Evening star., 1934-03-09
CAPITAL TRANSIT
DIVIDENDS TALKED
Resumption Hopes Based
on Abrupt Advance
in Earnings.
BY EDWARD C. STONE.

financial district these days about re-
sumption of dividends, which seems
warranted On account of the remark
able net earnings of the company un-
der the first three months of consoli-
dated operations.
February earnings have not been
announced yet by the transit officials,
but it is generally known that traffic
was excellent during the third month
of the merger. The company recently
made new high records in the number
of weekly passes sold to patrons.
The sale of these So-Called passes, or
weekly tickets, is an accurate guide to
passenger traffic. The continued pop
ularity of the passes in February in
dicates that another very gratifying
month in earnings was enjoyed. Feb
ruary is a short month with two holi-
days, so that net income cannot be ex-
pected to be quite up to the surprising
returns in December and January.
Net earnings in December were over
$4,000. and more than S106000 in
January. making a total net of better
than 1924 900. or at the rate of 94
cents share This fine showing has
given rise to the belief in financial cir
cles that the company could easily de-
clare a dividend of so cents a share at
the April l meeting, or even more.
It is recalled that the merged COM
pany started out on December l with
s450O00O in working capital With
such large working funds and such
satisfactory earnings to date under
consolidated operations. the company
is in a strong financial position, one
that would seem to justify some kind
of dividend in the not too far distait
future.
Utility Stock in Demand.
Washington Railway g. Electric
preferred was unusually active on the
Washington Stock Exchange today.
1t opened at 81. up half a point
from the last previous sale. 10 con-
secutive l0-share sales being recorded,
followed by sale of 100 shares at
the same price. The market closed
with seven shares changing hands at
9114. The final bid was 9l1 and the
asked price go
The remaining trading was in
Washington Gas IS, series B, $500
selling at l03 and sl00 at 102. Bid
and asked prices on other local bonds
were practically unchanged today.
Peoples Drug and washington Rail-
way g. Electric common are still being
quoted ex dividend.
Book Honors Montgomery.
Associates of William Montgomery.
president of the Acacia Mutual Life
Insurance Co. of Washington, have
published a book In honor of his 40
years connection with the institution.
The 129 pages include all the i'm
portant facts about the insurance
company and present the pictures of
practically everybody now connected
with the institution. The publication
is of course, dedicated to the prcsi-
dent.
Forty years age. in 1898 the num-
Der of policies in force was TIA, in
surance IN torce totaled s500,000 and
total assets we're $4,000 In 1888
policies in force had increased to l45,-
600. insurance in force totaled S347,-
100000 and total assets had mounted
to more than s50000,000.
The book contains the picture of a
building at 4l9 Eleventh street north
west, where the business was started
in two small rooms and known as the
Masonic Relief Association. The busi-
ness was moved many times into
larger quarters until the company
built its present handsome quarters
in 1923. In 1882 the charter was
amended to its present broad scope.
Building Awards Higher.
Contracts awarded in January for
construction work in the fifth reserve
district tota,ed S31 ,1O9 ,468, including
both urban and rural construction,
compared with s4.735, ,493 for con-
tracts awarded in January, 1888, &C
cording to figures collected by the
F. w. Dodge Corporation. Of the
January, 1884, awards S1873433. or
only 6 per cent, represented con-
tracts for residential types of con-
struction, compared with 81 1853.
or 81 per cent. in contracts awarded
for residential building in January
last year.
Building permits issued by inspec-
tors in 81 fifth district cities num-
bered only 1.154 in January. 1884
with estimated valuation amounting
to S1.165179, compared with 1.4Ol
permits and valuation figures totaling
81 .687,537 in January. 1888, decrease
of 176 per cent and $40 per cent
in number of permits and in valu-
alton. respectively
Twelve cities reported more permits
in the 1884 month and Is cities re-
ported higher valuation figures. but
all of the largest cities. except Rich
xnond. showed lower valuation figures,
the Bank of Richmond reports.
Dollars and Sense Out.
Editor A. E. Henze of Dollars and
Sense, published by Washington
Chapter >American Institute of Bank
ing, brought out another fine issue
today. The March number includes a
review of activities by President
Robert H. Lacey which presents a
complete list of the students in first
semester classes. and notes an in
crease in enrollments for the second
half year.
The coming national convention to
be held here in June is given special
attention. Miss Constance Fogle.
chairman of the Women's Committee,
reports more than IS women are TAX
ing institute work this year. How
New Is the New Deal?" is the topic
on which Norman E. Towson writes.
A most complete review of the high
spots in the banking world during the
last year is another feature.
Nomination of delegates to the con-
vention takes place in the chapter
rooms on April II, and their election,
af Of
April 26. The election of officers is
net for May 10.
Financial District News.
Jesse L. Suter, member Of the
brokerage staff of Laidlaw & Co., Is
taking a few days vacation at Vir-
ginia Beach and points farther South
Frank j. F. Thiel. manager of the
Capital Office of j. S. Bache g. Co.,
states that the firm has opened
of6co in Conodo