Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-10-20

Today's vote Is O.
being taken on &ssEs sssSs Hsss5
ratification by the John Poole.
shareholders of the
agreement reached by the directors 81
the two banks month ago. The con-
sohdation will go into effect when 1t Is
approved by the Controller of the Cur
rency, John w. Pole. 1t has been re-
quested that the date be as of october
81 or November l. This will give the
consolidated bank ample time in which
to get the new forms for the checks
notes, etc, ready for Use on the first
day OF next month, 1t will also give
time for the computat on of interest
and completion Of all other details.
Board to Have 49 Members.
According to present plans, the di-
rectors of the Merchants Bank g. Trust
Co, with the exception of the officers
now serving on the board will meet for
the first time with the Federal-Ameri-
can directors on October 81 after bank
give the new bank directorate of 49
members. The officers of the Federal
American were elected at the annual
meeting to serve for a year. In the
merger, however, the officers of the
Merchants Bank 81 Trust Co. have to
be elected by the new board when the
merger goes into effect.
In passing, it is intere-ting to note
that the merger of the Federal National
and American National took place just
eight years ago today. This consolida-
ton made a directorate of IS members.
The name adopted in the present con-
eolidaticn will be the Federal-American
National Bank & Trust Co. The bank
win have a capital of $4,000 900 and
resources Of about SOS, 100000. In con-
Aection with the exchange of stock it
will be necessary to issue new GER
tificates on account of the reduction in
the par value from 500 to $50 per
share.
Five Banking Offices.
The new bank will have its main
ONCE in the present Federal-American
Building. at Fourteenth and G streets
northwest, and four branches. As an
nounced when the directors voted for
the merger, John Poole will be at the
head Of the combined institutions.
Rolfe z. Boiling, president of the Mer-
chants will become manager Of the
branch in the Southern Building. at
Fifteenth and H streets; Luther E.
Schreiner will remain in charge of the
Dupont Circle Branch, j. L. Sherwood
viii continue to manage the Brookland
ONCE. and Ernest Gerstenberg will re-
main as manager OF the pennsylvania
Avenue and Twentieth Street Branch.
The court set aside the request for
an injunction to prevent the conSolida-
ton while legal suit is pending against
the Merchants. 1t was shown that
the new bank assumes responsibility for
any action taken against either bank.
The merger is one of the most i'm
portant CONSULTATIONS that has ever
taken place in this city. 1t is in line
with. bank mergers that have been car
ried out in great numbers all over the
county and which were so suddenly
interrupted by the break in the New
York stock market last Fall.
Perrin Joins Murphy g. Co.
After four years in Philadelphia as a
special representative CT the Metropoli-
tan Life Insurance Co., Nelson E. Perrin
has returned to Washington to associate
himself with the firm of g. Mp Muir
ply 81 Co. at its Connecticut avenue
once.
Mr.. Perrin was for many years the
successful head of the Berkeley Glass
Sand Co. Of Berkeley Springs, w. Va.
During that time he spent most of the
Winters at his residence 1924 r street
northwest. which he has just reopened
He is a member of the Metropolitan
and Chevy Chase Clubs of Washington
the Maryland Club of Baltimore the
Rittenhouse Club Of Philadelphia and
secretary Of the Misquamicut Golf Club
OF Watch Hill, r. l., where he has spent
his Summers.
Trading on ID. c. Exchange.
The Washington Stock Exchange
opened the weeks trading today with
Capital Traction selling at 81, Potomac
Electric 6 per cent preferred at llIK
and Washington Gas Light stock at 1913
Decentralization Co. preferred came
out at 98l2, Merchants Transfer &
Storage preferred sold at 81 and "a
shares of Mergenthaler changed hands
at 90lz and 10 more at 904.
Peoples Drug Stores preferred sold at
1902 and 10 shares of Riggs National
Bank stock sold at $50. The days sales
were all in small lots.
Bond trading was confined to Wash
tngton Gas IS, series A, and TO Poto-
mac Electric Consolidated SIS. Prices IL
these issues were firm.
Heard In Financial District.
Thomas j. Groom, vice president and
cashier Of the Bank of Commerce &
Savings. is recovering steadily from hi.
recent automobile accident He has re-
turned to his home from the George
8ONl L1OcplJ6l.
Wilmer j. Waller, vice president o.
the Federal-American National Bank
was back at his desk today after hi
vacation. He passed the time on thu
golf links ana also did considerable
motoring.
It is announced here that America
Efficiency Exposition opened today a
the Grand Central Palace, in New
York. and will continue until Octobe
"a. This is the twenty-seventh annua
business show. The last word in ever.
kind Of business equipment is pre-
scented.
So short Of grain are many farmer
In nearby Virginia and Maryland tina
they have been obliged to Kill and sci
their Thanksgiving turkeys now. The,
are suffering a severe loss in partini
with their turkeys so early in the Fail
The District Bankers Association wa
to hold the annual Fall meeting a
headquarters late this afternoon witt
the president, Lanier p. McLachlen, il
the chair Committee reports and re
ports from the A. B. A. convention wer
on the program.
1ranvT ANN rnnACNo nDTNrc