Evening Star Newspaper, January 20, 1929, Page 36

NEW STOCK PEAKS PREDICTED IN 129 David Friday, Economist, Sees Rise in Second Half of Year. Y BY EDWARD C. STONE. David Friday, Washington economist, | in a recent address before the Detroit Stock Exchange, predicted that 1929 will establish new records for produc- tion and profits, and higher prices for stpcks in the Sast half year than have ever been seen. Commodity ° rices, he said, glve not yet risen to a point which would indicate we ‘have alrsady ex- jperienced the cul- winating boom year of the busi- mess revival which ogan in 1924, not- withstanding pres- ent credit string- ency which he re- | ds as temMPOTATY. Dr. Charles S. White. | goesw of exports | nts in 1929 will be even greater | ::;’l‘?lpolflll. when it was $1,040,000.- | 000, he believes. With the continuance | ¢ high excess of exports, gold is bound | £o flow back to America in the absence | of further loans abroad, which have peen discouraged by high interest rates, { m":x‘ndénc. may well get several hun- dred million dollars in gold from| abroad,” Mr. Priday declared. “Th outside world is supplied abundantly. | In addition to that which we have sent | out, the world is producing $200,000,- 200 worth of gold annually which goes into monetary uses. French peasants have brought into the Bank of France almost $100,000,000 since legal stabiliza- | tion in June last; Russia has sent Pmany $17,000000 in the past vear | h had not previously figured in| onetary stocks. Argentina, Spain and ermany all have more gold than they eed. The sum of their surplus hold-; ggs s not less than $300,000,000. “If this return of gold materializes, | #he American money situation will ease mlmost as rapidly as it tightened, for it will at once reduce our rediscounts and Federal Reserve credit used by a corresponding emount. Our bankers | will have more time to get adjusted to the new situation and will be less hesitant about rediscounting. When that has happened our money market and our rates of interest once more will be determined by fundamental economié factors rather than by a policy founded upon a transitorial and unfamiliar situation.” The greatest fallacy extant in the, “United States, Mr. Friday pointed out. is the belief that brokers’ loans con- stitute money withdrawn from indus- try. Eighty to ninety per cent of brok- s’ loans stands to the credit of indus- %ry, he said. Riggs Bank Stock Reaches 580. Prices were firm during the closing | Pession of the Washington Stock Ex- nge yesterday, perhaps the most in- feature being the sale of one of Riggs National Bank stock at| new high mark of 580. Previous this sale, 15 shares had changed Pands at 57812 - Potomac Electric Power 6 per cent lerred opened at 111% for 9 res and closed with 19 more shares lling at 112. The corporation’s 5}2 cent preferred opened at 108'5 and led the week with 30 shares mov- at 108. District National Securities preferred k appeared on the board at 101%, 1-American Co. common at 55% 10. shares of the finance company's erred at 102. Trading in these last issues amounted to only 20 shares. Mergenthaler opened with 20 shares g hands at 104';, 20 more going New York Stock and Bond Averages. SATURDAY, JANUARY 19. les. 2,603,200 shares. Is averaged 211.6: met Tow, 1400, ads averaged 135.7; y 0 938, '133.3: utilities net_gain. 3. High. 1928, 191.4: low, 126.4. BONDS, Total bond sales (par value), 5,277,000, -grade averaged 93.32; net lass. .08, Ten secondary rails averaged 96.65; net gain, .03, Ten public utilities averaged 97.03: net gal § ndustrials averaged 100.40; en net_loss, .0 Combined average. 96.85: met loss. mbined _average, month ago, 96 RS vear agn, 9 b AIR ORGANIZATIONS OF D. C. COMBINE {Aero Club and District Chap-‘ ter of N. A. A. Consolidate to Further Aviation. Consolidation of the National Capi- | tal's two leading aeronautical organi- zations, the District of Columbia Chap- ter of the National Aeronautical As- sociation and the Aero Club of Wash- ington, was announced last night. The merger will bring into one organiza- tion, to be known as “The Aero Club of Washington, Chapter of the National Aeronautic Association,” more than 200 Washingtonians who_are actively Interested in furthering the science of aeronautics. . The announcement of the merger was made by Henry Berliner, president of the District chapter, and Gen. James Alien and Dr. A. F. Zahm, presi- | dent and secretary of the Aero Club. | The merger was brought about at a meeting of the board of management of the Aerd Club of Washington. Special Luncheon Slated. On motion of Dr. George W. Lewis, director of research of the National Advisory Committee for Aeronautics, and governor of the National Aero- nautic Association, the entire member- ship of the District chapter of the as- sociation was accepted into the mem- bership of the Aecro Club. A special luncheon of the combined bodies will be held at the Carlton Hotel at 12:30 p.m. Tuesday for the election of officers for 1929. Members of both organizations are asked to make reservations for the luncheon with Carl F. Schory, treasurer of the District chapter of the association, at the Na- tional Aeronautic Association office, in the Barr Building. In addition to the election of offi- cers, a program of activity for the com- bined organization will be mapped out. It s expected that foremost on the program will be placed the matter of a model airport for the National Capi- tal, at Gravelly Point, a project for which the airport committee of the local chapter has been working for the past two years. The Aero Club of Washington was in- corporated January 23, 1909, “to foster interest in the principles and develop- ment of aeronautics.” Among the or- ganizers were Gen. James Allen, Butler Ames, John Barrett, Alexander Graham Bell, Charles J. , Charles S. Brom- well, Richard B. Creecy, Allerton Cush- man, Clarence Edwards, David Fairchild, A Greely, George H. Harries, Brig. Gen. Frank P. Lahm, C. L. Marlatt, Willis L. Moore, T. H. Newberry, Robert Shaw Oliver, Thomas Nelson Page, Her- bert Parsons, Maj. Gen. George O. Squier, George C. Sweet, O. H. Titt- mann, George O. Totten, jr.; Clarence R. Wilson, Luke E. Wright and Albert khangin; 84°104% and 15 others closing the ses- | F- Zahm. #ion at 104!;. Capital Traction was quiet, closing the week at 106%. Air Pioneers Honorary Members. Thomas F. Walsh was the first presi- WREE OPERATING | {troller; H. M. Keyser, secretary; A. M. THE SUNDAY STAR, WASHINGTON, D. C. JANUARY 20. 1929—PART 2. EXPENSES LOWER Ham Reports Losses Reduced During Year—Directors and ! Officers Elected. William F. Ham, president of the Washington Railway & Electric Co. reported to the stockholders at th annual meeting yesterday that a los: in traffic caused a decrease of $65, 456.92 in operating revenues during ! 1928, but ‘the company was able to effect a reduction in operating expenses in excess of the loss in revenue, there- ' by showing increase in operating | income of $22818.56 for the year. There was a decrease in revenue pas- | slcsl_)‘gvrs of. 1,286,623 compared with 27, | The board of directors was elocted.[ consisting of Charles J. Bell, Woodbury | Blair, Edwin_C. Brandenburg, Daniel J. Callahan, F. W. Doolittle, Robert V. Fleming, William T. Galliher, Julius Garfinckel, Edwin Gruhl, Wililam F. Ham. Robert N. Harper, Lennard H. Mitchell, Clarence F. Norment, Eugene E. Thompson and Harley P. Wilson. The directors elected officers for the ensuing year as follows: Charles J. Bell, chairman board of directors; William F. Ham, president; S. R. Bowen, vice president and counsel: A. G. Neal, vice president and con- Fisher, treasurer; William L. Clarke, zlssl&iitanl lsocr(’t.’xry-tl’easur@r: H W Zelly, assistant secretary; V. D. Bre assistant treasurer. e Financial Report in Nutshell. The condensed financial statement for the year 1928 follows: Gross earnings from 4 ration .....$5,783, Miscellaneous ~ income Gl o] (including dividends from_Potoma~ Elec- tric Power Co.).. 1.431.367.96 Gross income ...............§7,215,194.84 Operating expenses (including deprecia- tion), taxes and miscellaneous charges ... .....54,7310 Interest on fun o 750.196.69 and unfunded debt Payment of dividends on preferred stock. 425,000.00 Payment of dividends on common stock.. 455.000.00 - - 6.3 Balance of income for year 1928 credited to profit and loss. ... $853,955.25 Miscellaneous ~item: to profit and loss . 3,146.04 Total ciedited to profit and loss during the vear ..... $857.101.20 Aside from dividends from the Poto- mac Electric Power Co., included above, no income was received by the Wash- ington Railway & Electric Co. on its investment 1n stocks of subsidiary com- panies. B Ham Discusses Traffic. “During the year 1928, Mr. Ham said, “the company’s system carried 74,- | 462,681 revenue passengers and 23,504,- 421 transfer passengers, or a total of 97,967,102 passengers. This is a decrease of 1,286,623 revenue passengers carried as compared with the previous year, equivalent to 1.7 per cent. When it is considered that the use of private au- tomobiles is the largest contributing cause of the loss in street car traffic and that the number of automobiles registered in the District of Columbia in 1928 increased 18 per cent over the previous year, this decrease in traffic is not as much as might be expected. “It is also of interest to note that statistics compiled by the American Electric Railway Associatlon indicate that the loss of traffic in the street rail- ‘way industry is general throughout the country and that the loss in Wash- ington is consideraby less than that suffered in several sections of the United States. “Substantial renewals and repairs to track structures were carried to com- pletion in 1928, thus continuing the practice that has been followed for the ; last 10 years. The expenses of main- tenance of way and structures, to- gether with allowances for depreciation, totaled $788,589.95. In 1928 there were | placed in operation 12 new one-man Seventh & Eye Streets Seventh & Eye Streets | House & Herrmann (| Inventory Discoveries —in Furniture of Merit— A Suite or two of a pattern and here and there an odd piece—remaining of the season’s stock—all re-marked for clearance now. They make bargains of very desirable designs and qualities for which “Furniture of Merit” vouches. This $169 Living Room Suite—Now $129.75 Three pieces—overstuffed, but with partially exposed frame. The entire Suite, front, back, sides and both sides of the cushions, covered with attractive pattern of Jacquard Velour. Spring upholstered, including the reversible cushions. $139.00 Three-piece Living Room Suite.......$114.50 $229.00 Two-piece Living Room Suite .......$149.00 $200.00 Three-piece Bed-Davenport Suite .. ...5$159.00 $325.00 Three-piece Living Room Suite.......$269.00 $339.00 Three-piece Bed-Davenport Suite .....$279.00 $425.00 Two-piece Living Room Suite . .......$359.00 $450.00 Three-piece Living Room Suite.......$375.00 $600.00 Two-piece Living Room Suite .. This $249 Bedroom Suite—Now $199.00 Figured burl walnut veneers and gumwood is the construction, and the workman- ship is of a high order. All of the most appealing design and finished in the lustrous walnut shade. It's a four-piece suite of well proportioned design. $169.00 Four-piece Bedroom Suite . $189.00 Four-piece Bedroom Suite . ...$139.00 Occasional Table $37.50 A combination of finely matched veneers and gumwood. Finished in a lustrous walnut. Cogswell Chair $39.50 Deep, comfortable Chair, hav- ing full web seat construction. Exposed portions of frame are of solid mahogany, finely fin- ished. Magazine End Table There was » $1.000 sale in Railway & Blectric 45 at 80%. In the unlisted de- | S€0° of :l;e.Aggfl?;\;bh The club Va3 | cars, costing approximately $172,000. rtment 30 shares of Park ‘8avings|Gen'“Ajlen, who was chief signal officer | Bus Lines Expand During Year. k stock sold at 75, and Metro- | r'ihe Army at the time, by a committee | “The fleet of busses has been in- $250.00 Seven-piece Bedroom Suite ...$179.00 ...$199.00 $6.95 ditan Club first 5s moved at 88. ‘Washington Outlook Held Good. Washington is -placed among the les in the Middle Atlantic section ich are considered to have the best les outlook in the near future by the der Hamilton Institute’s Credit | Sales Bulletin, just issued. Regard- the outlook in this locality the bul- letin further says: “Employment is holding above last in the.face of a seasonal decline industry. There is continued ac- Hivity in the radio, ready-to-wear, iron uld steel, electrical equipment, and all | dustries, which has helped to keep :nplloyes, buying power at a satisfactery | vel. | “Sales of automobiles, lumber and,! lding materials, furniture, shoes, | rs and obacco, jewelry and glass | wre slow. ‘che total volime of trade is punning slightly above last year. Some Mines are active while others are in ! Emany cases 10 per cent below last year. | PBadio, automobile accessories, metal | Broducts, grocery, heating - equipment ®nd electrical equipment sales are good. : “Building actiyity is showing the nor- al recession for this time of the year. of 26 members assembled for the. pur- pose on the invitation of a preliminary committee, which had prepared suitable articles of incorporation and a tentative constitution and by-laws. Honorary members of the Aero Club in the first year of its existence were: The President, Count Ferdinand von Zeppelin, Louis Bleriot, Octave Chanute, Glenn H. Curtiss, A. Santos Dumont, Lawrence Hargrave, Orville Wright and Wilbur Wright. UTILITIES PAY TAXES. Five Oklahoma Cities’ Costs Met by Power Income. OKLAHOMA CITY, Okla. (P).—Five cities in thjs State assess no taxes be- cause profits from municipally owned utilities pay the cost of government. They are Ponca City, Newkirk, Black- well, Kaw City and Altus. All except Altus are in Kay County Water and light plants are the sources of municipal revenue at Ponca City, Blackwell and Altus. Power plants make Newkirk and Kaw City tax free. eavy construction and work in the ocess of completion is going forth at normal rate.” ‘Wholesale Prices Maintained. i ‘ The general level of wholesale prices November to December was prac- | Mically unchanged, according to the | test Bureau of Labor statistics. Com- pared with December, 1927, a decrease | of one-tenth of one per cent was shown. | ‘The bureau’s weighted index number, | including 550 commodities or price | meries, stands at 96.7 for December, the | mme figure as for Novembgr. | Food prices were lower than in| November, while prices of farm products | averaged ‘somewhat higher. Negligible | ice increases - were recorded in the | 0.ps of hides and leather products, | metals and metal products, building | naterials, chemicals and drugs, and misceljaneous commodities, while a Wmall decrease was shown among fuel | #nd lighting materials. Title Company Elects Officers. At the regular meeting of the board | directors of the Distrid, Lawyers and | ashington Title Insurance Com- panies, the following officers were elected to serve for the following year: | Arthur G, Bishop, president; Eugene A. | PBmith, vice president; Joseph N. Saun- | from utilities, its net profits for the last fiscal year being $260,200. It has levied no general city tax for seven years. i e Net Income Gains. NEW_YORK, January 19 (#)—Par- afine Cos., Inc., of San Francisco re- ports et income for six months ended December 31 equals $3.20 a share, against $2.88 a share in the correspond- ing 1927 period. noted surgeon into_ closer touch with financial circles. Dr. White has long been prominent in the Capital and his work in health organizations has given him national standing. Several of the local banks now have active prefessional men on their boards. John B. Cochran, president of the Franklin National Bank, left the city yesterday by motor for a trip to Florida, He plans to stop in North Carolina and do some hunting. A director of this bank, Henry Tait Rodicr, is also on the way to Florida with another party. Gross revenues of Chesapeake & Ohio Railway for December are estimated at close to $10.000,000, compared with £9,- glers, vice president and title officer; | 145,461 in Dccember, 1927. Surplus Charles W. Stetson, vice president and | After fixed charges is expected to be Bitle officer; George H. O'Connor, vice | $1.750,000, compare allam, vice president and title officer; rry M. Packard, secretary-treasurer; John H. Stadtler, assistant secretary- Breasurer; Raymond J. Vierbuchen, istant secretary-treasurer; E. Roy I, assistant treasurer. Commercial National Officers. . R. Golden Donaldson, president, and » following officers of the Commer- al National Bank were re-elected at ghe annual organization meeting of the Poard of directors: James B. Reynolds, wice president; James H. Baden, vice fpresident; Laurence A. Slaughter, vice esident; Walter J. Harrison, vice resident; Frederick H. Cox, cashier; Robert A. Cissel, controller; Herbert V. T. Blackwell Smith, Alexander R. , M. F. Showalter and R. Jesse Chaney, assistant cashlers; Hayden Johnson, general counsel and trust of- ficer, and Aubrey O. Dooley, assistant trust officer. Esldenl and title officer; Willlam M. | with $1,492,335. Gross revenues last year approximated $124,673,000, representing a decwase of $8,369.174 from 1927. Despite the large drop in gross, the surplus after charges was down only about $1,190,000. The Lanston Monotype Co. has de- | clared the regular quarterly dividend of 181,50 per share, payable February 28 |to stock of record Priday, February 18. The action was taken at the Phliadel- | phia headquaters, The stock is widely | held in this city and is selling at 125 on | the local exchange. ‘The Senate banking and currency committee has ordered favorably re- | ported the reappointment of John H. | Guill of California to be a member of the Federal Farm Loan Board. Ralph M. Wolfe, formerly with the chants Bank & Trust Co., has be- | c associated with Mackubin, Good- rich & Co. in their office in the Invest- i ment Building. | _ Offering is made by Bonbright & Co., Inc., of an additional issue of 25,000 Gleaned in Financial District. Election of Dr. Charles Stanley White shares $6 no par value preferred stock | of Eleetric Investors, Inc. The stock is priced at $99 per share and accrued Ponca City gets the largest income | i | creased to 84 Ly the purchase of 13 yellow coaches In 1928, costing $94,- 687.17, and_threz Dodge-Graham and | one G. M. C. bus, acquired through the purchase of the Montgomery Bus Lines, Inc., operating from Rockville, Md., to the center of Washington. During the year the busses operated 2,669,792 miles | over routes in excess of 115 miles; car- | ried a total of 7,841,465 passengers with receipts aggregating $554,873.83. ‘These busses are operated as auxiliary to and in co-ordination with street car service. “The Potomac Electric Power Co. has continued to enjoy a large increase in the volume of its business. In the vear 1928 it sold 250,830,975 kilowatt hours, an Increase of 14.5 per cent over the previous year. “The number of meters in service as of the close of 1928 was 143,874, an in- crease of 7. °per cent over those at the close of 1927. 4 Company Has 1,807 Stockholders. “The record of stockholders of the Washington Rallway & Electric Co. as of the close of 1928 indicated a total of 1,807, .of whom 1,061 are women, trustees, charitable, beneficial, religious and other similar organizations. The record further indicates that 1,143, or 63, per cent of the stockholders of the Washington Railway & Electric Co. are residents of the District of Columbia. | “The preferred stockholders of the Potomac Electric Power Co. now num- ber 5,654. Of these 3,120 are women, trustees, charitable, beneficial or re- ligious organizations, and 90 per cent of the total are residents of the District of Columbia,” Mr. Ham reported. WHEAT PRICES LOWER. CHICAGO, January 19 (#).—Much enlarged buying of wheat. future de- liveries today hoisted July wheat to a pew high-price record for the season. Houses with Eastern connections were conspicuous in the wheat purchasing movement, and weather conditions throughout a good deal of the domestic Winter wheat territory were regarded as pointing to chances of crop damage. Toward the last, however, corn weak- ness and profit-taking brought about a reaction. Corn averaged lower to- day as a result of free profit-taking and on selling because of reports of showers In Santa Fe, Entre Rios and Cordoba Provinces, Argentina, and con- scquent lessened tension as to drought. Wheat closed unsettled, !4 to % net lower; corn, 133 to 1% off; oats, 13 to 1'% down, and provisions varying from 7 decline to a.rise of 5. Stringer Named Chairman. Henry E. Stringer of Washington, vice president of the Hydraulic Press Brick Co., was elected general chairman of | the Atlantic States Shippers’ Advisory Board, at the quarterly meeting of the board, held at the Commodore Hotel, New York City, Friday. This board is one of 13 such boards established throughout the United States and organized under the auspices of the American Railway Association to bring shippers and users of freight transportation and the railroads of the country together for the purpose of considering, to their mutual interest, all problems relating to transportation service. Receives Gold Shipment. NEW YORK, January 19 ().—The American Exchange Ifving Trust Co. of #o the directorate of the Federal- dividends from February 1, 1929, to'New York has received another $1,000,- ”mznm National Bank brought a yield over 6 per cent. ” 000 in gold from . - $239.00 Four-piece Bedroom Suite $279.00 Four-piece Bedroom Suite $300.00 Four-piece Bedroom Suite. $450.00 Five-piece Bedroom Suite .. $585.00 Four-piece Bedroom Suite. ..$239.00 ..$279.00 ..$399.00 .. $439.00 ///%-(‘( 7 WiZ) i\ \wi ~ This $279 Dining Suite—Now $199.00 Conservative design, but strictly modern -and decidedly smart. Large turned legs with heavy shaped stretchers give substantial structural strength. $169.00 Ten-piece Dining Room Suite. ... $192.50 Ten-piece Dining Room Suite. ... ..$159.00 $249.00 Ten-piece Dining Room Suite. ..$199.00 $300.00 Ten-piece Dining Room Suite. .$239.00 $299.00 Ten-piece Dining Room Suite. .$259.00 $359.00 Ten-piece Dining Room Suite. .$299.00 $399.00 Ten-piece Dining Room Suite. .$359.00 $600.00 Ten-piece Dining Room Suite. .$495.00 Charge Now’s a good Accounts time to refurnish i e \CEurniture of Merit/) 1 J Yoo and' Eye Sts. Opened on Request rrmann Nicely finished and equipped with rack for magazines, etec. Solid Mahogany top, with base of Gumwood. Layer-Felt Mattress $9.75 Genuine Layer Felt; excellent make and finished with roll edge. Covered with attractive art and floral ticking. Coil springs of 90 heavy coiled spirals. Each coil is attached at top by a small helical spring, heavy border wire, and angle steel side rails; finished in Gray Enamel. Money - saving prices- on “Fur- niture of Merit”