Evening star., 1933-03-22

LII B. and in the same year admitted
to membership in the District of Co.
lulmbia Bar Association. He has been
active in the affairs of the Washington
Chapter, American Institute of Bank
ing, having served as its president in
1928, and for three years has been in
structor in investments on the staff of
the institute. He was elected to men,
bership in the Washington Stock Ex-
change in September, 1882.
Mr.. Schooley went to. the company
June 81, 1917, as file clerk in the
banking department. He was later
transferred to the securities and tax
department, which department he will
head after April l.
He completed his course Of law at
Georgetown University, receiving his
degree of LII B. in 1923 and was ad-
mitted to the District of Columbia Bar
the same year He is a member OF the
Washington Board Of Trade.
Rapid Transit's February Net.
The Washington Rapid Transit Co.
has reported to the Public Utilities
Commission operating revenues for
February of 29,495, decrease of sl0.-
sos from February, 1882. Operating
expenses and taxes were $32,109, or
S13,203 lower than a year ago, and
leaving a deficit of $2,6l4 in operating
income for the month. After all other
deductions the transit company report
ed net operating deficit OF s2,535 for
the month, which was S2,676 smaller
than the deficit in February year
ago. After all deductions from gross
the net deficit was practically the same
figure.
For the first two months of 1888, op-
Grating revenues totaled $62, ,309, drop
of over $4,000. Operating expenses
and taxes required s68,329, reduction
of over $4,000.
After all the usual deductions from
gross, the Rapid Transit Co. had a loss
in net income for the first two months
of 1888 amounting to $11.711, which Is
in comparison with the figures record
ed in the first two months of 1882.
"Gold Rush" Ended in District.
Washington bankers reported today
that the recent gold rush" by So
called hoarders to get large sums of
gold and gold certificates back into the
banks, or into the vaults Of the United
States Treasury, has apparently come
to an end. .
Lie W GdhC 1AOAiSy OeV "a
boarding followed announcement by the
Government that the Federal Reserve
banks had been asked to obtain the
names of all "hoarders" in their ter
ritory and forward the list to the Treas
ury for possible action.
Local banks received letters from
Gov. George j. Seay of the Federal
Reserve Bank of Richmond asking for
the desired information. Copies of the
letters were posted beside the tellers
windows in many of the banks, in full
view of every depoSitor.
Many depositors, after reading the
letters, went directly to their safe de-
post boxes and got large sums Of gold.
In many instances this gold was taken
to the Treasury, rather than to the
bank tellers' windows, as the holders
did not wish the bank officials to class
them as "hoarders."
Last week right after the banks re-
opened, the rush was tremendous. In
all the banks the amounts brought out
into the open were Unexpectedly large.
The present week has witnessed the
turn of the tide. The time for forward
ing the requested information to the
Richmond Reserve Bank has been ex-
tended by Gov. Seay, on Treasury in
structions.
It looks now, bank officials said to-
day, as if there would be very little
gold in boarding by the time any in
formation is forwarded to Richmond.
OF course the exact amount is not
known and people with small amounts
Of gold in their possession are not
classed as "hoarders."
Financial District Comment.
Fifteen shares of Mergenthaler Limo
type sold at 20 on the Washington
Stock Exchange today. Sales were also
recorded in Potomac Electric Power
5la per cent preferred at 106 and 105h
Woodward & Lothrop preferred and
common stocks are now being quoted
ex-dividend following the recent divi-
dend declarations on both issues.
Arundel Corporation of Baltimore
has declared the regular quarterly divi-
dend of SO cents on the common stock,
payable April / to stock Of record
March "a.
Phelps, Fem g. Co., were awarded
1925 900 Cumberland, Md, 412T water
improvement bonds, dut 1886. on bid
of 100.57. Reoffering is being made to
yield 425Go.
Empire Trust Co., New York, has de-
clared quarterly dividend of 25 cents,
payable April to stock of record March
"a. Previously quarterly dividends of
40 cents were paid.
American Power g. Light Co., has
declared dividend of 37ia cents on
the Sc cumulative preferred and divi-
Gend of 81 cents on the SIS cumula-
tive preferred stocks, both payable
Ap1l to stock Of record March, ,