Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-13
SECOND QUARTER
EARNINGS REVEAL
e PCT. ADVANCE
incomes of 200 Corporations
Are Better Than in 1929,
Special Survey Shows.
D. C. BANKER CONVENTION
REPORT is PUBLISHED
Local Insurance Men OFF to Confer
ence-0ther Notes in Finan-
cial District.
BY EDWARD C. STONE.

tive industrial corporations in the sec
ond quarter of 1881 were 28.70 per cent
higher than in the first quarter accord
ing to compilations of published reports
announced by the Washington office OF
Ernst & Ernst, accountants. This COM
pares with an increase of 9.86 per cent
for the same companies as between the
first and second quarters of 1880. and
an increase of 25.72 per cent between
the same two quarters of 1929. In re-
cent years the increase Of second quar-
ter over first quarter earnings has aver
aged around 20 per cent.
Included in this study are all indus
trial corporations whose first and sec
ond quarter earnings are available for
this year and for the two preceding
years-260 in all That this list fairly
portrays the general trend of industrial
earnings is suggested by the fact that
the six months comparison of 1881 with
1880 for the 260 is approximately the
same as for list of twice as many in
dustrials, not all Of which report earn
ings by quarters.
928 Firms Report Decrease.
Another compilation by Ernst &
Ernst shows six months earnings OF
92s corporations including 526 indus
trials, I'll railroads, 1903 telephone COM
panies 80 other public utilities and SO
finance companies other than banks
Aggregate earnings of all of these were
S1,029, 998,912, as compared with ST.
625. 89o.327 for the first six months of
1880, decrease of 1866 per cent this
year under last year.
OF the 526 industrials whose six
months earnings have been reported,
one fourth, or 1871. made more profit
this year than last year, while three
fourths, or 395, made less. The aggre-
gate profits of the 526 industrials were
1854, 190,944 in the first six months of
this year, a decrease of $3.50 per cent
from the aggregate Of $500, 493, SOC re-
ported by the same companies in the
first six months of last year.
Merchandising Tops List.
By classified groups of induStrials,
merchandising made the best record.
with profits 1928 per cent higher in
the first half of this year than in the
first half of last year. Telephone COM
panies showed a 2.66 per cent increase.
Merchandising and telephones were the
only groups reporting increases. Bev-
erages and CONNECTIONS showed approx
imatsly the same this year as last year.
Among the groups showing relatively
minor decreases this year under last
year we're: Drugs, 5.13 per cent; pub
lie utilities. other than telephone COM
panies, SIG per cent: bakeries, 1898
per cent; restaurant chains, 1896 per
cent: food products, miscellaneous,
1897 per cent; paper products, 1884
per cent.
Textiles made a notable record by
reducing the aggregate deficit to ST.
1886 this year from $2,882.497 last
year. Aeronautics also made good
progress by reducing the aggregate
deficit to $467,o72 this year from ST.
3202S8 last year.
Net operating income of Ill railroads
showed decline of 36.79 per cent this
year under last year, approximately the
same as the 1866 per cent decline for
the entire group of corporations, and
less than the $3.50 per cent decline Of
andustrials only.
Bank Convention Report Out.
The book giving the complete pro-
vention of the District Bankers Asso-
citation, at Hot Springs, Va, appeared
during the week 1t contains every
word said at the business sessions and
is highly interesting reading. The re-
port of the retiring president, Lanier
p. McLachlen, is included in full. as
are the three chief addresses, made by
w. Espey Albig, Albert w. Atwood and
O. Howard Wolfe.
The publication includes list Of all
the presidents since the bankers aSso-
citation was founded back in 1901. For
its unusual historical value the list Is
reprinted here with the dates when the
local f1nanciers held office:
1901, Thomas Hyde; 1902, F. c..
Stevens; 1908, Charles j. Bell; 1904,
John H Moore and Albion K. Paris;
u
Norment; 1907, w. v. Cox; 1908 and
1909, Edward j. Stellwagen: 1910 and
1911, w. A. Mearns; 1912. George W.
White; 1918. H. H. Mckee; 1914, B. F.
Saul: 1915, George E. Fleming: 1915, w.
T. Galliher; 1917. John Poole; 1918,
Corcoran Thorn; 1919. M. D. Rosenberg;
1921, John B. Larner; 1922. Joshua
Evans. ir.; 1928, Harry v. Haynes: 1924,
Victor B. Deyber; 1925, Francis G. Ad-
W. w. Spaid; 1928, Robert v. Fleming;
1929. William j. Waller; 1880, L. P.
McLachlen.
The book includes the present ofi-
GERS. all the convention committees and
memorials to the late Albion K. Paris.
g. Francis Saul and George o. Watson
and also the special resolutions passed
on the death of I. A. Fleming. who
was not member of the association
undertakings.
Agents Win Convention Trips.
Paul D. Sleeper, general agent for the
Aetna Life Insurance Company for
washington and the State of Virginia.
and delegation of his field men will
leave tonight in a special car for New
London, Conn, to attend the company
international convention from Septem-
Der IA to 18.
The party will include G.. G. Mason,
who led all the Aetna's field statesmen
in the United States up to July; F. N.
Stricklin, j. L. Richards, C. B. Myers,
L. E. Harris, H. c. Fisher, L. G. En-
mons, H. B. MCGUIRE and o. L. Jamison.
These men qualified to attend the con-
ference by having attained high sales
quota during the last year Their
average for the regionaire period of IS
months was S467.0
The occasion will be the fields COM
incarceration of the completion and
opening of the company's handsome
new home Office in Hartford. On We'd
nesday the 600 delegates will visit the
building, where reception will be held
and a special program carried out.
Financial District Notes.
Eliot II. Thomson of the Washington
Vnap a. Tr1lSt Co left here Yesterday