Evening star., 1933-07-08
FINANCIAL REPORTS
+: SHOW BIC GAINS.
Rapid Recovery in Many I'm
portant Lines Revealed
L. From Over Nation.
BY EDWARD c. STONE.


since the Wall Street break in the Fall
of 1929 Selected at random, one finan
cial page, alone, contained these head
lines:
- "U S. Financing Held Likely in
Early August"
''Plants Report Continued Rise
in New England"
Cotton Scores 50 Bale
Rise in Active Week"
Business Revival Ranks Among
Most Spectacular in U. S.
History
=, Processing Tax to Raise Wheat
20 to 80 Per Cent"
Chicago Wheat Advance Close
To Record Pace"
San Francisco Business Gains
in Most Lines"
birmingham Steel Rate Near Is
Per Cent Capacity"
'Steel Plants Speed Output Close
to SIS Per Cent"
All that in one days news ard on
o single page! Other pages had still
more!
Recent news leaves no doubt that
the corner has been turned. The new
economic deal may have caused the
upturn The replacement demand Is
given a lot of credit. The business
cycle was due to swing upward again,
economists say 1t may be combina-
ton of thousand different factors Be
that as it may; the big point Is that
the recovery is progressing rapidly. The
he;rilines prove it.
North Americans Output Gains.
Frank L. Dame. president of the
North American Co.. of which the Po-
tomac Electric Power Co. and the
Washington Railway & Electric Co. are
units, reports that there has been
steady improvement in electric output
in the last two months, when ordlnar-
lily a, seasonal decline IS to be expected.
Commenting on the quarterly output re-
port. just issued. he said:
. Output for the second quarter OF
1888 totaled approximately 1,073OOO,-
900 kilowatt hours, an increase of per
cent over the second quarter OF 1882.
In reversal of the unusual seasonal
trend, the figure for the quarter lust
ended YVES also L per cent in excess OF
that for the first three months OF this
year. marking the first time in three
years that the output has been larger
In the second quarter than In the first:
Total output for the six months ard
the - months ended June 80, 1888. was
2134O0OO00 kilowatt hours ard AGA
100000 kiloWatt hours. respectively. BE-
ing lower in both cases than Tor the
corresponding periods ended June 81
1882. The upturn began in May, THIS
wear, with an increase Of 2 per cent
over Nav. 1882. In June there was in
crease Of So. per cent. compared with
,Jurc. 1892. the final week in June
showing an improvement OF per cent
over the corresponding week OF 1882.
Tho principal gain during the last
two months has been in electricity Tor
industrial use, and the output OF SUD-
salaries Of the North American Co. re-
fleets the increased manuiacturlng ac.
tivitv in the Cleveland, Milwaukee ard
ST Louis areas"
Friday Sees Rapid Price Rise.
David Friday. Washington econ
cnlist. declares that the most cheer
f,,l outlook for bankers lies IN the
rapid rise in commodity prices, Whlch
he confidently expects Will continue.
In Rand McNally Bankers Monthly
he saws:
what the bankers may look forward
to with confidence is an upward move
.ment in commodity prices in the years
ahead. This will produce situation
which will repeat. in large measure;
the years which succeeded the revival
of business in 1896 and 1897. THESE
were years of prosperity and expansion
for bankers.
Writing of the forces bound to bring
SOilCSbAoAA VA
more normal levels" he says:
"Thev will not return Immediately
to the level of 1929. as result OF the
factors determining the demand Tor
gold and the supply of gold. But they
will move rapidly toward that level our
ing the first 18 months Of the business
revival. which has already begun ana
tney will continue to move toward that
level and may even rise above II over
the next five to 10 years
"If actual infationary steps are
taken at Washington by way Of the
devalution OF the gold content OF the
dollar the rise will be more rapid ana
the ultimate level of prices Will be
higher than it otherwise would be-"
Debts Reflect Business Advance.
Aggregate debts in the % report-
ing cities in the fifth Federal Reserve
district. in the five weeks ended June
IA. 1898, totaled $852, ,452 600, an IN
crease of SAL .968, 900, or So per cent
over aggregate debts in the five pre-
ceding weeks. ended May 10, 1888. 1his
increase reflects improvement in busl-
ness during the past month. no sea-
time of year. Nineteen of the % cities
reported higher figures for the more
recent period, all of the larger centers
except Richmond being included in the
10 On the whole, textile centers re-
ported the largest increases.
In comparison with debts reported
for FIVE weeks ended June Is, 1882. the
% cities showed decline OF sl12,7l5,.
OOO during the 1888 period. a drop OF
higher figures for the later period.
Greenville leading with gain of 35.5
per cent. Durham increasing 24.3 per
cent Winston-Salem 172 per cent,
Charlotte 104 per cent DanVllle O.8
per cent and Charleston, w. Va. 0.3
Der cent. saws the Federal Reserve Bank
of Richmond.
Cleaned in Financial District.
Columbia Gas & Electric Co.. which
supplies the Washington Gas Light co.
with natural gas, has declared divi-
dend of 20 cents in 5 per cent con-
vertible preferred stock on the COM
mon. the regular quarterly DIVIDENDS
of ST 25 on the per cent convertlple
preferred $3.50 on the per cent ad ana
Sl.25 on the per cent preferred
stocks all payable August IS to stock
of record July 20.
LoeW's Inc. has declared the regu-
lar quarterly dividend of Sl.62l2 on the
Sc SO preferred, payable August Is to
stock Of record July 81.
Deposits Gain Here.
Washington unrestricted banks will
report total deposits on June 80, 1888,
the date of yesterdays call. as s2l2,-
.357.02, a gain of s9,733,2l1.93 over
the aggregate deposits in these banks
on December 81, 1882.
The American Telephone & Telegraph
Co. reports to the Interstate Commerce
Commission May operating income OF
S591,931. compared with $553,688 IN
NAV. 1852. The figures covering oper-
ating activities only, excluding dividends,
interest and other revenues.
Subscription books have been closed
on S35,O0o,0 900 Federal intermediate
Credit Banks 212 per cent debentures,
according to Charles r. Dunn, fiscal