Evening star., 1948-02-22
Potomac Electric Net
.14.6 Pet. Above 1o47
During January
By Edword c. Stone

BY Edword c. Stone
The Potomac Electric Power Co.
started 1913 with substantial gain
In net earnings, according to the
report filed yesterday with the Pub
| lie Utilities Commission.
January net income totaled $379,-
All, compared with $751; in
January, ls47. an increase of
$48, ,458 or 14.64 per cent.
Operating revenues reached $2,-
671 ,457. an increase over last year
of $424,624, or 1890 per cent.
Revenue deductions called for
$345 1853 or 10 per cent more than
last year. Gross was up $78,154.
Weather Hurts d. C. Trade.
Bad weather was a factor in the
reduction of per cent In depart
ment store sales in Washington for
the week ended Saturday, Feb. IA,
as compared with the corresponding
week year ago, the Richmond Re-
serve Bank reported Sales were
q per cent ahead Of the preceding
week.
Cumulative sales in the four
weeks ending February "a were off
2 per cent from the like l947 period.
Sales in the Fifth District were
down per cent for the week from
last year, up 8 per cent from the
previous week and of 5 per cent
from a year earlier in the four
weeks, the report said.
Bank Loans Decline Here.
Commercial loans made by Wash
ingtons 10 banks on February ii
totaled $86,36s, 900, a decrease OF
81, ,808 900 from q week earlier, the
Richmond Reserve Bank stated.
Real estate loans Of $68,05l 900
were 1899 900 above week earlier.
Holdings of Treasury bills declined
as did total assets. Demand de-
posits were lower and time deposits
unchanged.
The fiduciaries section Of the Dis
trict Bankers Association will hold
a dinner meeting Thursday evening
at the Mayower Hotel, Chairman
Willard G. McGraw announced yes
terday. Colin MacLennan Of the
firm Of r. G. Rankin g. Co., will
speak on THE Application OF Cost
Accounting to Trust Institutions"
Hecht Sales At New High.
Sales OF The Hecht Co. stores in
the District of Columbia. Maryland
and New York hit a new record
high Of $73, ,090, ,920 for the fiscal year
ended January 81, Chairman M. S.
Hecht announced. Sales were III
per cent above the previous years
sales of SOS ,433 200.
Mr.. Hecht also announced that
sales for the quarter ended January
81 totaled $24,523, ,469, a 24.5 per
cent from SIG, ,703 1888 a year earlier
Woodward Stock Deposited.
The final date for depositing
Woodward & Lothrop 7 per cent
preferred stock for transfer into
new per cent preferred is Tuesday.
1t was stated yesterday that very
large proportion of the old stock
has been deposited with the Wash
ington Loan 81 Trust Co. The new
stock will take the place Of the old
stock on the Washington Exchange.
Proceeds from the proposed issue
of $700, 1000 4 per cent first mortgage
bonds by the Terminal g. Refriger-
ating Warehousing Corp. will be
used to retire the remaining por-
ton of outstanding An per cent
bonds, according to James J. Hughes,
president. The bonds being retired
are due April /, 1948.
Charles s. Garland, partner in
the, investment firm of Alexander
Brown & Sons, has been elected
president of the Baltimore Associa-
ton Of Commerce.
Woman Banker Honored.
Miss Alace Whitton, cashier and
trust officer of the Burke & Herbert
Bank g. Trust Co.. Alexandria, has
been appointed chairman OF the
Founders Tribute Committee of the
National Association of Bank Wom-
en-, Washington members announced.
Gaining 23 per cent over l946,
Massachusetts, Mutual Life sold
$301 100000 new insurance last year.
SACluSlVG u hIAluIGlCos 4AlodA uAlSc
in force increased $l94, 100000 in
the year Assets were up $50 ,000,0 900.
Two Washington World War II
veterans, William and Jacob Gich-
ner, are turning out 10000 bricks
per day in a new plant which they
have just established in Bowie, Md.
The revised Financial Handbook.
edited by Jules I. Began and put
out by the Ronald Press Co., New
York, is being distributed in the
financial district. Changes men,
toned include the increased scale
of financial operations, Government
influence in the money market, the
heavier burden of taxation and
changing management employe re-
lationships. The content OF the
book requires 1889 pages.
United Air Lines on March 16
will join other air carriers in making
parcel post service available from
Washington and all parts OF the
rrat+ad cto+oe dfrarf fa r,ocSih1y as