Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-03-11

u,
connected with the Capital Transit
Co. since 1894 He was elected vice
president in 1916 and elevated to the
presidency in 1926. Born in Hender-
son, KY, he was educated at Prince
ton University, where he took course
in civil engineering. He has been a
member Of many engineering and
scientific societies, has served as a
director on many corporation boards
but has devoted practically his entire
life to street car service and operation.
Hanna Reports on Year 1886.
Operating revenues for 1886 were
k10,557,842, an increase compared with
1885 of ST ,070,19l arising from an in
crease of 1924, 1874 in bus revenue, a
decrease of S170,261 in rail revenue
and an increase of S23,25S in amuse-
ment park and miscellaneous operat-
ing revenues, President Hanna report
ed. The increase in bus revenue was
due in part to the substitution of BUSES
for rail cars, in part to the acquisition
of the business of the Washington
Rapid Transit Co. and in part to in
creased traffic on all lines.
Operating and maintenance expense,
exclusive of Glen Echo Park expense
and of depreciation, was s8.l5l, 1886,
an increase of S1,049,071, or 14.8 per
cent compared with the previous year.
Despite reduced mileage, rail operat-
ing expenses increased $29,822, due
principally to the large increase in
wages effective after April /, 1885,
and throughout the year 1886. Bus
operating expenses increased 81 ,0lS,-
249, or 74.9 per cent, due in part to
the higher wages and partly to so
per cent greater bus mileage. Taxes
increased from 1894, 152 to $64e ,290.
Incorporating income was reduced
$67,678, because of the loss of interest
on securities sold Interest charges
on the unpaid balance of the purchase
price of Washington Rapid Transit
Co. property increased total interest
charges by $4,964. Net income for
1886 was $29,109. AS noted at the
time the report was filed with the
Public Utilities Commission, this COM
pares with net income of s378,-
s3l.30 in 1885
Depreciation Basis Explained.
President Hanna explained that de-
probation accruals throughout the
year were made on the basis of 10
per cent per annum on cost of bus
equipment, per cent on cost of new
street cars and an annual percentage
on other properties, varying with the
ratio of the reserve to the cost of the
property, this rate now being LAS per
cent. The amount to the credit o.
depreciation reserves at the end OF
the year was $9,229,265 or $685. ,0OC
more than a year ago.
Mortgage bonds outstanding in the
hands of the public remain unchanged
at s13,4O9. 900. The report also re-
views the purchase of the Washington
Rapid Transit Co. at price of $477,.
074.87, the property and operation be.
ing taken over on June 10 of LAS
year.
The use of weekly passes continued
30 increase throughout the year, sales
reaching a peak of over 10000 pei
week in December. Substitution O.
the $1.25 pass for the 81 pass will
reduce substantially the number O.
passes sold and increase the number
OF token fares, Mr.. Hanna states. II
1886 58.2 per cent Of the passenger!
used weekly passes and provided A.:
per cent of passenger revenue. Tn.
company considers the present fart
scheme insufficient" to meet tn.
needs for increased revenues.
Today's Trading on Exchange.
Trading was dull OF the Washing.
ton Stock Exchange today. Wash
ington Railway g. Electric Is flguree
in two $1,000 transfers at 1861. Pc.
tomac Electric Power per cent pre-
ferred stock was again strong, small
sale taking place at ia. Other bic
and asked prices were practically I'm.
changed.
Directors Of the Security Savings &
Commercial Bank have declared q
cemi-annual dividend OF per cent
payable March 81 to stockholders OF
record March Is, President F. G. Add.
son, jr, announced today.