Evening star., 1952-03-06

Washington Stock Exchange ana
finished the year at $110. There
have been no sales so far this
year but the bid is $110 and the
asking price $120.
Income from 1851 operations
reached $803, ,997, while interest
and rents added another $31 ,251.
Miscellaneous income of $55 raised
the total gross to $685.. 1902 VS..
$705,7 ,753 in the previous year.
Operating expenses totaled $479,-
639. Federal and State income
taxes reached $212,170, 4 jump Of
so per cent from the previous
year.
The company paid out $136.s 900
of dividends in 1851, leaving So. .49l
and q tax adjustment Of $158 to
be added to; undivided profits.
With total assets Of 1926. .128.
the company had q surplus of
$250,0O0, a $4,000 contingency
reserve and undivided profits Of
$144,242 at the year end. Because
of the large surplus built up over
a long period, directors in recent
years have paid out a large part
of current earnings in dividends.
Pepco Construction Mounts.
Potomac Electric Power Co. yes
ter6ay reported its active con-
struction program at the end of
January exceeded $37 million and
included $4.2 million authorized
during January.
The January authorization in
cluded 50 million for line extern
sions, transformers and meters re-
quired to serve customers; 81 mil
lion for network and power sup
ply transformers ard 81 million to
meet increased construction costs
at Benning Station.
January net income was $685.
900. q gain of 1892 900 from Janu-
ary, 1851. Operating revenues of
$4,090,0O0 were up $545, 900 and
operating costs, depreciation and
taxes reached 3,229, 900, a rise Of
$328,000.
Exchange Trading Slows.
Trading on the Washington
Stock Exchange slackened in Feb
ruary after a busy January. ex-
change officials reported today.
February sales included 18,499
shares VS.. 1925 in the previous
month and 32,349 in February,
1851.
AS January sales set a new rec
ord for that month, two months
sales of 45.794 did not show as
sharp q decline from 57,391 year
earlier.
Potomac Electric common re-
manned the most active stock on
the board in February. with IL
967 shares changing hands. Sec
ond most active was Washington
Gas common. with 1925 shares
traded. Third was Gar1nckel
common, with 1900 shares.
Economist to Speak.
Harold Cheedle, economist oi
the Federal Reserve Board. wht
has been assisting in the Volun.
tary Credit Restrain Program. viii
be the principal speaker for thu
forum program Bank Credit To.
day. sponsored by Washington
Chapter, American Institute o.
Banking at the Mayflower Hote
on Wednesday, March IL.
Mr.. Cheedle will take the place
Of A. K. Davis. senior vice presi'
dent of the Wachovia Bank 8
Trust Co. of Winston Salem, N. c.
who was forced by illness to can
Gel scheduled address.
Due to the large number OF res.
ervations for the forum, it ha:
been transferred from the Eas
Room to the Williamsburg Room
of the hotel. Chairman w. II
Smith announced.
Participate in Big Offering.
Johnston, Lemon & Co. ant
Folger, Nolan, Inc, of Washing
ton. and a number Of investmen
houses, which have Washington
Offices, were members Of tn
Morgan, Stanley & Co. groul
which marketed $50 million o
American Tobacco Co. debenture
today.
Associated in the offering o
lots, ,685 shares Of the same com
pany to stockholders was Auchin
Gloss, Parker & Redpath.
Among the firms with Wash
ington offices that took part il
the debenture offering were
Merrill, Lynch, Pierce, Fenner 1
Beane, Alex. Brown & Som
Stein Bros. q Boyce and Hirscl
&. Co.