Evening star., 1941-02-23
Transit Outlay
For Equipment
Still Mounts
Sl6,3 l0,6 Is Spent
In7 Years Ending
December 81, 1910
BY EDWARD C. STONE.


Capital Transit Co. from December
/, 1888, to December 81, 1910, reached
the surprising total of Sl6,3l0,3l6
said to be a larger sum than that
expended by any other transit COM
pany in the United States during
the same period.
Of this amount S14,0l3,247 was
paid out of company funds, leaving
a balance on notes and due GER
tain banks of s2,297 1863, according
to information furnished by Presi-
dent E. D. Merrill to Capital banks
in connection with the loan just
completed for s1,050,000 which will
be used in the purchase OF new
streetcars and buses
The record further discloses that
during this period the Capital
Transit Co. purchased and cancelled
s354,000 par value Anacostla & Po-
tomac River R. R. SIS and S35900O
City & Suburban 5s, and has also
purchased and holds in the treasury
S215.00O Capital Traction IS, a to-
tai reduction in outstanding-bo
CeDU OF SSIo,0uU.
In addition, there remains on de-
post with trustees under certain
mortgages. as the result of prop
erty sold, S178,44571. Since January
l. 1941. there have been further
chattel trust bank loans of s886,OOO
of which 1921 500 has been repaid,
Mr.. Merrills statement says.
Current Assets S2.931,274.
Picturing Capital Transit's cur
rent position. the balance sheet as OF
January /. 1941, shows total current
assets. s2.93127446. including cash
amounting to .65O044.33: invest
ment securities, s638, 1925; accounts
and interest receivable, s131 ,960.87,
and material and supplies, $50
47301.
Current liabilities, exclusive OF
notes PAYABLE in June and Decem-
ber. totaled sl,409,97087, made up
of accounts payable, 1929 .397 p;
sundry current liabilities, Sal ,032 10;
fare tickets outstanding, Sl97 1850;
taxes accrued. S765, ,47178. and in
terest accrued. s76,0S312. Deduction
of these liabilities leaves total cur
rent assets amounting to Sl.521.-
3O3 SO.
Mr.. Merrill also submitted to the
banks a most interesting tabulatlon
of net earnings after charges, be-
ginning with 1884. The low point
was reached in 1886 when net in
come amounted to only S29.109 In
1887, net moved up to s137,773; in
1888. it reached s257 ,307: in 1899.
It climbed to S587111 and in l94O
Jumped to 1854 784.
Sharp Advances Noted.
Total revenues in 1884 amounted
to s8.714016 and seven years later
in 1910 had reached Sl3, 3,236,637. In
1884 operating expenses totaled
$3.50 1856 and in 1910, SO 095 OPT. De-
probation in 1884 totaled 1891 ,928,
which the company told the Utilities
Commission was far too small
figure. and stood at 81 ,392 595 in
1910. Taxes required S671 646 in 1884
and had Jumped to 81 1873 .28l In l94O.
interest charges in 1910 required
S7nO950
The first loan made from Wash
ir~ton banks in 1887 will be wiped
off the slate in 1912. semiannual
navments being made on all the
looms every year.
The survey shows the company
has made exceptional progress IN
earnings and expansion. While the
stockholders have had many lean
wears. present growth should mean
larger distributions in the future.
Retail Sales Move Higher.
Department store sales IN wash
jngton in the four weeks ended
February Is were 18 per cent better
than in the like period a year ago.
the Federal Reserve Bank OF Rich
mond reported yesterday. The aV-
erage gain for the fifth district was
% per cent. while Baltimore trade
v9S % per cent ahead of last year.
For the week ended February 10,
there was no increase in the Capital
In trade compared with the week
ended February II year ago. the
report stated In this comparison
the Richmond Bank said that one
large Washington store reported a
large decrease in the weeks busl-
ness.
In the same week sales in the
fifth district were up 9 per cent,
in Baltimore "a per cent and
group of other cities enjoyed an
average gain of II per cent. Com
parsons with the previous week
this year. showed no important
changes either way, the Richmond
Bank said
Financial District Comment.
The February meeting of the Dis
trict of Columbia Building and
Loan League will be held at the
Raleigh Hotel on Tuesday noon at
1890 Martin A. Cook will make
a report as chairman of the annual
banquet. set for March 8 at the
Mayf1oWer, when more than $50
are expected to attend.
Allen G. Clark, secretary OF the
Equitable Life Insurance Co., is OBJ
serving his 83d birthday today. On
Friday afternoon he was paid high
tribute by the Office staff, flowers
and other gifts being presented.
Washington's financial district was
shut up tight yesterday for the
holiday. Any one wanting to cash
check was in hard luck.
Ten round table. conferences on
current topics vital to present-day
banking will be the principal fea-
lures of the Eastern Regional Con-
ference to be held by the American
Bankers Association in New York
City, March ST, it is announced by
P. D. Houston, A. B. A. president.