Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-06-10
UPWARD BUSINESS
TENDENCY IS SEEN
Bankers Journal Notes Fac
tors Showing Improvement
in Industry.
BY EDWARD C. STONE.


The continued subnormal rate of in
dustrial activity during the past month
has proved disappointing, but 1t appears
that after allowance for seasonal
changes the general trend is now up
ward, the American Bankers Associa-
ton Journal says today in its monthly
review of business. 1t continues:
THE automobile industry has made
a creditable record, production of the
textiles and shoes is running better
than a year ago and the basic steel
Industry is showing strong resistance to
the contraction that normally occurs
at this time of year. Business sentiment
in the country at large is becoming more
hopeful, although in New York and the
other financial centerS 1t remains pesSi-
mistic, which is natural in view of the
persistent decline of the stock market
and of second-grade bonds, unsettled
political conditions, economic troubles
and bank failures in numerous foreign
countries.
Bank suspensions are becoming less
frequent and are confined almost en-
tirely to the small country banks that
are not members of the Federal Reserve
system. The big banks in the money
centers we're never in a more liquid
position.
Total volume of retail trade is
gaining, with the large department
stores, chain organizations and mail
order houses taking some business away
from the high-priced speciality shops
and small independents who have not
yet recognized and put into effect the
lower scale OF prices. There Is some
consolation in the fact that such reduc-
ton in wages or working hours as has
occurred in various lines has been off,
set in part by the substantial lowering
in the cost of living, including food
stuffs, clothing and rent.
Without attempting to prophesy the
future, it may be safely said that the
likelihood of continued though slow re-
covery seems much stronger than the
possibility of renewed decline to still
lower levels of depression"
Sees Normal Trade in 1882
The Nations business will reach nor
NAL by 1882 and continue its progress
until 1888 finds a new era of prosperity
in full swing. DR.. David Friday, econo-
mist from Washington. said in an ad-
dress to 500 st. Louis business execu-
tives.
During the last five months retail
prices have fallen on an average of Is
per cent, in some cases 80 per cent.
You are bound to get some revival of
manufactured output from that adj
tustment.
Labor costs have declined materially.
This is not due so much to the reduc-
ton of wages, although there has been
more of this than is generally believed
or more than wage rates indicate, but
rather in the great increase in the
efficiency of labor and management dur
ing the last 10 months.
Production cannot continue at level
of IS per cent below the peak If 1t is to
meet the demand of consumers. This
results in an increase in industrial
activity. This turn means increased
employment" he said.
Further ID. C. Convention Plans.
Under the Craftsmanship of Mrs
Lanier p McLachlen, wife of the presi-
dent of the District Bankers Associa-
tending next weeks annual convention
at Hot Springs, Va, have been COM
pleted. An added social event this year
will be an afternoon tea at the Casino
between 4 and 6; Thursday June Is.
Other events include Tom Thum
putting contest on the same afternoon,
dancing Thursday evening, special
cades Club House Friday afternoon,
dancing Friday evening and ladies'
outdoor putting contest at 10 O'CLOCK
Friday morning.
The committee in charge of these
events includes Mrs. L. P. McLachlen,
chairman; Mrs. E. J. McQuade, vice
chairman; Mrs. Claude H. Woodward,
Mrs. F. H. Cox, Mrs. H. j. Hoskinson,
Mrs. c. F. Jacobson, Mrs. L. E.
Schreiner. Mrs. A. S. Galley, Mrs. C. H.
Pope, Mrs. George O. Vass, Mrs. Fred
erick p. H. Siddons, Mrs. j. Frank
White and Mrs. Wilmer j. Waller.
TOday's Trading on Exchange.
Bonds were in excellent demand on
the Washington Stock Exchange today,
the trading opening with $4,000 WASH
ington Gas Light IS, series A, selling at
1891. Gas IS, series B, came out at
1O45s.
Washington Railway g. Electric Is
moved in a $1,000 transfer at 905s, and
Capital Traction SIS led the days bond
volume with three sales at SO.
Twenty-Five shares of Washington Rail-
way 81 Electric preferred came out at
$3.50, small sales in Merchant Transfer
81 Storage common were recorded at SO,
while Columbia Sand 81 Gravel pre-
ferred sold at 90.
Potomac Electric Power 51b per cent
preferred registered 1909, and the
per cent issue appeared on the board
ty d Trust Co. stock changed hands at
300
Heard in Financial District.
Sales of the American Stores Co, for
the four weeks ended May 81, showed
a 40 per cent decrease over the same
period IN 1880, according to a report
made today. For 81 weeks sales were
5.3 per cent behind last year.
John O. Y0St WAS rnpAiVirO p0pUrofV
lations today on his reelection as presi-
dent OF the East Washington Savings
Bank. The other officers are Samuel
H. Walker, first vice president; Lewis
Flemer, second vice president: S. Wilson
Earnshaw, secretary treasurer, and w.
H. NARROW, jr., attorney
The Richmond Federal Reserve dis
trict has been allotted 4,023, 900 of the
new Treasury 3Hs per cent bonds, sold
last week by the department The New
York district naturally got the largest
allotment, $685., 604, $50, with Chicago
second in the list
Virginia Railway declared regular
semi-annual dividends of per cent
on preferred, payable August /, to stock
of record July 10.
Western Union Telegraph Co. declared
regular quarterly dividends of So, pay
able July is, to stock of record June Is.
May postal receipts at so selected
cities totaled $27,843,80 a decrease Of
$3,526,5o2 or 1l.24 per cent under May
OF last year, according to the Post Of
f1ce Department.
At so industrial cities the receipts
in May of this year amounted to So
O47,274, decrease of $287,787 or 8.63
per cent under May, 1880.
MERGER pEp0pTTn MEAD