Evening star., 1938-10-26

in the Office of
Ar,hu, = p;.hon vice president
and F. Wilson
Camp, secretary of the District Build
ing & Loan Association. was again
chosen secretary of the league. Mil
lard T. Dixon, treasurer of the Ma
tional Permanent Building AsSoCia-
ton, was reelected treasurer.
New Council Members Elected.
Only on the Board of Directors were
there changes. the successful candi-
dates in order of their election being
Chaplin Bauman, oriental Building;
Wilfred H. Blanz, American; R. w.
Santelmann, Metropolis; c. Clinton
James, Columbia Permanent; Carl j.
Bergmann, Washington Permanent,
and c. E. Kefauver, Columbia. Imme-
diate Past President Robert E. Buckley
will also serve on the Executive Coun-
Gil.
Reports Of all officers were received
with interest. particularly those OF the
chairman of the Legislative Commit
tee, G. e. James, and Wilson Camp,
secretary. Camps report discloses that
the assets of the District of Columbia
League, in excess of SIPS, ,000,0 900, con-
stitute 98l2 per cent of all building
and loan resources in the District.
An interesting visitor and invited
speaker was o. K. La Rogue, president
of the Federal Home Loan Bank Of
Winston-Salem. Mr.. La Rogue compli-
No
showing during the past year and paid
glowing tribute to the strength OF
the membership as reflected by re-
spective statements of condition. He
stated that the 4th district, consisting
of the District of Columbia and seven
Southeastern States. now has a men,
bership of 420 associations and show a
balance sheet exceeding $23000,000.
Carl j. Bergman, chairman of the
Onto Chicago Committee, reported
that already over 80 reservations have
been made and more are expected.
Recommendations by the Executive
Council we're adopted and it was voted
to invite the United States Building
and Loan League to hold the 1889
naGlOIldl COllNSIltltll AL
Mergenthaler Reports Loss.
The report of the Mergenthaler Limo
type Co. for the fiscal year ended Sep
tember 80, 1888, shows a net loss of
s34,372 after depreciation, taxes, etc.
This compares with a net profit OF
1851, ,103 and equal to $2.33 share on
the 24l,098 shares of capital stock
in the preceding year.
Mergenthaler Linotype stock has
been listed on the Washington Stock
Exchange for many years. The last
sale was recorded at 26. So far this
year there has been turnover of / 1860
shares on the exchange, the stock being
widely held in the Capital.
B. e. O. Improves Earnings.
The September report of the Balti-
more & Ohio Railroad, made public
today, showed better earnings situ-
alton. Net railway operating income
totaled S2,714,529, off only $8l ,60l from
September. 1887. Operating expenses
were held sl,859,5 ,5O6 under last year.
Freight traffic brought in s11 ,O4O, ,474,
which was within $l,62l,35l of last
year. Passenger revenues totaled $815,-
$50, decrease of S211,016 from Sep
tember a year ago. Returns for car
rying mail were practically the same
as in 1887, while express business
amounted to $l50,467, against $164 $40
last year. All other operating reve-
nues were s118,278 less than last year,
the report said.
In the first nine months of this year
net railway operating income amount
ed to $8,7l5,573, decrease of s12,-
135,s89 from the like 1887 period. The
biggest factor in the loss in net revenue
was the drop of more than $50, 900, 900
in freight revenues At the same time
the B. & o. management made re-
duction of 21,536,595 in railway oper-
ating expenses, today's report said.
d. C. Store Collections Lag.
The Federal Reserve Bank of Rich
mond reported this noon that Septem-
ber collections in Washington depart
ment stores were Is per cent of bills
due at the first of the month. This
was under the fifth district average
of 1858 per cent At the same time
Baltimore and Richmond collections
were above % per cent.
In the first nine months of this year
stocks in Washington stores were
turned 3.13 times, a better showing
than the 289 times in the whole dis
trict and in the other large cities.
The September showing was better
here than in other parts of the dis
trict.
Stocks on goods on hand were S
per cent lower than in September last
year but 13 per cent higher than in
August this year September trade
was only 03 per cent under last year
and off but 39 per cent in the nine
months, the report said.
Heard in Financial District.
Potomac Electric Power 5l5 per
cent preferred stock sold at 114la on
the Washington Stock Exchange today,
unchanged from the last previous sale.
Seven shares of American Security g.
Trust Co. stock appeared on the board
at 247, also unchanged from the last
sale. Bonds were neglected.
Edward S. Hull, vice president of
the investment firm of K S. Wales &
Co., is attending the annual conven-
tion of the Investment Bankers Asso-
ciation at White Sulphur Springs.
There was much interest here today
in the Firestone Tire g. Rubber Co.
S50,000,000 issue of 3l2 per cent de-
bentures, which were placed on the
market at 9912. Again the demand
was greater than the supply.
The Pennsylvania Railroad reported
September net railway operating in
come as s6.512,4l8. decrease of $685.
17S from September. 1887. Net oper-