Evening star., 1931-06-25
v. R. &E. NET GAINS
| HEAVILY IN MAY
Increase of $55,313 Report
"a sd-Potomac Electric
Income Higher.
BY EDWARD c. STONE.

importance were made public today-the
monthly statement OF the Washington
Railway a. Electric Co., similar state
ment of the Potomac Electric Power Co.,
on retail trade In washington and the
rest of the fifth district.
The Washington Railway 81 Electric
Co, reported net income for May OF
e448, ,390.63, against $393,077.25 in May
Of last year, or an increase OF $55, 1883.
Operating revenues totalled SAIL
724.39, against $473, ,466.32 in May year
ago; operating expenses and taxes called
for $3B2, ,692 90 in comparison with $4O4,-
A90.6 In the same period in 1890; leav-
ing an operating income of $89, ,03l 40,
against 6S,975.70. Incorporating in
come totalled $413, 400 40, compared with
$3.50, ,235.59 in May, 1880.
For the first five months Of the year
washington Railway & Electric Co. re-
ported operating revenues amounting to
$2,313 859 .98, against 50, 2,343, ,295.72. OPP
Grating expenses and taxes required ST.
897, ,979.19, compared with 1898, 1873
a year ago. This left the corporation
with net operating income Of $415,-
880.79 in comparison with $410,097.53
last year.
Incorporating income amounted to
1896, ,453.83, against 1928, ,973.89 in May,
1880. Deductions from gross income
a
S2S7, ,329.12, leaving a net income for
the five-month period of Sl,036, 1912,
compared with 1851 1920 in the same
period year ago, or a net profit so far
this year Of $s5,O54.s2.
Potomac Power Net Increases.
According to the May report of the
Potomac Electric Power Co., filed with
the Public Utilities Commission today,
the company's operating revenues to-
tailed 1858, ,714.02, against 1887, ,526. "a
last year, a gain of $426, 1873.
Revenue deductions took away $455,-
e91.07, compared with 50,009.95, a
difference Of nearly $4,000.
These deductions left the corporation
with q net operating income Of $407,-
S22.95, against 1887 ,516.39 a year ago,
an increase Of over 100000. After all
the other usual deductions the COM
pany reported net income for May of
1857, ,458.96, against $340, ,805.41 in May,
1880. or gain in net earnings of $l6,-
65155.
For the first five months of the
present year the Potomac Electric
Power Co. received operating revenues
of $4,508, ,345.1l, compared with $4,-
438, ,959.30, a gain in 1881 of 500 1886 81.
Revenue deductions totaled S2,322,-
S60.26, against $2,193,292.00 last year,
an increase Of $l29, 9,568.o6. These de-
ductionS left a net operating revenue
of $2,185, ,484.85, in comparison with
ago, drop Of $60,181.25.
The power company reported a mis-
cellaneouS income during the five
months amounting to S134,539.87, COM
pared with $94,579.73 in the same
period q year ago, an increase Of $39,-
96014. After all deductions the COM
pany had a net income Of l,951. .4Sl A,
iTH 4xrifh
crease of $47,499.09.
Trade Here on 5.4 Per cent.
Department store sales in the fifth
Reserve district In May were 90 per
cent less in dollar amount than in May,
1880, but on an actual daily. basis the
decline was only 5.6 per cent, most OF
which was doubtless due to price re-
cessions during the year. Aggregate
sales in the first five months Of 1881
were AZ per cent less than total sales
in the corresponding period last year.
Stocks on the shelves of the report
ing stores on May 81. 1881, totaled liz
per cent less at retail selling values
than stocks on May 81, 1880, and also
showed a decline of 13 per cent since
April 80 this year. Stocks were turned
on an average of 1876 times during the
month Of May, and since January l
stocks have been turned an average OF
1887 times, a considerably higher fg-
ure than 1853 times stocks were turned
during the first five months of 1880.
Collections in the 35 reporting stores
averaged 28.2 per cent Of receivables
outstanding on May /, exactly the same
percentage of outstanding receivables
collected in May last year, the Federal
Reserve Bank of Richmond reported to-
The Richmond bank reported that
trade In Washington In May was on
5.4 per cent. Retail sales in Richmond
were rs per cent lighter than last year
and Baltimore reported drop CT 1o.1
per cent.
A group Of other cities noted q de-
crease of 20.4 per cent against the aver
age for the whole fifth reserve district
of 90 per cent, compared with May
1880.
sales for the first five months of the
year in Washington were of by 0.S per
cent, in Richmond Ga per cent IN Bal.
tirnore, So per cent, and for the district
as a whole 40 per cent.
Offices Here to Combine.
In connection with the recently an
nounced merger OF Harris, Forbes & Co.
with the Chase Securities Corporation,
investment affiliate of the Chase Ma
tional Bank, New York City, the two
local officeS Of these concerns will oper-
ate as a single unit after July 3. The
new company will be known as Chase,
Harris, Forbes Corporation, and the
local ONCE will be maintained at 922
Fifteenth street northwest, under the
Joint management of Marshall o. Ex-
n!cioS and L. Clark Brown Associated
with them will be Wilfred L. Goodwin,
jr., and j. Sheridan Bays.
Local Banks Declare Dividends.
- he rI Nf
of the Security Savings & Commercial
Bank, held yesterday, the regular quar-
terly dividend of 4 per cent was. de-
clared, payable June 80 to stockholders
of record on June 25.
The board. of directors OF the Ana
costa Bank. yesterday declared the
regular quarterly dividend Of 5 per
cent, payable June 80 to Stockholdere
of record June 25.
Baltimore & Ohio Railroad has de-
clared regular quarterly dividends OF
$l.25 on common stock and 81 on pre-
ferred stock, both payable September
to stock of record July 16
B. & O.'s earnings for the year end
ed with April approximately $3.50 a
share.
Financial District Comment.
The Washington Stock Exchange en-
joyed an unusually busy trading session
today, interest being divided about
equally between stocks and bonds Rail-
way & Electric preferred was particu-
larry active. National Metropolitan
Bank stock figured in a small sale at 800.
Robert o. Jones & Co., investment
bankers, are distributing a circular on
New York bank stocks, list of nine
prominent institutions being specially
mentioned.
John w. Pole, controller of the cur
rency, states that unusually easy money
conditions have brought about definite
trend toward reduced interest rates on