Evening star., 1937-06-21

unmistakable trade and economic
trends. In May alone the Potomac
Electric Power Co. enjoyed an
increase of 1,954,148 kilowatt-hour
sales, which was a 4O2 per cent gain
over May, 1887. Other monthly gains
so far this year have been running at
about the same ratio, the survey
discloses.
To show the indicated business
progress in the Capital in the early
months of this year, the following
klloWatt-hour comparisons with the
corresponding five months year age
are presented:
1887. 1886.
January $500 55O08,550 52,964,84e
February - 52,776,655 49.674,3le
March ----- 52.704.429 4e96l ,534
April ---- 5l393,092 49l86.34C
May ----- 50,609,9l9 1855, III
Other indicators in the same five
months are also far ahead of last
year, among them being Washington
bank clearings, number of telephones
installed and average daily original
Ing calls, department store sales and
postal receipts in the Capital.
Shields Opens Bond Office.
Shields & Co., New York Stock EX.
chance firm and an investment house
is opening bond department branch
IN the American Security Building
AS previously announced, The office
will be under the direction Of Richard
G. Lyme, who for several years has
been manager of the Washington Of
fee Of the First Boston Corp. While
the company has branches and co.,
respondents in many leading cities OF
the country, this is the firms first
direct entrance into the Washington
field. The Office will furnish full in
vestment information.
Bankers Go to Rutgers.
Thirteen Washington financiers
were among the 593 bankers enrolled
at Rutgers Graduate School in Bank
ing, which opened two weeks residen-
tial work today at New Brunswick,
N. j. They are Hubert T. Bisselle
Ralph Endicott, George M. Fisher, R
E. Haycock, Walton L. Sanderson,
Kenneth F. Brooks, Daniel J. Gala
han, jr.; Vincent L. Sheehy. jr., from
the banks, and Andrew W. Lee, John
c. Baumann, Charles T. Malone, Lau-
renee H. Jones and David M. Kennedy
from the Federal Reserve Board.
President Tom K. Smith of the
A. B. A. will address the formal omen.
ing this evening. Diplomas will bt
awarded 1913 graduates on July 2, The
speaker being DR.. Frances P. Gaines
president of Washington and Lee Uni.
versity. During the coming two weeks
lectures Frederick Shelton of the
Kiplinger Agency, Washir ~ton, vii.
be among the speakers. as will be Col
Leonard P. Ayres and DR.. F. w. KEN
merer.
McManamy Reviews Rail Epoch.
The improvements which th- rail-
road. have made in their trains, me-
chanical facilities and methods of op-
Grafton, particularly in the ,ast seven
years, mark an epoch in rail trans
portation history, Frank McManamy,
member of the Interstate Commerce
Commission. today told the sixteenth
annual convention of the Mechanical
Division of the Association of Ameri-
can Railroads now in session at At
lantic City.
In the past seven years" Commits
sioner McManamy said, the railroads
have passed through a very trying
period, but it has also been a period
of great development, both in equip
ment and in service. Air-c conditioned
streamlined, Diesel-powered passen-
ger trains, which operate at speeds OF
100 or more miles per hour, and high
speed freight service which includes
store-door pickup and delivery OF
freight, are Improvements which
mark an epoch in railroad history
and are answers Of the members of
this association to the threatened loss
OF business to competing forms of
transportation. And this improved
service has not resulted in increased
costs to the public" he said
Former U. S. Official Dies.
Word has been received in the
financial district of the death of
Thomas H. Gammack, 81, former Sc
curities and Exchange Commission
official. He was connected with the
commission when Joseph P. Kennedy
was chairman. At the time of his
death he was member of Gammack
d. Co. and governing member of the
New York Stock Exchange He was
q Harvard graduate and was a re-
porter on various New York news
papers until he organized his own
exchange firm in 1929. His death
occurred last Friday in a New York
hospital.
Wood Urges S. E. C. Changes.
suggestion that the various acts
administered by the S. E. C. be re-
drafted and consolidated to eliminate
confusion was made before the House
Interstate and Foreign Commerce
Committee by o. G. Wood, former
president Of the Investment Bankers
Association. For instance, Mr.. Wood
said. If a utilities holding company
with two subsidiaries, both of which
have preferred and common stock
outstanding in the hands Of the public;
was to simplify its capital structure,
1t must file under the utilities holding
company act, under the Lea bill regu-
lating protective committees, under
the trust indenture bill, and If its
stocks are to be sold to the public, 1t
must register with the S. E. G. and
1le a listing statement.
Tie expense and delay Of this pro-
cedure, Mr.. Wood said, may make 1t
impossible for such simplification
to take place.
Today's Trading on Exchange.
Washington Gas Light stock was in
demand on the exchange today at
1894. Lanston Monotype moved at 90,
Capital Traction SIS changed hands at
81 and several other issues also ap-
peared on the board around recent
levels. The opening sale was in Ana
costa A Potomac Railroad Is at 66