Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-16
TR|.CONT|NENTAL
EARNINGS INCREASE
Growth of Resources Shown
in First Statement of In
vestment Concern.

Earnings on Tri-Contlnental Corpora
ton common stock, which is widely
held in Washington, were announced
today by j. W. Seligman g. Co., sponsors
for the investment concern, as indicat-
ing an annual rate of $1,000 a share
after taxes. Seligman will soon formally
announce the launching of the new
S50,00o,000 investment trust, the Tri-
Continental Allied Corporation.
The first earnings statement of the
parent company showed that for the
six months ended July 81, the first half
year of the corporations existence,
there was an increase of 1928 share
in the liquidating value of the COM
mon stock.
The increase was after giving effect
to the market value of securities owned
July 81, and it was stated that the
liuuidating value of the common stock
was greater at the close of business
August IL, than on July 81.
Since Tri-Continental has outstand-
ing 100000 shares of no par value
common stock, the stated increase in
per share liquidating value indicates
total profits after preferred dividends
of approximately $5.290,000, equivalent
to an annual rate of about AZ per cent
on the S25,O00,000 of the corporations
initial capital attributable to the COM
mon stock The six months dividend
requirements on the outstanding ESQ.,
600 shares of 6 per cent S1OO preferred
stock is S750000, so that indicated
profits before preferred dividends are
about $6,040000, equivalent to an an
nual rate of approximately "a per cent
on the S50,000,000 with which the cor
poration started business.
DR.. Hall Is Bank Official.
DR.. Percival Hall, president of CAL
hi TY1c
the Deaf and Dumb, of this city, has
been elected by the board of directors
of the Northeast Savings Bank to be
second vice president. He succeeds
George F. Hoover, who was elevated to
the position of first vice president, lett
vacant by the death of Charles R. Tai
bert.
DR.. Hall is a graduate of Harvard
University, 1892. and has been president
of Gallaudet since 1910. He is chair
man of the board of trustees of All
Souls Church, and was chairman of
the building committee during cree
ton of that edifice. DR.. Hall has always
been a strong supporter OF every for
ward movement in the community and
took an active part in the Community
Chest movement last year.
Bonds Active on Exchange.
Bonds provided most of the activity
on washington Stock Exchange today
with prices fairly steady. Washington
Gas SIS led with sales of $4,000 at
prices from 102 to 101 "a. while Wash
ington Gas 6s, B in several sales totallng
S1,10o sold off from los to 1031s
Washington Gas 6s A turned over at
1929. Potomac Electric Construction
SIS went at 100. Capital Traction Co.
IS sold in 81 500 at 951s.
Mergenthaler continued its activity
SIS shares going at 104, while LanSton
Monotype moved at 129
Capital Traction was steady at 921a
and Washington Gas Light sold at 1875.
Federal Reserve.
The Federal Reserve system has
placed itself in position to assist agri-
culture and industry this Fall to re-
tard a further flow of gold from Eng
land. and at the same time to dis
courage further borrowing by member
banks for loans on securities, says the
Brookmire Economic Service, Inc, in
commenting on the recent advance of
rediscount rate. Whether this policy
will result in drastic reduction of
brokers' loans, Brookmire observes, is
quite problematical. The prevailing
opinion is that loans have not advanced
excessively in comparison with new list
ingS and growing market values, that
the country has been able to absorb
new issues and stock financing to re-
nlarkable degree, and that the supply
of liquid funds available for loaning on
call is still very large. In fact, as
pointed out repeatedly, this large VOL
ume Of funds from so-called outside
sources has been an outstanding factor
on the bullish side of the market
F. &, w. Grand Stores for the six
months ended June 80, 1929, reports net
profit of $523,83l, after all charges and
taxes. equal to $1.65 a share earned
on the 268,532 shares of common stock
outstanding. This compares with net
profits of $365,025 reported for the same
period last year, equal to SLIT a share
on the same amount of stock.
For the first half of 1929 net profits
increased 1875 per cent, whereas sales
for the same period increased 426 per
cent, indicating a larger margin Of
profit.
Heard in Financial District.
A. Jones Snavely, teller at the Bank
of Commerce and Savings, has gone to
New York to take position with the
Bank of the Manhattan Co.
Arthur Foraker, manager of the 10
cal Office of Eastman Dillon & Co., an
nuounced the association with his Of
flee of Richard P. Davidson, formerly
with j. A. w. Iglehart & Co.
E. T. Burdette, assistant cashier OF
the Potomac Savings Bank has left for
a vacation at Atlantic City.
NJ. II. Buckingham, assistant Secre-
tary of the Washington Mechanics
Savings Bank, is on vacation in New
England.