Evening star., 1937-06-15


the Gulf Oil Corp. at its Washington
tank wagon station, having long and
active record In the petroleum in
Eustry.
Rail Earnings Above May, 1886.
Nineteen Glass I railroads, repre-
senting 66.1 per cent Of total operating
revenues in the Southern district, had
estimated operating revenues in May
Of s2s,924,1l4, compared with s26,-
179202 in May 1886, and s36,7ll, ,230
in May. 1880, 1O.5 per cent above the
same month of 1885, but 21.2 per cent
below May. 1890.
Freight revenues of those railroads
an May, 1887, amounted to s23,714,71l,
compared with s21,557.44l in May
1886. and s28660,152 in May, 1880,
400 per cent above the same month
an 1886, but l73 per cent below the
same month in 1880.
Passenger revenues of those roads
In May. 1887, totaled s23s3,79e, COM
pared with s2,052,1o8 in May, 1896.
and s425e,19O in May, 1880, being
1872 per cent above May, 1886, but 44.0
per cent below May, 18oU.
Potomac Bonds Now Year Old.
The issue of 100000 Potomac
Electric Power 3L per cent bonds was
placed on the market almost exactly
year ago. While offered nationally,
they we're generously purchased by
Washington investors for long-term
holdings.
The new bonds have made a good
record during the past year as sound
investment. Most of the original buy
ers still are holding their bonds, ac-
cording to members of the Washington
Stock Exchange Shortly after they
were issued they sold at premium,
although they are now under that
figure.
The Potomac Power bonds opened
the present year at 104l2. Recently
tthey sold down to 1914, where they
returned yield OF 800. Yesterday
they sold on the exchange at 102. So
dar this year there has been q turn
over in the bonds of only about $12,-
00O Should they 90 lower, they are
likely to be picked up rapidly because
of the favorable yield. 1t is said that
brokers have plenty of orders a little
under prevailing quotations.
Five New Commerce Directors.
New directors elected by the United
States Chamber of Commerce are B.
c. Heacock, president, Caterpillar
Tractor Co., Peoria William c. Dick
erman, president. American Locomo-
tive Co.. New York; Charles E. Bockus,
president, Clinchfield Coal Corp, New
York; R. E. Campbell, general man.
ager, Miller g. Paine, Lincoln, Nebr.,
ind James w. Spangler, vice president,
First National Bank, Seattle.
Daily average sales of general mer-
chandise in small towns and rural
areas in May were II per cent higher
in dollar volume than in May, 1886,
and 36 per cent higher than in May,
1885. the Commerce Department re-
ported today. Sales for the first five
months this year were l2la per cent
above the same period in 1885, the re-
port added
The Retail Merchants Association
OF Virginia in resolutions recently
increased taxation or new forms of
taxation including a. State sales tax,
and urged the adoption in localities
of a community credit policy providing
for a service charge of u of l per
cent on delinquent accounts. The de-
lnquent service charge is in use in 100
cities, w. T. Wade, jr., said, adding
that 1t has never been discarded after
having been adopted.
Lively Demand for Bonds.
There was lively demand for bonds
on the Washington Stock Exchange
today. the opening sale being in Po-
tomac Electric Power 4As at 102, un-
changed from yesterday. Capital Trac-
tion IS registered 81, Washington Gas
S., 1858. came out at 1859 and Wash
ington Railway & Electric As changed
hands at 1864. In the stock division
Capital Transit moved at l01s and
Washington Loan g. Trust Co. shares
at 2so.
There was better feeling in Wash
ington's brokerage Offices today as yes
terday's heavy selling was halted, at
least temporarily. The majority OF
traders, however, look for an irregular
market for some time.
The Securities and Exchange Com
mission announce that the $4,000, 600
6afeway Stores, Inc, per cent de-
bentures will be offered at 99l2, &C
cording to an amendment filed with
thA ecS,oro}sxios,