Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-01
GAS LIGHT CO. HAS
GOOD MAY PROFIT
Earnings of Both City Firms
Reported-F. M. Savage,
Banker, Steps Out.
BY EDWARD c. STONE.

BY EDWARD &. STONE.
The Washington Gas Light Co. has
reported to the Public Utilities Com
mission that net earnings during MAY
were S70,703.17. Total operating reve-
nues for the month amounted to
$466,341.4S. while operating expenses
totaled $303, 0S6.10. leaving a net OPP
Grating income for May of $124,31421.
The Georgetown Gas Light Co. also
had an excellent month, so far as
earnings We're concerned, the net in
come in May being $10,442 10 This
company reported operating revenues
for the month of 500, 1881 Oper-
ating expenses during the same pc
riod amounted to S53,069.10. leaving a
net operating income of $13.69S.09.
Bank Merger Is Completed.
Francis M. Savage, president of the
Central Savings Bank, quietly packed
up his personal belongings, closed his
desk, wished his successors every sue
cess, and late yesterday walked out of
his cherished bank on Fourteenth
street into private life. He thus re-
tires for the present, at least, from
banking activities in Washington S
financial district.
This morning the Central Savings
Bank opened as branch of the Sc
curity Savings and Commercial, with
J. William Roberts, the former cashier,
as manager of the office. The branch
was offering every commercial serv-
ice, in addition to the savings business
which was started two years ago by
Mr.. Savage.
The fact that Central Savings has
~, IDov Io6
to believe that Mr.. Savage has
changed his views on this question.
He says he has not. He still expresses
grave fears over the future Of unit
banking. The veteran banker would
have preferred to see the institution
remain a separate bank, either as a
savings bank or a national bank.
When he decided to retire, however,
he did not consider it wise to let this
point block a deal which he considered
most advantageous to both parties.
Mr.. Savage said what pleased him
most about the transaction was that
the officials Of the Security Savings &
Commercial found his banks assets
so good that they took them intact.
II am proud of that record" he said,
adding that the Riggs Bank took all of
the assets of the Northwest Savings
Bank in the same manner.
Dutch Market Sale Advertised.
An advertisement in the daily pa
pers announces the sale by the re-
ceivers of the Old Dutch Market g
stock. fixtures. equipment. automo'
biles, accounts receivable and good
will of the sixteen stores of the com.
pany. The sale is set for July II. at
. ~ hi a. fr1.
place at the main entrance of the
courthouse. The notice of the sale is
signed by the receivers-Kenneth C..
Ross and Hilleary G. Hoskinson.
The future of the Old Dutch Mar.
ket is being widely discussed in bust.
ness circles, other chain store man
ayers end individual grocers being es.
pecially interested. 1t is only natural
to suppose that the business will be
continued. The receivers have made a
bid for all the Old Dutch Market prop
critics. If other persons bid higher
they will naturally do so with the idea
of continuing the business. Whatever
bid is accepted by the court, the oroba
bilities now appear to indicate that the
Dutch markets will not be closed.
Local Securities Remain Steady.
Potomac Electric Power preferred
51a per cent stock opened at 1919 to
day on the local exchange. 1t then ad
vanced to 101ss and closed at 1919
the days turnover reaching III
shares.
Lanston came out at 991s, 20 shares
of the Bank of Bethesda sold at As
and 10 shares of Capital Traction
changed hands at 104%. Railway &
Electric As sold at S51s and the same
| corporations general 6s at 1897. Quo
tations in the unlisted department
showed practically no changes during
the week.
AS usual in the Summer, the ex
change will be closed tomorrow. II
will also note the glorious Fourth by
closed doors.
Bankers OF on Vacations.
Charles c. Glover, chairman of the
board of directors of the Riggs Ma
tional Bank, leaves Washington today
for Nonquit, Mass, where he will
pass the Summer resting and playing
with his grandchildren.
Howard Moran, vice president OF
the American Security & Trust Co..
Is taking a months vacation. Mr.
Moran has been in New York on a
short visit but plans no extended trip
during July.
John M. Riordon, executive vice
president of the Bank of Commerce &
Savings, is planning trip to the
Pacific Coast during August He will
be accompanied by his daughter and
will spend most of his time touring
the national parks.
Frank w. Stone, vice president of
the National Savings & Trust Co., left
here today for Buffalo, where he will
begin an eight-day cruise on a lake
steamer. He also plans a long motor
trip through Canada.
Financial District Notes.
The Columbia National Bank today
mailed checks covering the usual
per cent quarterly dividend recently
declared by the directors.
The McCrory Stores Corp. has de-
clared regular quarterly dividend on
preferred stock.
The Norfolk & Western has declared
quarterly dividends of So on common
and 81 on\preferred stock.
The Franklin National Bank has
declared the regular semi-annual divi-
dend of 81 per cent. The directors
have also added $4,000 to surplus.
A host of Washington brokers are
much panied that the New York Stock
Exchange governors voted to remain
open tomorrow. The two.hour session
cuts "a hours off the starting time for
a holiday trip
1t is estimated that the Baltimore
& Ohio earned $685. per share on com
mon during the first six months of
this year, compared with $5.37 for the