Evening star., 1935-03-29

$42,753. Operat- aIh.r, galley
ing expenses, in
'cluding taxes and uncollectible bills,
increased S6,733, this years figure be-
ing 1920 $3.50, against S413,647 in Feb
ruary, 1884.
Incorporating revenues for Febru-
AIRY, this year, decreasing l,l67 from
last years total of $429 to show a loss
Of $738, resulted in gross corporate
income Of s297, $50. as compared with
s244,7e7 for February, 1884, an in
crease of S34, 1853.
Interest deductions of $72,258 for
February, 1885, were 81 1903 more than
last years figure of $70,455. resulting
in a net income of S207,392. COM
pared with s174,342 for February,
1884, an increase of s33,050.
Galley With Bank As Years.
Albert S. Galley, executive vice
president of the Lincoln National
Bank, has just completed As years
active service with that institution,
receiving many hearty congratulations
on such a remarkable record.
For the past 25 years he has been
treasurer of the District Bankers As
sociation and during all that time
has never had a deficit in the &C
counts. another record which entities
him to a place in the financial hall
of fame.
When he took the association treas
uryship the first year he expected but
one term in Office. At the end OF the
year the budget was in such good
shape that the association members
returned him to the Office for another
II months. The same situation has
now prevailed for quarter of a CEN
tury. When the Nominating Com
mittee makes up the slate each year
the first name they put down is that
of Bert" Galley.
He has been with the Lincoln Ma
tional ever since it was founded. The
veteran Seventh street f1nancier has
been a very important factor in the
sound growth of the institution. In
the As years he has naturally wit
messed a great many changes in the
banking map of Washington. In ad-
dition to being an officer in the Lin
coin National, Mr. Galley is a direc-
tor in the Bank of Commerce and
Savings.
GEORGETOWN Gas Net Higher.
The monthly report of the George
town Gas Light Co., just filed. shows
q net income for February, 1885, of
$6,132 as compared with $4,029 in the
same month last year. an increase OF
S2,103. The report shows that the
gain was largely due to the fact that
the cost of operations was held below
operating revenues.
Operating revenues this year were
$l60,355. as against s162,729 for Feb
ruary, 1884, a decrease of $2,374. OPP
Grating expenses, including taxes and
uncollectable bills, decreased S5,437,
this years figure being S149,733,
against $685. ,220 for February, 1884.
Incorporating revenues decreased
&1,724 this year over last year. result
ing in gross corporate income of
S10,573. compared with S9,234 for
February, 1884, an increase of S1,339
Interest deductions decreased $764,
this years figure being s4,44l, against
$5,205 for February, 1884.
Columbia Bank Votes Dividend.
Directors of the Columbia National
Bank have declared quarterly divi-
dend Of S1.50 per share, payable on
April / to stockholders of record
March 30, President Frank P. Stryker
announced today.
William s. Quinter, president OF the
District Building and Loan Associa-
ton, has been advised by the Federal
Housing Administration that his Or
ganization has been authorized to
make and hold mortgages insured
under Title II Of the national housing
act. Officials of the Housing Admins
tration state that this is the first
building association in the District of
Columbia to qualify as mortgage. In
addition to Mr.. Quinter, the other
officers are Charles H. Frame. vice
president; F. Wilson Camp, secretary
treasurer, and Henry Gilligan. at
torney.
Arrangements are being pushed for
the annual public speaking contest of
washington Chapter, American Insti-
tute Of Banking, to be held in the
chapter rooms Tuesday, April 9. Con-
testants must register with E. Wallace
Schreiner at the First National Bank,
Alexandria, before April 3. The win
ner will get the bank presidents tro-
ply for one wear and may be sent
to meet ether contestants in this terri
tory. Any one N the national finals
stands chance of sharing in prizes
totaling sl.100. All speeches must be
original and not over six minutes
long.
Capital Transit Sells Lower.
Capital Transit stock sold at 203a
on the Washington Stock Exchange
today. the lowest mark on the pres
ent downward move. Only four
shares changed hands. The stock
closed yesterday at 2034, making to-
days dip ss of point. 1t closed with
20 bid and 81 asked. Washington
Railway and Electric preferred moved
in several small lots at 10334, un-
changed, and small sale in Potomac
Electric Power per cent preferred
was registered at Ill, also unchanged.
Bonds were neglected.
The Richmond Reserve Bank has
notified all banks in the district of the
new $50,000.000 offering of Treasury
bills to be dated April 8 and maturing
on December 81, this year. The size
OF the Offering has been reduced be-
cause of increased tax revenues and
higher cash balances, Treasury OFF,
eials state.
For the week ending March 27
Baltimore reported a gain in bank
clearings Of 705 per cent over the
same week last year and Richmond
noted an increase in clearings OF 5.07
per cent.
The county commissioner of Anne
Arundel County, Nd, will receive bids
until noon, April 9, on $4,000 S per
cent Riviera Beach district bonds,
dated April !, and due serially, 1896
to 1850.
Slightly more than $500, ,000, 900
out Of q total of $3.50, ,000, 900 of 4l4
per cent Liberty bonds called for re-
demption April Is have been con-
verted into new rs per cent Treasury
bonds.