Evening star., 1934-11-25
TRANSIT STOCK UP
TO $28.5O A SHARE
ON D. c. EXCHANGE
Price Rises as Result of ST
Dividend Voted by Di.
rectors Recently.
PAPER COMPANY ELECTS
TWO NEW DIRECTORS
Acacia Mutual Life Creates New
Positions and Makes Impor-
tant Appointments.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Capital Transit Co. stock sold at
$3.50 a share on the Washington
OF the 81 dividend declared by the
directors during the past week. Thls
was a gain of s2.75 per share since the
last previous sale.
Four sales were recorded during
the Saturday session, involving turn
over of only % shares indicating that
holders were not anxious to part with
their stock. The week closed with s28
a share bid for the stock and S29 asked.
Before the dividend was voted, Capital
Transit shares had sold around so
and S26 a share for many weeks.
Other issues were also strong on
the exchange yesterday. Potomac
Electric Power 5ls per cent preferred
sold at 1l2, while the same corpora
tion's per cent preferred moved at
1922. Riggs National Bank common
stock appeared on the board at 2lo,
same as the last previous sale. The
stock has recently advanced points.
Bonds were neglected. The Transit
dividend was still a lively topic of
conversation among the exchange
members and especially the stock
holders. The shareholders insist they
are entitled to the 81 payment, in
spite of some claims to the contrary,
on the ground that the money should
be put into improvements. They have
waited long and patiently for some
return on their money
Owners of the old Capital Traction
stock which was exchanged for the
Transit stock, have carried their in
vestment for five years without getting
a cent in the way of dividends. The
fact that the North American Co. will
get 81 per cent or more Of the $240, 600
distribution makes no difference, the
local shareholders believe. The North
American is entitled to return on
every share the company holds. The
stockholders point to the fact that the
Transit Co. still has ample funds with
which to make improvements, due to
the splendid earnings during the past
IL months.
Paper Firm Adds Directors.
Directors of the District of CO.
lumbia Paper Co. have elected two
new members to the board, according
to announcement made yesterday by
President G. L. Nicolson.
j. B. Wyckoff, manager of the
Nations Business magazine, was
added to the board and John Harrison
Davis, manager of Judd g. Det-
weller, Inc. was also elected Both
are business men of long and sue
cessful experience and are considered
to add much strength to the present
directorate
The new members take the places
OF the late Robert D. Weaver and
his brother, William M. Weaver. After
the death of his brother, William
Weaver expressed a wish to be re-
lieved of further duties as a di-
rector and his request was granted
with regret.
The District of Columbia Paper Co.
Is located in Georgetown and has
been in operation for many years.
Like many other corporations, the
firm was hit hard by the depression.
Offlc1als now express encouragement
over the outlook.
Acacia Mutual Adds to Staff.
William Montgomery, president OF
the Acacia Mutual Life Insurance Co.,
yesterday announced newly created
positions of general controller and
chief agency accountant
The position of general controller
will be filled by Ralph E. Heitmuller,
associated for many years with lead
ing firms of public accountants. That
of chief agency accountant is to be
occupied by Otto Hammerlund, long
a member of the Acacia organization.
Mr.. Heitmuller was educated in
local graded and high schools and was
graduated from George Washington
Law School in 1921. He attended both
Columbia University and New York
University, receiving the degree of
bachelor of commercial science from
the latter institution in 1925. Shortly
thereafter he was admitted to practice
as a certified public accountant in
New York State, and in 1923 became
member of the American Institute
of Accountants. He also has been
admitted to certified public account
ant practice in the District of
Columbia.
In 1922 Mr.. Heitmuller entered the
public accountancy firm of Price.
Waterhouse e. Co., and later became
associated with r. G. Rankin g. Co.
Since 1882 he has been manager of
the Washington Office.
Bills Paid More Promptly.
Washingtonians are paying their
bills more promptly, according to the
latest report on retail store collections
from the Federal Reserve Bank of
Richmond. During October 29.1 per
cent of the receivables due Washing
ton stores were collected. Up to Oc-
tober, collections had been running
around Is per cent for several months.
The average for the whole fifth dis
trict in October was 80 per cent.
For the first 10 months of this year
Washington stores reported a stock
turnover of 32O8 times, while stocks
during october were turned 0.416
times.
Stocks on hand at the end of Oc-
tober were 14.3 per cent lower than at
the same tibe year ago, but 8.8 per
cent larger than at the close of Sep
tember this year. Retail sales were
28.a ahead of October, 1888.
ou CANCpc Tn meet