Evening star., 1943-01-31
Capital Transit Net
Down 21.5 Per Cent
In Last Year
Sl,022,663 Left After
Appropriations Ordered
BY Commission
BY EDWARD c. STONE.


Net income Of the Capital Tran
sit Co. in the year 1912, after spe-
cial appropriations ordered by the
Public Utilities Commission, amount
ed to s1,022 ,66392, compared with
$l,303,47709 in 1941, a decrease OF
S280Sl3.l7 or 2l5 per cent, accord
ing to the statement filed with the
Public Utilities Commission yes
terday.
The report discloses a remarkably
fine year in which operating reve-
nues reached S24, 4,045 1916 as COM
pared with $l6019,098 in 194l, an
increase Of so per cent; operating
expenses were $l5.291,0 ,072, an in
crease of Al per cent; taxes required
$4,257.913. an increase of 147 per
cent; and depreciation took S2.124,-
4l1, an upturn of 36 per cent.
Operating income in 1912 was
S2,372,570. compared with s1,914.938
an increase of 239 per cent, and
leaving net income before special
appropriations of 1922 ,663, against
the net of Sl,303,477 year ago, an
increase of 80 per cent.
Special appropriations of 1912 net
income amounting to S7000 900 were
made in accordance with the COM
missions order. which called for the
setting aside of $500.000 for prop
erty adjustment reserve, and $780,
900 for debt retirement reserve.
Dividends paid during the year
amounted to S420.000. Revenue
passenger traffic showed astonishing
gains. The company cars and buses
carried 346895,459 revenue passen-
gers in 1942, Jump of 1929 ,473
or SIT per cent.
December Net OFF Sharply.
Capital Transit's December report
showed q month of adjustments
resulting in a sharp drop in net
earnings. Revenue passengers dis
closed a further heavy increase,
numbering 33,5770O1, an upward
bound of 10,869,777, or 47.9 per cent.
Operating revenues in December
totaled s2,339,230, up S749,996, or
Al per cent. Operating expenses
amounted to 81 ,463, TAI, or 38 per
cent higher than in December, l941.
Taxes showed an increase of 103
per cent, 1862 ,389, comparing with
S177,853 a year ago. Interest charges
were S70,116, against s59293.
Provision for depreciation totaled
S4l8,022, against sl37,5 a year ago.
This included an additional amount
of s252051 applicable to the entire
year 1912 under provisions of an
order from the Utilities Commission
to take care of the increased wear
on property due to heavy service,
company officials explained.
In anticipating a favorable years
earnings Capital Transit stock sold
at 33 on the Washington Exchange
last week, highest price in years.
Capital Bank Clearings Drop.
Capital bank clearings disclosed
drop of s13,63271171 in the first
month of the new year, George H.
Bright, manager of the Clearing
House Association, reported yester-
day t7s .s
Clearings in January, this year,
totaled Sl53,l83,17272, against the
higher figure of Sl66,815,88442 in
January, 1912. With the single
exception Of January, a year ago,
clearings in the month now ending
were far heavier than in any other
January on record, the nearest ap-
proach being back in the memorable
year 1929, when Cancelled checks
totaled s129,000,o0o
The moderate drop in clearings
this year was explained yesterday
as due to the fact that a large
amount of important construction
work was under way in January a
year ago, Much of the money con-
nected with these jobs went through
the Washington banks.
The letup in clearings was not
due to any important decrease in
trade. In two of the three weeks
reported, department store sales
have been ahead of 1912.
Clearings in December totaled
S173, ,229,l27, highest for any month
in the history of Washington, and
bringing the 1912 gain over l941
to more than S1l6,00G 900.
Acacia Reports Many Gains.
William Montgomery. president of
the Acacia Mutual Life Insurance
Co., has just submitted TO the Board
of Directors a comprehensive report
which reveals that 1912 was one Of
the best years in the long history
of the company.
A substantial portion of the COM
pany's funds available for invest
ment last year were placed in
United States Government securi-
ties. In the l2-month period which
closed December 81, 1912, Acacia S
purchases of United States Gov
ernment obligations totaled more
than S5,50o.000.
we shall continue this same in
vestment policy during l943 and
invest an even larger percentage Of
our income in Government bonds,
thus making a further contribution
TO cur Government to help assure
final and complete victory for our
armed forces" Mr.. Montgomery
said.
The report showed that total in
sEance in force at the close Of
business December 81, 1912, amount
ed to s468,003, 1856, compared with
S446,l33. .998 on the same date in
194l, a net increase Of SCI ,869, 1873
during 1912, ore Of the best in the
company's history.
Assets increased during the year
by S8024745, bringing them TO
Sl09,282,592. During the same period
more than s700o000 was paid to
living policyholders and to bene-
ticiaries.
New Pennies to Appear Soon.
The Treasury reported yesterday
that quantity production of the new
zinc coated steel pennies will begin
in about three weeks and initial
steps in the coming of new three
cent piece will then be undertaken.
National Dairy Products Corp, has
voted dividend of 90 cents share,