Evening star., 1927-07-31
Totals. Ss23.040. .510.O3 Ss17.197,9 g
Increase for 1897 of $5,S42,545.37.
Telephone Earnings Fall OF.

The statement of the Chesapeake &
Potomac Telephone Co., filed yester'
day with the Public Utilities Commits
sion, covering operations for June,
shows telephone operating revenues
of $416,Ss2, expenses. $431,240, and a
net operating loss Of S54,442. This
shows a decrease Of $1S5.S76 compared
with May.
The refund to subscribers on ac-
count Of rate reductions agreed upon
by the Public Utilities Commission OF
the District Of Columbia and the tele-
phone company, effective June 10,
1925, caused a reduction in June, 1927,
of $194.762 in operating revenues and
S169,551 in net income Eliminating
the effect Of the refund, the normal
income, which Is a net decrease or
S16.325 compared with My.
Refunds, including interest, amount
ing to $1S9,087, have been made to
subscribers to date by credits on their
current accounts. This is 80 per cent
! of the entire amount due to subscrib-
ers. The balance of approximately
S22 900 represents amounts due to
1894 former subscribers, all Of whom
have been mailed revised statements
of their accounts, together with forms
to be used in claiming refunds.
Fifty-three hundred have responded
to the notice to date by sending in
their claims, and checks are being
forwarded to them from day to day.
A number of former subscribers to
whom statements of accounts and
forms for claiming refunds were
mailed have not responded. The COM
pany expects that many OF these will
be heard from within the near future.
Owing to changed addresses there is
necessarily some delay in delivering
the statements, and POSTMASTER
Mooney Is making special effort to
locate the addresses Of these former
subscribers.
New equipment added during the
first six months of 1897 amounted to
S1.6SS,346l3, retirements for the same
period to $499 1868, making net ad-
+, ditions to equipment for the six
months period $1,1S9, ,21e.o5. Net ad-
ditions to equipment for the twelve
months period ending June 80, 1927,
amounted to $3,198, 1851.
No Decline Near. Says Moody.
Moody's Weekly Review says in
part:
Although stock prices are again uI
to their theotrical ceiling, there are
MANY evidences that the time is moi
ripe for any real decline. Mere price
altitude will not provoke such de
cline, since people do not sell unless
they are under pressure.
Brokers loans are pretty likely tc
expand aggressively during Septem
ber or perhaps earlier. Such expan
sion almost never fails to occur except
in wears of serious financial trouble
or trade depression.
1.-THE greater may be this prosper
ttv. the larger should be the expansion
of brokers' loans, the flow Of capita
from New York to the interior ane
the shortage of funds in New Yorl
some time later in the Autumn.
mo general business imitation. ha:
made it's appearance and none Il
likely this year."
Business Outlook Good.
While conditions are varied and
profits in some lines very small, the
general outlook for business continues
favorable, The Brookmire Economic
Service, states. The stability of prices
, employment and money rates togethel
with a free movement of goods to con
sumers are all favorable to business
progress. The economists expec
stronger prices in many lines and SOM
increase in output probably In TN
current quarter OIL lne year. Noii
tinued keen competition and the es
tablished policy OF operating on loV
inventories should prevent anything II
the nature of imitation.
SI2,000,000 for Virginia Roads.
More miles of highway will be con
structed in Virginia this year thai
ever before in the histc"I II th'
State, the State highway depadt tmen
saws. Approximately $12,500,0o0 o
work on the State highway system
already has been authorized. Th
greatest single undertaking this yea
is extension of the Richmond Wash
ington highway to the North Carolin'
line.