Evening star., 1948-08-29
July Pepeo Earnings
Are Better Than June,
But Below Last Year
By Nelson M. Shspevd

AmuONCu UuCu1cSS 0pcfaIlOllS
the Potomac Electric Power Co., n
fiecting to some degree the benefit
from rate increase granted earl
in July, enabled the company to ir
crease net income for that mont
by $71 1854 over the net for June.
July net income of slss,64s, how
ever, was 1855 per cent under ths
Of July q year ago. rs reported yes
terday to the Public Utilities Com
mission.
For the first seven months Of tn
year, PEPCO's report showed
net income Of $1,4s5, ,02e. . decreas
of 20.28 per cent compared with tn
same period in 1947. Income de
creased $38o,l67 during those firs
seven months this year.
Operating Costs Rise.
Increased operating costs reflects
throughout the period more tha.
Offset increased revenues from sale
and economies and were the princi
pal factor involved in the awardin
of the rate increase last month. ]
was estimated then the new rat
would produce $2,750,000 more rev
enue in the year.
Operating revenues increase
$500 ,522 In July as compared wit
reported June increase OF S270
670. Total operating revenue i
July was s2,623 ,9O6, = gain of l7.4
over such revenue In the sam
month . year ago.
The first seven months Of tn
year disclosed an increase Of 81 ,402,
100, or 1874 per cent in operatin
revenue, compared with the sam
1947 period. The total for the seven
month period this year was SIT,
668,71S.
Sales Up 1881 Per Cent.
The number of kilowatt hours sol
in July increased 1881 per cent, c
81, ,469, 900 over July OF 1947. Tots
sales last month were lS2,Sl2,0O
kilowatt hours. For the seven
month period of this year the tots
reached l,15s.23s, 900 kilowatt hour
compared with 1904 ,966, 900 for tina
period last year. The tncreas
amounted to 1871 per cent.
Operating costs. on the othe
hand, rose 2252 per cent in Jul
from July of 1947.
Expenses and deductions for Jul
amounted to $2,437 ,222, an inoreas
of $447,s99 over that month las
year. An increase Of 40 per cent il
fuel costs was noted during tn
month, PEPCO being one Of the big
gest fuel burners in the District
Labor costs rose 5.07 per cent durinl
the month. Taxes, other than in
come, rose 65.93 per cent. Fuel ant
costs during the montl
totaled $957,442 as against 1924 ,33
for labor.
For the first seven months, ex
penses and deductions totaled SIS,
173, 3,692, an increase Of 20.78 per cen
compared with the same period las
year. That meant an increase o
81, 2,7s2,357 in total expenses q
against q reduction OF 33s0,1e7 Il
net income in the comparabl
period.
Offutt Going to Detroit.
A. Scott Of1utt, vice president o
Union Trust Co. and District rep
resentative on the executive counci
of the American Bankers Associa
ton, will be In the Washington
delegation going to the Detroit Ma
tional convention next month. Tw
meetings of the executive counci
are scheduled.
Mr.. Offutt is also alternate t.
Robert v. Fleming OF Riggs Ma
tional Bank on the ABA nominatinl
committee. That committee vii
meet September %. Mr.. FleminI
also is preparing to attend the con
vention.
Chairmen and members of thre
more committees of the District O
Columbia Bankers Association TO
the year, were announced yester
day by Robert H. Lacey. president.
Committeeman Listed.
They are as follows:
Advertising and Publicity Com
Chairman, Joseph r. Fitz
patrick, vice president and cashier
Second National Bank; vice chair
men, Kenneth Birgfeld, secretary
American Security & Trust Co.
Frank p. Harman, jr., vice presi
dent, Hamilton National Bank; H
I. Beall, jr., cashier, Anacostia Ma
tional Bank; James B. Skinner, vic
president, Liberty National Bank
Guy D. Cowl, vice president. Nc
Lachlen Banking Corp; J. Fran
White, president, National Bank Q
Washington; James p. Casbariar
president, Bank of Bowie.
Credit Bureau Committee: Chair
man, Thomas j. Norris, cashier
Bank Of Commerce dz Savings; vic
chairmen, Louis C. Paladini, cashier
Lincoln National Bank; Frederic
H. Cox, vice president, City Bank Q
Washington; George B. Earnshav
vice president, National Metropoh
tan Bank; Stuart 8. Ogilvie. vic
president, Second National Bank
Irving zirpel, secretary. Union Trus
Co.
Standardized Banking Forms Com
mittee: Chairman, Walton L. San
derson, cashier, Hamilton Nations
Bank: vice chairmen, David Borne
vice president, National Savings
Trust Co.; Horace F. Stokes, vic
president and cashier, Nations
Metropolitan Bank; William I
Schooley, vice president, America
Security & Trust Co.; Linwood
Harrell, president, Union Trust Co.
John r. McMullan, vice president
Riggs National Bank.
New Terminal Issues Listed.
The new $4,000 issue OF Termi
nal Refrigerating d Warehousin
bonds was admitted to trading Fri
day on the Washington Stock Elk
change following registration wit
the Securities and Exchange Com
The initial bid was 102 an
the asked price 104.
One of the largest concerns Il
the city, Terminals common stock
listed at SO, has been listed on tn
Washington Exchange for som
years. The new bond issue-10-yea
first sinking fund mortgage bonds