Evening star., 1942-05-15

Frantz, Ameri- ''As& is'@ sSsssSss'Sss
can Security & George NJ. Rowzse.
Trust Co.. second vice president;
Miss Dorothy Werner, Hamilton Ma
tional. secretary; Thomas j. Nor
ris, Bank of Commerce e. Savings
treasurer: Miss Margaret Allison
National Savings & Trust Co., as
sistant secretary, and Kenneth o.
Hulse, chief consul.
Six members of the Board of
Governors we're also elected, the
list including Leona E. Draeger,
Washington Loan & Trust Co.;
Joseph R. Fitzpatrick, Second Ma
tional: Robert H. Lacey, Columbia
National; Herbert D. Lawson, jr.,
Washington Loan & Trust; Myrtle
p. Lewis, Liberty National, and Paul
j. Seltzer, American Security &,
Trust Co.
Mr.. RowZee. the new president,
was born in Washington on March
IA, 1918, attended the public schools,
is a graduate Of Western High
School and the American Institute
of Banking. He started in banking
in 1888 as messenger. He has
been very active in Washington
Chapter and jumps from second
vice president to the presidency due
to the fact that Kenneth Birgfeld
entered the service while first vice
president.
Peoples Drug Cuts Dividend.
Directors of Peoples Drug Stores,
Inc. have declared a quarterly divi-
dend of 25 cents per share on the
outstanding stock. against recent
payments of 40 cents share, it was
announced at the head Office here
today. The payment will be made
on July l to stockholders of record
at the close of business June 8, the
notice stated.
Accompanying the notice to stock
holders of the cut from 40 to 25
cents per share was a statement
that the reduction was made be-
cause of present tax uncertainties.
The directors considered it wise to
reduce the second quarter payment
in order to conserve cash.
Future dividend action will de-
pend on the result of the present
tax registration pending in Con-
gress, as we'll as ON general business
conditions, the officials stated.
Peoples Drug Stores paid s1.60 per
share last year. The stock is listed
on the Washington Stock Exchange,
has been selling around 20 and is
widely held by Washingtonians.
The directors report that the
sales volume is growing and that
earnings before taxes, have recently
revealed an increase. The recent
report covering the first four
months of this year showed the
company in fine condition.
Anacostia Bank Names Staff.
j. F. Campbell was reelected
president of the Anacostia Bank at
the annual meeting of the stock
holders just held. All other officers
were also retained, including:
w. L. Koontz, vice president and
cashier; L. w. Thompson, vice presi-
dent; Carl C. Smuck, w. w. Young
and Allen H. Cannon, assistant
cashiers.
All directors were reelected, in
Guiding Mr.. Campbell, R. U. Cooper,
N. S. Healy. George S. King, Mr.
Koontz, George S. Maier, j. R. Pyles,
Ernest j. Reed, Elmer M. Smith, L..
w. Thompson, Robert Thompson
and Irving Yochelson.
Reports showed an excellent year
Deposits on April 4, 1912, totaled
$3,321 ,584.
Charles Hume Enters Service.
Charles w. Hume, who is asso-
ciated with Thomas L. Hume & Co.,
investment dealers, is the latest
financier to leave the financial dis
trict to enter military service, it was
learned today.
He has received captaincy in the
Army Air Service and been ordered
to report to a Florida station. In
cidentally. he was in the Army Air
Corps in World War No. l.
Mr. Hume is member of the
Washington Stock Exchange and his
father, Thomas L. Hume, is said to
be tie oldest active investment
dealer in Washington.
Small Trusts in Majority.
More than half of all trusts ad-
ministered by the trust institutions
of the country have an annual in
come of less than ST 200. Richard G..
Stockton, preside It of the trust di-
vision of the American Bankers
Association, pointed out today in
announcing the findings of a ma
tional survey just completed by the
division. Mr.. Stockton is vice presi-
dent and senior trust officer of the
Wachovia Bank & Trust Co., Win
ston-Salem, N. c.
The survey reveals that SO per
cent of all trusts have an annual
income Of less than 81, 200, the aver
age being 1869. 1t also shows that
rs per cent of all trusts have an
income of less than $4,000 a year,
with an average of S748.
Financial District Comment.
George Weiss, partner in j. S.
Bache & Co., which maintains an
Office in the Washington Hotel,
urges closer cooperation between
the Treasury and the financial
community in the sale of War saw
ings bonds. In an address yester-
day, he lauded the Treasurys tap
issue" and made plea for more
cooperation in all war financing.
Thirty shares of Woodward &
Lothrop common sold at 80 on the
Washington Stock Exchange today,
against the last previous sale at 35.
The market closed with 80 offered
and 35 asked.
The Potomac Electric Power pre-
ferred stocks and Lanston Monotype
are now being quoted eX dividend
on the exchange. Washington
Railway g. Electric preferred will
also pay the regular dividend in a
few days.
Joseph 3. Mclean, vice president
and actuary of the Mutual Life In
surance Co. of New York, has been
elected president Of the Actuarial
Society of America.