Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-27
B. 80. NET DECLINES
IN MONTH OF JUNE.
Decrease of S61O,774 Re-
ported IN Railroad State
ment-,..ExpenseS Cut.
BY EDWARD c. STONE.

Net railway operating revenues of the
Baltimore IL Ohio Railroad in June
amounted 70 $3,O82 ,903, in comparison
with s3.693,677 in June, 1880, according
to the monthly statement made public
this noon. This was a decrease of
&6l0,774.
The B. e. o. also reported net earn
ings for the first six months of 1881,
showing railway operating profits OF
Sll .528.249. against $l7,722,855 in the
first half Of 1880. a decrease so far this
year of $6194 COG.
The report covering June naturally
shows that freight revenues suffered the
most. this income totaling Sl1,169.374,
compared with $13 76l 1856 in the same
month year ago, decline OF S3,o92.-
0l2 Passenger revenues were OH
$349 344 during June.
Efforts on the part of the roads man
agement to cut expenses met with
marked success during the MONTH
Railway operating expenses in June
totaled S9,97l 965. against $l3,l96,030.
reduction in these costs during the
month of $3,224065. A sharp reduc-
ton in operating expenses hes also been
made during the half-vear period, the
total cut being Sl7,230.l6'.
President Willard said the other DAY
that the reduction in employees was
considered temporary. How soon they
Nill be taken back. of course. depenos
on the length of the business depression
in the territory served b. the road
100000, 900 Treasury Bill Offer.
The Treasury Department is offering
a new issue of 81 day Treasury pills IN
the amount Of about $4,000 600 to be
sold to the highest bidder july 30
The bills, which will be dated Au-
gust 3 and mature November :, VIII pc
redeemed at face value at the END OF
81 days.
Funds received from the bills will be
used to retire $60,000,000 in Treasury
bills which fall due on August 8.
The Treasury Department announces
that the $5O.000,O00 9lday Treasury
bills offering dated July 81 was nearly
four times oversubScribed, the total APP
piled being Sl79.310000.
The average rate on a bank discount
basis is about 0.46 per cent, new low
figure of interest rate on this type OF
obligation. The lowest bid accepted
was 98.868 and the highest $4,000
Stronger Bond Market Seen.
Here is the view taken by the Alex
ander Hamilton Institute of the out
look in the bond market:
The forces which are at work to
stimulate bond prices are operating
slowly but probably effectively. Since
the beginning of June the general trend
of bond prices has been gradually
higher While the increase continues
to be manifest chiefly in the highest
grade securitieS-United States Gov
eminent bonds and the highest grade
rails and public utilities-individua in
stances of improvement in secondary
bonds and preferreds have not been
wanting. The situation favorS con-
tinued strength in the bond market,
particularly with regard to the strong
est corporate issues"
AS to Business Equilibrium,
DR.. Benjamin NJ Anderson. econom-
ist, Chase National Bank of New York,
says:
Men released from work in one field
are seeking work elsewhere. Business
men. finding certain lines improbable,
are looking eagerly for other lines which
may be made profitable. Industries are
seeking to readjust their lines of pro-
duction and their prices so as to meet
the markets demands. The process of
Republication is going on. Given the
security of life and property, given the
gold standard. given the enforcement OF
contracts, and given anything like I'M
trammelled, open markets. the people
themselves. individually, will finally re-
store equilibrium and bring back good
business. The process is going on and
progress is being made"
Bonds Lead Local Exchange.
Bonds led trading at the opening of
the week on the Washington Stock
Exchange today.
The first transfer was 81 900 Wash
ington Railway & Electric As at 90.
After call, there were two more 81 900
sales at 9214 and $500 sale in the same
bonds at the same price. There was
also $1,000 sale at 92ls.
Mergenthaler Linotype was %he first
stock to appear on the board. 10 shares
selling at 7734 and two other l0-Slare
lots at 77l2. Later in the session an
other small sale took place at the same
figure.
Peoples Drug Stores preferred came
out today at 101 p, the strength being
a reflection of the recent favorable re-
port for the past six months.
Washington Railway e. Electric pre-
ferred figured in a small lot sale at
par, and a single share of American
Security & Trust Co. stock appeared on
the board at 800.
Capital Traction was neglected today,
closing with al bid and 43 asked. Both
American ana COrCOIdn flTe lllSuIdllCS
stocks are now being quoted eX-divi-
dend
Heard in Financial District.
The North American Co has declared
the regular quarterly dividends of q ,
per cent in common stock on the COM
mon and rs cents on the preferred, both
payable October ! to stock OF record
September 5.
1t looks like an excellent year for
Peoples Drug Stores, Inc. with the first
half years earnings on common equal
$1.37 a share. against SLIT share in
the like period in 1880. Furthermore,
the company's earnings were much
larger in the last half of 1880 than
in the first half, and should be this
year.
Capital fractions June report was
filed with the Public Utilities Commits
sion. AS noted in The Star several days
ago. net earnings showed gain of
$10,39463 for June and $4,907.l6 for
the first half year
President Joshua Evans of the Dis
trict National Bank is taking a two
weeks vacation, basking in the pine
air of Maine.
CHICAGO DAIRY MARKET.