Evening star., 1932-04-29
c. &P. NET INCOME
REVEALS INCREASE
Substantial Gain in Profit Re.
L ported for First
Quarter.
BY EDWARD c. STONE.


405, according to the financial state
ment filed today with the Public Utili-
ties Commission
Telephone operating revenues in the
first quarter amounted to $2,396.3l8
against S2,264,510 in the like 1881
period, leaving net revenues from op-
erations, after deduction of expenses,
totaling $734, 1902, in comparison with
the lower figure of S706651 last year.
The c. & P. company has also filed
its report for March, balance before
dividends being s138,690 against S154,-
421, these excellent earnings being of
Sl5,731. Operating revenues totaled
S804,032 against $766,950, but the larger
income was Offset by heavier expenses
which made net telephone operating
revenues stand at 1921, $40, compared
with S252,379 in March, 1881.
More Telephones in Use.
The greater use of the telephone in
Washington required the services of 3, 1886
employees in March, an increase Of 325
over the number required in the same
period last year, and an increase of lib
over the number required in February
Of this year.
The company proceeded with its
construction program which gave en-
ployment to 168 men, in addition to
the regular forces, according to John
A. Remon, general manager OF the COM
pany.
One of the projects started during
the month was that of installing tele-
phone cables in the extensive new
building Of the Department Of Agri-
culture.
Telephone users in Washington are
receiving this year the benefit of re-
ductionS and adjustments in telephone
charges amounting to more than SlO1,-
600. Net telephone earnings on the
average plant in service for the three
months ending March 81 were at the
rate of 6.61 per cent per annum, as
compared with 6.83 per cent for the
corresponding months of 1881.
During March there was net gain
in telephones of 608, bringing the num-
Der of telephone serving Washington
to 1850 at the close of business
March 81. In March telephone users
in Washington made 20,l98,oO0 calls,
an increase of 121 per cent over the
same month last year.
Echoes From Council Meeting.
The attendance at the Spring meet
ing of the Executive Council OF the
American Bankers Association at White
Sulphur Springs was the largest on
record. The interest and importance
of the gathering was shown in the
fact that California, Texas and other
States farthest from the meeting place
were well represented.
The members of the council dlScuSsd
the branch banking provisions of the
Glass bill very freely. They could take
no action, however, on this point, as
they were bound by the resolution,
passed at the Cleveland convention,
which placed the association on rec
ord, as follows:
THE association believes in the eco
nomic desirability of community-wi
branch banking in metropolitan areas
and countrywide branch banking IN
rural districts where economically JUS
titled. The association supports In
every respect the autonomy OF the laws
of the separate States in respect TO
banking No class OF banks IN the
several States should enjoy greater
rights in respect to the establishment
of branches than banks chartered un-
der the State laws"
Local Banker Given Ovation.
The Glass banking bill was the most
vital matter before the council. Robert
V. Fleming, as chairman of the asso-
cations Legislative Council, reported
in detail the results of the committees
study of the measure. The $50 MEM
bers of the council gave unanimous ap-
proval to the bill as whole, but point
ed out six provisions in the measure
which they believed should be changed
accepting every recommendation mace
by the Legislative Committee.
Other bankers report that Mr.. Flem-
ing was given a rising vote of thanks
for the vast amount OF time ana
thought that he and his associates have
given to the amazing amount OF bank
ing and other financial legislation now
before Congress. The Washington
banker was really given an ovation. 1t
is also learned that after the business
sessions were concluded, Mr.. Fleming
won the Spring golf tournament.
1t is understood that the bankers at
White Sulphur expressed general disap-
proval over the proposed elimination OF
bond departments in national and
member banks as urged in the Glass
bill Local banks, however, are not
greatly interested in this question as
they do not operate bond departments.
Many personal opinions were also ex-
pressed against allowing branch banks
to cross State lines.
Exchange Trading in Bonds.
Trading on the Washington Stock
Exchange today was again confined TO
the bond division. The opening sale
was a 81 900 transfer in Anacostia &
Potomac r. r. 5S at So. Chesapeake &
Potomac Telephone 5s of Virginia fig
ured in $500 transfer at par and three
fair-sized transactions in Washington
Gas 6S, series A, were recorded at 99l2.
AS these bonds mature in 1888 there
has been considerable switching during
the present year into other longer term
issues.
Acacia Votes Big Dividend.
Announcement was made today by
William Montgomery, president of the
Acacia Mutual Life Association of ac-
ton of the board of directors in voting
dividend to policyholders for this
year amounting to more than 81 ,28l,
600. This dividend President Mont
gomery said, represents the usual aver
age annual increase of approximately
6 per cent in the dividend paid the in
dividual policyholders, which increases
the directors felt justified in view OF
the satisfactory results for the past
year, the low mortality, good interest
earnings and low expense ratio.
1T is extremely gratifying for Acacia
thus to be enabled to give to its policy
holders the substantial results which
have come out of its earnest efforts
during a difficult period" President
Montgomery said.
Financial District Notes.
David Pender Grocery Co. has de-
clared the regular quarterly dividend
Of 87l2 cents on the class A stock
payable June l to stock of recorc
May 90
The United Stores Corporation ha:
declared a quarterly dividend of 81 4
cents on ehe preferred stock, payable
June Is to stock of record May rs
Previously the stock was on 81 quar-
terly basis.
Consolidated Gas Co. of New Yorl
has declared the regular quarterl!
dividend of 81 on the common stock
payable June Is to stock of recort
May 10. ...
Childs Co and subsidiaries (restau
rants) report for quarter ended Marcf
81, 1882, net profit of $27946, afte
interest, depreciation, Federal taxes