Evening star., 1936-05-01
RISING TENDENCY
IN TRADE HAILED
A. B. A. Magazine Outlines
Contrast to Hesitancy
in First Quarter.
BY EDWARD C. STONE.

of the A. 3. A., declares today. Optim-
ism over the general situation has
been fed by the steady stream Of earn
ing and dividend reports for the first
quarter of this year as we'll as last
year.
Fair profits and dividend prospects
now indicate more even development
of business activity, the review says.
Everything. in short, points to sound
and sustained upward trend in nearly
all lines and the tagging heavy goods
industries are having an increasing
part. The magazine adds:
Continued improvement in indus
trial and commercial activity in the
face of threats of war in Europe,
threats to business at home and po-
iitical uncertainty, presents a situ-
alton which is somewhat unusual. but
which admits of rational explanation.
Fundamentally better business is based
upon accumulated demand resulting
from SIX years of self-denial on the
part of the average individual as well
as great business organizations. This
can now find expression partly be-
cause of Government bounty and
partly because of a general improve
ment IN business conditions.
Improvement in business from
whatever cause, in itself begets further
improvement Higher prices on the
stock markets, for example, encourage
a sense of well being and stimulate
expenditures for all sorts of supplies.
Increased activity and bettered con-
ditions in any single industry start
activity in industries which supply the
leader. Such movements, upward or
downward. are always cumulative in
their force and momentum.
The advance in April was above
expectations, seasonal factors and all
considered, in large part as a reac-
tion from flood and adverse weather
conditions in previous months. AS
result of prolonged cold and wet
weather the Easter season was hardly
up to expectations in some parts of
the country which had been placed
rather optimistically high, but for the
Nation, as a whole, it is reported as
the best for six years" the review
states.
Roberts on A. l. B. Program.
I. J. Roberts, one of the assistant
cashiers of the Riggs National Bank,
is one of the speakers on the pro-
gram for the coming convention OF
the American Institute of Banking at
Seattle, Wash. early in June, it was
learned today He is former presi-
dent of Washington Chapter and has
been active at several national con-
ventions, one year having charge OF
the forum discussions.
Paul j. Seltzer, who is slated to be
the next president of Washington
Chapter, has just had meeting of
the delegation now expecting to take
the trip to Seattle. The delegates
will be entertained by members of the
chapters at Cleveland. Kansas City.
Colorado Springs and Salt Lake City.
They will also visit Yosemite Ma
tional Park and Glacier National
Park. They are to leave the Capital
on a special train which will carry
members from many other chapters
along the Eastern Seaboard. Presi-
hent J. Earle McGeary is pleased with
the number planning the trip.
Washington Chapter examinations
are to take place during the next few
days. Election of officers takes place
May IA. with the installation on
May %.
Bank Stocks Draw Attention.
yoI Of &,
is a good example of the strength
noted in recent months in Washing
ton bank stocks, which have been
improving SO steadily. Since Com
merce & Savings stock was relisted on
the Washington Stock Exchange undo.
Securities and Exchange Commission
rules the bid has climbed from $50 to
185. During this time there has not
been single sale, holders being un-
willing to part with their stock at
that figure. Evidently it would take
a bid of 200 or more to bring any
actual transfers in stock ownership.
The Bank of Commerce & Savings
paid a regular semi-annual dividend
last January of SO share and an
extra disbursement of So a share, the
stock being on an 8 per cent yearly
basis. 1t is understood on excellent
authority that the bank will pay an
other regular SO dividend on July l
and another So extra, thus bringing
the yearly rate up to $40 basis.
Bank stocks in which there have
been many transactions this year have
also made notable progress. They
have been one of the features on the
local board so far this year.
ID. c. Exchange Trading Quiet.
Spring fever, Summer heat, or some
thing, hit trading on the Washington
Stock Exchange, business being at the
lowest possible ebb. There was only
one sale. That was in Potomac Elec-
trio Power 5l2 per cent preferred, when
five shares changed ownership at Ill.
Bid and asked prices on other issues
were practically unchanged. Mergen-
thaler Linotype is now being quoted
ex-dividend, following the recent So
cent declaration. The bid today was
40, with Al asked. Riggs National
Bank common stock, which has re-
Gently been more or less active, closed
today with 270 bid and 280 asked.
There is spread of SIS points on Lin
coin National Bank stock at present,
195 being offered with $50 asked.
A round-table discussion of the Fed
eral Reserve margin regulations, rang
ing all the way from technical points
to the question of whether bank loans
to brokers should be regulated at all,
took place here yesterday at meet
ing between Charles r. Gay, president
of the New York Stock Exchange, and
the board of governors of the reserve
system. No immediate revision of
regulations by the board is expected to
be made.
Heard in Financial District.
Homer Cummings, Attorney General
of the United States, has written an
article on crime which appears in