Evening star., 1933-08-04
D. c. BANKS DISPLAY
EMBLEMS OF N. R. A..
Associations Gain Signatures
PIedging Support for Fed
eraI Program.
BY HAROLD ROGERS.

BY HAROLD ROGERS.
WASHINGTON banks are proudly dis
playing the blue eagle Of the National
Recovery Administration. These en-
blems of cooperation with the Gov
ernment's recovery program have been
obtained after the signing Of each bank.
The banks signed individually after the
meeting held at Riggs National Bank
by representatives of the Washington
Clearing House Association and the
District of Columbia Bankers Associa-
tion.
As matter of fact. the Washington
bank group was out in front in the
campaign, along with the American
Bankers Association. The decision
reached by the local group was made
while the Administrative Committee OF
the A. B. A. was mailing out to mem
bers its recommendation for co-opera-
ton.
An important part Of this recon-
mendation from the national BODY
calls attention that 'modlflcatlons,
any, of this code will be submitted to
the membership of our association at
its forthcoming convention to be held
in Chicago September 4 to 7.
Estimates as to the number OF per-
scnnel to be added by washington
banks on account of the code vary from
100 to 200.
The early action of the Washington
banks in cooperating with the Govern
ment is another indication OF the ad-
vantage which financial institutions
here held by reason of their location IN
the Nations Capital and by reason OF
the close contact which they can main
tain with Government officials.
Common Stocks Gain.
ANALYSIS of the common stock port
fclios on June 80. 1888. OF five impor-
tant management investment trusts
with assets of $l22,229,174 indicates
general increase in common stock hold
ings since December 81, 1882, particu-
larly among the industrial and retail
issues, according to study made by
Allied Distributors, Inc, New York
City.
This study gives consideration only
to stocks in which changes Of 500 shares
or more occurred. The five stocks which
were most favored by these trusts were
Drug. Inc: J. c. Penney and General
Motors. Four of the trusts acquired
an aggregate of 10000 shares of United
Fruit. while four of the trusts either
added to their previous holdings or
acquired blocks of the other four stocks.
From the point of number Of shares,
General Motors led, one trust having
added 81 900 shares to its holdings and
three trusts having acquired an aggre-
. gate of $4,000 shares.
In its current summary and interpre-
ta!tion of the news of the week impor-
tant to business, Business Week says:
Recital of business statistics grows
somewhat monotonous. Who'd have
thought a few months ago that we
would ever be bored with a rising
trend? Business Weeks index of gen.
eral business activity shows an insig-
nificant fluctuation in decimals. The
same is true of steel ~production, still
busy supplying Detroit, and not show
ing as yet any effect of the coal miners
strike Automobile production, by the
way, keeps going up in defiance OF all
seasonal precedent.
Government construction soon will
show up in steel orders Just now,
construction contracts are the one sour
note in the sweet harmony of upturn;
contracts let in July have run, for three
weeks. 80 per cent under year ago.
Electric power output keeps making new
highs, with a total now standing Is
per cent above 1882. Lots of goods
are still being loaded into freight cars.
Check payments are down little
Commodities are recovering from their
break. Business failures are well below
last years.
Meanwhile the dollar jiggles up and
Sou,,, in ho eycbonOa ma rketS without
rhyme or reason, but depending entirely
upon which Washington newspaper
men has attempted to read the Presi-
dents mind that particular day. Judg-
ing from the reception to the first Gov
ernment long-term financing in two
years. most American investors are
willing to ride along wherever the dollar
is going.
Slight Lag Reported.
Business Weeks weekly Index OF
Business Conditions shows preliminary
reading of 693 for the week ended
July 20 against a revised reading OF
sos for the previous week and $50 a
year ago"
Glass I railroads of the United States
for the first six months OF 1888 had
net railway operating income of $751;
903,213, which was at the annual rate
O1 T6luTu VI 1.fO pcI SCAt oAl lAiSA
property investment, according to re-
ports just filed by the carriers with the
Bureau of Railway Economics and made
public today In the first six months
Of 1882 their net railway operating in
come was S109,612 1899, or per cent on
their property investment.
Property investment is the value Of
road and equipment, as shown by the
books of the railways, including ma
terials, supplies and cash. The net rail-
way operating income Is what is left
after the payment of operating ex-
penses, taxes and equipment rentals,
but before interest and other fixed
charges are paid.
This compilation as to earnings for
the first six months of 1888 is based
on reports from $50 class I railroads,
representing a total of 241,195 miles.
The Northwestern Mutual Life In
surance Co. has moved from the Union
Trust Building to a larger suite Of
Offices on the sixth floor of the Invest
ment Building, where it will have nearly
double the space for its cashiers de-
partment.
A. L. Baldwin, general agent, and 10
of his associates have returned from
Milwaukee, where they attended the
convention at their home Office. Edward
Fitzgerald has been appointed vice
president of the company and Grant
Hill of New York has been made new
director of agencies.
NEW YORK PRODUCE.
NEW YORK August (CPA-Ouota-