Evening star., 1935-05-28
TRANSIT EARNINGS
EXCEED YEAR AGO
April Net Totals $119,395,
Against S98,198 for Same
1884 Month.
BY EDWARD c. STONE.


Co. In April totaled $ll9,395.65,
against s98,19823, a gain of S2l,ls7
over the like month year ago, ac-
cording to the monthly financial
statement filed today with the Public
Utilities Commission. This is jump
of 21.6 per cent and one of the very
best months for net earnings since the
merger of the street Car lines in De-
cember. 1888.
Operating revenues in April amounted
to s796,82467, in comparison with
s713.790.44 a year ago, an increase OF
S83O34.23 or over II per cent. OPP
Grating expenses, taxes and deprecia-
ton required S634644.31. compared
with S572.8S0.72. an increase in op-
Grating costs of s61,76359 or 1913 per
cent.
Deduction of operating expenses left
an operating income of sl62, ,18O.36,
against Sl40,90972, up S2l,270.64, or
Is per cent. Incorporating income
amounted to Sl3,47282. gross totaled
S175.653.l8 and deductions from gross
called for S56257.33, leaving the
above mentioned net of more than
$4,000.
The number of revenue passengers
carried in April not only maintained
the remarkable record since conSollda-
ton of the two traction companies,
but revealed II per cent gain. Reve-
nue. passengers totaled 1858, ,103, COM
pared with 10,769, ,264, an increase OF
1.848,S39. Perhaps the high light in the
report is the fact that operating costs
we're kept lower than the substantial
increase in operating revenues. The
report is much better than the March
statement, when net earnings totaled
Ss8,600
Four Month Report Filed.
The Capital Transit Co. also filed a
report for the first four months of
1885. showing operating revenues Of
S2s95. .5o35e, gain of 1863 S90.37, or
10 per cent.
Operating expenses. taxes and de-
preciation stood at S2543 .850.66, as
gain of s363313.68. or 167 per cent
and considerably more than the in
crease in operating revenues, leaving
an operating income Of S45l ,652 93,
as compared with S545, ,136.24, drop
OF S93 483.31. or Ill per cent.
Gross was lower than in the first
four months of last year, deductions
from gross were higher leaving total
net income of S282 06 compared
with s371 1,720.43, off s69,509.37, or "a
per cent.
Revenue passengers in the same
period totaled 48,765,70l against Al
349750, an increase of 7,415,9 ,95l. or
almost 18 per cent. While the four
month report shows net earnings be-
hind last year, the April figures are
sure to renew dividend talk among the
stockholders.
Banks Aid Auto Financing.
Bank officials report that some
banks in the Capital now are making
loans to patrons for the purchase OF
rev automobiles at the lowest rates
on record. AS an illustration. a bor-
rover can obtain s400 on new $500
car at an initial financing cost of
about S39. This amount includes
yearly interest on the $400 at per
cent or $40. plus s11 as fire. THEFT
and liability insurance on the car, So
insurance as protection for the bank,
and a SO fee covering investigation
of the customer asking for the loan,
etc. making the total of S39. The
above figures are in round numbers.
As a matter of fact, the financing
costs are a little over s38. In most
cases. the borrower Is asked to pay
eff the installments in II months.
While the banks here are making
no special drive for this type of busi-
ness yet a good many such loans are
reported The banks also are taking
some paper from automobile financing
companies. The large number of sales
of new cars in Washington is no doubt
due partly to the aid given to bank
depositors in the form of low financ-
ing rates.
Effective July l. the rate on savings
deposits in Baltimore banks will be
reduced to ? per cent on the first
$4,000 and l per cent on all balances
in excess of that amount At present
the rate is 2 per cent on the first
$4,000, 1l2 on the second $4,000
and | per cent on the balance. Mutual
savings banks in Baltimore have re-
duced the rate on demand deposits
to "a of l per cent, already effective.
Subscription books for the current
offering of Home Owners Loan Corp.
1l2 per cent bonds of series F-l939,
offered only in exchange for Home
Owners Loan Corp 4 per cent bonds
of series of 1933-51, will close with
the close of business tomorrow.
Capital Transit Stock Firmer.
Capital Transit stock was flrmer on
the Washington Stock Exchange to-
day, with only one sale being recorded.
Nine shares changed ownership at
15Ss, a gain of "a since yesterdays
close. The final bid was 1514 with
16 fiat asked.
Washington Railway & Electric
preferred moved in two 10-share lots
at 10494 and Lanton Monotype again
sold at so. A single share of Potomac
Electric Power 5l2 per cent preferred
stock sold at 1925.
The bulk of the days trading took
place in Capital Traction SIS, the
bonds opening at 96l2 and closing at
g.. Six consecutive 81 900 sales were
recorded Washington Gas IS, Series
B, also appeared on the board. $1,000
changing hands at 104