Evening star., 1941-06-03

Today's report on postal revenues
follows the report on May bank
ciearings in the Capital which not
only broke the record for May but
for any other month, the gain over
May, 1910, being more than $685.
100000.
BY months, postal receipts in the
District compare as follows with the
corresponding months a year ago:
194l, 194O
January ---- s7O5, ,8O4s5 s672,27o.7s
February --- 727.32304 626,8257e
March --- 759,l05.02 698, 8,3486l
April - 794 4.56460 705, ,744 So
Nav - 77714l.33 694 ,092 2s
Utility Earnings Doing Well.
Net income of three of Washing
tons big utility corporations were
substantially higher in the first four
months of this year than in the like
period a year ago, according to the
reports filed with the Public Utilities
Commission. Earnings of the fourth
company were practically the same
as last year.
The Capital Transit Co. reported
a net income in the four months
ending April 80 amounting to $370,-
s56, against only sl97, 7,51978 year
ago, a notable increase of s173 1856. %
Texas showed a jump of Sl41, ,788. As
or Al per cent over the same months
in 1910.
The Chesapeake & Potomac Tele-
phone Co. registered a net income
of S693.937 in the four months,
compared with S657 POS a year ago,
an increase of S36,732. Operating
taxes required s5O5.960 in COM
parison with s449,613 last year in
the same months.
The Potomac Electric Power Co.
reported net income OF $780,
s1l60 in the four months. compared
with s1,444, ,713.49, a gain of s55,-
1871 a year ago. Taxes during
the period were s12e .633 80 more
than in the corresponding months
last year.
The Washington Gas Light Co
recorded a net income OF s982,OO5
for the four months, against 1892 ,85l
a year ago. a small decrease OF
rose BY sl99.97g during The period,
opera ting expenses. including taxes.
moved up s1e2,154, the report stated.
Smith, Barney Purchase Bonds.
The New York Stock Exchange
firm of Smith, Barney & Co., which
has an Office in Washington, pur-
chased the Maryland State Road
Commissions s1,200,000 Chesapeake
Bay Ferry Bond issue for $l,216,-
$500, at an interest rate of Ia
per cent, it was announced late
yesterday. The bid for the bonds
bore a premium only s6480 higher
than the bid of Alexander Brown &
Sons of Baltimore and Washington.
Smith, Barney & Co. will deliver
the bonds on June 10 and the State
will take over operation of the An
napolis- Ferry at that
time.
The Maryland Commission is
studying present ferry rates to see
whether reduction may be made.
Cheaper bay transportation is the
goal of State ownership, Gov.
OConor has said.
Washington Is Left Out.
The North American Co. argued
before the Securities and Exchange
Commission yesterday that it should
be permitted to retain the Union
Electric Co. of Missouri, Cleveland
Electric Illuminating Co. and the
Wisconsin Cos. as coming under a
single economic region in the Mid
die West. The holding company also
seeks to retain minority interests in
the Pacific Gas g. Electric Co. and
the Detroit Edison Co.
No claim was made for retention
of interests in Washington utilities.
This omission is in line with the
companys recent announced plan to
dispose of all holdings of Washing
ton Railway & Electric common
stock.
Business Still Rising.
Banking's cross index of business
opinion, obtained from a poll OF
5000 bank directors and presidents,
continues to show a steady rise in
the volume of business, attributable
largely to the defense program.
Of those polled, 94 per cent stated
that their respective businesses were
either increasing or holding their
own. Only 6 per cent said that the
trend was down. These figures in
dicate no perceptible variation from
the situation a month ago.
A parting of the ways" from
which industries that are benefiting
directly from the defense program
will continue their upward climb,
while non-defense industries will be
borne downward under the weight
of increasing taxes and business
costs is forecast by Banking, official
organ of the American Bankers
Association.
Todays Trading on Exchange.
Fifty shares of Washington Gas
Light common opened trading on
the Washington Stock Exchange to-
day, selling at 1875, off fractionally
from the last previous sale.
Washington Railway & Electric
preferred came out today on 10
share sale at 1141a, gain Of IA
points. Washington Gas preferred
appeared on the board at lo3, OH q
from the last transfer.
In the bond division Capital Trac-
ton SIS registered two $4,000 trans
fers, both at 104A. off 4.
Real Estate Bonds Higher.
The Amott- Baker bond price
averages, which are based on 200
issues, including several Washing
ton bonds, show slight gain OF
03 per cent for May.
In the first five months of this
year, however, prices have scored
as per cent gain, the review says.
Apartment hotels top the list with
q five-month rise of 85 per cent.
Other hotels come second and office
buildings third.