Evening star., 1945-04-27
Capital Transit Net
Well Above Year AGO
In First Quarter
BY EDWARD c. STONE.

BY EDWARD C. STONE.
Net income of the Capital Transi
Co. iE the first quarter totaled $422,
628.67, . gain Of $62, ,O84.59 or II pc
cent over the first three months O
1914, 1t was announced today.
Operating revenues OF $7,04l 90
were up $300, $50 while operating ex
penses were S519,259 lower than
year ago. Taxes were $774,39
higher. an increase of 10.4 per cent
Revenue passengers numbered los.
059, ESQ, an increase Of 6,167 ,034 o
81 per cent.
March net income amounted I,
Sl48. .765.80, an increase of $o,9525
or 7.2 per cent. Revenue passenger
totaled 37,638,272, gain OF 1855,
867 or 80 per cent.
Pepc0 Net Earnings Climb.
Net income of the Potomac Elec.
trio Power Co. in the first thre,
months of this year, reported today
amounted to 81 ,044 ,249, an increas,
of $6,l34 or 0.59 per cent over the
like 1874 period.
Operating revenues revealed 9
gain Isl per cent during the period
but operating expenses were up 6.2;
per cent.
Potomac Powers net income ir
March totaled $325 1923 against
$3l6,073.66 a year ago, an increase
of $9,088.47 or 2.88 per cent.
Hecht Earns $l.95 on Common
The annual report of the Hecht
Co., Just out, shows net profit fol-
the year ended January 81 of 81 ,689, ).
462 or $l.95 per share on the com.
mon stock, compared with 81, ,708. .35l
or S1.9s per share In the preceding
year.
Provision for Federal, State and
excess profits taxes required 49,
SOL ,613 against 81, 1865, ,793 a year ago
Total sales advanced during the
year. amounting to $44,857 ,28l in
comparison with $40,544,9 ,947 in the
preceding year.
Hecht common, the most active is
sue on the Washington Stock Ex-
change, is now selling just under %
Lower Capital Tax Urged.
J. Clifford Folger, president of the
Investment Bankers Association of
America, in appearing before the
House Postwar Economic Planning
Committee, asserted that the cap
ital gains tax should be lowered, not
increased. Helping new and little
business will do more than anything
else to get venture capital out in
the open. he said.
SEC registration rules need sim
plification. Big corporations can
toko 1nO.po 90 proSpoct,,sne IN tbair
stride; little ones can't. Congress
should look at the Securities Act,
now II years old. The SEC should
be more concerned with getting
savings into business than with the
functions of regulation.
Mr.. Folger believes that the
Treasury, State and Commerce De-
partmentS, as well as the Reserve
Board and the SEC, need more top
financial experts with experience,
sympathy and understanding for
investment problems. Capital needs
encouragement, not Government
competition, Mr.. Folger added.
Bank Profits Up Sharply.
Net operating earnings of 5,031
national banks in che United States
in 1914 amounted to $48l ,015 900, a
gain Of $89. $50 900 over 1943, Preston
Delano, controller of the currency,
announced today in presenting a
remarkably bright banking picture.
Net profits before dividends in
1914 reached $411 ,844 900, an in
crease of $61 1877 900 over 1943. Gross
earnings Of 81 zoe, ,263 900 were $144.-
100000 over the 1943 gross. Op-
Grating expenses advanced, the total
Of S725 ,248, 900 comparing with $780,
629 900 in the preceding year.