Evening star., 1923-08-24
LINOTYPE DECLARES
USUAL DIVIDEND
MergenthaIer Having Most
Favorable Year-Loan
Convention Reported.

The executive committee Of Me-
genthaler Linotype Company has d.
clared the regular quarterly dividend
Of 21s per cent on the capital stoch
of the company, which Will be pa!a
10 stockholders of record on Septem
btr 20 az they appear on the book.
at the close of business on Septembel
.. 1929. The transfer books will no.
be closed.
The above declaration will make the
one hundred and eleventh disburse
mcnt of the company. While no
earning statistics were presented a.
the recent meeting, it is said by Off
Gals Of the company that the incOne
Tor the year TO date has been mo-,
favorable.
Reports ON Convention.
G. Clinton James, president Of Ii.
District of Columbia Building HI.a
Loan Association, has returned T.
Washington after attending tn
thirty first annual meeting Of III
United States League of Local Build
ing and Loan Associations, held -
Tacoma. Wash.
At this meeting Mr.. James was r.
appointed chairman Of the feder"
Legislative committee and W.
Quinter was appointed on the fEauc.
committee for the ensuing year.
Mr.. James stated that the buildlrE
and loan associations III the SeNrra
states Increased their aggregat,
membership By over 100000 persons
last year, SURPRISING the record of I'll.
previous year. which had represented
the peak up to that time. They also
added nearly one-ha!f billion dollars
10 their assets. There are now 1900"
associations in the United States wItB
assets aggregating 81, ..'5p s,3 I'D
a total membership Of 6,S64li4 Tbs
increase in membership for the yea
ie 1,054.2JG. d little over lS per cen
and the increase in Hssets for tn
same period Is $tJl, ,I66,333. d MT
less than 10 per cent.
Points Out Benefits.
The increasing need of funds To-
home building purposes during III
past year has brought the building
and loan associations prominently
before the public" said Mr.. James
and II has given them an opportuuity
of greatly expanding their busineSS
and sphere Of usefulness. They arr
now generally recognized IS mos
helpful and important factor in OIL
community life. Building associa
tions gather up the savings Of smai
investors and encourage them IL
economy and thrift. These accumula
tions are loaned out by them almos
exclusively for home building o:
home owing purposes. Every nc"
home built adds new taxable wealth
character of its citizenship. Besides.
this process stimulates general bust
ness,
New buildings financed through
these associations provide emplo2
ment for workers. make 4 market
for building materials and furnish
additional housing, which is so badlI
needed.
Everybody is benefited by the work II
the building associations and the serv-
I1-hi ivNTt
community and the state is not eQualea
by any other financial institution. Ii Is
estimated that the mortgage loans oi
real estate securities made by buildin-
and loan associations last year aggrc-
gated s900,0O0,000. About $1,000, 600 OF
this amount was loaned in the District
of Columbia. With the statistics of
forty-one states available. the District
of Columbia ranks nineteenth in assets
Woman Elected President.
Mr.. James reports that the attendance
to the convention was larger than any
previous convention. one of the unusual
features of the convention was the
election of Miss Anne L. Rae as presl-
dent, she being the first woman TO hold
that position. Miss Rae is ex-presideIt
of the New York State League. ana
president of the second largest building
and loan association in the state OF
New York at Niagara Falls.
Institute Seeks Members.
Preliminary plans for the coming
drive for membership. including the
adoption of slogan and the appoint
ment of a vice chairman and secre-
tary. were taken last night Il
meeting of the membership committee
of the local chapter, American Insti-
tute Of Banking.
Double our membership-it can BE-
done will be the watehword of the
local committee from October ! to 10.
when the active drive will be started.
r. c. Calvo. Liberty National Bank.
has been named to assist T. Huntou
Leith. chairman of the committee.
while Miss Florence Willer of Riggs
is secretary Of the body. Mr.. Leith
presided at the meeting.
! Trading on Local Exchange.
Traders switched their activities 70
the bond department OF the local eX-
change today where firm prices pre-
vailed. Railway As were unchanged
at -, $1,000. face value. selling at
this figure, and Washington Gas S.
were unchanged at 1O1. Traction IS
brought 81, and City and Suburban IS
! sold at so.
On the stock side. Railway common
broke into the sales column at 81 L
and Washington Gas Light changed
hands at 49la. Mergenthaler. whilc
not traded in. was strong with l54
bid and 157 asked.