Evening star., 1933-05-25
POTOMAC ELECTRIC
NET INCOME GAINS
Increase of s1o,s21 Re.
! ported for First Four
r Months of Year.
BY EDWARD C. STONE.

Power Co. showed an increase curing
the first four months OF the present
wear in comparison with the ike perloo
a year ago. according to the f1nancial
statement filed today with the fupnc
Utilities Commission.
The power company reported q net
for the four months of s1,652, 2,86l.96 as
against 81 ,64l, ,940.43 in 1882, an IN
crease of $10,921.53. The gain was not
brought about however, by an increase
in operating revenues but by reductlons
in operating expenses and by shght
gains in miscellaneous ana gross
revenues. ,.
GENERATING revenues of $500, ,630.63 in
COMPARISON with S914,037.56, off S23,-
406.93. Operating expenses called tor
S46l 273.85 against $465 ,630.39, cut In
costs of s4,356.54. ,o
Non-operating revenues totaled $429,-
356.78 compared with S44S,4O7.l7,
drop of s19,05039 Gross corporate IN
come amounted to S440. 1906 in com
parison with S462, ,28S.85, dip Of s2l'-
55080.
usual deductions from gross required
s75,642.72 compared with s.o,olz'sS, totai
difference of S970.21, leaving a Iotal
net corporate income in April OF $3.50
Oe5.33 against $685. .675.92, a decrease
for the month Of $20,58059
Street Railway Earnings OF.
The washington Isailway & Electric
Co also filed its April financial state
ment with the Public Utilities Comms-
sion today. The figures revealed oper-
ating revenues of S34l, ,348.96 against
S40O.817.70 a year ago In the same
month. ..o,,
sa14 28e 40 as compared with $347,-
434e1 a year ago, leaving net oper-
ating income of s27,059.66 in comparl-
son with s53,382.79 in April, 1882:
incorporating income amounted to
800 SITS SO against the slightly higher
figure a year ago of S24,62792. Gross,
less taxes and operating expenses, stooo
AFT s49.735.28 compared with $78,0l0.u.
Deductions from gross required So4,-
5I6.37 against S53,750.32 year ago.
leaving a net deficit in April, 1888, OF
81 781 .09 in comparison with net
profit in April, 1882, of $24,26o.39.
Net income for the first four months
of this wear was also reported to the
commission today. Profits in the 1888
neriod totaled s433, ,764.58 while net in
come in the first four months OF 1882
amounted to S492, 2,3Sl.31
Waller to Be With New Bank.
Selection by E. C. Graham and his
associates of Wilmer j. Waller as one
of the vice presidents and cashier OF
the proposed Hamilton National Bank
aroused vice interest in the financial
district today.
Mr.. Waller is vice president OF the
Federal-American National Bank &
Trust Co., one of the unit banks enter
ing the merger. He was also cashier
of the institution at the time 1t failed
to obtain a Government license to re-
open following the national banking
moratorium.
Mr.. Waller has been active in bank
ing here for many years, even before
the Federal came into exist
ence through consolidation. He is
former president of the District BANK
ers' Association and a former president
of Washington Chapter, American In
stitute of Banking. He is also MEM
ber of the Reserve City Bankers Asso-
ciation and has taken a lively interest
in the Stockholders Association in con-
nection with the Federal Reserve Bank
of Richmond.
Plans aimed at merging at least six
local banks into the Hamilton Ma
tionar' were being pushed forward
again today. The big issue Is raising
of the necessary amount OF new capltal
by each of the unit institutions joining
in the merger. When this new capltai
stock has been disposed Of, the bank |
can obtain its charter, open in short |
time afterward and carry on complete |
banking operations
Brokerage House Pays Bonus.
The New York Stock Exchange firm
of Clark, Childs & Keech, which main |
tains a Washington Office at Seven |
teenth and H streets northwest, will
distribute a full weeks salary, in addi- |
ton to the regular pay of the employees |
on Friday. The announcement was |
made at the local Office today by George |
A. Garrett, resident partner. The pay |
ment is made possible by the recent
great increase in business as prices in
the stock, bond curb and grain mar
kets have steadily increased, Mr.. Gar
rett explained. The broker and his as
sociates are optimistic over the outlook
for continued market activity and rising
prices.
Today's Trading on Exchange.
On the Washington Stock Exchange
today trading opened with small lot
of Potomac Electric Power 512 per cent
preferred changing hands at 106, ex-
dividend.
Washington Railway & Electric fig
ured in a 59-share turnover at 85.
After these three sales, six more shares
moved at 85l2, gain Of half point
on the day.
The sessions only bond sale was in
Washington Gas Light IS. series B,
when $500 changed ownership at 103,
practically the same quotation as other
recent sales.
Depositors to Get so Per Cent.
Secretary of Treasury Wocdin an
nouEced late yesterday that he has ar
ranged for the conserVator of the Har-
1inan National Bank & Trust Co. in
New York to borrow from the Recon-
struction Finance Corporation on its
unpledged assets, exclusive of claim
against the Clearing House banks, suffl-
cient to make an immediate distribu-
tion to depositors of so per cent OF
their net credit balance.
Funds are being deposited with the
Manufacturers Trust Co. to meet this
payment and Conservator Henry E.
Cooper will forward checks to all de-
positors as rapidly as possible" the Sec
retary said.
Mr.. Woodin said he has requested
the controller of the currency to arbi
trate as provided by law for enforc-
ing the claim of the Hartman Bank
against the New York Clearing House
banks. Il cannot predict the time
that will be required for final adjudica-
ton" he said. IF arbitration fails
the controller will sue.
/. C. c. Gives Bond Authority.
The Philadelphia, Baltimore g. Wash
ington Railroad Co. has been author
lied by the Interstate Commerce Conf
mission to issue 81, ,185 900 Of It's general
mortgage gold bonds and to deliver
them at par to the Pennsylvania Rail-
road in reimbursement of expenditures
made by that company fol capitai pur-
poses and to retire maturing boEds
The Pennsylvania was authorized to
guarantee the bonds.