Evening star., 1936-12-15


Harry G. Meem, president of the
Washington Loan & Trust Co., began
his sixth year yesterday as head of
the bank Elected to Office on Decem-
ber IA. 1881, he succeeded the late
John B. Larner, one of the founders
Of the company and president of the
institution for many years.
Mr.. Meem has been connected with
the bank for more than four decades
From bank runner to the presidency
Is the story of his association with
the trust company. He was assistant
treasurer, treasurer and vice president
as he climbed the ladder. During the
World War Liberty Loan drives he
was one of the most active bankers IN
the city in pushing sales and sub
scriptions.
Mr. Meem was born in Georgetown,
where the family had resided since
l756. Peter G. Meem, his father, was
an official in the Farmers & Me-
chanics' Bank in the early days of
that institution, this being considered
the chief reasons why the son wished
to become a banker. Mr.. Meem is a
director in several important business
organizations member of the Chevy
Chase Club, Archaeological Society and
the National Geographic Society.
Chevy Chase Bonds Offered.
AFolger, Nolan g. Co., American Sc
curity Buiriing, offered new issue
Of S350,OOO Chevy Chase Club first
mortgage A.. per cent bonds today.
The new bonds, dated January /, 1887,
are due January l, 1857. The bonds
were priced at 102 and accrued in
terest.
The Chevy Chase Club filed the
usual registration statement with the
Securities and Exchange Commission.
incidentally, the club was the first Or
ganization of the kind in the United
States to register a new bond issue
with the commission.
1t was understood in the financial
district that there was a lively de-
n1and for the new issue. The net pro-
ceeds are to be used to pay off pres
ept outstanding issue of S341, 900 Chevy
Chase Club 5la per cent bonds which
have been called for redemption on
January l, 1887, at 102 and accrued
interest. This step was taken by the
club managers to obtain the lower
money rates now prevailing.
H. Prescott Galley, president of the
National Savings & Trust Co., is
president of the club, having been re-
elected for his seventh term only yes
terday. He has been on the board of
governors since 1917. Naturally, he
had much to do with the present re-
funding operations and the new issue
brought out by Folger, Nolan g. Co. as
underwriters.
The National Savings &, Trust Co.
is acting as trustee for the bonds and
the American Security & Trust Co. as
registrar. The bonds are being put
out in denominations of $1,000. They
are direct first lien on all the prop
critics now owned by the Chevy Chase
Club.
Heard in Financial District.
Cumberland, Md, has awarded
100000 food bonds to Halsey, Stuart
& Co. on a bid of 104.044 for 21as.
The bonds are dated January !, 1887,
and due 1947 to 1850.
Retail sales in the first 10 days Of
December averaged 10 per cent better
than last year in other parts of the
country. reports state. 1t is believed
by merchants here that sales are
making a still better showing.
Capital Traction SIS again sold at
90 on the Washington Stock Exchange
today, but closed at 92&. Capital
Transit stock came out on the board
at 13k on a small turnover.
Riggs National Bank common stock
changed ownership at 1924, up u
from the last previous sale. The high
for the year is 325. Other bid anc
asked prices were UNCHANGED.