Evening star., 1940-03-29

Thomas W. Brahany. the country. Ac-
cording to a statement made in New
York yesterday, the firm will con-
tlnue the LOB of re-establishing
faith in the securities market as
place for sound investment" The
concern will do both a brokerage
and underwriting business but keep
the two entirely separate, officials
say.
Messrs. Pierce and Merrill yester-
day expressed complete confidence
IN the future of the securities
business, although they expect it to
continue to be curtailed- in COM
parison with the activities of 10
years ago. 1t is estimated, their
statement adds, that there are be-
tween 100000 and 100000 Amer
leans who own bonds and between
100000 and 100000 owning
stocks, which pictures the impor-
tance of the securities markets.
The details of the merger have
been so we'll worked out that about
all Mr.. Brahany and his staff men,
bers will have to do is to learn the
new and much longer firm name.
Telephone Earnings Mount.
Net earnings of the Chesapeake
e. Potomac Telephone Co. in Feb
ruary amounted to $161 ,036, in COM
parison with $150,386 in the corre-
spending month a year ago, an in
crease of sl0,650, according to the
monthly statement filed today with
the Public Utilities Commission.
Operating revenues totaled ST.
O61 756, against 1862 1866 last year;
operating expenses totaled $743, ,2O6,
compared with $679529; taxes re-
quired Sl09,946, compared with $93,-
OBS, while interest deductions called
for $40 9677, against $39,978 a year
ago.
There were 257,076 telephones in
service in Washington at the end
of February, 1910, which was an in
crease of 1890 telephones over the
previous month. Telephone users
in Washington made 3O,546 900 calls
during the month, or 4,181 900 more
than in February, 1899.
In the first two months of this
year net income amounted to $685.
la against 1902 ,O01 in the like pc
Rod in 1889. an increase of $24,113,
the report discloses.
i Potomac Powers Net Lower.
Operating revenues of the Poto-
mac Electric Power Co. in Febru-
ary totaled ST 1864, ,573.33, an increase
of s89,o55.89 over February a year
4go, according to the report flied
today with the Public Utilities Com
mission.
Operating expenses increased
more rapidly, however, revenue de-
ductions amounting to $9ll.21327, up
$l13,181.10, leaving an operating in
come after deductions for deprecia-
ton and taxes of $453, ,360.O6, which
was $24,265.80 lower than a year
ago.
The usual deductions for interest
on ponds. ETC., required $110,57480.
leaving net income for February
Of s342, 1928, compared with $376,-
421.66, decrease of $33 ,638.78 from
the same month year ago.
Net income for the first two
months of 1910 was reported to the
commission as s733, ,363.88, COM
pared with $795 5,8O1.8 in the first
two months of 1899, drop of $62,-
1896. or 7.35 per cent.
Transit Net Up S4,431.66.
Capital Transit net income for
February amounted to $21,51522
against $17,08356 a year ago, an in
crease of $4,43l sc, or 25.9 per cent,
the company reported to the Public
Utilities Commission today.
Operating revenues totaled $977,-
663.87. After all operating expenses,
taxes and depreciation, net operating
income amounted to $83,898, gain
Of $8,396.03 over February, 1889.
Revenue passengers numbered A.
162, ,041, revealing another substan-
ttal gain over February, 1889, of
1,556,3l0 or 1873 per cent. the report
showed.
Net income in the first two months
Of 1910 amounted to $28, ,196.77, a de-
creasI of 81 ,64852 from last year, or
SIS per cent. Revenue showed q
gain of 2,747, ,768, or 10.4 per cent.
Maryland Loans $3,729, 900.
A total of 1897 mortgages on
rlon-farm property in Maryland,
amounting to $3,729 900, were re-
ported in February by all types OF
mortgage lenders, it was announced
today by the Federal Loan Bank