Evening star., 1936-07-09

year. President Fogarty reported, lhe
increase also was about 10 per cent
above the same period a year ago.
For the IL months ended June 80,
this year. output amounted to about
5.67o. 600, 900 kilowatt hours, gain of
about II per cent over the preceding
year.
In all these output totals, the Po-
tomac Electric Power Co, has played
more than its full share. While the
North American Co.'S gain for all
subsidiaries for the first half of this
year was 10 per cent better than the
first half of 1885, gains so far re-
ported by the Potomac Electric Power
Co. have been better than 10 per cent.
For example, in May alone the in
crease was 12.5 per cent.
North American stock on the New
York exchange has recently been very
active, no doubt in anticipation of the
fine output figures just announced. 1t
has recently sold between 29l2 and
80, as high as 32ls this year, and Is
paying 81 a share dividend. A lot of
the stock is held here.
Cramer Takes Exchange Seat.
George F. Cramer, secretary of
Waggaman. Brawner &, Co., Inc, in
vestment banking firm, has been
elected member of the Washington
Stock Exchange. it was announced on
the Exchange today.
This action by the Board of Gov
ernors gives the Waggaman, Brawner
firm two seats on the local exchange,
the other being held by John F.
Brawner, president of the company.
Mr.. Cramer has been in the invest
ment business in Washington for sew
eral years and has been connected
with the present firm since 1929. His
election follows the admission of
many other new members to the
Warrington Exchange during the past
year which has brought about greatly
increased interest in Exchange affairs
and especially in the volume of trad
ing.
Would Ban Margin Rules.
Militant brokers in the financial dis
trict, who lay all the blame for the
present light trading on the New York
Stock Exchange to high margin re-
uuirements, admit they were some
what aghast to read of the claim by
w. w. Cumberland, economist, that
margin regulations should be given up
entirely.
DR.. Cumberland told the University
Of Virginia Forum that he was unable
to distinguish why the Government
~, iv1to in
for securities any more than in the
supply for any other purpose. He said
he regarded margin regulating power
as too dangerous to place in the hands
of any man or group"
While most Washington brokers in
sist that SIS per cent cash payments on
stocks and loans of only As per cent
are far too high, they do not go so
far as to say that margin rules should
be abandoned. They feel that margins
should be lowered enough so il would
be easier for people who want to buy
stocks by the margin method. Thin
margins are not favored as they cause
too much selling on minor market
moves, brokers say, but claim the pres
ent SIS per cent figure is too burden
some.
Two Dividends Declared.
Directors of the Washington Loan &
Trust Co., at the regular July meeting,
held yesterday, declared a quarterly
dividend of per cent on the capital
stock, payable August to stockholders
of record July %. At the same meet
ing the directors authorized the trans
fer to surplus of 100000, making the
earned surplus of the company ST.
100000.
The directors of the John H. wilkins
Co., coffee and tea merchants, have
declared a 4 per cent semi-annual
dividend on the preferred stock and
$3.50 per share on the common stock,
both dividends being payable July Is.
according to announcement by Presi-
dent John H. Wilkins.
Company Honors Kreamer.
Oscar A. Kreamer, member OF the
customer service department of Inter-
national Business Machines Corp. in
this city, has completed 25 years of
service, gaining admittance to the
company's Quarter Century Club, it
was announced today. With his
certificate of membership he has re-
ceived a paid-up life insurance policy
for S2,500 and an engraved gold
watch
Mr.. Kreamer joined the I. B. M.
organization In 1911, before the COM
pany's present policy of worldwide
education among its employees was
inaugurated, and when it was neces-
sary to procure knowledge of the ma
chimes through the steady application
of personal effort.
The corporation claims to be the
worlds largest manufacturer Of busi-
ness machines, doing business In 10
countries.
Traction Bonds Lead Trading.
Capital Traction IS led trading on
the Washington Stock Exchange to-
day, again selling at 921a, the high
for the year. and closing at 92A.
There were nine sales at 921s, max
Ing a $13,500 turnover, and one
$1,000 transfer at the close at 92A.
The market ended with 92A bid
and SO asked.
City & Suburban SIS appeared on
the board today with three 1000
sales recorded at 80, gain of 61z
points since the last previous sale.
stocks were entirely neglected.
The forward movement OF busi-
ness in June reached the highest
point since March, 1888, Secretary
of Commerce Daniel G. Roper said
yesterday in his semi-annual state
ment regarding current business con-
ditionS.
j During June liquidation was COM
pleted by the controller of the cur
rency,s office in 16 bank receivership
cases. The June liquidations bring
the total since the bank holiday IN
March, 1888, to 4o5 receiverships
finally closed or restorfa to solvency.