Evening star., 1944-08-27
Capital Transit
Reports Profits
Below 1943
Nets for Both July
And Seven Months
Reduced Sharply
BY EDWARD C. STONE.

$138 ,083 in the first seven months OF
1914. compared with the like periods
in 1943.
In similar reports, the Potomac
Electric Power Co. revealed a de-
crease In net income In July of
$l55,8 and 5000, 900 In the seven
months. compared with earnings a
year ago.
Capital Transit's July operating
revenues Of $2,346,824 were $48,730
under last year; operating expenses
were $8,113 higher, but taxes were
$32,675 lower. After deduction of
expenses, net earnings amounted to
$108, ,70l, against $129,623 a year ago,
a drop Of 16.1 per cent. Revenue
passengers numbered 35,347,34 a
decrease during the month Of 389 ,2l5
or IL per cent.
In the seven months, Transits s
operating revenues of $16,080, ,703
were $508,971 or 3 per cent under
1943. Operating expenses were $780,
O02 or 5 per cent higher, and de-
probation was $12,888 larger than a
year ago. Taxes, however, registered
a drop Of $944,0 or Is per cent,
Net income totaled 1923 1876, or IA
per cent under 1943. Revenue pas
sengers numbered 24O, 1884, AS, a de-
crease of 5,793, 1873 or 2.3 per cent.
Pepco Expenses Up Sharply.
July operating revenues of the
Potomac Electric Power Co. in July
reached $1,983, ,49l, up $61,l56. Ex-
penses were $197, 7,185 higher, causing
a decline In net operating revenues
OF $136,028 or % per cent.
July net income totaled 1901 ,524
against $457,416, a drop of "a per
cent. The main reason for the de-
cline was the setting aside of $4l4,587
for taxes, against $3.50 ,691 a year ago
difference of $163,8s8 or IS per
cent.
In the seven months, operating
revenues of $13,573,002 were up
$473,605, but operating expenses were
1862, ,614 higher, depreciation was up
$103,6 ,69l and taxes $29, ,730, leaving a
net income of $2,285, ,496 against
50, ,486 ,405 year ago, an per cent
drop.
Mortgage Financing Scars.
An unbroken rise in the volume
OF home financing pushed non-farm
mortgage recordings in the first half
of this year to the near record of
So, ,l76, 900 900, the Federal Home
Loan Bank Administration reported
yesterday. The total is % per cent
above the first half of 1943 and only
2 per cent below 1941, the high point
for the same period since such
figures were first compiled in 1899.
Except for insurance companies,
all types of mortgages participated
in the rise Individual lenders in
creased their totals by 40 per cent;
building and loan associations by
IS per cent; banks and trust COM
panies, "a per cent; miscellaneous
lenders, % per cent, and mutual
savings banks, IA per cent.
In June, mortgage recordings
totaled s422. 900 900, 81 per cent above
June, 1913.
B. e. o. Net Income Declines.
Net income of the Baltimore &
Ohio Railroad in July totaled $2.257,-
275, decrease of $2,063,753 from
July. 1943. Operating revenues
totaled s34.606 973. an increase OF
SO 252, 1877. Operating expenses were
S3,839,524 more than last year,
reaching $24,046.551. July freight
revenues were up 81 ,26l ,470 and pas
senger returns, $848953.
In the first seven months of 1914,
net income amounted to $14 1926 ,268.
which was $1l ,809, ,140 under the total
for the same period last year.
Freight, passenger, express and other
revenues were up $19,379 1862, but
operating expenses were $27 900 900
higher than last year.
Capital Store Sales Slump.
Presumably due to the heat wave,
department store sales in Washing
ton for the week ended Saturday,
August 10, were 3 per cent below the
same week a year ago, the Richmond
Reserve Bank reported yesterday.
The fifth district showed a per
cent decline and Baltimore trade
was of per cent.
Capital sales were per cent below
the previous week this year. Cumula-
tive sales for the four weeks ending
August 10 were per cent better in
Washington than last year, the same
percentage gain prevailing IN the
whole fifth district, the report
stated.
Bond Sales Top sl3,736, 900.
Washington building and loan
associations, which are members of
the Federal Home Loan System, ac-
counted for more than $13, ,736 900 in
Government financing during the
Fifth War Loan. Gov. James Twohy
announced yesterday These institu-
tions sold a total of S2,043,000 in
War Bonds to the public and pur-
chased sll693,000 in Government
securities Tor their own investments,
he reported.
Since l941, member institutions
throughout the country have sold
and purchased a total of $3.50, ,000.-
900 in Government bonds. Of this
total, 1894 .589 900 was credited to
members of the Federal Home Loan
Bank of Winston-Salem. according
to President o. K. La Rogue.
Regular Dividends Voted.
Directors of Woodward g. Lothrop
have declared the regular quarterly
dividend of so cents per share on
the common stock and SITS share
on the preferred, both payable
September % to stockholders of
record September Is.
Mergenthaler Linotype sold on the
Washington Stock Exchange Friday
at 5712, ex-dividend, equal to SO, a
new 1914 high.
Washington partners in New York
Stock Exchange firms do not believe
the exchange will vote to close
Saturdays for the duration.
North American 6 per cent
preferred, at ssh, sold at a new
1914 high during the week.
Pennsy Reports Lower Net.
Net railway operating income of
the Pennsylvania r. r. in July
amounted to $8,842 lao, a decrease
Of $8,195 ,622, 1t was announced yes
terday. Freight and passenger rev.
enues increased. but operating ex-
penses were So,374,777 more than last
year. Operating income in the first
5 seven months reached $60,712,034,
q decrease of SIG 6,6n,41 from 1943.
Maryland Tobacco Prices
UPPER MARLBORO. Md, Aug. % R,.-
scfieduled to close for the season Thurs
dax, Drires for loWer ouAlities were re-