Evening star., 1928-04-02
LINOTYPE LEADER
ON EXCHANGE HERE
SwartzeIl, Rheem & Hensey
Celebrating Its Fifty-ninth
Anniversary.
BY EDWARD c. STONE.

! the session. The stock opened with a
lo-share lot selling at ld0il. Later a
, l00-Share block and smaller sales took
/ place at 100, where the stock closed,
/ Eighty shares Of Washington Rail-
/ way & Electric preferred came out,
/ three different sales being registered
all at I0S. Potomac Electric Power
1 5'a per cent preferred opened the week
at 1854.
The remainder of the trading was In
! bonds. Chesapeake &, Potomac Tele-
| phone SIS sold az looa4. Washington Gas
J 6S, series 3, at loSis and Gas 6s, series
| A. at lo57s. Washington Gas SIS moved
/ at 1854.
| Investment House 50 Years Old.
Swartzell. Rheem & Hensey Co. one of
| the oldest investment houses in Washing
! ton. yesterday celebrated its fifty-ninth
anniversary On April !, 1869. the oi-
/ rect predecessors of the present COM
pany, Joshua Whitney and Brainerd
. H. Warner. opened Offices on Seventh
street between @ and II streets. Later
the charter of this partnership was
amended and the name of the organ
! lzation changed TO the Swartzell, Rheem
+ & HenSey Co. Thus for considerable
over half n century these names have
/ been connected with the development
Of the city and the company'S first
mortgage investments secured on i'm
| proved Washington real estate have
made large sums Of invested capital
available for the physical growth of the
city.
In placing loans. Edmund D. Rheems
father, Clarence B. Rheem. conceived
the idea of making first mortgage notes
in small denominations SO that the in
veStor might find a safe channel in
which to place his money in small
amounts. This convenient method OF
investment at once proved popular.
Among the buildings financed by the
company are the Carlton Hotel Ward
man Park Hotel, Annapolis Hotel. Cathe-
dral Mansions. the Windemere. the
Harrowgate. the Dresden. the Hays
Adams House. the McReynolds and the
La Sale. now under construction. Of
! fee buildings financed include the De-
| partment of Justice. Securities Building.
, Hill Building, Medical Science Build
| ing and others
The officers of the company are: L, A.
| Swart2ell, president: Edmund D. Rheem.
/ first vice president. J. Newton Brewer.
second vice president: John II. Hol-
mead. treasurer. and George F. Hunt.
| secretary.
1FdCLtOu UiFlQenuS Edtu 1QuAN.
Checks for the l30th quarter divi-
dead of the Capital Traction Co were
received in the mail this morning Ac-
| con.panying the checks was letter
| from the president. John H. Hanna.
with reference TO the ratification by the
| stockholders of the unification agree
ment adopted on March Is.
| President Hanna adds that since the
/ date on which til: unification plan was
| approved. the Public Utilities Commits
+ sion has notified the Capital Traction
| Co. that 1t has approved the unfit
cation agreement with certain modifica-
! tions which, while removing some of
/ the objections raised by representatives
| of the public, do not. in the opinion
| of your directors. materially change the
/ nature of the agreement as submitted
TO and approved by you"
Bank Conference Program Completed.
/ The program has been completed for
| the Southern Regional Savings Confer
ence at Richmond on next Thursday
and Friday.
The delegates and guests will be well
coined by Henry E. Ltchford of the
| Richmond Clearing House Association.
| George L. Woodward. president of the
! savings bank division of the A B. A.,
will make the first address
The first speaker from Washington
will be r. p H Siddons. who will speak
on Should Savings Accounts Be Segre-
gated and Put Under Legal Restrictions
| as 10 investments"
On Thursday afternoon John Poole
/ will also give an address on How Far
| Should a Bank Go In Advising lis Gus
/ toners rs to Their Investments" The
other Washington speaker comes on
/ Friday. Eliot Fl. Thomson's subject
| being THE ADVANTAGES of Cooperative
! Educational Advertising for Thrift Ac-
/ counts"
Federai-Ameriean Co. Reports.
Quarterly dividend checks have been
received by the Federal-American Co.
stockholders amounting to $50 per
share on preferred stock and 80 cents
| per share on common stock
An accompanying operating statement
| for the quarter ended March 81. shows
gross income of s5l .349I6; expenses.
s8.209.s9: profit from operations. S43.-
| 1927. less amount reserved for income
/ tax s5.823o0: surplus for the quarter.
| S37t3i5.47. After deducting preferred
dividends for the quarter from this sur
plus. the company shows a surplus
! equity TO common stockholders amount
ing To slightly over 70 cents per share
out Of which a quarterly 30-cent dlvi-
dend was paid.
Total cash dividends on both classes
Of stock paid since the organization OF
the company In May, 1926, amount to
s79.50l.
Norfolk & Westerns Net Up.
Net earnings Of the Norfolk 81 West
ern last year were only $6,i52 892 n
less than in the peak year OF 1925
Operating revenues last year were $llo.-
986. 200 "a and the net income was $780,
65i. 1854 as compared With Si20,409..
033a37 and S3e,304 1921 in 1926.
There was a decrease III the gross
Operating revenues Of S9.z60.83773 This
large earnings last year despite an ap.
pIeciable drop in operating revenues, are
due largely 10 increases Of SPAS, SIG 40
and 1861 ,l43 "a for equipment and joint
facility rents and other incomes. re.
ispectiyely and decreases of 81 $50, ,7S3.'
SIS In operating expenses, $773.99i.G3 ir
ia s and uncoilectible revenue ane
I$97i5s49 in interest charges.
Pennsys Net Income Increases.
The Pennsylvania Railroad reports al
increase IN net income Of S5s2. 1877 n
1927, the total being &G5, 100, ,296. Thi
net operating HgGoHF 1oi 1871 va
GI03 ,977 303. a decrease Of &2.455. .545
The gross income was sl47.2l4. .299, at
increase 0f &29l sos. While operating
revenues decreased G3 per cent, th
net railway operating income declined
only 23 per cent.
&. 4 q. Also Issues Annuai Report.
A net income Of S28.479,z4I for 1872
reported by lhe Chcaapeahe IL Ohi'
Railway Go IL equivalent 70 s24 10 Pc
share on the common stock, and com
| Dares with income 0f $40 294 .s03 o
sz475 per share, IN 1926 Net operat
Ing revenue VAS s43 800, 1877 a decreaB
of Oh per cent Net railway operating
| income was $50 e,32Gg30, q decrease 0
| IEg DeT cent.