Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-17

y N.N
tive council. Rarnpm L. (olton.:
The exec utive -
council consists of five members. the
officers ana two additional members.
An the new officers are active trust
men In the different banks and have al
ready rendered the section valuable
service. Kenneth F. Brooks was secre-
tary of the section last year
The members of the council will hold
o meeting at an early date and appoint
the various standing committees %
serve during the present year. YeSte--
days meeting was held at the District
National Bank This Is one of the most
active sections of the District Bankers
Association, and is now In its third year
Of usefulness.
Growth of the trust business In banks
IN recent years has been amazing and
naturally host Of important problems
are constantly coming to the front. The
addresses anG discussions before the
eection last year proved extremely help
ful, and Chairman Cotton hopes to have
an equally strong program this year.
Trading on d. c. Exchange.
Potomac Electric Power 51s per cent
preferred stock led the trading on the
Washington Stock Exchange today, with
a turnover of SO shares. The stock
ObC1ACNA Ab AO4FJ4 NA&A NAOcE1 Nv AOOs AAAS
Q per cent issue moved at 11o34.
Mergenthaler Linotype opened with
10-Share sale at 961a. After call, "a
shares more changed hands at 1914.
Steamboat rights again sold at l6 and
1871 and, q small lot of Peoples Drug
came out at 1895.
Capital Traction opened with a single
share moving at 69H followed by 10
share sale at 59K. Ten shares Of Wash
ir0fnn R0iiW0u a. ElaR&Fia FaFpfcrroG
same out ut esq.
Bond trading was confined to the
Washington Gas Light Co.'S A and B
issues. at firm prices. @
Cleaned i'm Financial District.
George o. Watson. president of the
Liberty National Bank and of the
Washington Stock Exchange is spend
ing much time this month at his Sum-
naer home, on South River. He finds
no other place more satisfactory for
o vacation.
Alfred H Lawson, vice president and
real estate officer of the Washington
Loan g. Trust Co.. has returned from
attending the annual convention Of the
National Association of Recall Estate
Boards. at Toronto. Mr.. Lawson is
president of the washington Real Es-
tate Board.
The Norfolk 81 washington Steam
boat Co. rights are rapidly approaching
their expiration date, August 6. Stock
holders of. record on May 20 are en-
titled to purchase one share for each
nine now held
Reports from the Fifth Federal Re-
serve Bank, at Richmond. state that
the recent extremely hot weather
caused seasonal goods to move much
stantial boost. Large building contracts
awarded since the first of the month
have also improved the outlook.
C. d o. Contract Awarded.
, The contract for a new single-track
tunnel to parallel the present single
track Lewis Tunnel. about is miles west
Of CovingtOn, Va, has been awarded by
Chesapeake 81 Ohio Railway to the
Bates a. Rogers Construction Co. Of
Chicago. Estimated cost Of the work is
81 100000. Location Of the new tunnel
is between Jerrys Run and Ale
ghany, Va.
Educational Committee Named.
Aubrey o. Dooley, chairman of the
Educational Committee Of Washington
Chapter. American Institute Of Banking,
as well as vice president Of the chapter,
announces the appointment, of the COM
plete personnel as follows:
Richard A. Norris, Lincoln National,
vice chairman: Anne p. Crawford, Nc
Lachlen Banking Corporation, secretary;
Harold W. Burnside, Riggs National;
8. Winifred Burwell National Metro
politan: j. Fred English, Commercial
National; A. z. Henzs, w. B. Htbbs q
Co.: Henry F. Kimball, American
security a. Trust Co.; Robert H. Lacey.
Columbia National; Robert e. Lee,
Lincoln National; T. Hunton Leith,
Security Savings a. Commercial; /. j.
Roberts, Riggs National; Mabel v. Royce
and Rose l.. Royce, Washington Loan e.
Trust Co.; Walter L. Sanderson, Federal
American National; James A. Soper,
Lincoln National, and Mildred c. Wood
cock, American Security g. Trust Co.
The new committee will have meet
ing this evening at which the coming
years extensive program will be fully
discussed.
Mortgage Firm Pays Dividend.
The third annual dividend Of per
cent on the preferred stock of the Cit
izens' Mortgage Corporation has just
been declared, according to announce
ment by President Joseph Schiavone.
Officers of the company were reelected
as follows: Joseph SchiaVone, former
president Of the International Exchange
Bank, president; Or. Salvatore Floria,
vice president and treasurer; Frank
Fuller, secretary, and directors. Louis
Carl, Or. Salvatore Florta, Frank I.
Fuller, Gustavo Grifoni, Jerry Malatico,
Hillezry. L. Ofutt. jr.: John B. Rubino,
Joseph Schiavone and John Vaccaro.
Two new directors were added to the
board, r. McGivern and John z. Gill.
Mr.. McGivern is q Chevy Chase mer-
chant and DR.. Gin is dean Of Ryder
College, In Trenton, N. J.
President Schiavone stated today that
he kna nf the PnP1nPaftOn had
been exceptionally successful since its
organization and that it had been de-
cided to offer a limited amount of per
cent cumulative preferred and common
stock for sale in small units.
Return 10 Normal Forecast.
An economic review issued by the
Standard Collateral Shares Corporation,
Of which Kenzie M Walker Is president,
expresses the belief that business con-
ditions are turning the corner. The
statement says:
THE consensus expressed by those
skilled in business analysis is that the
corrective measures, namely, curtail-
ment OF production, the return to ra-
tional perspective Of values and con-
servation of credit limits, are now be-
ginning TO have their effect with q
slightly noticeable trend toward nor
NAL business which augurs q turning
point in the near future for revival
Of average trade conditions"
In discussing the business outlook,
the current number of the American
Bankers Association Journal takes the
same view regarding the turning point
when in connection with long
analysis, the magazine says:
THAT the present recession is about
due to change into a cycle Of improve
ment is indicated alike by the history
OF comparable phases In this country