Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-27
TRADING IS ACTIVE
\ ON D c. EXCHANGE
Stock List Is Strong on I'm
| proved Sentiment in Bust
ness Circles.

ness Circles.
Trading on the washington stock
Exchange picked up appreciably today
with prices steady TO stronger Many
financial leaders here feel that the turn
has come in local business, and that
the slight gain registered on the exc
change today is one Of the reflections
Capital Traction stock sold up about
o point, going at 81 and 62A. Wash
ington Gas Light Co. per cent bonds
sold at 1o4, q strong price, and Wash
tngton gas IS, which are reported now
to be IN demand, turned over at 102%
Potomac Electric Power Co. 5ia pre-
ferred brought 108ia, and the same
company's 6 per cent preferred. ITO.
Washington Railway & Electric As sold
o. SEA.
"a comparatively large block of Real
Estate Mortgage & Guaranty, preferred,
$50 shares, went at GA, the same as
prior sale. Mergenthaler sold at 97ia
and Columbia Sand & Gravel ~ 80.
Virginia State Banks.
Total resources of the incorporated
State banks of Virginia, as Of June go
1880, including sos institutions, were
reported today by the State Corpora
kADAI OOfIlIllSSlOIl at FtlCAlIIlOH0 ~ S1o1t-
094, 644.24, while total deposits were
listed as 5000 1887, 1886.
Southern Railway.
Despite q drop in estimated net in
come of the Southern Railway Co. both
for July this year and for the seven
months this year, as compared to the
similar periods last year, the month of
July proved the best of the 1880 months
to date, according to reports.
July net income is estimated ut ST.
DOT 900, after taxes and charges, against
$780, 900 in July, 1929, equal to SO
cents and 81 cents common share, re-
spectively.
The estimated net income for seven
months ended July 81, 1880, totaled
$2,a69 900, after taxes and charges,
equivalent, after dividend requirements
on per cent preferred stock, to 81
cents q share on 1900 900 shares of
common stock. This compares with
$40, $4,000, or $500 q share in like
period of 1929.
Chesapeake &c Ohio Railway de-
clared an initial quarterly dividend of
6212 cents on the new $25 par common
stock, placing it on a $2.50 annual basis
This is equivalent to the $40 annual
rate paid ON the old 500 par stock
which was recently split up ON q four
for-one basis, The dividend Is payable
October to stock of record Septem-
Der 8.
Norfolk g. Western Railway Co. re-
ports for seven months ended July 81,
1880, net income of S17,738,3 $3.50 after
taxes and charges equivalent after divi-
oend requirements on per cent pre-
ferred stock, to $12.23 . share on 1,406,-
5O7 shares OF common stock. This COM
pares with $2l,5S6,s34, or $1495 q
snare on a,404,6 shares in first seven
months Of 1929.
c. d p. Telephone Co.
The Chesapeake & Potomac Tele-
phone Co. will proceed with additions
ana Improvements to the system In
washington involving expenditures of
tl42,S15, following action of the board
OF directors yesterday.
Included in the appropriation, ac-
cording to statement from the COM
pany explaining the improvements will
be underground conduit and cable ex-
tensions in several sections OF the city
to provide facilities for additional tele-
phone growth and the installation of
private branch exchange switchboard
equipment in Government department
buildings, apartments and Offices. These
projects bring the total amount author
lied for additions and hetterments to
the telephone system in Washington
so far this year TO 2,S43, 1853, according
70 OLuclalS OF tine company.
The additional facilities include I'M
derground conduit and cable extensions
to serve the new Department Of Com
nerce Building; the area in the vicinity
Of Massachusetts, avenue and r street
from Twenty-secOnd to Twenty-fourth
streets northwest, in the North Potomac,
Decatur central Office district, and along
Ellicott street, east Of Connecticut ave-
nue. in the southern section Of the
Aell ks4Al -.
ground conduit to be constructed in
advance of paving on H street between
Twelfth and Thirteenth streets north
west, was also authorized.
Installation of private branch ex-
change switchboards and associated
equipment was authorized for the new
Shoreharn Hotel and Department Of
Agriculture and secretarial switchboard
equipment in the Westminster Apart
ments.
American Ice Co.
The American Ice Co. and SUBJ
salaries, including the local company,
show a gain in net earnings for July,
according TO q report made public to-
day.
Net earnings Of the company for July
after interest; but before Federal taxes
and depreciation were deducted were
$l,135,890, comparing with 81 ,095, 842 in
July last year.
Great Atlantic Il Pacific.
The volume OF business Of the Great
Atlantic & Pacific Tea Co, with many
stores here, continues to mount, ac-
cording TO survey. In the past four
years sales volume has virtually doubled
TO approximately $1,l00,000,000 a year,
or a quarter of the entire chain store
business of the country.
Despite much lower prices generally,
this year compared with last, July
sales established a new high level for
that month, both as to dollar volume
and tonnage. Dollar sales were 326
per cent above 1929 for the same month.
while sales for the first five months of
the company's fiscal year beginning
March ID, amounted to $454, 37l ,e45-a
Eain Of 1851 ,923, or rs per cent over
1929.
This growth has not been accom-. |
phshed by wholesale opening Of new
stores, for the number OF units hasare-
manned fairly constant during the past
few years at around $4,000, although
sfew new stores have been opened on
the Pacific Coast this Summer and sew
eral hundred in Canada since the
Spring OF 1929.
Instead OF adding new units. A. e. p.
has enlarged sales capacity OF It's
system by installation OF meat. vege-
table and fruit departments in existing
stores. 1t is now experimenting in some
of its Philadelphia stores with certain
drug lines such as tooth paste, cold
cream and standard remedies, and in
addition has installed cafeteriaS and
lunch counters in others.
On the basis of $4,000 stores, each
unit Is doing an average business Of
$i,400 each week, or $72,800 a year
For some time the company has shown
IL