Evening star., 1934-09-24
v. R. 7. D|SCLOSES
HIGHER REVENUES
Deficit Drops to Only S316
in August as Result of
Larger Receipts.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
First of the August utility financial
reports, filed today by the Washing
ton Rapid Transit Co. with the Public
Utilities Commission, showed d gam
in operating revenues but oeficit
after all operating costs had heen met
This report and the summary fer the
first eight months of the year re OF
special interest now that the Capital
Transit Co. has expressed an ardent
desire to buy the bus corporation at
what is considered by some transpor-
tation experts as too high a figure
Operating revenues of the Wash
ington Transit Co. in August totaled
S29, ,34891 against S26,793,27 in the
same month last year. or an increase
of S2,555.64 Operating expenses and
taxes called for S29.66584 as COM
pared with S32, ,O52 81 a reduction in
operating costs of S2.38703. This
left a deficit in operating income OF
S31693 against deficit in August,
1888. of S5259.60.
Deductions from gross this year re-
quired 81 2240.82 in comparison with
S3.l9180 in the same month last
year, or a saving of S94098. These
deductions left net deficit in August
of S250974 against a deficit in Au-
gust. 1888, of S8,363 50, which means
an Improvement of S5, ,85380.
Eight Months Profit Shown.
Washington Rapid TranSitS finan-
cial statement for the first eight
months of 1884 shows the company
well out of the red. Operating rev.
enues totaled S26982191 as COM
pared with S246,04 "a, an increase
of S23. .776.07.
Operating expenses and taxes de-
manded S246,065.37. while in the first
eight months of 1888 operating costs
were S264, 4,3O926, which means a re-
duction so far in 1884 of S18243 49,
Operating income amounted to S23,-
1854. in comparison with a deficit
last yea. of S18,26342. This means
an improvement to September l of
S42.01996.
Incorporating income amounted to
S52997 against S68694, off S15704.
Gross less operating expenses and
taxes stood at S24286.44 as against
a deficit of sl7.576 48 a year ago. or
a gain this year of SAL 1862 90. The
usual deductions called for ST.
76477 against S24.4O464 in 1888, or
a saving of S6,63987
For the eight months the bus cor
poration reported a net income of
S6,52176, as compared with a deficit
in the like period a year ago of
SAL ,98112. or an increase in earnings
this year of S48,502.79.
n. r. A. Seeks Reform Fees.
officials of the Banking Code Au-
thority. pressing for immediate action,
are seeking N. R. A. approval of a
provision whereby a three -fourthS
majority of banks in any given region
may initiate uniform system of serv-
ice fees. This is the third attempt
to establish minimum bank service
charges.
It is held in support of the pro-
posed amendments that not only are
service charges in line with sound
banking practice, but that establish
ment would offer a means of aiding
the financial community to meet pay
mentS for code maintenance.
While budget for this purpose has
not yet been presented to the recov-
cry administration, the code modiflca-
tions call for equitable contributions" :"
To this end they contain a provision
that the code authority may institute
legal proceedings in its own name to
secure payments.
N. r. A. has carefully refrained
from entering the code budget field
in any way as a collection agency.
However, the plan for legal proceed
ings, embodied in the banking altera-
tions, says today's Wall Street Jour-
nal, was drawn recently by the legal
division of the recovery adminiStra-
ton, and suggested quietly to all code
authorities as an amendment to eX-
isting agreements.
Munsey Declares Dividend.
Directors of the Munsey Trust Co.
have declared the regular quarterly
dividend of l per cent and an extra
disbursement OF one-quarter of l per
cent, both being payable on october
l to shareholders Of record Septem-
Der 81, according to announcement
by Vice President c. H. Pope. The
stock has been on the per cent
basis for a long time.
Construction contracts placed dur
ing August were slightly higher than
in July and were 13 per cent greater
than the total for August, 1888. ac-
cording to F. NJ. Dodge Corp. Con-
tracts awarded during August totaled
S120,244,500, which compared with
S119,698,800 in July this year and
Sl06,l3l 100 in August last year. For
the first eight months of 1884 con-
tracts awarded totaled S1,093, 1862 300,
compared with $500, ,937 500 in the like
period of 1888 and 1925, 1886, 500 in the
similar period of 1882
Washington brokers expressed the
opinion today that the Federal Re-
serve Board will issue the new margin
requirements, under the terms of the
securities and exchange act, in a very
short time. The rules are to become
effective on October l and special
efforts are being made to get them
out before that time to give both
brokers and customers a chance to
study them.