Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-24
BANKERS TO MEET
AGAIN At M0NTAUK
Potomac Joint Stock Bank
Elects 0fficerS-Great
Speed in Contest.
BY EDWARD c. STONE.


Montauk Beach. L. l.. at the Montaul
Manor Hotel. The association met Their
last year and the council of adminiStra
ton felt that the ease of access, OPP
portunity to obtain noted New Yorl
speakers and Carl Fishers offer of a.
most unlimited entertainment made i
wise to go there again this year. TIT
conclava will take place on June 90, 81
% and %.
Last nights meeting drew an ex
ceptional attendance of local banker:
who thoroughly enjoyed the brilliant ad
dress of DR.. H. Parker Willis, noted
elsewhere in The Stars financial sec.
ton. The noted economist and editor
lived here for several years and still
counts himself as a partial Washing.
tonian.
During the business session President
Robert V. Fleming called for some i'm
portant reports and resolutions of re-
greet and sympathy were adopted on tbs
recent deaths of two association mem.
bsrs, Richard H. Bagley and B. Ashby
Leavell. F. P. H. Siddons reported fol
the new flduciaries section, Charles E
Howe for the safe deposit and Ray
mond G. Marx for the auditors sec.
ton.
Howard Moran made a brief report
for the protective committee. Francis
G.. Addison. jr.. for law and legislation
and Eliot H. Thomson on the work OF
the advertising committee. c. H. Pope'S
convention report was presented by w
j. Waller. w. w. Spaid was program
committee chairman.
Land Bank Has Annual Meeting.
The stockholders of the Potomac
Joint Stock Land Bank at the annual
F1nafino Nyactordov I1n nf
directors for the ensuing year at Is.
The following directors were elected:
John B. Cochran, Arthur Peter, John
J. Cassidy, Thomas P. Hickman, George
A. Harris, all of Washington; F.. c.
Bedinger, Boydton. Va; John P. Saul,
jr., Salem. Va; Shirley Carter. Win
chester, Va; Vernon Gown, Vienna,
Va; J. Murray Hooker. Stuart, Va;
Carroll Pierce, Alexandria, Va; j. T. C.
Hopkins, jr., Port Deposit, Md; C.
Thomas Summers, Frederick, Md;
Charles Edward billiard. Hagerstown,
Md, and Joseph A. Wilmer, La Plata,
Md.
At meeting of the directors the fol-
lowing officers were reelected: George
A. Harris, president; John I. Cassidy,
vice president; Vernon Gown, Secre-
tary-treasurer, and Miss Audrey Car
roll. assistant secretary
The recent financial statement of
the bank shows capital, reserve and
profits in excess of $550,000 and mort
gage loans in excess of $6,70O,000. The
senl-annual dividend of 3la per cent
was paid January /.
In commenting on the farm loan
system, President Harris stated that
the system, as a whole, is in O favor
able condition, and that much con-
Structlve work is being done to further
improve and perfect it. He stated that
agricultural conditions in Virginia and
Maryland are stable and that there is
an improved demand for good farms.
The building of good highways and
bridges. and the helpful attitude of the
Government, State and Federal, have
faone much to encourage the farmers.
Mr.. Harris further stated that the
recent executive order of President
Coolidge increasing the tariff on un-
shelled peanuts from to cents per
pound would be great stimulant to
the peanut growers of Southeast Vir-
ginia.
Young Bankers in Speed Contest.
The contest to determine the fastest
adding machine operator in the local
banks, held last night at the institute.
was won by Henry ONeil of the Central
branch Of the American Security g.
Trust Co. L. F, Stanbaugh of the Sc
curlty Savings & Commercial Bank
was adjudged the second fastest speed
king, and w. H. Laughlin, Washington
Loan & Trust Co., carried off third
prize.
The time was 2 minutes. and 43 sec.
onds for the accurate listing of $50
checks. A separate contest was held for
women, IN which Miss Anna v. GRAIN
niger, Lincoln National, captured first
nonors, while Mrs. Gladys Scott, Farm
ers' d Mechanics branch of Riggs, got
the red ribbon. Rivalry in both con-
tests was intense.
The judges, all armed with the per-
feet stop watches, included I. j. Rob-
erts of Riggs, T. Hunton Leith of Sc
cur1ty Savings g. Commercial and
James c. Dulin, jr., American Security
e. Trust Co.
Stocks Steady on Local Board.
Stocks remained firm in rather quiet
trading on the Washington Stock Ex-
change today, with Washington Rail-
way & Electric preferred. CAPITAL Trac-
ton and Columbia Sand 81 Gravel lead
ing In volume
Sand & Gravel preferred. which was
SO active and strong yesterday, opened
at Sc, dropped to 95 and closed al
953l, the days sales totaling SO shares
Capital Traction sales also reached sc
shares at 1865.
Potomac Electric Power 51a per cent
preferred changed hands at 1882 anc
l082s. The only bank stock out was
American Security & Trust, 10 share:
selling at ATS.
Railway g. Electric preferred regis.
tered 99ls in the largest sale of the day
100 shares. Two shares later changed
hands at 108l3. Mergenthaler opened
at 10414, sold at 1041s and closed a
Federal-American Co. common came
out at 55A and so shares of Nationa
Mortgage & Investment preferred
Heard in Financial District.
Hilleary G. Hoskinson, vice presiden
of the Riggs National Bank, is in New
York on a short business trip.
C. II. Pope, vice president of tn
Munsey Trust Co, is on a short bushes
trip to New York.
The Pennsylvania Railroad director
have declared the regular quarterl
dividend of 87la cents per share, pay
able February % to stock of recor'
February /.
S. S. Kresge Co. declared so per cen
COiiAiAOA1 ooSSh 0@FiOCAAd, oAlo AuoA ICA J.
dividend of 40 cents on common, plac
ing stock on S1.y0 annual basis, agains
$1.20 previously.
Record Electrical Trade.
Shipments of electrical equipmen
during November totaled $10,851 800
an increase of $789,60 over the sam
month of 1927, and constituted a me-
record since the war for one month
exports, according TO Commerce Depart
ment.
The value of electrical goods exporte
during first II months of 1923 totale
$l00,474, 1877, a gain of $8,183,839 owe
the same period of 1927