Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-08

Good Management Pays.
Improvement in the business Of the
Sears, Roebuck & Co, as compared
with last year, is attributed to better
management by Gen. r. E. Wood, presi-
dent of the company. Gen. Wood adds
that during the first seven months of
this year his company has not lost any
merchandising profits as a result OF
lower prices; but that the operating
profit has suffered a shrinRsge. The
companys large profits are generally
realized during the fourth quarter Of
the year, and Gen. Wood believes that
1891 will prove no exception.
Opposition to Dole.
Little wonder that prominent Ameri-
can business men and economists are
opposed to the dole. The disastrous ef-
fects in Great Britain and in Germany
should serve as a warning. Nothing
could be worse for the general public
than Federal dole, is the view Of Silas
H. Strawn, speaking for organized In
dustry in the United States on the I'M
employment problem.
Cotton Credit Protests.
The protests against the projected
sale on credit of cotton to Germany
are unjustified on economic grounds.
They come mostly from the cotton
trade, the very people who for the past
year and half have insisted that the
holding of cotton by the board was an
unwarranted burden on the market, and
that the Government ought to get out
of the cotton business BY disposing OF
1t at once.
Not only will the sale prove beneficial to
Germany by markedly improving her
trade position, but It should go q long
way toward improving the technical
position Of the cotton market in the
United States.
sale of . commodity at q reasonable
profit Is q sounder policy than attempts
to bring about a rise In prices by crop
restrictions and other artificial meas
ures.
Economics and Profits.
Drastic economies practiced by lead
ing American enterprises have not
failed to have their effect upon the
profits of such companies. For the
first half of this year, the Radio Cor
paration of America succeeded in re-
ducing cost of sales and expenses by
almost 100000 or is per cent, as
compared with a year ago.
The result is that the preferred diyi-
dend requirements for the first six
months Of 1894 have been fully covered,
as compared with deficit of more than
50 600 600 reported for the FIRST half of
last year after preferred dividends.
Foreign Trade Facts.
I have just completed study Of the
foreign trade statistics OF the four prin-
cipal exporting countrieS--Great Britain,
United states. France and Germany
and the findings are most interesting
at this time.
The study covers the first half Of
this year, as compared with the same
period Of 1880. The poorest showing
is made by the United States. whose
total commerce shows decline of S6.74
per cent as compared with 1880 flg-
ures. The best showing Is made by
France, whose trade shows q drop of
only slightly over 20 per cent from last
years statistics. Germany is a very
close second. with a decline of some-
what under 2t per cent, while Great
Britain ranks third. with q drop frac-
tionally in excess Of 27 per cent.
In regard to declining imports, the
United States leads with a shrinkage
of 1884 per cent. France makes the
best showing with decline of IT'S per
cent; Germany ranks next With q drop
of 20.67 per cent; followed by Great
Britain with a loss as compared with
1880 Of 22.S4 per cent
AS to exports, the United States is
again last with a drop of 3618 per
cent Germany makes the best show
ing with q loss of only 1922 per cent,
France is next with a decline of 27.80
per cent; followed by Great Britain
with a loss OF $3.50 per cent. 1t is
rather significant that the decline in
Germany's exports is relatively more