Evening star., 1936-06-24

Ir u.rox,pS new OfncerS are
to be installed.
The awarding of trophies will include
five such presentations. Certificates
will also be awarded to 12 agencies who
have 100 per cent membership in the
association.
In addition to Mr.. Riggles, the new
officers elected recently include Dwight
T. Scott, first vice president; VIM
throp G. Batchelder. second vice pres
ident; Richard w. Griswold, treas
urer. and Loren L. Cluster, treasurer.
President McCombs announces that
o. Sam Cummings, Dallas, Tex, sec
retary of the National Association of
Life Underwriters, will be the guest
speaker. He is director of the
American College of Life Under
writer's, has written many magazine
articles and lectured extensively in
colleges and universities on the sub
ject of life insurance. He was inter-
national president of the Kiwanis
Club in 1928-29. His subject will be
Life Underwriting Success in 1886"
The night meeting will be an inno-
vation, as all the other monthly meet
ings of the year are held at noon.
Bonus Checks Used on Homes.
Building and loan association Of
f1clals reported today that very gen.
erous number of the checks derived
from the veterans bonus bonds are
being applied on the payment of notes
on homes. During the past few days
high percentage of the business
done at the counters has been by
veterans who are paying off real
estate notes or investing their money
In new accounts these officials state.
These reports are in line with pre-
vious predictions. 1t was stated be-
fore the bonus checks were mailed to
the veterans that many Of them were
planning to use large proportion of
their funds in making first payments
on houses or reducing notes of more
or less long standing. Building and
loan officials claim that more bonus
money is being taken to their Offices
than is being used for automobiles or
any other purposes, except in retail
trade channels.
The views of these officials agree
with those expressed by many bank
ers who say that the bonus money is
being used very carefully and that
many of the bonds are not even being
cashed at this time. Latest Treasury
reports prove this.
Two Banks Vote Dividends.
Directors of the National Bank of
Washington at their regular monthly
meeting held today. declared a semi
annual dividend of So per share on
the capital stock, payable July 2 to
shareholders of record on June "a.
Transfer books will be closed between
these dates.
At the regular June meeting held
yesterday, the Board of Directors Of
the Liberty National Bank declared
a dividend of $1.50 per share. pay
able July Is to stockholders of record
at the close of business July 6, Presi-
dent M. F. Calnan announced today.
Transfer books will not be closed.
Alexander Brown g. Sons Of Balti-
more and Washington have been
awarded S345,0OO Hagerstown, Md,
water bonds on their bid of 101.379
for IS. The bonds are dated July /,
1886, and mature 1857 to 1878. Stein
Bros. & Boyce and associates were
second, bidding 102609 for 3l4s. A
bid of 100599 was offered by w. w.
Lanahan g. Co. for IS. The issue was
reoffered on 280 to 290 per cent
basis according to maturity.
Building Permits Take Jump
Building permits issued in the fifth
Federal Reserve district cities for May,
show a sharp increase over those in
the same month last year. For May
of this year there were 3,242 such
permits as compared with 1892 in
May, 1885. The valuation of these
permits last month totaled S6,462,132
as against s5,857,857 in the CORES
ponding month year ago.
Norfolk g. Western Railway reports
for five months ended May 81, 1886,
net income of $11,902,645 after taxes
and charges, equal after dividends on
4 per cent preferred stock, to $8.19 a
share on 1,406,483 shares of common
stock. This compares with net in
come in first five months of 1885, of
$7,636,651 or S5.16 common share.
James D. MaGee, municipal secre-
tary of the Investment Bankers As
sociation of America since December,
1884, has resigned that position to be-
come connected with the investment
firm of Braun, BoSworth & Co., To-
ledo, it was announced by Orrin G..
Wood, president of the association.
Today's Trading on Exchange.
Today's trading on the Washington
Stock Exchange opened with $1,000
Capital Traction 5s changing own
ership at 81, up fractionally from yes
terday. Another bond sale included
$4,000 Washington Gas 6s, series B,
ut 1904.
Riggs National Bank common ap-
peared on the board again today, seven
shares moving at 270. Capital Tran
sit stock opened at 141s and ad-
vanced to 1434 on a total turnover
OF 20 shares.
Mergenthaler Linotype was again
strong, two 10-share lots changing
hands at 45%, up q from the last
previous and a new high mark on the
present move. It closed with As bid
and At asked.
The Lincoln National Bank, Ma
tional Bank of Washington, Bank of
Bethesda and Bank of Commerce and
Savings stocks are now being quoted
ex-dividend, pending payments OF
dividends in a few days, which have
already been declared.
The American Bantam Car Co.. or
ganized June 2, 1886, to manufacture
and sell small gasoline motor driven
automobile of conventional design, has
filed registration statement with the
s. e. C. under the securities act Of
1888 covering 100000 shares 6 per
cent preference and 100000 shares of
common stock.
Columbia Pictures Corp.-Company
will releaSe 90 feoftira films and 126