Evening star., 1933-05-02

ber banks of all
hoarderS who had
not tran Sferred
their treasure to L. e. Sbonts
the banks, or 10
Government vaults. by May L. At that
time over S30.000,000 was brought out
of hiding in the fifth reserve district
and put back into circulation.
II developed that good many de-
POSTERS in Washington banks had gold
in safe deposit boxes, the largest
amount brought to light by any one
individual totaling s500000. In the
past few days, however. bankers say
very little gold has made its appear
ance in local banks or at the Treasury.
Shonts Adding Machine Official.
L. C. Shonts formerly of this city,
widely-known patent attorney, has been
elected vice president of the Burroughs
Adding Machine Co., in Detroit. For
some time. up to last March, Mr..
Shonts had been a member OF a
Chicago law firm.
A native OF Iowa, the new vice presi-
dent graduated from Iowa State College
in 1908. He lived in Washington sew
eral years while an examiner in the
United States Patent Office, leaving the
Patent Office to enter the practice of
law for himself.
When the World War broke out, he
enlisted as a private and became an
artillery captain in France. Later he
impliment company and had been a
member of the board of directors of the
Burroughs Co. since October, 1882.
Nominees elected as delegates to the
annual convention, American Institute
of banking at Chicago, June II to is.
by Washington Chapter are as follows:
Paul J. Seltzer, Alfred w. Sherman,
Frank NJ. Perley. William A. Cady.
James C. Dulin. jr.; B. Bruce Frantz,
Donald Mowbray and Henry F. Kimball.
American Security g. Trust Co.; Robert
H. Lacey, Columbia National Bank;
Walton L. Sanderson, Federal al-American
National Bank & Trust Co.; Mrs. Ger
trude Wick, Liberty National Bank:
Anne P. Crawford. McLachlen Banking
Corporation; S. Winifred Burwell Ma
tional Metropolitan Bank William Russ,
Munsey Trust Co.: Anne Sullivan. Nor
riS Plan Bank; Raymond L. Weber, Ma
tional Savings & Trust Co.: Constance
D. Fogle, George Dagenias. I. j. Roberts
and Robert Poole. Riggs National Bank;
Joseph r. Fitzpatrick and Stuart Ogil-
vie. Second National Bank; T. Hunton
Leith, Security Savings g. Commercial
Co; Rose Royce, Mabel Royce and Will
liam Laughlin, Washington Loan q
Trust Co.; J. Earle McGeary. Robert E.
Phelps and John NJ Christy, w. B.
Hibbs g. Co.; E. w. Schreiner. Alice
Whitton and Robert Whitton, First Ma
tional Bank Alexandria; Valentine w.
R. Smith. Citizens National Bank, Alex
andria; Mrs. Veda Richards and c. VIM
Mccormack, Office of the Controller Of
Currency, Reconstruction Finance Corp
Grafton.
Accountants Hear National Officer.
The quarterly meeting Of the District
of Columbia Institute of Certified Pub
lie Accountants, held at the Racquet
Club on Saturday evening was address,
ed by Ralph w. E. Cole of Los Angeles.
president Of the American Society of
Certified Public Accountants.
Mr.. Cole pointed out the growing
recognition OF the work Of the inde-
pendent accountant and emphasized the
Importance of his duties. especially In
the light of pending legislation on the
issuance and control Of securities offer
ed to the public.
Representatives of the New York Life
Insurance Co. from Washington, Balti-
more, Philadelphia and New Jersey held
a meeting at the Carlton Hotel here to-
day at which the speakers were Fred S.
Munsell, inspector of agencies from
Philadelphia, also Agency Directors
Harry Kinks of Baltimore, r. A. Helm
sohn and Frank Nusbaum Of Phila-
delphia. About 10 insurance agents
were present, half of whom were from
Washington. Another similar meeting
will be held in Philadelphia later in
the week. Delegates from wash
ington to attend that meeting will be
Earl P. Warheld, Herbert johnson.
Louis Fenik, Sidney Simon and Agency
Director E. D. Krewson.
Carmi Thompson Made Chairman.
Carmi Thompson of Cleveland,
Treasurer of the United States under
President Taft, has been elected chair
man of the board of the Fidelity In
vestment Association and the Fidel AS
soclation. the Washington office an
nounced today. The election OF Howard
Sutherland to the presidency OF the
Fidelity Associations was made pubic
last Saturday. Arthur B. Koontz OF
Charleston. w. Va, will serve as senior
vice president.
State and municipal financing
through the sale of bonds in April
amounted to only slightly in excess
of 100000 900, excluding loans nego-
tiated with the Reconstruction Finance
Corporation. In March loans placed
with the public aggregated $l3 800, 900.
For the first four months Of the year,
the total of new issues, including all
R. F. C. advances. shows an abrupt drop
in comparison with the corresponding
period in 1882.
Capital Traction stock improved on
the Washington Stock Exchange today
when IS shares changed hands at ga,
a gain of "a since the last previous
sale. The better showing in March
than in February has been noted, while
another factor now being considered
is the saving of over 100000 during
the coming year by the recent adjust
ment in wages. The stock closed today
with 6ia bid and 8 asked.
Potomac Electric Power 51a per cent
preferred stock sold tooay in small lots
at 1861. Washington Gas Light stock
figured in an 11-share turnover at SO,
up point from the last previous sale,
while a single share of Norfolk & WASH
ington Steamboat Co. stock came out
at 81.
Heard in Financial District.
General Motors Corporation has de-
clared regular quarterly dividends OF
IS cents on common stock, payable June
II to stock of record May IL, and regu-
lar quarterly dividend of $1.25 on the
IS preferred stock, payable August to
stock of record July 10.
North American Aviation Inc, fol-
lowing the recent reorganization, has
announced a complete list of the direc-
tors. Among them is Eugene E.
Thompson of this city. who now con-
ducts an Investment business in the
Shoreham Building.
The First National Bank Of West
minister, Md, has just reopened on 100
per cent basis, recent reorganization
having been completed. The banks
capital structure Is now made up of
100000 in preferred stock and $125,-
900 in common stock.
Provident Mutual Life Insurance Co.
directors voted yesterday to continue
the present scale of policyholders divi-
dends throughout the present year, the