Evening star., 1927-09-24
CAPITAL TRACTION
EARNINGS DECLINE
August Net Income Lower
Than Year Ago-AIso Off
for Eight Months of 1927.
BY EDWARD C. STONE.

lie Utilities Commission. 1t was,
however, slightly larger than for the
previous month of July, when the re-
turn was 25,246.72.
Other comparisons are of equal In
terest. Operating revenues for Au-
gust totaied $685., ,6212S, against SIM
liar revenues in the same month in
1926 of $344,764.58. Operating ex-
penses were heavier in August Of this
year, being $257 109.47, in comparison
with $252 1862 in August, 1926. After
the reduction of both expenses and
taxes the company had a total operat-
ing income of $53302.49. This sum
was considerably under August of last
year, when the total operating income
reached the sum of $65,275.42.
Revenue passengers also showed
decline of modest proportions, the
number carried in August being
4.5S0,631, against 4,740,034 in August,
1926.
Of great Importance also are the COM
pany's earnings for the first eight
months of the present year. A sum-
mary shows a total net income for this
period of $440, ,77635. which is consid-
erably lower than last year, when the
first eight months net earnings
amounted to $494, ,134.41.
Total operating revenues for the
| to $2970, ,309.23, compared with the
| higher figure in 1926 of SO, ,067, 1881.
| Operating expenses, however. were a
bit lower this year, being $2,069, ,S55.54,
against $2,099, ,717.70 in 1926. The to-
| tai operating income for the eight
| months in 1927 reached S655, ,174.47, in
comparison with $705 ,962.31 a year
ago.
The falling, off in net income for the
period under review naturally indi-
Gates drop in the number of revenue
passengers carried on the company's
lines. The report shows that in the
eight months 1889 sos passengers
were transported, while a year ago
42,371 1925 people used the companys
service.
The above figures show the sharp
inroads being made into the Capital
Traction Co.'S business by the bus
lines and privately owned automobiles,
these being the main causes of the
lower revenues; and it is because of
these lower earnings that officials re.
Gently appeared before the Utilities
Commission and asked the right to
establish 10-cent fare.
Mount Vernon's Capital $500, 900.
The stockholders of the Mount
Vernon Savings Bank late yesterday
ratified the proposal of the directors
to increase the capital stock from
5000, 600 to $500, 900. Up to this time
the outstanding stock has been $780,
600, with 100000 the authorized
amount. The increase is made because
of the banks steady growth. Under
the new plan, 100000 of the capital
stock will be Immediately outstanding
and 100000 kept in the treasury to
be issued as needed.
To bring about the increase and to
equaliZe the present stockholders with
the purchases of the new stock, the
present capital of $160,000 will be in
creased by a stock dividend to the
present stockholders equal to 25 per
cent of their holdings, thus increasing
the total capitalization to $500, 900.
Following this, 1000 additional shares
of stock will be sold at $160 per share,
which will bring in a total of $500 900,
Of which 100000 will be added to the
capital account, making the outstand-
ing capital S400, 900. while the remain
ing $4,000 will be placed in the sur
plus account.
Dividend Payable OH September 30.
The directors Of the United States
Savings Bank have declared their
cent, payable September 30. The bank
now has capital of 100000. sur
plus Of $150,000, undivided profits of
about 100000, and total resources Of
nearly $3,000,000.
Bankstocks Firm Makes Report.
The Bankstocks Corporation of
Maryland showed heavy earnings in
the period from September 80, 1926,
to August 81 last. Total assets of the
corporation as of August 81 last were
81 ,354,669, as compared with $327, ,781
on September 80, 1926.
Current assets of the company were
reported as 1888, ,637 as against $301,-
249 at the end of last September. with
surplus on August 81 last Of $64,369
as against $15,484.11 at the end of
September last.
Broker Offices Change Time.
On account of the ending Of day
light saving time on the New York
Stock Exchars7e at the close of the
market today, all the broker offices
in Washington will go back on stand
ard time Monday, opening at 10 o'clock
and closing at 8. The brokerage and
other investment houses were the only
financial institutions here which paid
any attention to the different time in
Wall Street.
Other Financial Notes.
Sales of Schultz Retail Stores for
the first half of 1927 were $40 ,202, ,462,
against $18,03S,552 in the correspond
ing 1926 period. Profit was $2,694,O 900,
against $2,714,347.
Public offering will be made Mon
day by Baltimore bankers of an issue
of $575 900 Alexander Hotel Corpora
ton, Hagerstown, Md, first closed
mortgage 61a gold bonds.
S. w. Straus & Co. are offering at
par and accrued interest an issue of
$1,275, 900 first mortgage 6 per cent
three to Is year serial gold bonds, Sc
cured by the land and history Clois-
ters Apartment Building, Chicago.
Notes i'm World of Insurance.
Lloyd w. Bertaud, one of the pilots
in the all-fated America to Rome
plane, was covered by $18,500 life
insurance. He had $4,000 converted
war risk insurance and $4,000 Of other
insurance. OF this, 81 100 was taken
out only last Febr, .ry.
The st. Louis ades unions are at
work on plan to provide $1,000 life
insurance for each member. The pro-
posal provides that the monthly pre-
miums be collected by the local union
secretaries so that the insurance will
be kept continuously in force.
Life insurance sales during August
revealed 3.5 increase over August,
1926.