Evening star., 1933-05-01
CAPITAL TRACTION
! MARCH NET $2,M3
Sharp Decline From Year
Ago Is Shown in In
come Report. Ii
RY EDWARD C. STONE.

ehis wear, the February return showing
q deficit of over $4,000.
Operating revenues in March totaleo
$3.50. S68. 70, against S295,860.4O in the
like period a year ago, decrease o!
s38. e9l.61. Operating expenses and
taxes took away S224,009.70, compared
with S247,63620 in March. 1882, re-
duction in expenses OF S23,o2o.5u, anc
leaving a net operating income for the
month of $32 5000, against S4o,22i-zo'
a decrease of Sl5,365.ll.
Non-operating income was slightly
lower than in March, 1882, while gross
income was down S16241.36. Interest
and other deductions called for S3l,-
O9O.78, leaving the above mentioned
S2043 As net income.
Revenue passengers numbered 3,2Oi'-
All during March, while year ago the
street car lines carried 3,541 ,685 paid
fares, a difference OF 34O,2l4.
fractions Report for Quarter.
CAPITAL fractions report for the FIRST
quarter shows operating revenues OF
$3.50, 1868, against 1857, 7727O, oe,
crease of over S127000. Expenses and
taxes tctaled 1856, ,O39.58. against $74O,-
721.e9. a saving of S84,682.4l, leaving
an operating income for the three
months of S741365O, against $117,-
O5O71, off S42,9l4.2l.
Non-operating income was some
what lower than year ago, SO tla1
the drop in gross was slightly more
than in operating income. Interest on
bonds and other deductions absorbed
$94,65475, leaving net deficit for the
first quarter of S17,4l2.32, In compar-
ison with net profit of $28, ,747.83 IN
the like period a year ago, difference
of S46, ,16015.
The Capital Traction lines carried
s123.6 revenue passengers in the first
quarter. In the same period last year,
payipg passengers totaled 10,42l $50,
aherence in favor of 1882 of 1.298, ,282.
Private automobiles, busseS and the
taxicab fleets continue to be the cause
of the company's drop in trafnc.
While the financial statement makes
no reference to the proposed merger
plans between the two street car lines
vet it is understood that officials are
working steadily on the proposals which
will be placed before the stockholders
in July for their approval. What the
Capital Traction will offer the stock
holders in the way of an exchange for
the present stock is not known; in fact,
the provisions of the offer have not
been completed. = But it is understood
that considerable progress has recently
been made along this line.
District Banks Reduce Loans.
The Federal Reserve Bank of Rich
mond reported today that about half
of the large volume of discounts held
by Federal Reserve Bank when the
banking holiday ended, has now been
paid off by the borrowing banks, and
the circulation of Federal Reserve
notes has also declined materially.
In its monthly review of credit, busi-
ness and agricultural conditions, the
bank said the banking holiday retard-
ed business in the Fifth District dur
ing the first half of March, but since
that time available reports indicate
that business has been in about the
same volume as in the weeks preceding
the holiday, with indications OF sea-
sonal increase in some lines.
Reporting marked change" in the
statements of condition of the Federal
Reserve of Richmond and of reporting
member banks between March Is and
April IS, it was said that member banks,
finding no unusual demand for cur
rency when they reopened following the
holiday, have reduced their cash In
vaults, lowered their reserve balances
at the reserve bank, increased their
investments in securities and reduced
t4lC lNoSlHS'
Deposits, both demand and time. were
said to nave advanced moderately,
although they have not regained all the
deposits which were withdrawn during
the weeks preceding the holiday. Debts
to individual accounts during the first
four weeks after the holiday were 1879
per cent below debts in the correspond
ing four weeks last year.
Cotton Consumption Up.
There was no Improvement in en-
ployment conditions during the period
under review except in some seasonal
work, and that was probably not up to
the usual level in amount. Coal pro-
duction declined both from the previous
month and from the same month year
ago, although West Virginia continued
to lead the country in output. Textile
mills in the district used less cotton per
day than in February, but cotton con-
sumption in the CarolinaS and Virginia
in March exceeded consumption in
March, 1882. South Carolina led all
States in average hours OF operation
per spindle in place during March.
Retail trade in the district averaged
29.2 per cent less in dollar volume
under March, 1882, but in view of the
banking holiday this year and the oc-
currence of Easter in March last year
the record in March this year was said
to be favorable.
Wholesale trade in five representative
lines was less than last year, but better
than in February this year.
Daylight Saving Under Way.
DAYLIGHT saving started off in the
local brokerage houses under exciting
conditions today. The New York Stock
Exchange opened at 9 o'clock, every
board room in the city being thronged
with SPECTATORS and investors, in spite
of the earlier time. Everybody seemed
to remember that the Summer schedule
was in effect
The opening was one of the most ac-
tive since the wild days of 1929, when
stocks we're boiling at every session.
The volume today was faster than the
tape could handle and the substantial
advances over the week end caused
great deal of enthusiasm.
The Washington Stock Exchange has
not yet changed to the Summer time,
today'S session opening at 11:15 O'Clock.
The frs sale was in Potomac Electric
Power per cent preferred, which
moved at 108A.
Capital Traction stock appeared on
the board in very small scale at s
while Mergenthaler Linotype registered
q new high on the present move when
three shares sold at 25.
Washington Railway & Electric pre-
ferred figured in a 15-share turnover
at 8012.
Heard in Financial District.
The Departmental Bank was making
q payment of 90 per cent to deposit
tors today while the North Capitol Saw
ings Bank was making a payment of
1912 per cent. 1t was the second pay
ment by the Departmental Bank and
the first by the North Capitol Savings
Bank.
Agricultural prospects in the fifth
district are said to be better than at
the same time last year, and surplus
stocks have been reduced. One un-
favorable element is the. expected in
crease in tobacco acreage this year,