Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-28
POTOMAC ELECTRIC
BONDS ARE CALLED
500, 400 of 1853 Issue Will
Be Redeemed at 107 IL
Per Cent.

as trustee, today announced it was issu-
ing a notice to holders of the Potomac
Electric Power Co., general and refund
ing 6 per cent mortgage gold bonds,
series B. due 1853, that s39,40o bonds
of this issue have been called Tor re-
demption october l, 1929, at lo1H2 per
cent.
Such called bonds will be paid out OF
sinking fund moneys upon presentation
at the head Office of the bank. 80 wan
street, New York. on or alter the re-
demption date from which all interest
on the bonds will cease.
Duty Small Part Of Issue.
The called bonds constitute only
small part of the series B 6S OUT
standing, as according to records AT tne
Office OF the company here, there Il
now outstanding a total of $3,747 ,00o OF
This issue, The bonds to be calico are
drawn by lot, and the NUMBERS OF the
bonds so drawn will be known Snorlly.
while the Washington Rapid Iranslt
ca ran into the red again during the
month of July this year, 1t was not SO
far into the deficit for net operating
revenue as for July last year by $ioS.oi.
The net operating revenue Tor july
90 was listed in the report nleo WIN
the public Utilities Commission TO-DAY
as deficit of S982.87, as against a
deficit for July, 1928, of Sl,766'4S.
Operating Income Gains.
Onerating income for the company
Increased from S43,327.4 8 for July OF last
wear to S45,i0345, July, 1929, Wnlie OPP
Grating expenses increased curing tne
same period from 45,O93.9 SO 10 $4o 1850. oI'
Gross income was listed as oelng
deficit of S2350.26 for july, 1873, anu
e TttlX
Revenue passengers increased from
A1637l in July, 1928. to 421.732 in July.
1929 while bus miles gained Tor the
same period from l45,0l8 to 148.826:
The deficit in operating revenue Tor
July compares to net operating rev.
enue of s2.592.35 in June, 1923, ana
s4,01654 for June. 1929.
ID. C. Exchange.
Trading was moderate on the WASH
inrton Stock Exchange today, most OF
the activity being in stocks. Wasnlng-
ton Gas IS. B, at 1882 and Washing
ton Railway e. Electric As at 30 pro-
vided the only bond TRANSACTIONS:
Cspital Traction Co. sold at 93, 70
tomac Electric per cent preferred at
ia and the 5,a preferred of the same
company at 1O7 Washington Gas Light
sold at 127 and Riggs National Bank
which has been consistently active re-
Gently sold at $50.
Industrial Production.
Industrial production decreased slight
" during July. according to the Fed
cral Reserve Boards review of condi-
tions. but continued at higher level
than in other recent years. wholesale
commodity prices increased further
during the month. rejecting chleny
higher prices of agricultural products;
Loans for commercial and agricultural
purposes by reporting member banks
increased during July and the first hall
of August.
OUTPUT of manufactures decreased IN
July. while mineral production increased
Average daily output OF automoplles,
copper, tin, zinc and cotton and WOOL
textiles decreased and there was a small
decline in the production OF iron. and
steel. In all of these industries. how
ever. output was larger than in the
same month in earlier years. Activity
increased during July in silk and shoe
factories and in meat-packing plants
and there was also a larger output OF
bituminous coal and crude petroleum
than in June. Reports for the flrst nall
Of August indicate sustained activity In
the iron and steel and automobile in
dustries and further increase in the
OUTPUT of coal and petroleum.
dustries decreased in July by less than
per cent, while somewhat greater
decrease in pay rolls was reported. At
this level factory employment and pay
rolls. as in earlier months. were larger
than in any other year since 1926.
Insurance Goal Reached.
The much-sought-for goal of one
hundred billion dollars of legal reserve
life insurance in force in American
companies has been achieved, according
to a survey by the Association of Life
Presidents.
A hitherto unprecedented amount of
new life insurance during the first seven
months of 1929 has resulted in the |
100000, 100000 being reached two
months earlier than was anticipated at
the close of last year.
Thirteen years ago-in 1916-wFen
American life insurance was 10 years
old, the total insurance in force |
amounted to $24 700 100000. Thus 1t
has more than quadrupled in less than |
10 years. While it took 70 years for
life insurance in the United States to |
reach, in 1922. the first $50, zoo, 600 600,
the second $4,000, 100000 has been
achieved in a little more than six and |
a half years.
The amount of life insurance in force !
in the United States is more than twice |
the outstanding life insurance of all
other countries of the world combined, !
although the United States has only |
one-sixteenth of the worlds population.
A. I. b. Committee Meeting.
The first general meeting of the edu-
cational committee. Washington Chap
ter American Institute of Banking, will
be held tomorrow afternoon at 4:30 at
the chapter headquarters to prepare !
plans for the coming season. Frank M.
Perley, chairman of the committee; A.
E. Henze. president of the chapter, and
Audrey O. Dooley, vice chairman of the
committee, held preliminary informal
meeting yesterday to prepare tentative
matters for presentation to the COM
mittee. The other members OF the COM
mittee are: Miss Esther Lau, Riggs
National Bank, secretary; j. Fred Eng
1ish, Commercial National Bank; Rob-
ert H. Lacey, Columbia National Bank:
Robert E. Lee. Lincoln National Bank;
r. j. Roberts, Riggs National Bank;
Miss Mabel v. Royce, Washington Loan
dt Trust Co.: James A. Soper, Lincoln
National Bank; Miss Mildred Wood
cock. American Security & Trust Co.
Joshua Evans, jr, vice president of
the District National Bank, will leave
in a few DAYS for vacation, during
which he will go to Norfolk, Rehoboth
Beach, Del. and will be delegate
from this city to the national confer
ence on taxation at Saranac Lake. N. Y.
Clarence r. Norment, chairman OF
the board of the National Bank OF
Washington, has returned from vaca-
ton at Atlantic City.