Evening Star Newspaper, June 15, 1931, Page 13

FINANCIAL.» VIRGINIA BANKERS Irby Named President at|” . Final Session—Helpful ®i Reports Are Read. BY EDWARD C. STONE. Financlers in nearby Virginia banks had returned today from the annual convention of the Virginia Bankers' As- sociation, at Old Point Comfort, re- porting ‘& most interesting three-day meeting. . At the closing session, W. Scott_Irby of Kenbridge, president of the Bank of Lunenburg, was elected pmtdem for the coming year, succe:d- ng C. C. Barksdale of Richmond, vice rel!dtnt of the Morris Plan Bank of irginia. Other officers elected at the same time were Samuel W. Keys, Glade Springs, vice president; C. W. Beer- bower, Roanoke, secretary; Thomas D. Neal, Richmond, treasurer, and the following new members of the execu- tive council: T. A. Bain, Norfolk; W. T. Low, Willlamsburg; C. C. Wfllhfi Petenb\lrg, ‘W. T. Harding, Emporia; ‘Thomas E.* Sebrell, jr., ch'endon L. ‘W. H. Peyton, Staunton; Dick~ erson, Lynchburg; M. R. uorun, lula Rock; R. L. Charlton, Salem; J. Mathews, Roanoke; W. T. Waring, Wefi Point, and L. M. Weaver, Urbana Secretary Beerbower of Roa- noke has served the association In this capacity for several years. He 15 as- sistant cashier of the First National Exchange Bank of his home city. The new president, Mr. Irby, has served the association as secretary-treasurer in addition to his past year's work as vice president. Constructive Action Taken. During the convention the associa- ! tion adopted a recommendation that 10 per cent of the lending capacity cl a bank be made the maximum lim! which can be lumed to a single I.n- dividual or to a ‘The proposal was mlde b{ ohn M. Miller, jr, of Richmond following the report of E. A. Teake of Hopewell, chairman of the Committee on Bank- ing Protection. T. W. Ozlin of Ken- b1 association attorney, also com- 'ment on the subject. In his annual address, President Barksdale saild that while the past year had been a trying one, the per- centage of bank failures in Virginia had been small. “Virginia bankers,” he declared, “were tried and found not 'wanting,” adding that he believed they 'would. find themselves bigger and bet- ter men by reason of the #rials they jhave experienced. E. 8. Shields of Farmville, chair- man of the Special Committee on Serv- ice Charges and Interest Rates, was one of the few to comment on hi¥<3 Teport jand expressed the opinion that the Irate of 4 per cent interest paid on time rtificates returned no profit and “ruinous” to the smaller country banks. [He recommended that it be reduced to 3 per cent. During his remarks, Walter Ferguson of Tulsa, Okla., drew a comparison be- veen Virginia and his State of Okla- [homa, pointing out that in Senator arter Glass of Virginia and Senator [Robert Owen of Oklahoma, each had ntributed a leader in-framing of the [Federal Reserve act and thlt. coinei- entally, each of these men had been born in the same city of Lynchburg, Important Committee Reports. During the convention the following [chairmen submitted important reports [for their committees: R. L. Burke, Appo- mattox, Committee on Taxation; W. T. [Daniel, Waverly, Committee on Agricul- re; Thomas B. McAdams, Richmond, [Committee on Federal Legislation; 8. W. [Keys, Glade Springs, Committee on State Legislation; E. A. Teake, Hope- jwell, Committee on Bank Protection; J. P. McConnell, East Radford, ommittee on Banking Education; V. elson Vaughan, Ashland. Committee pn County Organization; Giles H. Miller, ‘ulpeper, Committee on Groups; C. E. flfany, Warrenton, -Committee on ts; T. C. Boushall, Richmond, Com- jmittee on Bank Research, and E. 8, [SBhields, Farmville, special Committee on Service Charges and Interest Rates. O. Howard Woife of Philadelphia dis- ssed “Profit-Producing Policies.” He mphu!ud the necessity of sound man- gement, competent officers and di- Irectors, careful investments, proper sec- ondary reserves and adequate earnings. Many other 1% 3 of banking were discussed by omas B. McAdams of ichmond, executive manager of the State Planters Bank & Trust Co. a n able talk on “Interest On Deposits was given by J. B. Dey ir.. vice-presi- dent and cashier of the Norfolk Na- ional Bank. John M. Miller, jr., of [Richmond, president of the First and [Merchants Bank, had for his subject, 'We Must Become Better Bankers.” Comment In Financial District. Many more reservation requests for the Dlstr‘lct of Columbia bankers' con- vention at Hot Springs were received his morning by Chairman F. H. Cox pf the Transportation Committee. F. B. Keech & Co., members of the [New York Stock Exchange, announce e ovening of a brokerage office in the Mayflower Hotel, which #ill be in charge t Harry M. Fridley, jr. The mair pfice is located at Seventeenth and H treets, George A. Garrett being esident partner. i Lanier P. McLachlen, Francis G. ddison, jr., and W. W. Spaid are mong the ‘local financlers who have gone to Hot s'r;lnn. Va.,, in advance ot ma conventlon in order to have ull week at the popular resort. Today’s Trading on Exchange. ‘Today's market on the Washington Btock Exchange was fairly active at steady prices. Both type stocks were out, Mergenthaler Linotype selling ex- dividend at 765 and advancing to 76%, );u: l"l;llwn Monotype registered one e at 91. Capital Traction sold ex-dividend to- dly lt 35 for 10 shares. Potomac Elec- Power 6 |i)er cent preferred moved it 11:15, while the 52 per cent pre- terred appeared on the bn-rd at 110%. s preferred ad- during the session, o 100% and closing at of National Mortgage prmma changedshands at 4%. id trading was confined to Wash- in:wn Gas and Washington Railwa lc issues. Emerson's Bromo Selzer ‘A" now being Tmted ex-dividend tion to Capital Traction and CHICAGO DAIRY xhqr. t cAoo June 15 (#)—Butter, 121, unsettled. Creamery, specials ), 21}2222; extras (92 score), firsts (90-91 score), 20820%%; . (88-89 score), 19%2; seconds (86-8Y score), 17%4a18%; standards (90 , cen carlots), 21% ut_steady, 001 t receopts, 14%,; storage pacl ; 16; storage packed extras, 1 —_— !.AILBOAD FINED $15,000. NEW YORK, June u ‘The New york; Central Rallroad today with- w its plea of not mlley 8 so-eeum g preferential treat- concerns and 'Y to lfi of the mz . God- 2 fine of $15,000. 'nne dismissed al NEW YORK STOCK EXCHANGE mnrnnuwfl'mummo-— Dividend ll". A(‘ W‘ -llh. Low. Abitibl Pow & Paper 11 % AbItibI P&Ppf (6).. 1 20 Adams Express (1)., 18% Addressogr Co 1.40 L 18% 184 Alr Reduction (4% ) 79% 12% e A Am Br Shoe (3 % Am Brown Bov Bl Am Br B E pt (1) Am Can (15).. Am Car & Fdry (1) AmChain2).. Am Comel Alcohol Am & For Power. 1 Am Home Pr (4.20).. Am Interpational.. 3 Am La Ff & Foam pf 108 Am Locomotive (1),. " 2 Am Locomot pf (7)., 4T% ) Am Pow & Lt pf Am Ra&8td San 60 Am Republics. Am Solv & Chem pf. Am Stl Foundries(1) 11 Am Steel Fdy pf (7). 208 1 Am Tobacco B (16) Am Tobacco pf Am Woolen ot Am Zine Lead Anaconda Archer Da Armour of Del pf (7) Armour of Il A, Armour of 11l B, Armour of 111 pf, Asso Apparel (32)... Associated Oll (1.40) "10l Atch To & 8 Fe (10). 17 AtlGulf & WestInd. 1 Atlantic Refining (1) 14 Atlas Powder (4)... 1 Auburn Auto (f4)... 125 Aviation Coroaf Del 29 Baldwin Locomotive 10 1% Baldwin Loco pf (7). 20a Balto & Ohio (5) 30 Bang & Aroos (3%). 2 Bang & Aroos pf (7). 30s Barnsdall (A) (1)... dix Aviation (1). Briggs & Strat (2).. 4 1 Th Bklyn-Man Tr (4)... Bklyn Union Gi Burroughs A M t13%. Bush Terminal (2%) Bush Term deb (7).. 10 Butterick Co. . Byers (A M) 20% Calif Packing (2) 5 Calumet & Hecla 10% Camp W&C Fy(1 29% Canada Dry G A 24% Canadian Pacific 1% . 360 21% Caterpillar Trac (3). 2 Cavanaugh-Dobbs. . .100, 3% Celotex vic ctfs Cerro de Pasco(1.50) 27% Chesapeake Corp ( % Chi & Alton 4 ChiGreat 15% Chi Great 3% Chi MiI St P & Ps 4% Chi MiISt P& P of 15% Chi Pneu Tool pf. 221 Chi R1& Pac(m2%) 50 ChiR1& Pacpf (7). 10 Chickasha Cotton Of} 17% Childs Co (2.40). 12% Chrysler Corp (1). 2 City Stores... 133 Coca-Cola (17%) 40 Colgate-Pal-P (23%). 9 Collins & Alkman... 9% Colo Fuel & Iron Columb Carbon () Comel Credit (2) Comm Inv Trus Comel Inv Tr i 10% Comm Solvents (1) 6% Comwlth&Sou (40c). 18% Congress Cigars (4). 3% Consolidated Film... 10% Consol Film pf (2).. 82 Consol Gas N ¥ (4).. 10: 101% Con Gasof NY pf(5) 3 Container Corp (A).. 5 ContlOilof 3% Cont Share: 55% Corn Prod 146% Corn Prod pf (1) 12% Crex Carpet... 4% Crosley Radlo. 2 Crown Zellerback.... 80% Crucible Steel. .. 2% Cuban-Amer Sugar. 35% Cudahy Packing (4). 69 Curtis Publish (¢)... 112% Curtis Publish pt (1) 2% Curtiss Wright Corp. 3 Cu Wr Corp A 238 9% Lavison Chemical 157% 107% Drlaware & Hud 0 102 45% Del Lacka & Wn (4). 45% 11% Denver & RG f Detroit Edison Diamond Mateh. Diamond Mtch pf 1% Dome Mine: ll) @ PR AD AOOADRRN - oy aSua R. Erie RR 1st Df 4 Eureka Vac Cluw. Fairbanks M pf (7) Fed Wat 8v A (2.40). Fid Ph e In (2.60) Firestone T& R (1). First Nat Strs (2%), Fisk Rubber...... Florsheim Sh A 1%.. Florsheim Sh pf (6. Follansbee B! Foster Wheeler (2).. Fourth Nat Invest 24% 24% Fox Film (A) (2%). 19% 22 Freeport-Texas (3).. 17 26% 264 ."I“ 42 GAmewesl Co (5). .., 408 a4 4% Gen Am Investors... 1 5% B% ‘5| 2Th 52% Gen Am Tank Car(4) 6 5% 57 | 80 T84 Gen Asphalt (31 5 20 201| 24% 17% Gen Baking (2)...... 29% 5% 36 38% . 1% Gon Eleo speo ($0677 1 1% 119 48 Gen Focd Corp (3).. 57 48 4% 4 GenGAEEIAGID. T & 4 A% du 1% 68% GenG&EIpIA (1), 205 68 68 0% 75 GenG&EIpfA (8 s 854 85 lu 36 Gen Mills (3). 187TH 3% .3TH ntanamo Sug 18% Guif Mobile & North 24% Harb Walk Ref (2).. 6 26% Hawailan Pineap (2) 108 Hayes Body........ 3 Hercules Pow pf (7). 108 Herahey Choe (5)... Hersh Choe pf (15).. Houston Ol (sew) .+ Hudson Motor (1) Hupp Moters. 41% Illinois Central (¢ CIK Illinois Cent LL (4)., 10 indian Motor Cycle. Indust Rayon (4) ln‘.rloll Rand (4 3 w B e ServuBrasanla Basnanun FEues ty] 1sland (,r Coal (4). 36% Jowel Toa (4) 40% Johns-Manville (3) 80% 9 128% 117% Jones & Laug pf (7). 80s Kayser (J)&Co(1). 1 Kelly-SprT6% D(. lWl Kelsey-Hayes W 1 Kelvinator Corp.... 43 Kennecott Copper(1) 71 Kimberly Clark 3%.. Kreuger (M 1.61). 56 Kroger Groc&Bak(1) 63 56 Lambert Co (8) 20 2% Lee Rubber & Tire 1 88% Leh Port Cmt pf (1), 30s 18 Leh Val Coal pf (3) tt & Myer (15). l.lnvh Myers B (15) Liquid Carbonie (3). Loew's Ine (3). LouG&EA(1%).. 1k Lovitie & Xvible (50 84 Ludlum Stesl....... MeKeesport T P tSlfi ll MecLellan Stores. ... ! Mack Trucks (¥ 29 Macy(RH) &Co(n3). 6 Magma Copper (2).. Man Elevmeg . Manhat Shirt (1) Marine Mid (1.30 Marmon Motor Car. Mathieson Alkall (2) - o T Berralialenan M8 P &SSMlsd Mo Kan & Texas. Mo Kan & Tex pf (1) Missour{ Pacifie..... Missour! Pac pf (6). Monsanto Ch W(1%) Montgomery Ward.. 15 Morrell (1) & C6 (3) Motor Meter G & Ell... Motor Products (3) Mullins Mfg... Munsing, Inc (2). 6% Murray Corp. Nash Motors (4). Nat Bella Hess. ... Nat Biscuit (2.80) [ ST SIS} JEPPRPY N Y Rallways pf. Noranda Mines PacifNc Gas & K1 (2). Pacifie Lighti: 3) Pacific Tel & Tel ") Packard Motor (40 Pan-Am Petrol B Panhandle P& Paramount-Pub 3 Parmeles Transport. Pathe Exchange A. .. Penney (J C) (3.4 Penn RR (4. Peop Drug Peoples D 8 pf vm im Cp M Amcl) Phila Co 6% W @) Phil Rend C& 1 . 8w a 8 o o olonesnElunnndn AT R voee o ‘oal Porto Ric-Am To(2). PRAmTob ... Postal Tel&Cabie bf. Prairie Oll & Gl'l. . Sruana l“ Pure Ol Purity Bakeries (I). ....:..! Qaciol % Remington-Rand 1 Reo Moter Car (400). (Continued on Page 14.) u’t ww % ll% 40 5 24% 2% 6 wmnntwnlhwmh SW(}KS IRREGULAR DEGLINE IN HOTOR 'BOAT | By the Associated Press. mmmxmmumu lmupom motor boats, marine ipment _valued ) Dilties Group Makes Best|> Showing—Mail Order Group Well Supported. BY GEORGE T. HUGHES. Special Dispatch to The Bta; ;| than in 1920. Canada, movement was ir- nflhrlndt re were & number of declines, especially in the railway list, there was no liquidation, no outside pressure, srmnlmdln-l, nnhblyln'.hauuluumnm- coursging at this stage of the market ex in chluco reat Western declared an- other 50-cent dividend on its preferred stock, fol similar action lnon hflo Louls Southwestern, been mld for short account in the railway shares ng | received here toda; ly trading. Among the ers were mnun “Telephone & Tele- ph, which seemed to have recovered the effects of the reduction in the Western Electric dividend last week; United Corporation, in which a strong goup was evidently at work; Consoli- ited Gas, American & Foreign Power and Pacific Gas & Electric. There was no news about the utilities but they re- mained the backbone of the market so far as speculation for the rise was con- cerned. Ilecmul manufacturing stocks were heavy and W house was weak. Di- rectors of the Miter are scheduled t§ meet for dividend action next week and the action of the stock indicated uncertainty about the result. In March the rate was reduced to $! a share Guarterly against $1.25 previously paid. In view of industrial conditions a fur- ther cut is regarded as possible. Gen- eral Electric sold off cymanuully Malil order stocks were weil nupporm but hca-ln store :ul m legisiative campa mxmr. mem the Middle West. All reports from the retail trade were favorable, but the king cognizance In fact, the consumer de- is the one bright spot ln t.hc who le situation, e SAVINGS- BANK CLOSED. NT.I.A Mich., June 15 (#).—The ¢ Commercial & Savings Bank, '.be clty'n largest financial institution, was closed today by orders of its di- rectors. Ahouee stated the closing was own life in a Pontiac Hotel June 6. ‘Three-fourths of the land -of Nor- way is unproductive. W] of the ited Kingdom: were 103 units less 3 - l.'g‘.ne United lxuuam -fl ere principal hasers mm ml.nu mmmmumu. eu‘ their takings showed d of 53, 49 and 48 per _—. LOCAL INSURANCE AGENT GETS SPECIAL HONORS Rice, muhh Life mmnnu . here, hll been awarded membership in the dents’ Club ‘in recognition of his nur record, it was announced today. As a member of the crnnuaum. Mr. Rice, whose personal business since 1929 hu wmea approximately $910,000, will d the annu: PRICE ADVANCE RUMORED. NEW Yoiur_. June 15 (#).—Advices said that the Inland quar iness. Quotations on blut annealed will not be changed. ENTERPRISE SERIAL] BUILDING ASSOCIATION| 7th and Indiana Ave. NW. LOANS ON IMPROVED DISTRICT OF COLUMBIA REAL ESTATE SECURITY 66th Series of Stock Now Open For Subscription James E. Connelly n-u F. sh. President .l.llfl nuuv: Open Until Monday, June 15 Under U. 5. Tuesday, ]um 16 seveiies ',H’?’EE‘,;‘ Bt Franklin National . Bank Pa. Ave at 10th 1111 Conn. Ave. JOHN B. COCHRAN President Interest Pai On Savings Accounts We take pleasure in announcing the opening of a branch'to our Washington office in THE Mn!wwm( HoTteL under the management of MR. HARRY M. FRIDLEY, JR. F. B. KEECH & COMPANY MEMBERS OF THE NEW YORK STOCK EXCHANGE INTRENTH STREET, N. W. WASHINGTON, D. €. NEW YORK Jume 15, 1931 cHicAso OETROIT PHILADELPHIA Arrangements have been completed between ourselves and MESSRS. AUCHINCLOSS, PARKER & REDPATH MEMBERS OF THE NEW YORK STOCK EXCHANGE having offices at 719 Fifteenth Street, Washington, D. C., by which the business heretofore conducted through our Washington Office will be handled by Messrs. Auchincloss, Parker & Redpath with whom we shall maintain a direct wire connection. Our Washington Office will be closed after June .20,1931. ecreases cent, respectively. || general agent for the ||| EASTMAN DILLON & Co. Members New York Stock Exchange !& BROADWAY, NEW YORK WE take pleasure in an- nouncing that the business heretofore conducted by the Washington Office of Eastman, Dillon &’ Company will be transacted byhis Firm. We ‘tike pleasure in annmouncing that there will be associated with us - Mr. Arthur Foraker Mr. William Jasper DuBose * Mr. Harry Emory Moore Mr. William R. Hammill - Auchincloss, Parker & Redpath v Members New York Stock Bsckengs Members Wubln"ln Stock Bzchange Assoclate M few York Curb Exchange 719 Fifteenth Street, Washington, D. C. 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