Evening star. [volume] (Washington, D.C.) 1854-1972, 1942-04-02

DC. Postal Receipts
Reach New High
During March
First-Quorter Income
Even Exceeds Holiday
Period Year Ago
BY EDWARD C. STONE.

Postal receipts in the Capital
during March shattered all previous
records tor that month, rotaling
ss1s,030.80, in comparison with
s759 ,105.02 in March, 1871, a striking
increase of $158,925.78, or 2o.93 per
cent, it was learned at the City Post
ONCE today.
Oficials stated that the first three
months of this year also witnessed
a new mark for postal revenues in
Washington. In that period postal
income reached $2,742, 106.76, a jump
of $549, S73.75 over the total Of $2,-
192,23s.ol in the same months IN
1871.
Further comparisons show that
revenues in the first quarter this
year exceeded the December or
Christmas quarter in 194l. In the
three months, the January gair was
the largest, being 34.9a per cent
higher than year ago. In Febru-
airy, postal receipts we're 1879 per
cent ahead of the same month last
year.
Today's report by post Office OH
Gals is in line with the upsurge
in bank clearings in March, which
also entered new ground for the
month. revealing an increase Of
more than S21 100000 over the same
period year ago and pickup OF
more than $75 Ooo, 900 in the first
quarter of 1941.
The heaviest Easter trade rush
ever known in the Capital Is clearly
reflected in the post Office receipts,
as we'll as in the bank clesrings.
Postal receipts, by months, compare
as follows with the 1941 totals:
1912. 1s4ie
January ---- 1852, 762.4s $705, 8O4.95
February - 871 ,313.47 727,323.04
March - s1s,o3os0 s,1o5.o2
War and Taxes Market Curbs.
Washington brokers say that the
biggest present factors curbing trad
Ing on the New York Stock Exchange
are the war and tax situations. The
war is having extremely important
bearing on market movements, caus-
ing waiting attitude in great
many instances.
Traders are almost equally inter-
ested in the next tax bill, as this will
indicate what profits big firms are
likely to make during the present
year, brokers add The possibility
Of a 6 per cent limit on war produc-
ton earnings is also having its effect
in lettering market activity. The
question Of limiting profits on war
contracts, however, is one that IS
likely to be settled long before the
tax bill is passed.
Favorable military developments
would be very helpful to the stock
market, Capital brokers believe.
Some market services are urging
buying on setbacks, with operations
spread over a long period. Others
point to special issues which they
consider offer favorable opportunities
at this time. Caution, however, Is
the watchword in most market let
tiers, this, no doubt, being one cause
of the present light trading volume
Youth Now Controls S. E. C.
Youth now reigns in the Securities
and Exchange Commission, says
Burroughs Clearing House, as a re-
suit of recent changes in member
ship Of that important financial
agency of the Government
When Chairman Edward C. Eicher,
form, If raeirv1ol
to become a Federal judge, the
craftsmanship fell to Commissioner
Ganson Purcell, aged So. President
Roosevelt filled the vacancy on the
f1ve-man commission with the APP
pointment of Robert H. O'Erien. 81.
who was director of it's public utilities
division.
Another member of the S. E c. is
Edmund Burke, So. All three of these
men we're appointed to the commits
sion during the past year, and all
were promoted from its staff. The
two other commissioners are Sumner
T. Pike, so, and Robert e. Healy.
General Sales Tax Opposed.
Ralph B. Powers, associated with
q local brokerage house, appeared
before the House Ways and Means
Committee today and opposed the
adoption of a general sales tax. He
is not opposed to the tax, but said its
adoption in the national revenue
act would produce hardship in
many of the States.
TI, RI ,,nfy DC Ctofoc on,,
eral sales tax, he said. In 1941 this
tax produced $3.50, 200 900 in revenues
for those States. The end of 1941
found most of these State govern
ments with a surplus of revenue, but
before long curtailment of autorno-
bile manufacture and tire Yationing
will cause a sharp drop in motor
fuel taxes.
Many States will find it necessary
to levy other taxes to make up for
the decline In motor fuel taxes, the
sales tax being the best method OF
meeting this situation, Mr.. Powers
told the committee.
Needham Addresses Bankers.
D. j. Needham of this city, general
counsel of the American Bankers
Association. addressed meeting of
Maine bankers at Augusta today on
pending national legislation of spe-
cial importance to the banking fra
ternity.
Sumner T. Pike, member of the
Securities and Exchange Commits
sion. said yesterday that investment
banking is an essential part of the
economic system and should have a
profitable future after the war. He
also said that common stocks of util-
ity operating companies with decent
capital structures are sound invest
ments for insurance companies and
other similar flduciary institutions.
The Federal Housing Administra-
ton announces that the 2as per cent
mutual mortgage insurance fund de-
bentures series B have been called
for redemption at par and accrued
interest. on July l.
Today's Trading on Exchange.
Four l0-share sales of Washington
Gas Light common took place on
the Washington Stock Exchange to-
day at Is, around recent levels.
Real Estate Mortgage g. Guaranty