Evening star., 1950-02-24
Capital Transit Net
Shows Sharp January
Drop From Year Ago
By Edward c. Stone

sit Co. in January resulted in a
deficit of 1922 compared with
a net income of $66,701 in Janu-
ary a year ago, according to the
statement filed with the Public
Utilities Commission today.
Operating revenues in January
amounted to $2,225,171 compared
with s2,382.65s year ago, a de-
crease of $157 ,488 or sc per cent.
Operating expenses totaled ST.
854,642. reduction of $26,942
or IA per cent.
Taxes required $149,244 against
$212,046 a year ago, with depre-
citation and interest charges show
ing little changes. Revenue pas
sengers in January numbered a.
352,684 compared with 26,341 CAT
in the same month in 1949, drop
of 1,988.963 or 7.6 per cent.
Car and bus miles totaled g.
545,519, a cut of 144,737 from
January last year or 3.9 per cent.
On the Washington Stock Ex-
change today, Capital Transit
stock was the most active in years,
selling at the new high of $32 a
share. Sales totaled ITO shares,
ranging from 100 to 5-share lots.
Demand Deposits Climb.
Demand deposits in Washing
ton banks showed a gain of
t8,374,000 for the week ending
February Is, reaching a total OF
e778,883,000, the Richmond Re-
serve Bank reported today. Time
deposits showed practically no
thange.
Total loans and discounts
amounted to $243,256,O00 COM
pared with $241 1855, 900 in the
preceding week. Both CONNER
sial and real estate loans were
moderately higher.
Total investments were down
about $7,000,000 due to lack of
buying in Treasury bills. Assets
we're higher than in the previous
week, the report said.
Young Named Vice President.
Election of Col. Clarence M.
Young as vice president of Pan
American World Airways, Inc,
affective March l, was announced
Today by Juan T. Trippe, presi-
aent of Pan American.
Col. Young has been prominent
n aviation since 1925 and his &C
tivities have included previous
Iervice with Pan American. He is
currently manager of the Los
Angeles Department of Airports.
Nugent Addresses Bankers.
Frank Nugent, assistant chief
national bank examiner assigned
to the Office of the Controller of
the Currency, gave a talk on the
best methods of handling trusts
by the banks at the Burlington
Hotel last night. He addressed
the Fiduciaries Section of the
District Bankers Association
Edward A. Dent, jr., CHAIRMAN,
presided. j. L. Robertson, Deputy
Controller of the Currency spoke
briefly, as did James P. Benfer, jr.,
/ national bank examiner. George
NJ. Fisher, president of the District
Bankers Association, brought
greetings from the parent body.
Phone Officers Reelected.
Chesapeake & Potomac Tele-
phone Co. directors have re elected
these officers for 1850:
H. Randolph Maddox, president:
Robert C. Mccain, John A.
Remon, William j. McManus and
Arthur B. Goetze, vice presidents:
Robert w. Niche, vice president
md controller; John T. Quisen-
berry, general counsel; Robert v.
Russell, secretary and treasurer;
Clarence H. johnson, vice presi-
dent and general manager, and T.
Stanley Vanneman. auditor
Regular Dividends Voted.
Directors of the Mergenthaler
Linotype Co. have declared the
.egular quarterly dividend of rs
tents per share, payable March
"a to stockholders of record
March 10.
The Potomac Electric Power
60. has voted the usual quarterly
dividend of 221a cents a share
IN the common stock and the
.egular dividends on the pre-
'erred. The common dividend is
payable March 81 to stock of
.ecord March 6. The preferred
will be paid on April l to stock
holders of record March 6.
The monthly meeting of the
District Building and Loan League
will be held Tuesday at the May
lower, starting at 1890 pm. A
report from Ray c. Williams on
the midwinter parley of the
American Savings and Loan In
stitute in Chicago will feature
the affair.
Benson Talks on Security.
Judd C. Benson, president of
The Natonial Association of Un-
derwriters, urged the Senate FL
nance Committee today to favor
/ Social Security Act that will not
place an undue burden on coming
generations.
He said life underwriters favor
system of social security that
will treat all citizens equally and
lairly and eliminate fear of desti-
tuition but impose penalty upon
The lazy and indolent.
Mr.. Benson urged that the pres
snt law be extended to all gain
FULLY employed persons, such as
agricultural and domestic work.
srs and such professional groups
rs life underwriters.
The District Bankers Associa-
tion will hold a preconvention
dinner at the Columbia Country
Club in April, reviving an oldtime
custom that was stopped by the
war in 1941. Seating will be
limited to $50.
Chicago Livestock
CHICAGO, Feb. "A lP. (USDD.-salabl,