Evening star., 1939-01-27


IA per cent.
Operating revenues for the year
totaled $15,046, ,87056, an increase of
1921 400 Sc, or 218 per cent. At the
same time operating revenue de-
ductions called for $9,705,798 which
was 1882 ,518 more than last year
and a rise of 938 per cent. This
left net operating revenues amount
ing to S5,34107l70, decrease of
Gross income for the year
amounted to $5.343.72262 and de-
ductions for bond interest and other
purposes required Sl.155 ,813 OF.
Study of the report discloses that
operating expenses alone totaled
S6663,247.2l. an increase of $685.
3l416, which was 80 per cent more
than year ago.
The company took out 81 ,l26, 1877 .38
for depreciation, 1885, ,l1524 more
than a year ago and an increase of
81 per cent. Taxes in 1888 required
S1,916,35427 which was s8l 068.78
more than was paid in the previous
SEdl, IllC 1CpO1 ollOWSO.
December Net Also Lower.
The December Potomac Electric
Power Co report. also filed with the
Utilities Commission, showed operat-
ing revenues amounting to Sl313,-
1880, gain of S18.313.52. Operat-
ing revenue deductions called for
1882. 1885, an increase of $89, ,73307,
the heavy expense item leaving net
operating revenues of S380,79005
which was a decrease over Decem-
ber, 1887, of S7l,41955.
Other deductions for December
required S10O71493, which left a net
income for the month of $277,61016.
in comparison with S351 ,883.74 in
December, 1887, or a decrease of
S74,273.58.
The December report like the full
year, saw the higher revenues more
than wiped out by the much higher
expenses. Both the December and
the full years report, however, show
substantial net earnings, rejecting
excellent business.
Transit's 1888 Net S257,307.
Net income of the Capital Transit
Co in 1888 reached the total of
S257 BOT in comparison with $780,
442 in the previous year, gain of
S120865 and slightly better than 81
a share on the outstanding stock,
according to the financial statement
filed today with the Public Utilities
Commission. This is the best show
ing the company has made in years.
Operating revenues for 1888
totaled S11,314.193 against S10,975,-
355 in 1887 Operating expenses were
held under the previous year, So
l65,84O against $8,234,21l. Taxes
were considerably higher, $1,000, 1876
compared with $803 667, and de-
probation amounted to S1,233 ,692,
against the lower figure of Sl,1440l6
paid in 1887.
Total operating expenses, taxes
and depreciation reached the sum of
SlO,4O3,728 compared with $l0l82,-
1894 in 1887, leaving net operating
income of S910,465 in comparison
with $792 ,46l year ago. Non-oper-
ating income was larger than year
ago, as was gross Interest on bonds
and notes called for S721 ,493 against
S690253, today's report revealed.
The December report, also filed
today. showed net earnings of S37,-
967, just SIT more than in De-
cember, 1887. Operating revenues
totaled S1,018,726 against S986,l14 a
year ago. Operating expenses were
lower but taxes moved from $65 1000
to $4,000. Depreciation was also
higher.
NicOlson on Transit Board.
George L. Nicolson, who was
elected to the Board of Directors
of the Capital Transit Co. at the
January meeting, succeeds c. c.
Glover, jr, Mr.. Nicolson is presi-
dent of the District of Columbia
Paper Co. and was president of the
Chesapeake g. Potomac Canal Co.
at the time it was in active exist
ence He was vice president of the
Farmers e. Mechanics National
Bank in Georgetown at the time
that institution was taken over by
the Riggs National and since then
has been on the Riggs Advisory
Board of Branches.
At yesterdays meeting F. w. Doo-
little of New York was elected to
the transit directorate to succeed
j. D. Mortimer, also of New York
Both new directors will serve until
March 10, the date of the Capital
Transit annual meeting.
Warner Wins Adding Contest.
John Warner, Union Trust Co.
won the adding machine contest
sponsored by Washington Chapter
American Institute of Banking, fol
the second consecutive time Wed
nesday night. Louis Corea, Riggs
National, won second place ano
James Ahalt, City Bank, third place
These annual contests are under
the supervision of the Burroughs
Adding Machine Co. Each contes-
tant is required to run $50 items
correctly. Mr.. Warner won the con-
test by listing these items in the
amazing time of minutes 9l2 sec
onds. After the contest, he ran the
same $50 items in 2 minutes fiat.
Mr.. Corea established the time o.
2 minutes 4712 seconds, with Mr.
Ahalt only 10 seconds slower.
Rowzee Bank Club President.
George M. Rowzee was elected
president of the Hamilton Banl
Club at meeting at the bank yes
terday. Julian o. Cardin was namee
first vice president; Kenneth o
Hulse, second vice president; Enie
Schmucker. secretary, and E. E
Miller, treasurer The Executive
Committee includes:
William F. Blocher, Kathryn D
Fout, Lois A. White, Mary Scheuch
Karl Dampier, T. Woodrow Harri
son norothv Werner II r Ra,lck