Evening star., 1933-07-30
c. & P. PHONE NET
FOR JUNE MOUNTS;
HALF YEAR LOWER
Decrease in Revenues Offset
During Month by Cuts
in Operating Costs.
BIG INCREASE SHOWN
IN ACACIA INSURANCE
Capital Chairmen Appointed for
National Convention of Amer
ican Institute of Banking.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Total net income before dividends of
the Chesapeake g. Potomac Telephone
Co, in June, amounted to $145,876, in
comparison with $134 ,601 in June, 1882
a gain of s10275, according to the
monthly financial statement filed with
the Public Utilities Commission yester-
nay. Operating revenues showed q de-
crease OF S21, ,756 over June a year ago
but operating expenses were reduced
&58,816 during the same period
Net operating revenues totaled $170,-
020 against STAT 1886 a year ago. Oper-
hting taxes were higher this year than
last and there was a falling of of
over $1,000 in incorporating income
Interest deductions in June of this
year totaled s24,240. compared with
$20858 In June, 1892
There was reduction during June
of 2,011 telephones in the District OF
Columbia. On June 80 the number of
phones in service was 174023, which
Us 6,802 less than on the same date a
year ago. During June 1884 900 tele-
phone calls were made, approximately
100000 fewer than were recorded il
the same month last year.
For the first six months Of 1888 the
G. g. p. operating revenues amounted
to $4,574,094 against $4,821 ,946 Oper-
ating expenses we're s3,Z23,476, COM
pared with $3,501, 1855. leaving net op-
Grating revenues of S1,350,618, in COM
parison with sl,32o.591 in the like pc
riod of 1882, a gain of s30.027, In
spite OF larger operating earnings, there
was quite large drop in incorporating
income. After all interest and other
deductions the company had net reve-
nues of 1891, ,257. against $887,371 a
year ago, decrease of S56,114.
The total number of calls in the first
half of 1888 was 174,023 against
1o0,825 last year, drop of 6,802 calls.
Acacia Reports Substantial Gains.
Figures revealing substantial gains
during the first six months of 1888 as
compared with the corresponding pc
r od of last year, have been reported to
the directors of the Acacia Mutual Life
I12urance Co. by President William
rIontgemery. An increase in assets Of
r;ors than ST. SOC, 900, bringing the total
t1 $50, 0,600,000, was announced. The
mpany now has a gross income of
over 100000 a month, Mr.. Mont
C merry said.
New insurance paid for during the
first six months of this year amounted
to Sl9.865, ,331, as compared with $16,-
298 800 for the corresponding period of
1882, an increase of % per cent.
Very significant figures are those
covering Acacia's disbursements to pol
icy holders and benefciaries." Mr.
Montgomery said. 1T is not generally
recognized that great proportion of
payments made are to living policy
holders,
For the six months period this year
Acacia paid to both living policy hold
600. OF this amount approximately
s2,500,000 was paid to living policy
holders
Convention Chairmen Named.
T. Hunton Leith. general convention
chairman of the 1884 convention of the
American Institute of Banking. an
nounces the appointment of the fol-
lowing members of the committee:
Chairman of the Entertainment Com
;mittee, Frank NJ Perley, American Sc
'curity & Trust Co. Mr.. Perley is a
past president Of Washington Chapter
and has been a very active member for
a number Of years. Last year he was
chairman of the Entertainment Com
mittee for the banquet of Warrington
Chapter.
Chairman of Hotels Committee, Rob-
ert H. Lacey, Columbia National Bank.
Mr. Lacey is president of Washington
Chapter this year, his term of office
expiring shortly before the convention
next year.
These are two of the most important
of the committees. The convention is
to be held in Washington next June.
Annuity Rates to Be Advanced.
Word has bs.en received by Karl S.
Hoffman. general agent here Of the Ma
tional Life Insurance Co., Montpelier,
VT, that the directors of the company
have voted to Increase annuity rates.
The exact date Of the change has not
been announced, but it may be soon.
This increase in rates will be in line
with the action of most of the leading
companies. The large New York COM
Prudential and others
have already introduced the increase,
and an article in the National Under
writer states that 20 companies are con-
templating such action.
The principal reasons for the increase
are the decline in interest rates and
the improved longevity of annuitants.
A study of the experience among an
nuitants for the period 1927-1932 made
tality surprisingly lower than that of
the American annuitants table. This
was particularly true of the experience
with women. At all ages above so in
particular the mortality was highly and
increasingly unfavorable to the COM
panieS
The head Office of the company re-
ports marked increases recently in new
business, which has been fully shared
by the Washington office
Cleaned in Financial District.
G. Bowie Chapman, manager of the
Washington Office of Laidlaw g. Co.,
New York Stock Exchange firm, is run
ming up the coast aboard his yacht,
bound for his Summer home at Cas-
tine. Me. He will remain there during
August. L. w. Todd of the same bro
kerage Office has been taking his vaca-
ton in Pennsylvania.
Harry M. Wheeler, for several years
connected with the staff OF w. B.
Hibbs g. Co., is on his annual vaca-
tion, much of which he is spending
among the White Mountains OF New
Hampshire.
Commercial Credit Co. of Baltimore
has called for redemption and pay
ment on November /, 1888, all OF It's
sinking fund notes, Series "a" due
November l.. 1884 The notes will be
redeemed at the call price of 10l and
accrued interest.
Virginia Electric & Power Co. has
declared the regular quarterly divi-
dend of $1.50 on the Sc preferred
stock, payable September 20 to stock
Of record August 81.
All the Washington brokerage houses
will open at 8 o'clock tomorrow morn
t-e, when the full-time schedule of the
Dew York Exchange is resumed.