Evening star., 1935-03-28
PEPCO D|SCL0SES
!. LOWER EARNINGS
February Net of $339,283
Is $24,859 Under 1884
as Costs Jump.
BY EDWARD C. STONE.


BY EDWARD C. STONE.
Net income of the Potomac Electric
Power Co. in February totaled the
substantial sum of $339,2832 26, as
compared with $364,14318 in Febru-
ary, 1884, or a decrease of $24,859.92,
according to the monthly statement
filed with the Public Utilities Com
mission today.
While operating revenues jumped
from Se87,75442 to $1,074, 4,090.11. an
increase of S86, 1860, operating ex-
penses increased by S103, 1895, hav-
ing moved up from $547,77309 In
February, 1884, to $650,9l7.09 in the
month under review, leaving net oper-
ating revenues of 23,17307 in Feb
ruary this year against $439, ,98l.33
year ago, or a drop of S16,80826.
Miscellaneous income was slightly
lower in February than in the same
period last year. At the same time
deductions from gross called for S93,-
018.10, as compared with $86,414.76,
an increase of $6,60334.
Potomac Electric Power also filed
summary for the first two months of
1885. Operating revenues amounted
to $2,240, 1851, against $2,064, ,707.13,
q notable increase of s175,4814S.
Revenue deductions for operating
expenses required $1.330,232.91, in
comparison with $1,149,6ll.87 in the
first two months of 1884 an increase
of $180,621 04, or more than the ad-
vance in the operating income, and
reducing net operating revenues S.
1886 lower than year ago.
Gross revenues were $8,l9507 lower
than a year ago, while deductions
from gross amounted to S185,743 as
compared with S172, ,431 20 in the same
period last year, decrease Of Sl3,-
3l1.80. These deductions left net
income for January and February of
s743. .5212 21 in comparison with $685.
o2S.o8, a falling off of S21 ,506 .87.
The moderate drop in net earnings
Is largely due to the higher cost of
operations as revealed in the increased
cost of fuel, higher wages and in a
large amount of maintenance work.
Reduction in street lighting is also
o factor, the report shows.
Brokers Oppose Wire Curb.
New York Stock Exchange members
who have been here this week to pro-
test against limitations on leased wire
service, include Frank r. Pope, presi-
dent of the Association of Stock EX-
change Firms: E. A. Pierce. head of
E. A. Pierce g. Co.; Henry r. Win
throp, head of Winthrop, Mitchell &.
Co.: John Witten of Dean, Witten &
Co., and Raoul Cesvernine, associate
counsel of the association. While in
the city Mr.. Pierce called at his firms
Offices at Seventeenth and H streets
managed by Thomas w. Grahany.
On the subject of imitation, which
is so constantly discussed in the
financial district, the brokerage firm
Of Rhoades & Co. says Imitation
means a cheaper dollar in terms of
goods. That implies a general rise in
prices. That can only be brought
about by public buying. Call it fear
buying or confident buying if you like,
1t has the same effect. 1t serves to
improve corporate, earnings AID in
creases speculation in the markets
No issue of greenbacks, however large;
no coinage of silver, however highly
priced; no Government borrowings
however insecurely based on revenue
expectations can bring about infla-
ton If the public will to buy is lack
ing"
c. c. Small, president of the Amer
lean Ice Co., which has maintained
a Washington plant for many years,
told stockholders at the annual meet
ing that he could not hold out any
great prospect for revival in the ice
business. as naturally electric refrig-
Grafton cuts into the sale of ice. How
ever" he added, I'VE are making prog
ress in the sale of our ice refrigerators
and have hopes of selling over mil
lion dollars worth of them in 1885,"
Further Rail Reports Out.
The Southern Railway Co. reports
net operating income in February as
s842,049, against s1,337,523 in Feb
ruary, 1884, and $663,43 in February,
1888 Net operating income for the
first two months of this year totaled
S1,610,146, against S2,30709 a year
ago and 1.465, 1886 in the correspond
lnS Two mOQCES OF 1888.
The Pennsylvania Railroad reports
q net railway operating income in
February of $4,293 ,645, an increase of
s2,618,641 over February a year ago.
For the first two months of 1885 net
railway operating income was off $6.-
10000, the report stated.
The dollar volume of retail financing
of new passenger automobiles shows
an increase of 46 per cent for Feb
ruary, as compared with February,
1884, and an increase of 155 per cent
% per cent compared with January,
1885, according to preliminary esti-
mates by the Department of Com
merce.
Another railroad in which there is
special interest in Washington, the
Virginian, reports $1.14 per share
earned on the common stock in the
first two months of 1885, against ST.
year ago. The Western Maryland
Railroad and the Atlantic Coast Line
both report slump in February. earn
ngs compared with year ago.
President to Entertain Club.
Word has spread through the fnan-
eial district that Thomas w. Brahany
will entertain the members of the
Ticker Club of Washington at dinner
at the Columbia Country Club on
April 8. It is an oldtime custom for
the president of the club to have
the members as his special guests
once a year.
The officials of the Ticker Club this
year include Thomas w. Brahany,
president; Ralph Wolfe, vice presi-
dent; Chauncey Parker. secretary and
treasurer; while Carl W. Corby and
A. Chester Flather, together with the
officers, constitute the board of gov
ernors.
The weighty business of the club is
to consider such matters as uniform
brokerage charges for the officers in
the city. Recently it has not been
necessary to hold very many business
meetings. In the past various pro-
tective measures have been quite free