Evening star., 1937-11-07
BUSINESS UNEVEN
|NF|FTH DISTRICT,
SURVEY REVEALS
Retail Sales in Capital Ex.
ceed Previous Week, Off
From Year Ago.
EXTRA HEAVY HOLIDAY
TRADE NOW PREDICTED
Capital Transit Stock Shows Frac-
tional Gain From Low Mark
on Exchange.
BY EDWARD C. STONE.


Retail trade in washington and the
rest of the Fifth Federal Reserve Dis
trict during the last week was uneven.
the Commerce Department reported
yesterday. Sales in the Capitals de-
partment stores, despite much I'M
favorable shopping weather, were
1858 per cent ahead of the previous
week, but declined TIA .s- cent from
the corresponding week last year. The
week included Government pay day.
Bank clearings in Washington
amounted to s25,839,911. against the
lower figure year ago of S21,912,263.
The commerce survey stated that
building permits in October totaled
$1,969,765, in comparison with 81
06l,975 in october. 1886. There were
about 5000 more tourists in the city
than at the same time last year.
Total volume of trade in other cities
In the fifth district was practically
unchanged Gains in some cities were
offset by losses in others. Charleston,
s. c., reported an per cent gain over
last year. Return of cooler weather
and special sales boosted business in
Baltimore to mark higher than a
year ago.
Although the business outlook is still
somewhat uncertain, the commerce
report says, retailers generally AN
ticipate one of the most active holiday
periods in the last seven or eight
years"
Transit Stock Up Slightly.
Capital Transit Co. stock closed the
week at 81a on the Washington Stock
Exchange yesterday, one 10-share sale
being recorded. The final bid was 7@
with 814 asked.
Following the increase in fares
granted by the Public Utilities Com
mission, a tiny sale of two shares of
Transit stock took place at 8. the
lowest price the stock has ever reached.
The highest price this year was SIS a
share. Many years ago the company's
original stock sold at s100 a share,
often considerably higher, and paid
q regular dividend of 81 year
In the bond division Capital Trac-
tion IS did not appear in Yesterdays
trading. Earlier in the week they
changed hands at 70, up a point from
other recent sales. The market closed
yesterday with SO bid for the bonds
and rs asked. Early this year they sold
at 81. Results of the boost in fares
to six tokens for so cents are being
awaited with deep concern by both
stock and bond holders. The answer
will take time
On the exchange yesterday Wash
ington Gas Light preferred stock
opened at 99ss, ex-dividend, and closed
ut 99l2.
Adams Attacks Managed Money.
Orval w. Adams aroused a lot of
interest in his first address as presi-
dent of the American Bankers As
sociation. In it he deplored Govern
ment ownership Of the Federal sys-
tenn now proposed in Congress, assert
Ing that 1t would create a banking
monopoly. "The Federal Reserve
System owned by the Government
could and would develop into the
greatest monopoly ever created" he
said.
He attacked the proposals to trans
Ter bank supervisory agencies of the
various States to a single Federal
agency, such as the Federal Deposit
Insurance Corp. and expressed dis
approval OF any efforts to transfer
the functions of the controller of
the currency, whose office supervises
the national banks. He stated that
money management has reduced
Interest rates to so low a point that
banks are having difficulty in making
reasonable earnings"
Mr.. Adams demanded balancing
OF the Federal budget and congratu-
lated the A. B. A. on its position
against extension of branch banking
across State lines.
Noted In Financial District.
The Treasury minted s4,282, ,401. SIS
worth of new coins in October. This
includes sl,568,577 in ordinary half
dollars, $2,503 in Daniel Boone COM
memorative half f-dollars, S95l,125.75
IN quarters, s85,O60,00O in dimes.
$270,855 in nickels and $604 4,290. so
worth of pennies.
Joshua Evans, jr., vice president
Of the Hamilton National Bank, has
been appointed a member of the
American Bankers Association Com
mittee on National Legislation by
President Adams. He will also serve
on a subcommittee on banking.
M. S. Szymczak, member of the
Federal Reserve Board, said in Bos-
ton Friday that every regulation
adopted under this administration
has had one main purpose, to ease
credit, this policy being considered
Absolutely necessary to promote eco
nomic recovery"
The United States Chamber of
Commerce reports that this country
not only leads the world as an actual
and potential power-using country,
but also leads in use of power per
worker. The Nation uses more than
. third Of the worlds output of elec-
trical energy and has nearly a third
Of the worlds developed waterpower.