Evening star., 1935-10-02

This fund OF -
1925 900 has been
in the hands OF
the trustees in
Baltimore since d.
July l and there has been much in
terest in the financial district here
as to when and how the bonds would
be purchased.
The fund represents proceeds from
the sale of property formerly owned
by the Anacastia & Potomac Rail-
road. Since this property was part
of the security pledged under the
AnacoStia & Potomac Railroad mort
gage, the trustee has now requested
to purchase and cancel the outStand-
ing bonds to the extent of $325,000.
Anacostia g. Potomac River Rail-
road first SIS are now quoted on the
Washington Stock Exchange at 81
bid and SO asked. There have been
no sales on the exchange for several
weeks, the last transaction taking
place at 90. until today when the
bonds sold at 81.
greatly interested in how many of
the bonds will be offered at 90.
SIattery Heads Life Group.
D. Bobb Slattery, former Washing
tonian and assistant to the agency
vice president of the Penn Mutual
Life Insurance Co, was elected preSi-
dent Of the Life Advertisers Associ-
alton at the associations annual con-
vention at Swampscott, Mass.
Mr.. Slattery succeeds Stephen A.
Swisher of the Equitable of Iowa, who
will remain on the Executive Com
mittee Other officers elected were:
Charles c. Fleming, Life Inurance Co.
OF Virginia, Richmond. vice president;
Troy NJ Rodlum, Acacia Mutual of
Washington, D. c., secretary, and
Richard N. Budlong, Northwestern
National Of Minneapolis, treasurer.
Mr.. Slattery was born and grew up
in Washington, attended Eastern High
School, graduated from Emerson In
stitute and continued his studies at
night at the Washington College of
Accountancy. He steps up to the
presidency of the association from the
vice presidency, to which Office he was
elected in 1894.
In 1924 he entered the employ of
the Penn Mutual Life Insurance Co.
as travelling auditor. In 1928 he
was made manager of the then newly
organized direct mail advertising de-
partment and assisted in other sales
promotion work. He was appointed
to his present position a little over a
year ago.
Transit Report Held Favorable.
The August report of the Capital
Transit Co. is being freely discussed
in the financial district. A digest of
it is considered favorable by those
most interested. AS noted yesterday,
the main reason for the 1924, ,460
deficit in August was because the
statement included s242 ,26653 in pay
roll, depreciation and tax adjustments
applicable to previous months in 1885.
The pay roll adjustment dated back
to April and the bus depreciation to
January. The only way the adjust
ments could be made was to do it all
In one month. When only Augusts
proportion of these adjustments is
considered, the monthly statement
tells very different story.
The traffic figures we're equally in
teresting, both for August and the first
eight months of the year. There was
an increase in August Of 2,124.853
over August in 1884. In the first
eight months the transportation COM
pany carried 99,664,O51 revenue pass
sngers against 83,975, ,260, gain so far
this year of 15,6S8,7 791, or 1877 per
cent.
A. B. A. Notes Real Upturn.
The current condition of business is
described by Banking, published by the
American Bankers Association, as fol-
lows:
Business is taking full advantage of
the respite between Congresses. The
general movement in steel, building
and other major lines is definitely up
ward. On the banking side the amount
of credit now available is truly prodig-
ious. If the questions of Government
borrowing, price of Government bonds
and abnormally low interest rates did
not intrude, the banking picture would
be highly satisfactory.
"A total of almost eleven and half
billion dollars in cash and reserves of
commercial banks is shown by the
latest call report. Aside from the i'm
pressive strength revealed in these
figures, 1t seems impossible that such
a quantity of pent-up credit will not
in time have a profound influence on
business through sheer pressure of
dollars seeking profitable employment
Fear and uncertainty have almost
disappeared. They no longer domin-
ate the thinking and planning Of
careful production managers and pur-
chasing departments. Actual develop
ments in the industrial and financial
world have been a potent reason for
increasing confidence. Earnings Of
the principal manufacturing corpora
tions for the first half of the current
year have averaged about 18 per cent
above the same period of 1884.
Today's Trading on Exchange.
Capital Traction IS sold at So on
the Washington Stock Exchange today
on a $1,000 turnover. Anacostia 81
Potomac Railroad SIS appeared on the
board at 81 for a $1,000 bond. while
Washington Gas IS. series B, moved
on two 81 900 sales at 103A.
Potomac Electric Power 5h per cent
preferred stock came out at lib and
26 shares of Lanston Monotype sold
at 63k. The Anacostia bonds. which
have suddenly come into the hmelight,
closed with 81 bid and SO asked.
1t was learned In the financial dis
trict today that the closed Woodbridge
LanCdon Savings & Commercial Bank