Evening star., 1932-08-23
UTILITIES COMPANY
PAYS BANK LOANS.
North American Balance
! Sheet Shows Current AS
sets of $43,943,0O0.


Electric Power Co, here, now has any
bank loans, Chairman of the Board
F. L. Dame said today in state
ment to shareholders.
The company presented its consol-
dated balance sheet as of June 80,
showing current assets of S43,943,000
against S46 $4,000 a year ago, and
current liabilities of $l6,409,000 against
Sl3.848,000 last year. The current la
bilities included s9O13OOO of bank
loans which, however, have been paid
since June 30
The elimination of these loans"
said the chairman. followed the re-
ceipt of portion Of the amount due
to it from Union Electric Light &
Power Co. fo- advances to that COM
pany for construction purposes Pay
ment was made from proceeds of an
issue of 5000, 900 Union Electric Light
& Power Co. bonds which were sold
publicly last month.
The Union Electric Co. is a subsidiary
of North American, and f1oated the is
sue for payment of the principal and
interest of its outstanding S6,200000 5
per cent first mortgage bonds due Sep
tember /, 1882. There are no other
1882 bond maturities in the North
American system.
New Power Plant
The North American report gave sub
stantial consideration to the new power
plant and tie line projected for this city
by the Potomac Electric Power Co. This
company. the report explained, has
purchased plot of ground at Buzzards
Point, the junction of the Potomac and
Anacostia Rivers, for the erection of a
new steam electric generating plant.
Electric use in Washington and vicinity
is largely commercial and residential in
character and has steadily increased,
necessitating early provision for supple
menting the service facilities of the
present Benning plant. The initial
unit of $4,000 kilowatts' capacity is eX-
pected to be in operation late in 1888,
and the plant design will provide for
additional units to increase the capacity
to 100000 kiloWatts. Further provision
has been made for supplementing the
steam electric generating capacity of
the Potomac Electric system by inter-
connection with the Susquehanna River
hydro-electric plant Of the Safe Harbor
Power Corporation which is owned
Jointly by the Consolidated Gas, Electric
Light & Power Co. of Baltimore and the
Pennsylvania Water g. Power Co. This
outside source of power supply will be
available during 1888 upon the compile
tion of 220000-volt transmission line
% miles in length from Washington to
Ellicott City. Md interconnecting the
Potomac companys lines with those of
the Baltimore system.
Trading On d. C. Exchange.
On the Washington Stock Exchange
today AnacoStia and Potomac Railroad
SIS sold at 8912, Potomac Electric Con-
struction IS went at 103. Capital Trac-
ton stock turned over ten shares at 7, !
while Potomac Electric 5la per cent !
preferred went at 10314.
Publication yesterday of leans made |
by the Reconstruction Finance Corpora |
tion to banks for the 1l-cay period |
ending July II was the topic of much |
interest in financial circles, but it was
pointed out by one authority that the |
figures would have come to Light even |
tually anyway as part of the published
reports, made by banks in response TO
the call of the Controller Of the Cur
rency. Banks must report in detail on
their condition, making public the
amount of loans, it was pointed out.
So, it was declared in some financial
circles today, while the R. F. c. loans
appeared to be something new. they
would not long have remained secret. |
All of these figures will be included in
the next published report to the Con-
troller as part of the statement OF con-
dition of the banks concerned.
Chief w. H. Moran of the Secret |
Service of the Treasury Department has |
sent out warning against new $50 |
counterfeit Federal Reserve note on the
Federal Reserve Bank Of New York. 1t
is described briefly as series 1928 A; |
check letter &C.; face plate No. z, |
back plate No. 80; w. Q. Woods, Treas |
urer of the United States: A. w. Mel |
lon, Secretary of the Treasury, and
portrait of Jackson.
'This is well executed counterfeit,
said Moran, printed from finely etched
photo o-mechanical plates on one sheet
of paper, the general appearance OF
which is calculated to deceive the wary
handler of currency The makers OF
this counterfeit first resorted to the use
of bleached genuine paper and subse-
quently substituted a fair grade OF
bond paper which is thinner than the
genuine"
Will Subscribe TO Bank.
Several building and loan associations
here will become subscribers to the
now regional home loan bank for this
district, when it is set up, according to
prediction made today in WeI-ln-
formed quarter. Much interest has
been shown in this new financial super
institution. There are about 16 build
ing and loan associations in the Ma
tional Capital, which are eligible to
become subscribers to the new Home
Loan Bank, it was said.
Where the regional bank will be To-
Gated is a matter of question at the
present time, but it was predicted IN
some circles today that 1t prooaoiy
would not be in the Federal Reserve
City of Richmond, but more hkeiy
would be located probably in Baltimore
or here.
The home loan bank situation Will
be the principal topic Of new interest
at the annual convention of the United
States Building g. Loan League at
French Lick. Ind. late next week,
which probably will be attended by
several representatives from this city.
The new bank will be discussed FIJI
day morning by Franklin w. Fort
chairman of the United States Home
Loan Board and by Morton Bodflsh OF
Chicago, executive manager OF the
United States Building and Loan
League. who is member OF the board,
and was active in support OF the legS-
lation setting up the new bank. among
those who probably VIII atIenu HUN
here are Chaplin Bauman, president OF
the Washington Building Association
Council: Carl j. Bergman, vice preSl-
dent of the council; William S. Quln-
ter, secretary, and Past Presidents Z.
Clinton James and E. c. BaltZ.
Wholesale Prices.
Wholesale prices as measured by the
weekly index of the National Fertilizer
Association during the latest week, lost
a small part of the gain Of the pre-
ceding week During the latest week
the index number declined two frac-
tional points. receding from 62.3 to
62l. The latest index number is eX-
actly one full point higher than it was
a month ago 1t is 2l2 points higher
than the record low of 500 reached
ON June II. 1892 A year ago the