Evening star., 1941-10-19
Exchange Sells
First A, 7. & 7.
Debentures
Transactions at 111B
Are Recorded Here:
Many More Due
BY EDWARD c. STONE.


per cent convertible debentures,
1856, took place yesterday. Five
consecutive $1,000 transfers were
registered at Ills, same as the
quotation in New York.
While the $4,000 turnover is small,
members of the exchange look for
many more transactions in the issue
in the near future The bonds closed
with 11012 bid, offered at 111l2. The
bonds were listed on the Washing
ton exchange early in the year when
the American Telephone Co. brought
out a total issue of debentures
amounting to 233,58490O
A few days ago the company an
nounced in New York that the re-
naming unSold bonds would be mar
keted on the Chicago, Boston, Phila-
delphia and Washington exchanges.
During the year the 3 per cent bonds
have sold as low as 10 and as high
at 1131s. Yesterdays sale aroused
much interest among exchange
members.
Washington Gas Light common
stock appeared on the board, with
100 and 95 share lots selling at 1914,
eX-dividend. These large sales we're
at recent levels, the market closing
with 19 bid and 19a4 asked, ex-divi-
dend. During the session $1,000
Capital Traction IS figured in the
trading at los, the final sale in an
extra busy week.
Loan Association Expands.
The Northwestern Federal Saw
ingS & Loan Association has en-
larged and moderniZed its Offices in
the Colorado Building and now has
a street entrance at 1887 G street,
in addition to the former entrance
from the lobby. More than 1000
square feet have been added to the
previous floor space, according to R.
L. Houston Jones, secretary.
Mr.. Jones also announced yeSter-
day that the associations assets
have increased by more than ST.
100000 during the past II months
and now exceed S5,500,000. The
company, organized 40 years ago,
maintains branch Office in Ia
koma Park.
The officers include F. V. Crit
tenden, chairman of the board;
Howard S. Gott, president; r. l..
Houston Jones, executive vice presi-
dent and secretary: w. s. DeWhirst,
vice president; r. H. Gibson, treas
urer and assistant secretary; Hyla
r. Smith, assistant treasurer.
In addition to these officers, the
Board of Directors is composed of
William K. Copenhaver, Frederick
Lewton, Jesse H. Powell. George E
Scott, Henry P. Seidemann, w. w
Stockberger, w. R. Tuckerman and
Stanley D. Willis.
Perpetual Notes Goth Year.
Tomorrow, October 20, marks the
60th anniversary of the Perpetual
Building Association, which was
opened in 1881 by small group of
business and professional men as a
place for the thrifty to invest their
savings in improved or to be i'm
proved real estate" At the end of
the first year total assets amounted
to S27,843.
During the 80s and COS the or
ganization grew slowly, its real
growth starting after the Spanish
American War. In 1925 resources
crossed the $4,000 900 mark. Keep
ing pace with the city's rapid eX-
pansion. the associations resources
topped the S4O,0OO,000 mark in 1885,
to reach S5O,OOO0OO four years later
On October l, 1941, this figure had
climbed to an all-time high Of
S54,5OO,OOO.
Chairman of the board of Per-
petual is Arthur G. Bishop. Marvin
A Gusts is president; Vernon G..
Owen, vice president; Edward c..
Baltz, secretary. Other officers in
clude Franklin w. Harper. treas
urer; William H. Dyer, assistant
secretary; j. C. Roy, assistant treas
urer and William H Rippard, audi
tor. The directors are John G. Scho-
field. Samuel Scrivener, Dr.. Will
liam G. Schafhirt and MesserS. Baltz,
Bishop, Gusts, Harper, Vernon
Owen and Thornton Owen.
Sperry Promotes Patterson.
MI. Patterson, who has handled
q large portion of the Sperry Gyro-
scope Co.'S Government business as
sales manager of the Federal de-
partment, has been appointed gen.
eral sales manager Of the COM
pany, President r. E. Gillmor an
nounced in New York yesterday.
Mr.. Patterson has been dealing
personally with Government de-
partments for the past II years. He
has been with the company since
1917 and at one time won the East
ern Airlines' trophy for making
more trips on their line between
New York and Washington than any
other person.
The appointment relieves Vice
President R. B. Lea of certain ad-
ministrative duties.
Air Express Revenues Mount.
Air express gross revenues and
bllIplIlcIlCo III IIlc OIlllCu CbdUCo III
August were the largest in the his
tory of the company, the Washing
ton Office reported yesterday. Rev.
enues were 43 per cent better and
tonnage was up 81 per cent over
last year.
The 81 building and loan associa-
tionS in Washington that are men,
Der institutions of the Federal Home
Loan Bank System increased their
resources by 1872 per cent in the
fiscal year recently ended, James
Twohy, governor of the system, an
nounced yesterday.
Heard in Financial District.
Directors of the Radio Keith Or
pheum Corp, at Fridays meeting,
considered declaration of a divi-
dend, payable November on the
6 per cent preferred stock, but de-
cided to defer action.
George H. Schmidt, vice presi-
dent and treasurer of the Title
Guarantee & Trust Co., Baltimore
has been elected president of the
Maryland Safe Deposit Association.
Emil Schram, president of the
Nau VorLy