Evening star., 1950-03-14
Capital Stockholders
OF Pepco Increase
Further in Year
By Edword G. Stone

By Edward c. Stone
Potomac Electric Power COM
mon stockholders in the District
of Columbia reached 6,819 during
1949. with 1,282,053 shares. New
York has more stockholders but
they do not hold as much stock,
President Alfred G. Neal an
nounced in the annual report dis
tributed today.
Maryland has 2,357 common
stockholders and Virginia, 1,125,
bringing the total to 10,301 who
own 1,729.867 shares. The steady
increase in Washington stock
holders was an outstanding fea-
ture of the years developments.
During 1949, Potomac Electric
Power earned $l.15 per share on
the common stock, exactly the
same as earnings in 194s. Pepco's
generating facilities were greatly
increased by completion of the
first 10000 kilowatt turbo-genera-
tor in Alexandria. Construction
expenditures totaled $23.621,l63,
an increase of So per cent over
1948.
kilowatt hour sales were AZ per
cent above 1948. The number of
customers at the end of 1949 was
264 .235, an increase of 3A per
cent.
Operating revenues were up
$3,664,819. Expenses were 8 per
cent higher due to fuel costs. The
company now has 2,722 employees.
Merger into Pepco of the Brad
dock Light g. Power Co. makes
Pepco a Virginia corporation as
well as a District Corporation,
Mr.. Neal stated.
Steel Firm Opens Office.
The A. O. Smith Corp. steel
fabricators with headquarters in
Milwaukee. opened Offices in
Washington today in the May
flower Office Building, Connecticut
avenue and De Sales street. Shell
by s. Walker. who has been man
ager in Philadelphia, is in charge.
The firm observed the opening
with reception yesterday for $50
guests at the Carlton Hotel, from
to 8 o'clock. Present from the
executive Offices were L. B. Smith
and A. Won Wening. vice presi-
dents, and Russell j. Irish, execu-
tive administrator for the Eastern
division.
The company has been in busi-
ness rs years and has factories in
six cities.
Branch Managers Meet.
Sixty branch managers and ac-
counting machine territory man
ayers of the National Cash Reg
lister Co. are holding a three-day
sales meeting in the Washington
Office this week to announce the
new class 81 typewriting book
keeping machine. The machine is
an electrical typewriter. with an
increased number of totals and
fluid drive for carriage operation.
Officials say the company has
already spent $5,000,000 in devel-
oping the machine. Other recent
developments include an auto
matte check feeder. c. B. Tomp-
kins conducts the sessions.
Service Banking's Big Job.
Services to others is banking's
only reason. for existance, E. A. /
Mattisori. executive vice president,
Bank of America. told the an
nual ABA Savings and Mortgage
Conference in New York.
: The most important job, he said,
is to conduct the business so that
more and more people want bank
ing service and need it. This
means creating opportunity, en-
ployment, enterprise and new Gus
toners.
Louis 8. Finger, member of the
ABA Research Council, said elm
ination Of deposit tickets is adapt
able only to banks using a unit
system of machine entries, where
by passbook and ledger cards are
posted simultaneously at the win
dow. About l 900 bankers are at
tending the sessions.
Reception for Chairman.
Edward C. Baltz, new chairman
of the United States Savings Bond
Division for the District of CO.
lumbia, will be given a reception
at the Columbia Country Club on
March % by Thomas j. Groom,
retiring chairman. The hours are
to Z.
Larmer New Agency Chief.
Clyde M. Larmer has been
named manager of the Washing
ton agency of the Union Central
Life Insurance Co., of Cleveland.
effective tomorrow.
Rains Wallace. manager of the
agency for 13 years. will remain
as associate manager, w. F. Han
selman, vice president stated.
Mr.. Larmer. Mason and Uni
versity of North Carolina grad
uate. has been assistant manager
of the Mutul Life Office here for
the past four years.