Evening star., 1938-03-27
BIG GAIN SHOWN
IN M0DERN|zAT|ON
LOANS FOR WEEK
Capital Total Equals All
Previous Applications
in Bank Drive.
RETAIL TRADE STAGES
SUBSTANTIAL GAIN HERE
Sales 1912 Pct. Above Previous
Week, but Still 1S Pct.
Below Year Ago.
BY EDWARD c. STONE.

MOQernlZaJlOn loans made by wash
tngton banks under Title l of the
Federal Housing Act scored a sub
stantial advance during the past
week, the volume being as large as
all previous weeks combined, since
the present campaign was inaugurated
to boost housing loans in the Capital,
Thomas j. Groom, president of the
District Bankers Association, an
nounced yesterday.
Home-oWners all over the city are
rapidly becoming modernization-
minded, MIR. Groom added, partly be-
cause of the better weather condi-
tions which always prevail during the
spring season. Many applications
for loans from the local banks were
prepared but held up until more set
tied weather was inevitable.
Mr.. Groom added that the success
of the District Bankers Association
newspaper advertising campaign is
now assured. The results are certain
to be of material benefit to the home
owners carrying out improvement
programs and will also do much in
the way of relieving the unemploy-
ment situation. Sales of building
materials will be given a vigorous
push.
d. c. Retail Trade Climbs.
Retail trade in Washington depart
ment stores during the past week, in
line with general reports from the
rest of the country, showed a sub
stantial increase over the preceding
week, averaging 1912 per cent, the
Department of Commerce reported
yesterday in review covering 35 key
cities.
Compared with last years pre-
Easter week, trade in the Capital was
off 18 per cent. Comparisons with
last year. however, are inconclusive
as the real Easter shopping period
this year has hardly commenced.
Bank clearings in the Capital
totaled S21,031,733 compared with
s22,966,945 in the same week year
ago. Building permits totaled S445.-
$50, including s120,000 apartment
house, as compared with 1858 200 in
the same week last year. Tourist
business was ahead of the previous
week, but slightly behind last year
when the Easter rush was on.
Baltimore, Richmond and Charles
ton. S. c., were among other Fifth
District cities reporting larger
volume of sales than in the previous
week. Charleston was almost up to
the 1887 figure. Baltimore antici-
pates further gains because of an ad-
vance in employment and pay roll
levels and the approach of Easter.
Savings Bankers to Confer.
Washington will supply two i'm
portant speakers at the three-day
conference of mutual savings bankers
which takes place in New York May
q. 5 and 6, it was learned here yester-
day.
NJ S. Szymczak, member of the
board of governors of the Federal Re-
serve System, will discuss What the
Federal Reserve Means to Banking"
and John H. Fahey, chairman of the
Federal Home Loan Bank Board and
chairman of the board of directors of
the Home Owners Loan Corp, will
address the bankers on new trends in
the mortgage field during recent
years
Busy Week on Exchange.
Trading on the Washington Stock
Exchange wound up the week yester-
day with two 25-share lots of Capital
Transit stock selling at T. unchanged
from Fridays price.
These were the first sales since the
Capital Transit February report was
filed with the Public Utilities Com
mission, showing a deficit of $7,59l.95
after the months operations. The re-
port was considered somewhat en-
couraging in the financial district.
The loss of over $1,000 compared with
a deficit of $24,31895 in February,
1887, and about $4,000 in February,
1886. If the three-year trend can be
continued. the February income will
soon get back into black figures.
The final sale in yesterdays market
was in Washington Railway & Electric
preferred which changed ownership
at 11012. Trading for the whole week
was unusually active and prices as
whole remained firm.
Heard in Financial District.
Norman E. Towson, assistant treas
urer of the Washington Loan & Trust
Co.. and member of the speakers
unit OF the District Bankers Associa-
ton. will speak to the Newcomers
Club tomorrow at the Carlton Hotel.
His subject will be Financial Devel-
opments." The speakers unit was in
augurated by President Groom of the
bankers association this year for the
purpose of giving Washingtonians a
better understanding of the various
phases of banking.
The Federal Reserve Board reports
that excess reserves of member banks
increased during the first three weeks
Of March to over $500, 900 900, the
highest figure since last April. The
same report states that residential
building increased somewhat in Feb
ruary and rose considerably in the
first half Of March.
The Capitol Garden, Inc, which
proposes to erect an athletic plant at
Second and M streets NE, is offering
5000 shares of preferred stock at $50
per share and $4,000 shares of COM
mon at SO cents share, in units of
one share of preferred and two of
common at $51 per unit The Sc
curities have been registered with the
Securities and Exchange Commission.
COCOA FUTURES.