Evening star., 1950-03-01
January Pepco Profit
OF S448,S30 Is 4.3%
Above Period in 1949
By Edword G. Stone

By Edword c. Stone
Net income of the Potomac
Electric Power Co. for January
amounted to $448,8 $50, an increase
over January, 1949, of $18,639, or
4.33 per cent, according to the
statement filed today with the
Public Utilities Commission.
Operating revenues Of $3,243,-
AS were per cent above last
year and operating costs were up
$s2.551 or 3.69 per cent. Net
operating revenue of $641 PAT was
1925 per cent ahead of January,
1949. Depreciation was up Is per
cent.
Liberty Elects Director.
Leopold v. Freudberg. promi-
nent life insurance man, has been
elected a director Of the Liberty
National Bank to succeed Fred
erick G.. Macarow. American Tel
ephone official transferred to New
York, President w. T. Vandoren
announced.
Mr.. Freudberg is president of
the Woodward Realty Corp. and
the Chillum Heights Apartment
Co. He is very active in civic and
religious affairs. now being vice
president of the Jewish Commu-
nifty Center, director of the Heart
Association. vice president Wood
mont Country Club and a vice
president of the Maryland Golf
Association.
He is a member of the National
Press Club. American Bar Associ-
alton and District Life Underwrit-
ers Association.
Alexandria Office Opened.
Johnston, Lemon g. Co. today
opened an investment Office at
1874 North Pitt street, in Alex
andria. under the management Of
Robert G. Whitton. Alice H. Whit
ton and E. Wallace Schreiner
All are natives of Alexandria.
Mr.. Whitton, head of the Of
nee. has had % years experience
in banking and holds a certificate
from the Graduate School Of
Banking at Rutgers University.
He has been exceptionally active
in the Rotary Club, Library
Board, Little Theater Building
Fund. Second Presbyterian
Church. Chamber of Commerce
and the Alexandria Hospital. He
is president Of Whitton & Schrei-
ner. Inc, and the Mortgage FL
nance Corp.
Miss Whitton has been in bank
ing rs years and is a leader in the
Bank Women's Club of Washing
ton. She is a director of the
Mortgage Finance Corp, and
secretary and director Of Whitton
81 Schreiner. Mr.. Schreiner was
connected with the First National
Bank Of Alexandria before enter
ing the Navy in World War II.
Common Trust Fund Started.
The American Security & Trust
Co. has established discretionary
common trust fund under author
ity of District law and in con-
formity with regulations of the
Board Of Governors OF the Fed
eral Reserve System. it was an
nounced today by Daniel w. Bell,
president.
The purpose Of the fund is to
bring together assets Of the par
ticipating accounts into one COM
mon trust fund for investment,
and thereby obtain for these ac-
counts greater stability of income
and safety Of principal. through a
much broader diversification of
investments than is now generally
possible for accounts Of moderate
size when invested independently.
Maximum participation for one
trust is $4,000.
Garfinckel Dividends Voted.
Garfinckel b Co. directors have
declared the usual quarterly divi-
dend Of 371z cents per share on
the common stock; 343s cents on
the 5h per cent convertible pre-
ferred and 281s cents a share on
the AZ per cent convertible pre-
ferred, all payable March 81 to
stockholders Of record March IS.
T. Coleman Andrews of Rich
mond. formerly in Government ac-
counting. deplored the Govern
ment's present spending policy in
an address before the Controllers
Institute, at the Carlton Hotel last
night. He cited many wasteful
practices unearthed by the Hoover
Commission. adding that "the av-
erage citizen works ~ days q year
to support wasteful squanderamia
on the Potomac"
Bank Loans Improve.
Loans by Washington banks in
the week ending February were
slightly ahead Of the previous
week, the Richmond Reserve Bank
reported today. Total invest
ments were higher due to buying
Of Government bonds. Demand
deposits were under the preceding
week but savings were slightly
higher.
Chicago Livestock
CHICAGO, Mar; as6 | . e. ysDA,.-ssl.