Evening star., 1933-03-31
met Of TELEPHONE
COMPANY DECLINES
Is -
Drop Of S17,602 Is Reported
~S
= in Income for Month
!. of February.
BY EDWARD C. STONE.

f1in February, amounted TO S1oo,ooo'
against S18I 1872 in the corresponding
month last year, decrease OF SlT,ooz'
according to the monthly financial state
nent filed today with the Public Utili-
tiles Commission.
II Operating revenues totaled S73e. .6o9
aatainst S790,S63 in February, 1882.
Cooperating expenses called for 5l7,609
compared with $549657 year ago
which was a substantial cut in operat-
ing costs, leaving net operating reVe-
nues of 1922 900 against $24l,296
Taxes were slightly lower on account
sof the lower income and there was also
u falling of in non-operatlng inooate aos Hno
EInterest deductions required S2o,1Sz
against S19,475 year ago, leaving a
*balance before dividends Of S138, ,526 IN
Ecomparison with S165,940 in the ike
Emonth in 1882.
During the month 2,645 telephones
were connected and 3.119 disconnected,
a loss of 474 phones. In February, 1882,
there was a gain of 845 phones during
the month. Telephone calls during the
month totaled 1899 900 against 49,
2340oO in the same month last year:
The number of telephones in service
lat the end of the month was l78,2o4
EMlllCll lS d 1Ca0Se4oAA "a -i'SS
Two Months Report Also Made.
Z The Chesapeake g. Potomac Tele--
A,hone Co. also summarized the financial
Trport for the first two months OF the
present year. This showed operating
revenues of s1,51o,906 against sl,5s9,64l
Aast year. -,
months required $1,076,48l compared
with s1,108.042 a year ago. leaving neu
operating revenues of $434,425 against
S491, ,599,
Taxes called for $115,O00 compared
with S120,000 in the like period year
ago, leaving net operating income OF
E3l9.1O9 in comparison $371, ,153. Non
separating income fell OF.
III Interest deductions totaled S52, ,484
compared with S36,944, leaving bal
snce before dividends of $268,553 against
S342,255 in the like 1882 period.
Telephones in service at the end OF
the two-month period numbered 49,
264 compared with 181,062 at the same
time last year.
March Bank Clearings Reported.
VI Bank clearings in Washington and
ell over the United States in March
showed a sharp falling of from other
months this year and last year, accord
ing to the reports available today.
~ Thousands of checks on banks in all
parts of the country have been held up
due to the banking situation. Even be-
fore the Nation wide bank holiday was
declared by the President many banks
were on limited withdrawal operating
schedules which caused a tremendous
check tie-up. Then all the banks in
tthe United States were closed entirely
for week which put the check buSi-
mess at complete standStill.
In addition to those two handicaps
unjust be added the fact that good
many banks did not reopen after the
holiday when all such institutions were
required to obtain Government licenses.
For these reasons check TRANSACTIONS
were forced down to low ebb every
where. although during the last week of
the month the number OF Cancelled
schecks has been much nearer normal.
washington bank clearings in March
htotaled $50, ,644, ,947.37, against $72,567,-
"19s in January and $61, ,012,252 in Feb
rruary of this year. In March, 1882. local
clearings totaled $S9, 81 c, ,46359. Clear
ings in January, 1892, amounted to
Sg2 ,855, 1859 and in February year
,lago to s8o, 1907, ,544.54.
q For the first three months of the
;present year local bank clearings totaled
1896 -224 1885. In the corresponding
tthree months of last year clearings
famounted to s263, PTS, ,744.42.
The check reports give little or no
indication of local business conditions
During the bank holiday good many
checks were cashed by Government
workers at the Treasury, SO we're not
figured in the local clearings. The pub
slic also continues to draw fewer checks
these days on account of the 2-cent
Government tax on each check drawn.
Paying bills with cash has become
popular.
Investment House in New Home.
Alexander Brown g. Sons, investment
gfirm, moved into new quarters today at
-734 Fifteenth street northwest, across
-the street from where the concern has
-been located for many years.
The firm of Alex Brown g. Sons has
1.-The distinction of being the Oldest bank
-iny house in the United States. 1t dates
back to the year 1900, when it was es-
-tablished in Baltimore by Alexander
Brown. For seven generations since
Ibis descendants have successfully guided
this historic old house through every
financial storm and business crisis
which has beset this Nation. Its lead
=ership now is in the hands of Mr..
=B. Howell Griswold, jr, who is the
senior partner Other partners include
alexander Brown Griswold, Thomas
51ildt, Walter N. Stromenger and Harry
f. Swope.
= The Washington Office was established
In 1921 as branch of the investment
department, under the management of
Lawrence M. Proctor. It's personnel to-
day includes Mr.. Proctor and Robert
IT. Norman. John w. Haines and Peter
4. Hamilton.
: Comment in Financial District.
: In light trading on the Washington
Stock Exchange today, Washington
Railway & Electric stock sold at 843d
and Potomac Electric Power 51a per
gent preferred at LOG.
: George Bowie Chapman, resident part
tner of Hartman & Co., has been con-
fined to his home for a few days with
Witness. He will be back at~his desk
Shortly.
! The Virginia Electric g. Power Co.'S
statement for the IL months ended
February % compares as follows with
stile like period in 1882:
fGross ...... SIS, $50 $16,3o6, OF
met after taxes. 7,261,198 7,746,57f
s]Net income -. 3,554,408 1884, 81;
*After taxes. charges and depreciation
Announcement is made of the ap.
spcintment Of Harry j. Kamerow as q
-1rslnber Of the agency staff of the
sAcacia Mutual Life Insurance Co. Of
sthis city. Prior to entering the insur-
lance field Mr.. Kamerow enjoyed wide
fmercantile experience and for 10 years
was on the executive stat of the Hecht
American Ice Retires Stock.
: Reduction in capital stock by retire
sment of 10000 shares of preferred stock
sand 10000 shares of no-par common
was approved by American Ice Co
stockholders in their annual meeting
Reduction in the capital represented
Jby 100000 common shares to SIS share
from S25 a share, resulting in SILL.