Evening star., 1950-05-01
Pepeo Earnings Drop
Behind Year Ago in
March and Quarter
By Edword e. Stone


Net income Of the Potomac
Electric Power Co. for March
totaled $3.50, ,439, a decrease of
$6S.312, or IS per cent. according
to the statement filed with the
Public Utilities Commission today.
In the first quarter, net income
amounted to $1,246,876, a de-
crease of $127 ,337, or 8 per cent,
from the like 1949 period. Sales
we're up per cent in March and
Is per cent in the quarter.
Operating costs mounted stead
lily in the three months, totaling
$7.697 ,931, an increase of $415,-
548, or 5 per cent. Net operating
revenue totaled 81 1893, ,492, a gain
over last year of $12,182.
Gas Earnings Show Gain.
President Everett j. Boothby Of
the Washington Gas Light Co.
sent an interim financial state
ment to stockholders today show
ing improvement in net earnings
in the last IL months, equal to
S2.62 on the common stock against
$1.39 a year ago.
The improvement was due to
colder weather in February and
March, he said, and an increase in
the number of meters in service,
together with the higher gas rates
in the District in effect since last
November.
Expense continue at a high
level, partly due to wage increases
effective on April /, 1850. The
proposed increased cost of natural
gas now is before the Federal
Power Commission. the company
having filed protest.
Loan Officer Appointed.
Clarence E. johnson has been
named head of the Washington
mortgage loan Office of the Pru-
dental Insurance Co., to succeed
Theodore A. Sedan. who has been
placed in charge of the South
eastern regional Office at Rich
mond. Mr.. Johnson has been
supervising appraiser since l946.
The company now has $40 million
in loans to home owner and bust-
neSsmen in this area.
The Decatur Building Associa-
ton, Philadelphia, Oldest in the
country. has become a member of
the Federal Home Loan Bank
System, Chairman William K
Divers announced today.
Thaddeus M. Jones, vice presi-
dent and trust officer of the Prince
Georges Bank g. Trust Co., is
convalescing from a series of
operations at Doctors Hospital.
Exchange Offices Crowded.
New York Stock Exchange Of
fees in Washington went on day.
light time today. opening at 8
o'clock instead of 10. Boardrooms
were filled with patrons when the
first quotation came over the
translux. The recent strong and
active markets has brought both
trading and investing interest to
q very high pitch.
Directors of Doctors Hospital,
Inc, have voted a so per cent
dividend, which means that pres
ent stockholders will receive one
share for every two now held. The
corporation will increase the stock
from 5000 to $500 shares. In
vestment houses will handle frac-
tional shares for holders. The
latest bid for the stock is 500 a
share.
Minneapolis Honeywell Regula-
tor Co. announced today forma-
tion of a separate division in it's
aeronautical sales department to
manage service activities and
named David c. Gerrish of Mime
apolis as aero division representa-
tive in Washington. He succeeds
Richard P. Brown. transferred to
Seattle.
Jacobsen Paid Tribute.
Charles Jacobsen. father of
c. F. Jacobsen, president of the
National Metropolitan Bank,
reached his Goth birthday today
and was given a luncheon at the
Madrillon by his close associates.
Mr.. Jacobsen has been retired
from active business for many
years but still keeps in close
touch with business affairs as he
Is a stockholder in many of the
city's leading corporations. He
is the Oldest member of the
Washington Stock Exchange and
always attends the annual meet
lngs. He also is director of the
National Metropolitan Bank.