Evening star., 1936-03-27

$36, ,437.67, an in
crease of s5,815.lO over a year ago and
leaving an operating income of
$3,995.58. After all other deductions
were made from gross, net income
for the month was reported as
$2,35727 as compared with $1,35677,
an increase of $1,000.50.
In the first two months of the year
operating revenues of Washington
Rapid Transit totaled S82,20289, an
increase of $12,306.36. Operating ex-
penses and taxes absorbed S72,819.1O,
or $8,656.04 more than last year, and
leaving an operating gain Of $3,65o.32
in the two months.
After all other deductions, net in
come amounted to S6,000.54 against
S2,2l3.19, an increase of $3,787.35.
The statement shows an increase in
the number of passengers carried but
considerable Of this revenue was offset
by higher costs Of operations. This
IS the bus line which the Capital
Transit Co. is anxious to buy and
make part of the transit system,
both being controlled by the North
American Co.
Economist to Speak Here.
Thatcher c. Jones of New York,
directing economist of Independence
Fund Of North America, Inc, will be
one of the guest speakers at the din
ner tonight at the Press Club, Spon.
sored by Slauson, White g. Rowe,
local investment firm. DR.. Jones is a
member Of the Graduate School of
Business Columbia University, grad
uate of New York University, member
OF the Academy of Political Science
and American Economic Association.
He is the author of "Clearings and
Collections, Foreign and Domestic"
The firm of Slauson, White & Rowe
Is observing its fourth anniversary.
Don w. Slauson is president; Roland
H. Rowe, vice president, and Mabel
s. White, secreatry-treasurer. Henry
j. Simonson, jr., president of Inde-
pendence Fund, will be another
speaker at the dinner, at which about
300 guests are expected
Margin Rules Held Favorable.
Both bankers and brokers in Wash
ington appear highly satisfied with
the new margin rules issued by the
Federal Reserve Board. The rules
place the banks on the same footing
with the brokerage houses, both now
being allowed to loan As per cent on
the market value of a registered stock.
Bankers can loan whatever they think
safe on bonds.
The new deal puts figuring margins
on a simple basis, it no longer being
admissible to loan 100 per cent on
the maximum low price In the last
three years, but never over rs per cent
of the present market value. The
rules placed tremendous amount of
extra work on margin clerks, many
traders rarely being able or taking
time to figure their own margins ac-
curately.
Bankers, brokers and dealers can
now figure margins only one way, loan
the customer As per cent and demand
IS per cent IN cash. AS most securi-
ties were being carried at about this
margin figure, no extensive selling is
anticipated in financial circles because
Of the new regulation.
A. 1. B. Contest Rules Fixed.
Washington Chapter, American In
stitute of Banking, will hold its annual
public speaking contest April IA in
the chapter rooms. Subject of this
years discussion will be THE Rela-
tionship of Bank Credit to Business
Recovery" Prepared speeches are to
be minutes in length, to be followed
by 3-minute extemporaneous speeches
on subjects to be assigned the night
Of the contest.
The winner will receive one years
possession Of the Bank Presidents s
Trophy, presented to the chapter by
the heads of local banking institutions.
3 In addition, the highest ranking speak
er will repsesent Washington Chapter
in the district semi-f finals of the A. p.
Gianninni national public-speaking
contest, to be held in Philadelphia.
The winner of this contest will be
one of the nine district champions
throughout the country who will be
sent to Seattle in June, where the ma
tional convention of the A. I. B. will
tition will be held for prizes totaling
$1,100.
Directors Of the Columbia National
Bank, at a meeting held yesterday
declared dividend of So per share on
the outstanding stock, $150 per share
payable on April to stockholders OF
record March 81 and s15O per share
payable or July to shareholders OF
record on June 30, President Frank J.
Stryker announced today.
Trading Busy on Exchange.
Trading was lively on the WASH
ington Stock Exchange again today,
the opening sale being 20 shares of
Potomac Electric Power per cent
preferred at 1111a. Later there were
six sales in the same corporation's s
51a per cent preferred at ia
Mergenthaler Linotype came out at
Az on three 10-share sales and SIS
shares Of Capital Transit stock
changed hands at Is. There was a
50-share sale in Washington Railway
& Electric preferred at Ill.
Bond trading was confined to Cap
atal Traction IS, two $1,000 and one
$1,000 sale being recorded at 9034.
Heard in Financial District.
Howard Moran, vice president of the
American Security & Trust Co., Is
taking a short vacation, Atlantic City
being one Of the places on his timer
ary.
Joseph H. Reese Of the Penn Mutual
Life, Philadelphia, will be the guest
speaker at the April 16 luncheon OF
the District of Columbia Life Under
writer's Association, President j. E
McCombs announced today.
Chauncey G. Parker, jr., member OF
the firm of Auchincloss, Parker &
Redpath, Is spending vacation at
NE;o,,,i the ur,aSt nf EYi0h n