Evening star., 1939-10-16

ahead of the like month a year ago
the comparisons being as follows:
Month. 1889. 1888
January ---- 63,667 ,18O 6O,628,513
February ------ 60,461,4 ,416 57,871 .39a
March ------ 61,185,77O 57,259, ,643
April ---- 81 500, 3,187 57,093 29C
May --- 62,585,972 57,206 ,38e
June -- 67,298, ,425 59,018,524
July ------- 68,061 ,648 63,385 ,22e
August --- 71,527,637 66,1O5 sos
September --- 67,365 ,498 81 1893 99C
In 1888 sales were extra good in
the last quarter, October sales stand
ing at 60,087, ,584 kilowatt hours, No.
vember at 59,496,249 and December
at 62,316,681. 1t seems very evident
now that these figures will be ex-
ceeded in the final three months
of 1899.
Today's Trading on Exchange.
In lively trading on the Wash
.ngton Stock Exchange today, three
$1,000 transfers in Capital Traction
SIS were recorded at 81. Washington
Railway & Electric Is were strong
a. 1071a.
Capital Transit stock opened the
week with several sales at 13, WASH
ington Gas Light preferred came out
at 104, Railway g. Electric preferred
moved at Ill and Mergenthaler
Linotype again sold at 18.
American Telephone & Telegraph
Co. checks for the regular quarterly
dividend of $225 per share were re-
ceived by some 10000 stockholders
here today. In the last quarter
the company earned S2.39 a share,
against $192 a year ago.
Drop in Foreclosures Noted.
Sharp declines in the number of
mortgages foreclosed on homes other
than farm homes throughout the
country in August and for this cal
endar year is reported by the Fed
eral Home Loan Bank Board A
decrease of 9 per cent from August
OF last year was recorded.
A decline of 3.5 per cent in fore
closures in August as compared with
those of July this year brought the
boards index figure down from 46.7
Q934 equals 100 to 45.1. This fol-
lowed rather closely the July to
August change shown in the board S
flve-year average.
Foreclosure actions during the
first eight months of this year were
10 per cent under the same period
OF 1888. Only the Boston, Chicago
and Little Rock districts reported
advances during this period.
New Auto Markets Probable,
With domestic sales constituting
the principal market for the auto
mobile companies and many manu.
facturers already operating at lev
els equalling the best of recent
years the initial loss of portion
OF their export market as a result
ct the war should not prove a par
tlcularly serious factor, in the opin-
ion of j. S. Bache & Co., expressed
in a current study of the automo-
tive industry.
Moreover, if hostilities are pro-
longed," the study points out, "it
is possible that the American COM
panies may ultimately be able to
expand their foreign business be-
cause OF demand from new sources,
including some of the belligerent ma
tions and South America"
Schnitman Sees Recession.
L. Seth Schnitman, New York
economist, told student officers at
the Army Industrial College here to-
day that industrial activity during
the early months of 1910 is destined
to recede, war or no war. Business
men who believe the present rate of
industrial activity can be maintained
are likely to receive a rude awaken
ing in the not distant future, he de-
clared. He believes evidences of a
reversal OF the rather spectacular
rise OF recent months will become ap-
parent before the snow flies" al
though the industrial letup may be
only temporary.
The industrial rise since May, and
more especially since the outbreak
of war, has created serious disloca-
tions in the domestic economy, he
said. If there is letup in industry
Mr. Schnitman sees little chance of
higher prices for stocks very soon.
Heard in Financial District.
The Columbia Building Associa-
ton expects to receive a Federal
charter about October 26 and be-
gin to operate as a Federal asso-
cation shortly after that date. II
was voted few days ago to fed
sralize," it also being reported that
assets Of $5,136,572 are the highest
on record.
The Richmond Reserve Bank re-
ports department sales for the week
ended october as per cent bet
ter than year ago. That means
that october sales in Washington
are running ahead of the same
period year ago.
Members of the District Life Un-
derwriters' Association look for a
September gain in sales here. While
the national average was down 1.e
per cent this was mainly due to a
slump in industrial insurance which
would not prevail in the Capital.
James E. Dulin, jr., treasurer of
the American Security & Trust Co.
was back today from a motor trip
of about five weeks to the West
Coast. He went out the southern
route to Los Angeles, up to Seattle
to the American Banlers' Associa-
ton convention apd visited many
of the leading national parks.
Arthur G. Bishop, president of
the District Building and Loan
League, has called meeting of the
executive council for tomorrow noon
at the Raleigh Hotel, the first ses-