Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-13

in session longer
than usual 1t has been generally
known for a long time that the COM
pany was not earning the full dividend
street car traffic having fallen off be-
cause of private automobiles and new
bus lines.
The traction, however, has a large
reserve fund, one amply sufficient to
make up any shortage in dividend earn
ings for several years. Declaration OF
the regular quarterly disbursement in
dictates that the directors did not con-
slider this the proper time to reduce the
payment. To the host of local stock
holders the company's action today will
bring wide satisfaction, as we'll as relief
Trading was quiet on the local Stock
Exchange today. Capital Traction
moved to the extention of 10 shares at
ga Ten shares of Gas sold at 124, of
a point from yesterday. Me- genthaler
sold ex-dividend at the long-prevailing
price of 105. Bonds were in fairly good
demand at unchanged prices.
otterback Again Banks Head.
Maurice Otterback was elected presi-
dent of the Anacostia Bank for the
eleventh time at the annual meeting
held Yesterday. S. A. Manuel was re-
elected first vice president, j. Frank
Campbell second vice president and
Charles w. Warden was added to the
official family as third vice president.
w. L. Koontz was reelected cashier,
Alfred w. Pohl assistant cashier and
George G. Gertman counsel.
The present directors are J. Frank
Campbell, Charles w. Warden, A. E..
GUIDE, George S. King S. A. Manuel,
Joseph j. Mundel, Maurice Otterback,
L. w. Thompson, Robert Thompson ana
James E. Toner.
The directors declared the usual per
cent quarterly dividend due at this
time and President Otterhack reported
that the bank had enjoyed one of its
most successful years. He announced
$4,000 gain in resources during the
past IL months.
Insurance Convention Theme.
"The Second Hundred Billion" is the
theme of the annual convention OF the
National Association of Life Under
writer's to be held in Washington Sep
TENDER Is, 26 and 81, according to the
announcement by President Paul F.
Clark.
In the selection of this theme the
association is celebrating the compile
ton of the first 500, 900 ,000, 600 OF life
insurance in force on the lives OF the
American people. It is estimated that
the institution of life insurance Will
cross the hundred billion line" about
the middle of September of this year.
The District of Columbia Under
writer's Association held its first meet
ing today since the election of Harold
D. Craft as president. The session was
held at the Arlington Hotel, beginning
at 1890 The speaker was George A.
Lilly, managing director of the Ameri-
can Dental Trade Association, who was
to talk on "A Layman's View OF Life
Insurance"
The newest members elected to the
local association are P. B. Magruder,
Helen Shartzer, E. j. Shellentrager and
F. x. Callahan The association is now
having drive for 100 members.
Bond Outing Reservations Heavy.
The Bond Club of Washington will
have a record attendance at the an
nuaI outing tomorrow at the Burning
Tree Club. Seventy reservations for the
dinner had been received this forenoon,
which means that last years attend
ance of IS will probably be exceeded.
The Stock Exchange seats had been
overSubssribed today and were selling
at premium. The outing starts at
O'Clock and the contests for the various
golf prizes will get away at 2:30. G. G..
Morgan, chairman of the committee,
and Kenneth S. Wales, the president,
announce that large number of bank
ers are planning to join the bond men
on the outing. An important feature
will be the annual election of officers.
Heard in Financial District.
William D. Hoover, president of the
National Savings g. Trust Co., is back
at his desk after three-week fishing
trip at the Rangley Lakes, in Maine.
His best fish was a SiX-pounder, but he
admits that one carried off his bait
that would have weighed a good deal
more than that.
Thomas J. Groom vice president and
cashier of the Washington Mechanics
Savings Bank, received a diploma from
Columbus Law School last evening, the
graduating exercises being held at the
Mayhower Hotel. Mr.. Groom received
many hearty congratulations today from
other bankers.
G.. Bowie Chapman, resident partner
of Hartman & Co., has returned from
business trip to New York. He is
having his new Summer home on the
Maine coast made ready for the season
John w. ChildresS, formerly chair
man of the Public Utilities Commission
of the District of Columbia, has as
sumed his new duties as general agent
of United States Lines Operations, Inc.
with local Offices at 1927 Connecticut
avenue. His appointment to this posi-
ton has just been officially announced
from the general offices at As Broadway
New York, although the move was an.
ticipated here when he resigned from
the Utilities Commission.
At the bankers luncheon yesterday al
the Willard resolutions offered by H. II
Mckee were adopted expressing thu
hope of the speedy recovery of Charles
j. Bell, chairman of the board of thu
American Security 81 Trust Co.
Dividends and Other Notes.
The board of directors of Call Carl
Inc, at their meeting on June ii de
clared the usual seni-annual DIVIDEND
of 312 per cent on the preferred stool
and a semi-annual dividend on tn
common stock of ST. per share, pay
able on July TO- 1929, to stockholders o
record on June &c. 1929.
The Virginian Railway has declares
the regular semi-annual dividend OF S
on the preferred, payable August +
stock of record July 13.
Reports received from the IL Fedora
Reserve Banks show that for tn
Treasury offering, which was for $500,
100000, or Whereabouts, total subscrtp
Mons aggregate some $1,118, 0O0, 900.
The total number of registered auto
mobiles in the world on January
1929, was 32,028, 584, of which 27,007, SO
were pdSSSiiScI cars, 1,tVNtOoo Vi och
and 317,669 buses. Motor cycles to
tailed 2,262,932. The figures are base
on statistics furnished today by the De
partment of Commerce.
The United States leads the world
automobile registration, with the ovel
whelming total of 24,629, 92l, or 76.s
per cent of the world total. OF thes
d, 423,597 are passenger cars, or or
car to very Sc persons. The ratio
world passenger cars to world populf
Ap%a e one eog IS every 70 persons.