Evening star., 1936-06-28
WEEKS TRADE UP
28PER CENT OVER
| 1935VOLUME HERE
Commerce Report. Shows
Bonus Checks Used on
Back Bills.
BUILDING PERMITS RISE,
ALSO BANK CLEARINGs
Bankers Receive Amended Loan
Rules-Securities on Elk.
change Strong.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Retail sales in Washington depart
ment stores during the week just end
ed were 28.3 per cent higher than the
corresponding week last year and 3.3
per cent above the previous weeks
figures, the Department of Commerce
review announced yesterday. Many
back bills were paid as a result OF the
bonus payments but merchants stated
that there had been no unusual volume
of new purchases which could be laid
definitely to the cashing OF bonus
bonds.
Bank clearings in the Capital were
OF per cent better than in the like
week in 1885 but 1s per cent of from
the preceding week. The value OF
building permits showed an increase
Of more than IL per cent over the
previous week and 80 per cent above
the corresponding week in 1885. Tour
list activities were on the upward trend
as judged by the number of visitors
going up the Washington Monument
Retail trade through the entire fifth
Reserve district continued strongly to
resist the usual Summer slump while
in most cases 1t showed substantial
gains over the corresponding period
last year. Bank debts rose sharply
in Richmond. Trade made good gains
in Baltimore in spite of rainy weather.
Abundant rains in the Norfolk area
improved the outlook for trucking
crops. Construction of $4,000, 900
paper plant was started in North
Charleston. S. c.
The Commerce Department also re-
ported that average daily sales OF
chain drug stores in May for the whole
country we're AS per cent higher than
a year ago. Sales of new passenger
automobiles in May were 40 per cent
higher than in May 1885 and rs per
cent greater than in May 1884.
Bankers Get Margin Rules.
Members of the District Bankers
Association have received copies OF
amendments to regulation ~" and
regulation "T'' as announced by the
Federal Reserve Board. The COM
munication was signed by Frederick
P. H. Siddons, the associations chair
man of the Treasury Relations Com
mittee.
Amending regulation "U," which
concerns requirements for banks, the
board said any bank may make any
loan it sees fit for arbitrage or odd-lot
transactions in registered securities.
In another amendment of the same
regulation, the board decreed "a bank
may accept the transfer Of loan
from another bank, or permit the
transfer of loan between borrowers,
without following the requirements of
this regulation as to the making Of a
loan, provided the loan Is not increased
and the collateral for the loan is not
changed; and, after such transfer, q
bank may permit such Withdrawals
and substitution of collateral as the
bank might have permitted if it had
been the original maker of the loan or
had originally made the loan to the
new borrower"
Regulation "T," covering brokers
and dealers, was amended to permit
brokers carrying restricted special"
accounts for correspondent brokers to
allow correspondent brokers to make
any withdrawal or substitution of COL
lateral which does not create any de-
3iciency in the account.
President Karl w. Corby of the
bankers association said yesterday
that the new amendments cleared up
puzzling statements over which there
had been made lively discussions. The
margin requirements remain un-
changed, customers being obliged to
pay SIS per cent in cash on all trans
actions.
ID. C. Securities Strong.
Securities on the Washington Stock
Exchange were strong in Saturday
trading. Mergenthaler Linotype again
sold at Al, the highest it has been for
any length of time in several years.
1t sold once this year at 48. Sales
during the week wese unusually large,
the majority of the transfers being
made at the Al top price.
Potomac Electric Power So per
cent preferred stock was strong yes
terday, selling at ia. Washington
Railway & Electric preferred regis
tered 110% on a small sale.
Bank stocks appeared on the board
again yesterday. American Security
g. Trust recorded two 10-share sales
ut 258, while 10 shares of Riggs Ma
tionel Bank common moved at 260.
BarK stocks are appearing more and
more frequently in the daily transac-
tions, regaining lost popularity and
tending upward in price.
1t was announced yesterday that
the directors of the Terminal Refrie-
Grating & Warehousing Corp. have
declared the regular semi-annual
dividend Of $1.50 per share on the
outstanding stock, payable July 2 to
stockholders Of record June 26,
100000 Bonds Cashed.
1t was estimated in the financial
district yesterday that the banks have
certified about $4,000, 900 in veterans
bonus bonds. This seems like a small
sum in face of the extravagant esti-
mates made before the payments
were started. However, as all the
bonds are in $50 denominations and
all have to be signed separately, the
number already forwarded to the
Treasury represents no small amount
Of work by officers In the various
banks.
S----