Evening star., 1950-02-16
{. &P. Telephone Co.
Reports Drop in Net
Revenues for 1949
By Edword c. Stone

chesapeake & Potomac Telephone
Co. in 1949 amounted to $6,941 1888
compared with S7,904,427 in 1949,
H. Randolph Maddox, president,
announced in his annual report
today.
The earnings decline was due to
rising costs of labor and a further
increase in the investment per
telephone.
Total operating revenues in 1949
amounted to $35 ,320,547, an in
crease of 4.5 per cent over 1948.
The gain, however, was more than
offset by IA per cent increase in
expenses which totaled $31 ,979 ,666,
including taxes, highest in the
history of the company. Net in
come totaled S3,090,233 VS.. $685.
219 in 1948.
Gross construction expenditures
totaled $16,552, ,267 in 1949, bring
ing plant investment to $113,364,- =
795, Mr.. Maddox said. In the last
three years the company has spent
S39, ,406,946 in new construction
more than the total outlay in the
81 years ending in 1885.
Mr.. Maddox said the most i'm
portant objective facing the COM
pany now is the securing of larger
earnings through higher telephone
rates. Taxes last year amounted
to S3,600,957, payrolls increased
Sl,536. .421 over 1948 and Ill ,495
telephones were installed, a gain
of 1856.
The present Board of Directors
was reelected
Airlines Net Up Sharply.
American Airlines today re-
ported profit of $6.511,237 after
Federal income taxes of 81 1900, 900
for the year 1949. A carry-for-
ward credit of S950,0OO' reduced
the amount of taxes payable. In
1948 the company had q loss of
s2,893,671.
Total revenues were S103 mil
lion, highest in the history of the
company. Passenger traffic was
IS per cent higher than in 1948.
Air freight carried in 1949 was
AZ per cent above 1948 and was
double the tonnage of 1947.
Retail Furniture Sales Up.
Retail furniture sales in Wash
ington in 1949 were per cent
ahead of 1948, the Richmond Re
serve Bank reports. December
sales were up 6 per cent.
Wholesale trade of 1876 firms in
this District in December was S
per cent lower than a year ago
The largest drop was in industrial
supplies, 81 per cent. Drugs were
up II per cent.
Loans of 81 Fifth District mem
Der banks were S7,661 900 higher
in January than in the same
month year ago. Demand de-
posits were up S83,031, 900 at the
year end. Time deposits gained
$50, 900 in the II months.
Bank Drops Deposit Books.
The Prince Georges Bank 81
Trust Co. is installing National
Cash Register teller machines in
the Mt, Rainier Office. it being no
longer necessary to enter deposits
in passbooks. This is the first
bank in Maryland to adopt the
service, ]. Robert Sherwood, treas
urer, said.
The manner of making deposits
is not changed. The customer
makes out his deposit slip and
hands it to the teller. The teller
returns an official receipt to the
depositor which may be retained
in a convenient folder furnished
by the bank. the new service being
for checking account customers.
McAleer Paid High Honors.
Edward L. McAleer, secretary
Of the Equitable Cooperative
Building Association, who recent
ly ended two constructive years as
president of the District Build
ing and Loan League, was highly
hOnOred at testimonial dinner
at the Shoreham last night. More
than 100 building and loan leaders
were present.
Among the speakers were Will
liam K. Divers. chairman of the
Federal Home Loan Bank Board,
and the other two members, J. A.
Adams and o. K. La Rogue. Fred
A. Smith, now president of the
league, introduced other associ-
ates who eulogized Mr.. McAleer.
r. w. Santelmann, who preceded
Mr.. McAleer as league president,
was among the speakers. Mr.. Nc
Aleer was presented several fine
gifts. c. Clinton James, now In
Doctors Hospital, sent greetings.
State Loan Officers Named.
State Loan & Finance Corp.
directors have elected these Off
GERS; Davis Weir. president; Paul
H. Williams, vice president and
secretary; John S. Winston, vice
president; David A. Penney,
treasurer; F. w. Hulse, super
vision director, and Margaret <.
Refer, assistant secretary.
Dividends of 371a cents per
share were declared on the per
cent cumulative preferred stock
and the 6 per cent convertible
preferred stock, and dividends of
25 cents per share were declared
on the class A and class B COM
mon stocks. All dividends are
payable March Is. 1850, to stock
of record March i, 1850.
Earnings amounted to $556.952
for. the year ending December 81
compared with S416,134 in 1948.