Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-29


"oncial d s riot, %
',osng only 80 years Sssssz
: age. He comes John E. Larner
ON an old Wash
-7gton family, is a graduate of Har'
ord and also of the Massachusetts, In.
'itute of Technology. For time after
is graduation he was civil engineer
n Boston. He found he possessed q
oaning toward finance and in 1926 en-
ored the auditing department of the
.n1erican Security g. Trust Co. here.
He Joined the staff of G. M. P
n-urphy & Co. in 1927. Mr.. Thoron is
50 auditor Of Investors of Washing
II. an investment trust formed here
70 or three years ago. He is d.
,Ctor in the American Security G.
rust Co.
Exchange Adjourns Until Monday.
Trading was in good volume on the
'ocal exchange today, prices sagging q
1t in some issues. Capital Traction was
over. opening at "a and closing at 1914
- a 55-share turnover. Washington
las Light which sold UP to 113 yes
'arday. moved at 112 today on very
mall turnover.
Potomac Electric Power 6 per cent
took moved at 1924 and the per cent
preferred registered los. District Ma
tional Securities sold at 10012 Mergcn-
thaler at 1864 National Mortgage &,
Investment preferred sold at AS and
and 100 shares of Real Estate Mort
age g. Guaranty preferred came out
1T 7lh. Federal American Bank stock
old at 335 and National Metropolitan
II 410. Traction, Gas and Telephone
bonds we're quite popular at recent
levels.
on account of the holiday tomorrow
s was voted to close the local exchange
until Monday.
Bankers Council in Session.
The council of administration of the
District Bankers Association held its
> the convention, yesterday afternoon
It headquarters.
Various routine matters were acted
i'pon and it was decided to have one
more meeting on June IA. This Will
i've President Robert V. Fleming and
lis associates an opportunity to clear
Up all the business matters now pend
ing and go to the convention with an
absolutely clean slate.
It happened that yesterday was also
ne opening date of the new created
credit Bureau, the important branch of
he associations work getting away
.;nder most favorable conditions.
Local Banks Seek Tax Refund.
AS announced in yesterdays $50
star, II Washington banks are now
licking to recover $157,0o0 in taxes
'-hich they paid under protest in in
come from taX-exempt Government Sc
curities. The II plaintiffs and refunds
7sked in each case are: The American
Tecurity g. Trust Co., SAG, 366.24; Ma
tional Bank of Washington. $26,582.54;
second National Bank, $7,402.52; Riggs
Rational Bank, $39,811.32; Washington
Loan & Trust Co., S7.502.20; District
National Bank, $6,280.23; Union Trust
Co., $3,866.96; Lincoln National Bank,
59,787.10: Federal-American National
Bank, $8,78710; Columbia National
Bank, S3,19498, and Liberty National
Bank, S2,18101
These suits follow the outcome of the
test case instituted by the Riggs Ma
tional Bank, which was decided favor
ably some time ago. At the time the
test case was started, the other banks
in the city were advised by counsel for
The District Bankers Association, Frank
j. Hogan, to pay their taxes under pro-
test.
Local bankers are greatly pleased with
the rapidity with which the Riggs Bank
case was carried through the courts
and still more gratifed oyer the final
outcome.
Bankers Bulletin on Street Today.
The monthly Bulletin of the Bankers
Association appeared today. 1t is given
over largely to the convention, the pro-
cram appearing in full. The orgariza-
ton of the Credit Bureau is also an
nounced.
Members are urged to send in their
convention reservations to Claude H.
Woodward, president of the Mount Yer
non Savings Bank, who is chairman of
the transportation committee.
Washington Chapter, A. I. B., will be
represented at the Montauk gathering
by the retiring president, James A.
Soper, and the three essay winners soon
to be announced.
Notes in Financial District.
John B. Larner president of the
Washington Loan &, Trust Co., who has
been suffering with an injured knee for
several weeks, is expected to be back at
the bank in few days. soon enough to
attend the next meeting of the direc-
tors, which comes on June S. Mr.. Lar
ner has Just been honored with cleo
ton as trustee of Princeton Theologi-
cal Seminary.
George L. Starkey. president of the
National Bank of Washington. has re-
turned to his desk from Today vaca-
ton passed at Old Point Comfort.
While away he took many motor trips
through that section. He is now giving
special attention to the banks new
branch being built in Southwest Wash
ington, which will probably be opened
about August IS.
Wade H. Cooper. president OF the
United Savings Bank and of the Cont
mental Trust Co, has received an homo
rary IL. D. degree from Ohio Northern
University, Ada, Ohio, it was announced
yesterday. Col. Cooper is banker
lecturer. trustee of Lincoln Memorial
University at Cumberland Gap, Tenn.
and president of the National Civil
Legion, with headquarters in Chicago.
Suggestion Of more complete organi-
cation of a market for brokers loans
since these loans are among the most
LIQUID security investments of the
country, is suggested by Louis II. Nc
Fadden. chairman of the House bank
ing and currency committee, IN ar
interview with the Wall Street Journal
Safeway Stores, Inc, has declared the
regular quarterly dividends OF 70 cent
on the common, S1,75 on the per CEN
preferred and $3.50 on the per cen
preferred all PAYABLE July l to stool
of record June 20.
Wholesale Trade Lower.
Volume of wholesale distribution wa
3 per cent smaller in April than durln
the previous month, this decrease beini
less than is usual at this season, tn
Federal Reserve Board says. Decrease
from the month before we're shown TO
sales in five of the lines Of trade report
ing monthly sales to the reserve system
while grocery and hardware sales Wer
larger than in March, and sales o
drugs showed no change.