Evening star., 1928-12-20

2. Au m bile %Ss 1855
output will almost
urely be greater i'll l$. ssas$$ s. 3 = sS$$s S$$
>arly months of /. ;sS Ssss
1929 than in 1928
months, but less IN Theodore Michael.
closing months OF
next year than this year.
3 Total value of new building pei
nits is likely II be somewhat less
1929 than in 1923.
q. Total tonnage of iron and stet
produced in 1929 will probably not ex
ceed that of 1923.
S. Average prices of common STOCK
will probably be lower at end OF No
vember, 1929, than at end OF Novem
Der, 1928.
6. It is not likely cost OF living WI
change much in 1929.
Z. There will probably be less un
employment in opening months of 1872
than in early months of 1928, but NOR
unemployment in closing months o
1929 than this year.
8. Trend of cost of building durln
1929 will probably be a declining onf
9. Net profits of industrial corpora
tions as compiled by Federal Reserv
Bank will probably be less in 1929 thai
In 1923.
Bank President for IL Years.
Theodore Michael, president of tn
North Capitol Savings Bank, is round
ing out his twelfth year as head of hi
thriving institution. He first becam
deeply interested in banking in 1914
when he was elected vice president o
this same bank Two years later h
was elevated to the presidency, ant
since that time has made an enviabl
record as banker.
Mr. Michael is a native of Maryland
but has resided in Washington through
out his business career. His first posi-
ton was in the Government printini
service. In addition to being an activ
banker, he has found time to operat
successfully building material suppl.
business, grain and feed establishment
and a garage. He is much interested
in the work of the District Bankers AS
sociation, the local trade bodies, ant
during the war was active in the Liber
ty Loan drive. Incidentally he is F;
member of the Congressional Countr.
Club and the City Club.
Heavy Increase in Bank Credit.
Both member bank and total banl
G4EAAlG 1ldNC AlC1CQpCd 4ICdfAy OfCA GAN
past several years and especially sine
1925, while member bank reserve bal
ances have remained at almost tn
same level since the war, the Fedora
Reserve Board points out in its Decem
Der bulletin. This means an increas
ing amount of bank credit, with n
corresponding control by the centra
bank:
In round numbers, while membe
bank reserve balances have remainet
near $4,000, 100000, member bank credi
has increased from about $22,000,000,
600 in 1919 to about $35,000, 100000 a
present. and total bank credit ha
grown from about $4,000, 900, 900 il
1919 to nearly $57,00O,O0o 900.
Semi-Annual Dividend Declared,
The Washington Savings Bank vii
on January 2 pay the regular semi
annual dividend of per cent to stock
holders of record December 80, tn
directors having voted the divident
at a meeting held December IS. OF
fcerS of the institution are: Thoma
E. FARRELL, president; John D. Leonard
vice president and treasurer; william
2. Russell, vice president, and Rober
J. Earnshaw, assistant treasurer.
Former A. B. A. President Here.
Walter w. Head, president of tn
Omaha National Bank & Trust Co. G
Omaha, Nebr, and past president G
the American Bankers Association, wit
Mrs. Head has been spending a fer
days in Washington. Mr. Head was tn
honor guest at luncheon given b
Josnua Evans, jr., executive vice presi
dent OF the District National Banl
Tuesday at the Metropolitan Club. whe
tne other guests were Nelson johnson
commissioner Proctor L. Doughert,
Floyo Harrison, Col. U. S. Grant, 81
Leanoer McCormick-Good Charlie
=; Brand. John j. O'Cennor, Cap
Chester Wells, L. r. Eakin and Mauric
H. Avery.
Dollars and Sense Appears.
:. Dollars and Sense, the official put
ncation Of Washington Chapter. A.
b. came out today and is an exceller
NUMBER. Secretary of Commerce Whit
ing, Rear Admiral Morris pavmaste
general OF the Navy, and Richard y
Hlll, national secretary of the America
institute of Banking, contribute sneci,
articles. The publication is edited
aubrey Q. Dooley of the Commerci
NaClonal Bank.
Special reports by A. E. Henze. chai
man OF the educational COMMITTEE
FRANK M. Perley, chairman of the men
perShlp committee; Mabel v. Royc
chairman OF the women's committe
aired w. Sherman, chairman of Il
ways and means committee, and Ricl
ara A. Norris, chief consul, are puI
hshed.
Trading Active on ID. C. Exchange.
Trading was broad and active on Il
washington Stock Exchange today. tt
Stock division opened with CAN'T
traction selling at l06, and closing
1Oots. Chestnut Farms Dairy commc
SOLD TO the extent of 25 shares at l9
While Railway & Electric preferrt
came out at 99l2 and closed at 81.
Potomac Electric Power SD per ce,
preferred figured in a 70-share turl
over, opening at 1924 and closing
%. The per cent issue moved
1l2. Riggs National Bank stock SO
at SAT and $50, and American Securi
& Trust changed hands at Asst, 457
and 456.
Peoples Drug preferred sold at 1861
90 shares OF MergenthaIer chang
hands, closing at l04l4. Lanston SO
at 1lf94. washington Gas figured
two small sales at 104. Bonds mai
tained reccntS levels
Heard in Financial District.
The annual Christmas party of t
Bank Women's Club of Washington W
a brilliant success. The dinner, progra
and distribution of rare and costly gi
were thoroughly enjoyed.
The Fox Film Corporation has d
clared the regular quarterly dividend
81 on class A and class B commc
payable January Is to stock of reco
December 81.
Reuben A. Lewis, secretary of t
trust company division of the A. B.
is to address the flduciaries section
the local association at an early date
The Security Club of the Americ
Security & Trust Co. will hold its a
nual Christmas party at 2400 Sixteen
street tonight, r. D. Lewis announc