Evening star., 1937-04-29
TRANSIT OFFICIALS
SEE HIGHER GROSS
Larger Revenue Forecast in
Estimate of Tax Totals
During 1887.
BY EDWARD c. STONE.

earnings during the present year.
although this means that the tax bill
will also be higher
An increase of about S145,7l9 must
be paid by the company in 1887 as
compared with the total amount paid
in 1886, If the new tax estimate proves
to be reasonably close. Some ID diff
ferent items have been used in the
estimate, a few substantial increases
being expected.
The indication of higher gross
earnings in 1887 is revealed by the
estimated tax of $306585 on gross
earnings, as compared with the $780,
$3.50 tax paid on gross in 1886. Last
year the transit company paid total
tax on II different items of S689,682. 80.
in comparison with an estimated
amount for 1887 of S844,402.
The transit company paid gas
tax to the District in 1886 amounting
to 73,00434, which is likely this year
to step up to S75520. Last year the
real estate tax paid the District totaled
S70,35212, the new estimate placing
this item at S81,734. In 1886 real
estate tax of S865482 was paid in
Maryland, the amount estimated for
the present year being S9,708.
Bus Licenses Expensive.
A capital stock tax Of S8,789.90 was
paid the Federal Government last year,
the amount thiS'sear being placed
at the lower figure of $3.50. Small
miscellaneous taxes were also paid the
Federal Government a year ago, which
will run about the same again in
1887. Bus licenses in the District cost
the company SSl $685. 80 and are ex-
pected to cost S87 500 in 1887 The
company paid S1559O35 for licenses
in MARYLAND in 1886 and will probably
pay s21 900 in 1887.
The transit company paid gas tax
outside the District last year of S970.35
and expects the same to increase to
$1,000 this year. Miscellaneous taxes
outside the District this year are
expected to be lowered about 500.
Unemployment compensation and So
Cial security last year cost the cor
poration over 100000 and $4,000,
respectively, while this year the COM
bined items are expected to take about
S2l1,500.
The Federal tax included in the cost
of gasoline amounted to S36,502l7 in
1886 and will probably require S37,760
in the present Il months. The Federal
income tax on taX-free bond interest
absorbed S7,235 in 1886 and is expected
to do the same in 1887.
These various items are estimated
by Capital Transit officials to bring the
total taxes on rail operations to S579,-
304 and on bus operations to S265,098,
which combined make the above
mentioned 1887 total tax estimate of
S844402 How other expenses may be
met during the year to make dividend
payments more promising remains to
be seen. Taxes can't be avoided or
changed.
Municipal Credit Improving.
The outlook for municipal credit,
both as to existing debt and future
financing, has broadly improved, &C
cording to J. Hamilton Cheston,
chairman of the committee in charge,
National Association Of Mutual Saw
ings Banks. Mr.. Cheston. vice-pres-
ident of the Philadelphia Saving Fund
Society, surveyed the results of years
study at the annual conference of
savings bank executives in New York
today.
Despite the tendency toward con-
solidations into large operating units
of all kinds, the small savings bank
continues to occupy position essen
TALLY its own, was pointed out by Fred
F Lawrence, treasurer, Maine Savings
Bank, Portland.
In speaking of the small bank I am
not thinking in terms of maximum
resources" he said, Some OF us
doubt the usefulness of such an arbi-
trary classification. 1 have in mind,
rather, the small town bank"
Robert E. Healy, member Securities
& Exchange Commission, Endorsed
local regulation of utility rates. He
believes the commission is rendering
helpful service to industry, the public
and investors. Close scrutiny given
underwriting spreads has greatly re-
duced costs of finance, he said. The
commission sees nothing in the hold
ing company act looking or working
toward the naturalization or destruc-
ton of the utility industry, he as
serted.
Bankers Call Outlook Good.
Bankers attending the annual con-
vention of the Association of Reserve
City Bankers, retiring from White
Sulphur Springs this morning. re-
ported that the general opinions ex-
pressed at the conference were opti-
mistic. The economic, banking and
business outlooks we're considered
bright by the speakers, although no
statements were given out as the ses-
sions are always executive.
Members attending from Washing
ton were Wilmer j. Waller and Joshua
Evans, jr., Hamilton National; Robert
v. Fleming and Sidney F. Taliaferro
Riggs National, and Frederick P. H.
Siddons, American Security & Trust
Co. The only other member in the
city is Avon M. Nevius, vice president,
Riggs National. The association has
400 active members, more than 800
being present.
Financial District Notes.
j. M Swetnam, with the Bank Of
Commerce & Savings for the past IT
years, recently resigned his position
and has gone into business for him.
self at Luray, Va. The business has
to do with feed and coal and distribu-
ton of gas to a number of filling sta
tions He bought the business of the
late F. G. Grove of Luray. Mr.. Swet-
nam is a brother-in-laW of w. F.
Ford. Luray attorney.
Members of the District Bankers
Association, visiting White Sulphur to
make final arrangements for the con-
vention, found the Greenbrier Hotel
filled to the limit. 1t was so crowded
that new guests had to wait for others
to leave to get their rooms. Many
were turned away, as it is the height
OF the Spring season.