Evening star., 1932-06-24
POTOMAC ELECTRIC
NET SHOWS GAINS
Increased Use of Power in
4 D. C. Indicates Business
Improvement.
BY EDWARD C. STONE.

Judging by the amount Of electric
power and electricity used in other
ways in the District of Columbia dur
q ing the first five months of 1882. bust
ness is slightly ahead of the similar
period last year.
The report for the first five months
~of the present year, filed with the Pub
lie Utilities Commission today. showed
total operating revenues Sl93,342.55
ahead of the like period year ago.
: Revenue deduction in connection with
operations were larger by $94, ,602.03 and
net operating revenues were up $98,-
74o47 for the five months. MiScel-
laneous income was off S72,4l1.99.
Total net income for the five months
amounted to 81 1862, ,269 AZ, against ST.
95l 431 "A in the similar months i'll
= 1881, gain so far this year of Sl0,-
S37e8.
Potomac Power earnings for May
we're also fled today, operating revenues
being 1853, 1896. compared with $685.
714.02 year ago, a gain Of s5,255.94;
deductions totaled $483, ,496.57, compared
p with SASS, ,89l 07 an increase Of ST.
605.50. leaving a net operating income
of $685., ,473.39, against S407, .95 last
year. or a decrease of So, 2,249.56.
After all other deductions, the power
company reported total net income
for May of 1920, 1928 90 against $751;
456.96, a falling of Of $37,l27.97.
w. r. & e. Earnings Of in May.
According to the monthly statement
of the Washington Railway & Electric
Co, filed today with the Public Utili-
ties Commission, net earnings for May
were slightly lower than in the same
month last year, and earnings are also
lower for the first five months of 1882,
due mainly to the fierce taxicab COM
petition.
Operating revenues for May amounted
to s400 082.08, against S47l, ,724.39 a
year ago; expenses and taxes amounted
to S345, ,145.15, compared with $685.
692e9 last year, leaving an operating
r income of S54, $685. in comparison
with S89. 9.031 40 After the addition of
incorporating income and the usual
deductions from gross earnings, the
railway company reported net income
for May of $444 1859. against $448,-
39063 last year, a decrease of S3.495.24.
For the first five months of 1882 op-
Grating revenues amounted to $1,997,-
829 SO, compared with $2,313,85998 in
the like period in 1881 Operating ex-
penses and taxes totaled s1,751 ,072 80.
against S1,897, ,979.l9, leaving a total
operating income of 46,757.38, COM
pared with S415 ,880.79 last year.
After all other deductions, the cor
poration reported a net income for the
five months of Se37,2767o against ST.
o36,797.l2 in the like 1881 period.
Harris Heads Auditors Section.
William M. Harris, auditor of the
Lincoln National Bank, was elected
chairman of the auditors section of the
District of Columbia Bankers Associa-
ton. at the annual meeting held at
Olney Inn last night. He was vice
chairman of the section last year and
succeeds Arthur j. Linn, auditor of the
Federal American National Bank &
Trust Co.
Leo E. Madigan. auditor of the Mount
Vernon Savings Bank, vas elected vice
chairman, and A. z. Yeatman, assist
ant cashier Of the Columbia National
Bank. was made secretary and treasurer.
James C. Elgin, auditor OF W. B.
Hibbs g. Co., and the retiring president,
Mr.. Linn, were elected to the Executive
Committee, the other members being
the newly elected officers.
There was an enthusiastic attendance
mt the meeting, Mr.. Linn was presented
with a handsome silver pitcher In
recognition Of the splendid work he has
done for the section during the past
year, an unusually strenuous one.
Ireland Safe Deposit Chairman.
The Executive Council of the safe
deposit section of the District Bankers
F., Association was also elected yesterday,
. the meeting taking place at bankers
HEADQUARTERS in the Bond Building.
The new Executive Council consists OF
Hans w. ireland, American Security d
Trust Co. Earle NJ. Anick, Riggs Ma
tional Bank; Charles w. Haas. Union
Trust Co.: William H. Schofield,, Com
mercial National, and Mrs. Alice M
Harger, Park Savings Bank.
The new council organized for the
coming year by choosing Hans w. Ire
land chairman. Earle M. Amick, vice
chairman, and Charles w. Haas, secre-
tary.
The council expressed marked appre-
citation of the work done by Joseph w.
Yerkes Of the Federal-American Ma
tional Bank e. Trust Co. as chairman
during the past year
His report at the recent annual con-
vention of the association at Hot
Springs was heard with wide interest.
Bonds Popular on Exchange
Practically all the trading on the
w NdStlA446LOIl OtOSh EAC4ldl4kC bOddy WIS
in bonds. Washington Gas 6s, series A,
were the most favored, five $1,000 sales
being recorded at 90
Potomac Electric Power Consolidated
IS sold at 102 and Washington Gas SIS
came out at 1908. The only stock trad
ing was in small lots of Potomac Elec-
trio Power 51a per cent preferred, which
changed hands at 1924
National Capital, Lincoln National
and the Security Savings & Commercial
Banks have been added to the list Of
stocks now quoted eX-dividend Fire
mems Insurance Co. has also been
added to this list.
Local Bank Clearings Higher.
Bank. clearings in Washington for the
week ended June % totaled S19, 1877 900,
against Sl9,600 900 in the previous week
and only II per cent under last year
at this time.
Reports received by Bradstreet's from
Al leading cities in the United States
show an increase from S4 448, $50 900 to
S5,040, ! 122, coo, or 1872 per cent New
York City. alone, reported an increase
of 1877 per cent This seems to reflect
a much better sentiment than has pre-
yiouSly existed. Clearings in cities out
side Of New York amounted TO $780,
100000, as against 81 sos, ,49l 900 in the
previous week. This was a gain of 81
per cent.
All sections of the country were up
for the week The Middle Atlantic
cities made the best showing, an in
crease of 14.6 per cent, while the New
England district had an increase Of
only So per cent The remaining Sec
tions showed gains within this range.