Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-13
APP. REPORTS GAIN.
IN TONNAGE SALES.
Decrease in Net Income Laid
by Company to Cheaper
Prices.
BY EDWARD C. STONE.

February sales OF the Great Atlantic
g. Pacific Tea Co. declined 4.3 per cent
to sea, 1884, 800 from $86,121, 8l8 in the
corresponding month IN 1880.
Tonnage sales. however, were reported
today as having increased during the
month by AZ tons, making Q total OF
44S,5l6 for the month in comparison
with 400,586 in February, 1880.
The difference in net income, the ON
Gals state, is due to the lower prices
for goods which have prevailed since
the latter part of last year.
Situation on Mend.
Approach to 1000, ooO-share, days on
the New York Stock Exchange and
symptoms Of bull market may be at
tributed largely to professional attempt
to lure back the public rather than as
reflection of any definite or sustained
recovery In business and industry, says
Trust Companies magazine. Despite
greater degree of stability in prices, IN
creased activity in steel and motor pro-
duction, there are still sufficiently I'M
encouraging factors which render pre-
mature the confident statement that
1--WE have turned the corner"
As DISTINGUISHED from discriminating
investing, which at this time makes Tor
the laying of foundations to large for
tunes, there Is no warrant for specula-
tive enthusiasm because Of persistent
unemployment lack of response in
commodity prices, car loadings, bank
clearings, consumer demand, the low
level Of foreign trade and other indices.
These should serve as cautionary signals
against false stock market starts as wit
messed in the earlier months last year.
Nevertheless, the magazine ADDS,
there is evidence Of improved business
morale and reason for growing conn.,
dence that the low level of depression
has been reached, and that slowly, but
surely, the general situation is on the
mend. Sound discretion justifes bank
ing and financial interests in refrain
ing from giving support to speculative
enthusiasm at this stage Of tnciplent
convalesence.
Pennsy's Dividend Record.
Cash dividends paid by the Pennsyl-
vania Railroad amount to nearly 81 ,OOO,-
600 900, according to figures just COM
piled for 1880. Including the dividend
lust paid on February %, 1881. out Of
1890 earnings, stockholders have re-
ceived a total of $685., 084 ,433 since 1856.
with the distribution of the May,
1881, dividend, the total payments to
stockholders will pass the billion-oonar
mark, company oficials say
Last year 1880 ,e87 was paid in divi-
bends TO shareholders, representing an
per cent return on the par value OF
the outstanding stock. This was the
largest annual dividend payment in the
railroads history. The preceding year,
with dividend payments aggregating
S46.835 ,e65, also established . record
10 that tire.
Pennsylvania shareholders have re-
ceived q return upon their investment
every wear since the railroad was incor-
porated IN 1846, an unbroken dividend
record Of "a years.
Building Association Election.
The cfncers and directors Of the
American Building Association. or
gsni7ed in 1874, have issued invita-
lions 10 an inspection Of their hand
some new office building at 800 Penn
sylvania avenue southeast, on March
IS, from am. TO 8 pm, and March
II. from Q am. TO pm.
Ofneers and directors OF the assoc
citation are: william A. Hettinger, presi-
dent: George w. Slater. vice president;
Charles H Kindle, secretary: Guy NJ.
Nicely. treasurer; Francis E. Smith.
Charles Kattelman. julius Egloff, John
Z. Mergner. Clarence p. Donohoe. Chat-
ham M. Towers Thomas 8. Sergeon
and Charles A. Rossiter, directors.
TOday's Trading ON Exchange.
Trading was quiet on the Washing
ton Stock Exchange TODAY, following
yesterdays extra lively session.
CAPITAL Traction SIS came out at Slh
on q 81 900 turnover, and Washington
Gas Light IS, series b, registered a
81 900 sale at 1047a.
Commercial National Bank stock
again sold at 2le, the same as yester-
days close, 20 shares changing hands.
Twelve shares of Capital Traction
stock sold ex-dividend at s51z.
The final sales were three 1O-share
transactions in washington Railway &
Electric preferred, all at oe2s.
While It Is too soon for any action
10 be taken, vet Il is expected that the
new S6,500,0oo issue Of washington
g. Suburban Co.'S So per cent bonds
viii be listed on the exchange. 1t is
assumed by members Of the exchange
that any bond issue with such close
local afnliations will be listed here.
Traction Dividend Declared.
Directors Of the Capital Traction Co.,
at q meeting yesterday, declared the
regular quarterly dividend of 81 per
share on the outstanding stock
The directors Of the United States
Savings Bank have Just declared their
regular quarterly dividend Of III per
cent, payable March 81 TO stockholders
Of record March 20.
Emerson Bromo Settler. Inc, listed on
the Washington Exchange, has declared
the regular quarterly dividends Of so
cents each on the class A and class B
common stocks and so cents on the pre-
ferred stock. all PAYABLE April 10 stock
Of record March IL.
The Maryland Casualty Co. has de-
clared the regular quarterly dividend Of
56A cents, payable March 81 to stock
Of record March IL.
Western Union Telegraph Co. has de-
clared regular quarterly dividend Of 50
q share, payable April IS to stock of
record March 20.
Better Bond Market Noted.
Current changes In industrial activity
and trade volume are still indecisive
as to Spring business prospects. This
years early Easter and accumulated
replacement demand have stimulated
textiles. clothing shoes and similar con-
sumner lines, though February retail
results we're somewhat disappointing.
and the automobile sales outlook Is still
uncertain. says the Business Week in
its report covering the week ending
March IL.
Bonus payments and other early
March financial transactions have in-
creased money turnover, steel produc-
ton continues its slow seasonal rise
In contrast TO last year and Spring
commercial loan expansion has begun.
The index, UP slightly TO 70 per cent
Of normal for the week ended March z,
is still st about the average level Of
the past two months and compares with
17.4 in the preceding week and ga per
cent in the same week last year.
The frst year-to-year upturn In resi-
Dental building since its long decline
began IN 1928, some seasonal improve
ment In employment, flattening OF the
commodity price curve paralleling last