Evening star., 1942-03-30
Net NEW YORK STOCK MARKET
{. & P. Telephone Mel
At S101,668 Mark
For February
Earnings Well Below
sl68,3l0 Recorded in
Same 1o4l Month
Nv EDWARD c. STONE.

ago. a drop of s66.642, according to
the statement filed with the Public
Utilities Commission today.
Operating revenues totaled ST.
498.759. against Sl,175.882 in Feb
ruary, 194l; while operating ex-
penses called for sl,190905. against
only s818964 a year ago. Taxes
were lower: Sl16,584. comparing
with s123.755. Interest deductions
required slO3,42O, against s73,499 a
year ago.
There we're 333, ,6O2 telephones in
service at the end Of February
which was an increase of 6,462 tele-
phones over the previous month.
Telephone users made 1851 900 calls
during the month, or 7049,00 more
than in February, l94l.
Net income of the telephone COM
pany in the first two months of this
year amounted to 1852 ,469, in COM
parison with 1887 1893 in the like
i94l period. decrease of s74 .929.
The report shows that operating
revenues in the two months were
26.05 per cent higher than last year,
while expenses, including taxes, were
1924 per cent higher.
S2.373,000 Outlay Voted.
Directors of the Chesapeake &
Potomac Telephone Co have au-
thorized the expenditure of S2.373,-
600 for plant expansion, Charles A
Robinson, vice president and gen.
eral manager, announced today.
Nearly s1.725.O00 of this amount
was approved to provide for the
day-to-day requirements of the
company, including the work of in
stalling. disconnecting and moving
telephone facilities on subscribers
premises.
About s85 900 will be spent in con-
nection with three private branch
exchange services which are essen
tial in the present emergency condi-
tions in Washington.
According to Mr.. Robinson. un-
derground conduit and cable and
additional central Office equipment
to provide additional interofice lines
to handle the rapidly increasing vol
une of calls and demands for tele-
phone service throughout the Dis
trict of Columbia will require $780,
900.
Loan Experts to Meet.
Washington building and loan as
sociation officials are looking for
ward to the 18th annual Southeast
ern Group Conference of the United
States Savings and Loan League. in
Atlanta, April i7-l8. details of the
program having reached the Capt.
tai today.
Building and loan association
executives from the District of Co
lumbia Maryland. Delaware, Vir-
glnia. West Virginia. Kentucky. Ten
nessee. the Carolinas. Georgia and
Florida. will send between 300 and
400 delegates to the conference
Many Washington officials already
have made reservations.
The program. now practically
completed, will be largely concerned
with the war policies of the associa-
tions. their progress in the sale of
Defense bonds. plans for financing
defense housing and further study
into conditions likely to prevail in
the postwar housing era.
Clarenre E. Kefauver, leader in
the Southeastern group will have
charge of the Capital delegation.
Charleston Has Trade Boom.
Department store trade in Charles
ton. S. c.. in the fifth district, in
the first two months of this year was
65 per cent ahead of the like period
in le41. according to city compari-
sons just made by the Federal Re-
serve Board. Only Vallejo and
Napa. Calf, had a better gain, SO
per cent.
There were many other senSa-
tional gains. largely due to war
activity. Norfolk, Va, had a sales
upturn of 49 per cent, sales in
Washington were up A per cent in
the two months, 50 in Niagara
Falls. As in Elmira. as in Reading,
so in Birmingham, 43 in Fort Wayne,
~ in Fort Smith, Ark, and 54 per
cent in Seattle.
A host of other cities reported
trade gains of IS per cent or better.
In most cities the sharp trade ad-
vances were considerably heavier in
February than in January, the re-
port shows.
In a separate comparison of re-
serve areas, the Richmond district
led all the others with a gain of 40
per cent in the two months. Phil
adelphia was second, trade being up
81 per cent.
Accountants Meet Tonight.
Bertram R. Abramson, committee
chairman. today predicted a record
attendance at tonight's meeting of
District of Columbia Institute of
Certified Public Accountants, at the
Hay-Adams House. starting with a
dinner at $50. Paul F. Douglass,
president of American University,
will be the guest speaker, while sew
eral other prominent Washington
ians are to take part in discussion
of war finance.
Investors in the Capital are mani
Testing a great deal of interest in
American Telephone stock which is
selling almost 20 points under the
1912 high mark. Recently it touched
the lowest point since 1888 when II
got as low as Ill. The lowest price
reached in many years was in 1882
when it dropped to 7014 and the
highest in 1910 when it scared to
17514.
This year marks the end of the
second decade that American Tele-
phone has paid SO annual dividend
the rate having been increased from
$3.50 in 1922. At present prices. the
stock yield about IT'S per cent. There
are understood to be more than
10000 stockholders in Washington.
Today's Trading on Exchange.
Potomac Electric Power 5la per
cent preferred stock opened trading
on the Washington Stock Exchange
today with 10 shares selling at
1133.. up fractiOnally.