Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-17

show that there Franklin II. Ellis.
will be about 725,-
ono telenh0nes in service at the end of
1888 For the first tive months OF the
present year. there was gam OF 2,ou9
telephones in service, This Is the largest
growth In any similar period IN the
Companies history except the abnormal
war gain in 1918. From the present
indications, this rate of growth VIII De
maintained throughout the year.
THE construction program includes
for land and buildings, gross e%peno-
itures of $4,000 900; central ONCE COUP
rnent S17.255 900; exchange pam;
s244s7 900: equipment on subscrloerS
premises. S20,508,0 900.
A number of large individual projects
are included in the five-year program.
Fourteen new buildings and eleven ad-
[,itions IN buildings will be erected TO
house central office equipment and Tor
other purposes. These include additions
IN two existing buildings in Washington
foir new buildings and additions 10 Two
existing buildings in Baltimore also
three new buildings and three building
additions in other Maryland cities. IN
Virginia. one new building and puno-
ing addition will be erected IN Hlch-
mond: also one new building ana Two
building additions IN other VlLgHlia
cities. In West Virginia, five new build
ulBS dlIO O4AS HAA~NA@~Ao
templated.
THE expansion of the companies toll
line system is an important Item IN the
program, due largely to the great m
crease in the use of such service IN the
mast few years In expectation OF a con-
tinuation of this growth, approximately
$500, 900 will be expended IN adol!lons
and improvements of the toll line plant.
Much of this will involve the Substltu-
# for wire TO DrOIecL
the service against interruption from
storms.
Ellis Expert in Bond Field.
Franklin H. Ellis, the new Bond Club
president, has been a resident OF WASH
ington for some 30 years and manager
of the local Office of E. H. Rollins d
Sons for the past 10 years. He was
born In Cincinnati. He went with the
Rollins firm in 1916 in the New York
Office, originally having been in the
contracting business. He took his pres
ent position at the close OF the word
War.
Mr.. Ellis was one of the organizers
and first directors of the washington
Bond Club. He has taken great m
terest in its progress and during the
mast wear has held the Office OF vice
president.
He belongs to several of the leading
clubs in the city, among them being
the Chevy Chase and the metropolitan.
In his new Office he succeeds kenneth
S. Wales, who has had an unusualiy
successful year at the head OF this
growing organization.
Convention Guest List Grows.
Announcement that Gov Roy A.
Young of the Federal Reserve Board
will be among the guests at tIle LIS
trict Bankers Association convention
which opens next Thursday at MontauK
Point, has caused general satlstactlon
among local bankers. Whhe Gov.
Young will not be asked to make any
address he will, of course, be present at
one or more of the business sessions
and be given an opportunity to make
anv suggestions which he may care 10
extend to the gathering.
Gov. George j. Seay of the Richmond
Federal Reserve Bank will also be a
guest of the association and George
Keesee of the Richmond Bank has &C
cepted an invitation to attend. E. G.
Graham of Washington, who is direc-
tor in the Fifth District Reserve Bank,
is listed to attend. Arthur Brisbane,
who has a fine home on Long Island.
has also agreed to drop in at Montauk
Manor while the convention is IN SeS-
sion.
Heard in Financial District.
Edward ]. Hillyer, vice president OF
the Union Trust Co., and vice president
of the Washington Stock Exchange, has
sufficiently recovered from his long Ill
ness to get back into the financial dis
trtct. He has attended several recent
directors meetings Of various organlza-
tons He plans to leave for Maine soon
to pass the Summer near Bar Harbor:
nt0l odi n
the washington Herald, has returned
to the city after attending the re-
union of his class at Princeton. Class
mates came from as far away as the
Philippines and Sumatra to be present.
The reunion was complete success
except that Yale won the base ball
game, although Princeton won at New
Haven a week ago.
Safeway Stores, Inc, reports May
sales of S17,195,842, against 1925, 1875
In the corresponding month year ago,
an increase of 105.55 per cent. Sales
for the first five months of 1929
amounted to $75,924,6 $50, compared with
$38, 406,545, a gain of over 81 per cent.
The Real Estate Mortgage 81 Guaranty
Co. reports net earnings for the IL
months from June IL, 1928, to May 81,
1929, as 1904 577.93, which officials con-
slider particularly satisfactory showing
The Terminal Refrigerating & Ware
housing Corporation announces that Err
nest M Merrick has been made man
ager of perishables distribution.
M. j. Meehan g. Co. announce the
opening of new branch Office at the
Hotel Traymore, Atlantic City, with
direct private telephone connection with
the main Office.
Moderate Trading on Exchange.
Trading in Capital Traction. Potomac
Electric and Washington Gas bonds was
fairly active on the local exchange as
the weeks business opened. Prices were
steady. In the stock division there was
considerable small-lot trading in Poto-
mac Electric Sic per cent preferred al
LOG, in Railway e. Electric preferred al
955s and Peoples Drug Stores at lis.
Federal-American Co. common opened
at 48, off a point from the last sale
and closed at 47A. The days trading
totaled 100 shares in six transactions
A 100-share block of National Mort
gage & Investment preferred moved a
Az, Saint as the last previous SALE anC
40 sharessmore sold at Az. Another 100
share sale was made in Real Estat
Mortgage g. Guaranty preferred, tn
orice being 734.
Capital Traction was neglected, /
shares selling ex-dividend at SO. Wash
ington Gas did not appear on the boar
at all. The market closed with 1241
bid and l25 asked.
1t Appeared to be the general opin
ion of local bankers today that tn
majority of the Washington Gas Ligh
stock viii be turned over to the ne1
controlling interests at $l25 per share
Those who are selling take the vie'
that Sl25 per share is a fine price 70
the stock and they will be relieved c
all worry over any uncertainty regard
z,.r he ual4 nf fha ctnpk