Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-15
SEABOARD AIR LINE
CREDIT IMPROVED
President Powell Declares
Company Is Now on Firm
Financial Basis.
BY EDWARD C. STONE.


The Seaboard Air Line Railway Co
has received more than $4,000, 900
after all expenses and commissions
from the sale of common stock at 81:
a share, according to President L. r
Powell, jr. In this latest statement, Mr.
Powell makes other reports of deer
interest to local stockholders.
The company's plan, dated May AZ
1929, relating to It's per cent adjust
ment bonds, has been consummated, as
amount of adjustment bonds, with
more than $4,500.000 of accumulated
unpaid interest thereon, have been sur
rendered in exchange for $l1 ,229, 000
first and consolidated bonds, series A;
S36,870 common shares, and warrants
emitting holders to subscribe to 224,-
$50 common shares.
In connection with this plan, the
company has paid of 100000 Of
bank loans and its 100000 10-year
note to the director general Of rail-
roads, due March 1; 1880. Balance
realized from sale of common stock is
available for general corporate pur-
poses.
Commenting on the progress of the
company's plan. Mr. Powell stated:
THE receipt of this cash and the min
imum net debt reduction of about
SIS, 100000, together with the $4,000, 900
loans paid off. establishes company's
credit on a firm foundation and greatly
adds to the possibilities of the prop
erty."
More Local Bank Directors.
More new local bank directors were
elected at annual meetings held late
yesterday afternoon. The Continental
Trust Co. added two to its board, the
Lincoln National added one at yester.
days meeting, while the Franklin Ma
tional and the Continental Trust made
important promotions among oficials.
The complete list of directors and OF
omcers so far as elected, appears else-'
where in The Star.
Further annual stockholders meet
ings are due to be held next Tuesday,
among them being the National Saw
ings & Trust Co.. the American Secur-
ity 6 Trust Co. the MunSey Trust Co.
and the North Capitol Savings Bank.
Reports made at the annual meetings
already held indicate that the local
banks had an excellent year In 1929.
Up to october the banks did a record
breaking business. There was a con-
slant demand for money at high in
terest rates, and local banks with extra
funds obtained highly gratifying rate
n the New York call market.
Mortgage Co. Votes Dividend.
At the regular semi-annual meeting
OF the Citizens Mortgage Corporation,
held last night at ATS H street north
west. the following directors were re-
elected for the ensuing year: Joseph
T. Fuller, John Vaccaro, John Rubino,
Gustavo Grifoni and Louis Carl.
A semi-annual dividend of 81 per
cent was declared, payable on January
20 on stock of record on January Is.
The newly-elected directors will
meet for the election of officers next
Monday.
Lamont Finds Outlook Good.
Secretary of Commerce Lamont says
that although there are declines In
some lines Of business due in part to
weather and seasonal conditions, the
outlook Is generally good" 4
Secretary Lamont announced that o
survey of 80 or 40 items in the latest
business survey shows conditions as
although he has no pre-
orally, however, he considers that con-
ditions compare favorably with the
situation at this time last year.
Mr.. Lamont says it is little early to
estimate the effect on the airplane in
dustry Of recent reductions in air pas
senger rates. but reductions in air mail
rates have brought about such an in
crease in mail that the industry Is on
O paying basis for the first time.
Heard in Financial District.
Maurice Otterback, president Of the
Anacostia Bank, Is passing q short va
cation in Havana, Cuba. He also plans
to bask for q time in the breezes In
Florida before returning to Washington.
Miss Mary j. Winfree, secretary of
the Continental Trust Co., has returned
to her desk after several weeks vacation
and rest. She Is one Of the best known
woman bank executives in the country.
Fred w. Mckenzie. president Of the
Tolman Laundry Co.. is in Chicago
attending meeting of the directors Of
t;le Ancriccn Institute Of Laundering.
The institute opens new 5500,010
building at Joliet. ILL.,. on January 1S.
The preferred stock of the Commercial
National Co. has been withdrawn from
the Washington Stock Exchange be-
cause of the liquidation plans.
Co.; First National Bank, Guaranty
Co. Of New York, and National City
Co. are Offering SIS. 08s, 900 Chesapeake
g. Ohio Railway Co. refunding and
improvement mortgage AZ per cent
bonds, series B, Of 1895 at "a and in
terest to yield 40 per cent.
The quick over-subscription OF the
American Telephone $3.50, 100000 S per
cent debentures aroused great interest
in banking and investment circles in
Washington. 1t was the first recent
reel test OF investment conditions.
Prices Steady en- Exchange.
Local cccurit+es ware steady on the
Washington S ock Exchange today in
moderate trading
Potomac Electric Power 5l2 per cent
preferred stock moved at lot. The first
sale in Washington Railway g. Electric
common stock was recorded when 10
shares sold at 500, same as the last
previous sale. Railway g. Electric pre-
1erred moved at 941h.
District National Securities preferred
sold at IS, Federal-American Co. pre-
ferred sold at 100, while Mergenthaler
moved at 1862 and 1868. Carpet
Corporation changed hands at "a.
Five shares Of Capital Traction sold
at SO, up half point to a new high
on this move. Peoples Drug Stores pre-
ferrcd registered 104. Bond trading
was confined to Washington Gas issues
at recent levels.