Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-09


15.4 per cent. llsAsa4
The F. w. WOOL Harold r. smoot.
worth Co reports
June sales of s20,7l4,731, a decrease
over June a year ago of 1872 per cent.
Sales for the six months amounted to
S131 .3lS,974, a decrease over the cor
responding period last year Of 3.3 per
cent.
The ChildS Restaurant Co. reports
earnings i'll the first six months of
Sl35 share on common stock against
So cents share in the like 1929 period.
June sales totaled 81, l02.793 a decrease
of So per cent from June. 1929. Six
months sales were Sl3,5Sl ,15S, decrease
OF 3 per cent
p. and w. Grand-Silver Stores for
June report gross sales of $2,565, 1858,
against S2.50l ,576 for the same month
last year, an increase of S63,692. or 2.5
per cent For the six months ended
June sales totaled $13,665,838 against
s12,314900 for the same period last
year. an Increase of $1,350,937, or 1927
per cent.
The McCrory Stores Corporation reports
June sales Of $3,211, 1875, against $3,334,-
$50 in June, 1929, or a decrease OF 81
per cent. Sales of the first six months
of the present year totaled SIG ,410, 800,
in comparison with $19025,734 in the
corresponding period year ago, an in
crease of per cent.
c. w. Clayton Heads Credit Men.
Charles w. Clayton, an official of the
r. P. May Hardware Co., was elected
president of the Washington Association
of Credit Men at its annual meeting
held in the Raleigh Hotel yesterday.
Waldo j. Tastet, credit manager of the
Fries, Beall & Sharp Co., was selected
vice president
Directors selected for period of two
years include Lister T. Watts, Frank W
White. Hilleary G. Hoskinson, Kenneth
S. Miller, j. Frank Kelly, Maurice Mao
and r. Jesse Clancy. r. b. Leeuy was
selected director for one year.
Immediately after the adjournment
of the annual meeting of the asSocia-
ton. John A. Feilly was selected sec
rotary by the new board of directors.
William Goroon Buchanan was re-
elected treasurer.
Lister T. Watts of the Standard Oil
Co. of New York, the retiring president,
was paid a high tribute by the asSo-
citation for his work during the past
three years. A golf set was presented
to him.
IN his report to the annual meeting,
Mr.. Reilly stated that the association
had shown large increase in member
ship and trade group activity. He urged
q continuation of the fraud prevention
work OF the association, and suggested
increasing the courses in the educa-
tional department.
Eight Favorable Factors Noted.
Underlying forces are beginning to
turn in the direction of business recov-
cry, according to the Business Week,
the publication pointing out the follow
ing eight factors:
/. Expanding bank credit. 2. Idle
money seeking a job 3. Bare shelves.
4. Sustained public buying power. 5.
Farm income prospects. 6. Raw mate
rails imports. Z. Home building. 8.
Automobile outlook.
Recent cutting of interest rates on
time deposits in New York City will
stimulate idle funds to look for work
The loss from idlenesS of capital is
probably much greater than that from
unemployment of labor at this time
and readiness to take lower wage is
greater Also" the magazine says.
Further drastic curtailment of auto
mobile production in June and July
may be expected to prepare the way
for an upturn in Angus, which will be
supported during the Fall months by
anticipation of a good year in 1881"
The latest monthly review published
by Hemphill, Noyes g. Co., says of the
bond market:
The bond market in its recent state
of lethargy, is one of the financial puz-
quiet, with a fair demand for high
grade issues, but uncertainty is shown
by those of. second grand and by con-
vertibles, influenced by weakness in the
stock market. recent condition state
ment shows little change in bank hold
1ngs Of bonds other than United States
Governments, even though bond yields
as compared with going money rates,
are attractive. Media offering a fair
return on invested capital at the pres
ent time, other than the stock market,
are decidedly scarce. Therefore, we look
for an increasing interest in the bond
market, and it seems to us that the
factors which affect the price of bonds
are distinctly bullish"
Cleaned in Financial District.
Harold r. Smoot, son of Senator
Smoot of Utah, has assumed his new
duties in the Washington Office of Har-
riman 81 Co.. in the Securities Building
on Fifteenth street Mr.. Smoot has lived
in Washington for several years, has
had long experience in the brokerage
business and is also widely known out
side of financial circles.
President Thomas E. FARRELL of the
Thomas z. Jarrel Co. and the Washing
ton Savings Bank Is attending the con-
vention of the National Association of
Real Estate Boards at Toronto this
week, after which he will visit other
Interesting places with Canadian real
tors before returning to Washington.
l. J. Roberts, one of the assistant
cashiers of the Riggs National Bank,
and personal secretary to President
Robert v. Fleming, is taking his an
nual vacation. He is remaining in the
vicinity of Washington, several motor
trips being on his schedule.
Some local flnanciers believe that
business conditions are turning the
corner right now. They say that re-
ports from several of the country's big
gest corporations, which have not yet
got into print, indicate improvement
and an upward trend. They also note
a marked improvement in investment
demand which is considered a sure
sign that turn is coming.
Stone & Webster, Inc, announces
that plans have been filed with the
Manhattan Bureau of Buildings for a
new 50-story office structure in the New
York financial district.
Bonds Lead Local Exchange.
Trading in bonds featured today's
sales on the Washington Stock Ex-
ehange, with prices firm. The largest
Volume of sales was in Washington
Railway & Electric As in which there
were six 81 900 transfers, the market
for this issue opening at 1874 and clos
ing at 86A.
Washington Gas Light IS, series A,
opened with 81 900 bond selling at 1902,
another at 1921 and $4,000 more
changing hands at 103. Washington
Gas SIS moved at 1882 and Potomac
Electric Consolidated SIS at 1921. Gas
IS. series B, sold at los.
In the stock department sales were
confined to steamboat rights and five
shares Of Washington Gas Light, which
E0lH anafVaaf Last sale 0f