Evening star., 1935-03-30
PHONE NET DROPS
$12,51S|N MONTH
Larger Operating Income
Offset by Advance in
c. & P. Expenses.
BY EDWARD C. STONE.

peake 81 POtomac 1elepnOne 20. were
$794,355 for February, 1885. as COM
pared with $790,201 for the same
month last year, according to the re-
port of operations filed today with the
Public Utilities Commission of the
District of Columbia.
Operating expenses, including in
terest, amounted to $647, 7,466, leaving
net operating revenues of $146,889, as
compared with $780, ,407 in February,
1884, a difference of $12,5l8. Taxes
for the month of February amounted
to S60,586.
Washington was served by 19l4 439
telephones on February %, as COM
pared with 180,610 on the same date
last year. This was a net increase of
10829 telephones over the past IL
months.
Telephone calls in Washington also
increased in February, there having
been 1876 900 calls made during the
month, as compared with l8,930,000
calls during February, 1884
For the first two months of 1885 op-
Grating revenues amounted to ST. $685.
904, against S1,595,076 in the same
period a year ago. Operating expenses
were also higher. being $1,150.l0l, as
compared with S1,102,7l3. After all
deductions for taxes, interest and
other requirements. the company re-
ported a net income of $305,8l8, In
comparison with S322,854 year ago.
Sentiment Here for Whitney.
A majority of the stock brokers in
Washington appear to favor the re-
election of Richard Whitney as presi-
dent of the New York Stock Exchange.
In the past few days his personal
friends have been testing out Sent1-
ment and have become much more
active in his behalf. If vote were
taken among local brokers it is prob
able that he would outstrip Charles
r. Gay, who seems to be very much
in the running. The Nominating
Committee can present but one name
and must do that in a few days.
Gould a new president bring more
business to the Exchange?" a local
broker was asked.
II do not think so: the president
has very little to do with the volume
of business transacted" was the reply.
Gould a new man bring the Ex.
change into greater public favor and
win back millions of former traders?"
Doubtful It takes money to buy
stocks and lots of former traders are
shy on funds"
Then what will bring back the old
100000 or 100000 share days and
get trading out of the rut?"
Further trade expansion. ending OF
legislative uncertainties, settling of
the utility holding company fight,
larger corporation gains, steadier for
eign exchange, better railroad earn
ings, and a score of other factors over
which the president of the Exchange
has no control"
Fertilizer Sales Improve.
Prosperity is returning to the fer
tilizer industry according to survey
made public by the Tercentenary Com
mittee of the American Chemical
Society, located in the Mills building.
Without the fertilizer code, it was de-
clared, the recovery would have been
profltless Revival of world trade and
removal of crop restrictions would
bring about further expansion.
After cropping its way through four
years of depression, due primarily to
the low purchasing power of agricul-
ture, the fertilizer industry has emerged
into period of reasonable prosperity, !"
said the survey. prepared by Charles
j. Brand of the National Fertilizer
Association.
"It has recovered substantial por-
ton of its lost tonnage because of the
improvement in farm purchasing
power and has attained degree of
stability through the operation of the
code that few members OF the indus
try thought could be attained only
two years ago. In addition, it has
made definite progress in technology,
both in production and in the use of
its product,
1T is not difficult for one familiar
with the past history of the industry
Ito visualize what would have hap
pened without the stabilizing influence
of the code. In addition to putting
the industry on a profitable basis, the
code has reduced hours, increased
wages and re-employed considerable
number of persons"
Offer of 5 Per Cent Bonds.
The Virginia Electric & Power Co.
has advised the New York Stock Ex-
change that it has extended to all
holders of the 10-year 512 per cent
secured convertible gold bonds, due
March 81. 1912, which have been
called for redemption on April l. 1885,
the privilege of converting their bonds
at any time up to May l, 1885, into
first and refunding mortgage bonds,
series A per cent bonds, due october
!, 1855, of the company.
Plans for refunding the $l62 ,000,0 900
Federal Land Bank per cent bonds
on May / have reached the stage
where tentative terms for the new
bonds to be offered in exchange have
been decided upon, according to re-
ports in banking quarters
Present discussions are understood
to contemplate an issue of 1920 year
3l4s with an offering price of 10034
AS was the case with the refundine
of last Summer, when the systems
$131 100000 434s were exchanged fol
Is of 1944-46, holders of the IS woule
be given preferential treatment ir
allotment of the new bonds.
The understanding is, according tt
the Wall Street journal, that the Az.
of 1912, totaling $185,000,000, which
could be called on May l also viii
not be included in the refundine
operation Otherwise the combined
total would be nearly $3.50, 100000
which might prove bulky despite th'
attractiveness of these bonds due Il
their complete tax immunity.
Financial District Gossip.
Opinion is being expressed in Wal
Street that the directors of the Ameri
can Telephone g. Telegraph at thei
next quarterly meeting will continue
the per cent dividend which ha
prevailed so long. This is matte
of great interest to about 700.00'
stockholders, about 10000 of whom
are said to live in Washington.
Per share earnings of the Western
Maryland Railroad in the first tw'
months of this year were 81 .08 on tn
common against $1.28 in the cores