Senator EAGLETON. Thank you, Reverend. I am sorry we overlooked you at the beginning. Your name wasn't on the list. It was an oversight. Reverend JACKSON. Thank you. Senator EAGLETON. That does conclude our list of witnesses for these hearings. If there are to be other hearings, which are not contemplated at this time, they will be publicly announced. (Whereupon, at 3:40 p.m., the hearing in the above-entitled matter was concluded.) Percent increase or D.C. TRANSIT SYSTEM, INC., SUMMARY OF OPERATING STATISTICS, 1960-68 decrease to previous year D.C. TRANSIT SYSTEM, INC., RATE OF RETURN ON GROSS OPERATING REVENUES 1 Includes commission-directed credit of $1,360,765 from court-ordered reserve. Note: Net losses for January and February 1969 are $358,000 compared to $526,000 loss for first 2 months of 1968. Bad weather almost always makes these months loss periods for D.C. Transit, but company appears to be recovering somewhat from 1968 slump. New labor contract in October 1969 will affect operating costs, so it is difficult to project year-end loss or gain. D.C. TRANSIT SYSTEM, INC., HISTORY OF RETAINED EARNINGS, AUG. 15, 1956–DEC. 31, 1968 1 Profit from sale of 4th St. properties-$2,251,218. 2 Adjustment of franchise tax-prior years-$112,585. Adjustment for refund of penalty-District of Columbia motor fuel taxes-$76,344. Adjustment for additional tax assessments prior years ($58,368). 3 Adjustment of reserve for moving and relocating-$169,000. Adjustment of depreciation of 4th St. shops-($613,661). Adjustment of reserve for salvage and equipment ($36,551). Adjustment for remainder of reserve for moving and relocation-$83,305. Adjustment of Federal income tax due for 1960-$67,065. Adjustment due to merger of D.C. Transit (District of Columbia) with D.C. Transit of Maryland-($26,346). Adjustment due to special court-ordered reserve ($500,000). The 1964 entry includes profit on sale of former Grace St. shop building. The 1965 entry gives effect to a reversal of this profit, in the amount of $546,246, upon the purchase default. 7 Includes $1,360,765 credited to operating income from the special court-ordered reserve. • Adjustment of tax treatment on reserve for track removal (per WMATC Order No. 621) (District of Columbia income tax expense). •After giving effect to $457,228 schoolfare subsidy for last 4 months of 1968. 10 Riders' fund established by Order No. 773 on Dec. 26, 1968-$141,674. 1 Rate of return on gross operating revenues. Commission currently sets fair return at 5.2 percent. |