Evening star., 1951-03-06


are deeply in
terested in the
preservation of Mr.. Shelton.
the integrity and purchasing pow
er of the American dollar. "It
represents the blood, sweat and
tears of millions of people -
he reminded.
Addressing the night sessions OF
the savings and mortgage meeting
the ABA president said:
Imitation cannot be prevented
merely by the imposition of Gov
ernment credit and other controls.
The job can be done only if all
elements of our economy-the
Government, labor. business and
the population at large-settle
down to live by sound business
principles.
Mr.. Shelton said we know by
experience that neither men nor
nations can violate the simple but
very fundamental facts of 'busi-
ness and economic life without
paying a staggering price in terms
of human misery. 1t was in this
connection that he referred to the
role of banking in the defense
effort, emphasizing that as GUS
todians of other peoples money
and property, bankers naturally
are interested in halting imitation.
Pepco Sales Up.
Kilowatthour sales of the Po-
tomac Electric Power Co. for jan
uary, it was reported today, were
approximately 210 million. or
about 13 per cent higher than for
the same month a year ago. A
breakdown of the January StatiS-
tical record disclosed operating
revenues of $3,545, 1897, an increase
of about 9.3 per cent over jan
uary, 1850. Operating costs, on
the other hand, had jumped to
s2,874, ,049, or q 10.4 per cent in
crease.
Total utility operating income
for the month amounted to $671,-
848, an increase of ATT per cent
over January, 1850. Net interest
charges and other deductions
amounted to $2OO,O34, an increase
of $7.616, leaving net income OF
$471,814. This net represented an
increase of $22, ,984, or 81 per cent
over the same month a year ago
Capital Increase Authorized.
The Public Utilities Commission
has authorized the Washington
Gas Light Co. to increase its CAPT.
talization by 100000 shares Of
common stock without par value.
In its order authorizing the
increase. the PUG said any offer
ing of shares to the public must
be submitted to the commission
for approval.
The gas company on February
% requested the commission to
authorize the increase to its pres
ent 100000 shares of common
stock because the rapid growth OF
the Metropolitan area has caused
an increasing need for capital to
finance the cost of extending the
distribution and other facilities
Of the company.
ut is apparent" said the COM
mission in its order. that in
order to preserve a balanced and
conservative capital structure, the
company should be in a position
to finance a portion of its future
capital needs through the issuance
OF additional common stock"
Construction Mounts.
The wave of Southern construc-
ton rolled on last month. New
projects put under contract were
valued at $641, ,867 900, more than
double the rate for February q
year ago.
Manufacturers Record, trade
publication, said today the figure
represents 131 per cent gain over
the comparable month of 1850
But it fell off 43 per cent from the
valuation of new construction re-
ported for January, the all-time
record month. Helping to raise the
February figure was a S75 million
expansion begun by Bethlehem
Steel Co. in Baltimore. This was
the largest item mentioned in the
total of $337,384,000 committed
for private industrial construction
Texas, as usual, led in the
amount of contracts awarded last
month-$176.101 900. The Dis
trict reported $1,573,000; Mary
land had healthy $92, ,735 900 and
Virginia contracted for $31 1853 900.
Lacy's Appointments.
William Warsaw, president and
general manager of Lacy's, Inc,
Eighth and E streets NV, has an
nounced the following appoint
ments of Lacy's associates:
Sam Siegel, formerly manager
Of the firms Clarendon store, be-
comes branch stores manager.
Mitchell Roberts, formerly South
east store manager, was promoted
to manager of the Clarendon store
Hal Marks was named assistant
manager of this store. while
Joseph Steer takes over manage
,ment of the Southeast store. Other
staff changes included the promo
ton of Joseph Walsh as assistant
advertising manager and the ap-
pointment of Marvin Gerstin as
copywriter on the advertising staff
Morton M. Foster has been ap-
pointed district sales representa-
tive for Tintair in the District
Maryland and Virginia. He was
formerly connected with Lace
Products.