Evening star., 1935-03-05
UTILITIES REFLECT
TRADE GAINS HERE
Sound Business Advances
Extended in February,
Reports Indicate.
BY EDWARD C. STONE.

to the Public Utilities CommlSSlon.
resume o. earnings Is most interest
ing. The summary shows progress
and steady business expansion in the
Capital. Comparative figures indicate
sound improvement which continued
through February.
Net income of the Potomac Electric
Power Co. in January totaled the
very substantial sum of $404, 4,237S5,
but gain of only s3,352J05 over jan
uary, 1884 The notable increase of
$89, ,145.79 in operating revenues was
more than Offset by the higher oper-
ating costs
Net income of the Chesapeake &,
Potomac Telephone Co. reached the
sum of $l58,929, but this was S4,518
short of the net return in the like
month in the previous year. The
number of phones in use and the
number of telephone calls, however,
both scored good sized advances.
Net returns of the Capital Transit
Co. furnished the surprise of the
month, the profits of S35,32395 be-
ing slump in net earnings of ST. 900
from January. 1884. While the number
of passengers carried was over l6,OO0,-
900 the cost of operations and the work
OF expansion made very, real dent IN
operating revenues, in fact, more than
wiped out the increase OF nearly
$4,000 in operating income.
Net income of the Washington Gas
Light Co. ran up to $139,547 in jan
uary yet was S19,768 lower than the
return in January of the previous year.
The income from operations was down
about $1,000 for the month. mllder
weather this year being the chief
factor.
Net earnings of the Georgetown
Gas Light Co. were better than a
year ago, the net income being sl,386
higher than in January, 1884. There
was an increase in operating revenues
of more than $4,000, while operating
expenses were not permitted to rise as
rapidly.
The January report of the Wash
ington Rapid Transit Co., first to be
filed with the commission. showed the
corporation geeting still farther away
from red figures. In January, 1884,
the bus company reported net in
come of Just S1318. At the end of
January this year profits we're S843
better than a year ago, percentage
gain not to be belittled.
February utility figures are now in
the making so far as the reports are
concerned. They are sure to be good.
February bank clearings, already an
nounced in The Star, were far ahead
of the same month year ago. The
greater the check turnover, the better
the earnings in every line OF business.
IL Billion in U. S. Issues.
Operations of the United States
Treasury Department resulted in the
issuance of S12,662 ,277,850 Of new Sc
curities of all types during 1884, IN
cluding issues for refunding as well
as for cash, the offerings of which
were oversubscribed from 27 to SO
times, according to survey OF the
Government bond market of that
year. which has been published by
C. j. Devine g. Co., Inc, specialists
in such securities.
The survey, which has been pub
lished in booklet form, also shows
that while the national intereSt-bear-
ing debt increased from S23, ,450, ,261,-
$50 as of December 81, 1888, to ST.
944,O37. $50 as of December 81, 1884,
or 1916 per cent, the annual interest
charge thereon increased only from
S772 ,9O4,799 to 1927 ,G94.247, or 7.01
per cent. due to a reduction in the
average interest rate from $3.50 per
cent as of the close of 1888 to 296
per cent at the close of 1884.
Bankers Honor Controller.
Washington bankers took an active
part in tribute paid to Controller
j. F. T. OConnor by Philadelphia
Chapter, American Institute of Bank
ing, Saturday night at their 32d an
nual dinner. The controller made an
address over a Nationwide radio
hook-up at the Institutes last grad
uation exercises and it was for this
effort that he was especially remem-
bered He was present at the banquet,
the leading speaker being William
Mather Lewis, former president of
George Washington University and
now head of Lafayette College, who
declared that there will be no substi-
tute for the bank as the keystone of
the American financial system.
Present from Washington were
George o. Vass, I. j. Roberts, Joshua
n.
A. Norris. Walton L. Sanderson. j.
Earle McGeary. Paul J. Seltzer. Will
liam H. Laughlin and Miss Constance
Fogle, chairman of the Woman's
Committee of Washington Chapter. L.
E. Birdzell of the Federal Deposit In
surance Corp. and Elmer Kilmond. a
national bank examiner, were also
present from here.
Trading Heavy on Exchange.
Trading on the Washington Stock
Exchange was unusually broad and
active today. The leading bonds on
the list were again strong. Sales in
stocks today included small transfer
in Liberty National at IS and a sale
of Riggs National Bank common at
210As.
The special dividend of $50 a share
on the common stock of the Wash
ington Railway g. Electric Co. will
be paid on March II. 1t was declared
last Saturday and made payable to
stockholders of record on that date
March 2. This is the second $40
extra that the company has paid
from surplus. The regular quarterly
dividends on the common and pre-
ferred were paid on March !.
American Stores Co. has reported
net earnings for the year. 1884. as
$3,362,73 after depreciation and Fed
eral taxes, equivalent to s258 a share
against $4,197,807 in the previous
year, or 1892 per share. Current
assets as of December 81, 1884, in
Guiding $6,187,438 cash and market
able securities, at cost, amounted to
s2O,290,322 and current liabilities
were $3,639,772, compared with cash
and marketable securities of $685.
OFT, current assets of $l8,950068 and
current liabilities of $3,486,026 at
end of preceding year.
The Baltimore & Ohio Railroad has
applied to the r. F. G. for an addi-
tional loan of $5,000,000 for five years
to meet equipment trust maturlties OF
7nc nm d,,riy,o 1o26 The road also