Evening star. [volume] (Washington, D.C.) 1854-1972, 1956-08-19

NEW TRANSIT HEAD
and board chairman of I
outlines his plans durin
Star.-Star Staff Photo.
well" during the depression. II
bought real estate when others
were having to SELL" he explains.
Now he owns several" large.
Ihigh-rent apartment houses on
both the upper east side and
upper west side of New York,
Including a 16-story building on
Fifth avenue where he main
Itains a 12-room apartment for
his wife and himself. Their
daughter, Barbara, 90, now Mrs.
Henry Hubshman, and their
ISon-in-law have the penthouse,
| Mr.. Chalk avoids discussing
his wealth for publication. but
consoles it runs into seven
figures" which indicates an es-
tate of between 81 million and
$40 million.
Also. he refuses to comment
on a report which quoted him
as saying he had made his first
million at age %. That's not
quite right" he says, but will
not elaborate.
His banker. Maurus Conrad,
vice president of Chase Man.
haitian Bank of New York, how
ever, assured queStioners when
Mr.. Chalk first came into the
transit picture that you can
rely utterly on Mr.. Chalk's word
even when Mr.. Chalk was
talking about putting UP $9.6
million in cash to buy the etc
property.
And, as promised. the money
was put up last Wednesday by
Chase Manhattan when the CTC
purchase deal was closed.
Loan from Chase
Additionally, Chase lent the
new transit company $3.5 million
on its newly acquired buses and
lstreetcars for a five-year period,
Mr.. Chalk said.
Total purchase price for CTC's
property was $13,540,O00, with
the 500 million down and the
balance of $3.94O.000 to be paid
over IS years with interest of S
per cent year. During that
time, etc (Which is changing
its name to Universal Corpora
tom will hold a mortgage on the
real estate it sold to Mr.. Chalk.
Technically. D. C. Transit is a
wholly-owned subsidiary Of Tea
Investing Corp, which in turn
is a wholly-owned subsidiary of
Trans Caribban. Mr.. Chalk and
his wife own nearly "a per cent
of the stock of Trans-Carrib-
bean. They and Mr.. Chalk's
brother-in-law, Irving M. Buck
ley, constitute the board of di-
rectors of Trans Caribbean of
Tea, and also of D. c. Transit
Mr.. Chalk says he will resign
as president of D. c. Transit in
a year or so after his venture is
well under way, but will remain
as chairman of the board. He
says he will take no Day as
chairman, but will have an as
yet undetermined salary as pres
ident of the company, in order
not to set a precedent of too low
pay for future presidents. Mr..
Broadwater drew $4,000 a year.
Practiced Law
Mr.. Chalk says he practiced
law in both New York and WASH
ington from 1910 to 1850, and
was a civilian consultant to the
Army and Navy air forces.
During that time, he says, he
exploited his mechanical and
electronic talents to invent sew
eral training devices for the
armed forces. including an
automatic student rater." a side
film device for teaching instan-
taneous recognition of planes. a
system Of training pilots in meth
DDS Of air attack, and simulated
twin-engine trainer, much like
the Link single-engine trainer
After the war in l945, Mr..
Chalk recalls, he bought sur
plus DC-3 and had it converted
for civilian operation to start the
first non-scheduled independent
airline. Trans Caribbean.
BY 1851, he was ready to try
for a share Of the Defense De-
partment's So billion annual
transportation budget, but was
told the department deals only
with associations-not with in
dividual companies. The next
day, he says, he went back with
one other independent operator,
having formed IMATA under
District laws, and offered to do
business.
Looked Embarrassed
His Defense Department con-
tact. he says, looked embarrassed
and asked il he couldn't find a
few more operators. The next
day Mr.. Chalk says, he went
back again with total OF IA
independent airline operators
summoned from all parts Of the
country and started getting
contracts.
J In the first year, he declares,