Evening star., 1933-04-30
c, &P. REPORTS NET
INCOME OF $124,533
IN MARCH RETURNS
Figure Represents Drop of
$16,225 From Same
1882 Month.
GAIN IN BANK CLEARINGs
is REPORTED FOR APRIL
Peoples Drug Stores Earn SO Cents
on Common to Score Gain
in First Quarter.
BY EDWARD c. STONE.

Oh Ell i" AMI ~ oANSs
Total net income of the Chesapeake
g. Potomac Telephone Co. in March
was $124,533, compared with $14O,7 758
in the like month year ago, or de-
crease Of $l6,225, according to the
monthly statement filed yesterday with
the Public Utilities Commission. First
quarter net earnings also showed a
falling off.
Operating revenues in March totaled
s765, ,293, against $809,007 in March,
1892. Operating expenses required
s558.733 in comparison with $597, TAB
in the same period last year. After
the deduction of taxes, net operating
income reached the sum Of $149, 1868
compared with s156,383 year ago:
The company made an excellent
showing. While operating revenues
were Off $43,714, expenses were reduced
s39,010 below March of last year. Dur
ing March the telephone company
handled 19,235,000 calls as compared
with 20,198,00 in the like period a
year ago. Telephones in service at
the end Of the month numbered 49,
O09, against the slightly higher figure
Of 1850 In the corresponding date
in 1882.
Quarterly Report Also Filed.
The telephone company also filed its
quarterly report, which revealed operat-
ing revenues in the three months OF
S2,276,199, against 81, ,408 500 last year.
Operating expenses required $l,635, ,2l4
as compared with $1,705,785.
Total income from operations and
incorporating sources amounted to
s471 3e4, against s53e, ,64e in the first
Quarter of 1882. After all interest de-
ductions were paid, but before divi-
dends, the phone company had a
balance of 1898, 3,086, against $483 ,0l3
in the first quarter Of 1882, a drop OF
S89927.
While there has been a considerable
loss in the number Of telephones IN
service during the first three months
OF the present year, the decrease has
been less than in many other cities In
the Bell system.
During the first quarter the num-
Der of telephone calls totaled 56,306, 900
in comparison with 59,007,000 during
the same period year ago, the state
ment announces.
April CIearings Surpass March.
Cancelled checks passing through the
Washington Clearing House during April
totaled S38,960,5 ,51795, according to the
monthly report made available yesterday
at association headquarters in the Met
ropolitan Bank Building.
Bank clearings in this city in March,
which suffered very seriously from the
bank moratorium, totaled $32, ,644, ,947.S 81
so that the month now ending scored
an advance of $6,315,570.58 over the
previous month. Local clearings IN April
1882. aggregated $89, 1854, ,2237l.
Washington bank clearingS Tor the
Gr~t fo,,r y,oonfbc IF tho Y,resenf vear
make a total of sos, 1875, ,0o6.90 in COM
parison with S352,933,96 ,96813 in the
similar period last year. In explaining
such a wide difference it should be
noted that there was no bank holiday a
year ago and the new Government 2
cent tax on checks had not been put into
effect.
The increase in April clearings over
the previous month Is considered en-
couraging. It indicates that local trade
Is gaining ground in spite Of the closed
banks. In these times lot Of local
business is being done without the use
of checks, especially the payment Of
moderate sized bills.
Sutherland Heads Fidelity Firm.
Howard Sutherland, former United
States Senator and "favorite son" can
didate from West Virginia for the Re-
publican nomination for President in
1920, has resigned as alien property
custodian to accept the presidency OF
the Fidelity Investment Association and
1.-THE Fidel Association of New York, Inc,
1.-THE Washington Office announces. Mr..
Sutherland succeeds J. w. Pole, former
controller of the currency. as president
of Fidelity and Fidel. Mr.. Pole plans
to form his own investment banking
firm with headquarters in Washington,
but will continue to act in an advisory
capacity in the selection OF the aSsocia-
tion's investments.
In his position Of alien property GUS
todian former Senator Sutherland has
had charge Of property valued at more
than $3.50, 900, consisting of stocks
and bonds of industrial. railroad and
banking corporations. He has held his
position since 1925. While in the Sen
ate from 1916 to 1922 he served with
distinction as member of the Finance
Committee.
He has served on the Fidelity director
ate and other directorates in West Vir-
ginia and has been member of the
board of trustees of Davis and Elkins
College virtually since its inception.
Peoples Drug Earnings Increase.
According to the report Of the first
quarter made by Peoples Drug Stores,
Inc, yesterday, the big drug chain
earned SO cents per share on the COM
mon stock after payment of preferred
dividends and all other expenses, COM
pared with So cents per share a year
ago.
Sales totaled $3,758,919. the COM
rany had an operating profit of $780,
665.15 and . net profit before Federal
income taxes of S123, 3,l35.67. DIVIDENDS
on the preferred stock called for $34,-
O81 Al, leaving net available for COM
mon stock of ST., 1889.
The company has ll9,937 common
shares outstanding and the CONSOLE
dated balance shows assets Of $7,015,-
O62.93. Ofi1cials of the company are
much pleased that business in the first
quarter exceeded the record of q year
ago even though the gain was small
It shows an upward trend. Had not
the bank holiday come along, there
would have been marked Improvement.
Financial District Comment.
Tfckers in all the brokerage offices
m washington will start an hour earlier
tomorrow morning. The New York
stock Exchange will be on daylight
saving time, opening at 9 O'Clock IN
stead of 10 and closing at 2.
Curtis B. Dali, son-in-law Of Presi-
dent Roosevelt, and John j. Edgerton,
both members Of the New York Stock
Exchange, have formed the firm OF
curtis B. Dali d Co., with offices at
81 Broadway.