Evening star., 1932-11-14

Nf. 1IlOlIlpSS1As CarI >. OONs
who comes from
seattle was elected first vice president
Of the national association at the To-
ro,,to convention in 1880 and ranking
vice president in Pittsburgh in 1881.
last wear he served as chairman OF the
National Membership Committee and
had the satisfaction of seeing the hscaI
wear close with the largest membership
in the history of the association.
In his address here today he gave the
underwriters the benefit of many OF ms
experiences in the business, his tax pc
ing most interesting, practical ana IN
spring.
r. s. Dow Pacific Mutual Head.
Carl Smith Dow, president of the
District of Columbia Chapter OF UnqeF-
writer's and a member of the Board OF
fhe life Underwriters Association OF
the District of Columbia has been
named to succeed Russell Shelk as
general agent Of the Pacific Mutual IN
surance Co. ,-,.,..,4.,,
insurance and educatlonal circles, WEE
formerly of the life insurance sVan u
the United States Chamber OF Con-
rnerce and for the last eight years mas
renresented the Northwestern Mutual
1nider General Agent A. L. BALDWIN:
Mr. Dow also is conducting courses az
George Washington University IN NE
Insurance salesnnanship and the pSychol-
orv of life insurance salesmansnlp.
Mr.. Shelk. also chartered lie un-
6erwriter will be associated Win ME;
Dow. and will continue his estate anu
underwriting activities, with wnlcn ne
has been identified in washington 4oA
the past several years.
Credit Leader Sees Advance.
'rrhe most hopeful business sign stu
rernains. as it has for the last three
months. in a continued feeling that the
low uoint of the depression was reacneo
during the Summer months and tnat
q normal recovery is taking place ana
will continue to take place gradually
If this confidence continues, as nuylng
in various lines slowly increases as II
becomes necessary to replenlsn lnVen-
tories IN order to take care OF the great
er demand, and as this Is renecOo IN
the employment Of more men, we may
reasonably hope for better business
conditions to become more ana more
anperent." declares Henry H. Hermann,
executive manager of the National AS
sociation Of Credit Men, in his montny
review of business sent to the wash
ington association.
s'The outstanding problem of serious
nortnnt has to do with the agricultural
situation. Complete recovery cannot,
therefore. be effective until there Is
some decided trend upward IN agricm-
ture. For the benefit OF all business,
therefore, special consideration needs 10
be given not only to the posslpllltles OF
limiting agricultural productivity. OF
tightening taxation and other burdens
mon agriculture, and of bringing about
lower production costs, but also to the
necessity for better marketing facilities,
If we are to compete upon anything like
an equal basis with other nations in
securing the needed markets for our
farm products" he explains.
Bond Outlook Declared Bright.
Federal Reserve policy is theoretically,
at least, supposed to be determined en-
tirely independently of governmental
exigencies. Nevertheless it is impor-
tant to note, says today's Financial
World. that before March the Treas
ury Department is faced with the task
of refinancing of a volume in excess
of $4,000, ,000,0 coo, and continuation Of
present extreme ease in money rates
will, of course, greatly facilitate the
success of the operation. The Federal
Reserve Banks now hold some 81 ,800,-
100000 of United States Government
securities, an amount which Is more
than $1,O0O,000,000 greater than that
held a year ago and substantially more
than the banks normally possess.
While it is reasonable to expect that
these holdings will be allowed to run
off" as they mature, there is little
probability that any program Of disposal
through ordinary sales will be attempted
In the near future because of the effect
such a step would have upon the mar
ket prices Of these and other high-grade
bonds. Consequently the outlook for
fixed income obligations of the best
grade continues to be favorable.
Embarkation upon a program of
active initiation Of the currency would,
of course, change this prospect, but
such development appears at the pres
ent time to be remote possibility, the
financial weekly adds.
American Stores Sales.
Sales of American Stores Co. for four
weeks and 10 months ended October %,
1882, without consideration of change in
number OF stores during the year, COM
pare as follows:
4 wks. Oct. 20 $8,305, 1928 $9,964.146
10 mos. Oct. 20 95,65l,g12 1929, ,73l
sales 1Or JLe IOur weeks eEoeQ OcJo-
Der l, 1882, showed a decrease of 1914
per cent as compared with the CORES
pooIing period Of 1851.
An analysis Of SafeWay Stores, Inc.
the second largest food products chain
in the United States shows that ii
earned about $3.50 on its common stock
III the first half of this year and is
likely to ea,n between. $3.50 and $500
for the full wear. The company has nc
notes payable In 1881 it operated
3,264 stores whose aggregate sales were
nearly S247, ,000,0 900. The common stock
pays a dividend Of IS 2 share and is
selling ~ yield approximately 10 pei
cent
Heard in Financial District.
AS shown by the we3x.y bulletin oi
Waggaman, Brawner & Co., Inc, New
York City bank stocks after fiuctuatlnE
in a narrow range prior 70 election
showed a sharp advance last week, tht
average price being up about 8 per cent
Since the low point i'll March net de-
posts have increased 930,034, 900 three
quarters of which occurred since July !
T.ol.5