Evening star., 1941-04-28
Utility Stockholders
In D. {. Optimistic
Over Prospects
North American Plan
To Give Up Control
Cuuses No Alarm
BY EDWARD C. STONE.

Holders OF Washington Railway
& Electric, Potomac Electric Power,
and Capital Transit securities are
expressing no fear about the future
of these issues. following announce
ment by President E. L. Shea OF the
North American Co. that the huge
utility holding concern will comply
with the expected order from the
Securities & Exchange Commission
and give up control of the Washing
ton subsidiaries.
Investment dealers in the financial
district today expressed similar
optimistic views. They pointed to
the firmnesS in the quotations In
these stocks and bonds ever since
it became evident that the North
American Co. would probably have
to d;vest itself of utility control so
long held in the Capital.
What small receSsionS have taken
place in prices OF the local utility
issues have been the result OF weak
ness in the New York Stock Market
and other big markets, according to
investment QSdlSIS, SlOIh14OANClo "a
pressing similar views.
Earnings Look Promising.
It was pointed out today that the
Washington Railway & Electric Co.
should it be separated from the
North American Co., would still own
the Potomac Electric Power Co., its
greatest source of revenues. AS lar
as can be seen now, the power COM
pany has every promise of highly
satisfactory earnings for a long
period ahead.
Investment dealers also call atten-
ton to the steady and very rapid
growth in the earnings of the Cap
ital Transit Co. While expenses are
high and the company has to spend
a great deal of money for new cars
and buses, yet passenger traffic Is
constantly reaching new peaks.
In his annual report to North
American stockholders last week,
President Shea predicted substan-
tial growth in the power loads Of the
different companies in the coming
months. He said that even in
Washington, where there are no
large industrial or manufacturing
concerns, the defense program is
serving as an important stimulus to
both electric and transportation
services.
Potomac Electric Power Co, a
subsidiary of Washington Railway
A Electric Co." he said, is anticl-
pating an increase of around 10000
residential customers during 1941.
Over the last eight years sales OF
Potomac Electric have more than
doubled, as has the business OF the
Capital Transit Co."
Banks Show Steady Growth.
Resources of the % insured banks
in the District of Columbia totaled
s47O,81O.OOO on December 81, 1910,
according to survey made public
today by the Federal Deposit In
surance Corp.
Deposits in the insured banks were
listed as S419,703,000. Demand de-
posits amounted to $780, SIT 900 and
time deposits totaled $120,l26,O0O.
Loans and discounts of the reporting
banks amounted to $128.175, 900, an
increase of S15,733, 900 over the De-
cember 81, 1899, total.
Loans and discounts OF the 13,438
insured commercial banks through
out the country totaled $18,397,-
$4,000. an increase of 1881, ,754 900
or more than per cent over the
amount reported December 81, 1888.
Deposits increased from the $50
o76.349, 900 reported the previous year
to s63. .469 603, 900, the highest figure
since Inauguration of deposit in
surance.
Chapter Officers Nominated.
Nominations for the election Of
officers and Board of Governors OF
Washington Chapter, American
Institute of Banking, to be held
on May 8, include John M. Chris
tie. Riggs National, for presi-
dent: Kenneth Birgfeld, American
Security & Trust Co., first vice pres
ident: George M. Rowzee, jr., Lincoln
National, second vice president; Miss
Sophia Karydakis, Second National,
secretary; Neal Wells, National Saw
ings & Trust Co., and Stephen c.
Porter, Riggs National, treasurer;
Miss Dorothy L. Werner, Hamilton
National, and Miss Donna Mulloy,
National Savings & Trust Co, assist
ant secretary; Henry Chenoweth,
Second National, and Fred Daum,
Security Savings & Trust, for chief
consul.
The following were nominated for
the Board of Governors with four
to be elected: George Earnshaw, Ma
tionai Metropolitan; George Gale
her, Lincoln National; Franklin A.
Gibbons, Riggs National; Raymond
r. Jones, United States Treasury;
]. Earle McGeary, w. B. Hibbs e.
Co.: Thomas J. Norris, Bank of
Commerce ds Savings; John Warner,
Union Trust Co.
&P. Votes $29s,O00 Outlay.
Expenditures amounting to ap-
proximately $298,000 for the con-
struction of telephone plant and IN
stallation of equipment in the Dis
trict of Columbia have been au-
thorized by directors Of the Chesa-
peake & Potomac Telephone Co,
according to C. A Robinson, vice
president and general manager.
More than $250,000 of the amount
will be spent to provide additional
equipment in the Georgia central
Office to take care of an increase IN
telephone service,
Capital Banker Improves.
j. Frank White, president of the
National Bank of Washington, is
improving steadily following an op-
Grafton for appendicitis performed
at Clifton Springs, N. Y. He had
gone there for a short rest when
the attack came on. He expects to
return to the Capital shortly.
w. Frank D. Heron, vice presi-
dent of the Union Trust Co, who
has been i'll at Garfield Hospital,
has improved sufficiently to be re-
moved to his home.
RankarS Plan Snrinp Dinner