Evening star., 1934-08-06
RETAILERS REPORT
TEMPORARY LULL
Conditions Remain Better
Than in 1892, Despite
Sales Slump.
BY EDWARD C. STONE.

the survey OF July conditions through
out the Nation by the National AsSo-
citation Of Credit Men, there are no
indications that these recessions are
more than temporary, says the re-
view received by the Washington
office today.
Based on reports from correspond
ents IN 100 commercial markets To-
Gated throughout the county. the
monthly sales-collection survey of the
association reveals that despite the
slunp. conditions are better than IN
the Summer Of 1882 when the posi-
bility OF prediction hesitancy on the
part OF business was also present
OF the cities reporting In the cur
rent survey. 90 per cent find collec-
tions fair and II per cent find
them good Sales are noted as
'faiF" In II per cent Of the reports
and as good" In IA per cent. Cities
reporting good" collections and
good" sales follow:
Good" cClllections--Jos Angeles,
Ban Diego, Chicago. Quincy, Duluth,
st. Joseph, Columbus, Dayton, Chat
tanooga, Memphis. Houston, Lynch
burg. Bluefleld.
GOOD" sales-Los Angeles, San
Diego. Phoenix, Quincy. Duluth,
Tampa, Columbus Dayton. ChAtta-
nooea. Harrisburg. Lynchburg and
Bluefleld.
Voters Block Bond Issues.
New municipal bond issues ap-
proved by voters OF 43 municipalities
in 25 States during July totaled only
$780,, 500, as compared with s27 1885,
e52 approved in July. 1888. July to-
tails for previous years were s1,6l8000
in 1892, $I2,3s7 900 In 1881 and Sl4,-
62B, ,48e in 1880.
The largest item approved during
July was a $3.50 900 issue OF Port JEFF
ferson, N. Y. school district bonds.
Bond issues Of 100000 each we're ap-
proved by the voters OF MartinsUlle,
Va; Baker County. Oreg., school dis
trict No. 5; saltwater, N. Y, and Ber-
lin, Md.
During July the voters of IS COM
munities in Is States rejected pro-
posals 10 issue bonds aggregating $3,-
B22, 900, as compared with $96l, 500
rejected in July, 1888: $e77 500 in
1882, $s.ol3,000 in 1881 and $4,600,-
604 In 1880.
Mild Market Control Seen.
In Washington evidence grows to
support the opinion that moderation
viii be the keynote IN administration
OF the securities and EXCHANGE control
act under the leadership Of Joseph P.
Kennedy. As chairman Of the Secur-
titles Commission, says Poors Review,
Mr.. Kennedy, reputed millionaire In
his own right, former successful Wall
Street operator, stock broker and BUSH
ness man, Is taking the lead in formu-
lating policies and organizing the ad-
ministrative personnel.
Despite the fact that his four coll
leagues, Lands, Pecora, Matthews and
Healy, are rated as more or less rabid
Wall Street baiters, Kennedy, 1t ap-
pears, has nicely assumed control OF
the commissions operating machinery,
and has taken command of the pub
licity arrangements. In the latter
capacity, Poors comments add, he
has committed the commission to
liberal Interpretation of the law and
q practical approach to the enforce
ment problems.
Railroad Earnings Grow.
Glass l railroads in the Southern
district for the first six months of 1884
had a net railway operating income
of $3i, ,784,4T0 which was OF the an
nual rate OF return of 400 per cent
on their property investment. For
the same period In 1898. their net
railway operating income amounted to
$26. .04B, ,280 which was at the annual
rate of return of 1.6l per cent on their
property investment.
Gross operating revenues of the
class railroads in the Southern dis
trict for the first six months in 1884
amounted to S2ll .498,686, an increase I
of III per cent above the same period
IN 1898, while operating expenses
totaled sl57, ,722,6o7, an increase of
lo.s per cent.
Glass l railroads in the Southern
district for the month of June had q
net railway operating income of $2,-
67o,3ol, compared with $6,65l $50 in
June, 1888.
Maryland Banks Improve.
Bankers in this city who deal with
Maryland banks are commenting on
the more favorable conditions being
developed in that State. The five
new banking institutions formed out
of the defunct Central Trust Co. at
Frederick viii open for business next
Thursday.
The Baltimore National Bank has
practically completed the transfer of
the trust business from the Balti-
more Trust Co. and has absorbed the
expense Of the transfer. according
60 Howard Bruce, chairman of the
board. The bank has also set up
reserves against special items of
possible expense, he reports.
John J. Ghringer State bank ex-
aminer. made a distribution a few
days ago Of 10 per cent to depositors
and general creditors Of the Mechanics
Loan e. Savings Bank. at Hagers-
town. This payment was in addition
to 80 per cent already distributed.
Hopkins Place Savings Bank in Bal
timore has Just paid depositorS Is
per cent of the IS per cent of de-
poSitors held under the reorganiza-
ton plan. put into effect a year ago.
Ten per cent had already been paid.
TOday's Trading on Exchange.
Trading was slow on the Washing
ton Stock Exchange today but prices
were firm Capital Traction stock
sold at % for the first time in several
days This stock gained strength
since the last monthly report was
published, which revealed highly sat
iSfactory June earnings.
Potomac Electric Power 5l2s per
cent preferred stock figured in q
sman-lot transaction today at llS,
practically unchanged from other re-
cent sales. Only one sale was re-
corded in the bond department. $500
Capital Traction SIS moving at SAL,
a higher price than has been paid in
other recent sales
England's purchases of American
securities on balance in the New York
market showed q sharp rise in July