Evening star., 1923-04-27
RAILW'Y Preferred
|SACT|VE LEADER
All Offered Taken at 75-No
Sales of Common-Finan-
CiaI Notes.
By i. A. FLEMING.


Railway preferred was the active
leader in today's market on the
Washington Stock Exchange, and YET
the sales were but 11s shares. in a
comparatively large number OF small
lots. The bid price. rs. was main
tained throughout the session and al
offered taken at that price.
Common stock was scarcely men
toned; In fact. there was no disposi-
tion to make any trades and not a
| sale was made. Would-be buyers Of
fered 6S for the stock and It was
offered at GSh.
Elsewhere throughout the list the
movement was fairly active and at
steady prices. The only unusual
transaction was the sale OF $4,000
Washington. Baltimore and Annapolis
5 per cent bonds at IS, the first bust
ness In these bonds for many days
Washington Gas ia, due for re-
demption in q few days, brought
102N. the calling price being 103; III.
stock Of the same company was hrn4
at 491a
In all AZ shares of Capital Traction
brought 9sss, the lot being made up
of all manner of small lots.
Potomac Consolidated Us wer"
strong at 81 u.
Named as Chapter Head.
James c. Dulin. jr.. assistant treas
urer Of the American Security anu
Trust Company and income tax eN-
pert to hundreds of the big trust
company's friends and customers, viii
be the next president of WashlngtoIt
Chapter. A. ]. 3.
The nomination., unco1tested, couI4
not have been better placed, as Nj.
Dulin is a hard. faithful worker 10"
the chapter and a man who can com
mand the right kind Of support and
assistance for II when needed. u"
Will be elected May 10
b. Il o. Earnings.
Earnings of the Baltimore & Ohio
system were released this morning.
Operating revenue for March totaled
| S23,747,2S0, a gross gain of s4,l32.53I
over the revenue for the same month
| in 1922. Net operating revenue for
the month of March S5.591.541. an In
crease of $1,436.370.
For the three months OF the caleC-
| dar year the railway operating rev
enues increased s14,07S,452 and III"
net revenue by s4,674,836, which wa
| cut down by tax accruals. uncollected
revenues, equipment, rents, etc, to
| s3,S37.215 or better than S1,279,OoO :,
month net increase for the year 1875
to April 1.
Freight was, responsible for near
~ all the gain.
Cities Service Earnings.
Cities Service Company for the .as
calendar year earned Sl4,65S,9I6, a.
increase of s1,197,2oo over 1927.
Farty-seven per cent of the gross
earnings was derived from the publ.c
| utilities and 43 per cent from oils.
The public utility section earneG
all fixed charges and dividend on the
preferred stock.
Preferred stock dividends were
earned PAL times and the balance &C
cruing to common stock was equal tc
SASS a share on common.
The report is in substantiatlon q
the general betterment in all public
utility corporations business.
| Development work goes on apace,
with contracts under execution thai
will result in the sale of largely in
| creased service throughout western
! states.
"Ffrst Year of the Budget
This is the title of a book just IS
sued by Gen. Charles c. Dawes, re
Gently director of the budget.
The work is close personal story
of the day-by-day work OF Mr. Dawes,
and contains many personal and offi
cial letters during the period When
establishing the first budget or the
United States.
| 1t contains an appendix with much
| valuable and interesting information
| Railroad EArn1nBss
| Railroad earnings for March arc
coming in fast. and they show Il very
| general increase in gross. as expect
ed, judged by weekly earnings as re
| ported.
| Net earnings, too. are increasing,
but not in the same ratio as the gross
| by any means.
Net operating incomes increased as
| follows: New York Central. S1,S45
! 373; Southern Pacific. s1.s6s.1Sl. this
from a gross gain Of se1,1S5:36S; 81
Louis and Southwestern. s006,lO2,
Southern Railway. s1.716,S6S; Chesa-
peake and Ohio. s751.0s3, and Norfolk
and Western. 1882. .2o7.
Seaboard Air Line, Long Island and
New York, Ontario and Western showed
deficits in net operating income.
: Personal Mention.
Francis NJ. Savage, president Of the
Northwest Savings Bank, has returned
from a trip to Chicago and other
western points.
At noon today the executive council
of the A. B. A. will adjourn and the
local delegates will, in all probability,
be home in the morning.