Evening star., 1937-03-29
PHONE REVENUES
WELL ABOVE 1885
C. & P. February Net Hits
589O,690, Compared to
$862,841 Year Ago.
BY EDWARD C. STONE.


increased, so that net income for
the month amounted to $163,805, as
compared with $l8l,100 in February,
1896, according to the monthly report
filed today with the Public Utilities
Commission.
Operating expenses called for $685.
080, in comparison with $595,758 in
February, last year. Taxes required
S8l, ,745, leaving a net operating in
come of $180865. Interest deductions
took $18,646, against S14033 a year
ago. The Capital was served by 216,9 ,915
telephones in February this year, a
net gain over the previous month Of
1,l78 telephones.
In the first two months of 1897
Chesapeake & Potomac net earnings
amounted to S344,332, against the
higher figure of 1868 481 year ago,
the report to the commission added.
Operating revenues totaled $1,816, 746,
compared with S1,748,978 a year ago.
Operating expenses were ST ,269 1893,
against S1,212,336 Taxes were higher
this year, leaving net operating
income of 1916, 95l, against S39l9l9.
Non-operatin income was up
slightly, but gross was lower than last
year Usual interest deductions called
for $37,571, against S28.897, leaving a
balance before dividends of S344,332,
in comparison with S363,48l in the
like period year ago.
Exchange Business Grows.
Business on the Washington Stock
Exchange in February was substan-
TALLY heavier than in January, ac-
cording to reports made to the Sc
curities and Exchange Commission.
Trading in the bond department more
than offset slump in stock trans
actions.
The dollar value of all stock sales
on the exchange in February was
S86,585. against total value of
SOL, 1902 of the issues changing own
ership in January. In February
1929 shares changed hands in COM
parison with the higher figure of
1906 shares in January.
In the bond division the sales value
of the senior securities totaled $50, ,763
in February as compared with only
S55,205 in the previous month The
bond improvement brought the value
of all sales on the exchange in Febru-
ary to Sl73,348, while in January the
total stood at S156507. This was
notable pickup for the shortest
month in the year.
According to Exchange Commission
data the dollar value of sales on all
registered securities exchanges in
February amounted to S2,977,9 ,978 ,904,
an increase Of 02 per cent over Feb
tuary, 1886, slightly larger than in
January this year and also highest
since the first figures were compiled
in October, 1884. Total business on
the Baltimore and Richmond ex-
changes was much lower in February
than in the previous month.
Bank Conference Lauded.
Robert V. Fleming, Hilleary G..
Hoskinson, Raymond G. Marx and
Earle M. Amick of the Riggs National
Bank were back in the financial dis
trict today after attending the regional
banking conference AZ Atlanta They
we're all enthusiastic over the two-day
program.
According to dispatches govern
mental competition, banking research
and public relations and preservation
of trust business in banks dominated
the discussions.
Production credit organizations and
Federal savings and loan associations
bore the brunt of the bankers attacks
on governmental competition.
Arguing against the proposal of
GiSassociation of trust functions from
banking, Richard G. Stockton, vice
president of the Wachovia Bank &
Trust Co., advocated the enforcement
of recognized principles of trust prac-
tice, rather than the disruption of the
corporate fiduciary business.
Merle E. Robertson, president of
the Liberty National Bank & Trust
Co. of Louisville warned bankers
against conducting personal loan de-
partments in commercial banks in
such way as would permit the public
to associate such departments with
small loan companies and pawn
brokers.
Il seriously question, Mr.. Robertson
said, whether the public has sufficient
understanding of personal loan de-
partments as conducted by banks to
regard such operations as being far
out of the three ball or loan shark
class"
Bankers to Hold Election.
Two new members of the Executive
Council Of the safe deposit section
of the District Bankers Association
will be elected at the March meeting
this evening in the board room of the
American Security & Trust Co., TO
fill vacanc les. These members have
already BEEN placed in nomination:
Charles K. West, Security Savings
& Commercial Bank; Charles w. Haas,
Union Trust Co.; John M. Boteler,
National Savings &, Trust Co.; Arthur
P. Miller, Liberty National, and Gerald
E. Keene, Second National. There may
be other nominations from the floor.
Further plans for the national con-
vention will also be discussed. Mrs.
Helen R. Sharpe will preside.
Security Act Helps Agents.
The social security act has greatly
increased the urge and the market for
life insurance. R. M. Plake, general
agent in Washington for the North
western National Life Insurance Co.,
said today on his return from Min
neapolis, where he attended the an
nual home Office conference of the
company's managers and general
agents.
New sales plans discussed at the
conference emphasize the stimulus to
the sale of life insurance produced by
the social security act" Mr.. Plake
said. Because the act provides only
a slight death benefit, 1t does not
compete with the real service of life
insurance, which is providing for a
mans dependents after he is gone.
In addition, it has reused a wider
appreciation of the need for an