Evening star., 1929-06-28

- i|N"t
er this year than * So
in May 1928, $685.
O5994 in compari- Tboma, r farrell.
son with S265,3o6.-
16. Taxes, however. were somewhat
heavier. requiring $32,076.65 against
$2607l.22 in May Of the previous year.
The company's net operating income
for May amounted to $94 1913 COM
pared with $94,5S1 25 a year ago. The
corporation also reported small nom
operating income, making a total gross
income for May of $94,727.96 against
$95 .985.2l in the same month In 1923.
The usual deductions from gross re-
turns left the traction company with
the total net income mentioned above
of nearly $65,000. The number of
revenue passengers carried during the
month was 5,O72,291 compared with
revenue passengers in May, 1923, num-
bering 5,197,016. The number of rev.
enue passengers carried were well above
April of this year when 4,972, ,453 fares
were paid.
For the first five months of the pres
ent year the Capital Traction has re-
turned net income of $2S1 ,200.5S.
This compares with a total for the
corresponding period in 1928 Of $780,
999.73, or a falling of for the period OF
28,799.14 so far in 1929. The figure
is perhaps the most interesting in the
report just filed because of its bearing
on thee ar fare situation in Washington.
The number of revenue passengers
carried on the Capital Traction lines
for the first five months of 1929 was
24,457,913 against 25,508,90 IN the
corresponding period IN 1928.
Local Banker Observes Birthday.
Thomas E. FARRELL, president of the
Washington Savings Bank, yesterday
celebrated another birthday, receiving
the congratulation of a host Of friends.
MIR. FARRELL has been conspicuous
figure in banking and real estate circles
here for several years.
The bank president came to Wash
ington as young railroad teiegrapher.
He gave up the telegraph key to enter
the real estate business. In which ne
has been highly successful. He is presi-
dent of the Thomas E. farrell Co.
Mr. FARRELL became interested in the
banking field and has been head OF the
Washington Savings Bank for several
years, following John D. Leonard In
this position, Mr.. Leonard now being
vice president of the bank and having
been with the institution ever since II
was founded.
Fiduciary Council Chosen.
At a meeting of the auditors sec
ton. District of Columbia Bankers As
sociation, last night at Olney Inn, the
following executive council was elect
ed for the new administrative year:
RAYMOND G. Marx, Riggs National
Bank; j. Damn Faber, American Secu-
rity g. Trust Co.; Arthur j. Linn, Fed
eral-American National Bank; Ralph
Endicott, Washington Loan & Trust
Co.; william M. Harris, Lincoln Ma
Marx, chairman; Mr.. Endicott, vice
chairman, and Mr.. Linn, secretary
treasurer. Mr. Faber, retiring chairman
was presented with a silver tray.
The annual report was made at the
Montauk convention last week and
showed marked progress since the or
ganization drew away from the Amer
lean Bankers Association to become
affiliated as a section of the District
Bankers Association.
More Local Dividends Voted.
The board of directors of the Co.
iumbia National Bank has declared the
regular quarterly dividend of SO per
share, payable on July on stock Of
record on June 29.
The directors of the Woodbridge
Langdon Bank at the last regular meet
ing declared the usual semi-annual divi-
dend of 8 per cent and an extra divi-
dend of l per cent, payable on July
15 to stockholders of record on June
so. Substantial increases in the SAL
aries of the employees of the bank were
also granted.
At meeting of the board of direc-
tors Of the Federal Security g. Mort
gage Co. held on Tuesday the regular
quarterly dividend of 2 per cent on
the preferred stock of the company
was declared, payable July /.
C. & o. Assets Show Increase.
The condensed statement of Chesa-
peake & Ohio Railway Co., as of March
81, 1929, filed with New York Stock
Exchange, shows total assets of S578,-
020,483, comparing with 1863 ,464,656 on
December 81, 1928. and profit and loss
surplus OF S101, Az, 1873, against S97-
6O3.051. Current assets were S22, 1855
153 and current liabilities $13689 084
as compared with S21 ,623,375 and $13,-
1882, respectively, on December 81
1928
The Pennsylvania Railroad earned its
full 81 dividend in the first half OF
1929, and at the present rate of earn
tngs will show upward of SO a share
for the present year, which will estab.
hsh new high record.
Telephone Bonds Mature.
Bond houses in the financial district
are calling the attention of clients to
the fact that Sl,120,000 Chesapeake &,
Potomac Telephone first 5s will mature
on July l. Holders cf these bonds
should bear in mind that interest stops
on the date of maturity. Keen inves-
tors will lose no time in switching their
funds into some other security
This is the third important local bond
issue that has been called within the
past three months. The first bonds were
$2,496.000 Washington Railway &, Elec-
trio 6s, 1888, which were called for re-
demption on May at 102 and interest
The next issue was $1,700,000 Potomac
Electric Power first IS, which matureo
June l.
Maturing of the Telephone issue or
July makes slightly more than $5,000..
600 Of local bonds that have passed into
history this year.