Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-06-19


other prominent 4
bankers will also "a
join the local con- Htzsz 'Ias Z
tingent of finan- Rox A yo,rx
cial leaders.
The guest list has grown in thu
past few days until the delega ton nov
includes Mr.. and Mrs. Roger j. White
ford, Russell A. HowSer, Harry M
Fridley, MI and Mrs. A. L. Baldwin
Mr.. and Mrs. E. C. Graham, Ralph P
Barnard. Mr. and Mrs. Thomas j. Man
Watson. Mr.. and Mrs. John Brewer
and John B. Cochran, president of the
Franklin National Bank.
1t was announced today that Victor
B. Deyber, president of the Second
National Bank, will preside at the ma
tional bank division meeting tomorrow
in place of Vice President Hilleary C
Hoskinson of the Riggs National, who
will be unable to attend the conven-
ton In addition to MeSsrs Fleming and
Waller, Vice President Banier P. Nc
LacFlen and w. w. Spaid. last years
president have also gone in advance to
Montauk to help arrange for the open
ing of the business sessions or perchance
to see that the golf links are in perfect
condition for the lively cup competitions
to come.
The sports program will start at / 80
pm, tomorrow with the top-Spinnine
contest for the E. B. Mclean Cup, with
J. Frank White as timekeeper. Howard
Moran won this cup in 1925 and 1926,
Mr.. White in 1927, and Charles l..
Taylor in 1928. 1t is marvellous how
they make the little hummers hum, ex-
element remaining at a high pitch
until the last top has kesled over.
The "Hibbs'' Cup tournament takes
place Friday afternoon and there are
q host of other contests to be crowded
into the three afternoons. The Rich
ard Hatton" Cup will be offered for
the first time this year as one of the
golf rewards. The ladies' outdoor putt
ing contest takes place Saturday morn
ing.
Merchants Transfer Dividends.
The directors of the Merchants
Transfer & Storage Co. yesterday de-
clared the regular quarterly dividend of
$l.75 per share on the preferred stock
and the usual per cent Semi-annual
dividend on the common stock Both
are payable on July to stockholders of
record on June 81.
Yesterday was also the date for the
annual meeting of the stockholders. All
the directors were reelected and John
L. Newbold, jr., was added to the list.
Other directors include William j.
Eynon, John N. Newbold. ST.; C. B
Buck, David P. Smith, Benjamin L.
Prince, William F. Ham, Leon Tobriner
Donald Woodward, Thomas Dunlop and
Albert e. Berry.
John L. Newbold, jr.. was elected
treasurer to succeed David p Smith,
who becomes third vice president. John
L. Newbold was reelected president;
B. L. Prince, first vice president; C. B.
Buck, second vice president and secre-
tary, and Frank G. McAloon, assistant
secretary.
Consolidation in Nitrate Field.
Negotiations between the Guggen-
helms, long in the front rank of the
worlds copper producers and more re-
Chilean nitrates, and the Lautaro
Nitrate Co., Ltd, a British company,
representing a consolidation of other
companies in the Chilean nitrate field,
have been concluded under the bank
ing auspices of the National City Co.
The transaction provides for the use
by the British company of the Guggen-
helm process for the extracting of
Clean nitrate, and brings to Wall
Street the largest industrial bond issue
of the year, involving 100000 Of
bonds of the Lautaro Nitrate Corpora
ton. and Offering one of the rare occa-
Sions where investors are given the OPP
portunity to purchase bonds of one
company and stock in another COM
pany in single operation.
To Attend Virginia Convention.
Lawrence A. Slaughter. vice presi-
dent Of the Commercial National Bank
and a few other local bankers who have
particularly close relations with Virginia
banks are planning to attend the an
nual convention of the Virginia Bank
ers' Association, which opens tomorrow
at Old Point Comfort. the Chamberlin-
Vanderbilt being headquarters. An un-
usually fine program has been ar
ranged. the most prominent speaker
probably being E. Fl. H. Simmons, presi-
dent Of the New York Stock Exchange
Wholesale Prices Higher.
The wholesale price index of COM
moditieS advanced siX-tenths of ! pei
cent during the week ended June Is
according to the wholesale price index
of the National Fertilizer Association
This follows an advance of three-tenth.
of / per cent during the previous week
and the index now stands at the high.
est point since April 6. The largest ad-
vance occurred in the group of grains
feeds and live stock, but material ad.
vanceS also occurred in fats. foods anc
hides. Six groups showed advances anc
only two declines.
Bonds In Excellent Demand.
Bonds were in strong demand toda,
on the Washington Stock Exchange
Capital Traction, Potomac Eelectri,
Power Washington Gas, and Anacosti:
q Potomac r. r. issues figuring in sew
eral $1,000 $4,000 and $4,000 sales dur
ing the session. Quotations were arount
recent levels.
In the stock division, Capital Traction
opend ex dividend at 80 and closed a
81 Il, with only four 10-share sales be
ing recorded. Columbia Sand & Gravel
which has lost ground recently figure,
in one 10-share sale at 90. Ten share
of Norfolk q Washington Steamboa
stock commanded 300. Potomac Electri
Power 5l2 per cent preferred came on
at 1861, Railway & Electric preferre
changed hands at 953s, while Riggs Ma
tional registered one small lot sale a
SIS and another at 572.
Federal-American Co. preferred sol
at l01, % shares of Merchants Trans
fer 81 Storage preferred came out a
127. and Is shares of Terminal Refrie
Grating and Warehousing Corporate
brought 5112 Two hundred shares {
Real Estate Mortgage g. Guaranty pre-
ferred changed hands at 7%. while is
shares of National Mortgage g. Invest
ment preferred came out at 41s an
more sold down to 4.
Larson Joins Investment Firms.
DR.. Carl w. Larson. chief OF II
Bureau of Dairying at the Unite
tat aTfVr nntlf fNf Tor Ell
1924 and for several years presidel
of the National Dairy Council, will b
come associated on July / with IL
investment banking firms Of Arthur