Evening star., 1939-07-28
Pepco June Profits
Sag Slightly From
Levels Year Ago
$347,127 Net Is Down
ST 1929 as Result Of
Higher Expenses
By EDWARD C. STONE.

crease of S1,029.66 over June, 1888,
because of higher expenses, the
monthly statement filed with the
Public Utilities Commission today
disclosed.
Operating revenues in June
amounted to $1,309, ,51446, an in
crease of S97, 1879, the report said.
Operating revenue deductions for ex-
penses called for 1851, %, an in
crease over last year of $88, Sal As.
Gross revenues for June totaled
SAT ,90334 an increase of $8,637 80,
while income deductions for interest
charges required $l00,77629, an in
crease over the same month a year
ago of S9,667.56.
For the first six months of 1889
the power company reported operat-
ing revenues of $7816, 1889, gain
of $346, 1912. Operating expenses
took S. ,034 ,012.3 or 1855, ,607.87 more
than a year ago, and leaving net
operating income of $2,782 49, 50, an
increase of S9,438.75 over the like
period in 1888.
Net income in the six months,
after payment of all interest charges,
amounted to S2,177,45536 in COM
parison with S2,224.857 80 last year,
or a decrease of SAT ,401 sc, the drop
of 213 per cent being due to higher
expenses, the report showed.
c. & P. Phone Earnings Rise.
Net earnings of the Chesapeake G.
Potomac Telephone Co. in June to-
tailed S166,020, substantial increase
of $24,308 over the S142,712 reported
in June l, 1888, according to the
monthly statement filed with the
Public Utilities Commission today.
Operating revenues brought in
S1,025,192, against 1858, 1877 year
ago, while operating expenses were
also higher, $725 ,057, compared with
S6o8 .991 last year. Taxes called for
S95,312, in comparison with S92,765
in June, 1888.
Incorporating income was well
ahead of last year and brought total
income up to $208, ,495, against STA
1888 a year ago. Interest deductions
required $42,475, against S32,l
There were 245, ,723 telephones in
service on June 80, which was
decrease of 1874 telephones during
the month. Telephone users in
Washington made 29574,000 calls
during the month. or an increase of
3,125,OO0 over June, 1888.
The company also made an ex-
cellent showing in the first six
months of this year when balance
before dividends totaled S946 ,023,
against S890,166 year ago. or gain
so far this year of S57 GOT.
Operating revenues totaled So
051,516, against S5,666, ,l06. Oper-
ating expenses amounted to S4,294,-
lit VS.. S4,O70,478, today's report
showed, the first of the public util-
ity statements to be filed.
Bankers Push Pension Study.
Francis G. Addison, jr., president
of the Security Savings & CONNER
ciaI Bank of this city; Norman T.
Hayes, vice president, Philadelphia
National Bank, and Millard F. Jones,
executive vice president of the
Planters National Bank G. Trust Co.,
Rocky Mount, N c., are hard at
work studying all kinds of pension
insurance plans for bank employees
when they reach retirement.
Appointed earlier this year by
Philip A. Benson of the American
Bankers Association, the three
f1nanciers are working on various
methods of making a single pension
plan available for staff employees
which banks in all the States may
adopt. Devising of such plan was
urged by the State secretaries Sec
ton at Houston last fall, authorized
by the Executive Council this spring
and the results will be presented at
the Seattle convention in Septem-
ber.
The Seattle report will represent
q great deal of work. The different
pension plans are very involved, the
big task being to find ways of
making the pension large enough
to be of real value, at the same time
not placing too heavy a burden on
the employees while the money is
being set aside over a period of
years.
Aetna Delegation Selected.
The Washington office of the
Aetna Life Insurance Co. of which
Paul D. Sleeper is general agent
will send IA staff members to the an
nual convention for the Eastern
section of the United States at
Swampscott. Mass, September IT.
20. The Little Rock, Ark, office led
the country by qualifying % agents
for the convention. The delegation
from the Washington Office will in
clude:
H. Cochran Fisher, Freeman N.
Stricklin, H. B. Mcclure, C. B.
Myers, J. L. Richards, j. S. Holmes,
Chan c. Mason, Howard Nordlin-
ger S. H. Parkins, jr.; M. L. Bloom
berg. B. H. Lingo, E. M. Crump, F.
B. Nichols, w. E. Lee and P. D.
Sleeper.
Heard in Financial District.
j. Thilman Hendrick, senior part
ner in w. B. Hibbs & Co., has gone
to Atlantic City for visit of three
weeks or month.
Lanier P. McLachlen, president of
the McLachIen Banking Corp, has
gone to Bethany Beach for months
vacation, his brother, A. M. Nc
Lachlen, vice president of the bank,
having returned from his vacation
today.
The Commerce Department re-
ports that the dollar volume of retail
financing of new passenger auto
mobiles was 62.5 per cent higher in
June than in June, 1898, but off SO
per cent from 1887.
Secretary Morgenthau plans to
leave Washington next week for
vacation in Europe, according to
Treasury announcement.
Today's Trading on Exchange.
Trading took lively turn on the
Washington Stock Exchange today