Evening star., 1937-05-02
TRADE CURTA|LED
BY HIGH WATERS
|NF|FTH DISTRICT
D. c. Sales 1920 Above
1886, Despite Weeks
Recession.
BANK CLEARINGS RISE
s22,355,675 LEVEL
Total Compares With $1S,868,274
Year Ago-Building Permits
Also Show Increase.
BY EDWARD C. STONE,

Floods put crimp in retail trade
IN washington and the rest of the
fifth reserve district during the past
week, although department store sales
were still slightly better than year
ago. the Commerce Department re-
ported yesterday.
Sales In the Capital recorded the
small gain of 1.52 per cent over the
same week in 1886, although the
downpour Of rain caused drop OF
18 per cent from the previous week
Bank clearings revealed substantial
advance, total of s22355,675, COM
pairing with sl8,868,274 in the like
week year ago.
Building permits in the District
were also up-$45l 400, in comparison
with s405,700 in the corresponding
week in 1886. The total, however, was
lower than in the preceding week
this year Fewer people visited the
Monument, this being partly explained
by the fact that the Monument was
opened longer hours each day around
the Easter season a year ago, the
period corresponding with the week
under review.
Charleston, S. c., reported the best
business in the fifth district, up IS
per cent. Cool, wet weather hurt
Baltimore trade, although bank clear
ings jumped IS per cent. Richmond
and Norfolk found conditions spotty.
Record Convention Forecast.
Acting President Thomas ]. Groom
of the District Bankers Association
stated yesterday that record at
tendance is now assured at the an
nual convention at White Sulphur
Springs, w. Va, May 27 to 81. He
said reservations are increasing daily.
Sidney F. Taliafero, vice president
and trust officer of the Riggs National
Bank, chairman of the Entertainment
Committee, has arranged many ad-
ditional entertainment features be-
cause of the fact that this years
convention will last five days. S.
William Miller, treasurer of the Union
Trust Co., is vice chairman of this
committee, the other members in
Cluding:
William G. Barker, president, Norris
Plan Bank; S. Wilson Earnshaw, Sec
retary-treasurer, East Washington
Savings Bank; Joshua Evans, jr., vice
president, Hamilton National w. L.
Koontz, vice president and cashier,
Anacostia Bank Francis E. Robey, as
sistant cashier, Bank of Commerce &
Savings; Horace F. Stokes, assistant
cashier, National Metropolitan, and
George o. Vass vice president and
cashier, Riggs National
Gas Company Plans Explained.
Details from the registration state
Exchange Commission show that the
Washington Gas Light Co. plans to
issue sl0,OO0,0OO of refunding mort
gage 4 per cent bonds, due 1862; $4,000
shares of no par value $3.50 cumula-
tive convertible preferred stock and
485,088 shares of no par value COM
mon stock of which 327,588 shares are
outstanding and owned by Washington
& Suburban Co.'S, the parent, and
157,500 shares are reserved for is
suance upon conversion of the pre-
ferred.
According to the registration state
ment the proceeds to be received by the
company from the sale of the bonds
and 10000 shares of the preferred
stock are to be used for redemption
at 1O5 of s850O,00O refunding mort
gage per cent gold bonds, due in
1858, and for redemption at l07 of
S2,94O,OO0 refunding "A bonds, due
1856; for payment of bank loans and
to meet treasury expenditures and for
expansion.
The price at which the securities
are to be offered, names of the under
writers and other facts are to be filed
with the commission later. The plan
is the same as outlined to the Public
Utilities Commission when approval
was requested for purchase of the
Alexandria Gas Co.. and the Washing
ton Suburban Gas Co., this decision
pending later hearings.
d. c. Securities Reviewed.
The eleventh edition of Facts and
Figures on Washington Securities,
published by Y E. Booker &, Co., ap-
peared in the financial district yes
terday 1t is the most complete record
of the kind ever printed in the Capital.
This years publication requires 80
pages and is crowded with facts about
the public utility corporations. banks
and a host of miscellaneous companies
Earnings, past rec, general set-up,
capitalization, isl outstanding, cur
rent position and lines of officials are
included.
In the case of the banks, the par
value of the stock, dividends, capital
surplus, deposits resources, book values
and price ranges are presented. The
ohcers and directorates are also given
The book will prove Of great value tc
all interested in securities and to stock
and bond holders. It is also interesting
to see how the book has grown in II
years.
Exchange Prices Steady.
Mergenthaler Linotype closed with
the week on the Washington STOCK
Exchange yesterday by selling at 46
up "a. Three 10-share and one s.
share lots figured In the sales Nor
folk & Washington Steamboat stocl
came out at 108, unchanged. Security
Storage appeared on the board at IL.
on small turnover. Other bid ane
ask prices were firm. The full week!
trading covered wide range of issues