Evening star., 1933-05-24
CAPITAL TRACTION
NET DROPS S8,71S
April Figures Show Decline
From Total Earned in
Same 1882 Month.
BY EDWARD C. STONE.

S6Sl2 in comparison with SZz,coo'oo III
the corresponding month year ago OF
a drop of $8,718.43, according 10 the
April financial statement filed with the
Public Utilities Commission To-Day.
The traction company reported oper-
atinr revenue of $252099 against
s2eS' '2o6 50 in April, 1882, a slump OF
sac, 1o6.97, while operating expenses
called for sl91,25643 against $685.
6Ss,18 in the like period year ago, or
"a reduction in operating costs OF S34'-
43275.
After payment of taxes net operating
Income totaled S43, ,309.07 as against
S5O.812.76 last year. Gross income was
S7,986.03 lower than last year, while
deductions for interest and other pur-
poses called for s31 1902 compared
: with S30,42462, an increase of $732. Az
and leaving the above stated net income
! for the month under review.
. The Capital Traction lines in April
carried 3,012.787 revenue passengers
against 3,528.653 in the same month
: wear ago, a difference of 5l5,866, caused
| largely by taxicab, private automobile
and bus competition.
! For the first four months of the pres
ent year the Capital Traction Co. re-
ports a deficit of $4,04420 against a
; profit a year ago of $50,834.38. There
has been a falling off in revenue pas
sengers SO far this year of 8l4,l48.
April net income, however, was more
than $4,000 better than the March
showing.
While the financial report makes no
reference to merger progress, yet 1t Is
understood in the financial district that
Capital Traction officials are making
excellent progress in working out plans
So nf cfnpk u-hon fhp
consolidation takes place. What the
offer to present stockholders will be is
still secret, but the proposal has to
be made public in the near future.
New Investment Firm Formed.
L. Clark Brown and Wilfred L. Good
Nyn, jr., today announced the formation
of the investment firm of Brown. Good
wyn g. Co. Both of these men were for
a number of years representatives OF
Harris, Forbes & Co. in Washington and
Virginia and subsequently represented
Chase Harris Forbes Corporation.
The new firm will have as its New
York correspondent Holsapple, Stafford
& Co., members of the New York Stock
Exchange. The personnel of Holsapple,
Stafford & Co. comprises number OF
former Harris-Forbes men. Earl Hol-
sapple was partner of Harris, Forbes
d Co. and George Stafford head of the
trading department of this firm.
: Brown, Goodwin & Co. will conduct
sits business at 903 American Security
Building, the space formerly occupied
by the Chase Harris Forbes Corpora
ton.
The members of the new firm are well
anc favorably known in the local finan-
5ciai district. With a. rising market in
10th stocks and bonds, they consider
they are starting in business at most
6pportune time.
; Business Called Better Stabilized,
Business appears better stabilized to-
day than in long while, according to
President Wilson c. Wing of the Ma
:fional Association of Mutual Savings
Banks. Addressing the first session of
that organizations 1888 conference in
Swampscott, Mass, today he added
that even the slight betterment of en-
.ployment and wages was having a good
effect upon business and was SYM
tomato of encouraging improvement to
come.
President Wing emphasized that the
last year had been the stormiest in
American banking history, but pointed
to the record of mutual savings banks
as the high light of the deflati.nary
period. I'VE may reafirm today as we
have always affirmed, the mutual saw
ings bank continues to be the best
place for the money of the average
citizen. The entry in a savings bank
passbook is one value that has not
declined.
In critical time it has been the
special function of the mutual savings
banks to serve as first line of defense
for depositors. How they have met the
need Is known. In period when ready
money was hard to get, our banks paid
unlimited millions to depositors In
doing so they have maintained the
great basic principle that a mans say
ngS are his rainy-day fund
The present impetus to business
should produce an opportunity for
millions of prospective savers who have
had no surplus. but who will make
earnest efforts to acquire reserve for
the future"
Today's Trading On Exchange.
Potomac Electric Power 5l2 per cent
preferred sold at 1867 ex-dividend on
the Washington Stock Exchange today
same as the last previous sale.
Ten shares of Norfolk & Washing
ton Steamboat stock moved at rs fiat
on the local exchange today, that is,
without any conversion privileges.
This stock has been selling with con-
version privileges, since the recent ac-
ton by the steamboat company direc-
tors. approved by the stockholders, re-
ducing the outstanding stock from
Sl,00o,000 to $500,000 and calling in
half of the outstanding issue.
In previous sales it has been pos
sible for the buyer to take half of his
purchase in stock and convert the other
half into cash. The board of COVER
nors of the exchange decided that i.
would be simpler. to keep the sales sep
arate from the redemption privilege,
and so voted at yesterdays session.
Todays price of rs per share is very
close to the previous price for this
stock
Washington Railway e. Electric pre-
ferred. which changed hands yester-
day at 86l2, eX-dividend. was quiet to-
day. Anacostia &, Potomac Railway SIS
sold on the exchange yesterday at 80,
same as other recent transfers in this
issue.
Moves in Securities Compared.
How the holder of domestic bonds has
Jared during the depression in compar-
ison with stockholders, is the subject
of study just made public by Roy S
Monger. president Of the Reconstruction
Bond Portfolio. an investment trust.
Taking January l. 1929, as date for
valuing both bonds and stocks. the
average value on that date of all do
mestic bonds listed on the New York
Stock Exchange was $979.80 per 81 .O0O
bond AS of June !, 1882, which was
the lowest point reached! the average
value per $1,000 bond was s735.70
showing a loss of s244.10 or PAP pei
cent.
Stocks, on the other hand, had an
average value of 5000 per share or
January /, 1929, and declined to an
average value of S11.89 per share, Oh
1858 per cent by July l. 1882, which
was their low point. Bonds. therefore
declined less than stocks and began
their upward climb sooner than stocks
did
On February l. 1888, before the bank
1,,o laelarad tho