Evening star., 1928-03-28
WHOLESALE TRADE
UP 50 FAR FOR 1928
Department Store Business
Is in About Same Volume,
Summary Shows.
RY EDWARD c. STONE.

RY EDWARD c. STONE.
Sales OF wholesale firms In leadiny
lines increased during the last TIVE
months and are slightly larger than :
year ago, while department. store sales
allowing for the customary SeaSona
changes were in about the same volum,
as IN January and somewhat smaller
than year ago. according to the Fed.
eral Reserve Boards summary " CON
ditionS, Just published Merchand' SO
stocks carried by both wholesale houses
and department stores showed a sea-
Sonal increase in February
Building contracts awarded were
larger in February than in the CORE
! spending month of any previous year
rejecting chiefly a large volume OF
awards for residential construction il,
the New York and Chicago districts
Contracts let in the first two weeks oi
! March were in approximately the same
| volume as IN the corresponding period
OF last wear
Commercial loans Of member banks
showed a larger increase in February
and the first half of March than at tho
same season in other recent years
/ Production of manufacturers in Feb
/ riary increased per cent over January
and was . per cent larger than a year
ago, while production of minerals de-
| clined slightly and continued TO be sub
stantially smaller than last year.
Factory employment and pay rolls
/ showed a seasonal increase in Febru-
/ ary, but continued at lower level than
year ago.
! Output Of iron and steel. automobiles
and agricultural machinery has in
| creased considerably since the first of
! the year.
Daily average production of steel
ingotS in February was larger than in
! any other month since last March. and
! current reports indicate that output
1 was sustained in the first three weeks
] in March. Production of non-ferrous
metals also increased in February.
/ Activity in the textile industries has
shown little change since the first of
I the year Production of bituminous
coal and crude petroleum. which de-
creased in February. increased slightly
IN the first half of March,
Today's Trading on Exchange.
Barber e. Ross common opened
trading on the Washington Stock Ex-
change today five shares selling at
25is. Lanston opened at I0Sia, drop
ped to l0s and closed at i0Si, on a
l7-Shsre turnover Mergenthaler also
appeared on the board. 20 shares selling
at l03is.
Potomac Electric Power 81 per cent
preferred moved at l08 and the 6 per
cent preferred was strong at ll2sa, a
new high for the year Ten shares of
Peoples Drug Stores preferred sold at
l24. and 100 shares OF National 4. In
veS'ment preferred at 5Ss.
Only two bond sales were recorded.
a $1,000 City g. Suburban changing
hands at 9934 while a Washington Gas
s, series A. in a $500 denomination.
sold at 1864.
New w b. g. A. Chairman Elected.
Herbert A. Wagner. president of the
Consolidated Gas. Electric Light g.
/ Power Co of Baltimore. was elected
chairman OF the board OF the Washing
/ ton. Baltimore a. Annapolis Electric
/ Railway at the annual meeting In Bal
| timore. succeeding George r. Bishop
| Of Cleveland The Consolidated controls
the railway company and its subSid-
. iarieS through a holding COMPANY The
! company was formerly controlled by
Mr.. Bishop and his Cleveland asso-
ciates
James j Doyle was reelected presi-
dent George Weems Williams. first vice
president. Thomas p. Littlepage. second
vice president. and H. T. Connolly, gem
erai manager. Mr. Bishop resigned from
the board which is now made up as
follows: Herbert A Wagner. w. J..
Casey. w. Graham Boyce Thomas p.
Littlepage, George Weems williams.
James J Doyle and H. T Connolly
Rapid Transit's Earnings Gain.
Marked improvement In both the
gross and net revenues in February. as
compared with the corresponding month
Of 1927. was shown by the Washington
Rapid Transit Co. today in its monthly
report 10 the Public Utilities Commits
sion
Gross revenue was &44. .897. IS. as COM
pared with S36.l63l4 in February. 1927
an increase Of 24l per cent. Operating
expenses, including depreciation and
. taxes. were S45, 1874 56. as compared with
! S46.i5947 last year. reduction Of
/ s3649l. The net income after deprecia-
| ton and taxes continued 10 show a
/ deficit, however. but the amount this
/ year was S3970l, compared with
/ 50 996 80 last year
I The company also reported an In
/ crease IN the number Of revenue pas
I sengers, the total having increased from
/ 55S,953 70 AL .423. or 1875 per cent
Net revenues before depreciation for
/ February were S7.969.53 this year. as
compared with a deficit OF $3.50 0s last
( year. which more than justified state
meDis recently made that the bus com.
panys operations for the year 1929
would show 81 Improvement over 'ast
/ year of more than 37l 900. and that net
/ revenue before depreciation would
amount 70 more than $40 000 said z
/ -. Merrill. president and general
manager
Quarterly Dividend Declared.
/ The directors Of the Columbia Sand e.
Gravel co yesterday declared the
regular quarterly dividend Of 81 rs per
I snare on the preferred stock. payable
on March 81
d. =. Saul LoczI Representative.
The Mutual Life Insurance Co. of
New York became definitely identified
with local financing ~ real estate when
its vice president. William Shields. re-
Gently conSummated arrangements with
the Is r. Saul ca. 10 act as It's local rep
. fesentatiye II vas stated By officials
III The Saul On. one ~ the oldest and
largest mortgage loan companies IN
Washington that the activities Of she
. MAtua} Lie insurance 90 IN Lne local
field would be restricted ~ high~clas'
central business properties
Other Financial Notes.
a. McFayden former vice president
III y s. KFeage Co and general manager
NJ me Metropolitan Dollar Stores. has
been made vice president and general
manager 81 the new Schultz United
Pige Cents 70 one Dollar Retail Stores
Inc
February net operating income gf th'
Pennsylvania Railroad rose ~ &G,87l j..
1g0 iroin 80 g45 42l. IN February, las
year.
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