Evening star., 1939-04-01


pointed to office
by the late Matthew G. Emery on
April /, 1894, and gradually rose IN
the official family until January 10,
1884, when he was elected executive
vice president.
He was familiar figure among
bankers at the beginning OF the
century and enjoyed the compan-
ionship of many of the men who
contributed to the remarkable n
nancial development of the Nations
Capital.
He is a native of Pennsylvania
and the son of a Lutheran clergy
man. During his younger days Mr..
Scharf was active in the old Colum-
bia Bicycle Club. Always a devotee
of the open spaces, he now resides
on his farm in Rockville, Md.
5000 Bank Depositors Happy.
The best news in the financial
district Thursday came from Fred
erick ]. Young, receiver of the Bank
of Brightwood, who announced
nlans for the distribution of a divi-
dend of 81 per cent to the 5000
former depositors. Receiver Young
Is now located in the old United
States Savings Bank Building at
Fourteenth and U streets NV. DE.
positors have been notified by postal
card that their money is already
available.
Mr.. Young is anxious to make as
nanv payments as possible before
Easter and has extended the bank
ing hours of his staff. The office
will be open until 5 o'clock on Sat-
urday of this week and will remain
open until S o'clock every day next
week until Saturday. AS usual, the
patrons must have their "certlfl-
Gates" with them in order to obtain
their payments.
Previous disbursements to depos-
itors totaled $437,l78, according to
Mr., Young. The original bank, 10
Gated in Brightwood, was closed by
the controller on July 13, 1882. The
bank building was recently sold to
a real estate operator. Despite et-
forts by Brightwood citizens, they
have had no banking facilities
since 1882.
Dealers See Lively Meeting.
The luncheon meeting of invest
ment bankers in Baltimore next
Wednesday will be one of the most
important in a long time, as it re-
lates to the form and substance OF
the association which will carry out
the provisions of the Maloney Act
relating to the counter trading.
Brokers in Washington, Mary
land, Virginia, West Virginia and
North Carolina make up the group
which will gather in Baltimore.
They have been giving the Maloney
Act organization plans special study
and will discuss every angle at the
luncheon.
Investment Bankers Conference,
Inc, is working on the methods OF
administration but all members of
the Investment Bankers Associa-
ton of America are deeply inter-
ested in the results. 1t is expected
that large delegation of Washing
ton investment dealers will journey
to Baltimore. Y. E. Booker of this
city is chairman of the District
Committee which arranged the
meeting.
Bylaws. fair practice rules, ways
of handling trade practice COM
plants and differences of opinion
with the Securities and Exchange
Commission's views will get special
attention.
Heard in Financial District.
Capital Transit stock sold at 93s
on the Washington Stock Exchange
yesterday, the highest price in many
weeks. Twenty-Five shares changed
ownership. The closing bid was ad-
vanced to ga and the asked price
moved up to 10.
Dollar sales of $3.50 wholesalers
representing all parts of the coun-
try increased 4.3 per cent in Febru-
ary over the same month year ago
according to an announcement to-
day by Director William L. Austin,
Bureau of the Census. Sales of
these wholesalers during February
with three fewer working days
were off per cent from January
February sales of the reporting
group amounted to $183,999, 900.
The increase of 4.3 per cent for
February over year ago parallels
closely the gain of a., as shown in
last months report for January
1899, over January, 1888, thus show
ing . consistent increase for th1
first two months Of this year over
tha correspondin1 period of 1898.