Evening star., 1939-06-23
Capital Transit Net
Again Far Above
1888 in May
$85,208 Total Compares
With $40,710 Shown
In Month Year Ago
By EDWARD C. STONE.

ing the steady monthly improvement
in earnings, according to the report
filed with the Public Utilities Com
mission today.
Operating revenues IN May
amounted to $1,064, ,127 against $685.
AL a year ago: operating expenses
called for S696. .483 compared with
$685. ,631, and taxes stood at $112,478
in comparison with $85 800 in the
like month a year ago. Depreciation
amounted to $l09,633 against $102,-
266 last year.
incorporating income was higher
than year ago, bringing gross up
to s145,839 against S99 637 in May
1898. Interest on bonds and notes
called for s60,631.
The company also reported for the
first five months of this year total
net earnings of S248,913, which COM
pares with $124,745 in the first five
months of 1885,
This is better than 81 share on
the $4,000 shares of outstanding
stock and is an increase of $124, ,168
over the like period year ago, the
best 5-month showing in many
years.
/. Operating revenues totaled 4,948,-
131 against S4700,528 last year.
Operating expenses were held down
even with last year, S3,385 ,258 COM
pairing with s3,385 ,632.
, Operating expenses, taxes and de-
probation combined totaled $4,397,-
694 VS.. $4294,892 a year ago, Gross
totaled S554299 compared with
s422,316, while interest on bonds and
notes required S305,386 against
s2s7,571 in 1888. the report said.
Kincaid Stresses Loan Policy.
DR.. E. A. Kincaid, consulting
economist of the Federal Reserve
Bank of Richmond, sees no reason
to expect any considerable recovery
of the former volume of loans and
discounts by banks in general
He said the other day that banks
will continue to be confronted with
the necessity of finding and develop
ing new sources of revenue, and
suggested that personal income
loans, installment paper intermedi-
ate credits to industry and service
charges would be among the new
sources of revenue which would be
developed further.
Banks must concentrate on in
vestment problems in the future
much as they formerly concentrated
on the loan policy. Thus, eventually,
banks will grasp the fundamentals
of a sound investment policy accord
ing to their respective needs" he
said
Brokers Receive New Code.
The code of ethics and business
conduct just adopted by the Associ-
alton of Customers Brokers has been
received in the financial district.
The code sets down 10 very interest
ing rules for the guidance of the
men in the brokerage house who
come in close contact with the GUS
toners.
The code says the clients interest
shall always be the first consider
alton of a member; opinions or ad-
vice shall be supported by adequate
knowledge and information; mis-
leading information shall be consid-
cred unethical; overspeculation shall
be opposed; information concerning
a clients account shall not be dis
closed: new business shall be sought
In a dignified manner; competitors
are not to be criticized for the pur-
pose of getting business; all ex-
change regulations shall be observed;
interests of the firm with which the
individual is connected are to be
safeguarded, and members should
always deserve the confidence Of the
public.
This brief summary presents the
results of several months work by a
special committee, many of the prin-
ciples having been practiced for
many years.
New Insurance Plan Studied.
Members of the District of Co.
lumbia Association of Life Under
writers devoted an entire day yes
terday at the Willard Hotel to the
study of "Simplified Life Insurance
.Programming"-the purpose being
to discover ways whereby individual
and family needs may be intelli-
gently visualized in the presence of
the buyer. The seminar was di-
rected by A. NJ Anderson, a former
president of the Los Angeles As
sociation of Life Underwriters, who
has evolved system which permits
both agent and policy buyer to meet
on a common ground of under
standing.
Object of the seminar, likewise,
was to discover a means which
literally permits the insurance pur-
chaser to set up his own program,
the agent merely serving as a con-
eultant when specific questions arise.
This is radical departure from the
long established practice of having
the agent create plan for the
buyer to accept, amend, or reject.
More Dividends Declared.
Directors of the Norfolk g. Wash
ington Steamboat Co. have declared
the regular semi-annual dividend of
2 per cent on the capital stock, pay
able July IS to stockholders of
record July 5, President Clarence F.
Norment, jr., announced today.
d, The National Union Insurance Co.
OF Washington, has declared the
regular semi-annual dividend of 2h
per cent payable June 30.
The Federal Reserve Bank of
Richmond has sent to all member
banks in this territory the complete
rules governing the wire transfer
service offered by the Richmond
Bank and the branches in Baltimore
and Charlotte. The new rules be-
come effective on July l.
Today's Trading on Exchange.
American Security & Trust Co.
stock sold at 255 on the Washington
Stock Exchange today on two share
transfer. Washington Railway &
Electric preferred moved at 1151a on
a tiny turnover.
Mergenthaler Linotype was Off
today, IL shares changing hands at