Evening star., 1950-08-04
Pepeo 6-Month Profit
Equal 10 49c a Share
vs.. Sic in '49 Period
By Edword G. Stone

py EQWoIQ ~. StoHe
In a report to the New York
Stock Exchange. the Potomac
Electric Power Co. states that
earnings in the first six months
of 1850 were equal to 49 cents
per share on the common stock
compared with 81 cents in the
like 1949 period.
Operating revenues totaled
$18,575,557 against Sl7,624,825 in
the first half of 1949. Net in
come amounted to $2,284.625 as
compared with $2.381,727.
The earnings on common were
based in both periods on 4,264 200
common shares after allowing for
dividend requirements on 225,000
shares of $180 preferred stock.
The power company pays 80
cents a year on common so that
the dividend was covered in the
nalf year by a small margin,
which makes the recent request
for an increase in rates of special
interest.
Monsanto HonOrs Curtis.
Francis j. Curtis. vice president
and director of the Monsanto
Chemical Co., and secretary OF
the executive committee, has been
appointed director of industrial
preparedness for the company
with headquarters in Washing
ton. it was announced today.
Philip R. Tarr, European tech
nical representative, has been
named assistant director.
These officials will keep in close
touch with high Government de-
partments. The present Wash
ington office, under direction OF
H. w. Yeagley, will continue oper-
ations as formerly.
Coach Service Expanded.
National Airlines will inaugu-
rate the first DC-6 air coach sery-
ice nonstop between New YORK
and Miami tomorrow. These
planes will have 68 seats instead
of the So seats in the DC-6 luxury
planes.
on or before August Is, the
Virginia State Corporation Com
mission will consider the appllca-
ton of the Virginia Electric and
Power Co. to sell $40 million
worth of bonds as another step
In its plant improvement program.
The company's common stock,
listed on the Washington EX'
change, is now selling at $l7.5O
a share.
Executives Hold Seminar.
The National Savings and Loan
League will hold seminar for
building and loan executives at
Mercerburg Academy. beginning
next Monday. Last year "a men
and women from 27 States and
the District of Columbia attended
the sessions.
The speakers this year include
DR.. H. E. Hoagland, Ohio State
University; DR.. John Lintner,
Harvard University; DR.. Gordon
Mckinley, Ohio State University;
w. w. Townsend. New York;
Vern C. Bonesteel. of Washington,
chief examiner of the Home Loan
Bank Board, and DR.. Charles S.
Tippetts, Mercersburg's head
master. Il
Union Trust HOnOred.
The Financial World has pre-
sented it's highest merit award to
the Union Trust Co. of Washing
ton in recognition of the excel
lence of its 1949 annual report,
1t was judged as among the most
modern from the standpoint of
content, typography and formal
of the $500 annual reports ex-
amined during 1880"
Jack Riley, secretary-treasurer
of the Northeast Building Asso-
citation, and Herman Schwertner,
auditor, Eastern Building & Loan
Association. will attend the eighth
annual graduate school of the
Savings and Loan Institute at
Bloomington, Ind, August 13 to
25.
FDIC Amendments Reviewed.
D. J. Needham, general counsel
of the American Bankers Asso-
citation, has sent a summary to
bankers of the amendments in
the Federal Deposit Insurance
Corp. bill now before Congress,
and summary of the differences
between the House and Senate
proposals. Mr.. Needham gives
most complete description of
these differences. The bill is now
in conference.
The Federal Reserve Board re-
ports that the value of depart
ment store stocks in the Rich
mond District in June was 10 per
cent below the preceding month
but 9 per cent higher than last
year.
State and municipal bonds re-
ported during July as approved
by 96 municipalities in 81 States,
aggregated $26,145, ,585, as COM
pared with $35,300,200 for July.
1949, according to The Daily Bond
Buyer.
Potomac Electric Power common
registered sales of 600 shares in
early trading on the Washington
Stock Exchange today. Later the
stock moved up an eighth. Gar
finckel common came out at 1712
and Virginia Electric & Power
common at 18.