Evening star., 1938-10-16
CAPITAL VOLUMES
DECLINE IN WEEK,
HOLD ABOVE 1887
UnseasonabIy Mild Weather
Causes Some Consumers
to Delay Buying.
UNION TRUST HOLDERS
APPROVE STOCK CUT
Enough Proxies Are Received to
Assure Success of Plan
for Reduced Capital.
By EDWARD C. STONE.

Retail sales in Washington depart
were approximately l per cent better
than in the corresponding week a
year ago, the Commerce Department
reported yesterday in review of busi-
ness conditions in So important cities.
The volume of trade, however, was
not up to the previous week, the re-
port said. The commerce review add
ed that unseasonably mild weather
caused consumers to postpone some
purchases of fall and winter goods.
Bank clearings were down slightly,
$23,s83,56 comparing with s24, ,672, ,401
in the corresponding week in 1887.
Building permits registered decrease.
the total of S4e5, 300, which included
s1S0,0O0 for a building at Catholic
University, comparing with $760000
year ago.
The Capital Transit Co.'S total pas
senger revenues for the week ended
last Wednesday amounted to 1921 $50
In comparison with the lower figure
Of 1902. .7S0 in the like period in 1887.
There were more visitors in the Capital
than during the previous week but
not quite as many as last year.
Trade trends were again uneven in
the rest of the fifth district. Norfolk
and Charleston. S. c., had gains over
last year. Baltimore trade was of
but merchants are optimistic, the re-
view said.
Trust Co. Stock Climbs.
Three shares of American Security
Il Trust Co. stock opened trading on
the Washington Stock Exchange yes
terday, selling at 248 Later IT more
shares changed ownership at $50. or
a 1o-point advance over other recent
sales. Yesterdays sales brought the
stock back to the high mark for the
year, the bank issue selling at $3.50 a
share some weeks ago.
During the week Washington Loan
l. Trust Co. stock sold at $235 share,
which is also the years best price in
that issue. The recent sales in Riggs
National Bank common have also been
at the 1888 peak, s102 share.
The exchange closed yesterday with
81 bid for Anacostia & Potomac River
Railroad SIS, 1910, with 80 asked; 86
bid for City l. Suburban IS, offered at
81. Washington Gas Light preferred
stock was the most active issue on the
exchange during the week. the closing
bid being 100 and 1O1 asked. The last
sale was 1904.
Stockholders Approve Plan.
It was announced in the financial
district yesterday that the Union Trust
Co. has gone "over the top" in OBJ
tanning the number of proxies needed
to carry out the banks proposal to
reduce the amount of outstanding
stock. The plan of reducing the cap
ital was outlined in detail in a letter
recently sent to all stockholders
The number of proxies already re-
ceived makes success assured. 1t was
said yesterday, however, that the man.
agement will continue to secure as
many proxies as possible in the hope
OF receiving 100 per cent support for
the proposed change.
The stockholders are to take official
action on the proposal at a special
meeting on Thursday, October 25. In
formal approval has already been given
by the controller of the currency and
the Board of Governors of the Federal
Reserve System, the two Government
agencies which have jurisdiction over
such matters.
ID. c. Bankers Meet Tomorrow.
Hilleary G. Hoskinson, president of
the District Bankers Association, looks
for q very large turnout Vat the fall
meeting tomorrow afternoon in the
board room of the American Security
d Trust Co. The guest speaker, DR..
A. E. Kincaid, consulting economist
Of the Federal Reserve Bank of Rich
mond, Is very widely known He will
discuss Investment Policies for
Banks"
Roderic Peters. Washington sales
manager of Servel, Inc, has returned
from Atlantic City, where he attended
the 20th annual convention of the
American Gas Association.
Hundreds of stockholders in the
Capital received the regular S225 per
share quarterly dividend checks from
the American Telephone & Telegraph
Co.
Assistant Secretary of the Treasury
John w. Hanes told the School of
Business Administration of the Uni
versity of Minnesota Friday that there
are now many positive indications of
real recovery and of restoration of
confidence"
Heavy Holiday Trade Seen.
Henry w. Heimann, executive man
ager of the National Association Of
Credit Men, says that the recovery in
business should be accelerated now
that the European situation is at least
temporarily closed, and he also believes
that holiday trade should be very
satisfactory.
Chicago merchants were the first to
come out with forecasts of extra good
holiday business. So far as Wash
ington is concerned, the Governments IS
huge and constant pay roll is certain
to mean highly satisfactory Christ
mas trade.