Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-01-29
LOAN ASSOCIATION
| INCREASES ASSETS
Takoma Park Institution Re-
ports Increased Earnings
for 1890.
BY EDWARD C. STONE.

Stockholders OF the Northwestern Saw
1ngs g. Loan Association, at the annual
meeting in Takoma Park, were in
formed that the company had enjoyed
an excellent business during the year.
It was announced that the asSocia-
tons resources on December 81 were
Sl709139 an increase of $137052 over
the previous year. Surplus and undi-
vided profits were reported as $1O2,35l.
The usual dividend of z per cent was
earned and paid during 1880 and $l2,-
S3197 carried to surplus.
The following directors were elected
for the coming year: Z. V. Crittenden,
w s. Dewhirst, Howard S. Colt, AL
fred B. Baker, Dr. ]. w. Chappell, DR..
G. F. Coulon. Frederick Lewton, L. b.
Burdett w r. Tuckerman, DR.. j. w.
Stockberger and Jesse H. Powell.
The officers of the association elected
for 1881 are E. V. CTittenden president;
w. S. Dewhirst, vice president; Howard
S. Colt, secretary and Al
fred B. Baker, attorney.
Bank Farley Plans Pushed.
A meeting of the General Committee
on Arrangements for the Central States
Bank MANAGEMENT Conference which
meets here on February &c and ~ was
held yesterday afternoon. Reports were
submitted by President H. II. Mckee OF
the National Capital Bank, chairman
of the Program Committee; Vice Presl-
dent Edward j. McOuade of the Liberty
National Bank, chairman of the Hotel
Committee. and Vice President G. II.
Pope of the N1unSey Trust Co., chair
man of the Transportation committee.
It was announced that arrangements
for the conference and the entertain
ment of the visitors had practically been
completed and that the program would
be announced shortly.
Southern December Net Up.
Operating results of Southern Rail-
Uav for the month of December make
the best showing for any month last
year, compared with 1929 period. De-
spite a decline of 81 ,794, 1877 in gross
revenues, or 16.5 per cent net operating
income of s2,007,983 was only $65,O89
below December, 1929.
1t is estimated by the Wall Street
journal, that the Southern finished the
year 1880 with net income OF roundly
$4,000, 600, which after providing for pre-
ferred dividends, is equivalent TO $3.50
a share on the outstanding $3.50, 900, 600
common and comparing with $11.65
share in 1929. It is therefore evident
that Southern covered its fived charges
by slightly over u times and retained
the legal status for its bonds now legal
investments for savings banks in the
State of New York and elsewhere.
The estimated earnings place the net
on common stock at $3.50 a share,
$11.65 a share earned in 1929.
American Stores 1880 Sales.
American Stores Co. maintained its
1880 sales close to the 1929 dollar
figures, despite a steady decline in
prices throughout the year. Gross sales
totaled S142, 770,476, a decrease of only
4 per cent below the S143, 346, 156
volume in the preceding year.
The small decline in dollar volume
indicates that the company increased
its physical volume over that handled
in 1929. During the year about rs
stores net were added, total number at
the end of 1880 approximately 2,725.
Increase in number of units, however,
did not increase volume of sales suf-
ficiently to compensate for the decline
IN retail prices.
The chain reported net income for
the first half Of 1880 equal to SITS
share or at the rate of $3.50 annually,
compared with S1.81 for the first half
of 1929 and $4.25 for the full year 1929.
Last years earnings may have ex-
ceeded $3.50 as the second half OF the
year is usually more profitable because
of the holiday season. Dividends OF
$3.50 for 1880, consisting Of 81 regular
and so cents extra constituted the usual
annual disbursement to stockholders.
Graymur Corporation Reports.
The report of the Graymur Corpora
ton for year ended December 81, 1880,
shows profit Of $342 ,003 after expenses
and State taxes excluding 1854 psf loss
on sale Of securities. Capital stock con-
sists Of 175.000 no-par shares.
Investments in miscellaneous cor
porations at cost of $7,806,541 had o
market value on December 81, last, of
S4,861 ,401. In addition, the corporation
holds 1890 shares of its own stock.
carried at a cost of $445, 1876, which had
a market value Of s403,200. at end Of
last year.
The report states indicated 1iquidat-
ing value of outstanding stock as Of
December 81, 1880, including invest
mentS at market value, was $34.20
share, comparing with $45.16 a share
on December 81, 1929.
Tidewater Lines Officers Named.
The annual meeting of Underwater
Lines, Inc, operating motor bus pas
senger service between Washington.
Baltimore and Southern Maryland and
freight service between the foregoing
points and through Western Maryland
and Pennsylvania, resulted in the fol-
lowing reflections:
President, E. D. Hathaway, Washing
ton: vice president, Maurice Otterback,
Washington; treasurer, James p. Ryon,
Waldorf, Md. general manager, j. w.
Arndt, Baltimore; additional directors,
Joseph M. Mattingly, Leonardtown,
Md; Judge Mitchell Diggs, La Plata,
Md. Raphael Semmes of this city is a
new director.
New Hotel Directors Chosen.
At the annual meeting Of the Wash
ington Hotel Co. three new directors
were elected--Mrs. Blanche P. Hall,
Mrs. Evelyn p. Hines and William B.
Wolf. All the officers were reelected,
including Appleton p. Clark, jr., presi-
dent; Cuno H Rudolph, vice president;
Charles H. Pardoe, secretary, and Ralph
w. Lee, treasurer.
Directors, z. c. Graham, Appleton P.
Clark, jr.; Samuel j. Prescott DR. Will
liam p. Reeves, Charles H Pardoe,
Ralph w. Lee. Joseph H. Galliher and
Cuno H. Rudolph. The Executive Com
mittee is composed of Messrs. Clark,
Prescott and Pardoe.
Heard in Financial District.
The Pennsylvania Railroad Co. has
declared the regular quarterly dividend
of 81 per share, payable February %,
to stockholders Of record February 2.
w. w. Spaid, partner in the broker
firm of w. 3. Hibbs & Co, is back at
his office after two weeks passed on the
golf links at Miami, Fla
z. j, McQuade, vice president of the
Liberty National Bank, has recovered
from a severe cold that kept him at
home several days.
The North American Co. is donating
$4,000 to the Red Cross relief fund in
New York. Company's subsidiaries
throughout the country are also contrib
uting locally TO the fund
The Norfolk g. Western Railroad de-
clared the regular quarterly dividend