Evening star., 1938-03-11

Inc dQNdl1Ce III llle price Vi llle
weekly pass to S125 and fixing the
token rate at six tokens for so cents
increased revenues during 1887 and
increased the average amount received
per revenue ride, President Merrill
stated
In reviewing 1897 Mr.. Merrill said
that operating revenues showed an IN
crease over 1885 of s532,74l or per
cent. The average revenue per mile
operated showed improvement on both
rail and bus lines.
The number of revenue rides in
1887 was less than in the previous
year, the. decrease being due chiefly
to the change in the price of the
weekly pass, which had the effect of
diverting passengers to the use of
tokens. He said the increase in token
charges did not decrease the number
of passengers.
Expenses Show Increase.
Operating and maintenance ex-
penses were S62875 higher than in
the previous year. An increase in
wages required approximately sl75,-
600. Total taxes increased from S649,-
290 to S809,536, accounted for largely
by the increase in the District of Co.
lumbia unemployment compensation
tax and the Federal social security
tax, Mr.. Merrill said.
Depreciation reserves at the end of
the year amounted to sS,815.334, or
approximately S413,931 less than a
year ago, Incorporating income was
lower than in the previous year. while
net income for 1897 was sl37,773, or
SlO8,664 more than in 1886.
The most important change in the
companys street car equipment during
the year, said Mr. Merrill, was the
introduction of As new streamlined
cars. Car retirements included the
last of the cars having longitudinal
seats. In general, the rolling stock
is in better average condition than it
has been in several years, the official
stated. Eighty-three Al passenger
buses were added during 1887 and 81
buses were retired from service, the
report showed.
Bennett Made Secretary.
The directors reelected John H.
Hanna chairman of the board, E. D.
Merrill, president and general mana
ger; j. H. Heberle. vice president and
controller, and j. H. Stephens, vice
president and transportation manager
w. B. Bennett. who has been assist
ant to the president. was also made
secretary, taking this work off the
shoulders of H. D. Champion, who was
reelected treasurer. William L.
Clarke remains as assistant secretary
snd assistant treasurer John Fleming,
assistant secretary, and C. B. Koontz,
assistant treasurer
Prior to the election of officers, the
stockholders reelected the same board
OF directors, which is composed of
John H. Hanna. G. Thomas Dunlop,
Robert V. Fleming, Charles C.. Glover,
tr.; Edwin c. Graham, William F.
Ham, George E. Hamilton, William
Mcclellan, Edward D. Merrill. Len
nard H. Mitchell, James D. Mortimer,
John NJ Perry, S. Percy Thompson,
Merle Thorpe and Allen Van Wyck.
Counter Bill Is Approved.
today, reported that the Board of
Governors of the Investment Bankers
Association, after full days session,
approved the Maloney over-the-coun-
ter trading regulation bill. now before
Congress. A majority of the gov
ernors approved the bill as it now
stands, while the other expressed
willingness to support the legislation
If certain suggested notifications are
incorporated in it.
A resolution adopted by the gov
ernors took the form of approving
the action of its Special Committee
which previously Endorsed the bill
The vote stood 81 in favor and 10
opposed until the suggested changes
ere made.
Discussing the same bill in New
York last night, Robert E. Healy of
the Securities and Exchange Commits
sion said: 1T seems plain that the
over-the-counter market should sub
NIT to regulation. The Maloney bill Is
not a novel or revolutionary measure"
Dividend Voted; Surplus Up.
Directors of the Security Savings
b. Commercial Bank at the March
meeting yesterday, declared a divi-
dend Of 8 per cent on the stock, pay
able March 81 to stockholders of
record March Is.
At the same meeting $4,000 was
authorized to be transferred from un-.
divided profits to surplus, making the
banks surplus account 100000, Presi-
dent Francis G. Addison, jr., an
nounced today.
Air Shipments Increase.
The Washington Office of Railway
Express Agency received word from
New York today that shipments by
air in January increased 1919 per cent
over the corresponding month in 1887.
Shipments totaled 54,786, against 49,
682 a year ago.
DR.. Carl E. Parry, for many years
connected with the Federal Reserve
Board, gave most interesting ad-
dress before the auditors section Of
the District Bankers Association at
the La Fayette Hotel last night on
Federal Regulation of Security
Loans" It was dinner meeting and
there was an unusually large attend
Ance.
Today's Trading on Exchange.
Mergenthaler Linotype stock figured
in 10 and Is share sales on the WASH
ington Stock Exchange today at 20,
q new low for the present year.
Potomac Electric Power per cent
preferred came out at 113a. Peoples
Drug Stores common recorded 20
share sale at 26, the first transaction
in this stock in many sessions The
sale was made ex-dividend.
In the bond department Washington
Gas 5s, 1858, sold at los, same as other
pAAApf panefAnH