Evening star. [volume] (Washington, D.C.) 1854-1972, 1937-04-13

dent; Harold w.
Burnside, secretary; Harry L. Selby,
treasurer, and Mrs. I. B. Arendes as
sistant secretary. The board of direc
tors consists of P. F. Carr, A. L. Hay
cock, j. Leo Kolb, jr.; DR.. Robert E.
Layton and George A. Scheele,
Founded in 1883, this building and
loan association is now 81 years old.
At the annual meeting President
Nordlinger reported to the directors
that the year just closed had been
the most successful in every way in
the history of the company
Preston Starts Sixth Year.
Ord Preston, president of the Union
Trust Co., started his sixth year as
head of the trust company today,
having been elected to the position
on April IL, 1882, and assuming his
duties the next day. He succeeded
the late E. J. Stellwagen, who was
made chairman of the board at that
time.
Mr.. Preston is third vice president
Of the District Bankers Association
and has been an active Washington
business man for many years. AL
though born in California as the son
of an Army officer, he soon came
East and obtained his education at
Andover Academy in Massachusetts
and Yale University, where he OBJ
tanned B. A. degree in 1899
From New Haven he went to New
York and became connected with a
oil -; ~,
both a banking and brokerage bust
ness. He left his New York position
and moved to Washington in 1911.
He became a director in the Wash
ington Gas Light Co., was elected
vice president in 1923 and a year
later was chosen president of the
company.
When elected president of the IN
Ion Trust Co. Mr. Preston had been
on the Board of Directors for about
20 years and had also served for
long time on the Executive Commit
tee. He is member of the Episco-
pal Church, treasurer of the Church
Orphanage Association and has rem
dered highly valued service to the
Instructive Visiting Nurse Society,
as we'll as to the Community Chest.
His club memberships include the
Metropolitan, Racquet and Chevy
Chase, Yale Alumni Association and
University Club of New York.
Akre Wins Oratory Trophy.
Charles T. Akre, Riggs National
Bank, won the public speaking contest
rnrSl1rfeH hIv
American Institute of Banking, last
night at chapter headquarters, cap
turing the bank presidents cup which
he already has in his possession as
he won the same contest a year ago
Roland T. Carr won second place,
j. George Degenais, third, and Louis
E. PurneL, fourth, all three being
from the Riggs National. The winner
of first honors has not taken enough
courses in the institute to allow him
to compete in the regional contest at
Charleston, w. Va, on May so this
honor falls to Roland T. Carr These
preliminary contests are forerunners
of the national contest for the A. P.
Giannini prizes which total $1,000
Others taking part in last nights
contest were Stephen o. Porter, Riggs;
Louis A. Briggs, Riggs; Miss Frances
Hart, E. A. Pierce & Co.; James B.
Ahalt, City Bank, and Ralph H. Nit
tendorf, American Security & Trust
Co. The subject was, us the Decline
in the Proportion of Commercial Loans
to Deposits Permanent Condition
and Why"
The judges were Maurice D. Rosen-
berg, president of the Bank of Com
merce & Savings; DR.. Wood Gray,
George Washington University, and
Judge Harry F. Kennedy of Alexan-
dria. Wallace e. Schreiner, chairman
of the Public Speaking Committee,
presided, all the speakers being &C
corded ovations.
Land Bank Will Call Bonds.
W. I. Myers, governor of the Farm
Credit Administration, announced to-
day that the Federal land banks have
decided to call part of the Al per
cent bonds, dated May l, 1927, for
payment May l, 1887. That part of
the issue which is called will be re-
deemed in cash, and there will be no
refundi1g issue. These bonds are of
the series dated May l, 1927 and
callable in 10 years, maturing in 80.
A fiat assertion that the admins
tration has not changed it's fiscal or
monetary policy and has no change
in mind was made yesterday by Sec
rotary of Treasury Morgenthau.
d. c. Exchange Is Active.
National Savings g. Trust Co. stock
sold at 165 on the Washington Stock
Exchange today, and National Capital
Bank appeared on the board at 145.
Washington Gas moved at 821a. Capt.
tai Traction SIS came out at SO, and
there were many other bond and stock
sales around recent levels.
Y. E. Booker, member of the board
of governors of the Investment Bank
ers' Association, will attend the an
nual Spring meeting May to u at
Hot Springs, Va. In addition to the
boards 40 members, members of
many national committees and former
association officers will be present.
Next to the annual session, it is the
years most important meeting
A pamphlet tabulation just issued
by Lazard Freres g. Co., mc lists
800 callable railroad, public utility
and industrial bonds OF general market
interest, bearing AZ per cent, per
cent and higher coupons which have
sold over their call prices this year.
Daily average sales of variety stores
for March were about 20 per cent
higher in dollar volume than for
March, 1885, according to the De-
partment of Commerce. The total
value Of sales for the first quarter
of the year was about 10 per cent
above that for the same period OF
1886.
City Bank Now 81 Years Old.
The City Bank, with head Office at
Ninth street and Mount Vernon place
will complete 81 years of banking
service tomorrow. Clarence F. Bur