Evening star., 1938-10-28
CAPITAL TRANSIT
SLASHES DEFICIT
September Loss Amounts
to Only $3,170, Against
$13,088 Year Ago.
By EDWARD C. STONE.

. loss of $l3,O8S14 in September,
1887. This was pickup of s9,9l803,
according to the monthly statement
filed with the Public Utilities Commits
sion this afternoon.
Operating revenues amounted to
$685., 1857 so, an increase of S67257. At
the same time total operating expenses,
taxes and depreciation required $844.-
276.7S. up $22,14O33 over September
last year Deductions from gross were
about $4,000 more than year ago.
Revenue passengers totaled 12.686,799,
a drop Of 53S79 the report stated.
In the first nine months of this year
net earnings Of the company totaled
$l549318o, against only s7l l,87o.46 in
the like period in 1887 gain of $685.
06134 or lis per cent, the statement
disclosed.
Trust Week Plans Ready.
Complete plans for Trust Research
Week in Washington, November to
8, we're outlined at a meeting of the
fiduciaries section of the District
Bankers Association, at dinner meet
ing last night at MAYORS restaurant,
with j. Eliot Moran, assistant trust
officer of the American Security &
Trust Co., presiding.
The program is to be conducted by
the American Bankers Association
through the District Bankers Associa-
ton. Washington Clearing House As
sociation and Washington Chapter,
American Institute of Banking The
conference here is one of a series
being held in all parts of the country.
with Gilbert T. Stephenson presiding.
Special meetings have been planned
for officers and directors of the banks,
executives of trust institutions, meet
ing with life insurance underwriters
and bankers. one with members of
the Institute of Banking. another with
Junior and senior classes at George
washington University Law School
and a session with the Washington
Board of Trade at the Willard Hotel
The sessions will be the most i'm
portant of their kind ever held in the
Capital. last nights report said
A report was presented by E. B.
Shaw. chairman of the sections Com
mittee on Trust Investments and the
sections work for the coming year
was fully outlined.
Union Trust Dividends Nearer.
Oficers of the Union Trust Co. eX-
pressed much enthusiasm today over
the action taken by the stockholders
yesterday when the proposal to reduce
the capital stock from S2,00o0O0 to
S1000,000 was adopted unanimously.
One of the most important results
OF the move is expected to be resump-
ton Of dividends in the near future,
this having been forecast in special
letter sent to stockholders recently and
signed by the president, Ord Preston.
The directors approved the plan and
recommended the change at a meet
ing on July o. The par value Of the
stock will be changed from 500 to
$50 share, the number of outstand-
ing shares remaining unchanged. All
shareholders will turn in their present
stock certificates for Endorsement
thereon of the change in par value
The change of the par value share
does not affect the interest each
shareholder now has in the trust COM
pany.
OF the s1,OOO.OO0 freed from capi-
tai, s5o0,000 will be added to surplus,
thing inprpo c1,rr11Jlc RI
equal to capital, S250000 will be added
to reserves and the balance, or $780,
900. will be used to write down on the
books of the company the banking
house, other real estate, loans and
discounts, according to the banks
officials.
C. & p. Telephone Net on.
Net earnings of the Chesapeake &
Potomac Telephone Co. in September
were of slightly from the same month
. year ago, according to the monthly
statement filed this noon with the
Public Utilities Commission. This
years net totaled s133,463, compared
with sl37,552.
Operating revenues totaled s94O,677,
against the lower figure of 1898, ,434
But operating expenses also were
higher. s686,362, comparing with
$661.605. Net income from operation
amounted to $165,3O2, as compared
With S153950 a year ago Interest
deductions called for S36,436, in COM
parison with $23,931 in September,
1887, today's report showed.
80 %o1~
installations in September. Total tele-
phone calls reached 26.3eO,OOO during
the month, or 100000 more than
in September, 1887.
The Chesapeake & Potomac Tele-
phone Co. also reported earnings for
the first nine months of this year,
the total standing at $1,266, 100.
against $l419,170 in the like period
In 1887. Operating revenues showed
substantial improvement, but operating
expenses also advanced, the statement
disclosed. Taxes in the nine months
required $804,102, against $734, ,1O7
last year. Interest deductions totaled
S300,043, in comparison with S182,7l2
IN the like 1887 period.
Bankers Honor George White.
Bankers in the financial district
paid glowing tribute to George w.
White, president of the National
Metropolitan Bank who died last
night at his home after a short illness.
Hilleary G.. Hoskinson. president of
the District Bankers Association, to-
day appointed the following members
to represent the association at Mr..
Whites funeral: Robert v. Fleming,
H. H. Mckee. Corcoran Thorn, Harry
G. Meem and Victor B. Deyber
Mr.. White was engaged in banking
in the Capital for more than half
century. He was head of the Metro
politan for ~ years, building up the
bank and making it an outstanding
institution during all that time His
banking ability was greatly admired
by all his associates in the bank and
also by bank officials all over the CITY,
He was considered one of the most
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