Evening star., 1933-02-23


company. S&&
Mr.. Holland en-
tered the employ
of the company on
February /, 1908, Frank NJ Perley.
as a runner in the
trust department. He served In the
different branches of the trust depart
ment and in 19l7 was elected an
assistant trust officer. He was graduated
from Georgetown University Law School
in 1912 with the degree of l.. L. B., and
is a member of the District of Columbia
bar. During the World War he served
overseas. He is vice chairman of the
f1duciary section of the District OF
Columbia Bankers Association, having
served with this group since its forma-
ton. He is a member OF the Columpla
Country Club.
Mr.. Perley went to the company
June 1, 1918, starting as runner. He
has worked in practically every depart
ment, and for the past seven years mas
been connected with the securities de-
partment of the banking department.
He graduated from Georgetown uni
versitv Law School in 1925, and was
admitted to the bar of the District OF
Columbia the same year.
He is a holder of certificates from
the standard and graduate courses OF
the American Institute of Banking and
has been active in the affairs OF the
WASHINGTON Chapter, having served as
president for the year 1929-3O, ana as
chairman of number of the important
committees At present he is member
of the board of governors ana CHAIRMAN
of the Finance Committee, also mem
ber of the Public Education Committee
of the national organization. Mr.. Perley
zf
of Trade and the Masonic fraternity.
CAPITAL fractions Net Off.
The first report for January filed by
anv of the local utilities was sent to
the public Utilities Commission by the
Capital Traction Co. today. The re-
port again reflected the keen competl-
ton from taxicabs, buses and countless
private automobiles, which have made
such inroads into the company's earn
ings for several years.
Operating revenues in January totaled
s248,226.47 in comparison with S206,-.
701. rs. a decrease during the month OF
S38, ,47531. Operating expenses caneo
for $204, ,398.45 compared with s234,-
213.16, in January, 1882, a reduction
in running costs of S29,81471. Follow
ing the deduction of taxes and operat-
ing expenses, the company had an
operating income of $25 5,326.67, against
$33, 1862. 81 in January 1882, decrease
of $30,439.67.
Incorporating income was slightly
lower than last year After the usual
interest on bonds had been met and
Dther necessary deductions recorded, the
Capital Traction Co. reported net
deficit for January of S4,502.5O, against
a net income in January, 1882 OF
NJ Inv
month of $8,994.54
Revenue passengers in January, 1888
totaled 3,099,92 against 3,512,916 in
January of last year, a decrease OF
412,996 in paid carfares.
Mergenthaler Declares Dividend.
The directors of the Mergenthaler
Linotype Co. have declared a dividend
of 40 cents a share, payable March
81 to stock of record March l. On
December 81 and six months earlier
dividends of 40 cents each were paid.
On September 80, 1882, dividend OF
S5 cents a share was paid.
The report of American Stores Co.
hnd subsidiaries for year ended De-
cember 81, 1882 Certified by independ-
ent auditors, shows net income of $4.-
313840 after depreciation, Federal
taxes, etc, equivalent to 1881 a share
on 1,302.870 no-par shares Of capital
stock outstanding at end of year. This
compares with $5,270,891, or S3.67 a
share, on 1899 500 shares in 1881.
Secretary Mills has invited tenders
for $100,000,0o0 in 91-day Treasury
bills, which will be sold to the highest
bidder on February 27
The bills will be dated March l and
mature May 81, when they will be re-
deemed at face value. The proceeds
will be used to retire $100,000,000 in
similar securities which mature
March l.
Sees Signs of Improvement.
In a radio address last night Norman
E. Towson, assistant treasurer of the
Washington Loan & Trust Co.. said
that far down below the surface Of our
economic consciousness, certain funda-
mental indices are beginning to level
off, or turn up. Railroad earnings,
which began to decline in the Summer
of 1929, six months before the stock
market crash, in December, 1882, for
the first time since the decline began,
showed gain above the figure for the
same month in the preceding year. This
is, of course, largely due to operating
economies, but when we note a coinci-
: dent tendency on the part of freight
Sdl lOdOlIlSS W ullpEONG, IL Is UlOSl
. encouraging, especially when we re-
member that it was the railroads which
led us out Of the depression Of l920-2l
Steel production, since the begin
ming of the year, has shown a steady
improvement, in addition to the de-
mand from the automobile industry;
/ new orders for structural steel in De-
cember were three times as large as
in November. and once and a half as
heavy as in December, 1881. Contracts
for buildings are increasing.
Deposits in banks throughout tbs
country are increasing and there is G
slow. but apparently steady improve.
ment IN the quoted values Of bonds
. Mr.. Towson added.
Bonds Leading Exchange Trading.
Bonds were in good demand on tn,
Washington Stock Exchange followinf
I the holiday. Washington Gas SIS. 1860
opened the market with $500 selling a
106
Potomac Electric Power 6s appeared
on the board in five $1,000 transfers
all made at l08. Washington Gas 6s
Series A, figured in 10 consecutive Sl0
sales at 100.
Stocks were quiet, Is shares of Pc
tomac Electric Power 5 1a per cent pre-
ferred changing hands at 107, ex divi
dend, and 10 shares of Capital Trac
ton stock moving at 9l2.
The bid and asked prices on tn
new Washington Gas Light SIS, 1851
were both lower today, but no trans
actions were recorded. Most OF tn
recent purchases of these popular bond
bought them for long term investmen
and are holding onto them.
Heard in Financial District.
Chesapeake & Ohio Railway direc
tors have declared the regular quarterl
dividend of 62l2 cents on the common
payable April / to stock of recor
March g. and the regular semi-annuf
dividend of S325 on the preferred. pay
able July / to stock of record June g.
Chesapeake Corporation has declare
the regular quarterly dividend of