Evening star., 1938-05-16

10, 1918. In TACT,
he came to Washington from New
York in advance of the opening and
on May 6, 1918, began taking SUBJ
scriptions to the stock
Mr.. Pope is executive head of the
bank, the president being William T.
Dewart of New York. Both were
associates of the late Frank A. Mum
Sey. Mr.. Pope was treasurer when
the bank opened. but has also been
vice president for many years. He
was born in New York City and was
engaged in the banking business there
before coming to Washington. He is
a former president of the District
Bankers Association and because of
the death of another officer was in
charge of the associations affairs for
nearly two years.
In addition to Mr.. Dewart and Mr.
Pope, the officers include c, D. Rat
cliffe, vice president and assistant
treasurer; T. C. Willis, secretary and
assistant treasurer; P. j. Mcmahon,
vice president and assistant treasurer;
A. j. Byrne and R. D. Watkins, assist
ant treasurers, and R. H. Yeatman,
general counsel and trust officer.
The board of directors is composed
of Thomas w. DeWart, William T.
Dewart William T. Dewart, jr; Gilbert
T. Hodges, Arthur G. Lambert, Louis B.
Mountfort, A. Harding Paul, c. H.
Pope, c. D. Ratcliffe, Alfred P Thorn,
jr.; Arthur L. Thompson, T. c. Willis
and R. H. Yeatman.
Official Specially Honored.
On Mr.. Pope's desk today was a
beautiful silver loving cup, the per-
sonal gift of President Dewart. The
inscription on the cup expressed the
personal regard of the president for
Mr. Pope, contained the latter's name
and the dates May Is. 19l3-May Is,
1888. A letter accompanying the gift
expressed deep appreciation for Mr..
Pope's splendid work during the past
quarter century and wished him great
success and happiness during the next
25 years.
Probably the Munsey Trust Co.'S
greatest service to the citizens of the
Capital came at the time of the
failure of the United States Trust Co.
Frank Munsey went to the rescue of
the depositors, guaranteed that they
would not lose a cent. And they
didn't. His assistance and that of
the Munsey Trust Co. came at one
of the most critical times in Wash
ington's banking history.
The last statement of condition,
March 7, this year. shows the bank
now has s2,0O0OOO capital stock and
a surplus of sl.042,2o0. Deposits on
March were S5,654, 1915.
National Bank Earnings Climb.
Acting Controller of the Currency
Marshall R. Diggs announced today
that the 5,266 active national banks
in the country on December 81, 1887,
reported gross earnings for the last
half of the calendar year 1887 amount
ing to $435, 100000 and expenses of
S295 ,531 900. resulting in net earnings
from current operations of $140 259 900,
compared to $132,6140OO in the pre-
vious six months an increase of ST.
5000.
<auQlllS W tIle llCl plOlIbo VA
securities sold of S23,074,000 and re-
coveries on loans and investments,
previously charged off of S44, ,790,0 900,
less losses and depreciation Of $l12,-
265,O00, the net additions to profits
before dividends in the period
amounted to S95,858,000, which was
6.06 per cent of the par value of
common and preferred capital stock,
and 295 per cent of capital funds.
Summer Pickup Predicted.
The way is being paved for rising
trend of business which should be-
come visible by August, says the
United Business Service in its sum-
mer forecast report just released.
Analysis by major industrial di-
visions shows two particular bright
spots-aircraft and shipbuilding Also.
spurred by F. H. A. guarantee of
building loans, residence construction
is expected to approach last years
volume. Public works projects are
going ahead in considerable amount.
Automobile and steel lines are prob
ably the least promising with the like
lihood of protracted shutdowns in mo-
tor plants this summer
Gas Light Issue Registered.
The Washington Gas Light Co. has
filed a registration statement with the
Securities and Exchange Commission
under the Securities Act covering
15,6OO shares of $3.50 no-par cumu-
lative convertible preferred stock and
46,800 no-par value common stock to
be reserved for conversion of the pre-
ferred. The stock will be offered the
public through an underwater if ap-
proved by the Public Utilities Commits
sion. The application did not state
the offering price at which the stock
is to be sold.
The proceeds will be used to reim-
burse the company's treasury for cap
ital expenditures. The company eSti-
mates that construction during the
present year will require $2,000,000.
Financial District Gossip.
William McC. Martin, chairman OF
the Board of Governors Of the New
York Stock Exchange, said following
his White House visit yesterday that
he was convinced that if the Govern
ment and the exchange got together
on their problems they could make the
exchange "the institution it should
be-"
Raymond L. Jones, National Metro
politan Bank. and chairman of the
Athletic Committee of Washington
Chapter, American Institute of Bank
ing. has announced details of the an
nual golf tournament. The qualifying
round will be played at the Indian
Spring Club this week and the match
play will be held as soon as possible
thereafter.
Today's Trading on Exchange.
On the Washington Stock Ex-
change today Capital Traction SIS
sold at 81 on a $500 turnover, un-
changed from the last previous sale.
Washington Railway & Electric pre-
farrad stock figured in twn sales at