Evening star., 1935-02-15
WEEKLY PASS AIDS
TRANSIT REVENUES
Hanna Also Cites Gain in
Government Pay Roll as
1894 Factor.
BY EDWARD C. STONE.

uDSldIlJldI IlCIcdSG III dlllC Ill 1907.
The increase in revenue, he said. was
less in passengers because of the
smaller average fare brought about by
use of the passes. A large part of the
traffic increase occurred in non-ruSh
hours.
During the last year depreciation
allowed by the Public Utilities Com
mission was about As per cent of the
amounts allowed the predecessor COM
panies subsequent to unification. A
request to increase this item approx
mately S450,000 year was turned
down by the commission, but further
facts were asked and the matter will
be given more consideration The
balance for dividends and surplus at
the end of the year was S972 ,20825.
President Hanna referred to the
plans being worked out with the Pub
lie Utilities Commission for rerouting
street cars to improve service, planned
changes in tracks and the use of buses
in Southwest Washington. The gen.
eral Offices in Georgetown were eX-
panded during the year, and a new
garage to house 100 buses is now under
construction on Wisconsin avenue near
Harrison street. The company put 81
new buses into service in 1884 and
ordered 20 street cars.
In concluding his report Mr.. Hanna
stated that expenditures already made
on account of contemplated improve
ments in facilities resulted in gross
additions to plant account during 1884
of $l,l28.112.87. Net reduction in
plant account of S644.30l8 81 arises from
deductions of S1,772, ,41474 due to
property replaced or property aban-
doned without replacement, including
100000 representing power generating
equipment no longer used.
AS already noted in The Star, op-
Grating revenues in 1884 totaled
S8,545, ,30762. Operating expenses,
maintenance and taxes required S.
0,10285, leaving net operating reve-
nues of S2,075, 5,204.77.
Equitable Reports 1884 Gains.
Henry P. Blair, president of the
Equitable Life Insurance Co. of Wash
ington, reports that the company paid
to policy holders in 1884 the sum of
S1,l08,985.55, bringing total payments
since organization up to Sl0,944,-
998l9
At the end of the year insurance in
force totaled $69,212 933, an increase
of s5,497.593 during the II months.
The annual statement shows assets
and liabilities of $40 484 63181. The
company has loans on real estate
amounting to S39l5, ,17121, loans on
policies Of s596,548.51, bonds and
stocks amounting to S4425, ,754.73 and
1922 ,26882 in cash.
The report shows reserves on poll
cies of S9,32699l, while capital stock
totals 100000, contingency reserves
$327,623.19 and surplus Of S500,000,
The other officers include Joseph
Sanders, vice president; Allen c.
Clark, secretary; Gilbert A. Clark,
actuary; Maurice D. Rosenberg, coun-
sci. and Lauriston H. Hannah, man
ager of agencies.
NotabIes to Attend Dinner.
Among the 700 guests who will
attend the thirtieth annual banquet
of Washington Chapter. American In
stitute of Banking, tomorrow evening
are James B. Alley, general counsel,
Reconstruction Finance Corp; L. E.
BirdSell, General Counsel, Federal
F. Ellery, assistant vice president
Fidelity Union Trust Co., Newark,
N. j.. and national president of the
American Institute of Banking; E.
H. Cough, deputy controller Of the
currency: Harry j. Haas, vice presi-
dent First National Bank, Philadel
phia, and past president of the Amer
ican Bankers Association; Melvin c.
HaZen, Commissioner for the District
of Columbia; Rudolph S. Hecht, chair
man OF the board Hibernia National
Bank. New Orleans, and president
of the American Bankers Association;
Richard w Hill, New York City ma
tional secretary American Institute
of Banking; w. W. HoXton, chair
man of the board Federal Reserve
Bank. Richmond, Va; Daniel c.
Roper. Secretary of Commerce; Frank
M lotion, second vice president
Chase National Bank, New York, and
past national president of the Amer
lean Institute Of Banking, and Walter
Wyatt, general counsel Of the Fed
eral Reserve Board.
Fidelity Officers Reelected.
Stockholders of the Fidelity Storage
Corp, 1920 U street, held their annual !
meeting this week and reelected the /
present board of directors as follows:
H. S. PLACER, H. H. Darneille of
Auchincloss. Parker & Redpath;
David B. Karrick, president of the |
corporation Charles Curtis, former
Vice President of the United States;
Eugene B. Roberts of Randall H.
Hagner & Co.; Frederick de c. Faust
of the law firm of Shirley, Faust &
Wilson; C. J. Lipp, secretary and
treasurer of the corporation, and
James L. Karrick, jr.. trustee of the
estate of James L. Karrick.
Washington delegates to the mid
Winter Trust Conference in New York
returned today, enthusiastic over the
sessions. President Hecht of the
American Bankers Association de-
clared that the trust departments in
the banks have an opportunity for
almost unlimited expansion. He
called attention to the fact that only
about 2 per cent of all bank depositors
in the United States have business
dealings with the trust departments.
The Richmond Reserve Bank has
sent notices to all member banks of
the $75.C00,000 182-day Treasury
bills to be dated February 90. 1885,
and mature August 81. 1885. Tenders
will be received by the Federal Re-
serve banks on their branches up to
2 pm. Monday.
Today's Trading on Exchange.
Riggs National Bank common stock
again sold at 212A for a small lot
on the Washington Stock Exchange
today. Potomac Electric Power 51a
per cent preferred stock remained
strong, small lot changing owner
ship at Ill, ex-dividend.
Both Potomac Electric Power pre-
ferred issues and Washington Railway
& Electric preferred and common are
now being quoted eX-dividend. The
dividends recently declared will be