Evening star., 1927-11-18
H. c. MADDUX QU|TS|
MORTGAGE POST.
Resigns as President. of Ma
tionaI Capital Concern.
DuCkett Successor.
By EDWARD c. STONE.

By EDWARD c. STONE.
At meeting of the board of d.
rectors of the National Capital Mort
gage Co. held yesterday at the COM
panys offices, 923 Fifteenth street
northwest. II. c. MadduX, president of
the company since it's organization,
resigned and 7. Howard Duckett was
elected president in his place. Mad
duX gave as his reason for reslgnlnS
the fact that his company is now OPP
Grating some six or seven hotels, which
operation requires all of his time and
attention.
Mr.. Duckett, who succeeds to the
presidency, has been practicing law in
Washington and his native State,
Maryland, for the past 25 years, and
is connected with number OF f1nan-
cial institutions. He is vice president
of the Prince Georges Bank at Hyatts-
vile, vice president of the Arundel
Mortgage Co. of Maryland, and vice
president of the Maryland Mortgage
Co. of Baltimore.
The National Capital Mortgage Co.
was organized about three years ago
and has a paid-in cash capital OF
about 100000 and total resources of
approximately $500, 900. The direc
Charles b. Drake. T. n. Duckett,
Mahlon Groo, Harvey c. Hayes, Gen.
NJ. W. Ireland, Maj. E. Brooke Lee,
| II. G. MadduX. Charles K. Mallory,
+. c. Marshall, jr.; d. II. Maury,
James A. Morse, G.. Nixon, S. s.
| Ross, James d. Taylor. George F.
Unmacht and f. 2. Williams,
Bankers Forum Marked Success.
About 125 Washington bankers
| heard an intensely interesting talk on
| "Investment Trusts" given by Henry
G. Evans of Stein Bros. & Royce of
Baltimore and Washington last eve
ming at the Raleigh. These trusts
have been coming into prominence in
| this country during the past five years
but during the past year have made
tremendous strides, some 100 new
trusts being organized in the past II
months. They have been known
abroad for half a century or more.
Mr.. Evans declared that the man.
agement is the vital factor in every
| investment. The judgment, ability
| and honesty of the man handling the
| trusts are what count. In some in
stances the management keeps such
a high percentage Of the earnings
that there is little left for the stock
| holders. Up to this time they have
been poor mans investment, because
of the diversitication offered. Rich
men can buy the stocks separately
and directly. although, the speaker
said there is no reason why men of
wealth should not invest their money
in this way.
There are a host of different kinds
of trusts, and their earnings naturally
vary considerably. In one kind of
trust no change can be made in the
/ securities purchased. In another
| changes can be made at any time. and
securities purchased which appear to
have better prospects of advancing.
| In order to avoid having too many
| high-priced issues in a falling market,
some of tie companies have put con-
| siderable sums into short-term securi-
| ties, thus making it possible to take
! advantage Of market condition
| changes. The success of the whole
| trust plan really depends on the type
| of securities purchased and their
market action, Mr.. Evans asserted.
| The after-discussion brought out a
| grist of most valuable detailed .infor-
| nation on the working of the trusts.
| II. w. Burnside presided. At the con-
| elusion of the dinner he asked for
greetings from "the three wise men,
| W. w. Spaid, president of the District
| Bankers Association; Harry V.
| HAYNES. chairman of the Washington
Clearing House Association, and /. j.
! Roberts, president of the Washington
| Chapter. American Institute of Bank
ing. Besides Chairman Burnside. the
| other members of the committee were
| r. Hunton Leith, J. c. Dulin, jr., and
Frederick H. Cox.
Opens Investment Office Here.
| The First National CO. of Baltimore,
has opened an office in this city in the
Barr Building, with G.. w. Pratt as
resident manager. The company re-
ported resources on June 80, 1927, of
$6.7S7,786 and has capital, surplus and
reserves of S2,2O6.19S. 1t has conserv'
! ative management and sells its securi'
ties to individual investors and to
| banks.
| Mr.. Pratt has been in close touch
with financial matters for long time.
| He lived in Washington several years
ago while holding position in the
House of Representatives. Many To-
cal bankers are already his personal
| friends, and he is looking forward
with enthusiasm to his work here.
Since opening the office in the Capital
/ a few days ago mis- firm has also
| opened a branch in Boston.
Capital Traction Sells at 109A.
| Capital Traction stock was strong
| on the local exchange today, opening
at 109 and closing at 109A. Potomac
| Electric Power per cent preferred
| was strong. selling at Ill, while the
So per cent issue sold at 1864 and
! y. Ten shares of Washington Rail
| way & Electric preferred, selling eX-
/ dividend. came out at 993.
| Lanston Monotype sold at 103 and
closed at 1882 on an S3-share turn
over while Mergenthaler showed re-
cessions from recent sales, opening at
| 1042i and closing at 105 on 30-share
transfer. Sanitary Grocery preferred
sold to the extent of 100 shares at
1929. Peoples Drug at 11S. and Sand
& Gravel at 1924
Bonds were strong but quiet. Chesa.
peake & Potomac Telephone of Vir.
ginia SIS brought 1919. Washington
Gas 6s, Series B. 105. and Series A
bonds, 104. A $1,000 Potomac Electric
Power 6s. 1858, sold at 1854, off frac-
tionally from the last sale.
|