Evening star., 1927-09-30
Total. 81 OBI 200. 1866 OIL S1.O27. 7.71S. .S2i ]
Local Market Again Strong.

- tS dLtcT opening DIT 30. lOlOIldc
Electric 512 per cent preferred climbed
to 1858. Mergenthaler Linotype
touched 49,
Three shares of Capital Traction
sold at 1861. and 80 shares of Barber
& Ross at SO 7s. Sanitary Grocery Co.
preferred came out at 1912. Two bank
stocks appeared on the board, 10
shares of Liberty National selling at
238 and five of Continental Trust
at $50.
The Gas bond issues were active,
several transfers being made at
recent price levels. 1t was announced
that the exchange will return to the
Winter schedule tomorrow and be
open Saturdays until next Summer.
Phone Earnings Reported.
Net income of the Chesapeake &
Potomac Telephone Co. for August
amounted to S83,552, which was almost
the same as the net of $83,621 in July,
but below the total of S95,203 for the
month OF August last year, according
to the report just submitted to the
Public Utilities Commission. Telephone
operating revenues for the month were
S585.340, with operating expenses
reaching $441,355.
Outside plant facilities and central
office equipment added to the system
in Washington during the first eight
months of 1927 amounted to
SALT .999.S3. Retirements for this
period, the report shows, were
0,55427, making net additions to
plant and equipment for the eight
month period $1,397 ,445.56. Net addi-
tions to plant and equipment for the
12-month period ending August 81,
1907 amounted to S2 O75 3D3 40
During the year a number, of i'm
portant additions have been made to
the plant. including a new telephone
central office building at Georgia ave-
nue. and Gallatin street and the in
stallation of switchboards and asso-
ciate equipment which will be placed
in service about the last of the year;
the completion Of the new Office and
supply building at I'LL North Capitol
street; installation and placing in
service of the new Decatur central
office and extensive switchboard addi-
tions to the Cleveland central Office
equipment.
Suburban Washington is also grow
ing rapidly, and 1t has been necessary
to establish new telephone plants at
Silver Spring and in the Bethesda
section. These two Maryland tele-
phone offices, though situated close
to the District line, are a part OF the
system of the Chesapeake & Potomac
Co. of Baltimore city.
Puts Out Additional Stock.
The District National Securities
Corporation, which is under the man.
agement of the officers of the District
National Bank, sent letters to stock.
holders today offering in advance of
issue of the authorized 81 900, 900 issue
Of per cent preferred stock.
The letter states that, like the first
issue, this stock is offered at par and Is
redeemable at the option of the cor
poration on any dividend period three
years from date of issue at S11O per
share. The letter adds that the COM
pany today has outstanding invest
ments of approximately S730,OO0, Sc
cured upon real estate, the total ap-
praised value Of which reflects secu.
rity exceeding $1,100.000. In conclu-
sion the letter reports a substantial
gain in business during the companys
short life and predicts further ad-
vances during the rest of the year.
The communication is signed by
Robert N. Harper, president, and Is.
l.. Cotton, secretary.
Sees S0uthern's Earnings Growing.
1.-THE Southern Railway has passed
the low point in it's earnings for the
year, which occurred in June, and the
last three months, ending on Decem-
ber 81, should show improvement over
the corresponding period in 1926" says
Walter Case, one Of the directors, who
has just sailed for Europe. "Of course.
the Southern has felt the result of the
poor fruit and cotton crops in the
South" he added, land this condition
will naturally show itself to some ex-
tent in the years earnings, but with
improved Fall and Winter rail traffic
some recovery will set in. The outlook
for 1928 is good"
C. & O. Leases Vital Coal Link.
Control by lease of the newly-con-
structed road Of the Chesapeake &
Hooking Railroad Co. extending from
| Gregg, Ohio, to Valley Crossing. Ohio,
has been acquired by Chesapeake &
Ohio Railway Co.
This new 60.mile railroad gives di-
rect connection between the Chesa-
peake & Ohio and Hooking Valley and
furnishes an outlet, with greatly in
creased facilities, for coal originating
along the Chesapeake & Ohio through
the Columbus gateway over the Hook
ing Valley to the Great Lakes and the
Northwest.
Fifth District Reserve Report.
In the local fifth Federal Reserve
district total bill holdings, including
rediscounts and paper bought in the
open market, amounted to $55. 1927 900,
a sharp gain since Summer. The
principal increase was in volume of
aceeptances purchased. the total ris-
ing to $27,101 900 from S23, 3,557 900 in
week A year ago bills bought in
| the open market amounted to only
S12,28S,000. The Richmond banks
ratio was cut down to 47.S9 per cent
from GAIT per cent a year ago. max
| ing it one of the lowest ratios Of the
entire system.
Quarterly Dividend Voted.
A meeting Of the board of directors
of the Federal Security and Mortgage
Co. was held on Thursday. The regu-
lar quarterly dividend of . per cent
was declared on the preferred stock
Of the company.
The president, Morris CafritZ, gave
a very satisfactory report of the finan-
cial condition of the company.
Nearly 100000 attended an interna.