Evening star., 1938-07-21

Month. 1888. 1887.
January --- 947,124 S93,424
February 1888 910,026
March --- 953,947 891,653
April -- 964, ,239 962, ,658
May -- 975,559 944, ,451
June -- 967,630 951, ,729
Telephone service is always consid-
cred an excellent indicator of bust
ness conditions generally. The num-
Der of calls and the number of phones
in use both indicate expanding busi-
ness in the Capital, the survey dis
closes.
Towson Sees Brighter Days.
Norman E. Towson, assistant treas
urer of the Washington Loan & Trust
Co. and a member of the speakers
unit of the District Bankers Associa-
ton, took cheerful view of the eco
nomic outlook today in an address
before the Junior Board of Commerce
at the Annapolis Hotel. After noting
that the recent recession was one of
the sharpest declines in American eco
nomic history, judged by its severity
in relation to the short space Of time
added:
To-day, however, we appear to be
on the upward trend again. The Sec
ond half of the year begins with more
favorable conditions apparent than
obtained during the preceding six
months. The downward spiral has at
least been arrested, and may prove to
have been reversed
"A large portion of the excess in
ventories which were hanging over the
markets earlier in the year have been
absorbed. There has recently occurred
G broad advance in the prices of secu-
rites and of some important commod-
tiles. Automobile production is being
maintained. and the threatened COM
plete shutdown may be avoided. On
the other hand, there are some impor-
tant business barometers which have so
far shown no improvement.
There is apparent on every hand
an improved psychology. Business
sentiment is better and its value as a
sustaining influence should not be
underestimated," Mr.. Towson said.
~. -. JuuC DduA DcOltS
Rejecting the somewhat better
business conditions in Washingt ton
during the latter part of June, debts
to individual accounts reported by
the banks last month were 20 per
cent above the May figure The Stand
ard Statistic Co. index of bank debts
for Washington in June is computed
O (ou of D.,
1000, compared with 131 in May. Last
months index was the highest since
December, 1887.
In addition to the favorable COM
parison with the month before, the
Washington bank debts index last
month was well above the 1888 low
OF 1T recorded in February.
Last months gain in the Washing
ton debts index of 20 per cent also
compares favorably with that of the
country as a whole, which was only
per cent.
Southern Seeks S11, ,795,000.
Detailed information on the South
ern Railways plans show that the
company has asked the Reconstruc-
tion Finance Corp to lend it $l1,795,-
900 in order to take care of bond OBJ
legations maturing September l, 1898,
and to extend its present R. F. C.
loan Of $12,475, ,204, also due on that
date.
The new loan and the extension
both would be for period of five
years to September /, 1943. These
~,
filed with the 1. C. C.
Proceeds of the new loan will be
used by the Southern to retire $4,500,-
coo of Southern Railway Co.-East
Tennessee reorganization mortgage
per cent bonds, which are secured
by prior lien upon important main
lines of the Southern, and to retire
$7,295,000 of Southern Railway Co.
Mobile & Ohio collateral per cent
bonds, secured by $7,839, 900. par value
Mobile g. Ohio Railroad Co. general
mortgage per cent bonds owned by
the Southern
C. & o. Reports Net Earnings.
The Chesapeake & Ohio Railway
reports for six months ended June
30, 1888, net income of $5,523,568,
after taxes, charges and sinking fund
appropriations, equal, after dividend
requirements on 1888 shares of 4
per cent non-cumulative preferred
stock, to 68 cents share (par $25)
on 7,657,675 shares of common stock.
This compares with $15,462, ,607, or
S198 a common share, in first half
of 1887
The Hibernia National Bank of New
Orleans whose chairman, r. S. Hecht,
is former president of the A. B. A., an
nounces that it has just completed
plan providing for pensions for retire.
ment protection for all its employees.
The plan follows the general outline
of the social security system, although
the bank makes far more generous
contributions.
Bonner Takes S. E. C. Post.
Francis A. Bonner, vice president
of Blair, Bonner g. Co., Chicago in
vestment bankers, has accepted three
months appointment as adviser to the
Securities and Exchange Commission
on matters arising in connection with
the administration of the Maloney
Act
Mr.. Bonner has been leader in
the Investment Bankers Association,
which has made very careful study
of the Maloney Act. A graduate Of
Harvard, he started in finance with
Hornblower & Weeks
Washington Gas Light preferred
stock, the new Washington Stock Ex-
change leader, was in active demand
again today. Four 10-share, one Is
share and one 5-share sales were re-
corded, all at 99A, off Is from yes
terday.
A single share of Real Estate Title
Insurance Co. stock sold at 18O on the
exchange today.