Evening star., 1925-08-19
RAPID TRANSIT CO.
EARNINGS DECLINE
Deficit Due to Slump in Pas
Senger TrajC and Increase
in Expenses.
BY CHAS. P. SHAEFFER

BY CHAS. =. SHAEFFFH
A slump in passengers carried and
an increase in operating expenses re
| suited in deficit for operations of the
! Washington Rapid Transit Co during
! july, statement of earnings filed win
the Public Utilities Commission This
| morning shows
The Indebtedness incurred during
the month amounted TO Sl.029. a lose
/ Of Sa,218 as compared with the pre-i
Gus month, when q profit Of S4.24a wa
! returned.
| The passenger slump is not unusus
1 for this month Of the year, which
statement is substantiated by figure
4 submitted IL the report For in
/ stance, the bulk OF traffic consists 81
7 regular users of the bus who AVA
/ themselves Of the lower Scent rate
I or five tokens for As cents Thi
! class of passengers dropped off an
/ proXimately 5000 during the month
| While the tourist or spasmodic fI-ef
| OF this mode Of transportation, who
4 pays the 10-cent fare, increased 600
/ The annual leave granted to employees
| ranging from two weeks granted the
| mercantile clerk TO a fun month
| granted the Government worker. i,
| undoubtedly the answer TO Julv's de
| crea sed return
I On the other hand. an increase iz
1 1'i+S'' II III DEtl olLLlE ltSIlSESr EDEGlIf
| ally $1,000 in Chauffeur's wages. s6Ga
| in motor bus depreciation. and 81 .unn
! in legal hire
Total operating revenues for the
/ month amounted to S38.47a, and e.
! penses TO S39.50S. Forty-two buses
were maintained during the month
Showing by Local Railroads.
Capital Traction Co earned d net
! of S32 422 during July. Operating
| revenues amounted TO $3.50 394, and
expenses to S257,937
/ After setting aside the sum Of S2T
| pSl for taxes, the company reports =
| net operating revenue Of So. .457 De
| auctions We're made TO the extent Of
| $50. 1856.
Just when the majoritv of followers
| OF the local stock exchange had reach
! ed the conclusion that Washington
| Railway and Electric common had
! run its course this issue retraced irr
| recent movements, and under hesvv
! buying pressure advanced fun
| points 70 14S today on exchanges Of
! 277 shares
| The issue was at its lowest price
! 143s4 in some weeks at the initial sale.
| which price prevailed while - shares
| were selling Thereafter the price
! gained fractionally, but steadily. 70
| l36, when the selling level Jumped TO
I II p, ana thereafter to las.
| Under the impetus supplied bv com
! mon, National Metropolitan Bank
! jumped 26 points over its best previ-
/ Gus price TO 32s. This stock is closelv
! held, is highly inactive and the new
! figure merely reflects the institution
| strong position
| Railway preferred stock was strong
| al S5l2, as was Gas at 62tz and Cap
| ttal Traction at 100ss
Bank Absorption Completed.
G g. Taylor & Co. Inc, Of Ne-
| Iork, bankers for the Virginian Joint
Stock Land Bank, announce that
negotiations have been. completed for
the absorption by the Virginian of the
Columbus Joint Stock Land Bank.
This is the second merger for the
N1rginian Joins Stock Land Bank
within six months The new merger
Will increase the banks resources bv
100000 and viii add proportionallv
to its earning power.
In q, letter just issued by the presi
dent to the stockholders Of the bank,
attention was called to substantial in
creases in operating income which
will result from the merger.
The Virginia Joint Stock Land
Bank. operating in Ohio and West
Virginia, was the second joint stock
land bank chartered and the first
bank TO complete a. loan under the
/ Federal system
! The bank has grown, UP to the
time Of the present merger. from al
! original capital of S250.o0o TO a capi
| tai Of 100000 with reserves and un
| divided profits on June 20 of S19o,126
! On July l the bank had outstandinE
9.S68.000 net mortgage loans which
/ will be increased to more than S15
100000 as a. result of the merger
Il, l.
! from 100000 to $1,000, 600 and total
resources from approximately Sli.
100000 to approximately $4,000 600
1t is expected that an offering Of
| the increased capital stock of the
| Nirginian Joint Stock Land Bank viii
| be made early in September. The
| present dividend rate of 10 per CEN
| is expected to he maintained.
Personal Mention.
| Robert n. Harper. president of the
! District National Bank. together with
| Mrs. Harper, will group arid repav
! his social Indebtedness at an Aida
| picnic and luncheon at Caradoc Hall,
near Leesburg, Va, on Labor da
| September Z.
| Guests will include those rendering
| Mr. Harper his recent dinner in s.
| acknowledgement of his efforts in Civ
| ing TO Washington an auditorium
/ ana the employees OF the bank.
John r. Waller. president Of the
| International Bank, has been admit
! ted TO membership of the Washing
| ton Stock Exchange. with full trad
! ins privileges. Mr.. Waller purchased
| the seat of the late T. Southsrd
| Parker from the Southard Parker
| estate.
| Peter A Drury. president of the
Merchants Bank and Trust Co. left
| yesterday for a two-week motor trip
| TO Canada He was sCCoulus MED b