Evening star., 1934-06-25
TRADE CONTINUES
ON UPTURN HERE
Business Volume Exceeds
Year Ago From 10to -
80 Per Cent.

q
in business conditions in Washington
during the last six or seven months,
there is every indication that the
Summer will continue to show an up
ward trend in the general local eco
nomic situation, declares Robert j.
Cottrell, executive secretary of the
Washington Board of Trade.
"A number of concerns in the Dis
trict of Columbia have shown sd
vances from 10 to 80 per cent above
the same period last year, with con-
ditions, generally, pointing toward a
continued increase.
While the pendulum of economic
conditions does not swing so violently
backward or forward in the National
Capital as in other industrial centers,
Government activity and influx of
visitors, restoration of the Government
payroll cut, and a wider diSsemina-
ton of pay rolls, all point to very
satisfactory prospects.
The Washington Clearing House
Association has sent to its members
further instructions on the new policy
which will place in effect July l the
lower rates to be paid by banks on
time deposits.
Plans are being made by the various
banks to notify their customers, and
it is understood some will resort 10
lobby display and to personal COM
munications.
Generally speaking, the regulations
lower the maximum interest PAID on
time deposits to 212 per cent
Heads D. C. Accountants.
Goodwin P. Graham was elected
president of the District of Columbia
Institute of Certified Public Account
ants at the regular annual meeting
Il was announced today.
Harold C. Anderson was named vice
president and Harold S. Roberts, Sec
retary- treasurer.
Anderson and John Berg were elect
eo; to the board of governors which
new consists of the following
Graham, Wayne Kendrick, John B.
Mckinley, Frederick M. Blum, Rob-
erts, Anderson and Berg.
The Lincoln National Life 1nsur-
arce Co. has peen licensed to operate
ir Virginia, and will establish an office
In Norfolk, it was announced today.
This gives the company a territory
of 80 States and the District OF Co.
lumbia.
The new office will be under man
agement of Ben Simon, formerly State
manager of the Jefferson Standar
Life Insurance Co. in Virginia with
HEADQUARTERS at Richmond. Simon will
be general agent for the State and
will establish branches in principal
cities in his territory.
Lincoln National. established IN
1905, has approximately a billion DOL
lars of life insurance in force, ana
ranks eighteenth in size Of the coun-
try's more than 300 companies.
Increase in the output OF electricity
for the week enoed June Is, was an
nounced today by Associated Gas &
Electric System. The output OF o2'-
129,341 units was o.4 per cent above
the corresponding week a year ago,
This is the smallest per cent increase
since the week ended April 20 year
ago. when Improvement in output
began to be felt.
Sees Aid to Financing.
Robert E. Christie. jr, of Dillon,
Read g. Co., president OF the Invest
ment Bankers Association of Amer
lea. expresses the opinion that the
recent amendments to the securities
act of 1888 represent a real step for
ward in making the law workable
and in facilitating the reopenlng OF
the capital markets.
"A further study of the amend
ments," he said, will lead to bet
ter understanding of the substantial
extent to which certain OF the more
unworkable provisions of the original
act have been modified. While i'm
perfections and unduly burdensome
provisions still remain, some of these
may be clarified and made workable
by the rulings and interpretations
which the amended act permits the
commission to make
Mr.. Christie called attention to Sec
ton 7 of the securities act, which
gives the commission considerable
discretion in determining what in
formation must be included in regis
tration statements, and to section l9
(a), which gives the commission spe-
cial powers to make. amend and re-
scind the rules and regulations neces-
sary to carry out the provisions OF
the act.
Bank Stocks React.
New York City bank stocks reacted
during the last week. The aggregate
value of 16 leading issues, according
to records compiled by Holt, Rose &
Troster. totaled S1,542, ,118,000 on
June %. as compared with $780,
100000 at the close of the previous
week, decrease of s48, 1852 900, or 3.04
per cent.
The current average yield of the Is
issues of SIG per cent compares with
a yield of 5.03 per cent at the close
of the previous week. The current
market value is now 129 times their
known book value, against 1888 times
on June is. Based upon current fig
ures, the 16 issues are now quoted at
an ;.verage of 1873 times their known
earnings. against 1877 times on
June Is.
NEW YORK PRODUCE.