Evening star., 1922-10-30
GIVE APPROVAL TO
THE BANK MERGER
BY I. 4. FLEMING.

Shareholders in both the Federal
National and American National banks
met at noon today. and in person and
by proxy voted practically unanimous
ly to approve of the merger plans be-
tween the two Institutions, as an
nounced thirty days ago, under the
title of Federal-American National
Bank. under tho presidency of John
Poole, with ". Il. Gailiher of the
American as chairman of the directors
of the consolidated institution.
This perfunctory, but necessary, ac-
ton over, the directors of the merged
bank will meet tomorrow afternoon
and carry out the scheduled election
OF officers, John poo'e president: W.
I, Galliher. chairman of the board: W.
J. Waller and Charles L. Lyddane vice
presidents: Charles ID. Boyer, cashier:
Miss Mitchell. assistant cashier. with
the probability that one or two of the
older employees may be recognized with
titles.
Some changes are being made in
the banking room of the present
American National. 1913 T. street
northwest. The Office of the presi-
dent Will be on tie east side of the
room at the south end, while Mr..
cally unchanged. with Messrs Waller,
Lyddane, Boyer aud Johnson, as
sistants to the president. ranged in
the order named. on the west side of
the foyer.
Miss Mitchell. assistant cashier. will
have CT arge of all the routine work
back of the counters.
Wednesday morning the Federal
American will open for business, as
all formaiities will have been carried
to conclusion.
Mergenthaler Receivers.
The feature of todays session OF
the local stock exchange was the re-
covery in Mergenthalcr to 1l61a, with
early sales at 10. The advance iS
simply a reflection of the market for
the shares on IL Boston exchange.
1t Is generally believed that Wash
ington has been feeding stock to BoS-
ton for some time. the feeling here
extra dividend distribution n; this
time or at any time until the stock
can be placed permanently on Il
better dividend rate.
Traction shares were nominal, the
bids being SIS for Railway common.
76 for the preferred and lot for cap
ital Traction Company shares: tie
asking price in each instance being
a full point above the bid quotations.
One sale of Railway preferred was
reported at 76i2.
Bonds were easier, in sympathy
investment market.
fractions 5s We're off TO ?sisasSA
Potomac Consolidated 5s dropped !,
of a point. and the nominal prices of
other issues were easier.
Combined income statements of all
rapid. transit and surface lin. ON
panies in New York city shows fail
ure in year ended June 81. 1872. to
earn all interest, rental AMI other
fixed charges by s3,64?,l3S. compared
Of $1S,343.15o. Results are the best
since 1918, when there remained 4
surplus Of S5.o26.496 after charges.
In 1919 transit properties failed {"
earn charges by SS.556,40S, and III
1920 by sl0.725.522.
Columbia GrnphOphone Company.
Balance sheet of the Columbia Crap
ophone Company. December 81. list
ed under assets advances SO, 433.32l.
as compared with $2..s9 643 in lH.o.
In May the plan dealing with CO.
lumbia's Indebtedness for all general
purposes became operative. 1t pro-
vided for freezing entire debt from
April 1. 1922. to August l. 1928. Both
interest and principal Gf duel will
debt involved is around S20.0oo.00o.
This means the management is given
three years to pull the company out
and increase earnings to a consider
aDle degree.
At close of last year inventories
stood at s14.218,925. one of the large
items was cabinets in preparation for
an eX'enSi . manufa" ur!3g program
in anticipation of 1921 business run
ming commensurate with that of 1920.
However, sales in 1921. totaling
about S19,000,06a. compared with
s47,000;000 in 1920. Current year has
been slow in the photograph indus
try except in sales Of records which
are released each month.
Thr radio rraz hc' 4 i's effect on
the industry. Amateurs having Il
small amount to spend on amusement
turned to the more popular type.
One phase of the new plan pro-
vided that management, to provide
working capital, could assume new
Indebtedness after April ]. 1922, in
the form of revolving fund up to
s1.000.000. 1t is understood these bor-
rowings have at times approached
the limit. The year end business Wilt
show considerable Improvement il
cash position.