Evening star., 1950-10-03
Postal Receipts Set
Records in September
And Nine Months
By Donald B. HodIey

by Donold B. Hodley
Washington postal receipts for
September and the first nine
months of 1850 set new records.
A report from Postmaster Roy
M. North today gave September
total of 1851 .466. compared with
$1,549,10 in the previous month,
and 14.2 per cent above the ST.
472,753 for September, 1949.
Nine months receipts amounted
to $14,398,767, gain of Al per
cent from $13,748,814 in the same
1949 period.
Receipts for both September
and the nine months were more
than double levels for the same
periods in prewar 1941, when they
totaled $783,447 and $6,817,64l,
respectively.
Pepco Net Income Down.
Potomac Electric Power Co.
revenues in August and eight
months Of this year were mod
erately above a year earlier, but
increases in allowances for depre-
citation and taxes, coupled with
higher operating costs, brought
declines in net income.
Net income for August was
$311,613, a drop of 16.2 per cent
from year earlier; for eight
months, $3.021,67s. a decline of
5.6 per cent.
August revenues of $3,140,612
were 2.6 per cent above last year.
Eight months revenues of $24,-
940,317 were up 4.8 per cent.
Lincoln Service Split Voted.
Lincoln Service Corp. stock
holders today approved four-for-
one stock split and an increase in
shares to 10000 from 10000,
President Charles Delmar an
nounced.
Holders of 29.1s2 shares or
97.3 per cent Of the total voted,
all In favor Of the amendmnts re-
quired for the split. There was
no dissenting vote. Stockholders
will receive three new shares for
each share now held. The split
up becomes effective tomorrow.
The industrial banking corpora
tion with headquarters in WASH
ington has As branches in seven
States.
Southern Co. Stock Awarded.
Southern Co. directors awarded
a million additional common
shares to an investment bank
ing group headed by Nor
gan, Stanley & Co.; Kidder.
Peabody & Co.. and Merrill Lynch,
Pierce. Fenner 81 Beane on a bid
OF $10.951 a share. Reoffering is
planned at SLIPS a share.
More than ordinary interest was
taken here in the offering, as the
stock Is listed on the Washington
Stock Exchange. It was quoted
today at IL bid and liz asked.
Proceeds will be invested in COM
mon stock of subsidiaries to pro-
vide funds for construction.
Old Shares Value Boosted.
Some Southern folks will be
looking into old teapots and attic
trunks as a result of a recon-
mendation by an ICC examiner
that stock of the Richmond g.
Mecklenburg Railroad is worth
$52 share.
Around 619 shares are out
standing, but about 80 per cent
Of the owners haven't been heard
from for so years. They will share
In a $4,000 plum if the ICC fol-
lows the examiners recommended
tion.
Southern Railway, which con-
trolls the line, seeks to absorb it
into the main system. It offered
S. share to one stockholder two
years ago and was refused.
Bankers Plan Fall Meeting.
The regular fall meeting of the
District of Columbia Bankers
Association will be held in the
ballroom of the Mayfower Hotel
at S:15 pm, Monday, October 9,
1t was learned today. Preceding
the meeting, dinner will be given
for special guests in the Chinese
Room.
Stephen A. Gatti. of S. A. Gatti
& Son, was elected chairman of
the Institutional wholesale
Grocers' Association, a division of
the Merchants and Manufacturers
Association at meeting of the
division yesterday.
Mr.. Gatti will represent the
wholesale grocers on the board of
governors of the Merchants and
Manufacturers Association.
Charles Kotzin, proprietor of
Kotzin's Dress Shop, will address
business administration students
Mt American University tomorrow
on problems faced in his type of
merchandising. He is the first of
series of speakers who will dis
cuss problems of retail store op-
Grafton.
TV Networks Hopeful.
No TV network will make money
in 1850, but all hope to start reap
ing a golden harvest in a couple
OF years, as long as there's nc
third World War, states Merrill
Lynch, Pierce, Fenner 81 Beane in
a 28-page illustrated review of the
radio. television and movie indus
tries, just out.
Southern Wholesalers, Inc.
RCA-Victor distributor, will spon-
sor the third of a series of tele-
vision service clinics at 8 pm, Oc-
tober 3 and 4. The clinics are con-
Quoted by RCA Service Co.
Chicuoo Livestock