Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-07-12


Virginia He has always kept his In
terest in his native land and maintains
p handsome estate near Warrenton
For many years he practiced law IN
! Chicago and was a Superior Court Judge
! in Cook County from 1898 10 1898.
| Resigning the judgeShip, he headed a
noted Chicago law firm until he came
! To Washington in 1917 as general cOun-
sci of the United States Shipping
Board. later acting as general counsel
/ to the director general of railroads.
/ The new bank director served as Sec
rotary of the Interior in one of the
Wilson administrations. Among the
many honorary degrees accorded him
/ is one from George Washington Uni
versity While 70 years Of age. few men
over 50 are more active than Judge
/ Payne.
I The bank directors also voted the
usual quarterly dividend of per cent
/ at the meeting and cordially greeted
! John Joy Edison following his recent
! Illness
| Mellon Discusses Bank Rate.
| Secretary Mellon sailed from New
| York for Europe today for a siX-week
vacation. Before leaving here the Sec
| retary said he attached no significance
! to the fact that the per cent rediS-
| count rate of the Federal Reserve Bank
| in Chicago had not been put into eff
/ feet until 10 days after the directors
voted it, The announcement was not
delayed to aid Treasury financing, he
added
Every member of the Federal Re-
serve Board except himself was away
from Washington when the Chicago
action was taken. The other members
| we're on vacations or at conventions,
| the Secretary explained. so that the
advance in the rate would not be an
nounced right after the meeting in Chi
cago.
The higher rate. Mr. Mellon said,
would naturally have a temporary ef-
feet on business
Undersecretary Mills said today that
subscriptions to the long-term 35ss
Treasury bond issue for the retirement
of third Liberty loan bonds were COM
fortablv ahead" Of similar Issue made
last year for the retirement Of second
Libertys
The subscriptions are coming in
steadily and satisfactorily" Mr.. Mills
asserted.
Bankers Death Regretted Here.
Personal friends in washington's
financial district were panied to learn
of the death In New York of Herbert X.
| Twitchell. president of the Seamen's
Bank for Savings, aged g. Mr.. Twitchell
was director in score Of banks and
other financial institutions.
He made a national reputation by lib
eralizing the relationships between his
bank and its depositors. His bank was
one of the first to pay interest on ac-
counts from the day of deposit. He was
an ardent supporter of all the LibertY
loans A leader in the Presbyterian
Church. he became noted In Wall Street
because Of his opposition TO bank loans
to liquor interests.
Washington Gas Stock Climbs.
Washington Gas Light stock gripped
attention today on the local exchange
! by climbing to $751; during moderate
trading. Lanston figured in six To-
share sales, the high being Il3 and the
low 112. Mergenthaler moved at l00is
Capital Traction came out at los,
Chestnut Farms common at 95, Poto-
mac Electric Power 6i2 per cent pre-
! ferred at 11I1.. with SIS shares of the
Sig per cent issue selling at l065s.
| Peoples Drug Stores preferred again
sold at 1919, Sanitary Grocery pre-
| ferred moved at 1I3 and Merchants
! Transfer d. Storage preferred at 1862
Two DATlK STOCKS appeared on Jne
/ board. Federal American National sell
| ing at 337i2 and National Bank of
| Washington at 3Il. The sessions lively
| trading included a generous turnover
In bonds at recent price levels
!. c. G. Approves Stock Issue.
| An issue by the New York Central
| Of $40. 153, 800 in common stock was APP
| proved today by the Interstate Com
merce Commission. The stock is TO be
/ offered TO present stockholders, the
proceeds TO be used in paying off bond
/ issues.
Southern Diaries Elects.
j. l.. Kraft, chairman of the board OF
Kraft~Phenix Cheese Co. has been
elected chairman Of the board OF South
ern Diaries, Inc.
The board is giving attention 10 items
which will result in economies of opera
ton Of both Kraft-Phenix and South
ern Diaries, but has taken no definite
| action on any major form OF financing
or exchange Of stock.
Following have been elected officers oil
Southern Diaries: Edward s. Perot, .ir
president; Herbert j. Adair. vice presi-
dent; j. A. M. Adair. vice president
NJ. K HEARTFELT, secretary; H. w. Shaw
treasurer.
Board OF directors follows: j. l.. Kraft
J. r. Whitney, J. II. Kraft, f. Ridgeway
Frank r. Pentlargc. T. r Snyder Her
bert Dillon, f. b Robinette, Edward
perot. Herbert J. Adair and L. M