Evening star., 1933-11-23
PEPC0 BUSINESS
TOPS 1882 FIGURES
'S3,656,186 Net for Ten
Months Is S6,220 Higher
Than for Year Ago.
BY EDWARD c. STONE.

Power Co. for the first 10 months Of the
present year was ahead of the same
period year ago. according to the
financial statement filed today with the
Public Utilities Commission. Net in
come amounted to 1856, 1867, against
So 649, S3 in the like period a year
ago. or an increase of S6,220.44.
The report showed operating revenues
for the 10 months of S9,033, ,202 38, as
against S9,O57, ,378.4O last year, drop
of S2417602 At the same time eX-
penses were lower, requiring S4,733,-
43497. compared with S4764 ,628 66.
saving of S3l 1913 SO. Net operating
revenues were S4.299, 767.4l, in cCmpari-
son with S4.292, ,749.74, an increase OF
S701767. Miscellaneous income was
lower this year, while gross was slight
ly higher.
Potomac Power also reported october
earnings. Operating revenues totaled
s916. .255.5l. against S9l3,84902 in Octo-
ber, 1892. a gain of So .074 Deduc-
tons for operating expenses called lor
$50 65486. as compared with S4L9.-
529.89, an increase of 3l,l2491 ms
left net operating revenues IN OctoDe[
of S4O5 ,600.65, in comparison with S454;-
3l8l3 year ago, or drop c. $50, ~ 40.
DPuuCllOllS lIOIIl SlOso NtNA A'AA4oD NOO-
s75. $1,000. against SIS ,G03.89 year ago.
leaving a net income for the month OF
.O53.O2, against S37l 06494 III Oc-
tober. 1882, or a decrease of $30,Oll.9Z.
w. r. & E. Earnings Improve.
WASHINGTON Railway 6, Electric earn
ing5 improved in October, the street
car company getting out OF the REQ,
according to the monthly statement
filed today with the Public UtllitleS
Commission, Operating revenues totaled
s366. .426.O4, against s375,367 a year ago; !
Operating expenses and taxes aosorneo
S336.Oll.38. as compared with the
higher figure of 81 in October. |
1892 leaving an operating income OF
S3O.414 66 in comparison With S2o. .ioo 10
Non-operating income exceeded last
wear. being S28,8l3.66, against S23,344 ~.
Gross income totaled S59.G28.32, as com
pared with the lower figure OF $50 ,lO2.36
in October 1882. After all the usual
deductions from gross, the Railway q
Electric Co reported net income OF
S430739 in place of deficit OF
SI.85I46 in the like period year ago
The same corporations report for the
first 10 months of this year revealed
operating revenues Of S3,403, ,065.6l, |
against S3796,l3526 last year. OPP
Grating expenses and taxes amounted
to s3193 36826. while this item last
year totaled the larger sum of So
60.52614 leaving an operating income
of S215,697.35 for the 10 months, |
against 1885 ,609.12 year ago.
Incorporating income this year to-
tailed ST ,588 04. compared with ST.
500, ,2O3.6O. Grcss. less operating ex-
renseS and taxes, amounted to Sl,804,-
39339, compared with Sl,835,9l272 !
The usual deductions from gross took
S543, ,042.79, against $40, ,106.5T last year. |
This left total net income Of $l,26l,-
350.60, compared with the higher figure
last year of S1,295, 706.lo, a difference
OF S34.35o.55.
Marvin Discusses Banking rIora!s.
"Humanitys greatest curse is the in
crease of intellect without character"
Dr. Cloyd H. Marvin, president of
George Washington University, told a
large attendance OF Washington Chap
ter, American Institute of Banking, at
the November Forum dinner night at
the Hay Adams House. Chairman Nor
man E. ToWson presiding. Dr.. Marvin
said the vital problem in America to-
Gay is the redefinition Of success, and
that there is a growing moral element
in such a definition.
The educator developed the history of
banking and money. beginning With the
Bland Allison act of 1873 down through
the bank holiday" showing how COM
merce in credit had followed the de-
nand and type of organization Of COM
merce in trade ard in agriculture. He
added.
Our ethical standards were at first
developed on personal relationships ard
after personal relationships were lost,
law was expected to take their place"
The widening circles of banking ac-
tivity are constantly incorporating more
and more people and legal guidance is
not enough Honesty and honor alone
can solve our problem There is no
substitute for honor even as there is
no deputy for honesty. he said.
The banker must possess intuition;
he must have a keen insight into COM
mercial affairs: he must know the char
acter OF the people with whom he deals;
he must be a worker, for knowledge
and exact information are indispensable
in the safe conduct of his business But.
above all, if he is going to understand
what is about him. he must have their
confidence becausa his life is one that
can be conflded in In short. the banker
becomes father -cOnfessor" as to ma
terial matters to such people as desire
to make use of credit d. Marvin eX-
planned.
The bass of credit is to be found in
honesty. justice. generosity. chastity,
frugality. forethought. Self-sacrifice-
these and nCne other are the basis not
only of our great credit system with
which we deal here tonight but are the
basis of the civilization in which we
would have our institutions of credit
flourish In your life is the beginning ing
and the end of banking morals, the
speaker concluded !
Utility Declares Dividends.
Directors of the Virginia Public Ser
vice Co., meeting in Alexandria, Va, de-
clared the regular quarterly dividend OF
Sl75 per share On the per cent cumu-
lative preferred stock and S1.50 per
share on the per cent cumulative pre-
ferred stock, both payable January l, to
stockholders of the company of record,
December II. according to an announce
ment by L. w. Van Bibber, secretary
treasurer of the company.
An informal dinner by members OF
the Fire Underwriters Association is be-
ing rendered to H. E. c. Raiuey in the
auditorium of the National Press Club
this evening as n testimonial to his 10
years as assistant manager of the asso-
CiatiCn in washington. New York and
Philadelphia insurance men will also be
in attendance. Charles E. Hood, chair
man of the Governing Committee, will
preside
Trading on the Washington Stock Ex-
change today was largely confined to
bonds. Washington Gas IS, series B,
moved at 1o2l2; Gas Light 5s, 1858,
figured in two $1,000 sales at 1914, While
Washington Gas SIS. 1860, came out at
1c3. Potomac Electric Power consoE-
dated 5s moved at 1O1. Potomac Elec-
trio per cent preferred stock sold at
100.
1t was learned in the financial dis
trict today that the average Christmas
Savings Club amount per member saved
during the past year was S82 80, against
an average for the whole United States
of s43,75, the showing here being almost
double that of the whole country. The