Evening star., 1940-01-22


largest item in this account, $685.
502, in comparison with $1,515 ,248
Assessments for expenses of the
Board of Governors of the Federal
Reserve System were smaller than
in the previous year, $69,372 VS.
$74,3 ,329.
Deduction of expenses left current
net earnings of $355 ,453 in 1899,
compared with $226,737 in 1888.
Dividends paid member banks dur
ing the year amounted to S305 Alb,
against the lower figure of 1927, 1882
in the previous year. The report
adds that the capital stock account
balance at the close of the year
stood at $5,1710 900, against $1,000, 900
at the close of 1888.
President Hugh Leach states that
there were 18 officers and 657 en-
ployes during 1899, compared with
18 officers and 663 employees year
ago. There were All member banks
at the end of the year against 406
year ago. Ten banks were ad-
mitted, three consolidated with
three other member banks and two
became insolvent, making a net gain
in membership of five banks, the
report concludes.
Securities Dealers Meet Here.
The new Board of Governors of
the National Association of Securi-
ties Dealers, Inc, opened a two-day
session at the Carlton Hotel here
today, two of the members being
James Parker Nolan of Folger, Nolan
& Co., Washington, and B. Howell
Griswold, senior member of Alexan-
der Brown & Sons, Baltimore, who
is chairman of the board.
This is the first governors meeting
since the association became a
quasi-public body through registra-
ton with the Securities and Ex-
change Commission, an attempt
being made to solve business prob
lens through cooperation with the
Government. The opening session
was called to order by Chairman
GrisWold, who asked Wallace H. Full
ton, director of the association, to
report on the activities of the past
year.
The program called for the elec-
ton of officers for the coming year,
reports by district committee chair
men, appointment of national COM
mittees and other routine business.
Mr.. Nolan is chairman of the dis
trict committee in this territory and
is vice chairman of the Southeastern
Group of the Investment Bankers
Association.
Mayfi0wer Common Due Soon.
A new security will soon enter the
er-the- counter market for Wash
ington issues in the form of the
common stock of the Mayhower
Hotel Corporation.
Slice reorganization of the prop
erty in 1885 all of the common stock
has been represented by voting
trust certificates, which were at
tached to the first mortgage bonds.
Effective February /, however, the
stock will be detached from the
bonds by the trustee, which is the
American Security g. Trust Co., and
new certificates for common stock
will be issued
There are 4O9,O84 shares of May
flower Hotel Corporation, 100 shares
being attached to each $1,000 bond.
Local brokers will observe with in
terest any indications of activity in
this latest addition to the list.
w. r. & E. Units Very Active.
A great deal of activity was OBJ
served in the local security markets
last week in the recently issued units
of participation in the common
stock of Washington Railway &
Electric Co. Large blocks of the
units, which were issued to the
holders of North American stock,
have already been absorbed by
Washington investors and increased
activity was noted during the week.
The market closed quoted 20 bid,
offered at %, practically unchanged
from prices week ago.
Trading in Washington Railway
& Electric common is practically
prohibited for two reasons. One is
the high price OF the stock and the
other that there is no stock for sale.
The bid on the Washington Ex-
change recently moved from $73O a
share to $3.50 a share, with none
offered The stock paid $50 share
last year.
Morris Plan Officers Named.
Directors of the Morris Plan Bank
of Washington have elected these
officers for 1910: Willard G. Barker,
president; Elwood G.. Childers, vice
president; v. Walton Rhine and
Edwin H. o. Stokes, assistant vice
presidents; G.. Crawford Turnbull,
cashier; Samuel E. Collegeman, Fer
dinand E. Walter, Joseph A. Car
penter and John E. Wilson, assist
ant cashiers.
At the annual meeting of the
stockholders the same Board of
Directors was unanimously re-
elected. President Barker reported
an outstanding year, the bank hav-
ing substantial gains in all depart
ments.
ID. C. Bankers Visit Norfolk.
A delegation of Washington
bankers attended the annual din
ner of Norfolk Chapter, American
Institute of Banking, Saturday
night, among them being Francis
E. Robey, president of Washington
Chapter of the institute; 1. j.
Roberts, Kenneth Birgfeld, Edward
M. Blaiklock and George Galleher
The principal speaker was Henry
w. Riley of Washington, controller
and personnel officer of the Federal
Deposit Insurance Corp. There were
many guests from Richmond, Bal
timore and Philadelphia.
Washington Stock Exchange trad
ing was more active today, WASH
ington Gas Light preferred selling
at 1081a, Potomac Electric Power
per cent preferred at 1T and the
51s per cent preferred at 1151s
Twenty shares of Mergenthaler sold
at 15A.
Capital Transit closed with 1871
bid and Is asked; no sales.