Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-13

under previous
% prices.
IS were steady at 0alaA' n \ -
95lA, and Wash Harry L. CarpeL.
ington Gas IS
sold at los, point off.
Washington Railway & Electric IS
provided the largest bond transaction
Of the day with $1,000 sale at S6, a
fraction off.
Baltimore & Ohio.
The Baltimore & Ohio Railroad, In
its long life as the oldest trunk line" "
was never "as strongly situated IN all
respects as at the present time. &C.
cording to the Fortnightly Review OF
E. A. Pierce 81 Co. Pointing out that
area of greatest industrial activity IN
the United States" the Review says 1T
is readily apparent that in broad
sense the roads prosperity Is closely al
lied with the industrial prosperity OF
the Nation as a whole, but not affected
directly by agricultural conditions"
Noting that the net income for 1928
presented a new record. although not
reflected in per share earnings on the
common, following issuance OF addi-
tional stock in 1927. the Review de-
clares a contributor factor last year was
a reduction in transportation expenses
of nearly $4,000, 900. Striking results
were obtained for the first six months
of the current year." it was said, net
operating income of $22, 49l 900 repre-
senting an increase of nearly II per
cent from the same 1928 period, while
gross revenues increased uttle more
IMAM Z per cent"
The American Stores Co., which OPP
crates part of its big chain in Wash
ington, reported today sales increase
of 692 per cent for the five weeks end
ing August 3, 1929, as compared to the
comparable period a year ago, the In
crease being S855.647. Sales increased
to S83,944,162 for the 81 weeks ending
August 3, 1929 as compared with $780,
Sal, 292 for the 81 weeks ending August
4, 1928
Forbes Magazine of New York an
.nounces the inauguration OF an in
dustrial location service designed as an
effective means of quickly bringing to-
gether the owners of unproductive in
tiustrial properties and prospective pur-
.chasers. The service is under the d1rec.
ton of R. S. HarnSberger, who has had
many years experience in this work.
Bank Merger Explained.
The merger of the Chase National
Bank and the National Park Bank OF
New York into one huge institution with
capital, surplus and undivided profltS
totaling 100000 was approved by
the stockholders of both banks at spe-
cial meetings.
The consolidation will create bank,
to be conducted under the charter and
name of the Chase National Bank of
the City of New York with deposits OF
Approximately $1,000 100000 and total
resources, including those Of the Secu-
rity affiliates, in excess of 81, zoo, 900, 900.
The physical merger will become eff
fective at the close of business August
"a next. To carry out the provisions of
the plan the capital of the Chase Ma
tional will be increased from S80,000,0 600
to sos, 100000, to consist of 5,250,0 900
shares Of $50 par value. OF the addi-
tional 1,250000 shares it is planned to
allot 100000 shares to stockholders OF
the National Park Bank, share for
share, after an equalizing stock divi-
dend, amounting to 100000 shares. has
been paid to stockholders of the Chase
National Bank of record at the close
of business August %. in ratio Of one
new share for each eight held.
Capital of the enlarged institution
will be SOS 900, 900, and its surplus will
be sos, 100000. The plan Of conSolida-
> tien also calls for undivided profits Of
not less than $28,000,000, making a
total of $238, 100000 capital funds. In
addition to this, the merger of the
Chase Securities Corporation and the
Park Banc Corporation, security afili-
ates of the merging institutions will
bring together capital funds totaling
about S106 $50, 900. making grand total
of over S340 600, 600 capital funds Of the
enlarged Chase National Bank and its
enlarged security affiliate. 1t is expect
: ed that a dividend rate Of 81 share
will be declared on the shares of the
! consolidated bank.
The combined bank will have % Of
! fees in New York City and Brooklyn
and three foreign branches.
Carpet Active in Merger.
Harry L. Carpet came to the front
a few days ago in connection with the
announcement of the formation Of the
Carpet Corporation for the purpose Of
ness established by Mr.. Carpet and
operated by him. The new concern was
organized by Waggaman, Brawner &
Co. and the founder of the business,
who remains at the head If it. The
consolidation took in the business in
Washington, Baltimore, Richmond and
Norfolk.
Mr.. Carpet started in business with
a single automobile. The companies
involved in the merger now have SO
delivery trucks. After settling in Wash
ington in 1918 Mr.. Carpet was EN-
sployed by the Connecticut Pie Co. In
Georgetown before starting out for
himself.
Eugene E. Thompson, senior partner
of Crane, Paris & Co., has gone to
Chicago on business trip.
!: Raymond G. Marx, auditor of Riggs
National Bank, will leave Thursday on
a vacation motor trip to Atlantic City
and New England.
A. E. Henze, president of the Wash
ington Chapter. American Institute of
Banking, will leave Thursday on a va
I cation at Atlantic City and other points
P. j. Mcmahon, assistant treasurer
of the Munsey Trust Co., is motoring
through Southern Canada on vacation
q L. P. McLachlen, president of the
McLachlen Banking Corporation, re-
turned today from a motor trip in
] Pennsylvania.
Maurice D. Rosenberg, president OF
the Bank of Commerce & Savings, is
on vacation in the Adirondacks.
81 Copper Sales.
4, Oficially reported earnings for many
Il of the leading copper mining companie.
1 for the second quarter Of 1929 arr
i likely, on their face, to be unintention'
= ally misleading, says A. 3. Parsons, vict
!. president of Mineral Research Corpora
!; ton, in q report to Metal & Minint
& Shares, Inc. q.
i Profits as given are likely to be nnvct
!. lower than those for the first quarter
~ of the year, whereas In reality the quar-
4 ter was highly prosperous" Mr.. Parsons
II continues.
/; This apparent paradox is explained
h by the fact that in many instance!
L, earnings are calculated on the basis o.
I sales of copper rather than upon pro-
! duction or deliveries. Since sales o.