Evening star., 1928-12-09

t e m p a rily 10
Gated at 1419 G. street and moved later
to permanent quarters at 1406 G. street,
where 1t remained until the completion
Of its new home at Fifteenth street and
Pennsylvania avenue in 1905.
Alexander L. Britton was the first
president of the company and Charles
j. Bell was first vice president. Mr..
Bell succeeded to the presidency in
1898, holding the Office until his as
tendency to the position of chairman
of the board in February of this year,
when Corcoran Thorn became the third
president of the institution.
When the company started 1t had a
capital of $1,250,000, which was in
creased to $3,000,000, and finally was
increased to $3,400,0O0 in 1919 at the
time of the merger with the Home
Savings Bank. It has built up a sur
plus account of $3,400,0 900, which equals
its capital. and today has total cap
ital, surplus and undivided profits of
$7,200,000. It's total resources have
grown from $327,000 in 1889 to over
$40, 100000
The merger with the Home Savings
Bank in 1919 marked one of the COM
pany's outstanding transactions, in
creasing its resources over $13,535,072,
as well as providing three additional
branches.
The present officers include: Chair
man of the board, Charles j. Bell;
president, Corcoran Thorn; vice presi-
dents, B. F. Saul and Howard Moran;
secretary, Frederick P. H. Siddons
treasurer, Charles E. Howe; trust officer,
David N. Houston; real estate officer,
William L. Beale; auditor, j. Damn
Faber; assistant secretaries. Albert H.
Shillington and Robert L. F'lather; as
sistant trust officers, T. Stanley Hol-
land, Arthur G.. Nichols, j. Eliot Moran
and Earl G. Jonscher; assistant treas
urers, William w. Keck, Hans W..
Ireland, Percy G. Brady, James G.
Dulin, jr.; Edward E. Swan, Richard E.
Harris. Harry P. White and Charles G..
Boswell; assistant auditor, John E.
Benton.
Mortgage Company Changes Name.
Robert G.. Merrick, president of the
Maryland Mortgage Co. of Baltimore.
announces that the stockholders at a
special meeting Friday voted to change
the name of the corporation to the
Maryland Mortgage g. National Title
Co. This change was recommended by
the directors on account of the recent
acquisition of the Washington Con-
solidated Title Co. of this city, and also
because the Maryland company is pre-
pairing to engage in the national title
insurance business, the new name be-
ing more descriptive of the true char
acter of the business that the COM
pany would perform.
The president also announced that
the company had just completed ar
rangements with banking group COM
- - O. ~ D@t@
rett 81 Sons, Baltimore bankers, for
the sale of $750,000 of 2O-year 5h per
cent debenture bonds convertible into
common stock.
The recent strength in the company's
stock on the Baltimore Stock Exchange
Is attributed to the purchase of large
blocks by interests who have confidence
that the earning power of the COM
pany will be substantially increased
through the acquisition of the Wash
ington Consolidated Title Co. and the
Baltimore company, and the decision
of the company to enter the field of
national title insurance.
The Maryland company, after It's
present plans are completed will show
total resources of about $14,O00000 and
capital and surplus of over $2,700, 900.
The directors have declared a divi-
dend at the regular rate for Novem-
ber and December to the common
stockholders of record of December Is,
payable January l. Eugene A. Smith
of Washington has been elected di-
rector.
Heard In Financial District.
Sales of Peoples Drug Stores, Inc,
for November were reported yesterday
as totaling $1,001, ,9sl, against $715,25O
for the corresponding month in 1927,
up 40 per cent. Sales for the first II
months of 1928 totaled $9,992, ,986. COM
pared with $7,214.825 in 1927, a gain
Of $2,778,161, or 38 per cent.
Sales of Safeway Stores, Inc, with
| which Sanitary Grocery, Inc, is now
affiliated, reached $9,665,685 IN Mo-
Vember, gain Of 42.4 per cent over
| the IL months amounted to $94 $780,
456, another gain of 37.3 per cent.
Negotiations are pending between
F. B. Keech & Co., New York Stock
Exchange brokers, and the governors
of the Metropolitan Club for the leas-
ing of Office space on the street floor
Of the clubhouse at the corner OF
Seventeenth and H streets. The mat
| ter Is expected to come up for de-
cision at the next meeting Of the Met
ropolitan board in about two weeks.
George A. Garrett Is the firms local
manager.
The week closed with a record num-
ber of Christmas savings clubs started
In local banks. These, together with
new permanent savings accounts
opened in the past few days, assure
Washington of new thrift record in
1929.
On November ii. 1929. "a regularly
reporting member banks in the fifth
| Federal Reserve district had time de-
posits aggregating $243,460, 900. COM
pared with S247,445. 900 on october 10
OF this year and $243,887,00 on No
vember 16, last year.