Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-20

ent credit string
ency which he re-
yards as temporary. DR.. Charles s. White
excess of exports
aver imports in 1929 will be even greaIei
R1aan in 1928, when 1t was $l,O4O,Ooo,-
200. he believes. With the contlnuahce
of high excess Of exports, gold IS Douno
TO flow back to America IN Che aoS enc
NJ further loans abroad, winch nave
keen discouraged by high interest rates
he said. ,oo, ,,,r-
5red million dollars in gold from
abroad" Mr.. Friday declared Inc
outside world is supplied abundantiy
In addition to that which we nave SEM
out, the world is producing $2OO,U uO,-
600 worth of gold annually which goes
into monetary uses. French peasants
have brought into the Bank OF France
almost 500, 100000 since legal staolllza-
tion in June last; Russia has sent
Germany az. OOO, 600 in the past year
1hich had not previously inquired IN
SSonetary stocks. Argentina. Spain and
Germany all have more gold than they
mead. The sum Of their surplus hold
lnes Is not less than $500, 100000.
IF this return of gold materlallzeS,
&he American money situation Will ease
almost as rapidly as it frightened, for
Il will at once reduce our redlScountS
and Federal Reserve credit used by a
corresponding amount. Our bankers
will have more time to get adjusted
to the new situation and will be less
hesitant about rediscounting. Wnen
that has happened Our money market
and our rates of interest once more
will be determined by fundamental
economic factors rather than by a
tai a TRANSITIONAL
unfamiliar situation"
The greatest fallacy extant in the
United States, Mr.. Friday pointed out,
Is the belief that brokers loans con-
stitute money withdrawn from indus
try Eighty to ninety per cent OF brok-
ars, loans stands to the credit OF indus
try, he said.
Riggs Bank Stock Reaches $50.
Prices were firm during the closing
beSSion of the Washington Stock Ex-
change yesterday, perhaps the most in
Aeresting feature being the sale OF one
Maaare of Riggs National Bank stock at
he new high mark of $50. Previous
- this sale. Is shares had changed
Bands at 578l2.
Potomac Electric Power 6 per cent
haeferred opened at li1& for 9
ceiling at 1l2. The corporations 512
per cent preferred opened at 1081s and
ended the week with 80 shares NOV
ing at 108.
District National Securities preferred
koek appeared on the board at 1914,
Federal American Co. common at 55ls
nd 10 shares of the finance company'S
keeferred at 1902 Trading in these last
bVo issues amounted to only 20 shares.
Mergenthaler opened with 20 shares
changing hands at 104A, 20 more going
ut :104ss and is others closing the seS-
sion at 1041s. Capital Traction was
quiet, closing the week at 1861.
There was a 81 900 sale in Railway &
Electric Is at 89$4. In the unlisted de-
partment 30 shares OF Park Savings
Bank stock sold at rs, and Metro
Dolitan Club first SIS moved at SO.
Washington Outlook Held Good.
Washington is placed among the
kttieS in the Middle Atlantic section
which are considered to have the best
sales outlook in the near future by the
Alexander Hamilton Institutes Credit
md Sales Bulletin, just issued. Regard
ing the outlook In this locality the bull
Ietin further says:
Employment is holding above last
YEAR in the face Of a seasonal decline
b industry. There is continued ac-
dvity in the radio, ready-to-wear, iron
pnd steel, electrical equipment and all
Industries, which has helped to keep
employees, buying power at satisfactory
ssvel.
Sales of automobiles, lumber and
building materials, furniture, shoes.
cigars anG ;obacco, jewelry and glass
are slow. The total volume of trade is
running slightly above last year. Some
lines are active while others are in
many cases 10 per cent below last year
Badio, automobile accessories, metal
products, grocery heating equipment
md electrical equipment sales are good
Building activity is showing the nor
nal recession for this time of the year.
Heavy construction and work in the
ETocess OF completion Is going forth at
normal rate"
Wholesale Prices Maintained.
The general level of wholesale prices
eRom November to December was prac-
<ically unchanged, according to the
latest Bureau of Labor statistics. Com
pared with December, 1927, a decrease
of one-tenth of one per cent was shown.
The bureaus weighted index number
including $50 commodities or price
HAme figure as for November
Food prices were lower than in
November, while prices Of farm products
averaged somewhat higher. Negligible
price increases we're recorded in the
MTo,ps of hides and leather products
metals and metal products building
materials, chemicals and drugs. and
miscellaneous commodities, while a
eBlan decrease was shown among fuel
md lighting materials.
Title Company Elects Officers.
At the regular meeting of the board
Rf directors Of the District, Lawyers and
washington Title Insurance Com
panies, the following officers were
elected to serve for the following year
Arthur G. Bishop. president; Eugene A.
Bnnith vice president; Joseph N. Saun-
cers, vice president and title officer
Charles w. StetSon, vice president and
little officer; George H. O'Connor. vice
president and title officer: William M
Italian. vice president and title officer
Harry M. Packard, secretary treasurer
John H. Stadtler, assistant secretary.
treasurer; Raymond j. Vierbuchen
assistant Secretary-treaSurer; E. ROY
Hill, assistant treasurer.
Commercial National Officers.
r. Golden Donaldson, president, anC
Nhs following officers OF the CONNER
Eaal National Bank were reelected a.
ahe annual organization meeting of TIT
board of directors: James B. Reynolds
vice president; James H. Baden, VIC
president; Laurence A. Slaughter, VIC
president; Walter j. Harrison, VIC
president: Frederick H. Cox. cashier
Robert A., Cissel controller; Herbert v
Hunt, It. Blackwell Smith, Alexander r
Varela, NJ f. Showalter and r. Jess
CLANCY assistant cashiers; Haydel
johnson, general counsel and trust Of
3lcer, and Aubrey o. Dooley, assistan
trust oficer.
Cleaned In Financial District.
Election OF DR.. Charles Stanley Whit