Evening star., 1937-08-06
BUILDING GROUP
IS s. YEARS OLD
American Association Marks
Anniversary Today-Long
Growth Reviewed.
BY EDWARD c. STONE.

southeast, is celebrating its 63d ami
versary today, having been organized
on August s, 1874. The association,
which has made such long and
successful record, was started under
the name of the German-American
Building Association by so Washing
tonians, the original Offices being To-
Gated only a short distance from the
present situation
The first president of the organi-
cation was William Willhaft. The
name was changed to the American
Building Association in 1917. From
the modest start given the association
by the so founders, the organization
has grown steadily and soundly, the
latest financial statement showing
100000 assets and a membership
of more than $500
Today the associations official staff
includes Charles Kattelmann, presi-
dent; Arthur C. Balser, vice president;
M. H. Blanz, secretary; and Guy E.
Nicely, treasurer. Among the directors
are John E. Mergner, Clarence F.
Donohoe. Chatham M Towers,
Thomas S. Sergeon, Charles A .Rossi-
ter. Milton H Prospect and William
c. Farmer.
Wins High Insurance Honors.
Again qualifying for membership in
the Million Dollar Round Table of
the National Association of Life
Underwriters, Leopold V. Freudberg of
the John F. Cremen Agency of the
Massachusetts, Mutual is said to be
the only MAI in Washington who
has written this outstanding vOlums
of paid business in the last year. He
will attend the Denver convention.
Mr.. Freubcrs was granted a life
membership n the Round Table in
1882 having at that time paid for
one million dollars Of new life in
surance for three consecutive years.
He again enjoys participating men,
bership f~ 1861 because of this
unusual production. He also qualified
by production in 1934-35 and 1886.
Commenting on his record, Mr..
ASoobS4S SGellVNi tIItN iiltI { 10 d tSIl-
mite trend on the part of the insuring
public to purchase the higher premium
form of insurance with provision for
monthly income settlements to the
buyer at retirement age.
Anxious to Abandon Railroad.
The Virginia Central Railway Co.
has applied to the Interstate Com
merce Commission for permission to
abandon its entire line of railroad.
The line of railroad consists of 38
miles running from Orange to Fred
ericksburg, Va. The application states
that there is no public need for this
particular line as State highways
connect the two cities. The applica-
ton further stated that the railroad
sis hopelessly lnsolvent and its finan-
clal condition is becoming progressively
worse
The Chesapeake & Potomac Tele-
phone Co. Of Baltimore reports a net
gain of 1873 stations during July
compared with a net gain of l,178 in
In July, 1886, and a net loss of 119
In July, 1885 For the first seven
months of 1887 the company had a
net gain Of ,488 stations, as COM
pared with a net gain of 9340 in
1886 and gain of 3,0O3 IN the like
period in 1885. The substantial i'm
provement in telephone business is in
line with other reports OF marked
progress in Maryland business so far
in 1887.
Young Talks of c. & O. Outlook.
Robert r. Young, one of the three
men in control of the So-called Van
SWeringen rail empire, said he expects
Chesapeake & Ohio to make better
comparisons with a year ago later
this year He said while in Washington
this week, he thought the road would
regain some of the coal traffic which
has been lost to the Virginian. 1t has
been showing declines in monthly
earnings.
He said that railroad net in general
this year would be held down by in
creaSing costs in spite of the traffic
increase which he expects to develop
before the year end
June Dill IdNmentS slower.
Payments on open-credit accounts
receivable Of department stores we're
made at lower rate during June,
1887, than during June, 1896. and May
this year, according to an announce
ment today by the Bureau of Foreign
and Domestic Commerce. The de-
crease from May this year was largely
seasonal in character
The decrease from June a year ago,
however may be accounted for in part
by the fact that soldiers bonus pay
ment occurred in June 1886 This de-
cline represents the second time since
early in 1884 that the collection ratio
on these accounts for any one month
has been lower than the ratio for the
corresponding month of the previous
year. The previous decline was rem
dered for February, 1887.
Bankers OFF on Vacations.
James A. Reilly, president of the
Second National Bank, left Wash
ington this afternoon for a months
vacation at Rehoboth Beach, Del
c. J. Gockeler, assistant vice presi-
dent of the Hamilton National Bank,
and member of the board of COVER
nors of the Washington Stock EX-
change, leaves here tomorrow for
three-Week vacation at Ventnor, near
Atlantic City, N. J.
Alfred H. Lawson, vice president and
real estate officer of the Washington
Loan & Trust Co., is completing tour
OF several weeks in Europe and will be
back in the Capital in few days.
Chairman James NJ Lands of the
Securities and Exchange Commission,
is putting the final tuoches on his
work with the commission preparatory
to assuming his new position as dean
Of the Harvard Law School this Fall
Heard in Financial District.
Offering is expected about August
"a of $28,9OO00O bonds, due 1862,
sl,600,000 serial notes and 10000
shares of 5i2 per cent preferred stock
of the Ohio Public Service Corp.
The issues went into registry with