Evening star., 1941-03-03
Real Estate Bonds
Show Further Gains
In Price Averages
D. c. Issues Included
Among 200 Securities
Slowly Improving
BY EDWARD c. STONE.

ADVANCE.
So far in 1941 the average price
of real estate securities as indicated
by the Amott-Baker averages has
increased 81 per cent, it was an
nounced today. The average dollar
price per $1,000 bond is now $287,
after an increase of OF per cent
in the past % days.
The February rise makes the
eighth consecutive month in which
the average price of the bonds
has advanced, the survey states.
Several Washington bonds are in
cluded among the 200 issues on
which the price averages are based.
The greatest improvement in 1941
has been in apartment hotel issues,
the report says.
w. r. & E. Earnings Compared.
Analysis of the annual report
submitted to stockholders of the
Washington Railway 81 Electric Co.
by President Alfred G. Neal shows
that total income from all sources
In 1910 amounted to 1882, TIT 80,
against $3,969 ,370.13 in 1889. The
income was composed principally of
dividends of So, $40 900 received from
the Potomac Electric Power Co. and
Of $4,000 from the Capital Tran
sit Co.
Washington Railway & Electric
is not an operating company, but
it holds all the outstanding stock
of the Potomac Electric Power Co.
and so per cent of the Capital
Transit stock.
Total deductions from income in
1910, including interest on funded
debt, were $351,92 compared with
1882, ,O53 in 1899, leaving a net in
come available for dividends of
S3330,951.72, against S3,7l73l668 a
year ago.
Mr.. Meals report shows that reg
ular dividends of S425,000 on the
company's preferred stock and 81
925000 on the common stock were
paid during the year Taxes, other
than income taxes, required S19,275,
compared with S9,351 in the pre-
viOuS wear.
The management of the company
has under consideration a program
structure of the system, but this
program has not yet advanced to
the stage where a definite plan
can be submitted to regulatory
bodies and stockholders, the report
states.
S15,O00,000 Order Received.
The Cessna Aircraft Co., Wichita,
Kans., has received an additional
order amounting to about S15,000,-
900 from the Canadian Royal Air
Force, increasing the backlog to
about $26,OO0O00, according to New
York dispatches. The original order
for S9,55O.49O was placed last Sep
tember. The first deliveries have
already been made.
It is said in the financial district
that about $4,000 shares of Cessna
Aircraft are owned in Washington.
When the stock was first offered
the public, it was extensively bought
here.
An application for listing the
stock on the New York Curb Ex-
change is now pending before the
Listing Committee.
Bank Assets at New Peak.
Total assets and total deposits of
the country'S national banks were
the highest on record on December
81, 194O Controller of the Currency
Preston Delano announced today,
Assets of $3.50 active banks were
S39. .733 1862 900, an increase of S2,849,-
962 900 over the last previous call in
June, 1910, and an increase of $4,414,-
705 900 over the amount reported on
December so, 1899.
Deposits on December 81, last,
totaled s35,852, ,424000. increasing
S2,778,O17GO0 and S4239. .432 900 over
the amounts reported as of June 90,
1910, and December 80. 1889, respec-
lively. Loans and discounts were
S10.027,773 900, an increase of $848,-
$4,000, or 9.24 per cent, since June.
Maryland Loans Increase.
Continued heavy demands for
home financing funds gave building
and loan associations in Maryland
busy January, with 1896 loans
granted for total of 81 ,298 655, it
was reported today by the Federal
Savings & Loan Insurance Corp.
These figures compare with 280
loans amounting to $1,033,240 in
January, 1910.
Hugh Leach, president Of the Fed
eral Reserve Bank of Richmond,
announced today that the Bank of
ElktOn Elkton, Va, has been ad
mitted to membership in the Fed
eral Reserve System. Some 20 Vir-
ginia banks have joined the system
in recent months.
Election of Chester C. Davis to
the presidency of the Federal Re-
serve Bank of st. Louis takes from
the Board of Governors of the Fed
eral Reserve System a member who
has rendered very valuable service
over a long period, He is a personal
friend of many Washington bank
ers who will regret to see him leave
the Capital The st. Louis Bank
covers a large territory and has
branches in Louisville, Memphis
and Little Rock.
Heard in Financial District.
The Washington Office of Merrill
Lynch. E. A. Pierce S5 CaSsatt, re-
ports that the firm has opened the
first brokerage Office at La Guardia
Field, New York Municipal Airport,
for accommodation of plane travel
ers.
The weeks trading on the Wash
ington Stock Exchange opened with
q sale Of so shares of Garf1nckel
common stock at 1924, unchanged.
Capital Traction SIS appeared on
the board in a $4,000 transfer 104
and 18 shares of Washington Gas
Light preferred moved at 105&.
Lincoln Service common and pre-
ferred shares have been added to the
list of issues now being quoted ex
dividend.