Evening star., 1933-02-02

/
his new duties. $$$$#&SS
Hi S appointment MS 4;
came the day after MS!
the Atlantic City 8sS BB ~
bank lad been
closed by the Laurence A slaughter
Treasury Depart
ment..
Mr.. Slaughter has been one Of the
most active of the younger bankers in
the city for years. He has been chair
man of the Transportation Committee
and other important committees in con-
nection with the annual conventions of
the District Bankers Association, and
is a member and former treasurer of
the Washington Stock Exchange
He will be greatly missed by Presi-
dent Wade H. Cooper and his associates
at the Commercial National and by
his many friends in the financial dis
trict The liquidation of a closed bank
usually requires about two years. It will
probably take that length of time to
close up the affairs of the Atlantic City
institution.
Dame North American President.
Directors of the North American Co.
have elected Frank l.. Dame president
to fill the vacancy caused by the death
on January % of Edwin Gruhl
Mr. Dame also remains chairman. of
the, board, which office he assumed
April 25 1882, when Mr.. Gruhl became
president AS chairman of the board
Mr.. Dame had not curtailed his active
service He had been president of the
company from 1921 until nine months
ago when he became chairman of the
board in order that Mr.. Gruhl might
receive the title of the position which
in practical service, as vice president
l,n LoI ep
With Mr.. Dame as joint executive head
of the company for II years
' Harrison Williams was elected a di-
rector and member of the Executive
Committee to succeed Mr.. Gruhl. Mr..
Williams and the group Of investment
companies in which he is interested
represent the largest holdings in the
North american Co.
gsa%Sfrs Praise c. & P. Statement.
-,oPhe December and annual reports
of the Chesapeake & Potomac Tele-
phone Co. contained a good many opti-
mistic figures. Total telephone operat-
ing. revenues amounted to S9,341 ,130
during the u months, a very subStan-
tial figure and well above the sum in
the previous year. Net operating rev.
enues for December. after deduction of
all operating expenses. were S24l sic.
IA1lCA an OlllCl OCdulgiOAlo, SiOoo lliSS<llC
reached the sum of Sill ,022, compared
with S161.792 in December. 1891.
Total plant in service at the end of
December, 1882, was valued at $33.-
.758,651, against S3l ,345 AGO at the end
Of 1881. The gain of 621 in telephones
Installed in December, while not up
to the previous December, was still
large enough to be the envy Of tele-
phone companies in many other cities
--te44fe-size of Washington. Furthermore.
the increase of more than 100000
c&B during the year should not be
oxeElooked, total conversations number
230,80300
n commentilg on the financial state
nept local bankers consider that the
telephone officials combatted business
conditions very successfully.
= Jones Elected New Director.
Election of R. L. Houston Jones. Ia
koma Park, Md, as a director of the
Northwestern Savings & Loan Associa-
F@ succeeding the late L. B. Burdett,
Weeting of stockholders All other Of
,fccrs and directors were reelected as
follows E. V. Crittenden, president; w.
5. DeWtfrst, first vice president; How
ards. Gott, secretary treasurer, and
d. Alfred B. Baker. attorney.
!, Directors are: E. V. Crittenden, W. S.
j Dewhirst, DR.. J. W. Chappell, Dr. G. F.
Coulon, Alfred B. Baker, Frederick
Lewton, w. R. Tuckerman. DR.. w. w.
J Stockberger, Jesse H. Powell, Howard S.
: Gott, A. c. Keefer and Mr. Jones. Mr..
; Jones is engaged in the real estate
. business.
Association officers report a gain of
5000 in net assets during the year.
+. The usual dividends were paid and a
substantial amount added to the surplus,
they said.
Today's Trading on Exchange.
The first transaction on the Wash
1ngton Stock Exchange was a $4,000
sale in the new Washington Gas 3s.
1858, at 94il. the same quotation which
has prevailed in all recent transfers
The bonds closed with "a bid and 94la
asked
The only other transaction of the
days session was $1,000 sale in Po-
tomac Electric Power IS at the high
figure of 108$.. This was an advance
of p point since the last previous sale
The advance in bond prices that be-
gan in the final week of December con-
, tinued through approximately the first
4. half of January, carrying the general
4. level to the highest point reached III
recent months, says the Guaranty
Trust Co.'S January review. This was
+ followed by an irregular reaction and
then renewed advance that raised the
averages to a level not far. below the
n1dmonth peak. The advance is gen.
eraHy attributed to an Improvement in
e. business sentiment. AS for the ensu-
Ing decline, it is believed to have been
a. least partly due to the natural reac-
e ton that usually follows an exception
= ally swift advance, though a contribut-
. ing factor may have been the sale of
- Government securities by the Federal
/. Reserve banks after five months of alb
= sence from the market. The months
Z, trend as a whole is conspicuously IA
y vorable and is considered an encourag
:, ing factor. not only in the bond mar
!, ket. but in the general business out
!" look as well.
!, Heard in Financial District.
:. The forty-fourth annual statement of
:, the Eastern Building g. Loan -Associa-
ton was issued today showing assets
on January 81, 1888, of 81 ,498,5O3, a
gain of S27,176 during the last year.
= Maurice Otterback, president of the
:, Anacostia Bank, is president of the
- association.
;. Drug Inc, which owns the Liggett
stores, has declared a quarterly dividend
p, of rs cents a share, payable March l
:, to stock of record February IA. This
=, places the stock on a So basis against
:, 81 previously.
:. The David Pender Grocery Co. has
. declared the regular quarterly dividend
:, of a7la cents on the class A convertible
:, stock, payable March l to stock OF
!. record February 20.
j Jewel Tea Co., Inc, has declared the
!, regular quarterly dividend of rs cents
!, on the common stock, payable April IS
:, to stock of record March 13.
:, Regular quarterly meeting of directors
. OF General Motors Corporation will be
!, held on the first Monday of February,
i May, August and November instead of
:, iao IILodraaSda1z of tlaasa r,aoratlaS