Evening Star Newspaper, April 28, 1935, Page 67

News of Markets Pages 1 to 4 Part 5—12 Pages TRANST NET LGS BELOW 154 LEVEL DESPTE RECOVERY March Total at $88,600, Compared With $38,891 in February. OPERATING COSTS SHOW CONTINUED INCREASE Higher Revenues Offset by Climb in Month's Expenses to $44,698 Above 1934 Mark. BY EDWARD C. STONE. Net income of the Capital Transit Co. in March totaled $88,600 against $91,095.48 in March, 1934, a decrease of $2,495.49 or 2.7 per cent. Earnings, however, were far better than the net income of only $38,891.26 in February of this year, according to the finan- cial statement filed yesterday with the Public Utilities Commission. Operating revenues totaled $758.- | 206.75 against $716,139.81 in Mnrch,i 1934, an increase of $42,066.94. At the same time operating expenses | increased even more, $523,685.45, com- pared with $478,990.28, an advance of $44,608.17. Taxes were up $1.075.97, | while depreciation totaled $50.666.02 | against $48947.08, an increase in this | item of $1,718.94. | Total operating expenses, taxes snd} depreciation amounted to $628.820.13 as compared with $581,327.05 a year ego, an increase of $47.493.08, leav- ing a net income from operations of | $120,386.82 against $134,81276 in March, 1934, or a drop of $5426.14. | Gross stood at $142,659.18 against | $147,658.86 and the usual deductions | from gross to cover interest required | $54,059.18, as compared with $56.- | 563.37. The number of revenue pas- sengers carried in March showed a| fine increase, 12,493,398, compared | with 11,024,821 revenue riders in| March a year ago, 8 jump of 1,468,577 | or 13.3 per cent. | For the first quarter Capital Tran- | sit’s operating revenues totaled $2,- 198,678.92 sagainst $2,011,822.78, a! gain of $186,856.14. At the same; time operating expenses totaled $1.-| 909,206.35, as compared with $1.607.- | 596.26, a jump in operating costs of | $301,610.09, or 18.8 per cent, while| the revenue gain was 9.3 per cent.| Operating income amounted to $289,.- 472,57 while in March, 1934, this fig- | ure stood at $404,226.52, a falling off | this year of $114,753.95 or 28 per | cent. | After deductions for bond interest, | net income for the three months to- taled $162,815.21, compared with $273,522.20, a slump of $110,706.99, or 40 per cent. Revenue passengers ' numbered 36,147,598 in comparison | with 30,580,486, a pick-up of 5,567,112 | or 18 per cent. | Capital Leads Trade Area. ‘With & 2.2 per cent gain in depart- ment store sales in Washington in March, and an advance of 10 per| cent in the first quarter, compared | with the like periods last year, this| city led all the other leading trade | centers in the Fifth Federal Reserve | District in business advances, ac- cording to the monthly trade com- parisons announced by the Reserve Bank of Richmond, the report cov- ering returns from 31 department stores in this territory. | March retail sales in Richmond showed a drop of 7 per cent and in Baltimore 10 per -cent, while the average for the whole area was down | 6 per cent. For the first quarter sales in Richmond were the same as last year, Baltimore sales were off 2.7 per cent. The Washington figure, however, brought the average for the whole district up to 29 per cent above last year. Stocks on hand in Washington stores were 1.1 per cent higher than at the end of March a year ago and | 882 7.7 per cent ebove the figure at the end of February this year. During the month under review stocks in the stores here were turned 0.355 times and 0.94 times during the first quarter. On receivables due at the beginning of the month, 28 per cent were collected. In studying the comparisons it should be noted that March, 1935, con- tained one fewer business days than March, 1934. Easter Sunday oc- curred on April 1 last year end on April 21 this year, moving trade for- ward about three weeks. ‘Trading Lively on Exchange. In one of the busiest sessions of the week on the Washington Stock Ex- change, 181 shares of Washington Railway & Electric preferred stock changed hands yesterday at 105.| Two 50-share blocks figured in the sales, the rest in small lots, the price being the high for the year. ‘The market opened with Potomac Electric Power 6s selling at 110 on & $1,000 turnover, Washington Gas 5s, 1958, recorded a $4,000 transaction and e $1.000 sale at 105, the 1935 peak price in this issue. Washington QGas 6s, series B, sold at 1035, Other bond sales of interest were $1,000 transfers in Washington Rail- way & Electric 4s at 105% and 104. City & Suburban 5s were also popu- lar, two $1,000 sales taking place at 88 following the recent price jump from 85. Stocks were neglected, the day’s only sale being in Riggs National Bank common at 216. According to the exchange list, Washington Gas Light, Washington Loan & Trust, American Fire Insur- ance Co. end the Lanston Monotype Co. will pay regulor quarterly divi- dends in a few days. FIVE BANK OFFICES OPENED IN 4 STATES| Fennsy Special Dispatch to The Star. CHICAGO, April —Five new offices in four States are re- in this week’s Banking Mar- et, issued by Rand McNally Bankers’ Monthly. ‘The institutions, which include two new and three reopened banks, ire located in the States of Ilinois, Ken- tucky, Missouri and Ohio. 8ix changes were reported due tc mergers and consolidations, while five State banks were closed during the week. | The provinces, as a matter of fact, will | May 6. | London just now, because of the con- | MacDonald is staying on at the head | Visits Capital INSURANCE LEADER HERE AS COUNCILLOB. CHANDLER BULLOCK, President of the State Mutual Life Assurance Co. of Worcester, Mass., arrived here last night as a national councillor to the United States Chamber of Commerce meeting, representing his company and other New England interests. A leader in the life insurance field, he has been head of the State Mutual since 1927. On June 2 the com- pany will celebrate its ninetieth anniversary. While in the city Mr. Bullock will spend some time with Wilner & Wilner, local agents of the company. { FINANCIAL AND CLASSIFIED he Sunday Star WASHINGTON, D. C, Ratio Between Raw Mate- rials and Finished Goods Being Restored. READJUSTMENT HAILED AS BUSINESS FACTOR Sharp Expansion in Farm Buying Power Likely to Stimulate Industrial Areas. BY FREDERICK GARDNER, Associated Press Pinancial Writer. ‘The pendulum of prices continues to swing back toward a restoration of what economist call balance be- tween raw materials and finished goods. In recent readjustments among the various groups in the domestic price structure, the movement has been distinctly in favor of farm products. Farm products on the average, | measured by the Bureau of Labor | statistics indices, now .stand in the | most favorable relationship to other BRITAIN NERVOLS | disparity between farm and non-farm | prices widened until trends turned in | INDLSTRALSGNS Every Reich Move Watched Closely—Jubilee Plans Have Sober Note. Special Dispatch to The Star. NEW YORK, April 27.—Cables and radio dispatches to Business Week give the following survey of business abroad for the week ending today: LONDON.—“Company reports and | other current barometers should make British business buoyant, but it is not. | There is a heavy undertone of uncer- | tainty. Stresa and Geneva have ‘ brought only temporary and superficial | relief to unsettled nerves. Every move by Berhin is being watched closely. | “Jubilee preparations are absorbing | a good deal of attention, and there is widespread interest now in the events which will follow the royal thanksgiv- ing service May 6, but there is no hi- larity. The throne is setting the key for the whole celebration, and to both | the King and the Queen the jubilee is a religious observance. It was only after strong public agitation that the King agreed finally that there should be four carriages in the royal proces- sion to St. Paul's Cathedral, instead of the one which he deemed necessary. celebrate far more gayly, at least on October Election Talked. “Election talk is not widespread in centration on the jubilee, but the ‘small man's budget’ was so obviously a bid to the electorate that it has re- vived whispers among leaders in the city. “It is an open secret that Ramsay of the government only as a matter of courtesy through the jubilee. There 1s once more active talk of an October election. Any crisis in Europe in the interval would undoubtedly delay it in. “If markets are disturbed by the threat from Germany and the fear of a fresh attack any day on the gold bloc, they are cheered by developments at home. Manufacturing actvity is ex- panding, iron and steel activity is at high levels, exports are up slightly, more men are at work, traffic on the railroads is better than a year ago, and telephone and cable service is at a 3-year peak except for two Decem- bers, always abnormally good.” French Trade Improves. PARIS.—“France is calmer this week, and business is showing signs of a belated Spring recovery. Unem- ployment has declined. A provisional trade pact has been signed with Italy, which is merely the prelude to a long- term trade treaty. “Paris is excited over the announce- ment by the government that the first public television station in the coun- try will be broadcasting by the end of the inonth from the Eiffel Tower. “France is watching closely: the effects at home and in Belgium of the Belgian devaluation. Brussels and Antwerp are experiencing the expected groups since 1930. In the latter half of 1930, the in- dex of farm prices dropped below that of non-Agricultural groups after hav- March, 1933. Closing of Gaps Watched. Since much of the New Deal pro- gram has been directed toward elim- inating this disparity and restoring balance between farm and non-farm prices, the closing of the gaps is watched with close interest by politi- cal observers for the influence it might have on future administration policies. Revaluation of the dollar in gold was undertaken for the avowed pur- pose of correcting price disparities and promoting recovery in the ex- change of goods between producers of | finished and raw materials. A material reduction in the sup- { ply of some farm products resulting from drought and A. A. A. control has introduced a confusing factor into the price picture. Aside from silver, the big gaing in prices in recent months have been in farm oroducts, of which the supply has been cut greatly. are disposed to read optimistic busi- ness interpretations into the read- justments which have been bringing prices of raw materials into better balance with finished goods. ‘What this will mean in the way of business expansion, they say will be evident in the second half of this year if farm prices hold up around current levels in face of the antici- pated increase in crops. Increased Buying Foreseen. Given more volume, they contend, the farmer will be set to buy an increased output of industrial goods from city factories. Indeed, the farmer is credited with much of the enhanced purchasing power now go- ing into automobiles, home equip- ment, radios and other lines which have been turning in relatively good production reports. The Bureau of Labor Statistics in- dex for farm prices is at the highest since October, 1930. It is 37 per cent higher than a year ago and 83 per | cent above the comparable April, 1933, On the other hand, some of the leading non-farm groups still show a tendency to sag or remain in a nar- row zone. Notable are building mate- rials, house furnishing goods and mis- cellaneous commodities. In other words, while the prices of eggs, grains, live stock and other farm products have risen markedly in the last year, those of automobiles, tires and many other finished products have been stationary or have declined a little. The all-commodity index for last week stood at 80.3 per cent of the 1926 average, compared with 733 a year ago and 604 two years ago. Comparisons Are Made, The readjustments which have oc- curred may be seen in the following comparison of price indices for lead- ing commodity groups on the basis of pre-depression averages, the approximate lows two years ago end the latest figures, all of them for April: Parm products Textile product Metals and products’ © Fuel and lighting materi; Buildin, mugrll Lo House furnishing goods. . All commodities other than farm products and foods 95.5 ALPINE TUNNEL URGED. Parts to Rome by direct road will be possible when a tunnel - 3 ] 2 % BITIDRE b o wiowxead o >, B REZ3ES Lpumed iz o 2 & pickup in activity. Prices have risen, and buying activity has been stirred on all markets. King’s Palace 76 under Mont Blanc, approved by Prance, is built. Years Old, Early Capital Days Recalled mance of mercantile life of the Cap- ital in earlier days. King's Palace was founded in 185 by Henry King. First located on lvania avenue, it later moved to its present situation on Seventh street. It ]:Mu first & millinery store, bers of the family, was the father of the Eighth Street Temple and took a very active part in civic affairs. During the early years of the store, the first horse car line was established | King, on Pennsylvania avenue. The avenue was unpaved; Indiana avenue and F | King. street were exclusive residential i ! i § g E | ! g 2 1 § § RES 2 4 8 § g a;? i i = 3 :F g §§s§ thoroughfares. The store grew rapidly. hnrlu‘hun- Philip King, £ B Nevertheless, many price students| T0 MOVE TOWARD | WITH STEADY RISE BETTER BALANGE| IN TRADE AGTIVITY More Cheerful Sentiment Among Business Chiefs Felt by Market. LOW YIELDS ON BONDS HELP TO SHIFT FUNDS Refunding Forces Many Holders Into Lower Investment Strata, Such as Preferred Shares. BY CHARLES F. SPEARE. NEW YORK, April 27 (N.ANA). —It is difficult to say whether the improved sentiment in the business world and the statistical evidence there of an increase in volume is due to the rise in investment and specu- lative securities or whether bonds and stocks are reflecting the change in the mood of industrial leaders. The important fact is that busi- ness is better and is admitted to be by those who have, for months, re- fused to recognize any but the ad- verse elements in the outlook. One of the quickest roads to in- dustrial recovery has frequently been that leading out of Wall Street. The most recent illustration of this was two years ago this month when the sharp rise in security prices, follow- ing the bank holiday, played an im- portant part in stimulating trade. Those who hold stocks, more so than the owners of bonds, are quick to respond to appreciation on their investments. When it comes they spend more freely, both for the things they need and for the luxuries that have become necessities in the pres- ent standard of living. Therefore, an advance in the stock average to the highest level of the year has developed a new psychology among thousands who have been repressive in their at- titude as buyers for a considerable period of time. Sequel to Bonds' Rise. ‘The expansion in stock trading and | in the degree of equity revaluation is | a logical and somewhat belated sequel to what has been going on for over a year in high-grade corporation bonds and in United States Treasury issues. It has also been influenced by the extreme ease of money. The fixed interest obligations had reached | a figure that reduced their return to | a point where they no longer at- tracted the private investor. Furthermore, many choice bonds with fairly high coupons have been refunded or are about to go through this process. The yields on the new securities do not satisfy. Under these circumstances the holder of such loans, or the person with money to invest, buys into a lower investment strata, as, for instance, preferred | stocks. But here again the demand | exceeding the supply and interest | rates continuing to fall, the buyer soon faces a situation in which the prime members of this stock group:| are quoted at a price parity with | bonds. The most pronounced move- | ments in the investment market in recent weeks have been in 4 and 5| per cent public utility and railroad preferred stocks and in the uncallable | 6 and 7 per cent industrials. Naturally enough, this condition en- courages demand for the common or capital stocks of the strongest of America's corporations. Even among these the return on capital is steadily diminishing as an eager public con- centrates its buying power on this limited group, as it did this week on the metais after silver was advanced. The result is a further departure from the original line of investment into a fleld where the only promises are those of capital appreciation under the stimulus of better business, more confidence in the national economy and cheap money. At today’s renewal rates for loans it is possible to borrow $100,000 for 12 months at a cost of $250. This sort of bait is not likely to be long refused by & speculatively hungry public. Inflow of Foreign Money. Another reason for the increase in speculative interest and the growth of buying power is the part that for- eign capital is playing in the Amer- ican market. After many months of experience with the shifting cur- rencies abroad, our capitalists are to realize that the United States is the safest place in which to have their money. Certainly the investors of Europe believe this to be true, as they see one country after another compelled to devalue, while those still on gold are likely to be forced off it this year. As 8 bearish argument on corpora- tion bonds and Government obliga= tions, the protracted talk of inflation has not been profitable to those who have acted on it. It does not hold any place in the current play of stock speculation. There comes & time in every long drawn-out depression when the nat- ural forces of recovery outweigh those that have been holding recovery in check. This is probably one of those periods. It coincides with the season of natural expansion of commercial life, and this year, with the arrival, 18,000 TO GET JOBS. Eighteen thousand jobless laborers will be given work on water works and highway projects, costing $10,- 000,000, in and near Orh. Japan, TUEY SAY Taw HELPS IF Youre GOW’ BAD! SUNDAY MORNING, APRIL 28, 1935. PRIGES CONTINUE | STOCKS KEEP STEP | [__ e ew bet—some fthe layrsSecm 10 B Out o L] Classified Ads Pages 4 to 12 SITTING THIY WAX MAY MAKE A DIFEERENCE/ NO U4SE WALKIN' ROUND MY duaiR AGAIN— WASHINGTON POKER 7 EVERY- TG \NILD BT ACES AND SIX 7 5005 / IMARYLAND BANKS 1 i AWAIT CHANGES !Création of State Boardi Among Steps Provided, Effective June 1. By the Associated Press. BALTIMORE, April 27.—The law | providing for & State advisory bank- | ing board is one of several banking measures becoming effective June 1. | Characterized by State Bank Com-l missioner John J. Ghingher as “a| most important measure,” the nmi h provides for a board to serve in an advisory capacity to the commissioner and meet on call from him. Gov. Nice will select the unpaid advisers from among reeommendl-f tions submitted by the Baltimore | Clearing House Association, the As-| sociation of Mutual Savings Banks of Baltimore and the Maryland Bankers' Association. The State controller will serve as an ex-officio member. Among the measures effective yune | 1 are: Increasing the salary of the bank-l ing commissioner from $9,010 to $10,- 000 annually and that of the deputy commissioner from $6,950 to $7,500. Authorizing the commissioner to use not more than $25,000 to increase salaries and personnel in his depart- ment. Increasing the examination fee paid by banks. Permitting State banking institu- tions to make direct loans to industry on the same basis as national banks. Prohibit State banking institutions from setting up affiliates or closely allied organizations except for reor- ganization purposes, I Chicago Gr: | By the Assoclated Press. CHICAGO, April 27.—Uncertainty which developed as to the United States Government’s future course re- garding silver had much to do with downturns of prices today for grains. A pronounced inclination was shown to settle open accounts in the grain markets pending definite announce- ments from W: on concerning what new steps would be taken rel- ative to silver. Independent weakness became evident in the rye market, with enlarged selling coming from the Northwest. Wheat closed nervous, %-1% un- der yesterday's finish, May, 99%-%: Grain range at brincipal markets today: High. Low. Close. close, Py 5 be pals mesh =" ?i%g:n%gufi‘< ¥, Wheat, No. 2 hard, 1.06%; corn, old, No. 2 yellow, 91; new, No. 2 yel- low, 90a90%; No. 3 white, 95; oats, No. 2 white, 51%; no rye; barley feed, 50a70; malting, 7041.05; timothy seed, 15.00a17.50 hundredweight; clover seed, 15.00818.00 How ABOUT BUSINESS EXTENDS SPRING ADVANCES ON BROAD FRONT Auto Industry Keeps Lead With 110,970 Output, Highest Since 1929. WIDE GAIN IN RAIL LOADINGS UNEXPECTED Coal and Steel Productions Also A NEW DECK? SEATS WITH Copyright, 1935. New York Tribune. Inc. Staples Higher RISE IN SILVER PUSHES UP COMMODITIES IN WEEK. OTTON PRIg (wibkiy) Vicews vea Seb ifiimieaii _ WHEAT PRice S ) NEW YORK, April 27.—Rocket- ing silver prices this week gave upward impetus to commodities, sending cotton to 12.25¢ per Ib., wheat to $1.15)¢ per bu. and hogs to $9.50 per cwt., despite generally good crop conditions and indica- tions of larger corhmodity output. —Copyright, 1935, A. P. Wirephoto. New York Cotton By the Assoctated Press. ! NEW YORK, April 27.—Following early declines of 11 to 14 points, cot- ton futures turned steadier, closing net | unchanged to 10 points lower. | A barely steady opening reflected relatively easier Liverpool cables, de- clines in silver and reactionary senti- ment after Friday’s advance. Europe, commission houses, Wall Street, New Orleans and local inter- ests were moderate sellers, but the declines uncovered a fair demand. Old-crop positions rallied back to within a point of yesterday’s highs at the close, and, with contracts scarce, early sellers rebought. The amount of cotton on shipboard awaiting clearance at the end of the week was estimated at 82,000 bales, against 104,000 last year and 132,000 two years ago. The range follows: Hieh, S Sgsezzt [ 58 3% Bleachable cottonseed oil was steady today, clesing unchanged to 2 points net lower. Sales, 54 contracts, includ- ing 28 switches from May for July and September at 40 and 35 points, respectively. Tenders on May were 30 contracts, a little larger than ex- pected, but they were well taken. Bleachable spot nominal; May closed 10.35; July, 10.69; September, 10.71; | October, 10.58. I ANYBODY L AGACIA OFFICERS NAMED FOR YEAR { Montgomery Chosen® Head of Insurance Concern for 42d Term. With his re-election to the office; of president by the board of direc- tors yesterday, Willlam Montgomery | enters his forty-second year as di- | recting head of the Acacia Mutual Life Insurance Co. Under his men- agement Acacia has grown from a small, local in- surance soclety into one of the leading com- panies in the United States, with more than $352,000000 of insurance in force and aessets totaling more thar. $56,000,000. At the board meeting other officers were named as follows: J. P. Yort, vice president; S. E. Mooers, secretary; Donald F. Roberts, treasurer; Dr. John B. Nichols, medical director; L. K. Crippen, actuary, and Howard W. Kacy, general counsel. Following the election, President Montgomery announced the appoint- ment of the following officers: B. A. Harlan, executive secretary; R. E. Heitmuller, general controller; Otto Hammerlund, chief agency account- T. M. Rodlun, advertising man- ager; Vivian Shepperson, branch auditor; George Link, assistant sec- retary; F. J. Halliday, assistant actuary; A. B. Ambler, jr., assistant actuary; Edward Duhay, essistant treasurer; C. C. Montgomery, assist- ant treasurer; C. M. Beall, assistant medical director; Dr. J. R. B. Hutch- inson, assistant medical director; Katherine S. Carper. assistant gen- eral controller; R. B. Montgomery, assistant vice president in charge of mortgage loans; J. C. Kolb, assistant vice president in charge of mortgage loans; C. B. Hurd, assistant counsel; E. M. Thore, assistant counsel, and Lilian M. Suit, assistant branch audi- tor. reported Wm. Montgomery. President Montgomery that plans in connection with the erection of the new Acacia home of-| . fice building are progressing steadily, and actual construction work will get under way shortly. Frederick Gets Low Interest, Markets Bonds on New Basis Special Dispatch to The Star. ALTIMORE, April 37.—Adopt- ing what investment bankers assert is the most economical and advantageous method for a municipality to sell its bonds, the city of Frederick this week Rise, but Electric Power Total Goes Down. BY RADER WINGET, Associated Press Financial Writer. The Nation's business, influenced last week by both Spring and Sum- mer trade cycles, displayed an under- tone of strength. Although some sections, notably the East, reported retarding influences which hampered the growth of a dis- tinct trend in either direction, a num- ber of analyses agreed that general business and industry moved forward. Flying the flag of ‘“prosperity peaks,” the automobile industry pro- duced 110970 units last week, the highest week production since August of 1929. The trend of motor output has been upward for many months, and Cram's said production estimates for May gave indication of little or no decline from April. Dealers’ statements to manufac- turers show a comparable condition in the retail field, with the -car market declining as an adverse influ- ence on new-car sales. Loadings Gains General. Carloading reports for the week ended April 20 revealed advances in almost all types of freight, with the total up 4 per cent from the previous week. Such a wide gain was more than normally expected at this time of year. - Although bituminous coal produc- tion for the same week was 6.150,000 net tons, compared with 5,522,000 net tons the previous week, shipments of coal, as shown in the carloadings re- port, were not appreciably higher than other types of freight. Production of steel last week gained fractionally, moving to 44.6 per cent of capacity from 44 per cent, and the outlqok for this week was for opera- | | tions continuing around the present basis. Most adverse development was the downturn during the week ended April 21 in electric power production. The output of 1,701,945,000 kilowatt hours was 1.7 per cent above the same week of 1934, but well below the total of the previous week. Some .quarters attributed the show- ing to curtailment of textile manufac- turing activities, but changes from the previous year in New England and the South were about the same as for other sections. Reports on retail trade from the larger centers were favorable for the most part, although some Easte..1 sec- tions contended gains over the 1934 season should have been greater. With tapering off of Easter trade demand, seasonal goods for Summer | use took the stage in confident man- | ner, with wholesalers preparing for | good business volume. | Toledo Strike Followed. The Toledo automobile strike cre- ated widespread interest amnog in- dustrialists who searched for indica- tions whether the trouble would | spread to other lines. Silver swirled in response to po- litical and economic pushing and pulling, with the world price and the Treasury price for domestic metal racing up and down the scale, Little effect was noted in the United States aside from metal interests. | Detailed reports from Federal Re- ! serve districts for last week follow: BOSTON—Two basic New England industries suffered diminished busi- ness. Demand for wool fell but de- liveries on old contracts kept mills occupied. A seasonal reduction in cotton cloth demand was in evidence, and a number of mills closed. The leather market, however, reported a decisive revival in demand for Fall requirements. NEW YORK—Retail trade in the New York metropolitan area was .| spotty. The number of out-of-town buyers was greater than the previous week but well below a year ago, but recorders from the consumers’ goods trades held up favorably. Silver flat- wear prices were advanced 10 to 15 per cent on continued higher world bar. silver prices. PHILADELPHIA—Few business lines showed more than moderate im- provement in the third district, but an optimistic tone was apparent. Staple merchandise, subject only to minor seasonal influence, held about even with 1934 levels. CLEVELAND—A mixed business trend was shown in the fourth dis- trict. Construction was reported re- viving, particularly residential lines, but scattered reports on retail trade indicate an unsatisfactory condition. Youngstown steel operations fell 2 points to 56 per cent of capacity and Cleveland 5 to 57 per cent. Richmond Gains Shown. RICHMOND—Retail trade in the fifth district veered strongly upward. Wholesalers reported depleted retail inventories. Washington residential building ‘was described as strong. ATLANTA—A 20 per cent increase planned in Birmingham cement mill pro- duction was a dominant factor in sixth district business, Warm wea: main- tained demand for light goods following the ter Illm:"l. i rmis diction decifned Ehty 1o 55 Per Gent -Retail trade in the trict maintained ~holida; der the stimuius ot fivorsble w d RS Eisc urred the Illlfi’lnl industry. ing low, live the eighth £6" aote e refeciion. in' wWholesale teade, Tron "and steel. industries operated on_ an uncharged basis Alth m it nge was shown in building. e out‘aock was reported more encouraging. nty rainfall in_the ninth T“{;‘I’nh';e'flflrnt“ Jrospects 18 actor. s for ‘an _excellent crop. _Thi coupled with higher in prices. Shs pioped saigs of foip cgtoment & Jobbers and"wholesalers tn the Twin Gities, ATRMAIL MAY BE EXPANDED. ‘Transmission of all first-class mail between England, Australia and New Zealand by seaplane may be inaugue rated in l.‘!’l.