Evening star., 1938-07-01

=, LIle FE0eTal He-
E& serve Board
~ I'll. John c. Bau-
mann. Charles T.
Malone and Andrew w. Lee are mem
bers Of the graduating class, the course
requiring 180 hours OF classroom work
and two years of extension work at
home.
President Robert Clothier of Rutgers
will also speak tonight. as will Lewis
E. Pierson, chairman of the board of
the Irving Trust Co., New York. He
Is also regent OF the school, which is
open only to bank officers
C. e. p. Telephone Net Lower.
Net earnings Of the Chesapeake g.
Potomac Telephone Co. in May
amounted to $l40,65s, against $l7l .472
in May. 1887, decrease of $30,S13.
according to the monthly statement
Just filed with the Public Utilities
Commission.
Operating revenues were higher
1861 ,426. comparing with s949,558 in
May year ago. Operating expenses
we're also higher, $697,228. against
S674 ,436 last year. Taxes took $93,2l7,
against $84,9 ,939, leaving a net operating
income of $170,9s1. as compared with
t190,1S3 in May, 1887.
incorporating income was larger
than last year and interest deductions
called for $32 ,644, compared with only
Sl9,77l in the like 1887 period
There were 231,179 telephones in
service at the end of May this year,
which was an increase of 295 tele-
phones over the previous month
Telephone users in Washington
made 26,99O00O calls during the
month or 860,00O more than in May,
1887.
The report for the first five months
of 1898 revealed balance before divi-
dends of $747,4o4. as compared with
$s65,380 in the first half Of 1887, a
decrease of $117,976.
The report showed higher operating
revenues, which were pared by higher
operating expenses and taxes. Interest
charges in the five months were $780,
lss against SOS, 5,7ss last year. The in
crease in the number Of telephone
calls was substantial.
3lst Anniversary With Riggs.
Robert v. Fleming today very quietly
observed his 3lst anniversary with the
Riggs National Bank. Few knew the
significance of the date, otherwise he
might have been the recipient OF a
handsome bouquet Of flowers. His
first duties with the bank were more
arduous than they are now, as he
started work at O'Clock in the morn
ing and spent the entire day stamping
checks Sometimes the check stamp
ing lasted until 10 o'clock at night.
Now, as president of the bank and
chairman of the board, he doesn't
reach his Office until after $50 in the
morning and rarely stays after s or 7
O'Clock at night. The actual number
of hours he works never seems TO
bother him. Perhaps that is one rea-
son why he advanced 50 rapidly from
messenger to president.
Loan Firm Votes Dividend.
Directors of the State Loan Co. of
Mount Rainier, Md, have declared
dividend Of per cent on the preferred
profit-sharing stock, payable today to
stockholders of record on June i. A
dividend of 20 cents per share on the
common stock was also declared, pay
able July l to shareholders of record
June /.
An Associated Press dispatch states
that an offer to purchase the capital
stock Of the Community Finance Co.,
at Frederick, Md, has been made by
Southeastern Industrial Bankers, Inc,
Of Washington. The announcement
was made in letters to the stockhold-
ers. The offer was $1,000, or $92 per
share for the total $50 shares out
standing.
Adherence by 100 banks and other
concerns to uniform regulations gov
erning the issuance of commercial
documentary credits in the financing
Of exports and imports was announced
today by the American Section of the
International Chamber which formu-
lated the agreement. The American
concerns which adopted these regula-
tions, the American section says, con-
duct substantially all of the letter of
credit business in the United States.
Mortgage Volume Again Gains.
Applications for mortgage insurance
received by Federal Housing Admins
tration for June are expected to be in
the neighborhood of $96,000,000 which
equals the total received during May,
an official stated. This figure COM
pares with about $55,200, 900 for June,
1887
Mortgages accepted for insurance by
r. H "A. are expected to run upward
Of $67,775, 900, an increase of $5,000,-
600 or $6,o00,000 over the May total
and an increase of approximately
$20,O00,000 over the total for June, a
year. ago.
Heard in Financial District.
I. I. Chorpening, formerly chief bank
examiner in the fifth Federal Reserve
district, whose office was closed in an
economy move made by the Treasury
Department, is in Washington for a
vacation with old friends. He is now
an examiner in New York.
Wilmer ]. Waller, vice president and
cashier of the Hamilton National
Bank, is recovering from m automo-
bile accident when another car
crashed into his at street intersec-
ton. Mrs. Waller was also seriously
hurt. Although at his desk, Mr. Waller
Is having a lot of trouble with his back
Commissioner John W. Hanes of the
Securities and Exchange Commission
has ended his duties with the commits
sion and became Assistant Secretary OF
the Treasury today.
The Washington Stock Exchange
starts 3 three-day holiday tomorrow
It will be closed Saturday. as usual in
the summer, and also on Monday, the
Fourth.
Mergenthaler Linotype drew all the
attention Of the exchange today, open.