Evening star., 1933-09-29
c. & P. PHONE NET
INCREASES S19,S58
August Total of $180,754
Reveals Large Gain Over
Year Ago.
BY EDWARD C. STONE.

August, totaled sl80,754 against $780,
ss6 in August. 1882, or an increase of
$Is,s5s, according to the monthly state
ment filed with the Public Utilities
Commission today.
Operating revenues amounted to
$732.188 compared with $735,396, in
August year age. The company made
substantial reductions in operating ex-
penseS as the total stood at $478,559 as
against $5l4965 in August last year,
leaving net operating revenues OF $244,-
629 in comparison with $220,431 last
August and $59,535 last.
against $2,95l in August, 1892. Total
gross income stocd at $182, 1872 COM
pared with Sl63,847 Interest deduc
tions took S25 003 against $24.175, leav-
irg balance before dividends of $751;
l89 in comparison with $139672. gain
in August of this year of $l9,517.
$1,000 More Phone Calls.
The increase in earnings was scored
in spite of a reduction during August
CT 152 phones in the District of Colum
bia. On August 81 there were 172,675
phones in operation here, which is SITS
fewer than were in use on the same
month last year. During August IT,
OBJ 900 phone calls were made, approxi-
mately $1,000 more than in August, 1882.
The C. g. P Company also filed re-
turns for the first eight months of 1888,
showing operating revenues of $6,032,-
853 compared with s6,302,182 in the
like period in 1882 Operating expenses
required S4192,216 as compared with
S4544, 448, the management by reducing
costs more than offsetting the slump in
operating income.
After deduction of taxes from op-
Grating revenues, the telephone COM
during the eight months of 1884, ,587
against $1,298,040 Incorporating in
come was far under last year. $4,317
being compared with S39, ,488 year ago.
Total gross income stood at 1,348, ,904
compared with the lower figure of
1882, ,528.
Interest during the eight months
called for S205,153, while this item d
year ago totaled s166,925. After all
these deductions the telephone COM
pany had a net balance before divi-
dends of s1,143,751, in comparison with
S1.165, SOB, an advance in earnings
during the eight months of $21 ,852
Open Banks Number $4,000.
Open banks in the United States
number 16,032, according to the 115th
semi-annual edition of Rand McNai;y
Bankers Directory. published this
week Total deposits as of June SO.
the last official statement. amounted
to $42,50o 100000. while capital. sur
plus and undivided profits, the stock
holders equity, aggregated nearly ST.
900 900 000
ExcI,6ino coneervotor banks there
are listed 1888 national banks, 10.7l9
State banks and trust companies, and
$50 private banks. In addition to the
head offices, there are 2,443 branches
listed as open.
Industrial banks. Federal Reserve
Banks, Federal Land Banks, Federal
intermediate Banks and Joint Stock
Land Banks bring the total listed
banking institutions and branches to
1897 for the United States.
Columbia Bank Votes Dividend.
Directors of the Columbia National
Bank. at their meeting yesterday after
noon. declared the regular quarterly
dividend of $3.50 per share, President
Frank j. Stryker announced today. The
dividend is payable October to share
holders of record on September 80.
The conservators of the Potomac
Savings Bank have moved from the
bank, at the corner of Wisconsin ave-
nue. and M streets, in Georgetown, and
opened new quarters at 1925 Pennsyl-
vania avenue, in the building in which
the Departmental Bank was formerly
operated. The Potomac Savings Bank
is now a branch of the Hamilton Ma
tional
1t was deemed best to have separate
headquarters for the conServator,
George w. Offutt, and his assistant, B.
Agee Bowles, and the Treasury Depart
ment decided that a downtown Office
would be desirable. Both Mr.. Offutt
and Mr.. Bowles are hopeful that in
time the depositors in the Potomac Saw
ings Bank will get practically 100 per
cent of the frozen deposits, and that
any levy on the stockholders will not
be necessary.
The Commercial National Bank, now
in receivership, is doing lively busi
ness passing out checks to depositors
in payment Of the first dividend since
the bank closed last February. Pay
ment of this disbursement began last
Tuesday. The bank is distributing ST.
030,601, or 20 per cent of the proven
claims against the institution.
Trading on d. c. Exchange.
Trading on the Washington Stock
Exchange started today with $1,000
Capital Traction IS selling at SIS, prac-
tically the same as other recent trans
fers. The next transaction was ST 900
turnover in Washington Gas 5s, 1858,
at 1872. Business was dull and there
was but one other sale, 10 shares of
Capital Traction stock at 1872. The
porarily has slowed up. The market
closed with IL bid and IA asked, q
point drop in. the asked price since
yesterday.
The Atlantic Coast Line Railroad Co.
today announced net income of So
397, 1885 for the first eight months of
the year as compared with loss of
$266,456 for the corresponding 1882
period. Although the A. C. L. net op-
perating income last month was only
$17,051, the figure contrasted exceed
q loss of S497.703 was shown.
The first luncheon meeting for the
coming year of the District of Columbia
Life Underwriters Association will take
place next Wednesday noon at the
Willard Hotel, President Thomas P.
Morgan, jr., announced today. The aSso-
citation is arranging for q special guest
speaker.
The conservators of Washington banks
which went into the Hamilton National
merger are sending out checks to de-
positors in the individual banks who did
not become connected with the new in
stitution. These checks are drawn on
the Hamilton National and will put a
good deal of money into circulation.
About $50, 1000, 600, 900 of the s11O, ,0O0,-
o00,0 900 of life insurance in this country
Is underwritten upon the lives of Amer
ican farmers. including residents Of
towns of under 5000 population, accord
ing to Ralph Trubey of Fargo N. OAK,
who addressed the forty-fourth annual
convention of the National Association
Of Life Underwriters.
He said that unless permanent security
is given the rural worker and merchant
all plans for national recovery will avail