Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-28
TELEPHONE PLANT
WILL Be ENLARGED
c. & P. Company to Spend
$93,440 on Equipment
in D. c.
BY EDWARD c. STONE.

IRlepnOUe pldIlC anu eQulpIIleLlC W NC
added to the system Of the Chesapeake
q Potomac Telephone Co. in the Dis
trict Of Columbia involving expenditures
of $93,440 was authorized by the board
OF directors at its regular monthly
meeting held today.
Construction of these facilities brings
the total amount appropriated for addi-
tons and betterments to the telephone
system in the District so far this year
to $2,637 653. according to John Are
mon, general manager of the company.
The projects authorized include addi-
tional dial equipment installation in the
District. Metropolitan and National CEN
trail Offices, and in the long distance
office, installation Of secretarial private
branch exchange equipment and cable
in the Westchester Apartments, and I'M
derground conduit and cable extensions
In the Georgia central office district
including the area north of Kennedy
street on Georgia avenue and east OF
Georgia avenue to North Dakota ave-
nue. between Longfellow and Quacken-
hos streets.
Underground conduit and cable con-
Meeting the new Kcnredy-Warren
Apartments on Connecticut avenue at
Klingle Bridge and hous" cable in the
building were also included in the
appropriation.
Local Stocks Defy Depression.
Two local stocEs-Potomac Electric
Power 5'2 per cent and per cent pre-
ferred-have made an unusual showing
during the present business depression.
Both these issues are now quoted higher
than they were in 1929.
recent compilation by Crane. Paris
d Co. goes back as far as 1926 and
shows that in that year the 6 per cent
stock sold at 1922 and as low as l05 2.
In 1927 the high was 1922 and the low
1o73s and during 1928 this stock made
O high of ia and low of 40.
In 1929, the year OF the Wall Street
crash, the 6 per cent preferred made a
high Of ia and low Of 1903, while last
year its high mark was 1872 and low
10. So far this year. despite weakness
IN many stocks all over the country,
Potomac Power per cent preferred has
remained in this same range and even
sold slightly above last years best price.
The preSen Mt yield is about SIS per cent.
The 5l2 per cent preferred was listed
on the local board in 1927, when it sold
as high as 108 and down to l0lls. In
1923 the stock hardly changed during
the whole year, the high being l0334
and the low 1O7. 1t was more active in
1929, selling between ITO and 1922.
The year 1880 saw it selling from los
up to 1922. At present it is selling
around Ill and better, and has not sold
below 10 this year. 1t yields about
A.93 per cent at present quotations.
If the majority Of stocks on the New
York Exchange had made such a
record, the history of the depression
would be very different story.
Reserve Bank Loans Reduced.
The Federal Reserve Boards condi-
ton statement Of weekly reporting
member banks in leading cities on July
%. shows decreases for the week Of
S13l,0 900 in loans and investments,
$l53,000,000 in net demand deposits,
$2l 100000 in time deposits and $28,-
600. 900 in Government deposits, and an
increase of $17,000,000 in borrowings
from Federal Reserve banks.
Loans on securities declined $44 ,000,-
600 at reporting banks in the New York
district. 100000 in the Boston dis
trict and s63,Ooo,ooo at all reporting
banks. "All other" loans declined
$2l 100000 in the New York district,
$1,000 900 in the Philadelphia district,
$6.oO0,000 in the Atlanta district and
S45 1000. 900 at all reporting banks.
Holdings of United States Govern
nent securities declined $40 900 900 in
the New York district and $4,000, 900
at all reporting banks. while holdings
of other securities declined 100000 900
in the New York district and $4,000, 900
at all reporting banks.
Bonds Again Exchange Leaders.
Gentlemen preferred bonds on the
Washington Stock Exchange again to-
day, the days turnover being the
largest in some time.
The opening transaction was in
Potomac Electric Consolidated SIS, $1,000
selling at 1852. A small sale in Wash
ington Gas IS, series A, followed, at
1o214.
Washington Railway g. Electric Is
opened with $1,000 selling at 92's, fol-
lowed by a $1,000 sale and a $4,000
sale at 92l2. The market trading in
this issue closed with 81 900 more of
these bonds selling at 923s.
After call, Potomac Electric Consoli-
dated SIS figured in another $1,000 sale
at the same price as the opening. los 2.
Stock sales were confined to the
Potomac Electric Power issues, the 6
per cent preferred recording three 20
and one 10-share sale at 1872.
The S 2 per cent preferred came out
ut llOl2, moved TO So and closed at
tl012. the days turnover being 40
ehares.
Bank stocks were wholly neglected.
Capital Traction stock. which has
recently been so active, was also quiet
although it maintained its. recent
strength, closing at Ala bid and 43
asked.
Cleaned in Financial District.
James Trimble. vice president of the
National Bank of Washington, IS back
at his desk after a weeks vacation
passed in and around Washington.
Lewis NJ Thayer, a director in the
Federal American National Bank Il
Trust Co. has gone to Florida on an
outing He left here for Miami. where
he will fish for sailfish and barracuda
IN the Gulf Stream.
Crane, Paris e. Co. are sending out
q circular on Chesapeake e. Potomac
Telephone Co. Of Virginia first mort
gage per cent bonds. They are priced
at 1851 and interest to yield AS per
cent, and are listed on the Washington,
Richmond and Baltimore exchanges.
E. H. Rollins & Sons incorporated,
are offering 100000 Luzerne County.
Pennsylvania, ga per cent bonds at
prices to yield from 225 per cent to
1926 per cent. according to maturity.
The bonds are dated June l, 1881, and
mature 100000 each year from 1892
to l94l. inclusive
Owners of American corporate bonds,
United States Government bonds and
foreign dollar bonds will receive SAB
Z20,806 interest in August, according 10
the Standard Statistics Co. Redemp-
tions. calls and maturities on these OBJ
legations will amount TO S189, 346613.
The Virginian Railway Co. reports net
income of $l.44 per share en- common
stock in the first six months OF 1881
against 1895 a common share in the
like period year ago, after dividend
requirements on the per cent preferred
had Been covered
EARNINGS REPORTED