Evening Star Newspaper, June 27, 1931, Page 13

FINANCIAL NEW YORK STOCK EXCHANGE Recelved by Private Wire Direct to The' Staf®Office. BANKERS CONSIDER ADVERTISING DRIVE May Start Local Newspaper and Radio Program Early This Fall. BY EDWARD C. STONE. Washington bankers appear fully aware of ihe matchless value of adver- tising and to back up their faith in this method of exposing their wares are now considering an extensive co- wentlve campaign, which would begin in September. ‘The Adverfi.sinl Committee of the District Bankers’ Association, of which Ftiot H. Thomson of the Washington Loan & Trust Co. is chairman, out- lined the proposed campaign at the Hot Springs Convention and the mat- ter was at once referred to the incom- ing administration. Members of the committee believe that a most effective and economical campaign could be conducted co-oper- atively by member banks with the com- bined use of newspapers, the radio and free literature. Every angle of bank service could be featured in the cam- paign with special emphasis upon the interdependence of the bank and the customers it serves. ‘The plan covers a series of 12 weekly radio programs, on Monday evenings, of a time-tested type of entertainment which has never been on the air and in which will appear distinguished financial, judicial, professional and business men to bring the message of the evening. according to the commit- tee's suggestions. Each program would be announced in all daily newspapers on the day set, and the theme for the week discussed each day in one of them. Coupled with a booklet for free distribution upon re- quest to the broadcasting station or member banks, committeemen believe an effectual service will be rendered to the District and profitable business brought into the banks with a better mutual understanding arising between banker and depositor. ‘The expense of such a campaign would reach a total of approximately $6,000, it is estimated, or a cost, if averaged, of less than $200 per bank, or approximately $60 a month, covering all expenses. Again Lead Fifth District. The retall trade report of the Fed- eral Reserve Bank of Richmond for the first five months of the present. year shows that Washington ~department stores have again hung -up the best average sales record of any city in the fifth Teserve district. As already noted, total sales in the five months of 1931 showed a gain of 0.8 per cent, com- pared with the first five months of 1930. All the other leading cities in the territory reported lighter seles than in the same period last year. Sales in the fifth district as & whole were off 4.2 per cent from last year. Richmond sales were down 6.4 per cent, Baltimore reported a decrease of 5.9 per cent while a group of other cities suffered a decline in retail sales amounting to 12.2 per cent. For May alone, retail sales here were off 5.4 per cent compared with May, 1930, the average for the whole fifth district was down 9.2 per cent, Rich- mond noted a decrease of 7.5 per cent. and Baltimore sales dropped 10.1 per cent compared with May of last year. A group of other cities reported sales down 20 per cent. Stocks of goods on hand at the end of May were 20 per cent lower than last May in Richmond, 10.1 per cent lower in Baltimore, 8.2 per cent lighter in Washington, 17.5 per cent in other cities and 11.6 per cent lower in the fifth district as a whole. Bank Women Committees Listed. Mabel V. Royce, president of the Washington Bank Women's Club, has appointed the following standing com- mittees for the coming year: Membership, S. Winifred Burwell, National Metropolitan Bank, chair- man; Judith® M. Fishburn, Chase Se- curities Corporation: Ellen Crawford, American_Security & Trust Co.; Mary Cravem, District National Bank; Louise Payne, National Savings & Trust Co. Program, Alice H. Whitton, First National Bank of Alexandria, Va., chairman; Lois A. White, Federal- Amerie National Bank & Trust Co.; Virginia M. Harrison, Takoma Park Bank; M.. Leona Anthony, Federal- American National Bank & Trust Co.; Many J. Winfree, Commercial National Bank. Fellowship, Helen V. Reed, Burke & Herbert, Alexandria, Va. chairman; Rose L. Royce, Washington Loan & Trust Co.; Harriet Barrett, American Security & Trust Co.: Etheline Parker, Becurity Savings & Commercial Bank; Louise B. Coale, Takoma Park Bank. Dinner, Mildred C. Woodcock, Ameri- can Security & Trust Co., chairman; Laila M. Sloat, National Metropolitan Bank; Evelyn Hawkins, American Se- curity & Trust Co.; Eleanor Dankmyer, Security Savings & Commercial Bank; Elizabeth Battaile, District National Bank; Emma H. Smith, National Metropolitan Bank. Better Insurance Law Sought. President David S. Bethune of the District Life Underwriters’ Association, who has just taken office, urges legisla- tion by Congress raising requirements for life insurance agents in the District of Columbia. He believes such a move 1s in the interest of both the public and the profession. At the first meeting of the new ad- ministrative year he explained his views to the underwriters, and asked Joseph A. Marr, chairman of the as- mintlonn legislative committee, and Edward Brashears to study the laws in force in many States with a view to using their best points in a law to be drafted for Washington. It is not in- tended to make the requirements un- reasonable, Mr. Bethune explains. Present requirements in the District are not believed high enough. Appli- cants are asked, among other questions, whether they have read the District insurance laws; what experience they have had in the profession; whether they have ever been refused a license or had it revoked; whether they have been convicted of any crime or offense, and whether, if licensed, they will agree not to misrepresent conditions of contracts or rebate any part of prem- fums or commissions. More technical information determining the applicant’s knowledge of the profession is believed advisable. Local Dividends Declared. Directors of the Liberty National Bank have declared the regular semi- annual dividend of $3.50 per share, payable June 30 to stockholders of record on June 29. Transfer books will not be closed. Director of the Terminal Refriger- ating & Warehousing Corporation have voted the regular semi-annual dividend of $1.50 per share on the outstanding stock, payable on June 30 to share- holders of record on June 26, this action having been taken at a meeting late yesterday. The Pennsylvania Railroad today re- ported a net operating income for May ©of $3,600,068, against $9,640,633 in May, 1930. Five months net operating in- come was $18,288,168, against $39,146,- 029 1n the like 1930 period. ‘The Baltimore & Ohio reports net railway operating income of May amounting to $2,284,368, against $4,091,- 228 in May, 1930. For the five months the railroad reported net operating in- come totaling $8.445,346, against $14,- 029,178, & decrease of $5,583,832. ‘The Virginian Railway today report- ed five months' net earnings cn the common stock of $1.20 per share, in comparison with $3.82 ger share in the like period in 1930. May net income was $231,592 after taxes and charges, against $267,893 in May, 1930. Note.—All stocks are sold in one excepting those designated by the letur s m-) (2!0'). Sales— ~Prev. 1031~ 104 Stock and ~Prev. 1031~ High. Low. 12% Dividend Rate, Add 00. mm Abitibl Pow & Paper Adams Express (1).. Alr Reduction (N%l Alllln Jun»u All'l Cn "0 wr 5“ . Alleg Cp $30 xw 5%.. Allfed Ch & Dye (n8) Amerada Corp (2)... Am Agr! Ch of Del Am Bank Note (13) ... Am Beet Sugar...... Am Beet Sugar pf. 4 88 Am Brown Bov Hlee. 2201 4 Am Car & Fdry (1). 10 y¥00s Am Car & Fdy pf (7 Am Chain2).... Am Chicle (13).. Am & For Powel Am & For Pw Am & For Pow 2d pf. 4« Am Haw St'ship (1). Am Hide & Leath pf. Am Home Pr (4.20).. Am Ice (3).... Am International. 4 Am La Fr & Foam pf Am Locomotive (1).. Am Mch & Fdy 1.40.. Am Metal Co... Am Pow & Lt (31)... AmP&LtDf A (4).. Am P &L pf A st (5) Am Pow & Lt pf (6). i Am Sm & R 2 pf (6) Am Snuff (13%). Am Solv & Chem i« Am Solv & Chem pf. Am Stl Foundries(1) Am Sugar Ref (5). Am Tel & Tel (9).. Am Tobacco (18) Am Tobacco B (16).. Am Water Wks lll.‘ Am Wat Wis cfs (3) Am Wat W 1st pf (6) Am Woolen. Am Woolen Am Writ Am Zinc Lead & Sm.. Anaconda Cop (1%).. Anaconda W &C (1). Anchor Cap (2.40)... Armour of Del pf (7) Armoweof Il A..... Armonr of Ill B. Associated Apparel., Asso Dry G (2%).. Atch To & 8 Fe (10). Atlantic Refining (1) Atlas Powder (4)... Atlas Powder pf (6). Auburn Auto (f4)... Aviation Corp af Dal Baldwin Locomotive Baldwin Loco pf (7). Balto & Ohio (5). . Balto & Ohio pf (4).. Bang & Aroos (3%). Barket Bros... Barnsdall (A) (1). Bendix Aviation (1). Best & Co (2) Bethlehem St Bethlehem St pf (7 Bohn Alum & Br 1 Borden Co (k3) Borg. Warner ( briges MIg (%) .0 Briggs & Strat €2). Brockway Mot Trk. 4 Bklyn-Man Tr (4). 3 11% 24 T 813 814 19'% 17 1% 9 23% 201 Bklyn & Queens. Bklyn & Qu T pf (5 Bklyn Union Gas (5 Brown Shoe (3) Bruns-Balk-Col Bruns Ter & Ry S. Bueyrus (1)..... Bucyrus ev pf (2%). Budd (E G) Mfg. Budd Wheel (1 Bullard Co. ..... Bulova Watch (1 Burroughs A M 11%. Bush Terminal (2%) Butte Copper & Zinc. Butterick Co. . RBvers (A M). . Callf Packing (2). % Callahan Zinc & L4 5 Calumet & Arizona. Calumet & Hecla Camp W&C Fy(1). Canada Dry G A (3). Canadian Pacific 1% Case (JI) (8)..... Caterplllar Trac (3). Celanese Corp. Celotex Co. Celotex Co pf Century Rib Mill Cerro de Pauco(1.50) Certain-teed Prod. Cheeker Cab Mfg Ches & Ohio (2%)... Chesapeake Corp (3) Chi & Alton Chi & Altor. Chi Great West Chi Great West pf... Chi M1l 8t P & Pae. Chi M1l StP& P pf.. Chi & Northwest (4) Chi Pneu Tocl. Chl Pneu Tool pf.... Chi RI & Pac(m2%) ChiRI&P ot (6)... Chi Yellow Cab (3) Childs Co (2.40). Chrysler Corp (1). City Ice&Fuel (3.60) City Ice & F pf (63%) City Store: Coca-Cola Colgate-Pal-P (2%). Collins & Alkman. .. Collins & Ak pf (7).. Colo Fuel & Iron. Col Gar & EI (2). Colo & South (3) Columbia Graph 56e. Col Grapho ctfs 56e. Columb Carbon (5) Comel Credit (2). Comecl Cred 1st (6%) Comm 'nv Trust (2). Comel InvTrpf6%. Comm Solvents (1).. Comwlth&Sou (40c). Cmwith & Sou pf (8) Congoleum-Nairn, Consol Cigars (5) Consol Cig pr pf 63, Consol Cigar pf (7)., Consolidated Film. .. Consol Film pt (2) Consol Gas N Y (4). Con Gas of NY pf(5) Consol Laundries ( Consol Textil Container B. Contl Baking A Cont] Baking B Contl Baking pf Contl Can (2%) Contl Dia Fibre (1).. Contl Insur (3.40)... Cont] Motor: Contl Oil of De! Cont Shar Coty Ine... Crex Carpet. % Crown C&S pt (2.70). 95 9% 10715 140% Crucible Steel. Cuba Cane Prod. Cuban-Amer Sugar. Cuban Am Sugar pf. Cushmans pf (8) axison Chemical Drlaware & Hud (9). Detroit Edison (R). . Devoe & Ray A (60¢c). Diamond Mateb. Dome Mines (1). Douglas Afr (t1 Orug Corn (4). Dupant de Nem Eastman Kodak (18) % (aton Axle (1.60). Klec Auto Lite (6. Elec Boat. .. Rlec Pwr & Lt (1)... Elec Pow & Lt pf ( Blec Stor Bat (§) Endicott-John (3 Eq Office Bldg (3%). Erie RR:eevonVioeme 5% Eureka Vac Cleaner. Stock and Sales— Dividend Rate. Add 00. High, 1 6% Auto Produets 1 ge Buf (13%). 208 rbanks Co pf Federal Screw Wk Fed Wat Sv A (2.40 Federated Dept Strs. Fid Ph Fire In (2.60) Firestone T& R (1) First Nat Strs (2%). Follansb Foster Wheeler (2) Foundation Co...... Fourth Nat Invest.. Fox Film (A) (2%) Freeport-Texas (3). . Gamewell Co (5) Gardner Motor., Gen Am Investo Am Tank Car! en Asphalt (3) Gen Baking (2).. c) Gen Food Corp (3).. Gen G & El A (e30c). Gen Out Adv A (4).. Gen Ptg Ink pf (6).. Goodyear Tire&R (1) Gould Coupler. . % Graham-Paixe. Granby Con Min (1) Grand 81 Strs (b1) Grand Union. Grand Union p! 2 Granite City Steel(2) Grant (WT) (1).... Great Northn pf (5) . Grt Western Sugar.. Grt West Sug pf (7). l‘fll Grigsby Grunow. Gulf Sta t (v/. Hahn Dept Stores. 308 119 17 71 20- 0 42 10% 6 4l 431 42 a8y 38% 9% 31 5715 £0% 45 B aNeNwE S e e - 25 9 Suaen PR 13 88 566 3 296 1 40. 168 X'l Ifll 6 208 12 T4 608 27 139 7 a7 = 16% 168 5 69% 3 2 5% Hupp Motor: 4135 1llinois Central (4) 3614 Jewel Tea (4).. 40% Johns-Manvilie (3). 131% 116 % - < 4 Li7g & Myers B (15) 4 Maytag Co pf (3).. 4 Mo Kan & T Hahn Dpt St pf (¢ Hall (WF) Pr Co (2) Hanna pf (T)...... Harb Walk Re: (l).. Hartman Corp (B).. Hawalian Pineap (2) Hayes Body........ Hercules Pow pf (7). Hersh Choc pf (15).. Houdallle Hershey. Houston O1l. . . Houston Ofl (new).. Howe Sound (2).... Hudson & Man (3%). Hudson Motor (1) EISN Indian Motor Cycle Indian Refining. . Indust Rayon (4)... Ingersoll Rand (4). Inspiration Copper. Insur Shrs Md(40c) Interb Rap Transit Intercont Rubber Interlake Iron (60 Int Bus Mach (n§).. i wan 4 IntCarriers, Ltd 50c. Int Cement (4). % Int Hydro El A (e2). Int Match pf (4).... Int Mer Marine (1).. Int Nickel (60¢).... Int Paper pf.. Int Paper & Pow A. Int Paper & Pow B.. Int Paper & Pow C.. Int Paper & Pwr pf.. Int Salt (3). Int Shoe (3) Int Tel & Tel Investors Equity. Island Cr Coal (4). Sa & L TRUTS - JOTHE Kansas City Sou (2). Kayser (J) &Co (1). <elly-Spring Tire. elly-Spr T 8% pf.. Kelsey-Hayes Wheel Kelvinator Corp. 78 Kendall Co pf (6)... 908 Kennecott Copper(1) 91 KKresge (SS) Co1.60. 1 Kreuger&Toll (1.61). 7 Kroger Groc&Bak(1) 34 Lambert Co (8 Leh Port Cement. Leh Val Coal pt (3) .. Lehman Corp (3). Lehn & Fink (3) Lib Ow Ford Glass. . Liggett & Myer (16). - 3 ST aRanlerSanmonma Lima Locomot (m2). Link Belt (2). Loew’s Ine (3). - = = Lorillard (P) Co. LouG&EA (1% Ludlum Steel. . McCall Corp (2%)... Meclntyre Pore M (1) McKeesport TP t5% 74 McKesson & Rob 41) 81 oe B Macy (RH) & Co ManElevmg .. Marine Mid (1.20 Marmon Motor Car. . Marshall Field (2%) Mathieson Alkali (3) May Dept Strs (2%). Melville Shoe (2) Mexican Seaboard. Miami Copper. . Mid Continent Py Midland Steel (3) Minn Moline Pow, MStP&SSM - Rolrhaommacsnsnmars lln Kan & Tex pf (1) ouri Pacific. MixsonsiFas of (B)e Mohawk Carpet..... Monsanto Ch W(1%) Montgomery Ward. . Mother Lode......ee » oeSan o % Myer (F E) & Br 4” Nash Motors (4). t Acme (80¢) Nat Biscult (2.80). Nat Cash Register A. Nat Dairy (2.60).... Nat Dept Strs 1st(4) Nat Dist Prod (2) Nat Lead pf A (7) Nat Lead pf B (l) Nat Pow & Lt Nat Steel (2). Nat Supply (4). Nat Surety (2). Neisner Brothers. 4 Nevada Copper (1) Newport Co (1) N YLI\I&StLvl ) N Y Dock. N Y N H& Hart (8., % N Y Ont & Western, N Y Rallways pf. N Y Steam pf (6) Noranda Mines...... 21 Norfolk & Southern. Norf & West (112).. 4% North Am Aviation.. 56% Nor Am (b10% stk) 21% Nor Ger Lloyd m2.56 301 Northern Pacifie (5) Ohio O11 3% Omnib 5815 3817% Otls Kl vl(or ll" . 6% Otis Steel 69% 30 Otis Steel pr pf (7) 39% 25% Owens 111 Glass (2). 54% 38. Pacific Gas & Ei (3). 48% Pacific Lighting (3). 13 4 108 5 4 8 57 Pacific Tel & Tel (7) 10s 124 (Continued on Page M) L3 41 1% 39! 89 814 814 47 4% 56 57 56 124 124 128% 3ok STOCKS ARE-FIRM | SATURDAY, JUNE 27, 1931, MEXICQ ACTS TO ASSIST DOMESTIC INDUSTRIES By the Associated Press. AT SHORT SESSION 2 Market Recovers Early Losses as Industrial List Forges Ahead. BY GEORGE T. HUGHES. Special Dispatch to The Star. ular rise in the past week amounting on the average to over 20 points and that it was faced this morning with a con- fusing "thne of the Hoover debt pro- stock market showed remark- able lhbflll!. Early prices were in most cases frac- tionally lower. This represented spec- ulative sel¥ing that naturally followed a rise of such great proportions, making profit-taking & umpution to speculative holders. as this supply was absorbed thi mrlet again advanced, with the industrials leading and the rails, which had been the center of attraction Friday afternoon, taking sec- ond place. Agreement Is Seen. The first intérpretation of the vote in the French Chamber of Deputies sup- porting the government’s note to Wash- ington was that it meant a rejection of the main terms of the plan and might thereby destroy the benefits of a week of rising markets and improving busi- ness sentiment. This view, however, was not held by Secretary Stimson, who indicated that France and the United States would eventually reach a satis- factory agreement on the debt and rep- arations moratorium. ‘With this official point of view, Wall street became more encouraged and re- sumed buying of stocks in the second hour, when many of the high prices of the day were reached. The leader of the market was United States Steel common, which gained over a point, selling 20 points above the low of the month, but still 50 points under the high of the year. Other strong indus- trial stocks were Columbian Carbon, which advanced nearly 6 points; J. L. Case, with a rise of 3 points; Interna- tional Harvester Eastman Kodak, which were 2 to 4 points higher; Johns- Manville, up.over 3 points; Vanadium, galning 232 points, and American Smelting & Refining. In the public utility Iist American Telephone, Con- solidated. Gas and International Tele- phone duplicated their previous high prices of the week after early heaviness. Rail Stocks. Railroad stocks were less inclined than industrials and public utilities to move ahead, in view of the substantial gains made Friday in the absence of any confirmation of the freight rate in- crease. On the other hand they showed no tendency to react under the discour- aging results shown in the list of May earnings published today. Indicating a general average decline for the month in net operating income of about 30 per cent. Brokers’ Comment NEW YORK, June 27.—Brokerage house letters reflect a growing feeling that the market has definitely turned. Resistance to selling in the last two days is viewed as significant, although there is, of course, an expectation that the speed of the advance will necessi- tate a correction. ‘Winthrop, Mitchell & Co.—The stock market continues to absorb selling in a manner that reflects strong underly- ing support. On the theory that prices have moved ahead perhaps too fast in the last week, profit-taking has appeared on a substantial scale in the last two days, and this has been accompanied in some sections of the list by a renewal of bearish selling. In the face of this pressure, however, the market held firmly yesterday and gains were main- tained in a considerable number of the investment and speculative favorites. Clark Williams & Co.—It is our opin- ion that the steel market, allowing for periods of profit-taking, is in a definite upward trend and that no serious set- back in prices will be witnessed until rrlceu have reached substantially higher levels. We, therefore, recommend that holdings of representative issues not only maintained, but that periods of price weakness be utilized to accu- mulate additional shares of issues in representative groups. Redmond & Co.—Developments of the past week, with reports of further con- structive measures still to come, such as the proposed credits to South Amer- ican countries, provide the basis for the growing belief that the market has definitely turned for the better, The rapidity. of the recent advance, how- ever, luz,esu the possibility ‘of some reaction from these levels, but unless some unexpected hitch develops in the debt negotiations, these setbacks are likely to be technical and a sharp sec- ondary reaction delayed until after the close of the Government's fiscal year, June 30. Hornblower & Weeks.—In s&leu of week, stocks show mno the extent and the rapidity of vance the evidence that a ceiling has been reached and in so far as the main trend of is concerned, the upward trend continues to show a mrmng lack of resistance with a demand for mu appearing whenever the market Pask & Wllbrldle—Afltr the market has digested the recent news develop- ments, we will probably have a settling in prices until such time as we can begin to see evidence of increased activity in thled mnjortlrtnhduuflu How- ever, we woul exgec e rally to con- tinue further in the early part of next week in sympathy with continued strength on 'the European exchanges, and, particularly, if t.he news over the week end is favorable. W. J. Wollman & Co.—We would inclined to await final settlement of the European situation before making any additional commitments. Shields & Co.—Indicatlons of more ftvgnb!eunew;‘w co;ns nlfxt week War- rant continuation of policy of buying on reactions. Hamershlag, Bo & Co.—We believe that the more optlmmm view now gen- erally held will in itself foster a speedier recovery. Other than a possible Jbut improbable blocking by ce of the debt holiday, we believe that the only serious obstacle in the way of the market will be the publishi of second quarter earnings . statemen! ‘which, however, are partially discounted. A large supply funds is being released for buying as a result of the new con- fidence as well as money heretofore re- ;\;fiud for paying up security loans. r these reasons we advocate gradual accumulation of sound issues. R R T BUSINESS FAILURES FEWER. By the Associated Pres: Fewer business failures occurred last week as their change wgs calculated by the De&-.nmmt of Commerce. In the complnbl‘ follow uwt‘l’n is given tttx e Y on represent- ing the 192;-‘26 average as 100: Week ended June 20, 114.7; previous week, 116.5; same week last year, 119.7. BOND ISSUE AWARDED. BALTluoRt. June 27 lfl m). un ll(ny rdod 81‘{5000 of court houle and lchool bonds dated July 1, 1931, and maturing mlfllfall’m.hfio}lw.l&'. mne‘nwmmmmmm # pol LR by e e e m:m::mmmnman Advieu to the Commerce Depart- mmt say the decree decreases import duty changes the nomenclature of um affecting certain construction Heaters consuming etrojeurn. producis TS consum pi icts, flon of mixtures of ground cork, ns artificial silk and chemical fertilizers. At the same time an additional duty led, by ax, in Pl beams, up to 55 millimeters in thickness and exceed- 3 meters in £ mmuanwmebmcmum- the usual surtax of 3 per cent of utylwllu. VOLUME INCREASE AIM OF RETAILERS Many Boosting Sales Rapid- ly All Over Country, Monthly Bank Review Asserts. Special Dispatch to The Star. CLEVELAND, June 27.—In its June review, the Union Trust Co. says that retailers throughout the country are ap- parently making a desperate effort to achieve volume on the basis of price, and many of them are succeeding. It is evident that when a good Tllny of merchandise is offered at bottom prices buyers are attracted in large volume. In any comparison between 1930 and 1931, however, the remarkable decline in retail prices must be taken into con- sideration. Department store sales in May, for instance, as reported by the Federal Reserve Board, were 14 per cent below May of last year—but this was in terms of dollars. Allowing for price de- clines, the volume of merchandise act- ually moving over the counters would probably be much the same as last May. Similarly, sales of the Great Atlantic & Pacific Tea Co. for five weeks ended May 30, 1931, showed a decline of 1.6 per cent in dollars, but an increase of 15.2 per cent in tonnage. Meanwhile there appears instances of stores or chains which have actually increased their dollar volume over last year. Sales of the F. W. Woolworth Co. for the first week of June, were in dollars 7.77 per cent greater than for the corre- sponding week in 1930. A survey recently completed by the Bureau of Business Research of Har- vard University, reported in Business ‘Week, presents an interesting picture of the relatlumhlp of volume of business to profit margins in retail trade. ‘The Harvard report covered the per- formance of 649 stores. A group of 245 that did less than $500,000 in |sales showed a net operating loss of 3.2 per cent; 168 with $500,000 to $2,000,000 sales averaged 1.8 per cent operating loss; 151 stores with sales of over $2,000,000 averaged 0.5 per cent :Joss. Only a small group with annual sales volume of over $10,000,000 showed a profit averaging 0.1 per cent. The 85 specialty stores included in the survey took a loss of 1.1 per cent. “Interesting is the fact,” comments the Business Week, “that the profit of 0.1 per cent recorded by the 30 stores with annual sales volume of over $10,000,000 actually represents the saving in operating expense they were able to accomplish. Smaller stores show expenses of 34.1 per cent, while those 30 large ones did business on but 34 per cent.” Although, according to current sta- tistics, we are still in the trough of the depression, a number of commentators are now expressing the opinion that, the decline is nearing an end. This con- clusion is based upon the increasing thoroughness with which price deflation is being accomplished, the actual in- crease in production and. sales of a number of companies, the growing volume of consumption goods which is being purchased and the expectation of an inevitable increase in replace- ment demand. Although we are now in a period of seasonal dullness, many careful observers feel that the worst is over and that Autumn should witness & substantial improvement. SRR AT BREATHING SPELL AID TO RECOVERY Debt Moratorium Expected to Help Economic Situation Throughs out World. Specinl Dispatch to The Star. BOSTON, June 27.—The year’s debt moratorium affords a breathing spell, says the United Business Service, in which constructive measures may con- ceivably be taken to improve the eco- nomic situation throughout the world. Economic authorities seem to agree that an improvement in world trade should result from the buying power remaining in the hands of Europeans which other- wise would be claimed by debt service requirements. The greatest imm te benefit is the lifting from fina circles of the gloom engendered by the fear of an early financial collapse in Europe. The release of more than “00000000 for which Germany is obli- gated will greatly strengthen the posi- tion of private creditors and holders of ropean bonds. -——— FARM ELECTRIC SERVICE REPORT IS ANNOUNCED By the Associated Press. The National Electric Light Associa- tion reports that 644,421 farms in the United States were receiving electric service on December 31. During the year they purchased 1,779,947,000 kilo- watt hours of electric en , or three times the amount sold for railroad elec- trification. Total revenue from this service was $46,187,600. ‘The report repruenu the first at- tempt to arrive at a national estimate of American agriculture’s utilization of elecf-tld!y and was arrived at by ex- tending the totals of companies porting 50 as to embrace an estimated 100 per cent of the electric industry. Production of electricity during last week amounted to 1,579,185,000 kilowatt hours, a slight decrease over the previ- ous, and 4.6 per cent less than last year. VIRGINIA CORPORATION FEES LAW IS UPHELD By the Associated Press. RICHMOND, Va., State tion Commission the constitutional tm ltlhltel under 'hic foreign cor- required to hued upon om-lhml- dofn:u’“-l lm for the privilege of business in the Stite. ‘The opinion was handed down with an ordgr ‘the petition of Roberts & Shaefer Co., an !lllnoll cor- poration, which, with ‘many other for- eign corporations, have been atf the dummuuon laws of Vlr:lnh total h been estimal by Bt ’«:‘M more than 108, June 27.—The ter- y al SUUTH AMERICAN x| SECURTHIES HIGHER 5= Suggestion That U. S. May Extend Aid Has Eene- ficial Effect. Special Dispatch to The Star. NEW YORK, June 27—The sug- gestion that the administration might g0 further in its plan of assisting debtor nations and formulate a either of public or private aid to American has stimulated the securities of those re- ;mlma. which for several days had been reflecting some such news. The dollar debts of Argentina, Bra- =], Chile and Peru aggregate approxi- mately the amount of the dollar loans to Germany publicly held here. Al- ready two South American countries, Peru and Bolivia, have defaulted on their loans. Much difficulty has b«m experienced by the other republics in meeting their interest and sinking fund payments at l time when their revenues were shot to pieces by the general commodity situation. It is well known that American bankers who have been sponsors for South American governments have credits to purpose of meeting ma- turing obligations and to cover inter- est and sink fund requirements. Within a few days, the bankers for some of the Brazlian provincial loans have been compelled to supply the de- ficlency in current interest payments out of their own pockets or by draw- ing on special reserve funds. One of the largest of the maturing loans is that of $50,000,000 made for the account of the Argentine govern- ment last September and falling due on October 1. On July 1 the Argen- tine government has a loan maturing in sterling, which it is understood will be paid off in London in gold. Re- cently it was stated that Argentina Efiat':mmmrumxnvn located for special purposes. There are also some credits to Chile that mature later in the year. The l\llluflon was that sdditional private credits be granted by American bankers to their South American clients to relieve them of the pressure on their treasuries for paying interest and ma- turities and drawing down the ratio of their gold holdings. Political Cutlook Improved. It is recognized that in some ways conditions in South America, from a financial standpoint, are more serious than in Germany. On the other hand, the series of revolutions which occurred in South America last year, and which grew out of distressing economic con- ditions, has made the political outlook more secure among the Southern re- publics than in those of Central Europe. ‘There is still a certain element a more inclined to assist South than Germany, believing that it would be more helpful to our foreign trade |first to give support to one of our largest customers than to render aid to one of the most potential of our com- petitors. Inasmuch as none of the SBouth Amer- ican countries is a debtor to the Unlud States Government, the modus ope: of the suggested financial rene( to '.he Southern republics must be of a differ- ent character than that advocated to- ward Germany. It is doubtful if the Government, as such, can take any hand in the matter. With the prece- dent established in the Serve Bty are s particpant 4o the serve are a it to the extent -of $25,000,000, it ‘would be con- sistent for the Federal Reserve Board to appear as a lender also in South | America. The more likely arrangement, | however, would be for assistance to| be given in the form of banking credit. | It would not. be possible for even Ar- gentina at this time to arrange a long- term loan, inasmuch as her 6 per cent | bonds are selling at a discount of | about 15 points. Substantial Recovery. ‘Within the Iast few weeks there has heen a substantial recovery in ul South American issues, which dropped to an fibf Mu'-.fl Moneytol.oan J...pn s SR e Bids., 9tk & F N.W. 716 11th Pays 5% N OPENING A 22 Years’ Succ German credit | Columbia Building Association Under Government Supervision This Ad and Receive $1.00 Credit Let Us Refinance Your Maturing Real Estate Loan No Commissions Charged ess Without the Loss of a Dime Wt 457 3 §§E§E SEEN AS GOOD SIGN Reductions Will Enable Banks to Realize Profit on U. 8. By the Associated Press. Government officials hail as “good and significant signs” the movement in various sections of the country to- ward reduction in interest rates on _'Whfll et exercising no regul au- thority, the office of the controller of Ih‘ currency observes a “very definite in this direction, because of '.hc \muuuy easy money rates pre- The movement is interpreted a: being one of economic necessity in order that banks may realize a profit on Government and municipal securi- ties as well as those issues whose in- terest mymmu have not been jeop- Irfllld by the depression. a profitable avenue for sur- pllu funds, the institutions, it is point- ed out, have in many instances sought investments returning a sufficient yield rather than a safe haven for idle funds. ‘The rates paid on savings accounts is optional with the institutions. How- ever, one bank in a community cannot with impunity reduce its rate unless other institutions in the same area are 80 inclined. A factor which has been piling up savings steadily for more a year is the practice of many corporations in putting their surplus funds into savings accounts rather than in the bond market. In many instances sav- ings institutions have restricted their accounts to & maximum of $1,000. It is agreed, however, that a part of business recuperation is healthy build- ing up of savings. It is pointed out that unless the growth of bank deposit: keeps pace with the growth of th: country a shaky influence is felt on th general price level. n PENNSYLVANIA RAILROAD. NEW YORK, June 27 (#).—Net op erating income of the Pennsylvanic Railroad in May amounted to $3,690,063 or $5.950,570 less than in the like period a year ago. The gross revenues for May, 1931. totaled 39 310,633, againct $51 895,445 a year ago. Operating expenses totaled 31,379,346, & decrease of $6,189.103 in the comparable period of 1930. Deduct- | mg from revenues left & net expenses mong | revenue of $7,931,287, 14,326,- the American public which would be | g . —— America ":'hm May, 1930. e company’s statement shows gross revenues slumped from $246,203,572 for five months of 1930 to $195.113,926 in a like perlodthily!nr Pbrt«henm m.; net operating 1 ropped 46,029 in 1’30 L] 31!25! 168 m First Mortgage Loans Lowest Rates of Interest and Commission ‘Thomas J. Fisher & Company, Inc. {§ Money on Hand to Loan on ,‘ First Deed of Trust | 643 Indiana Ave. N.W. The COMMERCIAL NATIONAL BANK 14th and G Streets Banking in All of Its Phases St. N.W. Compounded Semi-Annually NEW ACCOUNT essful Bus PERPETUAL PAR FOR THESE SECURITIES Fram the day you make an investment in our 6%, FIRST MORTGAGES until the date of maturity your holdings won't fluctuate a Over a Third of a Century Without a dollar in actual value—and the interest won’t vary from the 6%. That’s why these First Mort- gages of ours are rated in the list of “secured” securities. Loss May be purchased in amounts from $250 up. B, F. SAUL GO National 2100 1S NO, THERE, : 925 15th St. N SUBSTITUTE FOR ¢ SAFETY