Evening star., 1933-04-15
LOAN ASSOCIATION
ELECTS OFFICERS
James E. Connolly Renamed
President of Enterprise
at Annual Meeting.
BY EDWARD C. STONE.

BY EDWARD C.. STONE.
At the forty-frst meeting of the En-:
terprise Serial Building Association,
James E. Connolly was elected presi-
dent; John T. Crowley. vice president;
James F. Shea. secretary. and G. Percy
McGlue, treasurer. Directors chosen
were:
George I. Berger, James A. Cahill, jr.;
Martin A. Cock, Bernard R. Edwards,
Maurice Fitzgerald. P. F. Hannah,
Ralph A. Judd. Michael A. Keane, M. j.
Keane Edward T. Kehoe, sr.; Fred
krsus and T. P. INLAND.
All of the present officers hold records
of more than 80 years service with the
association and several of the directors
have been on the board for % years,
both records being most unusual.
The report of the association shows
that its assets are now S1,394357, an
increase of S59.142 over the past year;
T.1Sl new shares were subscribed for
last year. an increase of II per cent
over the previous year and new record
in shares subscribed.
The association declared its annual
dividend of per cent. The ASSOCIATION
is member Of the Building Association
Council of the District Of Co umbia and
a member of the United States Building
& Loan League.
Telephone Checks Received.
Hundreds of holders in Washington
of American Telephone & Telegraph
stock received their quarterly dividend
of S225 per share in the mail today.
Accompanying the checks was state
ment from President Clifford which said
that compared with the preceding quar-
ter there were fewer telephones diScon-
nected during the quarter just ended,
but as there were also fewer new tele-
phones installed there was a net loss In
the three months of 100000 telephones.
On March 81 there were l3,450,O00 Bell
System telephones in service, which was
2,225, 900 less than the maximum num-
Der reached in 1880. The number of toll
and lcng distance calls during the
quartz was 20 per cent less than in
the same period last year.
Treating the System as a whole, IN
cluding the Western Electric Co., which
is operating at less than is per cent
Of capacity. the earnings on American
Telephone & Telegraph Co. stock were
about 81 per share for the first quarter
Of 1888, or at the annual rate OF about
81 per share, compared with S5.96 per
share for the year 1882 The earnings
Ol Tie AillGi ICe~lt 4CACpAlO1iC ~ NPAA
Co. by itself, which include dividends
received from associated companies paid
by them, in part, out of surplus and
which do not reflect the Western Elec-
tric Co.'S deficit, were SLIP per share
for the quarter. This compares with
$208 share in the first quarter of 1882
Business Outlook Forecast.
The current outlook. says United
Coryina hn summarized
as follows:
General Business As result OF
the important adjustments now being
made, business recuperat.On is expected
to get under way by Fall.
Bonds. As yet there is no evidence
that currency imitation will present
threat to high-grade bonds.
Stocks: Lcok for alternate periods
of strength and weakness with selec-
tivity the main characteristic.
Commodities: Further price strength
is anticipated, particularly in the
grains.
Retail trade: Sales are expected to
hold near present levels over the near
term. Higher volumes are likely in the
Fall
Money Working More Slowly.
"As a Nation we live less on currency
than any other country. Nine-tenths
of our business is done by check. And
that's one of the things" says the
Nations Business, that make talk OF
currency imitation seem ridiculous.
I'VE have more currency than we
needed in our liveliest business days.
Why make more? What We need is
faith or credit-and credit is another
name for faith. We need bank de-
posts in action. How the activity OF
ftc laoc fa1 ic chnuff1 hu
some Federal Reserve Bulletin figures:
From 1923 to 1925 deposits in men,
Der banks in leading cities turned over
26 to 80 times per year. From the Fall
of 1925 to 1929 turnover increased un-
til it became as times year.
In the last quarter of 1882 it had
dropped to 16 times per year. Money
was doing its work slowly and all busi-
ness Jagged"
Savage Lauds Presidents Action.
Francis M. Savage, retired local
bank president, believes that the po-
tential value Of the $500,000,000, or
more, the President will save in cut
ting out and lowering pensions of un-
injured veterans and their hoSpltal1za-
ton is not appreciated by the public.
Taking per cent as basis for Gov
ernment loans. the $500 100000 saved
will enable the President to guarantee
the interest on some S12 500, 100000
for reducing unemployment. helping the
farmer, and in self-liquidating projects.
"Think what can be accomplished
toward relieving the depression by the
use of that sum CT money in a bond
issue" Mr.. Savage eXclaims.
Noted in Financial District.
The question of compensation to
officials of the Pennsylvania Railroad
occupied a considerable part of the dis
cuSsion during the annual meeting, al
though no definite action was taken by
the stockholders. L. P Hancock OF
Buffalo inquired as to whether officers
of the company received salaries from
any other source than the Pennsylvania
Railroad and Gen. w. w. Atterbury il.
replying said that officers received no
other income. He said that some Of
the officers are members of boards OF
directors of principal banks, but this
is in line with their duty, he said.
At the annual meeting of stock
holders of Dividend Shares, Inc. helc
in Baltimore, it was voted to increase
the authorized capitalization of the
company from 20, 900, 900 shares of 25-
cent par value each to 50,000,000 shares
of 25-cent par value each. The ad-
visibility of adopting this measure was
indicated by the fact that of the initial
authorized capitalization of 10000 000
shares more than 100000 shares are
now outstanding.
Gain in Depositors.