Evening star., 1927-05-03
MOTOR INDUSTRY
NOW RANKS FIRST
Committee of A. B. A. Re-
ports Passenger Encroach-
ments Are Growing Serious.
BY EDWARD C. STONE.

BY EDWARD G.. STONE.
1t was reported by the commerce
and marine committee, of which John
B. Larner of this city is a member, at
Hot Springs. Ark, today, that the
amounts of capital and numbers of
workers now involved in the Nation s
use of automobiles are greater than
similar items for all it's railroads. The
A. B. A. executive council was told
that automotive encroachments on
railway passenger service are grow.
ing serious. The report added:
THE motor vehicle industry now
ranks first in our national industries.
Capital invested in motor vehicles and
highways improved primarily for mo.
tor vehicle use Is in excess of total
invested in railroads. Automotive and
allied industries have on pay roll about
per cent of all persons gainfully en-
ployed in the United States. In re-
pair shops, public garages, professional
chauffeurs and truck drivers the total
is greater than for railroad workers
of all classes.
"In contrast to the slight competi-
tive effect of motor trucks on railroad
freight traffic, the effect of automo.
biles and motor coaches on passenger
traffic is serious. The losses are con.
fined almost exclusively to passengers
who heretofore have used railroad To-
cal passenger trains. Long distance
and communication passengers are in
creasing, but not in sufficient degree to
overcome losses on local trains, and
the total of railroad-borne passengers
has been declining steadily since 1920.
The greater part of the loss is attrib-
utable to the private automobile, but
the motor coach during the past five
years has become a factor.
Passenger miles produced by auto
mobiles and motor coaches last year
on highways outside cities were
about three and one-half times as by
railroads. To offset their losses the
railroads are going extensively into
motor coach operations themselves as
supplements or substitutes for trains
on light-traffic branch lines. Rail-
road activities in the motor coach
field are likely to be extended. The
motor COACH, railroad operated, offers
a promising solution to the problem
of abandoning Improbable lines
without Inconvenience to the public. p"
Oversubscription Is Anticipated.
With 80 banks still to be heard
from, officials of the Potomac Electric
Power Co. predicted a large over
subscription for the new S2,500, 900
51a per cent preferred stock, which
was placed on the market yesterday.
The issue is being handled through
banks, trust companies and several
investment houses, and it will, of
course. be several days before definite
figures will be available While it is
512 per cent stock, it is the equiva-
lent of per cent to Washington resi-
dents, as they will not have to pay
tax on 1t.
Underwriters Meet Tonight.
The District Underwriters Associ-
alton will hold a special dinner-forum
meeting this evening at the Raleigh,
beginning at 5:45 o'clock. when the
chief speaker will be Edward A.
Woods OF Pittsburgh, who is to dis
cuss Financing Philanthropic Work. "
The aim of the gathering is to show
how the financing of philanthropic
work may be carried out through be-
quest insurance to the advantage of
various civic organizations. Repre-
sentatives of many local organizations
have been invited. IT is the first meet
ing of the kind the local underwriters
have ever held.
Money Not Everything To Ford.
There are a lot of things that in
terest Henry Ford more than money,
according to Rev. DIR. Archie d. Bal!
of Newark. n. j. who preached here
Sunday before President Coolidge and
a large congregation. DR.. Ball at
tended Thomas A. Edison's last birth
day dinner and on that occasion hu-
morously remarked to Henry Ford
that while he was up in Massachusetts,
trying to locate and restore the coun-
try SchoolhouSe famous for MARY and
her little lamb" the newspapers were
busy trying to decide whether the
auto king was worth one or two
billion dollars.
II am more interested in Mary and
the lamb" was Mr.. Ford's quick reply.
Foreign Loan Records Smashed
The value of foreign loans placed
in the United States during April ex.
ceeded that of any month in history
of foreign financing in the United
States, Commerce Department an
nounces. During the month Ameri-
can underwriters publicly offered for
eign capital securities of total par
value of S209 900 900, compared with
$t41. 900, 900 in April, 1926 Total new
nominal capital taken in this country
during April was about $207 ,000, 900,
compared with 10000, 900 in the cor
responding month of 1926, or a net in
crease of $3.50.
Trading Much More Active Today.
Trading was much more active on
the Washington Stock Exchange to-
day. Federal-American Natl nal led
the bank stocks, 20 shares selling at
800. 10 at 319A and 10 at 3191a. Sec
ond National sold at 235 and Liberty
National at 20712
NJ" -enthaler came out at 110, Capt..
tai Traction at 104B. Potomac Elec-
trio Power preferred at 108$ and Bar
ber & Ross common at SO. One hun
dred shares of National Mortgage pre-.
ferred went at S3s.
Trading was quite broad in the bond
division and prices maintained their
recent levels.
Heard i'm Financial District.
The annual meeting of the Lanston
Monotype Co. takes place Thursday
at 1880 o'clock in Alexandria.
Local bankers are expecting to settle
the early closing issue at their special
meeting late this afternoon.
The American Department Stores
WI ''oi dLloIl HAS dCquiTeu duultlOHdl
stores at Danville, Va, and Charles
Town, w. Va.
The Nunnally Co. reports for the
quarter ended March 81, 1927, profit
of $6,941, after expenses and deprecia.
ton, but before Federal taxes, against
proflt OF S4,2S9 in the first quarter of
1876. The company has outstanding
$50, 900 no par shares of stock
S. w. Straus & Co. announce that
the $504,500 outstanding first mort
gage per cent serial coupon bonds
of the Wilson Jones Loose Leaf Co.
of Chicago have been called for re-
demption as of May. I at 102 and ac-
crued interest.