Evening star., 1938-06-23

he JOlneQ Cfle SCdu OF ulle dOIHe
Savings Bank June IL, 1917, as a
teller, and in 1920, soon after that
banks merger with the American Sc
curity g. Trust Co., was elected an
assistant treasurer of the latter COM
pany and stationed at its Central
Branch.
For the past II years he has been
assistant treasurer and manager OF
the company's Southwest Branch 10
Gated at Seventh and E streets S.W.
Grady Assumes Presidency.
John H. Grady, newly-eiected pres
ident of the Potomac Insurance Co.
of the District of Columbia, now in
its 109th year, assumed office at the
monthly meeting of the directors yes
terday at the Willard Hotel.
The business meeting was preceded
by luncheon in honor OF Thomas c.
Moore, vice president and general
manager of the company. Enssossed
resolutions were presented to Mr..
Moore, who will have completed 25
years with the company on July l.
The resolutions vele presented by
Charles E. Hood
George W. White, chairman OF the
Potomac Board of Directors, gave Mr..
Moore a silver tea service as token
of the company's appreciation OF his
services.
Healy Explains Utility Act.
The Public Utilities Act of 1885 does
not mean the naturalization of the
utility industry, nor death sentence
for the utility industry, according to
S. E. c. Commissioner Robert E.
Healy. The act does not mean that
there is to be dictatorship over the
utility industry, but rather that there
will be lawful regulation in the in
terest Of investors, consumers and the
public, MIR. Healy said.
In q brief discussion of what the
utility act means and what it does not
mean, Commissioner Healy said 1t
means the end of corporate pyramid
ing in the industry. the END of i'm
proper accounting methods, write-ups
land upstream" loans.
There should be no more milking
.of operating subsidiaries through in
adequate provision for depreciation
there should be no more tricky securi-
ties to trap the unwary investor-vot-
ing power will be more equitably dis
.tributed," he said.
Busy Trust Year Forecast.
Bruce Baird, vice president of the
National Savings g. Trust Co., recently
elected District vice president for the
Trust Company Division of the
American Bankers Association, has
received word from New York head
quarters what the division hopes to
accomplish during the coming year.
The trust division plans to follow
closely all banking developments in
the 48 States, follow legislation dealing
with trust matters, keep up with all
new methods and practices, work with
State associations on trust programs,
supply able speakers when requested;
in fact, cooperate as much as possible
in the spread of trust ideas.
If MIR. Baird complies with all the
suggestions in the A. B. A. outline
he will have little spare time in the
next II months.
Many Dividends Due Shortly.
The Washington Stock Exchange
daily report shows that many divi-
dends are to be paid here in the next
few days. Among them are American
Telephone, Bank of Commerce g.
Savings, National Union Fire Insur-
ance. Carpet Corp, Peoples Drug
Stores common, Real Estate Mortgage
& Guaranty preferred and Woodward
e. Lothrop common and preferred.
American Security & Trust Co.
stock is as firm as the Rock of Gil
braltar The latest sale was at 247,
the same price at which other recent
transfers were executed. Washington
Gas Light preferred sold again yes
terday at 99 All the old and new
stock offered recently has changed
hands at this price.
Us the bear market nearly over?"
That is the question asked in every
New York Stock Exchange boardroom
in the city. The wild advance of the
past few days has caused big Jump
in attendance, also a change in the
atmosphere. Many market observers
believe the worst of the recession is
over although periodic setbacks are
expected.
In the first five months of this year
the Chesapeake g. Ohio Ry. earned
So cents a share on the common stock,
against S1.65 in the like period in
1897.
New Issue Offered Today.
Bankers Securities Co., Inc, 1922 K
street, placed on the market today
new $250,00O issue of Bankers Credit
& Acceptance Corp. stock. The stock
is being offered in units Of one share
of preferred and one share of common,
priced at $25 per unit. The issue con-
sists of 10000 shares of per cent
cumulative preferred and 10000 shares
of no par value common.
Distribution of SITE, ZOO to depositors
Of the former Mount Vernon Savings
Bank is expected to help business in
the Capital. The money is being paid
to $4,000 depositors, in groups of about
1000 day. Payments are being made
at the main Office of the City Bank and
at the five branches. It will require
several more days to complete the pay
off. according to officials of the Mount
Vernon liquidating trust
At the June meeting of the District
Life Underwriters Association Jack
Wilhelm, Central High School
student, was awarded the $25 prize
which he won in the Nation wide in
surance essay contest, Harold D. Kraft,
local chairman, announced today. The
judges were Merle Thorpe, editor of
Nations Business; B. c. Forbes, maga-
zine editor; Katherine Fisher director
Good Housekeeping Institute; o. Sam
Cummings, president National Asso-
ciation Of Life Underwriters, and
Maurice r. Robinson, editor Scholastic
Magazine.