Evening star., 1932-04-27

Reserve banks in
dicate that busi-
ness is doing fair
1y well. The Phila- Richard A. Norris.
+, delphia reports
better employment situation and more
activity in steel; easier money is ex-
pected soon to help the New England
situation; Atlanta again reports a gain
II. retail sales, as well as the opening
OF number of small banks in the
Jdistrict. Building in Atlanta and else
gThere IN that section is being main
amed on heavy scale.
= Cleveland reports a better banking
situation, but industry still drags. In
the Dallas, Tex, area and around ST.
Louis trade has shown some improve
ment in the past two weeks. The only
= change on the Pacific Coast is a slight
:. improvement in employment.
Norris Heads Institute Ticket.
Richard A. Norris was nominated to
be president of Washington Chapter,
= American Institute of Banking, at a
meeting last night, the full ticket being
named as follows:
President, Richard A. Norris Lincoln
National Bank; first vice president, Rob-
ert H. Lacey, Columbia National; sec
ond vice president, Walton L. Sander
son, Federal-American National Bank
e. Trust Co., and Alfred w. Sherman,
American Security & Trust Co.; Sec
retary, Constance D. Fogle, Riggs Ma
tional, and Mrs. Gertrude c. Wick,
{ Liberty National; treasurer Lloyd H
Z johnson, Northeast Savings, and j.
Z Earle McGeary, w. B. Hibbs & Co.;
assistant secretary, Evelyn E. Lynham,
Park Savings, and Anne c. Sullivan,
Morris Plan; chiel consul, William H.
! Laughlin, the Washington Loan g.
Z Trust Co., and Paul ]. Seltzer, Ameri-
can Security & Trust Co.; governors,
George F. Dagenais, Riggs National;
Joseph R. Fitzpatrick. Second National;
: George r. Flemer, National Metropol-
itan; Henry F. Kimball, American
Security & Trust Co.; o. Lehman,
: Security Savings & COMMERCIAL; Rose
: IT, Royce, the Washington Loan & Trust
Co; E. Wallace Schreiner, First Ma
tional Alexandria, Va, and Raymond
L. Weber, National Savings & Trust Co.
The nominating committee included
Frank M. Perley, James A. Soper and
T, Hunton Leith, chairman.
Today's Trading on Exchange.
Business on the Washington Stock
Exchange today was confined wholly to
the bond division. The market opened
with $1,000 Potomac Electric Power
consolidated IS selling at 101A. Three
small sales were then recorded in Wash
ington Gas 6s, series A, at 991a. After
CALL Washington Gas SIS came out in
two $1,000 transfers at 1904. Local
bonds have been holding well for many
months and it is possible that advices
sent out from New York recently call
ing attention to a better tone in the
bond market is being reflected here in
fJIfnin0 attention n
Railroads Report March Net.
The Baltimore g. Ohio Railroad today
reported net railway operating income
in March as 81 $685. against $2,5l9,-
002, a decrease of 1902, ,306. For the
first quarter the road reports net rail-
way operating income Of $4,474, ,203,
compared with S4 $50, ,723 year ago.
The Southern Railway has also made
its report for March, showing a net
railway operating income OF $3.50, ,6l5,
compared with $802,847 in the like
month year ago.
The Seaboard Air Line reports March
uet as $245, ,906, against $629,258 in the
same month last year, with a first
quartet net of S470, $40, compared with
,$1,279, $50 year ago.
4 The Pennsylvania Railroads March
met was S3,94O,854, against S4,248, ,6S6
year ago; first-quarter net, $9,23O,863,
compared with $1O,3268l7.
Other Important Reports Out.
The American Ice Co. and subsidiaries
report for the quarter ended March 81
net profits of $50, 104 after interest, de-
,preciation, Federal taxes, ETC., equiva-
tlent to 81 cents a share, against S48,-
D86, or 33 cents per share, in the flrst
quarter of 1881. The company operates
In Washington, Baltimore, Philadelphla,
New York, Boston and other Atlantic
Seaboard cities.
The consolidated income statement
of the North American Co. for the IL
months ended March 81 discloses earn
ings of s21,343,1 ,107, applicable to the
scommon stock after various charges
and preferred dividends. This was equal
to $316 a share, compared with $435
a share for the corresponding period
last year.
Opposed to Branch Banking.
Formation of a voluntary association
to be known as the Independent Unit
Banks of America is proposed by
Charles F. Zimmerman, president OF
the First National Bank of Huntingdon,
Pa, and secretary of the Pennsylvania
Bankers Association, as a means or
combating the branch banking feature
OF. the Glass bill.
The Glass bill would permit national
Banks with capital of S500,e00 or more
To open branches anywhere in a State
in which the main Office Of the bank
is located, and also in neighboring
States within the trade area served by
the bank This would work to the
disadvantage Of State chartered banks,
and also might serve to eliminate en-
tirely the small country banking in
etitution," said Mr.. Zimmerman.
Payments Exceed Life Premiums.
Payments made to District of Co.
lumbia policy-holders and their bene-
ficiaries by the New York Life In
surance Co. in 1881 and investments of
The company in the District during the
year amounted to S7,l87,4l5 in excess
bf the total of premiums collected, it
was reported today.
During 1891 the company collected
81 ,737 ,038 in premiums in the District
AT the same time it paid to resident
policyholderS and their beneficiaries in
death losses, maturing endowmentS
dividends, etc, Sl.277 ,474 and invested
dn the Capital in mortgage loans or
bonds and loaned to policyholders a
total of $7,646,979.
At the end of 1881 the total invest
AlANAAb Va AL VoSAA4A15 wal
amounted TO $35 5,510,3 ,305. New insur-
ance issued in the District in 1881
amounted TO $5,885,07
Cleaned in Financial District.
i The North American Co. has de-
clared the regular quarterly Of 21a pei
cent in stock on the common and rs
cents per share on the preferred. Both
hre payable July ! to stock of record
June 6.
The Norfolk g. Western Railway has
declared the regular quarterly dividend
of So SO a share on the common stock
payable June 18 to stock of RECORD
May 81.
! International Business Machines Cor
poration, which maintains a Washing
Ao., .,lar,t has ra=elactad the Same Of.