Evening star., 1934-04-13
CAPITAL PHONE
n. EARNINGS LEAD
c. & P. Shows Best Record
of Any Company in Bell
System.
BY EDWARD C. STONE.

SyOkVitis
BY EDWARD C. STONE.
OF the % associated companies
making up the Bell System, the Ches-
apeake g. Potomac Telephone Co. OF
this city, hung up the best compare
tive earnings record in 1888, accord
ing to a survey just completed by the
New York Times. The company did
not have to reduce its dividend to
meet the regular payments and at the
same time remain "in the black"
The twenty-one associated Bell Sys-
tenn telephone companies Of the
United States and the Bell Telephone
Co. of Canada paid out 24,433, SOS
more in dividends than was received
In net income during 1888. compared
with dividends of $24.484,984 paid out
of surplus by the same companies in
1882.
Dividends were reduced $12,106.-
e24 by these companies, however, to
moderate the draft on surplus re-
ouired to maintain dividends. but net
income declined by $l2,065, SAB in the
aggregate.
The years 1892 and 1888 are the
only years in the history of the Bell
System in which such ovedrafts feve
been made.
In the five years 1929 to 1888 net
income of the % companies aggre-
gated $762 2,500034 and dividend pay
ments amounted to s748,l37, $3.50, re-
sulting in an increase Of $14.362, ,704 in
surplus for the f1ve-year period.
While 1929 was the best earnings
year from the standpoint Of net in
come, which touched a peak Of $170,-
940,255 for the % companies, 1881
was the best dividend year. with dis
bursements amounting to $l61 ,448, $50.
Beginning in 1882, however, aggregate
dividends showed a decline.
C. & p. Earns Full Dividend.
: Only one of the % companies more
than earned its dividends for the en-
tire period under review. this being the
Chesapeake & Potomas Telephone Co.
of Washington, which was not obliged
to reduce its dividend rate to stay on
the profit side.
= In 1893, II of the % companies
declared part Of their dividends out
of surplus, while showed a surplus
after dividends. In 1882. 18 paid
dividends in part from surplus, while
only 4 had balance after common
dividends
: Dividends Of per cent on the
common or capital stocks of the fol-
lowing Bell companies have been
maintained throughout the entire
five-year period: Bell of Pennsyl-
vania, Chesapeake & Potomac of
Washington, Chesapeake g. Potomac
of Virginia, Diamond State, Illinois
Bell, Indiana Bell, Mountain States,
New York. Telephone and South
western Bell.
Chesapeake & Potomac of Balti-
more paid per cent in 1888 and 8
per cent in the four previous years.
Junior Bankers Nominated.
At a meeting of Washington Chap
ter. American Institute of Banking,
held last night, the following were
nominated as delegates to the thirty
second annual convention Of the in
stitute to be held in Washington June
IL to IA, inclusive. The election of
delegates will take place at a meeting
to be held on April 26:
Harold w. Burnside. J. George
Dagenais, Constance D. Fogle. Robert
M. Poole, I. J. Roberts, George C..
Vass, P. N. Garnett and Kenneth F.
Brooks, Riggs National Bank; s Win
fired Burwen and George B. Earn
shaw, National Metropolitan Bank;
William A. Cady, James c. Dulin,
Frank M. Perley. Paul J. Seltzer and
Alfred w. Sherman, American Sc
curity g. Trust Co.; Aubrey o. Doo-
ley. Walton L. Sanderson, Wilmer J.
Waller and Lois A. White, Hamilton
National Bank; Joseph r. Fitzpatrick
and Stuart S. Ogilvie, Second Ma
tional Bank; G.. Elmer Father, Union
Trust Co.; Ruth !. Gord3n and T..
Hunton Leith, Security Savings g.
Commercial Bank; A. E. Henze, j.
Earle McGeary and Katharine w.
aMcCalmont, W. B. Hibbs & Co.: Rob-
ert H. Lacey, Columbia National
Bank; William H. Laughlin, Mabel
v. Royce, Rose L. Royce aud Norman
E. Towson, Washington Loan g. Trust
Co.; Robert E. Lee, Richard A. Norris
and James A. Soper, Lincoln Ma
tional Bank; Francis E. Robey. Bank
of Commerce & Savings; E. Wallace
Schreiner and Robert G Whitton,
First National Bank, Alexandria, Va,
and Gertrude c. Wick, Liberty Ma
t:onai Bank.
American Stores Sales Up.
Sales Of American Stores Co. for
March totaled $9,234,926 against S.
446,763 in March, 1888, an increase Of
$788,163, 9.3 per cent. Sales for the
first quarter totaled $28,9l2,226, COM
pared with $27,029,143 in the first
three months Of 1888, an increase of
$1,883,0s3. or SO per cent. Business
in March was better than in Febru-
ary, the gain in the second month OF
the year being ~ per cent ahead of
the like period year ago.
Secretary Morgeanthau has asked
bids on $125, 100000 Treasury bills,
$75,000,000 to run 81 days and $50,-
100000 to run 1872 days.
A. A. Balantone, former Under
secretary Of the Treasury, has been
elected director in the New York
Life Insurance Co.
Richard W. Hill, secretary Of the
American Institute Of Banking, Is in
the city advising with local fnanciers
regarding the coming national con-
Sention.
= Trading on d. C. Exchange.
Capital Traction stock came out on
the Washington Stock Exchange to-
day, with a small lot selling at Is. It
closed at 241a bid and 25h asked.
Washington Railway & Electric As
appeared on the beard in a s., 900
transfer at 93A. the same price at
which several other recent sales have
been registered.
Capital Traction IS again sold at 80
on a $500 transfer, while Anacostia &
Potomac r. r. IS were in demand,
$1,000 changing hands at 81. up half
. point from yesterdays closing sale.
The bonds closed at 66 bid and 68
asked.