Evening star., 1938-05-02

u,. II s, Quaker City is so
near Washington
unusual interest is being manifested
here in the coming sessions
Richard E. Harris, one of the as
sistant treaSurers of the American
Security g. Trust Co., located at the
central branch, is one of the chief
speakers, according 10 the completed
program distributed today. Mr.. Har-
ris is former chairman of the safe
deposit section here and highly con-
versant with safe deposit matters
He will speak on Economy With
Efficiency"
Other speakers on the program in
clude F.. R. Packard of the Fidelity
Philadelphia Trust Co., William F..
Glasgow, manager safe deposit depart
ment, Corn Exchange National Bank
g. Trust Co.; John Russell, jr., Phila-
delphia: r. A. Sweeney, Rochester.
N. Y: Delano Ames, Baltimore, and
Gayton Abbott, Boston.
Thomas L. Sheafer, Pittsburgh
banker, is president of the association.
The meetings are to be held at the
Bellevue-Stratford Hotel and every
address limited to 20 minutes.
Gas Company Cuts Expenses.
The detailed monthly report of the
Washington Gas Light Co. filed
with the Public Utilities Commission
shows operating revenues for the
month of March of S79l,7 compared
with s768.268 for March year ago,
an increase of S23, ,494.
Operating expenses decreased s24.-
447 from S569857 in March, 1887. to
S545,4l0 in March this year These
figures resulted in a net operating
revenue of S246,352, or an increase Of
S47,94l over March, 1887.
Incorporating revenue diminished
$15,976 because last year interest from
subsidiary companies was accrued in
March for the entire first quarter of
1887, whereas the revenue from this
source this year represents the ac-
crual for the month only
After all deductions for interest and
amortization, the net result of the
months operation was a net income
of s171,248, or s32,2o6 higher than
that of March, 1887.
The March earnings make the net
income for the first three months of
the current year S542 ,045, compared
with S403.99l for the same period last
year, gain of Sl38.054.
The company reports gas sales of
1.156638 mcf, or an increase of
35 per cent over March, 1887. As
of March 81, 1898, there were 149,778
meters in service, or 4,344 more than
at the same date last year.
National Bank Assets Off.
Total assets reported to the con-
troller of the currency by the 5,256
active national banks on March T.,
1885, the date of the recent call for
statement of conditions. we're s29,-
823.500,000, a decrease of $780, 0,695 900
from the amount reported by 5.266
banks as of December 81, 1887, and
decrease of s225 $4,000 from the
amount reported by 5,3l1 banks on
March 81, 1887.
Loans and discounts, including over
drafts, totaled ss,631,3 ,366,OO0, de-
crease of S182. 2.18l 900 since the pre-
vious call, but an increase of Sl56, 1884,
600 since the March call last year.
investments in United States Gov
ernment obligations direct and fully
guaranteed amounted to S8,092,162
600, an increase of $l9,280,000 since
December, but a decrease of S73,063,-
600 since March year ago.
Total deposits on March 7, 1888,
were S26,238.2 242,O00, a decline of
1902, ,452 900 since December 81, 1887,
and a decline of S276,O6S,O00 since
March 81. 1887.
Crops in Fair Condition.
Farmers in this reserve district
have made good progress with spring
prepara ton of land, fall-sown crops
are in fair condition and the weather
on the whole has been favorable for
fruit prospects, the Richmond Reserve
Bank reports.
Tobacco manufacturing showed con-
ficting trends in March, cigarette
and snuff output exceeding the
March, 1887, figures, while cigars and
smoking tobacco declined.
Textile mills in the district oper-
ated in March and the first half of
April at about the same rate as in
January and February, but around the
middle of April further curtailment
occurred quite generally and a num-
Der of mills closed indefinitely.
Spot cotton prices on Southern
markets declined from the latter part
of March to 855 cents on April 8, but
then rose sharply to an average of
8.95 cents on April IA for middling
grade short staple cotton, the review
states.
Heard in Financial District.
The Washington Office of Smith,
Barney g. Co., brokerage firm, is dis
tributing an interesting pamphlet on
''The Problems of Railroad Reorgan-
ization" With over 10000 miles OF
road being operated by receivers or
trustees, the importance Of the present
situation is self-evident The position
of both bond and stock holders is care
fully considered.
Members of the Automobile Trade
Association will meet at the Hay
Adams House this evening and the
National Association of Commercial
Secretaries will have breakfast meet
ing there tomorrow.
Dollar volume of wholesale trade de-
clined II per cent in March, compared
with the same month last year, the
Commerce Department reports. March
sales increased 18 per cent from Feb.
ruary.
James c. Behan, vice president Of
the Massachusetts, Mutual Life Insur-
ance Co., will address the District Life
Underwriters Association at the May
luncheon next Monday. Election ol
directors is also on the bill.