Evening star., 1934-07-26
PEPCO REVENUES
REACH S,O6,477
Six.MOnth Total Compares
With S5,524,288 in Same
1893 Period.
BY EDwARD c. STONE.

months Of this year totaled s6,o05.-
4TT90 against S5. .524 2s5. 10 in the like
period a year ago. or an Increase oi
s4si ,is9. IL. according to the financial
statement filed today with the Public
Utilities Comm ission-
Operating revenues In June were
also far ahead OF the same period
last year but heavier operating ex-
penses reduced net earnings below
the same total year ago Operating
revenues In June amounted TO s99l.-
557 90 as compared with $ss7 ,596o9 in
June, 1898. a gain Of Sl03.96l.90
Revenue deductions took 5000 500 %
against s4e7 .20577 in June last year,
an increase Of Si03. 3.4032s. This left
net operating revenues Of 1890, ,S4S. .76
In comparison with 1890. 800 II a year
ago. a gain in operating net OF s55s.64.
Gross totaled S40l .5642l last June
and S4o2 ,436.32 r year ago.
Deductions from gross required
$40 ,4s7 so against SIS .92077, leaving
q total June net income of 3I5.076 So
compared with 1926 5i5.55. or a small
decrease Of $ll .439.o3.
For the first six months of this
year at1AIbtgiHs AlbtAA OfFA aAAtAh AAASRAAAS
totaled $3,523, ,i00s3 against s2,83l :
348. .76 In the first half OF 1888. an in
crease OF s6el ,752 %. leaving net op-
Grating revenues for the period Of
82,482. .376.97 In comparison with ST.
692 .940ll year ago. a decrease OF
s2i0,563l4.
Miscellaneous income revealed
drop of $6.549.04. making gross stand
at 81 ,549, ,4T6.l1, compared with
s2.766. .58829, of over S2l7,000 De-
ductions from gross for all interest
demands, depreciation. etc. amounted
10 $5l7,5I076, against S455 1876, an
increase OF more than $4,000 and
leaving a net income of S2,031 ,965 80,
in comparison with SASH, ,43855 a
year ago, or a decrease OF $279, 473.20.
Insurance Committees Named.
President F. George Clendaniel has
appointed these chairmen for the Dis
trict OF Columbia Life Underwriters
Association for the current year:
Carl Smith Dow, general agent for
the Pacific Mutual Life Insurance Co,
heads the Committee on Education.
Plans are under way, according 10 Mr..
Dow, for the Offering of the certified
life underwriters course at George
washington University this Fall. The
faculty viii be made up of local men,
bers of the Certified Life Underwriters
Paul H. Primm, agent of the Mutual
Life Insurance Co. of New York, heads
the Legislative Committee, which is
busily engaged in an analysis of the
insurance act of June 10. This COM
mittee is also working with Commits
sioner Marshall on a study of license
fees for the District of Columbia in
relation to the practices existent else
where.
John T. Lynch, agent of the New
York Life Insurance Co, and former
president Of the association, Is chair
man of the Committee on Field Prac-
tice.
George L. Haines, agent of the
Continental Assurance Society, is in
charge Of the Reception Committee.
The function of this committee is
10 acquaint new members with the
purpose of the association and TO in
troduce new members to the officers
and members.
Kennedy's Talk Wins Praises.
A great deal of praise was heard in
the local brokerage houses today
commendatory of the radio speech
made last night by Chairman Joseph
p. Kennedy of the new Federal Sc
curities and Exchange Commission.
In his address he asserted that a
sound and broad" security market
is essential to President Roosevelt's
recovery program and gave assurance
to the financial community that the
new Government agency would carry
out its duties in a spirit of helpful
cooperation.
The earning power of a nation
should be the controlling factor in
establishing security levels" he said.
"and the security business itself has
the right to claim part of the earn
Ing power" The commission chair
man announced program having
as its definite aims the encourage
ment OF legitimate financial opera
tons no restriction on proper profits.
the maintenance of freely operating
markets; the PRONUNCIATION of hon
est regulations, and avoidance of
nuisance" rules.
The chairman is but one member
OF the five-man commission. His public
declaration was taken as generally
expressing the views of the regulatory
body, but it is important to note that
the chairman's address was phrased
throughout to commit the whole com
mission rather than as his individual
opinion.
He said that in common with all
other forms of business, financial en-
terprises require profits to keep them
gong. Therefore. he added, there
Is not the slightest thought of elimi-
mating or restricting proper profits. !"
Mortgage Bonds Popular.
1t was announced at the Treasury
today by Acting Secretary Coolidge
that tenders for the new issue of To-
1o-year Federal Farm Mortgage Cor
poratlon per cent bonds amounted
to Sl95,osl 500, of which Sl0O. .26o 800
was accepted at any average price of
l00559. The yield. at this figure. is
about 292 per cent to the earliest call
date. May Is, 1914. and 2.95 per cent
70 maturity in l949.
The sudden and very heavy increase
In trading on the New York Stock Ex-
change today may have detracted
from the usual interest in the WASH
ington Stock Exchange. At any rate,
business on the local board was almost
at standstin- The only trading was
In Chesapeake & Potomac Telephone
OF Virginia SIS, three Sl00 sales taking
place at l03Ia.
Bids for local issues were practical
ly unchanged, These telephone bonds
closed with l04 bid but none offered.
The bid on Potomac Electric Power
IS remained at 1o9. while los was Of
fered for Georgetown Gas 5S. ll0 for
Washington Gas SIS. 1860. and 81 for
Washington Railway & Electric As.
Others were also unchanged Wash
tngton Gas Light stock is now quoted
ex-dividend at So bid
Corcoran Fire Insurance stock and
EmerSon's Bromo Seller "A" are now
being quoted eX-dividend following
the recent dividend declarations