Evening star., 1943-11-08
Three Utility Firms
Disclose Earnings
Above Year Ago
By EDWARD c. STONE.


Commission in the first nine months
sof this year than in the like 1912
period. The fourth. while under
last year, had very substantial net
revenues.
The Potomac Electric Power Co
reported a nine months net of So
1l5,370. a gain of S355,747 over 1912
Operating revenues were s62 per
cent better, and operating expenses
were up 1856 per cent Taxes showed
an increase of only S38,376 over the
same months in 1912.
The Chesapeake & Potomac Tel
ephone Co noted a total net income
OF s2,402,627 before interest and
dividends. compared with S2,308,973,
"a gain Of S269,417. The gain was
made in spite of the limiting of
wartime calls
- The Washington Gas Light Co
registered net income of S9l8.833
in the nine months, compared with
S734,777 year ago. an upsWing of
Sl64,06l, The advance was scored
by a pickup of s762.567 in operating
revenues and by holding down op-
Grating expenses.
Capital Transit's net income of
Sl,209,358 failed to equal last years
results in the nine months by Sl23.-
I'll or per cent. An important
figure in the decrease is a gain of
81 per cent in taxes.
Airline Industry Reviewed
1.-The prodigious rise of United
States air transportation from the
Calculator stage to one of the coun-
try's foremost industries and its out
look for the future are reviewed in
the third Cl943) edition of Air
lines being distributed today by
the investment and brokerage firm
Of Merrill Lynch Pierce, Fenner &
Beane.
The 36-page illustrated review
presents analyses of l8 of the lead
ing companies in the airline indus
try explains how domestic airline
routes have been increased from
10 600 miles to hundreds of thou
sands Of miles over Arctic ice Afri-
can sand and storm-racked oceans;
points out the excellent Job being
done on the fighting and home
fronts, and discusses problems of
competition and future financing.
In discussing the possibility of an
arborne world in the future, the
review states that United States
airline operators have not the
slightest doubt as to their own fu-
ture.' In the past year the Civil
Aeronautics Board has been &C.
luged with applications for new air-
line companies, new routes, new
stopping points, route extensions.
There have been more than 200 sep
arate applications totaling over
100000 miles or II times present
mileage in the United States alone.
Douglass Addresses Bankers.
Paul F. Douglass. president of
American University, addressed
members of the Virginia Bankers
Association Saturday night at Luray.
and urged the financiers to resume
their one-time individual initiative
and again become the "community's
neighbor, philosopher, counselor and
friend"
President Douglass said that in
the last decade and half the bank
ers had become neuroticS, haunted
by fears, terrified by laws, legis-
lated into morality, paralyzed by
insurance which protected them
from risk by forcing them to take
none. and pursued by examiners"
Despite all the pessimism in the
situation, President Douglass said,
the local banker can get back into
the banking business and make more
money, more Jobs, more happiness
and more community stability than
at any previous time in American
history.
Dr. Douglass. cited problems
which may frighten bankers as the
talk Of a $500 900 100000 debt as
condition to full Unemployment,
with little concern over repayment
Of the debt in full; possibility that
few bank loans may be needed III
the reconverSiOn period that the
Government now owns and controls
huge industrial empire; that more
Government control is inevitable
after the war; greater initiation
possibilities and the fate Of free
enterprise.
District Appraisers to Meet.
1t Comdr. Ronald Chinook. U.
S. n. Will address the monthly
meeting Of Washington Chapter,
Society of Residential Appraisers, to-
morrow evening at 7:30 at the rooms
of the District Title Companies,
Secretary r. Lee Baxter announced
today.
He was formerly connected with
Farr & Co., Chicago, and is a past
president of the Chicago Real ES-
tate Board. A special drive is be-
ing made to increase the member
ship of the District Society to make
It include all building and loan asso-
citation officials who are specially
interested in property apDraisals.
Dealers Laud Convention.
Delegates to the annual conven-
tion of the Investment Bankers As
sociation Of America were back in
the financial district today. loud in
their praises of the convention and
especially pleased with the election
of j. Clifford Folger as president for
the coming year
Mr. Folecr's address was one Of
the outstanding speeches Of the con-
vention Addresses rela ting to the
War Bond drives both here and III
Canada were among the most timely
and interesting matters presented.
.Today's Trading on Exchange.
Washington Loan & Trust Co.
stock sold at 227 on the Washington
Stock Exchange today, gain of
7 full points since the last previous
sale.
Washington Gas common regis
tered a 25-share sale at 2ll2, off 4,
and 1853 shares of Capital Transit
appeared on the board at 81, against
last weeks close at 28.
A. L. M. Virgins, president of the
American Bankers Association, and
Dr.. Paul F. Cadman, economist for
the ABA. will be the chief speakers
at one-day conference of the ABA
Savings Bank Division, in Chicago,
L. l. l.. y