Evening star., 1938-07-27
BUSINESS TRENDS
IN SHARP UPTURN
Bankers Survey Reports
Elements Are Present
for Short Boom.
BY EDWARD C. STONE.

OF more than 1000 business and bank
ing executives.
Thirty-one per cent of the execu-
tives participating in the pol state
that "the trend in their business is
upward. Thirty-eight per cent said
they are moving along on even keel
and only 81 per cent still report a
downward trend" the review states.
This last figure compares with 81
per cent who reported a down trend
in June, So per cent in May and 81
per cent in April The present busi-
ness situation contains the elements Of
a short boom. the survey adds. the
basis for this assertion being the belief
that imitation in some form will be
very hard to avoid.
The review points with alarm to the
growth of the national debt, says 1t
would take more than 40 years to pay
it off: comments on the Importance
of the assurance of profits, stresses
high taxes and labor costs. as we'll as
the desrablity of balancing the ma
tional budget.
Sharpe Is Social Chairman
Plans are developing rapidly for
the Seventh International Manage
nient Congress to be held in Washing
ton, September l9 to %, latest an
nouncement dealing with the social
side and national tours for the dele
gates.
The Washington social chairman is
c. Melvin Sharpe, executive assistant
to the president of the Potomac Elec-
trict Power Co. He is a member of
the Washington Board of Trade, Wash
ashington Better Business Bureau.
Washington Traffic Club and the Mer-
chants e. Manufacturers Association.
He is a past director of the United
States Chamber of Commerce and a
director of both the Potomac Electric
Appliance Co. and Borden Method,
Inc Mr.. Sharpe is particularly fitted
to be social chairman as he served in
the same capacity for the World
Power Conference which brought such
throng of visitors to the Capital.
The Washington regional chairman
of the Arrangements Committee is
Frederick NJ. Feiker, executive secre
tary. American Engineering Council
744 Jackson place, while the Wash
ington registration chairman is
Thomas w. Howard, Chamber of
Commerce OF the United States.
More than 36 of the largest corpora
tions in the country have already in
vited the delegates to visit their plants
during a national observation tour to
follow the congress.
Mutual Savings at New Peak.
Depositors in mutual savings banks
Of the United States now number 15,-
1884, a record figure for all time
as announced by the National AS
sociation of Mutual Savings Banks.
This total included school savings,
Christmas club, and other special pur-
pose accounts as well as regular savings
accounts. There was little change in
the total during the six-months period
from January to June 80.
Deposits of mutual institutions,
which operate in II States, also re-
mained about on balance. the figure
for June 80 being s1o,167, 7,241,377. a
difference of S40,86o,225 from the
record figure and likewise included
all special purpose deposits, For the
second year in the history of mutual
institutions such deposits exceeded 10
billions of dollars.
The average account declined by
S2263 in the first half year to level
of s672. The average interest rate
paid per bank in the II States ranged
between and 2i2 per cent.
The report states that the Savings
Bank of Baltimore has $94, ,105624 in
deposits and that the Eutaw Savings
Bank, Baltimore. has s50,447,617 in
deposits. There are no mutual savings
banks in this city.
Autos Aid ZOO, 900 People.
Nearly 30000,0O0 motor vehicles
running on the 100000 miles of
highways in the United States pro-
vide livelihood for 100000 persons.
These workers are employed in manu-
featuring, selling and servicing pas
senger cars and trucks, building roads
and transporting people and goods. it
is shown by Automobile Facts and
Figures" for 1888, issued this week
Every State in the Union benefits
from the sale of automotve material,
according to the twentieth edition of
the statistical annual published by
the Automobile Manufacturers As
sociation. Not only is the automotive
industry big buyer of many thou
sands of kinds of materials and pro-
ducts, but it is the largest customer
Of several leading industries.
Title Dividend Declared.
Directors of the Consolidated Title
Co. have declared the regular semi
annual dividend of Sl.25 per share
on the preferred stock of the COM
pany. payable September l to share
holders of record August %, it was
announced today. 1t was also re-
ported that a certain amount of the
company's bonds will be called for
redemption through the sinking fund
on September l.
Savings. building and loan associa-
tions disbursed S525 900 900 during the
first half of the year to their savers
and investors, according to Edward c.
Baltz, president of the United States
Building g. Loan League and secre-
tary of the Perpetual Building Asso-
citation.
Stockholders Urged to Fly.
United Air Lines, in statement is
sued today by President w. A. Pat
terson, urges all the stockholders to
Use the company's lines and offers a
special inducement in the way of
half fares for the next II days.
In letter mailed today to stock
holders, Mr.. Patterson said: Many
stockholders in this company do not
have first-hand information regard
ing our investment in equipment and
facilities, our operating policies, and
the standard of our service. We be-
lieve it will be advantageous to you