Evening star., 1951-02-01

Sl1.25O,543. General taxes rose
to s1,375,0S7 VS.. $1,209,311 and
provision for Federal income taxes
SCARED to $2,O69.021 VS.. $966,66O.
Mr.. Boothby pointed out that
1850 revenues include around
$415,000 received before June l
from a rate increase which was
later vacated by District Court.
The company lost an appeal in the
Court of Appeals, but was granted
a stay on the refund order pend
ing review by the Supreme Court.
Funds received since June l have
been excluded from income. The
$415,O00 which would be affected
by the refund order amounts to
net income of $228,000.
VepcO Plans Financing.
Virginia Electric & Power Co.
yesterday filed application with
the Virginia State Corporation
Commission at Richmond for ap-
proval of a $40 million issue of
preferred stock to finance expan-
sion expected to cost $42 million.
The commission will act on the
proposal at an informal hearing
February IA. The company plans
to sell 100000 shares of $100 par
value preferred stock with divi-
dend rate not to exceed $3.50 a
share.
The Federal Power Commission
recently granted a 50-year license
to Vepco for construction of $27
million hydroelectric project on
the Roanoke River near Roanoke
Rapids, N. c.
Trust Conference Due Monday.
The 32d mid-winter trust con-
ference of the American Bankers
Association. opening for a 3-day
session in New York next Monday,
will draw a delegation from trust
departments of Washington banks.
James E. Shelton, ABA presi-
dent, and Raymond H. Trott, pres
ident of the ABA Trust Division,
will address the first session Mon
day morning in the Waldorf
Astoria. Three Government Off
cials from Washington will address
the third session Tuesday morn
Ing. j. Anton Conner, review Sec
tion chief, Federal Deposits Insur-
ance Corp; L. A. Jennings, deputy
controller of the currency; Rob-
ert c. Master. examiner, Federal
Reserve System.
Roswell F. Magill, former Un-
dersecretary of the Treasury, and
now professor of taxation at Co.
lumbia University, will address the
Wednesday morning session. DR..
T. v. Smith, Syracuse University,
also will speak. Heads of the trust
departments of many leading
banks will be on the program
Savings Bonds Funded Debt.
Sales of savings bonds during
the five calendar years, 1946-1950,
totaled $33 billions, proceeds of
which did not increase the public
debt, but were used to retire a
portion of it, according to Edward
c. Baltz, chairman, District saw
ings bonds division, in reporting
that the total volume of savings
bonds outstanding was $58 billion
at the end of 1850, of which $50
billion represents holdings Of in
dividuals.
Series E bonds outstanding
amount to $341a billion, which is
$41a billion more than at the end
of the war in August, 1945. Mr..
Baltz said.
The 5-year proceeds were used
as follows, Mr.. Baltz said: Cd to
retire SO billion in maturing AID
series, (2) to meet $24 billion in
redemptions of series E, F and G
bonds, and CD to pay off bank
held debt to the extent of Sc bill
lion.
Heads Appliance Company.
I. S. Burka has been elected
president of Mid-Atlantic Ap-
pliances, Inc. Other officers: S. P
Cohen. vice president; I. Gross
berg, secretary and treasurer
Harry P. Brightman, general man.
ager.
Col. Gordon B. Welch has beer
elected president of Davidson
Corp, a subsidiary of Mergen-
thaler Linotype Co. Mr.. Welct
has been with Mergenthaler since
1946.
Market Averages