Evening star., 1940-03-19
D. {. Utility Concerns
Report Sharp Sales
Gains in February
Electricity and Cos
Output Far Exceed
Like Month Year Ago
By EDWARD c. STONE.


reflected in the months financial
statements, due in a few days.
The Potomac Electric Power Co.
reports a total OF 65 63l $40 kiloWatt-
hour sales in February. against co.
t46l ,416 in February. 1888. an increase
of 8,37O,2O4 or 1894 per cent. This
was the largest February sales total
on record and one of the best COM
pared with any other month.
The Washington Gas Light Co.
announced that February gas sales
in Washington totaled l,7l2,l44 n.cf,.
in comparison with l 1854 1886 emf. in
February. 1889. an increase of 357 ,60S
emf. one of the best gains in the
companys history. The February
total brought sales for the first two
months of 1910 to 3447,0 mcf.,
compared with 2706ll9 mcf. in the
like 1889 period
Equally impressive are the figures
from the Chesapeake & Potomac
Telephone Co. for February, Aver
age daily calls reached 1,168,653.
against 1,05760l a year ago. the
highest mark in any month in the
company's history At the same
time there were 257076 telephones
in service at the end of February,
a net gain for the month of 1890,
the report showed
Loan Concern Votes Dividend.
The Board of Directors of Sea-
board Finance Corp has declared
the regular quarterly dividend of
SO cents per share on the preferred
stock, payable March 80 to stock
holders of record March 10.
Corporation officials reported an
appreciable increase in net earnings
and outstanding loan balances for
the first five months of the COM
pany'S fiscal year ended February
20. The company. which is con-
trolled locally. has recently opened
branches in Minneapolis and st.
Paul and in Jacksonville, Fla.
The concern now operates Is loan
Offices in 6 States in addition to
the home Office in the Southern
Building The greater portion of
the stock is owned by Washing
tonians
Special Loan Dinner Guests.
William N. Payne, jr. president
Of the District of Columbia Building
and Loan League. announced today
that many Government. business and
financial leaders have accepted in
vitations to attend the leagues an
nual banquet Saturday night at
the MayfoWer Among the guests
expected are:
Preston Delano. controller of the
currency; William P. Folger, chief.
National Bank Examining Division:
Jack Nichols of Oklahoma. Everett
Dirksen of Illinois. Allen T. Tread
way of Massachusetts,: o. K. La
Rogue, president of the Federal
Home Loan Bank of Winston Salem,
Morton Bodfish of Chicago, Com
missioner Melvin c. Hazen. Linus A.
Kelly, Maj Francis j. Clark; Law
renee E. Williams, president of the
Board of Trade; Fred A. Smith,
president, Real Estate Board
Charles j, Rush. Roger J. Whiteford
and Edward A. Dent.
Senator Glass also hopes to be
present. 1t was announced today
that 600 reservations have been
made
Earnings Outlook Better.
While the decline in the market
value of Mergenthaler Linotype
stock for several years has been dis
appointing. the large number of
washington owners may get some
satisfaction out of the fact that
the company is still in unusually
sound financial position. The stock
is now selling around Is on the
Washington exchange.
Standard Statistics expresses the
opinion that while earnings pros
poets are impaired by the possibility
of smaller returns from foreign
subsidiaries. the common stock has
a long-range speculative appeal be-
cause current market prices are only
one-fourth OF share working capital.
The same review says that domes-
tic sales should improve moderately
in 1910, as a result of gradually
revivlng advertising activity and
year-to-year improvement in gen.
eral business conditions. However.
since returns from the important
foreign business probably will be
restricted for the duration of the
war. no more than a moderate re-
ducuon in the operating loss. at
best is expected for the full year.
The long-term outlook is enhanced
by the introduction of new models
and the gradual exhaustion of sec
ond hand supplies the review adds
Sl5.000.00O Stock Offering.
SafeWay Stores. Inc, is planning
an offering of approximately sl5.-
100000 OF its per cent preferred
stock. the issue to be filed with the
Securities and Exchange Commits
sion shortly. Proceeds of the sale
will be used to retire and per cent
preferred issues totaling about Sl3.-
100000. They are redeemable on
so days notice at 10.
G. l.. Robey, past president of
the Virginia Bankers Association,
and High Leach, president of the
Federal Reserve Bank of Richmond.
will be among the first speakers at
the Richmond Bond Conference
opening tWo-day session tomor-
1oW oCNcIdl VI lllc WdSIllIlSJOIl
bankers will go to Richmond to-
night.
Heard in Financial District.
Variety store sales during Febru-
ary were per cent in excess of the
February. 1889. volume, the Com
merce Department announces. Be-
ginning with November. the index
has been higher than for the like
months of each year since 1880.
Members of Washington Chapter,
American Institute of Banking. will
hold their spring party at the Will
lard next Saturday evening. Herbert
D. Lawson is chairman of the En-
tertainment Committee.
Fifty-nine shares of Capital Tran
sit stock sold at Is on the Washing
ton Stock Exchange today, un-
changed.