Evening star., 1940-06-06
Decision on Transit
Bold Case Expected
In Few Days
Commission Listens
To Plan for Settling
Old Litigation

Commission today listened to de-
tailed explanations of the terms and
reasons for the proposal of the Cap
ital Transit Co. and the Washington
Railway & Electric Co. to issue up to
$3,439,000 in certificates of 'modifl-
cation assumption and guarantee
as means of settling litigation
brought by bondholders from the
old Anacostia & Potomac River
Railroad Co. and the City e. Sub
urban Railway.
The public hearing is expected to
be completed today and the COM
mission is expected to issue an order
dealing with the proposal within a
few days, unless some unexpected
hitch develops.
The proposed new certificates
would bear interest at 375 per cent,
as a substitute for the 5 per cent
sued py the old railways concerns,
which have been absorbed in the
city'S transportation system. The
proposal deals with S2,097 900 bonds
of the Anacostia & Potomac Co. and
1892 900 of City & Suburban bonds,
but as explained by William K.
Laws, attorney for the petitioning
concerns, neither the capital Transit
Co, as the holder Of 1894 900 of the
City & Suburban bonds, nor the
holders of S455 900 of Anacostia &
Potomac bonds, which have hitherto
been guaranteed, are to be entitled
% participate in the plan.
Mr.. Laws explained that accept
ance of the plan by bondholders
would be entirely optional with them
and that to be adopted the plan
must be approved by so per cent of
the bondholders of the two old con-
Germs.
Bankers Open Convention.
A large delegation, which left
yesterday afternoon for Hot Springs,
Va. where the four-day annual con-
vention of the District of Columbia
Bankers Association opened this
morning. Complete reports on the
proceedings by Edward c. Stone,
financial editor of The Star, who
is attending sessions. will appear
elsewhere in The Star throughout
the convention.
Business indices from this city
show increases during April, with
the exception of construction con-
tracts awarded in private industry,
according to the monthly review CT
the Federal Reserve Bank of Rich
mond.
Employment rose or per cent in
number on,pay roll. and 05 per cent
in amount of pay roll from March
to April.
Registration of new passenger cars
increased 2 per cent for the first
four months of 1910 as compared
with the similar period in 1889, a
gain from 1888 to 9,126, although
registrations fell off by per cent
from 2.607 in April, 1899, to 1852
in April, 1910.
Home Construction Drops.
Residential construction here fell
off 81 per cent from S9,705,000 in
April, 1889, to s3,744,OOO in April,
1910.
Department store trade reported
from six stores in Washington reg
istered an increase of 46 per cent
in net sales in April compared with
April. 1899; an increase of 6.4 per
cent in net sales for January l to
date, as compared with the same
period last year; stocks were up 49
per cent in April as compared with
last April and IL per cent as COM
pared with March, 1910. The ratio
of April collections to accounts out
standing April was 299 per cent.
Furniture Sales Increase.
Retail furniture sales in seven
stores in the District Increased 80
per cent in April, as compared with
April, 1889; per cent in the first
four months of 1910 as compared
with the similar four months in 1899
Debts to individual accounts in
reporting member banks in WASH
ington showed gam of / per cent,
from s287 ,345 900 in March to $685.
1926 900 in April, 1910, and a gain of
13 per cent as compared with $3.50, ,499
in April, 1899.
Irving Sands Olds. who has been
appointed chairman OF the board of
the United States Steel Corp, sue
1onIiy,r