Evening star., 1932-04-16
MEADOWS HEADS .
RESERVE BANKERS
Stockholders Elect Roanoke
Man President at Session
I. in Virginia Capital.
BY EDWARD c. STONE.

J. Tyler Meadows, president of the
First National Exchange Bank of
Roanoke, Va, yesterday was elected
president of the Stockholders Associa-
ton, Federal Reserve Bank of Rich
nlond, at the associations eighth annual
meeting at Richmond. The meeting was
attended by 16O bankers from States
and the District OF Columbia.
Junius G.. Adams, vice president of
First National Bank of AsneVille, N. C,
was chosen vice president and George
II. KeeSee. cashier of the Federal Reserve
Bank of Richmond, was reelected sec
retary. a position he has occupied since
the association was founded
Newly elected members of the Ad-
Visory Committee for tWo-year terms
are George w. Reed. National Marine
Bank, Baltimore: Joshua Evans, jr..
District National Bank, Washington;
w. H Byrd, First National Bank, Hal
rlsonburg, Va; w. H. Wheelwright,
Charleston, w. Va; D. M. Warren,
Bank of Edenton, at Edenton, N. c.,
and William r. Cely First National
Bank, Greenville, S. c.
Vass on Advisory Committee.
Advisory Committee members holding
over are the chairman. George O. VaSs
vice president Of Riggs National Bank,
Washington S. c. Brittle, vice president
Peoples National Banl, of WarrentOn,
Va. Holmes D. Baker, president Citi-
zens' National Bank of Frederick. Md;
Charles M Cohen. president First Hunt
ington National Bank, Huntington. W.
Va. J. A Stokes, vice president Mer-
chants g. Farmers National Bank,
Charlotte, N. c., and A L. NJ. Virgins,
vice president Bank of Hartsville, at
Hartsville, S. c.
The visiting bankers were welcomed
by w. w. HoXton, chairman of the
board and Federal Reserve agent of
the parent Richmond Bank. H. H
Mckee of National Capital Bank
Washington. and president of the
Stockholders Association, made the re-
sponse. Sam H. Plummer of the First
National Bank of Newport News. Va,
read the report of the Advisory Com
mittee, of which he is chairman.
David Lawrence Speaks.
Then followed addresses by Col.
Julien H Hill, president of the State
Planters Bank & Trust Co, Richmond,
on The Reconstruction Finance Cor
poration"; David Lawrence, Washing
ton, publisher on Current Problems,
and Gov. George j. Seay of the Federal
Reserve Bank of Richmond, on Federal
Reserve Operations"
The bankers discussed business con-
ditions and banking problems in the
area served by the Richmond Reserve
Bank. At las o'clock luncheon was
served at the Commonwealth Club.
Many of the visiting bankers in
spected the facilities Of the Federal
Reserve Bank States represented were
Virginia, West Virginia, North Carolina,
South Carolina. Maryland and the Dis
trict of Columbia.
Phone Report Held Gratifying.
Local holders of American Telephone
& Telegraph Co. stock are pleased with
yesterdays report showing S2.07 earned
in the first quarter against S2.53 in the
same period last year. So many rumors
have been spread about the decline in
earnings, with the possibility of a diVi-
dend cut in the second quarter, that
investors hardly knew what to expect.
1t is evident now that if a cut comes,
it will not have to be drastic.
President Clifford announces that in
the first quarter that the number of
telephones disconnected exceeded those
added by 100000. while the number of
long distance calls were l3 per cent
less than in the like 1881 period Last
year the Western Electric Co. paid the
Bell System $4,000, ,493 in th.a first quar-
ter, against nothing this year, the divi-
dend having been passed. Some of the
other associated companies have not
been earning their full dividends so far
this year, but this does not include the
Chesapeake & Potomac Telephone Co.
which has enjoyed substantial gains in
net. In his letter to stockholders, Mr..
Clifford made these earnings compari-
sons for the first nlarter.