Evening star., 1930-12-02
LEADER IN BANKING
WILL SPEAK HERE.
Stephenson to Address Meet
ing Saturday Night--Large
Attendance Expected.
By EDWARD C. STONE.

BY EDWARD C. STONE.
Barnum L. Cotton, chairman of the
fiduciary section of the District Bank
ers' Association, announced today that
joint meeting to be held Saturday
evening with the Life Underwriters As
sociation of the District of Columbia.
Mr.. Cotton stated that unusual interest
is being manifested in the coming meet
ing Because of the prominence of the
guest speaker, Gilbert T, Stephenson,
vice president of the Equitable Trust
Co. of Wilmington, Del and president
OF the trust company section , OF the
American Bankers Association. The A.
B. A. Office to which he was elected at
Cleveland makes him national figure
in the banking world.
Mr.. Stephenson is a Southerner. hav-
ing been born December II, 1884, in
Pendleton, N. G. He attended Wake
Forest College in his home State, re-
ceiving his A. B. and A. M. degrees.
He later received his M A. and LII. B.
degrees. from Harvard University. Mr.
Stephenson's first banking position was
with the Wachovia Bank 6S Trust Co,
WinSton-Salem, N. c., where he became
secretary and assistant trust officer in
1919. and of which bank he later be-
came vice president. This Office he held
until he entered his present position.
In the American Bankers Association,
Mr.. Stephenson has served as chairman
of the Executive Committee of the trust
company division and as vice president
of that division. He is the author of
several books on trust subjects, the
latest of which is The Life Story of a
Trust Man" This is concerned with the
0f Al TieoN NIL T7,in
dent of the Wachovia Bank & Trust
Co. of Winston-Salem.
The local Joint Comittee feels highly
elated to bring Mr.. Stephenson here.
The Saturday meeting will begin at Z
o'clock.
Local Investment Buying Heavy.
Dealers in investment securities re-
port that in the last year, and espe-
cially in the last two months, there has
been notable increase in outright buy
ing of stocks of nationally known corpo-
rations. Thousands of Washington
ians have partnership interest in
corporations like American Telephone
& Telegraph, United States Steel, Gen
eral Electric. American Can. North
American and other corporations whose
stocks are listed on the New York
Stock Exchange.
A recent compilation shows National
Dairy Products Corporation, whose
local subsidiaries are Chestnut Farms
Dairy and Southern Diaries, to have
over 800 stockholders in Washington,
representing q holding of about $4,000
shares of stock, having a market value
in excess of 81 100000 Many bonds
Of the National Dairy Products Corpo-
ration are also held by Washington
investors.
Two other stocks in which there is
always large amount of local interest
are Mergenthaler Linotype and LanSton
Monotype. These stocks are not listed
on the New York Stock Exchange, but
both are listed here. Mergenthaler is
listed on the Boston Stock Exchange
and Lanston on the Philadelphia Ex-
change, They are very widely owned
in Washington
Local investment houses insist that
now is an excellent time to buy sound
stocks and bonds and their advice is
being accepted in a broad way.
TOday's Trading on Exchange.
Capital Traction figured in 59-share
turnover on the Washington Stock Ex-
change today. The stock opened at
4s14 and closed at AZ. Washington Rail
way g. Electric sold to the extent Of
80 shares at 98A, and Potomac Electric
Power 5ls per cent preferred closed at
107
Thirty shares of Mergenthaler moved
at S97s, Peoples Drug Stores registered
80 and six shares of Woodward e.
Lothlop preferred came out at LOG.
Bond trading was confined to Washing
ton Gas issues and Capital Traction SIS,
which sold around recent levels.
The three local securities to be added
TO the unlisted department of the ex-
change next Saturday are the first Sc
curities that have been placed on this
list In long time. AS already stated,
they are National Press Building first
mortgage bonds Wardnan Realty Prop
critics first-mortgage bonds and May
nower Hotel first mortgage bonds.
Writes on Industrial Banking.
Bertram Chesterman, president of the
Morris Plan Bank of Washington. has
recently written an article on Indus
trial Banking" which appeared in the
November issue of the United States In
vestor. Mr.. Chesterman is considered
an authority on this particular phase
of the banking business. Before COM
ing to Washington he was one of the
executive officers of the Industrial
Finance Corporation of New York,
which owns large blocks of stock in
Morris Plan banks all over the country,
and his particular duties with that cor
poration were counselling Morris Plan
banks throughout the country as to
how to improve their operations.
Mr.. Chesterman was formerly a ma
tional bank examiner in New York
City, and prior to that was connected
with the banking department of the
State of Virginia Mr. Chesterman also
took an important part in procuring
the enactment of legislation Which es-
tablished the banking department in
Virginia, and drafted substantial por-
ton Of the first banking statutes adopt
ed by the State in 1910.
Bowie Bank Declares Dividends.
Directors of the Bank of Bowie,
Bowie, Md, have declared the usual
per cent serni-annual dividend, payable
TO holders Of record December 81. Di-
rectors present at the meeting were Ed
ward E. Perkins president; Thomas p.
Littlepage, vice president; William
Luers, cashier: B. A. Maenner and
Daniel B. Lloyd.
A deficit in net income Of $9s7.44 is
revealed by the October statement Of
operations filed with the Public Utilities
Commission yesterday by the Washing
ton Rapid Transit Co. This was a de-
crease from the amount Of the COM
pany's deficit in October. 1929, $2,51l.78.
Heard in Financial District.
Brooke, Stokes & Co, investment
bankers. have moved their Offices into
the Barr Building +. w. Coe, William
c. Coe and Thomas A. Deyor will con-
tinue in charge of the local ofIices.
Paul V. Keyser, Washington lawyer,
has been appointed 10 membership on
the Legislation Committee of the South
eastern group Of the Investment Bank
erS' Association. Eugene E. Thompson
has been placed on the Business Con-
duct Committee, John c. Legg of Mac
Kubin, Goodrich d Co. being on the