Evening star., 1937-06-03

tne pTODlem is relatively simple,
though still uncertain. He explained
Washington is huge market town.
We barely more than render each
other service. The Potomac Electric
Power Co. has hardly single genuine
industrial customer on its lines. I
know of no volume of goods manu-
factured here that it is not sold in
our own general territory. The great
industry Of Washington is the Gov
ernment, and it is the one industry
that increased by leaps and bounds
during the depression. Washington is
also tourist mecca. For these three
reasons Washington is a consumer
goods community.
80 far as the banking business is
concerned, the volume of genuine
commercial loans may never again
be what it once was" said DR.. Nc
Clellan, explaining this by the state
ment that merchants can now get
such quick delivery of their goods so
that they are no longer obliged TO
carry large stocks on hand. There is
a much larger volume of business due
to the wider variety of goods sold, but
the stocks are being carried elsewhere,
although partially on bank credit. Dr..
Mcclellan suggested that bankers here
should have wide angle eyes and
reach outside the city for some of
their future business. He added:
Il also believe that if present ten
denotes continue, washington is bound
to grow rapidly in population. This
is not only because of increased Gov
ernment employees but also because OF
greatly increased relationship between
Government and business. l feel GER
tain that Washington business condi-
tions are liable to be more stable than
anywhere in the country Dr.. Nc
Clellan asserted.
National Problems Solvable.
Turning to the national outlook,
Dr.. Mcclellan cited a host of factors
which make predictions more diff,
cult, at the same time expressing
general confidence in the future
Taxes are jumping around like MeXl-
can beans, he says, Labor is no less
uncertain. Hours per week and wages
are problems. Prices and money
policies further cOmpllcate the sltua-
ton. He continued:
THE underlying moral principle OF
the labor movement is the adjust
ment of personal rights VS.. property
rights. Any reasonable man is bound
to acknowledge that, in view Of the
growth of highly specialized forms OF
labor, which prevents mobility, the
introduction of non-oWning manage
ment between labor and the owners
of a business and the huge aggrega-
tions of labor which reduce the in
timacy of the employer and employe,
collective bargaining may be neces-
sary for industrial peace in many
places.
Il am not afraid of what collective
bargaining will do to business when
1t gets into smooth working condl-
ton, when both sides understand and
assume their separate legal and buSl-
ness responsibilities, when the SanCti-
ty of a contract is respected and up
held by both parties, and when the
chip-on-th shoulder rough necks no
longer conduct the negotiations"
Initiation Is Overstressed.
DR. Mcclellan said there is no sub
tect on which there is so much mis-
conception as there is in prices, money
-gold-and initiation. Gold is no
tonger necessary basis for money,
no matter how desirable it may be or
become. Bankers know better than
any one else what a huge proportion
Of payments are made today without
The passage Of any money, he said.
The talk that imitation is under way
Is hardly true. When it comes there
will be no doubt as to its existence.
Present Government practices may
have an inflationary aspect, but they
need not produce initiation. Speaking
Of war threats, the Potomac Power
chief said that in the end war always
means losses in profits. In discuss
ing the 3O-hour week, the hours of
toll must pay for complete sustenance
and also for huge amount of leisure,
he said
Some people talk of a stock market
break within the next two years, while
others say we are on a steady, per-
manent rise. The consumer goods
industries are going strong and likely
to continue so. After all, the sus-
tenance and wear and tear of 13O,-
100000 people makes huge total,
he asserted.
Savings Bank Elects Officers.
East Washington Savings Bank
stockholders, at their annual meeting
yesterday, elected the following Is
trustees to serve for the ensuing year:
John c. w. BeGl, T. Earle Bourne,
Charles A. Garry, James A. Donohoe,
Gratz E. Dunkum, Lewis Flemer, John
Ford, w. P. C. Hazen, Edward B.
Hughes, jr.; Francis j. Kane, Morris
e. NARROW, Henry H. Mckee, William
N. Payne, jr.; William F. Simpson and
Lambert o. Turner
Officers will be elected at the first
meeting Of the new board Tuesday,
June 8.
Potomac Power Net Mounts.
Net earnings of the Potomac Elec-
trio Power Co. in April reached s404,-
933 SO, an increase of 6,60042 over
April, 1886, or 1888 per cent, accord
Ing to the monthly statement filed
today with the Public Utilities Com
mission. Operating revenues amounted
to $1.195. .94860, an advance of more
than $39, 900. At the same time operat-
Ing expenses were reduced by S22,-
7o727, leaving net operating revenues
Of s480, ,688.ll, up 6l,847.86, or 14.77
per cent. Gross revenues were more
than IA per cent higher than in April,
1885, while deductions for interest
payments were reduced by S16,60O.42
The power company made a very
fine showing in the first four months
of this year, net earnings climbing to
$l,763, ,676.46, an increase of S249,-
S65.26, or 16.47 per cent Operating
revenues totaled $4,94l ,53587, a gain
of s202,927.20 over April of last year.
Operating expenses were lower and