Evening star., 1937-11-05

Edward b. Hall. poStal receipts at
the city Office
totaled s5s73, ,2O1.65 in comparison
with S5,792,110.88 in the corresponding
10 months of last year, or an increase
OF $81,090.77. This is a percentage
gain of Ia.
Not only were the October postal
revenues larger than in the same
month last year, but were also higher
than in November and December. 1886.
usually the two heaviest months in the
year for post Office income.
Hall Presides at Convention.
Edward B. Hall, who is presiding at
the 26th annual convention of the In
Vestment Bankers Association at White
sulphur Springs, is a personal friend
OF many investment dealers in Wash
ngton. He's from Chicago. At the
opening session he said he feared that
setback in the stock market would re-
sult IN the permanent dropping of
many proposed new investment issues
which have been under consideration
for several months.
To Mr.. Hall, this same market un-
settlement affects refunding issues
especially, although his warning re-
1erred to new capital hotations as we'll
He voiced the belief, however, that any
derlnlte signs of market stability over
q reasonable length of time might
prlng forth somewhat different set
OF new issues than those originally
considered.
Many corporations, notably those in
the utility field he said, could sell
bonds at price in this market, but
their ideas on capital structure REQUIRE
financing of plant additions and ex-
tension, at least to some extent, through
sales of preferred and common stocks.
Transit Stockholders Puzzled.
Capital Transit Co. stockholders are
puzzled over the probable results of
the increase in fares granted by the
Public Utilities Commission when the
rate was boosted to 8ls cents per
token. What the increase will mean
to the shareholders seems to be prob
lematical
Capital Transit Co. officials estimate
that the increase In fares will bring
in an additional s254,OOO annually. If
that were net income, the company
could pay 81 share annually on the
common stock. But it is only an esti-
mate and only time will reveal the
actual increase after all expense deduc-
tlons in IL months. Up to October 1
the company has earned a net income
NJ Ac III
already in effect, the increased earn
1ngs will be reflected in the last quar-
ter revenues
Some shareholders insist that higher
fares should have been granted.
Others, however, take the view of the
Public Utilities Commission that
further increase in car and bus fares
might have resulted in reducing riding
and proved less helpful than the pres
ent rates.
Transit securities on the Washing
ton Stock Exchange paid little atten-
tlon to the fare change. On the first
DAY after the commissions ruling
Capital Traction IS sold at 70, same
as the previous Gay, and closed at 1919.
There were no sales in the stock,
closing bid Sl2 with IL asked.
Capital Transit officials, in accept
Ing the ruling, expressed regret that
the commission did not grant still
higher fares, as requested.
Insurance Club Adds Members.
The Life Insurance Club of Wash
ington held its November meeting at
the Parrot Tea Room Tuesday evening
Loehl O'Brien. William p Ross and
Andrus Durant were admitted as new
members to the club.
An unusually large attendance had
the pleasure of an instructive talk
from Ray Du Four of the Massa-
chusetts Mutual Life Insurance Co.,
Washington agency, who spoke on
the recent estate taxation law affect
ing residents of the District OF Co.
lumbia. Mr.. Du Four also dwelt on
the effects of general taxation upon
estates and the benefits OF life insur-
ance in connection with these and
administrative charges.
The club, organized in 1928. meets
monthly and is represented by agents
from the leading insurance organiza-
tions in the city. George B. Faruuhar
Is president and Graham E. Wilson,
secretary and treasurer.
Heard In Financial District.
Leo T. Crowley, chairman, Federal
Deposit Insurance Corp, told the Ne
braska Bankers Association branch
banking is a matter for State regula-
tion. Any town that can support a
full-time branch can support a unit
bank, he said, taking different view
from that held by some other Govern
ment officials.
Frank r. McNinch, chairman of the
Federal Power Commission, drew un-
usual attention at White Sulphur
Springs yesterday when he voiced in
creased confidence over the future of
private power companies, adding that
Federal control has strengthened the
financial position of these companies
and the confidence of the public. He
criticized leaders of the industry for
not doing more construction and ex-
panding of general facilities.
John r. Waller of this city, executive
vice president of the National Associa-
ton OF Sales Finance companies, VIII
address the National Association of
Ice Industries at Cleveland next week.
Two thousand executives are expected.
Five Washington men connected
with the Seaboard Air Line Railway
". e. Tlghman, Edward Plack, John
Callahan, w. E. Flynn and A. D.
Estill-have returned from Pinehurst,
N. c., where they attended confer
ence on winter traffic.
An analysis of 100 interest-paying
realty bond issues just completed by
Eli T. Watson g. Co. indicates that
for the current six-month period an
average interest rate of 4.08 per cent
per annum was paid, compared with
rats of 3.18 per cent for the same
1895 and 2.e7 per cent for the same
1885 periods.
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