Evening star., 1939-03-17
Capital Transit Bus
Revenues Show Gain
OF $469, ,963 in Year
Annual Report Reveals
Other Important
Results During 1888
By EDWARD C. STONE.

by EDWARD L. STONE.
An increase of more than $469 900
in bus revenues was registered by
the Capital Transit Co. in 1898, ac-
cording to the annual report, just
printed and distributed to stock
holders.
Operating revenues for 1888 were
$11 ,489,O14, an increase compared
with 1887 of $398, 8,431, or 36 per cent,
which is attributable to an increase
of $469,963 in bus revenues, a de-
crease of $7O,385 in rail revenues
and a decrease of $1,l47 in amuse-
ment park revenues.
The changes in bus and rail reve-
nues were due in part to the in
creased rate of fare in effect since
November 4, 1887, in part to a shift
in traffic from rail to bus due to
the uniform fare made effective at
that time, and particularly during
the latter months of the year to
increases in population and in Gov
eminent employment, the report ex-
plains. The number of revenue
passengers carried during 1888 was
16l l,286,211, which is l644,O ,O60, or 10
per cent, less than during the previ-
Gus year.
Operating Expenses Lower.
The annual report Of President
E. D. Merrill to the stockholders
states that operating and main
tenance expenses for 1888 were So
281,250, decrease of $59,828 COM
pared with 1887 Rail operating ex-
penses decreased, but bus expenses
increased, due largely to increased
bus mileage.
Net operating revenue for 1888
was S938,915, a gain of S145,124 over
the previous year. Incorporating
income was S39,885. making net in
come s257, ,307, or s119,534 more than
for 1887.
Purchase of so new streamlined
this type of car, and p new buses
were added During the year the
Public Utilities Commission ruled
that the value of the Capital Tran
sit property for rate-making pur-
poses as of December 81, 1885, was
$24,000,000. During the year the
number of bonds outstanding with
the public remained at S13409,000.
Further Expansion Seen.
Referring to future requirements,
Mr.. Merrill said that increasing
population and Government en-
ployment in the District requires
that the company'S investment in
operating equipment be somewhat
increased during 1889 in order that
the service may attract an increas-
ing number of passengers.
The increased net earnings of the
last two years are largely attribut-
able to the modern cars and buses
which have been added to the equip
ment, Mr.. Merrill said. Payments
on loans for equipment now require
100000 a year and will increase
as further term loans are made.
The company is conserving cash
for these improvements. While the
directors have given careful consid-
Grafton to the advisability of divi-
dend declaration, the board decided
that such action would be con-
trary to the best interests of the
company at this time, the report
asserted.
The consolidated balance sheet
for 1888 showed total assets and
liabilities of $61,058,59090 The
company has reserves amounting to
S16,403,O10, capital surplus of ST.
727,303 and undivided profits of
$2024,1 The transit company now
has 661 passenger street cars, 581
passenger buses and on December
81 had 142 35 miles of tracks in op-
Grafton in the District and 1888 in
Maryland
Gross income totaled $978,8O0,
against s82s,o25 in 1887. Net income
totaled $257,307, compared with
$l37,773 in the previous year.
d. C. Appraisers Organize.
Paul Hatherway of the Home Loan
Owners Corp, was elected president
of the District of Columbia Chapter,
Society of Resident Appraisers, at
an organization meeting last night
attended by real estate, building and
loan and financial leaders in the
Offices of the Federal Home Loan
Bank.
Wilfred H. Blan, of the American
Building Association, was named
vice president and Clarence E. Ke-
fauver, Columbia Building Associa-
ton, secretary and treasurer. Robert
E. Buckley, F.. Wilson Camp and C..
Vernon Owings were named direc-
tors.
Bylaws for the new organization
will be drafted by Mr. Kefauver.
Frederick Babcock, deputy admins
traitor of the Federal Housing Ad-
ministration, made the chief address.
Bankers to Attend Dinner.
About 10 Washington bankers will
attend the dinner tomorrow night to
be given by Philadelphia Chapter,
American Institute of Banking, in
the Quaker City. The chapter men,
bers divided their banquet this year
because the attendance got too large
for any hotel to handle The first
dinner was for the Junior bankers,
while tomorrow nights affair is for
senior bankers.
Hilleary G. Hoskinson, president
of the District Bankers Association,
held a meeting at his residence last
night of association officers and
members of important committees
who are planning the annual con-
vention in June at Hot Springs, Va.
Plans are rapidly taking shape and
much enthusiasm was expressed over
the outlook.
Dealers and statesmen of the
Studebaker Co. from Washington,
Baltimore and Richmond. will have
luncheon at the Mayflower Mon
day. Officers from South Bend and
many guests will be present, Lee D.
Butler announced today.
Bank Clearings Reveal Gain.
Bank clearings in Washington
for the week ended Wednesday
totaled s23,443 5000 compared with
$21 .548 ,232.31 for the corresponding
week year ago, an increase of 7.6