Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-12-02
North American Increases Budget.

The North American Co.'S subsidiaries
are providing for IA per cent more ex-
penditures during 1880 for additions to
plants and systems than will be spent
during 1929.
budgets for the North American Sys-
tenn Frank L. Dame, president, said,
aggregate upwards of S100,000,000 for
new work authorized, including new
projects and amounts carried over from
this year in connection with large con-
struction programs falling naturally into
two or more calendar years. OF this
amount it is estimated that about $751;
100000 will be expended during 1880,
a. compared with $50 100000 expended
during 1929. The figures do not include
expenditures for maintenance which
will approximate S11 100000 for 1880.
One of the important items provides
for an extensive addition to the Bennlng
plant in this city.
Chain Store Business Good.
The business of chain stores has been
virtually unaffected by the recent dras-
tic break in the securities market.
No type of business is more inherent
ly stable than that of the merchandise
ing chains which sell the necessities of
life at low unit cost.
There is evidence to indicate that
chain store businesses really thrive in
times of temporary business depression.
These are conclusions set forth by r.
w. Lyons, executive secretary of the
National Chain Store Association.
Local Exchange Active Today.
Considerable activity developed on
the Washington Stock Exchange today
after the four-day lull in business.
Washington Gas Light stock sold to
b. &c cl1n af
is the same as a recent sale, but below
where the stock has been quoted dur
ing most of the year.
F'ederal-American Co. common came
out at 33 and 10 shares of the preferred
issue changed hands at par. A small
lot sale in Lanston registered 106.
Mergenthaler figured in a 10-Share
sale at l04l2, fractional new high on
the present move. A 25-share turn
over in Peoples Drug Stores preferred
was recorded at 1929, the stock now
being ex dividend.
Capital Traction sold at 1872 for a
10-share lot, up a half from the last
sale. Potomac Electric Power sig per
cent preferred came out at 104l2, and
Washington Railway q Electric pre-
ferred sold at 94l4. Seventy shares OF
National Mortgage g. Investment pre-
ferred moved at 334.
ington Gas 6s, series A, at I01i2 and
10l; Railway e. Electric As at 81, Wash
ington Gas IS at 1924 and Capital Trac-
ton SIS at 92l2.
The Chestnut Farms Dairy 6lz pei
cent 1871 bonds have been stricken from
the list, as they were called for pay
ment today at 1912 plus interest
There have been s637 500 of these bonds
outstanding.
Heard in Financial District.
Members of the local Christmas Saw
ings Clubs reported the arrival today il
the maA of their checks for what the,
saved during the past II months. Thes
checks totaled over 100000. Mex
years clubs have already opened.
Local broker offices were open TO-DAY
after the four days vacation. 1t was
real vacation, too, as the local Office
were well caught up with their work
Another such long holiday is unlikel.
for years.
Montgomery Ward November sales
S29,35l 1903, increase 17.3 per cent owe
November, 1923; II months S255, 73I,
sos, increase 17.6 per cent.
Stephen I. Miller. executive secretar
of the National Credit Mems Associa
ton, says real business, as distinguish
from stock speculation, is good and go
ing to be better. The freeing of fund
tied up IN brokers' loans has brough
about a positive improvement in basi
credit conditions. Employment is goo
and money is cheap, he asserts.
The National City Bank reports ths
stocks bought to support the market /
the last break have not yet been liqu
dated. The action was not a profit
making move but to allay eXcitemen
restore normal confidence and stop tt
needless sacrifice of values. Less tina
half of the pooled funds were used an
the bank says the character of IL
stocks purchased indicates that if the
are any losses they will be very slight.
The vacancy on the board of directo
of the Metropolitan Life Insurance CT
caused by the resignation of form
Gov. Alfred E. Smith, has been filled
the election as a director of Leroy
Lincoln, first vice president and gener
counsel of the company.