Evening star., 1942-02-17

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he attended the
Musicians Mill
tary School at Geo. 7. Newell.
Norfolk, Va. and Elmira Business
College. Elmira. N. Y. He is now a
vice president of the Manufacturers
Trust Co. in New York.
Pepco Sales Up Sharply.
Kilowatt hour sales of the Po-
tomac Electric Power Co. in the Dis
trict of Columbia in January gave
1912 a fine start, being far ahead
of the same month last year; in
fact, the best for any January on
record. officials announced today.
January sales totaled 9l,862, $50
kilowatt hours, as compared with
78588,087 XVIII. in January, 1941.
a notable gain of 13274,472 kilowatt
hours, or 1859 per cent.
Railroads and railways required
10,956,882 XVIII, which was a de-
crease of 1889 ,938, or 20.82 per cent.
Public street and highway lighting
sales were down 172,607 XVIII, or
652 per cent. Other sales, however,
totaled 78,423,321 kilowatt hours, a
jump of 1857, ,180, or 1928 per cent,
the report said.
Todays statement is the first
since the report for the full year
l941, which showed sales of 1,008,-
460,174 kilowatt hours, the highest
yearly mark in the history of the
company.
Woodward Dividends Declared.
Directors of Woodward & Lothrop,
Washington department store, have
declared the regular quarterly divi-
dend of so cents per share on the
common stock, payable March 81 to
stockholders of record March 16, it
was announced today.
The regular SITS quarterly divi-
dend on the preferred stock was also
voted. this, too, being payable March
81 to stockholders of record
March 16
A single share of Washington
Railway & Electric preferred stock
sold on the Washington Stock Ex-
change today at ia, ex-dividend.
Peoples Drug Votes Dividend.
Directors of Peoples Drug Stores,
Inc. have declared a regular quar-
terly dividend of 40 cents per share
on the outstanding common stock,
it was announced today, payable
April l to stockholders of record
on March 5.
Peoples Drug stock is extensively
held in Washington, the stock now
selling around 20 on the Washing
ton and New York Stock Exchanges.
Lytle to Address Accountants.
Washington Chapter, National As
sociation of Cost Accountants, will
hold a dinner and meeting at the
Hamilton Hotel tomorrow evening,
starting at $50.
Charles w. Lytle of the college
of engineering of the New York Uni
versity will address the meeting on
Wage Incentive Plans in Defense
Plants" This is subject of great
interest to the management of or
ganizations that are grasping at
every straw to turn out defense con-
tracts in rapid order.
An Institute graduate, Mr.. Newell
was president of New York Chapter
in 1888, was elected to the National
Executive Council in 1888 and made
national president at the San
Francisco convention last June.
Surplus Exceeds Assessments.
In his recent report Chairman
Leo T Crowley of the Federal De-
post Insurance Corp. pointed out
that surplus on December 81
amounted to 1854, ,199 9O2, exceeding
the S262, ,489 1882 total of assessments
paid by insured banks since the
beginning of deposit insurance.
Income for 1941 was $62,043,57
largest for any such period during
the corporations history. Expenses
and losses for the period totaled
$5.840,478.
To December 81 the corporation
disbursed a total of $3.50 ,967 ,593 to
depositors of closed insured banks
in settlement of claims. OF this
amount the corporation expects to
recover s213 1863 ,169, or about 81 per
cent.
During 1941 there were Is insured
banks that closed or received aid
from the corporation, bringing to 370
the number of insured banks liqui-
dated or merged with F. D. I. C.
aid from the beginning of deposit
insurance. Only 1920 of the l 1,205, 900
depositors held accounts in excess
of $4,000.
Interest Payments Heavy.
Government funds invested in the
shares of building and loan associa-
tions paid almost 100000 in divi-
dends to the Home Owners Loan
Corp. and the United States
Treasury for the last half Of 1941,
James Twohy, governor of the Fed
eral Home Loan Bank System, an
nounced today.
This payment brought to ap-
proximately $45000,000 the cumula-
tive dividends received on the Gov
ernment's investments in these
institutions since the first invest
hents were made late in 1888.