Evening star., 1933-07-16
BUSINESS CORNER
DECLARED TURNED
SHORT TIME AGO.
Col. Ayres Finds Recovery
, Fastest Yet Experienced
. After Any Depression.
LATEST BUILDING NEWS
PLEASES D. c. BANKERS
Departmental Bank Depositors See
in June Statement Promise
of Another Dividend.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
1T has become convincingly evident
that the corner of the great depression
was turned in this country between
Ithe first and second quarters Of the
3present year"
" That positive assertion is made by
Col. Leonard P. Ayres. vice president of
!: the Cleveland Trust Co., whose monthly
{reviews are closely followed by WASH
sington bankers. He presents his views
in a chart which shows bank credit,
prices, production and the general de-
preston index went down almost stead
lily from 1929 until the end of the first
quarter of 1888
Suddenly all these indexes and many
others turned upward. They have been
going up ever since Business recovery
in this country is now going forward
at the most rapid rate ever reached in
our economic history, Col. Ayres says.
Recovery Fastest Ever Known.
Activity is increasing more than
twice as swiftly as it has done in any
previous period of upturn from depres-
sion conditions and at a pace about
five times as rapid as that attained
in 1915, when the huge war orders
poured in from Europe. Col. Ayres
adds:
1T is not now possible to Judge
whether or not SO rapid an advance
will prove to be undesirably swift, for
there is no similar previous case with
which to make comparisons. We do
know that the spectacular recovery OF
1888 was largely based on speculation
and so-called wildcat money, and that
it was followed by another period OF
depression. Nevertheless conditions OBJ
tanning then were SO different from
those existing now that the earlier in
stance may be of little value as a
guide
The weekly reviews we're also very en-
couraging. Retail sales are gaining,
wholesale business improving and indus
trial activity still rising.
Exceeds Year Ago.
Local bankers and business men yes
terGay expressed real encouragement
over the building situation which has
been dragging along so many months.
The continued improvement in the
building industry is reflected in the June
building permit value total, which is
Just about double the low record Of last
February Returns to Dun & Brad
street. Inc. from 215 cities of the United
States for the month of June reveal
total of building expenditures amount
ing to S340e5,70 as compared with
S3l 525523 for the identical cities in
May an increase Of 81 per cent.
AS compared with the June. 1882,
total of S32.173.22l. gain of So per
cent is shown. This is the first increase
recorded over the preceding years total
since April of 1929. when new regula-
tons pertaining to construction of large
l,,;I iy,fo in VNrk
Telephone Calls Increasing.
The American Telephone & Tele-
graph Co. reports net income for six
months ended June 80. 1888. Of $685.
ia 509 after charges and Federal taxes,
equivalent to 1884 share on 1862
c75 shares of stock outstanding. This
compares with S75,290 881 or $403
share on 1866O070 average shares in
the first six months of 1882.
Net income for the June quarter was
s34.O59 2S2 after the foregoing charges.
equal to S1.82 share on 18,662,275
shares comparing with S32,055.227, or
sl72 a share on 18,662,275 shares in
the preceding quarter, and with S36,-
41l.350. or 1876 a share on 18.662,274
average shares in the June quarter of
the previous year.
In a letter sent with quarterly divi-
dend checks to Washington stockhold-
ers. President Walter S. Clifford said
that in April the net loss in telephones
in use in the Bell System was less than
for the same month of the preceding
year for the first time since the sys-
TEN began losing telephones about three
years ago. The improvement continued
in May and in June when the loss was
less than one-half the loss in June last
year.
In the latter part of June the COM
pany was handling a slightly greater
number of long-distance calls than dur
ing the same period last year. This
is the first time since 1880 that such
business has shown an increase over
the corresponding period in the preced-
ing year.
Comment in Financial District.
The statement of condition of the
Departmental Bank, as of June 80,
just made public by the receiver. w. B.
Altman. revealed additional collections
Of S52, ,138l Is since the last dividend pay
mcnt. Depositors in this bank. who
have already received 65 cents on the
dollar. are looking forward to the pos
sibility of another dividend, indicated
by the statement.
Moody states that in spite of the
sharp upsWing in commodity prices in
recent weeks, the general level is still
well below that og 1924-25-26. The lat
ter level has been prominently men
toned as that to which the present
administration is seeking to raise prices.
The Federal Trade Commission an
nounces the registration of eight ad-
ditional security issues which propose
offerings totaling $l4,000,000. While
the bulk of the new offerings are by
investment trusts. there is one which
is a departure from the usual run of
registrations covering Texas oil lease
The New Amsterdam Casualty Co. of
Baltimore has declared a seni-annual
dividend of 60 cents, payable August
! to stock of record July "a. Six