Evening star., 1938-03-26
POTOMAC POWER
INCOME DECLINES
February Net of $376,051
Off $46,851 From Like
Period Last Year.
BY EDWARD C. STONE.

Net income of the Potomac Electric
Power Co. in February amounted to
1915, ,05l.68. a decrease of $46,85l. .l9
or lib per cent from the February,
1887, net returns, according to the
financial statement just filed with the
Public Utilities Commission. A fur
ther increase in expenses was revealed
as causing the lower net.
Operating revenues in February,
this year, totaled ST ,228, ,03O.66, an in
crease of $15,1l708 This gain, was
much more than wiped out, however,
by operating revenue deductions which
amounted to $756,019.60, an increase
of S44, 4,189.16, or more than per cent.
These expense deductions left net
operating revenues of $472,01106, a
decrease of $29, 9,072 08 or 582 per cent.
Gross income for February amounted
to $472, 1909, from which the usual
deductions were made for meeting
bond interest amounting to $96, 1921.
For the first two months of this year
the Potomac Electric Power Co. re-
ported gain in operating revenues of
$6l,523.52 At the same time operat-
ing revenue deductions increased by
$122,3420l, leaving total net in
come from operations Of 81 l,033, ,2O1 so.
After deductions for all interest
payments, net income for the two
months ran up to $841, ,577.74, a drop
of $94,09304 or 1906 per cent from
the like period in 1887, the report
states. While output of electricity has
grown so far this year, expenses have
moved along even faster.
Building Contracts Mount.
H. A. Johns. local manager Of the
F. w. Dodge Corp. Office, reports that
February was a good month for pri-
vate building contracts in the Wash
ington metropolitan area. In group
ing all types of building and construc-
ton the February total for the met
ropolitan area was $3,799O00. This
includes a gain of A per cent over
the January figure, which was $685.
600.
The movement in residential con-
tracts during February, with a total of
$2,445, 900, gave the month an 81 per
cent rise over Januarys $l,3l9,000.
This gain in and around Washington
was far ahead of the average gain of
10 per cent recorded in survey of 81
Eastern States. the summary reveals.
Privately financed February con-
tracts in the metropolitan area, which
includes the District, Arlington and
Fairfax Counties, Va, and Montgom-
cry and Prince Georges Counties, Md,
reached s3,08O,000 a 81 per cent gain
over Januarys figure, $l,802, 900.
d. C. Collections Lag.
Department store collections in
Washington stores in February were 26
per cent of bills due at the beginning
of the month, the Federal Reserve
Bank of Richmond announced today.
These collections were slower than the
average of 81 per cent for the whole
fifth district and 80 per cent for Bal
timore and the same for Richmond.
Store stocks were turned .319 times
in February in the Capital, compared
with 287 times for the whole district.
In the first two months of 1888 stocks
in the stores here were turned .618
times, compared with .571 times in the
whole district.
Goods on hand in Washington stores
at the end of February were 116 per
cent lower than at the end of Febru-
ary, 1887, but 88 per cent higher than
at the end of January this year.
AS already noted, retail sales were
IL per cent lower in February than
a year ago and IT per cent lower than
in the first two months of 1887.
B. & o. Earnings Decline.
Net railway operating income of the
Baltimore g. Ohio R. r. in February
showed a deficit of s920,817, against
$1,799,373 in February year ago, it
was reported today, making a differ
ence of s2,720,190 in the months re-
turns
Railway operating revenues totaled
$9,059, ,598, a drop of S4,417,873 At
the same time operating expenses were
reduced by $1,368,534 to $8,820,295.
Freight revenues were off more than
S4,000,000, passenger returns over S53,-
600 and express income more than
$4,000 during the month.
For the first two months of this
year the B. & o. reported deficit
Of $623,9l6. This compares with a
profit in the same two months last
year Of $500, ,422. or total difference
IN net income in the two months of
S4,444,338
While the railroad has made notable
reductions in operating expenses so
far this year, the drop in freight
revenues has been too severe to be
overcome.
Heard in Financial District.
Arthur G. Bishop, president of the
District of Columbia Building g. Loan
League, reports that loans closed dur
ing January and February, 1888, by
the 20 member associations in the
league amounted to $3,950,O0O. These
hgures compare favorably with Janu-
ary and February, 1887, when loans
totaling $4,349,OoO were made to s36
individuals. In 1887 total of $751;
OO0,0O0 was made in loans to 6,729
borrowers.
Georgetown merchants were made
happy this week by report that the
Washington Gas Light Co. is going
to move substantial number of en-
ployes from the head Office on Tenth
street to the Georgetown Office on
Wisconsin avenue. Alterations and
extensions are now being completed
in the Georgetown Office.
DIVIDENDS ANNOUNCED