Evening star., 1934-08-23


405.32.
Miscellaneous income was off
$73254, bringing gross down that
much under net operating income.
Deductions from gross called for $685.
867.l4 as compared with 76,90398,
drop of S9,963.l8, leaving total net
income for July of 1922, ,203.58 against
$340,2e4.60, or a decrease OF S40,-
Oe1. .o2.
Potomac Powers financial state
ment for the seven months shows
operating revenues of S6,997, 1902,
compared with $685.. .623.0e, or an in
crease so far this year of $612 ,097.73-
The cost of operations has advanced
at the same time, being S4,l46, 1887
against $3,286, ,726.48, an advance OF
$3.50 ,O6619 in these charges.
Net operating revenues in the seven
months totaled S2,850, ,028.15 in COM
parison with S3,o9e, 1861 year ago,
off $247,968.46. A slight drop OF ST.
27l5 in miscellaneous income made
gross a bit lower than operating re-
turns
Deductions from gross to meet IN
terest and other requirements took
ID l.1A
O53.74, an increase of $72,324.l0, ana
leaving a total net income to GATE IN
1884 of S2,324,16891, against s2,651,-
1913 in the like period year ago,
or a decrease of 1927 ,564.22.
Law Praises Housing Loans.
While in conference with President
Roosevelt, President Francis M. Law
of the American Bankers Association
assured the Chief Executive that the
banks of the country are cooperating
in both the modernization loans and
the loans to industry.
Following the conference, he told
newspaper men he believed there
would be a substantial volume OF IN
dustrial loans made. He considers the
set-ups for both the modernization
and industrial loans as sound ana
there is a field in which such loans
can be very useful. He added that
the banks are ready and willing to
supply the public with full infQrma-
ton about either type of loan.
Mr. Law expressed the same views
as those conveyed by Robert V. Flem-
ing to the District Bankers ASSocia-
ton when he stated that the A. B. A.
considers the housing loans as sound
and the general plan of the campaign
as workable. 1t seems to be the gen.
eral opinion among financierS that 1t
is much better to make houses al
ready built far more attractive and
modern than to erect large number
of new residences which will render
the old ones obsolete in short time.
During his visit here Mr.. Law
stated that the President would ad-
dress the A. B. A. Convention to be
held in Washington in october.
Banks Made Convention Topic.
Open criticism of banks, banking
and finance in response to the pub
lies demand for information is being
discussed at the Financial Advertisers
Nineteeth Annual Convention opening
at Buffalo September 10. Criticisms
and suggestions from business men
and newspaper men representing busi-
ness and public interests will be pre-
sented by Harrison Jones, executive
vice president of the Coca-Cola Co.,
Atlanta, who will speak on What the
Average Man Asks of His Bank;
Harry B. Hall, vice president of the
American Appraisal Co., Milwaukee
will talk on the position of the busi-
ness man in relation to his bank.
The requirements of newspaper men
from banks and bankers will be COW
cred by Talcott Powell, editor, Indian
apolis Times.
The keynote of belief will be sound
ed at the first session by Lewis G..
Hartman, president, Manufactures &
~ DEE rol1 .,,.II
speak on Il Believe in Public-Spirited
Banking" and by Fred N. Shepherd,
executive manager of the American
Bankers Association, who will address
the assembly on Il Believe in Bank
Spirited Public"
Exhibits of outstanding financial
advertising used during the previous
IL months will be on display through
out the convention, and opportunity
for studying them will be provided
during the first morning for the dele
gates.
Vass Back From Vacation.
George O. Vass, one of the vice
presidents of the Riggs National Bank
and president of the District Bankers
Association last year. has returned
from a months vacation at Atlantic
City. Earle NJ Amick of the same
bank is also back at his desk
Arrangements have been made for
96 employees of the Washington Loan
& Trust Co., to visit the Summer
home of Irwin Owings at Fair Haven,
Md, on the Bay, late this afternoon
and evening. Mr. Owings is a vice
Af af
&5 Savings, but the invitation was ex-
tended by his daughter, Miss Mary
Elizabeth. who is employed by the
trust company.
President Ellery of the American
Institute of Banking, and Educational
Director Harold Stonier will be in
Washington on September 4, when
the institute graduating exercises will
be broadcast over 70 radio stations
with Controller j. F. T O'Connor as
the speaker.
John M. Riordon, Washington
banker who is now vacationing on the
Connecticut Coast, writes a friend
that the people he has met seem
contented with the new deal although
some are asking for a new shuttle.
He Is as enthusiastic as ever ovel
New England in the Summer.
Bonds in Good Demand.
Capital Traction 5s opened trading
on the Washington Stock Exchange
today, $500 selling at S6A. Later IL
the session ST 900 of the same issu,
changed hands at 81. Potomac Elec
trio Power consolidated SIS came ou
on the board today, 81 900 moving a
1852. Business then turned to stocks
Potomac Electric Power per cen
preferred sold at 1l134 The stool
closed with the same figure bid. Will
the 5l2 issue closed with llll2 bid
both quoted ex-dividend LanStol
Monotype registered a 16-share turn
over today at 4s, ex-dividend. BIZ
and asked prices on other issues wer
practically unchanged.