Evening star., 1930-06-14

I'll to $3.50, in
elusive, all the -
bonds secured by 4
the deed of trust y ~.
outstanding a..
Holders of the 81
bonds are being
warned that in
Serest on the issue y
will cease after Clarence F. Norment,
July is. They can
be redeemed at the Office of the Real
Estate Title Insurance Co of the Dis
trict of Columbia and the Columbia
Title Insurance Co. of the District of
Columbia at SOB E street northwest
The Continental Building Co, Inc,
Is the present owner OF the Investment
Building, which is one Of the largest
of the newer Office buildings in Wash
ington. The bonds have never been
listed on the Washington Stock EX-
change. The fact that they are being
called within the next month, however.
Is OF wide interest to the financial
district as the issue of more than ST.
250,o00 is largely held here.
Clarence NOrment Congratulated.
Clarence F. Norment, chairman of
the board of directors of the National
Bank of Washington and chairman of
the board of the Norfolk & Washington
Steamboat Co., received many congrat-
ulations this week on the occasion of
his seventy-fourth birthday. The date
was June 10.
Mr. Norment has been prominent in
Washington financial affairs for many
years, being president of the National
Bank of Washington for a long time.
AS far back as 1895 Mr.. Norment was
president of the old Central National
Bank. Although in his seventy-fifth
year, the veteran financier is still ac-
tive and visits his Office at the Bank of
Washington every day.
He is a director in the American
Security S5 Trust Co and the Washing
ton Railway e. Electric Co, and holds
membership in the Washington Stock
Exchange Mr. Norment is a member
of the Metropolitan Club, Chevy Chase
TClub, Columbia Historical Society and
the Association of Oldest Inhabitants.
Thomas New Bond Club Head.
Sidney T. Thomas of Gillet SE Co.,
was elected president of the Washington
Bond Club at the annual meeting held
yesterday afternoon and evening at the
Burning Tree Club. Lawrence NJ. Proc
tor of Alexander Brown q Sons, was
chosen vice president, and w. w.
Mackall who heads his own investment
firm, was elected secretary y-treasurer, TO
succeed Mr.. Proctor.
Baker Robinson of Y. E. Booker q
Co., retains his position on the board
. of governors, and Charles Henderson OF
} Henderson, Winder g. Co., was the other
governor elected, the three officers con-
stituting the remaining members of the
board. The retiring president is Franklin
H. Ellis of E. H Rollins 85 Sons The
attendance at the annual meeting ana
the outing was the largest yet recorded.
Guests were present from Baltimore and
Newark.
Prize winners in the contests were
the following: Golf, first c. F. Crow
der, Southern Securities Corporation;
second, r. Bascom Broun. Baker,
Watts Co.; putting first, L. R. Leeby,
@. Mp. Murphy & Co.; second, j. F.
Brawner, tr.. Waggaman, Brawner &
Co., Inc; horseshoe pitching, first,
Bernie Nees, James NJ. Johnston &
Co.; second. Robert T. Norman, Alex
Brown & Sons; stock exchange win
ners, Albert Howard, Fireman's IN
A surahce Co.: Thomas w. Brahany,
Crane, Paris & Co.; Mai. Ennalls
Waggaman, Waggaman, BraWner &
Co. Inc.
Outing chairmen we're Robert Stead,
golf; Charles Carroll Morgan, c. M
P Murphy & Co., putting contest;
Kenneth S. Wales, Bonbright & Co.,
dinner; Sidney T. Thomas, prizes, and
Lawrence M. Proctor, tickets. Mem
Kenneth S. Wales, Charles Carroll Nor
gan, Robert Stead. Franklin H. Ellis
and w. w. Mackall.
Traction Dividend Rate Settled.
The most important action taken by
any local corporation during the present
week was the declaration Of a quarterly
dividend Of 81 per share on the stock
of the Capital Traction Co, thus re-
as.a 11a voA1 70
Through an error on the Stock Ex-
change sheet it was indicated that the
{ same rate had been maintained.
Voting of the 81 rate settles long
discussion as to the action for the pres
ent quarter. Stockholders have known
for long time that the Capital Trac-
ton Co. was not earning 6 per cent a
year and that eventually the rate must
be lowered. The chief question was
whether the directors would cut it
per cent or 2 per cent. Since the cor
poration was not earning quite 5 per
cent it was decided to make COM
plete job of it and cut the payment 10
per cent so that it will no longer be
necessary to draw on the company's S
surplus funds to meet dividends
Falling of in street car traffic has
been the cause Of the two reductions
, from the old rate Of per cent. Pri-
vately owned automobiles and the in
crease in bus lines have been the main
factors in reducing street car earnings.
, Recently. however, another element of
competition has entered into the pic
tlHe, 7the 35-cent cab. This sweeping
cut in taxi fares has been keenly felt
by, both the Capital Traction and the
Washington Railway Electric Cos
W1th Capital Traction selling ex-
di43iend under 65. the yield is con-
sidered attractive. probably sufficient to
keep the stock from going much lower
The directors are waiting for the court
ruling bg which they hope to get higher
car, fares
.Tbeya also expect that the growing
congestion in downtown automobile
parking will be a factor in increasing
future street car traffic. Until earn.
ings pick up, however the director!
feel that they had only one course tt
follow in this latest dividend action.
The directors OF the United State
Savings Bank have Just declared thei
regular quarterly dividend of ~ pc
cent payable June 80. 1880.