Evening star., 1942-09-02

January -----S952 1928 S705 ,804 .95
February ---- 871,31347 27,323.04
March ------- 917,03080 759,105.O2
April ----- O3,58497 794,5 ,564.6O
May --------- 916,32825 777,14133
June ----- 898,6250O 762,4150O
July --------- 979,841.11 762,74798
August ----- 914,14504 745 ,092.06
Pepco July Net Up S10,485.
Net income of the Potomac Elec-
trio Power Co. totaled 1922 ,926.03
in July, against $312,44026 in July,
1941, an increase of S10,485.77, or
1886 per cent, according to the
monthly statement filed with the
Public Utilities Commission.
Operating revenues amounted to
81 1927 ,657.22, a jump of s255, ,85517,
or 1923 per cent, over last year. At
the same time operating expenses
required 1923, 1922, an increase of
S86 ,215.96 Depreciation of $124 900
was unchanged, but there was a
sweeping increase in the sum set
aside for taxes, this figure totaling
SALT ,369.48, against 1882 8986 68 year
ago. jump of S164 47080.
Net income of the power COM
pany in the first seven months of
this year, also reported to the COM
mission, amounted to S2.166 2O4 II,
in comparison with $2,495 ,01709 in
the like 1941 period, decrease of
1928, 1928, or 1918 per cent.
Operating revenues of Sll,885,-
1918 we're up s1,326, ,38l .63, or 1886
per cent, while operating deductions
took s8,751 ,60361, which was s1,664,-
885.57, or 25 per cent more than
last year.
The main increase in deductions
was in taxes, which totaled $2,579,-
740.28 and was s1,O00,365.22 more
than year ago, striking rise of
1894 per cent.
Heard in Financial District.
Ernest E. Herrell, for many years
active in the financial district, has
passed most of the summer at Park
View Inn, Berkeley Springs, w. Va,
where he has greeted a host of
Washington visitors.
Albert S. Galley, vice president of
the Lincoln National Bank, who OBJ
served a birthday anniversary to-
day, received special congratula-
tions from President John A. Reilly
of the District Bankers Association
and other financiers Mr.. Galley
has been treasurer of the bankers
association for 30 years. He is r. .
The Investment Bankers Asso-
citation business meeting on October
| 1920 in New York will be the first
gathering to be held there since the
| initial meeting in November, 1912
| Directors of Julius Garfinckel e.
i Co.. Inc, declared the regular quar-
| terly dividend of 371a cents a share
| on the preferred stock and the reg
ular quarterly disbursement of 17R
cents per share on the common
stock, both payable September 30
to stockholders of record Septem-
Der Is.
Power Bonds Yield 2.67.
Priced at 113 the new $1,000 900
issue of Potomac Electric Power 81
per cent bonds were placed on sale
today, following a good deal of ad-
vance distribution yesterday by the
syndicate headed by Kuhn, Loeb &
Co., Smith, Barney & Co., and Blyth
& Co. If held to maturity the bonds
yield about 2.67 per cent
Net proceeds to be received by the
company from the sale of this addi-
tional issue of 3As will amount to
s5,567,o7 exclusive of accrued in
terest and after deducting under
writing discounts or commissions
an destimated expenses. They are
initially to become part of the COM
pany's general funds and are to be
used to meet its normal working
capital requirements and for plant
| expansion. The latter is estimated
at 1881 900 for 1912.
In June the company received
100000 from the sale of 10000
shares of its common stock.
Southern Rail Incomes Up.
Glass I railroads In the Southern
district in the first seven months of
this year had an estimated net in
come, after interest and rentals, of
s70,3O0,000, compared with SAL 1885,
784 in the same period last year.
Those same roads had net rail-
way operating income, before in
terest and rentals, of $l07 1928 1861
compared with S79,105,378 in the
same period of 1941.
Operating revenues totaled $685.
SOL, 1865, an increase of A per cent
compared with the same period in
1941, while operating expenses to-
tailed S342, POI ,428, an increase of 31.6
per cent above l941.
Glass I railroads in the Southern
district for July alone had an esti-
mated net income, after interest
and rentals, of s12 100000, compared
with 1892 ,269 in July, 194l.
Virginia Bankers in Session.
Many bankers from nearby sec
tions of Virginia were attending the
fifth Virginia bankers conference in
Charlottesville today, to hear dis
cussions on Banking Today and
Tomorrow" Bank Law and Tax
ation," Bank Operations" Cred
it's" Investments" and Public
Relations"
Alexander Brown e. Sons today
were Offering $485 900 l per cent
State of Maryland certificates, due
July IS, l945-54, at prices to yield
from y to l per cent.
Mergenthaler Linotype sold at a
new peak on the present move today
when it reached 36ia on the Wash
} inpton Stock Exchange, Capita