Evening star., 1943-04-30
{. &P. Telephone Net
Sharply Above 1912
In First Quarter
$7l3,6l3 Profit Contrasts
With $375,262 for
Period Yeor Ago
BY EDWARD C. STONE.

Net income of the Chesapeake &
Potomac Telephone Co. disclosed a
substantial increase In the first
quarter OF this year, reaching a
total of $7l3,e13, against s375, ,262 a
year ago, a jump Of $685., ,351, accord
ing to the financial statement filed
today with the Public Utilities Com
mission.
Operating revenues in the three
months totaled $5,898,095, an in
crease OF $1,03,964. At the same
time operating expenses were held
down, a total Of .$4,179,869, being
only S427 ,992 more than year ago.
Taxes called for $855 ,237, against
s4255 ,305 in the first quarter of 1912
Interest deductions this year were
s96,977, compared with $309, 500 last
year.
March Net Sharply Higher.
March net income also was up
substantially, reaching $245, 500, as
compared with $100,138 In March,
4O1l. Oil 4bARl oFCAAi-llL Va 5lHO,fSAs
Net operating revenues in March
this year amounted to $2,023, ,458,
against $1,666,031. Operating ex-
penses amounted to $1,425,067 COM
pared with 1929, 1876 last year, leav-
ing net operating revenues of $685.
39l, compared with $336,836. Taxes
for the month called for $294,953,
much higher than the figure year
ago of $135,9l7.
Total income was $276,246 VS..
$685. ,o96, interest deductions this
year amounting to $30,637, against
the higher figure of $108, ,096 a year
ago, today's statement said.
There were 363,016 telephones in
service at the end OF March, which
was an increase of 2,044 telephones
over the previous month. Telephone
users made 43,351 900 calls during
the month. or 436,000 fewer than in
March, 1912.
Maryland Bank Deposits Up.
Deposits of the 1l2 State banks
and trust companies in Maryland
continued to expand during the first
quarter of this year. totaling $780,
597,196 at the end of March, COM
pared with $530,8l5, ,588 on Decem-
ber 81, an increase of SIS. .781 ,608, ac-
cording to an abstract of reports is
sued by John w. Downing, bank
commissioner.
The same banks showed an in
crease of $26, ,799, ,669 in holdings of
United States Government obliga-
tions during the quarter, such hold
ings totaling more than 1882 900 900.
Other investments decreased during
the quarter.
Holdings of State and municipal
Issues, other bonds, notes and de-
bentures, as we'll as corporate stocks,
showed decrease Total invest
ments in the three months were
higher. on account of the rise in
Federal Government holdings.
Outstanding loans declined So
214,0l0 to $l05, 5,059, 1895. Cash assets
were down s12,093,233 in the three
months. Total assets, however,
reached s589,l30,312. against $685.
S06,973 three months earlier. an in
crease of $6,323,339, Mr.. Downing
stated.
Higher Bond Total Forecast.
Hugh Lynch. chairman of the Dis
trict War Finance Committee, pre-
dicted that today, "Martyred Flyers
Day." would see one more big in
crease in War bond sales in the
Capital, regardless of the fact that
the quota has already been exceeded,
the latest figure standing at
S43,269,7l8.
Mr.. Lynch expressed great salts
faction over the results to date.
Bankers, building and loan officials
and investment dealers were look
ing forward to a breathing spell
after giving unlimited time to the
bond drive. Their reports are practi-
cally completed.
They were deeply interested in
the statement of Secretary Morgen-
thau that there will be no more
bond drives before August. 1t is
understood that next campaign will
call for a considerably larger sum
than requested this time.
Financial District Notes.
Washington Gas Light $5 pre-
ferred stock was strong today on
the Washington Stock Exchange,
selling at 101. eX-dividend, close to
the high for the year.
Washington Chapter, American
Institute of Banking, will hold its
annual bowling tournament tomor-
row afternoon at o'clock at the
Arcadia Bowling Alleys. George l..
C. Scheirer, chairman of the COM
mittee, announced that the tourna-
ment would be open to all bank en-
ployes, both men and women.
Washington members of the
United States Chamber of COM
merce are much pleased over the re-
election of Eric A. Johnston as pres
ident for the coming year. He has
been intensely active in the organi-
zation's work In the past IL months