Evening star. [volume] (Washington, D.C.) 1854-1972, 1932-09-25
Other D. C. Firms Have
Taken Similar Action in
Past Few Days.
MORRIS PLAN BANKERS
DUE HERE THIS WEEK
Record Convention Attendance Elk.
pectei-Bond Outlook Is Now
Termed Favorable.
BY EDWARD c. STONE.

Holders of local bank stocks are COM
ing in for a harvest in the dividend
field within a short time as the result
Of action taken by various boards OF
directors during the past few days.
Directors of the District National
Bank have declared the regular quar-
terly dividend OF $3.50 per share, pay
able October l. to stockholders of
record September sc.
Directors of the Columbia National
Bank have declared the usual quarterly
dividend of SO per share, payable Octo-
Der l, to shareholders of record Sep
TENDER 30.
Directors of the American Security
& Trust Co have voted the regular
per cent quarterly dividend. the dis
bursement to be made october 10 to
stock of record September 80.
The Carpet Corporation, local food
distributing concern. will pay the regu-
lar quarterly dividend of 37l2 cents per
share on October l. to holders OF the
stock on September %.
These dividends are in addition to
others recently declared by the Riggs
National Eank, Union Trust Co. and
the National Metropolitan Bank Sew
eral other local bank boards are due
to declare their third quarter payments
in a few days.
Directors of Woodward & Lothrop
have just declared the quarterly divi-
dend of 80 cents per share on the COM
mon and SITS per share on the pre-
ferred stock, both payable September
80. The Federal Storage Co. and several
other organizations have also taken
similar action.
Bank Convention Here This Week.
Delegates from practically every Nor
riS Plan institution in the country will
come here this week to attend the an
nual convention at the Shoreham Ho-
tel, opening on Thursday and conclud-
ing Saturday evening Bertram Ches-
ternan, president of the Washington
Morris Plan Bank, is chairman of the
General Convention Committee.
The convention will be opened by an
address of welcome by Luther H.
Reichelderfer, president of the Board of
Commissioners of the District of Co
lumbia. Arthur A. Ballantine, Under
secretary of the Treasury will speak
informally, and an address will also be
made by Secretary of Labor William
N. Doak.
Thomas c. Boushall, president of the
Morris Plan Bank of Virginia, and
Philip Woollcott, senior vice president
of that institution, will address the con-
vention, as will j. Rodney Ball, presi-
dent of the Morris Plan Bankers Asso-
citation. Arthur j. Morris will address
one of the sessions.
Other speakers will be Walter W.
Head president of the Morris Plan
Corporation of America; Henry H.
II NJ
surance Society; Eugene w. Lewis,
president of the Industrial Morris Plan
Bank of Detroit; Howard B. Jackson,
vice president and secretary of the Nor
ris Plan Co. of New York; Robert
Q. RonneI, president of the Morris Plan
Bank of Baltimore; James r. Fain,
president of the Morris Plan Bank of
Winston Salem, N. c.; Arthur J.
Blumeyer president of the Industrial
Savings Trust Co., ST. Louis, Mo.
Thomas Coughlin, president of the
be POSTMASTER at the closing banquet.
Senator Buckley will also address the
convention
Promising Bond Outlook Seen.
The outlook for high-grade bonds is
and president of the Capital Research
Co., Inc, told the Savings Bank Asso-
citation of New York in annual conven-
ton. DIR. Edie warned that the only
threat to this outlook lay in the re,
newed bonus agitation. He excluded
low-grade bonds from his forecast with
the comment that they would be subject
to sharp irregularities.
The better grade bonds are now
about half way between panic levels
and normal levels. In this respect
they are at a point substantially the
same as that attained in the fourth
quarter Of 1921, when bonds were ccm-
ing out OF the great postwar depres-
sion. That level then, as now. repre-
scented a midway position between col
lapse and normal conditions.
There are too many elements in the
banking. situation to permit detailed
discussion. To single out one element
would suggest the admonition: Watch
gold imports. If these taper oil, and
especially If they reverse themselves and
we have an outflow of gold, it would
be only reasonable to expect irregularity
in the bond market. On the assumption
that gold will continue to move toward
the United States one is warranted in
holding a hopeful attitude toward high
grade bonds"
Western Maryland Reports Net.
Western Maryland Railway Co. re-
ports for eight months ended August
81, 1882. net income of s82,460 after
taxes and charges. equal to As cents
a share on 177.420 shares of per
cent first preferred stock on which no
dividends have been paid This COM
pares with S656,652, or $3.50 a share on
first preferred stock in like eight months
of 1881.
August net income was S79817 after
taxes and charges, against net income
of S69,288 in August last year.