Evening star., 1934-07-07
S|SSON IS NAMED'
Alb. SPORTSHEAD'
New Chairman Well Equip.
ped to Direct Chapters
Athletic Program.
BY HAROLD ROGERS.

been named chairman of the Athletic
Committee of Washington Chapter,
American Institute of Banking, it was
announced today by Walton L. San
derston. president OF the chapter.
The new chairman is well equipped
In every way to direct the formulation
and the carrying out OF program OF
athletics for Washington Chapter dur
ing the ensuing year. He has served
on the Athletics Committee in former
administrations and therefore has a
thorough knowledge of the activities
that will appeal most to the member
ship of the chapter. Mr.. Slsson has
served on various other committees OF
Washington Chapter, has been a
member of the Board OF Governors
and has attended several of the ma
tional conventions of the institute.
Other members of the committee
are: John NJ. Christie. w B Hibbs Il
Co.; Arthur c. Doing, Washington
Loan g. Trust Co., and Albert E. Yeat-
man, assistant cashier, Columbia Ma
tional Bank.
Conducts Golf Tourney.
At the present time the committee
is engaged in conducting the annual
golf tournament which is being held
at the Argyle Country Club. The
qualifying rounds are to be played
from July 9 to 13, inclusive.
Depending upon the number of en-
tries, the lowest eight or sixteen cards
for 18 holes will qualify for final play.
The winner of the contest will re-
ceive possession of the beautiful w.
w Spaid Trophy for one year. In
addition, suitable prizes will be
awarded the runner-up and winner
of the qualifying rounds
Members of the chapter who are
interested in competing in this tour
nament should get in touch with one
of the members of the committee i'm
mediately.
Fidelity Storage Dividend.
The directors of the Fidelity
Storage Co. at their regular monthly
meeting declared a dividend of $500
per share payable on July Is next to
all stockholders of record on June 80.
c. H. Pope, vice president of Mum
sey Trust Co. is on vacation for the
month of July at his Summer home
at Goshen. N Y.
Francis E. Robey, assistant cashier
of the Bank of Commerce and Saw
ings. has left for vacation at New
York and Ocean City, N. j.
Sales of Annuities Rise
Sales of annuities have risen from
mn mn m cO7e nm mn
the past seven years, it is pointed out
in the current Views and Reviews
issued by the statistical department of
Hartman & Co. In 1926 the insur-
ance companies sold only SAT 900 900,
while in 1888, after four years of de-
preston they sold $276,000O00.
1T is evident" says the review,
that security OF income after losses
in the past five years has INSPIRED this
increase. While there Is a distinctly
large insurance group urging sucn
purchases, some OF us are rather tlrm-
ly of the opinion that tor old people
an annuity purchase might be JUSTIN
able, while younger people might do
better to invest IN good securities"
incidentally, the review goes on to
which pol1cyhoIders depend Tor Sc
curlty. "are not always better tnan
average" Further, 1t is held that
there is entire dissipation OF prlncl-
pal in the annuity plan, whereas by
holding securities excellent income
may be achieved, with conservation OF
principal, for the estate"
Declines Held Seasonal
In its weekly summary of the gen.
eral business situation the Standard
Statistics Co. of New York, currently
comments as follows:
Recent sharp industrial declines,
although drastic, are mainly seasonal.
Recovery is expected toward Fall with
the extent of gains dependent on the
degree of stimulation provided by
Government spending.
The recession of approximately so
per cent in the rate of steel opera
t1onS in the past two weeks, accom-
panied by price reductions in finished
and semi-finiShed lines, was so drastic
as to warrant the belief that the level
of around % per cent of capacity to
which production has fallen, probably
represents the Summer low. A mod
crate increase from current levels is
probable.
In other industries as we'll, there
is rather pronounced tendency to-
ward reduced operations The combi-
nation of unSeaSonably warm weather.
inventories more than ample for near
term needs, and slackenlng of general
consumption, is currently accentuating
the normal seasonal recession. while
the same set of circumstances has
produced some weakening of price
structures. The Standard Statistics
Co. index of industrial production for
July, Seasonaly corrected. is esti-
mated at 75.2, compared with 100 in
June and with 800 in July year ago,
the latter figure representing the ar
ti1cially high 1888 peak caused by
the rush to produce ahead of the cost
increases expected under the N R. A.
codes.
Recovery Is Expected.
There is good reason for believing
that an Autumn recovery of at least
seasonal proportions will occur.
Whether this rise will exceed sea-
sonal limits apparently will depend on
the development of Government pol
icy.
Efforts to stimulate the heavy
lines, such as building and railway
equipment, offer a moderate degree OF
encouragement. but a more funda-
mental factor is that the actual pas
sage Of goods into consumption tboth
in light and heavy lineS) appears to
have reached bedrock more than a
year ago. From this base, the natural
trend is upward, and seasonal factors
are likely to prove effective, in spite
Of external handicaps"
Prospects Outlined.
The outlook for business volumes
during the second half year is sum-
married by the Standard Statistics
Co. of New York as follows:
Best-Beverages, building public
works and utilities), cement cotton
goods, machinery dndustriaD. mail