Evening star., 1932-09-09


earnings the di- M ~
rectors of the Capt.
tai Traction Co. at
their regular meet Frank NJ. Totten.
ing held this mcrn-
ing decided not to declare any dividend
payable On the company'S STOCK as OF
october l.
reductions in salaries made effective
April and again on August l, coupled
with other economies, have been eftec-
tive in counteracting in part the loss
in revenue. Although the savings in
total wages paid have been material,
they have been accomplished without
the necessity of laying off any msn.
THE economies are reflected in the
report for the month of August, which,
while showing a sharp falling on IN
revenue as compared with August, 1881,
shows an improvement in net results
from operations"
August Earnings Reveal Deficit.
The August report referred to by
the Capital Traction directors revealed
a further reduction in earnings. OPP
Grating revenues totalled $237, ,725.b4
against 1894 4,135.46 in August, 1881,
a decrease of Sz6,40982. Operating ex-
penses and taxes demanded 1922, ,534. IL
in comparison with 1,658.75 in the
like period last year, or reduction
in expenses of S29, ,124.64.
Deduction Of operating expenses
from operating revenues left an op-
Grating income for August OF Sl5,l .55
against $l2,476.7l, or a gain OF So
7i4.92, these figures being practically
the same for the gross income IN,
terest on the bonded Indebtedness ana
roIled fnT G3O Sg6 W.
compared with S3o,05626 a year ago,
an increase of S76976. These deduc-
tions from gross put the company IN
the red. leaving a deficit in net IN
come of SIS, 1855 against a deflclt OF
S17.408O3 in August, 1881.
Revenue passengers, the decidlng
factor in income, totalled 2,873,573 IN
August this year, against 3,l53,4l6 III
the corresponding month last year,
decrease of 279,845. Revenue pas
sengers for the first eight months OF
the present year totalled 26,554,1 ITO
against 80 0,8e0,13O in the same period
of 1881, or a decrease of 4,336,ol4.
Eight Months Totals Better.
While Capital Traction was in the
red in August, such is not the case
for the first eight months of the year.
Operating revenues showed a decrease
of s447 7,137.03. At the same time oper-
ating expenses and taxes were reduced
S227, ,72946, leaving an operating m
come of $780, 1892 compared with
S5OO165.79, a decrease from the same
months a year ago of $219, ,407.57.
Gross income showed practically the
same decrease while bond interest and
other deductions called for S1,Se8.18
more than last year. These deductions
left a net income for the first eight
months Of 1882 of S43, ,364.41 In COM
parison with $3.50, ,029.02 in the same
period in 1881, or decrease OF S222,-
664 81 in net profits up to September l.
The above figures paint a vlVio pic
ture showing why the dividend on Cap
ital Traction stock had to be omtteo.
Revenues have been falling off for sew
eraI wears, private automobiles first
causing the downswing. Next came the
buses which in some sections made
severe dent in street car earnings. TO
cap the climax, along came 5000 or
more taXicabs which cut their rates to
20 cents. That was year ago In
August, the taxi situation later forcing
the traction dividend down to 81 year.
Several years ago the stock paid ST
q year and sold well above 500 share.
The other day the stock sold at 7.
fotten Stirs Junior Bankers.
Frank M. Totten, vice president of
the Chase National Bank, New York,
made a brilliant address on the value
of education before members of Wash
ington Chapter, American Institute of
Banking, at the Raleigh last night
Those present included the officers.
board of governors, conSuls and men,
berS of the faculty. making a record
attendance for the Fall dinner. The
former national president Of the inSti-
tute has seen the value of banking
education through the development OF
bankers all over the country and he
was most convincing in his plea for
higher education last night.
Robert H. Lacey, Educational Com
mittee chairman, presided. Richard A.
Norris, chapter president, outlined the
coming years courses, while Robert E.
Lee, membership chairman. said that
the committee is making a special ef-
fort this year to get more bank officers
and directors to attend the institute.
The very light turnover in bank per-
Sonnel has made it more difficult to
obtain new members. An active drive
is on, however, and large attendance
is expected.
Paul j. Seltzer, chief consul, referred
to the work the key men are doing in
all the banks as statesmen of the in
stitute's courses. Enrolment starts next
Monday night. This years faculty in
cludes Raymond B. Dickey, dean; Eliot
H. Thomson, F. Joseph Donohue, Boil
tina j. Laws, James D. Cushman, Will
liam @. Buchanan, James C. Dulin,
Theodore Coggswell, Harold w Burn
side, DR.. George L. Farnham, Frederick
P. H. Siddons, Elmer L. Kayser and
Howe p Cochran.
Dean Dickey spoke briefly for the
faculty. pointing to the long service
some of the members have rendered
c. H. Pope. president of the District
Bankers Association, said that if every
student in the institute would get one
new member the problem of a larger
enrolment would vanish. He also said
that the Bankers Association would
never have supported the chapter for
81 years unless splendid work had been
accomplished.
Bonds Lead Exchange Trading.
Bonds we're in the best demand on
the Washington Stock Exchange today,
the market opening with 81 900 Rail-
way & Electric As selling at 83R.
Washington Gas SIS figured in twopSI 900
sales at I01 and Washington Gas AIS
noted a $1,000 transfer at 81. Stock
sales were confined to Potomac Electric
Power preferred issues at unchanged
prices. Traction closed at bid and
100 asked.