Evening star., 1937-02-26
PEPCO D|SCL0SES
NET OF $512,767
January Profit Compares
With $445, ,306 for Same
1896 Month.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
FIRST of the January public utility
reports to be filed with the Public
Utilities Commission, the Potomac
Electric Power Co. reported today that
net income for the opening month OF
1887 totaled S512,76791, in compari-
son with $445, ,306.30, a gain OF $751;
46l.15, or 1915 per cent.
Operating revenues in January
amounted to $1,318, ,46l SO, an increase
of s60624.02 over January 1886, or
4.82 per cent. Deductions for operat-
ing expenses called for $725, 5,524.24, an
increase In operating costs OF only
s3.792.13, or half of l per cent.
Deduction of operating expenses Left
a net income from operations Of $592.-
937,34, which was gain Of 1881 80
over January a year ago, or 1850 per
cent.
Gross revealed gain Of practically
the same amount as the operating
net. $56,194.O2. Deductions for inter-
est etc, required $87y879.l8, against
the higher figure in January last OF
s99,146.77, a reduction of more than
IL per cent. The highly favorable re-
port is in line with the steady increase
In electrical output as noted during
the month under review.
Wholesale Shoe Sales Soar.
An astonishing gain of 12O per cent
in wholesale shoe sales in the fifth
Federal Reserve district in January,
In comparison with the preceding
month, was reported today by the
Richmond Reserve Bank. The sum-
mary also showed that dry goods sales
we're u per cent better than in De-
cember, hardware sales were up Al
per cent, drugs 81 per cent, while
sales Of groceries were of l.3 per
cent.
In the report covering 81 wholesale
firms it was shown that wholesale
trade was also far ahead of January,
1886. In this comparison dry goods
made the best showing. with a gain OF
Is per cent; hardware sales were up
over 20 per cent, shoes 1l.6 per cent,
drugs 11.2 per cent and groceries just
over 10 per cent.
Stocks on hand were also reported,
showing that in comparison with jan
uary, 1886, a gain in groceries OF more
than Z per cent was recorded, dry
goods stocks were up 81 per cent.
shoes 2l per cent and hardware 3.5
per cent, with no report on drugs.
Compared with the end OF December,
1886, dry goods stocks were up As per
cent and shoes 81 per cent. Other
stocks were practically unchanged.
January was an excellent month
FOR bill collections. OF receivables due
the first of the month, lit per cent
was paid on groceries, So per cent on
dry goods, 4S per cent on shoes, Al on
hardware and 50 on drugs, the report
said.
Insurance in Sharp Drop.
New life insurance written in the
District of Columbia in January
dropped IS per cent below the record
for January. 1886, reports from Hart
ford, Conn, stated today. This was
by far the largest monthly slump
recorded here in long time, the
average for the whole country being
of but per cent.
Maryland, however, reported
gain Of II per cent over January
year ago, Virginia insurance sales were
I'D 3 per cent, North Carolina scored
q l3 per cent advance, and South
Carolina hung up remarkable rec
ord with a 81 per cent jump, only
Nevada, with 81 per cent gain,
making a better showing among the
4s States. West Virginia was down
per cent.
New policies written in Washington
IN January totaled s4.070000, in Mary
land $6,661 900, in Virginia s5,639, 1000,
in West Virginia $685. 900, North
Carolina s6,198,OO0 and South Caro-
lima S2,49O.O00. The South Atlantic
group, including Delaware, Georgia
and Florida, wrote total of $685.
600 in new business.
Washington stood below the leading
cities of the country, something quite
unusual. Detroit reported 10 per
cent gain. advances also being scored
by Philadelphia and Boston. Others
failed to match last years totals.
B. & o. Income OF Slightly.
Net railway operating income of the
Baltimore g. Ohio Railroad, reported
today, for January totaled s2,021 ,049
against $2,031 ,324, decrease Of $10,-
275, the slight drop being largely due
to food conditions.
Railway operating revenues amount
ed to $13,866,890, gain of 81 ,40l ,234
over January, 1886. Freight revenues
totaled s12,220,216. an increase Of
S1,374.260. Passenger revenues also
made small gain, reaching s909,17S,
m advance Of $18.264.
Railway operating expenses in jan
uary called for $10,273,644. an increase
over January, 1886, of s880,651.
Heard in Financial District.
As noted elsewhere in today's
Star, Robert v. Fleming, president
of the Riggs National Bank, at the re-
quest Of former President Herbert
Hoover, has accepted membership on
the Board of Directors Of Boys Clubs,
Inc, Of America. Mr. Hoover is chair
man of the board and w. E. Hall is
president. Mr.. Fleming is already a
member of the Boy Scouts of America.
Mr.. Hoover urged him very strongly
to accept the new position and called
attention to the highly important work
now being accomplished.
Y. E. Booker & Co. acted as agent
for the Capital Transit Co. in the
negotiations leading to the loans by
20 Washington banks of $l,507, 900 to
the company for the purchase of As
new street cars and II buses. This Is
one Of the very few loans of this kind
on record.
The Executive Council of the South
ern group Of the Investment Bankers
Association has voted to hold the
Spring conference at Southern Pines.
N. c., on April 10 and II, the WASH
ington members leaving here on the
night OF April and returning on the
18th. This arrangement will mean the