Evening star., 1937-10-02

Brown. secretary. Roh,rt = Buck,.v.
Joseph F. zego-
yitz, Francis l.. Neubeck, Alphonse Z.
Hammer. James E. Colliflower and
Charles M. Wallingsford were again
.hosen directors.
Mr.. Buckley reported very active
successful year with an increase OF
over one million dollars in resources,
making total assets S8,405,765
There was a sharp growth in the
number of both savings and borrow
ing members. The association paid
dividend of per cent for the year
md added to the surplus account.
Starting 48 years ago with few
members the association has grown
until it now ranks with the larger as
5ociation of the country.
Real Estate Bonds Decline.
The average price of real estate
',ond issues in September, following
he trend of the general investment
market. declined 81 per cent, bring
:ng the decline for the nine-month
oeriod to September 80 to l4.3 per cent,
according to the current issue OF the
.Amott-Baker Realty Bond Averages,
BASED on 200 selected issues of proper
les in New York. Buffalo, Boston,
philadelphia, Pittsburgh and other
Eastern cities.
Boston issues showed the smallest
iecline in the month, with al. aver
,ge decrease of 3.8 per cent, while
lew York issues dropped most with
n average decline of IL per cent.
Decreases were also shown in the
month period, ranging from 3.3
9er cent for Pittsburgh issues, to 1876
Der cent for Buffalo issues.
Despite a decline of 81 per cent IN
September, theater issues averaged an
Increase of 81 per cent for the first
nine months. Hotels decreased 7.5
Der cent in September and 15.5 per
cent in the nine months; housekeep-
ng apartments decreased ga per cent
nd ITO per cent, respectively office
buildings. ga per cent and 14.3 per
ent, respectively, and apartment ho-
els, ~ per cent and 1l.6 per cent,
respectively.
All classes of liens showed declines.
reneral mortgage liens dropping 10.l
er cent during the month and 2l.2
',er cent in the nine months, first lease
old, So per cent and Ill per cent,
nd first fee, so per cent and 1877
.>er cent.
ID. c. Insurance Men Honored.
In naming % national committees,
President o. Sam Cummings of the
'yational Life Underwriters Associa-
ion honored four Washington insur-
nee leaders.
Vernon W. Holleman, Home Life,
vas appointed member of the Ma
'ional Law and Legislation Committee
md also made secretary.
w. G. Batchelder. Connecticut Cen
,ral was named TO the Membership
Committee because of the success he
sttained on similar local committee
.ast year.
John Dolph. Metropolitan, was
placed on a committee made up wholly
II past national presidents.
J. z. McCombs, Berkshire Life,
'anded an important place on the
Program Committee for the next ma
sional convention.
According TO President Cummings,
The personnel of the % committees
includes 358 association members, rep
resting 1874 cities and SO companies.
Recovery Has Strong Grip.
In the October review, Banking,
,ficial organ of the American Bankers
Association says that recovery has
strong hold on the country and no
change seems to have occurred that
indicates the arrival of an important
turning point.
There has been less of an increase
In spending than had been expected,
although it must be recalled that last
year the veterans were turning a good
proportion OF their bonus into con-
sumer goods Considerable corporate
financing for Improvements and better
ments has been delayed because of
uncertainty as to interest rates and
market conditions, thus bringing capi-
tai expenditures below expectations.
the review says
On the other hand is the COM
fortably solid fact of this years in
creased farm income, thanks to bump
er crops. Manufacturers generally re-
port ample backlogs of orders and
up TO mid-September at least. we're
insisting that cancellations were lower
than usual.
Also to be taken into account is the
likelihood that dividend distributions
in the closing months will be fairly
hbesal. How they will compare with
year ago remains TO be seen. since
the liberality of 1886, corporate execu-
tives have had plenty oftime to choose
between paying dividends or the un-
distributed surplus tax. concludes the
survey.
Heard in Financial District
The dollar volume Of wholesale trade
increased per cent during August, as
compared with August, 1886. while
collections on accounts receivable were
made AT the same rate during both
months. according TO reports from
wholesalers cooperating in the month
iy Joint study of the National AS
kociation Of Credit Men and the Bu-
reau of Foreign and Domestic Com
merce, department OF Commerce
The Agriculture Department reports
that bumper crops have started farm
buying boom unprecedented since the
World War. and farmers are getting
more for their produce than at any
other time in Is years. While cash
income Is 10 per cent below the 1929
peak the goods they buy are nearly
is per cent lower than in the boom
year, the Department states.
Glass / railroads ip the Southern
district for the month Of August hac
net railway operating income of S4.
<73,486, compared with Sc 6609. 395 fol
August. 1886, and S5,820.065 for Au.
gust. 1880.
Glass ] railroads in the Southern
district for the first eight months o.
1887 had a net railway operating in.