Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-28

3 a.
bonds sold at 105. ~
The opening
stock sale was in Robertson GriswcId
American Security
A. trust bank shares at 40. Mergen
thaler Linotype led in volume OF trad
ing, the stock opening at 104h, sell
irT at l04la, at 104 and closing a
,1o41s. The days sales totAled 81
shares, Columbia sand 81 Gravel pre-
ferred opened at s4l2 and closed ats
Merchants Transfer 81 Storage pre-
ferred registered l09. ~'' - ~s@..
Potomac Electric Power 512 per cen
preferred opened at 108R2 on 4S-Snar'
turnover. while the corporatlons PEI
cent issue changed hands at. ll24
Thirty shares of Railway; d Electric
! preferred sold at $685. One sale O
Lanston was made at, 12il2 and 14'
shares of National Mortgage, q invest
n1ent preferred came out at 5ss. -.
Booker Joins d. C. Paper Board.
we. Booker Of the investment bank
inr Arm OF that name, was elected
director in the District OF Columbia
Paper Manufacturing Co. at the annual
meeting held this noon in Alexandra
the local firm operating under q VIZ.
Rinia charter.
The directors reelected by the stock.
holders included Robert D. weaver
william M. Weaver, H. q: HoSKEaSo Sol
q. l.. Nicholson and D. A. Smith. INT
board win meet in a Few Gays :ior %. Or
raliization
PRESIDENT g. l.. Nicholson reported &c
the stockholders that the company had
enioved favorable year. The volumc
of business was particularly satisfactory
though prices for paper have not been
as high as In some years past.
The company was Incorporated III
1890. The preferred stock Is listed on
the washington. Stock Exchange, the
last recorded sale being at 30. --.'
Transit Company Files Report.
Operating revenues Of the Washing
ton Rapid Transit Co. in Decembel
amounted to $49,596.Sls against sat-
1882, an increase Of 81 S8S.s9. accord
ing to the report fled today with TIT
Public Utilities Commission
Operating expenses totaled, $45.635.66
against $%5, 475 "A, an increase OF $3.50 q
over December, 1927. This left the bu'
company with net operating revenue.
for the month OF. So, 800 .65 in compara.
son with. $2:2S7 ls a year ago.. or q gair
of $l;T23.67.- -. -. J. - ~ 80
Total deductions from q gross Ia.
come Of $S,2e5l4 ieftsthe Rapid Transit
Co. an income balance of $2a5.27
against q deficit In 1927 in December
of $g14.82, or an Improvement In in.
come In December, 1928, OF $l,1SO:0S.
Fifth District Construction Gains.
New construction in the cities of thu
nth Federal Reserve district showed 4
large increase In December, according
to reports from Richmond. SixteeT
of the thirty-one cities which made
reports noted an increase.
The Alexander Hamilton Institute
reports today that the year 1929 ovel
the country as q whole has opened witt
trade and industrial activity at q con.
siderably higher rate than a. year ago
The higher level OF business activity Il
indicated by the fact that total checks
amounted to sea, 600 100000 as com
pared with SIS, 000, 0OO, 900 in the same
month 1877 The. impetus with which
business has started the new veal
promises high rate Of activity ut leas'
during the first quarter.
The credit situation, however, Is con.
siderably less favorable thaItsa year ago
and It is not unlikely that this may re.
suit In some Slackening Of business by
Summer. Commercial paper, four to sil
months, Is now quoted at 514 per, cent
as against 80 per cent q year ago.s Thu
higher level of interest rates Is due Il
the fact that bank loans are higher
than a year ago, whereas gold reserves
are lower. 49,.
There is yet little indication that gold
stocks, will be sufficiently increased by
imports in the near future TO ease thu
credit situation. This means that unless
the Federal Reserve Board, adopts {
lenient policy, interest rates win con.
tinue high and tend to force business
curtaiiment. 81
Griswold widely Known Banker.
Robertson 0riswoId, who addresses
the F1duciary Section Of the Distric'
Bankers Association here tomorrow eve.
ming, lis one OF the best known bankers
In Baltimore. He is president of the
the Corporate FiduciarieS Association Of
Baltimore. This organization has beer
in operation for three years and has
400 per cent membership from. the iiasti.
tutions in that city which are engaged
In the trust business. AT the meeting
here he will review what has been &C.
eomplished.
Acacia Has Prosperous Year.
The Acacia Mutual Life Association
had its most prosperous year in 1928
according to the annual report. JUS
made by President William Montgona.
ery. Total insurance now stands above
$500, 0O0, 900, a new peak level. New in.
Islirance written last year In IS state:
'totaled $4,000, 900, an increase OF ahou'
'ki.500.D00 over the preceding year. II
President Montgomery reports tina
assets now total well over $28 .0O0. 900
The company has reserves of $4,000
1000, with an additional surplus Of ST.
800. 900. During the year. $2,48l, 100 wa
paid to members and their beneticiaries
OF. this total, 81 ;262,296 was. paid" IL
death claims and. 1892, l42 in dividends
Officers OF the. association, In addi
ton to. President Montgomery. includ
j., Harry Cunningham, vice president
j. Claude KEEPER. treasurer; j. 2. Yort
secretary and actuary: Charles e. Bald
win. assistant treasurer. and DR.. Jol1i
b. Nichols, medical director.
Directors or Acacia. in whose numbe
the officers are included, are as follows
7. Jen Adams, w. L. Andrews. Harr
Blake, Charles Cyrus CoomhS, William
K. Cowden. Paul B. Cromelin, L. Whit
ing Estes. Edwin G. Graham, James c
Heyle, Thomas E. FARRELL, Arthur r
Marks, John T. Meany, joseph Il
Miians. Charles r. Roberts, Harry /
Rust. jr..:: L. P. Steuart, Eugene Z
Thompson. Z. Lee Trinkle and Franci
D.. winston. 49, Z .s~ r.
me- w. Earns sz1.24 Per Share.
Norfolk g. Western Railway. earne