Evening star., 1938-10-08


records
the statement
filed with the Public Utilities Com
mission. the Capital Transit Co. reg
istered a net income for the eight
months of Sl58.1019l, or a gain of
$73,l43.3l over the same months in
1887. This figure included an i'm
provement of more than $4,000 in
August alone.
The Washington Gas Light Co. re-
ported stepping up in net of $780,
227 to a total of $599,0l4 In Au-
gust the company noted a net in
crease of less than $4,000, most of the
improved showing having beer scored
In other months. An advance of
1858 meters in use was reported over
the same period in 1887.
The Chesapeake & Potomac Tele-
phone Co. reported a total net in
come in the eight months, $ll33.327
against Sl,281,618 in the correspond
ing months last year. An increase
in operating revenues was offset by
higher expenses and larger interest
deductions The number of telephone
calls revealed marked increase.
The Potomac Electric Power Co.
disclosed net earnings of S2,897 029,
very substantial sum. although it
was S415, 1882 lower than year ago.
The drop was largely due to higher
operating expenses as kilowatt hour
sales of electricity held to better
figures than year ago.
With further business improvement
predicted for the rest of the year, the
final figures of all four corporations
are bound to reveal gratifying re-
suits.
Norris Assumes New Bank Post.
Thomas j. Norris. appointed man
ager of the H and North Capitol street
branch of the Bank of Commerce g.
Savings, has already assumed his new
duties. Having been assistant man.
eger, he Is thoroughly familiar with
the Office. In the II years that he has
been associated with the bank his pro-
motions have been rapid. His first
position with the bank was that of a
runner, but it was only a short time
when he received an advance. During
the last year the H Street Branch
proved a highly important factor in
the banks prosperity. President M. D.
Rosenberg said the other day.
Interest in Bond Issue.
The high light of the week in finan-
cial circles was the application of the
Washington Gas Light Co. for the right
TO issue Sc, 100000 in per cent bonds
10 refund similar issue due in 1858,
which pay per cent. The per cent
bonds, listed on the Washington Stock
Exchange. are widely held in the Cap
ital and are to be redeemed at 1041a.
They have recently sold above los.
The bid yesterday dropped to 10412,
with los asked.
1t is anticipated that the new bond
Issue will be approved by the Public
Utilities Commission. The issue does
not have to be registered with the
Securities and Exchange Commission,
as the bonds are to be sold privately
to several large insurance companies
The proposed new issue is the largest
refunding operation planned in the
Capital in many months.
Mortgage Appraisals Soar.
Although the dollar value of mort
cages selected for appraisal by the
Federal Housing Administration during
September declined slightly from its
record high of $l04 900 900 reached in
the previous month, the September
total of S98, 8,43l 900 was 1T per cent
over that of the like month last year,
F. H. A. reported yesterday.
At the same time, the F. H. A. said
mortgages accepted for insurance
amounted to s68,34300O during the
month. 94 per cent increase over ac-
ceptances in September a year ago.
During the nine months ended with
september. the agency selected mort
cages for appraisal having an aggre-
gate value of S752 100000. an increase
OF So per cent over the same period
last year.
Dollars and Sense Out.
Dollars and Sense, published by
washington Chapter, American Insti-
tute of Banking, appeared in the finan-
cial district today, the first fall issue.
1t brings all institute activities up to
the minute, including the names of the
students who have recently received
their certificates. Every department
Of the institute is ably covered in the
news.
This years Dollars and Sense staff
includes A. E. Henze, w. B. Hibbs e.
Co, editor; Kenneth Birgfeld, Ameri-
can Security & Trust Co.; j. George
Dagenajs, Riggs National Bank, and
Miss Rose Royce, Washington Loan g.
Trust Co.. assistant editors. and James
z. Lunson, circulation manager Mr..
Henze. a former chapter president has
been the editorial chief for several
years.
New Bond Financing Climbs.
State and municipal financing for
the month of September aggregated
$78,085, ,724, as compared with ST.
o8S,l10 in September, 1887, according
to the Daily Bond Buyer. The total
for the first nine months of 1888 is
s922,566.2 .239, as compared with $801,-
o88,110 for the same period last year.
The first cooperative effort made in
nearly decade to reopen the farm
mortgage field to private investment
will be undertaken at the special farm
mortgage conference called by the
Mortgage Bankers Association of
America in Chicago october IL, the
opening day of the associations 25th
annual convention. Almost 200 repre-
sentatives of farm mortgage banking
firms, insurance companies and other
institutional investing organizations
are expected to participate.
The Wall Street Journal, comment
Ing on the recent advances in Southern
Railway stocks and bonds, says that
the company now has good chance
Of being in the black in earnings for