Evening star., 1936-09-26
PEPC0 EARNINGS
/ RISE TO S7O;48O
August Profits Compare
With $318,996 Net in
/, Same 1885 Month.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Net earnings of the Potomac Elec-
trio Power Co. in August amounted to
$370,4S0.si, against 1913 ,996.48 in Au-
gust, 1885, an increase of S5l ,48443
or 1914 per cent according to the
monthly statement filed with the
Public Utilities Commission today.
Operating revenues totaled Sl,l53,-
S2213, a gain of $70,299.19 or $40
per cent, while revenue deductions
for operating expenses took S71o,-
o1239, up $33,13272, but less than
per cent higher than year ago and
leaving net operating income of
SAB, 3,80974, a gain over August last
year of $37,l32.72 or 9.13 per cent.
incorporating income amounted to
only S15,919, but was "a per cent
higher than in August last year. This
brought total gross to $459, ,72936, an
increase of S43,94243 or 1857 per
cent. Deductions from gross to meet
interest charges required S89,248.45,
which was 7.79 per cent under the
amount needed year ago, thus con-
trihuting to the fine monthly net in
come already stated.
Potomacs power earnings for the
first eight months of this year also
make a remarkably good showing. OPP
Grating revenues totaled $9,304 ,960.87,
q gain of 09,12632 or per cent.
Deductions for operating expenses
called for SIS ,664, 554 ga, an increase of
more than s27o.Ooo, or per cent.
Deductions for operating expenses
left net operating income of $780,
<0593. After the usual interest de-
auctions the corporation reported
net income for the eight months of
S2,938, ,09386, an increase over the
similar period in 1885 Of 1901 ,87504
Or 1l.45 per cent.
Financial District Gossip.
Directors of Woodward g. Lothrop
have declared the regular quarterly
dividend of 37l2 cents per share on
the common stock and an extra pay
ment of 37la cents a share on the
same issue. both payable September
80 to stock of record on September
Is. The regular quarterly dividend Of
Sits a share on the preferred stock
has also been voted, this also to be
paid on September 80 to stock of rec
ord September 25.
Wilmer j. Waller, vice president
Snd cashier Of the Hamilton National
Bank, is another Washington fnan-
cier honored at the A. B. A. conven-
zion. He was appointed a member
Of the Executive Council of the Ma
tional Bank Division, to serve for
three years. Mr.. Waller attended the
convention, representing the District
Bankers Association as member OF
the Nominating Committee. Incl
dentally, he is former president of
3he local association.
James M. Johnston e. Co., invest
snent dealers in the Southern Build
ing. were participants with several
other Washington firms in the offer
ing Of 1000 shares of Barium Stain
less Steel Corp. common stock priced
et s3.75 per share, 81 par value. j. A.
Sisto & Co. led the syndicate. The
stock, placed on the market yester-
day, was quickly sold and the books
closed.
AS announced early this week, the
District Life Underwriters Associa-
ton will open the 1867 season with
q luncheon at the Willard Hotel Mon
day noon at 1875, with Grant Tag
CART of Wyoming as the guest speaker.
In 30 years he wrote S14,000,000 in
surance on 1000 lives and intends to
kell Washington agents how to do the
eame thing. President Laurence H.
Fiegles will preside and outline ac-
tivities for the current year. He and
over 80 other agents have just re-
turned from the national convention
In Boston.
Smith Outlines Platform.
In outlining his platform for the
coming year, Tom K. Smith, new A. B.
a. president, declared the most urgent
problem in banking is its adaptation
10 a changed economic environment.
He added: Il am now prepared to an
nounce that research will be one of
the main objectives of my adminis-
tration."
Discussing the need of research he
poif8ed among other things to new
legislation, fundamental changes in
khe method of issuance and distribu-
tion of investment securities and the
rgigantic new banking institution,
1uasi-governmental in character"
some of which he said appear to be
IN direct competition with u.s.
'I am convinced" he said, "that
there is no problem in banking con-
fronting us today which research,
education and cooperation cannot
solve -. These make up the platform
upon which I urge your continued
support" i
Home Loans Reach New Peak.
Outstanding advances of the II Fed
eral Home Loan Banks to their men,
ber institutions reached the total of
el26,863,757 on September IL. This
Is the record figure for employment of
the credits made available by the CEN
tral reserve system for the thrift and
home financing institutions of the
Nation.
Parallel with the pronounced revival
In home building that began in the
Spring of 1885, the total of outstand-
ing advances of the Federal Home
Loan Bank system has maintained an
unbroken rise since March of that
year, when the total was less than
f73 100000.
The steadily increasing use of their
credit reserve system reflects the
greater activity of the member asso-
Citations in making long-term loans
In their areas for the construction,
purchase and reflnancing of homes.
The proportion of loans made for new
construction has been climbing in re-
cent months, while the ratio of re-
financing loans has been decreasing.
Ex-Richmond Banker Honored.
William F. Augustine, elected presi-
dent of the National Bank Division
Of the A. B. A, is vice president OF
the National Shawmut Bank of Bos-