Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-21

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| ported total op- A2AsS''>-'
| Grating income for
! the month of S48,- Roy A. Young.
476.72 compared with the higher flgur
year ago of $53.302.49. The tota
number of revenue passengers carried
by the company during August OF thi
yeal was 4,358,586, compared with 4,
| 58O.63l in the same period last year.
| For the first eight months of TIL
present year the company reported rev
| enues from operations amounting t.
| S2901 .703.49, compared with $2,970,
| 309.23 in the same month last year
! Operating expenses and taxes amounted
to S2.270.864 in comparison will
$2.315.13476 in August. 1927.
! The companys total income from
operations was $630,833.7l, against
! $655.17447 last year. After the usud
other deductions the traction company
| had net for the first eight months 81
| 1923 of S415.893.88, compared with the
| net income for the same period in 1927
of S440,776.35. The total number Of
revenue passengers carried during the
period was 1892 1877, compared witt,
40,539,659 last year.
White Elected Trust Director.
Investors of Washington. an invest.
ment trust of the management type
announces the election of William II
White, jr.. to its board of directors.
| Mr.. White is a member of the law
firm of Cuthell, White, Hotchkiss &
| Mills. and a director of the F. S. Register
Guano Co. and the Lambert Point Tow
boat Co., both of Norfolk. Va He is a
member of the Chevy Chase ano
Racquet clubs of this city and of lie
Princess Ann Country Club of Norfolk
Mr.. White is graduate of the Univcr-
! sity of Virginia, at which university he
also received his LII. B. degree.
Discusses Present Credit Status.
Gov Roy A. Young of the Federal
Reserve Board, speaking before Indiana
bankers yesterday. said:
Il have stated to you that conditions
to large extent, bring about Federal
Reserve policies rather than that Fed
eral Reserve policies bring about condl-
tons. That is just the position of 4 {
system at the moment. If past expert
ence means anything, we know that the
additional reserve credit needed be-
! tween now and December 81 will aggrt
gate approximately $300,000,0 900. This
will come from the usual seasonal re.
! quirements of agriculture and business
| 1t is the expectation of the system thai
| this additional credit will be secured b:
/ the member banks rediscounting with.
| out heSitancy to take care of these re.
| quirements and that they will lend tc
their customers at reasonable rates.
1T further expects that this addl-
tional reserve credit will not be USED
In further expanding a bank credit sit
uation that grew up when our gold re-
serves were $500, 1000, 1000 larger than they
are now and which has continued to
grow while the reserves have been
shrinking. If after January, 1929, fol-
lowing the return flow of holiday cur
rency, the banks still owe the system
approximately $1,000, 100000 in redls-
counts, I, personally, will feel that the
situation has been handled admirably
and shall have no cause for concern
because with the tradition which tn.
member banks have about borrowing
continually from the Federal Reserv:
| system, debt to the system Of 81 .000.-
| 100000 will have more moderating ca
credit than any other single condition
! that I know Of
Brokers Establish Paris Office.
Wright, Slade g. Co. of New York
with local Offices in the Mayf1owe
Hotel members of the New York Stool
Exchange, have established at 80 Ru
! Tronchet, Paris, a general agency. il
charge of Comte DIES Isnards car
| Messrs. p. Rodocanochi g. Co. 1t
expected that a permanent brancl
Office will be placed in operation Their
later. Wright, Slade g. Co. are nov
| prepared to buy or sell securities liste'
on any of the foreign markets. through
/ their Paris branch, by direct privat
wire to New York City. and from Their
| via cable or wireless to Paris.
Riggs Bank Stock Sells at $3.50.
Riggs National Bank stock advance,
! to $50. compared with 5l7l2, as tn
last sale on the Washington Stock Elk
change today. The stock opened at 81
and closed at 528. Sanitary Grocer.
preferred made new top at 1856. Capt.
tai Traction came out at 1861. TIL
Potomac Power issues we're strong an
active and both type stocks were on
at recent levels. Bonds were in quie
demand
There are now IA issues on the locs
board which are selling ex dividend
AAAC OSAoA E1AuGy CdIlIiIS VI Vic
securities showed very few price change:
In and Out of the Local Banks.
Frank E. Ghiselli, vice president c
the Merchants Bank g. Trust Co.,
spending some time at Atlantic City.
Alexander Wolf, general counsel c
the Bank of Commerce 81 Savings.
now In Paris, and expects to be bac
in Washington about the first of DC
tober.
Joseph N. Thompson, connected wit
the downtown Office of G.. NJ P. Murph
d. Co., is on his vacation, part of whic
ne is spending motoring through south
ern Maryland
Howard Moran, chairman of the Dis
trict Bankers Association committee Oh
taxation. has called a meeting of III
committee at $3.50 this afternoon d
headquarters.
President Robert NJ Harper of tn
District National Bank is heading
new country club to be opened on IN
Rockville road near the Corby estate
Dividends and Other Notes.
The Lanston Monotype Co. has de
clared the regular quarterly dividen
of 112 payable on November 80 to stock
holders of record November 20. Til
transfer books will not be closed.
Peoples Drug Store will pay a IS
cent dividend on the common stock %
October / on stock of record Septer
Der 8. The S1.62l2 dividend on tn
preferred was paid on September Is.
1t now appears almost certain tina
all the banks in the city will soon vot
to close on Saturday evenings through
i out the year, those in the Ninth an
Seventh street territory being the mos
interested.