Evening star. [volume] (Washington, D.C.) 1854-1972, 1948-02-04
Rising Expenses CUT
Earnings Of Three
CAPITAL Utilities
By Edword c. Stone

Three of Washington's public
utility corporations showed lower
net earnings in 1947 than in 1916,
according to reports filed with the
Public Utilities Commission. Higher
expenses were among the chief rea-
sons for the declines.
Washington Gas Light reported
the only increase, net income OF
s1,l79,252 being $120,156 ahead of
1916. Conversion to natural gas
and colder weather boosted earnings
substantially late in the year
Meters increased by 2.147.
Potomac Electric Powers net of
$3,277, 62S registered a decrease of
sl86,934 from 1896 Officials ex-
plain that the decrease would have
been only $20,135 if adjustments had
been made in the 1916 summary as
the result of court and PUG rulings
which were retroactive.
Capital Transit reported de-
crease of s9O,827 against an income
of S9S7,2 24 year ago. Higher
wages and other costs caused the
slump.
Chesapeake & Potomac Telephone
net earnings were down Sl,077,2 75
from 1916, the drop being caused by
q strike and other rising costs.
Brokers Discuss Speculation.
Partners in New York Stock Ex-
changes in Washington say the
Navy's warning against speculation
by employees revives the old argu-
rnent over what constitutes specu-
lation and what is considered an
investment.
Many brokers consider that mar
gin trading constitutes speculation
and that most other trading in the
stock market comes under the head
Of investment. At present the re-
quireo IS per cent margin seriously
limits this type of trading, brokers
add.
Exchange officials report more
outright buying at this time for
investment than speculative pur-
chases. Trading in grain has slowed
up a good deal in recent weeks.
5000 Shares Deposited.
Woodward & Lothrop 79d pre-
ferred stock was deposited to the
extent of 5000 shares with the
washington Loan & Trust Co. yes
terday in connection with the ex-
change into so preferred.
This was Is per cent of the TO-
900 shares outstanding, a surpris-
inely good showing for the first day
The stock must be deposited before
3pm., Tuesday, February "a. Com
pany officials were much pleased
with the first days results.
D. C. Barnhart. of washington,
has been appointed to a newly Gre
ated position of assistant managing
director of the National Automobile
Dealers Association. He will con-
tinue to direct activities OF the
headquarters staff here, as he has
done since Lee Moran, executive
vice president, resigned.
Pence Common in Demand.
Nearly $500 shares of Potomac
Electric Power common stock
changed hands on the Washington
Stock Exchange To-Day One SAFE
was made at 1875, with others at
10. Hecht 3& per cent preferred
appeared on the board for the first
time this year, selling at 83. Gas
$3.50 preferred moved at 100
Washington Chapter, American
Institute of Banking, will debate
with Philadelphia Chapter, in the
American Security & Trust Build
ing, Friday night. Washington con-
testants are William A. Bryarly, jr.,
and Harry M. schoenly, with Hugh
Darling, alternate, all of the Riggs
National Bank.
William H. Smith of Riggs, Is
chairman of the debating team and
Of the public speaking committee