Evening star., 1938-07-29
Branch Banks Meet Needs.

Many people have forgotten that
there were so separate banking cor
porations doing business here in 1922
Mr.. Linn says The shrinkage seems
severe, but it has been offset by the
establishment of branches by the ex-
isting banks so that the public today
is adequately served by So banking
locations scattered throughout the
city.
Total deposits in all banks have in
creased from S162 100000 in 1919 to
1886, 100000 in 1888, or l06 per cent,
while cash and Government securities
have increased from $67,000,O00 in
1919 to $238, 100000 in 1888, or 255
per cent, Mr.. Linn adds.
In 1927 all banks in the District
earned S13,50o,OOO in interest on loans
and investments. In 1887 earnings
from the same sources amounted to
S9,O00,0O0. In 1927, 70 per cent of
the S13,0O0O0o interest return was
from loans. In 1887, 55l2 per cent
of the 100000 interest income was
from loans.
Again considering both loans and
securities the gross investment is is
per cent higher in 1897 than it was in
1927, while the income from both
classes Of assets has shrunk exactly
one-third, Mr.. Linn comments.
C. 4 P. Phone Revenues Up.
Operating revenues Of the Chesa-
peake & Potomac Telephone Co. in
June totaled s953,1S7 against $685.
604, according to the monthly state
ment filed today with the Public Utili-
ties Commission.
Operating expenses called for $685.
s91 against s6s1 800 a year ago. Oper-
ating taxes took s92,765 compared
with Stills last year, leaving a net
operating income of S17l ,43l against
$l60169 in June. 1887.
Interest deductions from gross re-
nuired S32,l76, as compared with
S16855 year ago. leaving a balance
before dividends of S142712 in COM
parison with the slightly higher figure
a year ago of S145.53O.
For the first six months of this
gear net income amounted to S890,116
against $1,O1091O in the first half of
1887, the report stated.
First Sale in Terminal Bonds.
The first sale in the recently listed
Terminal Refrigerating & Warehous-
Ing first AZ per cent bonds took place
on the Washington Stock Exchange
today. There was a $4,000 transfer
at 1929. When the 100000 issue
was placed on the exchange the first
bid was l0l. Since then the bid has
been advanced, but no holder was
willing to part with any bonds until
todays bid of 1922 brought some out.
Frank J. F. Thiel, one of the man
ayers of the Washington Office of
j. S. Bache g. Co., New York Stock
Exchange firm, announced today that
the company is paying all employees
bonus Of 10 per cent for July. The
bonus comes as result of the sub
stantial pickup in business since the
stock market started its sharp ad-
vance. While the July bonus will be
greatly appreciated by the company's
employees. it also indicates, Mr.. Thiel
a
very hopeful view of the market out
look for the future. The firm has
Offices in many other cities all over
the country.
Jones Suggestion Opposed.
Francis E. Pope, president of Fed
eral Service Finance Corp, 718 Jack
son place NV, takes strong issue
with the suggestion of Jesse H. Jones,
chairman of the Reconstruction
Finance Corp, who recently suggested
that the banks do more financing of
installment sales.
Mr.. Pope says the banks could not
carry on this business any cheaper
than the finance companies do if they
made any money out of it. The prin-
cipal cost Of doing a sales finance
business is not the cost of money. Mr..
Pope says.
1t is general overhead" including
rent, wages, stationery postage, credit
investigation and legal expenses
These are many times greater, in
proportion to the funds in use, than
they are for bank, he says.
1t must be remembered that the
banks are now lending great sums of
money to the finance companies. If
the banks took over the business of
the finance companies, they would
no longer be making these loans, Mr..
Pope points out, thus losing an i'm
portant outlet for their funds.
Air Express Shipments Up.
Air express shipments on a Nation
wide scale for the first six months of
1898 increased 2.8S per cent over the
corresponding period of 1887, Rail-
way Express Agency announced here
today. The total for the six-month
period of this year was 320,776 ship
ments, compared with 311,8l4 year
ago.