Evening star., 1937-06-27
TRANSIT EARNINGS
FOR MAY CLIMB
WELL ABOVE 1885
Months Net Hits $52,331,
or $12,110 Larger Than
Total Year Ago.
GAS REPORT INDICATES
GROWTH OF CAPITAL
May Operating Revenues Reach
$6O4,769, Against $555,S36
for Period Last Year.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Net income of the Capital Transit
Co. in May reached total of s52,-
33l.37, an increase of sl2,11O.7O over
May, 1886. the monthly report filed
with the Public Utilities Commission
yesterday, disclosed.
Operating revenues in May
amounted to s9564l5.37, a gain of
$75,57807 over last year. or SO per
cent. Operating expenses, taxes and
depreciation called for $850,94712,
which was s58,6l386 more than last
pear, and an increase of IA per
cent. This left an operating income
OF Sl05,468.25, an increase of Sl6,-
9642l, or 10 per cent.
Revenue passengers in May showed
falling off of per cent, a total
of 14,344,948 being carried on the
companys cars and buses, decrease
Of 497,358.
Capital Transit also filed returns
for the first five months of this
year, reporting operating revenues
OF s4,603, ,45207. up s364,77776, or 9
per cent. Operating expenses to-
tailed s3,456,63394, s15o,231 go higher
than a year ago. Taxes were up
$77,232.69, to s341,74345 while de-
probation took $454,56373, up $42,-
77036.
Expenses, taxes and depreciation
totaled S4.252,94112, an increase of
S270234.65, or SO per cent. Deduc-
tions for interest payments on bonds
called for 1921, ,4lS28, an increase Of
s11,134lo, leaving a net income for
the five months of S34,647.32. in COM
parison with deficit of slo,594 So
in the like period a year ago, MAX
Ing gain of s95,241,s7.
The important turnabout in net
earnings was made in spite of
slight falling off in passenger traf-
fic. Revenue passengers carried in
the first five months of this year
numbered 69639,79l. drop of 147,-
e64 from the like 1885 period.
Washington Gas May Net Gains.
Operations of the Washington Gas
Light Co., in May. again indicated
growth in business compared with
May. 1886, the report filed yester-
day with the Public Utilities Com
mission. showing operating revenues
Of 1904, 1853, against s555,836 last year,
an increase of S48,933.
Operating expenses increased s26,-
o72, from S432,876 in May, 1886, to
$458,948 in May this year, due to
the larger volume of gas produced
and the greater number of customers
served. After all deductions, net
income for the month amounted to
S84,740, as compared with S59,486
year ago, gain of S25, ,254.
Charges for taxes and retirement
Of property exceeded May a year
ago by S9,143 and S1.602, respectively.
The company reported gas sales of
839, 100000 feet in May, 1887, compared
with 74S,000,000 in May, 1886, an
increase OF 1873 per cent. At the
end of the month there were 4,574
meters in service, 7.106 more than
on the same date last year.
The May gain in net earnings
brought net income for the first five
months of 1887 up to s625, 708 and
within S27,3l3 of the like period in
1895, the decrease in net being due
to an increase in operating expenses
Of S73,264, and a decrease in non
operating revenues of S28,607, which
were not offset by gain of s44,657
In operating revenues.
Ryland Heads Virginia Bankers.
Alex F. Ryland, vice president of the
First e. Merchants National Bank,
Richmond, was elected president of
the Virginia Bankers Association at
the closing session of the annual con-
vention at White Sulphur Springs. w.
Va, yesterday, the Associated Press
reported.
Chairman Leo T. Crowley of the
Federal Deposit Insurance Corp, ad-
dressed the Virginia and West Virginia
bankers yesterday afternoon, viewing
with concern increasing tendency
among banks to favor speculative prac-
tices in handling their investments. Z"
He declared that no new bank should
be chartered unless there is real need
Tor 1t and unless it is admitted to in
surance at the time it begins business.
He would merge banks where the
margin OF growth is insufficient; regu-
Ate various types of thrift and credit
institutions; and insist on an adequate
ratio of net capital to net assets in
every bank.
Milton R. Morgan. retiring presi-
dent, declared that Virginia bankers
were 100 per cent opposed to bills per-
tanning to branch banking introduced
IN Congress by Senator McAdoo.
Heard in Financial District.
Directors of the Terminal Refrig-
Grating Il Warehousing Corp. have de-
tlared the regular semi-annual of 81. so
per share on the capital stock, pay
able June 80 to stockholders of record
June rs, books to be reopened on
July 2.
Wellington Fund, Inc, has declared
dividend of SIS cents per share, pay
able June 20. William NJ Candy, local
manager with headquarters in the
Woodward Building, announced yes
terday. This is the thirtieth consecu-
tive quarterly dividend and the twelfth
extra dividend since the inception OF
the fund in 1929, with an average
annual yield of So per cent.
Washington Gas Light common stock
fright" which allow conversion OF
holdings into the new $3.50 cumula-
tive preferred stock, are being quoted
over the counter at Is cents bid and
IS cents asked. Holders Of fractional
shares will be much interested In the
quotations.