Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-26
AEWI'AIIYi|'.. COMPANY
HAS REVENUE GAIN
Net Income Of W. r. & E. for
1929 Shows increase of
s20s, 544.
BY EDWARD c. STONE.

1929 amounted to 81 ,s59, 1870 against
Sl,75O, ST. .26 in 1928, or q gain OF
S20S, 544.64, according to the financial
statement fled yesterday with the Pub
lie Utilities Commission.
The company also filed the report for
the month Of December showing total
net income OF Si46, 81 against $l0e.-
1928, or a gain in the final month OF
1929 of S37,969.1S. -.
The two reports are highly important
as they show that the railway company
finished the year with substantial net
profits. and also that December was
one of the best of the IL months.
While the annual meeting was held q
week ago and the officers for the COM
ing year elected. the detailed financial
statement was not filed with the COM
mission at that time
During 1929 the Washington Rail-
way g. Electric Co. carried 74,319070
revenue passengers. President William
F. Ham said In his annual report that
there had been falling OF In revenue
passengers ever since 1920 but that
1929 had witnessed the smallest de-
cline OF any Of these years. This state
Of affairs is. OF course, reflected in the
large net income shown above.
Revenue Noted IN Detail.
Railway a Electric operating rove
ntles In December totaled Sass, 546e2,
compared with $464, 1905 In Deem
per, 1928. Operating expenses and
taxes required S276, 27O.2S, in COMPARE
son with $3l2,0s4.07 in the previous
December. Deduction Of expenses and
taxes left an operating net of sl79,-
276.64 to be compared with $l52, 9s
IN December, 1923.
The company reported a non-oper-
4ting income in December in the form
of interest Of $25.048.e3 against s2O,-
296.74 In the same month of the pre-
v1ouS year. Gross income less -opeF-
ating expenses and taxes reached the
sum Of s204,325.57, while this figure
IN December, 1928, was &173.l65.72s
The other usual deductions amount
ed TO S5T, 1920, compared with $64.-
51s.53 In December, 1928. These
deductions from the gross income, net a
net income for the month of the sub
stantial sum mentioned above.
The 12-month. totals are equally .ilIu-
Operating revenues we're
SIS, 26T, 007.47, compared with S5.337,-
242.2S for the year 1923. Operating ex-
penses and taxes consumed. S41S7, 257-
"a, against $4,234, 1oe.77 IN the previous
year.
Income from operations totaled ST.
DIS, 1898 in comparison with s1,1O3,-
1921 in 1928. Incorporating income
amounted to 81 500, 79l.05 compared
with $,422.s2S.04. Gross income less
operating expenses and taxes reached
the sum Of $2,6so,540.9s against $2.-
626,057.55..
Other deductions from gross income
required s72l ,425.2S In comparison with
s775, 4S6.29 in the previous year. The
gain m net income of more than $685.
BOO win cause wide interest in the
financial district.
Potomac Power Report Flied.
Reports of the Potomac Electric
Power Co. for December, 1929, and for
the year 1929. have been filed with the
Public Utilities Commission. The COM
pany reported gain in net earnings In
December over the corresponding month
IN 1928, amounting to $74, sos 90, while
FOR the full year the company's net
earnings advanced 1920, 45S.41 over 1928.
Gross earnings from operations In De-
cember amounted to 1898 ,429.S5 against
1881 ,4l7.23 IN December 1928, an in
crease Of $112.0l2.62. Operating ex-
penses totaled sara, 1863 20 in comparison
with 1926, 539.73, q reduction in operat-
Ing costs Of $40 ,S29.54.
Net income from operations was re-
ported as $500, 060.5S against $557 ,S77. so,
Or an Improvement of $50, 183.0S. The
miscellaneous income was
more than $4,000 ahead of the same
mcnth a year ago, being S29, 374.5S in
comparison with S13,O8l.s1 in Decem-
Der 1928.
Total gross income less operating ex-
penses amounted to S64e, 1876 COM
pared with $570,959.31 in the same
month Of the previous year. an increase
Of $78, z75.S5. The usual other reduce
tons left total net income Of $780,
522.l2 to be compared with s4l5,e18.13.
The full years report showed total
gross earnings Of $1,000 ,347.1e, against
So, 3s2, 12l.5S, an improvement OF $500
225.60. Operating expenses we're .$4.-
OsS;6l127, against $3,922, 6l5.93.- an in-
crease In operating costs Of SITS 1895 "a.
Net earnings from operations were
SIS ,913, 1881. compared with $780,
5oS.65, a gain for the year Of S444.-
23026. Miscellaneous was &53,ll26S
larger than in 1928. and gross income
less operating expenses reached the sum
Of So, las. 29046. against $5,647,9 47.52,
an increase of well over $497 900.
Total net income for the year amount
ed to S4,226, 1886, compared with
e3,a05. 677.45.
Trading Quiet on Exchange.
Fridays lively trading pace on the
Washington Stock Exchange was not
kept IN yesterday. The most interest
ing transaction was the transfer OF
10 shares of Continental Trust Co.
stock at 1873, the same quotation as
the last sale before the recent merger
with the Commercial National.
Mergenthaler Linotype sold at 1O7
and Peoples Drug Stores preferred at
103. In the bond division Capital
Traction IS sold at 93&. Potomac Elec-
trio Consolidated IS at 10l and Wash
tngton Gas IS, series A, at 102. The
unlisted securities we're called OF, quo
tstions remaining practically the same
Rs a week ago.
National Savings & Trust, Washing
ten Loan & Trust, American Fire In
surance. Corcoran Fire Insurance and
washington Gas Light stocks are now
being quoted ex-dividsnd.
New Southern Freight Agent.
william T. Turner, native of Lynch
burg. whose first ofiicial position with
the Southern Railway was as travel
ing freight agent and who for several
years has been assistant freight trafic
manager at Birmingham. Ala, will be
promoted to assistant freight trafnc
manager at Washington, D. c., In
charge of the Virginia territory and
Eastern agencies. effective February 1,
according to announcement by Vice
President z. r. Oliver.
Mr.. Turner succeeds r. H. Morris,
transferred to Louisville with the same
tile.
Institute Has Sos Students.
Washington Chapter, American Insti-
tute Of Banking, now has SOS students.
The last number Of the national In
stitute bulletin stated that Washington
Chapter had 757 students last May and
565 on January !. showing net loss
of 191. The January figure was wrong
ent sos paid-up members the chapter
needs nH,l1, In5 a,nnre af1ideats for the