Evening star., 1946-07-28
pepco Earnings Down
.7.8 Per Cent From
Year Ago in Half
By Edword G. Stone

trio Power Co. in the first half OF
1916 totaled S1,804 $50, a decrease Of
$l52, 500, or 7.80 per cent, from the
like l945 period, officials reported to
the Public Utilities Commission yes
terday.
Operating revenues of $12,00l $50
were $570.158 higher than last year,
but operating revenue deductions OF
S9,540,037 were s709,273 more than
year ago, leaving decrease in net
operating revenues of $780, Taxes
of s1735.oo5 were s273,969 under
1945 requirement.
Potomac Powers net income In
June amounted to $124,352, a de-
crease of $l78,772, or So per cent
below June, 1945, the report said.
Operating revenues were lower by
S45,529, while operating expenses
called for s126,58l more than in
June a year ago, making a decrease
in operating net of $172,110 or AZ
per cent. Taxes totaling $166,39O
were s1os,137, or SO per cent under
June 1945.
Pennsys Net Of Sharply.
The Pennsylvania Railroad yes.
terday reported a deficit Of $948,o33
in June net railway operating in
come. an increased deficit of s14.-
353,528 under June, 1945. Railway
operating revenues of s65 ,132, ,496
were down S19,623,2S0 from June
l945.
Net railway operating income in
the half year showed a deficit of
s7,7l0.129, as compared with an
operating income of $66 6,072,175
year ago Six months gross totaled
s377 ,229 86l against s4s4,597,157
year ago.
In the half year there was
decrease of s94,256.935 in freight
revenues and s14 ,764 ,287 in passenger
income, the report showed
New Suburban Bank Sought.
An application for authority TO
establish national bank in Falls
Church, Va. has been filed with the
Controller of the Currency.
At the present time the Falls
Church area is served by only one
bank, the supporters of the new
move claiming that more banking
facilities are needed.
Among those signing the applica-
ton for the new bank are Manley T.
Rust, hardware merchant; Charles r.
Fenwisk and Howard W. Frederick.
Controllers Plan For Year.
J. Edward Heberle, president,
District of Columbia Control, Con-
troller's Institute of America. yes ;
terday announced the following
committees to serve for the coming
year:
Program. o. H. Ritenour. chair
man Admissions, Henry w. Her
zog. chairman. P. L. Hickman. F.
H. Kenworthy. Auditing, Raynold
A. Lee, chairman, F. Charles
Brown, L. j. Van Herpe. Education.
Milton A. Barlow, chairman, Charles
L. Carr, Henry w. Herzog. P. L,
Hickman. Publicity. F. Charles
Brown, chairman; Robert j. Garner,
H. G. Oberlander.
Capital Store Sales Mount.
With buying power holding up,
department store sales in the
Capital in the week ending June
20, were IA per cent above a year
ago. the Richmond Reserve Bank
reported yesterday. Sales were up
II per cent in the fifth district.
Washington sales were per
cent under the previous week this
year, but were per cent lower in
the fifth district. Baltimore sales
were per cent under the week end
ing July Is.
In the four weeks ending July 20,
emulation sales in this city were Is
per cent higher than a year ago
against an 18 per cent gain in the
Fifth District.
Sanitary Bonds Offered.
Ferris &, Co. Inc, is participating
in new issue of s5o0,000 Washing
ton Suburban Sanitary District.
Md. 1900 storm water drainage
bonds, dated August l, 1946, and due
August l. 1947-1971, the Washington
firm announced yesterday.
The bonds are priced to yield from
O.65 to 1.60 per cent. Payment of
principal and interest will be guar
anteed by Montgomery and Prince
Georges Counties, Maryland. In
terest is payable semi-annually.
Progress toward establishing a ma
tional bank in Bethesda was re-
ported during the week when it was
stated that 95 per cent Of the pro-
posed 100000 capital had been sub
scribed.
Conference to Study Costs.
Washington Chapter, National AS
soclatlon of Cost Accountants, is
making plans for a regional cost
conference that may bring TOO dele
gates and their wives to the Capital
early next spring. Rusco H. Gro
well, chapter president. said yester-
day that invitations already have
been sent to nine chapters in three
adjoining States.
! AS the first regional conference
ever sponsored by the chapter, it
is expected that National President
William A. Carter of Atlanta and
other national officers will attend.
Final arrangements for the two
day affair will be perfected at the
ileAI CIldpter meeting.
New Bank Loan Peak Seen,
The Federal Reserve Boards july
bulletin says the dollar volume of
bank loans to business has shown
a steady rise since mid-1945 and
may very we'll now be larger than
at any time since the peak of the
early twenties. The volume of ex-
ternal financing through banks and
the security markets is also sub
stantially larger than it has been
IN recent years. New stock and
bond offerings thus far in l946 have
exceeded the 1945 average.
M. S. Szymczak member OF the
Federal Reserve Board, has been
granted leave of absence to take
the post of United States director of
the rehabilitation of the German
economy. He is considered an ex-
pert in foreign financial affairs
and was urged to take the position
} by President Truman.
American Security & Trust Co.
, stock again sold during the week
at $40, the high for the year. This
is the StOrk IL, u,I,i %l,a,a