Evening star., 1943-08-29
Adjustment in Tax
AccruaIs Leaves
Larger Pepco Net
BY HAROLD B. ROGERS.

InlS gam, however. 1t was eX-
planned in special letter from Pres
ident A. G.. Neal, transmitting the
report, was "due wholly to an ad-
Justment in July, 1943, of accruals
for Federal income taxes for the
first seven months of 1943."
THE first of each year." wrote Mr..
Neal, I'VE estimate the amount of
the years Federal income taxes and
allocate to each month its proper
tionate share thereof"
Mr.. Neal pointed to the rate re-
duction OF approximately $4,000,
made retroactive to March /, 1943,
increase in cost of coal purchased,
estimated to involve $318,000 for the
last six months of 1943, and the pro-
posed plan of the office of War
Utilities of the War Production
Board that use of electricity be con-
served by users for the purpose of
greater conservation of manpower,
fuel and transportation, to be in
augurated in September, 1943, in
volying an estimated loss of revenue
for the last three months of l943
of 1925 900.
Tax Needs Reduced.
Such losses in revenue and in
creased fuel costs naturally mate
rally affect the amount of Federal
income taxes to be paid by the COM
pany, hence large reduction of ac-
cruais Tor such purposes placed on
the books in July, 1943."
Ihls tax item was shown to have
1allen of from SALT 1853 .48 In july,
1912, to $3.50, ,69108 in July. 1943 a
crop OF 1894 per cent. Taxes during
tne hrst seven months of the wear.
however, were shown to be on the
increase, rising from $2,579,74 740.26
IN the 1912 period to $2,665 ,48o.55 in
the comparable 1943 period
Net income for the company rose
from 81, 166, ,204.11 in the first seven
months of 1912 to So, ,486, ,405. rs in the
l943 period, a gain of 14.78 per cent.
Operating revenue rose from ST.
S27 1922 in July, 1912, to 1922
335.09 in July, 1943, a gain of 51s
per cent, while operating revenue
deductions including taxes decreased
during the same period from 81 .37o.-
35097 to $1,313,334.86, a decline of
4.16 per cent.
Net operating revenue iumped
from $4o7 ,3o6.25 in July, 1912, to
s609,000.23 in July 1943.
Bank Officials Promoted.
George A. Didden, jr., president of
the National Capital Bank, an
nounced last night that S. Dolan
Donohoe had been elected to sue
ceed him as first vice president of
the bank, and that Francis j. Kane
had been elected second vice presi-
dent.
Mr.. Donohoe, active in civic af-
fairs, is a member of the real estate
firm of John F. Donohoe & Sons,
which long has been established in
the Southeast section of the city.
A director of the National CAPITAL
Bank for many years Mr.. Kane is
widely known as president of the
Kane Transfer Co.. operating offices
in Washington and Baltimore.
AID women TO Drive.
Mrs. Emily Newell Blair of the
Womens Interest Section. War De-
partment Bureau of Public Rela-
tlons, will be the guest speaker at
the annual dinner of the Women's
Committee, Washington Chapter,
ALB, at the Statler Hotel Wednes-
day night, it was announced last
night by Miss Leona E. Draeger of
washington Loan g. Trust Co..
who is chairman Of the committee.
Assisting Miss Draeger on her
committee are the following mem
bers: Vice chairman, Mrs. GLADYS
Morris, Bank of Commerce & Saw
ings; Miss Esmer Frock, American
Security & Trust Co.; Mrs. Margaret
Mcclure, the City Bank; Miss
Dorothy Kleindienst, Columbia Ma
tional Bank; Miss Dorothy Lewis,
Hamilton National Bank; Mrs. Mary
Birch, Lincoln National Bank; Miss
Carolyn Holloran, National Metro
politan Bank; Mrs. Mary Young,
Morris Plan Bank; Miss Margaret
Allison. National Savings & Trust
Co; Mrs. Elvada Mericle, Prince
Georges Bank & Trust Co.; Miss
Miriam Fort and Miss Wilda Wild
man, Riggs National Bank; Miss
Sophia Karydakis, Second National
Bank; Miss Eleanor Dankmeyer.
Security Savings & Commercial:
Mrs. Frances H. Robinson, Suburban
Bank; Miss Betty Harvey,
Union Trust Co.; Miss Rose L.
Royce, the Washington Loan &
Trust Co.; Mrs. Vivian McNitt, Lib
erty National Bank.
Bank Hours Commended.
Plans of Washington banks to
open from to $50 pm. each Thurs
day beginning September 30, as a
contribution to the war effort here,
have been greeted generally with
commentator.
The vital role played by banks in
the Nations Capital has been en-.
phaSlzed from time to time by
Government personnel officers, who
had been concerned with the diff
flculty many Government workers
had experienced in getting to their
banks.
This factor was recognized by A..
S. Offutt, president of the District
Bankers Association when he an
nounced the plan Friday. The care
full survey made by the bankers, he
said, had disclosed quite a num-
Der of Government and private en-
ployes were unable to care for their
banking without taking time off
from their duties which naturally
resulted in absenteeism."
The new plan, making bank day"
on Thursday, which also is late
shopping day, is expected to pro-
vide much more adequate banking
service than has ever been made
available before. 1t is believd that
business generally in tn city will
welcome the innovation