Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-10-29
Potomac Electric
Net Down Sharply
From Year Ago
Big Gain in Expenses
Reduces September
TotoI TO S204 ,946
Bv EDWARD C. STONE.

a decrease of Sos, 8O455, or "a per
cent, according to the monthly re-
port filed with the Public Utilities
Commission. While operating reve-
nues increased during the month,
large amount of maintenance and
improvement work in the Capital
being one of the chief factors, the
report showed
Operating revenues in September
amounted to S1,345 ,695.72, an in
crease of S39804.33, or sos per cent.
At the same time deductions for
operating expenses called for ST.
037 ,48207, which was $146,812.68
higher than expense costs year
ago and rise of 1913 per cent.
After deduction of operating ex-
penses, taxes and depreciation, the
company reported an income from
operations amounting to 1908 ,21365,
a decrease of S107,00835, or 25.77
per cent. Income deductions for in
terest payments on bonds and other
similar requirements totaled S103,-
1925, more than $4,000 above de-
auctions a year ago.
For the first nine months of this
year the Potomac Electric Power
Co reported a net income of ST.
87695897, compared with S3,153,-
718.07 year ago. a decrease of
S276, 1910, or 1913 per cent. Oper-
ating revenues showed a gain of
1894, 44193, or SOC per cent. but
operating revenue deductions for
expenses, taxes and depreciation re-
quired S944,4llO5 more than last
year, or a 1897 per cent advance
Net operating revenues amounted
to S3,910,739O8, a decrease of $249,-
96912 from last year, or GIG per
cent. Deductions for interest pay
ments on bonds were nearly $4,000
under the 1899 requirements, the
report revealed.
Peoples Drug Report Pleasing.
Washington holders of Peoples
Drug Stores common stock express
ed satisfaction today over the re-
port for the first nine months of this
year which showed earnings of S1.19
per share on common against 81
cents year ago. Net sales of S16,-
999, 273, other store income of S231,-
594, operating profits of S736 1896 and
net profits of $685. 66 were all sub
stantially ahead of last year.
Deductions for estimated Federal
income taxes took $184,821 against
S113,030 year ago. Redemption of
the preferred stock meant that no
dividends were paid this year while
S38,53385 was paid in such divi-
dends in the first nine months of
1899. There are now 490,949 shares
Of common stock outstanding.
The balance sheet as of September
80 shows total assets of S8,720,463,
compared with the lower figure of
$7,894.589 on the corresponding date
in 1889; cash. S1,998,869 VS.. 81 ,45S,-
1913; inventories, s3,458,175 against
S3,1t2,050; current assets. IS 1929
compared with s4,636,187; current
liabilities, s1,609 .962 VS.. S1,426,552.
Listed on the Washington ex-
change, Peoples Drug Stores COM
mon stock is now selling around
$3.50 and $40 a share. The 1910
high is $40; low, s15.75.
Washington Gas Net Lower.
The report of the Washington Gas
Light Co. for September, filed with
the Public Utilities Commission,
shows operating revenues of $3.50, 527,
an increase of S59,129 over Septem-
Der last year. Operating expenses,
including taxes, increased 500, TAG,
amounting to S523,O96, compared
with s453,347 for September, 1889.
Incorporating income increased
S3,841 to a total of S24864, and in
come deductions show a slight saw
ing in September this year The
final figure was a seasonal loss of
$50, COB, compared with a loss of
$27.223 for September last year.
The result of the company's oper-
ations for the first nine months of
this year was a net income of $685.
851, gain of $143,534 over the same
period last year.
The report also shows gas sales of
1852, 459 M cubic feet for the month,
an increase of 108,707 M cubic feet
or nearly II per cent over Septem-
Der, 1889. There were 162073 me-
tiers in service on September 80 this
year, an increase of 7,057 over the
same date last year.
The company expended approx
mately $4,000 in September and
S787,000 in the first nine months of
1910 for extensions to provide for
service requirements of customers.
Atwood Insurance Speaker.
Albert w Atwood of Washington,
financial writer and economist, ad-
dressed the Association of Life
Agency officers, at their annual
meeting in Chicago yesterday, on
THE Buyers Viewpoint" A fire.
quent speaker before such organi-
cations, Mr.. Atwood said that peo-
pie who buy life insurance consider
it peculiarly personal. Policyholders
want to believe in it, perhaps even
more than bank depositors want to
believe in banks or stockholders
want to believe in their stocks.
At another point in his address
4lC od1O oOliiC VI lllC
companies are large, perhaps life
insurance as a whole absorbs
very large part of the whole field
of available investments. What of
it, provided the function performed
is right, sound. true and essential?"
Financial District Notes.
The Consumer Credit Committee
of the District Bankers Association,
Frederick P. H. Siddons, chairman,
held its first fall meeting last week,
giving attention to small loans, in
stallment buying and related prob
lens.
The Washington Office announces
a 50-cent quarterly dividend has
been declared by Compania Swift
International, payable December l
to stockholders of record Novem-
Der Is.
George E. Galleher, Lincoln Ma
tional Bank, has been appointed