Evening star., 1936-04-14

Richard Whitney had a host of
friends here who hated to see him GO
out of Office, these same flnanciers
say that his successor has made a
brilliant record in his work as head
Of the exchange and also during the
tours he has taken to present the
aims of the exchange more clearly to
exchanges and exchange customers in
other parts of the country.
Only recently he returned from a
long tour in which he urged a closer
study of economic conditions as the
best possible guide for investors. who
are placing capital in securities.
April Construction Gains.
Latest reports from the Federal Re-
xerve Bank of Richmond indicate that
construction in the fifth Reserve dis
trict has taken sharp squirt since the
beginning of April and there is now
the most activity in the building trades
since the Spring of 1929. This pick
up Is proving a great help to the en-
ployment situation.
Reports also reveal a notable pick
up in tourist business in the Southern
part OF the district. Tourists working
North from Florida have been a great
boon to South Carolina, North Caro-
lima and Virginia. Virginia now ex-
poets the largest number of Spring
visitors on record. Washington hotels,
as usual, are crowded with guests from
all parts Of the country.
West Virgins. was the only section
that did not get the full benefit of the
Easter trade rush. Floods and storms
were the cause of the slump. A FIVE
year license has just been granted
to a 100000 corporation to mine
phosphate rock in coastal counties in
South Carolina. An investment of
100000 is to be made in equipment
and 300 men will be employed
Bank Loans on Appliances.
Bankers here are interested in a
report from San Francisco that a pro-
gram OF financing installment pur-
chases of household appliances under
q plan similar to title of the Federal
housing act, has been adopted by the
Bank of America. The bank has eff
fected arrangements with appliance
dealers and stores throughout the
State permitting the retail buyer 10
finance these domestic necessities by
monthly payments. In announcing
Bank Of Americas finance plan for
household appliances L. M. Giannini,
president of the bank, said:
"The popularity of this type of
financing is evident by the fact that
our 439 branches throughout Cali
fornia have loaned $24, 4,686, 900 under
title l of the national housing act
In this way we have enabled 1858
California home owners and proprie-
tors of apartments and other prop
critics to improve living conditions in
this State"
Mergenthaler Leads Market.
Mergenthaler Linotype was heavily
traded in on the Washington Stock
Exchange today, opening with a 100.
share block selling at 423s. Another
SO shares moved at the same figure
and 10 shares sold at 421a. The mar
ket closed with 40 and so share lots
changing hands at 1925, same as the
opening price.
Riggs National Bank common sold
at 278. The remaining trading was
In bonds. Potomac Electric Power 6s
1883, sold at 1071a. The days largest
bond turnover was in Capital Trac-
tion IS at 90h.
Washington Gas IS, series B, sold
at 1919 and Anacostia & Potomac
r. r. IS at rs.
The possibility that James M. Ian
dis, chairman of the Securities ano
Exchange Commission, may resign his
position next Summer, to return tc
the Harvard Law School faculty, has
aroused a good deal of comment in
the financial district. He has reached
no decision in the matter, but must
soon ask for another years leave
from Harvard If he remains here
Chairman Lands is much liked by
brokers in this city because of the
fairness which he has shown in all
Securities Commission problems. The
commission long ago won popularity
with the general investing public.