Evening star., 1936-02-29
c. & ?. PHONE NET
RISES TO $1S2,31
January Earnings Compare
With $158,929 Profit
in 1885 Month.
BY EDWARD C. STONE


Another report revealing steady
business gains in the National Capital
came to light when the Chesapeake
e. Potomac Telephone Co. filed Its
January statement with the Public
Utilities Commission, showing net
income of sl82,381 i- comparison
with $158,929 in January, 1895.
Operating revenues totaled 1886, ,137.
against $834,549 in January OF last
year. Operating expenses also in
creased, standing at $616580 as COM
pared with S588,592. Taxes called for
$72183 against $62913 leaving net
income from operations Of $197.374.
In comparison with $183,044 in Janu-
ary, 1885, an increase of $14,139.
Incorporating income was practi-
cally the same as year ago. In
terest deductions from gross required
Sl4,864, compared with $24,015 a year
ago, leaving the above noted net re-
turn of more than $4,000.
Telephone calls in Washington dur
ing January numbered about 24,500.-
900 as compared with approximately
2l,200, 900 in the same month in 1885.
The Capital was served by 203,210
telephones on January 81, 1886. COM
pared with l90,259 on the same date
IN 1885. an increase of 1881 phones
during the year.
Chapman Notes Spending Wave.
G. Bowie Chapman. manager of the
Washington office of Laidlaw & Co.,
who recently returned from visits to
Nassau and Miami, was greatly i'm
pressed by the amount of money that
Winter tourists are spending. While
in the West Indies he observed that
all cruise ships were sold to capacity
and that the class of people on the
cruises seemed to be putting money
into circulation at surprising rate.
"At Miami Beach," he said. there
has been a boom in hotel and apart
rnent buildings. Accommodations IN
the last year have been increased to
take care of $4,000 additional persons.
but this was not sufficient to provide
for the influx. Prices for apartments
and hotels have been as high as in
1929 Race tracks have been crowded
and slot machines in drug stores and
lunch rooms in constant use. "- =
Moving picture houses and restau-
rants are packed to capacity. 1t
seems to me that the American public
has developed a new psychology for
spending money an entirely different
atmosphere prevailing thar has ex-
listed for the last two years. There is
no feeling as to the necessity for
saving" Mr.. Chapman observed.
The Washington broker looks for
this spending movement to be in
creased later by the bonus payments.
For these and other reasons he says
he is optimistic on the stock market
outlook Increased taxes or some other
development might change the pic
ture, but aside from period OF hesl-
tation, he asserts that there is not
likely TO be any decline of serious con-
sequence in security prices at present.
Halt in U. S. Lending Urged.
Immediate withdrawal of the Fed
eral Government from every phase of
business not strictly governmental will
be the central objective of members
of the Mortgage Bankers Association
of America this year, according to
statement by L. A. Mclean, presi-
dent, in announcing that the twenty
third annual convention will be held
in Memphis October 7, and 9. Men,
phis was selected at meeting Of
the Board of Governors in Chicago.
Last year we concentrated on
bending every effort to promote private
lending as against Government lend
ing" said Mr.. Mclean. This year
We are going the whole way and do
our best to stop further Government
encroachment upon private business.
We feel that American public opinion
will not tolerate much farther Gov
ernment entry into fields that the
trainers of the Constitution intended
should remain in private hands"
More than 300 members are ex-
pected at the convention. George H.
Patterson, secretary and treasurer,
said, and added that officers expect
it to be the most important meeting
ever held by the association.
Financial District Gossip.
Constructive is the way in which
many Washington bankers view the
ny Vic COlltlOilCI VI Vic Su1
rency limiting and restricting the
bond investments which member
banks In the Federal Reserve System
can make. The new regulation all
lows only the purchase of high-grade
bonds and none of the so-called specu.
lative type. Bankers here say the
regulation will have little to do with
their institutions as they are not in
terested In speculative bonds anyway.
Investors Syndicate, Minneapolis,
which has maintained a Washington
office for several years, reports steady
progress in 1885, in which resources
gained II per cent, capital, surplus.
and reserves were up II per cent, GER
tiflcate collections 81 per cent and
new business Is per cent. Disburse-
ments to contract holders in 1885 to-
tailed $6,909,557. Resources and LA
bilities now are over s72,O00,0O0.
THE Relationship of Bank Credit
to Business Recovery" is the subject
selected for the tenth annual public
speaking contest for the A. p. Gian-
mini prizes. for members of the Ameri-
can Institute of Banking. The win
ner of the contest here will repre-
sent Washington chapter In sectional
contests and the section winners will
get free trips to the Seattle conven-
in June and compete for $500, $500,
5000 and 500 prizes.
Bankers Mourn w. J. Father.
Bankers in the financial district will
mourn the death early today of VIII
liam J. Flather, for almost so years
connected with the Riggs National
Bank. His death was caused by
double pneumonia from which he had
been suffering for several days in
Emergency Hospital.
For many years he was one of the
most active bankers connected with
Riggs and was very closely associated