Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-04-04
MERCHANTS TRUST
HEvATES DRURY.
Elected Chairman of Board.
Boiling Is Made President
of Bank.
BIZ EDWARD c. STONE.

49,.
Peter A. Drury, one of the best known
bankers In Washington, resigned as pres
ident Of the Merchants Bank a. Trust
Co. at q meeting Of the directors held
late yesterday and was Immediately
elected chairman of the board. & &.
Rolfe Z. Boiling, who has been first
vice president of the bank since April J.,
1928, was elevated to the presidency, and
Frank P. Hartman. jr. second vice presi'
dent, was moved up TO take Mr.. Bolling's
place.
The unexpected change was made at
the request Of Mr.. Drury, who expressed
a desire to be relieved of the many
problems which rest on the shoulders of
a bank president. The local banker is
nearly e5 years of age and feels he is
entitled to a rest. although his election
as chairman of the board shows that he
will still keep in close touch with the
affairs Of the bank.
It developed today that Mr.. Drury
has been seriously considering taking
such step for some time. During his
recent six-week stay in Florida his ply
stefan urged such a move. He told
friends he was anxious to remain at the
helm until the bank reached $4,000, 900
in deposits. This It did on April 2,
which happened to be the banks sew
enth anniversary. so Mr.. Drury stepped
out with his institution at its peak OF
prosperity.
Successful Career rs Banker. ..-
Mr.. Drury has had a long and sue
cessful career as banker. He organic
ID the old Merchants & Mechanics Bank
Of washington In 1904, and served as
president until 1905: then organized
and was made president Of the National
City Bank of Washington, being at
the head of that until 1915, when he
organized and was elected president OF
the Merchants Bank, which became the
Merchants Bank & Trust Co, April
2, 1922. Consequently he Is the only
president the trust company has ever
had.
Mr.. Boiling assumed the presidency
today with nearly 40 years In the bank
ing profession behind him. He Is a
member Of the widely known Virginia
family of Bollings and started his ca
reer at Arlington In the Old Dominion.
From there he went to Baltimore, and
later organized two foreign banks in
Panama, which were taken over by
New York banks. He came to Wash
ington from New York, where he was
first vice president Of the Chatham
Phenix National Bank. In addition to
his wide acquaintance and experience,
he Is considered in the financial dis
trict as a most conservative banker.
The change Is the most important
that has taken place among Washing
ton bank officials In over q year, or
since Charles j. Bell resigned from the
presidency Of the American Security d
Trust Co. to become chairman Of the
board and be followed by Corcoran
Thorn as president.
New Trust Ofiicer Elected.
At the directors meeting Joseph A.
Rafferty, was elected trust ofacer to fiji
the vacancy caused by the recent death
Of B. Asi1by Leavell Mr.. Rafferty, has
been with the bank for many years.
Under the new alignment the banks
present ofiiciafs are Peter A. Drury,
chairman Of the board: Role e. Boiling
president; Frank p. Hartman, IT,, first
vice president; Frank z. Ghiselli, Luther
e Schreiner, ]. L. Sherwood and Ernest
GerstenberR, vice presidents. Harry j.
Donoghue, treasurer; Joseph A. Raj.
ferty, trust officer Wade H. Ellis, coun
sci; w. B. Baden, Henry s. Wattles and
W. H. Martin, assistant treasurers.
The present directors include Harry
z. Allen, Noble p. Barnes, Rolfe E.
Boiling, Harry r. Carroll, Peter M.
Dorsch, j. j. Drury, Peter A, Drury,
Mark F. Finley, Ernest Gerstenberg.
Frank E. Ghiselli, Frank p. Hartman,
jr.; Holland w. jerks, William E.
Leaty, Walter M. MacNichol, ]. Ernest
Mitchell, Alvin L. Newmyer, Daniel j.
O'Brien. Frank O'Hara, Joseph A. Raj
ferty, L. Z. Schreiner, J. L. Sherwood,
Lewis M. Thayer, John zanier and c.
Francis jenkins.
In commenting on the changes today,
Mr. Drury expressed particular satisfac-
ton in having a banker of Mr.. Bollings
type succeed him. He also said he
planned TO take an extended trip abroad
in the near future to get complete
rest.
The Merchants Bank a. Trust Co. is
located in the Southern Building. It
will be recalled that Mr.. Drury bought
this big ONCE building about year ago
in personal deal that had nothing to
do with the bank.