Evening star., 1951-05-24

. FTmGlIlS OlllC6, WILL ulCOIpOId dtC
new features of modern banking
design and will be similar in many
respects to the Brightwood and
Rhode Island Avenue Branch
buildings.
A large glass area framed in
metal on the street facade will
provide plenty of light and the
rest of the facade in pinkish-yel-
low stone on a base of polished
granite will be very attractive.
Parking space for customers will
be available in the rear OF the
building with access through a
side door. A night depository and
a completely equipped safe deposit
box department also will be pro-
vided.
The North Capitol Street Branch
was opened in 1884 and has had
rapid continuous growth. Its pres
ent site is at North Capitol and II
streets. Thomas J. Norris, vice
president, who has been with the
bank nearly Is years, will continue
as managing director OF the
branch. A. Hamilton Wilson is the
architect of the new building and
Warren Spencer, Inc. is the
builder.
State Loan Boosts Dividend.
Directors Of the State Loan g.
Finance Corp. yesterday increased
the quarterly dividend on class A
and B common stocks to 40 cents
from 80 cents and called for re-
demption its per cent convertible
stock on June 26 at $26 a share
plus accrued dividend.
They also declared a quarterly
dividend of Sta cents a share on
6 per cent convertible preferred
shares and the per cent cumula-
tive preferred stock. All dividends
will be payable June Is to holders
Of record June l.
Holders of the called preferred
shares will be able to convert each
of their shares into 212 shares of
class A stock through June 25, and
If they act before June /, will re-
ceive the increased dividend on
class A shares. For each hundred
preferred shares, they would re-
ceive 500 instead of the preferred
dividend of $3.50.
Support Credit Program.
Members of the Maryland
Bankers Association at the close
of their two-day convention at
Atlantic City, N. j., adopted a
resolution pledging support and
cooperation in carrying out the
voluntary credit restraint program
to combat imitation
John D. Hospelhorn. Maryland
deputy bank commissioner. told
the convention that credit re-
straints and caution in these
perilouS days are an absolute
must" and emphasized that vol
untary methods are best. Failure
Of the voluntary program will
bring drastic, compulsory regula-
tions. he warned.
120th Dividend Voted.
Directors of the National Cap
ital Bank have declared a semi
annual dividend of so cents a
share, or 5 per cent. payable June
80 to stockholders Of record June
20, President George A. Didden,
jr., announced. This is the banks
120th consecutive dividend.
Seaboard Finance Co., which
has offices at Alexandria, Mount
Rainier and Silver Spring, had
net income of 1,339,160 or $1.03
a share in six months ended
March 81 VS.. $1,077,381 or 81 or
fewer shares year earlier.
Graduates of the practical sales
manship course offered by South
eastern University in cooperation
with the Sales Executives Club, re-
ceived certificates at graduation
exercises last night at the Electric
Playhouse of the Pepco Building.
Speakers for Insurance Men.
Admiral William M. Fechteler,
commander in chief of the At
1antic Fleet. and Adoiph A. Berle.
jr., former Undersecretary of
State, will address the Life Insur-
ance Association of America at
Virginia Beach tomorrow when
the two-day annual convention
ends.
James L. johnson has been
named Washington representative
for the James Flett Organization,
Inc, of Chicago. Mr.. johnson
formerly was on the staff of the
scrap marketing agency's vice
president here. He also will rep
resent the National Association Of
Waste Material Producers.
Herbert j. Lyall, jr.. district sales
manager for American Airlines in
New York for the last four and
one-half years, has been named
director of passenger sales for the
entire system.
Opportunity for Advertising.
Advertising faces its greatest op-
portunity for service to the Ma
tion by alerting and unifying peo-
pie to deal with many national
dangers ahead, Jennings Ran
dolph, former Representative and
now assistant to the president of
Capital Airlines, told Chesapeake
Chapter, American Association of
Advertising Agencies at the Lafay-
cite Hotel last night.
Eight members of the Washing
ton Agency of the Massachusetts,
Mutual Life Insurance Co. re-
turned yesterday from the COM
pany's centennial convention at
New York. They included: Ru-
dolph Arkin, j. H. Benner, w. S
Cremen, L. " Freudberg, Chester
r. Jones, C. H. Miller, j. w. Muil
and A. c. Pearson.
Stein, Bros. g. Boyce, which ha'
an Office here, is a member of ths
banking group which was awarded
$50 million of State of Washington
public school and institutiona
building construction bonds yes
terday, Chase National BanI