Evening star., 1937-09-13
BUSINESS LIVELY
IN FIFTH DISTRICT
Southern Area Reports Un-
usual Fall Pickup Along
Many Lines.
BY EDWARD C. STONE.

merce Department. The survey says:
Retail sales volume increased Il
per cent over last year. Rural retail
sales stimulated by good tobacco
season and cotton crop. Wholesale
procery trade up per cent. Clear
ings, s1,l14,135, as against 1867, ,794
in 1886. Port activity being stimu-
lated by loading of first large cargo
cf tobacco for export this season. I'M
provements to Ashley River in South
Carolina at cost of $4,000 among
new waterway improvements author
lied by President Corner stone of
new 100000 Federal building at
Anderson laid during week.
Allotment of s265,OO authorized
for construction of 800 miles of rural
power lines in State, and it has been
announced that bids would be received
zoon. Total of 5,347 persons employed
On 1877 State highway projects during
week ended August %, as compared
with 4,646 same period in 1886"
Delay in Fall Upturn Seen.
Despite the many cross currents in
the present situation, at least full
seasonal advance in business is indi-
Gated this Fall, says the United Busi-
ness Service in its latest weekly report
However, there are some modifying
factors that may prevent the Fall
upswing from gaining its full momen-
tum until later in the season.
Most important Of these is the
weakness recently displayed in the
stock market. Stock prices are in
f1uenced by prospective profits rather
than volume, and the market weak
ness probably reflects the fear that
higher labor costs and taxes cannot
oe entirely offset by higher consumer
prices without reducing sales volume.
At the same time declines in the
prices of grains and cotton have led
20 restriction Of large-scale buying
n the hope of still better purchasing
opportunities later on.
Yield High on Realty Bonds.
A yield of approximately per cent
IS available through the medium of
real estate bonds, according to an
analysis of 100 interest-paying realty
bond issues prepared by Eli T. Watson
Co. The average asked price for
he 100 issues is Sc and the average
interest rate currently being paid is
l.9 per cent, indicating an average
current yield of 6.95 per cent.
The 100 issues include 81 issues that
are paying interest at the original
rates and 79 issues that are paving
interest under reorganization plans
Sonsummated during recent years. Of
he reorganized issues, IL are paying
fixed rate of interest with no pro-
fision for the payment of any addi-
-lonal interest. Thirty-three other
issues that are paying fixed rate of
interest provide for the payment of
additional interest, if earned, or when
he fixed rate increases at specified
Zines in the future. Six of the issues
are paying fixed and additional income
interest currently. while % issues are
paying on a straight income basis.
The 100 issues include issues Sc
Tured by all main types of properties.
ncludlng apartments. apartment
aotels, hotels, Office buildings and
heaters. The highest current yield
shown by the apartment hotel group.
sor the seven issues Of this type COW
cred by the analysis the average asked
price is AZ. the average current interest
rate 81 per cent and the average cur
rent yield 7.9 per cent.
Government Moves Praised.
General approval was heard in the
View York Stock Exchange Offices here
loday of the Treasury's action in de-
terilizing" s30o,0o0,000 OF gold and
ne Federal Reserve Boards decision
buy Treasury bills and notes in the
open market, as the need arises. 1t
vas said that both moves were certain
D be helpful toward stemming the
gecent stock market decline. The
oromptness with which the steps were
AIKEN was also praised in brokerage
houses.
To Washington brokers the action
lndicates that the Government pro-
0oses to keep credit ample for all
needs, and in that way prevent a mar
Ket decline that might result in a
stump in business should it run too
TAR over a long period. Brokers here
expect further tests Of the strength
of the present market. but were much
more cheerful today than at the end
Of last week.
Heard in Financial District.
Robert V. Fleming, president of the
Riggs National Bank, was back in the
financial district today after his vaca-
ton at Rehoboth Beach.
Frederick P. H. Siddons. secretary
OF the American Security g. Trust
Co, was at his desk today after re-
turning from his vacation
Barnum L. Cotton, real estate officer
OF the National Savings & Trust Co.
was again on duty. He passed most
OF his vacation in and around Wash
ington.
Controller Of the Currency j. F. T
OConnor announces the LIQUIDATION
OF SO national banks during August
Dividends distributed to creditors OF
all active receiverships during August
amounted to S4.26l.613.
Lease by the Morris Plan Bank of
the old Commercial National Bank
headquarters at Fourteenth and G
streets will give the H street institu-
ton one of the best bank locations in
the city. 1t is understood the change
will be made around October /. Presi-
dent Willard c. Barker now being at
the Morris Plan Bank convention in
Denver.
Gas Issues Lead Exchange.
Washington Gas Light issues were
the leaders on the Washington Stock
Exchange today. Washington Gas
Light IS, 1858, opened the market, a
$500 bond selling at 1852.
The new Washington Gas preferred
stock opened with Is shares changing
hands at 9SI2. The next sale was
made at 1914, after which five To-
share lots changed hands at 9Sl5. The
hnal bid was 98is with 98lz asked.
During the session Lincoln Service
Corp preferred y1oved ar All for g