Evening star., 1935-05-01
PHONE EARNINGS
BELOW YEAR AGO
March Total at $148,588
Despite Gain of LILO
DC. Subscribers.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
In spite of a gain of lilo tele-
rhones in use In the District of Co.
lumbia In March, total net earnings
of the Chesapeake g. Potomac Tele-
phone Co. were slightly lower than the
balance before dividends last year.
Net income amounted to $l48,588 as
compared with $l56,087 In March,
1884, according to the monthly state
ment Just filed with the Public Util-
ities Commission.
Operating revenues were higher,
$s29,73o against $820,366, but oper-
ating expenses were also higher,
standing at S594,370 as compared with
S582,943 in March year ago. leaving
net operating revenues of $235, 800 in
comparison with $237,423 in March
last year. Taxes called for $6l,4l5
compared with $6l,0l6 a year ago,
leaving a net operating income for
March of S173,945 against $176,407
in the like month of 1884.
The operating income was slightly
lower this year, making total gross
income stand at $173,868 in compare
son with S156,087. From this item in
terest deductions were made of $25, ,280
against S20,592 year ago, leaving the
above mentioned net income Of lit
tie less than $l50,000 for the month.
11,225 Gain in Phones.
Washington was served by 1872, $40
telephones on March 81 as compared
with l81.324 on the same date last
year, a net increase of 11,225 tele-
phones during the past IL months
Telephone calls increased in March,
the report shows, there having been
21,21O,000 calls during the month, as
compared with 2l,203,0 900 calls during
march, 1884.
Figures for the first quarter were
also filed with the commission, show
ing C. g. P operating revenues OF
s2,458,634 while this total last year
stood at $2,4l5,442. Higher operat-
ing expenses Offset the gain, being
$1,744,471, versus $l,685,656 a year
ago. Net operating income Tor the
first quarter totaled S529,249, against
s543,361 in the first three months OF
1884. a small decrease of Sl4,l12.
Interest deductions from total gross
called for S74.622. against $65,282
year ago, leaving a net income Tor
the quarter of S454,406 in comparison
with s478941 in the same period last
year. or a decrease of S24,535.
Telephone calls increased Substan-
tially during the first quarter OF this
wear. 62,152,000 conversations being
recorded, against 6O,2160 900 in the like
period in 1884. The increase in tele-
phone calls backs up other reports
showing a substantial increase in
business in the Capital in the first
quarter of 1885.
Cut in u. S. Loans Is Urged.
Policyholders as well as insurance
men displayed keen interest In the
insurance round table conference
which was held yesterday afternoon IN
conjunction with the annual meeting
of the Chamber of Commerce OF the
United States. Col. Charles Burton
Robbins, manager and general counsel
of the American Life Convention, ad-
dressed the group on the subject OF
"Policyholders' Stake in American
Business Stability"
According to Col. Robbins, 65,0OO,-
1000 men and women are now part
ners in the greatest of all cooperative
enterprises - life insurance. Their
average policy is Sl,670 and the aver
age share of assets per policyholder Is
S346. The cost of management OF the
$4,000, ,oO0, 900 of assets of the institu-
ton of life insurance was only IL. per
cent of the annual income, stated Mr..
Robbins. It Is apparent, said he, that
the vast majority of families In the
United States have a very real ana
substantial interest in the stability
of American business.
With reference to the enormous
governmental agencies that are en-
gagged in loaning money on mortgage
security, Col. Robbins pointed out
that the situation has resulted in the
mortgage financing business being di-
vided between the Government agen-
cies and private trustee enterprises.
The inevitable effect of loaning policies
of the Government will be to cut OF
investment supply of loans from prt-
vate institutions and disturbing nor
NAL lending operations by exciting the
hope for new forms of Government
credit and lowered interest rates. This
Is a serious matter to the millions
Of policyholders who have their saw
ings invested in life insurance COM
panies, states Col. Robbins.
He predicted that when the Home
Owners Loan Corp. has loaned all OF
the money that has been appropriated
to that agency it will own 80 per cent
Of the home mortgages of the Ma
ton and the Government will doubt
less soon be the largest individual
owner of homes in America.
It Is to be hoped. Col Robbins said.
that as business conditions improve
the Government may gradually with
draw from the field of mortgage in
vestment and return it to the great
trustee lending institutions where it
belongs in order that such institutions
may have a field for investment for
their beneficiaries in this safest of all
investments.
Peoples Drug Net Lower.
Peoples Drug Stores, Inc, reports
net profit Of $203,282 for the March
quarter, equivalent after dividend re-
quirements on the preferred stock to
"a cents share on the common stock.
This compares with $229,237, or $1.64
q share on the common in the March,
1884, quarter.
Peoples Drug net sales during the
quarter amounted to $4,444,775.69,
while other store income was over
$65,000, making total store income
Of $4,510,907.80. During the period
dividends on preferred stock were paid
in the sum of S31, ,369.43, leaving a net
profit available for the common stock
Of $171,913.05. The companys assets
and liabilities total $7,560, ,226.82.
Washington Gas Light SIS, 1860,
were strong on the Washington Stock
Exchange again today, changing own
ership at lis. Anacostia & Potomac
first SIS moved in two $1,000 sales at
SS15. In the stock division Capital
Transit was a bit stronger, five shares
selling today at 10.
Georgetown Firm Has Record.