Evening star., 1939-06-24
Potomac Power Net
For May Declines
From Year Ago
TotoI Of $329, ,383
Shows $24,7l6 Drop
As Expenses Climb
BY EDWARD C. STONE.


$24, 1855 or 698 per cent, accord.
ing to the monthly statement just
filed with the Public Utilities Com
mission.
The drop was due to the fact
that expenses went up faster than
operating revenues during the
month. Operating revenues amount
ed to S1,276,901l9, compared with
ST ,201 .316.66 year ago, an in
crease of SIS, ,5S453, while operating
deductions called for $846.84l.75
which was S9O,86927 more than a
year ago.
Net operating revenues for the
month totaled $430,05944, a de-
crease from last year of $15,284.74
Income deductions to meet inter-
est payments amounted to $780,
85822, which was an increase of
So ,456.19 over May, 1898.
The Potomac Electric Power Co.
also filed report for the first five
months of this year with the COM
mission, showing a net income Of
81 $50 ,328.31, as compared with ST.
o ~. tOOo1 looU SCQl, q oCSA SooS Va
S46 ,3723O, or 2.47 per cent.
Operating revenues totaled So
soc, ,67143, up $248981.43. At the
same time operating revenue de-
auctions called for $4.172 .241 .09,
which was an increase in expenses
of $267,O66.42.
After all deductions net operat-
ing revenues were about the same
as last year, reaching $2,334 ,430.34,
of S18,084.99, the report stated.
Congers Buy Yale Laundry.
The investment and brokerage
firm of Brown, Goodwin & Olds
announced today that as agenss of
the Conger family, owners and
operators of the Conger Laundry,
they have purchased virtually all
of the outstanding shares of the
Liberty Laundry Co., holding COM
pany for the Yale Laundry. After
protracted negotiations between the
Congers and the holders of several
large blocks of Liberty Laundry
stock, a bid of S50.63 per share vas
made by the former for the entire
2, ,440 shares outstanding. This Of
fer, which is open until July l,
has already been accepted by the
holders of 2,400 shares.
1t is the present plan of the
Congers to continue the identity of
both the Yale Laundry and the
Conger Laundry, operating them as
independent units. The ownership
of the Conger Laundry is in the
hands of C. H. Conger, C. w. Con-
ger, j. P. Conger and c. H. Conger,
jr.
At a recent board of directors
meeting Of the Liberty Laundry Co..
G. H. Conger was elected presi-
dent; c. w. Conger, vice president,
and j. P. Conger, treasurer and
assistant secretary. The latter also
will act in the capacity of general
manager.
Capital Transit Traffic Up.
Traffic on the Capital Transit
cars and buses showed good gains
In May, according to the latest
financial statement filed with the
Public Utilities Commission. Reve-
hue passengers numbered Is ,347,9 ,9l4.
which was an increase of LAS ,8O4
over May a year ago, or 10.4 per
cent.
The May figures were in line
with the monthly improvement in
traffic recorded over long period.
The traffic increase was also a fac
tor in bringing net earnings in
May up to s852o762, which was a
gain Of $44,497.26 over last year,
or 1898 per cent.
In the first five months of 1899
revenue passengers numbered H.
O90,005, in comparison with ST.
635,573 in the like period in 1885,
an increase of 3,454,432. or over 5
per cent, the report disclosed.
Mead Bill Again Attacked.
De Witt M. Emery, president of
the National Small Business Mems
Association, vigorously opposed to-
day enactment of the Federal loan
insurance bill to aid small business
enterprises sponsored by Senator
Mead. He told the Senate Banking
Committee that its members don't
want the Federal Government to
hold an umbrella over them"
He testified that the measure
would merely strengthen marginal
fellows" would "subsidize the weak
In competition with the strong" is
a wv. P. A. for small business" and
a "Government financed buggy ride. "
Mr.. Emery held that the under
lying purpose of the bill is to drive
bankers out of business"
100000 Accounts Insured.
The fifth anniversary of the Fed
eral Savings and Loan Insurance
Corporation next week finds the saw
ings of 2340,0O0 persons in insured
savings, building and loan associa-
tions protected against any loss up
to $4,000 each. Five years ago on
June 81, the President signed an act
passed by Congress creating the in
surance corporation.
On June Is there were 2,168 in
sured institutions, consisting of
1881 Federal savings and loan asso-
Citations and 1877 institutions under
State charter and supervision, re-
ported Nugent Fallon, general man.
ager, today. Their combined assets
amount to 100000.
December 81, 1884, found total
of only 451 associations insured
chiefly Federal savings and loan as
sociations for which Congress had
made insurance of accounts COM
pulsory, he said.
Heard in Financial District.
Eight of the IL chairmen of the
auditors section of the District
Bankers Association were present
at the annual meeting held at the
Wardman Park Hotel THURSDAY
night and responded when thei,
names were called The section is
now II years old.
United Food Stores Corp, 1915
street S.W, has mailed out its latest
financial report, as of April 80
showing assets and liabilities Of
$181, 1,613.45. Current assets include