Evening star., 1940-05-27
Three Riggs National
Employees Capture
Essay Honors
Winners Announced
In Capital A. |. B.
Chapter Contest
BY EDWARD C. STONE.

american institute OF Banking, and
sponsored by the District Bankers
Association, Ord Preston, associa-
ton president, announced today.
Theodore P. Cogwill, auditing de-
partment, won first honors, the re-
ward being trip to the District
Bankers convention at Hot Springs,
June 60. His subject was ways
In Which Bank May Attain
Greater Efficiency Through I'm
proved or Simplified Methods"
Thomas E. Whinerey, credit de-
partment, won second honors in the
contest, writing on practical Prob
lens to Be Solved in Establishing a
Small Loan Department" Writing
on the same subject, James F..
Bridges of the auditing department
captured third prize
The Essay Contest Committee of
the Bankers Association, which
made the awards, consisted of w. T.
Vandoren, chairman, vice president
and cashier, Liberty National; w. R.
Forster, vice president. Hamilton
National; George NJ Fisher, vice
president and treasurer, Washing
ton Loan g. Trust Co., and Irving
Zirpel, secretary, Union Trust Co.
The judges had very difficult task
and made the awards by numbers
not knowing the names of any of
the contestants.
The Essay Committee of WASH
ington Chapter, which co-operated
in the arrangements, included
Joseph R. Fitzpatrick, chairman,
assistant cashier, Second National;
Robert H. Lacey, cashier, Columbia
National; A Scott Offutt, vice presl-
dent, City Bank; Richard A. Norris,
vice president and branch manager,
Lincoln National, and Frank M.
Perley, trust investment officer,
American Security & Trust Co.
Twenty junior bankers entered the
contest, a record number.
Industrial Bankers Meet.
More than 200 members of the
American Industrial Bankers Asso-
citation opened the sixth annual in
atitute at the Wardman Park Hotel
this forenoon at $50.
The program called for an invo-
cation by DR.. James Shera Mont
gomery, chaplin of the House of
Representatives; address of well
come by Commissioner Melvin C..
Hazen and response by Bennett
Baldy of Seattle.
Malcolm L. Merriam, Department
of Commerce, was to explain the
departments plans for making
monthly reports on installment loan
volumes. Robert R. Murray, Dan
vile, Va, chairman of the Saw
ings Insurance Committee, was on
the program for his annual report
and James E. Gheen, writer and
humorist of New York, was an
nounced as the luncheon speaker.
Clifton M. Eisele of Washington
Is chairman of the Arrangements
Committee. The session ends We'd
nesday
Transit Heads Conservative.
Declaration of a 25-cent dividend
by the Capital Transit Co. directors
turns attention to the conservative
policy adopted, at least for the time
being, in setting aside exactly the
same amount for debt retirement
that is paid to the stockholders.
The company last December paid
q dividend of soc share, amounting
to sl20,O00, and at the same time
set aside reserve of $12OO00 for
retirement of funded debt. Net
earnings from all sources amounted
to S634,000 for the calendar year
1899 After providing for the soc
dividend and the $4,000 debt re-
tirement, there was a balance left
to be carried to surplus of 1894. 600.
In announcing the Csc dividend to
be paid July l, which amounts to
$60,000 it was stated that like
amount of $4,000 had been set aside
for the retirement of funded debt.
The company reported net earnings
for the four months ending April
30 of s197,520.
Bank Loans Steadily Reduced.
The company has spent more than
$12,000,000 during the past six years
for new streetcars, buses and other
capital Improvements. Of this
amount, more than s1O,0OOOO0 al
ready has been paid for in cash and
the balance is being paid out at the
rate of approximately $5O0,O0O per
year through the curtailment of
equipment loans in Washington
banks.
For the year 1889 the company
reduced such equipment loans by
s520,000 and in addition paid s245 900
as the initial Is per cent payment
on the equipment purchased during
that year. For the current year such
reduction of bank loans will amount
to more than $520,OO0, while equip
ment already ordered will call for
$l44.000 initial cash payment
While larger dividends would
please the stockholders, the figures
show that unusually strong founda-
tions are being built into the capital
structure. 1t is said that no other
street railway in the country can
show such large proportion OF
capital additions to plant without
proportionately increased indebted
ness.
Home Mortgages Increasing.
District of Columbia savings and
loan associations which are members
OF the Federal Home Loan Bank
OF Winston Salem accounted for
home financing totaling $7,216O0O
during the first four months of 1910,
1t was stated today by officials of
the Federal Home Loan Bank Board
here. This figure compares with
$6,47S,O00 in the same period of 1885,
All types of home Enhancing insti-
tutiohs, including savings and loan
associations, insurance companies,
banks and trust companies, reported
home mortgages in the District of
Columbia amounting to S15,327, 900
In the January-April period this
year, as compared with S146O7 OOO