Evening star., 1939-05-17

mllnOn marx. The substantial gains
in the four months of 1899 are re-
f1ected in the following comparisons
with the similar months in 1898:
1889 1888.
January ------ 1,O35,15o 947,124
February --- 1857 6Ol 942 1888
March 1,057.54 953,947
April ---- 1,084,598 964 4,239
81 Profits Lower in 1888.
Retailers as whole made 40 cents
profit on every dollar of sales volume
during the 1888 fiscal year, it is
shown in compilation included in
the 18th annual edition of Fairchild's
Financial Manual, being distributed
today, compared with 81 cents and
So cents in the 1897 and 1886 fiscal
years, respectively.
Despite a decline of only 5 per
cent in sales volume for the 1888
fiscal period, net profits were off 22l
per cent as compared with the pre-
ceding fiscal period. In turn, 1887
profits were off per cent on a So
per cent sales gain over 1896 figures.
Bache Plans Advertising Drive.
The New York Stock Exchange
firm of J. S. Bache & Co., which has
an Office in the Washington Hotel,
opened many years ago by Frank
j. F. Thiel. is about to launch an
extensive advertising campaign in
the newspapers in line with liberal
lied rules laid down by the New
York Stock Exchange.
The exchange recently announced
that brokerage firms might break
away from the old way of adver-
tlslng and exercise greater freedom
IN appeals to the investing public.
The Bache firm started its new
advertising in New York with an ad-
vertisement entitled Opportunity
at Your Door" One other brokerage
firm with branches all over the
country also has run a series of ad-
vertisements under the new plan.
Accounting Methods Scored.
Robert E. Healy, acting chairman
Of the Securities and Exchange
Commission, attacked what he called
lack of uniform basic principles
In accounting, in an address in
Cleveland before the Controllers In
stitute of America.
ITO me one of the most surpris-
ing facts about present day account
ing" Judge Healy said, lis its lack
of reasonably we'll formulated body
of basic principles, or axioms or hy-
potheses
Whether the books are audited or
not, Mr.. Healy declared, the stock
holder has right to look to the cor
poration's own accounting system
for an adequate, Ineligible and
honest reporting of its affairs. Un-
less in its daily bookkeeping the
corporation recognizes RESPONSE
bility to stockholders and investors
the most conscientious audits lose
much of their meaning"
New Reserve City President.
Edward Elliott, Los Angeles bank
er, was elected president of the Re-
serve City Bankers Association at
the closing session at Del Monte
Calf. He is native of Tennessee,
graduate of Princeton and went
West in 1912 to practice law, later
being elected director in the Fed
eral Reserve Bank of San Fran
cisco. He has been very active in
research work undertaken by the
Reserve City Association and is one
of the few Westerners to be elected
president.
Very few Washington bankers are
members OF the association but this
was the first time in years that this
city was unrepresented at the con-
vention.
Directors Vote Divided.
Directors OF the Real Estate Mort
gage g. Guaranty Corp. have de-
clared a dividend of Is cents per
share on the preferred stock, pay
able June Is to stock of record June
S, it was announced by President
Ralph D. Quinter The stock is listed
on the Washington exchange.
Two Washington investment
bankers, Y E. Booker and James
Parker Nolan, were back in the
financial district today after attend
ing the annual spring meeting of the
Board of Governors of the Invest
ment Bankers Association at White
Sulphur Springs, w. Va.
Tickets have been distributed for
the annual outing of the Washing
ton Bond Club at the Manor Club
Friday The attendance will be about
the largest on record. All that is
needed is good weather to make the
affair q complete success.
Nearly $50 bankers and guests will
attend the annual spring dinner at
the Columbia Country Club tomor-
row evening. No set program was
the word given out by Chairman S.
William Miller President Hilleary
G.. Hoskinson will preside.
Heard in Financial District.
Mrs. Helena D. Reed. assistant
trust officer of the Lincoln National
Bank, has been elected president of
the Women's Bar Association of the
District of Columbia.
Richard R. Quay assistant di-
rector of the Municipal Housing
Division, and j. E. Heberle, vice
president and controller of the Cap
ital Transit Co., will address the
auditors section of the District
Bankers Association tomorrow eve
ming at 2400 Sixteenth street, the
dinner meeting starting at 6 o'clock.
Fifty shares of Mergenthaler
Linotype stock sold at 1894 on the
Washington exchange today, Poto-
mac Electric Power 5la per cent
preferred moved at 1l3 and Capital