Evening star., 1928-10-27
BANKERS PRESSING
EXPANSION PLANS
Association Council Holds
Session-GaS Earnings Up.
New Suburban Bank.
BY EDWARD c. STONE.


noon at the monthly meeting of the
council of administration With Presi-
dent Robert v. Fleming presiding, ii
was voted to send out letters at once
asking member banks to delegate rep
reSentativeS to attend meetings rela-
tive TO the forming of the safe deposit
and flduciary sections. At the last meet
ing of the entire association it was
voted to add these two sections to-
gether with an auditing section to
the associations activities The repre-
sentativeS from the different banks will
meet in the near future and each new
section will be formed. The meetings
will be held on different dates. The
auditing section has already been or
ganized, as 1t was brought into exist
ence last year under the guidance of
the American Bankers Association.
Gas Earnings Show Improvement.
Net earnings of the Washington Gas
Light Co. for the nine months ended
September reached $3.50, 0,552.98. an in
crease of Sl03,211.22 over the corre-
spending period of 1927, according to
the monthly statement filed with the
Public Utilities Commission yesterday.
September earnings we're reported at
$17,631.56, falling off of $16,69l.24
under totals for the same month last
year. Operating revenues for the month
likewise showed decline. The Sep
tember total of $39S,Sl9.76, compared
with s405,521.14 a year ago.
Operating expenses for September
climbed $7,2S1.21 to total of $780,
206.87 the report stated, and taxes
1918 a year ago. Operating income
was $70,244.54, a decrease of $16,S24.45,
and gross corporate income reached
$75,0o5.46. as against $8S,371.14 in Sep
tember, 1927.
Operating revenues for the nine
months ended September 80 were re-
ported at $4,072, 1926, gain of $685.
949.20 over the same period of last
year, whereas operating expenses we're
S2,7l8,7i2.57, an increase of $19,843.5S.
Gross corporate income reached 81, ,041, :
3O2.8S, as compared with 5000, 9,722.l0 a
year ago.
The Citizens Bank of Riverdale has
been organized under a Maryland char
ter and will open for business on Mad
ison avenue on November Is. The new
bank will have a capital of $25000 and
$4,000 surplus and will serve Riverdale,
East Riverdale. University Park, College
Heights. College Park, Lakeland, Ber-
wyn, Berwyn Heights, Branchville, Dam
iels Park, Hollywood and Beltsville
william P. Magruder, vice president
of the First National Bank of HyattS-
vile, is chairman of the board of direc-
tors, and C.. A: M. Wells, president of
the First National Bank of Marlboro, is
president. Other officers include Harry
c. Byrd, vice president of the Uni
versity of Maryland, first vice president;
DR.. S. M. Mcmillan, second vice presi-
dent; e. w. Reibetanz president of the
Riverdale Park Co., third vice president.
c.. Sherman James, for 20 years con-
nected with the National Bank Of
Washington, is cashier. The First Ma
tional Bank of Hyattsville has been
designated clearing agent.
Georgetown Gas Report Filed.
The Georgetown Gas Light Co. has
fled its statement with the Public Util-
ities Commission showing net income
aggregating $Sl, ,959S9 for the nine
months ended September 80, an in
crease of $2,795.22 over figures for the
corresponding period of 1927. The
company reported decreased earnings
for the month Of September, the total
of $7,143.91 for the. month, comparing
with $7,23l.74 in September year ago.
Operating revenues in September
were $64, 1854, as compared with $60,-
672.65 at the same time last year, and
operating expenses were $49 ,65263, as
against $46,679.06 year ago. Operat-
ing income reached $10,224.70, falling
$746.65 below the total for September
1927, and gross corporate income was
Sl2. 1919. climbing $240.S4 above the
total year ago.
Operating revenues of the George
town Gas Light Co. for the nine months
ended September 80, were $3.50, ,579 10
an increase of $81 ,051.61 above figures
for the corresponding period of last
year, and operating expenses were
$485. 1882, a gain of $53,060.56. Op-
Grating income for the nine months was
reported at $Il2,514.6s. an increase OF
$9,984.65.
Acacia Mutual Reports Gains.
With business aggregating more than
S4z,OO0,OOO for the first three quarters
OF 1928, and its total business in force
increased to $29O,O0O 900. the Acacia
Mutual Life Association has set an en-
viable record. President William Mont
gomery reported to the directors that.
IN addition to these increases assets of
the association were raised more than
$3,500,000 during the first nine months
OF the current year. With this increase
Acacia's assets now stand at more than
$27,00o,00O
President Montgomery said that it
was evident. that this year the ''elec-
ton bugaboo" was having virtually no
effect. Acacia's branches in all sections
are reporting steady gains, and business
all along the line was improved over
1927.
The local insurance executive further
asserted that life insurance as a whole
was unaffected by the election, showing
that for September, for instance, record
breaking business was written for the
companies as whole.
b. & o. Reports on Revenues.
The Baltimore & Ohio Railroad TO-
day reported on earnings for September
and the first nine months of the present
year. September net railway operating
income was $685. 1858, compared with
$4,SS5,45S in September of last year, a
gain of $e40,4l0.
Net railway operating income for the
nine months amounted to $34,342, ,5S6
in comparison with 36,305,534 in the
same period a year ago, or a decrease
this year of $l.962 1893.
During the nine months of this year
revenue freight traffic fell off $l1 1857,
TOO compared with last year and pas
senger trafic was also lighter by total
of $l,7s0,0O6.
Charles D. Boyer, cashier of the Fed
eral-American National Bank. is pass
ing the week end at Alton and Natural
Bridge, Va.
The Interstate Commerce Commits
sion has authorized Walter p. Chrysler
OF ChrySler Corporation to sit as di-
rector on board of the Erie Railroad.
The volume of business during the
week ended October 20. as seen from
data on check payments, was greater
than IN the previous week, but showed
a small decline from the same period OF
last year, according to the weekly state
ment Of the Department Of Commerce
Raymond Lewis has been chosen
president of the Security Club of the
American Security g. Trust Co., at an.
nual elections held at the bank. Other