Evening star., 1926-09-15
NEW BETHESDA BANK BUILDING
IS TFIRONGED AT GALA OPENING
Washington Stock Exchange Pays Tribute
to Memory Of John L. Edwards, Late
President of the Organization.

ington Stock Exchange today by a
standing vote the members paid the
following tribute to John l.. Edwards,
late president Of the exchange:
1T Is with deep and genuine sorrow
that the Washington Stock Exchange
records the death of it's president,
John Lewis Edwards, senior partner
of John l.. Edwards & Co., and since
April 8, 1912. a member Of this ex-
change.
"A foremost citizen of the District
Of Columbia. generous friend, de-
| lightful companion, a fearless advo-
cate Of justice ard fair dealing which
was exemplified in his daily relations
with his associates. John Lewis Ed
wards was not only congenial COM
| panion, with charming personality.
! but one whose gentle and hospitable
nature Cemented friendship into last
| ing admiration. Probably no part Of
his busy business life gave him more
| pleasure than the brief hour which
| he spent daily on this exchange. High
| minded, honest and able, the Wash
| ington Stock Exchange will miss his
wise counsel and helpful cooperation.
| We honor his memory as we bid him
an affectionate farewell.
| ITO his bereaved family our hearts
. go out in tender sympathy. They
! have the sweet memory Of a husband
and father who was always a true
| gentleman"
Secretary Gockeler was instructed
to send a copy of the proceedings to
the Edwards family. In connection
with the resolutions. Albion K. Paris,
! dean of the exchange" the oldest
! member present. paid touching trib-
ute to Mr.. Edwards. They played to-
! gether as boys and were close, life
| long friends.
Election of a president to succeed
! Mr.. Edwards was de;ayed by lack or
a quorum. this matter being placed
in the hands of the governing board.
During the business session trading
was quiet, with stocks maintaining
firm prices.
Offutt Starts for Convention.
| Henry w. Offutt, president of the
| Potomac Savings Bank. in George
town, has left for the American Bank
ers' Association convention. He is
making the trip by way of the Pana-
ma Canal with John L. Newbold,
president of the Merchants Transfer
and Storage Co.; Lanier p. McLachlen
and Francis G.. Addison, jr. They
sailed from New York today on the
Finland with a whole shipload of other
; bankers.
Their first stop will be at Havana
where they are to be received at the
palace by President Machado of the
Cuban Republic, assisted by Gen
Enoch Crowder. The Cuban president
will invite the association to meet al
Havana next year.
Bond Manager Promoted.
Fernand Petit, manager of the Mort
gage Bond and Guaranty Co., 1OlC
Vermont avenue, has been elected
vice president and secretary, the ad-
vancement coming as an acknoWledg-
ment of efficient service. MIR. Petit
was cashier of the Citizens Savings
Bank at the time it was taken over
by the Merchants Bank & Trust co.
becoming vice president and chairman
of the auditing committee of the later
institution. He still holds both of these
positions, and several months ago took
on the added responsibilities of manag
ing the mortgage company.
New Sterrett Director Named.
At a recent meeting of the board OF
directors of Sterrett Operating Serv-
ice. Inc, John A. Ritchie was elected
to serve on the board, filling the va
cancy left by the resignation OF Otto
E. Stoll
Mr.. Ritchie is the president of the
Yellow Truck & Coach Manufacture
ing Co, a General Motors subsidiary
Sterrett Operating Service is. con-
trolled by Yellow Truck & Coach
Manufacturing Co.
The company expects to make an
announcement in the near future COW
ering contemplated expansions and a
new line of truck transportation
service.
Bank Statements Analysed.
An ANALYSES of member bank costs
and earnings by Federal Reserve dis
tricts for 1925 and 1924 has just been
compiled by the Federal Reserve
Board. This shows that in the Rich
mond district the average rate of in
terest received per 500 of earning
., assets was $5.79 in 1925 and So.S2 in
1924. which was comparatively high
In the New York district the average
last year was S4.79 and the year be-
fore S4S2.
The report points out that the
amounts of interest received per S1OC
of earning assets Approximate the aver
age rates at which the member banks
of the respective districts have placed
their funds.
Another table shows for 1925 and
1924 for each Federal Reserve district
the rate of return on the banks in.
vested capital. The rate of return
was lower in 1925 than in 1924 only
in the Richmond. Philadelphia and
Cleveland districts, and in these dis
tricts the decreases were compare
lively small.