Evening Star Newspaper, January 1, 1929, Page 11

FIN ANCIAL. THE EVENING STAR, WASHINGTON, D. €, TUESDAY, JANUARY 1, SALES IRREGULAR INFIFTH DISTRICT Reserve Bank Review Shows| Declines and Increases. Less Unemployment. BY EDWARD C. STONE. In its monthly review of business conditions in November in the fifth| district, which includes Washington and | vicinity, the Federal Reserve Bank of Richmond reports smaller sales in six important lines of trade than in the same month in 1 Sales of groceries during the first 11 months of 1928 slightly exceeded sales ring the corresponding 11 months of he review states. However, dry shoe, hardware, furniture and \ere less during the year were larger stocks of groceries NEW YEAR OUTLOOK IS GOOD, FINANCIAL LEADERS DECLARE Word of Caution Uttered by Many in Discussing Prospects for U. S. Industries. PTIMISM tinged with a word | small manufacturer and merchant. In of caution against overproduc- | the industrial field, the bigger units | tion characterizes the outlook | have completely electrified plants and of business and industrial |adopted the latest labor and time sav leaders for a prosperous 1929, | ing machines, bringing lower produc- according to a_ survey conducted tion costs and lower prices to the con- the Associated Press. sumer. The smaller units have been | While regarding accomplishments of | siow to follow the example of their 1928 as highly satisfactory in most | bigger brothers. with the result they| lines, these leaders expect even greater are finding themselves greatly hmldl-l achievements next year, through elim-|capped in competitive fields. ination of uneconomic units, more ef-| il e S l ficient organization and scientific re- | corner grocer, small town and even big search. Nothing is seen to create e pectation of depression or slowing down co | of business progres: city mer(‘h:‘m(s are competing with and indust great organizations that can buy and sell, in many cases, under them. To combat purchasing organizations | are springing up. To meet the prob- | however, must of the than | November 30 a year ago, but dry| d shoe stocks were small During past month stocks of gro- ceries increased, but dry shoe and hardware stocl usual at this season. The percentage of collections in vember to accounts receivable on the | 1st of the month were higher in gro- 1 ry goods and shoes than in but were lower in hard- | ture and drugs. i Bank Borrowings Reported. On December 15, 1927, member banks 21,000 from the | Reserve Bank of Richmond, | view continued, as compared with $39,886,000 on the corresponding date last year. The circulation of Federal yeserve notes, which stood at $78,884.000 @a year ago, was $86,849,000 at the mid- | dle of December this year. On the other hand, the total earning assets of the Richmond bank, which were $84.- 128,000 on December 15, 1927, declined to $69,577,000 on December 15, 1928, the decrease in bankers' acceptances and United States securities owned ex- ceeding the year's increase in redis- counts. Member banks lowered their reserve deposits at the reserve bank from $73,- 737,000 at the middle of Decerftber last year to $70,675,000 on December 15, this year, in keeping with lower de- posits in the member banks, the review | said. The cash reserves of the Federal Reserve Bank of Richmond were $77,-1 852,000 on December 15, 1927, and on December 15, 1928, were $96,275,000. The ratio of cash reserves to note and deposit liabilities combined was 50.55 per cent at the middle of December last year, but rose to 60.88 per cent on the corresponding date this year. Between November 14 and December 12, both this year, outstanding accom- modation to customers of the report- ing banks increased slightly. Loans on Government securities rose $439,000 during the month, loans on other stocks and bonds rose $3,152,000, and all other Joans and discounts, which are largely commercial at this season, rose $842,000. The reporting banks increased their | investments in bonds and _securities during the period under review by $796,000, but their reserve balance at the reserve bank declined $402,000. Some Loans Show Increases. Between December 14, 1927, and De- cember 12, 1928, total loans to cus- tomers remained practically the same, rising only $162,000; but loans on mis- cellaneous stocks and bonds other than Government securities rose $25,604,000 during the year. All other loans and| discounts declined $25,363,000. Loans on Government securities| changed little, declining $79,000 during the year. The reporting banks reduced thelr investments in bonds and securi- ware on the shelve on goods al ties $16,970,000 between the middle of | market reactions which have occurred since 1919 ¢he market .made a double bottom four times, & triple bottom was made eight .times, once the market touched lowest prices four times and once five times. that a triple bottom may be accepted as the normal course for the maiket to follow, and in the recent recation the market actually did dip down ‘o a low point three times. December last vear and this, and also reduced their reserve balance by $2.494,- 000, Cash in the vaults of the 64 banks declined $1,638,000 during the year. Aggregate deposits decreased $30.- 276,000 between December 14, 1927, and December 12, 1928, demand deposits declining $25,879,000 and time deposits falling $4.397,000. The several changes pointed out created a greater demand for reserve bank credit from the report- ing institutions this year, and they in- creased their borrowing at the reserve bank by $11,227,000 between December 14, 1927, and December 12, 1928. Building Program Enlarged. A more extensive building program than that of last Winter is giving work to a comparatively large number of workers in the fifth reserve district. Labor conditions in the fifth district now appear to be reasonably good for this season of the year, the review says. Much of the unemployment of a few months ago has been relieved. The factories of the district are nearly all| operating on full-time schedules, and much road, street and other public improvement work is under way. Sea- sonal demand for bituminous coal is giving miners more hours of work. Business failures in the fifth reserve district were fewer in number in No- vember than in October, and also less numerous than in November, 1927, Local Firm Pays Dividend., ‘The Real Estate Mortgage & Guar- antry Corporation yesterday mailed checks amounting to $110,471.37 to stockholders as of record of December 20, 1928, representing the semi-annual dividend on the preferred stock of the corporation at the rate of 8 per cent per annum. This is the eleventh divi- dend which the corporation has de- clared and paid since its incorporation, in June, 1923. ~. BALDWIN OPTIMISTIC. “British Prime Minister Sees Con- servative Success Next Election. LONDON, January 1 (#).—Express- ing confidence in the results of the British general election to be held in 1929, Prime Minister Baldwin in a New Year message to the Primrose League, a Conservative party organization, makes a bid for the continuance of the government in power and indicates the important part the new women voters are likely to play. “No previous government,” he said, “ever carried through Parliament with- in a period of four years a greater num- ber of reforms to improve the conditions of the people. Side by side with these reforms the government has steadily pursued a policy designed to promote peace both at home and abroad. With such a record behind us we shall ap- peal to the electors with the utmost confidence.” OIL BIDS TO BE OPENED. Biers stolma i supsciadiPubltoly in West's Office Wednesday. By the Associated Press, ‘The Department of Interior an- nounced yesterday that bids for the sale of Government royalty oil in the Cat Creek, Mont, %t would be opened sublicly in the office ¢f Secretary West next. Wednesday. The contract of the Lenistown Oil & Refining Co. of Detroit wais cancelled recently, when the Attorney General ruled that it was invalid because it contained an option of renewAl not Emvided for in the advertisement for ids. Sfl(;l_ \;Jsrden ITDiead‘ BOSTON, January 1 (#).—William J. Hendry, warden of the State prison at Charlestown, and the man who denness with which stock prices dropped | after the recent break surprised many, vet the figures show that this reaction ran true to form in at least two re- spects. First, stocks dropped to a low point on three separate occasions. ond, they least six trading days. the hourly fluctuations of a group of leading stocks since November 25 shows these facts clearly. stayed within striking distance of low- maximum of 37 days. decline prices remained around the lows lative opinion had not been sufficiently other respects the reaction was quite a normeal one. been materially assisted by sharp ad- ment, metals and mining, coppers, ma- lem of overy sduction, many industries have formel assoclations for informa. tion and rih. vhich felt depression dur- nerally believed to hav ertained the underlying causes of their economic_illness, ‘and are read to take the prescribed treatment whicl rectify the situation in 1929. Some dustries are a blic in- | terest, more—or less—legislative assist- ance, or a change in the scheme of things through which fate has given them something of an unfair deal. But 1 seem to expect that any unfavorable conditions—which _seem largely_local, ather than general—to change for the | better in the new year. |~ The purchasing power of the Ameri- o erhead increase the like- | (A Deople 1s a factor believed to be Phosd of usther consolidations ehis (00 B1SAIUS 1D eure AL 1o b8 cortiun s sid toibe particularly true of ‘the |8ice of dunand, further dciance |l-enul merchandising field and the cot- | 1€ 1)‘ 1':8 S a“\,i"-f of the / x‘rlmr can retail merc g e arobabiy also |People is seen by some as resulting in et ative, oil, public | Vastly increased demand for American- applies to the automor S major in. |made products and a substantial gain o AN Ter S0 LAt in forelgn trade. "Business leaders be- s - |lieve this country steadily to be grow- Many leaders look Lo L irtually |Ing in world importance, with its in- gers dustries and businesses keeping pace v 1d as an economic necessity, | U SIE“Lefi‘&e tlhe new organizations wm‘pllxtek; the progress such leadership im- promote efficiency in production and | Increased Sales Efficiency. distribution. The note of warning struck most . clearly appears to come from those who | Increased operating and sales effl- feel too rapid expansion of factories |ciency are again expected to swell the would result in overproductio: profits of the country’s leading corpora- In prosperous times, it is pointed out | tions next year. For the second con- by some business leaders, money is too | secutive year, losses by fire in 1928 3 fell below the previous year, due in part to the campaign of education easily obtained by manufacturers for which will be expanded next year. factory additions, resulting in overpro- There also has been a marked falling duction in later years and disastrous ice wars to keep plants operating. i off in the dollar volume of commercial failures. The coming year, these same views in- dicate, will be a critical period for the eralize Sonfidence” is a generally accepted ristic of representative busines y. it is reported. And tl views of a large group of leading execu- tives representing practically all of the arge industries, gathered by the Asso- for its annual symposium s foreca: are described as strikingly cheerful Words of Warning. A few words of warning are dropped here and there by conservative business men, but these are more than of by the roseate predictions of optimists, who look for another record-breaking year 929. mb‘ veral leaders point out that the stress of competition and the nec mat have boosted the radio and amusement stocks. In addition, these stocks are just passing through their most profit- able period of the year and record earnings will soon be reported. Broadly speaking, the other groups of stocks which have risen most are companies which serve major industries and therefore prosper merely because general business is going ahead at a good pace. The metals and mining groups, building materials, machinery, electrical and utility stocks, being greatly affected by the condition of general business, have advanced | rapidly, with good business conditions prevailing. BY KENNETH S. VAN STRUM. NEW YORK, January 1—The sud- (Copyright, 1929.) FILIPINOS TO PROTEST DUTY-FREE SUGAR LIMIT Delegation Coming to Washington to Oppose Timberlake Resolution Pending in Congress. By the:Assoclated Press. MANILA, January 1—~A delega- tion of Filipinos headed by Manuel Quezon, president of the Philippine Senate, will be sent to Washington to oppose passage of the Timberlake reso- lution, which would limit the amount of duty-free sugar exported from the islands to the United States. The delegation, formation of which was announced yesterday, also will op- pose any other legislation before the American Congress which is considered detrimental to the Philippines. /| The action was decided upon at a conference attended by Quezon and Rafael Alunan, secretary of agriculture, representing the government; Rafael Corpus, representing the Philippine Na- tional Bank, and prominent sugar men. The delegation will make an ef- fort to reach the United States before thfia present short session of Congress ends. YOUTH DROWNS IN LAKE. Boast That He'd Swim in Winter Fatal to Chicago Student. CHICAGO, January 1 (#)—Joseph Drew, 26, of Devils Lake, N. Dak., a Northwestern University medical stu- dent, was drowned Sunday when he fulfilled a boast to take an early morn- ing swim in the icy waters of Lake Michigan. Drew attended a party at a North Side home. About midnight the con- versation turned to swimming. Drew declared he frequently went swimming in the Lake in Winter and to dispel skepticism decided to go in immediately. Police believe that exposure weakened Drew, causing him to become uncon- scious and drown. Sec- stayed at a low level for at The chart of Triple Bottom Normal. In the 14 more significant stock From this it seems Near Lows for Six Days. In former reactions prices have est levels from & minimum of 6 to a In the recent only six days, indicating that specu- jolted to keep prices around the lows %ur any len‘rt‘hpo( time, although in 50 Stocks Rise Over 16 Per Cent. The recovery in stock prices which has occurred 'since the reaction has vances in the rubbers, radio and amuse- chinery and other individual issues. msx ) fl HOURLY 2‘ STOCK . PRICES ™ / | When_the rises from December 8 to last Saturday were taken on a per- centage basis, so that a rise in low- priced stocks was given as much im- portance as similar rises in high-priced ones, it was found that 50 stocks have risen more than 16 per cent from their lows. In the following table these stocks are separated according to in- dustries and numbered in the order of which rose most. National Bellas Hess showed the greatest percentage ruelz ols. Metals & [Mining. e . zine L. 8. 4180 N Y 17 St. Jos. Ld. 50 Sinclair. 23 Int. Nickel. Bubbers. ¥ A thinery. 4 Goodyear. = 9 Goodrich. ®a 3 28 Keliy-Sprs. U8 Rub. ptd. 33 3 AIM 1 In Montelimar, France—speed limit seven miles an hour—there are 200 ar- rests daily. Continental Trust Co. 14th and H Streets Capital, $1,000,000.00 Checking Accounts Savings Accounts Acceptance Credits Time Deposits Foreign Exchanges Commercial Credits Travelers’ Credits Travelers’ Checques Collections Real Estate Loans Collateral Loans Investment Securities Corporate Trusts Individual Trusts Administrator, Executor Safe Deposit Boxes Continental Trust Co. 14th and H Streets 49 Granby Radio & Amusements. i 2 Brunswick B. Am. & For, Miscellaneous. Pitts. Coal. Am. Intntl isenlohr. Hartman ' B. 0 Pierce-Ar. 24 Mohawk Carp. I e 3 Birehens 15 Johing-Man 46 Erle R. One of the most significant facts is that the oils were the heaviest losers in the reaction, and the recent threat of overproduction in the indusiry has, prevented any substantial recovery in this group. While many coppers also; suffered heavily in the decline, in the | recent advance they have staged a good ! comeback and are forging ahead under the influence of continually improving : conditions in the industry. Some Prosperous Groups. Other outstanding features of the| rise have been the tires, radio d amusement, metals and mining, chinery and electric, and a few accessories, utilities ‘and building terials. Explanations for these are not hard to find. | The tire stocks, after undergoing a severe inventory readjustment when crude rubber dropped early in 1928, have ma- | rises | With the growth of chain stores, the |; | coming CHIPMAN PREDICTS Harriman & Co. Partner Sees Greater Activity in Move- ment of Securities. According to G. Bowie Chipman, | resident partner in Harriman & Co., it will be necessary during 1929, again appraise the security markets by groups and not as a whole. For that reason, in looking into the future, he mentions certain groups of stocks, and that this year will 10.00.000- Although conditions have been so changeable dur- ing the year just ended, Mr. Chipman still believes that stocks will eventually settle down pretty close to their real values. Regarding the outlook, the Washington broker says: n expressing an opinion as to the ar, it seems to be a most difficult one because of the more or les extravagant and exotic conditions which have e the past few months mass psychology has proven a more valuable asset than that of values. How- ever, in the long run vajues will win out and be appreciated. It seems that the rule which I expressed several years ago, that it is best to e the marker not as a whole, but securities by groups, basing your opinion on the prospects for the near future, should be your guidance for the coming year. “As an illustration, the oil securitie: for the past several ycars, have been going through a period of over-produc- tion, but it do em that if we appl: the rule of common sense we know barrel of oil taken from the ground leaves one barrel less; therefore, owners of oil properties are disposing of their oil at low figures, which is not likely to continue for a much longer period. If we consider that most industries are dependent upon the use of oil, we can see how basic this industry is. “No automobile could be manufac- tured or run without the use of oil. Our public utilities could not furnish us with heat and light; our manufacturing con- cerns could not manufacture their products without the lubricants that are made from oil: no railroad could move its cars without petroleum products; no street cars could run without the use of petroleum as a lubricant; no steam- ship could leave our shores without oil either as a lubricant or as a fuel. It does not seeme probable that another year will pass before this industrr will fall into line and modernize its methods of producing, refining, and distributing its product, as the copper producers and refiners have done in recent months. “Another department of the security market which has also been neglected takes in the railroad securities of this country. An examination will prove that most railroad companies today have unusual surpluses and also are the holders of securities appraised at far below their true value. How impossible | it would be to duplicate our great sy: tems. Consider the value of their real estate, their terminals and their facili- ties for the handling of passengers and freight. “The consensus of opinion suggests that a gradual liquidation should take | place in securities which have had un- | usually rapid advances based on future | prospects, particularly chain store and | automobile _stocks. ~ These _securities | have probably discounted the major part | of any further distribution of their | assets or of their earnings for some time to come. “In conclusion, let me leave with you the thought, in answer to the many critics of the security market, who have | indulged in intemperate phrases, such as the market is “committing suicide,” and so forth, that behind this great security rise which has taken place is a fundamental change on the part of the American public which has also attracted the foreign investor, and that is that the American public today is not willing to be quly a worker, but | wishes to be a partner in the enter- prises in which it is laboring and other enterprises in which feels it there is a future.” o Chinese Buy U. S. Plane. CANTON, China, January 1 (#)— The second American airplane pur- chased by the Canton government ar- rived Sunday from Wuchow, Kwangsi. The aviators received a tremendous popular welcome which outdid that of December 18, when W. J. Chang, flying the Spirit of Canton, arrived at the completion of a national good will tour covering 4,400 miles. Mortgage Money Loaned At Low Interest Rates Tyler & Rutherford Representing M Benefit Life Ins. Co. ed in the security market in | To be a judge of | Wall Street Briefs General Motors Acceptance Corpora- | retail credit service for General Motors | | Dealers and customers, has sold to General Motors Corporation an addi- | tional 50,000 shares of capital stock at| | $125 per share. The increase gives the | acceptance corporation outstanding cap- | ital stock of $40,000,000, all owned by | | the parent company. Members of the New York Cotton Ex- change have approved an amendment to the by-laws providing that “it shall | be considered an act detrimental to the | | best interests of the exchange %o re- | tender on new contracts cotton recetved | on October or November, 1929, old con- | | tracts for the purpose of artificially | | influencing prices. Stockholders of the American Ex- change Irving Trust Co. of New York will vote January 16 on a proposal to | change the name to Irving Trust Co. | Directors have recommended the change | be made effective February 1. | The United States Treasury has | called for repayment by depositary in- | tutions in the New York district of | $7.437,000 on January 2. | called for entire country is | The funds representing a portion of the | amount, remaining on deposit from pro- ceeds of the sale of U. S. certificates of indebtedness dated December 15. New building and engineering work contracted for from January 1 through December 28, 1928, in the 37 States east of the Rocky Mountains shows an in- crease of nearly $290,000,000, or 5 per cent, over that of 1927, F. W. Dodge Corporation reports. A $250,000 order for motor truck en- gines and transmissions has been placed with American companies by the Soviet Automobile Trust, representing the first large Soviet purchase of this class of equipment in this country. Orders were placed through the Amtorg Trading Corporation with the Hercules Motor Corporation of Canton, Ohio, and the Brown-Lipe-Chapin Co., a General Motors subsidiary, of Syracuse, N. Y. The equipment will be installed in 3%5- ton busses and trucks manufactured in Russia. | at Toledo, which manufactures trans- hour production this week. Prices on miscellaneous ofls, fats and greases showed a rising trend during the past week, Oil, Paint & Drug Re- porter says. Business was quieter, but the index number was 146.1, as com- pared with 1458 a week earlier and 145.0 last year on the basis of 100 in | August, 19i4. Armour & Co. places loss to property and stock through fire in the fertilizer plant at Searsport, Me., at about $300,- 000, all covered by insurance. Money to Loan Secured by first deed of trust on real estate. Pr Joseph Consult Us First If you need monmey for your Real Estate financing let us have your application today. Prompt Service No Appraisal Fes The Commercial National Company Incorpors Pald up Cash Ca On Improved Property in Maryland and District of Columbia 6% Interest No Commission Charges WEA\LEBE(O REALTORS 809 15th Streect N.W. Main 9486 Mortgage Loan Correspondent Metropolitan Life Insurance Company 1520 K Street Main 475 Mem New York Stock Exchange Washington Stock Exchange Chicago Stock Exchange New York Curb Market New York Coffee and Sugar Exchange 1510 H STREET N.W, New York 52 Broadway Philad Chi. Baltimore Boston New Philad Telephone Main 245-6-7 CLARK,CHILDS officiated at the execution of Sacco and Vanzetti, as well as those of many other less notorious criminals, died at his home on the prison grounds yester- %fir“ l(inz n*%;sm was 57 been benefitted by & Trelatively stable price level for rubber and with an un- precedented demand for tires, which is still wing rapidly. Rumors of com- bumf&o\x. talking - movigs - and . other v lgyentigns 1n auEmegt dovices Hoyices WADE H. COOPER, Presldent al, $1,000,000.00 Telephone Metropolitan gg";g F. B. KEECH'& COMPANY BRANCH OFFICE—CARLTON HOTEL (Mezzanine Floor) The Ritz-Carlton 231 So. La Salle St. Private Wires to Chicago 120 Broadway New York, N. Y. WASHINGTON OFFICE 1508 H STREET NORTHWEST MEMBERS NEW YORK STOCK EXCHANGE NEW YORK COTTON EXCHANGE NEW YORK COFFEE EXCHANGE NEW YORK CURB MARKET NEW YORK PRODUCE EXCHANGE BOSTON STOCK EXCHANGE OHICAGO BOARD OF TRADE CHICAGO STOCK EXCHANGE bers New York Rubber Exchange Chicago Board of Trade New York Cotton Exchange New Orleans Cotton Exchange Liverpool Cotton Exchange, Ltd. (Associate members) WASHINGTON, D. C. elphia Providence Grosvenor Buildii Providence York Richmond elphia Cable “Keechco™ > COMPANY JAMES SLOAN, Jr., Manager {HAZING REPORT BLAMED | tion, which operates a wholesale ‘and | HEAVER TRADING S | The Chevrolet Motor Co.'s Ohio plant missions, is expected to go on full 24- |' ON CADET’S LETTER HOME| West Point Officers Declare Rumor | False After Making Probe I at School. | By the Associated Press. | WEST POINT, N. Y, January 1.—| A letter written by = plebe to his mother | complaining of demerits he was getting | was believed yesterday by West Point authorities to have led to rumors of hazing at the Military Academy. The academy authorities said that Joseph P. Housen, 21, of Providence, | R. I, who entered by competitive ex- amination from the Regular Army, had written his mother apparently blaming | demerits on upper class feeling toward him because he was an enlisted man before going to the academy. | Acadmey officers found that Housen | had had a fight with another cadet | and that both had been punished. No | evidence was found of any hazing of Housen. o dgeilno T Man Held in Slaying. SAVANNAH, Ga., January 1 (P)— Charlie Vaughn, wanted in Columbia, S. C., for the alleged murder of Samuel J. Bickley, house detective of the Jef- ferson Hotel, on October 19, was cap- tured here Sunday by local police and is being held for South Carolina authorities now on the way to Sa- vannah for the prisoner. Vaughn, po- lice say, admits his identity. New York State commissioner of motor vehicles suspended or revoked 793 licenses in two weeks, In New York City 114 were accused of driving while intoxicated. Security Salesmen —of highest type. Financial institution operated more than two years, paying divi- dends and showing good earnings, now In- creasing capital. Apply 200 Seuthern Build- ing. between 10 and 12, _Ask for Mr. ,—(—:OMPLETE FINANCING 1st & 2nd TRUST MONEY On homes, apartment buildings and business properties. No apprai- sal fee. Prompt service. Real Estate Mortgage & Guaranty Corp. 24 Jackson Place Main 1403 | | I WILL SELL $1,000 Arlington Apt. 10 Lincoln Nat. 200 Units Real Guaranty @ 15 Units Wardman Mortgage & iscount @ 65. 500 Miller Tra 10 Internatios mith 1'% pfd. 3 . 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Initial deposits of One Dollar or more are invited by The Metropolitan. 3% Paid on Savings Metropolitan 115 Bank 115 old Years Years old 15th St. opp. U. S. Treasury FIRST MORTGAGES WHAT TO DO WITH DIVIDEND MONEY If you will investigate our 6% FIRST MORTGAGES —vyou'll find them a very attrac- A Third of a Century tive investment for your Jan- uary dividends. The security is all you can ask and the return definitely fixed and dependable. Without a Loss In amounts from $250 up. B. F. SAUL CO. Main 2100 925 15th St. N.W. IS NO SUBSTITUTE FOR SAFETY THERE R face new e e I T e H e THE YEAR IS DONE .« » and another year with its tasks and hazards stretches before us. The record of 1928 is made, and W endeavors in each square of t calendar of days. May you multiply the number of your successful accomplishments during the coming year, so that twelve months hence you will review a healthful and prosperous year of life. Capitol Title & Guarantee Company The Chandler Building 1425 Eye Street N.W. * Washington