Evening star., 1932-06-10
CAPITAL TRACTION
NET IN DECREASE
May Figures Show Drop of
$33,072 From Same
Month in 1881.

decrease of S33,O72 90 in last
months ret income of the Capital
Traction Co., as compared with the
the May operating statement made pub
lie today following the monthly meeting
of the board of directors.
With local traction companies still
suffering heavily from taXicab and bus
competition, the statement reflected a
loss also of 622 755 revenue passengers
during May under the same comparison
OF figures.
Loss in Passengers.
The company earned a net income of
$l7.S8622 last May, while the net in
come for the five months ending May
81 was s69,720.60. This latter figure
showed a decrease in net income of
Sl59,43614 when compared with the
same period of 1881. The loss in rev.
enue passengers during the last five
months reached the formidable total
of 2,798,247. which is an index to the
steady encroachment Of competitive
conditions. The total revenue passen-
gers during May was 3,494.9O4 and the
total of all passengers 4,893 $40. The
five-month period ending May 81 was
3.642,l22.
Operating income for May WIS re-
ported rs S48l7l53 a decrease Of S32,-
9366l compared with the same month
wear ago. The decrease in operating
income during the fivemonth period
under a similar comparison WIS given as
$l58 903 43.
Gross income was s49,423 &c for May.
a decrease of s32 907.76 compared with
the same month last year: the gross in
come for the tive-month period was
1922 .34735 indicating a decrease OF
$3.50 39804
Despite the losses in income. divi-
dend at the rate of 25 cents share was
declared at yesterdays board meeting.
Trading Light on Exchange.
Bonds held the spotlight in quiet
trading on the Washington Stock Ex-
change today, with Washington Gas .6S
B moving at l01i2 and Potomac EXC
tric 5l2s preferred at the same figure.
After call Washington Gas IS sold at SO
in two lots of $1,000 each
Capital Traction stock held around
its recent bid price of 1912 despite the
unfavorable earnings statement which
was issued today.
Business Failures Fewer.
Dun's insolvency index for the first
week of June at 1888. compared with
1920 for May and 1880 for April, re-
fleets some recession in the record OF
business failures for June as compared
with the figures for earlier months of
the year, according to this agency.
Tax on Checks.
Washington bankers. as is the case
with bankers throughout the country.
are compelled to face the necessity Of
acting as tax collectors for the Govern
ment beginning June 2l.
Under the newly enacted revenue law,
2-cent tax on checks and 10-cent
tax an safe deposit boxes goes into
effect on that date In framing the law.
Congress passed the buck to the banks
in the matter of collecting the tax at
the source and reimbursing the Gov
ernment.
The matter will be given attention
during the District bankers convention
at White Sulphur Springs and a form
will have to be agreed upon for the use
of all local banks. The collection will
intail a considerable burden on all
banks
Back in. 1898. when the Spanish
American War necessitated the impo-
sition of stamp taxes, the banks were
relieved of the burden OF acting as tax
collector Stamps were affixed on each
check by the individual taxpayer.
Under the method now to be employed,
however, the banks will have to keep
separate accounts for each customer,
adding up the tax at the end Of each
month and reimbursing the Government
for the total amount of the taxes.
Opens School in Berlin.
International Business Machines Cor
u-hich hac q hr9nnh this
city, has Just opened up a school of
instruction at Berlin. Germany, for new
members of its sales organization in
Central European countries. This school
will be maintained in addition to open
ing a school for student salesmen at
Endicott, N. Y. it was announced.
The directors of the Real Estate
Mortgage & Guaranty Corporation at a
recent meeting declared semi monthly
dividend CT 3 per cent on the preferred
stock of the corporation. payable July /
to stockholders OF record at close Of
business June 20.
At the annual meeting Of the stock
holders of the corporation held yesterday
the following directors were elected:
Henry L. Breunlnger, L. E. Breuninger,
Arthur Carr. Charles A. Garry. Wade H.
Cooper. Fred Drew. T. c. Dulin, c. S.
Duncan. Edward c. Ernst, Sol Lans-
burgh. William MuehlelSen. Horace G.
Smithy Thomas Somerville Thomas
Somerville. jr.; Anton Stephen and w
F. Stickle.
The following were elected officers
Chairman of board. L. E. Breuninger
president, Arthur Carr; vice presidents
Thomas Somerville and Horace @
Smithy; secretary, w. F. Sickle;
treasurer. Anton Stephan assistant sec
retary. Roy E. Bebermeyer, and auditor
Robert E. Hazell
Department Store Sales.
The Fifth Federal Reserve district
which includes Washington, leads the
United States in the smallest decline in
department store sales during May, due
chiefly, the Richmond Reserve Bank re-
ports, to the favorable showing made
by Washington, D. c.. stores"
Sales in the fifth district averaged
only l8 per cent less in dollar amount
according to figures from SO leading
stores, than the sales in May. 1881
This compares with decline of "a pei
cent reported in $40 stores in the United
States.
The decline in Washington was 12.s
per cent as reported from eight stores.
OUTPUT OF ELECTRICITY
DECLINES DURING WEEK