Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-22
LAND BANK VOTES
REGULAR DIVIDEND
Potomac Joint Stock Institu-
ton Also Reports Gain in
Halt Years Earnings.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
At A recent meeting of the directors
If fhe Potomac Joint Stock Land Bank
the usual semi-annual dividend of 3I2
per cent was declared payable to stock
holders of record August !. This makes
the eleventh consecutiyes dividend since
organization in 1928
President George A. Harris reports In
creased earnings for the period from
January / to July 80.
This financial statement shows CAPT
tails, surplus, reserve and undlVloeo
rrofts in excess Of 1923 600. and total
resources in excess of s6,600,00o.
Stronger Stock Buying Noted.
Values of listed stocks are now back
70 the levels of late 1928; brokers' loans
are back to the levels of the Summer
of 1927 the ratio OF loans TO values Is
at nearly the fiye-year low point. WhaI
significance Is to be attached TO the
data?
Stocks appear TO have passed again
from weak to strong hands, according
In +he Alexander Hamilton Institute S
bulletin. With values now compar a pie
IN this low point OF last years. with the
loan total under last Winters level, and
with the loan ratio at close TO the low
roint-the third time it has been under
4 ner cent since the beginning OF 1926
it is doubtful II further forced nqul-
dation hangs over tine STOCK Market.
While this indication appears clear II
bv no means follows that strong ad-
vance is hearalded by the debated con-
dition of loans. But it is strongly slg-
gested that the buying OF late has been
better than the selling and that II spec
ulation, does mot again break out pre-
fnaturely. the ground is being laid ior
an advance which will have sounder
basis than desire to see prices higher
the institute says.
CspitaI Traction Again Advances.
Capital Traction again drew special
attention on the Washington Stock EX-
change today, gaining about point
during the session, in addition 10 the
advance of 6I4 points yesterday follow
ing the court ruling granting the ~
rent fare or four tokens for 80 cents
The first transaction found the stock
selling at 81. Five sales were made at
this figure and on the next sale the
stock advanced seven-eighths OF point.
ONLY one sale was recorded at oofs.
Three 2O-share sales and l0-share
sale we're then made at 81. The market
closed with two 10-share lots changing
hands at STA, the high for the day and
for many weeks.
Today's turnover in traction IN
volume of trading as yesterday. Trac-
ton bonds figured in one 81 600 sale,
the SIS changing hands at 1894. Capt.
taI Traction stock Is coming out only
in small blocks as is shown by the 1act
that the largest sales today were Only
2o-share lots. There seems to be
Ciixposjtion among the large holders TO
Feen their stock until it becomes evil
dent what the higher car fares VIII
mean to the company's net revenue.
Last year the traction company car
RED 1900 900 passengers at Genus
and IS .o0e 900 at ga cents. III any
where near this number is carried IN
year under the increased fares. the
question of higher dividends Will De
settled.
other transactions on the Washing
ton Exchange today included turn
over of 100 shares of Washington Rali-
vay &, Electric 5i2 per cent preferred
the stock opening at 107S4 and closing
It 1903 Steamboat rights sold at 10
and ,Merganthaler Linotype at 1854.
Reserve Bank Loans Larger.
The Federal Reserve Boards condi-
t.nr statement of weekly reporting
member banks in leading cities on July
f6 shows increases for the week OF
$4,000, 900 in loans and investments
$i97. 900 900 in net demand deposits
decreases of SI3,0O0,000 in Government
deposits and $4,000, 900 in borrowings
from Federal Reserve banks.
Loans on securities, which at all re-
porting banks were $57,000,000 above
the preceding weeks total, increased
sl7.0OO.000 in the Philadelphia dis
trict, SIS 00,00o in the New YORK dis
trict. Sf3,0o0,000 in the San Francisco
district and Sl0.000,000 each in the
Cleveland and Kansas City districts.
IAN other" loans declined $l4000000
IN the Cleveland district, Sill 100000 IN
the Philadelphia district, 100000 IN
the San Francisco district, s7,000,000 in
the Richmond district and $20,O0o,O00
at all reporting banks. ond increased
s21. 900. 0cO in the Chicago district and
$4,000 900 in the New York district.
C. & o. Earnings.
The Chesapeake g. Ohio Railway Co
dnclding Hocking Valley Railway CO..
reports for six months ended June 30,
1880 net income of $l4.96l 1873. after
taxes. charges and sinking fund APP
propriations, equivalent, after allowing
for dividend requirements on $165.0OO
6l7 per cent preferred STOCK, TO Ss.II
share on 1,530,576 shares Of common
stock.
This compares with net income of
9ls,237, 567 in first six months of 1929,
which, based on above number Of
shares, Is equal to 1925 share on the
common stock.
Statement for June and six months,
including Hooking Valley, compares as
follows:
june gross. .$11, 35I ,427 s12,249, $50
Net op. income. 3,299,786 3.590,002
Surplus af. ches. 2.725. 500 1908, 062
6 months gross. 6s,052,il4 7l,920,774