Evening star., 1941-03-05
Transit Extension
In Southwest Area
To Cost 100000
Street Cars to Provide
Service for New
U. S. Buildings
By EDWARD c. STONE.

1900 employees, will cost the COM
pany approximately 100000, PreSi-
dent E. D. Merrill states in his an
nual report now being distributed
to stockholders. Studies indicated
that the cost of carrying passengers
to the new area would be less by
railway service than by bus service,
Mr.. Merrill adds.
Other new developments will
probably require additional track
construction, he reports. New Of
fees for the War Department are
being built in the Southwest Po-
tomac Park area, some distance
from other Government Office build
ings. and a new building for the
Navy Department is projected for
a nearby location.
The amount of S2,437,897 was
spent during 1910 for additions and
improvements to Capital Transit
property and plant, the report
shows. New streetcars cost $500
876; new buses, $859,255; already
paid out for track extension on
independence avenue, $276,010; new
car and bus terminals, $89,619: and
for other additions and bettermentS,
S192,646.
How Costs Were Divided.
Out of each revenue dollar enter
ing into the cost of service during
the year, Mr.. Merrill says, 1883
cents went for operating wages,
1895 cents was used for operating
materials and expenses, 9.02 cents
for taxes, 1898 cents for replace
ments and retirementS (deprecia-
tion). 5.46 cents for interest on
bonds and notes, and 6.56 cents for
dividends and surplus. Net income
was 1854, ,784 "a compared with S587-
111.47 in 1889.
Wages and salaries in 1910 re-
CURED S6357 ,367, $685. ,667 in 1899,
and S4,O40,062 back in 1884, the
first full year of operations after
the merger. Mr.. Merrill states.
During the year the company car
ried on cars and buses 186,312,871
fare-paying passengers, an increase
of 79 per cent.
One of the highlghts of the year
was the adoption of the modiflca-
ton plan in connection with the
Anacostia and Suburban per cent
bonds, resulting in a reduction in
interest charges of $4,000 a year.
New Financing Method Seen.
The annual report is by far the
most elaborate ever put out. 1t
Includes illustrations which picture
'lle advance in streetcar service
from horsecars in 1862 to stream
liners in 1910 and from the ancient
style of buses used in 1921 to the
latest 1941 models.
Of special Importance is Mr..
HIerrill's reference to the loans
made from washington banks for
payment of new equipment. So far
this method has proved highly sat-
isfactory. Because of the large
and increasing annual cash pay
ments required to repay these loans,
the company cannot continue to
finance its improvements on this
basis, if the citys population con-
tinues to grow at such rapid
rate.
Other means of financing will be
necessitated. this matter now being
under consideration by tn edirec-
tors, Mr. Merrill concludes.
Wholesale Trade Mounts.
Sales of wholesalers, based upon
reports from 2,732 firms represent
ing all parts of the country, were
18 per cent greater in January than
during the same month year ago,
it is announced by the census. This
IS the highest gain shown in this
series since April, 1887. and indi-
Gates an acceleration of the rise
IN sales reported through the last
quorter of 1910
A definite upward movement In
wholesale trade is shown by the
fact that each month of the past
two years, except September, 1910,
registered gains over the compar-
able month of the preceding year.
Wholesalers reported dollar sales
amounting to S211 ,550,000 in Janu-
ary. which were per cent below
December, 1910. This seasonal drop
was the smallest experienced in the
five years covered by this survey.
New Bond Issues at Low Ebb.
During the month of February. the
voters of 80 communities located in
20 States approved total of only
S2.271000 of new bond issues. as
compared with 5000 291 during Feb
ruary. 1910. according to the Daily
Bond Buyer of New York. This is
the smallest February total since
1885. The total for January of this
year was S9.568000 All of the items
approved were in amounts of $780,
600 or under.
The Commerce Department re-
ports that total dollar sales of new
passenger automobiles in January
we're higher than for any January
on record. were about one-third
larger than January year ago, and
exceeded January, 1929, by AZ per
cent.
Financial District Comment.
Eliot H. Thomson of the WASH
ington Loan & Trust Co., will join
other Washington bankers in Florida
early next week for short vacation.
He will visit Fort Pierce, st. Peters,
burg and other places.
DR.. Perrin Long of Johns Hopkins
University, who has done so much
research work in preventative medi-
cine, will be among the guests at
the annual banquet of Washington
Chapter, Chartered Life Under
writer's. at the Carlton Hotel, later
this month.
More than 80 Federal savings and
loan associations passed the 81 ,O00,-
900 mark in assets in 1910, while IL
others moved into the class of S.
100000 and above, according to the
Federal Home Loan Bank Board.
Today's Trading on Exchange.
Washington Gas Light IS opened
trading on the Washington Stock
Exchange today, with a $1,000
transfer at 128&. This was the Sec
ond sale in these bonds this year, the
first being made at 131. The bonds
are the highest priced senior ISSUE
on the exchange.