Capital Guaranty Corp.'s second-quarter net income was $3.8 million, or 41 cents per share, a decrease of 15.5% from the $4.5 million and 52 cents per share reported in the second quarter of 1993, the company said yesterday.

For the six months ending June 30, 1994, Capital Guaranty reported net income of $7.5 million, or 81 cents per share, compared with $8 million, or 92 cents per share, in the first half of 1993, before the cumulative effect of a change in income tax accounting.

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