Evening star., 1941-05-23
Capital Transit Net
AT S147,788 Mark
For April
Result Is Far Ahead
Of $89, ,e87 Recorded
In 1910 Month
By EDWARD c. STONE,

Co. in April t0taled STAT 788 81, COM
pared with S89.98792 in April a
year ago an increase of S57 1900. .89,
or 64.2 per cent, according to the
monthly statement filed with the
Public Utilities Commission today.
2 Operating revenues in April
amoundet to 1,340, ,48021, a gain of
S247 ,828.90. or 22.7 per cent. Op-
Grating expenses called for S849,-
1888, which was $l2l 1854 sc more
than last year and up 1877 per cent.
Taxes were up So per cent, S159,-
b929 98 being an increase of 8.706.4 .43
over April 1910. while depreciation
climbed from S114,71857 to S124,-
1880, an upturn of $l0,078.92, or 8.8
per cent.
Total operating expenses, taxes
and depreciation amounted to ST.
l34.0l0.41, an increase of $50, 002,
or 20.1 per cent. Gross income, less
these operating expenses, was s56,-
e6789 higher than last year.
Revenues passengers numbered
1885, 1865, against 1858 ,988 a year
ago, striking gain of 3,2l1 ,377, or
20.5 per cent. In spite of the sharp
increase in net income, the Capital
Transit Co. remains the only utility
corporation in Washington which is
not earning fair return on the
valuation of the property and on
account of the large amount of
money being paid out for new equip
ment, is able to pay only a very
modest dividend to the stockholders.
=. Statement for the first four
months of 1941 also was filed today,
showing net income of s370S56, an
increase of S173 1862 over the like
period a year ago and gain of 67.8
per cent. Revenue passengers
numbered 69,843,027, up 9,646, ,924, or
is per cent.
sSO,000.000 Stock Sale Hinted.
According to reports in Wall Street
Yesterday, investment banking
groups are preparing to bid for the
holdings of the North American Co.
In it's Washington subsidiary, the
Washington Railway & Electric Co.
North American owns slightly in
excess of $4,000 shares of Washing
ton Railway common, which has an
aggregate market value of approx
niately $30,000,000. In the past the
North American Co., in scaling
down its interest in the Washing
ton property. has distributed par
ticipating units to its stockholders
1~% nF diIri1an6S
Outright sale Of its holdings in
Washington Railway would neces-
state a change in this stock distri-
button policy.
The Street. says today's New York
Times, will watch with interest the
directors meeting of North Ameri-
can today for possible developments
in the matter.
Woodward Dividends Voted.
Directors of Woodward & Lo-
throp, Washington department store,
have declared the regular quarterly
dividend of so cents per share on
the company'S common stock, pay
able June 27 to stockholders of
record June Is; also the regular
quarterly dividend of SITS per share
on the per cent preferred stock
This dividend is also payable June
27 to shareholders of record June 16.
Both these issues are listed on
the Washington Stock Exchange.
The last sale in the common stock
was recorded at At. Very little
preferred has changed hands on
the exchange this year, the last
sale taking place at 121. this being
by far the highest priced issue in
the miscellaneous list.
Underwriters to Be HonOred.
ance Life Insurance Co. will re-
ceive his chartered life underwater
certificate tonight at the joint
meeting of the District of Columbia
Chapter of Chartered Life Under
writer's and the Baltimore Chapter,
being held at the Hotel Longfellow
In Baltimore.
The guest speaker at the meet
ing will be Rodney CroWther, flnan-
cial editor of the Baltimore Evening
Sun, whose subject will be Where
Does America Go From Here?"
The entire Washington Chapter
will attend the meeting under the
leadership of the president, J. Alan
Maphis.
Financial District Comment.
Directors of the National Mortgage
& Investment Corp. have declared
dividend of 20 cents share on the
outstanding preferred stock, payable
June 16, to stockholders of record
June 5, President Joseph B. Schaaff
announced today.
T. William Bleumenauer, jr., who
Is connected with the Columbia Fed
eral Building & Loan Association,
has been elected president of Wash
ington Chapter, American Savings
and Loan Institute, succeeding c.
Edward Kline of First Federal.
Other officers named were Francis
G.. Coglin, Northwestern Federal,
first vice president; Arnold Fort,
Home Building, second vice presi-
dent; Mildred Baron, Perpetual
Building, secretary. and William E.
Poulton, Columbia Federal, treasurer.
John Philip Hill, former Maryland
Representative in Congress, who
died today, had just become asso-
ciated with the Investment firm of
Robert c. Jones 81 Co.
Potomac Electric Power 5i7 per
cent preferred stock sold at l1412 on
the Washington Stock Exchange to-
day.
A. b. A. Sets Loan Standards.
Washington bank officers have
received Consumer Credit Greed"
from the American Bankers As
sociation which recommends def
mite amounts which should be
loaned on consumer goods in the
extension of time sales financing
to the public. Bankers are warned
against making the loans too large
or allowing them to run too long
time.
The A. B. A. recommends terms
of installment loans which, officers
say, should apply to all business
firms as we'll as to banks. 1t is
suggested that banks require one
third down payments on new pur-
chsSes of automobiles, aircraft, bl-