Evening star., 1938-07-13

present. secretary. n...,s ", v..,..
ship he has also
done considerable special work in the
American Institute Of Banking.
Before his election as secretary of
the bankers association, Mr.. Larson
was secretary to Representative Harold
Knutson of Minnesota for nearly three
years. During that time he was con-
nected with a number of activities on
Capitol Hill. Previous to being in
Representative Knutson's oflse he had
been chief clerk for two large manu-
featuring concerns.
Secretary Larson is member OF
the State Secretaries Section of the
American Bankers Association. In
this way he keeps in close touch with
the work of the State associations,
obtaining many ideas of value to the
District Bankers Association. He
attended the last meeting held in
conjunction with the A. B. A. annual
convention in Boston. Mr.. Larson's S
duties include oversight of the local
associations Credit Bureau and of
Washington Chapter, American Insti-
tute of Banking.
In his annual report, Thomas j..
Groom, retiring president of the Dis
trict Bankers Association, paid a high
compliment to Secretary Larson for
what he has accomplished in his
present position. He has made the
Office of far greater service to the
individual banks and taken much re-
sponsibility off the shoulders of the
other association officers. Bulletins
sent to the banks are proving of
greater and greater value.
Financiers OFF on Vacations.
G. Bowie Chapman. manager of
the Washington Office of Laidlaw g.
Co., New York Stock Exchange firm,
left Washington this afternoon for
New York, where he will sail tonight
for Europe, to be away until the
middle of September He sails on
the Deutschland. Mr.. Chapman is
now dean of Washington brokers. hav-
ing been engaged in the business
longer than any one else now active
in the financial district. He has a
son, Norris. in the Governments for
eign service.
H. Prescott Galley. president of the
National Savings g. Trust Co., is
among the many Washingtonians now
at Atlantic City.
F. P. H. Siddons, secretary of the
American Security g. Trust Co., has
fully recovered from his recent illness
and is now passing his vacation at
the Siddons family estate at Ha-
ven, Me.
Lanier P. McLachlen, president Of
the McLachlen Banking Corp, is
passing his vacation at Bethany
Beach, on the Delaware coast. He
was in the Capital today for the
monthly meeting of the banks di-
rectors.
Francis G.. Addison, jr.. president
of the Security Savings g. Commercial
Bank and president of the Board of
Trade, was the guest speaker yester-
day at the luncheon meeting of the
managers section of the District Life
Underwriters Association. He dis
cussed commercial banking and its
relationship to life insurance before
q large attendance of members.
Stock Ownership Mounting.
There are more stockholders in the
country's leading corporations today
than ever before, according to a
survey in Barron's Weekly. The in
crease since 1880 has been more rapid
than from 1925 to 1929. Gains have
been greatest in industrial companies,
particularly in the chemical and paper
industries. The railroads have been
losing their popularity since as early
as 1923, the survey states.
Evidence of more speculative bent
Is the wider ownership in smaller
companies and the stockholder gains
shown by certain prince and pauper
companies the review adds.
The survey covered 1000 COM
panies which reported more than
100000 holders of common stock,
most striking figure in rejecting
interest in finance.
Bank Merger Progressing.
There is wide interest in Maryland
suburbs in the plan to merge the
Silver Spring National Bank with
the Takoma Park Bank, which was
approved by the Treasury yesterday.
The consolidation plan has also been
approved by the directors of both
institutions.
The stockholders of the Silver
Spring Bank were to meet late today
for final action on the proposal and
the plan will be submitted to the
stockholders of the Takoma Park
Bank early next week. it has been
announced.
The new institution will be known
as the Suburban National Bank of
Silver Spring, the Takoma Park Bank
to become a branch Office. The
merged bank will have assets of more
than $5,000,000, and hold member
ship in the Federal Reserve System
and the Federal Deposit Insurance
Corp.
Heard in Financial District.
Directors of the Northeast Building
Association have declared the regular
annual dividend, the payment of $46,-
9l4 being credited to shareholders ac-
counts as of June 80. The past year
was the best experienced by the asso-
citation. resources being in excess of
sl,200,0o0, Secretary S. S. Symons
announced, adding that the associa-
ton has never paid less than S per
cent since it was founded. in 1916.
E. Blair Zirkle, connected with the
Washington Office of the Phoenix Life
Insurance Co., is attending the COM
pany's annual convention at Lake
Wawasee, Ind.
Washington Gas Light preferred
stock opened at 991a on the Wash
ington Stock Exchange today and
closed at 99A, on a small turnover.
A new rule exempting certain
small holding company systems from
the provisions Of the Utility Act and
an amendment to a previous rule
broadening the exemption granted to
foreign utility subsidiaries have been