Evening star., 1950-03-09
Schram May Resign
As Exchange Chief,
Florida Papers Say
BY Edword G.. Stone

BY Edword c. Stone
Emil Schram, So year old
president of the New York Stock
Exchange, may resign because of
Ill health, the Miami Beach Flori-
da Sun and Coral Gables RIVERS
Times says in a copyrighted ar
ticle, according to the Associated
Press.
The newspapers said Mr..
Schram has been here for about
three weeks "recuperating from
an illness"
Reached by telephone, Mr..
Schram declined to be inter-
viewed by reporter, saying that
he isn't ready to talk" about the
rumored resignation. He added,
however, he would talk with re-
porters when the time comes"
1t was indicated, said the news
papers, that Mr.. Schram planned
to remain in his rented Coral
Gables home at least through
March.
The financier's presence has
been closely guarded secret" the
article said. "He has been in
Coral Gables for several weeks, but
friends have managed to shield
him from the press and public"
Because of bad health, the
article said, Mr.. Schram plans to
quit as head of the worlds largest
stock exchange and return to his
home in Peru, Ind.
Notes from Transit Report.
Capital Transit had a hard
year, President E. D. Merrill says
in his anual report, out today.
Lower passenger traffic and the
10-cent an hour increase in wages
granted Union employees forced
the company to seek another fare
increase.
Net income as noted elsewhere
in today's Star, was reduced to
S332,532 or $1.39 per share COM
pared with $39O,665, or $1.63 a
share in 1948. After paying all
charges, including the 50 dividend,
the company had a deficit OF
S147,568 which was supplied from
earnings of prior years.
The company paid $5oO,O0o to
clear up bank loans and made
final payments on street car and
buss purchases, Mr.. Merrill said.
More than 43 percent OF the
stock is now owned in Metropoli-
tan Washington and IL percent
more elsewhere in Maryland and
Virginia. Florida interests own
over 43 percent. The Florida
group now has three staff officers.
Taxes paid the District, State
and Federal governments totaled
s2,O62,941. The ompany is
studying every possible way to
offset the traffic decrease, MI.
Merrill stated.
Banker Ends Long Service.
Ira C. Whitacre. assistant
cashier and auditor of the Sub
urban National Bank, has just
completed SO years of service and
resigned. He was presented sew
eral gifts by officers and en-
ployes yesterday afternoon, with
T. Howard Duckett. chairman OF
the board, paying him high trib-
ute.
Mr.. Whitacre joined the staff
on March /, 1914. He was for
merly cashier and in 1884 was
elected vice president. In 1888
he took leave on account of i'll
ness and on his return took his
present position. He will con
tinue to serve the bank as a di-
rector.
Baltimore Meeting Planned.
The Robert Morris Associates,
Chesapeake Chapter, will hold a
meeting March 81, in the Emerson
Hotel, Baltimore, with Baltimore
Chapter of the National Associa-
ton of Cost Accountants and
other organizations. Chesapeake
Chapter is composed of Washing
ton and Baltimore bank credit Of
ficials, and Washington will be well
represented at the meeting.
Casimer A. Sienkiewicz, presl-
dent and director of the Central
Penn National Bank of Philadel-
phia, will discuss Business Con-
ditions and Prospects"
Gas Issue Authorized.
The Virginia State Corporation
Commission has authorized the
Commonwealth Natural Gas Corp
to issue an additional $4,000 shares
of stock, with par value OF 81, fol
sale to present holders.
The offering of 100000 shares oi
Virginia Electric g. Power pre-.
ferred stock at $102.27 share has
been oversubscribed.
Samuel G.. Keery, Walter B
Ford, Ralph C. Morrow anc
Nathan Bushnell. jr., manager o1
the Prudential Insurance Office
here, will attend the company.
18th anniversary Monday al
Newark.
National banks increased as.
sets $4,000, 900 900 last year, the
Controller of the Currency re,
ported. Deposits and loans showed
substantial increases.