Evening star., 1933-10-30

5 Ill OtpItlllucl "A
:otaled S734,934 3.
inst S735 .O2O in ~
49, 0tember a year - 3 .::***s
-. This slight
--p. however, was Frank M. Gordon.
'4set by reduc-
! in operating expenses, which were
23.4l6 against S54l 1927 in the like
)-riod a year ago, leaving net operating
6vcnues of $24l ,5l8 in comparison with
5 1913 in September, 1892.
Taxes called for S7o,73o as compared
w:,h s55,527 a year ago, leaving a net
~rcrating income of $l70,788 against
1C7.666. Incorporating income was
VT $4,000 larger a year ago. Interest
uctions required S23,832 against
Gi,148, leaving balance before divi-
-nds OF Sl47,0l9 compared with Sll6,-
o. or a gain of S30,120
During September there was net
an in the number of telephones con-
Ted of l038, compared with an in
rcase of only 90 in September a year
: % Telephone calls also increased.
Il aling 1927 900 against 17,916,000 in
20 same month last year The COM
GNy row has 1918 telephones in SER
ice compared with III, ,948 at the same
me year ago.
Nine Months Earnings Higher.
The Chesapeake & Potomac Tele-
hone Co. also filed the report for the
rSt nine months This showed operat-
lag revenues of S6,767,787 against the
iener figure last year of S7,037,202
OD- rating expenses were reduced, how
yer, amounting to S4682,6 against
5,O86,275, leaving net operating in
C:ne standing at S2,082,15 as COM
will in he "a
ct year.
Taxes were higher this year. S566, 78O
'gainst S520,221. Net operating income
mounted to S1,515,375 in comparison
--ith S1,430,706. Incorporating income
as much larger year ago, S4,380 this
car against $42,869
Interest deductions absorbed 1928, ,985,
~cnpared with S191 .o73 at the end of the
bird quarter in 1892, leaving total
IT income, or balance before dividends,
$1,290,770 against sl,282,507 year
%.
The number of telephone calls made
n the first nine months of this year
otaled l66.868 900, against 172,0l3.000
N the same period in 1882.
Gordon Presides at Convention.
Much interest among investment
,ankers in Washington is being mani
taTestment BANKERS Association, now
cling held at Hot Springs, Va, Frank
4. Gordon is just concluding sue
cssful year as president of the organ
Paul v. Keyser of Washington, who
las been counsel for the association for
many years. is one of the chief speak
rs on the program, his subject nat
rally being the new securities act, to
hich he has given a great deal of
tudy. Y. E. Booker of the investment
I'm of the same name is also attend
ng the sessions.
While efforts to bring about changes
n the securities act and make it less
Tastic were expected to be the main
ubject before the investment bankers,
ct much time was given yesterday to
, discussion of the United States Sem
teS investigation of the stock market
hich has produced SO many revela-
ions.
Chapman Gets Data on Silver.
C. Bowie Chapman, manager of the
Washington Office of the New York
stock Exchange firm of Laidlaw & Co.,
as received some interesting facts
owing the direct effect of prices for
liver on the output of associated
netals from A. G.. Mackenzie, secretary
If Utah Chapter, American Mining
Congress. The summary Of calcula-
ions show what metal prices Utah and
daho would have to receive in order to
maintain the average annual income
rom their production of silver, lead
md zinc in the 15-year period, 1918 to
1882.
The calculations that embrace silver.
cad and zinc are based on the produc-
ion and price figures of the United
States Bureau of Mines. The two
States normally produce about As per
cent of all the lead, II per cent of all
the zinc and As per cent of all the sill
YER mined in the United States and
about 80 per cent of all the lead and 35
Der cent of all the zinc recovered in
association with silver. Gold and cop
per production are not taken into the
calculations The figures, however, are
most exhaustive and enlightening on q
subject especially timely just now.
Mr.. Chapman has made a special
study of silver In recent months and
considers this report of unusual value
Trading on D. c. Exchange.
The weeks trading on the Washing
ton Stock Exchange opened today with
$500 Washington Gas 6s, series B, SELL
ing at 10234 This was the sessions
only bond sale.
In the stock division, small sales were
recorded in Potomac Electric Power
6 per cent preferred, which moved at
Ill, and IN Washington Railway g.
Electric preferred, which came out at
85A. These quotations were pract1-
cally unchanged from other recent
transactions in the same issues.
The N. R. A. Consumers Board has
enlisted the Federal Trade Commission
in a study of the investment bankers
code to determine whether trade prac-
tice provisions are needed to protect the
investing public.
The code as submitted to N. r. A.
covers labor provisions but does not 60
into the subject of trade practices.
Spokesman for the Consumers Board
stated that they were asking the assist
ance of the trade commissions securities
department to determine whether the
securities act gave sufficient investor
protection. The commission will report
before November 6, on which date the
code is scheduled for public hearing.
Railroads Net Much Improved.
The Western Maryland Railway to-
day reported for the nine months ended
September 80, 1888, net income of
S526,73 after taxes and charges, equal
to S2.97 share on the 177,422 shares
of 7 per cent first preferred stock on
which no dividends have been paid.
This compares with S245 ,925, or $1.38
share on the same stock in the like
period of 1882.
September net income was $l65,553,
against net income of $163,465 in Sep
Aember, 1882.
U. S. TREASURY POSITION.
By the Associated Press