Evening star., 1952-07-31

gain was more
than offset by u -
a ST, 599, GIT Mr.. BOOthby.
jump in operating expenses
These totaled $11, ,467 ,O50, VS.. SO.
867,133 in the same period las
year.
There was a seasonal loss O
$1,338 for June, compared with {
deficit of $13,697 in June, 1851
Operating revenues of $1,186,134
were up $162,091 from $1,O24, ,04;
year earlier. Operating expense;
of $1,141 1859 were $139, 1897 aheal
Of $1.001 1862 in June, 1851.
The company and subsidiarie.
had consolidated net income o1
$2,190,833 for the six months. 6
drop of $80,438 from S2,271 ,271
a year earlier. Consolidated los:
for June was $10,991 VS.. a Loss
of $67, 7,033 in June, 1851.
District gas sales were 6 pei
cent above a year ago in the SiH
months and up per cent in June
System sales were up II per cent
in the six months and II pei
cent higher for June.
Clearings Down Slightly.
Washington bank clearings In
July amounted to $432, ,034, ,796. a
decrease of 1.3 per cent from
$437, ,745, 1888 in July, 1851, George
H. Bright, Clearing House man.
ager. reported today.
The July volume also was be-
hind $499, ,91O,675 in the previous
month.
Clearings in the first seven
months of this year totaled
5000, ,576, 1926, a decrease of only
OF per cent from the record
$3.041 ,397.715 a year earlier.
The latest totals contrasted
sharply with figures for prewar
1941 when the July total was only
$149, 1856 and the seven
months volume was 1919 ,435, ,375.
Textile Industry ReviveS.
The big news in the Fifth
Federal Reserve District, which
includes Washington, is the long
awaited turn-around in the textile
industry, reported the magazine
Business Week.
If the steel strike had not dis
located heavy industry, the region
would be on its way to a full
fiedged BOOM" the magazine
added.
In textiles, most of the mills
are back on a f1ve-day week and
some have gone to six-day week.
Prices mostly are firm after ad-
Vances late in June. Backlogs
have reappeared.
Southern Virginia from Mar
tinsville eastward has responded
quickly to the textile turn
around and is moving up steadily.
Hampton Roads is still booming.
Richmond is relatively stable at
a high level. Farm income is
likely to fall below last year.
Prices are lower and yields will
be down"
World Bank Earnings Up.
The International Bank for Re-
construction and Development yes
terday reported net income OF
S15,872,883 for the fiscal year
ended June 80 VS.. $15,156,947 in
the previous year.
Net income was placed in the
general reserve, increasing thia
account to $58.O28, 100. Total re-
serves at midyear amounted to
$85.712,754.
The bank made 19 loans total
ing $298, ,6O8,OO in the year
bringing total commitments to
slap, 1873, 900. Disbursements in
the year amounted to $184,777,-
OO4 VS.. $77,564,969 in the previous
year.
Taxes Takes Third of Gross.
At least one-third of every dol
lar received last year by E. L
dupont de NemourS & Co. for all
it's products and services wound up
in the hands of the tax collector,
the company reported today.
Out of duPont's 1851 gross op-
Grating income of $1,546, ,000. .000
came the dollars to pay more than
$429 million in taxes directly
That was the amount payable by
the company, together with the
taxes withheld from salaries and
wages of its employees who re-
ceived their pay from that in
come.
That alone was almost 80 per
cent of the total which the COM
pany billed to customers for its
products and services. But that
is only part of the story because
it does not include other taxes
met by employees out of their pay
and the tax levies paid by stock
holders.-141 900 of them-on
dividends they received from that
income. These would push the
total taxes to over one-third OF
gross income.
Mutual Savings Banks Gain.
Deposits of 529 mutual savings
banks of the Nation stood at the
record of $21, ,750, 600, 900 on June
80, according to Robert M
Catharine, president of the Ma.
tional Associations of Mutua
Savings Banks.
During the first six months O!
1852, deposits increased $88.
million or AZ per cent, as agains
$375 million or 1.9 per cent, dur,
ing the like 1851 period.
Mortgage lending continued t,
provide the chief outlet for saw
ings bank investment during June
The gain of $139 million in tn,
banks mortgage portfolios brough
holdings to $10.412,000,0 900.
Ad Club Director Named.
Burt R. Warner, advertiser,
manager of Safeway Stores, Inc
has been named a director of tn
Washington Advertising Club. H
succeeds Stuart Armstrong VIII
was elevated recently to Secon,
vice president.