The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1929-01-12
RESERVE BAN K
LOANS SHOW
INCREASE
BY HARRY GUSACK
Financial Editor

Awaits ana discounts OF teQeFdl
Reserve member banks showed still
further expansion during the week
ending January than for the
corresponding period in the previous
year, it was announced today by
the Department of Commerce in it's
weekly summary Of business condi
tons. Interest rates on time money
averaged lower than in the previous
week but were higher than a year
ago.
Prices for stocks continued to
average higher, and while bond
prices showed u further fractional
gain over the preceding week, they
were still below the level of a year
ago. Continuing the summary says:
The total volume of money turn
over during the week ended January
was greater than in the cores
pondlng week of 1925 Activity in
steel plants was greater than N
either the preceding week or the
same period last year.
Employment in Detroit factories,
rejecting operations in the automo-
bile industry, showed substantial ex-
pansion as compared with both
periods. Petroleum output during the
last reported week was higher than
in either the previous week or the
same period a year earlier. Bitumin-
Gus coal was smaller than in either
period.
The general index of wholesale
prices was fractionally lower than in
the preceding week. but was higher
than year ago. Prices for copper
averaged higher than in either period
while cotton prices, showing a decline
from the previous week, were some
what higher than at this time a year
ago. Iron and steel prices showed
practically no change from the pre-
vious week but were higher than last
year,
Capital Traction Reflects
At the annual meeting of the
stockholders of the Capital Traction
Company, the following directors
were reelected: George E. Hamilton,
E. ]. Stellwagen, John S. Larcombe,
John M. Perry, John H. Hanna,
Charles c. Glover, jr., and G. Thomas
Dunlop. Mr.. Dunlop was elected
last month to fill the vacancy on the
board caused by the death of David
s. CARL and again elected today with
the others of the board named above.
The new board, at its first meeting,
elected the old officers with the eX-
ception of Mr.. CARL. including John
II. Hanna, president; H. D. Cramp-
ton, vice president, secretary and
treasurer: John Fleming, assistant
secretary; c. B. Koontz, assistant
treasurer, and J. E. Heberle, as
sistant to the president. George Z.
Hamilton was reelected chairman of
he executive board.
Net earnings Of the company for
he year ended December 81 aggre-
gated $500, 405.60, decrease of 49,
s48. 68 under figures for 1927, accord
ng to a summary of operation Tor
the year presented to the board.
Gross operating revenue of the
company was reported at $500
1889, a falling off of $134,951.5 81
under last year, and operating ex-
penses for the 12-mOnth period
amouted to $3,054, 1911 a decrease
of $44,592.61. Net operating revenue
was placed at $f2S9, 1861, IA de-
cline of $50, $3.50; operating income
at $942 ,201.55, decrease of $751;
034.2S: gross income at 74,125.61,
a drop of $78,143.12. At the close
of the year the company had
credit balance of $1.008. 1918. which
was $21S,17616 below the balance
year ago.
District Natioal Bank
The official staff of the District
National Bank, returned to office
at the annual board meeting Of that
institution, were announced as fol-
lows: Col. Robert N. Harper, presi-
~. iXyn
vice president; W. P. Lipscomb.
vice president; c. ]. Gockeler, vice
president; N. L. Sansbury, vice
president: Hilleary l.. Offutt, jr.,
vice president and cashier: William
c. LOCKER and Theodore S. Mason,
assistant cashiers; Barnard & John.
counsel: 3. l.. Cotton, trust officer;
department.
Industry Gains
Trade and industry report
cheerful feeling and an upward
trend in the first full week of the
wear, according to Bfadstreets and
r. G. Dun's reviews. This latter
feature is in the face of sharply
irregular weather, the pressure Oh
inventory-taking and the tendency
natural at this season to look
around and prepare plans Tor tne
ensuing twelve months. The week
weather ran the gamut of changes
from zero or below over a Wlde
area of the West and North, TO
slightly above zero in a wider eX'
tent of territory, this being 1ol-
lowed later in the week by spring.
like conditions in good part Oh
the eastern half of the country.
The outstanding developments Oh
the week have been sharp uptul
in onerations and employment IN
the iron. steel, automobile, lmple'
mant and machine tool INDUSTRIES
lines all we'll situated before lhe
arrival of the new year, ana an
active buying movement III hdlu
ma soft coal. In the latter, par
,icularly in the West, zero Wea tllef
allowed the cleaning up OF io' %
unbilled. surplus coal. ana, III dtul
lion was a stimulant to the buying
~ heavy wear, offered at safes
presumably at lower prices TO move
surplus Stocks.
That the cold weather, heavy
nrovfsIl and accompanying bad ROAD
conditions reported in States nHe
iowa, Missouri, Kansas and other
areas had depressing effect on
rural trade seems evident, but run.
Der footwear, manufacturing oil
which was reported slowed down
AT some New England points
should, the trade reports say. be
benefited by the winter weather.
Some other features of the week
have to deal with the picking up
Of automobile. manufacture, aided
BY shows which began this week
~ New York the onening of Janu.