Evening star., 1949-09-23


joyed re-
markable Pc wilner J. Waller
riod of progress in the 16 years OF
its service to Washington. De-
posts have grown from 100000
to s93,OOo,000.
The bank started in 1888 With
capital funds of 81 100000. Those
funds now stand at $5,400,000.
Along with flowers that began
arriving early today in advance OF
the anniversary came notes OF
felicitation from bank afflliates
outside the District as we'll as from
within. Altogether, it looks like
its going to be happy birthday
for Mr.. Waller and his associates.
The Hamilton president has been
at the helm for six years.
Pepco Earnings Gain.
Potomac Electric Power Co. to-
day reported a 28.6 per cent in
crease in it's net income for the
first eight months of the year.
compared to the same period in
1948. Net income for the period
was $3,129,939. The results OF
operation for the eight months re-
fleet the effect of the rate increase
authorized in July, 1948.
Sales increased per cent or
66,373,000 kilowatt-hours in the
eight-month period compared to
the 1948 figures. August sales
were 8.8 per cent higher than in
August, 1948, showing an increase
of 1888, 900 XVIII. This is slight
ly higher than the increases ex-
perienced in recent months.
The 1949 net income figures
include an S88, 200 refund of Fed
eral income taxes applicable to
prior years. Operating revenues
were $23,621,577. an increase of
15.4 per cent, compared to the
l948 period. Total operating
costs were $19,31S,885, an increase
of 10.7 per cent.
Under the modified sliding scale
Of rate regulations, income
through August was increased
S65l,548, with the result that to-
tai utility operating income OF
s4,302,6 ,692 for the eight months
is about 1863 per cent above last
year.
Transit Deficit Smaller.
Capital Transit Co. reported an
August deficit of only s3,s62.93 to
the Public Utilities Commission
today, compared to a deficit OF
s41,729.40 in August a year ago.
This continued improvement was
reflected also in net income for
the first eight months of the
year, which showed an increase of
s188,610.95, or 60.9 per cent above
the comparable 1948 period.
Operating revenue for August
was $2,255,06 an increase of
s145,091.10, or 60 per cent above
August a year ago. For the eight
months period. the company's
revenues totaled $18,876, ,399.90.
which is an increase of S1,006,-
271.89 over the same period last
year. or Sc per cent.
Revenue passengers numbered
24,251 ,961 in August. a decline of
2,815,790 or 10.4 per cent from a
year ago. Revenue passengers for
the eight months period declined
l0.7 per cent.
Store Sales Decline.
Department store sales took a
tailspin in the Fifth Federal Re-
serve District during the week
ended September II, being 8 per
cent under the corresponding Pc
riod a year ago, as we'll as per
cent under the revised figures Of
the previous week.
On the basis of reports to the
Richmond Reserve Bank and the
Federal Reserve Boards report of
a seven per cent slump in sales
for the whole country, there were
indications that Washington de-
partment stores Jagged also. Fig
ures for Washington were not
available today but the national
report failed to show a gain for
any Reserve district.
Last weeks report showed de-
partment store sales in Washing
ton for the week ended September
10 were six per cent above the
like period a year ago, whereas
such sales remained at an even
level throughout the Fifth Dis
trict.
Accountants to Picnic.
Washington Chapter, National
Association of Cost Accountants,
will hold it's annual picnic tomor-
row. The chapter opened its pro-
gram of meetings last Wednesday
when more than 1876 members
met at the Sheraton Hotel.
President Earle C. Rickerds of the
Baltimore Chapter was a guest.
David Fry, jr., the speaker, pre-
sented novel cost quiz on How
Well Do You Know Your Job?"