Evening star., 1938-11-12
Virginia Banks Plan
10 Distribute Big
Christmas Fund
Old Dominion Cities
Show Coins Over
Totals Yeor Ago
BY EDWARD G. STONE.


Following announcement that
Washington banks will pay out
about $7,000,000 in Christmas Saw
ings Club funds to approximately
81 900 members early in December,
comes word from Virginia that
many cities in the Old Dominion
State will join in the Yuletide spirit
and release several millions within
the next three weeks. Reports state
that the Virginia distributions will
be larger than last year.
Richmond banks expect to pay
out $l,390,000 to more than 47,O00
Christmas savers. an increase of
S201 900 over last year. Norfolk
banks will distribute more than ST.
100000. an increase over 1887 Most
Of the Norfolk checks will 60 out on
November l9, which means that
some of the Christmas funds may
go into Thanksgiving Day dinner
bills
Fredericksburg estimates Christ
mas savings at 100000, slightly un-
der last year. Newport News checks
will total 1857 900 and also be mailed
before Thanksgiving. Roanoke will
distribute $27l,800, the Associated
Press says.
Many other cities will have gen.
erous distributions. Winchester
bankers state that residents made
their payments with more regularity
this year and that total savings will
show a material increase over those
of 1887.
Mergenthaler Proxies Out.
Stockholders of the Mergenthaler
Linotype Co. have in their hands the
notice of the annual meeting set
for November 16 and the form Of
proxy TO be voted at that time. The
proxy is a most interesting docu-
ment prepared in accordance with
informal opinions of the proxy sec
ton of the Security and Exchange
Commission.
The proxy teens with facts. 1t
gives the names of all the directors
OF the company, how long they have
served as directors and their ap-
proximate holdings of stock in the
corporation. Two nominees for re-
of Washington, who has been on the
board since 1915. and George Hewitt
Myers, on the board since 1882.
Both are large shareholders and
Mr.. McKenney is vice president and
general counsel President Joseph
T. Mackey is also a director in the
London company, the proxy showing
the remuneration he gets for this
service.
The financial statement for the
year ended September 80 has al
ready been placed in the hands of
the stockholders.
u. S. Officials at Farley.
Chairman Leo T. Crowley of the
Federal Deposit Insurance Corp.
has been attending the 37th annual
convention of the National Associa-
tion of Supervisors of State Banks
at Hot Springs, Ark.
John Nichols, L. E. Birdsell Forbes
Campbell and William Taylor, also
Of the F. D. I. c.: Gov. John Mckee
Of the Federal Reserve Board, Leo
Paulger and B. M. Wingfeld, also
connected with the Federal Reserve
system, and W. P Folger, from the
Office of the controller of the cur
rency. have been attending the same
convention.
Increased cooperation between
Federal and State bank examining
authorities was the chief aim of the
convention.
MARYLAND Bridge Bonds Sold.
Alexander Brown & Sons of Balti-
more, head of a syndicate that Of
fered 5000 900 State of Maryland
bridge revenue 3a per cent bonds,
series A, due October l, 1868, an
nounced that the entire issue has
been sold and the books closed. Pro-
ceeds of the issue are to be used to-
ward the construction of two new
Maryland bridges on a national
north-south highway, one over the
Potomac River.
An effort to establish a uniform
national low interest rate in indus
trial banking will be made by the
American Industrial Bankers Asso-
citation through its Legislative Com
mittee, it was announced here today
by Clinton M. Eisele, vice president
OF the organization, upon his return
from the semi-annual meeting of the
associations board of directors in
Chicago.
The plan was discussed at length
b. - directors, according to Mr..
Esele, who is president of the
Southeastern Industrial Bankers,
Inc, of this city. 1t met with favor,
and was delegated to the Legislative
Committee for further development
Heard in Financial District.
Washington Gas Light preferred
stock was the most active issue on
the Washington exchange during
the week At one session lis shares
changed hands, IS shares selling at
10117 and so at 10lL4.
The Connecticut Mutual. accord
ing to John L. McElfresh, Washing
ton general agent, has become one
OF IS life insurance companies in the
United States which have a billion
or more insurance in force. With
gain Of $2,423 ,296 in October the
company reached this goal.
Roderic Peters, regional sales
manager for Servel Inc, has re-
turned from the annual sales con-
ference at French Lick. Ind. He
also attended testimonial luncheon
st which Louis Ruthenburg, presi-
dent of Servel. was cited by the
Evansville Chamber of Commerce as
the outstanding citizen of that city
for 1898.
G. Edward Foreman, Riggs Ma
tional. will attend the A. B. A. con-
ventional to present motion picture
at 4 customers relations clinic. The
picture wildly presents the life
story of a bank check, showing
every move it makes from the time