Evening star., 1943-08-11
Three D. T.. Utilities
Report Earnings
Above Year Ago
By EDWARD c. STONE

cluding taxes, net earnings OF CheSa =
peake Il Potomac Telephone. Wash
ington Gas Light and Potomac
Electric Power Cos. in the first six
months of this year were substan-
TALLY ahead Of the like 1912 period
while Capital Transit's net income
was practically the same as last year
according to financial statements
filed with the Public Utilities Com
mission.
Chesapeake & Potomac Telephone
net earnings amounted to 81 .374, ,604
in the half year, a jump of s627,855
Taxes called for $2,071 100 against
1885. .420 a year ago, but operat ting
revenues of $l2,462,197 were well
ahead OF $l0,2Io642 in 1912
Washington Gas Lights net regis
tered a gain of 1922 ,632, climbing to
si.081. sos comparing with $858,974
last year The report revealed an in
crease of S435, $40 in operating ex-
penses but gain of $3.50 ,427 in op-
Grating revenues.
Potomac Electric Power, with a
half years total net income OF 81
028 1899, recorded an advance OF
sl85,7ll over last year. The halt
years taxes advanced $252,418 10
$2,414,789 and other expenses were
S593,518 more than last year.
Capital Transits net income OF
As32. .286 was close to the the total of
$40. 1873 last year. The striking gam
Of 53,560,439 in revenue passengers
would have made the net returns
much larger but operating expenses
were up "a depreciation % and taxes
IS per cent offsetting the $33o5, $50
rise in operating income.
Tax Funds Pour Into Banks
Washington bank officials today
reported very large receipts from big
corporations of withheld income
taxes
Yesterday was the last day for
the payment of taxes set aside in
June, this having caused a rush in
the last few days Each months
payments have to be made not later
than the tenth of the following
month.
The banks have received checks
for as much as $4,000, or more
from large firms. They give each
depositor receipt and turn the
money into a general tax fund which
is turned over to the Federal Re-
serve Bank of Richmond.
The regulations require that
bank on receiving 5000 in tax
money, shall pay it over to the Re
serve Bank at once This means
they are making transfers daily.
Interstate ii Years Old
Eleven years ago today, papers
were filed for the incorporation OF
the Interstate Building Association,
actual opening of business taking
place later in the year.
Assets in excess of SIS, ,000, 900 have
more than doubled since 1899. Pres
ent officers are Martin R. West,
president; Clarence Dodge and Earl
M. Macintosh, vice presidents: Ed
ward K. Jones, secretary treasurer,
and Lawton E. Inabinet, assistant
secretary treasurer.
Mr.. Inabinet has been granted
leave for the duration and will join
the Navy as an ensign at once.
Assistant Treasurer Elected.
Joseph Pricci. who has been asso-
ciated with the Washington Perma-
nent Building Association for many
years, has been elected assistant sec
retary of the First Federal Building
& Loan>Association, c. H. Ellingson,
executive vice president, announced
today.
At the August meeting of the
Board of Directors of the Union
Trust Co.. it was voted to mark down
the item OF other real estate carried
on the books at s382,117, to 81, and
the item of vault work and Office
fixtures carried at $34 ,228, to 81.
Ord Preston, president, announced
today.
Bruce s. Cotton. who has been
with the American Security & Trust
Co. for about 20 years as trust
ofiicer, and has been on leave in the
Army Air Service for the last 10
months. has just been made a cap
tain, it was learned here today. He
is now stationed at Wendover Air
Base in Utah. Capt. Cotton Is a
brother of Barnum L. Cotton, vice
president of the National Savings g.
Trust Co.
Riggs Common Active.
One hundred shares of Riggs Ma
tional Bank common stock changed
hands on the Washington Stock
Exchange today at $500 a share.
The stock moved in two l0-share
lots and an 80-shsre transfer.
Riggs common made a new 1943
peak last week at 300, after a gain
of so points so far this year. The
stock closed today with 299 bid and
305 asked. This is the highest bid for
any bank stock except Commerce g.
Savings for which 325 is offered.
The spread on Woodward 81 Loth-
rop common narrowed today. with
38lz bid and 387s asked. There were
no sales.
Chapter Officers to Confer.
american Institute of Banking
chapter officers will hold confer
erce In Philadelphia next Saturday,
when William A. Irwin. national
educa tional director. will be the chief
speaker Plans will be fully outlined
for the coming year Washington.
Maryland and Virginia will be repre-
sented at the conference.
While the summer lull has hit the
New York Stock Exchange IN the
past few sessions, Washington bro
kers point out that more than 200. =
100000 shares have been traded so
far this year compared with 125,-
677963 in the whole of 1912.
The special United States Senate
committee studying the problems of
American small business. of which
Senator James E. Murray is chair
man, has asked the National Asso-
citation Of Securities Dealers for sug-
gestions that would help the re-
gional stock exchanges, perhaps by
amendments TO the securities acts.
Dealers are urging simplification of