Evening star., 1932-03-08
AMERICAN ICE Co.
NETS s3.55 A SHARE
Report for Year Ended De-
j., cember 81 Is Issued From
H.. Office Here.
BY EDWARD c, STONE.


American Ice Co. comes the report that
the company and its subsidiaries, for
the year ended December 81, last,
showed net profits after all charges OF
S2.83l,859, equal to $3.55 a share on
the common stock, compared with
$3260,27l, or 1898. in 1880.
Consolidated balance sheet shows cur
rent assets of S2862,719 and current
liabilities of 81 1881 ,376, an increase of
$l.180593 during the year. Charge-otf
for depreciation and maintenance was
S2,437,820 bonded Indebtedness was
decreased from S5,846 900 to S5,694 900,
surplus increased from $7,767.87l to
S8.347,837.
In letter to stockholders President
Charles C. Small states that the
amount of ice sold last year. as meas
ured in tons, was off only about l per
cent from the record figures of 1890.
''The companys program of construc-
ton and reconstruction of its ice
plants has been completed and the
condition of the physical plant through
out is excellent" he added.
1T is interesting to note that the
company now has more common share
stockholders than at any time in its
history. the increase during the past
four months being about % per cent"
s2,o0O,se0 Bond Offering.
Announcement is made today of an
offering of $4,000 Virginia Public
Service Co. per cent first mortgage
and refundng 20-year gold bonds.
series c, by group headed by Halsey
Stuart g. Co, Inc. and including T.
H. Rollins & Sons II. NJ BylleSby &
Co. and Blyth & Co, Inc. The bonds
are priced at IS and interest to yield
over 8l4 per cent to maturity.
Virginia Public Service Co. and sub
sidiaries now render service to 1855
electric and 8,141 gas consumers in
territory extending from Alexandria,
Va, southwest through Charlottesville
and Staunton, and likewise including
Newport News and other communities
in Tidewater Virginia. Since its incor-
poration in 1926, the company has made
constant efforts to develop its electrical
business, and sales among various classes
of consumers have been stimulated by
rate reductions. which in the past f1ve
years have resulted in decrease from
81 cents to ST cents per kilowatt hour
"a reduction of more than 80 per cent.
The company is part OF the Middle
west Utilities System, the announce
ment says.
For the u months ended January 81,
1882, gross earnings of the company and
subsidiaries as now constituted, includ-
ing other income. we're So, 1903 and
net earnings before depreciation were
s3.s51.274 as against s3639772 in the
preceding 12-month period, Annual
interest requirements on olVlSlonai
mortgage bonds and first mortgage and
refunding gold bonds to be presently
outstanding amount to $l,665525, the
company reports
Trade Improving in Spots
Following the latest monthly review
bv the Federal Reserve Bank OF Rich
n1ond. showing much better sentiment
but comparatively few changes in f1g-
urer, come the monthly summaries from
the other IL districts. The st. LOUIS
area seems to be about the most 1aVor-
able right now, both retail and whole
sale trade being slightly better. 1t is
also reported that the st. Louis banks
are more free with loans, but not in
large amounts -,
Minneapolis shows fair retail de-
n1and, Philadelphia reports large
/ textile. metal and hosiery output, ana
San Francisco announces small business
gains Conditions are better in the Dai-
las district. Cleveland reports condi-
ticns unchanged, and Kansas City notes
q decline in building permits.
The Boston Reserve Bank announces
fmprovement in the shoe industry, but
draggy conditions in other lines. The
"heavy industries" continue inactive
Around Chicago the railroads are add
ing more men in the shops and retail
trade is believed to be more than hold
ing It's own Mail order business has
turned upward.
The Atlanta Reserve Bank reports
slight gain in retail trade, largely due
to special sales Building permits have
gained but the value has fallen off. The
unemployment situation has been re-
lieved somewhat Production by manu-
facturers is said to have increased
about the usual seasonal amount, the
cotton cloth output showing steady
gain.
ID. c. Exchange Trading Picks Up.
Trading was more active on the
Washington Stock Exchange today
than it has been for several days. The
market opened with $1,000 Anacost!a
g. Potomac Railroad IS selling at 81 q.
The remaining bond sales were con-
fined to Capital Traction SIS. 1000
selling at 6212 and two more $1,000
bonds at 62A
Potomac Electric Power 512 per cent
preferred registered l04 and Lanston
Monotype held the gain which 1t made
yesterday, 10 shares changing hands
at 65.
Mergenthaler Linotype. now quoted
ex dividend. also showed more strength.
Three l0-sfare sales were recorded, the
first 2 at 4234 and the final at 43.
After call 80 shares of Potomac Elec-
trio Power 5i2 per cent preferred sold
at 10412, up half point from the
opening. -
Members Of the exchange are looking
for improvement in business on the
local board as Spring advances. The
campaign against boarding has directed
attention to the new Government per
cent bonds and at the same time has
stimulated interest in other sound in
vestments 1t is believed this will be
reflected in local securities as the pres
ent improved sentiment continues.
The flow Of money back into normal
channels will be an even greater factor
than the better tone in financial circles
all over the country No doubt the
stronger bond market and the advance
in Wall Street stocks are having their
effect IN the brighter outlook.
Heard in Financial District.
The annual meeting of the Washing
ton Ticker Club. set for yesterday
afternoon. was postponed on account of
the absence from the city of several Of
the members. the president, A. Chester
FIather, reports.
No banker in Washington regretted
the death of John Philip Sousa more
than Maurice Otterback head of the
Anacostia Bank While the noted band
master was much older than Mr. Otter
back. yet they lived near each other
as boys and developed lifelong friend
ship.
The Graymur Corporation, in which
there is considerable local interest, has
declared the regular quarterly dividend
of 25 cents a share, payable April l
4 stock of record March Is.
Plans are moving along steadily for
the thirteenth annual convention Of the
Morris Plan Banks and Companies to
be held in Washington September 80
80 and October !. Bertram Chester
man head of the local Morris Plan