Evening star., 1934-03-16
AYRES PREDICTS
FURTHER GAINS
Friend of D. c. Financiers
Is More Cheerful in
Latest Review.
BY EDWARD C. stone.

Q6uC Oh Ill6 SlCNClduQ l. uSt w., d1l0
personal friend of several Washington
fnanciers, has turned much more
cheerful in his latest review. He notes
an II per cent advance in business in
the last three months and calls it
rather impressive improvement for
that length of time. Predicting fur
ther progress, he says:
Three factors appear to be most i'm
mediately responsible for the current
lift in general business. The first, and
probably the most influential. is the
increased activity in the automobile
industry, which is an important Gus
toner Of long list of other indus
tries and which has been largely re-
sponsible in recent weeks for the
greater output of steel. The second
of the three stimulating factors has
been a large increase in building con-
struction. which is mostly the result
of heavy Federal expenditures for pub
lie works. Finally the generally pre-
vailing severe Winter weather has in
creased coal shipments. and the use
of electricity. and has stimulated the
sales OF clothing and foot wear. +.
The present prospects are that
business will continue to be increas-
1ngly active during the first half of
the year unless serious labor troubles
should check production in the auto
motive Industries. Expenditures for
publically financed construction will
increase rapidly up to the middle of
Summer, and they will be large, for
the entire appropriation of 33 billions
has now been allotted, but only little
more than one-tenth of it has so far
been spent.
Bonus payments to farmers will
average about 100 million monthly
through April and continue at half
that rate through the rest of the year.
Total Treasury disbursements have
been running this year at about 80
million dollars day. and while that
continues business will respond to the
stimulus. We are now fully launched
upon great social experiment which
will demonstrate whether or not
public expenditures can generate
business revival which private enter
prise can subsequently sustain"
Insurance Firm 80 Years Old,
The Washington agency of the
State Mutual Life Assurance Co. of
worcester. Mass, which has been in
business here since before the Civil
War, is celebrating the firms Goth
birthday today.
Ninety years ago, on March 16
1874 the charter of the State Mutual
Life was signed by the Governor of
Massachusetts. The company today
is one of the strongest in the coun-
try, has assets of s152,614,47l. $685.
661 900 insurance in force and a sur
plus of 10,505 900.
The company is celebrating the
event with Nationwide campaign
entitled THE Pageant of Progress"
Each Of the So agencies are taking
part.
Bernard L. Wilmer and Morton H
Wilmer are general agents of the
Washington agency Also associated
with the Wilmer agency in the Invest
tnent Building are H. Gordon Ed
tnonds, Henry v. Christiani, Charles
H Joyner, NJ D. Rosenberg, tr.;
Richard A. Newly and Philip Aubrey
Simpson.
The agency in 1888 showed a 300
per cent increase in sales over 1882.
Storage Dividend Declared.
Directors of the Security Storage
Co., 1140 Fifteenth street. have voted
the regular quarterly dividend of S125
per share on the capital stock of the
company, payable April 10 to share
holders of record at the close of busi-
ness April 6. This stock Is listed on
the Washington Stock Exchange, but
very little of 1t is ever offered for sale.
The last bic was SO, with none avail
able at that price.
Peoples Drug Stores preferred stock
gained two points in a 10-share sale
on the New York Stock Exchange YES
terday. moving up to g. The last sale
IN this issue on the Washington ex-
change was made at 831a The COM
mon was sold in New York again yes
terday to the extent of 1900 shares.
closing at 287s. At present prices the
preferred yields better than 61a per
cent.
Secretary of the Treasury Morgen-
thau announces that tenders are in
flted for s100,000000, or thereabouts.
pf 9l-day Treasury bills, which will be
sold on discount basis to the highest
bidders. Bids will be received at Fed
eral Reserve banks up to pm Mon
day, March 10. Tenders will not be
received at the Treasury Department.
The bills will be dated March 21 and
mature June 20, 1884.
Treasury Notes Issue Taken.
Subscription to the Treasury,s latest
Offering of four-year per cent Treas
nry notes aggregated s455,175, 500.
secretary Of Treasury Morgenthau
stated.
These notes were offered in ex-
change for approximately $3.50, ,0OO, 900
OF "a per cent Treasury certificates of
Indebtedness March IS, 1884. The
amount of the offering was limited to
the amount of maturing certificates
rendered and accepted.
The Treasury Department is making
zeal progress in its study of the
stock market regulation bill, Secretary
Morgenthau stated. Our orders are
10 nix 1t up so it can go through Con-
gress," Mr.. Morgenthau said. "The
President wants it passed. and work
on revising it so that it will pass
congress is coming along fine"
Trading on d. C. Exchange.
Two $1,000 sales in Anacostia &
Potomac r. r. SIS opened trading on
the Washington Stock Exchange to-
day both made at IS.
Capital Traction IS moved in $500
transfer at 1914, while Washington
Gas IS, series B, came out at 1919
FOR a baby bond.
Stocks were quiet, 10 shares of
Capital Traction moving at 271s and
10 more at 274.
Washington Gas SIS, 1853 recently
gained considerable strength. The
bid is now around 81 and the asked
price 94A. About 10 days ago the
bid was 88la with 80 asked
Washington Railway & Electric As
have also developed more strength in
tecent trading sessions. The bid is