Evening star., 1938-06-28


to Yale where he obtained an A. B.
degree in 1899. After leaving New
Haven, he. went to New York and
started his financial career with a
Wall Street firm which did q banking
and brokerage business.
After three years in New York, Mr..
Preston became interested in the coal
business in Pennsylvania. He learned
lot about the coal industry and laid
the foundation for his later entry into
the gas business. In 1905 he returned
to New York as floor member of
the New York Stock Exchange firm
of c. E. Welles & Co., remaining
there until 1919 when he resigned his
position and came to Washington.
Becoming associated with the
Washington Gas Light Co.. he was
elected director in 1910, vice presi-
dent in 1928 and president in 1924,
resigning shortly before he succeeded
the late E. J. Stellwagen as head of
the trust company. AS president of
the gas company he rendered very
valuable service to the community,
being strongly opposed to the outside
interests which obtained control of
the corporation.
When elected president of the Union
Trust Co., Mr.. Preston had been a di-
rector for about 20 years and had
served a long time on the Executive
Committee. He is member of St.
Johns Episcopal Church, treasurer of
the Church Orphanage Association,
has been deeply interested in the In
structive Visiting Nurses Society, as
well as the Community Chest His
club memberships include the Metro
politan, Racquet. Chevy Chase, Yale
Alumni Association and University
Club Of New York In the World
War Mr.. Preston had distinguished
record in the aviation service.
New Bank Rules Well Received.
Washington bankers consider the
new bank examination and invest
ment rules just announced by Secre-
tary Morgenthau as constructive.
They 90 into effect July /.
Both the valuation and standards
OF bank investments have been re-
laxed. The bank examiners will now
value bonds by their quotations over
considerable period rather than on
the particular days on which the ex-
aminers may be examining a bank
In fact the rules completely eliminate
current market prices as a basis for
such valuations.
The new moving average" method
which will be sused in valuing invest
ment grade bonds is expected by
United States officials to encourage
banks to hold such bonds in falling
markets and to sell them in rising
markets, thus supplying a stabilizing
factor.
While the new relaxations will be of
great benefit to bonds, the changes
will help banks in another direction
by reducing by SO per cent the amount
charged of against capital on ex-
animation reports because of doubt
full loans.
Lincoln Votes Two Dividends.
Directors of the Lincoln National
Bank have declared special dividend
OF ~ per cent and a semi-annual
dividend Of ~ per cent, President
Floyd E. Davis announced today. Both
dividends will be paid July to stock
holders Of record June Is.
Bank Of Bethesda stock is now being
quoted ex-dividend on the Washington
Stock Exchange, the regular dividend,
due at this time, to be paid shortly.
The Firemens Insurance Co. and the
National Union Insurance Co. are also
to pay dividends in q few days.
The Prince Georges Bank g. Trust
Co. OF Hyattsville and Mount Rainier
has declared the usual midyear bonus
for employees, payable June 80, it was
announced today.
Boone Bankers New Chief,
Charles A. Boone, executive vice
president of the First Huntington Ma
tional Bank, was elected president of
the West Virginia Bankers Association
at the end of the 45th annual session
at White Sulphur Springs. Hayes
Plcklesimer, Kanawaha Valley Bank
OF Charleston. was named vice presi-
dent, and w. s. Clark, First National
Bank Of Fairmont, was elected treas
urer.
Secretary of Commerce Roper re-
ports a greatly improved inventory
situation in wholesale and retail lines
as the result of recently inaugurated
wave OF merchandising effort to
stimulate buying consciousness" He
added that an upward swing in busi.
ness is now forming.
Heard in Financial District.
The chairman of the Treasury
Relations Committee of the District
Bankers Association in past years has
eventually become president of the
association, a glance back over the
records disc!oses. This years chair
man, just appointed, is w. T. VAN
doren of the Liberty National
Bankers here are discussing the
change in view Of Col. Leonard P.
Ayres, who now declares that the busi-
ness depression has hit bottom or is
very close to it. He predicts a pickup
late this year and better times in 1899
and 1910.
Average daily sales Of chain drug
stores in May. 1898, were 1l.6 per cent
lower than in May, 1887. according to
preliminary estimates of the Bureau of
Foreign and Domestic Commerce. May,
1898. sales were down 6.4 per cent
from April, 1898. .'
Today's Trading on Exchange.
Washington investors were most in
terested in bonds on the Washington
Stock Exchange today. Two $1,000
transfers in Washington Railway q
Electric Is were recorded at the
strong price of 10TH, and $500
sale in Washington Gas IS, 1860, took
place at ll7b. A single share Of
Washington Railway & Electric pre-