Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-16

III The nduc1arleS &A
section is expected
| to prove of great
value to the mem
Der banks by bring A''1
ing about uniform George ?. Sacks.
methods in the
handling of estates and other truS
business. At present no two local bank
are conducting the same business b
exactly the same methods. The SAT
deposit section goes along with tn
| f1duciaries' section, and this, too, is ex
| pected to prove most valuable. Me-
York and Chicago have safe deposi
organizations which have proved htghl
beneficial.
Purposes of the New Sections.
The audit or auditors section
intended to take in the District G
Columbia Conference of Bank Auditor
and Controllers. This organization wa
started about year ago and bocam
connected with the American Bankers
Association It has made marked prog
ress and the members of the DiStric
Bankers Association are anxious t
get the benefit of its discussions
Much of the work of this section wi
be educational, especially to the smalle
banks which do not have auditors @
controllers. BY following the section
suggestions they will be able to kno'
their costs of operating different de
partmentS much better than they d
now.
Representatives of each section wi
be available at all times to furnish an
special information. Not only at the as
sociation'S meetings, but at the week.
luncheons, any involved questions tina
| oPicn will he rAfnrrpd tn them
The amendments to the constitution
were drawn by special committe
of which w. W. Spaid was chairman
The other members appointed at tn
June convention were: w. j. Waller
Albert S. Galley, E. j. McQuade anC
Robert v. Fleming, ex-of1cio.
Association Endorses Graham.
At the meeting the association wen
on record as indorsing E. c. Graham
former president of the Washington
Board of Trade, for appointment as
class B director of the Federal Reserve
Bank of Richmond.
The association adopted suitable res
| olutions regarding the death OF George
| H. Judd of the firm of Judd q Det-
weller. who was chairman of the execu-
| tive committee of the board Of direc-
| tors of the Security Savings & Com
mercial Bank.
The meeting was very largely attend
ed and concluded with buffet sup
| per. The unfinished business regard
| ing the credit bureau is matter that
came over from the last convention. Its
/ final adoption appears to hinge on how
many banks are ready to cooperate IN
| furnishing the information which VIII
| be necessary to assure its success.
Moran Heads Protective Committee.
President Fleming has appointed Ed
ward Moran, vice president OF the
American Security & Trust Co., chair
man of the protective commlCtee OF
the District Bankers Association 10
succeed Harry v. Haynes. Mr.. Moran
| has held many important committee
ASSIGNMENTS in the association and was
its president two years ago. He has
| been chairman of the taxation COM
mittee and will remain a member OF
| this comnaittee. But in order to make
| the work more even, Mr.. Fleming mas
appointed H. H. Mckee, president OF the
| National Capital Bank, to serve as
chairman of this body.
Bank of Bethesda Deposits Up.
Under the active guidance of George
p. Sacks, the president, and Walter s
BogIey. cashier, the Bank of Bethesda
is having one of the best years Of any
suburban bank in the vicinity of Wash
ington. The last Maryland State cal
came in September, but the figures On
the date of Controller McIntosh'S last
call are equally interesting.
On october the Bank of Bethesda's
total deposits amounted to 1918, 492. SIS
on June 80 deposits were $830,6l1.62
while on January 8, the first business
day of the present year, they totalec
1851 ,27664. These figures reveal
gain for the first 10 months of 1928 o.
$417,21571.
Mr.. Sacks. head of the Bethesda in
stitution, is a vice president of the Ma
tional Bank of Washington and widel.
known in Capital financial circles.
Treasury AlIOtments Announced.
Secretary Mellon announces that tota
subscriptions received for the issue o
43A per cent Treasury certificates of in
debtedness, dated october IS, 1928, ma
turing September is, 1929, aggregated
1888, 100000 and that the total OF sub
Scriptions allotted was 308,807 SOC
subscriptions in amount not exceeding
S.. 900 were allotted in full, while allot
ments on subscriptions in amounts owe
$1,000 were made on a graduated scale
Total subscriptions received by tn
Richmond Federal Reserve Bank wer
. $34,479,50 and the total subscription
allotted, $17,56S,500.
Heavy Turn-O Over in Gas Stocks.
washington Gas Light stock was tn
leader today on the local exchange, 26
shares changing hands at par durln
the session. Capital Traction again sol
at 1O5 on 70-Share turnover, Will
- 80 hoI
10OA. Peoples Drug registered Ill
Chestnut Farms Dairy preferred cam
out at 1887, and 10 shares OF Secon
National Bank stock moved at 270. San
& Gravel preferred sold at 80 and 10
shares of National Mortgage & Invest
ment preferred at IA.
Washington Railway & Electric As lie
4 bond trading, $1,000 bond selling
921a and another at 923s.
Heard in Financial District.
News of the death of Gov. Strong {
the New York Federal Reserve Ban
:. was received here this morning wit
deep regret. He had many friends
this city.
E. j. McQuade is attending meet
Il ing of the directors of the Mergenthalt
Linotype Co. in New York today.
Prices of commodities during the wee
ended october - declined one-half {
per cent according to the wholesal
price index of the National Fertilize
Association. Declines occurred in seve
groups, including material declines i
fats, grains, feeds, and live stock an
s. foods.
Decreases Of $32,0oo,ooo in loans an
discounts and of $30,000,000 in borrow
ings from Federal Reserve banks wei
shown yesterday in the Federal Resery
Boards condition statement of 632 re
porting member banks in leading cite
as of october 10.
PARIS B0URSE PRICES.
PARIS, October 16 R).-Prit
| .aoae u,ora Y,oivo1 IN the PniIrSq II