Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-17
CAPITAL TRACTION
EARNINGS INCREASE
Advance of Nearly $1,000 in
September Net Income
Is Reported.
BY EDWARD {. STONE.

GlOSety ny tf46 I1OTe IMAM I,OUU SuOCk-
holders who are mostly residents OF
Washington. The monthly report shows
that 1t was cut in operating expense,
rather than an increase in gross earn
tngsS that caused the advance in net,
but 1T is the second month in which
Improvement has been made and the
charge in trend is held highly sighifi-
can't &
Onarating revenues for September,
1885, amounted to $327, T13.48, in com.
pariSon with $1,000 39.59 a, year ago., or
q decrease of $2,325.1l. Operating exc
penses totaled S243, 059 06 In September,
1885, against $247, 1855. SO in the same
period a year ago., or a reduction In
operating costs Of $4,l97. 90s
h,6 Operating expenses snd o 5ax Ss com
pared with $272 1921 q year ago. or
reduction of $4,39B.23. Thus the total
operating income fiji September of this
year was $50, 646.80, while the same f1g-
ure stood last year at : $57,575.68, or a
gain OF $2,071.12.
Passenger TrafTic Falls or.
The traction company reported d nom
operating income this year of $743.0T,
against S95SS6 in September, 1929;
gross income of $60,369B7, compared
with $50, 543.54 a year ago. After all
deductions from gross the corporation
has total net income for the month
amounting to $50, 259 SO, In comparison
with ss28. 34' 25 in September. 1929, an
exact gain in earnings of 81 .g17.3B.
In September the company carried n
totals of 3845,152 revenue passengers,
while 4,387 $50 revenue passengers rode
on the company's lines In September,
1929, so that the statement. shows d
falling off In the number of pasSengers
carried but an increase in net earnings.
This.is the same as the situation in Au-
gust when traffic slumped but net earnA
tngs gained.
The statement presented to the di-
rectofS also covered the first nine months
OF the present year. Operating revenues
totaled 073,934.39, compared with
$3,194 ,057.66 a year ago, a decrease of
$120i23.27. Operating expenses reached
the sum Of $2.260, 967 65, against $2,-
295, 305.48, showing a reduction in ex1
uenSes amounting to $34,337.83 With
the reduction in gross operating rev
enues came reduction in taxes Of $12,-
z45.7o in the nine months.
Stock at IS Year Ago.
After all other deductions the cor
poration announced net income for
the period totaling $500, sso2e. while
tn net income for the same period in
October 1 of SIC, 5O9.56.
The falling on in total net revenues is
directly traceable to the slump in pas
ses1ger traffic. In the FIRST f1iffe months
OF 1880 the company carried 1885,
351 revenue passengers, while in the
corresponding period a year ago the
street car company carried 42.345,7 95,
difference Of 3O09. 444.
In a recent letter to stockholders,
President John II. Hanna ascribed the
falling of in earnings to the increase
In pyiyately owned automobiles, to bus
cornnetitior and the cut-rate taxicabs.
The officials are pleased over the change
in trend in the past two months and
hope. for further improvement in Oc-
tober, which is normally one of the
frame. '
Capital Traction stock sold on the
Washington Stock Exchange yesterday
at SO, compared with IS year ago on
the same date, a drop Of 80 per cent.
While the earnings line on the chart
has been upward for. the past eight
weeks, the sale-price curve Of the stock
has been downward. ~ M
Bank Merger Vote on monday.
Next Monday, october 20, is the date
set for the vote Of the stockholders on
the consolidation Of the Federal Afneri-
can National Bank and the Merchants
Bank g. Trust Co.
1t Is expected by the oficials Of both
banking institutions that the merger
will be promptly ratified. In such cases
the stockholders practically always vote
to support the recommendations Of the
directors. The directors give such mat
tiers most careful consideration before
making recommendations and the stock
holders accept their views as favoring
the best interests of all concerned.
M Doubt the shareholders 0f these
two banks will ratify the recommended
tons of their boards. Both banks have
already received a large number of
proxies to be voted at Mondays meet
ings. 1t is understood that the attor-
neys for the two banks and the oficials
do not expect any delay in putting the
merger into effect on November /, re-
gardiess Of the suit recently brought
against the Merchants Bank & Trust
Co.
Light Trading on Exchange.
Trading was rather quiet on the
washington Stock Exchange today.
Norfolk & Washington Steamboat Co.
stock registered 210 for assingle share.
so shares Of Prince Georges Bank q
Trust Co. moved at so, Merchants
Transfer & Storage preferred came out
at 93A and Peoples Drug Stores pre-
ferred sold at 10l.
Potomac Electric Power per cent
preferred sold at Ill and SO shares Of
Carpet Corporation moved at 23M. In
the bond division Potomac Electric
Power SIS sold ut 1922 an unusually
high price, and Washington Gas IS,
series A, moved at lob.
1t was announced on the exchange
that the directors of the Washington
Gas Light Co. have voted the regular
dividend Of 80 cents per share due at
this time. 1t is payable on November
to stockholders Of record on &C.
tober 20.
Heard in Financial District.
T'r regular Fall meeting OF the Dis
tri. Bankers Association will be held
in the Becker Building Monday after
noon at o'clock. Many important
and Francis O. Addison and Robert
v. Fleming will present the highlights
OF the recent A. B. A. convention to
the members
TO widen scope Of their Boston ac-
tivities, z A. Pierce g. Co. will ac-
quire the business of Il. NJ. Harllin e.
Co., members of the New York Stock
Exchange, Boston Stock Exchange, New
York Cotton Exchange and other ex-
changes Mr.. Hamlin, Mr.. Pelham and
otheFs OF the Harnlin organization will
become associated with Z. A. Pierce
Il CO.
There are 1889 stockholders Of the
Associated Gas a. Electric system In
the District of Columbia, according ID
A report of the company. A detailed
distribution list shows that the com.
pany's stock is held IN - States and
south America, Europe, Africa and
Asia. The total number Of stockhold-
ers Is given as 2l4,74l.
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