Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-11

which action caused
it to become in badly frozen con-
dition and made its capital nonpro-
ductive.
Mr.. Schick became the vice president
Of the corporation in April, 1928, and
on January /, 1929, was made president.
IJoon his entrance into the manage
rent he devoted himself particularly
to the releasing of its capital from It's
frozen condition and to the improve
n1ent of the condition OF the mortgages
held by 1t. $50
mont which has proved most success
full in the selling of property owned
by it as well as in the renting ana
! collection of rents on its income-pro-
fucine properties. Although the cor
poration still owns a large amount OF
real estate, much progress has been
made in the selling of properties wnlch
came into its possession.
Among other problems solved by TINS
CORPORATION was the operation of the
CAPITAL Garage The corporation held
n second mortgage on this property
under which it was required TO take
title bv foreclosure in June, 1923. SUD-
eeo,lently it acquired from the receivers
of the owners the business and since
that time have operated the garage.
This venture has proved entirely sue
C6SSIul ana Satisfactory 4AOAAA NAAS HSN@A~
point of profit, and the business Is now
regarded as one of the notable sue
= eesses of downtown Washington.
That the general condition OF the
eorporation is much improved Is 1ndl-
Gated by the declaring Of the dividend,
which action also seems to indicate I'M
provement in the local real estate Sit
uation.
National Mortgage & Investment pre-
L. hold IN WASH
ington. 1t is listed on the washington
Stock Exchange, where it sold yesterday
IN two 100-share blocks at 41a.
Savings Bank Elects OmcerS.
At the regular monthly meeting OF
the board of trustees of the East Wash
ington Savings Bank held yesterday the
following officers were elected to serve
for the ensuing year:
John c. Yost, president; S. H. Walker,
first vice president; Lewis Flemer, sec
ond vice president: S. Wilson EarnshaW,
4. secretary treasurer, and Walter H
NARROW, jr., attorney.
Eight in A. I. B. Delegation.
Eight delegates from Washington
Chapter, American Institute of Banking.
headed by the new president, Frank M.
Pearley, will leave Washington Friday
evening bound for the national conven-
ton at Denver. They will go by special
train with other delegates from nearby
cities. Those who will take the trip are
T. Hunton Leith, Security Savings &
Commercial Bank, who Is on the A. l. b.
national council; Rose L. Royce, Wash
ington Loan & Trust Co., secretary OF
the local A. I. B. chapter; Aubrey o:
Dooley. Federal American National
Bank, first vice president of the chapter;
William P. Keith, American Security q
Trust Co: J. E. McGeary, w B. Hlobs
&. Co.: H. T Bisselle. Riggs National
Bank, and Willard Barker, Morris Plan
Bank
The local delegates hope to obtain
their share of committee appointments
and any other honors that may be hoat-
ing about Mr.. Leith has two more
years to serve on the national council so
mat last wears excitement over his
election and the contest that accom-
panied it will not be repeated at Denver.
Dividends and Other Notes.
Southern Diaries, Inc, has declared
the regular quarterly dividend OF 81
cents on the class stock, payable July
I to stock of record June 20.
Orpheum Circuit, Inc, has declared
the regular quarterly dividend OF 81 on
the preferred, payable July to STOCK
of record June 20.
The Merchants 81 Miners transport
Hation Co. has declared regular quarter
iv dividend of 621a cents, payable June
80 to stock of record June Is.
Western Union Telegraph Co. mas oe-
clared regular quarterly dividend OF 81
payable july IS to stock OF record
.Tune Is. Following the meeting OF d.
rectors. Newcomb Carlton, president,
stated that business and earnings are
improving.
Local Bonds In Good Demand.
The Washington Stock Market opened
TODAY with a $4,000 sale in Washing
ton Gas SIS at 1929 followed by the
three $500 sales in the same issue at the
same price. Gas IS, series A, were also
in demand at 102. while 500 series Z
gas bond sold at 1929.
Capital Traction SIS were also IN de-
mand. The market opened with tWe
Fl 600 sales at 90, 90 at 1914, $4,000
at e314 and $500 at 1914. Trading
then turned TO Washington Gas Bs
$4,000 selling at los. 49,,
Capital Traction stock sold at 661-
and closed at 6534. Potomac Electric
power 6 per cent preferred came out a
1IO1a and the 5l2 per cent preferred
moved at LOT. East Washington Saw
fngs Bank sold at Is, Mergenthaler, e.
dividend. at 100, and Peoples Drug e.
dividend at 1864 Ten shares OF Parl
Savings Bank changed hands at u.
Richmond Bonds Awarded.
The State Planters Bank & Trus
Co. Of Richmond, Va, was awarded
S2.O35,000 Az per cent Richmond
bonds, due 1910 to 1864, on bid o
I03.87. Proceeds are TO be used TO
school, street paving. sewer, watel
works, gas works and general improve
nent.
The Pennsylvania Railroad reports
for the quarter ended March 81, 1880
net income after charges Of $1l ,449,
6s6. compared with $I2 1876 ,656 in tn
corresponding quarter of 1929. GroS
was $I42 ,06l sos, compared with $3.50.
74OO33; net after taxes $50 ,229Ooo
against $29, 1921 04, and total incom
S35 ,999 1892, contrasted with $37,7So'
674.
Association luncheon group had thei
first meeting under the new admin
stration at the Willard today, LAME
p. McLachlen presiding. There was a.
unusually large turnout or members
The new president expects TO star
work on his standing committee ap
pointments at an early date.
Dispatches announce that negotiation
are under way for merger OF tn
Van Camp Packing Co. of Indianapo
lis and the Jewel Tea Co. OF Barring
ton. Ill. Details are not completed. G
Bowie Chapman of this city is mem
Der of the Van Camp board of directors
Eliot H. Thomson of the Washing
ton Loan & Trust Co. told Baltimor
bankers of the brilliant success at
tanned by Washington hanks in con
nection with the cooperative Christ
mas savings campaign. He also stresse
the value of bank advertising in a
exceptionally interesting address.