Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-12-19
BANKERS PREPARE
FOR FARLEY HERE
State Association Heads
Gather to Make Plans for
Meeting February 26-27.
BY EDWARD C. STONE.


Plans for the Central Atlantic State
Bank Management Conference, to b.
held in Washington on February q
and 81, took definite shape today wher
the presidents and secretaries of TIT
State associations in this territory me
at the Willard with Frank w. Sim
minds, deputy manager Of the Amer
lean Bankers Association.
The District Bankers Association Il
10 be host to the gathering the presi'
dent Lanier P. McLachlen, and the
secretary, George o. VaSs attending
the meeting. Robert v. Fleming, who
has been asked by President McLachler
to act as chairman Of the local COM
mittee, was also present, taking ar
active part in the preliminary discus
sions.
The State associations which will
be represented in large numbers at the
conference, are New York. New Jersey
Delaware, Pennsylvania. Maryland
Virginia and West Virginia. At today's
conference details were talked over al
length. The bankers present were
agreed that there has never been q
time when the subject of bank man.
agement was more important or more
interesting than right now.
The first meeting of this kind was
held in Philadelphia last year and
drew some 1900 bankers. This years
attendance is expected to be fully as
large or larger. The Program Com
fnittee will engage the ablest speakers
in the country.
Among those present at today's meet
ing were Mark M. Holmes, president
New York State Association, also preSi-
dent of the Exchange National Bank,
Orleans, N. Y; Clifford F. Post, secre-
tary New York Association; w. Walter
Wilson, president Pennsylvania Asso-
citation and president First National
Bank, Milton. Pa, and William G.
Payne of Albany, former president Of
the New York Association, and z. z.
Mountjoy. Washington representative of
the American Bankers Association.
The local association was represented
by L. P. McLachlen, Robert V. Fleming,
Edward j. McQuade, George o. Vass,
Joshua Evans, jr.: H. H. Mckee, c. H.
Pope, John Poole and Francis G..
Addison, jr. Controller Pole, Deputy
Controller Await and Chief Bank Ex-
aminer Folger were present at a
luncheon following the morning session.
Merchants Transfer Dividends.
At the regular monthly meeting of
the board Of directors of the Merchants
Transfer & Storage Co., on December
IS, the regular quarterly dividend of
&l.75 was declared on the nreferred
stock to be paid January 9 to stock
holders Of record on December %. A
dividend of S2.00 a share was declared
on the common stock, payable January
2, to stockholders of record on Deem
Der %.
The action taken by the board in
voting $500 dividend at this time on
its common stock is not to be taken
as representing the future dividend poll
icy OF the company. With a payment
of $500 per share in july, plus the $500
per share declared on Tuesday, the
company is paying common stockhold-
ers $500 per share in 1880.
The directors feel great pride that
during this era Of unprecedented de-
preston and business disaster the
company is able to pay this dividend to
its common stockholders entirely from
this years earnings without the use of
a single dollar OF IFS surplus
Of1cials report that the company has
shown more than seasonal improvement
during the past six months and they
also have every reason to believe that
the year 1881 will show materially in
creased earnings over 1880.
Both the common and preferred
shares are listed on the Washington
Stock Exchange, the common selling re-
Gently ct 106 and the preferred at 90.
Chaplin Sacks Market Leader.
Sales Of s25 shares Of Chaplin Sacks
per cent preferred stock in the I'M
ing on the washington Stock Ex-
change. The market in the stock
opened with 10 shares selling at 104.
single share of Capital Traction
sold ex-dividend at 441a. Potomac Elec-
trio 51z per cent preferred sold at lot
and Peoples Drug at 98i9. The trad
ing closed with 10 shares Of Capital
Traction moving at 43la ex-dividend
and 100 shares Of Real Estate Mortgage
q Guaranty preferred at 81.
Bonds were in considerable better
to Potomac Electric consolidated SIS,
washington Gas SIS and Washington
Railway q Electric As Quotations
were little changed.
Carpet Corporation Declares Extra.
At a meeting Of the board of direc-
tors held yesterday, the Carpet Corpora
ton reported substantial progress for
the IL months ended November 30.
Gross sales were $l,767,244, compared
with 81 ,461 ,460 for the same period of
1929. The net earnings, after depreci-
alton and provision for Federal taxes
for the IL months of 1880 were SOC, 104,
compared with S73.013 for the same
period OF 1929. This is at the yearly
rate Of s426 per share, compared with
1925 for 1929, an increase OF about 81
per cent over last year.
The regular quarterly dividend Of 371a
cents and an extra dividend of 1919
cents per share we're declared. payable
January /. 1881. to stockholders OF
record December 90 1890
This stock is widely held by local in
vestors. having been publicly offered by
Waggaman, Brawner e. Co, Inc, IN
August, 1929. at S22.50 per share. II
Is listed on the Washington Stock Ex-
change.
Columbia Declares Dividend.
Directors of the Columbia Nationa
Bank late yesterday declared the usua
quarterly dividend of per cent, pay
able January 2, to stockholders o
record on December 81. The director
also voted q per cent bonus for al
employees Of the bank, based on yearl
salaries
Directors OF the McLachlen Banking
Corporation yesterday declared a 3 pc
cent dividend payable December 81
and a 5 per cent bonus for employe
Of the institution.
Directors Of American Ice Co. hav
declared the usual quarterly dividend
of Ilz per cent on the preferred and Z
cents a share on the common, bot
dividends payable January 26 TO stock
holders of record January 9, 1881.
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