Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-25
v. B. VAN DEVANTER|
BOND CLUB HEAD.
Guaranty Co. Manager Is
Chosen at Annual Meet
ing-0thef Notes.
BY EDWARD c. STONE.

BY EDWARD G. STONE.
Members of the Washington Bond
Club have elected Winslow b. Van De.
vanter, manager of the local office OF
the Guaranty Co., president for the
coming year. The election took place
at the home of Charles Carroll Nor
gan, the retiring president. in Chevy
Chase. Other officers chosen were
Kenneth S. Wales, manager Bonbright
& Co., vice president, and Franklin II.
Ellis, manager E. II. Rollins & Son,
secretary -treasurer. Sidney T. Thomas,
manager of Gillett & Co., and l.. M.
Proctor, manager Alexander Brown 4
Sons, were added to the board of gov
errors
At Yesterdays meeting a special
committee was appointed to cooperate
with the District Bankers Association,
the Board of Trade and other organi-
cations in study of the tax situation
in Washington. The committee is
composed Of G. c. Morgan, Y. e.
Booker and Sidney T. Thomas. 1t is
understood that the bond men are par
ticularly interested in the intangible
situation. A resume of the years
work shows that the club has made
marked progress. The membership
has made rapid strides and interest in
the monthly meetings greatly in
creased
Bankers Council Has Session.
The first meeting of the council of
administration Of the District of Co
lumbia Bankers Association 20 be
held under the new administration,
elected at the recent convention at
Hot Springs, took place yesterday aft
ernoon in the rooms of the assocla-
ton. President w. w. Spaid presided
and an outline of the administration
plans was discussed.
A special meeting of the association
also has been called for Tuesday after
noon, June %, at which the association
will consider the report of the commit
tee recently appointed to formulate
plans in reference to subscription by
the banks of the District of Columbia
to the $4,000 debenture notes of the
Flood Credits Corporation. This COM
mittee is composed of President Rob-
ert V. Fleming of the Riggs National
Bank. President Charles j. Bell of the
American Security and Trust Co. and
President John Poole of the Federal
American National Bank.
More Dividends Announced.
At recent meeting of the board
of directors of the Allied Utilities
Corporation, a dividend of 31a per cent
was declared on the preferred stock.
This dividend is to be paid to stock
holders of record of June u. The
stock books were ordered closed until
July !. The financial report presented
at the meeting showed the corpora
ton was making very good progress.
The Allied Utilities Corporation owns
and operates electric service, water
works and ice properties. and the
corporations main Office is located in
the Mills Building here.
The directors of the John H. wilkins
Co., on June %, declared the regular
semi-annual dividend of a per cent on
the outstanding preferred stock and
dividend of $3.50 per share on the
outstanding nopar common stock.
Both dividends will be payable July
II, 1927.
Bonded Debt of States Scars.
The bonded debt of the State gov
ernments of the United States has in
creased $287,371 ,144.04 in the past two
years and every man, woman and
child in the country now owes the
average of S15.75.
These facts are brought out in a
nationwide survey just completed by
the Bank of America, New York,
which reveals that the State govern
ments of the United States have
total bonded debt of $1,S46, 113, 577.72,
or $15.75 per capita.
Maryland reported an outstanding
debt of $31, $50 $50; Virginia gave the
total figure as $22,359,947, with the
right to issue $7,500,000 more highway
certificates, if necessary; West Vir-
ginia reported an outstanding indebt-
edness of $50 100000.
Highway construction is said to be
responsible for almost half of the in
debtedness, or 45.2 per cent, while the
soldiers bonus accounts for 14.7 per
cent.
Gov. Byrd Predicts Tax Cut.
Reduction in taxes in Virginia
amounting to $75O,OO0 can be made
by the next General Assembly be-
cause of economic changes now in ef-
feet, Gov. Harry +. Byrd declared be-
fore the Virginia Bankers Associa-
ton at it's annual convention at V1r-
ginia Beach.
Speaking on the opportunities con.
fronting Virginia, the governor de-
clared that there are three ways to
reduce taxes without impoverishing
the State, by increasing the purchas-
ing power of the taxpayers dollar by
efficient administration, by impelling
every one to pay fair share of taxes
and by inviting new residents and
capital into the State.
1--WE must offer greater inducements
to attract industry to Virginia" said
Gov. Byrd in announcing that he will
confer with the taxation committees
of the Bankers Association on further
| liberalization of tax laws
The governor cited the decision Of
| the Allied Chemical Co. to build its
newest and largest plant in Virginia
as q recognition of the advantages Of
fered by this State in the way of
labor, climate and mining.
Local Financial District Notes.
While par value of the Potomac
Saving Bank stock, which has just
been listed on the local. Stock Elk
change, is 100, the last bid on this
stock was 275. 1t will be interesting
| to see the quotation on the first sale
under the new listing.
Clarence F. Norment, chairman OF
| the board of the National Bank OF
| Washington, will go to Atlantic City
| on July l for his annual vacation.
Mr.. Norment is also president of the
| Norfolk & Washington Steamboat Co.
Vice President Thomas P. Hickman
Of the Franklin National Bank has
returned from a short visit to his
country home at Lovettsville, Va.