Evening star., 1934-02-21

penSeS ana taxes CdlISQ LOT SOUL UL,oOo.OO,
leaving total operating income OF
16l,76446.
incorporating income was reported
as s13,65995, bringing gross returns
up to Sl75,42441. The usual deduc-
tions required S57,03l.83, leaving net
income for December of S118,392.58
The January figures were also
startling in their improvement. The
report covers the earnings Of all the
lines, both in and outside OF the
District.
Operating revenues totaled $685.
3e912. Operating expenses and taxes
called for s514.846.17, leaving a net
operating income in January Of
Sl5l, ,522.97.
January Net Over 100000.
Incorporating income in January
totaled s137l313. leaving a gross re-
turn of Sl65,236.08 Deduct on
claimed s58,311 80, leaving total net
income at the end of the month
of S106,92426.
The figures show that in both
months the revenues were substan-
TALLY above the operating expenses.
This puts an entirely different COM
piexion on the earnings outlook from
that of year ago.
Capital Traction stock has been
selling on the Washington Stock Ex-
change recently between % and "a.
These certificates have not yet peen
changed to Capital Transit certifl-
Gates, but this will be done shortly.
The delay in presenting the finan-
cial statement for December was due
to the difficulties involved in putting
together the accounting systems of the
Capital Traction Co. and the Wash
ington Railway g. Electric Co. From
now on the monthly reports will be
be filed on time.
Code Meeting Well Attended.
Washington investment dealers
were we'll represented at the meeting
in Baltimore at which the provi-
sional code of the Investment Bank
ers' Association was given some six
hours discussion. The substance of
most of the tentative rule of fair
practice was indorsed although some
changes were suggested before the
rules are submitted to the N. R. A. for
final acceptance.
Among those present from Wash
1ngton were Carl R. Kurtz of Stroud,
Kurtz & Co.; James P. Nolan, Folger,
Nolan & Co.; Edison B. Olds, Jr.,
Brown, Goodwin & Co.; A. S.
Goulden and Floyd r. Miller, A. S.
Goulden & Co., and Y. E. Booker OF
Y. E. Booker g. Co., who is vice
chairman of the southeastern group.
Richmond also sent good sized del
egation.
Most investment dealers admit that
there has got to be some further reg
ulating of the investment business. II
the bankers don't do it, Congress Will.
Similar meetings were held in Is
other cities and the ideas presented
are now being assembled at assocla-
ton headquarters.
New ID. c. Exchange Member.
John Carter Legg, jr. of Mackubin,
T,eep e. Co.. Woodward Building, has
heen elected a member of the WASH
ington Stock Exchange by the Board
of Governors. it was announced today
Mr.. Legg went with the original firm
of Mackubin, Goodrich & Co., Baltl-
more. in 1000 and became a partner
in 1905.
He is a director in the First Ma
tional Bank, Baltimore; Terminal
Warehouse Co., Industrial Corpora
ton. Baltimore Association of Com
merce, and the Vulcunite Portland
Cement Co.. Philadelphia. He is a
member of the Board of Governors
of the Investment Bankers Associa-
ton and of the Baltimore Stock Ex-
change
His membership on the Washing
ton Exchange gives his firm new
local investment affiliation. The
manager of the Office here is Ralph M.
Wolfe
Exchange Closes Tomorrow.
The Washington Stock Exchange
will be closed tomorrow, Washington S
Birthday The banks and all the local
investment houses will also be shut
up tight.
The first sales on the exchange to-
day were in Washington Gas Light
SIS, 1860, two $1,000 transfers taking
place at los. The rest Of the trading
was in stocks.
Washington Railway & Electric re-
corded five sales, totaling so shares. at
80. Capital Traition moved at PAS,
up an eighth from the last sale yes
terday.
President c. J. Gockeler announced
that the Saturday sessions, now being
resumed after two years, will open at
1890 instead of HIS.
Edward L. Hillyer, vice president
of the Union Trust Co., and mem
Der of the exchange, has returned
from three weeks trip to Mexico
City.
The New York Curb Exchange has
made application to appear before the
House Interstate Commerce Committee
and has been assured of hearing, in
connection with the national secur-
ities exchanges act of 1884 E. Burd
Grubb, president of the Curb Ex-
change, will represent the exchange.
Maryland Bank to Reopen.
Plan for reorganization Of Parkville
Bank, Parkville, Md, has been ap-
proved by John J. Ghingher, State
bank commissioner. Under its terms,
IS per cent Of deposits will be made
Immediately available and the re-
manning As per cent will be issued in
certificates of beneficial interest
Baltimore Trust Co. has made an
additional payment of 20 per cent To
derositors on the unpaid balance Oi
outstanding certificates of indebted
ness. with funds advanced from the
r. F. c. The trust company, which
reorganized last August and reopened
as the Baltimore National Bank, has
now made available for depositors IS
per cent of their accounts including