Evening star., 1924-10-15
TRANSIT COMPANY
REPORTS DEFICIT
Figures for August Again
Show Loss-Profit in
Totals for Nine Months.
BY CHAs. p. sCHAEFF1ER.

BY CHAs. p. SCHAEFFIsR.
The Washington Rapid Transir
Company continues to lose money
operating at a deficit Of s1,S39.43 in
September as compared with a loss of
s5,027.17 in August. In April. 1924
the last month of the straight Scent
fare, the company reported a profit Of
s4,451.71.
For the first nine months of the
current year the company shows d.
profit of s5,006.54. but another re-
verse such ,as suffered in Angus
when the company lost $5,027.17. will
wipe out the margin of profit entirely.
The carrier was rather consistent
in reporting varied balances for the
first five months of 1924. showing
profit of $1S9.S3 for January; s1,S26.
5S for February; s3,932.22 for March:
s4.451.71 for April, and s3,976.08 for
May. In the following month. June.
the first deficit, s671.0S was incurred
This reverse was caused TO a charge
off of $1,724 in bad debts. In July,
an income of s1.S32.20 lin red was
reported, and in August the huge re
verse of s5,O27.17 followed
Beginning with July ] last. the car
rier cut the operating mileage ap-
proximately $4,000 miles 70 about
1851 900 miles, at the same time main
tanning the same number of busses,
SO.
Comparative traffic statistics as q
September last, and of April, the las
month of the Scent rate, show
revenue passengers decreased Iof.
649 to 274,652, consisting OF el,'oo ~
cent fares and 212,s9S carried at thS
rate of Ia cents.
Passenger revenues in SeptembeT
amounted to s24,169. with operatng
expenses totaling s26.40S, cldsslheo
as follows: Vehicle operation, Slo,los:
garage operation, ST ,013; maintenance.
s4.eS1: depreciation. s2-804, and gen
eral and miscellaneous expense
$4,501.
Bond Issues Allowed.
The Southern Railway today OIL
tained authority from the Interstate
Commerce Commission TO issue "a
05O,O00 of equipment trust certiflcate'.
to be issued through the PennsyI-
vania Company, to be sold at no.
less than 1925, per cent of par
The Salem Terminal Cor-
pany received authority to issue
$500, 900 of first mortgage 3 per CEN
gold bonds and $4,000 of capital
stock The bonds will be guaranteed
by the Southern, Winston-Salel1
Southbound Railway Company and
the Norfolk and Western.
Trading on Local Exchange.
Comparatively heavy selling in pre-
ferred stock of the National Mort
gage and Investment Company fea-
tured today's session on the Wash
ington Stock Exchange A total o.
445 shares changed hands, the price,
8, being slightly easier than recent
| transactions.
Railway preferred stock was strong
7 G-ri of co los
| were in odd lots. District National
Bank was firmer at 16s, and Capita
| Traction stock sold at 92hs. Five
shares of Mergenthaler Linotype
brought 163.
Wardman Park Hotel 6s sold to the
extent of $4,000 at 99t, and Wash
ington Gas 6s brought par and five
eighths. Capital Traction IS werz
! unchanged at 50.
sI1.OOO,OOO in Bonds Sold.
To aid crop financing the latest is
sue of S1l000,o00 debentures of the
Federal Intermediate Credit banks.
for six months, to yield 3.25 per cent.
! have been sold and delivered 10y
! Charles L. Lobdell, the fiscal agent
| for the Farm Loan Board and the
| credit banks. This was the Lowest
! rate of any securities sold by eithe.
| the credit or farm loan banks.
In announcing the issue and sale of
! these securities, Commissioner Coop
! er of the Farm Loan Board declared
| results thus far indicated that the
| credit banks had been able to relieve
! financial stringency in any section
where they were called upon for help.
Ample credit has been applied to the
| farm co-operativeS, he said. adding
| that he believed the banks would
have no difficulty in caring for mar
| keting needs this year.
Significant Feature of Sale.
"a very gratifying and significant
| feature of this sale" Mr.. Cooper CON
tinued. was the purchase of $1,000,
! 900 of the debentureS of the Wichita
bank by a group of kansan banks.
| headed by ]. +. Burrow, president of
the Central National Bank of Topeka
kans. This incident is significant III
! the fact that Kansas is ordinarily a
| high-rate territory, and that four
years ago Kansas banks were strain
! ed to the limit, many of them pay
| ing the Federal Reserve banks "a
| high as 12 per cent for their borrow
! ing because of the excessive amount
significant as to the fundamental
strength of our agricultural districts
| commenting on the situation
| which made this purchase possible
| Mr. Burrow, who has been in the
! banking business in Kansas for 80
years, said: Kansas is surely com
| ingto the front this year, and ! be
| lieve that it will be the best debt
| paying crop for the farmers that
! they have had for 25 years The
| funds needed by the Wichita bank
| were to finance cooperative market
| ing of Kansas wheat and Okla
homa cotton, and to the Farm
Loan Board il is gratifying and
significant that the country banks i'll
the agricultural territory are willing
and anxious when able to thus assist
in fostering farmers cooperative