Evening star., 1933-07-22
BUSINESS REVEALS
FURTHER ADVANCES.
Many Strong Points Brought
Out in Summary Covering
! Trade and Industry.
BY EDWARD C. STONE.

Retail sales continue to improve, whole
sale trade remains heavy. Bank clear
tngs are higher. Electrical output in
creased again this week and indicated
q further speeding up OF industry. A
most interesting summary OF the situa-
ton Is given in the Henry Clews weekly
eevtew. which says, IN part:
With the determined efforts that
ere being made to bring about stabali-
Eation-which efforts, by the way, are
thus far meeting with considerable
successi-t is only natural that much
more cheerful feeling Is in evidence.
Il must be admitted that the plans now
experiment, but with every one working
for the common good, there Is solid
ground for being hopeful as to the
ultimate outcome. Considerable salts
faction Is to be derived from the man
ner In which various industries have
reacted to the recovery program which
has Just been set in motion.
The Presidents plea for wage In
creases so as to swell the Nation s
purchasing power is being responded
to by many lines of industry, and II
the administration hope that in
creased purchasing power will result in
a new wave of general buying, then the
companies which have advanced wages
should obtain sufficient new business
to offset the higher costs thus brought
about. The soundness Of the wide gains
in production which have taken place
during the past few months Will be
finally judged by whether public buy
ing IN the Fall Is in sufhcient volume
to sustain the increases in output.
days along this line augur well for the
future. For the week ended July IS
business failures dipped to 343, which
compares with $50 for the correspond
ing period in 1892. and although In
solvencies in the month OF July are
generally considerably under those re-
ported in the earlier months, 50 Tar
This year the seasonal decline has been
somewhat greater than usual.
Sharp Gains in Earnings.
CORPORATION reports published to
date for the second quarter show evi-
dence of a sharp Improvement IN earn
Ags for that period over the preceding
three months ana also over the CORE
sponding quarter of last year. The
welcome upswing has by no means been
confined to the industrial category, for
material gains In car loadings, coupled
with economies In operations, are ex-
pected to show substantial gains In
earnings for the railroads both for the
second quarter and for the six months
period
balance Of the year of an improve
ment in net income will depend in
large measure upon wage and salary
increases in proportion to the higher
price levels established for commodi-
ties, necessities and luxuries.
According to calculations made on
the increase in prices Of cotton, corn,
oats and wheat, this amounts to about
S2.l5O 100000. This is quite sign11-
cant when it is realized that 1t is the
equivalent of more than half the
amount tied up in closed banks and is
almost equivalent to half q years gross
farm income preliminarily estimated at
$5.143 ,000. 900.
The return on crops last year was
placed at $2,112, 900 600, so that II the
rise in prices is converted into dollars,
it will turn a heavy deficit from farm
operations in 1882 to a rather sub
stantial profit this year. the Clews re-
port adds.
Bank Deposits Up s70o,ooo,o0o.
twenty-five banks and trust compa.:
nies in Greater New York increased
their deposits by close to 81 900, 600 600
in the three months ended last June
30. and by more than $700,000. 900
compared with a year ago. These
banking Institutions, on June 30, last,
had aggregated deposits Of $8,098. .683, :.
600, representing about IS per cent OF
the total in all banks throughout the
country. A year earlier their deposits
amounted to $7,310,870,000.
Guaranty Trust Co. and Bankers
Trust Co. scored the most substantial
gains of S159,00O,0 900 and $l45 ,000, 900,
respectively, in the last year, the for
mer's total topping $1,000, ,000, 900 on
June 30. Other banks to increase their
deposits by $1O0,000,000 or more during
the last year we're Chase National and
Central Hanover Bank & Trust Co.
Six institutions showed decreases
compared with year ago, ranging
from 100000 to $79,000,00
Sherwood Heads Building Association.
James L. Sherwood was reelected
president of the Northeast Building As
sociation at the annual meeting yester-
day. The other officers and directors
named include:
All other officers and directors were
reelected as follows: John L. Knopp
first vice president; Henry c. Althoff,
second vice president; Schuyler S. Sy-
mons, secretary; Frank NJ. Hatley.
treasurer; James E. Payne, assistant
treasurer; j. A. Openshaw, assistant
secretary; William s. Torbert, general
counsel.
The directors are Henry c. Althoff.
l.. L, Anderson, Julian F. Belfleld, r.
John Boehs, N. T. Chaconas, Allen F..
Cowles, A. L. Foster, T. A. Gillis, Frank
M. Hatley, Thomas P. Hickman, Alfred
Jeffrey, John L. Knopp, j. A. Open
shaw James E. Payne, John B. Rubino,
James L. Sherwood, James L. Sher-
wood, jr.; Roy L. Swenson, Schuyler s.
Symons, William s. Torbert and N. j.
Ward.
transit Makes Better Showing.
Net income of the Washington Rapid
Transit Co. in June showed deficit
of $4,876 against larger deficit OF
S5,834 in June year ago, according
to the monthly statement filed with the
Public Utilities Commission.
For the first six months Of the pres
ent year, had a slightly larger net
loss than in the same period in 1892.
INtb OcuClO GliAo yCoA Weo %ScBoSS 80
comparison with a net loss of $25,177
q year ago, an increase of over $3.50.
Heard I'm Financial District.
Francis G.. Addison, jr., president Of
the Security Savings & Commercial
Bank, is back at his desk after a trip
to Europe.
George L. Starkey, president Of the
National Bank of Washington, is on q
week end trip to Old Point Comfort,
Va, and vicinity.
Maurice Otterback, chairman Of the
board of the Anacostia Bank, Is having
. delightful European trip. He spent
several days In Nice and went from
there to Genoa.
Effective July !, all employees Of the
Postal Telegraph Gable Co., except mes
sengers and those receiving over $4,000
q year. will receive an increasepin wages
Of 6 per cent.
TpAnE WITu mi 0MRIA