Evening star., 1929-06-25

many other prom $ NJ 81 (
inent financial con-
Germs in Wall Street
have members on n -
the board. e. BowIe ch;nman.
Mr. Chapman has
been a personal friend of President p
A. s. Franklin for several years. and
has also known several other members
of the board. He has been one of the
believers in the future of the stock, and
it is supposed that his continued loyalty
to the interests of the company caused
his election to the board
Incidentally, the notice of his election
to the board arrived on Mr.. Chipman's
birthday He received many hearty
congratulations this afternoon. With
one exception he is the oldest active
broker in the city. His past interest in
Mercantile Marine has been so active
that he has frequently been called to
New York for consultation with officials
of the company.
The New York financial reports to-
day announce that plans for the recap
italiZation of the company were APP
proved by the stockholders at meeting
in Hoboken yesterday. The new plan
calls for the reduction in the number
of shares and in the capitalization.
Auditors Section Plans Election.
The final meeting of the year of the
auditors section of the B. c. Bankers
Association will take place Thursday
evening, at Olney Inn, starting at $50.
In addition to a review of the years
work, the election of officers for next
year viii take place. This was on the
convention program at Montauk, but
there were not sufficient number of
the section members present. The fol-
lowing have been named as candidates
for the executive council:
j. Damn Faber American Security
& Trust Co.. Raymond G. MARI, Riggs
National; Ralph Endicott, Washington
loan & Trust; John E. Benton, Ameri-
can Security 81 Trust; Arthur j. Linn,
Federal -American; Audley p. Savage,
National Savings & Trust; Robert A..
Sisson, Washingtn Savings Bank; Will
liam M. Harris. Lincoln National, Leo
p. Madigan. Mount Vernon Savings,
and Eugene r. Marks, Merchants Bank
& Trust Co.
Bankers to Resume Luncheons.
Local bankers will resume their regu-
lar weekly lunclleons at the Willard to-
morrow at 12:45. This will be the first
luncheon meeting at which the newly
elected president, Wilmer j. Waller, will
have charge of the proceedings. An
effort is. being made by the new secre-
get every member bank to send one or
more of its senior officers TO the meet
ing.
Montauk Convention Echoes.
Charles J. Bell, chairman of the board
Of the American Security & Trust Co..
was delighted with the telegram sent
him by the convention. Mr.. Bell is now
at Atlantic City and reported as con-
tinuing to improve.
Ernest E. Herrell, president Of the
International Finance Corporation, was
at the convention, as usual. It is doubt
ful if he has missed any of the IL con-
ventions SO far held.
Frank P. Harman, jr., in addition to
arranging and reserving places for the
guests at the Island Club and the FAM
lily dinners, found time to go out and
catch a shark that the captain of the
boat said would weigh nearly 200
pounds.
Nathan Well. district passenger
agent of the Pennsy, was with the
bankers throughout the trip and took
care of all their wants in the cases of
those who returned on other trains in
order to stop of in New York.
Financial District Notes.
Net income of the Chesapeake & Ohio
Railroad for May amounted to 1885,
SOB, compared with $2,963,379 in May,
1928.
In order to prevent congestion in
clerical work. American Telephone g.
Telegraph Co. will accept checks for
subscriptions TO AZ per cent convertible
debentures, postdated July l, which
viii not be used until July /.
@. Mp. Murphy & Co., members
New York Stock Exchange, announce
the opening of London office at South
Tea House, 81 Threadneedle street, E.
G. 2, under the management Of Gerald
Maxwell. The firms headquarters is
In New York, with branches in Phil
aoelphla, Washington and Richmond.
Federal Reserve Boards condition
statement of weekly reporting banks in
1ol leading cities on June 10 showed
increases for the week of $l94 900 000
IN loans and investments. of $214 4,0O0,-
600 in Government deposits, of $l8,-
100000 in time deposits and of $46,-
100000 in borrowings from Federal
Reserve Banks, and a decline of $l70,-
100000 in net Cemand deposits.
Loans on securities, which were
$l75,000,000 above the June IL total
increased in all but one district, the
principal increase by districts being
New York $4,000 900; San Francisco
go. $14,000.000: Philadelphia, $13,000,.
600, and Cleveland, S10,0o0,0o
Bonds in Fair Demand.
Bonds were in fairly good demand or
the Washington Stock Exchange today
with several thousand dollar denomina.
tions, one $4,000 and one $1,000 blocl
moving during the session. Recent price;
prevailed.
One hundred shares of Barber & Ros
common stock sold at 10, Mergenthalel
sold ex-dividend at los, Security Stor
age moved at 100, and Ga shares o
Capital Traction registered 90, ex
dividend.
One hundred shares of Potomac Elec
trio Power 51z per cent preferre,
changed hands at 1861. There wer
several other smaller sales In other Is
sues, one of the last being three share
of Riggs National at 57l. Nearly hal
of the other bank stocks on the list ar
now being quoted ex-dividend.