Evening star., 1928-12-30

close of the year gives us an encourag-
ing outlook for the opening months OF
1929. Prognosticators of repute tell us
that the first six months should see
continuation of the present general
business activity It is reasonable to
assume that our present momentum
will carry us some distance, but just
how far it is difficult to prophesy.
"At the moment attention seems to
be focused on the security markets.
Generally, price levels are reflection
Of business conditions, but our present
indicator seems to be discounting fu-'
tllre prospects to a marked degree. A
continuation of the upward movement
in stocks, and the improvement in
business activities will surely generate
such a strain on our credit structure
that liquidation will be the only reme-
dy. Forced liquidation in the security
markets, unless of short duration, in
almost every instance retardS trade and
industry It is reasonable to believe
we will approach this point some time
during 1929.
While our local condition is to a
great extent a reflection of general
business throughout the country, the
beginning of the Government building
program and the appearance of rather
substantial buying power in the real
estate field seem to give us a hopeful
outlook for 1929"
Chestnut Farms Common Jumps.
Chestnut Farms Dairy common scored
another new high mark on the Wash
ington Stock Exchange yesterday by
advancing points to 205 on sales of a
20 and so share block This stock
has been advancing for some time and
featured trading on Friday and Sat-
urday.
Capital Traction sold ex-dividend at
1861. Washington Gas Light was off
fractionally, moving to the extent of
eight shares at 10434. LanSton was
strong at 120, and five shares of Mer-
genthaler sold ex-dividend at 104A.
Thirty shares of Potomac Electric
Sig per cent preferred came out at
1083s and 18 shares of Merchants
Transfer & Storage sold at LOT, ex-div-
idend. A stock which rarely appears
on the board was Washington Mechan-
les Mortgage Co. common which figured
in 30-share turnover at II.
Only one bank stock appeared, three
shares of Riggs National selling at
548l2. Only one bod was recorded al
the week end, 1000 Washington Rail-
way General 6S selling at 1922. The
off, comparatively few changes being
noted.
The exchange will be open Monday
as usual, it being decided not to close
as was the case on Monday before
Christmas.
Banker Joins Georgetown Regents.
John Sylvester Drum, former presi-
dent of the American Bankers ASSo-
citation, has been elected a member OF
the Georgetown University Board OF
Regents. He is president of the Ameri-
can Trust Co. of San Francisco, re-
Gently merged with the Mercantile
Trust Co., and is director in numerous
public utilities on the Pacific Coast
Mr.. Drum was California State director
of war savings during the World Wal
and member of the capital issues com
mittee under the War Finance Corpora.
ton in 1918 Several local bankers knew
him personally when he was guiding
the affairs of the A. B. A.
Banks Especially Prosperous.
Banking, finance and insurance com
panies will lead in 1929 in the amoun
of net profit derived from the gross
dollar, it is predicted by j. A. Reichart
president of Clarence Hodson & Co. o.
New York, who declares that the out
standing phenomenon of the present in
>dustrial era is the amount of none!
Aing made by those companies wht
d in the dollar as their stock il
tradSX
For Ne past two years, he says, com
panieS Engaged in industry have hat
high capital and depreciation costs, ant
4 large profits have been made only b.
4 turning over an enormous voluNzs o