Evening star., 1948-11-08
Big D. {. Contingent
Attending New York
Loan League Meeting
By Edword G. Stone

More than 1,500 building and loan
executives, including large Wash
ington contingent, opened the 56th
annual convention of the United
States Savings and Loan League at
the Hotel Commodore in New York
today.
Today's session included meetings
of 27 standing committees. of the
Board of Directors and of the Exc
cutive Committee. Low cost hous-
ing, building codes, mortgage
financing, ways to increase savings
and the latest management prob
lens will be given preferred pro-
gram attention.
Ralph M. Smith, president: H. F
Cellarious. secretary-treaurer, ano
Executive Manager Morton Bodflsh
will make important reports.
Transit's Status Reviewed.
The Washington office of Alex
ander Brown & Sons is distributing
a most complete study of the effect
on earnings of the Capital Transit
Co. of the recent rate increase.
The review is based on the 13-
cent cash fare, three tokens for IS
cents and the weekly SITS pass. 1t
presents the revenue forecasts of
both the Public Utilities Commis-
sion and the company.
In conclusion the investment firm
says: Although forecasts of pas
senger revenues by the commission
and by the company, based on the
new fare schedules, differ by ap-
proximately 81 100000 earning power
on the common stock by either esti-
mate would be substantial. The an
nual dividend rate of 50 per share
would be amply covered, even by
the company's estimate. Coverage
Of interest charges, calculated on
both forecasts, would be particu-
larly satisfactory"
The review includes other con-
clusions of equal interest and i'm
portance The companys working
capital and cash positions are
stressed.
Gas Meters in Sharp Rise.
The Washington Gas Light Co.
reports an increase of 2080 meters
in the District of Columbia for the
II months ended September 80.
Meters now total I'll ,479.
A. Victor Wade, of the Safe De-
posit g. Trust Co., Baltimore, will
address the Safe Deposit Section of
the District Bankers Association,
Tuesday. November 16, at the La
fayette Hotel.
Johnston, Lemon g. Co. report
that the offering of 9,612 shares of
Southern Oxygen common stock at
s25 per share, has been sold. Prac-
tically all the stock was taken by
present holders exercising rights.
The Washington Office of the Wy
att Co., actuaries. notes lively de-
mand for copies of The Runaway
Pension Epidemic" written by D. C.
Bronson and used in an editorial
by the Saturday Evening Post.
Stocks Firm and Active.
Washington Stock Exchange is
sues were firm and active as the
market opened for the week Poto-
mac Power common opened at 1884
and moved to 13&. Washington
Gas common sold at 2312, Capital
Transit at II, Garf1nckel at 171a.
Charles T. O'Neill, Charlottesville
banker well known here, has been
reappointed chairman of the Agri-
cultural Commission of the ABA.
Washington bankers were shocked
by the accidental death of Stephen
M. Foster. economic advisers of the
New York Life Insurance Co. He
addressed the fall meeting Of the
District Bankers Association only
three weeks ago.
H. Roy Walten, former Washing
ton representative of the Upson Co.,
is now Eastern assistant sales man.
ager with headquarters in New York.