Evening star., 1938-06-01
BUSINESS DROPS
IN FIFTH DISTRICT
Bank Survey Notes General
LetdoWn in Many Lines in
Past Five Months.
Bv EDWARD C. STONE.

By EDWARD C. STONE.
Business in the Fifth Federal Re
serve District, including Washington,
declined during the first five months
of this year, as compared with the
similar period in 1887, according to
the monthly summary presented by
the Reserve Bank of Richmond today.
The review covers business and eco
nomic conditions in April and the
first half of May with special care.
Cotton textiles, coal production, con-
struction and automobile registrations
showed declines during April and May,
the bank says.
Unemployment increased materially
in April, especially in the textile re-
gions of the fifth district, the survey
said. and commercial failures were
more numerous and liabilities greater
than during the same month in 1887.
The Richmond banks report for
the territory, which in addition to
the District of Columbia embraces
Maryland, Virginia, West Virginia and
the Carolinas, showed some seasonal
Improvement in trade during April,
but industry in general declined be-
low that Of the previous month"
Rayon production in April was ap-
proximately equal to shipments but
shipments were lower than March
and substantially below April of 1887.
Spot cotton prices showed decline
about the first OF May but recovered
most of the recession by the middle
of the month.
On the bright side of the ledger
the bank reported agricultural work
was we'll advanced for the season and
grains were in good condition. Fruit
prospects, while lower than year
ago. we're probably above average.
Rains during May relieved excessive
dryness, the bank said, and frightened
the outlook for the farmer.
Stock Exchange Sales Lag.
Stock trading on the Washington
Stock Exchange in April was lighter
than in March, the Securities and Ex-
change Commission reported today.
The dollar value of all sales on the
exchange amounted to S17,034, against
s88,518 in March of this year.
Stock sales had value of $44,613,
against $76,624 in March, and the
number of shares changing ownership
during April amounted to 919, against
1859 in March.
Bond sales were valued at S26,894
In April compared with only Sll, l,894
in March, while the total principal
amount of bonds sold was S2e, 900,
against $4,000
The dollar value of sales on all
registered securities exchanges in
April, 1888, amounted to s879,510, $40,
a decrease of l4.1 Per cent from the
value of sales in March and a de-
crease of SO per cent from April, 1887.
Stock sales, including rights and war
rants, had value of S750,572 1885. a
decrease of l5.2 per cent from March.
Bond sales were valued at s12S, ,937 $50,
decrease of 7.3 per cent from March.
Total sales of stocks, including
rights and warrants in April, were
35,758,900 shares, or 1862 per cent
under March's total Total principal
amount of bonds sold was $3.50, ,796, ,275,
a decrease of 1912 per cent from March,
the report stated.
Last Convention Call Issued.
The last call for the goth annual
convention of the District Bankers
Association at Hot Springs, June 9-12,
was mailed today Final reservations
are now being made for next weeks
trip and it is predicted that the at
tendance will be very close to the
highest mark on record which was
reached at Asheville
An excellent program has been pro-
vided for the three morning business
sessions and the four days will be
crowded with entertainment. General
Chairman T. Stanley Holland is elated
over the outlook AS he stated in his
carefully prepared address at the Co.
lumbia Country Club, he believes the
convention will be the best ever held.
Sidney F. Taliaferro, chairman of the
Publicity Committee, holds the same
views.
The party leaves here on a special
train week from tonight.
Building Group Increased.
Membership of the District of Co.
lumbia Building and Loan League was
increased from 20 to % associations
as a result of the election yesterday
OF two new members. The Prudential
Building Association, with resources
OF over S2,250,000, and the First
Federal Sayipoe ey oa, h.caa;ak;z.
were the two groups admitted. Pru-
dental, established in 1929, is headed
by Luther c. Steward, with E. J..
Carlson as secretary, while Carl H.
Ellingson is executive secretary of
First Federal.
A large representation from the va
rious associations attended the meet
ing at the Raleigh, with Arthur G.
Bishop, president of the league. pre-
siding. Recommendation was made
that during the summer months from
July until September Is the various
associations close their doors by 4
pm, with the exception of SATURDAYS.
when l O'Clock or earlier hours will
prevail.
This arrangement will not interfere
with the established practice of keep
Ing open on the first and fifteenth
pay days until 5 pm.
Mergenthaler Near 1888 Low.
Mergenthaler Linotype stock ap-
peared on the board yesterday for the
first time in many sessions, a small
opening sale taking place at 20.
Later two other small lots were trans
ferred from one owner to another
at 1872, within half a point of the
low for the year. The stock closed with
le bid and 81 asked So far this year
there has been a turnover of l.O2S
shares of Mergenthaler Linotype stock
on the Washington exchange. In the
good old days" the stock sold around
100 and higher and was one of the
most active issues on the board.
Heard in Financial District.
Directors of the Wellington Fund
Inc, have declared regular dividend
of 20 cents Der share pov. hi, y-,,r