Evening star., 1939-03-25
Potomac Electric
Power February
Net Above 1888
Profits Of $376,42l
Disclose Advance
Of Only $369.96
BY EDWARD c. STONE.

by very SIildll lildl gin. Ilel edT1l-
ings of the Potomac Electric Power
Co. in February turned out to be
higher than in the same month a
year ago. total of 1915. &c dis
closing a gain of S36996 according
to the monthly statement just filed
with the Public Utilities Commis-
sion.
Operating revenues scored sub
stantial gain, Sl,275.51744 register
ing an advance of s47.4S67S Oper-
ating deductions for expenses, how
ever, also climbed, the sum of
S798,O32l7 being S420l257 higher
than last year Net operating reve-
nues totaled after deduction Of ex-
penses, SAT- 465.27, a gain OF
$547421.
Gross earnings for February
amounted to S4776l448, a modest
increase of S50736l. Income de-
ductions for bond interest called for
SOL 1872 81 which was S5,073,6l more
than required last year in February,
the report reveals. The increase in
operating expenses was the real rea-
son for so modest gain in net
profits as the demand for electricity
was much larger than a year ago.
The Potomac Electric Power Co.
also filed report on the results
of the first two months of this
year. Net income amounted to
S795 ,SO1 "a in comparison with
S341.57774 in January and February,
1888. This was a decrease of
s45,7759O or 544 per cent, the state
ment concluded.
Banks Plan Special Meetings.
From Winchester, Va comes word
that five counties in that section
of Virginia are going to hold series
of general public meetings, begin
ming Monday, to spread information
about banking The Frederick,
Clarke, Shenandoah. Warren and
Page County Clearing House Associ-
alton is in charge of the program.
President c. L. Robey of the Vir-
ginia Bankers Association. will at
tend the first meeting at Winchester
and explain the aim of the series. |
The presiding officer will be Houston
H. Newman.
The moving picture, Sixty Thou |
sand a Day" will be thrown on the
screen by George E. Foreman of
Riggs National Bank of Washington, |
who produced it. The picture shows
the writing of a check, its indorse-
ment, presentation to the bank and
passage through the clearing house,
back to the bank and return to the
maker.
The chief speaker will be William
A. Irwin from New York. assistant
educational director of the American
Institute of Banking. The bankers
are even planning to have some
music, the Virginia tenor, Andrew
Summers, being slated to render sew
eral songs. The banks promise sew
eral Dig nights for their patrons,
other meetings to be held in other
counties.
''Dollars and Sense" Appears.
dollars and Sense" published by
Washington Chapter, American IN
stitute of Banking, appeared in the
financial district today. Edited by
A. E. Henze of w. B. Hibbs & Co.,
assisted by Kenneth Birgfeld, Amer
ican Security & Trust, and j. George
Dagenais. Riggs National, the spring
issue is an excellent one.
All affairs of the chapter are fully
covered, including the annual ban
ouet, the annual national public
speaking contest, forum meetings
and the addresses which institute
members have given in various high
schools.
The report of the Educational
Committee shows that there are 1872
students registered in second semes-
ter, law l, 49, economics, 81: credits,
13; banking, 43. and banking ac-
counting and audit control, 21.
Two hundred and twenty-th three
students took the exams at the end
of the first semester.
Glass Would Extend Loans.
Executive officers of member banks
would not be obliged to pay off loans
which may be extended and credit
may be had up to 81 500 by the terms
of bill introduced by Senator Car
ter Glass this Week.
The bill, in harmony with efforts
made by the American Bankers As
sociation, makes no reference to
Federal Housing Administrations
insured loans, which had been pro-
posed as part of the bill.
The Glass measure would merely
extend for an indefinite time the
0f f,a
tinualion of which was originally
prohibited after June Is, 1888, and
the limit of their continuance ex-
tended to June 16 of this year. J. F.
T. O'Connor, when controller of the
currency, recommended last year
that no further extension of time
be granted.
The present bill would rephrase
section % of the Federal Reserve
Act to provide that loans made to
any such |eXecutive) officer prior to
extended where the board of direc-
tors of the member bank shall have
satisfied themselves that such ex-
tensions are in the interest of the
bank.
Financial District Comment.
The District Building and Loan
League, made up of % Washington
building and loan associations, will
have its ninth annual banquet and
dance at the Mayf1oWer Hotel this
evening, beginning at o'clock. The
affair promises to be the largest yet
held, more than 900 members and
guests being expected.
The Interstate Commerce Com
mission has authorized Ernest E.
Norris, president of the Southern
Railway, to hold the position of
director of the Chicago, Indianapolis
& Louisville Railway.