Evening star., 1947-07-27
Pepco Net Shows Drop
In First Half OF AT
Despite June Gain
By Edword c. Stone

by edword =. Stone
Net income of the Potomac Elec-
trio Power Co. for June scored a
gain of s31,944, or 1859 per cent
over the same month last year,
s156,797 comparing with $124,853t
officials reported yesterday to the.
Public Utilities Commission.
The same summary showed a.
income for the first half year of
81 ,651 031, a decreaee of $173,55s, or.
962 per cent from the first six
months of 1916.
June operating revenues were
$416,936 above a year earlier and
expenses were up $391,953. De-
probation was $151,687 more than
last year and taxes increased by
100000.
The half-year summary revealed
a gain of $1,031,513 in operating
revenues and an increase of Slips
094 in operating deductions. Taxes
were $70,296, or 405 per cent lower.
B. & o. Revenues Up Sharply. !.
The Baltimore g. Ohio Railroad
yesterday reported net income for
six months of 1947 was $5,237, ,727,
compared with last years deficit of
S16,690,163. /
The income account for June
alone listed gross revenues of $780,
168,693, a gain of $5,561 ,566 oper-
ating expenses of $24779,5l3. an
increase of S3,149,S62, and net
income OF $1.216,3O7, compared with
a deficit last year of S597, 1923.
In both June and the six months,
freight revenues were substantially
higher, but passenger returns We're
not up to last year.
Capital Store Sales Dip.
Department stores sales in the
Capital for the week ended Satur-
day, July 19, were per cent under
the like week last year, were un-
changed from the previous week
this year ana in the four weeks
ending June 10 were / per cent
under 1946, the Richmond Reserve
Bank reported.
The record was better than In
the Fifth District where sales were
down per cent for the week. s per
cent under the preceding week and
off per cent in the four weeks,
compared with 1946..
Retail store sales in Washington
in June were per cent lower than
last year but were per cent higher
in the half year
Assets Gain S11,671,000.
Assets of the Federal Savings q
Lean Insurance Corp. totaled $l82.-
400,369 on June Sc, gain OF over
$11,67l 900 during the past fiscal
year, William H Husband, general
manager, reported yesterday.
This is the largest increase on
record, and $17l6,443 greater than
in the previous II months. The
corporation now is insuring more
than 100000 accounts in 2,529 as
sociations, Mr.. Husband stated.
In another report just out, Harold
Lee, governor of the Federal Home
Loan Bank System, announced that
these banks paid dividends OF ST.
082 ,992 in the half year. The VIM
ston- Salem Bank was not included
in the list as this institution pays
dividends on a yearly basis, Mr.. Lee
said.
National Chairman Named.
Miss Virginia O. Valentine, State
Planters Bank g. Trust Co., Rich
mond has been appointed chairman
of the National Committee on Pub
licity of the American Institute OF
Banking for the year 1947-4S.
The annual fall dinner of the
Women's Committee of Washington
Chapter, American Institute OF
Banking, will be held at the May
flower Hotel on Wednesday, Sep
tember "a.
H. Lewis w. Thomas has resumed his
duties as branch manager OF the
Washington office of the Sleight
Metallic Ink Co., after leave OF
absence for special service with the
Civilian Production Administration.
Roger M. Stuart of the John j.
McElfresh agency of the Connecticut
Mutual Life has placed more than
S1.OOO,OO0 of insurance with the
company, very high national
record, the head Office announces.
NIergenthaler Bids Jump.
Following announcement that the
Mergenthaler Linotype Co. had
voted a $3.50 dividend, doubling
previous quarterly payments, bids
became active on the Washington
Stock Exchange.
Bids ended the week at 54, up 4
full points The asked price ad-
vanced from SIS to Sc, with no sales.
To date this year interest in the
stock has been at low level, only
25 shares having changed hands.
last sale at 4S1s. The stock, which
for years was one of the leaders on
the board, may again come into the
limelight.
The Budd Co. will exhibit two OF
the new Vista Dome" cars on a
run from New York to Wilkes
Barre, on the Lehigh Valley Rail-
road, Wednesday, The cars are
being sent to Chicago for service on
the Burlington lines.
Bank Auditors Hold Meeting.
The July Southern Maryland
Conference of the National Associa-
ton of Bank Auditors and Control
iers was held Wednesday at Esper-
ANA Farms, California, Md, with
J. Robert Sherwood presiding
Following dinner, Mr.. Sherwood
Arthur Burbett, National
president. and William Alexander.
State Vice President for Maryland.
The chief address was delivered by
Addison Reese, president of the
County Trust Company Of Mary
land, on Service Charges and Their
Sixty members and guests were
present, the afternoon being de-
voted to fishing, grabbing, SWIM
ming anc horseshoe pitching In
addition to Mr.. Sherwood Of tire
Prince Georges County Bank &
Trust Co., Hyattsville. the officers
are C. Bascom Brown, Leonard
town: and Tilden o. Atwood, An
napolis.