Evening star., 1937-01-29
CAPITAL TRANSIT
met OFF 92.1.PCT.
Profits Cut to $30,387.23
in 1886 Because of Much
! Heavier Expenses.
BY EDWARD C. STONE.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
In its annual financial statement
made to the Public Utilities Comnlis-
sion today, the Capital Transit Co. re-
ported total net income for the year
1896 of $50, 1928, in comparison with
net profits in 1885 of 383,417.39. a
decrease of s353,03O.16, or e2.1 per
cent.
Operating revenues totaled $10,439,-
s33 SO. a gain of 81 ,046, ,933.51, or Ill
per cent But operating expenses were
also higher, increasing S1,049, ,070.90.
or 14.8 per cent. Taxes were 10 per
cent higher, being up $58,77487 and
depreciation was much larger than in
1885. showing an increase Of $780,
033.35, or 90 per cent.
Total operating expenses. taxes and
depreciation amounted to $780,
652.36. an increase of $1,337, ,87912. or
1873 per cent. This left an operating
income of s629, ,2S7o3, which was
$3.50, ,945.6l lower than in 1885 and a
drop of 81 per cent. After the usual
deductions from gross to meet bond
interest payments, the company re-
ported the above income of well over
$4,000, the main reasons for the Sc
we're drop being the higher operating
expenses, higher taxes and much
larger depreciation.
Capital Transit also reported earn
ing for December. net income being
$28,224.38, against deficit last year
of $2.437.99. making substantial
gain in the month under review of
$30.662.37. During the whole of 1886
the transit lines carried l70,19l,562
revenue passengers, an increase of 49,
099,849, or 11.9 per cent. Revenue
passengers in December totaled IA
957,669, a gain of 1,555,459, or l16
per cent.
Savings Accounts at New Peak.
Continuing gains in assets, deposits,
surplus and number of depositors in
1886 are reported by the National As
sociation of Mutual Savings Banks.
On January the total of depositoIs
stood at the all-time record of 14,467,-
639, an increase of 389,827 for the
year. This also was the largest num-
Der OF savings accounts ever recorded
for one group of banking institutions
and about 20 per cent of all bank de-
posits in the United States. The gain
consisted largely of small accounts
as reflected by the slight recession of
the average from s70450 year ago
to $69818 on January l.
In the same period deposits rose
above any previous level to S10,101,-
O73,9 $50. the highest figure they have
reached in 100 years of mutual saw
ings bank operation. The net gain
for the year was s183 3,260,928, we'll
distributed among the 18 States in
which mutual institutions are estab-
lished.
The savings banks attach more i'm
portance to the gain in accounts than
to the rise in deposits. Many mutual
institutions have restrictions in effect
upon the amounts received for deposit.
Pepco 1886 Income Mounts.
The Potomac Electric Power Co. had
another fine year in 1886, according
to the annual financial report filed
with the Public Utilities Commission
today, showing total net income of
$4,446,30597, compared with S4,006,-
1878 in 1885, a gain of $440, 1884.
or 1899 per cent.
Operating revenues totaled $14,093,-
e89.42, a gain Of 1898, ,108.0l or TIA per
cent Deductions for expenses called
for $500. .194.09, an increase of S474,-
1858 or 5.84 per cent, leaving a net
income from operations of $5,493,-
1858, which was an increase over
1885 of s464,212 48 or 9.23 per cent.
The Potomac Electric Power Co.
also filed the December report which
revealed a total net income of $685.
g77.60 for the month, which was de-
crease from December, 1885, of $685.
602.80.
Operating revenues totaled s1,243,-
063.05, an increase of s68,23286, or
5.8I per cent. At the same time
revenue deductions required $780,
6O6.79, an increase of $68,153.32, or
943 per cent, leaving a net operating
return of s452,456.26, an increase Of
S79.54. Gross was practically the same
as last year, but deductions from gross
were $4,000 larger than year ago.
Bond Club Dinner Success.
The first mid-Winter dinner of the
Bond Club of Washington proved
most successful event at the May
flower Hotel last night, over ITO mem-
bers and guests being present, includ-
ing several Washington bankers.
Thomas c. Montgomery, vice president
of Waggaman & Brawner, president
of the club, presided, announced there
would be no speechmaking. However,
the program included an entertain
ment which was greatly enjoyed.
The committee in charge was COM
posed of Charles C. Allies of Brown,
Goodwin g. Co., who served as chair
man; Thomas w. Brahany of e. A.
Pierce & Co., Harvey Gram of john
ston, Lemon & Co.; Myles H. Quail
of Y E. Booker g. Co. and G. F.
Cramer of Waggaman, Brawner 81
Co. Oficers of the club are: Thomas
C. Montgomery of Waggaman, Braw-
ner g. Co., president; L. Clark Brown
Of Brown, Goodwin 8, Co.. vice presi-
dent; Chauncey G. Parker, jr., of
Auchincloss, Parker & Redpath, sec
retary- treasurer The foregoing off,
GERS with George M. Ferris of George
M. Ferris & Co. and Frank M. Hall
of Hall, Peters g. Bryson comprise
the board of governors.
Banking Services Explained.
Lanier P. McLachlen, president Of
the McLachlen Banking Corp, an
nounced today that his bank is in
augurating a series of newspaper ad-
Vertisements which are intended to
answer many questions about banking.
He believes that from time to time
problems arise in the minds of patrons
about loans. money, credit, invest
InentS, banking methods and services
which they hesitate to ask about.
Calling attention to the marked in
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