Evening star., 1932-10-19
CAPITAL TRACTION
. CONTINUES IN RED
Deficit Of s10,ss6 Revealed
in Net Income for Sep
tember.
BY EDWARD c. STONE.

b1 EDh AhD L. SlONE.
The Capital Traction Co. ran into
the red again in September, total net
income showing deficit of $l0,996.25,
compared with a net profit Of s9,452. 40
In September. 1881, according to the
monthly statement prepared for the
Public Utilities Commission. This Sep
tember deficit, added to the modest net
gain in the same month a year ago.
makes decrease in earnings for the
month amounting to $40. .448.74.
The figures present the same story
of keen competition with private auto
mobiles, buses and the army of taxi
cabs which swarm Washington streets.
Operating revenues in September totaled
S239 808 80. against S276,4lS.72 in the
same month last year, decrease of
S36,610.40. Operating expenses required
S202, ,128.40. compared with the higher
figure of S217.339.82 a year ago, or a
saving of Sl5,2ll42. Taxes showed a
decrease of S2,l31.07.
Deduction of operating expenses and
taxes left an operating income of Sl9,-
1881, against s39,0l7.82 in September,
1881. drop Of s19,26791. Non operat-
ing income was somewhat lower. In
other usual deductions called for $50
802 IS, leaving the above mentioned
deficit at the end of the month.
The financial statement for the first
nine months of the year is more favor
able. Capital Traction having a net in
come of S32 368.l6 in comparison with
S275,481.5 in 1881. While this net is
on the right side Of the ledger yet it
reveals a decrease of S243.l13.35 so far
this year. Revenue passenger for the
nine months totaled 29.471.74l against
34204.949 in the same period last year,
or a falling off 4,733,208 passengers.
In the nine months, operating
revenues dropped S843 74743. At the
same time operating expenses were re-
duced S185, 282 and there was a re-
duction in taxes of more than $4,000.
Bond interest and other deductions
called for s2,68663 more than last year
in the same period.
Fleming Lauds A. b. A. Convention.
Robert " Fleming, president of the
Riggs National Bank. back today from
the annual convention of the American
Bankers Association. at Los Angeles,
declared the sessions were most har-
monious throughout The very con-
troversal subject of branch banking did
floor of the convention but was referred
in resolution to the different sections
OF the association - national bank,
savings bank and trust company. The
different sections will give both branch
and unit banking careful consideration
before the next meeting of the A. B. A.
Council, Mr. Fleming said
The subject of branch banking is one
In which bankers themselves hold very
different views. In some sections of the
country it is considered highly beneficial
while conditions in other section make
the system less satisfactory This is
why the leading baakers of the country
considered it better to refer the matter
to each section for discussion rather
than bring it to vote at this time
Mr.. Fleming said the address of Sec
retary Mills of the Treasury was very
cordially received The Secretary dis
Cussed Treasury finances and outlined
the steps which the Government has
taken to meet present financial condi-
tions
Harry j. Haas, the retiring president
of the A B. A., made a brilliant ad-
dress. in reviewing the problems OF the
past year. the Washington banker added.
The manner in which he touched on
every phase of the associations work
delighted his hearers.
Another outstanding address was
made by Mr.. Shoup, vice chairman of
the Southern Pacific Railroad, in which
he discussed the tremendous burdens
of national. State, city and other taxa
ton. stop Spending" was the solu-
ton which he advanced to meet the
present situation.
Mr. Fleming reserved further COM
ment on the convention for the report
H. ,,-;11 % hn niCtr ~
Bankers Association. AS already noted
he made very important report to the
A. B. A. on national legislation and was
re-appointed for another years service
as chairman of that committee.
HYDE Made Southern Director.
John B. Hyde has been elected vice
president of Southern Railway Co. in
charge of the treasury. construction,
purchases and real estate departments
with headquarters in Washington, sue
ceeding F. S. Wynn retired. Mr.. Hyde
formerly was connected with the South
erns law department as general solicitor.
Washington Railway & Electric pre-
ferred stock got all the attention on
the Washington Exchange today. 1t
opened at 80 and closed at 1914 on
light turnover.
Loft Inc, reports sales for the first
nine IIlUlIIlS Vi lSoZ VI 49, low '.lo,
an increase of $3.50, ,209.76, or 3.15 per
cent over the same period of 1881.
John Poole, president of the Fed
eral-American National Bank g. Trust
Co. will be the POSTMASTER at the din
ner Saturday evening of bank auditors
and controllers who hold q tWo-day
conference here on Friday and Sat-
urday: The dinner will be the closing
feature David Lawrence is to be one
of the chief speakers. The attendance
from out of the city promises to be
highly satisfactory, the committee re-
ported today.
Henry H. Heimann, executive director
CT National Association of Credit Men,
scores growing practice of many organi-
cations to resort to bankruptcy in order
to avoid lease obligations
Alvan Macauley, president of Packard
Motor Car Co., says that with 100000
cars being junked this year. and only
! 100000 new ones taking the road,
prospects for sharp stimulation in auto
mobile demand are brighter than for
several years.
Motion Picture Daily reports that 119
firSt-run motion picture theaters in 20
leading cities of the country showed
gross receipts of S1,605,873 in the week
ended october 7, gain of S34,565 over
the preceding week.
a@ulNr Al AUs-@al-