Evening star., 1924-12-14
BY GHAs. P. sHAEFFER.

mention various utility commissions,
have given voice to expressions that
the electric street car issue was a
dead one, that its day had passed and
The only agency for adequate trans
portatfon in this modern era was the
motor bus and the automobile.
This situation.. while perhaps OBJ
tanning throughout the country, GER
tainly does not hold good with respect
to street railway companies in Wash
1ngton. '----'"s
Local conditions, which are borne
out by accompanying statistics, prove
that the two car companies operating
here have not passed their days of
usefulness. but on the other hand It
is conclusively shown that as yet no
adequate substitute for the street car
AS a means of mass transportation in
the city Is visible. s-s -
A careful study of statistics offered
proves that local companies, instead
of being obsolete, are just coming
into their own. This Is true for no
other reason than that nothing yet
has been devised that can come any
where near meeting the demands of
the multttudes. This multitude Of car
patrons quite obviously use the util-
ity because they find 1t the easiest
and most. convenient method OF
reaching the scene of their daily vo-
cations.
Companions With 1915.
In 1916. the last pre-war year prior
to the influx Of Government work ers,
the Capital Traction Company carried
a total of '43,706,213 revenue passen-
gers during the first 10 months of
the year, of which only a negligible
number were transported In Mary
land. In the same period the Wash
ington Railway and Electric Com
pany and Its subsidiary companies. in
GLIDING the Washington, Baltimore
and Annapolis road, carried a total Of
53.34s,Oa6 in the District alone. To-
tailed, it is seen that 97,355.249 pay
passengers availed themselves of
street car convenienceS.
For the first ten months of this year
the Capital Traction Company has
carried 5S,942,697 revenue patrons.
only a nominal number of which were
carried in Maryland territory, while
the Washington Railway and Electric
lines report a total of 63,5s4, 1872 car
ried in the District alone.
The increase for the first 10 months
OF 1924 Qatest statistics available)
compared with the corresponding
period OF 1916 amounts to 24.16 per
cent.
Increase in Population.
In 1915 the population of the Dis
trict of Columbia amounted to 374,564.
Estimated for 1924, the population 10
437,571. This increase is almost II
per cent. Thus it is seen that in-
stead of merely keeping apace with
the increased population, revenue
passengers carried by the street rail-
ways have actually surpassed this
average by more than Per cent
Many other items enter into tho
argument, all of which only serve
to reflect moro favor on the car. COM
panies' future. While living condi-
tions have, of course. risen steadily
since 1916. salaries have enjoyed a
corresponding advance. The second
hand utomobile markets OFFER a va
riety of purchases: moderately priced
popular makes Of automobiles are
majority of worke ers; bus lines are
usually crowded; taxi rates have
been "cut to the bone"-but the street
railway lines in Washington continue
to carry pay passengers of unprece-
dented totals, 80
Mellon Extends Time
Announcement by Secretary of the
Treasury Mellon that subscription
privileges to the recent per cent
issue of bonds will be extended until
December 81, in so far as exchanges
are concerned, may result in q
Treasury flotation which may rival
wartime issues.
The terms of the Offering provided
that third Liberty Ans, Treasury
notes and Treasury certificates ma
turing March Is might be exchanged
for the new 20-30-year 4s.- Since
there are some $4,000, 100000 OF these
Issues outstanding, this opens the
way to an abn loan. So
The well known>Mellon shrewd-
ness is easily. discernible in the rate
OF the new loan. The day before the
loan was announced Treasury AXIS
Of 1s47-52, almost exactly comparable
with the new 4s in SO far as their
closed at a price equal to 3.SS per
cent basis. The same basis for 20
year fours would be 101h, and on
that day the third AIS closed at
1e1 1872. >. For every practical pur-
pose the holder Of the third Az was
offered an even exchange. His pro-
cedure will depend on whether he
was holding for temporary invest
ment or whether a long-term issue
fitted with his requirements.
The situation with regard to Treas
ury notes and certificates was a little
clearer, as they were selling at 100A.
Therefore it seems entirely probable
that substantially all the Treasury
notes and certificates will be ex-
changed and that q large volume Of
third AIS held for permanent invest
ment will also be exchanged.
&44O6 For Every Perxon. ss.
Money in circulation in the United
States on December 1, 1924, amounted
to 993,570, ,452-enough for $44.0s for
every man. woman and chfld-the
Treasury Department recently an
nounced> On November 1 there was,
A.s79,s93.685. or $43.12 per capita. and
on December 1, 1923, there was $+.923,-
157,751, or s44.0l per capita.
Stock of money in the United States
on December / totaled $8.73S.4 .40S, ,443,
a decrease of $98, soc, 900, over the cor
responding date last year, but an in
crease of $S,000.000, over November
last. 50. -
Gold coin and bullion amounted to
a.57o,067.s75, advancing $1s.421,ooo
over the previous months total and
showing an increase Of $3.50, e,433. 600
oyer last years figures. Gold certff-
Gates circulation for December. 1924.
totaied $933.687.709, an increase of
S2S.S26, 900 over November and an ex-
pansfon Of $500, ,e26,o06 over December
1,.'1s.s.' i.$'.'
Britain Plans Debt Payment.
Great Britain. will pay tomorrow
more than $90,008.000 to the United
states Treasury. the first tender under
the debt-funding agreement, for which
preparation has not been made by the
shipment to. this country from Lon
don for an approximately equivalent
amount of gold. .e's-f -''t ts.s
For many weeks, prior, to the pay.
ment of previous instailments gold
was sent from London to the New
York Federal Reserve Bank, via ]. p.