Evening star., 1933-06-17
PENNSY'S REPORT
CHEERS INVESTORS
Atterbury Notes Real Turn in
Traffic-Says May Will
Show Profit.
BY EDWARD C. STONE.


Stating that the business outlook
seems to him to be very promising,
Gen. w. w. Atterbury, president of the
system, said that his road for June will
show enough net after depreciation
and all charges to put us in the black
for the first six months Of this year.
"Our carloadings are up IA per cent
for the first IA days Of June compared
with a year ago. For May we were in
the black after depreciation and all
other charges for the first time this
year" the general said.
Both freight and passenger business
are better" he said, but our best in
crease is in freight. While there Is
some upturn in heavy commodities, the
Improvement in freight so far is largely
mnItiplication of relatively small ship
ments. The big increase Is in COAL ore
and similar items which we expect are
lust commencing to show up"
New Safeguards for d. C. Bank.
George Hayes, manager Of the real
estate owned by the Washington Me-
chanjcs Savings Bank, has developed
banking cage in the Georgia avenue
branch which he and President Ezra
Gould believe is bandit-proof. MI
Hayes declares his new cage has
maximum of protection and a maxi
mum of efficiency; that there was
real demand for greater protector after
from $4,000 to $4,000 had been taken
hv bandits from four Of the banks
branches.
The new teller's cage Is OF rectangular
constructor large enough to allow ample
space for the clerks to work. From coun-
ter height 1t Is sheathed with bullet
proof glass which at the same time gives
the tellers an unobstructed view OF the
lobby and front Of the bank. The coun.
ters are swathed in lacquered steel. Al
the rear, ventilation and protection are
provided by steel mesh so fine tnat q
45-caliber bullet will not pierce II:
Near the feet of every teller Is a
munger which will release flood OF
tear gas instantly. while firearms are
also of quick access. The bank also has
the usual alarm system for notifying
police headquarters in case OF trouble.
1t is intended to adopt the same gen.
erel plan in the banks other branches
in the near future.
Many years ago Ezra Gould and
George Hayes were both employed at
the Washington Navy Yard. When they
turned to banking they did not lose
their interest in inventions. Robberies
at the Northeast, Southeast and Georgia
Avenue branches led them to beneVe
that some protective experimentation
would be in order. Hence the satisfy
ing results.
Green Urges Imitation Caution"
Declaring that the growing disparity
between the very rich and the very
poor had brought the Nation to the
point where it must concentrate more
on the distribution Of wealth rather
than on the production OF wealth" Gov.
Theodore Francis Green OF Rhode
Island told Morris Plan bankers con-
vention at Rye, N. Y, that the capital
istic system must be modified rather
than restored and retained unchanged.
The governor came to Washington fol-
lowing the convention to attend series
of conferences. He was the guest OF
Bertram Chesterman, president OF the
local bank
Speaking before a joint meeting Of
New England and Atlantic States Nor
ris Plan Associations, Gov. Green de-
clarcd his support Of the administra-
tion's inflationary efforts, but added the
eaution that Imitation Is like free
wheeling it must be kept under con-
troll at all times, or disastrous smash
up is likely to result"
The net result of successful imitation
activities would be more turnover of
the idle dollar, and the idle dollar is
the snag which has caused so much
concern for all of U.S." he said. He pre-
dicted an immediate rise in banking
ioans for constructive financing, and
paid tribute to Morris Plan bankers for
their record of safety to depositors and
record of service to borrowers.
Bond Interest Payment Ordered.
On petition Of Lawrence B. Campbell,
receiver of the National Press Building
Corporation, filed through his attorney,
Walter M. Bastian, the receiver was in
structed by Judge James M. Proctor Of
the Supreme Court of the District of
Columbia to make semi-annual in
terest payment June Is on the corpora
tons first mortgage u per cent bonds.
The amount of the interest payment
will be $177,892. The bonds are widely
held in Washington, especially among
well-to-do members of the National
Press Club.
The Perpetual Building Association,
ocated at Eleventh and E streets north
west, has found it necessary to expand
counter space in order to accommodate
all customers promptly. To bring this
about the officers are having a new
entrance to the building constructed on
the E street side. New counters
will be installed on this side of the
building and the executives will move
to offices on the north side. The build
ing, which was completed only about
three years ago, was expected to take
care Of the needs of the association
Tor many years without any changes.
Ipcx,ranoa CtnoL.
From the last day of trading prior to
the bank moratorium to June ! the
stocks Of "a insurance companies ad-
vanced from an aggregate value of
$543,935,78 to an aggregate value of
S725,84l $50, according to study pre-
pared by Allied Distributors, Inc. This
represents an appreciation totaling
$l8l, ,906,098, or approximately 33 per
cent during the three months.
The stocks Of the 10 largest insurance
companies considered in the study ad-
vanced from an aggregate value of
1927, ,432 ,457 to $404, ,047 ,319, or approx
mately 36 per cent The companies
whose stocks were used In computing
these figures included companies en-
gagged in practically every type of the
insurance business.
Bank Stock Dividends Reported.
Waggaman, Brawner & Co. are dis
trlbutlng a statement showing the
recent dividend action taken by New
York City banks. The report shows
the Bank of Manhattan is paying a
regular dividend Of so cents per share
Chase National reduction to 35 cents
from so; Guaranty Trust Co. regular SIS
payment; Central Hanover, Sl.50;
Bankers Trust, rs cents; Continental
reduced from 80 to 20 cents Public
National reduced from SO cents to 37l2
Irving Trust regular 25 cents; National
City regular Is cents, and United States
Trust regular SIS. Many local in
vestors will receive dividend checks
from these banks on July l.
Heard in Financial District.
The Treasury Department announces
that subscriptions in the Fifth Fedora
Reserve District for the recently Offered
iScuac totaled GIT Q30 700 and that th,