Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-01
S24,O(0,O)D BANK
FORMALLY OPENED
Bigger FederaI-American In
Stitution Starts With
Five Offices.
BY EDWARD C. STONE.

DI EDn AND - SAONE'
with $4,000 900 capital, $1,000, 900
surplus, $4,000 undivided profits and
total resources of about $24, ZOO. 900, the
Federal American National Bank &
Trust Co. opened for business today
after the completion of every detail fol-
lowing the consolidation of the Federal
American National and the Merchants
Bank & Trust Co.
The consolidated bank starts out with
five banking offices. all of which have
excellent locations of long standing. In
addition to President John Poole, the
officers in the main Office. at Fourteenth
and G streets, include William ]. Eynon,
Wilmer j. Waller, Charles B. Lyddane
and William G. johnson, vice preSi-
dents; Charles D. Boyer, cashier; Jo-
seph D. Yerkes and M. H Shack!eford,
assistant cashiers: Leon Tobriner, gen.
eral counsel; Arthur j. Linn, controller;
Erskine Gordon, trust officer; Aubrey Q.
Dooley and Thomas T. Keller, assistant
trust officers.
The Office at Fifteenth and H streets
is in charge of Rolfe E. Boiling. who
becomes a vice president; Frank P.
Harmon, jr and Frank E. Ghiselli, vice
presidents, and Harry j. Donaghue, as
sistant cashier. Officers at the Dupont
branch are Luther E. Shreinar, vice
president; w. G. Baden and Henry S.
Wattles, assistant cashiers. The Penn
sylvania avenue and Twentieth street
office is managed by Ernest GerstenbHrg,
vice president, while the Brockland
branch remains in charge of j. L.
Sherwood, vice president, and William
H. Martin, assistant cashier. The
officers in the Merchants who were as
sistant treasurers are now designated
rs assistant cashiers.
Largest Directorate in City.
RxHl-- 1.nr 1or roe&
board of directors of any banking in
stitution in the city-49 members. The
combined board is made up Of DR..
Charles G.. Abbot, Byron S. Adams,
Harry E. Allen, E. c. Baltz. DR.. Noble
p. Barnes Lester A. Barr, w. F.
Brenizer, Walter A. Brown, William j.
Brown. Harry r. Carroll, John H.
Clapp A. L. Clark, William Knowles
Cooper, John T. Crowley, John Dolph,
Peter M. Dorsch, j. Joseph Drury, P. A.
Drury. William John Eynon. DR.. Mark
=. Finley, Charles E. Galliher, William
@. Galliher, Isaac Cans, Fred S. Gich-
ner. william F. Ham, George w. Harris,
William A. Hill. C. Francis jenkins,
Harry King, Wilton ]. Lambert. William
Z Leahy. Ralph w. Lee, Arthur d.
Marks, Dr. J. E. Mitchell John L. New
bold, Alvin L. Newmyer, Daniel j.
O'Brien, Frank O'Hara, John Poole, Jo-
seph A. Rafferty,, DR.. James Brown
scott. James F. Shea, Lewis M. Thayer,
Leon Tobriner, George E. Walker. l..
Perry West, DR.. Charles S. White, Lloyd
3. wilson and John zanier.
Only one other bank In washington
has more branches than this tnstltu-
ton obtains through the merger. In
addition to the main office the Riggs
National maintains six branch ofhces.
The American Security g. Trust Co.
operates four branches in addition to
the main Office, the same number as
this new bank has.
The merger, which went into effect
today, was the first that has taken
place here since the Continental 1Iust
Co. united with the Commercial Ma
tional several months ago. 1t Is in line
with steps taken in so many ether cities
which are bringing about fewer and
bigger banks. 20 W. ..,,..
Dairy Stock to BE Redeemed.
The entire issue of Chevy Chase
Dairy Z per cent preferred stock is 20
be redeemed December /, according TO
action taken by the board of directors
at O special meeting. The outstanding
issue consists of 5000 shares OF stock
having q par value Of 100 and the issue
Is to Be redeemed at lot per share and
accrued dividends up to December i:
The announcement says tnat Ine
stock will be redeemed at the Riggs
National Bank in this city on presenta-
ton Of the certificates. Holders OF stock
of record on october 80 are to receive
special notices Of the redemption plans
and the transfer books will be finally
closed on November 20. Shareholders
should bear in mind that all interest
stops after December ].
The issue has been listed on the
Washington Stock Exchange ever since
It was put out some three years ago.
The last sale was made at los, the STOCK
being quoted yesterday at LOG bid and
ITO asked The notice Of the calling
of the issue states that the preferred
stock will be redeemed with the cor
poration's surplus funds.
The officers are Raymond j. Wise,
president and treasurer; Spencer L.
Wise, vice president, and Bernard M.
wise, secretary. The Offices are at 3206
N street northwest.
& Friday Sees Lower Prices.
ct fhink there is no use whatever OF
our dece!ving ourselves on this whole
question Of what is going to happen TO
commodity prices over the next decade.
says David Friday in Trust Companies
Magazine. THE competition Of farm
ers has driven prices down, just as
competition drove prices down in Eng
land during the 70s and COS. We are
going to have a driving down of agri-
cultural prices through the competition
of farmers with each other. In indus
try We are going to have continuous
forcing down of the price Of those COM
modities which are produced by mines
and manufacturers. because from day
TO day and from year TO year the proc
esses sof production are improved ire
mend6usly. Do you not see that 1t
cannH be otherwise in this price
mattex?"s
Cleaned in Financial District.
The. American Fire Insurance Co. of
the district Of Columbia, Sill Seventh
stree tsnorthwest, paid an extra dividend
of ger cent today to stockholders OF
record october IS.
The Washington Gas Light Co. paid
the regular quarterly dividend of go
cents . share today to stock OF record
October 20.
The National Savings g. Trust Co.
IcuartSfly dividend Of per cent was
paid today to shareholders of record on
Octoher 81.
The Washington Loan 81 Trust Co.
also disbursed a quarterly dividend to-
day OTIS per cent TO stockholders Of rec
ord OF, October "a.
John w. Pole, controller of the cur
fencys@approved the merger OF the Fed
eral- american and Merchants Bank q
TruStECo. yesterday. to take effect at
the close OF business on that date.
Average call money renewal rate IN
October was per cent, as against 220
per cent In September and $3.50 per
III