Evening star., 1950-08-29
Bankers Convention
In New York 10 Hear
Snyder and DeIano :
By Edward c. Stone

By Edword c. Stone
John w. Snyder, Secretary OF
the Treasury, and Preston Delano
Controller of the Currency, will
be among an array of speakers
who will address the annual con-
vention of the American Bankers
Association in New York, Septem-
ber 24-27, F. Raymond Peterson,
president, announced today.
Other speakers will include ]. L.
Robertson, Deputy Controller of
the Currency; M. S. Szymczak,
member of the Federal Reserve
Board; M. J. Rathborne, director,
Standard Oil of New Jersey; Mar
Gus Nader. New York University,
and Robert M. Haines, ABA presi-
dent in 1939-40 and now director
of Economic Affairs for Germany
The latest banking problems
caused by the Korean conflict will
be given special attention on the
program just being completed, Mr..
Peterson stated.
Fare Raise Quickly Felt.
The Capital Transit fare in
crease. which went into effect
July 16, was quickly felt in net
earnings. The July net income
of $34.849 compared with a deficit
of more than $4,000 a year ago
an improvement of practically
$4,000.
During July a total of $4,000
was Topped off operating expenses
which totaled $1.744.880. Taxes,
however, were up $44.120 or Is
per cent. Depreciation was up
$4,000.
Details from the July report
show that revenue passengers in
July numbered 21,266,O55, a de-
crease of 2,906.619 or IL per cent.
Gross income, after expenses.
taxes and depreciation. totaled
$67,190. gain of $48,749 or 264
per cent over July, 1949.
The report indicates that the
two weeks earnings under the
higher fares may have given the
boost that raised the quarterly
dividend to ST..
South Leads Trade Gains.
The Federal Reserve Board to-
day reported department store
sales in leading cities in the first
seven months of 1850, Columbus,
Ca, and San Antonio, Tex, show
ing the best advances, 81 and is
per cent respectively, over last
year.
Charleston, w. Va, with a is
per cent gain and Charlestons
S. c., with a 10 per cent advance,
were among the leading cities in
this area. Other cities with good
gains were Chattanooga, Savan-
nah, Tampa and Macon.
A large number of cities re-
ported decreases in store sales.
Washington's sales were un-
changed.
Pepco's Expenses Climb.
Operating expenses of the Poto-
mac Electric Power Co., which
totaled $12, 2,445, ,816 in the first sew
en- months of 1850. showed an in
crease of $336,257, or 3.03 per
cent, yesterdays report to the
PIC disclosed. The rise in ex-
penses supported the request for
higher rates.
Income taxes were down 20 per
cent but other taxes were up 24.68
per cent. Depreciation was up
1926 per cent to total $2.337 ,389,
the increase being $326,989.
The latest report showed an un-
usual number of financial adjust
mentS in line with PUG requested
changes. The company's request
for higher rates is now bebore this
commission. The common stock
remains the most active issue on
the Washington Exchange, selling
at 1882 a share yesterday.
Nash Reports Best Year.
H. L. Waters, Nash zone man
ager in Washington, announced
today that the company's produc-
ton in 1850 has been 81 per cent
above the like 1949 period, with
sales the highest in the firms 40
years of activity. Dealers in. this
territory will meet September II
at the Statler Hotel for a preview
of the 1851 models.
Raymond w. Ayers has been
elected vice president of Fred
erick Hart g. Co., Poughkeepsie,
N. Y. Mr.. Ayers has been asso-
ciated with the firms Washington
office at 910 17th st. NV. He is
a graduate of the University of
Illinois.
Volunteer leaders of the re-
Gently successful United States
Savings Bonds Independence
Drive have been invited to a re-
ceptlon by Chairman Edward G.
Baltz to be held at the Mayfower
Hotel, Thursday, September 7.
Peoples Drug Sells Higher.
Peoples Drug Stores stock sold
at 3112 on the Washington Ex-
change today, up a full point.
American Security & Trust
changed hands at 321s. Potomac
Power common led the market.
For Capital Transit. 81 was bid
and 80 asked, with no sales up to
noon.
Mergenthaler Linotype sold in
Boston yesterday at 5814, up 234
points. Last sale here was at
5812.