Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-09

ir.. president. Cecil George A. Harris.
National Bank,
Port Deposit Shirley Carter, investment
banker, Winchester; F. G. Beomger'
president. Farmers BANK; boyo.on' n 10 M
Hooker. director, Patrick County BANK
Stuart: Thomas p Hickman, vice presl,
dent and cashier, Franklin Natlonai
BANK: j. P. Saul jr., general counsel
and director, Farmers National BANK
Salem, and general counsel and director'
Shenandoah Life Insurance Co., Roa-
noke; C. Thomas Summers. wee presi-
dent, Central Trust Co. of MARYLAND,
Frederick; George A. Harris, Jonn l.
Cassidy. Washington, and vernon
Gown, Vienna. Va.
The report of President Harris showed
increased earnings during the past year
1t was stated that on account OF the
high money rates prevailing, no oono
issues were put on the market during
1929 and few loans were made, but
President Harris reported that 1t gave
an opportunity to make survey OF the
loans ALREADY on the books. Mr.. Harris
predicts that the investment public Will
soon turn to conservative bonds ano
when that time arrives, the bank Will
offer a new issue of bonds.
The directors met today for organ1Za-
tion. The present officers were re-
elected: George A. Harris. president;
John I. Cassidy, vice president; vernon
GOWN. secretary-treasurer.
On December 81, by authorization OF
the board, the bank increased its legal
reserve to the amount of $50 900. Here
after only per cent instead Of Is per
cent of the net earnings will be required
to be set aside to legal reserve.
The bank declared its usual 3h per
cent semi-annual dividend. payable Feb
rllary to stockholders of record Decem-
Der 20. After the legal requirements are
complied with and the dividend paid,
substantial amount will be left to I'M
divided profits. The financial statement
of the bank shows capital. reserve and
profits in excess Of 100000.
Columbia Increases Surplus.
BY action of the board of directors
the Columbia National Bank has
lust transferred from undivided profits
to surplus account the sum of $l00, 900.
This gives the bank a capital set-up as
follows: Capital. $250,000: surplus,
$500, 600. and undivided profits, $4,000.
The president, Frank j. Stryker, is
naturally proud of the banks financial
position. It Is stated that the Columbia
is the only national bank in Washing
ton with a surplus double its capital
and one Of the few banks of all classes
in the city enjoying this distinction.
Only last year the bank moved into
completely renovated and much en-
larged quarters, its present banking
home being one of the most attractive
of it's size in the city.
Insurance Company Elects.
The National Capital Insurance Co.
held its annual stockholders meeting
yesterday, electing these directors:
Arthur G. Bishop. Edward s.
Brashears Charles A. Garry. James A.
Topohne Clarence n0nnhnp lewis
Flemer. Joseph A. Herbert, jr.; Howard
B. Kramer. Morris e. NARROW, Walter
H NARROW, Hubert Newsom, Maurice
Otterback, George r. Repetti, Guy T.
Steuart and John c. Yost
The company, closing its tenth bust
ness year described as a banner one,
reelected the following officers: George
r. Repetti. president; John c. Yost. first
vice president: James A. Donohoe, Sec
ond vice president: Walter H. NARROW,
attorney, and William N. Payne, jr.,
secretary.
Federal-American Co. Meets.
At the annual meeting of the share
holders in the Federal American Co.
all the directors were reelected, as
Byron S. Adams, Lester A. Barr,
Charles D. Boyer. W. F. Brenizer, Wal
ter A. Brown, Aubrey L. Clarke. Myer
Cohen, William Knowles Cooper, John
Dolph, William j. Eynon, Charles e.
Galliher, W. G. Galliher. Isaac Cans,
Fred S. Gichner, William F: Ham,
Harry King, Ralph w. Lee, Charles B.
Lyddane, Louis Mackall Arthur D.
Marks. John Poole, James Brown Scott,
Leon Tobriner, George e. Walker. Will
mer j. Waller and L. Perry West.
Moody's Review and Forecast.
Regarding the business outlook,
Moodys Investors Service says: The
present recession in general business,
which really commenced six months
ago, is undoubtedly now in its acutest
stage. Trade returns two or three
months hence will indicate this. BY
early Spring there should be definite
signs of a turn In The trend of all
basic lines of importance. The last
half of 1880 should be marked by rapid
recovery in every direction"
Moody's goes on to note the fact
that common stock prices have been
cut in half in many cases. Income
than for two years past and net earn
ings should equal or exceed 1927 or
1928. After the present wave of pes
simism has passed, Moody's believes
the investing public will again invest
on large scale in stocks. Stocks may
dip further before they go forward, on
the other hand, real Spring rise may
develop, at least 1t is not safe Ito sell
the market short" the forecast says.
Capital Traction up Half Point.
Small-lot trading in Capital Traction
stock featured light trading on the
Washington Stock Exchange today.
Five l0-share lots changed hands at
77l2 and nine more at the same figure
This txYae q half-nninf 0aiT1 the
sales made yesterday.
National Bank OF Washington stock
sold at $50 and National Savings IL
Trust Co. shares again moved at SIS.
Chevy Chase Dairy preferred regis
tered 1902. Commercial National Co. pre-
5erred 99la and single share of Park
Savings Bank stock sold In the I'M
listed department at 1872.
Bond trading was confined TO Po-
tbmac Electric consolidated SIS and
Washington Gas IS, series A and 3.
Frices were practically unchanged.
Notes In Financial District.
On the board of directors of the Con-
necticut Pie Co., Alan B. David has
succeeded the late Albert Schulteis and
other directors reelected were: r. B.
iBehrend, president of the company:
j. Edward Lewis, Mendel Behrend and
Isaac Behrend, secretary Of the COM
pany.
The twenty-sixth annual banquet OF
Washington Chapter, American Insti-
tute of Banking, will be held Febru-
airy % at the Willard Hotel, 1t was an
nounced last night following meeting
of officers and members of the board
q governors T Hunton Leith, assist
ant cashier, Security Savings & Com
mercial Bank is chairman Of the gen.
eral banquet committee.