Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-30
Telephone Earnings Jump.

Total net earnings of the Chesapeake
a. Potomac Telephone Co. in October
were 1927, SOS, against $l43,566 IN OcVo-
Der. 1880, an increase III income OF
Sa4 Oe9. according to the monthly state
ment filed today with the Public Utiiltles
Commission. For the first 10 monthS
of the present year the telephone COM
pany reported a total net income OF
81 $40 1866. in comparison with $l,O4o,2o3
in the like period in 1880, or very
substantial gain of $593,9l3.
By employing telephone figures as
barometer on local business condltlons
it would appear that the situation mere
improved materially in Octocer, anu
that conditions have been improving
throughout the year. The report shows
that telephone operating revenues IN
october amounted to S8O7,O82, against
S75O,980 a year ago. Total operating
income after deducting taxes ana un,
collectable items was $2l6.2l5, compared
with $lso, 500 year ago.
Washington was served by l76,65O
Telephones at the close of business Octo-
Der 81, a net gain of 8,l70 since Janu-
airy ! In October telephone users mace
I9.S37Oo0 calls, an increase OF 10 per
cent over the number made during the
same month last year.
Phone Employees Increased.
The continued increase in telephone
usage in Washington, according to John
A Rcmon. general manager of the COM
panv has required the addition OF IS
telephone employees to the force In the
last few months It has also enabled
the company to proceed with It's con-
struction program. the largest single
unit of which is the new building to
house the Cleveland and Emerson ex-
changes, on which job alone lao men
are now employed.
Telephone operating revenues for the
10 months end.,lg october 81 amounted
to S7,C3c. Tfe, e compared with ST,l47,-
500 for thu f2me period last year. Total
operating income after deducting taxes
and unbelievable, for the f1rst 10
months of this year amounted TO ST.
93l.487, as compared with 81 ,426,325
for a similar period in 1890.
Balance net income in october was
1927. 665. Balance net income for the
10 months ending October 81 amounted
to 81 SAC, 1855, as compared with ST.
O46. 253 for the first 10 months OF 1880.
Capital expenditures for new plant
and equipment added to the company's
system in the District of Columbia for
the 10 months ending october 81
amounted to S2,163,368 Gross retire
mentS during this period were Sl,O67,-
months 81 095 309. Net additions TO
plant for the u months ending Octo-
Der 81 were $1,238,26l.
Broker Merger in Effect.
Effective today the two New York
Stock Exchange firms of Fenner g.
Beane and Samuel Ungerleider & Co.
consolidated under the name of Fenner,
Beane & Ungerleider. The merged or
ganiZation, connecting all of its Offices
and many of its correspondents, will
have HOO employees on its pay roll.
1t will maintain Offices in 81 cities,
excluding its foreign Offices which are
located in Montreal and Toronto and
Paris
The consolidation is another step in
rapid expansion of the Fenner q Beane
organization. which originally started
as q cotton brokerage firm in New
Orleans in 1917 In 1923, when the
firm Joined the New York Stock EX-
change, headquarters were moved to
New York. The personnel Of the
Washington Office remains unchanged.
Local Bonds Again Popular.
November trading on the Washington
Stock Exchange today wound up with
bonds again the most favored issues
The market opened with $1,000 sale in
Potomac Electric Power Consolidated SIS
moving at 101ls.
Two 81 900 sales and a $500 sale were
recorded in Washington Gas Light SIS
at par. These three transfers were fol-
lowed by a ST. 900 sale in Washington
Gas 6s. series A, at 1908 and a SIM
liar turnover in Gas 6s, series B, at
10312
Small lots OF Columbia Sand &
Gravel preferred appeared on the board
today five I0-share sales being regis
tered at 80. Peoples Drug Stores pre-
ferred has been added to the eX-diyi-
dend list, and Lanston Monotype has
paid its quarterly dividend SO is no
longer quoted "eX.'
Financial District Notes.
William Knowles Cooper, who has
been confined to his home with illness
for several weeks, is reported as much
improved.
Nearly all the local banks started
their 1882 Christmas Savings clubs to-
day and will keep them open for en-
rollment until January Is.
Local stockholders in Chase National
are much interested in its consolidation
with American Express Bank & Trust
Co. Chase will issue no new stock as
the merger will be effected on a cash
basis OF S160 per share. 1t will add
$4,000 1000 to Chase deposits.
Local board rooms were damned to
the doors at the opening today, both
traders and investors being eager to see
the stock markets next move.
q