Evening star., 1939-01-04
Lassiter Is Renamed
Richmond Reserve
Bank Chairman
Wysor Redesignoted
Deputy Choirmon
For Fifth District
BY EDWARD c. STONE.

announced today by President Hugh
Leach at Richmond. The action
was taken at a meeting of the board
of governors of the Federal Reserve
System. w. G. Wysor was redesig-
mated as deputy chairman.
w. Frank Thomas, construction
engineer and real estate manager OF
Westminster. Md, was reappointed
director of the Baltimore branch
for a three-year term ending in
1941.
George S. Harris, executive vice
president of Springs Cotton Mills
Lancaster, S. c., was reappointed a
director of the Charlotte branch for
a three-year term ending in 1941.
R. M. Hanes, president of the
Wachovia Bank g. Trust Co., Win
ston-Salem, N. c., was reappointed a
member of the Federal Advisory
Council for the year 1889.
George w. Reed, president of the
National Marine Bank, Baltimore,
was appointed director of the Balti-
more branch for three-year term
ending in 1941.
J. Gerald Cowan, assistant vice
president of the WachoVia Bank &
Trust Co., Asheville, N. c., was ap-
pointed director of the Charlotte
branch for three-year term, today S
announcement stated.
Huge Refunding Plans Made.
The North American Co. and
North American Edison Co. have
filed joint application under
section II (e) of the Public Utility
Holding Company Act for approval
by the Securities and Exchange
Commission of plan for further
simplification of the corporate struc-
ture by eliminating North American
Edison Co. as an intermediate hold
ing company.
Under the plan it is proposed that
all of the outstanding securities of
North American Edison Co. held by
the public consisting of SAP, sos 900
of 5 per cent and 512 per cent de-
bentures and 348,290 shares of Sc
dividend preferred stock will be re-
funded by the issue and sale of de-
bentures and preferred stock of the
North American Co., which will ac-
Cuire all of the assets of North
American Edison Co. 1t is also pro-
posed to refund the outstanding
s23,913 900 of per cent debentures
of the North American Co. held by
the public, according to President
j. F. Fogarty.
Mouth 10 tn
issue and sell S70000,000 of new
debentures consisting of s20,000,000
of 3l2 per cent 10-year debentures,
S25 100000 of 334 15-year debentureS
and $4,000 900 of per cent 20-year
debentures) and S34029 900 par value
of new preferred stock, 5a4 per cent
series, consisting of 696,580 shares
of $50 par value. Holders of North
American Edison Co. preferred stock
will be offered prior opportunity
to purchase the new preferred stock
of the North American Co.
jacobson Heads Store Chain.
Isaac Jacobson has just been re-
elected for the ninth consecutive
time as president of District Grocery
Stores, Inc, cooperative buying
distributing and advertising organi-
zation with 280 member stores in
metropolitan Washington.
Other officers reelected include:
Al kaufman. first vice president;
Jacob Siegel, third vice president;
Paul Herman. secretary. and A. O.
Brill. treasurer. Max Hoffman was
elected second vice president.
Board members reelected were I.
L. Asrael, Louis Biskin. Frank M
Fields, Louis r. Fields. Max Horen-
stein and Henry Noon. New men,
bers are David CepHcs, Philip
Cohen, Harry Friedms n. Morris
Hickman and Isadore Su jer.
Oil Division Chairman Named.
L. LIE Roy Gritzan of the United
Equipment & Supply Co. was re-
elected chairman of the oil heating
division of the Merchants and Manu-
facturers Association at the annual
meeting of the fuel oil and oil
burner dealers at a luncheon at
p400 Sixteenth street yesterday, Ed
ward D. Shaw, secretary of the asso-
riation. announced today. Mr.. Grit
zan will also represent the oil heat
ing industry on the Board of Gov
ernors of the Merchants and Manu-
facturers Association.
George NJ Emmerich, insurance
leader, will be honor guest at a din
ner given by about 100 friends Sat-
urday evening at the Raleigh Hotel.
The arrangements committee is
headed by w. H. Somervill, c. R.
Brown and A. w. Howard.
Air Shipments Up Is Per Cent.
The Washington office received
word today that air express ship
inents in the Nation wide service of
Railway Express Agency for Novem-
Der totaled 5,210, an increase of 1873
per cent over November, 1887.
All one-day records for air express
shipments in and out of New York
City were broken on December %,
when the total for the "a hours
ending at midnight was 1854, an
increase of 35 per cent over the
corresponding day in 1887.
While final figures are not ready
on all kinds of express shipments
in Washington during the holiday
season, it is known that there was a
substantial gain over the previous
year. More delivery trucks were re-
quired and much larger personnel
to handle collections and deliveries.
Heard in Financial District.
Harold Stonier, chairman of the
Public Relations Council of the
American Bankers Association, has
notified Washington bankers that a
radio program of special interest to
all financiers is to start on January
9 and be broadcast on Monday
Wednesday and Friday evenings at
tbs. The program is being spon-
sored by one of the big food COM
panies.
The first bank stock sale for 1899
on the Washington Stock Exchange