Business & Finance: Brothers on Taxes

Sixty-nine years ago in the largest house on Manhattan's Washington Square was born H. (for Henry) Hobart Porter. His brother Seton Porter was born on 47th Street. Both grew up to be engineers. Hobart helped found the great firm of Sanderson & Porter which Seton later joined as a partner. In business as well as politics engineers sometimes become chief executives. Brother Hobart chose water for his province, Brother Seton whiskey.

Last week Brother Hobart, who is president of American Water Works & Electric, submitted his annual report. In 1933, he told stockholders, Water Works earned $3,337,000, as...