Evening star., 1934-09-28


month laSt year. Y. E. Booker.
the report shows,
l7,43l 900 being put through. The
net gain in the number of phones
compares with a loss in August, 1888,
of 152. For the first eight months
of this year there was gain OF
ASST in the number OF telephones
in use, compared with a loss OF
6641 in the like period in 1888.
Todays report shows that operating
revenues for the month amounted to
S773,O83 in comparison with S732 ,188
in August, 1888 The sharp increase
in operating revenues, however, was
more than offset by an increase in
operating expenses, $570,2l5 being
compared with the lower figure in
August. 1893. of S487,559 leaving net
operating revenues in August this
year of s2O2 ,869 against S244, ,629 last
year.
Incorporating income totaled Sl45,-
900 against Sl80,754 Taxes took
s57.855 against $63,87S in August,
1888. Gross stood at Sl44,955 against
S182,192 The usual interest deduc-
tions called for $40, O,789, as compared
with S25003 last year, leaving bal
ance before dividends of S124,166 in
comparison with Sl57l89 in August,
1888, a decrease of S33,023.
Eight Months Earnings Up.
The Chesapeake & Potomac Tele-
phone report for the first eight months
of this year makes an excellent show
RI
vances in Washington and surround
ing territory.
Operating revenues totaled $6,455,-
S25, as compared with $6,032, 1853. Oper-
ating expenses were S4,545. .739, against
S4,l92,2l6, leaving net operating rev.
enues of 81 ,9O9 ,586, in comparison with
$1,840,637 a year ago.
Taxes were practically the same i'll
the two eight-month periods. Nom
operating revenues were off about
$4,000 this year. placing total gross
income at ST, ,416, 1928 as compared with
$1,348, ,904
Interest deductions so far this year
have totaled S17l,568, while last year
this figure stood at S205,l l53. These
deductions left a balance before divi-
dends of S1,244,555. while this net re-
turn year ago was S1,143, 75l, an IN
crease of S100,804.
The number of telephone calls made
in the first eight months of this year
totaled 157,913OO0, while 148, TAI 900
calls were executed in the same period
in 1888.
Booker Elected Vice Chairman.
Y.E. Booker of this city was elected
vice chairman of the Southeastern
group of the Investment Bankers
Association of America at the nj
teenth annual meeting held in Raltl-
more late yesterday. There was a
large delegation of Washington mem
bers present, including:
Carl R. Kurtz of Stroud. Kurtz &
Co.; Richard B. Winder, Henderson
Winder Co.; Thomas c. Montgomery,
Wagsaman, BraWner & Co.; L. Clark
Brown, Brown, Goodwin g. Co.;
James H Lemon, Bernard J. NeeS
and Harvey Graham of James M.
Johnston & Co.; Y. E. Booker j. Wiz
liam Roberts and Myles H. Quail CT
Y. E. Booker & Co.
Robert B. Hobbs of w. w. Lanahan
e. Co., Baltimore, was elected chair
man of the group, the remaining slate
being elected as announced in ad-
vance. of the meeting. Mr.. Booker,
who Is chairman of the Investment
Bankers Code Committee, mads a
report on code operations which In
dicated that the code has been very
helpful in bringing to higher level
certain practices which had prevailed
for a long time among some invest
ment security dealers. The codes
"teeth" are proving beneficial.
In the past complaints could be
handled only by moral suasjcn. The
code has given the situation a diff
ferent complexion.
Columbia Declares Dividend.
The board of directors of the Co.
lumbia National Bank, at its meeting
yesterday, declared a quarterly divi-
dend of $l.50 per share, payable on
October to stockholders of record
September %. President Frank j..
Stryker announced today.
Washington bankers were scheduled
to hold a special meeting late this
afternoon in the Willard Hotel to hear
informal addresses by officials of the
Government on what the securities
exchange act of 1884 will mean to the
operation of their banks.
J. J. Thomas, vice governor Of the
Federal Reserve Board, and Commits
sioner James NJ. Lands of the Ma
tional Securities Exchange Commits
sion were announced as among the
lid 2
Goldenweiser, director, Division of
Research and Statistics; DR.. Carl E.
Parry, assistant director of the same
organization, and Walter Wyatt, gen.
eral counsel.
The meeting was called by PreSi-
dent F. P. H. Siddons and the Com
mittee of Arrangements included
George o. Vass, Charles H. Doing and
Thomas j. Groom. Two special meet
ings were on this weeks calendar Of
the District Bankers Association, it
being voted at the first session to
carry on a two-week advertising cam
paign to help push the home renoviz-
ing drive.
Prices Strong on Exchange.
Prices again were strong on the
Washington Stock Exchange To-Day.
First sales were in Capital Traction IS,
made at 81. After call four more sales
were recorded at the same price, the
days turnover totaling $4,000 on six
different transfers.
Washington Railway g. Electric pre-
ferred was strong today, selling at
1907 on four sales amounting to II
shares
Capital Transit stock held its new
high mark made yesterday, so shares
changing hands at 2812. The stock
closed with 28l4 bid and % asked.
Mergenthaler Linotype was f1rmer,
80 shares selling at 22H4, up "a from
yesterdays close.
It is announced that the exchange
will resume Saturday sessions a week
from tomorrow.
The Washington Stock Exchange
was one of 25 given formal registra-
ton today by the Securities and Ex-
cbopoa Coy,orojcciop Chairman Zen.