Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-02
CAPITAL TRACTION
EXCHANGE LEADER
Stock Sells at ga IL and 81,
but Closes at 65-Other
Issues Also Active Today.
BY EDWARD c. STONE.

issues Also Active Today.
BY EDWARD c. STONE.
Trading started off at a lively pace
on the Washington Stock Exchange to-
day following the three-day holiday.
Capital Traction was the first stock
to appear on the board, 10 shares sell
ing at SAG. Small-lot sales totalins
IS shares were then registered at 64i4
The next sale was 40-Share block al
81, this transfer being followed by small
lot sales totaling SO shares at the same
figure,
Tbs market in Capital Traction
closed with eight shares selling at IS,
the high Tor the day.
Potomac Electric Power 5l2 per cent
preferred came out at 107 and closed
al 1865 while the per cent stock
sold at 11ol2 and Ill. District Ma
tional Securities preferred, sold at IS.
MergC inhaler figured quite actively in
the days sales, opening at 1919 and
closing at the same figure. Five shares
of National Metropolitan Bank stock
'came out at $50. Carpet Corporation
sold at ASA.
Washington Gas, Railway g. Electric
and Capital Traction SIS were quite &C.
tive at recent levels.
Bank Presidents Death Mourned.
The local financial district was shock
ed early today to learn of the very sud-
den death of DR.. Frederic E Earring
ton. president of the Chevy Chase Saw
ings Bank and of the Chevy Chase
School DR.. harrington had been at
the head of the savings bank since 1925.
He was most enthusiastic over the
banks future, and with other able OFF,
Gals had guided its affairs during an
unusual period of growth. DR.. Earring
ton was deeply interested in the District
Bankers Association and always at
tended the annual conventions unless
the dates confiicted with the gradua-
ton at his school. He will be sim
cerely missed by his financial associates.
C. e. o. Operating Ratio Better.
In the face of reduced gross revenues
the Chesapeake 6J Ohio Railway report
ed an increase in net operating income
for April, in comparison with the cor
responding month a year ago. The
gain was due to improved operating
efficiently. Operating ratio was cut to
6e.5 per cent, from ia per cent in
April last year.
Operating revenues for the month
were off only % per cent from last
year. They totaled S9,295,536, a de-
crease of $207,002.
Between SIS and 10 per cent of traffic
originating on the G. & Q. lines is
coal, loadings of which have been hold
ing up substantially to last years levels.
Contrasted with the SCOT ,002 decrease
in gross. was a S307,750 reduction in
operating expenses. Net operating in
come for the month totaled $2,29S,046,
an increase of S125, 165.
Bills Favored by Committee.
The House committee on banking and
currency recently ordered a favorable
report on the bill to amend section OF
the Federal Reserve act granting the
Federal Reserve Board discretionary
authority in the matter of assessments
of costs of examining member banks
against bank examined,
The committee ordered reported bill
to permit any national banking asso-
citation to give security in the form re-
ouired by State law for State banks to
secure deposits of public funds Of
State or any political subdivision
thereof
The bill to enable national banks vol
Suntarily to surrender the right to ex-
ercise trust powers and to relieve them
selves of the necessity of complying
with the laws governing banks exercls-
ing such powers was reported faVorably
to the House committee on banking
and currency.
The committee also reported the bill
permitting an officer, director or en-
ploye of a mutual savings bank to serve
as a class B director OF a Federal Re-
serve bank.
American Ice Business Reviewed.
In a recent review of the American
Ice Company, which operates in Wash
tngton and many other cities, Standard
AStatistics says in part:
1.-THE American Ice Company is an
outstanding manufacturer and whole
sale and retail distributor of ice in
North Atlantic territory. Also distrib-
rtes coal. to offset Winter slackness in
ice business, and in order to meet grow
ing competition from oil burners is en-
tering upon distribution OF fuel OIL
Horse-drawn vehicles have been eliml-
mated, giving place to motor equipment
as an economic measure. Has SO Ice
plants In operation, and three under
construction will be opened this year
Competition from mechanical retrlgera-
ton is being counteracted by cultlVa-
ton of new customers among the wage
and lower salaried classes OF people VINO
cannot afford iceless refrigeration.
met income, reversing downward
trend which prevailed from 1928
through 1927, has registered substan-
tial expansion in past two years.
Amounted to S433 per common share
An 1929 against 1892 in previous IL
months Disappointing results Tor nrst
quarter of current year, When net De-
fore depreciation and Federal taxes 70
tailed only $230,249 compared WIN
S338,007 a year earlier, are SAID 70 re-
fleet unfavorable weather conoltlonS
and the temporary price cutting around
New York. outlook for the second
quarter is good, and there is no present
reason to expect decline, 1or the year
as a whole, from last years results.
Heard in Financial District.
Edward j. Stellwagen, president OF the
Union Trust Co., will entertain the en-
fire hank staff over the week end at ms
summer home, the Oaks, on Wese
River. There will be about 125 In tne
party. - &, .ha
Merchants Bank & Trust Co, mas gone
to Asbury Park, N. j., TO attend Ine a. o..
nual convention OF the SONS VI 'iAe
American Revolution. ,..
w 7 waller. president Of the District
Bankers Association, leaves here Ior
Asheville, N. c., tonight to prepare ior
the opening of the annual convention
Thursday at $50 am.
Rufus s. Lusk announces the lorna.
ton of Rufus S. Lusk, Inc, statlstlcaI
organization specializing in real estate
information. The firm is now working
on a survey of Greater Washington for
the Board of Trade.
THE outlook for our foreign trade
over the next few months, although not
! brilliant, does not appear to be as dark
as some observers have intimated," q.
Mp. Murphy & Co. state in their cur
rent Fortnightly Review, discussing
Tendencies of Foreign Trade"