Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-29


over the same period of 1897
At the close of business June 30 there
we're l45.264 telephones connected with
| the IL central Offices serving the Dis
| trict, an Increase of 1879 since Janu-
airy i,
Equipment added to the system dur
| ing the first six months of 1923 in
volved expenditures of 81 ,1Go.2f4. Re-
tirementS were S74i.372. making net
additions for the period ending June
| 80 $35S.S42
! ground conduit and cable extensions
and the installation of additional appa-
| ratus in various central Offices.
Light Shed on local Securities.
That washington Railway & Electric
I Co. earned S4203 per share on the COM
mon stock last year, S3T.52 in 1926 and
! 1894 in 1925 is shown in Facts and
Figures on Washington Securities,
brought out Yesterday by Y K, Booker
! s. Co. It also gives the earnings on
the common stocks OF several other
/ public utility corporations Of wide in
terest to the holders Of these issues.
| washington Railway common. some
times called the General Motors of
/ the Local Exchange" last sold at S4S0
! per share. the high for the present year
/ being s4S5 The common pays Z per
! cent The prevailing price of the stock
/ would appear TO be based on earnings
rather than on the past years dividend
| rate The compilation gives the income
| for the first i've months of 1923. the
period not being sufiicient to indicate
what this years earnings per share
/ will be-
| The statistics show that Capital Trac- |
I u a 10 ~I<n
mon stock in 1927, S6.6o in 1925 and
| s657 in 1925 Earnings on the conn.,
mon stock of the Potomac Electric
| Power Co. all of which is owned by
! the Washington Railway 81 Electric Co, |
were S422 % IN 1927. Sal 30 in 1895 and
| s3e.26 In 1925. Similar earnings on
/ Washington Gas Light stock were SIS ~
in 1927, S6.07 in 1926 and Sass in
! 1925.
Statement Includes Surplus Funds.
The booklet also includes the yearly !
surplus of the utility companies for the
three-ysar period At the END of 1927
Washington Railway a. Electric had A I
surplus of S5.70S. 153. in 1926 s4g5S465
and s4,175.79 in 1925.
The Potomac Electric Power Co. 8 !
surplus in 1927 was s6.90i $50 IS. 400. I
$50 in 1925 and S5897.s54 in 1926, t
NdptdA AFd1hhOLan SURPLUS Was S4,@&ts- I
304 at the end of 1927. S1.4iH.642 in /
1926 and 81 .478.24 in 1925 /
The Washington Gas Light Co. |
finished 1927 with surplus Of S7.84T.-
1919. 1926 with S7,93S ,021 and 1928 with I
S7.sS1,19e
The table also compares the net
incomes of these companies for The
past three years and also the first five
months Of the present year.
Merger Situation Summarized.
The present status Of the proposed
merger of the local traction lines is
summed up and the booklet contains
statistics regarding ali the banks In
Washington.
Securities listed on the washington
| Stock Exchange in recent months have
been added. five insurance companies
and title insurance companies also
| appearing.
| Facts are published about the bonds
Of the local clubs. such as the Army
| and Navy. Chevy Chase City. Columbia
| Country. Commercial, Congressional.
| Cosmos. Metropolitan, Racquet and
| University.
| The real estate mortgage companies
/ which have sprung into existence so
| fast In Washington In recent years,
come in for their share Of statistical
| attention.
Automobile Production Holding Up.
1 Automobile production in June showed
! considerably less than the usual sea-
! s01al decline. the Federal Reserve
/ Board reported yesterday in a summary
/ of general business and financial con-
/ ditions
The report, based upon statistics for
| June and part Of July. however, said
J that
{ Detroit indicated that operations of
/ automobile plants were well main
! tanned during the first three weeks" Of
/ this month.
Industrial production and the dis
/ tribution Of commodities in June were
| IN smaller volume than In May" the
report continued, "and the general level
1 Of whole prices. following a sharp ad-
vance IN April and May. also declined.
/ Member bank credit was Ia record
| volume early in july and Indebtedness
at the reserve banks was larger than
/ at any time in the past six years"
New |. G. G. Petitions Filed.
Petitions for the reopening OF the
! Chesapeake a. Ohio merger case in
order 10 allow that company 20 acquire
additional stock in the Pere Marquette
Railroad 70 enable 1T 10 issue new stock
/ filed today with the Interstate Com
n1erce Commission.
The ], g. C. originally ruled that The
road might bury the stock az 10 per
share. The Nickel Plate. which holds
most Of tfe stock needed refuses 10
sell al that price The G. Il o., there
fore asks the right TO buy at 1898
per share.
The second petition asks the I. C. C.
[ n 2 ffF4-ygSaW Aa nd
the road 70 sell neg stock TO its stock
/ holders at par
Convention Dates Announced.
The 1923 convention Of the National
financial Advertisers Association viii
be held September 1923 at Utica n Z
Several members from Washington In.
Guiding advertising representatives Of
banks and trust companies, expect to
attend this convention this year. Eight
hundred banks hold mcmbergllip IN tbs
organization which promotes adgertis-
nag, publicity. new business development
and trust development OF banking.
Cleaned In Financial District.
Eeftram Chesterman president OF
the Washington Morris Plan Bank, haa
returned frDn an extended trip 10
Europe and Is back at his desk He
went abroad for rest and appears
much benefited by the Journey.
q l.. Cotton. newly elected director
~ the District National Bank, Is the
institution S trust officer having been
elected 10 thar position last January
He is one Of the youngest bankers In
Washington 10 whom iiag been given
such responsibility He has l1een with
Inc District National since May. 1923
previously having been IN tilf trust
department Of the American Security
IL Trust Co. He IL member Of the
District Bar.