Evening star., 1933-04-26
WASHINGTON BANK
PROMOTES White
Cashier Made Vice President
, of Local Institution.
Career Notable.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
= Frank White. for the past 10 years
cashier of the National Bank OF wash
inpton. was elected vice president at
the regular monthly meeting OF tne
board of directors held this noon, ac-
cording to announcement by George l..
Starkey. president OF the pank. ne
will continue his duties as cashier.
Mr. white was given the promotion
because of his long and valuable service
IN the bank. He entered the old Bank
of washington as a clerk on June 2Z,
1885 at the age of 18 years. In a
short time he became general utll-
ity clerk which gave him an unusual
insight into different departments OF
the institution. Through steady ad-
vancement he later filled positions as
bookkeeper, paying and receiving teller,
and note teller.
On January %. 1920. Mr.. White was
elected assistant cashier and was made
cashier July 18, 1923. Few bankers in
Washington have served any one IN
stitution any longer or more efficiently.
He received many hearty congratula-
tions from associates today.
The new vice president OF the Ma
tional Bank of Washington has been
a regular attendant at the annual meet
ings of the District Bankers Assocla-
ton and has served on many important
committees.
North Americans Earnings on.
The North American Co. earned ST So
a share on the common stock for the
year ended March 81, against $3.l6 a
common share in the previous year,
Frank L. Dame, the president, told
stockholders yesterday. He added that
there had been an improvement In
electrical output in recent weeks. The
company's directors were reelected.
Questioned as to the advisability of
continuing the stock dividend. Presi-
, dent Dame asserted he did not see how
the company could depart from the
stock dividend policy which, he said,
had enabled it TO keep out OF the
banks" and build up surplus OF more
than S30,000,000 in cash and Govern
ment bonds.
The executive added that the dividend
policy permitted the company to main
tain a balanced capital structure. The
company is mot being carried away by
a balloon Of common stock" he said.
North American met the decline in
earnings by reducing the common stock
dividend to per cent from 10 per cent.
He indicated that If additional taxes
were levied on the utilities the dividend
rate would have to be reduced again.
Infiation's Effect on Bonds.
The widespread idea that imitation
necessarily affects adversely the prices
of bonds Is not whole truth, accord
ing to a special bulletin on Initiation
Its consequences, just issued by Poor's
ANALYTICAL Service Those interest
bearing obligations on which income is
not sufficient to meet interest charges
or where the danger exists that income
will soon pass below the danger point
will not bring 100 cents on the dollar.
Thirty per cent imitation should not
adversely affect bond selling for So
the investing public long since recog-
nized that the bend was in danger 1t
is probable that most deprecated bonds
would rise in dollar value in the event
of imitation Better busineSs-and re-
sultirg profits-would place such bonds
in a better position. The reason that
the prices of certain bonds declined was
because investors doubted that the Sc
curitv-property- the bonds was
of sufficient value and because they
doubted that the income would be SUI
ficient to meet the interest charges
not because of any change in the rental
price of money Initiation usually causes
property values to rise in terms OF
dollars; it usually causes temporary IN
creases in profits; therefore. imitation
NAV well cause an actual dollar increase
in the prices of deprecated bonds.
Resort to initiation always is recognl-
I ton of an existing condition.
''All bonds do not sell at deprecated
figures. Very high, grade bonds and
Governments probably would be affect
ed dversely-inf1ation destroys the last
haven of safety for investors. That is
a basic reason why imitation usually
results in higher commodity prices and
stock prices and better busineSs-it
pulls money out of Information into
. property and commodities. Price ap-
probation in high-grade bonds is limit
ed-the going rate of interest Is the
limiting factor Therefore, if bond
is selling at or near its record high,
there can be no appreciation as result
of imitation (unless the prevailing level
of interest rates changes. Therefore,
the bondholder Immediately loses-his
fixed income on bonds will buy less In
commodities" Poors analysis concludes.
Today's d. c. Exchange Trading.
Washington Gas Light SIS, 1858. open
ed trading on the washington Stock
Exchange today, with four $500 trans
>,
cent sales. Washington Gas 6, series b.
came out in one small sale at 104.
Mergenthaler Linotype opened with a
single share selling at 2314. This trans
action was followed by the sale OF five
lO-share lots at 24is. Some Of this
stock has changed hands in nearly all
recent market sessions and it seems
to be slowly gaining its former popular
ity as one of the most active issues on
the local board. -.
Today's market closed with a small
lot of Potomac Electric Power 5l2 per
cent preferred moving at 1862.
Financial District Comment.
The Washington Bank Women'S Club,
Edith M. Fishburn president, held its
monthly dinner meeting last evening
The meeting turned into forum for
the free discussion of the many puzzllng
problems now at the front in finance.
A poor March showing did not pre-
vent Norfolk e. Western from turning
in a report for the first quarter OF 1888
that will stand out in the picture
generally portrayed by railroad results
for the period. Net income was equal
to S2.l3 a share on the ], ,406,4 COM
mon shares, compared with net equal
to Sl52 share in the first quarter OF
1882.
American Ice Co. and subsidiaries re-
port for quarter ended March 81, 1888,
net loss OF S223,8 after charges. taxes
and depreciation. This compares with
net profit in first quarter of 1882 OF
s86.lO4. equal to 81 cents a share
tpar sl00) on 139753 shares of per
cent preferred stock. excluding shares
held in treasury.
Two nationally known hardware
trade Journals effected merger today,
when plans were completed in New
York whereby Hardware Age, pub,
lished every other Thursday, will absorb
Good Hardware, a monthly publication.