Evening star., 1933-10-11

caused by the death Of his brother.
Jonathan Bryan. At the organization
meeting all other officers, in addition
to Mr.. Harrison, were retained in office.
President Harrison expressed his be-
lief that the railway would earn its in
terest and other fixed charges for the
current year. -
The Southern Railway is in better
condition today than eny of its COM
petitors." he told the stockholders. This
is due largely. he explained, to the fact
that obsolete equipment requiring heavy
expenditures to keep it in operation
has been discarded.
A decrease of 31,12 per cent in
freight tonnage moved over Southe
Railway lines during 1882 as compared
with 1881, was attributed by E. r.
Oliver. vice president in charg' OF
transportation, to unfavorable CONDITIONS
in the textile industry.
100000 Topped OFF Salaries.
President Harrison announced that
his salary has been reduced from $50
coo to S25 900 year. At its maximum
his compensation has been small IN
comparison with that of w. w. After
bury of the Pennsylvania. Daniel Will
lard of the Baltimore & Ohio, F. E: VIII
hanson of the New York Central and
who formerly received from S125,000 to
s150.OOO, but which has been cut to
100000. Owners of Southern Railway
securities have no complaint to make
on the score of extravaganza in official
salaries.
President Harrison added that total
of $500 600 had been taken from the
salaries of various officers. He declared
that bus competition has been even
more severe during the past year than
a year ago. Southern Railway stock
holders bitterly scored governmental ef-
forts to interfere in management OF rail
transportation systems.
Difficulties in which railroads
throughout the country find themselves
today are due largely to attempts by
the Government to impose upon us
complex regulations that are both bur-
oensome and expensive" Walter S. Case
of New York. a director declared.
Having advanced loans to the rail-
roads. the Government is now attempt
ing to dictate methods of manage
ment," he added.
Blythe W. Branch Richmond cap
italist, spoke along the same lines.
New Loan Association Officers.
P Gordon Cooper, senior appraisal
engineer. United States Treasury. and
Elonzo T. Morgan. chief patent exam
iner of the Patent Office, were elected
to the Board of Trustees of the Pro-
gressive Building & Loan Association
at the meeting of the board held last
evening.
The membership of the Board of
Trustees now stands as follows: Albert
E. Conradis, Henry NJ Eaton, Edward
Holmes, c. MinniX, James L. Parsons,
d T-tf
George S. Watson, Mr.. Cooper and
Mr. Morgan.
The Progressive Building & Loan
Association is making application for
membership in the Federal Home Loan
Bank
Koons Resigns Insurance Post.
Frank T. Koons, for years prominen.
in life insurance circles in Washing
ton and for the past three years gen.
eral agent of the Berkshire Life In
surance Co. of Massachusetts,. has re-
signed his position in order to devote
his entire time to personal clientele i'll
the Berkshire.
Mr. Koons began his insurance career
during the World War as one OF the
insurance officers Of the 40th Division.
Since the war he has been associated
with the Berkshire Life and has been
one of the leading producers OF that
company.
J. E. Bill" McCombs succeeds Mr.
Koons as general agent in the Wash
ington territory. Mr.. McCombs has
been connected with the Mutual Life
Insurance Co. of New York for 10 years,
where he established an enviable record.
He is a member of the Life Insurance
Club of washington and recently served
on the board of directors of the local
Life Underwriters Association.
Maryland Bank Is Reopened.
The Carroll County Savings Bank of
Uniontovn, Uniontown. Md, has been
Authorized to reopen on an unrestricted
basis, following reorganization, State
Bank Commissioner Ghingher an
nourced. The institution makes imme-
diately available for depositors rs per
cent of their deposits. the remaining
25 per cent to be issued in certificates
of beneficial interest Deposits of the
reorganized bank approximate s350.OOO,
with capital CT S25.000 and surplus and
undivided profits Of approximately s40,-
COO
State Bank Commissioner Ghingher,
receiver for the Mechanics Loan & Saw
ings Bank of Hagerstown, Md, has been
authorized by court to make an addl-
tional distribution of 10 per cent to de-
3ostors of the institution. Previously
liquidating dividend of 20 per cent
was paid.
The. new Citizens National Bank of
Petersburg. Va. has opened for regular
business. Charles E. Plummer is presi-
dent of the institution. The new lnst1-
tuition replaces the former First Ma
tional Bank G. Trust Co. consollda-
ton of the National Bank of Petersburg
and the Virginia National Bank.
Today's Trading on Exchange.
Trading on the Washington Stock
Exchange today opened with $1,000
Washington Railway & Electric As sell
ing at 871I and 81 600 more at 81.
Washington Gas IS, series B. came
out in s1.i00 transaction at 1922 and
$1,000 Washington Gas 5s 1858. moved
at "a.
The largest sale in the stock division
was a block of 81 shares of Washington
Railway 6, Electric preferred which
changed hands at 86.
Potomac Electric Power So per cent
preferred recorded two small sales al
107l5 end a transfer of two shares
a. 10?
The board of governors voted to close
the exchange tomorrow, Columbus day
as the New York exchange will also be
closed
Heard in Financial District.
Arthur ]. Linn, controller of the
Hamilton National Bank, has been ap-
pointed. committeeman for District No
S of the National Association of Bank
Auditors and Controllers. Mr.. Linn mas
taken very active part in the work OF
the auditors section of the District
Bankers Association.
The Treasury has announced award
of tenders fer S75,020, 900 of 91-day
Treasury bills, dated October IL. 1888
and maturing January 10, 1884, offered
on October S. The total applied foi
was sl36. $4,000.
4 +