Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-06-10
CHEVY CHASE BANK
ELECTS WALKER
New President Succeeds
Late Frederic E. harrington.
Dividend Is Declared.
BY EDWARD C. STONE.

man. who was long prominent in Wash
ington business circles, has been elected
president of the Chevy Chase Savings
Bank, to I'LL the vacancy caused by the
sudden death of Frederic E. Earring
ton, which occurred a few days ago.
Mr.. Walker is returning by motor from
the District of Columbia Bankers As
ISOLATION convention at AsheVille. N. C.,
and will assume his new duties at once,
having already been notified by wire
of his election.
Mr.. Walker has been connected with
the Chevy Chase Savings Bank since
shortly after the bank was organized
in 1922, serving as a director OF the
institution and as member OF the
executive board The bank has grown
rapidly during that time and no di-
rector has been more pleased or active
in endeavoring to keep up the steady
expansion.
For IS years, Mr.. Walker, who is a
native Of Washington, was engaged in
the grocery business, after which ne
entered the real estate business as an
investor He decided about 10 years
ago to retire from active business. His
willingness to enter the business harness
again, this time as q banker, pleased
the other directors very much.
He is a former president of the Co.
lumbia Country Club serving in that Of
fice four years, and is a member OF the
board of governors of the Racquet Club.
The other officers associated with him
in the bank are Thomas w. Perry, first
vice president Joseph A. Burkart, sec
ond vice president; j. E. Troth, third
vice president and cashier, and w. A.
. Weaver, assistant cashier.
At the directors meeting held last
night the board declared the regular
semi-annual dividend of per cent.
Dividends and Earnings Reports.
The board of directors Of the Bank of
Commerce & Savings has declared the
regular semi-annual dividend of 5 per
cent, payable July / to stockholders OF
record June 20.
At the meeting of the directors of
the Federal Storage Co., held late yes
terday. the regular quarterly dividend
of 2 per cent was declared on the pre-
ferred stock. The disbursement is pay
able July Is to stockholders of record
June 80, Z. K. Morris, the president,
announced today.
Peoples Drug Stores Inc. report
sales for May of $1,445,175, compared
with $l,226,404 in May 1929 an in
, crease of $l78,77l, or 141 per cent
For the five months ended on May 81
sales were $6.887, 3S5, compared with
$5,855,2T6 an increase Of 81 ,032, 082, or
176 per cent.
The David Fender Grocery Co. re-
ports sales for May OF $1,429,080, COM
pared with $1,31S.056 in May, 1929, an
increase of $110,024, or 8.S per cent.
For the five months ended on May 81
sales were 1851 ,267, compared with
S6,293,625, an increase of $337,642, or
So per cent.
American Stores sales for four weeks
ended May 81, 10,s27 .956, decrease
- I'd.
weeks ended May 81, increase Of l per
cent.
Bond Men to Elect Officers.
The annual meeting and election of
officers will be one of the features of
the Washington Bond Clubs annual
outing which takes place at the Burn
: ing Tree Club next Friday afternoon
and evening More than 100 high
pressure bond experts and their friends
are expecting to attend Delegations
are coming from Baltimore and from
Newark, n. j., 1t being the intention
& of some of these visitors to take some
golf prizes back with them. Local
members have been asked to play early
In order to be ready for the dinner,
election and several entertainment fea-
lures TO follow.
Franklin Ellis Is president Of the
club, Sidney Thomas, vice president,
and L. M. Proctor secretary-t
The club reports an unusually success
full year.
Member Banks Loans Increase.
The Federal Reserve Boards condi-
ton statement of weekly reporting
member banks In leading cities on June
shows increases for the week of $751;
000.000 in loans and investments, and
&245 900, 900 in net demand deposits
and decrease of $23,000,000 in Gov
eminent deposits.
Loans on securities, which at all re-
porting banks were S1S4, 000, 900 abo~~
the preceding weeks total, increased
$l87, 000,0 900 in the New York district
$13,000,00 in the Chicago district, and
gil ,000,0 900 in the Cleveland district
and declined Sill ,O00, 900 in the Boston
, district, $4,000, 600 in the San Francisco
district and 100000 in the st. Louis
100000 in the Philadelphia district
100000 in the New York district
100000 in the Boston district anc
&1S,000,000 at all reporting banks
Cleaned In Financial District.
The dean of Washington stock brok-
ers, w. B. HibbS. Of w. B. Hibbs &
Co. returned to Washington YESTERDAY
after spending the past month on 3
trip to the Far West. During his toul
the Washington broker spent some time
visiting his old friend, Samuel J. Blythe
at his home at Monterey and also
visited San Francisco and other Pacific
Coast cities.
Eliot H. Thomson of the Washington
Loan & Trust Co. will be the principa
speaker at the regular monthly lunch.
con of Baltimore bankers today. Mr.
Thomson has been asked to speak or
the subject of COOPERATIVE AdVertiS
ing and Its Advantages"
The offering Of Treasury certificate!
in the amount of $500 900 900 has beer
three times oversubscribed.
Heavy Trading on Exchange.
The Washington Stock Exchange en-
joyed a busy session today, the mar
ket leader being Mergenthaler Linotype
This stock opened at 1003s and closeC
at 100 on a turnover of la shares IL
about IL different transactions.
Capital Traction closed at 6634 OF
q very small turnover. 1t Is believet
among members of the Stock EXchang
that the court ruling in the Capita
Traction case will be handed down II
the near future. perhaps within tn
next fey days. The case has been pend
Ing a long time and holders of tn
EtC-k are intensely interested in tn
corning cour, decision.
Washington Gas Light stock appeare,
on the board today, five shares sellin
at l2S. Potomac Electric Power 81
per cent preferred moved at lot an
i0TA. In the bank stock division 2
: shares of Security Savings Il CONNER
: cial sold at 482 and 10 shares of Rigg
National registered ABS, and thre
shares of Merchants Bank & Trust sol
at 1875.
!. Fifty shares Of Real Estate Mortgag
e. Guaranty preferred sold at Z,
shares Of Carpet Cooperation at 24l
tuO hlOrl+c IF
IS Mor,g gage a. Investment preferre
. changed hands at 41a Washingto