Evening star., 1935-12-26
PEPCO NET HITS
/ $3,643,586 MARK
Profit for II Months Repre-
sents Gain of $24,551
Over 1884.
BY EDWARD C. STONE.

crease of S24, ,551.57, or 0.68 per cent,
the financial statement filed with the
Public Utilities Commission today re-
vealed.
Operating revenues in the IL months
totaled $1l,980,051.22, an increase of
$942, 2,472.07 over the same months IN
1884, or a gain of 8.54 per cent.
At the same time expenses showed
a marked advance, operating revenue
deductions calling for ST ,402 ,845 .09,
which was an increase of 1926, ,481 .35,
or an advance of over IL per cent.
Deduction of expenses from operat-
ing revenues left a net operating IN
come of $4,577 ,20513, a gain of $115,-
990.22, or 2.60 per cent over the like
1884 period.
incorporating income this year was
1864 lower than last year, leaving a
total gross income of $4,694, 1922, an
increase over last year of SIP ,326l7,
or 2.45 per cent.
The usual deductions from gross
were heavier this year, standing at
$1,000, 1929, an increase of S87, 7,774. .5U,
or 9.ll per cent, the detailed report
showed.
November Net OFF Slightly.
The November financial statement
also filed with the Utilities Com
mission today, revealed practically the
same earnings as last year but not
quite as large.
Operating revenues were up, being
$1,130, ,290.77, a gain of $73, 3,667 92, or
6.97 per cent. From a percentage
standpoint, however, operating costs
went up faster, advancing 1905 dur
ing the month. These revenue de-
ductions called for $685., 1860, up
$73,774.83.
Net operating income stood at
$444 .094.47, an increase of $106.91
over November, 1884. Incorporating
income was about $1,000 lower than
last year, which made gross slightly
lower than year ago.
Deductions from November gross
required 500 9,567.22, an increase over
November, 1884, of S8097.99, or 1886
per cent, and leaving a total net
income for the month of 1888, SOS .38,
or S9,720.84 under the total net in
November, 1884.
The output of electricity was higher
in November and in the IL months
than during the same period year
ago. The advance in operating costs,
however, prevented greater advance
in net profits. In spite of the in
creased cost of operations the net
profits stand at a very substantial
figure for the II months.
Loans to Farmers Mount.
Short-term loans to individual
farmers through the Farm Credit Ad-
ministration in 1885 reached over half
a billion dollars, a larger amount of
such credit than ever before loaned
to farmers in any one year, according
to a statement made here today by w.
I. Myers, governor Of the Farm Credit
Administration.
The total amount of shortterm
loans aggregated $517.000000 COM
pared to $446, 6,0OO,0 900 in 1884. Farm
ers borrowed 100000 of this from
the production credit associations;
S89,000,00O from the regional agri-
cultural credit corporations; $122,-
100000 from other institutions dis
counting with the Federal interme-
diate credit banks, and S96,000,0 900
from the emergency crop and feed
loan Offices.
"The fact that a larger amount OF
silort-term production credit was ex-
tended during the year is due in part
to the gradual expansion of the work
OF the Cooperative Production Credit
Association" Gov. Myers said. THE
objective is to place the credit service
in the short-term field on parity
with that provided in the long-term
field through the 18-year-old Federal
land banks.
Production credit associations,
numbering $50, doubled their volume
of business in most sections of the
country. The heavy demand for
these loans indicates that the time
is approaching when hundreds of
millions of dollars Of merchant credit
and time purchases obtained by farm
ers each year will be shifted to cash
financing through production credit
associations, banks and other inSti-
tutions equipped to handle farmers
sllort-term needs on a business basis
Today's Trading on Exchange.
Trading was quiet on the Washing
ton Stock Exchange today, sales being
confined to 20-share turnover in Po-
tomac Electric Power 51a per cent
preferred stock at 113 and a 9-share
sale in Security Storage Co. stock a.
1922.
1t was announced today that G. M.
p. Murphy & Co. has added a depart
ment for trading in New York bank
and insurance stocks, special facilities
having been arranged in the Wash
ington Office At the same time it was
stated that the Office will hold a re-
ception for their friends in the
'street" tomorrow afternoon from 4
toe o'clock.
The Federal Reserve Bank of Rich
mond reports that collections were
unusually good in the fifth district,
including Washington, in November
in wholesale lines. OF the amounts
due at the beginning of the month So
per cent was collected on groceries,
4l per cent on the dry goods bills, 81
Per cent in shoe receivables, 48 per
cent on hardware bills and so per
cent of the amounts due on drugs.
Charles r. Gay, president of the
New York Stock Exchange, found as
q result of his recent trip across the
country that much of the hostility
toward the stock exchange is disap-
pearing and detected changing atti-
tude in the minds of informed people,
II Is revealed in an article on wall
Street.-The Public's Marketplace," in
the current issue of The Financial
World.
Living Costs Higher.
Living casts in the United States
Increased four-tenths of l per cent
from July Is to October Is, the Bu-
reau Of Labor Statistics reported, on
the basis of returns from 80 large
cities. Using the years 1934-35 as a
L.