Evening star. [volume] (Washington, D.C.) 1854-1972, 1942-07-31
{. & P. Telephone Co,
Earnings in June
Show Slight Drop
Higher Operating Costs
Send 6-Month Net
Down $4,000
By EDWARD C. STONE.

BY EDWARD C.. STONE.
Net earnings of the Chesapeake
Potomac Telephone Co. for Jun'
amounted to s121 1853, against $l35,'
$50 in June. l94l, according to thu
monthly statement filed with the
Public Utilities Commission today.
Net income in the first six month.
of this year totaled $682,070, com
pared with $3.50, l54 in the like 194l
period, q decrease of Sl98,084. due
mainly to much higher operating
expenses.
June operating revenues amounted
TO Sl.7l7,874, against the lower figure
of $l,314.85l in June of last year
Operating expenses called for ST.
344,70O, compared with $956,234 a
year ago, leaving net operating reve-
nues of $373,l74, against $358,6l7 in
June. 1871.
Taxes totaled $l33,l92, against
&l3l 1856 a year ago Interest deduc-
lions required $124,908, against $87,-
874 last year. There were 44,5l3
telephones in service at the end OF
June, an increase of LOLA over the
previous month. Telephone users
made 41,477Q0O calls during the
month. or 4,486,000 more than in
June. 1871.
Today's report shows that in the
first half of 194l operating revenues
were 1898 per cent higher than in
the same period a year ago, while
expenses, including taxes, were 36.43
per cent higher.
d. c. Store Sales Climb.
Department store sales in Wash
ington for the week ended July Is
were 10 per cent ahead of the COR
responding week year ago, the
Federal Reserve Bank of Richmond
announced today. In the previous
week sales were % per cent ahead OF
last year
The 10 per cent gain compares to a
II per cent advance in the fifth dis
trict, IA per cent rise in Baltimore,
and no change in several other
cities.
Sales in the Capital for the week
ended July Is were off Is per cent
from the preceding week of this
year. They were down per cent in
the whole fifth district, up per cent
in Baltimore, and up Is per cent in
the other reporting cities, the bank
report said.
Cumulative sales in the Capital in
the four weeks ended July Is dis
closed a 20 per cent upswing over
last year, rose II per cent in the
whole district. IS in Baltimore and
IA in the other cities, the survey
stated.
Capital stores remain heavily
stocked with goods and there ap-
pears to be no letup from week to
week in sales.
Loan Association Assets Up.
Combined assets of building and
loan associations in Washington
gained over 10000 900 between June
80, l941. and June 30 this year.
According to monthly report COM
piled by F.. Wilson Camp. secretary
of the District Bilding and Loan
League. resources last year totaled
$l65 sos ,628, while at the close of
business June 80 the sum of $175,-
o26, 435 was recorded.
During the year share money rose
4S,507 1926 to a new high of $153, 329,-
2l3 Real estate loans increased
80 ,420, 900 to another high water
mark of $164, 14l ,240.
A significant reduction in the
amount of money placed on con-
struction and new houses is noted,
due principally to priorities in build
ing material. However, refinancing
and other loans were fairly active
with a total of $4,623 900 being
placed by the building associations
during June, as compared to 4,828,-
900 year ago.
Father Joins LaidIaw e. Co.
Henry Father, widely known in
the financial district, will become
associated with the Washington Of
nee of Laidlaw & Co., New York
Stock Exchange firm. G. Bowie
Chapman, head of the office, an
nounced today. He will join the
STAFF next Monday.
Mr.. Father has been connected
with w. B. Hibbs a. Co. for Ia
years. Before that time he was with
the Riggs National for many years.
His brother, the late William j
Father, was with the same bank
more than half a century. Another
brother, Edwin D. Father, is in the
investment business.
Mr.. Father is the owner of Tulip
Hill, one of Maryland's most famous
estates located not far from Mari.
boro.
Voting Stock Cut to "a Per Cent.
In his quarterly letter to stock.
holders. E. I. Shea, president of the
North American Co., says:
I'm addition to the sale in 1941 OF
our holdings of Washington Railway
e. Electric Co. preferred stock, oul
investment in that company has
been reduced through dividend pay.
ments to North American common
stockholders to 1877 per cent of the
common stock, or to 346 per cent Of
the total voting stock"
President Shea states that electric
output in the second quarter of The
consolidated subsidiaries, including
the District of Columbia, amounted
to 1925 24 kilowatt hours, high
est on record for the second quarter
and ll.9 per cent above last year.
Since the first Of the year NORTH
American operating properties hav'
installed 10000 kilowatts of new
generating capacity, comprising 80,
900 kilowatts in st. Louis and $1,000
in the District.
Provision has been made for al
immediate financing requirement
In this construction program, the re
port adds. Potomac Electric Powe
Co. recently obtained 100000
through the sale of additional com
mon stock to its parent company
Washington Railway g. Electric. an
is now making preparations for
public offering of $4,000 900 of g.
per cent bonds.
Shippers Aid War Effort.
Shippers and receivers of freigh
were praised during round tabl
radio discussion here last night whel
1<ty t-fn ~,