The Washington times., 1930-06-26
PEYSER NAMED
BOARD HEAD
BY BANK
Retires From Active Work at
Security Savings at Own
Request; Addison Steps Up
By JOHN E. NEVIN, Jr.

BY JOHN Z. NEVIN, Jf.
Major Julius I. PeySer, presi-
dent of the Security Savings and
Commercial Bank for the last II
years, has been elected chairman
of the board of the bank. Fran
els G. Addison was raised to the
position left vacant by Peyser's
elevation.
At a meeting of the board yes
terday, the 4 per cent dividend,
which is paid quarterly, was
ordered. The. executive changes
will become effective July l.
PeySer was relieved from his
executive duties at his own re-
quest in order that he may devote
more time to his practice of law.
Addison is a graduate of the
Georgetown law school and a
member of the District of Colum-
bia bar. He is also a graduate of
the American Institute Of Bank
ing and a former president OF
the District of Columbia Bankers
Association.
Major Peyser is the senior part
ner of the law firm of PeySer,
Edelin, and Peyser and is general
counsel for a number of local
financial and business organiza-
tions. He will continue to serve
as general counsel for the bank
which he formerly headed.
Hugh Reilly, jr., has been
elected director of the National
Metropolitan Bank to fill the
vacancy in the board caused by
The death of his father. The elec-
ton was held late yesterday.
The board of directors of the
National Bank of Washington to-
day announced that the usual
semi-annual dividend of 6 per
cent payable upon the capital
stock of the bank had been
ordered. The dividend is payable
July 2 to holders of record
June 80.
Telephone operating revenues
for May amounted to S1.218,915,
the report of operations Of the
Chesapeake and Potomac Tele'
phone Company of Baltimore City
Just filed with the Public Service
Commission shows. Expenses were
1914, ,266, making net telephone
revenues $274.650, which was a
decrease of $568 from the previ
Gus month.
Operating revenues for the five
months ending May 81, amounted
to $5,852,38O. Expenses during
this period were $4,596,896, max
ing net revenues $1,255, ,484.
Telephone operating revenues
for the IL months ending May
81, 1880, were $13,926,643. Elk
penses during this period were
$lO,960 ,953, making net revenues
$2,965, 500. This is equivalent tt
$50 per cent on the average
value of the company'S property
as fixed by the Public Service
Commission as Of December 81
1924, plus additions. This value
on May 81, 1880 was $45, ,982, ,672
Taxes aSsignable to operation!
in May were $121, 1853, which wa!
an increase of $4,776 over May
1929. Taxes for the first five
months of the year amounted tt
$594 ,265, which was an increase
of $12,617 over the first five
months of last year. Taxes fol
the IL months ending May B.
amounted to $1,337,714.
Capital expenditures for plan
and equipment in Maryland fol
the first five months of thi.
year amounted to $2,773, ,466. Re
tirements during this period were
81 ,O99 ,684. making net addition.
1873, 1872. Net additions to plant
and equipment for the IL month.
ending May 81 amounted to So,
244,607.
At the close of business May
81, Maryland was served by 212,
778 telephones, which was an in
crease Of 4,78O since January /