Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-28


S27.112.76
The company's summarized report
for the first two months OF the present
wear reveals a net income OF Sl43.
1853. Ga In comparison with S649,oo3 w.
or a substantial gain for the period OF
SOS, 70062.
Gross earnings for the two months
were Sl.714,819.70, compared WI m
S1.626.632 %, an advance OF $88, AZ.
Total operating expenses amounted 10
1868 .273.59 against $655,903.65 IN the
same period last year. a gain OF
S7.365.04. =,
Mes income from operations amounted
to sl.o5l.546.0l. while this item last
wear stood at S970,723.58, a gain Of $780,
822.43. Gross income less operating ex-
penses totaled SI,071 ,402.69, compared
with 8S,584.12, an improvement OF
$82,6l7.99.
w. r. e. E. Has Larger Earnings.
The Washington Railway & Electric
Co. also filed its February report with
the Public Utilities Commission today,
net income for the month being $751;
274.23, against the lower figure OF $348,-
78o87 in February, 1928.
The statement showed total operating
revenues of $452,027.33, against S474,-
oil
and taxes totaled 1911 ,59l.98, compared
with S378,99870 year ago. This left
an operating income of S80.435.35 in
comparison with sos, 464.49 in February,
1928.
Non-operating income amounted to
1852, 87025, against $318.419.44 last year,
giving the company gross income. less
expenses and taxes, of S433 .305.60,
against a similar gross last year OF
$413,8S393.
For the two months the railway COM
pany reports a net income of $685.
574.87, compared with net a year
ago of $685.. 265. 95. Two months operat-
ing revenues reached the sum OF
s936,s05.7s, against $972, 33S.67 last
year. Operating expenses and taxes
required $784, 537.66, compared with
$784, 260.04 year ago, leaving an
operating income of $751;, 368.13, against
$188,078.63.
The incorporating income totaled
s374,655.66. against s336,276.54 year
ago, leaving gross income, less ex-
penses and taxes, of $527, 023.99, in
comparison with S524, 355.17 in the first
two months of 1928.
Local Comments on Stock Crash.
Charles E. Mitchell. president of the
NdbkUIldl OIIy bdllh VI NEW 1OIh, WdS
being highly praised by bankers and
brokers here today for the exceedingly
timely part he played in furnishing
money for the call market in Tuesdays
Wall Street break. He has several per-
sonal friends among local financiers.
Below are few pertinent comments
made by Washington bankers and
brokers on the latest market crash:
Congress should pass a law making
1t impossible to charge more than 10
per cent for call money.
1T would be good thing If money
went to so per cent if it would drive
people out of the stock market who
ought not to be there.
Forcing call money up to 20 per cent
Is wholly artificial, in my opinion, most
of the blame falling on the New York
Stock Exchange committee fixing the
rate.
wall Street is controlled by two
factors, fear and confidence. Confidence
was on visit at the time of the break.
so far the improvement is only tenn
porary and I do not believe the Reserve
Board is satisfied. A permanent change
Is desired.
stocks are still too high. Lower
levels and more normal market will
help business all over the country.
way to buy stocks in the New York
market Is by outright purchase.
THE small investor ought to be pro-
tected. We protect citizens on the
streets. Why not protect them from
Wall Street manipulators?
why blame the small trader for be-
ing in the market? Does all the money
In the country belong to the big oper-
ators?
packard, for example, opened at 1873,
dropped to 116, forcing out the small
holders, and closed at 100. point
higher than the opening.
IF the Federal Reserve Board intends
to raise the rediscount rate such ac-
ton should have been taken weeks
ago."
Riggs Bank Stock Very Active.
Riggs National Bank stock led the
Washington Stock Exchange in traolng
today, $50 shares changing HANDS DUR
ing the session. The stock opened with
10 shares selling at SIG, followed by a
10-share sale at SIZE. Two 10-share
lots then moved at 572 and the market
closed with block of ITO shares chang-
ing hands at the same figure.
Capital Traction, still selling ex the
SITS dividend, opened with 10 shares
going at 98as This was followed by
so and 20 share transfers at 1914. Po-
tomac Electric Power 512 per cent pre-
ferred opened at 108 and closed an
eighth lower on a 36-share turnover.
Railway g. Electric preferred sold at
97l4 and 81.
D. C. Paper registered IS, Federal
American Co. common 53$a, the pre-
ferred 1902. Security Storage III, Sand
and Gravel preferred 90 and Fireman.
Insurance Co recorded l00-share
transfer at 4014. Park Savings Bank
stock sold at 81.
In the bond division Capital Trac-
ton SIS sold at $685.. Washington Gas
SIS at I0l and Washington Gas 6s
series B. at lO4A. The exchange will
be closed tomorrow and Saturday.
Financial District Notes.
The auditors section of the District
BANKERS Association, of which j. Damn
Faber Is chairman. Will hold another
important meeting this evening for dis
cussing matters of vital Importance Il
auditors and controllers.
The fiduciaries section of the Bank
ers' Association is due to meet tomor'
row evening at the University Club, Z
hear an address by Theodore CogsWeil
register of wills in the District, on thu
Administration of Estates"
Additions and Improvements TO thu
telephone system in the District O
Columbia involving expenditures O
1898, 700 have been authorized by thu
board of directors of the Chesapeake &
Potomac Telephone Co The facilities
include new conduit and cable extern
sions, switchboard and central offic'
apparatus, and telephone and privat'
branch exchange switchboards through
out every section OF the city.