Evening star. [volume] (Washington, D.C.) 1854-1972, 1949-12-21
Moderate Price Cuts,
Fair Prosperity Seen
By lehman in 1850
By Edword G. Stone

BY E0NoTQ ~. JtONe
Henry H. Hermann. executive
manager OF the National Associa-
ton of Credit Men. today pre-
dicted reasonable prosperity" for
1850.
He says the construction in
dustry will experience only a
slight letdown; the automobile in
dustry will enjoy year OF pro-
duction and earnings above av-
erage; prices will decline moder-
ately while taxes and wages Will
remain at high levels.
Most people willing to work will
be employed at satisfactory
wages. he adds. The forgotten
men and women" will fare the
poorest in the year ahead. Credit
will be available at attractive
rates.
Million Added to Surplus.
Directors of the American Secur-
ity & Trust Co. voted yesterday to
transfer 1000, 900 from undivided
profits to surplus. making the sur
plus account now stand at
$6,6o0,000. President Daniel w.
Bell announced.
The board declared an extra
dividend Of so cents share in
addition to the regular dividend
Of Is cents, both payable January
10 to stockholders Of record De-
cember 80.
The directors also elected Robert
c. Baker executive vice president
Of the company. Mr.. Baker Joined
American Security as vice presi-
dent at the time the Columbia
National Bank was merged with
the trust company in 1916.
Bond Sale Sets Record.
The biggest bond sale on the
Washington Stock Exchange in
nearly Is years took place today
when 100000 Capital Transit As
changed hands at 9S1a. unchanged
from the last previous sale. Later
another 1000 sold at the same
price. The largest sale ever re-
corded on the exchange was $780,
600 made in the old Offices on Fiji
tenth street.
Allen Elliott was elected presi-
dent of Washington chapter, So
ciety Of Residential Appraisers at
the annual meeting at the Bur-
lington Hotel last night. He is
with the Federal Housing Admin
fstration. James Skinner. Column
bia Federal, was named vice presi-
dent and r. Lee Baxter. American
Building Association. secretary
treasurer. Governors are Harry
Dreysen. Harry Overman, William
Throckmorton. Julian Scott and
Carl c. Smuck.
Savings BY Veterans Urged.
War veterans were urged today
to save part of their 1850 CT in
surance dividends for future use.
by Thomas J. Groom, chairman
Of the District Savings Bonds Dr.
vision, and president Of the Bank
Of Commerce q Savings.
Reckless and frivolous spend
ing Of the more than 81, 500, 900 900
can have . hurtful effect on the
national and local economy.
whereas wise management Of it.
can be helpful to both the veterans
and our economy" Mr.. Groom said
In recommending United States
Savings Bonds Is . safe invest
ment for the former GIs.
Series Z Savings Bonds offer
day-to-day security for the in
weston, and . 20 interest return
when held to maturity" he said.
Veterans money thus invested
becomes part Of the backlog Of
stored up spending power"
$4,000 Bonus Distributed.
Frederick w. Berens. Inc,
mortgage bankers. and Frederick
w. Berens Sales. Inc. realtors,
distributed . $l6.32o bonus to 80
employees at their annual Christ
mas party held at the Carlton
Hotel Monday evening. The bonus
went to all employees with the
firms before June and additional
checks were presented to those
employees since that date.
Directors of the National Union
Insurance Co. of Washington have
declared an extra dividend OF Is
cents a share and q regular semi
annual dividend of so cents. both
payable December % to stockhold-
ers OF record December 20.
Employees Of the McLachlen
Banking Corp. held their annual
Christmas party at the Shoreham
Hotel last evening. The McLach-
len Club was in charge.
Trans World Airline will submit
to its stockholders. at the annual
meeting next May 2. a retirement
program for TWA employees which
has been approved by the Board
OF Directors, President Ralph 8.
Damon announced today.
Liberty Boosts Surplus.
Liberty National Bank directors
have transferred $4,000 from I'M
divided profits to surplus, making
900 added this year. Presi-
dent w. T. Vandoren announced
today. The regular 4 per cent
dividend was declared, payable
January 8 to stock of record De-
cember 81.
The First National Bank Of Up
per Marlboro, Md, has voted the
regular semiannual dividend OF 4
per cent and an extra Of 4 per
cent, making the total for the
year $1.60 a share.
The directors voted a Christ
mas bonus of a half-month's sal
airy for employees. in addition to
the incentive plan payments al
ready made. They also trans
ferred $4,000 to surplus, L. H.
Mattingly. cashier. announced.
Folger. Nolan q Co.. Inc. today
reported q strong demand here for
the $4,000. 900 Port Of New York
Authority bonds. put on sale yes
terday and already sold.