Evening star., 1933-11-05
DIVIDEND PAYMENT
ON LA SALE NOTES
COMING THIS WEEK
Apartment House Receivers
Meet Six Months Interest
on 100000 Investment.
BANKS TO PAY S4,6O2.0O0
TO CHRISTMAS CLUBS
Street Car Earnings Improve in
0ctober-Acacia Names New
Mortgage Official.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
About 500 note holders of the $780,
600 trust on a portion of the La Sale
Apartment House at Connecticut avenue
and ! street ore shortly to receive the
first interest on their investment since
payments were suspended more than
two years ago. according to announce
ment made yesterday by the receivers.
Six months interest on these notes,
at 6 per cent, and amounting to $4,000,
will be paid on what are known as
the Harry A. Miller notes. bringing
the interest disbursements up to No
Vember s. 1882.
The apartment house. which is now
In receivership. is one CT the properties
by Swartzell, Rheem 6c Hensey, real
estate investment firm, which figured
IN a memorable financial crash which
led to receiversllip.
The payments 10 be made this week
are on the south section of the build
ing, which includes 1T apartments and
stores. The whole building contains 276
apartments. Holders OF the notes may
request payment at Room 606-A, in
the La Sale, the receivers state, and
will be given their checks tomorrow, or
as soon after that date as possible
Inc amounts invested in these notes
vary from small sums to $4,000.
The receivers are Paul B. Cromelin
former assistant United States attor-
ney, and John Walsh, brother of the
late Senator Walsh Of Montana. They
Will continue to operate the property
While the big apartment building is
able to say just when they will be able
to pay another dividend.
They are much pleased that they are
aole to make their first payment at
this time. after being in charge OF the
property during the past year.
Banks Plan Yuletide Payments
Washington bank officials are already
thinking about the disbursement of
Christmas Savings Club funds which
l HrE Ds Weeh gaia Of o45 oe time s urng she
this year will be around s4,602. 900,
which will oe available Tor Yuletide
shoapins, payn1snt of bills insurance,
Which clu i6r mbsrs nz 5 any aS eensr nat WaS e
usual, great deal of this money will
come 10 The members at a time OF
year when they most need it.
1t has bcen Strange year for Christ
mas Savings Clubs. At the beginning
OF 1888 Christmas Clubs were opened
by % local banks. About $4,000 Wash
lngtonians subscribed s7,3OO,O0D and
started regular payments Along came
the bank moratorium in March after
which the number of open banks nav
Ing clubs was reduced to 18.
This put serious dent in the Christ
mas clGnS. No more DaymentS could
be made in the restricted banks and the
money already paid in became tied up
with other frozen assets. ConServators
and receivers are allowed to pay it out
only as they pay regular dividends from
the sale CT othsr asscJs. The amount
tied up is not very large as only about
one-quarter OF the money subscribed in
these clubs had actually been deposited
when the Nation-W!de bank holiday
halted payments.
In case OF the Hamilton National.
the Christmas Club money remains with
the various units which had clubs before
the merger was carried out. 1t is the
same with the Chevy Chase Savings
Street Car Traffic Improves.
Revenues of the street car companies
improved here in October, according to
preliminary estimates by officials of the
two companies. Definite figures will
not be available until they are filed with
the Public Utilities Commission
The Capital Traction Co. carried
10000 more revenue passengers in Oc-
tober than in September. The COM
pany earned about S6500 more revenue
from street car and bus service. This
follows an improvement in conditions in
September over August
The Washington Railway & Electric
Co. also had an increase in income in
october. While both lines report higher
earnings, Yet the street car business
has been far from satisfactory for many
months. The upward trend, however,
IS encouraging and of vital Importance
to stockholders, especially to holders
of Capital Traction stock, which has
sf1runk so tremendously since the days
when it sold around its par value Of
500 per share.
BY careful management both lines
have reduced their operating expenses
so that any increase in passenger reve-
nues stands cut more prominently on
the financial sheet. After the merger
goes into effect the adoption of u1liver-
sal transfers and other added services
are expected to bring people from pri-
vate automobiles to the street cars in
great numbers. New dear' in trans
portatlon, as 1t were.
New Acacia Oficial Named.
Due to very large increases in the
volume of mortgage loan business done
by the Acacia Mutual Life Insurance
Co., William Montgomery, president,
yesterday announced the creation Of a
new position, namely, vice president in
charge of mortgage loans. H. F. Whit
tie of Minneapolis. widely known IN
the mortgage banking field in the
Middle West, ans for some years
Acacia's mcr. gage loan correspondent
in Minneapolis, has been appointed to
the new position.
Acacias new vice president in charge
of mortgage loans, who will assume his
duties in Washington December /, at
present heads the H. F. Whittle In
vestment Co., is secretary of the Min
neapolis Mortgage Bankers Association,
and is member of the board Of gov
ernors of the Mortgage Bankers Asso-
ciatioh of America. Born on a farm
near Vinton, Iowa, and educated in the
public schools Of Waterloo Iowa, he
was graduated from Northwestern
University in -, 1914 MI; Whittie IS a
Club, Phi Kappa Fsi fraternity and vice
chairman Of the West-Lake Branch Of
the Y. NJ. C. A.
The business increase which has
necessita1e3 the creation of the new
position reflects the steady growth Of