The Washington times., 1928-08-24
MORRIS BANKER
PLAN ANNUAL
CONCLAVE
By RICHARD HATTON

4
According to announcement yes
Eerday President Bertram Chester
man. OF the Morris Plan Bank
Of Washington, has been selected
by the board OF directors to rep.
resent his institution as q delegate
to the. ninth annual convention
OF the Morris Plan Bankers Associa-
Hion in the Hotel Jefferson, at
Richmond, October 5. and 10.
Speaking OF the coming gather
ing, Chesterman said yesterday:
This is the most important
convention yet held, from the stand
point Of the future OF the Morris
Plan in this country. Loans made
BY all Morris Plan banks in the
country have passed the $1,000.
& 100000 mark, and millions of dol
lars worth Of Morris Plan certifi-
Gates OF deposit. issued by Morris
Plan banks throughout the coun-
try, are in the hands Of the pub
lie. This type Of banking is being
successfully operated in nearly
every State of the Union, and
there are many new angles Of
service to be discussed and voted
upon by the convention.
Even Europe has focused at
fention on the Morris Plan. Vari-
Gus executives have recently been
invited to confer with foreign bank
ers ard there Is constant stream
Of letters from persons abroad
interested in the Morris Plan az
> result OF the unprecedented sue
cess in this country
Under the guidance Of Thomas G.
BoushalI president OF the Morris
Plan Bank Of Nirginia. who Is gen
eraI convention chairman. and the
members OF his committee. con-
vertion program Of work and rec
reation is rapidly being completed.
Drops Over Half
According to figures filed yester-
day with the Utilities Commission
BY the washington Railway and
Electric Company for the month Of
July the company shows net in.
come OF s1O.447.73, against. $25.-
725,26 III July, 1927.
Total operating revenue for the
month were $3.50, 5O6.99, compared
with the higher figure q year ago
or $472 ,94S.17 Operating expenses
and taxes were heavier this year,
being $403, 1880, compared with
$500. S01.66 last year.
The railway corporation has total
operating income Of $56. 728.O9. COM
pared with $T2 ,146.51 in July, 1927.
Returns for the first seven
months Of the present year revealed
Operating revenues OF SO, 4O1 ,4l1s6S,
against So, 46l ,4S2s46 a year ago.
Operating expenses and taxes re-.
qufred So, IA, 609.40, against the
higher figure last year Of $2,Sy4,-
$50. This left an operating in.
come for the period Of $62S, S02.2s.
against $S97, 231.72 q year ago.
The total company's nonOperat-
ing income totaled S729 ,206.94, COM
pared with $685. 1858 last year.
The company's gross income after
the deduction OF operating expenses
and taxes reached the sum Of
81 .356. o09.22. against 81 1852 $685. Ia
1927.
After all the usual deductions the
company reported a total net in.
come for the seven months Of $9Ol,-
1921 In comparison with the lower
figure for the same period last
year or $500 ,94O.S7.
Total Incomes
The total net income Of the
Potomac Electric Power Company
for July amounted to $275, 5-S.9l,
according to its report filed yes
terdays This Is a gain over the
net income for July, 1927. which
was SI99.499.5 SO. The gross earn
ings from operations toIaled $780,
75f.61. gain OF $S3.99l.9t over
the same period last year. Oper-
ating expenses for the month were
reported as S3tS,7eI44, compared
TO 1906 ,004.69 last July, which Is
an Increase OF $12,722.75. After
deduction OF all operating expenses.
the company had an operating
income OF $402, O24.17, In conlpar-
isQn with $3.50. f54.94 last year, a
gain in operating returns Of $71,-
1929.
Figures for the first seven
months OF 1928. filed with the
commission, reveal gross earnings
from operations of $500. 9S7.21, in
comparison with $4,921,S l3.75 in
the same period in 1927. This is
an increase of $485,173.46 so far
this year.
Operating expenses required ST..
2S3.729.92. against $2,148,835.11 last
year. an increase of $134,894S1.
After deducting expenses, the cor
poration had net earnings from
operations OF 1928 ,257.29, com
pared with $2,772. 97S.64 in the
corresponding seven months last
year This is an increase OF $780,.
27S.B5
After the deduction or operating
expenses the company had gross
earnings OF 5000 ,358.S9, compared
with S2,S74,72II6 in 1927. gain
OF 334,637.73. Following the de.
auctions OF all other charges the
power company had a total net
income for the first seven months
this year Of $2,125,586.44. compared
with $f,718,66a.53 a year ago.
gain OF $4O6,916.91.
-. William Harrington. of viii,
liam b. Hibbs and Company, LEFT
washington yesterday by motor for
Atlantic City, where ne will spend
his vacation.
y