Evening star., 1936-11-20
CHIEFS RENAMED
BY MERGENTHALER
McKenney and Myers Given
New Terms on Board;
Dodge Re- elected.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Frederic D. McKenney and George
Hewitt Myers, both of Washington,
were reelected directors in the
Mergenthaler Linotype Co. at the an
nual meeting of the stockholders just
held in Brooklyn. Mr.. McKenney also
being renamed vice president and
general counsel.
Norman Dodge was reelected chair
man Of the board, the other members
being Ogden L. Mills, Ogden M. Reid,
Albert H. Sawyer, Joseph T. Mackey,
Roy c. Gasser and Victor E. Walker.
At the organization meeting Joseph T.
Mackey was again made president;
William w. Welsh, secretary, and
George L. Schwanger; treasurer.
As announced two weeks ago in the
annual report for the fiscal year
ended September 30 net earnings
totaled $637, ,451, in comparison with
only $36,161 in the previous year.
This was equivalent to $3.50 share.
against IA cents share year ago.
Mergenthaler stock is listed on the
Washington Exchange and got up as
high as 81 at the time the annual
report was made pubic. 1t is now
selling around $54 and SIS share,
both here and in Boston, where it is
also listed. The years showing made
q most favorable impression on the
many shareholders in the Capital.
ID. c. Bank Clearings UP.
The Washington Clearing House re-
ports that clearings for the week
ended November Is totaled $25,116,-
227.16 as compared with $20,648,-
1894 in the corresponding week a
year ago, or an increase of 21.6 per
cent. Bank clearings in the Capital
also increased 607 per cent over the
previous week. the report adds. Clear
ings in Baltimore we're up more than
% per cent and Richmond clearings
climbed 10 per cent above the same
week last year.
The Commercial Credit Co. of Bal
timore, in which many Washing
tonians are stockholders. has declared
the regular quarterly dividend of 50
q share and an extra or special divi-
dend of 50 per share on the common
stock and the regular quarterly divi-
dend of s1.06A per share on the
cumulative preferred stock All di-
vidends are payable December Is to
stockholders of record November 80.
For the first time in five years, says
the New York Stock Exchange Bulle-
tin, the volume of new corporate
financing has increased enough to
bring it into normal relationship with
stock market activity. This is hope
full and important, comments the
Wall Street Journal, because the
money which corporations receive
from the sale of new stock and bonds
Is largely spent for rebuilding and
expanding plant and equipment. The
expenditure of this money accordingly
provides employment in the construc-
tion and heavy goods industries.
Bank Section Meets Tonight.
The safe deposit section of the Dis
trict Bankers Association will hold
the regular November meeting this
evening at the board room of the
American Security g. Trust Co. at
O'Clock, Chairman John F. Hillyard
presiding.
Thomas J. Groom, first vice presi-
dent, and Ord Preston, third vice
president Of the District Bankers
Association, attended the first Fall
forum Of the American Institute of
Banking. Several other senior bank
officers were also present.
Hilleary G. Hoskinson and Fred
erick P. H. Siddons have been doing
yeoman work among the banks in
behalf of the Community Chest cam
paign. Latest reports indicate that
the banks have responded generously.
The Federal Reserve Bank of Rich
mond notified member banks today of
another $50,000 offering of Treasury
bills to mature on August IS, 1897. |
The bills are offered under the usual
Treasury rules.
Grocery Sales on Increase.
The Department of Commerce re-
ports that daily average sales of gro
cery chain stores for October showed
an increase of about per cent in
dollar volume. compared with Octo-
Der, 1885. Average daily sales for the
cent above the same period in 1885.
The Bureau of Agriculture Econom-
les announces that Thanksgiving din
ner will cost less money this year on
account of lower prices of turkeys and
poultry, how much lower varying with
quality and markets. Turkeys are
about cents pound lower than at
this time last year and poultry about
3 cents lower.
Washington bank clerks have al
ready begun the work of drawing
checks for the payment of about
S6,0o0,000 in Christmas savings club
funds which will be paid out to more
than 10000 club members within the
next two weeks. The 1887 clubs will
be started December l so that present
members can redeposit some of their
savings In the new clubs if they wish
to do so, it was announced in the
financial district today.
Utility Speakers Announced.
The public utility forum at the
twenty-flfth annual convention of the
Investment Bankers Association of
America will shun confusing details
and deal with the fundamental prin-
cfples involved in the relation of Gov
ernment to the electric power industry,
according to Francis E. rockingham,
vice president of Coffin g. Burr, Inc,
Boston, and chairman of the Public
Service Securities Committee of the
association. Mr.. rockingham will
preside at the forum, which will be
held December as one of five similar
round-table discussions of the conven-
tion at August, Ca, December 2 to 6.
Mr.. rockingham also announced
that Charles w. Kellogg, president Of
the Edison Electric Institute and chair
man of the Board of Engineers, Public
Service Co., would address the forum,
completing the list Of outside speakers.
Those previously announced were DR..
Karl T. Compton, president Of the