Evening star., 1940-05-06
Good Gains Recorded
In Utility Earnings
In First Quarter
Three D. G. Concerns
Exceed 1899 Marks
In Net Revenues
BY EDWARD C. STONE.

Three of the four big Washington
utility corporations reported to the
Public Utilities Commission higher
net earnings in the first quarter this
year than in the first three months
OF 1899, according to a survey of
their financial statements.
The Washington Gas Light Co.
reported the best gain, net income
Of $789, ,141 for the quarter, compared
with $643,7l8 year ago, an upturn
of s145,423. This figure included an
increase of s45,252 in net earnings
recorded in March.
The Capital Transit Co. announced
q net income in the first quarter
amounting to SLOT ,53l 86, in COMPARE
son with $80,972.10 in the like period
in 1899. an increase of $26,559.76
Here, too, a gain of more than $28 900
in March was a vital factor in the
report.
The Chesapeake & Potomac Tele-
phone Co. was the other company
reporting an increase in the first
quarter net. Net income reached
$488,579 against $469,672, a gain in
the three months of $18,907; the
statement revealing marked gains in
both the number of telephone sta
tions and the average calls per day.
The Potomac Electric Power Co.
reported the largest first quarter net
of any of the companies, total of
$l,1l9 ,068 SO comparing with $1,140,-
46935. While this was a drop of
$21, ,40082 from last year, due to
heavy expenses, yet It was fine
showing comparing favorably with
that made by the other three corpo-
rations.
That these utility concerns will
enjoy an excellent second quarter is
indicated by the first reports made
public covering April. The Clearing
House Association reported April
bank clearings at $1l5 $50, ,39040,
gain of s15.849 1864 over April, 1899,
and the City Post Office reported
postal receipts at the highest April
mark in the history of the Capital.
I Mortgages Up IL Per Cent.
! The Home Loan Bank Board an
nounced today that home mortgages
on urban property totaled $818,731,-
900 during the first quarter of this
year, an increase of II per cent
fover the same 1889 period. March
home financing amounting to $780,
420 900 was up 18 per cent from
February and per cent better than
q year ago.
In the first quarter savings and
loan associations loaned S247 ,S99.-
: 900, banks and trust companies,
$204,0 ,057 900; individuals, $144,955,-
600; insurance companies, s66, 6,423,-
000 mutual savings banks, $780,
548,000 and others, $l24849 900.
During March the savings and
loan associations loaned 96.244, 900;
banks and trust companies, 1885,
900; individuals, s51, 500 900; insur-
ance companies, 23.0S4,00O: mutual
savings banks. $10,543,OOO, and
others, $43 1903 900.
New Dial Service Adopted.
The National Savings & Trust Co.
today placed in service new dial
intercommunicating telephone sys-
tenn for the convenience of its GUS
toners and to care for an increase
in business, according to an an
nouncement by bank officials.
The system installed by the Ches-
apeake & Potomac Telephone Co.
provides equipment for SO tele-
phones with IL lines. Special wiring
plans make it possible to pick up,
hold or switch calls merely with the
flick of a key
Also included in the installation
Is 15-line conference circuit
which makes possible simultaneous
conversation between as many as
five persons at the same time.
F. H. A. Activity at Peak.
Building contract awards we're
disappointing during the first quar-
ter and continued behind a year
ago during the first three weeks Of
April, due to the low level of public
works awards since the 1888 w. P. A.
program ran out. says the National
City Banks monthly letter.
However, good seasonal i'm
provement has. developed in private
residential building. The volume of
new construction under Federal
Housing Administration mortgage
insurance has advanced steadily,
setting new high records from week
to week. The number of new homes
started under the F.. H. A. program
in the week ended April 20 was 25
per cent larger than a year earlier
and mortgage insurance applica-
tions, totaling one-third more than
last year. indicate further gains.
Attend Louisville Conference.
Washington has a delegation of
building and loan executives at the
conference of the Southeastern Di-
vision of the United States Savings
and Loan League which opened in
Louisville today. Among them are
William H. Dyer, Perpetual; Clark j.
Bergman, Washington Permanent
and a director in the national or
ganization; Martin A. Cook, Enter
prise; F. Wilson Camp, District
Building Association and secretary
of the District Building and Loan
League, and Robert E. Buckley, Ma
tional Permanent
The Kentucky building associa-
tions are in charge of a promising
program. Mr.. Bergman will be
one of the speakers.
Honors Planned for Hanes.
John r. MCMILLAN, assistant vice
president of the Riggs National
Bank, is attending the annual con-
vention of the North Carolina Bank
ers' Association at Pinehurst this
week. The convention will pay spe-
cial tribute to Robert M. Hanes,
president of the American Bankers
Association, who is a North Caro-
linian.
The Securities and Exchange Com
mission has extended an invitation
to officials of the National Associa-
ton of Securities Dealers IN y,ooet