Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-13

Of certificates TO be :. W. Mcintosh.
issued will aggre-
cate approximately $550,000.000. The
details of allotments in the various
Federal Reserve districts will be an
nounced shortly.
Would Service" Mortgages.
For the better protection of the in.
vesting public, E. D. Schumacher OF
Richmond, president OF the Mortgage
Bankers Association, now in session IL
Cleveland. advocates the "serviclng OF
mortgages by setting aside huge sums
in order that interest payments may
always be met.
Sucb reserve funds would be used tt
Service" mortgages in the event thai
the organization handling them suffer
ed from death or failure. or discon'
tinued business. Servicing mortgage
means seeing that the mortgage gets
his interest. that the borrower pays MS
taxes and keeps his property IN gooo
repair so the property will not depre.
ciate and therefore affect the value OF
the mortgage.
The creation of such reserve funds oS
the membership of the Mortgage Bank
ers' Association of America would NEAR
setting aside millions of dollars for tins
nurpose. MIR. Schumacher stated tna'
the firm of which he Is president. as
we'll as others, use such reserve plan
now
Mr. Schumacher suggested pro-
Gram of research to ascertain VIVA,
would be a standard fair reserve 10 SCI
I'M ont of each loan made by the mort
gage bankers.
Local Dividend Announcements.
At the recent monthly meeting o
thu board of directors OF the Conti
mental Trust Co. the regular quarterl.
dividend of ~ per cent was oroeret
naid September 90 to shareholders o.
record September IS.
The directors of the Federal storage
Co have declared regular quarterly
dividend of 2 per cent. ACCORDING =.
announcement by the president, r. r
Morris. The disbursement is payanl'
October IS to stockholders OF recore
on September %.
Controller to Address Bankers.
Joseph w. Mcintosh, controller OF tn
currency, will be one OF the speaker
at the coming annual meeting OF tnf
American Bankers Association, accord
ing to announcement just sent out IRON
New York. The controller VIII spear
before the national bank DIVISION II
Philadelphia on the afternoon OF &c
to1.r 3 on a subject yet to be giVef
out. Mr.. Mcintosh has addressed
WASHINGTON bankers at their annua
conventions and on several other oc
casions.
Board Of Governors Meets.
The board of governors of Washing
ton Chapter. A. I. B.. made furtnei
nlans at a meeting last evening 1oi
the opening Of the school year. To-
night the members of the faculty viii
be the guests of the educational com.
nittee and the officers at the annual
dinner. Harold Stonier, national ecu.
cational director, will be present ano
make an address. He has been hearo
here previously to splendid advantage
Financial District Personals.
President John B. Larner OF the
Washington Loan g. Trust Co. has gont
to his. Summer home, at Mifilintown. Pa.
for a few days, and Harry q. Meem
vice president of the same INSTITUTION
has returned from months vacation
at Atlantic City.
Albert S. Galley. vice president o.
the Lincoln National Bank, has re-
turned to his desk after a months va
cation at Old Orchard Beach on thu
Maine coast.
Geor-e p. Sacks. vice president of the
National Bank of Washington ant
president of the Bank of Bethesda, ha!
returned from an extended motor triI
in Canada.
Oscar Coolican, head Of the locd
broker Offices of G. M. P Murphy 81 Co.
H.. Eua u,noHc cnQn
In Canada and other points north.
A. E Waters Of Townsend Scott 4
Co. of Baltimore. was visitor IN the
local financial district today.
Arthur Foraker announces tina
FISHERMAN, Dillon g. Co., have JUS
opened broker Offices in Richmond ant
Detroit EImore G. Hotchkiss, jr..
manager at Richmond, Is quite vel
known here.
May Change COmpany's Name.
Peter A. Drury, president of thu
Merchants Bank g. Trust Co.. and o.
the Federal City Securities Co., vii
esk the directors of the latter firm II
change its name at their next meeting
The company is often confused will
other companies using the word. fed
eral" in the name. 1t is also desire'
that the name should show the clos
connection between the finance com
pany and the bank. as the two organi
cations are under the same directors.
The Securities Company was organ
tied in 1925 with capital OF $25O,OOt
Since that time its capital stock ha
been increased to 81 100000. of whic
amount 100000 has been subscribe
and paid for and has paid per cen
= ID wAf0
Oficers of the company are Pete
Ing. vice president. Directors are Fran
P. Harmsn jr: Frank E. Ghiselli, T
l. Donoghue. l.. z. Schreiner, j.
Sherwood and Ernest Gerstenberg.
Local Securities Active Today.
Local stocks were more active toda.
sharing interest with bonds in bus
session on the Washington Stock e.
change Capital Traction stock cam
to the front with IA different sales, in
volvjng a total of 148 shares. TT
stock opened at 1892 and closed ;
$685..
Mergenthaler Linotype was strongt
today, opening at 1901 and advancir
on small lot sales to l01. Washingto
Gas Light was also stronger. 10 shar'
selling at SO. A single share of San
tary Grocery preferred changed hant
at 100. Several other stocks also al
peared on the board during the session
One issue. which rarely comes out, W;
Washington Medical Building, whic
moved at 1875.
In the bond division Potomac Ele'
trio consolidated SIS brought 1927
Washington Gas IS, series A, moved
10419 Railway g. Electric As at SO
and Wardman Park Hotel 512s at 10
Chesapeake & Potomac Telephone
sold at par There was one sale
Capital Traction S. at 1909.
Department Store Sales.
August sales of 419 department stor
reporting to Federal Reserve Syste
we're about per cent smaller than
August a year ago. Sales Of mail ord
houses we're % per cent larger al
those Of 5-and-l0-cent stores were
psr cent larger than last year.