Evening star., 1937-04-02

c., Pines, N. c., a
week from Satur-
day.
The program was announced today
by John Redmond, jr., Baltimore,
chairman of the Southeastern Group,
the statement also being made that a
large delegation of Washington in
vestment dealers are planning to at
tend the two-day session. The North
Carolina meeting is similar to that
held at the Mayflower a year ago at
this time.
The aim of the Spring conference
Is to get the very latest views on the
bond market outlook, money rates,
railroad, municipal and all other Sc
curities in which the investment
bankers deal. Forum discussions will
follow the addresses. One or two
other especially able speakers are to
be added to the program, chairman
Redmond states.
Bonds Lead Other Problems.
Banking. journal of the American
Bankers Association says in its April
issue:
In spite of strikes, industrial ac-
tivity has continued to expand under
the spur of general business recovery
and Government spending is still an
important factor. A similar trend is
apparent throughout the world, al
though expansion abroad Is probably
a direct reflection of vast armament
programs.
For the present, there seems to be
little that government or any one
else can do to control an inflationary
movement which is based upon actual
buying for consumption. That is the
situation in the United States at the
present time Retail sales, the coun-
try over, are ranging from is to IS
per cent above the levels of the cor
responding period of 1886. In actual
volume of goods sold, the average is
closely approaching that of 1929. The
early Easter this year was factor of
no little Importance in stimulating the
seasonal rise in sales.
The upward swing of prices, wages,
production and business activity gen.
orally toward boom condition. has
had natural effect upon investments.
UneaSiness in the bond market, pune
tuated by a rather sharp drop in
values around the middle of March,
was one of the first indications of the
inhationary tendency. The hesitancy
that appeared in the stock market dur
ing the month was generally eX-
,1oi i,,aI b,1,{ 1oo vic in, l.
ues, especially in low-priced securi-
ties.
Prices of many stocks have in
creased, on the basis of anticipated
earnings, to a degree equal to or in
excess of what took place in the Pc
Iiod prior to the depression. The use
Of bank credit continues to rise, but
the chief question of the moment in
the banking field is the course of
bond prices"
Reserve Bank Discounts Up.
Discounts at the Federal Reserve
Bank of Richmond rose by S145,O0O
between the middle of February and
the middle of March, but industrial
advances made to industry declined
by S285 900, the changes resulting in
4 net decrease of $4,000 in the banks
total earning assets. Federal Reserve
notes in actual circulation rose by
&777,000 during the past month, a de-
Felopment contrary to trend at this
Season of the year.
Member bank reserve deposits rose
by s12,858,00O between February IS
and March Is, approximately half the
amount being needed to meet in
creased, reserve requirements which
became effective March l, the Rich
nond bank reported today.
Carpet Corp Declares Extra.
Directors of the Carpet Corp. have
declared an extra dividend of rs cents
per share, payable April 16 to stock
holders of record April 9. 1t was an
nounced today. The corporation re-
Gently paid the usual 50-cent quar-
terly dividend, as the stock is now on
q 81 basis. Carpet Corp. is a food,
distributing concern. The stock is
listed on the Washington Stock Ex-
change and was originally distributed
here by Waggaman, Brawner & Co.
1t is quoted at 81 bid and 26 asked.
H. Lawrence Choate, general agent
of the Mutual Life Insurance Co. of
New Jersey, will give luncheon at
khe Hamilton Hotel tomorrow in honor
of Adolph Krechel, who is just round
ing out 20 years active service in the
insurance field. He started in buSi-
ness In Washington and has always
worked here, building up very large
clientele. The president of the COM
pany, John R. Hardin, has sent
special gift to be presented the honor
guest at the luncheon.
Bank clearings in the Capital for
the week ended March 81 totaled
824, ,436, ,498.49, compared with $18,-
l44,487.22 a year ago, or an increase
of 34.6 per cent. Compared with
total Of 1896, ,945.87 for the pre-
rious week, clearings here increased
6.3 per cent.
Today's Trading on Exchange.
Ten shares of Riggs National Bank
tommon stock sold at 345 on the
Washington Stock Exchange today and
10 more at 340 Lanston Mopotype
again sold at par. Two 10-share lots
of Mergenthaler Linotype came out
et Al. Potomac Electric Power per
cfnt preferred moved at ia and the
bfa per cent preferred at 112.
The Treasury and the Federal Re-
s4rve Board, working together, have
plenty of money to keep the Govern
ment bond market orderly, Secretary
Norgenthau said yesterday.
"All we have ever tried to do was
t3 keep an orderly market And we
will continue to do so. No one has
enough money to put the market up
pr down" Secretary Morgenthau said.
National Dairy Products Corp, in
accordance with the requirements of
the purchase fund for its 3A per cent
debentures, due 1851, has issued re-
demption notice, and on Nav | will