Evening star., 1939-07-29
Capital Transit Co.
Reports Big Gain
In June Earnings
Net Soors to S67,779
Against $39,618 in
Same 1888 Month
By EDWARD c. STONE.

IN the same mOntn last year, an IN
crease of $28. 100 98, according to the
monthly statement just filed with
the Public Utilities Commission.
Operating revenues reached ST.
o23826.5l, up $60,93394. Operating
expenses totaling $7O1, ,16707 were
$24,95053 higher than last year,
taxes called for $1O4, ,1l271, an in
crease of S16,65O20. while depreci-
alton took Sl09,97344
Total operating expenses, taxes
and depreciation amounted to $915.-
25322, which was s4870613 higher
than last year, the increase making
a serious dent in the higher oper-
ating revenues.
Gross revenues in June totaled
Sl28,72409, an increase of $29 ,482 16.
The usual deductions for interest
payments required 094460. The
number of revenue passengers car
ried on the cars and buses during
the month was 1861 ,666, an in
crease of 1893, ,459. the report stated.
Net income for the first six months
of this year amounted to $3l6,6 ,692 05,
in comparison with $164 3635 so in
the first half of 1888, an increase of
S152 1885, a gain of 90 per cent.
Operating revenues totaled S.
e71,95742, an increase of $308 ,536 35.
At the same time operating ex-
penses, taxes and depreciation also
climbed, the total of S5,3l2 ,947 90
being S151,5O8 80 higher than last
year Revenue passengers numbered
85,741.67l a gain of 4,537 89l, or Sc
per cent in the six months.
While the comparative figures are
very much better than year ago,
the directors do not consider the
company in a position to resume
dividends, so that the stockholders
at present are getting no return on
their investment. The stock sold
yesterday at 13. Years ago it sold
over 100 and paid investors per
cent
ID. c. Bank Clearings Rise.
Bank clearings in Washington for
the week ended Wednesday totaled
Sl9,874,265.84, compared with s16,-
500785.33 in the corresponding week
a year ago, a gain of 60 per cent.
Compared with the previous week,
this year, clearings were lower.
Winthrop w. Aldrich, chairman
of the board of the Chase National
Bank of New York as he emerged
from the White House following a
conference with President Roose-
welt, predicted that business in this
country would be maintained on an
even keel. However, he added, diff
ficulties in foreign trade are re-
tarding the world economy as
whole.
The purpose of his visit to the
White House was to extend an in
vitation to the President to visit
the Columbia University Congress
on Education for Democracy, to be
held next month.
Fewer Foreclosures in June.
Real estate foreclosures on other
than farm properties, continuing
their downward trend, in June were
68 per cent under May and per
cent less than in the comparable
month last year, officials of the Fed
eral Home Loan Bank Board said
today on analyzing Nationwide re-
ports.
The favorable nature of the de-
cline is further emphasized by COM
pairing it with the June-May drop
over the past five years, which has
averaged only 6 per cent, the board
pointed out. About 85 per cent of
the foreclosures were on individual
homes and Is per cent on apart
ment houses and other business
properties.
The decrease in the first half of
this year was estimated to be 104
per cent below that in the similar
period of 1888 and 53.5 per cent
lower than in the first six months
of 1885, the first year in which the
present downward trend became
evident
Postal Savings System Lauded.
Roy M. North, Acting Third As
sistant Postmaster General, takes is
sue with bankers who see too much
competition from the Postal Savings
System. He declares that since
'postmasters are not permitted to
advertise the system no active COM
petition with banks exists. Prac-
tiCally every civilized country in the
world has a similar system.
Mr.. North says the system serves
special clientele which would not
use commercial banks anyway. He
adds that the Postal Savings System
has operated at a profit which for
the immediate past 10 years approx
imates more than S33 ,955 80.
Mr.. North added that since most
savings banks are having difficulty
in making profitable investments of
their deposits, the Postal Savings
System is not furnishing ruinous
competition" The post office official
concluded by stating that the system
In its own field is rendering a dis
tinct service to 2700,000 patrons.
Outlet for Funds Suggested.
Private home financing institu-
tions offering loans at reasonable
interest rates can find an outlet for
millions of dollars of their idle funds
through financing the purchases of
the homes the Home Owners Loan
WI p AlO" 40 oCIIIl45 lCSOl "
Charles A. Jones, general manager
OF the corporation, declared today.
His invitation to private industry
to take some of H. o. L. C's business
off its hands was directed to savings
and loan associations and similar
institutions, and came as H. o. L. C
sales mounted to more than SIS, ,000,-
600 for the month of June and
reached a cumulative total of more
than s180,O0O000.
In Maine, Vermont, the District
of Columbia and Maryland, home
financing institutions obviously are
taking advantage of H. o. L. c. sales
to get sound investments for their
funds, for our cash sales in those
areas are running from % per cent
to % per cent of total sales; most
other districts are far behind" Mr.
y