Evening star., 1923-09-27

1 "hLAEft W. HEAD
President of the Omaha National
Bank, Newly Elected President of
| American Bankers Association.
| Despite the fact that the Washing
| ton Railway and Electric Company
and it's subsidiaries, with the single
exception of the City and Suburban
| line, showed good gains for the month
| of August, 1923. over the correspond
| ing period of last year, the recapitu-
| lation of earnings for the eight
tmonth period of the calendar year
| shows the profits of the various COM
panies. save one, still in arrears of
| that reported for the corresponding
period of last year. the City and Sub
| urban line again proving the eXcep-
ton.
! Net income of the Potomac Electric
Power Company for the month of
August last amounted to s85.147. in
contrast with s56,512 last year, or Il
| gain of s2S,635. For the eight-month
period ended with August the com
pany reports a net income of SI37,940. .
or S31,516 less than for the Gorre
spending eight months of last year.
| Gross earnings of the lighting COM
pany for the month amounted to
! s423,29S. or a gain of $59,4S5. In con-
| trast, expenses gained but S30.056, to-
| falling S243,292 Miscellaneous income
| also gained. amounting to $2S.335,
and deductions aggregated s123.l94.
Earnings Of the Washington Railway
/ and Electric Company for the month in
question totaled s164.9s7. gain of more
! than $4,000 over the $140.043 reported
| for the same month of last year. An
| increase in revenues, aided by de-
| crease in expenses, is primarily re-
! sp6nsible for this gain.
| Operating revenues of the carrier
amounted to S396.162, with expenses and
| taxes aggregating 1924, 1888. The non
! operating income Potomac. Electric
| Power Company dividend) amounted to
| S15S,3 353. and deductions totaled S65 146.
For the eight-month period the corr
! pany reports profits of S5S2.S13, as
against s642.s90 for the first eight
/ months of 1922. I
| makes the worst showing of any of the
companies for the month of August. but
! this is offset by the best showing for
the accumulated period. For August a
! net income of only S2,754 is reported, in
contrast with S35, 006 for August. 1922.
A gain of approximately $4,000 in eX-
| penses is responsible for the huge drop.
| On the other hand. however. this
subsidiary has earned Sl13.227 in the
year to date. as against only s45,246
for the first eight months of last
year.
The Georgetown and Tennallytown
continue to operate at a loss. In Au-
gust the former lost s1.795 as
against a deficit of $3.50 in August.
1928, while the latter suffered re-
$1.326 in 1922.
For the eight-month period ending
with August, 1923. the Georgetown
line has lost s14,s6S. which compares
period of last year. while the Inter
urban company reports S652I in 1
red for the eight months of this
year as against a deficit of $685. for
1922.
ID. & D. i'm Strong Position.
Baltimore and Ohio directors, as an
nounced in yesterdays Star resumed
dividends on the common stock on
> per cent annual basis by declaring
a quarterly dividend of l Il per cent.
To protect the rights of the preferred
stockholders the preferred issue was
shifted from semi annual to a quar-
terly dividend basis and quarterly
disbursement was declared upon the
preferred stock. Both dividends are
payable December l to stock OF record
October 13.
Earnings of the company for Au-
gust. made public this morning. show
net railway operating income of
s4,253.223, a gain of S4,901.413 over
the deficit of S64S.190 reported for the
same month of last year
For the eight months accumulation
the company has earned s30,955.742.
| in contrast with profits of only $15,-
157.172 for the same period of last
year.
New Bank Association Chief.
Walter W. Head has been elected
president of the American Bankers .
Association. succeeding John II. +
Puelicher. Mr.. Head is president of
the Omaha National Bank and was
first vice president of the a. B. A.
William E. Knox, president of the
Bowery Savings Bank of New York
city, was elected first vice president
Mr.. Knox was second vice head
Mr.. Head was for several years a
country school teacher. later being
principal of public schools in De Kalb
Mo, from 1901 to 1903. In 1903 he
, Bank, serving in that capacity until !,
1906. From 1906 to 1908 he was state !.
and national bank examiner, and in
1908 he became cashier of the Amer
remaining there until 1917 In that
year he was elected vice president of
the Omaha National Bank and became
its president in 1920.
August Telephone Report
Net income of the Chesapeake and .
month of August, 1928. shows a-slight+ :
drop. amounting to $7S,792. as against
ss4,9s1 reported for August 1922.
Total operating revenues amounted
10 S9ot,ofo, With expenses mourning
to S32s.S73. Taxes assignable to
operatings and uncollectible aggre-
gated $31.605. with income from other :
sources totaling s1.427.
The gross operating revenues show
slight decline as compared with
July. which reflects the seasonal
slump in message traffic. -
Total plant and equipment added
during August amounted to S141,S67
retirements, s46,5SS, and net addi-
tions, $95,279. -, a
Total net additions to plant and
equipment for the eight months OF
the calendar year amount to sS49,61S.
Gas Light Market Feature.
Strength of stock of the Washing
ton Gas Light Company featured on
the Washington Stock Exchange this
morning. This issue climbed to 49k.
after opening at 49A, on sales aggre
eating twenty-seven shares.
Lanston Monotype stock was easier
at "A and 73%. But Riggs National
Bank rights developed strength which
carried them to 961s on odd-lot sales.
Railway preferred was easy at Il.