Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-26


only when their rate of increase be-
comes disproportionate to the genera
increase in capital, thus tending Il
Overbalance the credit structure Such
condition, while perhaps threatening a
the present time, does not appear Il
exist now.
I'm spite of the diversion of large
amounts of credit into brokers' loan:
last Fall. new capital flotations do MOI
appear TO have suffered thereby. Ii
fact, the trend has been definitely up.
ward since August. They increased
from $266, 900 in August to $780,.
022.0l4 in November
1T is we'll to bear in mind that new
capital is steadily being created in this
country at a surprisingly rapid rate
This is illustrated by the fact that say.
ingS deposits of banks and trust com.
panieS in the United States gained
$2,327, 059,000 during the last year
Looking back number of years, We
find that the per capita increase in say.
ings deposits has amounted to 113.s
per cent since 1918 and 1898 per cent
since 1912.
''The continuing heavy demand fol
iron and steel is an encouraging evi.
dence in the direction of good business
in 1929. Buying has been especially
railroad companies" the summary con.
cludes
Harris Organized Local Bank.
George A. Harris, who has just beer
reelected president of the Potomac
Joint Stock Land Bank in this city, was
the leading figure in organizing the
bank several years ago.
He has been connected with the Fed
81, 11oxy
ing actively assisted in the formative
period of the Federal Land Bank Of
Baltimore. For six years he was treas
urer and director of that institution
and upon his resignation there came tt
Washington.
Mr.. Harris has been active in the as
ISOLATION of joint stock land bank pres
idents and other officials. He is a
regular attendant at the annual con-
ventions of the Virginia Bankers As
ISOLATION and also keeps in close touch
with many bankers in Maryland.
Pay Roll Increased Over $4,000.
At the close of the year there were
1908 employees in the service of the
Washington Railway & Electric Cos
system of whom 1858 were in tn,
employ of the Potomac Electric Power
Co. The total pay roll for the system
for 1928 was $4983, 970.20, an increase
over that of the previous year Of
$2367163.
OF the total employees in the service
of the entire system, 2,160 are mem
bers of the Washington Railway Relief
Association. This organization, in con-
junction with the company, has con-
tinued the group life insurance of its
members. The insurance varies in
amounts from $500 to $1,000, the lat
ter being available for those who have
been members of the relief association
for five years or more.
This plan has now been in effect al
most eight years, and during the Pc
Rod 81 payments. aggregating $780,
Oil, have been made to the benefciaries
OF those who have died.
Weeks Business Ahead of 1928.
The volume of money turnover dur.
ing the week ended January 10, as re-
fected by check payments, was smaller
than in the preceding week, but showed
a substantial gain over the correspond
ing period of 1923, according to the
weekly statement of the Department OF
Commerce.
The general level of wholesale prices
was fractionally higher than in the
previous week. showing gain also ovel
the corresponding period of year ago
Copper prices, though showing no ma.
terial change from the previous week
were 20 per cent higher than last year
Iron and steel prices showed no change
from hte previous week, but were higher
than year ago, while prices for cot.
ton averaged higher than in either pc.
Rod.
Loans and discounts of Federal Re
serve member banks showed further
contraction from the previous week, blu
were larger than year ago. Interes
rates on both time and call money av.
eraged higher than in either the pre-.
VlouS week or the same week of las
year. Prices for stocks were higher
than in the preceding week. Bono
prices, rejecting higher interest rates
were lower than in either the preced
ing week or the same period a yea,
ago.
Straus Starts Investment Trust.
S. w. Straus & Co. announce tn,
formation of an investment trust to b
knoWn as the S. w. Straus Investin,
Corporation, with a capitalization O
S10,000,000, consisting of 200 coo share
per cent cumulative preferred, pa
value $50, and 100000 shares no pa
common. Public offering of 10000
unit certificates will be made today, tn
units representing one share preferre,
and one-half share common, at S5c
The offering is made by S. w. Strau
g. Co.
weekly Bank Clearings Reported.
Bank clearings in Washington for tn
week ending January "a amounted t
$20,83o, 900, compared with $30,540, 90
IN the previous week. Clearings, how
ever, were II per cent above the CORE
spending week in 1928.
Bank clearings in United States fc
week ended January "a, as reported t
Bradstreets. aggregated S13, TAO, O96, 00(
against Sl4,408, $4,000 last week an
10,499 $4,000 in this week last yea
This weeks total shows decrease {
40 per cent from last week, but gal
Of 1913 per cent over the like week yea
ago.
Clearings in Baltimore were S97,732
600, against $102, $4,000 in the prev
Gus week, and decline of 10 per Ger
over the same week last year. Richmon
reported clearings of $42 III 900, again
$44,901 900 in the previous week, an
a decline Of II per cent compared wit
the corresponding week year ago.
Airplane Stock TO Be Offered.
G. Mp. Murphy & Co., J. c. Willso
& Co. and Bancomit Corporation
New York will offer 100000 shares
Curtiss- Caproni Corporation commo
stock at $3.50 share. Authorized cal
italization will consist of 100000
shares of common, of which 10000
will be outstanding. Remaining 2000
shares are equally divided between s.
cieta Aeroplani Caproni of Milan al
Curtiss Aeroplane & Motor Corporate
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