Evening star., 1939-12-28
D. T.. Bank Officials
Plan for Annual
Meetings, January 9
Stockholders to Elect
Directors and Listen
To Yearly Reports
By EDWARD c. STONE.

the stockholders which are set for
Tuesday, January 9. A host of other
banks in this territory will also hold
their annual meetings on the same
date.
More new directors may be elected
than usual on account of the law
passed by Congress regarding inter-
locking directors The new law
prevents director from serving on
more than one bank board. The
new regulations were to have gone
into effect before the annual meet
ings this year but the Federal Re-
serve governors announced an eX-
tension until early in 1910.
Bankers express doubt that there
will be any further extension. In
this event present directors serv-
ing on two boards will have to give
up one afhliation. Vacancies do not
have to be filled at the annual
meetings, but some vacancies. which
have occurred during the year, are
often filled at these sessions.
In New York the Chase National
and the National City Bank hold
their meetings at noon and often
have between 500 and 600 share
holders present. Many stockholders
have shares in both banks and
would like to attend both meet
ings. This however, they cannot
do unless there should be change
in time of one meeting. Years ago,
stockholders asked a host of ques-
tions which are now largely COW
cred IN the more extensive annual
reports the officials put out.
Traction Bonds Again Strong.
Capital Traction SIS were strong
on the Washington Stock Exchange
again today, opening with $500
transfer at 9612. The bonds then
climbed to 95a4 on $4,000 trans
action, the highest point reached
in a very long time and within
reaching distance of par.
Mergenthaler Linotype appeared
on the board today, 10 shares
changing hands at 15a4, up I. from
yesterdays close. The final bid was
ISL with 1872 asked.
The governors voted to close the
exchange on Saturday and Mon
day, New Year Day.
Semi Annual Dividends Paid.
Distribution of S96 100000 in divi-
dends on savings, building and loan
association share accounts for the
past six months will be completed
by December 81, the United States
Savings and Loan League said in
a report received here today Its
estimate of the total payment of
earnings covers $500 different
associations in every State, Hawaii
and Alaska. About 100000 per-
sons will receive anywhere from a
few cents on the dollars they saved
for the first time this year 10
several hundred dollars on invest
ments which have been accumulat-
ing for decade or more.
According to Morton Bodfsh,
executive vice president of the
league, the total represented a
slight gain over the June 80 dis
tributlon. The reduction in the
rate of dividends in some associa-
tions because of prevailing lower
mortgage interest rates was more
than offset in the total by the fact
that some associations which were
not paying dividends six months ago
have re-established themselves on
an earnings basis and are now ac-
lively engaged in home lending.
Dividend and Bonus Voted.
Directors of the National Bank
of Washington, meeting yesterday,
declared the regular semi-annual
dividend of SO per share onthe capi-
tai stock payable January 2 to stock
holders of record December 81,
President j. Frank White announced
today. The directors also voted the
usual additional compensation to
officers and employees in recognition
of faithful and loyal services during
the year.
Victoria Bank g. Trust Co., Vic
torla, Tex, in paying a bonus equal
to salaries of three months to
officers and employees may have
set a record this year end for
American business establishments
The bank has paid year-end
bonuses since 1912. J. V. Wander
berge, president, said 1889 was the
best year in the banks history
The Washington Office of J. S.
Bache e. Co. reports that the main
Office in New York has moved to
36 Wall street after being located
for 35 years at AZ Broadway. The
step was taken to bring the firm
closer to the heart of the financial
district at the corner of Broad and
Wall streets.
Wins Insurance HOnOrs.
David Samakow, with the WASH
ington Office of the New York Life
Insurance Co.. led the Atlantic de-
partment in the volume of paid
business and number of applicat tions
in November, Director Earl D.
Krewson announced today. The
company publishes a record of the
25 leaders each month and the
Washington agent has appeared in
the list five times this year. Several
other local agents are also in the
November list, the Atlantic depart
ment including New Jersey, Eastern
Pennsylvania, Delaware, Maryland,
District of Columbia and part of
Virginia.
Heard in Financial District.
Preston E. Reed of Chicago,
executive vice president of the FL
nancial Advertisers Association, was
in the city yesterday to confer with
Eliot H. Thomson, George o. Vass,
Robert L. Father and other men,
bers of the association on the pos
sibility of holding the next national
convention in Washington. He
went from her to Hot Springs, Va,
where the Homestead is also being
considered.
The Federal Reserve Bank of
l,~ of