Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-07-08

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unanimously. as j
not a single stock ~
holder opposed the
move. Several ~
stockholders are william NJ Hoffman
now out of the city
for the Summer. Had they been in
town, the officers believe the entire
10000 votes would have been cast in
favor of the plan.
This company was chartered by Con-
gresS in 1887 and 1t will be necessary to
place the amendments now desired up
to Congress for approval. The COM
pany wants to write all forms of in
surance that are written by other COM
panies in Washington engaged in the
same line of business. The Firemen'S
Insurance Co. has no intention of in
creasing the capital stock at this time,
officials state, but they wish to be in a
position to do so any time that business
warrants. The adopted amendment
states that the capital cannot be in
creased to exceed 100000.
The officers of the company are al
ready talking about the Tooth anniver-
sary in 1887 and may increase the cap
ttal at that time. The present officers
are William M. Hoffman, president;
Albert W. Howard vice president and
secretary, and James N. Fitzpatrick, jr.,
assistant secretary.
Long Pull Declared Brighter.
Local commercial bankers, stock
brokers and investment bankers are
very generally of the belief that the
Hoover war debt holiday proposal, now
accepted by France, will mean a great
deal to world economic conditions in
the long run. 1t seemed like old times
yesterday and today in the local board
rooms as customers and others dropped
jy, he 70 nf
stock market.
Those who looked for a quick advance
were disappointed. Big traders in New
York appeared willing the public should
take over stocks and let them have the
profits that had accumulated during
the war debt discussions. Board room
gossip, however, was optimistic on the
long pull. Many investors express the
belief that stocks will fluctuate widely
as the second quarter reports come out,
but will not return to their extreme
lows, because the war debt move has
already greatly changed sentiment.
The Financial World and scores OF
other similar publications see better
times ahead. Trade in some lines Is
already better Fall crops will put an
immense amount of money into circu-
lation and boost railroad business, even
II the farmers have to accept low
prices for their toll. Conservative bank
reviews declare that better business is
certain Just when? I'm few
months" they say.
Vacation List Growing Rapidly.
Clarence F. Norment, sr., chairman
of the board Of the National Bank OF
Washington and Of the Norfolk &
washington Steamboat Co., has gone
to Atlantic City to spend the rest OF
July and August.
L. w. Todd, manager OF the Wash
ington Office of Hartman & Co., Is
passing a three-week vacation in Can
ada He is on fishing trip about $50
miles north of Toronto.
John NJ Riordon, vice president OF
the Bank Of Commerce d Savings, mas
returned from a short trip to New
York, where he went to see his daugh-
ter sail for Summer visit to Norway.
Albert S. Galley, vice president OF
annual vacation, which he Is passing in
New England. He is now visiting in
Maine.
woodbury. Blair, vice president Of
the National Savings & Trust Co., Is
now at his Summer home. in New
port, r. I.
cashier of the Bank of Commerce &c
Savings, leaves here today for a three
week vacation, which he will spend at
his old home, in Mobile, Ala, and
other places along the Gulf Coast.
M. H. Calnan, vice president and
cashier of the Liberty National Bank,
is another local banker now taking his
vacation.
Capital Traction Earnings Up.
It is understood in the financial dis
trict that the June financial statement
of the Capital Traction Co. will show
an increase in gross for the first time
this year over the corresponding month
O year ago.
This means that the traction COM
pany will report fairly good gain in
net over June, 1880. The detailed fig
ures will be filed with the Public Utility
Commission later in the month.
The significant point in the monthly
reports so far this year is the fact that
the 81 dividend is being earned.
The board Of directors Of the John H.
wilkins Co., coffee merchants, have de-
clared the regular semi-annual divi-
dend of per cent on the outstanding
preferred stock and a dividend OF $3.50
per share on the outstanding non-par
common stock. Both dividends are pay
able July 10.
Expressing the belief that general
business conditions have changed for
the better, the Board Of Directors OF
the Southern Maryland Trust Co. yes
terday decided to continue to pay
per cent on savings deposits.
Three other Prince Georges County
banks have previously decided to con-
tinue at 4 per cent, although four banks
of the county reduced the interest rate
on saving to 81 per cent on July l.
There were 10 different transactions
In washington Gas Light IS series A
on the Washington Stock Exchange to-
day, mostly in $500 and $500 denomi-
81 900 sale at 10334, while $1,000 Gas
IS sold at lot.
Washington Railway & Electric 4s
were also popular, selling at 81 and
9l5s. A $4,000 sale in Washington
Railway & Electric As was also noted
at 90 and Potomac Power IS at 110k.
Federal-American bank, stock again
sold at SO. Mergentheler Linotype
registered n and Washington Railway
g. Electric preferred came out at 100.
Capital Traction stock sold in small lots
at 36H
Financial District Comment.
Local bankers are giving careful con-
alteration to the New York Stock Elk
change rule regarding the delivery Of
securities. This matter came up at the
Hot Springs convention IN the report
of the Standard Forms Committee. and
was brought forward for consideration
by the new administration.
President David S. Bethune Of the
District Underwriters Association has
asked the members regarding their plans
for the forty-second national convention
to be held in Pittsburgh late In Septem-
Der. The replies to his letter to the local
underwriters will show who are going,
and from this list the local delegates
will no doubt be selected. The national
association has asked that such dele
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