Evening star., 1934-03-29
PEPCO D|SCL0SES
LARGER REVENUES
February Total Represents
$36,472 Increase Over
Mark Year Ago.
BY EDWARD c. STONE.

financial statement filed with the
Public Utilities Commission today
Revenue deductions. however. were
heavier than last year, being S547.-
77309 as compared with S452, ,937 30
an increase of $94.835. 70, leaving net
operating revenues of S439 .981 33. in
comparison with S498,344.35 a year
ago. drop of S58, 8,36002
Miscellaneous income during Febru-
airy totaled S10.5766l against SIS
S45.17, off $5,36856. Gross earnings
amounted to S450.55794 compared
with S5l4,28952 in February, 1888, a
decrease of 63,73l58.
Deductions from gross called for
S86,414.76 against S75,76749 a year
ago, an increase of $40, ,647.27. Follow
ing these payments, the company re-
ported net income for February of
1854 1913. compared with S438 .522 .03
in the like period last year, or a de-
crease of S74,378.85.
For the first two months Of 1884,
the Potomac Electric Power Co. re-
ported substantial gain in operating
income of S88,63450, the total reve-
nues of S2064 7O7.13 being compared
with Sl,976,072 SO in the like 1888
period.
Operating revenue deductions dur
Ing the two months were much heavier
than a year ago, the increase reach
ing S213,21497. After all deductions
from the power companys gross reve-
nueS, a total net income of S765 ,028 08
was shown. compared with S9l8,255.43
OF a decrease OF Sl53,22735.
Borrowing Below Expectations.
The Government recent financing
has been on much smaller scale than
vas generally expected and has Gre
ated a belief in some quarters that
borrowings in the next few months
may be substantially less than was
indicated by the President in his bud
get message in Janlary says the
Guaranty Trust Co.. monthly review.
An offering of SIS 100000 in 1872 day
Treasury bills on February % was
subscribed between five and six
times and was allotte ed at an average
rate OF 0.62 per cent per annum. A
similar offering of S100,000,000 on
March 7 brought tenders totaling
nearly four times the amount of the
issue and was awarded at an average
rate of only 0.43 per cent.
The March Is financing. which had
been expected to amount to about
$780, 0OOO.0O0, was limited to an offer
of $3.50, 600 900 in 4-year per cent
notes in exchange for maturing GER
tificates of Indebtedness, with no cash
tenders invited Practically all hold
erS of the maturing securities accepted
the offer.
The conclusions regarding the prob
able volume of Government borrow
ing in the near future that have been
drawn from the unexpectedly small
amounts of these issues received some
support from the greatly increased in
come tax receipts rerorted by the
Treasury. It is estimated that receipts
during March will reach a total of
$3.50 900 900, as against STA 000, 600
a year ago.
Crowley to Address Bankers.
Leo T. Crowley, chairman of the
Federal Deposit Insurance Corpora
ton, will be the speaker at the family
dinner of the executive council, Amer
lean Bankers Association, which Will
hold its annual Spring meeting at the
New Arlington Hotel, Hot Springs,
Ark, April Is to 18. The dinner will
be held the evening of April ID.
Robert V. Fleming, president OF
Riggs National Bank and second vice
president of the American Bankers
Association. is a member of the Exec
utive Council and will attend the
meeting Other local bankers may
attend
E E Mountjoy. Washington repre-
sentative of the A. B. A., always at
tends the Spring meetings. The
gathering is the most important held
during the year with the exception
of the annual convention. which next
Fall meets in the Capital.
At the annual meeting of stock
holders of American Ice Co.. held in
Jersey City. George Lange, vice presl-
dent in charge of engineering. was
elected a director in place of ], Leon
ard Replogle, retired. Other directors
were reelected Directors of the COM
pany have declared the usual quarter
" dividend of $50 on the company's
preferred stock.
ID. c. Banks Open Tomorrow.
All the Washington banks will be
open as usual tomorrow, Good Friday.
The broker Offices here will be closed
as the New York Stock Exchange
takes the day off. Likewise, the
Washington Stock Exchange will fol-
low the example of Wall Street.
Peoples Drug Stores common stock
made new high for the year on the
New York Stock Exchange this week,
reaching 3434 closing yesterday at
"a. The drug chains preferred stock
is listed on the Washington Exchange
1t is reported here that directors
of Quarterly Income Shares. Inc, have
declared a dividend of 3 cents. pay
able May l, to stock of record
April IA.
Directors of the Virginia Public
Service Corporation nave voted the
quarterly dividend of SITS a share
on the per cent preferred stock and
quarterly dividend of S150 on the
per cent preferred stock, both pay
able April 2 to stock of record
March 10.
Today's Exchange Trading.
Capital Traction S.. which we're so
active yesterday, opened trading on
the Washington Stock Exchange to-
day with $1,000, selling at 1884, un-
changed. Washington Railway e.
Electric As moved at 81 on a 81 .OOo
transfer.
Another bond transaction included
$1,000 Potomac Electric Power Con-
soldated S. at 105. The bonds closed
with 104 bid and none offered. Wash
ington Gas 5s. 1858. figured in $500
turnover at 9l12.
Mergenthaler Linotype was in good
demand agHin today, four sales in
volving 80 shares being recorded at
25l2, same as yesterdays market.
Financial District Notes
In the first two months of this year.
the Virginian Railway has earned 81
a share on common, against 60 cents
per share in the like period last year
The Norfolk & Western earned
$202 a share on the common stock in
the first two months of 1884 against