Evening star., 1944-06-25
Pepco Earnings
Slightly Below
194.3 in May
$301 ,o35 Net Income
Down l.8 Per Cent
From Year Ago
By EDWARD C. STONE.


Showing a tiny decrease, net in
come of the Potomac Electric Power
Co., in May, totaled 1901 1886. off
S3.311, or 1.S per cent from May,
1943, according to the report filed
yesterday with the Public Utilities
Commission. Operating revenues
of 1884 1884 were up $58,151, but
operating expenses alone were SOL
$50 higher than last year An out
standing item was a reduction of
0,325 in taxes.
Potomac Powers net in the first
five months of the year mounted
to s1,649,861, decrease of $91, 1865,
or 5.24 per cent, from the like 1943
period. Operating revenues reached
S9,689 ,229, an increase of $316,000,
but operating income deductions
and other deductions were much
heavier than last year. The COM
pany paid s1,913,791 in taxes, a
sharp decrease of $l91,884.
Real Estate Prices Climb.
Additional evidence of the swiftly
climbing prices at which existing
houses are changing hands in
crowded cities was revealed yester-
day In report from the Federal
Home Loan Bank Administration
that nonfarm mortgages recorded
in the first four months Of 1914
averaged 84 per cent higher in
dollar amount than in the same
period last year. The report shows
there has been no leveling of in the
dangerous wartime rise in home
valuations" said Commissioner
John H. Fahey.
Recordings of $1439, 900 900 were
81 per cent ahead of last year, build
ing and loan associations noting a
80 per cent gain, banks 20, indivi-
duals "a.
Capital Store Sales Slump.
Department store sales in the
Capital for the week ended Satur-
day, June II, were per cent under
the corresponding month a year
ago, and were off per cent from
the preceding week this year, the
Richmond Reserve Bank reports.
Cumulative sales for the four weeks
ended on the same date were l per
cent ahead of last year.
Sales in the fifth district for the
week ended June II were down q
per cent and 3 per cent from the
previous week this year, but in the
four weeks were up per cent. Al
group of cities showed an IL per
cent gain in the latter period, the
survey said.
Two New Directors Elected.
At the annual meeting of the
Briggs Clarifier Co., 1889 Wisconsin
avenue, two new directors were
elected, Richard P. Dunn, partner
in Auchincloss, Parker & Redpath
and a director of Garfinckel g. Co.,
and w. Latimer Gray, vice president
of the First National Bank Of
Boston.
Directors reelected include Will
liam E. Furey, James B. Platt, jr.;
James B. Platt, ST.; l.. B. Platt,
Chase Donaldson, S. w. Briggs and
Dion Birney. Chase Donaldson,
president, and all other officers
were reelected.
Delegates Off to Chicago.
j. c. Macdonough, assistant Sec
retary, Walcott- Taylor Co., newly
elected president of Washington
Chapter, National Association of
Cost Accountants, and large num-
ber of members have gone to
Chicago to take part In national
conference on war and postwar
problems.
In the delegation are Maj. Her
bert F. Taggart, Moore c. Mcintosh,
r. H. Crowell, Robert w. King, j. v.
Cumn1ins, w. E. Campbell, Paul M.
Green. Gustave A. Moe, G. Vernon
Hill and c. D. Conway. War con-
tracts and postwar property ac-
counting high light the program.
Loan Leaders Meet Tuesday.
The June meeting of the District
Building and Loan League will be
held Tuesday noon at the May
flower Hotel, Secretary F. Wilson
Camp has announced, the War Bond
drive being one of the chief items
on the program.
1t. Charles Walruff, u S. N, will
address the Washington Bank
Women's Club at dinner meeting
tomorrow evening at the New
Colonial Hotel, Mrs Myrtle P Lewis,
presiding. He will tell of his escape
from Bataan and recount many
other war experiences.
The United States Savings and
Loan League announced yesterday
that $40,000,000 in cash has been
paid to building and loan associa-
tion patrons in theh first half year
An effort is being made TO channel
the money into War Bonds.
Financial District Comment.
Hecht Co. common stock is now
quoted over the counter at 217s bid
and 227s asked. Washington Rail-
way & Electric units are quoted
1872 bid, offered at II.
All banks in the District of Co.
lumbia and in 18 States, including
Virginia, now hold 100 per cent
membership in the American Benk-
ers' Association. During April and
May 180 banks became members.
Capital Transit Co. paid Sl,706,-
024.44 in the first five months of
1914, decrease of s854,129.17, or
334 per cent, from last year.
The Securities Exchange Com
mission has given the public a
dangerously misleading impression
in declaring that all industry has
plenty of working capital to convert
TO peacetime operations without
financial aid, Robert Gaylord, pres
ident, National Association of Man
ufacturers, declares. Business is
going to need cash and lots of 1t
when the war ends, he asserted.