Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-27
Firm Reports First 8 Months
Increase of $420,169
Over Last Year.
EXPENSES ARE REDUCED
WITH GAIN IN REVENUE
New Plant and Equipment Added
to System q a Cost Of
$1,41o,s21.
By EDWARD c. STONE.


Net income Of the Chesapeake 81 Po-
tornac Telephone Co. In August showed
marked improvement over the same
month last year. according to the
monthly statement filed with the Pub
lie Utilities Commission yesterday, the
increase totaling $s2,13o.
For the first eight months of the
present year, telephone net earnings
increased $42o.l6s over the like period
year ago. the same report reveals.
The year Is now 80 far advanced that
the IL months net income is bound to
make q highly satisfactory showing
The report shows that operating rev.
enues have increased substantially.
while operating expenses have at the
same time been reduced. this being true
both Of August as well as the eight
month period. Operating revenue in
August totaled s72l,445, against $685.
364 in August, 1880, while operating
expenses were $47S,043, against SAIL
27l year ago.
Net operating revenues amounted to
S246, 400, compared with s178,093 in the
like month in 1880. Incorporating in
come totaled $1s4.270, in comparison
WILL 0AoOsGAA august Va ldoJ yea
After all other deductions, the telephone
company reported total net income
of Sl67,170. compared with the much
lower figure OF s85. 04S in the same 1880
period.
Eight Months Phone Earnings.
The G. q p. report for eight months
shows operating revenues of $6,082,034,
compared with $5,706,243. Operating
expenses required $4,os4,05 in COMPARE
son with $4.2o2,131 last year, leaving
net operating revenues Of 81 1877 1884,
against 81 ,504, 112.
Taxes have been heavier so far this
year, amounting to 1859, against
s372,S10. Uncollectible bills made a
larger total this year than last, but
net operating income stood at $685.
s34. compared with Sl,IoA,5s3 year
ego. After interest and all other de-
ductions. the telephone company had
net income Of 81 ,225,T37, as against
$505,5oS IN the frst eight months Of
1880
Capital expenditures for new plant
and equipment added to the company's
system in the District OF Columbia for
amounted to $1,4i0,e2l Gross retire.
ments during this period were 1884,
OILS, making net additions for the eight
months $556,S06 Net additions to
plant for the IL months ending August
81 were $S72.6
Washington vas served by 1927
telephones at the close of business Au-
gust 81. During the eight months end
ing August 81, 4,Te7 telephones were
added to the system Telephone users
made more than 15,ei8,000 calls in
j August which was an increase Of III
4 per cent over thoce made during the
same month In 1890
Fishburn Quits Reserve Board.
Junius p Fishburn has resigned as
a Class 3 director in the Federal Re-
serve Bank of Richmond. leaving a va
kscancy to be filled at once, as his term
\ did not expire until 1888. He with
4 drew on account of pressure Of per-
4 sonal business affairs. -..'.,
His place Will be filed at a special
n election to be held in the near future.
n w. Meade Addison of Richmond is a
candidate to succeed Mr. Fishburn. Mr..
Addison being well and favorably known
to many Washington bankers.
He was formerly president of the
Planters National Bank Of Richmond.
but retired from the banking profess
sion TO become executive head Of the
Mutual Assurance Society of Richmond.
His friends In this city and Richmond
are asking support for him from the
AAElIkkCI OdIlkS WHICH are GQI1Lle0 10
vote In the special election
Washington banks which will take
part In the election include the Co.
lunbia National, Commercial, District,
Federal-Anerican Liberty Lincoln Ma
tional Bank of Washington, National
Metropolitan. Riggs National and Sec
end National The voting closes on
November 9, according to announce
ment by Chairman W. w. Hoxton Of
+" the RAgRY~ra RAnkfa hOard
Pennsy's Earnings Show Drop.
The Pennsylvania Railroad reports
net railway operating income in August
81 S4,3S3, 536, against $S,462 .422 in Aug
ust. 1880, decrease Of s4,078, 904.
Gross revenues In August were s37.-
7S722s, compared with s49,I66,227 in
the same month last year, a decrease
CT $il, 1877 ,99s,
For the FIRST eight months of 1891
gross revenues amounted to 1910, 2O2, :
ass. against 391,4I2,649 in the like
II period year ago, decrease Of S83,-
<1O.l63, while net railway operating in
come IN the same period totaled $3l,-
l38.756 in the first eight months Of
1881 against S64,143,652 in the similar
months last year
AS usual, the larger part of the de-
crease in earnings was in the freight
department, but passenger earnings also
showed slump. The Pennsylvania has
done well In cutting expenses SO far this
year, having saved well over $1,000, 900
IN August and more than $4,000 900 so
far this year.
The costs of maintenance Of way,
equipment, transportation, and general
expenses have all come In for substan-
tial reductions during the year.
Cleaned in Financial District.
Directors of the Commercial National
Bank have declared the regular quar-
terly. dividend of az per cent on the
preferred stock, payable Oct. ! to stock
Of record September rs.
woodward g. Lothrop directors have
voted the usual quarterly dividend of
1% per cent and the regular 30-cent
dividend on common stock. both pay
able September 80 to stockholders of
record September as.
The Prince Georges Bank a. Trust
Co. has declared the regular semi-an-
nual dividend of 3 per cent payable
october TO stock Of record September
20, the banks stock being listed on the
washington Stock Exchange
Another dividend Of special local In
terest Is the regular quarterly disburse-
nnent Of 81 as per share to be made by
the Security storage Co. on October 10
20 shareholders OF record on October 4
washington clearing house figures tor
Saturday: ts,7e4, $4,000.