Evening star., 1938-06-21

ton of the Exec
utive Council and installation of Off
GERS for the coming year. Gerald E.
Keene of the Second National Bank
is slated to be the next chairman.
The Nominating Committee has Sc
lected the following as nominees for
the Executive Council, the five re-
ceiving the largest number of votes
being elected:
j. Bitterly. Munsey Trust Co.;
Harold w. Denison. Bank of Commerce
& Savings; Vernon Dorman, Ameri-
can Security & Trust Co.; Harry L.
Downey, Washington Loan & Trust
Co.; H. Norman Glasco, Union Trust
Co.; Gerald E. Keene, Second Ma
tional; William B. Mehler, jr., the City
Bank; Audley A. P. Savage, National
Savings & Trust Co.: Lewis E.
Thomas, Liberty National. and D. D.
Whitcraft, Riggs National.
According to precedent, Millard S.
Yeatman, past chairman. will drop off
the committee; Mr.. Downey, retiring
chairman, viii! take his place; Gerald
E. Keene, H. Norman Glasco and Will
liam B. Mehler. jr.. will be elevated
to the offices of Chairman, vice chair
man and secretary. respectively
Liberty Stock Sells at 154.
Liberty National Bank stock sold at
$l54 share on the Washington Stock
Exchange yesterday, the first sale in
this issue on the board tbs year. Ten
shares changed hands. The price was
practically the same as at the end of
1887. The market closed with 1922
bid and l60 asked. Liberty National
stock pays 5 per cent year.
Washington Gas Light preferred
stock started the week with further
sales at 90, same price as other sales
since the additional $4,000 shares were
listed.
On the Washington Stock Exchange
today 10 shares of Washington Loan
& Trust Co. stock changed hands at
235. same as the last previous sale.
Mergenthaler Linotype moved at lS
and Washington Gas SIS. 1860, at
ll7A, again selling at the high for the
year.
c. & P. Outlook Bright.
Outlook for earnings of the Chesa-
peake & Potomac Telephone Co. would
appear to be bright over a long pc
riod, judging by report made by the
American Telephone & Telegraph Co.
which states that Washington had
more telephones per capita at the be-
ginning of 1887 than any other city in
the world. This is still true, later re-
ports show.
There were 214,308 phones in serv-
ice for the calls of 572,500 men,
women and children in the city on that
date, or 3743 telephones per 100 popu-
lation. The second-place city was San
Francisco, with 81 instruments for
every 100.
There were 5 per cent more tele-
phones in the world than reached in
the previous peak in 1881 The United
States, with per cent of the worlds
population, had half of the worlds
telephones, the survey states.
The United States outranks all
other countries. with l4.39 telephones
to each 100 OF population. Canada
ranks second. Washington and San
Francisco are rated as the worlds
leading cities in point Of telephone
development, with more than one tele-
phone for every three people
Mount Vernon Paying OFF.
AS previously noted, the old Mount
Vernon Savings Bank is paying off
former depositors this week, payments
having started yesterday. The pay
ments are being made at the main
Office of the City Bank and the five
branches. At the same time 1000
school children are being paid the
money they had in the Mount Vernon,
in special thrift accounts, at the time
the bank closed.
had less than $50 in their accounts
are being paid in full, there being
about $4,000 Washington residents in
this class About 400 others are get
ting smaller amount, as they de-
clined to go into the reorganization
plan.
About $l75,0O0 is being distributed
Remaining assets are now held by the
Mount Vernon Mortgage Corp.
President Signs Banking Law.
President Roosevelt has signed the
bill passed by Congress making GER
tain changes in the D. c. Banking
Code, it was reported today. The bill
enables trust companies in the Dis
trict to reduce their capital by reduc-
ing the par value of the stock, but
not below the minimum of S1,000,O00
Such action, however, can be taken
only by vote of stockholders owning
two-thirds of the outstanding stock
and with the approval Of the control
Ter of the currency. Under the old
law trust companies could increase
their capital but could not decrease it.
They will now enjoy the same privi-
lege as those held by the national
banks.
Lower capitalization will make pos
sible higher dividends on the amount
OF stock outstanding.
100000 Bonds Approved.
The Virginia Corporation Commits
sion has approved the issuance of
100000 first per cent bonds by the
Harrisonburg Mutual Telephone Co.
The proceeds will be used for refund
ing and for purchasing and improving
equipment.
The District of Columbia Life I'm
derwriters, Association will install Of
ficers this evening at the Willard Ho-
tel, including Richard w. Griswold
as president Kenneth Mathis and
Harold J. Cummings are down for
short speeches, the program winding
up with buffet supper and dancing.
A record attendance is predicted.
E. A. Goldenweiser, chief econo-
mist of the Federal Reserve Board,
will sail the last of the week for
Europe He will review the practices
used by the central banks abroad,
although the trip is largely for pleas
ure. He will be away two months.
The Washington Office of the Air
Conditioning Manufacturers Associa-
ton reported today that April was
the best month since July, 1887.
Equipment sold In April cost $780,
664, an increase of 30.66 per cent over