Evening star., 1938-06-03
UTILITY EARNINGS
HOLD WELL IN D. c.
Reports for Four Months in
1888 Reveal Favorable
Comparisons With '37.
BY EDWARD C. STONE.


period in 1887. according to the finan-
cial statements filed with the Public
Utilities Commission. Operating in
comes increased operating expenses
we're kept we'll in hand, and two of
the corporations reported higher net
incomes than in the corresponding
four months year ago.
The Washington Gas Light Co. re-
ported a gain of Sl19,902 in the period
under review compared to the 1887
results. Net earnings amounted to
$500, $40 against S540,9 a year ago
Operating revenues disclosed a gain
of $217,392. Operating expenses also
increased, but only $ll3.0l6. Inter-
est and amortization called for $2,56l
more than last year.
The Capital Transit Co., aided by
substantial improvement in April
reported net income for the four
months amounting to $84, ,034 So
against S32,315.95 a year ago, an in
crease of S5l,7l868. While this is
nowhere near enough to mean early
resumption of dividends, it shows the
trend is upward instead of downward.
In the four months there was an IN
crease of more than $4,000 in oper-
ating revenues, and operating eX-
penseS were kept more than $4,000
under last year.
The Chesapeake g. Potomac Tele-
phone Co. reported net earnings OF
$606,745 in the four months, against
s693,908 in the like period year ago,
a drop of $87l6 At the same time
the company reported notable gain
in the number of average daily tele-
phone calls and in the number Of
phones in use.
The Potomac Electric Power Co.
reported a total net income in the
four months of 81, ,522, ,59970, off s241,-
O76.76 from last year, but very sat
isfactory and substantial figure. The
corporation reported a gain of $ll4,-
837.47 from operations but an in
crease in operating expenses Of over
s284,000 Kilowstt output has been
going ahead steadily.
Bauman Oriental President.
Chaplin B. Bauman was elected
president of the Orinetal Building AS
sociation at the annual meeting of
the shareholders late yesterday, sue
ceeding his father, Charles H. Bau-
man, who has been president of the
organization more than quarter of
g century.
0PF al tod t,oIr1 Inl
Henry E. Deckman, treasurer. and
Ralph A. Zander, treasurer. John G.
Kolb was added to the Board of Di-
rectors and the following members
were reelected;
Charles Schafer, Carl C. Heneke,
Charles H Bauman, G. H. Schultze,
John J. Kolb, Thomas B. Young,
Louis C. Dismer and C. Albert Parket.
The Oriental Building Association
is the Oldest of its kind in Washing
ton, having been established in 1861.
Total assets are around S6,250000.
Riggs Bank Staff Celebrates.
The final meeting of the year of
Customers Relations Council of the
Riggs National Bank took place last
evening at the Wardman Park Hotel.
The whole Riggs family was present,
about 800. The councils retiring
chairman, j. George Dagenais, pre-
sided
The Riggs Bank Dramatic Club
presented sketch, The Lighthouse
Keepers Daughter" which proved the
hit of the evening, and an excellent
professional program was also staged
While the program permitted no
speeches, Robert V. Fleming, president
of the bank, took occasion 10 exress
appreciation of the splendid educa-
tlonal program carried out by the
council during the last year. Vice
President George o. Vass, on behalf
of the other members of the council.
presented Chairman Dagenais with a
rich gift in the form of cuff links
and other accessories.
Clearings Near 1887 Mark.
The Washington Clearing House re-
ports total clearings of S18,194,829.3 .33
for the week ended Wednesday,
which compares with $l8,688, ,881 .l9
for the corresponding period a year
ago, a decrease Of S494,O5l86. Com
pared with a total of $23,617,861 .48
for the previous week, clearings de-
creased 22.9 per cent.
Richmond reported drop of IA per
cent last year, and Baltimore clear
ings were down 18 per cent Mary
land banks were closed on Memorial
Day, and many banks in Virginia also
observed the holiday.
Today's Trading on Exchange.
Riggs National Bank common stock
sold at 269 on the Washington Stock
Exchenge today on a 10-share turnover.
Anacostia & Potomac R. R. IS came
out on the board at 81, $1,000 bond
changing hands. Washington Gas SIS,
1860, were strong, two sales taking
place at lit. Other bid and asked
prices were little changed.
Washington bankers are praising
Cleveland people, who recently re-
ceived s37,000,000 in the Union Trust
Co. pay-off for the way they used
the funds. They paid bills with it
and put the rest in the banks. Bank
ers here say there is nothing more
commendable than the paying up of
past due accounts.
April Wholesale Trade OFF.
The dollar volume of wholesale trade
declined 1872 per cent during April
as compared with April, 1887, ac-
cording to reports from almost 1900
wholesalers cooperating in the
monthly joint study of the National
Association of Credit Men and the
Bureau of Foreign and Domestic Com
merce. This was the largest decrease
in sales from the same month of the
previous year which has been recorded
during the period Of decline which
began last October.
Financial District Notes.
Mackubin, Legg g. Co.'s Washing
ton Office is distributing a statement
on tax exemptions on certain securi-
ties of mutual investment companies