Evening star., 1932-10-27
POWER FIRM NET
INCOME IS LOWER
Drop of S62,804 Reported
for First Nine Months
of Year.
BY EDWARD c. STONE.

months of the present year amounted
to S3278,90098, compared with So
341,7O7.82 in the like 1881 period, a
decrease of $62, 2,804.93, according to the
financial statement filed today with
the Public Utilities Commission.
Operating revenues for the nine
months totaled S6143 53038, against
S7971 ,16493, or an increase of Sl72,-
365 As over last year to date. Revenue
deductions called for S4,285, ,098.77,
against S4148.839 81 last year, an in
crease in operating costs of Sl36,258 Sc,
leaving total operating revenues of S.
858,43l.6l, compared with S3,822,32 .O2,
an increase of $50, l06.59. Miscellaneous
income was off little over $9l 900 from
the same period year ago.
The power company also reported for
September, operating revenues being
$780,, ,l1304, against So 6,080.99, or de-
crease from September, 1881, OF Sl3.-
96795. Revenue deductions called for
S470,08928. against S455 ,35l.37 year
ago, operating expenses requiring Sl4.-
1871 more than last year.
Net operating revenues totalled 1892
OPS rs i'll comparison with S420, ,729.62 IN
September 1881, a decrease of SIT
7O5 Sc After all the usual deductions
for interest payments, etc, the company
reported net income OF S327938 69
against 1856. 1923, a decrease of S27,-
l6454 from carvings in the correspond
ing month in 1881.
W. r. & f. Monthly Net in Red.
The Washington Railway & Electric
Co also reported September earnings to-
day to the Utilities Commission Oper
ating revenues totalled S343 330693
against S408 1874. Operating expenses
amounted to S336,454.35 against the
higher figure of 1882 ,13 in Septem-
ber 1881. leaving a net operating in
come OF only S6852 So in comparison
with $50, GAL 81 in the same month last
year.
Incorporating income was slightly
lower in the month under review While
gross revenues. less operating expenses
and taxes, amounted to S3l ,505.l5
against the much higher figure Of S80.-
91925 a year ago. Deductions from
gross for interest. etc. required S54,-
16498 compared with S54002 last year,
leaving a net income in the red Of S22,-
67963 against net gain last year in
III same month amounting to S26,9l7.25.
For the first nine months Of the
present year the washington Railway
& &sElcctric Co. reported operating reve-
nUcs of $500, 1926. compared with
s4.O05. "a and operating expenses
ard taxes tOtallng S3ll3,91730, against
S&372 1896 last year, leaving an op-
Grating income of S306,85096. in COM
parison with S632 742 48 in the first
nine months of 1881.
Non operating income was Sl476,-
$500, against 81 1856 .222 98. Gross to-
tailed S1783,71O.36, against s2017,965.46.
while deductions for interest, etc, called
for S486.152.75. compared with SOL
652 90, leaving a total net income so
far this year of S1297 557 81. compared
with the higher figure last year of
S1,526.3l3.37.
Bond Defaults Considered Small
President Allan M Pope Of the IN
vestment Bankers Association told that
White Sulphur convention that in
the face of the disastrous events of
the past three years. he considered the
percentage Of bond defaults as compar-
atiVcIy small. He added that in spite Of
the worldwide depression. the depar-
ture from the gold standard by a ma
jcritv of countries, political revolutions,
the headlong plunge OF prices and stag
nation of trade. the record of defaults.
even though it is the largest in our his
tory, emphasize the care exercised by
bankers
OF $500 100000 of foreign bonds, he
said, 1914 per cent are in default Of
Sl0,534 100000 of industrial bonds 10
per cent are in default. Percentage Of
s16.59O, 100000 utility bonds in default
is 5.4. and of S12.O21 100000 railroad
bonds. 35
OF sl8.1 900 900 of municipal bonds
IS per cent are in default in cOmmuni-
ties OF over 10000 population.
or S6,000000000 of real estate bonds
which includes issues of S500,000 or
more. IA per cent are in default.
Frank NJ. Gordon of the First Union
Trust & Savings Bank. Chicago. was
unanimously elected president of the
association for the ensuing year, sue
ceeding Mr. Pope
Bank Holds Unusual Exhibit.
An exhibit of trophies won by the
District of Columbia National Guard
has been arranged under the direction
OF Maj. Gen. Anton Stephan at the
Federal American National Bank &
Trust Co. The most coveted organiZa-
ton craftsmanship trophy. the gigantic
Hilton Plaque of scalps, is in the in
tcrcstng display. Many craftsmanship
records are represented by the exhibits.
and the National Guard of the District
of Columbia makes fine showing
among the Nations crack rife and re-
volVer shots.
Bonds Again Hold Limelight.
On the Washington Stock Exchange
today bonds again held the financial
limelight The first sales were hl
Washington Gas 6s, series A, which
moved at 991a.
Washington Railway is figured in
two 81 900 transfers at 88l4, while
Washington Gas IS led the market in
volume. two $1,000 and one $4,000 sale
being recorded at 101l2.
Tn rI,ar
of Potomac Electric Power per cent
preferred moved at 1l0 and share of
the same corporations 5l2 per cent
preferred sold at LOG.
Financial District Notes.
New York Life Insurance Co. agents
in Washington, nearby Mary Iani and
Virginia held a meeting yesterday at
the Hamilton Hotel with sc pgerts
present. Talks were made by c. j.
O'Connell of the home Office and For
rest L. Morton. tax expert F.. S.
MUnsell, inspector of agencies, also
spoke
Postal receipts during the quarter
ended September 30, at 80 selected
cities and so industrial cities combined,
totaled $50 l04 789, a decrease of $780,
964, or 1.04 per cent under the cor
responding three month period of 1881,
the Post Office Department reports.
Number of employees of General
Motors Corporation in the United
States increased . 053 during September
over August This represents the first
increase in General Motors employment
this year.
American Tobacco Co. declared the
regular quarterly dividends of s125
each on the common and common B
stocks. both payable December l to
stock of record November 90
CHICAGO DAIRY MARKET.
CHICAGO, October 81 [P).-Butter.
$3.50 tubs unsettled: creamery SDecia1s