Evening star., 1939-05-16
Potomac Electric
Power Sales Jump
In -Four Months

Output Exceeds 1888
And All Other Years,
Comparisons Disclose
BY EDWARD c. STONE.
Demand for electricity in the
first four months of 1889 was far
ahead of the output for the like
period in 1888, according to a re-
view of the reports of the Potomac
Electric Power Co. The figures
clearly indicate steadily improving
business conditions in the Capital
so far this year.
Each month has revealed a sub
stantial increase in electric output
in comparison with the correspond
ing month last year. In the first
four months of 1899 kiloWatt-hour
sales in the District totaled 247007,-
553 in comparison with 232 1852, ,839
in the first four months of 1888, an
increase this year of 14,154 TIA kilo-
watt hours.
KiloWatt-hou sales in the first
four months of this year were not
pnly higher than last year, but the
highest on record for that period
In any year. Over a period Of years
the increase in sales is very striking.
The first four months of 1889
show the following totals over the
monthly records year ago, the
latest report for April revealing a
gain of SO per cent over April, 1888
Month. 1889 1888
January ~ 63,667 ,l80 60628,513
February - 60,461 ,4l6 58.871 1893
March ~ 61,185,770 57.259 ,643
April -------- 61,693 1877 57,093,290
Economy Plans Offered.
In an address late yesterday be-
fore the Virginia Bankers Associa-
ton on the steamer Empress Of
Bermuda, DR.. H. c. Sauvain of
Indiana University urged further
development of service charges and
elimination of interest paid on time
deposits as remedies for the present
weakness in commercial banking,
according to Associated Press re-
ports. He called the interest pay
ment plan archaic"
It's a hangover from the days
when you could loan out most of
your money in good commercial
loans at 6 per cent" he said Then
you could afford to pay for deposits.
Today you can't. I don't think
the average bank should pay in
terest on any type of deposit, with
the possible exception of genuine
thrift accounts and in some cases
public funds
DR.. Sauvain said most of the fears
about loss of deposits from reducing
or eliminating the rate of interest
paid ARE greatly exaggerated" and
declared he did not know of a
single case where bank which had
tried it has actually suffered"
Fadeley on Columbia Board.
The Columbia National Bank an
nounceS the election of Fenton M.
Fadeley as a member of its Board of
Directors. Mr.. Fadeley succeeds his
father, Charles F. Fadeley, recently
deceased, who was a director Of
the bank from July 9. 1918, to the
time of his passing in March of this
year.
Fenton M. Fadeley was born in
Washington January IS. 1897 at
tended the graded public schools.
Central High School and received
his A. B. at George Washington
University
He entered his fathers business,
Fadeley & Co., wholesale coal deal
ers, in September, 1919, and became
a partner in 1926 He also became
a partner in Colonial Fuel Oil at the
time of its establishment in 1885
He is a member of Rotary and Po-
tomac Hunt Clubs.
Bank Speaker Is Announced.
A. Lee M. Virgins, president of the
Bank of Hartsville, S. c., is to ad-
dress the District of Columbia
Bankers Association convention at
Hot Springs, Va, June 8-l1, upon the
subject, businessmen and Govern
ment,' it was announced today by
President Hilleary G. Hoskinson.
Mr.. Virgins has had very wide
business experience. In addition to
being a bank president. he is man
aging director of the Trust Co. of
South Carolina; president and pub
Usher of the Hartsville Messenger,
a weekly newspaper, and vice presi-
dent and general manager of J. L.
Coker & Co., department store. He
is a member of the Charlotte Ad-
visory Committee, R. F.. c., and
former chairman of the State De-
post Liquidation Committee, R. F. c.
Mr.. Virgins is member of
the Executive Council, American
Bankers Association; member Execu-
tive Committee, State Bank Division;
chairman of the Committee on
Federal Legislation, A. B. A, and
former president of the South
Carolina Bankers Association, as
we'll as former president of the
Southern Retail Merchants Con-
ference, Richmond.
He is deeply interested in educa-
ton, the Hartsville Community
Center Building Commission, Library
Commission and is president OF the
South Carolina Federation of Com
merce, Agriculture and Industry.
Safe Deposit Section Meets.
The safe deposit section OF the
District Bankers Association will
meet tomorrow evening in the board
room of the American Security &
Trust Co., it was announced today
by Chairman P. c. Prady. Another
quiz will be held, the section men,
bers being divided into teams and
prizes awarded. A M McLachlen,
second vice president of the District
Bankers Association. will preside
over the quiz box.
j. Earle McGeary of w B. Hibbs
& Co., and a former president of
Washington Chapter. American In
stitute of Banking. attended the in
stitute dinner at Charles Town, w.
Va, Saturday night. The guest