Evening star., 1941-06-12
$3.50 Extra Dividend
Declared by Bank
OF Commerce
Regular Payment
Of $3.50 Also Voted
By Directors
By EDWARD c. STONE.


share, both payable June 80 to stock
holders of record June 20, accord
ing to announcement by President
Thomas j. Groom.
Meeting late yesterday, the direc
tors also promoted Harold w. Deni-
son from auditor to the position
of controller, and elected three as
sistant cashiers, John E. Monk, Sid
ney S. Sachs and George L. C.
Seheirer. Ernest R. Wilson, men,
ber of the staff, was designated act
ing auditor.
Mr.. Denison, the new controller,
Is a naU1ve or Washington, began
his career in 1923 with Riggs Ma
tiDnal, is a graduate of Mckinley
High School and the American In
stitute of Banking. and has been
active in the Auditors Section of
the District Bankers Association.
Born in Washington, Mr.. Monk
Is a graduate of Maryland Univer-
sity, Strayer College of Account
ancy and will receive his diploma
from the Graduate School of Bank
ing, Rutgers University, the latter
part of this month. For years he
has been in charge of the banks
credit department.
Mr.. Sachs was also born and
reared in the Capital, is a graduate
of American University and the
Georgetown Law School and is a
member of the District Bar. The
other promoted officer, Mr.. Scheirer
has been assistant manager of the
branch at North Capitol and H
streets for years and got his early
banking training in New York anG
Chicago. He attended Temple Uni
versity, Northwestern, American In
etitute of Banking and is a graduate
of Strayer College of Accountancy.
Hamilton Declared Dividend.
Directors of the Hamilton Ma
tional Bank have declared a divi-
dend of so cents per share on the
outstanding stock, payable August
] to stockholders of record July %.
President Z. C. Graham announced
today. The capital stock of the
bank consists of $4,000 shares of a
par value of $40.
The directors also authorized a
transfer of $4,000 from undivided
profits to surplus account, bringing
this fund up to s950,000 and making
capital and surplus S1,95O,OOO.
Banks Push Defense Bonds.
More than $125,000 of newspaper
advertising space was bought in
one weeks time by the banks of
the United States to launch the
sale of United States Defense Bonds
In May, Merle E. Selecman, deputy
manager and director of advertis-
ing of the American Bankers As
sociation, reported to B. M. Ed
wards, assistant to the Secretary
of the Treasury, here today.
This Sizable sum of outright
expenditure by banks, which receive
no profit or remuneration in the
sale of Defense Bonds, is further
evidence of banking cooperation
with the Government in national
defense" Mr.. Selecman stated.
The aggregate circulation of the
reporting newspapers which carried
Defense Bond advertising exceeded
22000,000 copies-more than half
of the daily paper circulation in
the country" he declared This
means conservatively more than
50,O0O00O readers"
These figures do not include any
of the 1000 weekly papers in the
United States which carried ad-
vertising space by thousands of
banks in the smaller communities
Bond Club Slate Announced.
The following nominations for
officers of the Bond Club of Wash
ington for the coming year have
been announced by the Nominating
Committee, the election to take
place at the annual outing at the
Manor Club tomorrow:
j. Clifford Folger, of Folger, Nolan
e. Co., president; Myles H. Quail,
Of Y. E. Booker & Co., vice presi-
nent; Harold c. Patterson, of
Auchincloss, Parker & Redpath,
secretary and treasurer.
The officers and two other men,
bers of the club form the board of
governors. Nominated for the gov
erning board are G. Fenton Cramer,
of Waggarman, Brawner & Co, and
Harvey B. Gram, jr., who is con-
hected with Johnston, Lemon q Co.
Mr.. Gram has been chairman of
this years outing which promises
10 draw more than 200 investment
experts to the Manor Club tomorrow
afternoon and evening.
Sehenker Ends Long Service.
David Schenker, who has resigned
rs director of the Securities and
Exchange Commissions investment
company division, has been with
the commission ever since it was
established. He will leave here June
30 to practice law in New York.
Marylands offering of $859000
general bonds will be made June 25
and bidders are asked to name the
coupon rate. The issue, date July
IS. natures 1944-l956.
Richmond, Va, will receive bids
on June 10 on S1,466,000 public i'm
provement bonds. dated July /, 194l,
and maturing July l, 1912, to July
!, 1861. The coupon rate is not to
exceed per cent.
Alexander E. Patterson, vice preSi-
dent of the Penn Mutual Life In
surance Co. who has been elected
vice president of the Mutual Life
Insurance Co. of New York, Is a
native of washington. He has been
in the business since 1908.
Today's Trading on Exchange.
Capital Traction IS drew all the
attention on the Washington Stock
Exchange today, $1,000 bond
changing hands at 1884, unchanged
from the last previous sale.
Garf1nckel common and preferred,
National Mortgage & Investment,
Peoples Drug Stores common and
American Telephone are being
quoted ex dividend, dividends to be
paid in a few days.
With a bid or 1925 a share, Bank
of Commerce & Savings is the high
est priced bank stock on the board.
Riggs National common comes next