Evening star., 1935-11-19
BANK TO RETIRE
SS7,0D0OF BONDS
Anacostia & Potomac River
Issue Purchased at
Around 81 Mark.
BY EDWARD C. STONE.

River r. R. per cent first mortgage
gold bonds, due April /, l949, is about
to cancel blocks of these bonds in the
approximate amount of $357,000, it
was reported in the financial district
here today
The bank asked for tenders on the
bonds some weeks ago, stating that 80
would be the maximum price paid.
Many more than the desired number
of the bonds we're offered. The Balti-
more bank opened the tenders yester-
day and bought the bonds at an aver
age price of about 81.
BY purchasing the bonds under par
the bank was able to retire more than
the original $3250o worth, it was re-
ported here today. This action re-
duceS the total bonds outstanding
from $2,451,000 TO about S2,094,000,
thus strengthening the position of
Capital Transit Co. issues and making
Anacostia remaining bonds more valu-
able.
The Anacostia bonds are widely
held by Washington investors. The
issue is listed on the Washington Stock
Exchange and has sold as high as 94
during the year. There was great in
terest here as to the number of bonds
that would be offered at 80 or lower.
The bank asked for bids in the news
paper advertisements and by postal
cards sent to many of the present
holders
Reserve Directors Elected.
w. w. Hoxton, chairman of the Fed
eral Reserve Bank of Richmond an
nounced today that L. E. johnson,
president of the First National Bank,
Anderson, W. Va. has been elected by
the banks in group as a class "a"
director to succeed himself. his pres
ent term expiring on December 81.
There were two candidates in the field,
the other being w. NJ. Talbot of Hot
Springs, Va.
1t was also announced that Edwin
Malloy president and treasurer of the
Cheraw Cotton Mills, Inc, CheraW,
s. c.. was elected by the banks in
group 2 as class B director to sue
ceed himself. He was the only nomi-
nee by the banks in this group which
includes several Washington inStitu-
tions which are members of the Rich
mond Reserve Bank.
Each director was chosen for term
of three years from January l next.
the announcement states
Bankers to Honor Associate.
Charles H. Doing, president of the
District Bankers Association, today
appointed local bankers to represent
the organization at the funeral of John
M Riordon for many years executive
vice president of the Bank of Com
merce g. Savings. with which he had
been connected for the last 25 years.
They are Maurice D. Rosenberg,
president of the Bank of Commerce
& Savings; Victor B. Deyber, president
Of the Second National Bank. and
Howard Moran. vice president of the
American Security & Trust Co. Presi-
dent Doing stated that he would also
attend as representative of the
association.
Brief services will be held at $50
am. tomorrow at the j. William Lee
& Sons funeral home. followed by
church services at st. Peters Catholic
east. with burial in Congressional
Cemetery. Mr.. Riordon was deeply
interested in his church, and years ago
gave many talks in the parochial
schools on the subjects of banking
and thrift and the value of savings
accounts.
Bankers to Discuss Bylaws.
The monthly meeting of the safe
deposit section of the District Bank
ers' Association will be held in the
board room of the American Security
Il Trust Co., tomorrow evening, be-
ginning at s o'clock At this time
the matter of amending the bylaws
OF the section will be voted upon all
delegates being urged to attend.
The November meeting of the Wash
ington Board of Trade will take the
form of tribute to the new president
of the American Bankers Association,
and last years Trade Board president
The meeting will take place Friday
evening at the Willard, the guest of
honor. Robert " Fleming, being
among the speakers.
Charles H. Doing, president of the
District Bankers Association and an
of1cial in the Washington Loan &
Trust Co. said today that he was
greatly impressed with the interest
shown by the delegates in every matter
under discussion at New Orleans, and
was especially pleased with the size
OF the Washington delegation.
Building operations in the fifth dis
trict continue to show marked i'm
provement. Permits issued in October
amounted to S5.090,773, compared
with $3,872,924 in October of last year.
This is more than a 80 per cent gain
and is in line with other monthly
advances since early Summer.
Emerson Votes for Merger.
Stockholders of Emerson'S Bromo-
Seltzer, Inc, meeting in Baltimore,
approved the proposal to merge with
the Emerson Drug Co., the consolida- |
tion being under the name of Emerson
Drug Co. The directors of both COM
panies had already voted for the
merger. EmerSon's Bromo-Seltzer "a"
stock has been listed on the WASH
ington Stock Exchange for several
years.
Emersons Bromo- -Seltzer was incor-
porated October 8, 1929, to acquire
and hold substantially all stock of the
Emerson Drug Co. and Maryland Glass
Corp. The drug company owns and
operates a manufacturing plant in
Baltimore and branch factory in
Toronto, Canada. 1t also controls the
Citro Chemical Co. of America at
haywood, N. ].
The holding company has outstand-
ing 98,849 shares of per cent cumu-
lative preferred, 50,560 shares of class
A common and 625,040 shares of class
B common. The majority of the class
B stock is owned by the management
Today's Trading on Exchange.
Washington Gas SIS, 1860, were