Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-02

erS ASSOCIATION.
Mr.. Wolfe was
born in Frederick. : szEz
1883 H He ATTENDED Edmund s. Wolfe
the academic department of George
washington University and also the
George Washington Law School. While
in active banking here as cashier of
the District National Bank, he was
president of Washington Chapter,
American Institute of Banking. In the
American Bankers Association he has
been a vice president of the National
Bank Division, member of the executive
council and the bank management COM
mission. From 1927 to 1929 he was
chairman of the Federal Legislative
Committee
He is a past president of the Con-
necticut Bankers Association. Few peo-
pie belong to more organizations. He
belongs to the Masonic fraternity and
nine of the leading yacht and country
clubs in Connecticut as we'll as to the
National Press Club and the Racquet
Club in this city and the University
Club in Bridgeport. In politics the new
A. B. A. official Is an independent
Democrat.
In addition to his business Affiliations,
Mr.. Wolfe is president Of the Board Of
Police Commissioners, Brooklawn Coun-
try Club and the Bridgeport Chapter,
American Red Cross, all of Bridgeport.
He is also a director in the following:
Bridgeport Brass Co., Bridgeport Hos
pital, Bridgeport Hydraulic Co., Bridge
port Morris Plan Bank, Bridgeport
I. Peoples Savings Bank Bridgeport Pub
lie Library, Bridgeport Y. M. G. A.,
Connecticut Co., Producto Co. of Bridge
port and the D. NJ. Read Co., Bridge
port.
rr-.rtlnwn altar CRirc Interest
The letter sent out yesterday by John
H. Hanna, president Of the Capital
Traction Co., accompanying the l40th
quarterly dividend payment, proved
highly interesting to the financial dis
trict. He refers to the effect of the
general business depression and cut
rate taxicabs on traffic and says that
the higher care fares have already given
the company some measure OF relief,
although not yet sufficient to make the
traction company's revenues equal to
last year.
Mr.. Hanna examines two periods Of
equal length-one just before and the
other lust after the fare changes be-
came effective. From June to July
%, preceding the increase" he says,
"our revenues were $685. per day below
last year. After the change in fare,
from August to September %, our
revenues were 1882 per day below last
year. This indicates that the fare
change brought up approximately $3.50
per day additional revenue.
Economics effected" Preside
Hanna adds, chiefly by schedule
changes and the elimination of unnec-
essary service have resulted in a reduc-
ton in operating expenses for the first
eight months of the year to the amount
of s30,139. During the same period
taxes showed a reduction of $4,000"
President Hanna believes that the
operation of cut-rate taxicabs Is be-
coming less remunerative, so that the
number of cabs now operated may be
1essened. His letter also calls attention
to the fact that the Capital Traction
Co. is owned and controlled by home
and not outside capital, large pro-
portion of the 1890 stockholders being
residents of Washington.
Wholesale Business Improves.
Three wholesale lines report August
business seasonably above July IN the
fifth Federal Reserve district, although
all lines were materially below August,
1929.
Groceries, dry goods and shoes had
better business in August than IN July.
dry goods sales being 48.4 per cent and
shoes 56.5 per cent larger. The de-
crease over August, 1929, ranged from
1913 per cent for groceries to 1913 per
: cent for dry goods.
Collection in all lines except gro
ceries were lower for August over the
same month last year.
Sixty-five firms dealing in groceries,
dry goods, shoes, hardware and drugs
reported to the Richmond bank on
The washington stock Exchange
failed to catch the spirit Of activity
prevailing on the New York Exchange
today and business was dull.
Washington Railway a. Electric As
sold at 1914, while Washington Gas IS
moved at los. Washington Gas 6s,
series A. registered 103l4.
Ten Shares of Federal-American Ma
tional Bank stock came out at 27212,
and 10 shares of Merchants transfer
g. Storage common sold at l05. FIFTY
shares of Peoples Drug Stores preferred
changed hands at 10l.
In the unlisted department four To-
share lots of Raleigh Hotel Co. stock
sold at As.
Cleaned in Financial District.
Howard Moran, vice president of the
American Security 81 Trust Co., and
past president of the District Bankers
Association, has been elected at Cleve-
land TO serve for another three-year
term on the Executive Committee OF the
Savings Bank Division of the American
Bankers Association.
The directors Of the Federal Security
& Mortgage Co, have declared the
regular quarterly dividend of per cent
on the preferred stock. The officers OF
the company are: Morris Cafritz, prest-
dent: Harry NJ. Crandall. vice president;
George w. Huguely, vice president ano
treasurer; Morris Gewirz, general man.
ager. and M. D. Rosenberg, general
counsel
NJ S. Gibbs, president of the Peoples
Drug Stores Co., of this city, has been
elected one of the vice presidents of tbs
National Chain Store Association which
has lust met in Chicago. The president
for the coming year is Albert H. Nor
rill. head of the Kroger Grocery &
Baking Co.
the Commercial National Bank. is an
other washington banker who Is attend
ing the A. B. A. convention at Cleveland
The biggest event on today's program
was to BE- President Hooyers address a
o'clock this evening.
Other Financial Notes.
Holders Of 81 900 certificates of de
post for Washington, Alexandria 8
Mount Vernon Railway first mortgage
5 per cent bonds should bear in mine
that $50 on each of these certificate
is now being paid. The bonds ar
widely held In Washington and vicinity
The value Of all automotive export
IN August was placed at Sl8,559, lie
compared with $l8.977, 189 in July ant
s39, 922 ,327 in August, 1929, Commerc
Department reports.
During the eight months ended Au
gust 81, 1880. automotiVe exports fron
The United States were valued at $3.50,
636,576, decline Of 1853 per cent, com