Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-28

GKdl ISGoEANC bcAAhAo -
g for the week COM
prise an increase
of S20,o00,000 at
Ii the Federal Re-
serve Bank of New Bertram Cbesterman.
York and decreases
of s1I,O0O,0O at Chicago, 100000
Z at Cleveland and 100000 at Rich
mond.
Loans on securities declined $780,
OOO. 900 at all reporting banks, $78,000,-
90 in New York district, $19,000,00 in
the Boston district, $4,000, 900 in the
Chicago district, $12,000,00 in the St.
Louis district and $10,000,0 900 in the
San Francisco district, and increased
$13.OOO,000 in the Philadelphia district.
An other" loans declined $1,000, 600
in the Chicago district, 100000 in
I, the Kansas City district, $4,000 900 each
/, IN the Dallas and San Francisco dis
tricts and $31 100000 at all reporting
. banks.
Reelected Morris Plan Head.
Among the local bank presidents re-
elected at the annual meetings to serve
their intitutions for the coming year
{ was Bertram CheSterman, head Of the
Morris Plan Bank Of washington. Mr..
Chesterman has been q banker for 20
years and is both a former State and
national bank examiner. his State work
having been done in Virginia and his
national bank examining in the New
York Federal Reserve district. He held
an important position with the Morris
Plan chain before coming to Washing
ton in 1925, upon the organization of the
local institution. He started as its ex-
ecutive vice president and was elected
president in 1928. Under his manage
ment the bank is reported to have
forged ahead of most of the other Nor
ris Plan banks in the country.
Sees Many Bank Consultations.
c. Stanley Mitchell, chairman of the
. Bank of the United States New York,
said at Miami yesterday that he be-
lieveS the banks of the United States
will be merged into six or seven man.
moth systems within the next 10 years,
operating under plan OF national
branch banking.
He expects legislation to be passed
that will permit branch banking to
sweep the country, believing the merger
mood and huge banking combines will
be the moving spirit in future business,
Mr.. Mitchell bases his opinions on the
success already attained where branch
banking is permitted.
His views are of much interest to
Washington, where one merger has just
: been carried out and others are talked
Of There are local bankers who believe
that there will be but six or seven big
banks in this city 10 years from now.
But mergers take lot Of time, also a
lot of money. Washington may have six
banks in 10 years and then again 10
or more.
Friday TO Address Bond Club.
David Friday, economist and writer.
will address the members Of the WASH
lngton Bond Club next Friday at the
Carlton at 1880. This is the regular
January meeting, Secretary Lawrence
M. Proetor's announcement stating that
DR.. Friday will speak on Interest Rates
and Bond Prices" The economist adj
dressed the club in December, 1928, and
the older members will be glad to hear
him again. He is a director of the Ma
tlonal Bureau Of Economic Research
and close student of the stock mar
ket.
Capital Tration at SO Today.
Five shares of Capital Traction sold
at S8 on the Washington Stock Ex-
change today after the recent sales at
81 asked
Two bank stocks appeared on the
board, Is shares of National Bank of
washington selling at $50 and 10 shares
OF Bank Of Bethesda moving at IS.
Potomac Electric Power 6 per cent
preferred sold at Ill and the So per
cent preferred at 108. Sand & Gravel
Stores preferred at 1882.
There were several small-lot sales in
Mergenthaler Linotype at 1861. Bond
trading was confined to one very small
transaction in Washington Gas IS. Sc
ries A, at 1921.
Insurance Officers Named.
All trustees of the Mutual Invest
ment Fire Insurance Co. of the Dis
trict of Columbia were reelected at
the annual meeting of policyholders
yesterday. They are Horace L. Beall
FRANKLIN P. Nash, Melvin A. Wertz, M
d. Fran Rupert, Vincent L. Tooney.
Harry kaufman and Vernon c.. Owen
AT the annual meeting of members
of the Mutual Protection Fire Insur-
ance Co. Of the District of Columbia
yesterday the following trustees were
reelected: James B. Lambie, Clarence
F. Norment, James L. Norris, N. Lam
don Burchell, r. Carter Ballantyne and
William A. johnson.
The board of governors of the Invest
ment Bankers Association of America
has selected New Orleans as the city In
which the association will hold its 1890
convention. The convention will be
held in october.
HcdTu IN FINANCIAL DlStr1ct.
Chairman Kimball Of the institutes
athletic committee reports that Wash
ington Chapters bowling team took
sweet revenge on Baltimore Saturday
night at the Arcade. At Baltimore the
score was 100 pins against the WASH
1ngton visitors. But on the home alleys
the local chapter bowlers came out Ill
pins ahead, giving them the splendid
margin OF two pins in the two contests.
Karl w. Corby, one of the partners
in w. B. Hibbs & Co., has gone to
Florida to enjoy short outing.
Merle Thorpe's address last night be-
fore the Chamber of Commerce on the
local business outlook was greatly en-
Joyed by the many Washington bankers
WEO were at the Mayf1ower to hear him.
On February II DR.. B. E. Shultz, edu-
cational director of the New York
Stock Exchange, will appear at the
forum dinner Of Washington Chapter to
give an illustrated lecture on the work.
1ngs of the Stock Exchange. This is the
first forum meeting of the Winter and
the attraction Is sure to draw a record
attendance.
L. T. Bridwell, for many years a well
known local business man, has Just
celebrated his seventy-fourth birthday,
many friends calling at his home to ex-
tend congratulations.
In and Out of the Local Banks.
The Washington Loan g. Trust Co
pays a regular quarterly dividend Of 8
per cent and an extra Of per cent on
Karl w. Corby of w. B. Hibbs g. Co
has gone to Palm Beach to pass sew
eral weeks vacation. j. Thilmar
Hendrick, partner in the same firm
leaves here Friday for a Florida outing