Evening star., 1938-07-28

amounting to S8,850
Loans and discounts totaled Sl.3l6.-
679.ll, the statement of condition
discloses. The banking houses we're
valued at $l6l, ,67405, furniture and
fixtures at more than $1,000 and
other real estate at little more than
$4,000; other resources being placed
at $1,49276, giving the new banking
concern total assets of S4,741 ,697 90.
Among the liabilities bank officials
report s350.000 in capital preferred
stock and sl50,000 in common stock:
surplus s37,5O0 and undivided profits
S10,327. The bank is CARRYING more
than $4,000 for retirement of preferred
stock and reserve of $2.625 for
dividends Reserves for interest and
taxes totaled more than sl3,500 on the
day the merger went into effect. the
deposits of S4l72.38093 bringing liza
bilities up to the same figure as the
total assets.
President Turnage expressed much
satisfaction, today over business in
the first few days of operations AS
already noted. the new bank is a
consolidation of the old Silver Spring
National Bank and the Takoma Park
Bank, both Offices being retained.
Hisey Heads Credit Men.
William F. Hisey. controller of Palais
Royal, was elected president of the
Associated Retail Credit Men of Wash
inEton at the annual meeting held last
night at the Woodmont Golf and
Country Club.
Frank P. Scott of Woodward e.
Lothrop was chosen vice president and
John K. Althaus was retained in Office
as secretary and treasurer
Directors reelected were Leo Baum,
Goldenberg Co.; Benjamin Blanken,
Charles Schwartz g. Sons; A. Coonin,
William Hahn IL Co.: Landon Burt,
Arthur Burt g. Co.; Charles M. Keefer,
s. kann Sons Co.; Mark Lansbur2h.
Lansburgh e. Bros; Miss Elsie M. Lee,
Frank R. Jelleff, Inc; Herbert J. Rich,
B, Rich's Sons; E. Emerson Snyder,
Raleigh Haberdasher; Ben Stein
Grosner's, and Roscoe w. Reichard
the Hecht Co. Milton w. King was
appointed general counsel and Harry
NJ Aiken. M. Philipsborn Co., was
added to the board.
Roscoe w. Reichard, retiring presi-
dent, reported a busy year. the work
OF the Office requiring larger quarters
To meet this demand the bureau will
take over the third and fourth floors
of the building at 12l9-2l G street
NV. in September.
d. c. Store Collections Lag.
Collections in Washington depart
ment stores in June Jagged behind the
Fifth Reserve district average, the
Federal Reserve Bank of Richmond
reported today. OF the bills due on
June l. 27.s per cent we're paid during
the month, while 292 per cent was
the record for the whole district.
1t will be recalled that June retail
sales in Washington we're only IA per
cent lower than in June a year ago
and that business was down onlv "a
per cent for the first half year. COM
pared with the like six months in 1887.
Both records were ahead of the aver
ages for the whole fifth district.
Stocks at the end of June in Wash
ington stores were II per cent lower
than at the same time in the previous
year, also 10 per cent lower than at
the end of May.
In the first six months of this year
stocks nthe stores here were turned
2l22 times as compard with 1892
times in the entire district.
Hendrick Joins Two Exchanges.
J. Thilman Hendrick, senior partner
In the brokerage firm of w. B. Hibbs
Il Co., has been elected to member
ship in the New York Stock Exchange
and also the New York Curb Ex-
change. effective as OF today. it was
announced at the company's Offices
here this noon. Only few days ago
Mr.. Hendrick was elected a member
Of the Chicago Board of Trade
Francis G. Addison, jr., president
Of the Security Savings g. CONNER
cial Bank. will be at his office Mon
day after months vacation at
Bethany Beach, Del Mr. Addison is
also president of the Washington
Board of Trade
Charles Carroll Morgan one of the
managers of the Washington Office
OF Laidlaw e. Co.. leaves here tomor-
row afternoon for tWo-Week fish
ing trip in Canada. He goes to
place off Georgian Bay at the foot
Of the Moon River Two years ago
he caught one of the largest turtles
ever taken from those waters.
Lanier P McLachlen, president of
the McLachlen Banking Corp. is
completing months vacation at
Bethany Beach. Del
Heard in Financial District.
The Norfolk e. Western Railway
In the first six months of 1888 earned
S2.88 share on common VS.. $1098
in the like 1897 period
The Virginian Railway reports s4.36
earned on the common stock in the
first half of this year. against $752
a common share year ago
The Western Maryland Railroad
reports a net loss OF s209,4l4 in the
first half year. compared with 43
cents a share on the common in the
first half of 1897.
Today's Trading on Exchange.
Ten shares of Washington Gas
Light preferred stock sold at 1907
on the Washington Stock Exchange
today. equal to the all-time high mark.
Twenty shares of Washington
Railway & Electric preferred moved
at 112, same as the last previous sale.
The bid on the recently listed Ter
minal Refrigerating g. Warehousing
Corp. First AS has been raised from
lol to 1011a. First sale is yet to come.
The Legation OF Finland is distrib-
uting the Finnish Foreign Trade Asso-
cations 10Th annual review. 1t is the
most elaborate publication of the kind
the association ever printed. 1t pre-
sents the trade relations between this
country and little Finland in most
happy light. presenting an unusual
amount Of trade infors Ation.