Evening star., 1935-04-26
PEPC0 EARNINGS
DECLINE SLIGHTLY
Net of $321,499 in March
Is $10,666 Below Mark
for Year Ago.
BY EDWARD C. STONE.

to 1921, ,499.6S, against 1892, 1868 in
the same month year ago, or slight
drop of $10,6667o, according to the
monthly financial statement filed to-
day with the Public Utilities Commis-
sion. 1t is the first March report to
be filed
Operating revenues we're $l098.-
1877 as compared with Sl,002, ,460 81,
a gain of sos, ,728.56. While revenues
showed this notable advance, the cost
of operations went ahead still further.
operating revenue deductions taking
S693, ,445.07. against $685., ,399 SO. an in
crease of $98 ,045.7l, leaving a net op-
Grating income of $404.743.70. COM
pared with S407, ,06085 in the like
period last year, or a decrease of $2,-
Bits.
Miscellaneous income totaled So
s12.86 against $11.2l8.58 last year At
the same time gross was off $3.7l487.
Deductions from gross called for $685.
05688 as compared with S86. los. .05, an
increase of s6.95l .83, leaving the above
stated net income.
For the first quarter of 1885 the
power companys operating revenues
of S3.338,377.3 .38, an increase of S271,-
21004 from the first three months Of
1884. Revenue deductions required
S2,023. .67798, an increase in operat-
ing costs of $278, ,666.75, leaving a net
operating income of $l.3l4.699 40,
against 1892, 1861 a year ago, a
falling off of S7,45671.
Miscellaneous income showed drop
of s4,45323. while gross was of $ll,-
9O9.94 from last year. Usual deduc-
tions to meet interest and such pay
-mentS took s20,263.63 more than
year ago, leaving a total net income
for the quarter of $1065. .020.89. In
comparison with s1.O97. .1944 46. or a de-
crease of S32,173.57 over the same
period in 1884.
Wholesale Collections Jump.
The Federal Reserve Bank of Rich
monds wholesale report for March.
covering the activities of So firms,
shows that hardware led the five
leading lines mentioned in the sta
tistiCs. Hardware sales were up go
per cent over last year; grocery sales
gained 8 per cent, but dry goods
dropped off 20 per cent. shoes II per
cent and drugs 98 per cent. Com
pared with February. sales in gro
ceries were 63 per cent higher; in
dry goods, 8 per cent higher: shoes.
25 per cent higher; hardware. 1872
per cent up, and drugs, 2 per cent
better.
The Richmond Bank reports sales in
the first quarter in groceries were 63
per cent better than in the first quar-
ter of 1884. Dry goods sales were
of l9 per cent and shoes per cent.
but business in hardware was up go
per cent and drugs about / per cent.
Wholesale stocks on hand at the
end Of March were ga per cent higher
In groceries than at the end of March
last year. Dry goods stocks were
down % per cent. shoes were of go
per cent while hardware stocks were
81 per cent higher. Compared with
the end of March year ago. stocks
on hand were slightly lower in gro
ceries, dry goods and hardware and
down II per cent in shoes. with no
report on drugs.
Collections were unusually good.
OF receivables due at the beginning
of March. 1913 per cent were paid.
On bills for dry goods, 80 per cent
was paid; shoes, 6l.9 per cent: hard
ware, 46.8 per cent, and drugs. 637
per cent. The report covers Wash
ington, Maryland, Virginia, West vir-
ginia and the Carolinas.
Institute Officers Named.
j. Earle McGeary of w. B. Hibbs
& Co. was nominated as the next
president of Washington Chapter,
American Institute of Banking. at
the regular meeting of the chapter
held in the Bond Building last night.
when other officers and governors
were also placed in nomination for
the coming year.
Paul j. Seltzer, American Security
& Trust Co.. was named for first vice
president; William H. Laughlin,
Washington Loan &, Trust. and Rob-
ert A. Sisson, Hamilton National. sec
ond vice president; Robert NJ Poole,
Riggs and Joseph r. Fitzpatrick,
treasurer: Katherine w. McCalmont,
w. B. Hibbs & Co.. secretary: Myrtle
P. Lewis, American Security, and
Harry Rider, National Metropolitan.
chief consul.
The Board of Governors placed in
nomination. from whom four are to
be elected, includes Constance D.
Fogle, Riggs National Bank; Aubrey
o. Dooley. Hamilton National; T.
Hunton Leith, Security Savings &
Commercial: Archibald McLachlen,
McLachlen Banking Corp; Elmer G.
Flather. Union Trust Co.: G. Craw-
ford Turnbull. Morris Plan Bank.
Theodore B. Bogley, Munsey Trust
Co., and George E. Earnshaw, Ma
tional Metropolitan.
Members of the Board of Gov
ernors whose terms expire this year
include Kenneth W. Brooks. Riggs
National; Aubrey o. Dooley, Hamilton
National: James c. Dulin, jr.. Amer
lean Security; G. Elmer Flather,
Union Trust Co.. and T. Hunton
Leith, Security Savings & Commercial.
w. l.. Sanderson. retiring president.
automatically becomes a member of
the board.
Maryland Bankers Plan Drive.
1t was announced from Landover
Md, today that committee to work
for general improvement in the bank
ing business in that section of Mary
land will be appointed shortly by H.
H. HELEN, cashier of the Solomons
Bank of the Country Trust Co. of
Maryland, who was elected chairman
Of Group of the Maryland State
Bankers Association at meeting last
night at the Beaver Dam Country
Club.
R. Bascom Broun, jr. cashier of the
First National Bank of ST. Mary's, of
Leonardtown. was chosen vice chair
man and c. j. Parkinson, formerly of
Hyattsville and now with the Inter-
mediate Credit, Bank of Baltimore,
was reelected secretary-treasu-er.
Bankers Elect Delegates.
At the regular meeting of the safe
deposit section Of the District of Co.
lumbia Bankers Association. held last
evening, the following members were
elected to attend the< National Safe
Deposit Advisory Council convention
a. Ash,Irv Park NJ i lime and a.