Evening star., 1939-09-30
Potomac Power Nef
Totals $331,060
During August
Earnings Slightly
Under Revenues
In 1888 Period
BY EDWARD C. STONE.

trio Power Co., in August amounted
to 1881 ,060.46, in comparison with
1892 1882 III the corresponding
month last year, small decrease
of $1,91353, according to the month
ly report just filed with the Public
Utilities Commission.
Operating revenues climbed to ST.
S3l, ,79425, an increase of $70,138 O3,
but this gain was largely wiped out
by operating expenses which totaled
5000, ,15427, an increase of $68,924.43
over last year.
Net operating revenues in August
totaled $431 500 98, an increase of
$1,21360 over August, 1888. Income
deductions for interest requirements
amounted to sloO,5o23l, the state
ment showed.
In the first eight months of this
year operating revenues amounted
to $lO,453,11785, up $470,956.40 or
4.72 per cent. However, operating
deductions for expenses required So
807. 7.63l 67, an increase of $477, ,731 .l9
or 7.55 per cent.
Total income deductions from
gross for interest requirements
amounted to $SO7, ,59777, an increase
over the like period last year of $50,-
$40, and leaving total net in
come for the eight months of 81
S38, ,967 .35, a decrease OF $58 ,062 so,
or per cent.
Gas Dividends Declared.
Directors of the Washington Gas
Light Co. have declared the regular
quarterly dividends due at this time,
3712 cents per share on the common
stock, payable November / to stock
of record October IA, and s1.12la on
the preferred stock, payable Novem-
ber 10 to shareholders Of record Oc-
tober 81.
! Directors of the Washington In
dustrial Loan Co.. affiliated with
Southeastern Industrial Bankers,
Inc. have declared regular quar-
terly dividend of per cent on
preferred stock and 10 cents share
on the common. payable october S
to holders of record September %,
Lewis Eisele, vice president and
treasurer of the parent company,
announced today.
Savings, building and loan as
sociations in August increased their
lead as lenders in home mortgage
financing in the United States by
accounting for 33 per cent of all
home mortgages recorded in Ameri-
can cities and towns during the
month, the Federal Home Loan
Bank Board reported today Mort
cages recorded by these institutions
totaled $112,516OO0 out of an aggre-
gate of s345, $4,000 by all types of
lenders.
New Listing Draws Attention.
Listing of 219,l96 shares of Ma
tional Mortgage & Investment Corp.
5 per cent non n-cumulative preferred
stock on the Washington Exchange
follows action taken by the COM
pany's directors last March when
the stockholders approved reduction
Of the par value of the preferred
stock from $40 to 81 and the rate of
dividend from per cent cumula-
tive of S per cent non-cumulative.
The first dividend since reorgan-
ization was paid last June when a
distribution of 20 cents share was
made. The position of the company
was further improved last March by
reduction of the number of shares
of preferred stock from 100000 to
219,196 by cancellation of 80,804
shares held in the corporation S
treasury. The company has an out
standing issue of common stock
which is not listed on the exchange
The opening bid of 3l2 for the
preferred, with AZ asked, was the
same as recent over-the- counter
quotations. The new listing will
fill the vacancy on the board caused
by the dropping of Peoples Drug
Stores preferred stock, which was
redeemed on September Is.
Controllers Office Lauded.
Earl w. Cook, Ohio banker who
spoke at the Seattle convention
against any change in the Office of
controller of the currency, said
that the oldest banking supervis-
ory agency in the Federal Govern
ment should not be limited or cur
tailed in its work.
Only last year, he said, in a num-
Der of cities throughout the United
States, appropriate exercises COM
memorated the 18th anniversary OF
the creation of the Office of con-
troller of the currency. Those dem
onstrations reflected the type OF
public service rendered by the con-
troller's Office for many years.
The National Bank Division OF
the A. B. A. insists that there should
be maintained an independent Office
for chartering and for the exam
ination and the supervision of ma
tional banks alone; that it should
be allowed not only to retain the
independence it now holds, but that
there should be restored to it the
fullness and the independence o.
action which characterized its ad.
ministration in other years.
These functions should be cen.
tered in one agency which would be
the sponsor and the champion o1
national banks, the same as State
bank commissioners are the par.
tisans of banks under their control
Mr.. Cook said.
Banks Club Opens Season.
The Washington Loan & Trus
Co. Club held its first fall meeting
this week with Herbert D. Lawson
president, in the chair. Many plan
were made for future activities, in
GLIDING arrangements for Christ
mas tree upon which will be place.
gifts to be distributed to need.
families by selected agencies. I
will be in charge Of the Welfar
Committee of the club.
After the session moving pictur
entitled THE Journey OF Banl
Checks" was presented by Georg