Evening star., 1942-03-03


has always kept in close touch with
the Federal Reserve head office ana
is still a member of the Cosmos
Club. Now 60 years old, he started
his brilliant banking career as a
messenger in a small commercial
bank in Michigan, his native State.
He will head one of the five largest
banks in New England, the Mer-
chants having $120,000,000 in de-
posits, and being Ill years old.
Washington Gas Net Lower.
Gross operating revenues OF the
Washington Gas Light Co. for jan
uary. 1912, we're Sl,251 OLA, an in
crease of S196,964. compared with
s1,054,05O reported for the same
month last year. according to the
report filed with the Public Utilities
Commission yesterday. However, op-
Grating expenses for the month in
creased s207,30 to a total OF 1884,
s5e, with a resultant reduction in
net operating revenues OF SlO,343.
Net income for January this year
was s2O9 OO6, compared with S219.-
l72 in 1941. The decrease of S10,166
is attributable to higher taxes, the
provision for which was approx
mately SAC, 900 more than in jan
uary last year.
The company also reports gas sales
of 2,O25 1857 M cubic feet for January
this year compared with l,647 648 M
cubic feet last year. There were
1912 meters in service in the Dis
trict of Columbia on January 81,
1912. an increase of 7 per cent over
last year.
The company expended approx
mately S152,400 in January, 1912, for
extensions to its property In
Washington.
Higher Exchange Rates Hit.
With activity near a minimum
comments the American Banker, the
New York Stock Exchange proposes
on March 16 to raise commissions by
25 per cent. The proposal, which
seems Likely to 60 through, certainly
sounds insensate. he magazine adds
ut is economics backward. Vol
ume is falling off, so the solution is
to raise the cost of a transaction
and thus make the volume fall
off more"
The magazine recalls thaS the
same method was used during the
depression in connection with coun-
try clubs. Members started to re-
sign, dues were raised and more
members dropped out, the sheriff
usually playing the final act.
Credit Clinic Draws Bankers.
Several Washington bankers will
attend the three-day Credit Clinic
which opens in New York tomorrow
kponsored by the American Bankers
Association. Farm, consumer and
commercial will be the three big
issues discussed by exceptionally
able speakers in their special fields
The Capital delegation will in
clude Francis G. Addison, jr., presl-
dent of the Security Savings &
Commercial Bank; Thomas j
Groom. president, Bank OF Com
merce & Savings; Frederick P. H
Siddens, vice president and secre-
tary, American Security & Trust
Co; Ralph Endicott and George O.
Schweinhaut, assistant treasurers
Washington Loan & Trust Co.
Dollars and Sense Appears.
Dollars and Sense, official organ
of Washington Chapter. American
Institute of Banking, has just ap'
peared in the financial district. Ed.
tied by A. E. Henze, Union Trust Co..
Franklin A. Gibbons, Riggs Ma
tional; Edward A. Turville. Ameri.
can Security. and Miss Rose Royce
Washington Loan, 1t is an excellent
number.
It is announced that student en-
rollment for the second semester
dropped from 1870 a year ago tt
about 100 this year. owing to the
great difficulty in obtaining new stu
dents under present war conditions