Evening star., 1940-09-03
Washington Utilities
Lift Net Earnings
In Seven Months
Results Show Marked
Goins by Three Firms
Over 1889 Figures
BY EDWARD C. STONE.

porations piled up substantial earn
1ngs in the first seven months OF this
year, net income of three OF the
concerns being well ahead OF the
corresponding period in 1889, ac-
cording to latest reports fllec with
the Public Utilities Commission.
The July statements alone gave
them an excellent start on the third
quarter and despite high operating
costs favorable net earnings for the
full year are confidently predicted.
The Washington Gas Light Co. re-
ported a net income for the seven
months of S1,055 ,588, against 1881 ,4l9
in the 1889 period, striking gain
of S174,169 This figure includes an
improvement of S9,105 in July. al
though net earnings in midsummer
were in the red.
The Capital Transit Co. in the
seven months enjoyed a net income
of SAP, ,10008, compared with $685.
646.55 a year ago, an upswing OF
$l08, ,453.53, or 80 per cent. In the
opinion of transit officials, increases
in taxes. which are bound to come,
may prevent such a good showing
later in the year.
The Chesapeake e. Potomac Tele-
phone Co. registered net earnings of
$1,115,714 in the period under re-
view, compared with $l,070,507
year ago, an upturn of 45,207, This
total includes gain in net revenues
in July of s26,323 and is partly due
to an increase of more than 25,-
600 900 calls up to August l.
The Potomac Electric Power Co.
reported the largest net income in
the seven months, total of 81
800, 0,31122 This compares with the
higher figure of s2,5O7 ,906.89 a year
ago, making a decrease of Sat-
595.67, or $50 per cent. The drop
was caused by operating expenses.
While operating revenues were up
$484, ,710O3, expenses showed an in
crease of SCOT 1859.
d. C. Brokers Are Optimistic.
George A. Garrett, resident part
ner in the brokerage firm of Fenner
& Beane, is back from his vacation
passed at Northeast Harbor, Me. At
the office today he expressed opti-
mism over the outlook for the New
York stock market. He believes poll
tics and the war are still th~ lead
ing factors in the market and that
the market is more likely to ad-
vance than move downward, in spite
of the various uncertainties.
G. Bowie Chapman of Laidlow &
Co., another New York Stock Ex-
change firm, was at his desk today
after a months vacation at Ventnor.
N. j., and Atlantic City. The vet
eran broker also looks for higher
prices on the exchange this fall.
He says the huge amount Of money
the Government has already voted
for defense will materially increase
corporation earnings and is certain
to be reflected in stock quotations
He cites England's improved chances
in the war as another reason why
he looks for a higher market.
Brokers in many other Offices ex-
pressed much the same optimism to-
day although nobody seems to ex-
pect any sharp advance. After
Labor Day, the volume always in
creases and is expected to do the
same this year.
Bankers End Vacations.
Raymond G. Mari, controller of
the Riggs National Bank, has re-
turned from a vacation which he
passed in New York.
William L. Beale, vice president
and trust officer of the American Sc
curity & Trust Co, was back at the
bank today following his vacation
spent at Hot Springs, Va.
L. P. McLachlen, president of the
McLachlen Banking Corp, has COM
cluded vacation, most of which he
spent in New Hampshire.
j. R. MCMILLAN, assistant vice
president of the Riggs National
Bank, returned today from a vaca-
ton passed in North Carolina.
William B. willard, vice president
of the National Savings & Trust Co,
has returned to New Hampshire for
another short visit at his summer
home.
P. C. Brady, assistant treasurer
and manager of the southwest
branch of the American Security q
Trust Co., has finished vacation
passed in various parts of Virginia
Home Financing Up Sharply.
Home-fiancing activity, which
slowed down in June, recovered In
July to a point more than % per
cent above July, 1889, the Federal
Home Loan Bank Board reported
today.
Home mortgage recordings OF
$4,000 or less amounted to $751;
O54.OOO in July, as contrasted to
1855, ,463, 900 for June and S3OO,6SO,-
600 for July year ago. They still
were below the figures of S372 All 900
for May, 1910.
Savings and loan associations re-
corded mortgages amounting to
S118.914,OOO, banks and trust COM
panies, s92,658,OOO insurance COM
panies, $50 ,602 900; mutual savings
banks. S16,O67 900; individuals, S55,-
191 900; others, $50 3,622 900. In the
first seven months of 1910 these in
stitutlons loaned S2,254 ,052 900, the
report said.
Brokers Oppose Longer Hours.
Practically all the New York Stock
Exchange Offices in Washington are
opposed to adding an hour a day
to the trading period. Brokers here
say that the cost of the extra time
would wipe out any profits that
might accrue. They believe such a
move would be beneficial only to
Offices on the West Coast.
The Department of Commerce re-
ports that passenger automobile
sales in July were about one-third
larger than year earlier, the same
average gain as recorded in the first
six months of 1910 over 1889.
Curt c. Mack, newly appointed
director of the underwriting section
division of the Federal Housing Ad-
ministration, succeeds Frederick M.
Babcock, resigned. He has been
,ryifI, tho Panfo1 division pf the