Evening star., 1927-07-13
SECURITY SAVINGS
INCREASES BOARD
Five Former Directors of
Central Savings Elected
to the Directory.
BY EDWARD G. STONE.

The directors of the Security Saw
ings & Commercial Bank today elect |
ed five former directors of the Cen
trail Savings Bank to membership in
the Security board, making this
banks directorate now number 20.
The new members elected at the meet
ing this forenoon include Dion 5.
Birney, attorney at law; 3. II. Gruver.
builder: Franklin W. Harper, presi
dent of the r. Morrison Paper Co.;
Charles w. Morris. real estate dealer,
and Judge Milton Strasburger, at
torney at law.
The directors already serving this
bank are Francis G. Addison, jr.; Ed
ward G.. Baltz, Francis A. Blundon.
Diller i. Croft. John r. Harrell, j.
Thilman Iicndrick. Sol Herzog. Will
liam A. Hill, George III. Judd, Harold
II. Levi. Fred Mckee. Ralph Mckee.
Laurence Mills. julius I. Peyser,
Morris Simon. William w. Spalding,
Sidney w. Straus and William c.
Sullivan.
At today's meeting much gratif.
cation was expressed over the op-
Grafton of the new branch at 7IO
Fourteenth street. both in the added
accommodations the bank is now able
to extend to uptown customers and
to the new business as well,
Bankers Adopt New Note Plan.
The District Bankers Associat ton at
the special meeting yesterday after.
noon. presided over by President w.
w. Spaid, voted the following reso-
lutions bearing on real estate notes
offered banks AS collateral:
THAT it is the sense of the members
of the District Bankers Association
that all first trust real estate notes
hereafter issued should be identified
on the notes themselves by one of the
recognized title companies. or the
member banks will not look with
favor upon their purchase or accept
ance as collateral for loan.
THAT it is the sense of the mem.
bers Of the District Bankers Asso-
citation that all real estate notes other
than first liens should be identified and
certified to by the title companies, or
at least notary public, and complete
papers including title certificate, in
surance policy and recorders receipt
for the deed of trust, should be fur
nished in every instance where loans
are requested against said notes as
collateral"
This step is considered one of the
most constructive and important
moves taken by the association in
several years. The matter was brought
to a head by Francis G. Addison, jr.,
in an address at the annual conven
ton. Yesterdays discussion was high
ly interesting and it is believed that
with the cooperation of the Washing
ton Real Estate Board. brokers and
builders, the banks will avoid many
losses in the future from this source.
Finance Company Dividends.
The board of directors of the Union
Finance Co. at the regular meeting,
held at noon today, declared a quar-
terly dividend of so cents per share
on it's $25 par value preferred stock
and 10 cents per share on it's common
stock, payable to all stockholders of
record on June 80.
This dividend is the twenty-eighth
consecutive quarterly disbursement to
it's stockholders, and the company has
with this payment, returned to it's
stockholders in cash $203,33258 in it's
seven years of corporate life. and in
addition has created satisfactory
surplus and undivided profits ac-
counts as is shown by its statement.
Local Securities Again Firm.
Potomac Electric Power per cent
preferred stock sold at 10SA today,
while the new 512 per cent issue held
at 1918. Capital Traction remained
at 105 and 60 shares of Washington
Market Co. changed hands at so. Mer-
chants Transfer & Storage preferred
moved at 10O%. d. c. Paper appeared
on the board today, 20 shares selling
at SSR.
Chesapeake & Potomac Telephone
SIS sold at par and y, Potomac Elec-
trio IS sold at 108H, and Railway d
Electric 4s at S57s. Gas 6s Series A,
appeared at 1925 for baby bond.
Piggy WiggIy Opens Bakery.
Announcement was made today of
the opening of the first bakery to be
located in Washington by the Piggly
Wiggly Corporation and the Piggly
Wiggly Stores, Inc. This new phase
of the firm is housed in the ware
house of the local plant, at 1885 Firth
street northeast, and has capacity
of about $4,000 loaves daily. The cost
of setting up the bakery to serve the
approximate $4,000.
Formal opening Of the new bakery
plant was marked yesterday afternoon
at gathering of high officials of the
organization at a luncheon at the |
warehouse and today the group went
into conference at the Mayfiower Ho-
tel. Among those attending were j.
f. Maury of Memphis, Tenn, presi- |
dent of the corporations; j. r. Peters,
vice president; John I. Powers, Dis |
trict manager; f. G. Bradford, attor- |
ney, and M. l.. Langford, the general |
manager of all bakery plants of the |
organization.
Detroit Convention Gala Affair.
Miss S. Winifred Burwell reports |
that the Washington delegation is hav-
ing a delightful visit at the institutes !
Detroit convention. One of yesterdays |
addresses was made by Melvin A. |
Traylor, president of the American |
Bankers Association. A convention |
publication states that the delegates |
have the keys to the city and are en-
joying every minute of the sessions. |
The stop-over in Pittsburgh includ- |
ed luncheon at the Athletic Associa-
tion'S annex, sightseeing tours of the |
downtown, residential and park Sec |
tions, dinner and a special entertain
ment in the evening.
Heard i'm +. ncial District.
norman IL. f1llI OI WHlldIilSpoil l,
Pa, will address the local insurance |
men at tomorrow's luncheon at the |
Raleigh. Mr.. Hill has made bril- |
liant record in his field and is an eX-
cellent speaker.
Two important publishers of loose
leaf tax services have merged into
new firm, known as the Commerce
Clearing House Inc, Loose-Leaf Serv-
ice Division of the Corporation Trust
Co. It is a Chicago firm and will have
an office here.
Vice President r. e. Boiling of the |
Merchants Bank & Trust Co. has re-
turned from his annual vacation
passed at Abingdon, Va.