Evening star., 1939-05-01
Utility Corporations
Make Fine Showing
InFirsf Quarter
Three D. G. Concerns
Report Net Earnings
Well Above 1888
Nv EDWARD G. STONE,

larger net earnings Ill lIle llISt QudT-
ter of the present year than in the
corresponding three months of 1898,
according to the financial state
ments just filed with the Public
Utilities Commission.
The Washington Gas Light Co.
reported the largest three months
increase over the previous year. Net
earnings for the quarter in 1889
totaled $643,718, against $542,04 in
1888, a gain of net income of $l01,-
673.
The Capital Transit Co. stood
second in the list, reporting net
profits in the first quarter of 1889
amounting to S80972, in comparison
with SIS 1886 in the first quarter last
year, or an Improvement of S64,986.
The Chesapeake &, Potomac Tele-
phone Co. was the other concern
announcing an advance in net earn
ings, balance before dividends stand
ing at S469 ,672, against S436,071
year ago, and pickup of S31,601.
The Potomac Electric Power Co.
had the largest earnings of any of
the four companies, although profits
were lower than last year Net in
come totaled $l140469. off S39 ,280
from the comparable period in 1888
April earnings will not be report
ed for more than three weeks, but
they, to, are known to have been
favorable, thus promising a good
four-months record. The April re-
port on bank clearings in the Capt.
ko1 i,>l
practically the same level as a year
ago.
Galley President Five Years.
H. Prescott Galley assumed the
presidency of the National Savings
e. Trust Co. just five years ago
today May l, 1884. He received
fluctuations from many of the banks
officers and patrons during todays
banking hours on the progress made
by the institution under his lead
ership.
On the controllers last call the
trust company reported total de-
posts of S170O0,67697 The bank
held demand deposits of S8,903, ,702 65
and time deposits amounting to
e8044,319.24, as we'll as about S50000
In other deposits the totals being
close to the trust company's highest
mark on record. The banks assets
at present total $40 ,903257 The
bank is now paying ST dividend
quarterly
At the time Mr. Galley was elected
president, William D. Hoover was
elected chairman of the board, which
position he still holds.
Brokerage Concern Expands.
1t was learned in the financial
district today that Auchincloss,
Parker & Redpath will move their
quarters at 50 Wall street. at once.
The brokerage firms officials have
taken great care in planning the
new surroundings with view to the
greatest possible efficiency.
The Washington officers have
issued invitations to all their friends
and patrons to visit the New York
Offices any time they are in New
York, especially during the World
Fair.
The home Office of Auchincloss,
Parker & Redpath is in Washington,
the firm having been founded in
1881. The step just announced in
dicates further progress and growth,
as we'll as renewed confidence in the
outlook for business in the stock
and bond markets.
Daylight Savings Starts.
All of Washingtons brokerage
Offices opened an hour earlier this
morning when daylight saving went
into effect on the New York Stock
Exchange and other big markets.
Many customers were late for the
opening, but they will soon become
accustomed to the summer time The
markets now open at 9 o'clock
standard time, and close at o'clock.
The investment houses also moved
their daily schedule up an hour
today. The Washington Stock Ex-
change paid no attention to the
change and went into session at
HIS as usual. The clocks in the
boardrooms were moved forward an
hour, always a surprise to patrons.
The banks and building and loan
associations remain on their year.
around schedules. The banks, how
ever, when making telegraphic
transfer of funds to Federal Re-
serve banks, have to keep in mind
that most of these institutions are
on the daylight time.
City Among Trade Leaders.
Washington is included in the list
of 10 cities in which business i'm
provement has recently been out
standing, says Borbes Magazine for
May. The other nine cities are San
Francisco, Cincinnati, Rochester
N. Y; Portland, Greg; Toledo,
Youngstown, Trenton. Spokane and
Wilmington, Del. Specifically, in
the cities named, business is said
to compare more favorably with the
same time last year than on any pre-
vious occasion since November, 1887.
Barring any near-term major set
back in general business, which ap-
pears unlikely, revenues of leading
gas and electric utilities this year
should show fairly substantial gains
over 1888 and may exceed 1887 re-
suits says the United Business Serv-
ice in it's latest report. Electric
power output in the first quarter
was per cent above the like 1888
period and slightly above the pre-
vious peak established in 1887.
Today's Trading on Exchange.
Capital Transit stock opened the
week on the Washington exchange
with a 10-share sale at IS, un-
changed from last weeks 1899 peak.
The final bid was H. with the asked
price boosted to l6.
Liberty National Bank stock ap-
peared on the board today at 1870,
three points above the last sale, and
back to the years best sale price.
Sales in several other issues were
made around recent levels.
n..4.:a4