Evening star. [volume] (Washington, D.C.) 1854-1972, 1954-08-26
Virginia Bankers School Due
To Draw Several From Area

~@b~~s
ii From Area
president Of Riggs National
Bank, Is chairman Of the COM
mittee in charge of the dinner.
Wilson Comp Appointed
F. Wilson Camp, executive
secretary of the District Building
and Loan League. has been ap-
pointed vice chairman of the
entertainment committee for the
seth convention Of the Financial
Public Relations Association to
be held here September $3.50, at
the Statler Hotel.
General convention chairman
Robert M. Lyon said that Mr..
Camp would Cooperate with r.
Lee O'Brien, vice president of
Union Trust Co. In welcoming
the 1000 bank men and women.
Contract Awards Down
Contracts awarded for future
construction in the District at
the seven-month mark were 10
per cent below the like 1853
period. according to e. H. Keefe,
branch manager of F. w. Dodge
Corp. Seven-month totals COM
pared with 1853 were: Nom
residential, $28.861 900, up %
per cent: residential, $13,4sl 900.
down, 33 per cent; heavy engi-
neering, Sc. 1897. 900. down 81 per
cent. July awards were Z per
cent above June, and 81 per cent
above July. 1858.
GorfinckeI Dividends
The Board of Directors of
Julius Garfinckel & Co. an.
nounced the regular quarterly
dividend of 342s cents a share
on the company's outstanding
sig per cent convertible pre-
ferred stock, payable September
80 TO stockholders of September
Is. Also announced was the reg
ular quarterly dividend of 28h
cents share on the AZ per cent
convertible preferred stock, pay
able September 80 to stockhold-
ers of September Is. A quarterly
dividend of 37lz cents a share
was announced on the common,
payable September 80 to stog<-
holders of September Is.
Southern Net Drops
Southern Railway reported
net income of $12,558,477 after
taxes and charges for the first
seven months. compared with
$19,340,700 for the 1858 period.
Earnings of S4.16 a share for the
period compared with $6I7 last
year.
July net was $2,332 1868, COM
pared with $3,226.719 last year.
B. & o. Net Is Down
The Baltimore and Ohio Rail-
road reported operating revenues
for July at $31.999,015, a de-
crease Of $7,879,544 compared
with July last year. Net income
for July was $1,138,187, COM
pared with $2,124,950 last year.
Operating revenues for the
first seven months Of this year
were 1920. 1882 against $270,-
498,348 for the same period last
year.
Net income for seven months
of this year was 1884, 800, COM
pared with $l5,774,947 for the
comparable 1853 year.
Montgomery Is Honofed
William Montgomery, presi-
dent OF Acacia Mutual Life In
surance Co.. was honored last
night at Mayflower Hotel ban
quet for his go years as direct
ing head of the company.
During the program. which
closed Acacia's three-day ma
tional convention. the COM
pany's 85th annual report was
presented on behalf of the Board
Directors by Paul B. Cromelin.
Reporting the firm has more
than $1.3 billion of insurance in
force. Mr.. Cromelin said of Mr..
Montgomery: Because he has
personally written every annual
report since 1893, the true pic
ture OF this remarkable man
and the real story of how Acacia,
under his able and inspired
leadership has grown from prac-
tically nothing into one of the
country's leading old line.
mutual, legal reserve life in
Surance companies, has never
before been presented"
Delaware Bonds Sold
An Offering of $7,150,000 State
of Delaware bonds, awarded late
yesterday, met with a good re-
Spouse from investors and before
noon today was virtually sold
out.
| Priced to yield 0.61 per cent
to 100 per cent to maturity, the
issue was marketed by a group
headed by Lehman Brothers.
Maturities ranged from 1855 to
1874.
Other members of the group
included Folger, Nolan-W. B.
Hibbs & Co. of Washington,
Blair g. Co., Hemphill, Noyes &
Co., and Hirsch g. Co.
Points to Oil Shares
Bache g. Co. points to attrac-
tive situations in oil stocks in
a current review. "Well-protect-
ed dividends and low price,
earnings ratios give shares Of