Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-09-18

compared W
$45,S47 a year ago and $34,035 in July
The company had surplus after al
charges in August OF SI6,l03 against
<lS,69l in August 1929, and S4,935 SO
m July OF this year.
The Capital Traction lines carried
$751; 40 revenue passengers in August
against 4,0ll ,5S4 in the previous month
Of July. Thus. while the number OF
revenue passengers fell of. the COM
panys net earnings after al expenses
and taxes showed an increaee. Because
of the higher revenues, taxes in August
required S22, 900, compared With $4,000
In July.
It will be another month before two
full months under the new fare rate can
be compared. There were only nine
days in July under the new plan. Com
peny officials are pleased with the Au-
gust showing. They do not know how
much of the drop in passenger traf1c
Is due to the higher fs&es and how much
TO keen bus and 35-cent taxicab COM
petition. But in spite of both of these
factors the companys revenues showed
an increase.
Eight Months Figures.
There is apt to be a falling of in
4raf1ic in August regardless of the fares
changed 1t is usually the hottest
ulO0bI III Tie year ana more DeODlG
away on vacations than during any
other month. 1t will be recalled that
in July the company sold great many
tokens under the old rate before the
new schedule went into effect. The
company figured up what the revenue
would have been under the new rate
and called the difference a loss. It
made a difference Of some Sill 900.
The report also shows earnings for
the first eight months of the present
year. Eight months gross earnings
amounted to $2,746, 221, against $2S64,-
OLE in August, 1929, a decrease Of
4I1T.T9S.
The balance after taxes was 1919 ,6S4
against s595 ,295 in August. 1929, q de-
crease Of $75,6ll Net earnings for the
eight months amounted to $500, $780, in
comparison with a net income of $685.,
557 in the corresponding period in 1929
or decrease of $78427
Company officials believe that the
October figures will furnish the best in
dication possible as to just what can be
expected from the new fare schedule
The school children and vacationistS
will all be back in the city by that time
and traffic will be as near to normal
as at any time Of the year.
Echoes Of Local Bank Merger.
The merger of the Federal-American
National Bank and the Merchants
Bank e. Trust Co. is being widely dis
cussed in the financial district.
II is announced that the stockhold-
ers of the two banks will meet on Oc-
tober 20 to ratify the action of the two
boards OF directors. This is considered
to be a mere Formally
AS already stated in The Star, It is
the plan TO retain all officers, directors
and employees Of the two banks and to
maintain the present FIVE Offices at
Fourteenth and @ streets. Fifteenth
and H streets. Dupont Circle, Pennsyl-
vania avenue and Twentieth street and
Brookland
The directors Of the two banks are
considering changing the par value of
the new stock, which will take the place
of the old stock Of both banks, from
500 to $50. This has been done in
connection with several New York bank
mergers and proved highly beneficial
While a national bank has to maintain
Its par value at 500, any bank with a
trust company affliation can reduce It
Such action usually gives the stock
much wider distribution.
Rome E. Boiling, president OF the
Merchants Bank g. Trust Co, will be
81 the head OF the bank at Fifteenth
and H streets, which is now the Mer-
chants main ONCE. Friends say he
could have been made chairman OF the
board but preferred to remain an active
banker. Both he and President Poole of
the Federal American are most en-
thusiastic over the merger as helpful TO
both institutions.
Following the regular session of the
washington Stock Exchange today the
members adjourned out OF respect to
the memory Of Albion K. Paris, one of
the charter members, who died suddenly
IN Toronto, Canada. He was one of
the founders OF Crane, Paris a. Co.
and great favorite for many years
IN the financial district.
Rome G. Stephenson, first vice presi-
dent of the American Bankers Associa-
ton, attended the luncheon of the
District Bankers Association members
yesterday at the Willard He believes
the coming A. B. A. convention at
Cleveland will be one Of the best ever
held
At meeting Of the board of direc-
tors of the Security Savings a. Com
rnercial Bank. held yesterday. the quar-
terly dividend Of 4 per cent was de-
clared, payable September 80 to stock
holders of record September rs.