Evening star., 1950-08-22
Vepeo Profits Climb
To S1.93 Per Share
vs.. S1.5S Last Year
By Edword G. Stone

W GOWoto SASuS
IN the IL months ending July
81. the Virginia Electric & Power
Co. earned $9.369,67 or $1.93 per
common share, compared with
$500, 1886 or $1.58 share a
wear ago, based on the average
number of shares outstanding in
both periods.
Gross amounted to $50, 9,726, ,704
against $54,206,807 in the pre-
ceding year. Surplus after pre-
ferred dividends amounted to
$7,769,3o9 compared with $5,454.-
581 in 1949.
Net income in July totaled
$818,500 against $582,379 in July
of last year. The company's COM
monstock is active on the Wash
ington Stock Exchange. selling
around $1S share.
Mayhower Earnings Rise.
Net income of the Mayflower
Hotel Corp. amounted to $409 800
in the first half year as COM
pared with $685. ,035 in the same
period a year ago. it was an
nounced today.
The Hilton Hotels Corp. which
operates the Mayf1ower, reported
that the Mayflower contributed
$285,876 toward the earnings OF
the corporation in the half year,
against $246,952 in the same pc
riod year ago.
Hilton'S earnings were equal to
$1.33 per share VS.. $128 in the six
months, and 81 cents against Sc
cents in the June quarter.
July Sales Rise Notably.
Sales of retail stores in July
reached $12,195 million, nearly 20
per cent above July, 1949. the De-
partment of Commerce announces.
In the first month following the
beginning of the Korean conflict
total sales, instead of following the
usual decline from June to July,
rose 2 per cent.
Outstanding among the durables
was the sharp advance of "a per
cent In sales of homefurnishing
stores from June to July. This
was accounted for primarily by
strong demand for major appli-
ances and television sets.
The rise of 9 per cent in the
seasonally adjusted total for the
automotive group was in part the
result of a rising demand for tires
and other auto accessories.
Low Interest Demanded.
Secretary Snyder told the Fed
eral Reserve Board the Treasury
expects the board to manage the
market for Treasury issues so that
interest rates on Government Sc
curities are kept at present low
levels.
This is the latest development
In the differences between the
Treasury and the Federal Reserve.
The Treasury wants low rates and
the Reserve favors some advance.
Interest rates on loans to busi-
ness by New York banks headed
higher yesterday, first result of
the increase in the re-discount
rate from 11zfo to 1A%.
Seltzer to Tour Europe.
Paul j. SeltZer, an assistant vice
president of the American Security
& Trust Co., will leave here by
plane Saturday for an extended
tour of Europe. He will visit
eight countries, including England,
France, Italy and Germany. He
plans to fly home while his wife |
and daughter return on the Queen |
Mary.
Predictions are being made in
the financial district that next
years corporations profits should
break all records, but that divi-
dends may be lower because of
heavier taxes and greater money
needs by many companies.
The McGraw-Hill Book Co.
announces that a new magazine.
"Today's Secretary" will come off
the press next Tuesday. August
29. It will replace The Gregg
Writer, continuing many features.
American University will add
several new business courses this
fall. including Direct Mail Selling,
Life Insurance. Mortgage Financ-
ing, Sales Management. Fashion
in Retailing and Mathematics of
Merchandising. Registration starts
September IL.
Four Dividends Declared.
State Loan & Finance Corp. has
declared a quarterly dividend of
371a cents per share on the two
6 per cent preferred stocks and 80
cents on the common A and B
stocks, all payable September IS
to stock of record September /.
The board elected Paul H. Will
1iams vice president and secretary
Of the company. newly created
position. Francis w. Hulze was
elected a vice president. President
Davis Weir announced.
Insurance Sales Boom.
Life insurance purchases in the
United States IN July showed an
increase of $647, 100000 over pur-
chases in the corresponding month
of last year, it was reported by the
Life Insurance Agency Manage
ment Association. Total purchases
in July were $2,304, 200. 900, a rise
of 39% over July of last year.
Purchases of ordinary life in
surance were up 24%; industrial
life insurance showed an increase
Of 10% while group life insurance
scared 1897 over July a year ago.
In the first seven months total
life insurance purchases were 1870
ADORE 1949.