Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-19

Net income ....... $21,423,771 S28. 761.908
Common dividends 17s4o'sS7 l5.Ss7.7Ss
Surplus ........ s1,128,556 sl1,O45,5s7
Eastern Savings Conference.
Bankers interested in the savings
business in the New England and Mid
die Atlantic States will participate in
the Eighth Annual Eastern Regional
Savings Conference, sponsored by the
savings bank division of the A. B. A,
which is to be held at the Hotel Com
modore, New York City, March 10
and 20.
The program will feature the ques-
ton of segregating savings deposits,
cost accounting, allaying popular ner-
VouSnesS which causes runs on banks,
the savings bank divisions educational
and advertising campaign for stinu-
lating savings, the securing and con-
serving of business and investments.
The chairman of the Conference
Committee is Frederick B. Shepherd,
president. Savings Banks Association of
the State of New York and president
Oswego Savings Bank. Oswego, N. Y,
and of the Banquet Committee, Henry
Bruere. president, Bowery Savings
Bank, New York.
McCrory Has Good Year.
McCrory Stores Corporation for the
year ended December 81 shows net in
come of s2,168,173 after depreciation,
and Federal taxes, ETC., equivalent, after
preferred dividends, to S408 share on
the 457605 shares Of common and class
B common stock outstanding. This
compares with $2223, 233, or 1920, in
1929. At the end of 1880 there were
242 stores in operation, as against 245'
in 1929.
secretary said "our efforts have been
devoted to the improvement of opera
tons in existing stores rather than to
an expansion program.
SALES for 1880 amounted to $43, 223,-
526, compared with S44, 703,96 in 1929
q decrease of 3.31 per cent The year
was an exceptionally difficult one in
which to operate on account OF the
generally depressed business conditions.
We have effected improvements and
have instituted economies in operations
of stores, warehouses and general Of
fees. These improvements should COM
pensate us very materially for the
slight loss in sales.
Inventories have been reduced,
standing on December 81, 1880, at S.
05,9I6, as compared with $6,841 ,258
on December 81 1929. Merchandise is
in good and clean condition and all
merchandise losses were absorbed, so
far as known, in current operations"
Traction Feature of Market.
Capital Traction was the market fea-
ture in Washington Stock Exchange
trading today.
The stock opened with 20, Is, 40 and
IS share lots selling at 353s, an adj
vance of Ia point over yesterdays close.
The market closed with Is more shares
changing hands at 3512.
Columbia Sand & Gravel preferred
also attracted special attention. although
the trading in this issue was light. The
stock opened with 10 shares selling at
81, and closed with two shares moving
at 100, jump Of five points above yes
terday's close.
The demand for the stock is due TO
the acquisition Of the Columbia Sand
& Gravel Co. by the Arundel Corpora
ton of Baltimore, announced yesterday.
The preferred stock is expected to be
called at los and possibly at higher
figure.
Ten shares of Security Savings &
Commercial Bank stock sold today at
45I. and 20 shares of Federal-American
National Bank g. Trust Co. came out at
so. Potomac Electric per cent pre-
ferred sold at ITO and Mergenthaler
closed higher at 88l4.
Bonds were also quite active, Railway
q GlEGIIlS 10 ldh4l4k LIE ISdQ.
Loan Association Elects.
At a meeting of the Southeastern
Loan Corporation Wistar w. Balderston
was elected president of the company
and plans were made for opening the
industry to engage in a general indus
trial banking business at 1925 I street
about March /. Mr.. Balderston brings
to the institution varied experience in
the field Of credit and industrial bank
ing.
The board Of directors comprises the
following Paul V. Rogers, chairman;
Wistar w. Balderston, president; M.
j. Hine, Otis o. Mills, Frank A. Berg
field, Joseph A. Wilmer, Ernest G. Rueb-
sam, Frank E. Ellington, Benjamin A.
Harlan, DR.. c. Willard Camalier, Ar
thur j. Hirsch, Charles o. Show, John
B. Schommer, DR. Kenneth 3. Jones,
Prof. Selden NJ. Ely, Charles H. Potter,
Edward T. Gruyer and Theodore N.
Beckn1an.
Heard in Financial District.
The Potomac Electric Power Co. will
pay the usual ~ per cent quarterly
dividend on tue 6 per cent preferred
stock and = per cent on the 5la per
cent preferred on March /, on stock
Of record February II.
The Washington Railway g. Electric
Co. will pay the usual semi-annual 2Iz
per cent dividend on the preferred
stock on June l 70 stock Of record May
16. The quarterly dividend Of 134 per
cent on the common will be paid March
to stock of record February IA.
William j. Boothe of Crane, Paris
S Co, was hit BY an automobile and
knocked down in front of his home last
night He was badly bruised and shaken
up. but received no broken bones. He
was reported today as doing well
A. w Wetsel, director of the Wetsel
Market Bureau, Inc, of New York, con-
ferred here yesterday with A. r.
Towner, head Of A. r. Towner g. Co.,
investment counselorS, with offices in
the Hibbs Building.
At the meeting of the Advisory Board
Of Branches of the American Security
81 Trust Co, James F. Shea was elected
chairman OF that board TO succeed the
late B. F. Saul
E. A. Pierce g. Co. are distributing
copies Of an article entitled Looking
Ahead With the Chain Stores" re-
printed from Barron's Of February
is, 1881.
Stone g. Webster, Inc, has declared
q quarterly dividend of rs cents, plac-
ing the stock on a SO annual basis
against 81 previously.
Chesapeake Corp. has declared the
regular quarterly dividend of rs cents
on the common stock, payable April
to Stock of record March z