Evening star., 1934-11-08

NanCeQ 10 Cne pIeSlotllCy. IL ileS
been customary for many of the
building associations to draw on the
banking fraternity for financial
leaders, Eastern having followed
this plan a long time. The head
office is located at 1856 Pennsylvania
avenue southeast.
Other officers elected at the meet
ing included Clarence F. Donohue
vice president; R. Edward Early,
treasurer; William N Payne, secre-
tary, and Dr. j. Chester Pyles, secre-
tary to the Board of Directors. Mr..
Riordon will, of course, continue his
regular work at the bank, just as Mr..
Otterback did for SO many years.
Home Mutual Has Election.
Clarence F. Norment, ST., was re-
elected president of the Home Mutual
Building & Loan Association at the
annual meeting of the shareholders
held late yesterday. Odell S. Smith
was reelected secretary and treasurer
at the same time. Both of these
offers have served the association for
36 years.
All other officers and directors also
were reelected as follows: Maurice
F. Flynn, vice president; Frank S.
Smith, attorney; Mrs. Marian War
field Smith, assistant secretary-treas-
urer; Karl Achterkirchen, John Alden,
John N. Auth, Barry Black, Joseph
Brashears, G. w. Forsberg, William F.
Guide, R. Lee Horton, William E
Howard, Arthur J. May, John A. Max
well, Alfred Walford and Charles W.
Morrison, directors.
The association, organized in 1897,
opened for business at 494 Louisiana
avenue, moving later to its present
location In the former Central Ma
tional Bank Building at 63l Pennsyl-
yania avenue northwest.
Equitable Building Elects.
John Joy Edison was reelected
president of the Equitable Cooper
ative Building Association at the an
nual meeting held yesterday Harry
c. Meem and Gilbert Grosvenor were
again made vice presidents and Wal
ter S. Pratt, jr, was continued in
the Othce OF secretary.
Arthur B. Heaton, Washington
architect, was elected to the Board of
Directors. He succeeds the late Fran
els B. Pyle. The other members of
the board include Ralph P. Barnard,
Frederick V. Coville, Charles H
Doing, Edison, Grosvenor, Meem and
Pratt.
Edison has the distinction of hav-
ing served the organization as an
officer ever since the association was
founded, in 1879. He was the first
secretary. Offices are at 915 F street
northwest.
Virginia Collections Good.
Slow but steadily improving con-
ditionS in sales and collections in 103
major markets throughout the coun-
try are noted by the National Asso-
citation of Credit Men in its October
survey, released today by the Wash
1ngton association.
For the third consecutive month
the number of cities reporting good"
collections and good sales shows an
increase. In August collections were
good" in II cities and sales good"
in eight. September's survey saw the
IL increase to l9 and the eight to 10
as well. The current survey finds 81
cities in the good" collection column
and % in the good" sales classical
ton.
The greater increase in the good
sales group is due to the seasonal up
turn in business, commercial collec-
tions generally tagging month in
rejecting such upturn. Among the
cities reporting both good" sales and
collections are Lynchburg, Richmond
and Roanoke, Va.
Small Business Going Ahead.
Those who are worried over the
prospect of absolute control of busi-
ness by the Government, on the one
hand, or the integration of all business
into vast corporate consultations,
upon the other, may set their fears
at rest, says Nations Business.
In spite Of all talk to the contrary,
America is still the stronghold of the
small business directed by the re-
sourcefulness, determination and in
genuity of the individual proprietor.
The collective efforts of the heads
of our small companies have now def
nitely set in motion the economic
forces which are leading toward re-
covery; and when the history of this
period is written, historians will give
much credit to the heads of businesses
of average size for having brought US
out of the difficulties in which we
have found ourselves in the past few
years.
Definite statistical evidence shows
that small businesses have been forg-
ing toward recovery more rapidly than
in most cases have large businesses.
In the steel industry, for instance,
there were in 1888 some 1873 small
companies which had combined net
earnings of $5,000,00O, while 81 large
companies showed a, net loss of $64,-
soc, 900, the magazine adds.
Exchange Here Is Active.
Trading on the Washington Stock
Exchange today was exceptionally
lively. First sales covered four small
lots of Capital Transit Co. stock at
26%. Potomac Electric Power 51s
per cent preferred was again strong
at 1925.
A single share of Washington Rail-
way common, the highest priced stock
on the board, changed hands at 315.
Railway & Electric preferred sold at
1902 in a volume turnover of IS
shares. Potomac Power 6 per cent
preferred moved at Ill.
Bond trading was confined to Wash
ington Gas SIS, 1858. at 98h, and
Capital Traction SIS at 81.
Members commented today on Peo-
Piles Drug Stores october report, out
yesterday, which showed very favor
able gain in earnings of 16.5 per cent
over the like month last year.