Evening star., 1937-07-20

january 00,UU6,0oU S2 Sb4 $40
February - 52,776655 49,674,319
March -- 52,7o44 429 49,96l,53
April --- 51,393 Oe2 49,186, $40
May --- 50,6O99l9 48655,77l
June -- 5l,279267 50,372,1
The haif-years rise is in line with
similar advances reported at this time
over period of several years. 1t also
supports reports of notable gains in
bank clearings and other business
barometers in the Capital.
Corcoran Votes $50 Dividend.
Directors of the Corcoran Fire In
eurance Co. of this city have declared
dividend of $50 per share, according
to notice sent to the Washington Stock
Exchange today The dividend is pay
able July 81 to stockholders of record
July 19. The disbursement will be paid
out of surplus, officials announced.
Trading was very dull on the Wash
ington Exchange today, the only trans
action being sale Of four shares of
Riggs National Bank preferred stock at
100 against the last previous sale at
1917.
United States Steel, who led the New
York Stock Exchange yesterday. at
tracted great deal of attention in
the board rooms here again today.
Business Impresses Heimann.
In his monthly review, sent to the
Washington Association of Credit
Men, Henry H. Heimann, manager OF
the national organization, says that
resistance to the drastic decline which
business has shown in the past few
weeks, despite labor troubles, provides
testimony to the strong fundamental
which has been and still is current"
The decrease in general business
during the last few weeks is traceable
to three major causes: Seasonal in
nuences that are generally operative
IN the early Summer, labor disturb
hnces and their implications. and a
natural reaction to the optimistic ad-
vance buying in the early months of
the year.
Manager Heimann notes that cleo
sric power production at the end of
June was 10 per cent ahead of last
year. Automobile output early in
July was exceeding last years total.
Altogether, he adds. capital goods &C
tivity early in July was about Is per
cent ahead of 1886. He continues:
In the past few months, coinci-
cent with the rise in residential build
ing. there has been decided increase
In construction costs, both materials
and labor. In some sections. within
the three Spring months construction
costs have risen b. 10 to Is per
cent InJudicious advances in build
ing costs will have one inevitab bic re-
suit: A decline in the demand. Firms
active in the building or related fields
should watch this trend closely" the
official asserts.
Fifth District Building OFF.
Building permits in the Fifth Fed
eral Reserve District in June were
lower than the total for the same
month a year ago, this being the
frst time in more than four years
that a decline was reported by the
Richmond bank. The total of per-
mits was s7,6O2l96 for the month
against S8,558,629 in June, 1896.
1t is estimated that retail trade
IN the Fifth District last week was
about per cent better than in the
comparative week year ago, al
though dollar volume was off in Wash
lngton. good many retail orders
are now being placed for September
delivery. the Richmond Reserve Bank
says. High operations are reported
IN cigarette, paper, rayon and textile
lines. with very littlo labor unrest in
these important industries.
Wholesale trade in this district is
picking up rapidly as Fall stocks are
being accumulated. Several lines re-
port volume 10 per cent ahead of last
year. Statesmen on the road are un
usually optimistic, the bank report
says.
Traction Stock Moves Oddly.
The market for securities of any
company, particularly the common
usually closely follows the earning
record. In the case of Capital Transit
Co. stock, the rule at present appears
to be working backwards A year ago
this stock was selling on the Wash
1ngton Stock Exchange at II. Today
it is selling around 10, a decline of
almost so per cent.
Gross earnings OF the company for
the five months ended May 81, 1887,
We're S4,619,000, as compared with
$4,242,000 for the same period last
year, while net earnings for the first
nve months were approximately $685.
600, as compared with deficit of
$l0,500 for the first five months of
1896. Apparently the explanation of
this rather unusual situation is the
fact that for several months the COM
pany has been in the midst of its
fight for higher fares and for final
settlement of its valuation. Public
hearings on rate cases and valuation
invariably bring out criticism and
this causes prospective purchasers to
adopt waiting attitude pending the
outcome.
The company's first mortgage bonds
also have suffered, the Capital Trac-
ton first SIS having dropped from
around 92la last year to 86.
Insurance Sales Increase.
Sales by the New England Mutual
Life Insurance Co. in the first six
months of the year totaled s83, SAT 900
for the whole country, an increase of
l6 per cent over the same period in
1895, according to Earle w. Sapp,
general agent in Washington. The
gain in the Middle Atlantic States was
10 per cent and in the South Atlantic
States II per cent, the report states
Agents from all parts Of the United
States report steadily improving busi-
ness conditions as the main reason for
the record in new policies.