Evening star., 1940-10-08

ed by any of the = s5
other companies.
The Washing VIM. D. Hoover.
ton Gas Light Co. recorded total
net income of 1897 ,455 in the eight
months, again S647 $40 in the same
months last year, an increase OF
s14oel5. The high net was made
In spite of a seasonal drop IN August.
The Capital Transit Co. reported
a net income of S468,70l, as COM
pared with s36ll33 in the same
months last year. an upswlng OF
slO7,567, a factor of this gain being
an increase of 8,071 $40 in revenue
passengers.
The Chesapeake & Potomac Tele-
phone Co. enjoyed a net income OF
sl.265 1894, in comparison with
ST 2ol ,344 a year ago, disclosing an
increase of s64,55O. This report re-
fleets large increases in both calls
and stations.
The Potomac Electric Power Co.
showed net earnings OF s2,672,ol2 IN
the eight months, against s2,83o'96'
in 1899, a drop of Sl66,954, but
highly satisfactory figure.
Hoover Is Felicitated.
William D. Hoover, honorary
chairman of the Board OF Directors
of the National Savings d Trust
Co. is being congratulated by his
banking associates on his 10th birth
dav anniversary, which he observed
Sunday. Mr.. Hoover was president
of the trust company Tor ABOUT 20
wears and for years before that
was attorney and trust officer, 10
which position he was elected IN
1902.
Mr.. Hoover is in good health and
active at the bank, being at his desh
every day. A native OF Washington,
he was educated here, graduated
from the Georgetown University
law school, was admitted to the DIS
trict Bar and in his younger days
was connected with the Real Estate
Title Insurance Co. He is dlrec-
tor in the Norfolk e. Washington
Steamboat Co., Terminal Refrlgerat-
ing e. Warehousing Corp. and his
financial advice has been OF beneht
to many civic organizations.
He is a tlirty-third degree Mason,
member of the University, Metro
,olitan. Burning Tree and other
clubs. Some years ago he made
hole in one on one of the golf courses
at Hot Springs, Va. AS fisherman
he has made just as good records.
Connely Hits Pixies Views.
J. Clifford Folger of Folger Nolan
& Co., public relations representa-
tive of the Investment Bankers AS
sociation, reported today that Presl-
dent Emmett F. Connely has sent
letter to Securities and Exchange
Commissioner Sumner T. Pike eX-
pressing deep concern over MI
Pixies recent statement that the
enormous growth OF so-called "prl-
vate placements with insurance
companies is due largely to causes
other than the operation OF the Sc
curitieS Acts.
Mr.. Connely declares that very
few issues were sold directly to IN
surance companies before the pas
sage of the Securities Act OF 1888.
During the past six years, he says,
more than $4,000 100000, principal
amount. of securities which would
have been registered with the >. E.
C.. and offered the public, have been
sold through private placement.
More than Is per cent OF these Sc
curities have gone to the five largest
insurance companies and the great
commercial banks in New York.
Columbia Loan 33 Years Old.
The Columbia Federal Savings q
Loan Association is 33 years old
today, with John B. Harrel' VINO
became president when the hrm
was founded, still at the helm. He
has been a very active factor IN
the associations steady growth
until resources are now in excess
of s5 100000. an all-time high mark
The association is affiliated with
Federal Savings e. Loan Insurance
Corp. District Building & Loan
League and Federal Home Loan
Bank System. In addition to Pres
ident Harrell the officers include
c. Gay Harrell, vice president ana
treasurer; Clarence E. Kefauver,
secretary, and William E. Poulton,
assistant secretary The directors are
Albert O. Denham, George B.
Cowles, w. Owen Hohenstein, How
ard E. Thompson and the officers.
Auchincloss Firm 10 Years Old.
AuchincloSs, Parker q Redpath,
New York Stock Exchange firm To-
Gated in the National Savings and
Trust Building, is 10 years old this
week. The occasion was celebrated
Sunday with a gathering OF 116
officers and staff members who spent
the afternoon at MerryWood, the
home of High D. Auchincloss, near
Mclean, Va. where a wide variety
of sports was enjoyed.
Later the party adjourned to the
Washington Golf and Country Club
where an elaborate dinner was
served. some serious speeches made
and others of a lighter nature.
While the firms head Office is in
Washington, branch Offices are oper-
ated in Baltimore, Philadelphia,
Wilkes-Barre and New York, guests
being present from all these cities.
Although the firms history in
cludes a period of national depres-
sion, business has expanded stead
lily in all the Offices, officials said
today.
Sperry National Director.
Marcy l.. Sperry, president, Wash
ington Gas Light Co., was today
elected a director of the American
Gas Association for a tWo-year term
at the associations 22nd annual
convention being held at Atlantic
City.
Washington Gas Light preferred
stock was strong on the Washington
Exchange today, again advancing to
1O5. The stock sold on the exchange
yoeterdov ot 104l,