Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-03
CAPITAL TRACTION
INCOME HOLDS UP
January Net About Same as
Year Ago-Fifth District
Business Reviewed.
BY EDWARD C. STONE.


Co. was practically the same in Janu-
airy of this year and in January, 1929,
according to the monthly report filed
today with the Public Utilities Commits
sion. The total net return was re-
ported as $40, 1908, in comparison with
$40 ,07s05 in January of last year, a
slight decline of $S28.72.
Operating revenues for the month
amounted to $3.50, 439 SO, compared with
$S55,056.22 a year ago, an increase OF
$3,383.71. Operating expenses required
total sum of s262, $3.50, against $685.
e24.4I, an increase of $2,641.09. Taxes
totaled $27,52483, in comparison with
$27,l17.63, an increase in this item OF
$407.20.
Deduction Of operating expenses left
an operating income of SIS, 349.60, in
comparison with $6S,ol4.18, a gain over
January last year OF $3,04S.29. The
traction company reported non-op-
Grating income of $2,631.l7, against S2,-
6l1.33 a year ago.
The company had gross income of
$40, 9S0.77, compared with 70,625 81,
an increase Of $355.2e. The usual de-
auctions from gross income took $751;
1904, In comparison with $50, 546.46
in January, 1929. leaving the above
mentioned slight drop net income for
January, 1880
While the net income was of slightly
the street car lines carried more revenue
passengers in the month under review
than in the corresponding period in
1929. During January 1922, 63S pas
senEers paid fares on the Capital Trac-
ton lines, while q year ago 4,792, 1873
used the service. This was a gain in
January this year of $4,000 passengers.
Banks in Improved Conditions.
The Federal Reserve Bank of Rich
mond in its monthly review of fifth
district conditions stated today that I'M
employment and little demand for
textile mill products form the largest
clouds on the business horizon right
now, but added that general develop
ments in the first six weeks of 1880
compare favorably with the same period
in 1929.
Member banks are in q more salts
factory condition than q year ago, the
report states, with loans and deposits
down somewhat, but with their borrow
ing at the Reserve Bank cut in half.
Investments, reserve balances and cash
in vaults showed relatively little change.
Earning assets of the Federal Reserve
but cash reserves and the ratio OF
reserve to note and deposit liabilities
combined were much higher.
Debts to individual accounts in the
leading cities of the fifth district have
run behind figures for the preceding
year since last November the report
says, but offers the explanation that
much of this decrease is due to lessened
activity in stock trading this year and
therefore is not indicative of any ma
terial decline in ordinary business pay
naentS. Savings deposits in both mutual
savings and member banks were higher
than year ago.
Coal and Tobacco Outlook.
Coal production continued at sea-
Sonal levels, and, with relatively low re-
serve stocks on January / the pros
poets for fair demand during the next
few months were held to be at least
equal to those of last year. ea
Tobacco market sold comparatively
large amounts of tobacco in January
for prices somewhat above the January,
1929. prices for most types. In this
connection the report reminds that the
tobacco manufacturing industry in the
fifth district grew more in 1929 than
the average for the. Nation.
Retail trade in January was better
than in the same month last year in
Maryland, the District of Columbia and
in West Virginia, and wholesale trade,
while reporting seasonal gains in jan
nary business over December, was a
little lower than the volume Of trade in
January, 1929.
Construction Permits Larger.
The situation. in the construction
neld improved in January in COMPARE
son with the last several months, per-
uaits issued in January exceeding in
valuation those of December, and also
were larger than the figures for Janu-
airy last year. Figures for contracts
actually awarded last month were at
approximately the seasonal level.
THE outstanding unfavorable ele-
nents in the situation in the fifth dis
trict," the report declares, ARE the
very low cotton prices and short yields
Of cotton in certain sections Of the
Carolinas, the poor demand for cotton
textile products, an increase in COM
merc1al failures and a marked decline
IN retail and wholesale trade in the
Carolinas.
Cotton Areas Hard Hit.
These weak spots in the business
Held have been reflected to other lines,
Of course, and the effects have been felt
IA other sections which have business
dealings with the affected areas. The
eastern counties In South Carolina are
the most seriously affected by the dis
astrous decline in cotton prices, the
yield OF cotton in those counties having
been small last year, but some cotton
growing counties in North Carolina are
nearly as hard hit
Trading on d. c. Exchange.
Fifty shares Of Peoples Drug Stores
preferred changed hands on the Wash
tngton Stock Exchange at 10315, selling
ex dividend. There was a turnover of
80 shares Of Mergenthaler Linotype at
log and 20 shares Of Lanston Monotype
at 1851.
The second sale since its recent list
Ing took place in Emerson's Bromo
Settler A stock, Is shares selling at 81.
A small sale in Washington Railway IL
Electric preferred was recorded at 96ak
and 200 shares of National Mortgage e.
Investment preferred changed hands at
4A. Potomac Electric Power So per
cent preferred sold at 1o7M.
The bond market was neglected.
Washington Gas SIS sold at 101 and
Capital Traction SIS at 95K. Bank
stocks were also quiet.
Richmond Banks Debts.
Debts to individual accounts in the
NTH Federal Reserve district for the
week ended February 10 were 10 per
cent above the preceding week, but 7
per cent below those of the correspond
Ing week of 1929. The total for the
week was 1907, 1886 900, compared with
S7s,30S,o00 for the week ended Feb
ruary IL and $3.50, eo9, 900 for the week
ended January 20. 1929.
Eeaboard Air Line.
Jan .ro.. .4siiis ?s ,s !saS .s IIsss Is,
81: = me s.: g:
Before adjustment bond interest.