Evening star., 1921-08-29
DECREASE shown
IN PHONE RETURNS
BY 1. A. FLEMING.

BY I. A. FLEMING.
The Chesapeake and Potomac Tele-
phone Company, reporting to the
Public Utilities Commission. for the
month of July showed a heavy de-
crease, as have all the reporting util-
tiles.
Operating income for the telephone
company for the month named was
$54,303.50, a loss Of practically $780,
900, the returns for June of this year
4 showing q total operating income OF
J 1Ss3.s9a67.
The month of August should show
some Improvement. but the real bet.
terment in utility earnings will not
come until September, when vaca-
tions are practically over. and the
days shorter.
Local Securities.
An advance of pne-half point was
! noticed in Washington Gas on the
local stock exchange this morning.
the sale being at ASH.
Real Estate Title Insurance Com
pany sold at 80. This is somewhat
better than recent bid prices.
Washington Gas tx per cent notes
sold at 102N.
Bonds were entirely neglected, not
a transaction being reported. The
typesetters were practically un-
changed. I
On the call for bids and offers of
call money. 5h per cent was bid. but
none was offered under per cent.
Baltimore and Ohio Earnings.
Statement Of the earnings of the
Baltimore and Ohio system for the
ing.
AS compared with July. 1920. earn
1ngs the railway operating revenue
showed a decrease of $2.534.64s. De-
crease in freight earnings accounted
for $1.S12.991 Of the loss.
Operating expenses for July de-
creased $10.416.750. but in 1920 ex-
pense included back pay on account of
the labor board ruling of $s.5oo.ooo:
Less money was expended on main
of $4.94s.7s5 In net operating revenue
in July, 1920, was turned to a net in
come of $2,206.781 this July.
In like manner. the first seven
months of the calendar year show q
net operating revenue of S15.731.00O.
as compared with a deficit Of ss7s.776
last year for the same period, and in
! the net operating income from deficit
of $5.414,563 to net railway operating
income of $s.657,246.
Personal Mention.
J. H. Baden, cashier of the Com
nercial National Bank, has returned
from his vacation spent in northern
camp life.
Business Conditions.
Potter. Brothers & Co.. one of the
oldest stock and bond houses in New
York City, connected by private wires
with bankers and brokers all over
the country. have issued a summary
OF business conditions covering many
points of interest.
They give it as their opinion that
there will be no money in New York
for a rising speculative market under
present conditions. Loans are still be-
Ing called freely each day and fur
ther adjustment is necessary. Banks
are scrutinizing collateral more
closely than ever before. Several
situations that were most difficult
pressing and important have been
On the other hand we feel that there
are other weak spots that must be
cared for, and urge our clients to
strengthen speculative accounts by
sales on rallies. The bond market is
temporarily overloded.
We fail to see signs of general bet
+, terment IN business for some time to
come. save in a few lines that were
the first to feel the depression.
u Most of the correspondents refer to
! the better condition Of the banks, but
! do not find much encouragement in
:, the condition of the Industrial world.
The Contfnental-Commer Bank
OF Chicago says; IF the bottom of
the postwar depression has been
reached, present crop conditions are
q good enough to warrant an anticipa-
tion Of reasonable activity. Our con-
trfbutors make this point clear The
element of uncertainty is the degree Of
activity.
Farm production this year will fall
10 per cent below the average of last
F., year. The important cereals return
, to the averages of previous years.
The crops. gathered and indicated.
with the large carryover from last
year. will supply the country with its
needs, with q margin for export to
countries less favored.
with labor the dominant question
Is not the wage per hour, but extent
of output per man efficiency.
collections are uniformly reported
fair to good, in some lines better than
in others, with the south poor, but
generally fair to good"