Evening star., 1937-09-25
PEPC0 EARNINGS
GAIN MODERATELY
August Net Hits 1886, 6,136
Compared to S370,480
in 1886 Month.
BY EDWARD C. STONE,

BY EDWARD c. STONE.
Total net income of the Potomac
Electric Power Co. in August amount
ed to 1886, 1865, against 1910, 0,4S09l
IN August, 1886, a gain of S15,65514,
or 4.23 per cent, according TO the
monthly statement Just filed with the
Public Utilities Commission Both
the August and eight months earnings
indicate marked improvement in gen.
eral business conditions in Washing
ton.
The report states that operating
revenues in August totaled s1,2l4,-
ll806, which was gain of $780, ,295S3,
or 5.23 per cent. Operating revenue
deductions for expenses called for
S7s2 2989.l3. an increase in operating
costs of $42.976.74. Net revenues from
operations alone amounted 10 S461.-
1898. a gain of s17,319.19, or $50
per cent.
The Potomac Electric Power Co.'S
statement for the eight months is
equally impressive. with operating rev.
enues reaching s9,737,32l27, an in
crease of s432, ,36040 over the like
period last year, or 465 per cent.
Rising costs we're reflected in oper-
sting expenses, which amounted to
s5,8l3,o58.47, an increase of sl48,-
e0353, or 2.62 per cent
After all the usual charges for bond
interest, Potomac Powers net income
totaled S3,312,512.17 against S2,938,-
093.86 last year, an increase in the
eight months of s37441831, or 1874
per cent.
Transit's Pickup Pleasing.
Holders of Capital Transit stock
were encouraged by the August report
fled with the Public Utilities Com
mission. which showed a reduction
In the net deficit from over $4,000
to s27,745,23. The reduction amount
ed to s15,49702 and an Improvement
of 1873 per cent. The amount of the
better showing was not as important
as the possibility that it may indi-
cate an upward trend, shareholders
assert.
The report revealed an increase of
e11,l1705 in operating revenues dur
ing the month and reduction of more
than $4,000 in operating expenses.
Operating income totaled $27, 7,40l.4 Al,
against only $7,66985 in August last
year. a jump of 1878 per cent. De-
ductions from gross for interest
charges required s57618.47 and put
the net income figure on the red
ink side. Revenue passenger traffic
was down 79 per cent
In the first eight months of this
year Capital Transit reported a net
income of s84, ,958.60. against a deficit
last year of S38.207.3l. making an
improvement of s123.1659l Operat-
ing revenues were up $3.50, 0,558.02. Op-
Grating expenses climbed s296,230.16.
The increase of more than S154 900 in
operating income was gain of AT
per cent
Revenue passengers in the eight
months numbered 109,074,808, de-
crease Of 2.949,862, or rs per cent
from last year.
Bank Stock Data Compiled.
Johnston. Lemon &, Co, members
of the Washington Stock Exchange.
are distributing among their clients
Manual of Washington Bank
Stocks" which they have compiled.
This booklet is probably the most
complete on local bank stocks which
has ever been presented here A brief
history, list of officers and directors,
three-year comparison of book val
ues, dividends and assets, l0-year price
range, and comparison of reports
10 the controller of the currency
from December 81, 1882. to date are
furnished on each of the % local
banks.
The publication covers all of Wash
ington's banks now in active oper-
alton. 1t is the firms intention to
publish the booklet annually. as of
ceiving the first copies have given the
manual high commendation.
Broker Joins Insurance Staff.
The Washington Office of the
Phoenix Mutual Life Insurance Co.
announced today that Frederick S.
Lee is the son of Ralph w. Lee, who
has been well know, in Washington
In the general insurance business for
many years He graduated from West
Point in the class of 1922 and re-
signed from the Army after few
years service in order to enter the
investment business in Philadelphia.
He was later connected with
well-known brokerage firm in WASH
ington for several years, when illness
tot tod y ic roti
business. Mr.. Lee returned to active
duty in the Army in connection with
the Civilian Conservation Corps and
commanded number of these camps
for more than four years, resigning
in order to make his present con-
nection.
Hardware Tops August Sales.
With gain of more than 13 per
cent, hardware led wholesale trade
sales in the fifth reserve district in
August, the Federal Reserve Bank of
Richmond reported today. Groceries
came next with an per cent gain,
drugs next. followed by dry goods
and shoes, as compared with business
In August, 1885.
Compared with July OF this year,
shoes showed an IS per cent gain,
dry goods 70 per cent, hardware S
per cent, drugs per cent, while gro
Gerry demand was lower than in July.
Between January and August of this
year grocery sales gained IL per cent,
dry goods 48 per cent, shoes IL
per cent, hardware % per cent and
drugs Z per cent.
Stocks on hand at the end of Au-
gust were considerably higher than
at the end Of August, 1886, the re-
port said. Changes compared with
July were mostly unimportant.
August collections were the best for
groceries, 118 per cent of receivables,
dry goods 40 per cent, shoes 33 per
cent. hardware 38 per cent and drugs
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