Evening star., 1933-08-22
INCREASED MARKET
FOR PEPCO CIT Ed!
Expanding Uses for Power
Are Stressed in North
American Report.
BY EDWARD C. STONE.

Increased use ana DEMAND IOT pOWCl
from the Potomac Electric Power Co
is reported by Frank L. Dame, presi-
dent of the North American Co.. in q
letter to stockholders covering condl-
tions among the company's subsidiaries
President Dame also announces general
Improvement in industrial and CONNER
cial conditions throughout the territory
served by the big utility concern. With
special reference to conditions in Wash
ngton, the head of the company says
Business conditions and employment
in Washington continue to show marked
improvement, with an upward trend oa
sales of electricity by Potomac Electric
Power Co. A stimulating feature has
been a city-wide 'renovizing' campaign
which has resulted. according to esti-
mates of the committee in charge, In
for repair work and equipment, partic-
ularly in homes. A considerable part
has been electrical equipment
The electric kitchen campaign, spon-
sored comparatively by the Potomac
company. the Electrical League and
dealers, is responsible for many new
installations by home owners and
building contractors. In more than 100
new homes electrically equipped kitch-
ems have been installed as the result OF
exhibits and the sales and advertising
campaigns.
The companys load has been in
creased by recent air conditioning in
stallatiops One is in the living quar-
tiers of the White House, the executive
Offices having been previously equipped
Another is church, the first air con-
ditioned church in Washington. 9th
ers include five cafeterias, three thea
tiers, three drug stores, 5 and 10 cent
store and bake shop.
The promotion of higher intensity
lighting of show windows and store and
bank interiors has added to the sys-
to install electric lamps In place Of all
the remaining gas street lamps In the
District of Columbia
Brokers Find Crisis Passed.
Louis w. Laudick, Washington part
ner of Fenner, Beane & Ungerleider
has Just returned from a flying trip
covering Chicago, Oklahoma City. Tul-
sa. Dallas, New Orleans, Augusta and
Atlanta. Accompanying Mr.. Laudick
were A. c. Beane and Curtis Dali. both
members of the firm and located ir
New York.
All three brokers expressed them.
selves as pleased with the morale dis
played in the territory covered. They
are firm in the belief that the admin
istration program for business recov.
cry has already passed the crisis stage
and that a broad recovery may be ex-
pected before the end of the year.
The first stop was at Chicago where
the arm recently opened elaborate
Offices for the clearance Of its grain
business as we'll as general brokerage
business. From Chicago the party flew
to Oklahoma City where the ceremony
of opening new Offices at that city
awaited their arrival.
From Oklahoma City the party Wis
tied Tulsa, Dallas, New Orleans, Au-
gusta and then to Atlanta where a
new Office was opened at Five Points
For the Atlanta opening Charles E
Fenner Of New Orleans, Earl H. Hulsey
of Dallas and r. A. McCord of At
lanta, all partners in the firm, joined
the party.
Fifth District Trade Spotty.
Latest reports from the Federal Re-
serve Bank of Richmond indicate that
business in the fifth Federal Reserve
district, which includes the National
Capital, is still what is termed as spotty
because of present uncertainty over
both wholesale and retail prices
As already noted, retail trade in this
territory in July was slightly above the
same month last year, but for the first
seven months of 1888 total sales de-
clined 13 per cent from the same
months in 1882
The Richmond Bank reports indus
try as adjusting itself to the changing
conditions gradually and there has been
improvement in employment, espec-
tally in common labor.
The weather has favored maturing
crops III the district and agricultural
conditions are reported as steadily i'm
proving. The majority of railroads in
this territory are reporting continued
gains in car loadings.
Bank Deposits Lower in June.
The 4,9o2 licensed national banks in
the United States, Alaska and Hawaii
June 80 had deposits of $16,774,115, ,000
according to J. F. T. O'Connor, con-
troller of the currency. This was a de-
crease of s1,743, ,992, 900 below the
amount reported by 6.016 national
banks at the end Of last year and $685.
10000 below deposits in 6,150 institu-
tions June 80, 1882.
The aggregate on the date Of the re-
cent call included balances due to cor
respondent banks and bankers and GER
titled and cashiers checks outstanding
of S2,213,410,000; United States de-
posits of s449, ,661 900; other demand
deposits of s7,894, ,127,000 and time de-
posts of S6.216,9 $4,000.
In time deposits are included postal
savings of S574, 713 1000; time certificates
Joyo~;f ~ e7ce 7Q2 mn and caVinOe
pass book accounts of $4,281 ,521 900,
the latter figure representing 12,023, 1856
accounts Deposits of the 985 unhc-
ensed national banks June 80 were ST.
28347, 900.
Assets Of 9S5 unlicensed national
banks-those operating under restric-
ton or not operating at all-were ST.
AL ,436, 900 June 80.
Chesterman Home From Europe.
Bertram Chesterman, president OF
the Morris Plan Bank of washington,
was back at his desk today after a
short vacation in Europe. He reports a
fine trip and adds that bankers abroad
appear to be encouraged over the eco
nomic outlook.
The Treasury Departments offering
of S60,000, 900 in 91-day Treasury bills,
uldGuIlIl& NOVeIuUSI Ii, WdS HiOlC Ilioii
four times oversubscribed, Acting Sec
retary Acheson announces. Subscrip-
tions totaled S266, 1910, 900.
It is announced that the Chesapeake
& Ohio Railway directors will hold
their next meeting August 20. Divi-
dend action is due at that time. The
Chesapeake Corporation directors will
meet on the same date.
The Wall Street journal reports an
increase in bank earnings for the third
quarter. Disccntinuance Of interest
on demand deposits, which started on
June 16, has been an important factor
IN this situation. particularly for the
larger institutions.
Local Bonds Especially Active.
Bond trading was the heaviest on the
Washington Stock Exchange today
that it has been in many sessions. The
market opened with lively demand
for Washington Gas SIS, 1860. five 81 ,00C
transactions taking place at LOG.
.nxr&