Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-10
CAPITAL TRACTION
I NET RETURN OFF
Monthly Report Indicates
Less Severe Competition
by Cut-Rate Taxes.
BY EDWARD c. STONE.

According to the monthly report of
the Capital Traction Co. for Septem-
ber the roads total net income amounted
to se.452.4s. in comparison with $780,
1888 in September, $780, or a de-
crease OF $2O,8O7.14.
Taxicab competition was again keenly
felt. the report prepared for the Public
Utilities Commission indicates. total OPP
Grating revenues for September being
$276,41s72, against $327,713.4s in the
corresponding month a year ago, q de-
cline of $5l.2e476.
Total operating expenses were $2l7,-
s3s.S2, compared with s24S.059.o6 in
the like month in 1880. showing re-
duction in operating costs Of SIS
Deduction of operating expenses and
taxes left Capital Traction with an OPP
Grating income of $50 1869. against
$596468O q decrease of $20,628.93.
Revenue passengers in September
showed a decrease of $50, 1888, while
there has been a decrease for the first
nine months Of the present year OF
6,l31 ,4o2.
Net income for the first nine months
OF the present year has made much
better comparative showing than the
September record alone. Net earnings
for the nine months were $275. 48l.5l,
compared with 1920, 39029 a year ago,
or a decrease so far this year OF
944 908.78.
The September report is very much
better than the August record and in
dicates mere riding on the street car
lines 1t Is evident that narrowing Of
the 2O-cent zones by some of the taxi
hae
trafic back to the Capital Traction Co.
Industries More Active.
Whatever the developments of the
past month have lacked in evidence Of
seasonal expansion of manufacturing
and trade have been made up by the
sensational establishments in wage
scales, currency troubles abroad and
further recuperation in the domestic
industries, no less than 10 of which are
now operating at higher levels than
year ago, the American Bankers ASSo-
citation Journal says in its current bust
ness review. The course OF general
liquidation that first affected security
quotations and bank credit, then car
ried down wholesale prices of COM
modities. is finally passing to retail
prices. rents. cost Of living and wages,
1t says, adding:
Suspension of the gold standard has
both helped and hurt England. 1t is
now apparent that, while the crisis was
precipitated by currency and financial
conditions, the underlying causes were
industrial and arose from the inability
of England to bring its manufacturing
and distributing costs into line with the
lower level of prices prevailing in world
markets. Depreciation of the pound
sterling will mean that the same money
wage will represent a lower real wage,
and this will enable English goods to
better compete in world markets.
Meanwhile the industries in this
country are continuing to readjuSt their
operations to the new level of prices
and, as distress stocks of merchandise
are. disposed of and the inevitable
replacement demand on the part of the
public broadens, the producers are grad
ually increasing output. To date no
less than 10 of the major industries
have apparently touched bottom and
are running at better rates than a
year ago"
A. b. A. Convention Echoes.
j. Stewart Baker, president of the
Bank of Manhattan Trust Co. of New
York, in an address before the trust
company division, traced the origin of
the modern idea of the trust business
to Capt. Robert Richard Randall,
founder of Sailors Snug Harbor in New
York. who, with his attorney, Alexander
Hamilton, first Secretary OF the Treas
ury, and Daniel D. Tompkins, who
became Vice President of the United
States, made provision for the future
administration of his own property. The
business, he said, represents a natural
development of a public demand and
not new avenue of profit for financial
institutions.
He pointed out that so thoroughly
aggregated have been the assets Of the
trusts. so careful has been their admin
1stration SO complete their safeguard
ing by law that the thousands Of
financial institutions rendering this
service have preserved their trusts
inviolate during the present troubled
period Even where the affairs of the
institution itself have become involved
he noted, its trusts have remained
secure.
Gilbert T. Stephenson, president of
the trust company division, said he had
recently returned from a study of
f1duciary laws and practices OF France
with new appreciation Of American
trust institutions as a national asset
He declared that trust institutions were
steadily improving the quality as well
as increasing the quantity OF their
service.
Bank Women Reflect President.
Miss Grace S. Stoermer, assistant
vice president of the Bank Of America,
N. T. and S. A., Los Angeles was re-
elected president Of the Association Of
Bank Women at Atlantic City. Miss
Emma q. Lange. trust officer of the
Bank of Montclair. Montclair, N. j.,
was elected vice president, and Miss
Minnie @. MacCulley, assistant secre-
tary of the Williamsburg Savings Bank.
Brooklyn, was chosen treasurer. Miss
Mary M. Stetson. manager of the
women's department OF Chase National
Bank, New York, was elected regional
vice. president for the Midatlantic
division.
The president Miss Stoermer, is
widely known among the members Of
the Washington Bank Women's Club.
RIIHkNEP ACTC 0IIIHkI Y