Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-05

good until July 81.
Acquisition of
washington Rail-
way & Electric Co.
by the North ''''''
American Co. was Frank w. Stone.
complet in
March, 1928. by purchase of large
block of stock. The North American Co
is now reported to own all but 10000
shares of Railway common. In fact,
according to President Frank L. Dame,
there are less than 10000 shares which
are not held by the North American Co.
Washington Railway & Electric COM
mon which is listed on the Washington
Stock Exchange, opened the present
year at $40 and has sold as high as 6lO
at one time this year, and last sold here
at SIS. The stock during the past two
or three years has been the most SEN
sationaI issue on the local board. Its
par value is 100 and it pays per cent.
At SIS the yield is only IL per cent,
but many of the holders have had a
200 and 500 point profit in enhanced
values in addition to the regular divi-
bends. few holders are reported to
have considerably more than a 300
point advance.
Offer Means S135 Per Share.
Trading in the stock. however, has
been very slow on the local exchange
this year. only 40 shares having changed
hands since January l. This record
indicates that the holders have been
perfectly willing to carry it and see If
the stock would go still higher. A few
sales have been made in New York
also. at prices ranging from $500 to $500
per share.
Common stock of the North Ameri-
o. Sc CTR fIon NTnrHy orb
Stock Exchange and enjoys an active
market Right now it is selling around
STAT per share, paying a l per cent
annual dividend in stock. Under the eX-
change offer at present market prices for
North American, holders of Washing
ington Railway & Electric common
would receive about $735 per share.
North American common has been as
. high as 1905 this year and has been
especially active in recent Wall Street
trading.
In his letter to w. r. & E. stock
holders, President Frank L. Dame says:
For the IL months ended March 81,
North American gross earnings were
q S141 Sis, sos, an increase OF $2000OOO
in a year. Net income after all charges
was $25, 100000, equivalent to a divi-
oiend of $4.66 on the 5,136,962 shares
of common stock then outstanding"
Department Store Trade Reports.
Confidential reports sent to the
Federal Reserve Bank of Richmond by
81 leading department stores in the
fifth reserve district show sales during
May, 1929, and early June averaging
25 per cent above the volume of sales
g in May, 1928, II of the reporting stores
showing higher figures. In total sales
from January l through May 81 this
year, sales in the reporting stores
averaged "a per cent above aggregate
sales during the first five months of
1928. May, 1929, sales were 12.1 per
cent larger in dollar amount than
average May sales during the three
years, 1923-1925, inclusive.
Stocks of merchandise on the shelves
of the reporting stores were five-tenths
of l per cent lower on May 81, 1929,
than on May 81, 1923, and were 2.8 per
cent lower than stocks month earlier,
April 80, 1929. The moderate decrease
In stocks was seasonal.
The percentage of sales to average
stocks carried during May was 28.4 per
cent for the district as a whole, and
the percentage of total sales during the
first five months of this year to average
- stocks carried during each OF the five
months was 1929 per cent, indicating
an annual turnover of 319 times, COM
pared with turnover rate of 3.036
times in the first five months of 1928.
Collections by 80 of the 81 reporting
stores during May totaled 1871 per cent
of outstanding receivables as of May /.
a slightly lower figure than either 289
per cent collected in April this year or
1873 per cent collected in May last year.
Baltimore and Richmond reported
higher collection percentages last month
than in either April this year or May a
year ago, but Washington and the other
cities reported declines.
Dividend and Other Notes.
The directors of the Washington Loan
& Trust Co. have declared the regular
quarterly dividend of per cent, payable
August /. Books will be closed July %
to August l, inclusive. This will be
the 148th consecutive dividend paid by
the company, which is completing
period of 40 years since its incorporation.
Frank w. Stone, vice president of the
National Savings & Trust Co., is leaving
Washington for months vacation. He
plans to spend several days at Atlantic
City. visit New York and then motor
up through New England to Quebec.
G. Bowie Chapman, resident partner
Of Hartman & Co, has gone to his new
Summer home on the Eastern Maine
coast near Castine.
Sales of F. & w. Grand 5-10-25 Cent
Stores, Inc. for June totaled 81 1888, 569,
against $1,259,o80 for June 1928, an in
crease of 1928, 489. or so per cent. For
the first six months of the year sales
totaled $9,147 ,981, compared with Sc, 4l3,-
$50 for the same period last year, an
increase of $2734, 422, or 42.6 per cent
Capital Traction Stronger Today.
Capital Traction stock sold up to 95
today for the first time in several weeks
1t opened on the Washington Stock Elk.
change at 94A. and advanced to 95
after three small-lot sales. Sixty shares
changed hands at the new top.
Washington Railway S5 Electric pre-
ferred sold to the extent of so shares
today at 96la and 965s, maintaining its
recent strength. Potomac Electric Pow
er per cent preferred came out at
1924, the SIC per cent issue at 1903;
100 shares of Federal-Amer1can Co.
common came out at Al and IS shares
of Mergenthaler Linotype moved at
1852.
Peoples Drug Stores preferred figured
in a small sale at 118, while 40 shares
of National Mortgage & Investment
preferred changed hands at As and ITO
shares of Real Estate Mortgage &
Guaranty preferred at 7A.
The rest of the trading was In the
bond division, where the largest turn
over was a $4,000 sale of Georgetown
Gas SIS at 100. The unlisted depart
fnent showed very few price changes
in the past week.
POTATO MARKET STEADY.
CHICAGO, July S CR- UNITED
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