Evening star., 1938-10-06
FURTHER ADVANCE
. IN BUSINESS SEEN
U. S. Chamber of Commerce
Bases Fall Forecast
on Recent Upturns.
By EDWARD C. STONE.

by the united states CnampeT OF SoIH-
merce current review-the most cheer
full summary of conditions the organi-
cation has put out in many months.
The gradual rise in business activity
which became apparent in July, held
to the end of September OF itself
that is good news, the report COM
ments, as it means that business this
wear advanced during the weeks in
September when it was slumping last
year and entering upon the steep
descent which, it now seems, ended
in June.
There is reason to expect strengthen
ing activity during the fall months,
the chamber believes; in other words,
repetition of the ascending trend of
the fall months of 1884, 1885 and 1886,
rather than the dips in the fall of 1887,
when the accumulated gains from the
preceding years were lost.
An upward trend appears in place
ments in private employment En-
ployment in manufacturing increased
by S per cent in August and pay rolls
in manufacturing establishments by
9 per cent. The pay rolls clearly reflect
return of many men who have been on
short time to longer hours. The per-
centages of increase between July and
August have been equaled only once
in 20 years. the review states,
Electric power consumption pro-
ceeded at higher rate than in any
previous September except last year.
Postal receipts afford evidence Of eX-
panding business activity, running at
a level higher than for corresponding
period in any year since 1929. Other
evidences of better business can be
multiplied, the report adds, all point
ing to some improvement in business,
whatever distractions have to be over
come"
New Branch Manager Named.
Thomas j. Norris was appointed
branch manager of the H street office
of the Bank of Commerce g. Savings
at the annual organization meeting OF
the directors yesterday when all the
present officers were reelected. He
succeeds Francis E. Robey, who has
been transferred to the main office and
given additional responsibilities.
Mr.. Norris was formerly assistant
manager of the branch, and has been
associated with the bank since 1927
when he began employment as rum
ner. He has been active in Washington
Chapter, American Institute of Bank
ing
NJ D. Rosenberg was reelected presi-
dent; Thomas j. Groom, executive vice
president and cashier; Joseph Sanders,
vice president. and Joseph H. Milans,
secretary. Mr. Rosenberg remains
general counsel Oliver B. Exline, as
sistant cashier, Francis E. Robey. as
sistant cashier, and Harold w. Denison,
auditor.
George M. Quick is chairman of the
directors Audit Committee and John
E. Monk. manager of the credit depart
n1ent. All directors were reelected
last week
Trust Company Votes Dividend
A quarterly dividend of per cent
was declared by the directors of the
Washington Loan & Trust Co. at the
regular monthly meeting of the board
yesterday, as announced by Harry G.
Meem, president. 1t will be payable
November to stockholders of record
October "a. No transfers of stock will
be made from that date until Novem-
ber 2. Mr.. Meem reported that busi-
ness had been on a very satisfactory
basis during the last three months.
Despite adverse conditions, strong
upswing in the business cycle is now
under way, the American Federation
of Labor asserted in its monthly survey
of business. With the lifting of war
clouds. the chief brake on business re-
covery has been released, the Fedora
ton said Nevertheless, we cannot
know yet whether business is likely
to 60 forward now at the rapid pace
OF July and August. Some forecasters
believe not, and think a moderate re-
Covery more likely for this fall" the
survey added. =
Public Offering was made today of
100000 shares of 81 par value COM
mon stock of International Television
Radio Corp. Jersey City, N. j., by
Mayhem & RELY of New York and
Washington. The stock is being Of
fered as a speculation, by means of a
prospectus, at $l6O per share, and has
been registered with the Securities and
Exchange Commission.
Real Estate Bonds Higher.
Ten real estate bond issues in Wash
ington made an average gain of 19
points in September and a percentage
increase of 81 per cent over August,
according to the Burr Real Estate Bond
Index received here today.
The bid price on these bonds at the
beginning of the year was 671, by
August had risen to 69.2 and at the
end Of September had advanced further
to I'll. In the first nine months of
1888 these bonds had scored a gain
OF four points and a gain of 6 per
cent. Very few real estate bonds in
other cities have done any better.
For the nine months to October /
Buffalo issues showed the best gain
OF per cent, followed by Westchester
County up 10 or cent: Brooklyn. N.
Y, 6.5 per cenG,. Washington, D. c., 6
per cent; Miami, 4S per cent, and
Philadelphia, l.9 per cent.
Washington Railway & Electric pre-
ferred sold at 112 on the Washington
Stock Exchange today. Washington Gas
Light preferred hit 100 and Mergen-
thaler Linotype gained a point and
sold at rs for three 10-share lots.
Riggs National Bank common ap-
peared on the board ex-dividend at
263, eight shares changing ownership.
Virginia Bonds Very Strong.
The new S37,500,0 issue of -Vir-
ginia Electric & Power 3Ea per cent
bonds. which were placed on the mar
ket yesterday, registered 1047s bid
and 1855 asked late in the day. Some
sales were reported at 105. The bonds
were oversubscribed and showed sur
prising strength, it was reported to-
day in the financial district.
Yesterdays sharp advance in the
New York stock market caused rush