Evening star., 1932-08-25
CAPITAL TRACTION
I DEFICIT REPORTED
July Figures Show Drop of
S13,O36 From Same
Month Last Year.

net income of S9,438.61 for July, 1851,
according to the monthly report filed
with the Public Utilities Commission
today. This is decrease Tor July as
compared to last July OF S22,475.ZE.
Operating revenues dropped off by
S59.524.97 from July last year to
S247, 7,3O1 93 for this July, while operat-
ing expenses and taxes dropped py
S37.947.12 to $3.50, ,395 900 this July.
Revenue passengers decreased from
1859 ,280 in July, 1881, to 2,907,372 TINS
July, a decline of 58l ,90S.
Seven Month Period.
For the seven-month period, Capital
fractions net income after interest,
taxes and depreciation showed profit,
instead of a deficit, but there was
Sharp falling of from the seven months
of 1881. Net income dropped from
s283, ,437 for the 1881 period to 58,860.36
in 1882. a decrease of S224,576.69
Operating revenue fell from S2,39l.-
l2l. .56' to S1.970,39435, a decrease OF
S42O.727.21 for the same period, while
orerating expenses and taxes took
drop during the same time from ST.
e03,432.4S to 81, ,7o4, 1927 sc, decrease OF
s198,6O4.S2.
Revenue passengers declined from
27.73G,7l2 in the 1881 period to 23,-
68O.543 in the 1882 seven months, a
drop OF 4,056, 169.
Washington Rapid Transit Co. re-
ported to the Public Utilities Commits
sion a net deficit of S8,860.67 for July
of this year, as compared with deficit
of S7,99061 for July, 1881, an increase
in the deficit of S770.06.
The deficit increased from $9,253.25
Of n
938 O2 in the comparable period Of 1882,
an increase in the deficit of $24, ,684.77.
Trading on d. c. Exchange.
washington Gas Light Co. bonds were
active again today on the local eX-
change, providing the entire volume OF
trading. FiveS sold on a rising mar
ket, the first ST, 900 bond going at 1Ol Is,
a fraction higher than last sale, and
two more changing hands later at
1O1l4. Skies, B series, however, sold
at 100, two points below prior sale.
Credit Becomes Easier.
Washington banks generally are cas-
ing up on credit for commercial buSl-
ness, according to a leading local au-
thority. They are still very hesltant 10
loan for stock market purchases, but
have made more fumes available for To-
cal business, which should be help tc
trade here in the Capital, 1t was said.
1T is good business. for the banks,
this authority said, Ito help merchants
to get II new stocks before prices go
up much farther"
Bankers Convention.
washington bankers going to the an
nual meeting of the American Bankers
Association will witness the 1852
American banking exhibition which VIII
be held at the Biltmore Hotel in Los
Angeles, october ! to 5, as specia! Tea
ture of the convention. The eXnloltS
will include displays and demonstra-
tions of actual banking practice. tech
rioue and functions. 1t IS reported
that space reservations have already
been made by many leading manu1ac-
turers and institutions providing Varleo
appliances, equipment AND service: A
number of new devices and methods
will be formally introduced at the con-
ventiou. "
Heard in Financial District.
Thomas P. Hickman, vice president
of Franklin National Bank. Is spending
few days on vacation cruising on
Chesapeake Bay.
walker TANNER, manager OF the Ior-
eign department of Chase National
Rank of New York. is to ccnfer with
Norman E. Towson, manager OF the
foreign department of the Washington
Loan & Trust Co., tomorrow.
Foreign Trade Revival Planned.
In an effort to revive foreign trade
the American Manufacturers Export
Association has formally adopted
resolution that it devote itself TO the
task of acqusinting the American peo-
pie with the fundamental economic
truths that underly our position IN
world trade and its relation to our 60
mestic prosperity" The resolution
uoints out that the United States has
Niarge surplus productive capacities
which must be employed before the
United States can again hope Tor a
fair return on the capital invested IN
them and for high real wages. Inc
resolution refers to the large outlet Tor
productive capacities which foreign
trade afforded up to 1929 and deVotes
the association to an educational cam
paign aimed at Government and po-.
1itical leaders, financial, commercial
and industrial workers, agricultural,
mining and labor interests, to the end
that "our foreign commerce may be
given the opportunity to play Its part
in maintaining American living stand
ards and employing American capltal,
industry and labor"
The long-awaited bull market which
financial and economic experts nave
looked for as indicative OF the culml-
nation of the business depression Whlch
began in the Fall of 1929 is at hand
according to the weighted average opln-
ion of more than 40 leading authorizes
in financial and economic fields. Sc
c1lritv prices have been moving gen.
erally upward since the first week lr
.Tulv but the consensus of present opin-
ion will count the start of the bull
market, if it develops as anticipated
from the end of August, rather than
from the previous month.
This statement by Gage P. Wright
editor of the Business Economic. Digest
who weekly weighs and averages tnt
opinions of leading market observers
takes into consideration the widely helc
opinion that advancing security prices
in the last four weeks were corrective
of a reaction not justified by business
condition. rather than as indicative o
the forthcoming business trend. Thl
oninion considers that present price
are about in line with current condi
tions of business and sentiment, ant
that security prices henceforth may b
looked to to resume their faculty of dis
counting business conditions that ar
to come.
Company Cuts Down Loss.
The Atlantic Refining Co, who's
stock is widely held here, issued it
semi-annual report today showing 10
the six months ended June 80 ne
profit of s3,1S4824 after inventory ad
iustments. interest, depreciation, ce
nletion Federal taxes and int1ngibl
Development costs, equivalent to S1.18
share (par $3.50 on 2,696,642 shares c
common stock. This compares with
net loss of $4,O12,962 in the first hal
of 1881 For the quarter ended Jun
80. 80 net profit was s2,74s,8 ,824 after take
and charges, equal to $l.02 shart
comparing with net profit of s435, GOT
or 1S cents a share in the precedin