Evening star., 1932-08-13

boats, however, E 5$ss5s e $z z:sa sSSS
have been well pa ssz
-tronized. Week end
business has been Francis NJ. Savage.
much heavier than mid-week travel,
but the latter has held up well. The
height of the season is just being
reached and the boats sail every night
with large passenger lists. The step
taken more than a year ago when the
company officials decided to carry
automobiles on the boats has proved
a marked success. Many tourists take
their machines with them and resume
their motor trips when they land at
OLD Point or Norfolk.
Directors of the company are watch
ing with great interest to see how
much increased traffic will be obtained
by this years reduction in passenger
rates. They are now the lowest in
over 10 years, or before the World
War.
- Norfolk & Washington stock has
been listed on the Washington Ex-
change for many years. It sold last
at 105. As the stock pays s12 year
in dividends, the present yield Is Ill
per cent. This weeks local market
closed with los bid and 135 asked for
the stock.
In the run of a year the Norfolk
4
to the Chamberlin- Vanderbilt at Old
Point Comfort and as many more
bound for the Cavalier at Virginia
Beach. Both these widely known no.
tells are said to be getting their full
share of this seasons resort business.
Savage Urges Recognizing Russia.
- Francis M. Savage thinks that the
United States should recognize Soviet
Russia. The former Washington banker,
who is now in Leningrad, writes that
he has been making study of the
economic situation there and is very
emuch impressed with present condi-
tions.
% Mr.. Savage says the experiment IN
Russia should be gauged as reaction
from an autocratic government and an
exploitation of people. In its force
and vitality it would not be measured
against a representative government.
he says.
= The outstanding feature as compared
with conditions when Mr.. Savage was
there As years ago and also "a years
ago, he writes, is the fine wholesome
condition of the children, which, he
Says, equals the condition Of children
anywhere.
+. Next to this he has been most i'm
pressed by the improved, and especially
hopeful status of the Russian people.
They are good natured, he says, and
all are employed.
y "The United States might as well
Recognize Russia, for there is no ap-
parent prospect of any change from
the present government. The work.
men whom I have seen appear to be
content" Mr.. Savage adds.
.. Turning from economics to art. Mr..
.Savage considers the Gallery of Rus
sian Paintings the finest in the world.
,Leningrad is dirty city, he says; cap
ital has apparently been wiped out
and all the people seem to be on a
common level The last two factors
present condition beyond conception,
the former banker concludes.
r Recovery Steps Held Effective.
= The accelerated upswing in security
and commodity markets during the past
month is a reflection of fundamental
factors definitely favorable for business
recovery which have come to the sur
face since the beginning of July, says
the Business Week.
= Foremost among them in the foreign
field have been the Lausanne repara-
.tions settlement and the successful
British war loan conversion. In the
domestic sphere the most important IN
fuence has been the progressive exten-
sion, since congressional adjournment,
of the administrations program for
Stimulation of private enterprise and
employment by credit expansion.
=. Starting with the basic necessity OF
STRENGTHENING the banking structure
and protecting it against foreign and
domestic attacks on the stability OF the
currency through the Reconstruction
Corporation and Federal Reserve
policies, the campaign for restoration
;cf business confidence is being carried
1orward, step by step, through support
sspf the bond market and of commodity
sprices, and by active, organized efforts
10 stimulate employment in construc-
&ion, railroad equipment and other
capital goods industries.
The relative stability of business in
ficators, the strengthening of basic
rommodity prices and the vigorous re-
Nival of domestic and foreign invest
sment interest in American security
a,narkets in recent weeks all suggest
that the bottom of the depression may
flave been passed.
{ Failures Index at New Mark
During July, business failures con-
tinued at record heights as compared
with the like month of other years.
Bradstreet's seasonally adjusted index
of monthly failures rose from last
months peak to a new all-time high OF
l526 per cent of the l928-30 average.
: Liabilities, on the other hand, de-
clined 1873 per cent from $275 5236,00O
In June to a total of 1888 3,O2l 900 In
Suly. Bradstreets finds that this de-
Grease was due entirely to small losses
by banks which showed a 46 per cent
reduction. Losses by all other business
groups registered increases.
: The retail and commercial service
groups were mainly responsible for the
Increase in total failures, as defaults in
abe three other groups were all lower
than in the month previous.
! AS Bradstreet'S stated last month,
this condition of abnormally numerous
failures is not SO alarming when viewed
in conjunction with other factors.
Rising commodity prices and increased
stock market activity point to better
sentiment and may be the beginnings
of an upturn. 1t is fact noted in
other depressions that failures do not
reach their highest point until after
bther conditions have begun to improve.
s Joins Westheimer Staff.
Harry M. Fridley. jr has become as
rocjated with the Washington office of
Westheimer g. Co, New York Stock
exchange firm. Mr.. Fridley was for
lnerly manager of the local Office Of
Wright. Slade g. Co., at the Mayfower
Hotel. and later was with the firm that
recently became Clark, Childs & Keech.
He is a native of Washington and at
various times was employed by the
United States Savings Bank, the Mum
sey Trust Co, and the former Dupont
National Bank He began his broker
hoe career in New York.