Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-24

orders for the
opening tomorrow Albert s. Galley.
when they can be
recorded on the new quotation board
At todays session there was small
turnover in Potomac Electric Pow
er per cent preferred stock at l12,
The corporations 5 II per cent deferred
changed hands at 1924
Two 100-share blocks of Real Estate
Mortgage & Guaranty preferred were
sold at Z, same as the last previous sale
Twenty-Five shares of Emerson's Bromo
Settler, now quoted eX-dividend, came
out on the board at 32I2.
In the bond division two $500 Wash
ington Gas series B bonds sold at los
and two $4,000 transactions were re-
corded in Capital Traction SIS at 95lR
Columbia Sand & Gravel has been
added to the list of local stocks now
selling ex-dividend.
Galley 40 Years With Bank.
There are two very important dates
this month in the career OF Albert S.
Galley. vice president of the Lincoln
National. On March Mr.. Galley had
been unusually happily married for 81
years and tomorrow, March rs, he will
have been with the Lincoln just 40
years.
AS the bank will be 40 years old on
the same date, Mr.. Galley has been
with the institution ever since 1t was
founded. He has not limited his inter-
ests to the four walls of the bank, but
has taken special concern in many out
side affairs, having been treasurer of
: the District of Columbia Bankers Asso-
citation since-well, long before the
Federal Reserve system was even talked
OF. Last Fall he was awarded a special
medal in recognition of his efficient
services to the organization.
Few bankers are as regular at the
weekly sessions of the luncheon group
and, fellow bankers say, few have bet
ter appetite. At any rate. the end Of
the fourth decade with the Lincoln finds
MIN In the best of health and very
active. No doubt Mr.. Galley and the
banks president, Floyd g. Davis, viii
receive host of congratulations tomor-
row.
American Ice Gains in 1929.
The American Ice Co. in 1929 earned
9S,43l,124, or $4.2l q share on It's COM
mon stock, as compared with $685.
362, or $3.92 a share in 1923, according
TO its annual report. Sales were 500
900 076, which compares with $40, 772,-
413 in 1928, making it the company's
best year from sales as well as profit
standpoint.
Current assets are listed at S427e,-
45S, or l,6 times current liabilities.
Charge-oh for depreciation and main
tenance amounted to $2,368,534, main
tenance charges having been lowered
below those of other years, due to the
high level of efficiency to which plants
have been brought. Bonded debt de-
creased 100000, to $6,O02 900 during
the year. The company now operates
o chain Of more than 80 manufactur-
ing plants in the larger cities, includ-
ing Washington, of the Atlantic sea-
board Several small concerns were ac-
quired during the year and several new
plants are under construction.
In his letter to stockholders. Presi-
dent Charles c. Small says: I'VE have
every reason to believe that the present
healthy trend In the company's opera
tons will not be in any way affected
by the current recession In general bust
ness. This conclusion is based upon our
long experience in other periods OF In
dustrial decline, showing that the ice
business, being by its nature basic
service, is never disturbed"
Metropolitan Declares Dividend.
The board Of directors of the National
Metropolitan Bank has declared the
regular semi-annual dividend of per
cent. payable on April is to stockholders
Of record April S. The books will be
closed from April to IA, inclusive,
President George w. White announces.
At meeting of the board of directors
of the Lincoln Investment Corporation,
held at the oficeS of the company in
the American Building, it was voted
that the regular quarterly dividend OF
~ per cent on preferred stock out
standing as of March ~ be paid to
stockholders Of record. A dividend OF
IS cents per share was voted on the
common stock. The dividends are pay
able April /.
Local Banks Cut Down Loans.
Continued liquidation of loans by
member banks Is reflected in the weekly
statement of the financial condition of
the Federal Reserve Bank Of Richmond,
issued by Governor George j. Seay.
The banks gold reserves amount TO
500 496 OO0 whereas Federal reserve
notes in actual circulation total only
STA, $50 900, the banks ratio Of total re-
serves to deposit and note liabilities
combined being 1917.
With the ease in call money and the
lowering Of the Richmond bank redis-
count rate from n to per cent mem
Der banks are amply able at this time
TO finance business needs without bor-
rowing from the parent bank, the week.
~ statement indicates.
Club to Entertain Bankers.
The Security Club will present "a
Lucky Break" at the Langley Junior
High School Wednesday evening under
direction of ]. j. Hoffman. The COM
mittee in charge consists Of Paul l..
Vanderbilt, chairman; Miss Francis H.
Carrick Miss Clara L. Gainor and Miss
Augusta E. Butler. The play will be
repeated Thursday evening at the open
meeting of Washington Chapter, Ameri-
can Institute of Banking, at the same
place.
Heard in Financial District.
The McCrory Stores Corporation re-
ports 1929 earnings as $4.20 a share on
the combined common and common
class B stock, as against $6.17 share
IN 1928.
Arthur Foraker, manager of the local
ONCE of Eastman, Dillon g. Co., was
back at his desk today after a two
weeks vacation in Florida.
The Federal Reserve Board reported
today that industrial production in
creased in February, while the number
Of workers employed in factories was
about the same in January. wholesale
commodity prices continued to decline.
Credit extended by member banks was
further reduced in February, but in
creased in the first two weeks Of March.
Money rates continued to decline.