Evening star., 1932-06-01

lISl ledIItU lI.t IldCIlullSl tIdQe ana
climbed the union ladder until he was
made legislative representative of the
International Association of Machin-
lists, with headquarters in Washington.
He had held that position several years
when he decided to enter the banking
field.
The bank official is a member of the
knights of Columbus. Loyal Order of
Moose. local Board of Trade and is
graduate of the American Institute of
Banking To many people Mr. Lee will
be recalled as chairman of the Execu-
tive Committee of the Central Labor
Union. which raised $4,000 to complete
financing the District of Columbia
World War Memorial.
Seasonal Employment Increase.
The Federal Reserve Bank of Rich
Imond states that no material improve
'ment in employment occurred in April
IN this territory. although there was
fSome seasonal increase
COAL production was materially below
tlhat OF year ago. consumption of
cotton IN fifth district mills was less
,than that of April 1881. and con-
sumption IN the country as a whole
declined even more Exports. however,
Increased over April. 1881
Cotton declined between April IS and
way 10 to the lowest level since last
October, and closely approached an all
time low. Tobacco manufacturers re-
ported lower output in April in COM
parlson with April last year
Wholesale sales in five leading lines
were materially below April. 1881, fig
ues, and in all lines but hardware, be-
loW March of this year.
I The volume of construction work pro-
~ hyFt
olstrlct was very small, and does not
o1er hope OF additional employment for
pudding tradeSmen in the near future.
! The outlook for agriculture was de-
Scrloed as problematical with the really
nnfaVorable element being the low price
Eutlok for leading money crops.
Last Convention Call Out.
! The last call for the fourteenth an
nual convention of the District Bankers
association at Hot Springs June 9 to II,
inclusive. was received by members to-
DAY. 1t IS printed on blotter and car
res a very clever illustration showing
who are going to the convention.
The Call" signed by Claude H.
Woodward, chairman. General Conven-
ton Committee, states that the special
train will leave Union Station at $50
pr June 8. arriving at Hot Springs in
.l-4llc 4OI DISdhIdSJ lHuISQdl morning.
As the party leaves here one week
from tong ht, the Transportation Com
.1n1ttee is anxious for the remaining
reservations at once, in order to arrange
with the Hotel Committee for accom-
,1nodationS. F. H. Cox is chairman Of
transportation, while Thomas j. Groom
.llas charge of the hotel accommodations.
Trading on d. c. Exchange.
Capital Traction opened business on
Ithe Washington Stock Exchange today,
-four 10-share lots and one Of 6 shares
selling at 10, the same as yesterdays
,close. The market closed with 10 bid
and 1872 asked.
Washington Railway g. Electric pre-
ferred figured in two l0-share transfers
at II and two small lots of Potomac
Electric Power 6 per cent preferred ap-
peared on the board a 107i2. The only
bond sale was in Washington Gas IS,
Series B, $500 moving 101 ?.
| Mergenthaler Linotype and Peoples
Drug Stores preferred are now being
,ouoted ex-dividend The Potomac Elec-
trio Power issues and Washington Rail-
tway g. Electric issues paid their
regular quarterly dividends yesterday,
land Lanston Monotype also paid the
recently declared disbursement.
Bankers Urge Accounting Reforms.
Development of uniform methods of
accounting for industrial enterprises is
Xrcngly urged in an interim report of
the Industrial Securities Committee of
M Investment Bankers Association of
america, which makes detailed and
specific suggestions on improvement in
Industrial accounting
. Accounting practices that the report
fpolntedly discusses include the method
OF reporting a cOmpanys ownership of
its own stock and bonds in its balance
sheet and the treatment of income
therefrom IN earning statements. Crit
lclsm is also directed at custom
among corporations. during recent
years. to write down plant accounts
.by relatively large amounts. One COM
6any. says the report, has written
dpWn its flxed-asSets account to 81 and
apparently intends to keep it at that
8ure'
IThe report calls this conservatism
Nrried to an extreme and adds that
&bitrary reductions in value should
not be countenanced. The report
fkes definite criticism of the han
11ing of reserves in financial state
Eents and in discussing hidden re-
Serves points out that the accountant S
job is to be neither conservative nor
unconservative, but simply accurate. in
order that the investor may have ade-
Suate and accurate information.
@ Business Bureaus Extra Busy.
- Heeding the slogan, Before You In
IEst-1ny eStlgdte, public that is
learning investment wisdom is calling
upon the Better Business Bureaus To-
lcated in principal cities throughout the
country for greater service than ever
Before. according to an announcement
by the National Better Business Bu-
Teau.
During the past year 81 Better Busi-
ness Bureaus answered more than 430,-
300 inquiries and complaints, the an
-founcement revealed. This figure rep
TesentS a IS per cent increase over the
=total for the previous year. There are
50 affiliated bureaus. including the
active office in Washington under Di-
rector Louis Rothschild.
Cleaned in Financial District.
The S. S. Kresge Co. has cut the
quarterly dividend from 40 to 25 cents.
Rnd voted the regular dividend of SITS
on the preferred. both payable June 80
TO stock of record June 10.
The strong opening of the New York
Stock Exchange caused wide interest in
local broker houses. 1t has been long,
long time since trading was so active
that the ticker has fallen behind the
quotations.
!. Warner Bros. Pictures made new
Low of rs cents per share yesterday on
-the New York Exchange. This is the
stock that figured recently in the Sen
cate stock manipulation investigation
AT one time it was around $50 share
: Some local bankers predict a great
wave of investment buying when def
mite signs of a turn in business appear
There has been a moderate amount OF
investment buying for several months
Washington bankers assert.