Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-24
CAPITAL TRACTION
INCOME |SL0WER
Drop in Earnings for May and
First Five Months Reveal
ed in Report.
by EDWARD G. STONE.

BY EDWARD G. STONE.
The May report of the Capital Trac-
ton Co. filed today at the office of the
Public Utilities Commission shows a
lower net income for the month than
for the same period last year. and a
slump in the total net income for
the first five months of the present
year in comparison with the CORE
spending months in 1926.
Total operating revenues during
MAY were 1891 .344.19 compared with
a total Of $415, 1851 a year ago. Total
operating expenses in May of this
year amounted to 1853 ,620.85, against
1878, 806.35 for the same month in
1926. Operating expenses and taxes
reached the sum of 1921 ,764.30 this
wear in comparison with 1910, 1858 in
May. 1926. The total operating income
for the month in review amounted to
800, $3.50, against sos, 032.72 a year
ago.
After the usual deductions for ex'
penscs, taxes and other sums, the
total net income for May. 1927, stands
at S73,24S.36. against 80,5O459 for
the same period in 1926. Total reve-
nue. passengers carried numbered
5,334,9S5, against 5,72S,543 in 1926.
Summaries for Five Months.
For the first five months of the pres
ent year the operating revenues of the
Capital Traction Co. reached the sum
of ST ,922 ,OO422 against a total in 1926
of 1.974,915.67. Operating expenses
for this period were 81 1900, 943.4O, com
pared with 81 1922 .552.93 in the first
five months of 1926. Taxes this year
amounted to $163, 275.59, against $173,-
S80S0.
The operating income for the five
months amounted to 457,765.23, com
pared with $47S.4S1.94 in 1926. After
all deductions the company's net in
come for the five months of this year
stands at $32S,277.05, against $685.
4o122 for the same period year ago.
Up to June / the Capital Traction Co.
had carried 26.240,979 revenue passen-
gers, while during the same period
last year the company's lines carried
29.335 PSI.
Do doubt one of the largest items
in the company's expenditures during
May this year was in connection with
the renewal of tracks on Pennsylva-
MIA avenue in the vicinity of Washing
ton Circle. The company has been
carrying on extensive improvements in
this section of the city for several
weeks, which are not yet nearly COM
pleted.
Potomac Savings Stock Listed.
The board of governors of the Wash
ington Stock Exchange today voted to
list 100000 capital. par value 500, Of
the Potomac Savings Bank of George
town.
Trading in this issue will start next
Monday. From time to time trading
in this stock has taken place in the
unlisted department of the exchange,
but it now goes on the big board and
is likely to be heard from much more
frequently.
Henry w. Offutt is president of the
Potomac Bank, the institution is about
"a years old and it's sound growth has
been most pleasing to the directors.
SeabOard to Fight I. C. C. Valuation.
Like nearly every other railroad that
has been valued, the Seaboard Air
Line will not accept the Interstate
Commerce Commissions tentative val
uation of that property, S. Davies
Warfield, president, said yesterday,
and will take it's case before the courts
in due course.
a tentative valuation of $129,616, Asst
was fixed yesterday by the commission
as of June /, 1913. The company's
capitalization on the date given was
$3.50, 93S,527, while it's book invest
ment account was s190.397,6 500.
These figures do not include certain
subsidiaries, nor do they allow any,
thing for other values or clements of
value, Mr.. Warfield declared. AS they
cover the valuation of the Seaboard
about nine years ago, they do not in
clude any of the Florida lines or the
great amount expended on additions
ana improvements in the meantime,
he pointed out.
Fifth District Credit Demands or.
Although rediscounts at the Rich
mond bank increased $5,044, 900 during
the week ended June %, use of reserve
bank credit in the local fifth district
is still notably small when COMPARE
son is made with last year. Discount
ed bills on hand totaled only $24.637.-
900, compared with $4S, 090, 900 at this
time year ago.
The Richmond banks ratio declined
sharply during the week from 74.11 to
5000 per cent. A year ago it was
1928. Total reserves stood at $92,-
$4,000, against f$75.115,000 at this
time last year, and note circulation at
60.750,000, compared with $70,-
$4,000.
Exchange Head of for Europe.
Charles Carroll Glover, jr. presi-
dent Of the Washington Stock Ex-
change, sails for Europe on the Ma
1estlc shortly after midnight tonight.
lie presided at yesterdays session of
the local exchange and told the men,
bers of his plans, humorously suggest
ing that he might bring back some
token of regard to each member. Two
of the members Immediately suggested
that they would prefer fine English
pipes while two others modesty sug-
gested that they would like new suits
of clothes.
Mr.. Glover is going to London espe-
cially to visit his sister, whose hus-
band is in the diplomatic service. being
stationed in the British capital
Local Securities Remain Firm.
Capital Traction stock was strong
again today on the local board, SELL
ing eX-diVident at 104B and closing
at 105. The new Potomac Power pre-
ferred stock closed at 101 q 20 shares
Of American Security and Trust 60.
changed hands at 39S, while shares
OF Washington Loan & Trust came
out at 400. Washington Gas Light
closed at 75A.
In the bond division Washington
Market SIS sold at "a for a baby bond.
it being the first transfer in this issue
in long time. Washington SIS sold
at 1919. Gas 6s, Series A, figured in
an odd lot sale at 1913, and the Series
b bonds registered ION in one small
sale.
Other Financial Notes.
William w. HoXton, who is connect
ed with the EoIoro1 e