Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-04
NEW YORK BANKERS
ARRIVE IN CAPITAL.
State Convention Opens Here
Monday With Able List of
SpeakerS-0ther Notes.
BY EDWARD c. STONE.

New York bankers are arriving
here today by motor and train for
their annual State convention, which
opens at the Mayflower Hotel Mon
day afternoon at o'clock. The ses-
sions will continue until late Wednes-
day. They will be accorded as much
attention as possible by local bankers,
but it happens that Washington
financiers will be especially busy next
week in making final preparations for
their own convention at Hot Springs,
the party leaving on speclai Train
on Wednesday evening.
The visiting State association has
an excellent program arranged. One
of the leading speakers will be
Denutv Controller of the Currency
Charles w. Collins, whose work at the
Treasury has brought him in close
touch with bankers in the local finan-
cial district. Carleton A. Chase of
Syracuse is president of the New
York association, but he may not be
able to preside because of illness In
case he is not present, John McHugh,
president of the Chase National Bank,
who is slated to be next President,
will probably take the chair.
Bank Costs to BE Discussed.
After the report on bank costs by
Stuart ii. Patterson, controller of the
Guaranty Trust Co., which has
aroused Nationwide attention, Ste
venson F.. Ward, president of the Ma
tional Bank of Commerce of New
York, will report on Federal legisla-
ton; William $. Irish, president of the
First National Bank, Brooklyn, on
county organizations; Henry Burden,
president of the Cazenovia National
Bank. on agriculture; William II.
Kniffin, vice president of the Bank
of Rockville Center Trust Co.. on edu-
cation, and w. *. Payne, president
Cayuga County National Bank. Au-
burn, on clearing house associations.
The second session will open at $3.50
Tuesday with an address by Charles
w. Collins, deputy controller of the
currency, on the McFadden act: Jo-
seph n. Babcock, vice president of the
Equitable Trust Co., will speak on
Relations Of Trust Service to Modern
Banking; Virgil Jordan, chief econ
omist, National Industrial Conference
Board, will talk on Prospects and
Problems of Business Prosperity" and
liable d'Hote Government" will be
the topic of Nathan B. Williams. asso-
ton of Manufacturers.
Ogden l.. Mills Banquet Speaker.
OgdeTf L. Mills, Undersecretary Of
the Treasury, and Strickland Gillian
of Baltimore will be the speakers at
the banquet that evening.
The final session, on Wednesday, VIII
be opened with an address, Banking
Development in the Last Ten Years, "
rN4fr Af0f1 n Inn
of New York State banks. Orrin G.
Lester, vice president of the Bowery
Savings Bank. will speak on Income
Management" and Caleb A. Baumes,
chairman of the State Crime Commits
sion, on "The Baumes Law-Present-
day Crime Problem"
Orrin G. Lester, who is among the
speakers, gave an address at the re-
gional savings conference of the A.
B. A, held here several weeks ago, his
speech arousing intense interest among
the delegates.
Bank Goes on 10 Per Cent Basis.
At meeting of the board of .direc-
tors of the Bank of Commerce and
Savings late yesterday it was voted to
place the stock on a permanent 10 per
cent basis. A semi-1nnual dividend
| of per cent was declared instead of
President Maurice ID. Rosenberg
told the directors that the past six
months had been the most prosperous
| in the banks history. deposits at the
| present time being well above. 81 800
| 600.
| Not only is the bank on the crest
| of the wave, but the stock is also
selling at the highest point on recoXd,
| two shares having changed hands on
the Washington Stock Exchange last
week at 1876.
May Still Exchange u. s. Bonds.
Total cash subscriptions for the new
Treasury offering of 33s per cent
bonds of 1943-47 were more than three
times the amount needed. Secretary
Mellon announces. The books closed
Thursday night with subscriptions
over 100000 900 for the offering of
$500. 900, 900.
Allotments on the cash subscrip-
tons will be made within few days,
| it was said, when full details as to the
basis of allotment and the aggregate
subscriptions and allotments for the
respective Federal Reserve Bank dis
tricts will be announced.
The Secretary pointed out that the
| books have closed only on cash sub
scriptions. The privileges of eXchang-
| ing second Liberty loan 4 per cent
bonds or second Liberty loan converted
Az per cent bonds at part for the new
33s per cent Treasury bonds of 1943-
Al will continue to be available until
June IL or such later date as the
| Treasury may deciCe.
Martha Washington Co. Expands.
| The Martha Washington Candies Co.
| has been incorporated under the laws
| of Maryland to acquire the plants in
Baltimore and Washington. and %
stores in cities extending from Cleve-
land, Ohio, to Springfield, Mass, for
merly operated by Ellie Sheet.
The capital stock of the company
is 100000, all of which has been sub
scribed and p aid in. Operating and
executive headquarters will be in Bal
| timore.
Officers of the new company are Ellie
Sheetz of Washington, chairman; F..
M. Hunt, Chicago; Jet d. Sheet, Lam
caster, Pa. vice presidents; Sewell S.
Watts, Baltimore, secretary treasurer.
and Daniel kratZ, Baltimore, general
manager. They also compose the di-
rectorate.
Trade Expansion Seen i'm Fall.
Moodys Weekly Review says In
part:
1.-THE irregularity of current trade
returns, showing about as many I'M
favorable as favorable points, is
rather encouraging upon analysis be-
cause it seems to mean an orderly re-
adjustment to sound basis. Appar-
emily, we are laying the foundation for
trade expansion in the Fall.
New security issues, which are
pretty good measure of the confidence
of business men in the future, have