Evening star., 1934-02-14
INCREASE SHOWN
IN PEPCO SALES
W. R. & E. Report Reveals
Six Per Cent Gain for
Subsidiary.
BY EDWARD C. STONE.

Co. are being distributed in the f1nan-
cial district, revealing that the cor
poration's principal subsidiary, the
Potomac Electric Power Co. sold 6
per cent more electricity in 1888 than
in the preceding year. Sales amount
ed to 407 .308,632 killowatt hours.
The number of electric meters con-
nected to the lines at the close OF
1898 totaled 174857. an increase OF l
per cent over connections at the con-
clusion of 1882.
To keep plants and equipment in
high state of efficiency, the Potomac
Power Co. expended for normal main
tenance the sum of s572,003. Net
outlay for additions by the electric
power company totaled S4,3l5,l76.
The ninth consecutive annual reduc-
ton in electric rates was put into
effect, estimated savings to customers
being around S562,OOO. There was an
increase of 248 employees during the
year.
The Washington Railway & Electric
report covers in detail the transfer
of the transportation properties of
the company to the new Capital
Transit Co., and the receipt Of 10000
shares of 500 par value from the
Capital Transit Co.. now held in the
treasury. The transaction resulted IN
no change in the outstanding pre-
ferred and common stocks of the
Washington Railway & Electric Co.
AS noted in The Star at the time
of the annual meeting, Railway &
Electric reported balance for divi-
dends and surplus at the end of the
year as sl,7570l602, against sl,7l4,-
s09.15 in the previous year. Surplus
statement showed a total balance Of
S11 ,59O.277.55 at the end of 1882,
compared with the higher figure OF
S12.632957.60 at the close of 1888.
$500, ,OOO,OOO L. S. Notes Sold.
Successful marketing of s800000,00O
United States Treasury notes is re-
ported by Secretary Morgenthau. The
two issues just sold are s400,00o,00O
In 22-month 2l2 per cent notes, and
s4O0, 100000 in 3-year 3 per cent notes,
both issues being substa ntially over
subscribed.
This was the second financing 0p-
Grafton since President Roosevelt in
formed Congress the Government
would soon have to meet S6,0G0,000,-
900 in recovery costs and S4000,0 ,000,-
900 in maturing obligations.
The recent Treasury Department
sale of s175O0O,OOO in Treasury bills
brought in applications of s547285,-
900. To fnanCiers this surprising
oversubscription proved that the Gov
eminent will have no trouble in car
rying on its huge financing program
indefinitely.
Rapid Recovery Forecast.
Some Washington bankers are en-
thusiastic over the views of Col.
Ayres of the Cleveland Trust Co.
Here is what he says this month on
recovery:
When the President sent his budg-
ct message to the Congress he in
cluded in it estimates of Federal in
come for the rest of this fiscal year
and for the coming one. They were
based on computation of the probable
volume Of industrial production as
estimated by the Federal Reserve
Board AS a result we have an Off
cial forecast Of industrial activity and
output for the rest of 1884 and for
the first half of 1885. The forecast
may fairly be termed an optimistic
one, and If the statisticians OF the
Reserve Board prove to be skilled
prognosticators We shall have a rapid
business recovery"
Mount Vernon Dep0sitOrS Happy.
Depositors in the closed Mount
Vernon Savings Bank expressed real
qualification today over the report
that the bank will be able to reopen
as a unit of the Washington Mechan-
ics Savings Bank within a month.
This is the first time any date has
been set since the institution closed
its doors during the bank holiday last
March.
The fact that Congress has passed
the bill making the new stock nom
assessable is expected to make possible
dts sale in the near future so that all
requirements in connection with the
merger with the Washington Mechan-
bcs Bank can be carried out. Both
Prank w. Lee of the Mount Vernon
bank and Clarence F. Burton, vice
president of the Washington Mechan-
hcs, are very hopeful over early con-
golidation results.
When Ezra Gould's bank, which has
always operated on 100 per cent
basis, takes over the other one, 40 per
cent of the Mount Vernon patrons
funds will be freed.
Exchange Brokers Stirred Up.
Brokers in this city who have studied
the bill before Congress regulating all
stock exchanges are considerably
alarmed over some of the more drastic
provisions. They are quoting from
the views expressed by Richard Whit
ney, in which he said that some OF
the regulations in the bill might result
in freezing all organized securities
markets"
In his statement President Whitney
praises the aims of the new bill; says
the New York Stock Exchange is
already working toward some of the
same ends, but adds that some of the
provisions are unWorkable." ."
1.-THE Exchange is in hearty SYM
pathy with the purpose OF the Dill
IN so far as it seeks to prevent ma
nipulation Of security prices and un-
wise or excessive speculation" he
says. His views are most compre-
hensive and no doubt will be extern
Eively quoted during the congressional
hearings.
Trading on d. C. Exchange.
Business was good on the Washing
ton Stock Exchange again today. The
first sale was in Capital Traction IS,
$1,000 moving at TIA. Gas SIS, 1860,
came out at 1044 and Gas 6s, series B,
moved at 1922. Railway S5 Electric As
sold at 81 again
In the stock division, Capital Trac-
tiCn moved at %, Potomac Electric
Power 6 per cent preferred at 109
The most active stock was Washing
ton Railway & Electric preferred,
which opened at 6612 and closed at 80.
S. S. Kresge Co. has declared
dividend at 20 cents on the common
stock and the regular quarterly divi-