Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-08-29
PEPCO NET GAINS
IN MONTH OF JULY
$71,009 increase Revealed
In Report Filed Today-0p-
Grating Revenue Higher.

Grating Revenue Higher.
The Potomac Electric Power Co,
whose July report was filed today,
showed consistent gains all along the
line. Net income rose from $278, 80
In July. 1929, to $349, $685. in July,
1870 a gain Of S7l ,009 So, while net
income for the year to date increased
from $2,5Sl, 45457 in 1929 to S2,6s7,-
22s27 in 1890.
Electric Power Co. grew from $685.
70s.31 in July, 1929, to $s24,77O'Ss n
July, 1880, and for the years 70 oate
jumped from SIS, 732, 7S1.n for 1929 to
S6,07s,552,52 for 1880.
Deny Company Sale.
Ernest H. Daniel, president OF the
Carry Ice Cream Co. of this city, to-
day continued to deny that negotia-
tions for the sale or merger OF his COM
pany to the Beatrice Creamery Co. OF
Chicago had been completed. Negota-
tions he admitted were under way, but
he insisted that they had not yet been
consummated.
In Chicago, the Beatrice Co., yester-
day, issued q formal announcement as
follows:
beatrice Creamery Co. announced &C
QUESTION of the Garry Ice Cream Co.,
Washington, d. c.. and the Maryland
Creamery Co. of Baltimore. as the sec
ond step in the company's Eastern ex-
pansion program.
"At the same time it was announced
that application will be made to the
New York Stock Exchange to list
1o.05T additional shares of preferred
and 5B,648 additional common shares in
connection with these and other acqui-
sitions.
Combined sales of the two COM
panies acquired totaled $8,476,000 in
1899. The Washington and Baltimore
companies are among the largest ice
cream producers in their territories, and
give Beatrice its first representation in
these cities"
May List Stock Here.
Beatrice Creamery preferred and
common stock are both listed on the
New York Stock Exchange and Chicago
Stock Exchange, and there Is posi-
bility of the preferred stock being listed
on the Washington Stock Exchange, ac-
cording to James NJ. Johnston, q mem
Der Of the Washington Exchange.
Net profits of the Beatrice company
for six months ended August 81 will
approximate IS a share on 29S S68
shares common stock outstanding, after
preferred dividend requirements. This
viii compare with net profit after pre-
ferred dividends for the same period
last year of $5.4S share, on 1855
shares OF common outstanding.
The Beatrice company was recently
characterized by the Chicago Journal
OF Commerce as an organization whose
-, l.
m the last several years. The COM
pany." said the Journal Of Commerce,
sis today q dominant national figure
In the dairying industry and is becom-
ing an increasingly important producer
and distributor Of ice cream and milk"
d. C. Store Sales.
Business in Washington's department
stores Is much above the average for
the country, it was shown today.
Department store sales of seven
stores in this city showed a falling
OF of only per cent in July as COM
pared to July last year, and q drop of
10 per cent for 634 stores IN 265 cities,
according to a report made public to-
day by the Federal Reserve Board.
Washington stores also reported @
decrease for the seven months Of this
year, against seven months last year,
of only per cent. as compared TO
decrease of per cent for the 634 re-
porting stores throughout the country.
The Federal Reserve district of Rich
mond, which includes Washington,
showed q decrease in July of depart
ment store sales Of per cent, from
per cent for the first seven months Of
this year as compared to the similar
period last year.
Baltimore, with eight stores report
ing. shows q decrease of per cent in
July and per cent for the seven
months period.
Bankers Convention.
washington bankers are much inter-
ested in the forthcoming convention of
the American Bankers Association In
Cleveland, September 20 to October 2,
In which John @. Lonsdale Of st.
Louis, president, declared today three
subjects of major Importance will be
discussed. These subjects, Mr.. Lonsdale
said in letter to members, may affect
for years to come the earnings and or
ganization Of your institution"
FIRST, bank taxation" he says THE
association will consider proposals to
liberalize section 52l9, United States
Revised Statutes, covering State taxa
ton of national banks, which has long
held on efforts TO place banks in q
class by themselves for purposes of
taxation. Any proposed changes de-
nland the fullest discussion.
Second, branch banking. 1t will
doubtless be necessary for the associa-
ton to review its position in regard to
this subject. Official proposals for
changing the Nations branch banking
policy are now before the country. They
cannot be ignored.
Third, bank earnings. Banking, as
never before, Is confronted with prob
lens Of bank failures and unsatisfactory
earnings, especially for country banks.
The associations laboratory of banking
has made valuable studies, and recon-
mendations leading to more scientific
management and profitable operation
viii be presented
Cleveland bankers have been untir-
ing for months In perfecting arrange
ments for the business meetings and
the entertainment Of the delegates We
look forward to one Of the most result
full and enjoyable meetings in the asso-
Citations history"