Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-26

a SuDSbdIlblnA pNA
vance, being $2l0,-
96O.39, aga1nst
S19O61833 in Feb william w. Everett.
THE report shows that the substantial
gains in net profits and also In the cor
poration's gross income were mainly que
to larger sales Of gas. During the montn
over $4,000 cubic feet were taken
fy customers, while in the same month
in 1928 the amount required was some
thing over 628 100000 cubic feet
The GEORGETOWN Gas Light co. mas
f1led its February report with the Uth-
ities Commission, this company IKE
wise reporting a large gain In earnings
over the same 1929 period. Net income
amounted to SIS, against Slo,t
S22.36 in February, 1929, a gam OF
48. 663 40. The Georgetown company
reported an excellent increase In gross
corporate income for the month ana IN
operating revenues.
Railway Common Stock Scars.
One share of washington Railway q
Electric common sold on the local Stock
exchange today at $50. This is gam
of so points over the last sale at SOO
nat.
Bank stocks were active, 40 shares Of
American Security g. Trust selling at
AIS; 10 shares of National Savings q
Trust at $50, up 20 points from the iast
previous sale, and 10 shares OF Union
Trust at 254, the f1rst sale IN Lne uuss
gcompany's stock recorded on the ooaro
this year. Ten shares of Commercial
National again sold at 239.
Small-lot transactions were recorded
in CAPITAL Traction at 30, ex dividend;
Chevy Chase Dairy preferred at 1922,
Lanston at lis, Peoples Drug preferred
at LOG, Washington Railway & Electric
preferred at 1854 and Potomac Electric
Power 6 per cent preferred at liz.
Bond trading also held up well today,
quotations being firm. The exchange
members were greatly pleased with the
volume of business on the second day
of business in the new quarters. Inc
move seems to have revived interest In
local issues.
Everett on Telephone Board.
william w. Everett was elected a di-
rector of the Chesapeake 81 Potomac
Telephone Co. at meeting of the board
held here yesterday. Mr.. Everett, who
is well known in washington business
circles. is vice president and general
manager of woodward g. Lothrop, and
a director of the American Security &
Trust Co. He is also former president
OF the washington Board OF Trade and
the Rotary Club, and is member OF
The board authorized additions and
improvements to the telephone system
IN the District of Columbia amounting
to $436,265. This construction includes
underground cable relief in the Adams
Columbia and West central ONCE dis
tricts. It also includes additions to
buildings, outside plant, central ONCE
equipment and the installation Of tele-
phones and private branch exchange
switchboard equipment.
Pennsy Report Lower Net.
The PENNSYLVANIA Railroad reports
for February net railway operating in
come of $6,062, lat, a decrease OF 3d.
664, 586 from February, 1929. For the
two months ended February % the net
railway operating income amounted to
$12,270,501, a decrease Of $4,373, 321.
February railway operating revenues to-
tailed $45, 087, 805, decrease of $4,594,-
S28, freight revenues showing de-
crease of So, COZ, 492 to $31, 8i1 ,462. For
the two-month period the railway
operating revenues were sos, 1929. a
decrease Of $7,908,224. February OPP
Grating expenses were $35, 700,284, a de-
crease Of 81 ,675, 498, and for the two
months they aggregated $74, 391 sos,
decrease of $3,057,20l.
Net railway operating income Of the
Norfolk g. western Railway for Febru-
airy amounted to $2,895, 098, a decrease
of Sl93,653. Two months net was S.
TAG, 153, a decrease of $251,23
Convention Committees Busy.
All the special committees arranging
for the June convention of the District
Of Columbia Bankers Association, to be
held at ASheville, ". c., are getting
down to business and starting the plans
for q topnotch conclaye. One of the
most active committees right now Is
the program committee, Lawrence A.
Slaughter, chairman.
The speakers have not been signed up
yet, but indications are that some of
tlne leading bankers in the South will
De heard. 1t is only natural to expect
nat leaders in the financial field some
Where near where the convention is to
Re held will be called upon to discuss
vital banking topics for the benefit OF
washington fnanciers.
Efforts are already being started to
Get as many bank directors as possible
b attend the convention. While the
pcal bankers are wandering farther
afield this year than ever before, it is
Interesting to note that the expense
viii be held down to former figures.
Virginian Asks Bond Issue.
Virginian Railway has asked Inter
etate Commerce Commission authority
10 issue SIS, 795, 500 of first mortgage So
year Az per cent series bonds, and to
sell $5,000,000 Of the issue. The series
b Az per cent bonds will be issued in
place Of a like amount of 5 per cent
series A bonds now held in roads treas
ury.
Proceeds of the issue will reimburse
roads treasury for expenditures from in
come and other money in the treasury
spent for additions and betterments, and
also TO acquire equipment. And in ac-
quiring and pledging under its first
mortgage, bonds of the Virginia Termi-
The 100000 bonds have been sold
at 9419 subject to Interstate Commerce
Commission approval, to the National
City Co. and Lee, Higginson & Co. of
New York.
Heard In Financial District.
1t was announced on the washington
Stock Exchange by Ennals Waggaman
that a New York statistical firm had
reported the yearly earnings of Emer-
sons Bromo Settler Inc, about IS cents
per share on common less than they
actually were. He stated that the COM
pany's earnings were at the rate of
$3.50 per share on common on the
amount OF stock outstanding on De-
cember 81, 1929.
The next important event in the his
tory OF the local Stock Exchange will
be the celebration next year of the
tiftieth anniversary, the organization
having been launched in 1881 Steps are
already being taken to make the ami
versary a memorable one.
Gov. Roy A. Young of the Federal
Reserve Board urges q wider distribu-
ton of the earnings of the Federal Re-
serve System to make the organization
more attractive to prospective members
He recommends legislation requiring all