Evening star., 1931-12-19
R. f. BOILING HEADS
LIBERTY NATIONAL
Federal-American Official Is
Elected to Succeed Late
{. J. McQuade.
RY EDWARD C. STONE.


Rolfe F. Boiling, vice president of the
Federal American National Bank q
Trust CO. and manager OF the brancn
office at Fifteenth and H SueetS, Will
assume the presidency OF the Liberty
National Bank next MONDAY, 1olIoWlie
his election at a special meeting OF the
directors yesterday afternoon. lie sue
ceeds the late Edward J. McQuade, VINO
was president of the Liberty Bank and
the District Bankers Association at LIE
time of his death.
Mr. Boiling takes with him to his
new nosition banking experience last
ing over a period of some 40 years
virtually all of his business career. he
entered the banking field in his native
town Of Abingdon, Va, and alter num-
her of wears experience in several oil
ferent institutions became assistant
cashier of the First National Bank OF
Baltimore After five years service
with this bank he was selected TO go
to Panama and open two foreign banks
as branches of the Commercial Natlonal
Bank of washington.
He was highly successful in getting
these banks on a f1ourishing basis, and
after two years they were bought by
New York interests, now being owned
bv the Chase National. From Panama
Mr.. Boiling went to the chatham
Phenix National Bank & Trust Co. IN
New York as manager OF new orahch
which was opened there on August 10
1916, After eight months as manager
of the branch he went to the man
Office, in the Singer Building.
Former Commercial Head.
Mr.. Boiling was president Of the Com
inns
three years. also being retained as
vice president of the Chatham PhenM
National. in New York He left the
Commercial National to go back to Ne"
York to the Chatham PhenlX, return
ing to Washington later to become con-
nected on April /, 1928, with the Mer-
chants Bank & Trust Co.
After serving the bank for several
years as vice president he was elecIeo
president of the institution When Peter
A. Drury retired. When the Merchants
consolidated with the Federal-American
Mr., Boiling was made vice president
in the Federal-American, and kept in
charge of the banking offices in the
Southern Building. Consequently, IN
taking his new position ne is moving
only from one end of the block to the
News of his election was received
with enthusiasm by other bankers to-
day, He is a digniied, experienced and
conservative finanCier, and comes from
a distinguished Virginia ancestry.
The Liberty directors at Yesterdays
meeting also declared the regular semi
annual dividend of per cent, payable
December 81 to stockholders of record
on December "a. At their last previous
meeting the directors elected NJ. F.
Calnan, vice president and cashier, a
member Of the board. While the bank
was without president he was in
charge.
New Economic Order Seen.
Perhaps the most significant feature
of the present period IN its economic
bearing is the growing realization that
We are really passing through a rela-
lively peaceful economic revolution from
the years of postwar initiation to a
new era of dcflatiOn, which must be
completed before any substantial recov
cry can be obtained. says the Quarterly
Survey. We seem to have discovered at
last that there has been no repeal of
the old copy book maXimS upon which
progress has been built in the past, and
that only as We push the necessary re-
adjustments along the sound lines of
demonstrated economic law and expert
ence can we expect progress in the
future.
We must further realize that the
necessary readjuStments for the rehabil-
itation of Europe must be made along
the same lines, following the rules of
political economy rather than political
eXpedlency. and that, unless such a
course is pursued, we shall simply have
to face another emergency at a later
time, when some new plan of settle
ment must again be worked out, which
must in turn be dependent upon eco
nomic rather than political adjust
ments for its success.
These processes OF adjustment from
initiation to defation throughout the
body economic and from political to
economic considerations throughout the
body polite necessarily move slowly,
but their rate of progress will newt
ably be the measure of return of pros
perlty or Stabilzation of economic
conditions. The cid postwar order has
passed and a new order is in the max
Ing, the Survey asserts.
More Local Dividends Declared.
The board of directors of the Term
fnal Refrigerating & Warehousing
Corporation has declared the regular
Semi-annual dividend of 81 so per share
share on the total outstanding stock
of the company at the close of busi-
ness December 19 The dividend is
payable December 81. Books will be
closed from December 10 to January 2.
The directors of the Real Estate
Mortgage & Guaranty Corporation, at
a recent meeting. declared a Semi-an-
nual dividend of per cent on the
preferred stock of the company, pay
able on January |, to stockholders of
record at the close of business Deem
Der 10.
Directors of the Seventh Street Saw
ings Bank have just voted the usual
semi-annual dividend of S6 per share
on the capital stock. payable Decem-
Der 81 to stockholders of record at the
close of business December 26.
Regular Quarterly Dividend.
Incorporated Investors has declared
the regular quarterly dividend of 25
cents per share. payable January is to
stockholders of record December %.
This is the tWenty-fOurth consecutive
regular cash disbursement made by In
corporated Investors since organization
slightly over six years ago. The man
agement states that for the full year
income from cash dividends and inter-
est on cash deposits has more than COW
cred the annual cash dividend of ST
per share.
Commenting on the dividend declara-
ton, President George Putnam says:
The manner in which the company has
been able to maintain its income dur
ing the past two years demonstrates
conclusively the necessity of continu-
Gus, vigilant management in the invest
ment of funds"