Evening star., 1924-07-25
v. R. & f. EARNINGS
GAIN IN HALF YEAR
Increase of 100000.
Lanston Stock Higher.
Other Financial News.
BY CHAs. II. SHAEFFER.

Net income of the Washington
hallway and Electric Company for
the first half of 1924 shows an in
crease Of slightly more than 100000
over the corresponding half of last
year, a report made public this morn
ing shows.
The figures given out by the com
pany show profit of s544,2e3 for the
first six months Of this year, as
against only $411,317 for the same
period of last year. Or these amounts
the incorporating incomes, consist
ing in the main of Potomac Electric
Power Company dividends, accounts
for SAIL 200 and sa~5,45o. respectively.
For operations in June, 1921, the
company shows net income of
$42,019. approximately double the
amount for the same month of last
year. Operating revenue for this Pc
Rod aggregated s4o6,0s2, with ex-
penses and taxes of s310,743, and de-
ductions of $63, ,437.
In marked contrast is the report
Of the City and Suburban subsidiary,
which has been rather consistent in
reporting losses this year, due TO
heavy disbursements made in i'm
provements and betterments to the
line. This work has been carried on
extensively on Rhode Island avenue
northeast and on New York avenue
between First and North Capitol
streets, between Fourth and Fifth,
and on North Capitol street. Ex-
penses of maintaining the line have.
increased almost 100000 during the
year to date as compared with last
year.
The City and Suburban line has
operated at a deficit of s25,712 thus
far this year, compared with a gain
of $106,072 for the same period of
last year. For the month of June the
company lost s32.515, as against a
profit of $17,0S1 realized in June, 1928
Report of the Potomac Electric
Power Company for the month has
not been completed.
Lanston Stock Advances
A point advance on the part of Ian
ston Monotype stood out in todays
rather restricted trading on the Wash
ington Stock Exchange. But 90
shares changed hands, 10 shares open
ing at 13A and the concluding sale
being made at 1871.
Mergenthaler Linotype was firm at
159, with Washington Gas maintain
ing it's prevailing level, 4912, on sales
of "a shares. At the opening of the
session the issue boasted an odd
lot sale at so. Railway preferred was
firm at IS.
Bonds were again dull and un-
changed.
Receiver for Finance Firm.
Today's issue of the New York
Times carries the following court re-
port which should be of considerable
interest to the local public:
holder, Bernard B. Badgley of Mont
clair, N. j., former Representative
Warren 1. Lee of Brooklyn was ap-
pointed receiver yesterday for the
at 100 Broadway, Manhattan, by Su-
preme Court Justice Benedict in
Brooklyn. The court issued a tempo
rary injunction to restrain the officers
any of its assets. and permitted
stockholders protective committee to
become a party to the action as
have invested s7,ooo,ooo in the Com
which was organized in December,
1920, under the laws of South Oak ota.
with a capital of $4,000, 900. Badgley
told the court he had acquired 110
shares for $1,000
"Badgley charges that the corpora
ton, which was established to make
loans upon automobiles. had discon-
tinued that business and had made
buildings, many of them in Washing
ton and Baltimore. with the result
that assets were frozen" in first. sec
ond and third mortgages. He in
cludes the officers as defendants
Henry D. Tuder president; II. A. Mer-
ritt, secretary. and others-and al
leges they voted to themselves ex-
ceSSive compenSa ton. consisting of
salary of $4,000 for the president,
$25.000 for the vice president and S10,-
600 to the secretary. Some of the
present officers have succeeded those
who resigned. Commenting on other
charges made by Badgley, Justice
Benedict said:
there has been miSmanagement. and
the present management is not SO di-
yorced from the former management
as to justify confidence that the inter
ests of shareholders will be adequate
ly protected.
Treasury Must Hold Bonds.
Under an Interpretation of the
transportation act by the Attorney
General, the Treasury will be
obliged to hold until maturity about
5000, 100000 in railroad securities, un-
less the railroads decide to retire
them at an earlier date.
The ruling does not apply, however,
to securities taken by the director
general of the Railroad Administra-
ton, who may sell any of the s244,-
100000 held by the Treasury for him
at any time a satisfactory offer is
received.
CANNED GOODS IN DEMAND