Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-28
UNION TRUST co. PLANS TO BUILD
ADDITION, DOUBLING BANKS SIZE
Perpetual Building Association Opens New
Home at 18th and E Streets With Re-
ception-Land Bank Officials to Meet.

directors are Mr.. Berry, Mr.. Bishop,
Mr.. Carr Mr.. BaltZ, Mr. Gusts. Frank
lin w. Harper, Vernon G. Owen, John
c. Scofield and George Wright.
Land Bank Officials to Meet.
The annual .nidwinter conference of
the officials of the joint stock land
b,.nks has beer. called by the Federal
Farm Loan +;oaId to meet in Wash
ington on February 8 and 4. These
meetings provide a means for the
board and banks to discuss the
various problems in come elton with
operation OF the farm loan sys-
m. There are now So joint stock
land banks in the United States.
w. j.. Ball. president of the La
Fayette-Indiana Joint Stock Land
Bank. and president Of the American
Association of Joint Stock Land
Banks, spent several days in Wash
ington recently. in company with
other bankers in the system. con.
ferring with Treasury officials in con.
ment to the Fan Loan Act giving
the Treasury department more direct
supervision over the banks.
This bill is sponsored by the Treas.
urv department and is now before
the House Banking and Currency
Committee.
PeDnsy Reports Record Year.
The December statement of the
Pennsylvania Railroad shows total rail-
way revenues for 1926 amounted to
500 $4,000. the largest in the com.
pany's history except for 1928, when
they were 1885, 900 greater. AS COM
pared with 1925, total revenues in.
I'D
221 900, which with increased taxes
Of $5.409. 900 and increased rents of
S2,743,000 resulted in an increase in
net railway operating income of &c..
$4,000 over 1925. the previous high
record. Net railway operating income
for 1926 was 6,433 900. The report
showed 13.41 per cent earned on the
stock before deductions for sinking
and other reserve funds, and 1915 per
cent after such deductions.
Earnings for December showed a de.
crease in net railway operating income
of $3,191,000, while gross earnings
gained.
G. & o. Reports Increased Income.
The Chesapeake and Ohio reports a
net income for 1926 of $29, 1877 500. For
the Il months ended December 81. 1926,
the gross revenues were $133 974 900,
an increase of $1O,373,860 over 1925.
Operating expenses were S90,970,78S.
an increase of $1,528,009. Willie the
net railway operating income was
37,011 OPS, an increase of $6,713,9S1.
The net income of the company was
an increase of $9,l39, sos. as compared
with 1925. The operating ratio for
the period was 60 per cent. a de.
crease of As per cent over the same
period year ago.
Discounts Drop Sharply.
There was drop Of about SIPS
900, 900 in rediscounts by the Il Fed
eral reserve banks shown in the
weekly statement.
This brought about a further
strengthening of reseI YES. as indicated
by rise in the ratio from 1914 to
1915 per cent. The Richmond ratio
also was materially higher at 1886,
compared with 1856 per cent.
Discounts in the local fifth district
amounted to S2l ,232 900 an exception
ally low figure. At this time a year
ago the volume of discounts was ap-
proximately S35, 100000 and the re.
serve ratio around 20 per cent,
Local Securities Are Firm.
Prices were firm on the local stock
CACHdbSC LCuSaS' SdpitGht IL o$lAOA S'SAi-
ing at 10SM, Potomac Electric Power
preferred at 1092s. closing at ", and
Washington Railway and Electric pre-
ferred at 90I. Four shares of Riggs
National Bank changed hands at 479.
one point under yesterdays close.
Merchants Transfer and Storage pre-
ferred sold at 1909. Washington Gas
IS, series A. sold at 1913 in small lots
and 104H for a $500 bond. Washing
ton Market Cold Storage IS came out
"a.
fIillyer Back From Europe.
Edward l.. Hillyer, vice president
of the Union Trust Co.. and one of
the governors of the Washington
Stock Exchange, has returned from
business trip to Europe that took him
to Paris, Berlin and Switzerland He
also visited London. Mr.. Hillyer was
away about two months.
Bankers Council Meets Today.
The council of administration of the
District Bankers Association holds a
regular meeting at 4 o'clock this aft.
ernoon. One of the important matters
to come up is the matter of dates and
place of the next annual convention.
Kresge Earns $3.50 Per Share.
The S. S. Kresge Co. reported for
1926 net income of $12,5O4,442, or 1886
share OF common stock outstanding.
Earnings in 1926 were $11, 500 ESQ, or
S317 Der share