Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-24
RA|LWAY EARNINGS
GAIN IN SEPTEMBER
Net Income Increases De-
spite Decrease in Traffic
for Month.
BY EDWARD C. STONE.

of the Washington Railway & Electric
Co., filed with the Public Utilities Com
mission today traffic declined du:i ING
the month, while earnings increased.
The corporation reported gain OF
about 81 900 over the net income In
September, 1929. This is the same gen.
eral situation that prevailed with the
Capital Traction Co. during the same
month and its importance lies IN the
change in earnings trend which the
higher car fares have brought about.
Operating revenues in September
amounted to $445 PAS 8, compared with
SAT-, 151.47 a year ago in the same
month. Operating expenses and taxes
totaled 1882, 1929, against $386,754 ~
in September, 1929, leaving an operating
$50, 1870 a year ago.
The company had incorporating
income for the month OF $22,759o9
against S27,312.41. giving the corpora
ton a gross revenue, less operating
expenses and taxes, amounting to
S85, $500, compared with $87 ,709.71 last
year. Deductions from gross required
SIS SOL Az, against $58, 839.50 year ago.
This left total net income for Sep
TENDER. 1880. of $29,734.67, compared
with $28,87021 year ago.
Further study of the report indicates
that the ratio of losses which had pre-
vailed for several months previous to
the raise in car fares has been reduced
on an average of about 500 day since
the change in the price Of car tokens
from six for 40 cents to four for sc
cents.
For the first nine months of the
present year the railway company re-
ported operating revenues OF $4,O9l,-
q
Operating expenses required $3,496,-
e28O5. compared with $685., 434.16,
leaving an operating income of 1884,
488.23, compared with '$6S9,776.97 last
The corporation had a non-operat-
ing income of 81, 275 ,508.48, in COMPARE
son with $1,20O,018.55 in the same
period year ago. After all the usual
deductions the Washington Railway q
Electric Co. has a net income 1or the
nine months amounting to 81 1853, 51.5S,
against 1887 ,S2476, or gain OF $zl'-
e32.63.
Power Company Boosts Earnings.
According to the September state
Yneats of the Potomac Electric Power
Co. lust filed with the Public Utilities
Commission, there is no business depres-
sion in the Capital, the corporation
reporting substantial gain gain IN earn
irgs over September, 1929. Total
net income this year amounted to $343,-
5l4.29, against 1907, 5000 year ago,
or a gain Of $35,ST4.29.
Operating revenues amounted TO
$500, 371 .08, compared with $7TS,9O2.95
a year ago, an increase of $52,568.15.
Revenue deductions totaled SAL, $500,
compared with $406, 1929, an increase
of s34, 887. 80. Incorporating revenues
reached the sum of $384,75499. against
1861 ,O7464 In September, 1929, dif-
ference of Sl7.68O35. Miscellaneous
income totaled $26 867.13, against $23.-
22O.96 last year, an increase of $3,646. IL.
The report covering the f1rst nine
months of 1880 shows operating ex-
penses amounting to S7,714, 435. SO, COM
pared with S7,247. SOC, an advance in
operating earnings Of $466, 829.62. Rev
enue deductions required $685., 30,
against s3.795, 877.32, the added ex-
penses amounting to $195, 66663.
Net operating revenues totaled So, 758,-
892sO4. compared with So, 487, 1905 a
wear ago. a gain of $271, 1920. Mis-
celIaneous income totaled SPOT ,85l AZ.
compared with $150,419.16, or an In
crease of S57, 431.46.
After all deductions the Potomac
Powers net income for the nine months
reached the sum Of $3,357 ,346,2 ~,
against SZ,SZO,4oo-1O Ill 1877 Va oAA @AA
crease of e4,309,9l313.
Investments Show Gain.
The Federal Reserve Board reported
today that security loans OF reporting
banks in leading cities increased in the
latter part of September, but declined
rapidly early In October, the decline
rejecting a large volume OF liquidation
in loans to brokers and dealers IN secu-
rites. Commercial loans, which up to
the last week in September had not
shown the usual seasonal growth, In
creased by Sl50,000,000 in the follow
ing three weeks The banks holdings
of investments continued to increase. !.
In response to the seasonal demand
for currency, outstanding volume OF
Reserve Bank credit showed an increase
of $50, 600, 900 on the average between
the weeks ending September 20 and
October ID.
Money rates in the open market con-
tinued at low levels. The yield on high
grade bonds declined further until early
in October, when bond prices declined
and there was a corresponding rise In
] yields.
TOday's Trading on Exchange.
Trading was quiet on the Washington
Stock Exchange again today. Interest
centered in small-lot transactions in
Capital Traction stock, which recorded
another new low mark.
The stock opened with 10 shares SELL
ing at 50%, after closing yesterday at
81. The next sale was 10-share LOT
at 5O3s. Then followed sales OF four
1O-share and one 5-share lot at 5oE4.
The turnover of rs share closed the
days trading, the final quotation being
5oX bid and 50& asked.
Washington Railway Eiectrlc came
out at 98% and Potomac Electric Power
51b per cent preferred sold at 108h.
Ten shares Of Mergenthaler Linotype
changed hands at 80, on fractionaliy
from the last sale.
In the unlisted department Cosmos
Club 4l2s figured in $1,000 sale at 81
Financial District Notes.
The auditors section of the District
BANKERS Association had a most inter
esting dinner meeting at the National
Press Club last night. General discus
sion of several important problems nov
before the section proved OF mucf
The Clinchfieid Coal Corporation de-
clared regular quarterly dividend o.
SITS on preferred stock, payable NO
Yember to stock of record OCTOBER 20
Plans are in progress for starting INT
Senate inquiry into the Federal Reserve
and national banking systems as soor
as Congress meets. Senate commit
tee of five, headed by Senator Glass
will conduct the inquiry. which will b
designed to bring about legislation 10
more effective operation Of the Fedora
Reserve and national banking systems
sHORT.TERM SECURITIES.