Evening star., 1936-04-01

~ ~ IS did gain, how
ever, was offset
ha"'h T. N0n'' by higher oper-
ating costs. Operating expenses called
for S675,0l421, an increase of S173,-
60374, or more than "a per cent over
the cost of operations in February,
1885.
At the same time taxes took $49,-
s81.2O, nearly $4,000 less than last
year. The item of depreciation
Jumped to $82,30496. which was
$3l,7l4 higher than year ago. Total
operating expenses, taxes and de-
probation amounted to S807 ,30037,
an increase of S201, ,511.76. or % per
cent. This sharp advance brought net
operating income into the red by
s17,79307, against a gain in Febru-
ary 1885, of S8l ,34207, which means
total difference in operating income
Of s99,135.14.
Incorporating income dropped to
S4,39306. against S12 40 last year,
making gross show a deficit of S13,-
40001. against an increase last year
of S93, 1856. Deductions from gross
S51.l2, as compared with S54,874.30.
and leaving the above mentioned drop
in net of more than $4,000. In the
face of this decrease in earnings, the
Capital Transit Co. carried 12.871.138
revenue passengers in February,
against 1851. .761 year ago. a sharp
increase of 1,509.377, or 1873 per cent.
Two Months Earnings Off.
Capital Transit earnings for the
first two months of this year were
also reported to the commission.
showing operating revenues of ST.
623, ,524.53, against s1440,472.17, a
surprising gain of s183,052,36, or 12.7
per cent.
Operating expenses, taxes and de-
probation totaled sl,602, ,926.91, which
was S322,54069 higher than last year
and jump of over 25 per cent. This
left a net income from operations of
only S20,59762, against S160,085.95 in
February, 1885, a decrease of more
than s139,000, or 81 per cent.
Incorporating income was of
$4,000. making gross stand g. little
over s157,000. The usual deductions
for interest took s1o8, ,727.6s, leaving
q red-ink total for the two months
of $79047.88, against a gain of STA
215.21 in the like period a year ago.
and placing the decrease in earnings
at s153,263.o9.
The number of revenue passengers
in the two months reached 26,253, ,987,
an increase of 2.5e9,7 787. or IL per
cent. However, the report shows that
heavier expenses In the way of higher
wages, larger pay rolls, maintenance
and repair work, track changes, much
higher depreciation and host of other
items have far more than wiped out
the returns from increased traffic.
Since December, 1898, the Capital
Transit Co. has spent SIS ,O61 900 for
additions and betterments. The COM
pany estimates that expenditures of
$2,727100 for 1886 will be required
to complete the program already au-
thorized. When these extra expenses
are out of the way, the financial state
ment should be much more encour-
aging to stockholders.
Kohl Leaves Securities Body.
Edwin Phillips Kohl, who has been
with the Securities and Exchange
Commission since 1884 as senior at
torney, has resigned as trial examiner
IN the New York regional Office to
become associated with an investment
house in Wall Street, it was learned
here today. He was in Washington
until a few months ago.
At the time that he joined the staff
OF the general counsel of the S. E. C.
in Washington. he was president of
the Foreign Securities Corp.
Watson Joins Stock Exchange.
The Board of Governors of the
Washington Stock Exchange has
elected George A. Watson to member
ship by the transfer of the seat of
the late Charles c. Glover The new
member is treasurer of the firm of
K. S. Wales & Co., Inc, and has been
prominent in the investment business
IN Washington for many years. This is
the second seat owned by members of
this company, Mr.. Wales having been
member since 1882.
The Glover family is still repre-
sented on the exchange by c. C.
Glover, jr, who has been a member
Tor several years and is former pres
tdent. His father was one of the
founders and for a long time very
active as an official in the organiza-
tion.
d. c. Bankers OFF to Chicago.
Lanier P. McLachlen, president of
the McLachlen Banking Corp; George
o. Vass, vice president and cashier
Of the Riggs National Bank, and Ray
n1ond P. Marx, controller of the same
institution. will leave here tonight for
Chicago to attend the Midwest bank
ing conference, which opens a two
day session there tomorrow. Robert
v. Fleming will preside as the meet
ing is sponsored by the A. B. A.
Francis E. Robey, Bank of Com
merce g. Savings, chairman of the
Entertainment Committee of Wash
ington Chapter, American Institute of
Banking, announced today that the
Spring dance will take place Saturday,
April 18, at the United States Cham
ber of Commerce Building. The chap
ter will act as host to 40 members OF
the Elizabeth, N. j., chapter, who will
be in the city at that time.
Today's Trading on Exchange.
Lanston Monotype stock, which sold
the other day at 10, was back to 30
on the Washington Stock Exchange
today, is shares changing hands.
Opening sales today were small lots
of Potomac Electric Power 51a per cent
preferred which moved at ia. After
call, the same corporations per cent
preferred came out at ll0a4. Bid and
asked prices on other issues remained
firm.
Total stock and bond trading in the
first quarter Of this year, according to