Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-21
UTILITIES IN LEAD
ON D. c. EXCHANGE
Capital Traction and Pepco
Issues Feature Trading.
w. R. & (. Steady.


Local utilities led in the limited &C
tivity on the washington Stock Elk
change today, with prices steady t.
slightly off.
Potomac Electric Construction IS sole
at 1o012, as compared to previous salt
of 1o1. Washington Gas SIS turned ovel
at 99N, the same as prior sale, while
Washington Railway & Electric SIS helt
steady at 85 in a sale of $1,000. Capita
Traction SIS were off one-eighth at 97M
Two blocks of Capital Traction stock
sold at 9l34, as compared to prior sale
of 90, while three lots of Mergenthalei
Linotype changed hands at 104a.
In the unlisted department Chaplin
Sacks per cent preferred went al
1919.
New Paper Money.
Much interest continues to be
evinced in the new small-size paper
Y, rnev which the banks will issue to
!, public for the first time.the morning
Of July 10. Supplies of this new money
will not be SUFFICIENT to supplant all of
the outstanding large-size bills, but will
be used along with the large-size money
until eventually all the old will be
retired. While the Washington banks
theoretically are supposed to get their
supply of paper money through the
Federal Reserve Bank for this district,
which is located at Richmond. as a
matter of fact local bankers will get
their bills from the Treasury Depart
ment direct and the accounts Will be
adjusted with the Richmond bank.
What proportion of the entire paper
currency the new smaller bills will con-
stitute when they are first issued is a
matter of conjecture, but officials of the
Treasury and bankers are warning the
public that there will not be enough
of the new money to supply everybody
with all new bills at first Samples OF
the small size bills on display in the
local banks continue to attract much
attention.
Regular and Extra Voted.
The board of directors of the Amer
lean Security & Trust Co. has declared
the regular quarterly dividend of 3 per
cent, due at this time, and an extra OF
! per cent. Both are payable July 10
tc stockholders of record at the close
of business June 80. The books will be
closed from July to 10, inclusive.
The board of directors of the National
Capital Bank at their regular meeting
declared the usual semi-annual div1-
dend of per cent and an extra divi-
dend of l per cent payable June 80,
1929. Books for the transfer of stock
will be closed from June "a, 1929, TO
June 80, 1929, inclusive.
@. Bowie Chapman, resident partner
of Hartman & Co, plans to leave
Washington within Gay or two Tor
his recently purchased Summer home
near Bar Harbor, Me.
The first half of 1929 will prove to
be the most active six months period
in the history of the tire and rubber
industry, with profits of many leading
companies promising to reach new
levels, says the Union Trust Co., Cleve-
land, in survey Of the rubber situation.
This showing is the result of both the
unprecedented output of automobhes
this year and the heavy replacement
demand due to the large and rapidly
growing number Of cars in use.
Insurance Sales Up.
Insurance sales for the first part OF
1929 show a per cent increase for the
United States as whole, according to
a review by the Research Bureau at
Hartford, Conn, said to be the only in
surance trade association devoted en-
tirely to the problems OF sales distri-
button.
This increase. says the review, was
nOL COuI1lBo W ally pal 1iCuAoA SCShAOh,
but was generally distributed. Every
section recorded increased sales; so per
cent of the reporting companies in
creased their volume in this period.
The 12-month period ending May 81,
1929, shows that the volume OF in
surance sold was z per cent greater
than in the preceding year. Every sec
ton except the South Atlantic States,
which shows slight decrease, recorded
increased production.
City Banks Business Review.
Business, as measured in terms of
volume and profits, is making an out
standing record which is all the more
impressive by reason of the unfavorable
money conditions with which it has had
to contend, according to the June Bull
letin of the National City Bank of New
York, which notes continuance of the
high levels of previous months in trade
and industry with seasonal recession dis
tinctly less than usual. Factory en-
ployment, the review points out, has in
creased rapidly this Spring, payrolls
averaging IL per cent higher than last
year, with only four of twenty-three
major classifications of industry show
ing a reduction of working forces
Marked gains appear in iron and steel
. automotive, agriculture implement, non
ferrous metal and machine tool lines
consumption of electric power in indus
try is IA per cent ahead of last year
while railway car loading of revenue
freight is exceeding all previous records
the review asserts.
But. despite these favorable circum.
stances. it is the opinion of the bank
that business can scarcely fail to be at.
fected adversely should the present con.
dition of credit continue. For some
time, the building industry has beer
feeling the influence of tight money
and the lack of a bond market ir
which construction projects can b.
financed, with the result that the value
of contracts awarded throughout thu
that of year ago.
Evidence of the tension existing IL
the money market was shown by tn,
violent fluctuations during May in cal
loans, rates ranging from to IS pc
cent and relatively small additions Il
or substractions from the supply o
funds having an effect out of proper
ton to the cause, according to the re
view.