Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-25


and are equal to 4z
$4.84 per share on Don.,d X D,v;d
the average num-
Der of shares of North American com.
mon stock outstanding during the /:
months ended March 81, 1929, compared
with $4.12 per share on the average
number Of shares outstanding during
the preceding IL months period.
Gross earnings were 41,515 6o4 81
Operating expenses, including mainte.
nance, taxes, and all reserves except
depreciation, were $74,175,6Ol ano
net income from operation wa;
S67,340,092.87.
D. X. David Heads Big Concern.
From grinding a coffee mill in hi.
fathers store to heading one of thu
largest food concerns in the country
20 years later is the record made by
Donald K. David, who has just beer
made president of the newly formed
Chase & Sanborn Corporation, thi.
name having aroused wide Interest
among Washington grocers.
Having gained practical experience ir
his fathers store in Moscow, Idaho
his fathers store in Moscow, Idaho, Mr.
thorough understanding of the theory
of merchandising. He graduated from
the University of Idaho and the Har.
ward Business School. Then he became
professor of retailing and assistant
dean of the Harvard Business Schoo
and was for time assistant to the
president of Filene's. Boston's vel
known department store
Two years ago Mr.. David left the bust
ness school to become executive vice
president of the Royal Baking Powder
Co., with which Chase & Sanborn. one
of the oldest and largest coffee and tea
distributors in the country, has become
affiliated.
Murphy Organizes New Corporation.
: A trading and investment company
TO be known as the Graymur Corpora
ton has been organized by G. Mp
Murphy & Co. The corporation is to
have authorized capitalization of 375,-
900 shares without par value, all COM
mon stock. 1t has entered into con-
tract with G. Mp. Murphy & Co
whereby the latter is entitled to acquire
from or sell for the corporation up to
100000 shares on or before June 80
1929, to yield the corporation not less
than $50 a share, The corporation
plans to commence business with al
least S5,000,000 net capital.
The corporation will be managed by
G. Mp. Murphy & Co., partners OF
which will be the only directors.
First Quarter Insurance Gains
New life insurance production was
rs per cent greater during the first
quarter of this year than during the
corresponding period of last year.
For the first quarter the total new
business of A leading companies was
S3,167, 287, 900 this year as against ST.
gas, 1881 900 last year. New ordinary in
surance amounted to $2,173,629. 900 as
against S2,016, 990, 900, an increase of 7.8
per cent. Industrial insurance amount
ed to S77l sol 900 as against l.803,-
600. an increase of 5.4 per cent. Group
insurance amounted to $222,057 900 as
against s196, $4,000, an increase OF
1871 per cent. ....
Local Bond Trading Improves.
Again today there was a better de-
mand for bonds on the Washington
Stock Exchange, with Washington Gas
IS, series A, most favored. They SOLO
in $4,000 and $1,000 denominations at
1929. Gas B baby bonds sold at lO3.
Washington Gas SIS figured in $1,000
and three $500 sales at 1904.
Potomac Electric consolidated 5s
moved in two 81 900 transactions at the
recent price of 101. The bond market
closed with $4,000 Washington Gas 6s,
series A. moving at 1922.
The first stock sale was in Potomac
Electric Power per cent preferred at
1927. The 512 per cent issue COM
manded 1O714 in very light trading. An
odd lot of Railway & Electric preferred
came out at 97is and 20 shares OF
Capital Traction changed hands a!
e8i9. Five hundred shares OF National
Mortgage g. Investment preferred SOLO
at So.
Heard in Financial District.
Stein Bros. e. Boyce announce the
opening of boardroom to carry New
York Stock Exchange quotations IN
their washington Office, on the second
floor of the Woodward Building. VII.
liam w. Mackall, the local manager anc
a member of the washington Stock Elk
change, announced that the step was
taken to take care of increased business
Merritt o. Chance, former city post
master, has resigned as vice president
of the Griffith Consumers Coal Co.. tc
become president of the District Com
customer Co., distributors of an auto
matte stocking furnace.
The Chesapeake and Ohio Railway
earned $575 a share on common stocl
in the first quarter Of 1929, against $4.0t
in the like period in 1928.
The Great Atlantic & Pacific Tea Co
has declared the regular quarterly divi
derds of 81 on common and SITS OF
preferred stock, both payable on June
The auditors section of the bankers
association meets this evening at thu
University Club and the safe deposi
section meets at bankers headquarters
The seasons closing Institute Forum
was complete success. A full accoun
Of Undersecretary Mills address ap
pears elsewhere in today's financia
section.
Local brokers are commenting on tn
fact New Haven Railroad common
stock is now selling at 100 for the frs
time in 16 years.
Senators Glass and King have aban
doned the idea of introducing an,
legislation in Congress aimed at stocl
speculation and the diversion of tn
Nations credit to Wall Street.
C. g. O. Directors End Dispute.
A resolution to expunge from tn
stockholders minutes of two years ag
the record of a resolution. condemnin
the directors for their efforts TO merg
the Nickel Plate with the Chesapeak
81 Ohio. was unanimously adopted a
Richmond at the annual stakeholder.
meeting Of the Chesapeake & Obi
Hailwsy.
The resolution was introduced b
George S. Kemp of Richmond, on be
half Of Mr.. Kemp, Granville 8. Vaien
tine, j. Luther Moon and Berkele
williams, all of Richmond, acting 80
themselves and as a stockholders pro
tective committee" which was forme
to prevent o. p. and M. j. Van Swerin
gen, Cleveland railroad operators, iron
effecting the proposed merger.
The Department of Commerce report
that fabricated structural steel orders i
March were SO per cent of, eapacit
against 50 per cent in Marc1E 1922
CkfTar,any1fr xsyevn ,aAr cant nnff1fanrn