Evening star., 1942-05-04
Three Utility Firms
Disclose Lower Nets
In First Quarter
Capital Transit Income
Far Above Returns
In 1o41 Period
BY EDWARD C. STONE.

lower than in the like 1941 period
according to the latest reports filed
with the Public Utilities Commits
sion. Heavier taxes and other higher
operating expenses, including de-
probation and expansion, were
among the chief reasons for the
falling off in net returns, despite
larger operating revenues.
The Capital Transit Co. was the
one concern that exceeded last year
in net income. In the first three
months of this year net earnings
totaled S317 ,439 % against 1928 OCT. .19
in the first quarter in l94l, an in
crease of S94 ,372O3, or 42.3 per cent.
A striking increase of 20,599 1887 reve-
nue. passengers to total OF IT,
587 $40 was an important factor
In the sharp rise in income.
The Chesapeake & Potomac Tele-
phone Co. reported net income OF
1851 9O4 in the first quarter against
s51s,703 a year ago, a decrease of
S166, ,799 Operating revenues were
much higher than last year, but
operating expenses totaled $3,67l =
7O2 against s2,565, 1896 in 194l and
interest deductions took S309,69O
against $221, ,255 last year.
The Potomac Electric Power Co.
reported first-quarter net income as
sl,124,79105, compared with 81, Ill.,
97239 a year ago, drop OF S48,-
18l "a, or Ali per cent. Taxes were
up S320,66881 and operating ex-
penses $273 ,28O.53 over 1941 in the
same months.
The Washington Gas Light Co
had net earnings of S663,253 in the
first quarter, against S754,839, off
S91,586 from last year Operating
revenues were up $438,710, but oper-
ating expenses climbed S518, ,304
which caused a slump in operating
net of S79,594. Income deductions
for interest payments were S16,l65
more than last year, the two last
items being largely responsible for
the final income decrease.
Wholesalers Sales Jump.
Some very sharp trade gains are
noted in the monthly report of the
Commerce Department and Ma
tional Association of Credit Men
picturing business of wholesalers,
which was up 26 per cent in March
and 33 per cent in the first quarter
of the like 1912 periods.
Without exception, the 35 trades
for which separate statistics are
presented registered increases in
March of this year compared with
March, 1941, four of which were in
excess of so per cent, and five ad-
ditional between 40 and so per
cent. Wholesalers of meats and
meat products reported a gain OF
So per cent; wholesalers of groceries
and foods, except farm products, Is
per cent; wines and liquors, rs per
cent; drugs, % per cent; clothing
and furnishings, except shoes, %
per cent; shoes and other footwear,
40 per cent, and wholesalers OF dry
goods, 81 per cent.
Substantial increases were re-
corded in most durable goods lines,
wholesalers of furniture and house
furnishings reporting an increase
of 48 per cent; jewelry wholesalers,
26 per cent; general hardware, SO
per cent; plumbing and heating
supplies AZ per cent, and lumber
and building materials wholesalers,
25 per cent. wholesalers of paper
and its products reported a gain of
AZ per cent.
Banking Topics Announced.
Leaders who will preside over the
departmental and institute confer
ence to be held at the annual con-
vention of the American Institute
of Banking in New Orleans, June
8 to II, are now arranging pro-
grams for the conference sessions,
it is annou- ed by George T. Newell,
A. I. B. president.
The departmental conference of
the convention will deal with bank
management, bank operations, busi-
ness development and advertising,
credits, savings banking, and trust
business and investments. The in
stitute conferences will consider
chapter administration, chapter
publicity, debating, education. pub
lie relations, public speaking and
bank women's work
New General Agent Named.
Appointment of Edward H. Won
Deck as general agent of the Wash
ington office of the National Life
Insurance Co., succeeding Theodore
w. Cook, who resigned to become
associated with the Pacific Mutual
after long service with the company,
was announced today by Vice Presi-
dent Edward D. Field.
Mr.. Won Deck has been in the
business II years, beginning his ca
reer with another old New England
company. He came to Washington
IA years ago and has served Ma
tional Life as cashier, agent and
supervisor. During the first three
months of this year he produced
$4,000 in new life insurance, Mr.
Field said
Mr. Cook, retiring general agent
has long been very active in the
District Life Underwriters ASsocia-
ton.
Banks Get Bond Information.
Washington banks received full
information from the Federal Re
serve Bank of Richmond today on
the Treasury offering OF IA billion
dollars in per cent bonds redeem
able between 1949 and 1851 and ar
unspecified amount of 2l2 per cent
Treasury bonds of l962-67.
One is an entirely new type OF
offering in which the Treasury
gives no specified amount anc
reserves the right to close the sub
scription books at any time without
notice. This issue is similar to
offerings which have been highly
successful in England.
Banks may buy the per cent
bonds for their own account, bu'
the 2l2 per cent bonds are not avail
able to banks which accept demand
deposits Banks and security dealer!
generally may submit subscription!
for their customers, however. Botf
issues are already being offered.
Todays Trading On Exchange.
Capital Transit stock registered