Evening Star Newspaper, December 25, 1931, Page 15

1,300,000 ON TRADE PAY ROLLS OF U. S Census Bureau Figures for 1929 Show Salarics Totaled Eight Billions. BY CHAS. P. SHAEFFER, Ascociated Press Business Writer. The Census Bureau estimates a total of nearly 7.500.000 people are engaged in the retail and wholesale trades. This estimate included a total of 3.769.000 full-time employes in the re- tailing field. 565.00 part-time employes, | nd approxim:.telv 1.477.000 proprictors. y Th~ total numbor of prid employes| in the whoksale t.ade is 1,607.704, the burezu said, of which 65432 are salaried _executives 446 salesmen and 1.183.826 office, warehouse, and other employes The combined groups commanded a pay roll of $8.149.247.926 in 1929, the latest vear for which statistics are available There were 169.757 establishments in the wholesale field, with net sales totaling $69.490.771,331, and 1,549,168 retail stores, with sales totaling $50,- 033850, This trade. however, in- siderable duplitation of sales the who trade in that so ! ere handled sover: ss of distribution to he preponderance ures is explain of whol>s-le fig- d bv the bureau in thit tablishm is any where goods are sold e. Thus, the field defined s purposes embraced all estab- | lishments engaged in the purchase, sale or distribution of goods on a wholesale | basis, for the forcign as well as the domestic market In addition to wholesalers of the conventional type. the census covers the whole range of organizations, oper- ating on a wholesale basis, including brokers, commission merchants, chain store_warehouses, manufacturers’ sales branches, selling agents, etc. HOUSEHOLD APPLIANCE SALES ARE ESTIMATED | By the Associated Press. Retail sales of household appliances by chain stores amounted to about $191,500.000 in 1929, This estimate was arrived at by the Commerce Department, based on 262 chain systems in th> field. operating 4.- 472 retail stores which sold electrical or gas appliances or both. Their sales in 1929 totaled $191.547.403 Of the total chain systems, 219 were utility operated, and reported sales of $141.701,699, or 74 per cent of the total sales of all household appliance chains Fue were manufacturer - controlled ; chains or sales branch systems, three leaded-department chains and one or- tion selling from house to house. There were 154 chains selling elec- trical appliances only, and their sales amounted to $115,697,787, or 60 per cent of the total: 44 chains selling gas ap- pliances only. with total sales of $20.- 098,352, or 10 per cent: the remaining 30 per cent of sales was made by 64 chains which sold both gas and electric goods. Of the $191.547.403 of total sales, $77.175.425, or 40 per cent. was Sold for cash; $75.005.115, or 39 per cent, Was sold on the installment basis, and the remainder on open charge accounts. VEGETABLE AND FRUIT PRICES CONTINUE LOW Br the Associated Press. CHICAGO, December 25.—Most veg- etables and fruits are bringing growers the lowest price in many years The Government Bureau of Agricul- tural Economics reported yesterday that the country’s 1931 crop of potatoes had the lowest farm value in a quarter of a century. 45 per cent less than| last year. The farm value of apples is the lowest since first records were kept in 1910 and pears are the lowest ey fruits also are sharply er last year's values. N &w ] COMPARISONS. The Norfolk & Western Railway Co. reports for 11 months ended November 30. 1931, net income of $19,683,586 after taxes and charges. equivalent after dividend requirements on 4 per cent preferred stock, to $13.39 a share on 1,406,507 shares of common stock. This compares with $29,089,794 or $20.08 a common share in first 11 months of | 103 November net income was $1,586.309 | after taxes and cHargés agdinst $2.298,- 656 in November, last year Statement for November months compares as follows: and 11 Nov gross Net op income .. Total income ... Surp aft chgs . NCIAL. Everybody’s Business Reparations Body Blames Debts for Trade Lull and Clears Germany of Ac- Hails Reconstruction Plan for U.s. cusations—Mellon BY DR. MAX WINKLER. Germany cannot meet conditional or postponable reparations payments. Such is the result of the findings by a com- mittee of experts working under the auspices of the Bank for International Settlements. The respective govern- ments to whom the report is to be sub- mitted will, in all probability, consent to 2 moratorium, a cuphemistic way of expic=3iNg non-p2yments The report also points out that if & clution of the entire problem is nct 1o the very near futuie, furtnes difficulties edging on catastrophe will be witnessed. The question of repara- tions, it continues, has become, to a | great extent, the cause of the financial paralysis of the world. The document, although not conclu- sive in its findings, may be regarded with favor. It refutes many an ac- cusatlon directed against Germany's alleged desire to repudiate her obliga- tions. It remains now for the various governments to subordinate petty poli- tics to sound economic reasoning. Thus and thus alone will business revive and prosperity return. Mellon Sees Benefits. What the Netion may expect from the recon.dy propo finagce corporation, is best by Secretary of the Treasury ummarized Andrew | W. Mellon. The mere existence, Mr. Mellon states of such an instrumentality, furnished with adequate resources and enabled to deal with any weakness that may de- celop in the country’s credit structure, should have a reassuring effect on pub- lic confidence and a stimulating in- fluence on the resumption of the normal flow of credit into the channels of busi- ness and commerce. Mortimer N. Buckner, president of the National Credit Corporation, is siated to become the head of the Re- construction Finance Corporation. The new enterprise is expected to solve the Nation'’s economic ailments, and Mr. Buckner is regarded as capable of cop- ing with the problem. That a great deal can be done no one will deny. It must, however, also be admitted that unless the existing problems are tackled forthwith, a situation may easily develop when assistance will no longer be required. The death of the patient is one way of curing a disease. It is hoped and expected that such a condition will not be permitted to arise. Frisco Prospects Brighten, This year the St. Louis-San Francisco road wili fall short of earning fixed charges by approximately $2.400.000 Hence, the sharp decline and continued weakness in the various Frisco securi- tes ‘The outlook for 1932 may be viewed somewhat more optimistically. The in- crease in freight rates granted recently is expected to add, assuming no change in traffic, about $1,500,000, while a 10 per cent wage cut should result in a saving of some $2,500,000. In view of this, it is within reason to expect that the Credit Corporation will not hesitate to aid the road in its, tem- porary difficulties and make possible the continuance of interest payments on its various obligations. The turn of the tide is at hand, ac- cording to Harry J. Haas, president of the American Bankers' Association, pro- vided the railroads can be assured of financial assistance. If the carriers can be assured of sufficient funds to meet maturing obligations and additional funds to make purchases of equipment, Mr. Haas points out, this in itself will turn the wheel of the steel business and others, even down to the small grocery store. B. Howell Griswold of the banking house of Alexander Brown & Sons of Baltimore, and an authority on Federal land banks. maintains that the capital of the banks. amounting to only $66.- 000,000, will have to be raised in order to handle adequately outstanding loans totaling about 20 times the present capitalization. He suggests that the Government supply additional funds, which would do more to restore the credit of the land banks than any other one thing. The decline in the bonds of the in- stitutions Mr. Griswold attributes to the depreciation in farm values and commodity prices, confusion in the pub- lic mind over joint-stock banks and Federal land banks and lack of action at Washington A great deal is being heard these days about German loans to the Soviet. Many hold that funds obtained from American and British investors have been diverted into Russia. To begin with, Russia's obligations to Germany amount to less than $300.- 000,000, maturing in three months to four years. These figures do not rep- resent actual loans, but are credits for {the purchase of German merchandise. If these advances were not made, the German trade position would be far more unsatisfactory than it is and the number of unemployed would exceed the present figure of more than 5,000,- rocopstruciion THE EVENING STAR |BANK GLEARINGS DROP IN ABBREVIATED WEEK By the Associated Press. NEW YORK, December 25—Bank clearings cover only five business days with the preceding week. Relatively however, they are nearly as large as the heavy total of last week, while the loss, compared with a year ago, is smaller than in the first” half of December. Total clearings, at all leading citles in the United States, as reported to Dun's Review, awount to $5,447,761,000 and are 24.8 per cent under those of a year ago. At New York, the amount was $3.833,836,000, a reduction of 24.7 per cent, while the aggregate for cities out- side of New York of $1,613925,000 was 25 per cent smaller. A number of the Southern centers continue to show les this week, hence are reduced compfll’(-d“ of a decline than in the earlier months |0f the year. Losses have been quite large in each month during 1931. The decline was especially severe in Novem- ber, when bank settlements touched the \low point for many years, A slight im- | provement over the November return | continues in December. Bank clearings this week as reported to R. G. Dun & Co., showing decreases | compered with same period a year ago, follow (Totals in thousands.) Five days Dec. 23. 1931 Boston 2 Philadelphia. Baltimore Pittsburgh Buffalo Cincinnat! 8t. Louis Kangas City ahn . Minneapolis . | Richmona ¥ 61 3,813 76 £5.447.761 Averace Daily | December to date $1.048.820 November . Total all . STONE CONTRACT IS LET TO INDIANA COMPANY By the Associated Press. CHICAGO, December 24.—The task of furnishing the stone for New York's Radio City has been contracted to the Indiana Limestone Co. A. E. Dickinson, president of the In- diana stone groun, said today it was the largest stone contract in history, involving from 1.600 to 3.200 carloads. No contract price was announced. The price is dependent upon the grade (t)( :;0?; selected by Radio City's archi- ects. Within 30 days, Dickinson said, the first shipment of stone will leave the Indiana quarries for New York City. This will' probably aggregate up to 1.400.000 cubic feet. The company’s | engineers have computed the contract will provide 80,000,000 hours of work. DETROIT BANKER WILL ADDRESS TRUST PARLEY The twenty-first annual banquet of | the trust division, American Bankers' | Association. will be held February 18, 1932, at the Hotel Commodore, New York City, it is announced by Thomas C. Hennings. president of the division Ralph Stone, chairman of the board, Detroit Trust Co. will be the speaker { of the evening. The banquet, which is an annual event that brings together | about 1.200 trust men from all sections jof the United States. will be held in connection with the thirteenth annual | Midwinter trust conference, which meets February 16, 17 and 18. SASCLE Rl New Jersey Bank Closed. ASBURY PARK, N. J., December 25 (#)—The Asbury Park and Ocean Grove Bank, the largest in Monmouth County, did not open for business yes- terday. Officials sajd they hoped the closing would be only temporary. ‘The First National Bank of Bradley Beach also failed to open for business yesterday. Deposits of the Asbury Park and Ocean Grove Bank. aslisted in the Sep- tember 29 statcment, were $9.951,989 C—— For every 250 acres, the United States has & population of 79. R Organized 1879 JOHN JOY EDSON, President ! PENNSY STOCKHOLDERS Equitable Co-Operative Bldg. Ass’n WALTER 8. PRATT, Jr., Secretary WASHINGTON, D. C., FRIDAY, Diccu)ibER 26, 1931, VOLUME OF RESERVE | BANK CREDIT DROPS Average for Week Ended December 12 Is $360,000,000 Less Than October Peak Figure. | B the Associated Press. | The Federal Reserve Board reports that the volume of reserve bank credit | outstanding declined during November |and the first half of December, averag- ! Ing $360,000,000 less in the week ended | December 12 than at its October peak seven weeks earlier. It was said the S5 | decrease was in large part in the banks’ | portfolio of acceptances, as_discounts | for member banks and holdings of | United States securities showed little | change for the period. The decline in total volume of re- serve credit outstanding during the period reflected a growth of $100,000,- 000 in the stock of monetary gold, largely through imports from Japan, and a continued reduction in the re- serve balances of member banks, re- | flecting a further liquidation of mem- |ber bank credit. Demand for currency | declined during the last three weeks 365 0f November and showed considerably 3 |less than the usual seasonal increase |in the first half of December. After 3 |the middle of December, however, the | board found that bank suspensions in New England were followed by some increased withdrawls of currency, part oA which has begun to return. Loans and investments of member banks in leading cities continued to decline and on December 9 were $310.- 1000,000 smaller than four weeks earlier. The decrease was eqnally divided be- tween the | Ioans and their in- its of theee banks 3 and time, also showed a decrease, with a consequent reduction in required reserves, IN 85-YEAR RECORD ‘The number of Pennsylvania Railroad stockholders on December 1 reached a total of 243,361, the highest figure in 85 vears of the company’s history. This peak in Pennsylvania share- holders shows an increase of more than 900 over last month's figure and an advance of 9,910 in_the number of | stockholders since December, 1930. Continued widespread _distribution of | stock is reflected in the further drop in the average number of shares held by each stockholder, which on Decem- | ber 1 fell to 54.09, the lowest in history. Pennsylvania officers and employes continue to increase their holdings They now own 404,000 shares and com- | prise more than one-ffth of the en- tire number of stockholders. Over 51.- 000 employes, or more than a third of the railroad’s working forces, are now registered as shareholders Canada Grows More Tobacco. | OTTAWA (. —Canada’s 1931 to- | bacco crop exceeded the previous year's production by more than 11,500,000 | pounds, it is estimated Money to Loan Secured by first deed of trust on real estae. Prevailing interest and commission. Joseph 1. Weller gawan i, 8 Tyt TR R iInvest Xmas Money: Where You Can Accumulate Safely Earn Be assured of prin- cipal as well as interests . . invest in safe Guaranty Bonds. (2] R Let us send you a list of our current offerings. Atk bbbk bbb bbb =} IS = 2 2 B 3 3 H » H g 3 » H - 2 + Monthly Payments if Desired Send for Booklet, “The Success Plan” i REALESTATE : MORTGAGE & GIARANTY +* CORPORATION Il()ll'v K St. Nw. National 1403 I O 52nd YEAR COMPLETED 00 2 e e Assets. .. ..... I T TG AT Subscriptions for the 102nd Issue of Stock Being Received SAVE SOME OF Your Christmas Money ...$6,124,601.90 From, NEW YORK AVENUE ot FIFTEENTH @ Keeping Washington Men Well Dressed ® FINAL DAYS of P-B’s Closing-Out Sale 4 Prior’ to Reorganization P-B’S NAME IS YOUR SURETY OF SATISFACTION ® MORE THAN 41 YEARS IN WASHINGTON @ Special Purchase Men’s and Young Men’s P-B SUITS AND VERCOATS Don’t spend all your Christmas money—start a systematic Savings Account with the Equitable! No matter what you are saving for—a home, your children’s educa- tion—you’ll find the Equitable’s plan a helping hand to accumulate money. Start now. 915 F ST. 000. About 60 per cent of the total has been guaranteed by the Reich and financed through the Reichsbank and the Gold Discount bank. (Copyright. 1931. by the North American Newspaper Alliance, Inc.) 11 mos gross . Net op income .. 21466469 Total income 34,719 surp aft chgs ... 19,683,586 NEW ENGLAND REPORTS BUSINESS IMPROVING Bpecial Dispateh to The Biar. BOSTON. December 25.—Business | activity in New England, based on the most recent available data, is still rela- | tively better than for the United States| as a whole. according to the National Shawmut Bank's current resume of the situation, “This condition.” the bank points out. “obtains in spite of the declines registered in employment, production and distribution of manufactured goods. ‘The textile and shoe industries appear to have been the major factors affect- ing the current decline. “Building contracts awarded in New England, however, actually increased during October. This is contrary to the usual seasonal movement and was not shared by the rest of the country.” RTINS $2.50 Per Share 31,127,356 33,628,477 29,089,704 IHITHEORER TR = = = = = = REAL ESTATE LOANS Made at Low Interest Rates TYLER & RUTHERFORD Avplications _invited on hikh-class apariments and dwellings, and_partico- larly on well located business for 3. 5 or 10 vears. if so desired. 1520 K St. NW. National 0475 Sl O e DT A T T “Greater Values Than Ever” If Priced Regularly by Us, Would be $30 and $35 ENTERPRISE SERIAL All Sizes—Regular, Short, Long and Stout—AIll Models BUILDING ASSOCIATION 7th St. and Indiana Ave. N.W. 67th Series of Stoek New Open for Subscription §% INTEREST PAID ON STOCK James E Connelly, James F. Shea, President Secretary A SUGGESTION Sale Starts Tomorrow (Saturday) at 8:30 A.M. All Sales Final and for Cash No Charge for Necessary Alterations Where money has been received for Christmas, make it a repeating present by investing it in our Construction Awards. B the Associated Press. Construction contract awards for the | region east of the Rocky Mountains, had a total value of $71.177.200 during | the first 15 days of December. i On the basis of F. W. Dodge Cor-! poration reports, the awards for public works and utilities amounted to $28, 261.600: non-residential contracts to| $22.409.400, and residential contracts to ! $20.416.200 The adjusted index of the Federal Reserve Board, based on these reports, indicates the total value of building contracts for the last quarter of this year will be only 49 per cent of the 1923-1925 average, compared with 59 for Hery Merry the third quarter, 65 for the second quarter and 79 for the first quarter of @hristmas the year. Part of this decline in dollar volume . . . reflects lower building costs, it was i pointed out by the board. Open Daily 9 to 5 Saturdays Until Noon NAtional 1381 NATIONAL PERMANENT] 6, FIRST MORTGAGES Free Parking at the Capital Garage While Shopping Here Bkor Byt o New York Avenue at Fifteenth Branch Store: 3113 Fourteenth N.W. i ww | B NATTONALLY _KNOW Over a Third —and enjoy the definite interest that will be paid. of a We Extend Our Sin- cere Wiches for Your Enjoyment of a Century Without & The principal is secured by mort- gage on conservatively appraised im- proved Washington real estate. Loss May be purchased in amounts from $250 up. i $12,000.000 to Fducate Indians. Br the Associated Press. The appropriation for Indian educa- tion in 1931 was more than $12.000,000 —more than for the appronriation for the whole Indian Service 10 years ago. Tt represented 42 per cent of the entire Indian appropriation = 20,000 Tour Hawaii in 1931. HONOLULU (/).—About 20.000 tour- ists, mostly from the mainland of the Eaited States, visited Hawall 8 1831, THERE