Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-03
P. A. DRURY QUITS
HIGH BANK POST
Resigns as Chairman of
Board of Merchants'-WiII
Remain Director.
BY EDWARD c. STONE.


about IS years actively connected with
the Merchants Bank e. Trust Co.
Fifteenth and H streets northwest, has
resigned his position as chairman of the
board Of directors.
He rendered his resignation at q
meeting of the directors held late yes
terday afternoon, giving as his reason
therefore, that he felt that he must
have more time to attend to his per-
sonal business affairs and be freed
from the details of banking.
Mr.. Drury remains a director in the
Merchants Bank and it was announced
today by President Rolfe E. Boiling that
the retiring chairman is also holding
his stock in the institution.
Mr.. Drury has unusually large per-
sonal business interests. He owns the
Southern Building in which the Mer-
chants Bank g. Trust Co. is located,
has beautiful Summer estate at Blue
large number of minor business mat
ters that require his constant attention.
About a year and half ago, on the
advice Of his physician, Mr.. Drury re-
signed as president of the bank and
Mr. Boiling was elected to succeed him,
being advanced from the vice presi-
dency. Mr.. Drury made this move to
get away from the details. Since that
time however, his friends have still
insisted on taking up their bank mat
ters with him personally so that he
got very little business relief by becom-
ing chairman Of the board.
Long Service Appreciated.
At yesterdays meeting the board ac-
cepted his resignation with regret and
expressed great appreciation of his long
and faithful service. They also ex-
pressed qualification when he consented
to remain president of the banks
finance company.
Mr.. Drury who is now over 65 years
old, has had a long and successful
career as a Washington banker. He
organized the old Merchants g. Me-
chanicS Bank of Washington in 1904,
and served as president until 1906. He
then organized and was made president
o. the National City Bank of Washing
ton being at the head of that institu-
ton until 1916, when he organized and
was elected president of the Merchants
Bank, which became the Merchants
Bank & Trust Co., on April 2, 1922.
Mr.. Druary always has been consid-
cred a sagacious business man. While
president of the Merchants Bank he
built up the banks deposits to the neigh
borhood of S1o,00o.000 This was about
two years ago, quite while before the
crash in the New York stock market,
which lowered the deposits in the banks
all over the country.
It was announced today that Mr..
Drury will still retain an Office at the
kank so that he will continue to be IN
touch with the financial district. The
directors decided not to fill the position
of chairman of the board, which was
created especially for the veteran bank
er, when he gave UP the presidency.
His retirement from the Craftsmanship,
effective today, will cause much surprise
in the Street as he had made no adj
vance announcement Of any such in
tentions.
Bliss on Metropolitan Board.
Election of Louis Denton Bliss, presi-
dent of Bliss Electrical School, to the
directorate of the National Metropolitan
Bank was announced yesterday. Mr.,
Bliss was born IN Newnurg; N. y, IN
1871. and completed his education IN
Columbian, now George Washington
University, in this city. He founded Bliss
Electrical School in 1898, and has di-
rected its educational work for SO years.
He was member Of the town council
of Takoma Park, Md, 1920-1921, is a
life member of the National Association
Of Stationary Engineers, fellow Of the
American Institute of Electrical Engt-
neers, an associate member of the Edi-
son Pioneers, a member of the Cosmos
Club and Takoma Park Citizens ASso-
citation and a past president of the Fed
Grated School Mems Club. Mr.. Bliss is
the author of Theoretical and Practical
Electrical Engineering" a two-volume
work in its third edition.
Insurance Educator in City.
DR.. S. S. Huebner, professor Of in
surance, University of Pennsylvania,
Gnd education adviser Of the Massachu-
sets Mutual Life Insurance Co., is
holding an all-day session at the Wash
ington agency Of that company. This
meeting is being attended by Massachu-
setts representatives from Virginia and
West Virginia.
DR.. Huebner is a nationally known
ngure in life insurance and his serv-
4ces as a speaker are in constant de-
mand by Chambers of Commerce, un-
derwriter associations and business
gatherings throughout the country.
The Washington agency Of the COM
Rany is experiencing a most prosperous
year. its business to date for 1880 be-
ing 1S per cent in excess Of the same
period for 1929.
Trading on ID. G. Exchange.
In the last session on the Washing
ton Stock Exchange until next Monday,
trading was dull. Steamboat rights
sold at 1915, Mergenthaler moved at go
Potomac Electric Power per cent pre-
ferred at Ill and Ill.,, Capital Trac-
ton at $50. Washington Gas and
Railway 81 Electric bonds were the only
issues figuring in the days sales.
Heard in Financial District.
Deposits in the Union Trust Co. were
1861 sol 80 on June 30, the date ot
the last CALL against S8,476,25587 or
the previous call of March 81, 1880, OF
an increase of SITS, 245.i5. Through al
error in yesterdays paper, the bank was
not given credit for this substantial
gain.
1t is now indicated that the banks Of
Washington will show a gain Of vel
above 100000 on the call Of June 81
compared with the figures of the March
q call. The increase is most gratifying
10 local bankers.
The Federal Reserve Bank Of Boston
has cut rediscount rate Of per cent
from 8 Z per cent; Philadelphia Fedora
Reserve Bank has reduced the rate Il
3lz per cent from 4 per cent.
Corcoran Thorn president Of thu
will serve as chairman of the com
munity Chest Budget Committee, &C
cOrding TO announcement yesterday b.
John Poole, president Of the Chest.
II should be remembered that all tn
banks in Washington will be closet
saturday as well as tomorrow, makini
period of three days in which NJ
money can be drawn at the pay win
5ows.