Evening star., 1933-12-07
CARRIER EARNINGS
MOUNT IN SOUTH
Class | Railroads Disclose
Net Nearly TripIed in
Ten Months.
BY EDWARD C. STONE.

had a net railway operating income OF
S48,931 ,1S9, which was at the annual
rate of return of lit per cent on their
property investment. For the same Pc
riod in 1882 their net railway operat-
ing income amounted to S16,730,795,
which was at the annual rate of re-
turn of 060 per cent on their prop
erty investment.
Gross operating revenues OF the Glass
I railroads in the Southern district for
the first 10 months of 1888 amounted
to S325,O26, ,327, an increase Of 26 pei
cent over the same period in 1882,
while operating expenses totaled $242,-
893,949, a decrease of 8.3 per cent.
Glass I railroads in the Southern
district for the month of october had
a net railway operating income of S.
,, Sse,07s, compared with s5,Soo,22e in
Vass Attends Code Meeting.
George o. Vass, vice president and
cashier of the Riggs National Bank,
Association, has returned from New
York. where he attended a two-day
meeting of the American Bankers As
sociations Code Committee, of which
he is member.
Favorable progress is reported here
by the committee, which Is working on
the bankers code of fair competi-
ton" as it will be applied to Washing
ton banks. 1t will go into effect jan
uary l. The code will differ somewhat
in different sections of the country,
many of the provisions being deter
mined by local conditions.
To tho oVeraUa hank dpn0Sit0r the
question of service charges is one of
the most interesting matters to be ad-
justed in connection with the code.
There charges are to be fixed by each
clearing house, county association,
county group or State bank aSsocia-
tion, which organizations are to adopt
rules fixing uniform service charges to
be charged by banks within such dis
trict or group, in accordance with the
practice now in effect whereby serv-
ices rendered by banks shall be COM
pensated for either by adequate bal
ances carried or by a scale of charges"
An interesting sidelight in connec-
ton with all this code work IS the
fact that the banks of the country
were not originally, included in the
national industrial recovery act. They
went in voluntarily in an effort to help
hasten the return to normal prosperity.
Trading on ID. c. Exchange.
On the Washington Stock Exchange
today Potomac Electric Power 512 per
cent preferred stock sold in small lots
at 1912. Washington Railway & Elec-
trio preferred moved at 8112. In the
bond division Washington Gas IS, 1858,
figured in two $1,000 transactions
at 7712.
Local brokers were today discussing
the latest expressed views OF President
Roosevelt on amending the securities
act and possible New York Stock EX-
change regulations. The President is
quoted as stating that TO decisions had
been reached on either subject. 1t was
pointed out that it is just as wrong to
say that the securities act will be
amended to make it less rigid in certain
particulars as it is to say it will be
amended to make it more rigid.
In general, the Presidents opinion Is
that the securities act must not be
weakened in any particular, but that if
it is amended it should be to the end
OF making it more adaptable to the
purpose for which it was drawn.
On the subject Of stock regulation, as
well as the securities act, the President
during the next few weeks will hold con-
ferences with Senators as well as ad-
ministration officials who have the
study of these subjects in the process
OF inquiry.
Fifth District Building Permits.
Building permits issued by inspectors
in 81 fifth district cities in october,
1888 totaled 2,101, with estimated
valuation amounting to S1,957 ,049
compared with 2,757 permits valued at
$3,203,215 issued in October, 1882; de-
of folx oorat in
number and SO per cent in total valua-
ton in the 1888 month. Fifteen of the
81 cities reported higher figures for
october this year, including Richmond,
but the other four of the five largest
cities showed lower 1888 figures.
Contracts awarded in october for
construction work in the fifth district,
including both urban and rural projects,
totaled only $10,752,712. compared with
$13,464,279 in october. 1882. and $23,-
342,0 ,082 in october, 1881, according to
Corporation. OF the awards in october
this year, $2,173,187, or 20.2 per cent,
was for residential work, compared with
1924, 019, or 245 per cent, for this type
of work in october, 1882. the Richmond
Reserve Bank reports.
Municipal Financing Grows.
State and municipal financing dur
ing November totaled S130,084 1863 as
compared with the revised figure of
6,9O5, ,949 during October, according
to the Daily Bond Buyer.
Total for November, 1882, was only
$47,726,263. Included in last months
total are $45,442,9l1 of Public Works
Administration loans, as compared with
S18,971,507 Reconstruction Finance
Corporation loans in November, 1882.
Total for the II months ending No
vember 80 was 1851, ,758,523, including
204,777,458 of Reconstruction Finance
Corporation loans and $184,821, ,943 of
Public Works Administration loans.
The total for the corresponding period
of 1882 was $771 .687, ,788, including s78,-
605,68 of Reconstruction Finance
Corporation loans.
Economist Is Insurance Speaker.
Howard Douglas Dozier, economist,
whose articles in the Atlantic Monthly
on the subject of life insurance have
provoked wide discussion in insurance
circles, viii be the speaker at the dinner
December II OF the Chartered Life
Underwriters, al the Cosmos Club.
Assurance that Missouri State Life
policy claims are being satisfied is given
by announcement today of P. j. 'O'Con-
nor, assistance secretary, that 3,483
people have benefited from S2.523,s2O
paid since September 8 by the General
American Life, St. Louis, on life acci-
dent, health and other ferns of in
surance polices.
Each individual payment was made
under a policy in the Missouri State
Lite, the business of which was assumed
on September g. by the General Ameri-
can Life Insurance Co., which main
t&ins a Washington Office in the In
vestment Building.
Heard in Financial District.
Directors of the Interstate Building
Association yesterday declared per
cent dividend. payable January l. to all