Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-24
TELEPHONE CALLS
~
INCREASE IN JULY
But Net Income of C. & p.
Shows Drop From Pre-
viouS Month.

pOCn local ana long DISTANCE L6lepnOQe
calls here during the onth of July,
and the number Of telephones in Wash
ington is still increasing rapidly, net
income of the Chesapeake 81 Potomac
Telephone Co. showed a decrease in
July this year, as compared to both last
month and July of 1928.
During July Washington telephone
users made 1925, 900 local and 480, 900
out-of-town calls, ali increase Of 10.5
per cent in local and 1873 per cent in
toll calls over July, 1929, but the net
income of the company for this July
! was only $53,692, as compared to S76,-
$40 in June, 1929, and $88 985 in July,
1923, according to ne regular monthly
report filed with the Public Utilities
Commission today.
Net operating income of the company
in July decreased $21,152 from the
month of June. Telephone operating
revenues for the month were S663,866.
Operating expenses were $3.50. Gao, max
ing net operating income $125,826.
Capital Expenditures.
Taxes assignable to operations in July
were $45,089, which was an increase of
S2,28l over the previous month. For
the first seven months of this year
taxes assig..able t, operations amounted
to $332,215.
Capital expenditures for outside plant
facilities and central Office equipment
added to the telephone company'S sys-
tenn in Washington during the frst
seven months of the year amounted to
$2,573,194. Retirements were s788,676,
making net additions $1,784,518. Net
additions to plant for the II months
ending July 81 were $2,596,3
On July 81, Washington was served
by 1882 telephones, which was an
increase of 1852 since the first OF the
year.
Duns Review.
The general business situation in its
major aspects. according to Dun'S Re
view today, reveals no essential devia-
ton from the favorable characteristics
which have been so long sustained"
With the further advance OF the
Summer" said the review, 1.-The fact
is being made still palmer that seasonal
fluctuations in trade are narrowing and
that the movements of many other
years. although not wholly without ba-
rometric significance, are not crl-
terion of present conditions. Methods
of operation, of buying and selling, have
changed in no small degree, and the
bringing together of large interests,
through increasing numbers OF mergers,
is altering the economic structure.
Hence it is now that the trend during
any given period cannot be accurately
gagged by former standards, the ex-
isting comparative activity in various
lines demonstrating this point.
Among current features of particular
distinction, the conspicuous vitality OF
the great steel industry retains the fore
most place, while decided expansion
in footwear production has been added
60 %I,a +riInt claimants
tile markets. moreover, are in strong
err position, both in respect of demand
and prices, and there is evidence in
this quarter. as in other channels, that
the public purchasing power remains at
a high level. No widespread labor
troubles prevail and employment is
relatively full, and railroad freight
traffic, with continuing gains over the
volume of previous years, shows that
consumption of goods is unusually well
maintained. Not all statistical indices
disclose the same upward tendency, and
even the reports of new high records in
manufacture and distribution are modi-
ned by complaints of close profit mar
gins on individual transactions. That
statu, and it is significant that total
earnings of numerous corporations have
been constantly rising.
Judged by its narrower fluctuations,
the local call money market was more
stable this week. The rate moved within
a range of / per cent, the low point
being per cent, and loans were made
outside the Stock Exchange at SIG per
cent. At the latter figure, the quota
ton was Il of l per cent below the
recently advanced rediScount rate, and
he easing in call money was ascribed
TO further flow of funds to New York
from interior centers. In the fixed ma
turtles however, there was no relaxa-
ton, 834 and per cent remaining the
charges for this class of accommoda-
lion. Despite the lower call loan mar
ket, prices for securities developed no
general upward trend. A few specu-
were buoyant and attained new high
levels, but declines were intermingled
with advances elsewhere in the list.
Despite the fact that 1928 was one
of the best years the radio industry has
had, output and distribution thus far
IN 1929 are exceeding that high record.
Inheritance Tax Laws.
A quiet but rapid improvement in
the inheritance tax laws has been going
on since 1925, and at present there are
only nine States that have not adopted
the principle of reciprocity. In an ar
ticle appearing in the current issue OF
Barrons Financial Weekly, F. w. Ganse
points out that ''if reciprocity to the
1929 extent has been operative in 1925,
when Mrs. S. v. Hardness died, her
estate, instead of paying inheritance
taxes in II States besides New York, the
State of residence, would have paid
them in only Kansas, Kentucky and
Montana, and would have saved total
Of $1,644,477 paid as inheritance taxes
to nine States"
Though the 1929 reciprocal laws rep
resent very great progress toward fair
inheritance tax situation, there re-
mains plenty of work to simplify in
heritance taxes in this country. In fact,
many details will need adjustment to
make reciprocity available as widely as
possible. There looms also the big ques-
ton of the possible abolition of the
Federal estate tax, and its effects on the
various States. And it may be that a
chance to secure universal reciprocity
and to get the Federal Government out
of the inheritance tax business, will
some day incline even Florida to put on
a reasonable inheritance tax"
Golf Tourney.
Aubrey O. Dooley, Federal-American
National Bank, and w. B. Robinson,
Bank of Brightwood, tomorrow will play
off their tie for third low score in the
first annual golf tournament OF the
Washington Chapter. American Institute
of Banking. All other play was con-
cluded yesterday, when it was an
nounced that Patrick Cook, Riggs Ma
tional Bank, had made the low score,
with o. T. Wright, District National
Bank, second. A team to play the Bal
timore Chapter, A. I. B., will be selected
next week for the intercity tournament
in September.
Heard in Financial District.
Henry M. Camp of Hartman g. Co,
left today for a two weeks motor trip
to New England.
Vice President T. G.. Montgomery OF