Evening star., 1933-12-03
CAPITAL TRACTION
REVENUES HIGHER
DURING NOVEMBER
Company's Final Operations
as Separate Unit Show
Advance in Receipts.
TRAFFIC is INCREASED
II WITH SYSTEMS MERGED
Bank Deposit Insurance Plans Ad-
vance-Payment for Park
Savings Deposits.
RY EDWARD {. STONE.

In November, the last month Of the
street car Company'S operation as
separate unit, showed Improvement over
the same month year ago according
to preliminary figures obtained at the
company'S head Offices yesterday. 1here
was an increase in receipts OF about
$1,000 over November, 1882, 1t was
announced
This encouraging report followed the
financial statement for october, hled
recently with the Public Utilities Com
mission, which revealed total net in
come of 3,41992 against only $780, j!
in October, 1882. or a gain in net OF
$20.O62.61. During october there was
an increase of about 10000 in the num-
the company's lines.
1t is too early to get any definite Line
on probable earnings under the new
merger of the local transportation syS-
tens which went into effect Friday
December l. However. the Capital
Transit CO. street cars are carrying more
passengers on all lines. Free transfers
are said to be an important factor IN
this increase, while the real beginning
of Christmas shopping Is ano1ner.
Sales of the new weekly tickets on
the cars Yesterday and Friday were very
noticeable. although they were not
usable until today. Their popularity
already appears assured. They VIII
mean a great deal more riding on the
street cars than has been the case on
the two separate systems How m%uGn %
money they will bring IN remains TO pe
seen. To the stockholders that's the
main question.
Deposit Insurance Advances.
Steady progress is reported by the
Treasury Department in preparing for
the insurance of all bank deposits up
to S250O which goes into effect on
January l. This is the temporary pan
in charge of the Federal Deposit IN
surance Corporation.
All the banks in Washington which
are not members CT the Federal Reserve
svstcn applied several weeks ago Tor
membership in the new corporation.
In fact, the Capital banks were the first
ones in the country to apply 100 per
cent strong for inclusion in the new
guarantee fund. While the Nations
banking leaders are urging support OF
the temporary plan, they are opposing
making this deposit insurance perma-
nent.
In discussing the qualifications of
non-rlember banks for admission to the
deposit safety organization. Walter j.
Cummings, chairman Of the Federal
Insurance Corporation. stated that
''there is no fixed or general rule to
govern the examination Of these banks
To serve q community bank neces-
Sari!Y must make loans.
These loans might be without salable
value in financial centers and yet be
100 per cent sound in the community
served by the bank. The examinations
are to be based upon 'Solvency,' not
upon .liquidity This corporation has
been created for the PROJECTION t,7tG,3 Of de
and under such a system the test OF
solvency can be substituted for that of
liquidity without sacrificing ultimate
safety
There will be no discrimination
against non-member State banks in
these examinations. The banks which
qualify for membership will not be an
rounced until all applications have been
acted upon, and the announcement will
BE- made simultaneously" Chairman
Cummings says.
Park Savings Banks Surprise.
Yesterdays announcement that de-
positors of the Park Savings Bank who
did not withdraw per cent of their
deposits when the bank went on a
limited basis March l are to receive
payment of that amount by the receiver,
district yesterday.
Subject to offsets on loans, the
amount to be paid out is about Sl50,000.
John F.. Moran, the Treasury's receiver
at the bank, states that claims may be
filed tomorrow by depositors or at any
other time during the next three
months. Checks will be distributed as
soon as the claims are proven.
Payment of this per cent cash dis
tribution has been authorized by Con-
troile- of the Currency J. F.. T. O'Con-
nor. The Fark Savings Bank wss on
2 restricted basis from March l to
March when it was closed, deposltors
being allowed to withdraw but per
cent of their funds Those who did not
draw the 5 per cent at that time are
the patrons who are included in the
coming distribution, the aim being to
place all depoSitorS on an equal footlnS
at this time
The Park Savings Bank closed with
an estimated shortage of $2,250, 900,
following the suicide Of the executive
vice president. Four persons have since
been indicted on charges of violating
the banking laws. Litigation has also
been started by DepoSitors' Commit
tee in an effort to recover funds The
yesterdays announcement of coming
S Per cent payment was a complete
surprise.
Cleaned in Financial District.
There was another rush by Civil
Works Administration employees again
yesterday to get their checks caShed in
the local banks. In all cases where the
applicants are known, the banks are
only too glad to cash these checks
Where there is question of Identified
tion the holders are advised to go to
stores near their homes where they are
known. Many downtown stores are also
cashing the checks in connection with
Christmas purchases.
In his address before a group OF
washington bankers the other evening
President Cloyd H. Marvin of George
washington University said it is more
necessary for bankers to possess wisdom
than talent Talent, he said, means
knowing a great deal about one subject
Wisdom is required in banking, he
added, because the fnancier must not
only know great deal about his oWr
business but must know economic con-
ditions in the community and also bt
eble to forecast probable future events
with reasonable accuracy.
Including bond issues voted at th'
November general elections, the total o.
all state and municipal financing au'
.athorized by the voters of 133 commu
mites in 29 States during November
vas $2245Se, ,032, according to the Dali!