Evening star., 1949-11-02
Revenues in October
And 10 Months Gain
Al City Post Office
By Edword c. Stone

By Edword c. Stone
Receipts at the City Post Office
in October and the first 10 months
of this year scored new high
marks for the two periods, Post
master Roy M. North announced
today.
October revenues moved up to
1888, ,446 in comparison with ST.
61l,850 a year ago, an increase of
S26.596 or LES per cent, Mr..
North said.
Postal receipts for the 10 months
totaled $l5,387 ,260 compared with
$14.259,090 in the like period a
year ago.
These figures mean a gain so
far this year of $1.128,169 or 7.9O
per cent, the postmaster stated,
both upswings being due to the
present high levels of business.
The State Loan & Finance
Corp, Ring Building, today re-
ported net income for the third
quarter of $414,260. equal to $1.27
a share on the common stock,
against SO cents last year on the
stock outstanding at that time.
State Loans total volume of
business reached $15,937, ,309
against $10,846, ,246 in the like 194S
period. Loans receivable totaled
$11 ,223 ,687 compared with $685.
382 a year ago.
Financing Plan Explained.
Capital Airlines is presenting to
its debenture holders a plan for
recapitalization of it's present
funded debt. J. H. Carmichael,
president, said that holders of the
present 31a% debentures are be-
ing asked to consent to a modi-
fication of their terms to provide
a relaxation of the restricted pro-
visions of the indenture."
At present the company can
not pledge any of its property
or create any 1ong-term debt,
which is holding up fleet modern
ization. The plan requires con-
sent of two-thirds of the $685.
600 of debentures outstanding. An
exchange offer of new 40 deben-
lures is included in the latest
proposal.
Under the new offer, the ex-
change debentures would consist
of one Series "a" $500 debenture
and Series B convertible income
debenture convertible into COM
mon stock.
Woollen Reports Loan Drop.
Bank loans have decreased about
$2,000,000,000 in the last year,
Evans Woollen. jr.. president of
the American Bankers Association,
reported at the San Francisco
convention.
The decrease came about because
OF decreased consumer demand,
lower commodity prices, more con-
servative inventory policies, a re-
duction of industrial output this
year and the refunding of bank
loans into new issues of industrial
securities because of favorable
conditions in the bond market.
These conditions have reduced
the demand for bank credit and
the amount outstanding. It is not
a symptom to give alarm, he said.
Frost On Textron Board.
Norman B. Frost. Washington
attorney. has been elected a direc-
tor OF Textron, Inc... it was an
nounced in New York. ~ h tsSI
Women workers in the Treas
ury's recent Savings Bond Drive
will be paid high honor this eve
ming at the Mayflower by the Dis
trict of Columbia Savings Bond
Division, Thomas J. Groom, chair
man. Mrs. Lindsey P. Hawley
will preside. John S. Graham,
Assistant Secretary of the Treas
ury. being the speaker.
Edward G.. Knapp, Deputy
Controller, Department of the
Army. addressed Washington
Chapter, National Association of
Cost Accountants. on internal
Reports" Monday night.
Short Term Loans Planned.
Everett j. Boothby, president of
the Washington Gas Light Co., re-
ports that the cost of main extern
sions and other plant facilities
this year will approximate $4,000
600. part of which was financed
by the sale of mortgage bonds in
July. Requirements for the last
quarter will be financed through
short term bank loans.
Department store stocks in the
Fifth District in September were
4 per cent higher than in the
previous month but per cent un-
der September. 1948, the Reserve
Board reported.
The District of Columbia Asso-
ciation of Insurance Agents will
hold its annual banquet at the
Mayf1ower Hotel on Tuesday.
November 20. Samuel j.. Sugar
announced today.
October bank clearings in
Washington were the highest for
any month this year, comparisons
with other months being as
follows: