Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-29
v. R. ZEE EARNINGS
DECLINE IN MONTH
Cut-Rate Taxi Fares De-
cIared Cause for Drop
in Profits.
By EDWARD c. STONE.

Cut-Yate taxicab fares IN WaSning-
ton prevented the washington Railway
a. Electric Co. from showing an in
crease in net earnings in September.
according 70 the monthly statement
fled today with the Public Utilities
Commission.
Total net earnings for the month
we're S26.9i7.25. against S2g. 7S4.6f IN
the corresponding month last year.
showing q small decrease Of $1,6lI 81.
While the long -haul street car trafiic
is as good as II ever was. II Is the
short-haul business that caused the
slump, as this is where the taxicshs
get 50 much extra business.
Operating revenues in September to-
tailed s408 1874. compared with $40
2454S In September 1890. operating
expenses and taxes totaled 1852 .542 49,
against 1882. 769.2 s year ago. leaving
an operating income of 1851 81 IN
comparison with s62,476.70 in the like
month in 1880.
washington Railway a. Electric also
reported nine months earnings to the
commission Operating revenues were
x4,OO517l34, against S4.09i, 4i6.2S in
the same period last year. Operating
expenses and taxes totaled $3372,-
428e6. compared with nearly S3,5OO,-
600 last year.
operating income in the nine months
OF 1892 .428 SO. against Sse4. 1929. Nom
operating income totaled 81 1856, 222 80,
in COMPARISON with 81 as, SOB AZ last
year. After all deductions the utility
corporation reported net income OF
81, 526,3l337, against Sl,357, 757.5e, q
gain OF $16s,555.7s.
Pepco Earnings Up SII,5s8.95.
The Potomac Electric Power Co. re-
ported 70 the Public Utilities Commits
sion today that operating revenues In
September totaled SsT6 .0S0.99 against
S826, 37l.0s q year ago, an increase OF
sac, 7099l. Revenue deductions called
for Sass, 35i.37, compared with SAL
$500 in September 1890, an increase
OF nearly $4,000. Net operating reve-
nues were $420. 72962 compared with
S3B4, T54 90. a gain of s35,974.63. After
all other deductions the company had
a net income of 1855, l03.23. compared
with $343,5l42a. or an increase for the
month Of $li .58S.95.
For the first nine months OF 1891 the
tailed $T,S7i ,l6493. compared with
$7,7l4 ,43h.S9 an increase Of $256, 1884.
Revenue deductions totaled "a. las, 1891
in comparison with So .955, 543.95 a diff
ference of Sl93 1856. Net operating
revenues for the period were $3.622,-
325.02 compared with $3,T59, 1872 .04, an
improvement of $63. 1929.
Miscellaneous income totaled $202,-
363.20 in the nine months, against
$20T ,661.42 year ago, a falling of Of
IS. 48S.22. Total net income after all
deductions amounted to $3,34l .707 80,
against $3,357 .346.28, a decrease of
$l5,636.47, but an excellent showing
for the period under review.
Reserve Board Action Urged.
Lionel d. Eide, an economist and for
mer professor of finance in Chicago
University, has Just written a book en-
titled The Banks and Prosperity" pub
lished by Harper g. Brothers. DR. Edie
deVotes much time to the Federal Re-
serve Board and the central banks in
Europe and demands q much more &C
tive policy in dealing with economic
conditions He urges the central banks
10 raise interest rates quickly and to.
a very high point to halt imitation and
lower the rates in advance of depres-
sionS in fact, to act with such yigor
as viii keep the financial ship of the
rocks.
DR.. Edie believes the control of credit
should be based on a much more clearly
defined policy. He also lays the posi-
ton of the gold standard to lack Of
foresight by bankers. He insists that
credit craftsmanship is the need of the
hour and backs up his claims with the
results of recent studies in Europe. He
freely scores what he terms the i'm
decisiveneSs Of the policy OF the Federal
Reserve Board"
His suggestions on gold and credit
are most timely and informative. An
added interest is given to the book in
the fact that the Reserve Board has
recently approved an unusually large
- ~ W. a. n
other rates.
Bonds Active on Exchange.
washington Railway & Electric Is led
trading on the Washington Stock Elk
change today. Five 81 600 transfers
were recorded at asa and $1,000 mors
sold at S5ls.
washington Railway & Electric SIS
sold at 1902, and Georgetown Gas SIS at
100. washington Gas IS, series A, fig-
ured In q baby bond sale at 100.
Capital Traction again sold in small
lot at 24Ia Potomac Electric Power 6
per cent preferred registered ITO, and
Columbia Sand q Gravel preferred
came out at 30.
washington clearing house figures for
today: $2,s7s,4l7
Bank Publication Editors Named.
Aubrey o. Dooley. president. wash
ington Chapter, today announced APP
pointment OF the editorial STAFF Of Dol
lars and Sense for the ensuing year as
follows:
Norman L. Towson. washington Loan
& Trust Co, editor: Miss Catherine NJ.
Krieg. Riggs National Bank; Miss Mabel
W Royce. Washington Loan a. Trust
Co; Stuart S. Ogilvie, Second National
Bank: O. lehman, Security Savings g.
Commercial Bank, and Lloyd T. John
son. Northeast Savings Bank, associate
editors.
Mr.. Towsen. the new editor. was
editor of the first Dollars & Sense"
published, has been very active In chap
ter work, is now on the board Of gov
errors and is assistant treasurer of the
Washington Loan & Trust Co.
Financial District Notes.
Business hitherto conducted in Wash
ington by Symington. Wright & Gal
higher. investment counsel Will hence
forth be carried on by LOOMS Sayles &
Co. Inc The services Will be under
the supervision OF W F Crosby. mem
be- Of the firm Of Loo,niS SayleS & Co.
whose Offices are in the Shoreham
building
Norfolk & Western 1891 net eSti-
mated between Si4 and SIS on COM
mon; year age earned S2l Sc
David Penoer Grocery Co, declared
the regular quarterly dividend OF STi,
cents on the class A stock, payable De-
cember ! to stock OF record Novenl-
Der 90
The District Of Columbia Bankers
Association council Of administration
viii hold its regular monthly meeting
tomorrow afternoon at headquarters
e
Bank Of England Statement.
Lyndon oetoAer 20 ID 1~,o