Evening star., 1933-03-01
TELEPHONE PROFIT
, DECLINES $37,S8
January Net Revenues Lower
l. Than Those for Same
E, Month in 1882. -
By EDWARD C. STONE.

- By EDWARD C. STONE.
The January net operating revenues
of the Chesapeake & Potomac Iele-
phone Co. were s37 1858 below those ior
the same month in 1892, as SHOWN ny
the report just filed with the fupiic
Utilities Commission.
Oneratinp revenues were $37 ,481 less
than for January a year ago, resulting
principally from lowered SUBSCRIBERS
revenues. smaller public telephone reve-
nues. and reduced revenues from toll
messages. ,4 ~,
GENERATING expenses were about the
same as for January, 1882. Net operat-
ing income was S155,529 when Is S34,
442 less than for January OF last year
Total income, including non.operat
ing income of S1,190, was Sl56,7l9 or
s37 .o65 below January of last year, &C,
cording to John A. Remon. general
manager of the telephone company: IN
terest deductions were S26,692. leay-
ing balance before dividends OF Sl3O02I
which is S46,288 under January, l952
Washington was served by 17o13o
telephones at the close OF business ON
January 81, as compared with l8o, o,Zli
on the same day last year. Iotal teie-
phone calls made from washington
telephones in January We 19,l32,ooo
Wilson Again C. & ! President.
Iloyd B. Wilson was reelected presi-
dent and John A. Remon general man
aper of the Chesapeake & POTOMAC
Telephone Co. by the board of directors
at its regular monthly meeting held
here yesterday.
Other officers elected were Marshal u
Sedan, Philip o. Coffin, and Jonn y
Koons. vice presidents; Walter B. Clark
1rocjdant and secretary.
Thomas B. Clarkson, treasurer; Harry
C. Gretz general auditor. and Ralph A.
Van Orsdel. general counsel.
Administrative officers are Cnarles
Siemon. auditor; E. G. Bliss, general
commercial manager; R. w. Prince
chief engineer; P. G.. Burton, general
plant manager, and F. @. MacaroW,
general traffic manager.
Real Signs of Improvement.
The Federal Reserve Bank of Rich.
mond today reported definite signs OF
business Improvement in the fifth Fed
eral Reserve district during January and
early February-a period normally
dull-in its monthly review OF credit,
business and agricultural conditions.
Outstanding among the favorable
signs were improvement in retail and
wholesale trade. Retail trade, the bank
ISpOTUSU, was USltCi III oaii0oly
in most recent months, and wholesale
trade made the best comparative show
ing in more than three years.
Textile mills not only reported sea-
senal increase in cotton consumption In
comparison with December, but also
showed materially larger consumption
than in January, 1882, and for the first
time on record the fifth district con-
sumed half the cotton used in the entire
country.
Tobacco Prices Improve.
Tobacco prices paid growers were bet
ter in January than in January last
wear. Cold weather held back prema-
ture development of fruit buds and
snow and rain put soil in splendid con-
dition for the coming planting season.
In banking, the reserve bank reported
an increase in rediscountS held by 1t
for member banks, together with an
increase in its holding of Government
securities. The circulation OF Federal
reserve notes showed an unseasonal In :
crease between January Is and February
is, due chiefly to desire OF some banks
in the district to strengthen their cash
position.
Reserve Deposits Higher.
Member bank reserve deposits at the
reserve bank rose during the past month,
and the cash reserve OF the Federal
Reserve Bank at Richmond also III
creased materially.
Loans by member banks declined
mode ately between the middle OF jan
nary and the middle of February, ana
their demand deposits dropped accord
ingly but time deposits rose.
Debts to individual accounts figures
in leading cities of the district during
the four weeks ending February show
ed a seasonal decline in comparison
with debts in the four weeks endlng
January II, and also totaled ~ per
cent less than debts in the correspo,luu- Ilu
ing four weeks last year, ending Fep-
ruary 10. 1882.
North Americans Report Out.
The North American Co. today re-
norted net income for 1882 Of Sl6,-
415.75O, equivalent, after preferred dlVl-
dends. to $2.01 share on the average
common stock outstanding during me
wear. This compares with S24,272,9oo
in 1891. or S3.41 share. Gross earn
ings amounted to $107,412,38 against
S117921,860 in the previous year.
Electric output last year totaled
365.871,3 1852 kilowatt hours, decrease
OF $50 below the preceding year. Sales
to industrial customers were oil 24.l3
per cent, while commercial customer
sales dropped 6.27 per cent. Sales TO
residential customers increased 4.49
per cent.
In his comment accompanying the
report. President Frank L. Dame said
that operating ratio was reduced to
52.81 per cent from 53.25 per cent in
1881, but that the management was
"entirely hopeless in dealing with taxes,
which were again a relatively greater
burden even though the total amount
of Sl3,977,64 was a slight decrease
from the 1881 tax item"
Treasury Bill Sale Planned.
Secretary Mills announces that the
Treasury will sell $75, 100000 in 93-day
Treasury bills on March 8. The bills
which will be dated March 6 will be
sold to the highest bidders and re-
deemed at face value on June T. The
tender will give the Treasury 75,OO0,-
600 in new money, as no small secur-
ity issues mature before March Is.
Potomac Electric Power 51a per cent
preferred sold at 1867 eX-dividend on
the Washington Stock Exchange today.
Washington Gas Light 5s, 1858, fig
ured in a $500 transfer at 8612.