Evening star., 1939-03-24
Capital Transit Co.
Reports February
Net Of $17,084
Profit Contrasts With
$7,592 Loss in Same
1888 Month
BY EDWARD C. STONE.


Co. in February amounted to ST.
O84, against deficit of 1882 in
February, 1888, or an improvement
in net earnings of $24676 in the
second month of this year, accord
ing to the statement filed with the
Public Utilities Commission today.
Operating revenues totaled $875,-
258, compared with $848,713 a year
ago; operating expenses called for
$625, ,304, against $630,856 last year;
taxes took $67,978. in comparison
with S68,8S8, and depreciation
amounted to $105,474, against Sl0l,-
108 in February, 1888.
Deduction of these different ex-
penses LETT net operating income
of S75,502, as compared with 47,861
in the like period in 1888. Gross
made an excellent showing, stand
ing at S76,689. against $5072O a year
ago. Interest on bonds and notes
required $59,614, slightly above the
$58,312 in 1888.
Revenue passengers increased in
February 12,605,73l, comparing with
12,307 ,447 year ago, a gain Of as
per cent, the report stated.
The Capital Transit Co. also in
cluded the earnings for the first two
months of the year, showing a net
income of $29845, against a deficit
of $7,425 a year ago. This means an
upturn so far this year of $37,26O.
Gross income amounted to $l53,-
TAO, against the much lower figure
in 1888 of Sill, ,442. Interest charges
were $123895, against $118,867, the
report said.
Lincoln Bank 49 Years Old.
Floyd E. Davis, president of the
Lincoln National Bank, announced
today that the institution will be
49 years old tomorrow. the doors
having been thrown open for busi-
ness for the first time on March 25,
1890.
Albert S. Galley, now executive
vice president, was a very young
member of the staff when the doors
opened. He has been with the bank
ever since, making most unusual
record for length ct service. Incl
dentally, he has been treasurer of
the District Bankers Association for
more than Is years.
The Lincoln National has made
enviable progress in the almost half
century of its existence. On De-
cember 81, 1888, the banks resources
totaled $l1922 2,674.45 and deposits
were the highest on record. Since
then, deposits have made another
all-time peak of S11, SAG, ,1O476.
In addition to President Davis and
Vice President Galley, the officers
dent and cashier: T. H. Offterdinger,
vice president; George F.. Williams,
general counsel and trust officer;
Richard A. Norris, vice president;
j. Frank Rice, assistant cashier and
assistant trust officer; Helena D.
Reed, assistant trust officer; Robert
E. Lee, D. Hammond Wetzel, Nelson
M. Stokes, Edward H. Story, assist
ant cashiers, and William M. Harris,
auditor
The Board of Directors is COM
posed of George I. Berger, William
w. Brawner, Floyd E. Davis, Albert
S. Galley, w. w. Griffith, Franklin
w. Harper, Melvin c. Hazen, Leroy
w. Heron, Richard A. Norris, How
ard R. Norton, Henry T. Otter
dinger, George c. Pumphrey, John
Saul, Fred A. Smith, James A. Soper,
w. NICK. Stowell, Charming S.
Walker and Howard L. Wilkins.
Mortgage Stock Widely Held.
There are 1000 holders in Wash
ington of the securities of the Ma
tional Mortgage & Investment Corp,
which has just reorganized its cap
ital structure, by reducing the par
value of the preferred stock from
$40 a share to ST share, changing
the dividend rate from per cent
to S, and the retiring of 10000 shares
of preferred stock.
Both the preferred and common
stock are sold over the counter, not
being listed on the Washington EX-
change. Recently SO a share has
been bid for the preferred stock,
with 81 asked. The common stock
has been quoted at 80 cents bid and
none offered.
James P. Schick, president of the
company, is enthusiastic over the
action Of the stockholders in adopt
Ing the reorganization plan. The
chances of the preferred stock pay
ing regular dividends have been
greatly improved by the reduction
in the amount of outstanding stock
and the lowering of the dividend
rate. he said.
Farley Sees Further Gains.
A sharp upward trend in postal
receipts forecasts a further expan-
sion of the business improvement
which has been noticeable during
the past several months, Postmaster
General Farley announces.
Postal receipts for February, Mr..
Farley reported, amounted to $54,-
$3.50. an increase of 268 per cent
over February, 1888. For the first
eight months of the current fiscal
year. he said, postal earnings totaled
$494.672 .673, representing an in
crease of more than s4,000000 over
the same period last year.
Mr.. Farley asserted that mas
much as postal receipts are recog-
nized as the most reliable of all
business indices. they accurately re-
fiected the improvement in busi-
ness and industry which already
has been noted. He added that the
upward trend in receipts forecasts
an even greater improvement in
business conditions during the
months ahead.
Columbia Votes Dividends.
Directors of the Columbia Nation
al Bank, meeting yesterday, de-
clared a dividend of So per share
on the outstanding stock, payable
as follows: $3.50 per share to stock
holders of record March Is, 1889,
payable April /, and $l.50 per share