Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-21
BUSINESS SHOWING
RISING TENDENCY
February Maintains Mild Up
turn-Chain Store Con-
Vention Planned.
BY EDWARD c. STONE.


are still slight and not uniformly up.
ward. On balaL-e January averaged q
little better than December, and the
first three weeks of February have
shown resumption Of the rising tend.
ency, says the Business Week fer the
week ending today.
The business index has risen from
IT'S per cent for the week ended Feb
ruary to 73.5 per cent for the latest
week. This compares with 906 pei
cent in the corresponding week last year
Steel activity continues to increase
slowly; building contracts, especially in
the residential field have lately shown
a fairly distinct improvement, and mer-
chandiSe carloadingS are doing a little
better.
Commodity prices are somewhat
Steadier this week, but most. other sta
tistical indicators are still negative or
non-commital. Securities buyers seem
disposed to stake something on the
fair chance that business has been rest
ing on real, not a false, bottom these
past two months, and the shorts are far
less sure of themselves than in long
time. The odds will be pretty clearly
against them for the next two months
unless the bulls try to discount much
more rapid business improvement than
seems probable at the moment.
The congressional cloud is clearing
but the foreign atmosphere is still fair
" foggy. Cld there is still no evidence
of the expansion Of bank credit that
must precede increased construction and
commercial activity by several months.
Chain Store Convention Here.
The third annual convention of the
National Chain Store Association Will
-. ,1lS ~, of the haVf1OW-
er Hotel. on October 8, 8 and 10, 1t
was announced today by R. w. Lyons,
executive vice president. after meet
ing of the Executive Committee OF the
association in New York. 1t will be the
first meeting of the association IN the
Capital. The two previous conventions
were held in Chicago.
The national association is only )
years old. 1t was organized at Memphis
in the Fall of 1927. Its membership
now includes most of the large chain
store systems and numerous smaller
chain organizations all over the United
States. Because of the interest in the
chain store situation in many parts OF
the country it is expected that the
Washington convention, Mr.. Lyons said,
will be the most important gathering
the industry has ever held.
Albert H Morrill,. president of the
Kroger Grocery & Baking Co. OF Cln-
cinnati, is president of the assoclaucn.
Acacia Starts Fellowship Fund.
Establishment OF permanent good
fellowship fund was voted yesterday at
an assembly of employees Of the Acacia
Mutual Life Association, held at the
home Office, First street and Indiana
avenue northwest. This fund, the out
growth of a temporary fund to whlch
vi =
mas time TO remember those workers
away because of illness, aroused so
much interest that it was decided TO
make the work permanent.
President Montgomery announced
that fer each dollar raised by the en-
ploves. the association would contribute
O like amount.
The assembly was addressed in ad-
dition to President Montgomery by
David Crouch, Ella L. Purks and Burt
Langhenry.
American Stores Analysed.
In an analysis of American Stores
Co stock, Standard Statistics, among
other things, has this to say
Financial position at end OF 1880 is
believed to have been stronger than at
close of 1929, when cash and marketaDie
securities were g times current llablli-
ties. Distributions on common at rate
of $3.50 per annum (including $3.50 eX-
tra) are amply covered by current earn
fngs. Sole capitalization consists OF
1,5l6.717 no par value common shares.
Operates over 2,725 retail grocery
and meat stores located mainly in Penn
sylvania, with scattering OF stores IN
surrounding States. About IS stores
were added during 1890; conservative
expansion program likewise will be fol-
lowed during current year. Currently
reported TO be negotiating for purchase
Of Almar Stores Co. now in receiyershlp
for 100000 and value Ct inventories,
which totals about S250001 Latter or
ganization operates chain Of 254 stores. v
First Upturn in Nine Months.
General business activity during the
month of January registered the hrSt
upturn in nine monts according to
Gage P Wright in the Business Eco
nonnic Digest He goes on 70 say
LAS might be expected at his state
of the business cycle, the trend OF actlV-
ity is not fulfilling the forecasts Of
either the highly optimistic or deeply
psSsimistic observers. After moderate
Improvement following the turn Of the
year. business hesitated somewhat dur
ing the latter part Of January. TINS
hesitation was sufficient to cancel some
of the early gain, but our index Of busl-
ness activity for January IS cOmpuiel
at 248 below normal as compared with
257 for December.
In other words, business activity tol
the month Of January, after correction
for seasonal variation and lorg-.crm
growth. was slightly better than that
of December
Financial District Notes.
Edison B. Olds, treasurer Of the Union
Trust Co. has been spending the week
: In New York on bus ness for the bank.
Ezra Gould. president IT the Wash
ington Merchants Saving Bank, has
returned from his usual Wint-- trip 70
Florida.
Mr.. and Mrs James A. Soper. T
D. Runton Leith, Frank NJ. Perley, Misses
Mabel Y. and Rose I. Royce and NIL
dred c. Woodcock attended the annual
banuet Of Richmond Chapter, Amerl-
can Institute of Banking, last night
All the Washington banks, brokerage
houses and the Washington Stock EX-
change will be closed on Monday, q
legal holiday.
GENERAL MOTORS STOCK