Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-19
CHECK PAYMENTS
|. Off DURING WEEK
Commerce Department Finds
/ Business Below Same
Period Year Ago.
BY EDWARD c. STONE.

BY EDWARD &. STONE.
The Department of Commerce reports
q sharp decline in the volume of checks
presented for payment for the week
ended July IL, such payments being 10
per cent below the corresponding week
in 1929, and also below the previous
week of this year. indicating a falling
off In the Nations business.
The department adds that steel OPP
erations for the week ended July fell
far below the level of the preceding
week and were only so per cent of the
high mark recorded for the same week
last year
Building contracts reported from 81
States were far above the volume of the
preceding week and we're some IS per
cent above the 1929 level.
Wholesale prices. declining but slight
ly from the preceding week, were IA
per cent below those of year ago.
Iron and steel prices remained I'M
changed from the preceding week and
were per cent below the 1929 level.
Rate in Effect Since April IL.
The rediscount rate of the Federal
Reserve Bank of Richmond, which was
cut from 4 to 3i2 per cent this week,
had been unchanged since April IL,
~
prevailed since February 7. The lower
rate went into effect yesterday. =
The present rate lineup of the Fed
eral Reserve System finds the New York
banks with a gig per cent rate, the Bos-
ton bank with 3 per cent rate, the
Philadelphia, Cleveland, Richmond, At
lanta and Chicago banks with 3l2 per
cent rates, and the remaining five banks,
viz, st. Louis, Minneapolis. Kansas City,
Dallas and San Francisco, on per
cent basis.
American Ice Co. Reviewed.
Following an initial four months
period of depressed earnings as COM
pared with like months in 1929 net in
come in May is understood to have
expanded to all time peak levels.
Whereas for five months ended May
81, 1880, net before depreciation and
Federal taxes, equaled $t054,072,
against $1.201,I29 for the correspond
ing 1929 period, returns in May of the
respective years were $603,688 and $751;
558
Adverse and unusual competition
caused recession early in the year, but
this situation was relieved about the
beginning of May, at the opening of
the normally busy season. Results to
be reported for June should be mod
erately better than a year previously,
so that in spite of unfavorable condi-
lions early in 1890, profits for the first
six months likely will not be more than
6 and 8 per cent under 1929 level.
Assuming average Summer demand
and normal growth of business, chances
are good for offsetting the first six
months decline during final half, thus
maintaining earnings on a par with
last years showing. Profits in 1929
equaled $4.33 per common share, against
ca % 1902 IixriHapd IF G
annum on common, and distributed 81
extra in January, last"
Chesapeake Corp. Reports Net.
Chesapeake Corporation reports for
the six months ended on June 80 net
income of $2,96l ,189 after expenses. in
terest and other charges, equivalent to
earnings of $1.65 share on the no-par
value stock. This compares with net in
come of 81 800 1868, or $2.08 a share, on
the stock outstanding in the first half
of 1929. For the three months ended on
June 80 net income was $1.426 ,202, or
70 cents share, compared with $685.
GAP, or 1.04 share in the correspond
ing period of 1929.
Financial District Notes.
Harry NJ. Wheeler, long connected
with w. B. Hibbs &c Co. is spending a
months vacation at New Hampshire
summer resort. he mas pTacJlcaIy re-
covered from his recent illness.
Jesse L. Suter of the local Office of
Hartman g. Co., is taking his annual
vacation, having accompanied G. Bowie
Chapman to his Summer home, at
Calais, Me, on Penobscot Bay.
c. Louis Eckloff, an assistant CASH
Ter of the National Metropolitan Bank,
will leave Washington next week fog a.
two-week vacation.
H. A. Herring. connected with the
: local Office of the Shaw-Walker Co, has
been elected to membership in the
presidents club for his success in
craftsmanship during the past year.
Only six members we're added to the
roster from the company's branches all
over the country.
S. W. Straus e. Co! are Offering at
par and interest $675 900 issue of the
Copeland first mortgage 6H per cent
sinking fund gold bonds dated June Is,
1880, and maturing June Is, 1910. The
bonds are secured by a direct closed
first mortgage on the land and the
eight-story Copeland Apartment Hotel,
at Sheridan road and Argyle street,
Chicago.