Evening star., 1935-02-01
TRANSIT EARNINGS
SAG IN DECEMBER
Revenues Up 1853 Per Cent
Above 1888, but Costs Rise
31.9 Per Cent.
BY EDWARD C. STONE.

Transit Co. in December amounted to
S89,210.91 as compared with $1l8,-
392.58 in December, 1888, a drop of
$29,181.67, according to the monthly
financial statement filed today with
the Public Utilities Commission. The
reason for the difference is that while
operating revenues showed gain OF
159 per cent, operating expenses in
creased still more rapidly by moving
up 81 g per cent because of an increase
of between 500 and 600 employees since
December a year ago, higher fuel
costs and other added expenses.
Operating revenues totaled $751;
947.8l against $664, ,628l2, an increase
of $l03,319.69. Operating expenses
called for $529, ,9652 % compared with
S401, ,699.05 in December, 1888, an in
crease of $128,266.23. Addition of
taxes and depreciation brought this
figure up to $636, 1884 in comparison
with $500 2,863.6 sc, an advance of $133,-
329.68, leaving a total operating in
come of $l31,754.47 against $751;
764.46 year ago, a decrease OF $780,
oo9 90.
incorporating revenues amounted
to 3,595.26, while in December, 1888,
this item stood at S13,227.45. Gross,
less operating expenses, taxes and de-
probation, totaled $145, ,349.73 as COM
pared with S174,991.91 year ago,
falling off of $29,64218. Deductions
from gross called for S56,13s82 against
$56 6,599.33, decrease of S46O.5l, leav-
O
OF nearly 100000.
December was the first month
under the second year of consolidated
operations, making vital monthly
comparisons possible for the first time.
During December 1884 the Capital
Transit Co. carried 16,696,132 pas
sengers, compared with 12,390,638 in
December, 1888, or an increase of
BAT per cent.
The report for the full year 1894
was also filed with the commission
today, showing operating revenues of
$8,457 ,60080. operating expenses,
taxes and depreciation of S6,970.-
1852, leaving an operating income
Of S1,487,175.18. Incorporating in
come stood at Sl68,11l.71, gross at
$1,655 ,28689 Deductions from gross
totaled S679, 1862. leaving a remark
able net income for the year of S976,-
l06.27.
During the - months 177,553, 1893
passengers were carried on the COM
pany's lines, indicating that the
claims made a year ago that street
car business in Washington could
never be revived, were a bit prema-
ture.
Pledge Aid to President.
Ralph T. Crane of Brown, Harri-
man & Co., Inc, and John M Han
cock of Lehman Bros, New York, as
sured President Roosevelt yesterday
of the cooperation of the Investment
Bankers Association to assist in re-
opening the capital market. Mr..
Hancock announced the appointment
OF a committee of seven, headed by
himself, to cooperate with the vari-
GUS Government agencies affected.
The committee, in addition te Mr.
Hancock, is composed of the solloW-
ing: Charles S. Cheston, Edward B.
Smith & Co., Philadelphia; B. How
ard Griswold, Alex Brown & Sons,
Baltimore; Roy C. Osgood, First Ma
tional Bank, Chicago; Sidney j.
Weinberg, Goldman Sachs & Co., New
York; Dean Witter of Dean Witter &
Co., San Francisco, and Orrin G.
Wood, Estabrook g. Co., Boston.
Mr.. Crane is president of the In
vestment Bankers Association.
Business Setback Doubted.
"The comparative soundness of
business conditions and the prospect
of gradual improvement seem to be
eliminating from the minds of most
business men any idea of either a
serious setback or fortuitous stimulus
leading to any substantial and i'm
mediate advance" says Banking pub
1ished by the American Bankers As
sociation, in its February business
review.
What is now counted upon is a
steady though perhaps slow improve
, ment. Recovery depends on the Sue
cess of the Governments efforts to
restore the normal functioning of
private capital. In all probability it
Is the unanimous hope of business and
banking that these efforts continue
with aggreSSiveness and sincerity"
the review says.
"One feature dominates the situa-
ton in these early weeks of the new
year. 1t IS general recognition of tie
comparative Solidity and stability of
fundamental business conditions, not
withstanding such fare-ups as the ex-
citement over the gold clause cases
before the Supreme Court.
Indeed, the tendency of business
undoubtedly is to discount unfavorable
developments so far as they can be
foreSeen at this point. There is, natu-
rally, no disposition to overlook the
possibility of future difficulties, but
there seems to be an almost universal
recognition of the country's progress
toward recovery during the past year
and realization that favorable con-
ditions are operating with increasing
force. To say the least, the gains
made should be held"
Today's Trading on Exchange.
Woodward & Lothrop common was
active on the Washington Stock EX-
change again today, four consecutive
sales of 25-Share lots taking place at
%, unchanged from yesterday. In the
bond division Washington Gas IS,
1860, were again strong, $1,000 bonds
selling at 1111s, same as yesterdays
close Railway & Electric Is recorded
q $500 sale today at par, this COM
pleting the days business. Other bid
and asked prices were practically un-
changed.
Given Virginia Territory.
Fred o. Lyter, assistant superin-
tendent of agencies for the Connecti-
cut Mutual Life Insurance Co, rep
resented the home Office at a dinner
held yesterday in honor of Edward
Won Deck. Mr.. Won Deck was re-
Gently appointed to the post of district
agent for the Connecticut Mutual in
certain portions of the State of Vir-
ginia. The dinner was rendered by
the John L. McElfresh Agency, repre-
sentative for the Connecticut Mutual
in this section. Mr.. Won Deck had
served as cashier for this agency for
the past six wears.