Evening star., 1937-01-06

Charlotte DranCn, Charles Dawes.
to serve for three years.
The governors of the Federal Re-
serve system, at the same time, have
made these appointments for the
Baltimore branch: Charles M. NC
Cormick, president of Mccormick &
Co.. Baltimore, for three years; w.
Frank Thomas, construction engineer
and real estate manager. Westminster.
and W. Frank Roberts, president,
standard Gas Equipment Corp, Balti-
more. to serve unexpired terms as
directors.
The Reserve Board governors have
also appointed these directors in the
Charlotte branch Christie Benet,
Columbia, S. c., business man, Tor
three-year term; George S. Harris,
treasurer, Springs Cotton Mills. Lam
caster, S. c., and George M. Wright,
president, Republic Cotton Mills,
Great Falls, S. c., to serve unexpired
terms.
Dawes Sees Further Advances.
Charles G. Dawes chairman OF the
CITY National Bank & Trust Co..
Chicago, and former Vice President OF
the United States, predicts that the
country will see greater activity this
year and next year in the exchange
of goods than We have ordinarily been
inclined to feel or believe
Gen. Dawes has had such success
IN predicting economic advances that
he has worked out theory of his own
and written a book on the subject.
He stumbled on his method "by ac-
cidert," he says. while studying
previous depressions and recoveries.
In each case he found that-with not
more than 80 days diference-the
stock market began a sustained rise in
five and a half years after the initial
collapse and that revival in the de-
mand for durable goods began in about
i've and three-quarters years.
He asserted in Chicago the other
day that economists have ignored the
effects of mass behavior on the part OF
the public. Business men, too, have
been remiss in not attaching due
weight to the importance of the pent-
up demand for goods by the populace
during lean years. He has also found
that business men display better judg-
ment In adversely than in prosperous
times.
Taxes Cut Telephone Income.
Operating revenues of the Chesa-
peake g. Potomac Telephone Co. in the
first IL months Of 1886 totaled So, $751;
$50 in comparison with s9,193,469 in
the previous year. a gain Of $488, ,161.
Operating expenses, according to the
report filed with the Public Utilities
Commission, called for $3.50, ,848,
against $6,511 $50 in the like period in
1885, an increase in operating costs of
$379,1s9, leaving net operating reve-
nues at $2,790,782. against s2,681,810
q year ago, or an increase Of S10S,972.
Taxes required sS04,l93 in the II
months under review, compared with
3676,031 year ago, an increase OF
$128,162. This brought net operating
income down to 81, ,986, $50. in compare
son with the substantial figure OF
$2,005,776 in 1885, making a small
drop of SIG, 100
In November alone operating reve-
nues were up $45, ,349 and operating
expenses increased $29, ,473. Net oper-
ating revenue totaled $3.50, ,522, a gain
Of more than $4,000 over November,
1885. Taxes required s69.720, leaving
. net operating income of $l80,80
against SITS, 100 year ago, an increase
Of s5,702.
Recovery Aids Auto Club.
An increase of 1877 per cent in
the membership of the keystone Au-
tomobile Club was registered during
the year 1886. it was announced to-
day by George E. Keneipp, manager.
The remarkable gain achieved by
Keystone last year provides an ac-
curate index of the sound and sub
stantial economic situation prevail
ing in the National Capital" Mr..
Keneipp said. The trend of enroll
nents has shown an accelerated ad-
vance during the past two months.
Rogers Joins Berkshire Staff.
Ralph NJ Rogers, former Washing
konian, has been appointed produc-
tion manager for this city and Vir-
ginia Of the Berkshire Life Insurance
Co.. General Agent J. E. McCombs
announced today. He has been with
the Penn Mutual for more than six
years in Philadelphia. A graduate
of Central High School, he was con-
nected with the Federal Government
here for several years.
He served on the White House staff
for two years during the Wilson ad-
ministration and later was engaged
in the organization of field offices and
personnel as special representative of
John B. DinSmore, former director
general Of the United States Employ
ment Service
All directors of the Firemen's In
surance Co. Of Washington and
Georgetown were reelected at the an
nual meeting of stockholders. They
are Edward G. Baltz, Millard T. Dixon,
Raymond K. Espey. Leroy Gaddis,
Parke A. Galleher. William M. Hoff-
man, j. Logan Hopkins. Albert W.
Howard, Charles H. Kindle, John H.
Snyder, Schuyler s. Symons, Albert w.
Walker and James M. Woodward.
Bank Elections Next Tuesday.
All the national banks in the city
and several trust companies and saw
ings banks will hold their annual meet
ings next Tuesday. So far as an
nounced, there will be comparatively
few changes in directors. No doubt q
few new directors will be elected and
vacancies filed which may have oc-
cured during the past year.
Capital Transit stock climbed up to
IS on the Washington Stock Exchange
today, after opening at 14h. Wood.
ward & Lothrop common moved at 78
for IS shares and Mergenthaier Limo
type was strong at 81. In the bond
division Capital Traction IS were
strong at 94h. Other bid and asked
prices were practically unchanged.
The Interstate Commerce Commis-
sion has authorized the Western Mary
land Railway to issue $1,590,000 Of
~ per cent equipment trust certi-
ccates, series F, to be sold at 10l.H
and accrued dividends to Stroud &