Evening star., 1940-05-28
Pepeo Net Declines
Moderately Below
1899 in April
Months Earnings Dip
9.66 Per Cent Under
Period Year Ago
BY EDWARD C. STONE.

Total net income of the Potomac
Electric Power Co. in April amount
ed to 1926, ,64496, compared with
&360,475 in April of last year, a
modest decrease of $34 4,830.04, or
9.66 per cent, according to the
monthly statement filed with the
Public Utilities Commission today.
Heavier operating costs, including
q large amount OF maintenance
work in the Capital, were the chief
reasons for the earnings slump, the
report showed.
Operating revenues totaled ST.
S50,26287, an increase of $59,51534
or 4.61 per cent At the same time
operating revenue deductions called
for $917, 1896, up $88,365 Sc, or 1859
per cent, leaving net operating reve-
nues of $432 ,272.9l, which was $29,-
1902 less than last year. Income
deductions from gross called for
$106,64352, an increase of $5,582 so,
the review said.
In the first four months of this
year the power company had net
operating revenues of $3.50, ,7O287,
a gain of S350,93263. Operating de-
ductions took $500 .37213, an in
crease of $373,97279, leaving net
revenues from operations of $l,881,-
33074, off $23,040 from the like
1889 period, or 1.21 per cent While
operating revenues were up GIL per
cent, operating costs were up 11.25
per cent. Separated into items,
operating expenses were up $685.
99047, depreciation charges ad-
vanced $5.07386 and taxes moved
up S64,908.46. Deductions for in
terest payments, ETC., required $32,-
600 more than last year, leaving a
net income for the four months of
Sl,444, ,713.49, compared with $780,
944.35 year ago, a decrease of
$56,230.86, or 3.75 per cent. the state
ment revealed
Test for Saturday Closing.
President Hugh Leach of the Fed
eral Reserve Bank of Richmond has
notified member banks that the
San Francisco Federal Reserve Bank
will be closed Saturdays during July
and August because of the closing of
the San Francisco Clearing House, as
a test" The notice is given the
banks here because of Saturday
transfers of funds to the coast.
President Leach also announces
that member banks in 16 North
Carolina counties will come under
the Charlotte branch after June /.
Their reserve funds will be trans
ferred to Charlotte
Virginia Mortgages Expand.
. Virginia savings and loan asso-
Citations which are members of the
Federal Home Loan Bank of Win
ston-Salem accounted for home
financing totaling $4,556,0 900 during
the first four months of 1910, it was
stated today by officials of the
Federal Home Loan Bank Board
@here, compared with $3,988 900 in
the same period Of 1899.
All types of home financing in
sstitutions, including savings and
loan associations, insurance COM
panies, banks and trust companies
in the State. reported home mort
cages amounting to $15,874,000 in
the January-April period this year,
as compared with s14,147, 900 in the
opening four months of last year.
Maryland Loans Increase.
Maryland savings and loan as
sociations which are members of
the Federal Home Loan Bank of
Winston Salem accounted for home
financing totaling S491O,O00 during
the first four months of 1910, it
was stated today by officials of the
Federal Home Loan Bank Board
here. This figure compares with
$3,722,000 in the same period of
1899.
All types of home financing in
stitutions reported home mortgages
amounting to s14,241, 900 in the
January-Apri period this year, as
compared with $13,458,0O0 in the
opening four months of last year.
Similar loans in the District of
Columbia in the four months to-
staled sl5,327 900, a gain of $4,000
over 1889.
" Nickson Addresses Bankers.
Theodore B. Nickson. controller of
the Federal Housing Administration
opened today's session of the Amer
lean Industrial Bankers Association
at the Wardman Park Hotel with an
address on The Effect of Volume
of Business on Efficiency of Opera
ton" Otto c. Lorenz, New York,
expert on installment credit, was the
next speaker, followed by DR.. Ralph
A, Young, Wharton School of
Finance, who discussed management
problems. The luncheon speaker was
pr. James S. Thomas, president of
Clarkson College of Technology,
Potsdam, N. Y, and his subject,
NEW Frontiers for Smart People" !"
c. & P. to Expend S1,782, 900.
4 Expenditures amounting to ST.
$1,000 for the rearrangement of
facilities and installation of addi-
tional equipment in three Washing
ton central Offices we're authorized
by the directors of the Chesapeake
g. Potomac Telephone Co. at their
May meeting. c. A. Robinson, vice
president and general manager, re-
ported today.
& To date little over S5,347 900
has been authorized for the con-
etruction of telephone plant and
Installation of equipment in the
District of Columbia this year.
Exchange Trading Improves.
i The Securities and Exchange Com
mission reported today that the
market value of total sales on the
Washington Stock Exchange in
April amounted to $l20,651, against
t103974 in April, 1899.
The market value of stocks
amounted to $50,474, against s60, 0,141
. year ago, while 1880 shares
changed hands, compared with 2,708
In April, 1889.
BOND sales totaled x70 TT AGAINST