davidaulloa/AmericanStories huggingface dataset:
Evening star., 1936-08-16
OPTIMISM RULES
MAIL ORDER TRADE
AS VOLUMES SOAR
Executives See No Signs
of SIackening in Record
Breaking Activity.
Ry the Associated Press.

CHICAGO. August 15.-The 1886
drought is not expected to retard the
upward trend in the mail order busi-
ness, now in the midst of what so far
has been the greatest dollar sales vol
ume year in its history. Inquiry today
among officials of the big Chicago
units of the business disclosed this
note of optimism.
This is significant because the exec
utives, speaking in behalf of the large
companies, were talking about retail
as we'll as mail order distribution Of
merchandise.
Business from the emergency drought
counties has shown no falling off to
date, nor is it expected to in the future,
one source said. This is true both of
mail order and retail sales. Substan-
tial gains have been recorded with
but few exceptions by all stores 10
Gated in this area, and these excep-
tional cases have never been thriving
stores at any time. Mail order sales
coming from this area also are on the
increase.
Avery Is Cheerful.
One executive, who permitted the use
of his name, Sewell L. Avery, president
of Montgomery Ward, pointed out
that it is impossible to be certain of
future business trends, but he said
there is no indication of any decrease
in activity.
Factors on which economists of the
mail order business base their belief
that there will be no change in the
general picture in the near future in
clude the fact that while some farm
ers will suffer from reduced income
those outside the affected areas will
enjoy increased income because of
rising prices on their crops. Benefit
payments and work relief in some
form will make up for much of the
loss in income in many sections, it
is believed.
One executive said business should
remain good because of the pent-up
demand. He pointed out that the 1884
drought had practically no effect on
the demand for wearing apparel, for
example.
Sales at Peak Levels.
Sears-Roebuck and Montgomery
Ward sales have been running the
largest in their history. Partially
because of the impetus of Sears
Golden Jubilee program, first six
period Sears sales, January 80
through July 16. totaled $217,5 ,666
against $178, 122, ,304 the corresponding
period last year. Robert E. Wood,
president of Sears, said some officials
in his organization expected sales to
reach a half billion dollars. The
gross last year was 17,080,0 900, best
in five years.
Wards sales the first six months of
the fiscal year ended with July TO-
tailed s159.363,32 against s133,28e
039 the corresponding period last
year.
Evening star., 1936-08-16
D, C. STORE SALES
OFF 4.8 PER CENT
Weeks Volume Remains 17.2 Per
Cent Ahead of Correspond
ing Period Last Year.

Department store sales here in
Washington receded during the week
ended August IL, by 4.8 per cent from
the previous week, but registered
gain of 17.2 per cent over the same
week last year, according to the weekly
business survey of IS cities by the
Department of Commerce.
Bank clearings dropped here II
per cent from preceding week and
increased 15.1 per cent over corre-
spending 1885 week. Value Of build
ing permits decreased by 586 per cent
from previous weeks high figure of
1926 $50, but were 15.9 per cent higher
than same week year ago. Tourist
activities continued their upward trend,
as evidenced by the number Of visitors
registering at the Smithsonian Insti-
tuition, number being 83.143 for last
week, 67,339 for previous week and
81 Sal for corresponding 1885 week.
Evening star., 1936-08-16
JIG. Fry Appointed
Vice President of
Richmond Reserve
BY the Associated Press.

RICHMOND, Va, August l5.-J. G..
Fry, who began his banking career
at the age of 16 with the Bank of Giles
at Pearisburg, has been named vice.
president Of the Federal Reserve Bank
of Richmond.
He will assume his new post Mon
day as operating officer and also will
continue the immediate supervision
of bank examination work. Mr.. Fry
has been assistant Federal Reserve
agent since shortly after joining the
banks staff in 1918.
Before joining the Federal Reserve
bank, in addition to his service with
the Bank of Giles, Mr.. Fry held po-
sitions with the Bank of Pulaski
County in Dublin, the Marion National
Bank. the First National Bank of Cliff
ton Forge and the Dominion National
Bank of Bristol. He resigned as vice
president and cashier of the Bristol
institution to join the Federal Re
serve.
Evening star., 1936-08-16
CONSUMPTION Up
WELL ABOVE 1885
AT COTTON MILLS
6,348,423 Bales Of Lint,
731,490 of Linters Used
in Twelve Months.
By the Associated Press.

by Ine ASSOCldteO FEeSS
Cotton consumed during the II
months ending July 81 was reported
by the Census Bureau yesterday to
have totaled 6,346,423 bales of lint
and 73l, 400 of linters, compared with
5,36O,s67 and 719,O2s the preceding
year.
Cotton consumed during July was
reported today by the Census Bureau
to have totaled 6O3,2O3 bales of lint
and 7O,246 of linters, and 3sO,7I2 and
61,329 during July last year.
Cotton on hand July 81 was re-
ported as follows:
In consuming establishments. $685.
084 bales of lint and 182,137 of
linters. compared with 987,112 and
208, ,688 on June 80 this year and 788.-
989 and 1877, ,146 on July 81 last year.
Storage Figures Given.
In public storage and at congresses,
3,924,101 bales of lint and 35.033 of
linters, compared with 4,525,7ll and
46,030 on June 80 this year and S.
739,48S and 32,698 on July 81 last
year.
July imports totaled 20,305 bales,
compared with 12,462 for June this
year and 6,708 for July last year.
Imports for the IL months were
154,817 bales. compared with 1o7,-
031 the previous year.
Exports for the IL months were
5.972,566 bales of lint and 240,549 of
linters, compared with 4,7s8.53s and
205,246 for the previous year.
Fewer Spindles Active.
Cotton spindles active during July
numbered 22,249,572, compared with
22,957,322 for June this year, and
22,311, $40 for July last year.
The cotton carry-over for the 1885,
36 season was placed at 5,397, ,185 bales
by the bureau, compared with 1908 ATT
a year ago and 7,743,695 two years ago.
Evening star., 1936-08-16
P|TTSTON DEFICIT
REDUCED SHARPLY
$581,328 Loss Compares
With $1,118,737 in First
Half of 1885.
BY Ire Associated Press.

BY lie Associated Press.
NEW YORK, August 15.-Pittston
Co.. coal mining and producing COM
pany with headquarters at Dunmore,
Pa, reported today for the first halt
consolidated net loss of 1881, 1923. COM
pared with loss of S1,1l8,737 in the
like 1885 period.
Universal Pictures.
Universal Pictures Co., moving pic
ture holding company with headquar-
tiers in New York, reported for the IL
weeks ended May net loss of ST., ,393,
compared with net losses of S16l ,702 in
the previous Is weeks and 1854 500 in
the l3 weeks ended April 81, 1895.
Outdoor Advertising.
General Outdoor Advertising Co g,
Inc, with main Offices in Chicago, re-
ported June quarter profit (before
taxes) of 1888, 800, compared with a
loss of s256,934 in the previous quarter
and a profit of s170,726 in the like
1885 period.
Standard Of Kansas.
Standard Oil Co. of Kansas, producer
with properties in Kansas, Texas,
Oklahoma and Louisiana, reported for
the first half net profit of S129, ,757,
equal to IS cents a common share,
compared with S15,310, or cents in
the like 1885 period.
PeppereII Manufacturing.
Pepperell Manufacturing Co., man.
ufacturer of cotton goods, with head
quarters at Boston, report today for
the fiscal year ended June 80, indi-
Gated net profit of $1,12l 900, equal
to $l1.53 common share. This COM
pares with a net loss of $438,063 in
the preceding fiscal period.
Pennsylvania Railroad.
Pennsylvania Railroad Co. reported
for June net income of S28O5,9 ,98l,
compared with $2,364,897 in the like
1885 period. For the first half year net
income amounted to $11,763, 1894,
against $10,126,169 year ago.
Evening star., 1936-08-16
Special Dispatch to The Star.

NEW YORK, August 15-Earnings
outlook for companies In the aviation
industry has been measurably i'm
proved by the marked increase in op-
erations now being recorded, accord
ing to new report on the aircraft
manufacturing and transport in
dustry appearing in Poor's Industry
and Investment Surveys.
In the first half of this year 421 ,587
passengers, a 80 per cent gain over
the like 1885 period, were carried in
airplanes. Passenger miles flown in
creased 29 per cent.
"Airmail poundage continues to
make new records with May volume
running at 1,444,013 pounds, 80 per
cent over May in 1885," continues
the report. Post Once officials have
estimated the volume for the fiscal
Evening star., 1936-08-16
u. S. BOND HOLDINGS
OF BANKS INCREASE

By the Associated Press.
An increase of $685. 1000, 900 in ma
tional bank holdings of Government
bonds or Government guaranteed
bonds during the first six months Of
1886 was reported by j. F. T. O'Con-
nor, controller of the currency.
On June 80, such holdings totaled
$8,477, ,364,oOO, as compared with
$7,785, $4,000 on March and
S7,812,112,O0O on December 81, 1885.
Holdings of Government bonds
maturing after 1949 totaled $1,824,-
$50 900 on June 80, 1886; 1855, ,563, 900
on March 4 and s964,876,00o on De-
cember 81, 1885.
Evening star., 1936-08-16
Apiation Outlook Frightened
By Large Cain in Operations

year which ended June 80, 1885, at
15,200,O00 pounds. Al per cent in
crease over the previous fiscal period.
Even greater expansion has marked
the air express division with 2,911,77
pounds carried in the first six months,
a 106 per cent gain over the COM
parable 1885 period.
Manufacturers have been helped
by orders from transport companies,
but more important is the stimulus
derived from Government orders. All
over the world the rearmament race
goes on, and is centering on air
equipment. The United States is not
backward in this race, as is evidenced
by Army and Navy aviation procure
ment programs approximating $70.-
100000 In the current fiscal year, as
compared with s55.ooo,ooo In the
previous yeAr."
Evening star., 1936-08-16
LARGEST DROP SHOWN
BY FARM EQUIPMENTS
speciaI pispatch to The Star.

Special Dispatch to The Star.
NEW YORK, August 15.-With
loss Of 3.91 for the week ended August
IA, the average price of a group of
farm equipment stocks showed the
largest decrease of any industrial
group, according to weekly compila-
ton of 10 industrial group averages
by Wyckof Associates, Inc, which
shows that during the week IL groups
decreased in price, while increased
and l remained unchanged.
Farm equipment stocks were fol-
lowed by the motor group, which lost
1903 during the week, chemical stocks
which lost 287 and aviation stocks,
PIG.
Minor losses were shown in the
building, food, gold, motor accessory.
office equipment oil, retail trade and
tobacco groups.
The sugar group made the largest
gain for the week, 2.54, followed by
railroad equipment, 1.95; steel, 1.78,
and alcohol, 1.56, with minor gains
shown by the copper and silver groups.
Evening star., 1936-08-16
SIX NEW BANK OFFICES
OPENED DURING WEEK
sneciaI Dispatch to The Star.

Special Dispatch to The Star.
CHICAGO, August 15.-SX new
banking Offices were opened during
the past week, one each in Alabama,
California, Florida, Georgia and two
in Iowa, with one reopened bank in
Michigan, according to the Weekly
Banking Market released today by
Rand McNally Bankers Monthly.
The Weekly Banking Market also
reports one merger in Kansas, one
takeover in Missouri, three banks in
the process of organization, one in
Chicago and two in Iowa and three
discontinued banks.
Evening star., 1936-08-16
Reserve Requirements Remove
$l.5OO,OOO,OOO Loan Funds

member banks totaled $6,116, 900 900,
of which 10000, 900 was in excess
of the legal requirements then pre-
vailing.
With the institution Of the increase,
the board estimated that excess re-
serves would be reduced to a point
between 100000 and $780,
000, 1000.
When the order was issued in mid
July the board estimated that after
the increase excess reserves would
total 81, 900, 100000. It attributed the
discrepancy. yesterday, to unforeseen
Treasury operations.
Evening star., 1936-08-16
Ev the Associated Press.

Ev the Associated Press.
Increased reserve requirements for
member banks of the Federal Reserve
system became effective yesterday
removing approximately s1,500,o0o,-
600 Of loanable funds from the money
market.
The increase, ordered a month ago
by the Reserve Board, jumped reserve
requirements by so per cent, and was
undertaken for the express purpose OF
avoiding a possibly injurious expan-
sion of credit"
At the close of business August IL,
the last date reported, all reserves Of
Evening star., 1936-08-16
5y The Associated Press.

CHICAGO, August 15.-A suit to
enjoin the Chicago Mercantile Ex-
change from complying with the COM
modify exchange act and to enjoin
enforcement of the act by the Com
modes Exchange Commission was filed
today in United States District Court
on behalf of William S. Moore, a
member OF the exchange.
Arthur Magid. one of the attorneys
who filed the suit. said it charged vio-
Evening star., 1936-08-16

the Washington chapter for many
years, having served as treasurer and
head of several committees.
Assisting Sisson in arranging for
the moonlight excursion are the fol-
lowing:
Kenneth Birgfeld, American Securi-
ty & Trust Co.; Lloyd S. Carey,
Washington Loan & Trust Co.; John
NJ Christie, Riggs National Bank;
Lloyd A. Coates, Second National
Bank; George r. Galleher, Lincoln
National Bank; Raymond L. Jones,
National Metropolitan Bank; Robert
v. Mellenfont, Riggs National Bank;
Frank M. Perley, American Security
& Trust Co.; Robert M. Poole, Riggs
National Bank, and Francis e. Robey,
Bank of Commerce g. Savings.
Evening star., 1936-08-16

ing here, 1t was
announced la S t
night by Robert
A. Sisson, chair
man Of the En-
tertainment Com
mittee.
The party will
leave at $50 pm.
on the Wilson
Line steamer City
Of Washington.
Mr. SlSS0n, VINO
is assistant cash.
Ter of the IIamil-
t on N tiona |
Bank, has been
Evening star., 1936-08-16
SUGAR MELT GAINS.

NEW YORK, August Is Lp.-Total
sugar melt of 13- U. S. refineries from
January l to August was 1850, 600
long tons, compared with 2,640,000 in
the same period last year, the Sugar
Institute announced today. Deliveries
In the same period amounted to 2,315,-
600 long tons, against 2,400, 900 in the
1885 comparative.
Evening star., 1936-08-16
INJUNCTION SUIT FILED
TOHALT COMMODITY ACT
Chicago Mercantile Exchange Member
Charges Constitution Violation
on Nineteen Points.

lation Of the Constitution on 10 points,
principally allegations of violation Of
the commerce and due process clauses,
improper delegation of legislative
power to the Secretary of Agriculture
and improper delegation Of judicial
power to the commission.
The suit asks a temporary injunc-
ton pending final decision. The act.
an amendment Of the gain futures
act passed in 1922, is to become effec-
tive September 49,
Evening star., 1936-08-16

Gen. Frank I.
Hines. admins
TRAITOR of veter-
ans affairs, di-
rects adminiStra-
ton of more than
half a million
active insurance
policies totaling
more than ST.
100000,
This includes
only the Govern
ment insurance
now in force and
does not include
the great amount
af tar,1p 0ra rV
Evening star., 1936-08-16

of temp orary,
wartime insurance which brought the
total of Federal insurance up to about
40 billions. nor the more than $780,
600 900 veterans bonus. which before
it was paid under new law was in the
form of insurance.
The introduction of Gen. Hines
last week was by william Montgom-
cry, president of Acacia Mutual Life
Insurance Co., at the dedication OF
Acacias new home. Gen. Hines later
in the week paid reciprocal tribute to
his friend Montgomery as a real
"builder" of the Acacia company.
Insurance was granted to approx
nately 100000 applicants employed
in the active military and naval serv-
ices during the period OF the World
War, Gen Hines explained. repre-
senting total of nearly 40 billions of
insurance.
Held on Yearly Basis.
This insurance was on the yearly
renewal term basis at net premium
rates and was continued on this form
during the war and for limited
period thereafter until converted.
Provision was made in the law for
conversion of such yearly renewable
term insurance into level premium life
and endowment plans also at the net
premium rates according to the Amer
ican Experience Table of Mortality
and interest at 312 per centum per
annun.
It has been estimated that approx
fnately rs per cent of those who had
insurance during the period of the
war never paid a premium after
discharge
Benefits Outlined.
The insurance provided benefits in
event of total and permanent disability
or death and there has been paid as
of June 80, 1886, for benefits under
this insurance total Of S1,918,085,-
1856 (net figure less cancellations,
and it is estimated approximately
1925 100000 will be necessary to COM
plete payments under these claims
already approved.
The total amount of premiums re-
ceived on this form of insurance as
Of June 80, 1886, is S453, ,861 ,46407.
Therefore, the total expenditures
Under this form of insurance greatly
exceed the amount received for
premiums.
Benefits have been paid under this
insurance from the fiscal year appro-
priations totaling $1,919,300, ,78498.
The amendment to the war risk in
surance act Of October 6, 1917, which
provided for the granting of yearly
renewable term insurance to persons
in the active service during the World
War also provided that such insurance
should be convertible after the cessa-
tion of hostilities to permanent forms
Of policies.
Later amendments to the law re-
quired the conversion of yearly re-
Movable term insurance to such per-
manent plans prior to July 2, 1927,
and authorized the issuance of con-
verted insurance to persons subse-
quently entering the active military or
naval service or the United States
Coast Guard.
The plans of permanent insurance
are similar to the standard policies
issued by the life insurance companies.
The United States Government life
insurance fund is administered upon
the legal reserve plan and is partici-
pating. Persons who were eligible for
insurance by reason of World War
service may still procure it upon appli-
cation provided that they are now in
good health.
Policy Totals Given.
There were, as of June 80, 1896,
b93, 3,064 policies of insurance in force
totaling $2,590, ,482, ,279, by plans as
follows:
Evening star., 1936-08-16
Adjusted Certificates.

ADJUSTED CertlncateS.
As Of June 80, 1896, 3.757, ,259 ad-
justed service certificates have been
issued. representing a total amount of
1892, 1904. Adjusted service GER
tificates were in effect 20-year endow-
ment contracts, payable for the face
value 20 years from the effective date
or at the prior death of the insured.
The amount of insurance represent
ed by adjusted service certificates, to-
gether with the amount of insurance
in force under Government life pol
icies, made the Government one of the
largest insurers In the world.
Evening star., 1936-08-16
HEADS COMMITTEE
FOR POTOMAC TRIP
Robert A. Sisson Named Chairman
for Moonlight Excursion of
A. I. B. Chapter.

A moonlight trip down the Potomac
River Thursday, August 20. will be
the first activity of the chapter year
for the American Institute Of Bank
Evening star., 1936-08-16
HINES IS HONORED
AS CHIEF OF VAST
INSURANCE WORK
More Than 2l2 Billions in
Government Policies Re-
main in Force.
NEARLY 40 BILLIONS
INCLUDED IN WAR TIME
Veterans Chief Answers Mont
gomery Tribute With Praise of
His Leadership in Acacia.
BY HAROLD B. ROGERS.

introduced during the last week to
a Washington gathering of 5000 per-
sons as the head of one of the largest
insurance companies in the world,
Evening star., 1936-08-16
ARE FIRM
ONLOND0N MARTS
War Dangers and Holiday
Fail to Check Gains.
Trading Light.
BY LEONARD J. REID.
n. rnL Tkn

BY Cable to The Star.
LONDON, August 15.-Investment
markets during the holiday period
continue unusually cheerful, and al
though the volume of business has
inevitably contracted, confidence and
the general tone remain unimpaired.
A combination of European dangers.
especially the Spanish situation. and
the absence of many professional
traders because of the holiday failed
to check the firm tendency Of the full
market range from the best bonds
to gold and industrial speculative
shares. All sections have been favor
ably influenced by the weeks dual
evidence of expansion, for example,
record deposits in commercial banks
and the absence Of a seasonal decline
in steel output. The former, reveal
ing q broadened credit basis, encour-
ages gilt-edged securities, while the
latter gives foretaste Of the impact
of growing armament expenditures on
the heavy industries.
Spending Power Gains.
This weeks drop in note circulation,
e., 500 900, is well below normal for
the corresponding week in previous
years and reveals increased spending
power of the British population and
also a mild resumption of bank note
boarding by the French. This con-
nection is significant, and intensified
discussion Of the possibility of Paris
synchronizing revaluation with cur
rency deals in Washington and Lon
don. 1t explains the new Paris phrase
ology, currency alignment"
The London view is that the Amer
ican authorities cannot act in this
direction until after the November
election and the British government
will not because it considers world
conditions still unfavorable for even
a tentative discussion of rigid restabil-
ization. However, it is assumed that,
if France is driven to contemplate
some orderly revision of its currency
basis this Autumn, both Washington
and London will be willing to adopt
all feasible measures to mitigate the
resultant disturbance.
Franc Faces Troubles.
The short view here Is that the
franc can be regarded as barometer
Of Spanish developments and only
momentarily affected by former
Premier Caillaux's critical warning.
In the longer view, it is difficult to
regard the French financial prospects
for the Winter complacently.
The official committees proposals
for legislation to control unit trusts
make history. The amazing five-year
growth of this investment phenome-
non must continue, but must be dras-
tically controlled. All interests con-
cerned are displaying the fullest will
ingness to cooperate in framing de-
Sirable legislation.
London sees the probability of fiuc-
tuations in wheat, with copper strong
and rubber firm. A resumption of
capital issue activity is unlikely be-
fore the end of the month, although
the public appetite remains keen.
Copyright. 1896. by the North American
Newspaper Alliance, lnc.)
Evening star., 1936-08-16

The amount paid in benefits for
calendar years under this insurance
totals $414,628,62611.
Dividend payments for years 1888
Tn 1895 inclusive are as follows.