Evening star., 1943-05-28
Capital Transit Net
Below 1912 Despite
Jump in Revenues
April Profit Down
3.4 Per Cent; Gross
Up 25.4 Per Cent
Bv EDWARD c. STONE.


s475,41274 or 25.4 per cent over the
to the financial statement filed with
the Public Utilities Commission to-
day.
Operating expenses required ST.
462 ,224, or s280,928 more than last
year; taxes were "A per cent higher
totaling $500 334.71, up s155,716
while depreciation took Sl902le
which was S42,027 ahead of April ir
1912 The total increase in the three
expense items was $479,672, jump
of % per cent.
After all deductions, Capita,
Transit reported a net income fol
April of s132,57834, compared with
Sl37 .3020l a year ago, drop OF
$4,72367. or "a per cent. Revenue
passengers numbered 1928 684. q
gain of 8,07992l. or 29.7 per cent.
Net income for the first foul
months of l943 totaled s543 300. .13
a substantial gain of s99, 1890 over
the like 1912 period, 1876 per cent
advance.
Revenue passengers totaled 49,
s25,6O9. an increase of 39O44297, OF
39.5 per cent over last year, the re-
port showed.
Capital Store Sales Mount.
Continuing the marked upturn in
retail trade. department store sales
in Washington for the week ended
last Saturday, May %, recorded a
is per cent gain over the CORE
spending period a year ago, the
Federal Reserve Bank of Richmond
reported today.
Sales in the Fifth District were
"a per cent ahead of last year,
showed a 33 per cent rise in Balti-
more and in a group of other cities
were 43 per cent better, the report
added
Retail trade was also consider
ebly ahead of the preceding week
this year, the gain in the Capital
being per cent, with an average
advance of per cent in the Fifth
District, per cent in Baltimore and
10 per cent in the group of cities.
Washington Jagged behind the
rest of the district in the gain in
cumulative sales in the four weeks
ended last Saturday. The gain
here was only per cent, while the
Fifth District average upturn was
H. The Baltimore rise was 20 per
cent and the grouped cities 81 per
cent. the review disclosed.
c. & P. Net Income Higher.
Net income of the Chesapeake &.
Potomac Telephone Co. in April
amounted to $248,679. against s137.-
e69 year ago, sharp increase OF
fled today with the Public Utilities
Commission, one of the best monthly
gains in years.
Operating revenues totaled 81
o46,95O, compared with s1,779,704 in
April, 1912 Operating expenses
we're higher, S1,416,28O, comparing
nth $l,36l 460 Operating taxes
were up sharply. reaching 1899 ,233,
against sl65,793 year ago.
Interest deductions required S31,-
Ss9 more than last year, the report
showed.
There were 1863 1925 telephones in
service at the end of April, which was
an increase of 909 telephones over
the previous month. Telephone
users made 40,805 900 calls during
the MONTH or 2,462 900 less than in
April 1912.
In the first four months of this
644, compared with S512831 in the
like 1912 period, a substantial in
crease of s4778l3. Taxes required
s1323, 1872, against 1921 ,095 a year
sgo.
Pratt Writes Bank Manual
Lester A. Pratt of Washington
certified public accountant, is the
author of manual, How Directors
Should Examine Their Banks" just
publishe: by the New York State
Bankers Association and distributed
to all members
The directors responsibility to the
shareholders and depositors is
stressed. The manual says a COM
mittee of directors should examine
their bank at least once each year
count the cash, balance individual
and savings ledgers, prove certifi-
Gates of deposit, examine profit and
loss and expense accounts and over
drafts, loans, reserves and all other
assets and liabilities. How to do so
much work is told in simple Ian
guage.
New Bond Plan Adopted.
Following a meeting of high
Treasury and Federal Reserve off,
cials, and the heads of several Re-
serve banks, an agreement was an
nounced by Secretary Morgenthau
to separate commercial bank par
ticipation and public subscriptions
to Treasury financing. War bond
offerings to the public and those to
the banks will be made at separate
times in the future The new plan
is expected to facilitate war bond
sales to individuals.
President Signs Note Bill.
President Roosevelt yesterday
signed the bill extending for two
years the authority of the Federal
Reserve Board to issue Federal Re-
serve notes, using direct obligations
Of the United States Government as
collateral. This authority was first
granted in 1882 and has been ex-
tended six times. The present re-
newal will expire on June 80, 1945.
Norris Returns to Rutgers.
Thomas j. Norris. assistant cashier
and manager of the H street branch
cf the Bank of Commerce e. Savings,
will return to Rutgers University
New Brunswick. N. j., on June 13,
where he will resume his studies at
the Graduate School Of Banking
conducted by the American Bank
ers' Association. Mr.. Norris is a
second year student, member of
the class of 1914 which will graduate
IN June Of next year.
Bank Stock at New 1943 Peak.
In one of the best trading sessions
OF the month American Security &,
Trust Co, shares sold at 200 on the
WASHINGTON Stock EXchanpe todav