Evening star., 1934-08-22
RAPID TRANSIT. NET
IMPROVES SHARPLY.
Bus Profits for Seven
Months Reported at
$9,O31 Mark.
BY EDWARD C. STONE.

Rapid Transit Co. reveals an improve
ment of S42 ,6489 SO for the first seven
months of this year, compared with
the like period year ago. according
to the financial statement just filed
with the Public Utilities Commission.
The bus company reported net earn
tngs of $9,03141 in the seven months
this year, against deficit last year Of
S33,61758.
For the first seven months Of this
year operating revenues totaled S240,-
473, an increase of $4,000 over last
year. Operating expenses and taxes
SO far this year we're S216 6399.52, or
SI5.856.86 less than in the seven
months in 1888 Operating income
for the period presented a surplus OF
S24.O73.47. compared with a deficit in
this item last year of $l3, ,003. .82 max
ing an improvement of over $37 900.
The transit company also filed the
July statement with the commission,
showing operating revenues for the
month of 9,961.4 .46, against ST.
1860 in July 1888, an increase of
S2.775.36. Operating expenses were
reduced by $2,512.23, leaving an oper-
ating income of $57483, compared with
q deficit of $4,712.76 a year ago, or
an improvement of well over $4,000 in
this item. Net income showed def
icit In July of $1,607.85, against a
deficit a year ago of $7,781 go, reflect
ing an improvement in the month
under review of $6,l7405.
New Investment Firm Formed.
Announcement was made in the
financial district today of the organi-
cation of a new investment firm bear
ing the name of I. Lowengrub & Co,
Inc. Spacious quarters have been
leased on the eleventh floor Of the
Shoreham Building. The new COM
pany will conduct a general invest
ment business and specialize in bonds
and bank and insurance stocks. Irving
Lowengrub, who heads the new con-
Germ, was in business in Wall Street
for eight years and recently has been
engaged in his own investment busi-
ness in this city.
The Covering Committee of the Bal
timore Stock Exchange has followed
the example of the Washington EX-
change and approved application for
registration with the Securities Ex-
change Commission as national Sc
curities exchange.
The Baltimore Exchange will send
10 all companies whose stocks or bonds
are listed, form of the commission,
which will grant these companies the
privilege of registered stocks until July
!, 1885, or until permanent registra-
.tion is accomplished
Bond Manager Appointed.
Hemphill, Noyes & Co., members of
the New York Stock Exchange, an
nounce the appointment of Elmer F.
Sauter, as manager of the bond de-
partment of their Office in Washing
ton. Mr.. Sauter was formely manager
of the Dillon, Read & Co. Office and
assistant manager of Gillet g. Co.'S
office here. He is a member of the
Bond Club of Washington and the
Columbia Country Club, and attended
Georgetown University.
The association of Mr. Sauter with
the firm is in line with its recently
announced expansion program, which
included the acquisition of the broker
age business of several firms in some
Of the larger cities of the country; the
establishment of a special department
for dealing in United States Govern
ment bonds and notes and municipal
and State securities; and the eStab-
lishment of modern analytical de-
partment.
Hemphill, Noyes & Co., within re-
cent months has acquired the Wash
ington business of Goodbody & Co.,
and Maynard, Oakley & Lawrence;
Detroit business of Winthrop, Mitchell
& Co.; the Philadelphia business of
Spencer TraSk & Co., and the Trenton
and Detroit business of Eastman,
Dillon & Co.
Convention to Meet Here.
John N. Buck of this city, will at
tend the fifteenth annual convention
of the leading salsSmen of Atlantic
Life Insurance Co. of Richmond, Va,
to be held at the Shoreham Hotel here
August 27 and %. Following this
meeting the salesmen will enjoy
boat trip down the Potomac River to
Norfolk and spend day at the
Cavalier Hotel at Virginia Beach.
In order to earn this trip it was
necessary for Mr.. Buck to meet high
requirements and only limited num-
Der Of representatives of the company
will be in attendance. Mr. Buck has
represented Atlantic Life at Washing
ton since 1926 and is well known in
this city.
Atlantic Life began business in 1900
and now has extended its activities
over large part of the country.
Bonds Ready for Delivery.
The Pennsylvania Railroad an
nounced here today that the definite
bonds of the Philadelphia, Baltimore
and Washington Railroad Co. Az per
cent, series D, due June /, 1881, will
be ready for delivery August %, 1884,
on surrender of temporary bonds at
the Office of the treasurer of the Penn
Sylvania Railroad Co., Broad Street
Station Building. Philadelphia, or at
$50 Seventh avenue, N. Y. To facili-
tate prompt delivery, all exchanges
made by mail or express should be
forwarded direct to the treasurer of
the Pennsylvania Railroad Co., Phila-
delphia.
Washington bankers are greatly in
terested in Reserve Board develop
mentS j. j. Thomas of the tenth dis
trict has been made vice governor of
the board and Adolph c. Miller.
originally appointed from the twelfth
district, has been reappointed from
the fifth district in which he has lived
for the past 20 years. He was men,
, ber of the original board appointed by
President Wilson and 10 years later
reappointed by President Coolidge. He
is 68. Judge Thomas is a recent Roose-
welt appointee from Nebraska. Gov.
Blacks place has not yet been filled.
Today's Trading on Exchange.
Anacostia g. Potomac Railroad guar
anteed SIS opened business on the
Washington Exchange today with two
$1,000 sales at 100l2. Trading then