at 4o12, up Y from yes
terday.
Bond trading opened with $1,000
and $500 sales In Capital Traction IS
at q01S The market closed with