Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-30

Lewis, secretary OF EssSNkkA ~ N
the trust company go 80
division OF the s&sz ASS sgSz ~ ny Sss3ES9bsfS
American Bankers
Association and one Walter w. NARROW
of its deputy man
ayers. He has made a study OF thf
best methods IN use all over thc
country i'll promoting trust business
and gave a brilliant resume Of his
findings. His address, which was in
tensely interesting as well as extremely
practical, is mentioned elsewhere in
The Stars financial section.
Another speaker was Robertson
Griswold, president of the Corporate
Fiduciaries Association of Baltimore
and vice president of the Maryland
Trust Co. His remarks on the Mary
land associations organization and
progress were most timely and interest
ing. He was followed by Aubry d
Carter. who handles trust matters at
the Treasury. his figures showing
amazing progress in trust expansion
since 1915 when a Washington bank
got the first charter to conduct such
service.
Frederick P. H. Siddons, chairman OF
the f1duciarieS section, presided ano
noted the sections recent growth. II
started with 81 members from % banks
and now has "a members from % banks
Very brief speeches were made by
Wilmer j. Waller. vice president OF the
District Bankers Association; F. G.
Await, deputy controller of the cur
rency, and F. w. DEMO, vice president
of the Old Colony Trust Co., of Bostca
and president of the Massachusetts
Fiduciaries Association.
At the suggestion of Chairman Sid
dons. the bankers paid tribute to the
late B. Ashby Leavell, who was taking
special interest IN the section at the
time OF his recent death.
Bank Cashier Highly Honored.
Recent election of Walter w. NARROW
to the board of directors of the Second
National Bank was a we'll deserved
honor, because of his long service with
the bank. Mr.. NARROW joined the Sec
ond Nationals staff in 1909 as a book
keeper. His ability and energy were re-
warded by steady advancement to sew
eral higher positions until he was made
cashier in 1922.
Mr.. NARROW has not yet been able to
meet with the board on account Of an
attack of pneumonia. He is gaining
steadily, however, and will be back at
the bank in the near future.
Reserve Board Reviews Credit.
Banking and credit conditions in jan
uary have been influenced chiefly by
the seasonal decline in the volume OF
money in circulation. At the Reserve
banks the return flow of currency from
circulation resulted in liquidation OF
oy1H Ill DO
clines in Reserve bank holdings of &C.
ceptances and of United States securi-
ties, says the Federal Reserve Board
Total bills and securities show a de-
cline of about $450,000,000 for the
period from December 26 to January
% and were in about the same volume
as in Midsummer of last year.
AT member banks there, was an in
crease in the total volume of loans at
the turn of the year due chiefly to
year-end financial settlements, and the
temporary withdrawal of funds loaned
by corporations in the New York mar
ket. In January deposits and loans
of member banks declined to approx
imately the level of the early part OF
December.
In the money market, rates on call
loans declined sharply in January
while rates on time loans on securities
remained firm and rates on acceptances
advanced, the board says.
Dairy Merger Plan Is Approved.
Stockholders in Chestnut Farms
Dairy, Inc, at special meeting late
yesterday, approved the plan of con-
Solldation with the National Dairy
Products Corporation as outlined by
0VrrY1n iN - L.
company. Only few details remain
TO be worked out.
AS previously noted the first step will
be the calling in of the entire 81 900 ,00(
issue Of preferred stock at S11O pei
share. This will leave the bond issue
TO be provided for and later an Offer
VIII be made in connection with the
exchange OF common stock. Just wha'
this offer will be has not yet been an.
nounced.
The last sale of the common stock or
the Washington Exchange took place
at 205. National Dairy stock is sellin,
on the New York Stock Exchange
around 1877, having recently advanced
several points. National Dairy Prod
ucts Corporation operates in more thar
1000 cities and towns in Is States.
Washington Gas Sells at 1875.
A 1,000-share block of WASHINGTON
Gas Light stock and another 5O-shar,
lot sold at l25 on the Washington Stool
Exchange today, a new all-time higl
Tor this issue. The market opened with
five shares selling at 121, and it was no.
until after call that the l,000-shar,
transfer was made.
washington Gas Light stock has fig
ured recently in many sales off the ex
change at 125, but buyers have hesitatet
to bid the price up on the exchange II
small-lot transactions. Today, however
the price was boosted to get the 1,05u
shares. Market observers state that tn
high price has been brought about pure
ly because of the efforts of out-of-towl
investors to secure control of the com
pany through majority-stock owner
ship.
Approach of the annual meeting o
the company and today's transaction
On the exchange make the situation tn
more interesting, the high bids for tn
stock indicating special efforts to bu
it before the stockholders meet.
Capital Traction, Potomac Electri
Power preferred issues, American Secur
ity & Trust. Mergenthaler and othe
stocks sold today at recent levels. TIE
SnaFeS OF Merchants transfer 81 StOT
age Co. came out at 1891, up half
point. Bonds were comparatively quie
Heard in Financial District.
George E. Walker, president of tn
Park Savings Bank is spending three
week vacation in Florida.
John r. Waller, president Of the In
ternational Bank, is to establish diret
wire service with New York in the ne
banking rooms at IS Jackson place, tn
service to carry each days financial an
business developments. The bank cper
IN its new quarters Friday.
The Southern Railway earned SIZE
per share on common stock in 1922