Evening star., 1935-03-21

IdlIOll
appointed today. were Ralph Endicott,
Washington Loan & Trust Co., vice
chairman; James E. Dulin, American
Security & Trust Co.; S. w. Earnshaw,
East Washington Savings Bank; T.
Hunton Leith, Security Savings &
Commercial; Richard A. Norris, Lin
coin National. and Aubrey o. Dooley,
Hamilton National
Other convention committees are to
be appointed at once and the plans
for the annual gathering will soon be
in full swing, Mr. SiddonS said today.
Bus Line Earnings Improve.
Net earnings of the Washington
Rapid Transit Co. continued the i'm
provement in February that had been
noted in January, according to the
monthly financial statement filed to-
day with the Public Utilities Commis-
sion
The bus line reported operating rev.
enues in February of S33 658.76 against
"s31, ,62109 in February. 1884, an in
crease of s2,037.67 Operating eX-
penses called for S30,62257 in COM
parison with s31,OO375 a year ago,
a reduction of S38l.18, leaving an
operating income of S3,036.19 COM
pared with only $6l7.34 in the same
month last year, or gain of S2,4l8.85.
Deductions from gross totaled
S1,742 02 in comparison with S2,04S.46
a year ago. leaving net revenues for
the month of 81 ,359.77 against deficit
in February year ago of S1,366.28.
an improvement in the month under
review of s2,723O5.
The summarized report for the first
two months of 1885 was also filed to-
day, showing a gain in operating rev.
enues of $5,444.52 and an increase IN
operating expenses of S2,68309, which
left net operating revenues S2,76l4
ahead of the first two months OF 1884:
After all deductions net income STOOD
at s2,213.l9, against deficit year
ago of s1,3531O, or turnabout so Tar
this year of S3,567.29.
EccIes Explains Subsidy Talk.
Gov Eccles of the Federal Reserve
Board has changed the record on MS
remarks about interest paid banks on
Government bonds being a subsidy.
He told the House Banking Commit
tee that this interest paid the banks
bv the Government docs not really
constitute a subsidy" His recent use
of the word, he explained. was quo
tation from another source, and ne
did not agree with the definition.
Instead, he said, interest constitutes
payment to banks for services rend-
cred to depositors for handling de-
posits created through Government
borrowing. Payment of the public
j debt with currency would expand
bank reserves by billions, he added,
and would explode the banking
system.
The Governor said he is strongly
opposed to currency manipulation as
q means to recovery To the gratif1-
cation of conservative bankers, ne
added that the danger of initiation
is largely imaginary.
IL I'VE have been trying to get lnf1a-
n ton for several years, but unless peo-
y pie without money and jobs get money
,,'and jobs and those people with money
twill spend it, you can't have inf1a-
Il ton he told the committee.
Exchange Trading Heavy.
Mergenthaler Linotype led very ac-
tive trading on the Washington Stock
Exchange today During the session
l07 shares changed ownership in
seven consecutive sales, all made at
80. the recent prevailing price.
Washington Railway g. Electric pre-
ferred was in good demand, selling
in 10 and share lots at 1882. Wash
ington Loan & Trust was the only
bank stock moving, two 10-share and
one 7-share lots changing hands at
200. same as yesterdays price.
Capital Traction SIS were still strong,
selling at 97l2. Washington Gas IS,
series B, sold at 104 and 1033s. the
last sale being a baby bond. The bid
for Capital Transit stock was 81 today
with 2212 asked. No transactions.
Directors of the National Metropoh-
tan Bank declared regular semi
annual dividend of 3 per cent on the
capital stock at their meeting yester-
day afternoon. ThA disbursement is
payable April is t Stockholders OF
record on April 5.
In place of the Spring graduating
exercises, Washington Chapter. Amer
ican Institute of Banking, plans a
dancing party for members and their
special guests to be held at the Raleigh
Hotel, in the main ball room, Wednes-
day, March ~. Edward M. Blaikiock
Is chairman of the committee.
Business of the Carpet Corp, food
distributing concern, has turned the
corner and is moving upward steadily.
Earnings in 1894 were equal to $3.08
a share against 81 cents a share In
the previous year. The stock Is listed
on the Washington Exchange, the
latest bid standing at 151a, and Is
widely held here. 1t pays 81 year
dividend "a