Evening star., 1936-10-08

POSTAL RECEIPTS
\ BEST SINCE JUNE
September Total Reaches
S547,340, Compared to
$495,083 in 1885.
BY EDWARD C. STONE.

in the Capital and also reveal healthy
gains over the like period year ago.
Receipts at the Washington office
In September totaled S547, ,340.68 in
comparison with only $495, 083 in Sep
tember a year ago. chalking up a
notable increase of $52,257.68. The
figure is also far ahead of September
returns in 1884 and in 1888.
The low point of the present year
in postal receipts in the Capital came
in August. the great vacation month.
August receipts amounted to S523,-
800. July returns were just a bit
higher, S525 269. The advance in
September this year was much larger
than the September improvement a
year ago over the July and August
totals that year.
Postal receipts. as leading busi-
ness barometer. are holding their
own and then some with the other good
business indicators. The first Septem-
ber report of Importance came from
the Washington Clearing House, show
ing bank clearings far ahead OF Aug
ust this year and September, 1885.
From weekly reports it is evident
that the retail sales index for depart
ment stores will be ahead OF last year
in September The Bell System has
already noted a sharp gain in the
number of new telephones in use In
September, the Chesapeake & Potomac
Telephone Co., no doubt contributing
substantially to the total. Judging by
other months this year, the Potomac
Electric Power Co.'S September kilo-
watt hour sales total will also picture
the same gratifying business expan-
sion.
Directors Declare Dividend.
Directors of the Washington Loan
& Trust Co., at the october meeting
Yesterday, declared a quarterly divi-
dend of per cent, payable Novem-
ber 2. to stockholders of record Octo-
Der %. 1t vii be the l77th consecutive
dividend paid by the trust company
Books will be closed from October %
TO November 2. inclusive.
Weighing fourth-quarter business
prospects. the Magazine Of Wall Street
declares that the ground swell of re-
covery-whether natural or artificial
or both-has now attained such mo-
mentum that nothing can stop 1t this
year. The magazine adds:
To-day We see a volume of business
larger and broader than almost any
one a year ago thought would be pos
sible.
In this gratifying transition the
dominant thing that stands out is the
progress of the heavy industries-the
revival in steel. in construction, IN
railroad equipment, in factory MOD
ernization and expansion. 1t was
precisely this revitalizing Of the heavy
Industries that was required to round
out the already strong advance in
the motor industry. in houSenold
equipment and in consumption goods
cenerally-giving the movement a
balance and a momentum which, cer-
tainlv for the next three months, ap-
pears invincible.
I'VE believe aggregate business ac-
tivitv in the fourth quarter will top
that of year ago by from II to Is
per cent
State Banks Subject to Tax.
State banks we're held yesterday
10 be subject to taxes levied under the
social security act unless they are "a
means for carrying into execution the
powers of the State Since Internal
Revenue Bureau officials were unable
to explain how a State bank could
qualify under this phrase, it was in
dicated that Federal officials will tend
toward denying the status OF lnstru-
mentalities to most State banks un-
less they are actually State owned.
In a separate ruling made public
at the same time, however, the bureau
further stated that State banks which
are members of the Federal Reserve
system are exempt from social Sc
curity taxes on the grounds that they
are instrumentalitieS OF the Federal
Government. National banks have al
ready been ruled exempt on these
grounds.
Heard in Financial District.
Avon NJ. Nevius, one OF the vice
presidents of the Riggs National Bank,
is taking his usual Fall vacation.
Among other things, he will take a
boat trip to Miami with friends
George G. Wilson. an assistant
cashier at the National Bank of
Washington. has been made foreman
of the District grand jury for the COM
a.
circles yesterday.
Washington banks will be open as
usual on Columbus day, next Monday,
but the brokerage houses and bond
Offices will be closed. The New York
Stock Exchange and other big ex-
changes will be closed
D. F. McConnaughey, specialist in
Government securities and widely
known in the financial district, has
been elected president of McCon-
naughey e. Co., steamship freight
agents and customs brokers. The
6rm's headquarters are in Chicago.
Mergenthaler Strong Today.
Fifty shares of Mergenthaler Limo
type sold at 81 on the Washington
Stock Exchange today, new high.
1t has sold at 511a in Boston within
q day or two.
Capital Transit moved at IA and
Washington Gas dropped back to 80
after selling yesterday at SO.
About so shares of Potomac Elec-
trio Power per cent preferred stock
came out, at 110ss, HOS and closing
ut 1lo1a.
Anacostia & Potomac r. r. IS came
out at 7712. The first sale in the
new Potomac Power 3A S is yet to take
place. The bid today again stood at
104 with 104l2 asked.