Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-22
D. c. MEN ATTEND
VIRGINIA MEETING
Several Washington Bankers
Going to Convention at
Virginia Beach.
BY EDWARD C. STONE.

ISOLATION, which opens tomorrow at
Virginia Beach and continues through
Friday and Saturday. Among those
planning to attend from here are
Charles w. Warden, vice president
Of the Continental Trust Co, who
has been present at 81 of the 33
meetings so far held; Walter j. Har-
rison. recently elected vice president
of the Commercial National Bank;
Charles d. Boyer, cashier of the Fed
eral-American National Bank, and
George A. Farris, president Of the
Potomac Joint Stock Land Bank.
The sessions will be held at the new
Cavalier Hotel. M. G. Field, presi-
dent of the National Bank of Orange,
is president of the association, and
w. S. Irby of Kenbridge executive
vice president. An unusually interest
ing threeday program has been pro-
vided. The convention will open with
reports by the president, secretary,
treasurer, committee on banking
Jurisprudence, George Bryan, chair
man; taxation committee. Thomas 3.
McAdams, chairman; agricultural,
financial and educational committee,
S. l.. Barrow, chairman; county Or
carnations and credit bureaus, by S.
w. Keys, and Federal legislation, by
s. c. Brittle.
Gov. Byrd Among Speakers.
The first address will be given by
w. E. Carson of Riverton, Va, chair
man of the State Conservation and
Development Commission, on the
Conservation and Development of
the Resources of Virginia." Next will
come an address on opportunities
Confronting Virginia." by Gov. Harry
Flood Byrd, while the closing talk
will be given by w. p. Hazlegrove of
Roanoke on "Installment Selling"
The second days program includes
many convention reports, the nomina-
ton of officers and group reports.
0. Howard Wolfe, cashier of the
Philadelphia-Gira National Bank,
will address the convention on Some
Doorstep Banking Problems" and DIR.
Edward ]. Cattell of the same city
will speak on Making the Most Of
Life" The chief address on Saturday
will be given by M. A. Kendall on
"Why Is q Millionaire?" The remain
der of the session will be devoted to
unfinished business and the election
of officers.
The program also includes a host
or social events, among which are au-
tomobile sightseeing trips to the
Army base, municipal pier, grain Gle
vators and the naval operating base.
There will be dancing at the Cavalier,
handicap golf tournament at the
Princess Anne Country Club, buffet
supper on Friday evening at the Cav
alier and an entertainment on Satur-
day evening. followed by dancing.
Heavy Trading in New Stock.
There was a turnover of 800 shares
Of Potomac Electric Power 5A per
cent preferred stock on the local board
today. The market opened at 101 q {.
In later transactions involving $50
shares the price advanced to 101 X ,
where it closed. The Potomac Elec-
trio 6 per cent preferred sold up to
109h. today and closed at that figure
Capital Traction was strong, selling
at 105. Five shares of Federal-Am-
erican National sold at 324 and 10
OF American Security 6 Trust at 400
Merchants Transfer & Storage pre-
ferred changed hands at par, and Peo-
pies Drug Stores preferred came out
at 109ia. Washington Gas Light was
strong. 80 shares moving at 75%.
In the bond division Washington
Gas 6s, series A, sold at 1031a, and a
$4,000 sale in Railway & Electric As
brought 851a. Barber & Ross 6ks
sold at SO. Capital Traction IS sold
at 1919 in a $4,000 turnover. The
market closed with a small sale in
Washington Gas SIS at 102.
More Dividend Declared.
At meeting of the board Of d.
rectors of the Federal Storage Co,
just held, the regular quarterly divi-
dend of per cent on the preferred
stock of the company was declared
r.. K. Norris, the president an
nounces. The dividend is payable on
July Is to stockholders of record on
June 20.
The directors of the American
Security & Trust Co. late yesterday
declared the regular quarterly divi-
dend of per cent and also an extra
dividend Of 1 per cent, both being
payable on July IL to stockholders
of record on June 80. The books will
be closed from July to II, inclusive.
Commercial Bank Expands.
Owing to business expansion
the Commercial National Bank has
taken over the mezzanine floor, which
has been rented to outside parties
ever since the bank was built. The
additional space is now being used
by the Commercial National Co., the
finance corporation organized by the
banks officials several months ago;
by the trust department and the
credit department. The new ar
rangement is being found most con-
venient in every way.
Second National Boosts Surplus.
The directors of the Second Ma
tional Bank in session today declared
Ion oYsfn r1Ty Giyyid ~
per cent and an extra dividend of q
| of 1 per cent. The dividend is at the
rate Of Q per cent per year and was
declared in this way because of the
recent changes in capital structure.
The directors also voted to take
900 from undivided profits and
add it to the banks surplus, making
| the surplus now total an even $780,
| 900. According to Victor B. Deyber,
the president, the dividends are pay
able on July l to stockholders Of rec
| ord on June 25.
Heard i'm Financial District.
Charles Lathrop Pack, who spends
great deal of his time in this city
| looking after the welfare of Nature
| Magazine, is a director in the Cleve.
| land Trust Co. The banks bulletin
| for this month congratulates Mr.. Pack
on the celebration of his SEVENTEEN
| birthday and publishes picture of
| him taken on that date.
The Washington Bank Women s
| Club will hold it's June dinner next
Saturday night at the Little Tea
House, which Is located on the upper
road between Washington and Alex
andria. The members of this new or
ganization are having very. enthusi-
astic gatherings.
President /. j. Roberts of Washing
ton Chapter, American Institute of
Banking, will announce the important
/ L.