Evening star., 1937-11-27
CAPITAL TRANSIT
EARNINGS IMPROVE
10.Month Net at $87,114,
Against $3,O85 Loss in
Same 1886 Period.
BY EDWARD C. STONE.

filed with the Public Utilities Commits
sion discloses a net profit in the first
10 months of this year of $87,114.4l,
against loss of $3,085.4s in the like
period in 1886, or an Improvement
Of $90,19939 in earnings so far this
year.
Operating revenues reached $9,070.-
638.64, a gain of 42,224.77, or S per
cent over last year. Operating ex-
penses also increased, $6,827, ,492.05
compared with $6,754 404.86, boosting
costs by $73,087.19. Taxes were higher
by 3l33088.74, while the depreciation
figure also advanced by $l04,85l SO.
The three expense items combined
02789 higher than the similar total
year ago.
Deduction of operating expenses
left an operating income of $685.
59294 for the 10 months. which was
a gain of Sl31, 1868 over last year,
or 26 per cent. Furthermore, the gain
was made in spite of a falling off in
passenger traffic. In the 10 months
revenue passengers totaled 135. .552, ,408,
enue patrons carried on the company's
street cars and buses in the CORE
spending months in 1886 and a drop
of SO per cent.
There was a slight drop in non
operating income and deductions from
gross required $4,000 more than last
year.
October Revenues Lower.
While operating revenues Of the
transit company in October totaled
s92482093, this figure was $l4,004.92
lower than in October, 1886, the re-
port revealed. A further slump in
revenue passenger traffic was reflected
in this figure Revenue patrons in
October numbered 13,736,922, COM
pared with l5,345,101 in the same
month last year, and decrease OF
1,608,179, or 105 per cent.
Total operating expenses of $681,-
23257 showed a cut of $l9,460 under
last year. Taxes totaled $73, ,1608l,
an increase Of $ll ,846.67, and depre-
citation totaled more than $4,000.
which was an increase of $l3,450.96
After deduction of these operating
costs, the company had an income
from operations of $70,867l7, against
S90.7O972 in october. 1886, resulting
In q decrease of $le,842 SIS, or 2l.9
per cent.
After all the usual deductions from
gross, Transit's october net income
stood at Sl5,234.95, compared with
S40,335 19 last year, decline in earn
ings of $25, ,091. "a, or 81 per cent, the
report concluded.
Review of the 10 months results,
plus probable earnings in November
and December, indicate a net well
above 100000 for the full year. For a
ST share dividend on the stock, $780,
900 Is required.
Bank Payments Most Welcome.
The announcement was most well
come that three closed banks in Wash
ington are to make further payments
to former depositors before Christmas.
The banks are the District National.
Washington Savings Bank and Sew
enth Street Savings Bank.
They will pay out total of 1852, 100,
according to Controller of the Currency
j. F. T. O'Connor. The District Ma
tional will pay 10 per cent. or 1886, 900,
to 8.704 depositors. 1t will be the
third payment and make total of IS
per cent returned to former customers.
The Washington Savings Bank will
distribute $4,000 to 1890 depositors.
It will be the fourth payment, is for
20 per cent of the original amount due
patrons and will make the total return
100 per cent.
The Seventh Street Savings Bank
will distribute S105,3 to 2,616 former
depositors. 1t will be the third pay
ment, 10 per cent in amount, and
brings payments to 80 per cent OF the
total amount of proved claims
As creditors of the three insolvent
banks are to get their money before
December Is, they will have a grand
Christmas surprise as we'll as much
extra money for Yuletide shopping.
Riggs Bank Idea Heralded.
The Riggs National Banks plan to
improve customer relations, which has
been in operation for the past two
years, has recently received special at
tention in the Financial Advertiser
and the Bankers Magazine. The plan
Is in charge of an advisory council
composed Of Is employees, eight from
the main Office and one from each Of
the seven branches. The members
serve for year and are not permitted
to succeed themselves at the expiration
Of their terms.
The cashier, personnel officer of the
main Office and the officer in charge
OF the branches serve as ex offlcio
members without vote, but with power
to veto acts contravening the policy
OF the bank. Meetings of the council,
lasting about half an hour, are held
after business hours on the third Fri
day OF each month except when va
cations prevent in July and August
As an incentive, fee is paid to each
member.
This fee is modest amount, but
no member has ever been absent
from a meeting, officers humorously
announce.
Financial District Notes.
The Western Maryland Railroad
earned IS cents a share on the com.
mon stock in the first 10 months of
this year, against nothing earned on
common in the like period a year
ago.
Bank clearings in Washington for
the week ended Wednesday totaled
$21,051, ,559.76, against $21 1897, ISL .03
in the corresponding week in Novem-
Der, 1896. Clearings were also lower
than in the previous week this year
The Virginian Railway reports net
income in the first 10 months of
1887 equal to 1881 share on the
common stock, against $1143 share
In the like period in 1896.
It is said that building material
textile and automobile companies will
be among the major beneficiaries OF
President Roosevelt's announced plan
Of doing as much as possible of the
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