Evening star., 1951-04-17

from the streetcar passengers ano
$10,126,562 from bus passengers
the examiners said. During each
| of the years, 1945 to 1948, inclu-
sive, the operating expenses for
streetcars exceeded bus operation
expenses. In 1949 this relation
ship was reversed. when the total
bus operating expenses exceeded
the total streetcar expenses, de-
clared the examiners. This was
due to taking up some streetcay
tracks.
Costs of Maintenance.
The examiners pointed out tina.
for the 10 months ended October
81. 1850, the company and its
subsidiaries spent $1.388.917 to
maintain its streetcar properties
and $1,834.774 for its bus prop
critics.
The company's annual report
for 1850 shows that at the end Of
the year current and working as
sets 'totaled $10,426,509. compared
with $8,113,035 at the end of the
prior year. Current and accrued
liabilities totaled $4,008,455 at
1950's end, compared with $3.342,-
SOB at the end of 1949. The earned
surplus was $5,352,115. compared
with $5,166,258 at the end of 1949,
said the report.
On December 81, 1948-some
time before the new owners took
over-the company showed cash
81. .569, 900 and Government secu-
rites totaling $5.910,000. On De-
cember 81, 1850, the figures were:
Cash, $5,011.00 and Government
securities. $3,739,000.
Balance Sheet Shows Assets.
On May 81, 1949-the eve OF
the transfer of ownership to the
present owners-CTC's balance
sheet showed assets totaling $43,-
919,169.
These consisted of current
assets $9.814,884, chiefly cash, ST.
819.627, and temporary cash in
vestments, 5,922. 1895; deposit with
mortgage trustee. $185.403; prop
erty and plant accounts, less de-
probation. $33. .305. 1892; invest
ment securities and advances, as.
sociated companies, $41,001, ano
deferred debts, $572,5 ,589.
It's liabilities were: Current
liabilities, $3.612,588, principally
taxes accrued. $1.556, $50; accounts
payable. $672.079, and wages pay
able, $626, ,042; first and refunding
mortgage bonds, SO million; other
long-term obligations. $719,559;
reserves for undetermined income
taxes. $86,626. and for injuries
loss and damage. $1,032 ,337; capt.
tai stock. $24 million, and surplus
unearned, $20,550. and earned, S.
ATT, 500.
Payment of Dividends.
ICC Division 4, which approved
the new ownership, pointed out
in its report that CTC since Janu-
ary /, 1945. paid dividends on its
stock at the rate of 50 annually,
except in 1948, although it had
accumulated as Of May 81, 1949,
$2,490.513 in surplus. on which
there is no restriction.
Division 4 pointed out that an
official of the North American Co
of New York, previous owner of a
large block of CTC stock, testified
that -CTC surplus funds repre-
Isented undistributed earnings and
accumulated reserves held by
Transit primarily to assure main
tenance of its physical property
in an efficient condition. This
money was also to modernize
equipment and provide funds fol
whatever facilities the operation
may require. He said 'it woulc
be unwise to alter the present
conservative dividend policy ir
view of the f1uctuation in earnings
which has occurred in recent
years"
The ICC decided September 2
1949, that the Florida investors
group could take over control o1
Capital Transit.
TOMORROW: Increased diUi-
J doxdc nrpdifod To fnro haact na,d