Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-23
let income. !. sio5,ase.sO s7s,ss9.s9
Traction Stock Slightly Higher.


CAPITAL Traction stock sold fraction
ally higher on the Washington Stock
Exchange today, the third trading ses-
sion since the court granted permission
to increase fares. The stock opened at
e7L5, a new high and an overnight gain
of a of a point. The days trading was
confined to small lots, the largest sale
being 80 shares. The stock closed at
67IL after a turnover of lis shares.
Potomac Electric Power So per cent
preferred sold at 108. on sales OF 65
shares. Railway & Electric preferred
came out at 98l2. Second National
moved at ITS for only two shares.
Carpet Corporation was quite active
and so shares of woodward q Lothrop
sold at ITO.
Members of the exchange and other
fnanciers will be shocked to learn OF
the sudden death of Ralph w. Byers.
chief national bank examiner in the
Firth Federal Reserve district, which
includes the Washington banks. He
died Yesterday in North Carolina while
examining a bank, heart trouble belng
the cause. He was SIS years old and
had been in charge of the banks in this
territory since July l, 1929.
Peoples Drug Profits Reported.
Net profit of Peoples Drug Stores,
inc. for the six months ended June
30, 1880, is announced as $33i, 478, after
charges and taxes, equivalent after divi-
dend requirements on the 81 per cent
preferred stock to SLIT per share on
the 1880 no par shares OF common
stock.
Net profits of the American Ice Co.
and subsidiaries in June after interest
but before depreciation and Federal
taxes we're $9i4,382. This compares
with ss06,7s9 in 1929 and $7ol, 4o3 in
1928.
The consolidated statement CT in
come of the North American Co. for IL
months ended June 30 reported ball
ance OF earnings for common stock
amounting to $28, $50, 500. These earn
tngs represent an increase OF 1911 per
cent over the previous IL months and
are equivalent to $500 a share on the
average number of common shares out
standing during the period as compared
with $501 for the average number OUT
standing during the previous IL months,
r. g. w. Grand-Silver Stores, Incor-
porated, for the six months ended June
80. 1880. after all charges and taxes,
reports net profits of s792.40s. equal
after preferred dividends to Sl.71 a
share earned on the 385,775 shares of
no par value common stock outstand-
ing This compares with net profits
of S699, 028 reported for the first half
of 1929, equal to S1.47 a share earned
on the same amount OF stock.
Brokerage House Optimistic.
M j. Meehan & Co. the New York
brokerage concern with a Washington
once, Is taking the same position as
Hornblower a. Weeks. and insists that
now is the time to buy sound stocks.
The statement says:
I'VE believe in the future of the
United States in the ability and fnan-
A4a1 ~ re Industrial loaAore
that securities of many of our great
corporations are selling at levels, which
do not truly reflect the assets of these
corporations, their earning power and
their future possibilities
For these reasons, we believe that
the present market offers many ex-
cellent opportunities for the prudent
porations at attractive levels. and we
recommend the purchase Of such stocks
now"
June Building Permits OF.
A decrease of S.8 per cent in the
value of building permits for June,
compared with May was reported by
Department of Labor. Total indicated
expenditure for June was Sl57 ,894 ,29l
Decreases were registered in five OF
seven geographical districts. Increases
in total building operations were shown
in the New England states ana The
West North Central States. Residential
buildings decreased 10 per cent, COM
pared with May, while non residential
buildings decreased go per cent.
Expenditures for new residential
buildings for June were $54,024 1873
compared with $68 ,096 ,342 for May, and
for new non-residential buildings &c.,
348,l52 for June and $87,l96,46O fol
May.
Heard in Financial District.
william Montgomery, president OF
the Acacia Mutual Life Association. has
Returned TO San Francisco from a vaca-
ton trip to Honolulu and is now tour
.ng branch Offices in the West. He ex-
poets TO return home about August Is
Loew's Incorporated declared regu-
larry quarterly dividend of S1.62L2 or
the $3.50 cumulative preferred stock
payable August is to stockholders OIL
record July 81.
Montgomery Ward 81 Co. declared
the regular quarterly rs cenk dividenc
on common, payable Auguat 15 to STOCK
of record August 4.
Great Atlantic a. Pacific Tea Co. de
clared regular quarterly dividends o.
AS on non-voting common and $l.7i
On FIRST preferred both payable Sep
TENDER to stock Of record August IL