Evening star., 1939-10-20

September --------- 249.643 234,605
Railway express shipments supply
another interesting business indica-
tor. AS reported a few days ago.
the Railway Express Agency handisd
l60,272 shipments in September,
against 149,766 in September, 1888.
In the first nine months of 1899
shipments reached 1,288,114, COM
pared with 1172932 year ago. Both
reports established new records.
Rising Tax Burden Scored.
The Washington Association of
Credit Men has received report
from the national association on
the result of survey by the Tax
Committee which declares that the
increased tax burden on business is
creating serious situation with
implications of danger to the capital
position and the credit stability of
many American corporations"
The report points to the need of
reduced Government expenses and
portrays the increasing percentage
of company profits which are being
paid out as taxes The committee
presents Is recommendations which
the credit men believe would correct
the conditions about WHICH they
complain.
The report has been presented to
the Treasury Department and will be
given to the proper congressional
committees when tax matters are
again up for consideration.
Offerings Pass S213.OO0.OOO.
Publicly offered domestic stock is
sues during the initial nine months
of 1899 reached a total of over S213,-
100000 according to survey by the
Fitch Investors Service.
Dillon, Read e. Co. was first in
amount of stock offering syndicates
managed during the period with a
total of S34,829,0 900, Morgan Stanley
e. Co., Inc, was second with $28,-
699 ,23O, and Blyth & Co., Inc was
third with S26,343,0 900.
Blyth & Co. was first in amount
of participations in the stock offering
syndicates during the period, SIS
467,188. The First Boston Corp.
was second with $13,654,074 and
White, Weld &, Co. third with So
167,684
Peoples Drug Common Climbs.
On the New York Stock Exchange
yesterday 100 shares of Peoples Drug
Stores common stock sold at "a,
gain of IL points since the last
previous transfer. The low for the
year is "a and high 39ss. The stock
pays SITS dividend.
In the first nine months of this
year the Chesapeake g. Ohio Rail-
way earned $1.98 per share on the
common stock in comparison with
$1.58 common share in the first
nine months of 1888.
The Federal Reserve Boards
monthly bulletin said today that
commercial loans continued to, in
crease in the first three weeks of
October. but at a less rapid rate
than in late August and early Sep
tember. The volume of demand de-
posits at city banks increased
further
Excess reserves, which had in
creased sharply at member banks
during the first half of September,
showed further moderate gains dur
ing the four weeks ending on Oc-
tober IL.
Former depositors in the closed
Park Savings Bank are elated over
the report that $793, 900 will be dis
tributed by the receiver around the
end of the year This will bring
total disbursements up to 40 per
cent. with some further assets yet to
be liquidated.
Today's Trading on Exchange.
Trading on the Washington Stock
Exchange today was featured by a
sale of 100 shares of Mergenthaler
Linotype at 17l2, off a from yester-
days transfer of 100 shares. The
final bid was 1712, with 1914 asked.
Two $1,000 transfers in Anacostia
& Potomac SIS were recorded at 9512,
the first sales in this issue in q long
time. Potomac Electric Power 5k
per cent preferred moved at 112.
The Bureau of Agriculture Eco
nomics reports that the farm mort
gage debt stands at approximately
$7,0O0,000, 1000. the smallest figure in
20 years, and compares with the
high record Of nearly $1,000, 900 600
in the early 1920s.
The male members of Washington
Chapter, American Institute of
Banking, will have an oyster roast
tomorrow night. in charge of Her.
bert D. Lawson. chairman of the
Entertainment Committee and his
associates, Earl Bowman, Benner
Burgess. Robert Christie, Louis F.
Corea, D. K. Folmer, A. G. McAllis-