Evening star., 1932-06-23

Mr.. Garrett has
been in charge of M
KeechS Washing c.orv c..
ton Office for many
years. 1t was located for long time
In the 1900 block on H street and was
moved from there to its present loca-
tlon at seventeenth and H streets. The
nrm does regular stock and bond
business and has also made a feature
OF the commodity markets.
The merger with Clark. Childs. was
brought about to do away with tbs
expense attached to competing offices
Both firms have had Offices in Provi-
dence, r. l., in Brooklyn, NJ Y. three
each in New York City, one each in
Detroit and one each in Chicago. Com
blnlng thsse competing offices will mean
very large saving.
Both firms are among the older mem
bers OF the New York Stock Exchange
The consolidated firm will be known
as Clark, Childs & Keech.
Progress Toward Normal Levels.
"Normality as fixed permanent
standard is an illusion never to be
realized, The immediate goal that we
actually Seek" says the Magazine of
stWan Street, lis simply an improve
iment over present conditions of unem-
ployment and dWindling profits. The
more vague goa of the longer future
perhaps can be defined as the estab-
1ishment of business on level as COM
Portable as possible for a maximum
number of our people.
In the attainment of either of these
pbjectives it is idle to think in terms
either of 1929 or of 1918. Both years
are ancient history. New conditions
confront us and prosperity will depend
entirely upon our adjustment to them.
In many respects the necessary adjust
ments may differ from the adjustments
OF the past.
Despite a tremendous agitation for
plans and remedies. the greatest hope
of the future lies, as. it always has
in the slow and painful corrections
forced by the natural functioning of
economic laws. This has always worked
to restore an ultimately satisfactory
condition. All ether suggested processes
of cure lie largely in the realm of
theory. This is the simple and in
evitable cyclical prospect 1t will be
based upon the paying of or ADJUST
, ments of debts, the accumulation OF
savings retrenchment in production, the
wearing out of old goods and the &C
Cumulation of demand for new.
I'm adjustments of this kind we have
already made great progress, perhaps
enough to justify reversal OF the busl-
ness trend before many more months
have passed
Thorpe Deplores Tax Burdens.
Local bankers are still talking about
the speech that Merle Thorpe, editor
of the Nations Business, made at the
Hot Springs convention. When l ad-
dressed you seven years ago. he said.
I'VE were paying 81 out of each ST we
earned for Government activity,
whereas today we are paying 81 out OF
every $3.50 that we earn.
IF you will take out your watch and
note the second hand, when 1t goes
around one minute the people Of The
United States will have paid $4,000
during that minute fer governmental
activities. During that same minute
the Federal Government will have eX-
pended $500 more than it took in
S7,8OO.0OO a day, in the 24-hour day.,
more than it takes in.
Seven years ago We earned from
80 to IS billions of dollars; today the
estimate is around 50 billions. Today
our percentage of earnings that go Tor
governmental activities is twice what
it was seven years ago.
Il do not believe we will get out OF
the depression until this Government
overhead is reduced. I do not believe
any private business could endure under
such a tremendous overhead in the
light of changed conditions" he de-
clared
Today's Trading on Exchange.
On the Washington Stock Exchange
today three small lots of Potomac Elec-
trio Power 5l2 per cent preferred sold
81 Nd c,,o11 l0t OF mi L.,
The days only bond sale was in Wash
ington Railway & Electric As, $1,000
changing hands at 8Oi2> The list of
stocks now being quoted without the
recently declared dividends was eX-
tended today by the addition of East
Washington Savings Bank. National
Union Fire Insurance Co. and the Nor
folk = Washington Steamboat Co. the
bc7t I.re directors having just declared
the Usual per cent quarterly payment.
| Bethesda Bank Votes Dividend.
The board of directors of the Bank
of Bethesda. at their regular monthly
meeting, declared the usual semi-an-
nual dividend of 3 per cent, payable
June 80 to stockholders of record June
20. Bethesda Bank stock has been
listed on the Washington Exchange for
several years. The last sale on the
exchange was made at S58 share.
Members of the District Bankers
Association, at their usual weekly
luncheon yesterday, discussed the
working of the new 2-cent revenue tax
on bank checks The recording of the
new tax by the local banks is going
along smoothly, as the details involved
had been worked out so well in ad-
vance.
1t is reported that bank patrons are
making mild protests over payment OF
the check tax and are showing an
equal lack of enthusiasm over the 10
per cent tax on safe deposit boxes
Brokers Post Tax Notices.
Notices have been posted in the local
brokerage offices showing that the new
Federal tax on stock transfers, which
went into effect Tuesday, will amount to
a cents per share on the bulk of listed
issues, since the average price is now
little more than S12. The law provides.
however, that when shares sell at $40
or more, the tax shall be 5 cents.
The 40-pound steel check for $500.
which Lieut.. Harry A. Slade, U. S. NJ.
received as winner of an essay contest
sponsored by Welding company, has
been cashed by the Union Trust Co.
and shipped to a bank in Cleveland on
(which it was drawn. S. William Miller,
Assistant treasurer, guarded the check
from any "kiting" or other form OF
forgery. This is the check that was
Endorsed with Welding torch.
Pennsylvania Railroad stockholders
Increased during May to record high
of 249977, as Of June /. A year ago
the total was 241, asa.