Evening star., 1938-11-08
A. |. B. Members Hear
Stephenson Address
For Trust Week
TreodmiII or Stairway
Is Subject Taken by
A. B. A. Expert
BY EDWARD C. STONE.


the Willard Hotel last night, the
program being arranged in connec-
ton with Trust Research Week" !"
Mr.. Stephenson spoke on Tread
mill or Stairway"
All members of the institute were
invited, and those attending first
semester classes were given credit
for attendance at regular class. A
number of senior bank officers were
also present, bringing the number
to more than 225.
Mr.. Stephenson gave the young
banking students stirring inspira-
! tional talk, departing from such
heavy problems as wills and trusts.
Joseph R. Fitzpatrick, president of
Washington Chapter, opened the
meeting, and Sidney F. Taliaferro,
chairman of the Trust Committee
of the District Bankers Association,
| introduced the speaker.
Today's program called for an
address this noon before the Dis
trict Life Underwriters Association
at the Willard Hotel and another
later in the day before the senior
and junior classes at George WASH
ington University Law School.
Riggs Makes Five Promotions.
Nelson B. ONeal, assistant vice
president and manager of branches,
was assigned to take over the duties
of the late Earle NJ Amick, a vice
president, at the November meet
ing of the board of directors held
yesterday, President Robert v.
Fleming announced today. His new
work will include supervision of the
banks investment portfolio, cash
and reserve requirements and out
of-town balances. His present title
was not changed.
Mr.. Fleming also announced that
Gregg c. Burns, assistant cashier
and formerly assistant manager of
branches, has been promoted to
manager of branches, while Ralph
R. De Prez, assistant cashier, and
formerly manager of the Dupont
Circle Branch, has been appointed
assistant manager of branches, sue
CeeQlnS Mr. Burns.
Corcoran Thorn, jr., assistant
cashier, and formerly assistant man.
ager of the Dupont Circle Branch,
has been appointed manager of that
branch; while William l.. Hoeke,
formerly note teller at the Dupont
Circle Branch, has been appointed
assistant manager of that branch.
General Motors Devidends.
Directors of General Motors Corp.
at yesterdays meeting declared a
dividend of Is cents per share on
the outstanding common stock, pay
able December IL, to stockholders of
record November II.
The regular quarterly dividend of
S1.25 per share was declared on the
SIS preferred stock, payable Febru-
ary /, 1899, to stockholders of record
January 9. The two dividends mean,
lot to Washington as both stocks
are widely held here.
Utility Earnings Favorable.
Reports of the four important
public utilities in Washington for
the first nine months of this year
compare favorably with 1887, a sum-
mary of the statements filed with
the Public Utilities Commission dis
closes.
The Washington Gas Light Co.
for the nine months reported net
earnings of S553,881, in comparison
with S458,958 in the same months
in 1887, gain Of 1922. The COM
pany announced a gain of $305 ,227
IN operating revenues.
The Potomac Electric Power Co.
reported the substantial net income
of S3,223,09324 in the nine months,
a decrease of S48l ,572.36. While the
| corporation had gain of more than
$264, 900 in operating revenues, ex-
penseS were much heavier than a
year ago.
The Capital Transit Co. had a to-
tai net income of $154,931 80 in the
period under review, an increase of
S83.O6l.34 over the corresponding
months in 1887. This marked i'm
provement resulted in a gain of lis
per cent in spite of a small decrease
in the number of passengers using
the cars and buses.
The Chesapeake & Potomac Tele-
phone Co. reported net earnings of
$l,266, 100, not quite up to the ST.
490, ITO earned last year. Here again
operating income was highly salts
factory but was reduced by mount
ing expenses, the analysis reveals.
Air Express Revenues Jump.
Gross revenue from air express
handled in the Nation wide service
of Railway Express Agency in Sep
tember was 6 per cent above Oc-
tober, 1887, the previous all-time
high month, the agency in Wash
lngton reported today. Revenue per
shipment was the highest for IL
months.
Shipments for September totaled
66,220, an increase of 91a per cent
over the record for September, 1887.
Air express shipments for the first
nine months of 1888 totaled 497,112,
an increase of 43 per cent over
1887, the report said.
This is the seventh consecutive
year in which air express shipments
handled by Railway Express in the
United States have surged upward
In 1882 the total was 25,9O2. Top
for 1887 was 624703.
Financial District Notes.
Mariner S. Eccles, chairman of
the Federal Reserve Board, and all
the other governors have been in
vited to attend the opening of the
remodeled headquarters of the Fed
eral Reserve Bank of Atlanta next
Friday. Representatives of all the
banks in the sixth district also
have been invited. The Atlanta