Evening star., 1937-08-26
DISTRICT AWAITS
NEW STREET CARS
As Will Be Placed on Line
Soon and Increase in Rev.
enue Is Likely.
BY HAROLD b. ROGERS.

4AoAly oolAAo4Ao" AlAS1lt dV VIC 1C0CS
Monument.
For one thing, the banks of WASH
ington loaned the transit company
S1,100, 900 towards the purchase of new
cars and buses, and so have financial
stake in the new rolling stock. There
are also many holders of transit
stocks and bonds, in the $38,OOO,OOo
capital structure of the company, who
are looking forward to the new cars
as a possible means some day to
dividends.
New cars do increase business of
city railways. according to statistics.
In some cities, new rolling stock has
jumped fares as much as Is per cent.
Here there was definite gain when
the new streamlined cars were put
on the Friendship Heights line about
two years ago Business on that line
already was Is per cent ahead of the
previous year, just prior to introduc-
ton of the new cars, records show.
When the new cars went on, traffic
jumped q per cent above the prior
year, or gain of IL per cent with the
streamlined cars.
New Forced Ventilation.
The As new cars, which now are
arriving for service soon, are said to
be far advanced over the streamlined
ones now in service, with MANY inno-
vatlons, among them forced ventila-
tion.
The Sl,l00,000 loan by local banks
to the company authorized in January,
was advanced, half in April, and the
other half August Is. Repayment is
TO be made 10 per cent each six
months, or 20 per cent a year,
amortlzing the loan in five years.
Under this plan the first payment
will be due in October, on the April
advance.
Stockholders owning the transit
shares of par sl00, at a total face
value of s24,ooo00o, have had no
dividends since 81 was paid on the
common stock in 1884. The stock has
been selling around 10. Outstanding
bonds total Sl4,0O0,0OO.
uICIldSou IL buses.
In addition to the new street cars.
the transit company has purchased
II new buses.
The financial district is awaiting a
decision from the Public Utilities
Commission on both the rate and val
uation cases pending for months,
Hearings have been completed and a
decision IS expected shortly after Sep
tember /. Predictions are being ad-
Vanced informally that some kind Of
fare increase will be granted. The
company asked for increase in price
OF fares, from four tokens for 30
cents to four tokens for IS cents. This
was bitterly opposed by citizens
groups. Reports In the financial dis
tr1ct estimate that the valuation NAV
be fixed between s25,Oo0,ooO and $685.
100000, or higher.
July Retail Sales.
Although July retail sales in depart
ment stores of Washington were lis
per cent below July, 1886, sales, the
first seven months here showed a gain
OF g per cent over the January-July
period of last year. Average for July
In the fifth district was a drop of
AZ per cent, and for the seven-month
period was a. per cent decrease.
This was disclosed by the Federal
Reserve Bank of Richmond, which
shows that Baltimore department
stores made a gain of 3e per cent in
July this year over last July, and
scored January-July gain Of 81 per
cent over the similar period last year.
Stocks in Washington stood at 16l
per cent above last July, as compared
with 7.2 per cent in Baltimore and
12.l per cent for the entire fifth dis
trict.
Dividends Are Declared.
The Seaboard Finance Corp. has
declared regular dividend of so
cents per share on the outstanding 81
cumulative preferred stock and a pro
rata dividend of so cents per share on
the 81 cumulative convertible pre-
ferred stock, payable September q
to stockholders of record September
Is The regular dividend of is cents
per share and a special dividend of
10 cents per share were also declared
on ME common stock payable to hold
ers as Of the same date. These stocks
are widely held in Washington.
The board Of directors of the State
Loan Co., at Its meeting yesterday,
declared quarterly dividend of az
per cent on its preferred profit-sharing
stock for the twenty-sixth consecutive
quarter.
Insurance Men Honored,
-Four Washington life insurance men
today were designated chartered Life
Underwater" at the annual conven-
ton OF the American College of Life
Underwriters at Denver. They are
John B. Cleland, jr, and w. Ford
Harvey, both of the Penn Mutual Life
Insurance Co.; Richard w. Griswold,
manager Guardian Life Insurance Co..
and Bernard L. Wilmer, general agent
State Mutual Life Assurance Co. An
nouncement of these awards was made
by Paul D. Sleeper, president of the
District Of Columbia Chapter of Char
tered Life Underwriters.
Winthrop G. Batchelder, vice presi-
dent of the District of Columbia Life
Underwriters Association, who is vice
president of the national association
on membership was honored today al
Denver when paper of his on mem.
bership problems was read in his alb.
sence. Mr.. Batchelder, with Charlie:
j. Zimmerman and Philip G.. Youne
OF the National Membership Commit.
tee, have been instrumental in in
creasing the membership of the asso.
citation to 26,854.
The new Washington Gas Light Co,
issue Of AZ preferred stock was listed
tor the first time on the Washington
Stock Exchange today. It was bid at
9s with 100A asked, but there were no
sales. Mergenthaler Linotype turned
over at 4094 and Washington Railway
d Electric preferred sold at 10.
Personal Mention.
Miss Caroline A. Bailey Of w. B
Hibbs b Co. Is on vacation at Atlantic