Evening star., 1939-04-24
Earnings Of Capital
Transit Co. Reveal
Marked Advances
Comparisons for Past
Five Years Explain
Activity Of Stock
BY EDWARD C. STONE.

With Capital Transit stock now
in the limelight on the Washington
Stock Exchange, following the re-
cent gain of six points in the sales
price, a comparison of earnings and
trends in the last five years becomes
particularly timely. The stock
opened at IA today, another new
high mark, and closed at 14ls.
According to reports in the Office
of the Public Utilities Commission,
the low point in earnings was in
1886. Operating revenues in 1884
totaled S8457 600, in 1885 advanced
to S93o3,0O0, in 1886 reached S10,-
439,933, in 1887 went further to S10,-
975 1886 and in 1898 reached the high
est point at S11,3l4,l93
During this same period passenger
revenues alone moved from So229,-
32O in 1884 to S11,043,336 in 1888.
Chartered bus revenues climbed
from about 100000 in 1884 to $l49,-
694 in 1888. Other operating rev.
enues were a little lower last year
than five years ago.
Operating expenses show some
striking changes. Back in 1884 op-
Grating expenses totaled $5,771 4O8,
in 1885 rose to s7,102,265, in 1886
to s8l5l,336, in 1897 to So,2342ll
and in 1888 total S8165,840. A
check of the figures shows that most
of the four-year gain, which was
lowered somewhat last year, was due
to advances in wages.
Taxes Reveal Surprises.
Another very important expense,
taxes, revealed startling increase
in the five years. In 1894 taxes re-
ouired 5000 503. in 1885, S507,170; in
1886. s645,945; in 1887. 1904 667, and
in 1888 had reached 1904 1856. The
most startling situation in the tax
column is to be found in the 1885
figure, when taxes were about $780,
900 and net earnings for the whole
year were only S30,367.
Operating income before depre-
citation amounted to S2076,6O9 IN
1884. decreased in 1885 and 1886.
turned upward in 1887 and amounted
to S2,144,157 in 1888. The item of
depreciation in 1884 totaled $685.
434, in 1885. $685. 339; in 1886, ST.
013.372; in 1887. Sl.144,0l6 and in
1888 reached 81 ,233 692.
Gross income is coming back and
Is now pretty close to the 1884 mark.
That year gross totaled S1655 287,
the next year, SlO39l55; in 1886
dropped to S685l83, turned up in
1887 to 1926, sos and in 1888 amount
ed to S978.800, the upward trend in
gross in the past three years being
considered significant.
March Report Favorable.
To the stockholders the report on
net income is of greater interest
than anything else. as that is what
determines dividend possibilities
Net income of the Capital Transit
Co. in 1884 totaled 1867 LOG; in 1885
it dropped to S383,417, in 1886 it
tumbled to only s3O,3S7. Then came
the turn and in 1887 net income
moved up to $136,442 and in 1888
went on up to S257,307.
This years March report will be
out in a few days. January and
February combined figures showed a
good gain over the like period a
year ago. The March report is
known to have been favorable, which
means the first quarter will be bet
ter than the first three months of
1888.
The number of passengers now
being carried is disclosing a steady
increase. this being another factor
in the present activity in the stock.
Daylight Saving Next Monday.
Daylight saving starts on the New
York Stock Exchange and other big
exchanges next Monday, all Wash
ington brokerage houses going on
the new summer schedule at that
time. Trading will start at o'clock
and close at 2, one hour earlier than
on the winter time. The Washing
ton Stock Exchange will remain on
the present schedule.
The Federal Reserve Bank of
Richmond has sent to all member
banks in this territory list of the
reserve banks which will go into
daylight time. Bankers must keep
this new schedule in mind in con-
nection with the telegraphic trans
fer of funds. The time limit for
the Richmond bank and the two
branches for the completion of wire
transfers on the day of receipts will
be an hour earlier than it is at
present
Sales on Par With 1898.
The Life Insurance Sales Research
Bureau. Hartford, reported today
that life insurance sales in Wash
ington in March were practically
the same as year ago The whole
country reported gain of 2 per
cent. Sales in Washington in the
first quarter, however, were II per
cent ahead of last year.
President Richard w. GrisWold OF
the District Life Underwriters AS
ISOLATION announced today that the
April luncheon will take place next
Friday noon at the Willard Nomi-
nations of new directors are billed
for the meeting, and the guest
speaker will be Stanley E. Martin
co-general agent of the State Mu-
tual, Columbus, Ohio He is g
million round table member and a
good speaker.
An address by Senator Taft be-
fore the Philadelphia Association
on the same date, will be repro.
duced at the luncheon here just as
given In the Quaker City. The ad-
dress is in celebration of the 50th
anniversary of the national associa-
ton.
Heard in Financial District.
The Washington Stock Exchange
opened the week with lively trading
Capital Traction SIS moved at 9Os
and 80, Washington Gas preferred
was strong at 1852, and 80 shares
of Peoples Drug Stores preferred
came out at 113. Capital Transit
stock had a 3O-share turnover ir
raoc,ipp opother hiph ynork