Evening star., 1932-09-28

"a fO,U40 LII lllt lIht ~
period year ago. S&$*#
w hile expenses E&$;$
were higher, oper- Ess$$ s3
ating revenues were 80 H.
also larger, amount haaAa0a>'s--a>as''a
ing to S735179, in Bertram Cbesterman.
comparison with
operating revenues in August, last year
of S724444
Taxes IN August this year. called for
S59.536 against $57,60l year ago. Un-
collectible bills made considerably
larger total. leaving revenues from oper-
ations alone totaling Sl67,982, against
Sl84270 Incorporating revenues ad-
yanced S529 a year ago to Se,95l. leaV-
ing a total gross income in August OF
S17O.933. compared with S184,799 in the
like month a year ago.
After payment of rents. miscellaneous
bills. and interest deductions, the tele-
phone company reported total net
income for the month. before the pay
ment of dividends, amounting to Sl39,-
672 in comparison with S167,l76 In Au-
gust, 1881.
C.&P. Earnings for Eight Months.
The telephone company also reported
earnings for the first eight months OF
the present year, net income before div
adends totaling S1,165, SOB, against
s1,225,737 in the first eight months OF
1881, a decrease of S60,134.
Telephone operating revenues for the
eight months amounted to S6,276,4O3,
against s6,082,O34; operating expenses
called for S4.399654, compared With
s4,O84.O50 last year. leaving net operat-
3 o.
997 .984 in the like 1881 period.
Taxes required S464 694 in the eight
months compared with S448,659, uncol-
lectibles totalled S74.265, in comparison
with $40 $50 last year, and total deduc-
tions from operating revenues look
$538959 against S489,64 in the same
period in 1881.
Incorporating revenues reached the
sum of S39438 against S4,95l, leaving
a gross income of Sl,377278, while the
same item last year totalled Sl,ol3,2o6.
After interest. rents and all other de-
ductions. the above balance before dlVl-
dendS was reported
Today's report shows that telephone
calls in August totalled 100000
against 15919,O00 in August, 1881, and
for the eight months numbered 154,097,-
coo. compared with 145.273.000 in the
like period last year There was loss
in the number of phones connected In
August and in the eight months COM
pared with the similar periods year
ago. so that the phones in use must
have been considerable more active.
Business conditions during the pres
ent year and the company's large con-
struction program are the chief causes
of the slump in net earnings to date, In
spite of larger operating revenues.
Chesterman Greets Bankers.
Bertram Chesterman, president of the
Norris Bank of Washington, today
greeted the first delegates to the Morris
Plan Bankers Convention which opens
tomorrow at the Shoreham.
The convention opens tomorrow morn
ing at 80, and 10 O'Clock an address of
welcome will be made by Maj. P. A.
Hodgson, Assistant Engineer CommiS-
sioner of the District. Thomas C. Bous-
hall, president Morris Plan Bank of Vir-
ginia. will respond J. Rodney Ball, as
president of the association. will also
make his address.
Other speakers include Arthur A.
Ballantine, Undersecretary OF the
Treasury. who will discuss the Public
Credit; Its Protection and Utilization"
At II O'Clock the delegates and guests
will go the White House and be re-
ceived by President Hoover.
A busy evening program has also
been planned which will be addressed
BY leaders in the Morris Plan system.
Bank Merger Now in Effect.
Consolidation of the Industrial Saw
1ngS Bank, Eleventh and U streets and
the Prudential Bank, IT'S Florida ave-
nue., found these two local banks busi-
resS today under one roof using Indus
trials headquarters at Eleventh and U
streets. All accounts of the Prudential
have, of course, been transferred to this
location.
W. H. C. Brown president of the In
dustrial Savings Bank. will continue as
president of the combined institutions
which will retain the name of Indus
president of the Prudential Bank, and
other officers will become members of
the board.
The Industrial Savings Bank was
established in 1913. Its officers are
listed as Walter S. Garter, chairman
of the board; w. H. c. Brown, presi-
dent; John H. Simms, vice president
and treasurer; William A. Bowie. cash.
ier; Walter L. Carter, assistant cashier
The Prudential Bank, another savings
institution, was organized in 1928.
Heard in Financial District.
Directors of American Ice Co. and
subsidiaries have voted quarterly
common stock dividend of 25 cents a
share. placing the common on a 81 an
nual basis Previous rate was So an
nually. Greater economy among ice
users in the past four months, and the
cooler weather were given as the main
reasons for the action by President
Small.
Bonds again led Trading on the
Washington Stock Exchange today.
Business was comparatively light and
there was no important change in quo
tations The largest transaction was in
Washington Gas Light 6S, series B,
$1,000 changing hands at 1924.
Because of the inability of many
members to attend, the meeting of the
Banking and Industrial Committee of
the Fifth Federal Reserve district
scheduled for today at Riggs National
Bank was postponed until october 4.
The number of Pennsylvania Rail-
road stockholders reached new high
on September l at 252, ZAP. This COM
pared with 2519 on August 81 and
240.6e3 on September l, 1881.
The next meeting of the District
Bankers Association will take place on
October 21. The date will be just after
the return of Robert V. Fleming from
the A. B. A. national convention re-
garding which he will make full re-
port.