Evening Star Newspaper, September 20, 1936, Page 61

Classified Ads ‘Pages 50 15 Part 5—16 Pages 30 UNDERWRITERS PLAN T0 ATTEND BOSTON CONCLAVE President Riggles of D. C. Association Announces List of Delegates. BANK CLEARINGS SCORE SHARP ADVANCE HERE Rise 35.9 Per Cent Above Previous Week, 21.5 Above Year Ago. Store Sales Decline. 0 I~ BY EDWARD C. STONE. President Laurence C. Riggles of the District of Columbia Life Under- writers’ Association announced yes- terday that 32 delegates will represent the association at the National Con- vention of Life Underwriters which opens in Boston Tuesday. The Wash- ington delegation will include: ‘Winthrop G. Batchelder, Mifflin Blackistone, Claude A. Cook, H. Law- rance Choate, John Dolph, Leopold V. Preudberg, Richard W. Griswold, Paul F. Grove, jr.; L. H. Hannah, Ben A. Harlan, Wallace Hatch, Charles I. Haycraft, Vernon W. Hol- leman, Mrs. L. C. Johnston, Rowland 8. Marshall, J. E. McCombs, W. J. McCausland, John L. McElfresh, Fred- erick V. McNair, A. R. Mead, G. Wil- liam Merritt, Harry Middleton, Le- roy J. Myers, A. C. Norman, Laurence C. Riggles, P. L. Rogers, William H. Ross, Earle W. Sapp, John M. Strait, James R. Troth, William C. Worth- ington and Theodore E. Gero. J. B. McCombs, Berkshire Life, has been made acting national committee- man for the convention. Vernon W. Holleman, Home Life of New York, reports that his agency led the whole United States in a Nation-wide con- test, three of his agents winning trips to the Boston convention, the largest number possible under the .contest Tules for any one agency to receive. Leopold V. Freudberg, Massachu- setts Mutual, for the eighth consecu- tive year qualified for the “Million Dollar Round Table.” His record is particularly interesting because of the fact that some years ago he became a life member of this distinguished body of life insurance men. M?s. L. Cecelia Johnston, Equitable of New York, has likewise during the year become & member of the quar- ter-of-a-million round table of the ‘women’s section of the national asso- clation. Mr. Freudberg and "Mrs. Johnston will attend ‘their respective round table meetings on the aay be- fore the official opening of the con- vention for the four-day- sessions, when every subject vital to insurance Wwill be fully discussed. D. C. Bank Clearing Jump, Bank clearing in Washington dur- ing the last week increased 35.9 per cent over the previous week and 21.5 per cent over the week in 1935, the Department of Cominerce reported yesterday, in a survey cov- ering 37 leading cities in the United Btates. With warm weather retarding Fall apperel purchases, department store sales declined in Washington 5.2 per cent from the previous week, while comparing the last six-day week with the previous five-day week, sales showed an increase of 7 per cent. For some unknown reason building permits sagged to $191,500 from $561,500 in the previous week and $604,984 in the corresponding week & year ago. Tourist activities, al- though not up to the level of the pre- vious holiday week, fair gains were noted at the Washington Monument over the same week in 1935, Trade was rather slow in the rest of the Fifth Federal Resqrve District. Se- vere drought and hail damage cut Virginia’s probable apple crop to an estimated 5,503,000 barrels. Life Insurance Experts Meet. The first monthly meeting of the Fall session was held Friday night by the D, C. Chapter of Chartered Life Undervwriters, James A, DeForce, the new president, presiding. The other newly elected officers are Paul Sleeper, vice president, and Prank Roach, sec- Tetary and treasurer. Committees named by the president for the year: Educational—Joseph A. Marr, Earle W. Sapp, Harold D. Krafft, J. Alan Maphis. Program—Carl Smith Dow and Lawrence Choate. Publicity— Russell Shelk and H. Cochran Fisher. Announcement was made by the American College of Life Underwrit- ers that 980 candidates took the ex- aminations for chartered life under- writer in June, 1936. ‘The guest speaker of the evening Wwas Albert E. Rogers, headmaster of ' School, who spoke Character Institute Semester Opens. President Paul J. Seltzer and J. ‘packing and grading FINANCIAL AND CLASSIFIED he Sunday Star WASHINGTON, D. C, Opens Bank Convention Robert V. Fleming, president, American Bankers’ Association and Riggs National Bank, will preside at all general sessions of the national organization in San Francisco this week. The pro- gram will cover the most vital banking problems now facing the country. Washington will be ably represented by many lecders in the financial district. NEW PEAK IS SET BY COMMODITIES AT WEEKS CLOSE Associated Press Index of 35 Wholesale Prices Climbs to 81.47 Level. BY A. A. PATTON, Associated Press Statistician. NEW YORK, September 10— ‘Whipped up by demand that reaches huge proportions in some sections of the list, commodity prices swept to the highest level of the year as the week drew to-a close. Peaks dating back to the early 30s were reached by industrial staples and products of the Nation's farms. . Food, live stock and textiles, however, were a little lower. 3 ‘The Associated Press weighted in- dex of 35 important wholesale prices advanced to 8147, against 81.26 a week ago and 77.96 in comparable 1935 period. Steel scrap quotations jumped to within a fraction of the high point established in 1929. The industry is currently booming along at a Zfast pace, and trade quarters say that at least a part of the boost in prices recently is due to the reluctance of dealers to sell while they are still rising. Hide Quotations Rise. Hide bids were stepped up with predictions that shoe manufactur- ing would break all records again this year largely responsible. ' Low rubber stocks and prospects of good demand for 1937 model automobiles that will appear shortly, were ‘fac- tors ip the upturn in this imported staple. Turpentine dipped slightly. Hog and cattle quotations followed divergent paths in the past few weeks. Commodity men see- one reason in large slaughtering of hogs, the August total being 35 per cent over last year. Rising consumer incomes, on the other hand, has centered the bulk of demand on the most popu- lar meat, which is invariably beef, when other factors are relatively in (See COMMODITIES, Page G-3.) S HIGH APPLE PRICES ENCOURAGE BULK SALES Special Dispatch to The Star. MARTINSBURG, W. Va., Septem- ber 19.—Prices being paid by by- products plants for run-of-tree apples produced in this section are such that they are inducing some growers to abandon paecking out their fruit for class packs and hauling them, in bulk, to the plants. 4 The prices are ranging around $1 & hundredweight for acceptable stock, which is about three times what it Was & year ago. In addition to the increased price the growers figure the elimination .of and packaging adds to the advantage of the sale at the plants. CAPTAL RANKED WITH LEADERS I BULDING LPTURN Home Construction Second Only to Cincinnati as Population Climbs. By the Associated Rress. NEW YORK, September 19.—*Beer, buresus and buszwagons” are held by builders to have put Milwaukee, ‘Washington, D. C., and Cincinnati on top of all cities with more than 300,- 000 population, for which statistics are available, in the amount of home building per residents during the first six months this year. Department of Commerce reports, tabulated by the Johns-Manville Corp., show per capita value of new residences built in Cincinnati to have been $24.99. Washington was a close second with $24.42 and Milwaukee had $18.40. ‘That these three are far out in front is indicated by the fact that the next largest builder—Los Angeles— reported but $10.92 for each citizen. Aids Cincinnati Boom. Cincinnati’s boom was materially alded by the high rate of activity among machine-tool makers, who in turn received greatest stimulus from the automobile industry. The latter is turning out more cars so far this year than in any compar- able period since 1929. Then, too, vacancies in both apart- ment and private dwellings are at unusually low levels, real estate men there say, a fact that is due in no small measure to conservative build- ing in the late twenties. Government spending is considered to have been helpful, analysts point- ing out that Cincinnati is the nearest large ‘city to the Tennessee Valley development. The fast tempo of residential con- struction in Washington is due to phenomenal populstion gains in re- cent years, which in turn have re- sulted from s steady expansion in the personnel of Federal bureaus. Beer helped to start the building upturn in Milwaukee following repeal of prohibition.- Headquarters of many brewers of national reputation and distribution it benefitted signally from the Summer’s record heat and dust thal parched many a throat. In recent months, however, build- ing statistics in that city have been (See BUILDING, Page G-4.) FINAKNCING TO DECREASE. oien | Scrap Price and Big Coke.Order Indicate Strong Steel Market STOCKS WEAKENED BY LONG ADVANCE, EUROPE WATCHED Technical Factors, Tension Abroad Bring Period L ] of Uncertainty. NARROWNESS REFLECTS HIGH MARGIN RULES Present Requirements Constitute Element of Danger in Case of Sudden Selling. BY CHARLES F. SPEARE. Specizl Dispatch to The Star. NEW YORK, September 19.—The clouds over the foreign situation proved more of a factor in stock market movements this week than the results of the election in Maine. The tension abroad was emphasized by Secretary Hull's speech in New York ‘Tuesday night and the suggestion that abandonment of part of President Roosevelt’s campaign trip was due to this condition. Wall Street had accurately fore- cast the general trend of the vote in Maine and discounted it. That the public utility shares should have ap- peared so soft in view of it was dis- appointing; also the heaviness at times in the rail list in spite of con- tinuing evidence of net income by the carriers far in excess of a year ago. Market Technically Weak. Technically, the market has been weakened by its long advance. It appears to be without leadership. It requires a period of digestion. Just now it is stale. It's narrowness is a reflection of the unreasonably high margin requirements which constitute an element of danger in the event of liquidation forced by some unsettling incident abroad. After five days of decline and an average loss of over three points it was to be expected that a fair-sized rally should occur, as it did at the Trade Barometer Fluctuates. Variations in the business barom- eter are noticeable this week, but with- out the effect of producing any change of consequence in the average index ‘Warmer weather has benefited retail sales. Prom practically every section of the country come reports of a heavy demand for Fall goods, larger factory employment, an active building trade, expanding railroad freight and pas- senger earnings and, unfortunately, a recurrence of the “new era” period of installment buying. To some economists this tendency has even greater possibilities for harm than the rising Government debt. It is being applied to purchases of cloth- ing, radios, furniture, electrical ap- pliances for household use, as well as to automobiles. It is being fostered by the credit companies, whose exper- fence during the depression seems to Justify their faith in the willingness SUNDAY MORNING, SEPTEMBER 20, 1936. = SUCH GOINGS ON! AND DURING BANKING HOURS, TOO! ,LCoULD GO oS JUST LIKE T™IS CLINB CONTINUED BY RADIO SALE Another All-Time Record Ex- pected—Replacement Business Large. BY J. G. DONLEY. @pesial Dispateh to The Star. NEW YORK, September 19.—Radio sales will reach san - all-time this year. And 1936 will be the fourth consecutive year of increase. Last year showed an increase of 15 per cent over 1934, and it timated in the trade that the retail market was 50 per cent placement affair. y L] & re- solete, with many eight to ten years old. Changes Spur Sales. At this year's National Electrical and Radio Exposition, conchiding its run with record attendance at the are putting the old ones in the Multiple wave bands, for foreign, airplanes, police and what-do-you- want reception, along with new pre- - | cision tuning devices and improved However, the effect is to lift the cost of domestic operations of the purhcasers by 10 to 15 per cent over their ordi- nary budget and to mortgage their future to a dangerous extent. Cost of Living Rising. The direct cost of living, that is essential costs which each fam- has to face, as food, clothing, rent fuel, is rising slowly but not dan- tonal effects, to say nothing of the new styles in cabinet treatment, em- phasize the possibilities of replace- ment demand. Only & few years ago there was talk of the “saturation point” in sales of radio receiving sets. It was a new industry and the replacement demand was not thought lkely to amount to much. Home radios were sold in volume lrwndm::fl’w 350 price range to those who were :numgwpy up for “perfected” re- ception. None foresaw the coming importance of short-wave broadcast- ing and reception, with an increas- ing number of foreign broadcasts on Oil Output Cut Recommended by Bureau of Mines By the Associated Press. ‘The Bureau of Mines yesterday rec- ommended & daily average crude oil production of 2,842,300 barrels to This forecast was 21,700 CLOTHIERS REPORT EXPANDING TRADE Nearly Half of Merchants Dis- close Average Gain of 19 Per Cent Over 1935. By the Associated Press. CHICAGO, September 19.—Retail had lived up to expectations; 31 per cent did not feel volume was as good as it should have been. « D.C.ACCOUNTANTS T0 HEAR STEMPE Director of National Group Will Speak at First Fall Meeting. Victor H. Stempf, director of the of published financial state- V. H. Stempf. widely known accountants, he is a graduate and former teacher of St. Louis University. He has made & close study of the fully new requirements in public and pri- ate accounting. ‘The discussion leader will be Caman L. Blough, chief accountant of the Securities and Exchange Commission. Officers to Be Installed. Besides the inaugural address of C. Milton Clark, C. P. A. of the Farm Credit Administration, as president, the following officers will be in- stalled: Walter F. Raymond of Grif- fith-Consumers Co. and William L. Slattery, controller of the Post Office as vice presidents; Mitchell, Shannon-Luchs Co., secre- tary. The board of directors consists of George E. Davis of Fruit Growers’ Express Co,, O. D. Crockett of Judd & Detweiler, Inc., O'Neal M. Johnson, International Association of Ice Cream Manufacturers; George D. Lane of Felt & Tarrant Manufacturing Co., John Moran, National Fertilizer Asso- G BG GAINS HELD BY RETAIL TRADE, INDUSTRY UNEVEN All Sections of Country Show Wide Advance Over Last Year. FACTORY INDEX RISES MODERATELY IN WEEK Analysts Stress That Statistics Are Distorted by Labor Day Coming Later This Year. BY THOMAS E. FLANAGAN, Associated Press Pinancial Writer. ‘The Nation's industry strode along unevenly last week while retail trade, bolstered by cooler weather in some regions and hampered by heat in others, held aggregate wide gains over a year ago. In its weekly survey of 37 cities the Department of Commerce said: “Al~ though retail trade in substantially all sections of the country showed improvement over the corresponding period last year, continued warm weather slowed up Fall buying in many areas to proportions below those of the previous week. Where buying fell off it was largely cone fined to apparel lines.” The Associated Press index of ine dustrial activity rose to 94.0 from 93.6 the previous week and 70.1 in the like week of 1935. Analysts stressed that comparative figures on both industrial activity and retail trade were distorted owing to the fact Labor day fell a week later this year than last. Steel Rate Advances. Steel operations this weex advanced to 72.5 per cent of capacity from 68.3 per cent in the previous week, which included the Labor day holiday. A year ago output was at 48.3 per cent of capacity. Steel men, noting reports that mew business had again revived said in- dications were operations will hold at the current rate or a little higher during the next few weeks. Scrap steel, commonly regarded as the industry’s barometer of condie tions, advanced in Pittsburgh with the price of heavy melting scrap rising 50 cents to $18.50 a ton, the highest since August, 1929. Scrap prices in other steel centers also im- proved. Experts ascribed the rise both to increased activity and scareity. Preight ecarloadings for the week ended September 12 showed the ine roads of the Labor day holiday, drope ping 85 per cent under the pre- ceding week to 699,859 cars, a total slightly ahead of the like week a year ago, which did not include the holiday. ©Of more interest to business circles, however, were the sharp gains in August net operating income re- ported by several systems. This most agreed, had a two-way significance. It pointed to improving railroad credit and it paves the way for longe deferred replacement of equipment, they said. Power Output Declines. Production of electricity in the week ended September 12 was lower, reflecting the holiday. The total, 2,028,583,000 kilowatt hours, was about 11 per cent ahead of the like week last year, which did not include Labor day. As some motor makers got proe duction of “1937” models under way, automobile output for the week rose to 33,615 units from 26,850 the week before and compared with 12,600 in the like week a year ago. Production is expected to scrape bottom for the year next week when an important maker stops operations. Within the next few weeks, observers say, the motor industry will swing into the new production season with increasing speed. Current predictions in well-informed quarters are that output for the final three months of the year will reach about 1,300,000 units, compared with 1,100,600 in the Iast quarter of 1935. Sales reports coming to hand last week bore witness to gains in pure chasing power. Sears-Roebuck ree ported for the four weeks ended Sep- .| tember 10 sales of $37,047,510, the largest for that period in the history of the company and 32.7 per cend ahead of the like four weeks of 1935. Copper Earnings Mount. Throwing the spotlight on increased copper business at higher prices, Ken- necott Copper Corp., reported net income for the first six months of $9,097,891, or 84 cents a share, com= pared with $3,418,097, or 32 cents a share in the corresponding six months last year. Other significant items on the ‘week’s business ledger were: Sharp in- creases in cigarette sales, the advance of private construction awards to the " | highest level in more than five years, (8ee ACCOUNTANTS, Page G-4.) Electric A ppliance Volume Is 22 Per Cent Above 1935 Sreclal Dispatch to The Btar. NEW YORK, September 19.—One hundred and thirty-two power utilities so0ld 22 per cent more domestic elec- trical appliances in the first half of 1936 than in the same period of 1935, reports Electrical World in its sixth (AT i Coast, where the power companies have been selling these heavy load- builders persistently for years. That section has the lowest average do- mestic rate and the highest average the high was $13.65, and Southeastern company $16.75. The top for the dividend increases and arrearage paye ments and price increases by two ime portant soap companies. Reflecting a mood of uncertainty in financial circles owing to uneasiness over the Spanish civil war and French political and economic stresss, share prices on the New York Stock Exe change dipped early in the week and recovered later with the aid of favore able business news. The bond market gained fresh in- vestment interest after the slight de- (See TRADE, Page G-4.) | INVESTMENT COMPANY STOCK INDEX DOWN Speeial Dispatch to The Star. NEW YORK, September 19.—The 11. The average of the mutual Mumwons-mmu.m pared with 16.48 at the close of the 4