Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-20
c: & 0. HAS GAIN
IN NET EARNINGS
$268, 1893 Increase Scored in
June Over Same Month
Last Year.
BY EDWARD C. STONE.

DI bDW ANIL u olN6e
chesapeake & Ohio Railway stock
holders will be pleased with the finan-
ciaI report for June. filed with the In
terstate Commerce Commission today,
revealing an increase in net earnings
over the same month In 1880.
Gross revenues for the month were
el0.4e5. TOO, a decrease of $860,502 over
June of last year; operating expenses
were So .044.471. a decrease of $1.127,04l,
as compared with June OF last year;
net railway operating income was So
567.889. an increase of $268,789 over
June OF last year. Net income. after
all charges. for June was $2,788,787. an
increase of $67,6l6 over June OF last
year. The operating ratio was SIS per
cent. compared with 63.l per cent for
June Of last year, or decrease OF 5.5
per cent.
For the six months ended June 80,
the Chesapeake g. Ohio Railway Co.
shows gross revenues Of $50 ,009,70l, a
decrease of 50 987. 1855 Operating ex-
penses were $37,943.756, decrease OF
$7l44.537. Net railway operating In
come was $l5.930,5ll, a decrease OF
$24O1.193. Net income, after all
charges was $l1 1857 $50. decrease OF
%
ing period of 1880. The operating ratio
was SAB per cent, a decrease of l.9 per
cent.
National Dairy Reports Earnings.
Net profit of National Dairy Products
Corporation, which has units in Wash
ington, for the first half of 1891 was
in the neighborhood Of $3.50 share
on the 6.2O2177 shares of common stock
now outstanding This compares with
net of Sl2947,211, or $2.16 share, on
S.e71 .O36 common shares in the first
half of $780, For the full year 1880
net profit was $26,387,376, or S4.lo a
share on 6,202,177 common shares.
Earnings thus are holding up COM
paratively we'll in view Of the generally
lower rate of business prevailing. NOR
mally. National Dairy earns the largest
of its annual profits in the last SIX
months. which include the Summer ice
cream business. In the first hall OF
1880 the dairy business showed little
effect from the industrial unsettlement,
though the final six months did.
Sales volume so far this year has
been about 10 per cent behind the 1880
period for the corresponding units.
June business, however, was somewhat
ahead of last year. and July mas con-
tinued the gain with the countrywide
hot weather giving its usual s.lmulus
to ice cream sales.
The companys stock is actively
traded in on the New York Exchange,
A good deal of it being held in wash
1ngton.
Will Attend A. B. A. Convention.
In spite of the heat. many Washing
ton bankers are talking about the an
nual convention of the American Bank
ers Association which opens at At
lantic City on october 5. Indications
are that an unusually large number OF
local financiers will be present. 1t Is
not often that the A. B. A. meeting Is
held so near home. The association
met at Atlantic City in 1907, panic
year, in 1917. in 1928 and 1925.
The program being arranged for At
l4ntic City is an extremely practcal
one Its chief motive will be the dis
tribution of facts and information OF
sort which delegates can take nome
with them and put to work Immediately
at a profit. New aspects OF banking
questions discussed last year at Cleve-
land-such as money rates, mergers
group banking. investment trusts, per-
sonnet management and corporate
trllsts-will be adequately covered, along
with problems which have arisen
since october.
In the broader field of general con-
ditions touching commerce ana oanK-
ing here and abroad, events OF tre-
mendous importance to every member
of the associations have occurred since
the Cleveland meeting. Unemployment
has increased all over the world, WIN
only isolated areas reporting con-
trary trend Commodity prices have
continued steadily downward almost
without interruption. RuSsia's attempt
to achie1e a century or two OF indus
trial growth in five years Is no longer
an economic fantasy but practical
problem.
revolution, arising from economic
factors, have occurred throughout
Latin America, also In Spain, and
rumors of possible revolutions in other
countries have become SO commonplace
that they no longer command a place
on the front pages OF newspapers.
China has gone back to civil war.
The American Bankers Journal be-
iieves the convention will be one OF the
best yet held. Rome c. Stephenson,
who is such a favorite with Washington
bankers, will finish his years adminlstra-
ton. and Harry Haas Of Philadelphia
will steer the financial ship next year.
Capital Traction Hits AZ.
Capital Traction stock Jumped to AZ
on the Washington Stock Exchange
today, making a new high mark on the
present move a again Of about points
in the past 10 or Is days and 10 points
since the first of the year.
The low for the year in Capital Trac-
ton was 32l4. so that 1t has advanced
about one-third in value in recent
weeks. AS there are 10000 shares of
this stock outstanding, the recent rise
means a gain of about $l,2OO,OOO In the
total value of the security.
AS practically all of the 10000 shares
are held in washington, it can readily
be seen what the gain in quotations
means to local investors. The improve
ment Is also most gratifying to the local
banks A large amount of Capital Trac-
ton stock is held by local institutions
as collateral on loans. so that the posi-
ton of borrowers is greatly strengthened
with the banks.
The stock opened at Al on a To-
share sale and then advanced to az on
the next sale, also Of 10 shares. An
other lO-share sale and 22-Share sale
completed the days trading.
The advance in June earnings is as
signed as one of the reasons for the re-
cent improvement in the stock and Is
understood that so far in July gross
earnings are also ahead Of the same
month a year ago.
Other transactions on the local ex-
change today including light turn
over in Mergenthaler Linotype at 10
ana Peoples Drug Stores preferred at
10lls.
Washington Gas Light stock is now
being quoted ex-dividend following the
voting of the regular quarterly dividend.
Heard i'm Financial District.
John d. Leonard, vice president and
treasurer of the Washington Savings
Bank, is taking his annual vacation,
part of which he will spend at his
home here, and the remainder with
IL, irlnra Mount q I'M